In November 2013, Mitsubishi Heavy Industries, Ltd. (MHI) established a joint company
with Dalian Refrigeration Co., Ltd. (DRC) of China. The joint company, MHI Bingshan
Refrigeration (Dalian) Co., Ltd. (MBRD), manufactures centrifugal chillers. MHI is responsible for
provision of highly efficient compressors and centrifugal chiller design technology, which is the
foundation of the high efficiency and solid reliability of our products. DRC, on the other hand,
supplies high-quality heat exchangers at low cost. Through MBRD, MHI and DRC started sales of
centrifugal chillers specifically designed for the Chinese market in December 2014. While using
MBRD's production of centrifugal chillers as the base for sales expansion in China, MHI will also
contribute to energy conservation in various countries by further releasing highly efficient
centrifugal chillers to global markets.