Mitsubishi Steel Mfg : Notice of Convocation of the 99th Ordinary General Meeting of Shareholders

This document has been translated from the Japanese original FOR REFERENCE PURPOSES ONLY. In the event of any discrepancy between this translated document and the Japanese original, THE ORIGINAL SHALL PREVAIL. Mitsubishi Steel Mfg. Co., Ltd. assumes NO RESPONSIBILITY for this translation or for direct, indirect or any other forms of damages arising from this translation.

Securities Code: 5632 (Date of issue): June 6, 2023 (Start date of electronic provision): June 2, 2023

To Our Shareholders

16-13, Tsukishima 4-chome,Chuo-ku, Tokyo

Mitsubishi Steel Mfg. Co., Ltd.

Jun Yamaguchi, Representative Director

President & CEO

Notice of Convocation of the 99th Ordinary General Meeting of Shareholders

You are cordially informed that the 99th Ordinary General Meeting of Shareholders of the Company will be held as described below.

When the Company convenes the general meeting of shareholders, it takes measures for electronically providing information contained in the Reference Documents, etc. for the General Meeting of Shareholders (the matters for which measures for providing information in electronic format are to be taken), which is posted on the website of the Company as "Notice of Convocation of the 99th Ordinary General Meeting of Shareholders." Please access the website of the Company below for your review.

[The Company's website] https://www.mitsubishisteel.co.jp/english/ir/shareholders-meeting/

The matters for which measures for providing information in electronic format are to be taken are posted on the website above and the website of the Tokyo Stock Exchange (TSE). Please access TSE's website below (Listed Company Search) and enter the name of the stock (issue name) "Mitsubishi Steel" or security code (5632), select "Basic information" and then "Documents for public inspection/PR information" to confirm.

[TSE website (Listed Company Search)]

https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show

When you are not going to attend the meeting, please exercise your voting rights in writing or via the Internet. You are cordially asked to read the reference document for the general meeting of shareholders. We kindly ask you to exercise voting rights no later than Tuesday, June 27, 2023, 5:40 p.m.

- 1 -

1. Date and Time:
2. Venue:
3. Agenda of the Meeting: Matters to be reported:
   Proposals to be resolved: Proposal No. 1: Proposal No. 2: Proposal No. 3: Proposal No. 4:

Wednesday, June 28, 2023 at 10:00 a.m.

1-1 Hayabusacho, Chiyoda-ku, Tokyo

4F (Fuji higashi no ma), Hotel Grand Arc Hanzomon

1. Business Report and Consolidated Financial Statements for the 99th Fiscal Year (from April 1, 2022 to March 31, 2023), results of audits of the Consolidated Financial Statements by the Accounting Auditor and the Board of Corporate Auditors
2. Report of Non-consolidated Financial Statements for the 99th Fiscal Year (from April 1, 2022 to March 31, 2023)

Appropriation of Surplus

Election of Six Directors

Election of Two Corporate Auditors

Partial Revision to the Performance-linked Stock Compensation Plan for Directors

- 2 -

• Pursuant to the provisions of laws and regulations and Article 14 of the Articles of Incorporation, among the matters for which measures for providing information in electronic format are to be taken, the following matters are not listed on the paper-based documents to be delivered to shareholders who requested the delivery of paper-based documents.
  Accordingly, the paper-based documents to be delivered to shareholders form a part of the documents audited by the Accounting Auditor and Corporate Auditors in the preparation of the Audit Reports, respectively.
• 1. Notes to the Consolidated Financial Statements
  2. Notes to the Non-consolidated Financial Statements
• We will announce modifications, if any, to the matters for which measures for providing information in electronic format are to be taken, as well as the matters before and after the modification, on the website of the Company and Tokyo Stock Exchange listed above.
• The English translation of this Notice of Convocation of the General Meeting of Shareholders and the Notes to the Consolidated Financial Statements and the Notes to the Non-consolidated Financial Statements are also posted on the Company's website.
• Please note that the "Notice of Resolutions" that was sent to shareholders after the General Meeting of Shareholders will be posted on the Company's website.
• If there are significant changes in the operation of the general meeting of shareholders, they will be posted on the website of the Company. (https://www.mitsubishisteel.co.jp/english/ir/shareholders-meeting/)

- 3 -

Guide on exercise of voting rights

Voting rights at a General Meeting of Shareholders are important rights of shareholders.

You are cordially asked to read the reference document for the general meeting of shareholders that is shown later in this notice and to exercise voting rights.

You may exercise voting rights by any of the following three methods.

If attending the Ordinary General Meeting of Shareholders

Please submit the enclosed Voting Right Exercise Form to the receptionist at the Meeting.

Date and Time:

Wednesday, June 28, 2023 at 10:00 a.m.

If exercising of Voting Rights via the Internet

Please exercise your voting rights by the deadline on the Voting Right Exercise Site (https://evote.tr.mufg.jp/) (in Japanese)

Deadline

Not later than 5:40 p.m. on Tuesday, June 27, 2023

Exercise voting rights in writing (by postal mail)

Please indicate your approval or disapproval of each of the proposals in the enclosed Voting Right Exercise Form and return it by mail without postage stamp.

Deadline

Not later than 5:40 p.m. on Tuesday, June 27, 2023

How to fill in the Voting Right Exercise Form

Please state your approval or disapproval for each agenda item

Agenda items 1 and 4

If approving, write a circle in the Approval box

If disapproving, write a circle in the Disapproval box

Agenda items 2 and 3

If approving all the candidates, write a circle in the Approval box

If disapproving all the candidates, write a circle in the Disapproval box

If disapproving some of the candidates, write a circle in the Approval box and enter the candidate number you disapprove

If you exercised your voting rights in writing (postal mail) and did not indicate your vote for or against proposals, it will be deemed that you approved them.

If you vote both in writing (postal mail) on the Voting Rights Exercise Form and via the Internet, only the vote you submitted via the Internet will be valid. If you submit your vote multiple times via the Internet, only the last vote will be valid.

Institutional investors may use the institutional investor platform for the electronic exercise of voting rights operated by ICJ Inc. as a means of exercising your voting rights.

• Exercise of voting rights via the Internet is not enabled from 2:00 a.m. to 5:00 a.m. each day.
• It should be noted that Internet connection and communication charges incurred for accessing the voting rights exercise site will be at the expense of the shareholder.
• • 4 -

Reference Documents for the General Meeting of Shareholders

Proposal No. 1: Appropriation of Surplus

The Company decides dividends by comprehensively considering business performance, financial matters and conditions.

Regarding the year-end dividend for the current fiscal year, we would like to propose a dividend of 40 yen per share, taking into account the business performance of the current fiscal year and the future business environment. Since we have paid an interim dividend of 10 yen per share, the annual dividend for the current fiscal year will be 50 yen per share.

Matters concerning the year-end dividend

1. Type of dividend property Cash
2. Matters concerning allocation of dividend property and total amount thereof

40 yen per share

Total amount: ¥617,510,000

3. Effective date of dividends June 29, 2023

- 5 -