GovernanceCorporate Governance ........................................... 142
Compliance ............................................................... 149
Tax Initiatives ........................................................... 154
Risk Management .................................................... 155
Information Security ................................................ 159
Research and Development .................................. 162
Intellectual Property ............................................... 164
Communication with Shareholders and Investors ... 166
Governance Data ..................................................... 167

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Corporate Governance

Environment

About
Mitsubishi Electric Group

GovernanceSocialto deliberate and make decisions on important business matters from the perspective of
pursuing synergy and multifaceted risk management, in addition to sharing information
among Executive Officers.

Basic Views on Corporate Governance
Mitsubishi Electric’s Board of Directors (June 29, 2023)

As a part of our initiatives to strengthen our business foundation to enable sustainablegrowth, the Mitsubishi Electric Group recognizes the importance of corporate governanceas a fundamental precondition for our continued existence. The Group’s fundamental policy
is to further enhance its corporate value by constructing, maintaining, and sustainably
strengthening a corporate governance system that more accurately meets the expectationsof society, our customers, shareholders, employees, and all other stakeholders.
As a company with a three-committee system, Mitsubishi Electric segregates thesupervisory and executive functions; the Board of Directors plays a supervisory decisionmaking role, and the Executive Officers handle the day-to-day running of the Company. Thissystem maintains the flexibility of its operations and promotes management transparency,
leading to swift and decisive management decision-making. Through this system, theCompany aims to promote sustainable growth in corporate value and shareholders’value. To
this end, the Company recognizes the importance of a highly independent Board of Directors
adequately fulfilling its roles and responsibilities in corporate governance as a supervisory
function.
The Board of Directors formulates and publishes "Mitsubishi Electric Corporation Corporate
Governance Guidelines" based on the views outlined above. The purpose of the Guidelines isto promote a clear understanding of the fundamental approach and framework of corporate
governance and to build long-lasting, mutually trusting relationships through constructive
dialogue with shareholders. The Board will inspect and review the Guidelines on an ongoingbasis to ensure that the basic policy is effectively implemented and enhance our corporate
governance practices.

Back row: from the left, K uniaki Masuda, Hiroyuki Yanagi, Hiroko Koide, Kazunori Watanabe, Tatsuro Kosaka,
Tadashi Kawagoishi, Jun Nagasawa
Front row: from the left, Satoshi Takeda, Kei Uruma, Mitoji Yabunaka, Masako Egawa, Haruka Matsuyama

ガバナンス体制・内部統制図

Corporate Governance Framework
General Meeting of Shareholders
Report<Supervision>
Board of Directors
Chairperson: Outside Director
Directors (Outside Directors: 7, Internal Directors: 5)

Corporate Governance Framework

Three Key Reforms Monitoring Committee
Chairperson:
Outside Director

To promote the segregation of supervisory and executive functions, the Mitsubishi Electric’s
Board of Directors is dedicated to supervising management with specific details ofdeliberations stipulated as the Board of Directors' deliberation criteria. By delegating to the
Executive Officers, the authority to make all business execution decisions within the limits
permitted by the Companies Act, the Company ensure swift and decisive decision-making
and appropriate risk-taking in business execution.
Both the Board of Directors and the three statutory committees are chaired byindependent outside directors, and a majority of their members are independent outside
directors as well, thereby improving the effectiveness of the supervisory function.
In addition, the Executive Officers’Meeting has been established as a voluntary bodyOutside Directors: 7
Internal Directors: 2

Audit

Compensation
Committee

Audit
Committee

Chairperson:
OutsideDirector

Chairperson:
OutsideDirector

Chairperson:
OutsideDirector

Outside Directors: 5
Internal Directors: 1

Outside Directors: 5
Internal Directors: 1

Outside Directors: 3
Internal Directors: 2

Appointment/
Supervision of
Executive Oﬃcers
Business Execution/
Delegation ofDecision-Making
Authority
ReportEvaluation

Appointment

Three-party Audit System

Executive Oﬃcers
President & CEO
Evaluation

ReportExecutive Oﬃcers,
Executive Oﬃcers(Associates), etc.

Coordination

Executive Oﬃcer in
Charge of Auditing

ReportCorporate Auditing Div.

ReportAccounting
Auditor<Execution>

Audit

Coordination

Audit Committee Oﬃce

142

ReportNomination
Committee

Internal Auditor

ReportAppointment

Audit

Audit

Meeting Bodies
for Execution
Sustainability Committee
Corporate Compliance Committee
Risk Management Panel

Audit

Administration
DivisionsInspection

Business/Administrative Divisions,Group Companies

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

About
Mitsubishi Electric Group

GovernanceSocialList of directors and skill matrix

Name

Independent
OutsideDirector

MitojiYabunaka○

Kazunori
Watanabe○

HirokoKoide○

TatsuroKosakaMembership of Committee
Nomination Audit Compensation
Committee Committee Committee

Skill matrix
Position

Corporate management
and corporate strategies

ESG

Finance andaccounting

Legal affairs and Human resources and humanresources development
compliance

Global affairs

Engineering, DX Business development
and investment
and R&D○

Chairman of the Board, Member of the Nomination
Committee, Member of the Compensation Committee○●

Director, Chairman of the Compensation Committee, Memberof the Audit Committee

○

○

○

Director, Member of the Nomination Committee, Member of
the Compensation Committee

○

○

○

○

○

●

○

Director, Chairman of the Nomination Committee, Member of
the Compensation Committee

○

○

○

○

○

○

Hiroyuki
Yanagi○○

Director, Chairman of the Audit Committee, Member of theNomination Committee

○

○

○

○

○

○

MasakoEgawa○○

Director, Member of the Nomination Committee, Member of
the Compensation Committee○○

HarukaMatsuyama○

Kei Uruma
Tadashi
Kawagoishi

○
○

●
○
○

○

Kuniaki
MasudaJun
Nagasawa○○

SatoshiTakeda

○

○

○

○

○

Director, Member of the Audit Committee

○

○

○

○

○

○

Director, Member of the Nomination Committee, President &
CEO

○

○

Director, Member of the Audit Committee

○

○

○

Director, Member of the Compensation Committee, Executive
Officer, CFO (in charge of Accounting and Finance)

○

○

○

Director, Member of the Audit Committee○○

Director, Executive Officer, in charge of Auditing, CSO(in charge of Corporate Strategic Planning, IR and SR,
Operations of Associated Companies, Three Key Reforms
and Sustainability)

○

○

○

○

○

○
○

○

○

○

○

○

○

＊The Board of Directors is composed of twelve members (seven of whom are independent outside directors, three of whom are female directors). ＊● indicates the Chairperson.

Reference: Skill items required for Director

Skill item

Reason for selection of the skill item

Skill item

The Group needs Directors with abundant management experience and achievements in corporate management
Corporate
at companies as well as experience, knowledges and skills for formulating a sustainable growth strategy, inmanagement andto sustainably increase corporate value amid a drastic change in the business environment surrounding
corporate strategies orderthe Group.

Reason for selection of the skill itemESG

The Group needs Directors with experience, knowledge, and skills concerning ESG in order to realize “addressing
social challenges through our businesses", positioning the realization of sustainability as the core of management,
as well as to fulfill responsibilities to stakeholders including society, customers, shareholders, and employees.

Finance andaccounting

The Group needs Directors with experience, knowledge, and skills concerning finance and accounting forbuilding a strong financial base and realizing appropriate returns to shareholders as well as maintaining thediscipline and governance of finance and accounting.

Legal affairs andcompliance

The Group needs Directors with experience, knowledge, and skills concerning these items in order to globallydevelop the business, while thoroughly ensuring the legal and ethical compliance that forms the fundamentals ofcorporate activities.

Human resources
and human
resourcesdevelopment

The Group needs Directors with experience, knowledge, and skills concerning these items in order to promote
human capital management, positioning human resource strategies as one of the important policies of businessstrategies.

Global affairs

The Group needs Directors with management experience from a global perspective and specialized knowledge
and experience concerning international affairs in order to further grow in the global market.

Businessdevelopment andinvestment

The Group needs Directors with experience, knowledge, and skills concerning these items as the implementationof growth strategies including promotion of business portfolio strategies, development of new businesses, andM&As is necessary for transforming itself into a “Circular Digital-Engineering” company and increasing corporate
value in a sustainable way.

The Group needs Directors with specialized knowledge and experience concerning engineering, DX and R&D
Engineering, DX and in order to advance its "integrated solutions,” strengthening core components, field knowledge, and advanced
R&D
digital technologies that are the Group’s advantages, as well as to promote open innovation and R&D strategies
toward future growth.

143

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Board of Directors

Other

Assessment methods/processes by the third-party organization

Discussion content
Time AllocatedIn order to promote the medium- to long-term sustainable improvement of the corporate value of the
Mitsubishi Electric Group, we established and discussed “key agenda items” for the Group (mediumto long-term management plan, organizational culture reform, sustainability initiatives, and humanApprox.
capital strategy from July 2022 to June 2023). The “Three Key Reforms Monitoring Committee,”established under the Board of Directors continuously supervised the progress and effectiveness of34%
the Three Key Reforms (quality assurance, organizational culture, and governance), which were aimed
at restoring trust in the Company in response to a series of improper quality control practices that had
been identified since June 2021.
Matters required by the Companies Act, including basic policies of management, matters necessary
for the execution of duties by the Audit Committee, the establishment of systems necessary toensure the legality of duties executed by the Executive Officers and the properness of other corporate Approx.
operations, the business report and its supplementary schedules, the financial statements and their
7%
supplementary schedule, the consolidated financial statements, dividends of surplus, convocation of
the General Meeting of Shareholders and appointment of Executive Officers

Execution
Received reports from Executive Officers on the progress and results of business operations etc., andstatus report held sufficient discussions
Financial results, schedule of Board of Directors’ meetings, evaluation of effectiveness of the Board of
Directors, reports on status of holding cross-shareholdings, reports on interviews with investors, etc.

Assessment
methods(a) Review the minutes of the Board of Directors meetings and other documents(b) Survey of all Directors*(c) Interviews with all Directors(d) Evaluation based on the expertise of the third-party organization

Target items ofassessment(a) Overall assessment( e) Status of Deliberations at Meetings of the Board of Directors(b) Composition of the Board of Directors( f ) Contribution of Directors(c) Support system of the Board of Directors (g) Activities of the three statutory committees(d) Agenda for Meetings of the Board of Directors (h) Monitoring system of the Executives※ Excluding two newly appointed independent outside directors

FY 2023 Summary of the assessment results on the Board of Directors’effectiveness

Efforts have been made to address the issues identified by the examination of theeffectiveness of the Board of Directors in fiscal 2022, and the following improvements in theeffectiveness of the Board of Directors have been achieved.

Approx.
31%
Approx.
28%

Information Gathering by the Directors

Mitsubishi Electric establishes the bureaus for the Board of Directors and the three statutory
committees responsible for communication and coordination with the Directors including
independent outside directors and Executive Officers (management).
The Directors will request information necessary to supervise management from the bureaus
and related departments, and the bureaus and departments in charge will provide suchinformation in a timely and appropriate manner.
The independent outside directors will actively seek a wide range of necessary information,
nor only from the Executive Officers and the bureaus, but also through direct dialogue withother employees.

About
Mitsubishi Electric GroupIn order to continue the evaluation of the effectiveness of the Board of Directors’compositionand operations and pursue sustainable improvements in the monitoring board functions,
the Board of Directors conducts an annual third-party evaluation of the effectiveness of
the Board of Directors, and discusses the issues identified and initiatives for improvement.
The Company requested Board Advisors, Inc., a third-party organization, to assess theeffectiveness of the Board of Directors of the Company from July to September 2022. The
assessment results have been delivered to the Company, along with suggestions for how toaddress issues that need to be improved.
Based on these results of evaluations and suggestions, the Board of Directors will improve
its operations, including setting more appropriate key agenda items and further strengthen its
management monitoring functions based on external perspectives.

In fiscal 2023, the Company held Board of Directors meetings thirteen times (three special
meetings). Each meeting took about three hours. The main content of each discussion is asfollows. In addition to the regular meetings, other meetings are held to exchange opinions
among outside directors and with employees.

Statutory
resolution
items

GovernanceEvaluation of Effectiveness of the Board of Directors

Activities of the Board of Directors (Fiscal 2023）

Key agenda
items

SocialThe Board of Directors will conduct regular reviews to ensure that information if provided
appropriately, giving particular attention to the opinions of independent outside directors.

Because the Board of Directors is dedicated to supervising management, the Board is able tofully discuss critical decisions that form the foundation of management, such as the Group’sbasic management policies (Purpose, Our Values, Commitment, Management Policy, andCorporate Strategy) and the Group’s key agenda items set by the Board. From July 2023
to June 2024, the key agenda items includes medium- to long-term management strategy,
sustainability management, human resources strategy, DX, Three Key Reforms, etc. The Boardof Directors sufficiently discuss based on reports on the status of execution, and monitors asneeded whether initiatives are being addressed in line with the basic policies and Corporate
Strategy, and strives to improve corporate value sustainably over the medium- to long-term.
The Board also strive to support swift and decisive decision-making and to appropriately
evaluate business execution so that executive officers are encouraged to take appropriate risks.

AgendaEnvironment

144

Issues identified by
the examination of theeffectiveness of the Boardof Directors in fiscal 2022

The following improvements in the effectiveness of the Board of Directors have been achieved:“The supervisory functions of the Board of Directors have been strengthened by having a majorityof the Board composed of independent outside directors”“The composition of the Board of Directors has been improved through the appointment of two
new outside directors with management experience in the manufacturing industry”“Discussions at the Board of Directors have been elevated by setting relevant agendas andfacilitating the Board’s proceedings under the new chairperson”“The operation of the Board of Directors has shown some improvements through the advancedelivery of materials, the provision of information, etc.”

Issues expected to beaddressed

The following four issues are expected to be addressed in order to further improve theeffectiveness of the Board of Directors:“Enhanced monitoring”“Elevating discussions at the Board of Directors meetings with relevant agendas”“Further strengthening the functions of the Board of Directors Secretariat”“Strengthening the functions of the Nomination Committee”

Contents /About the ReportManagement Message

Sustainability Highlights

Nomination Committee
The Nomination Committee has authority over the appointment

and dismissal of Directors and the decision on proposals
regarding the appointment and dismissal of the President & CEO
to be submitted to the Board of Directors. The Committee is also

responsible for leading the succession planning of independent
outside directors, discussing the personnel requirements for

the President & CEO and the content and operational status of
succession planning (the appointment and training of candidates),and reporting back to the Board of Directors.

Under this authority and role, the Nomination Committee

recognizes the value of diverse perspectives, such as gender,internationality, work experience, and age, in fostering businessdevelopment. As such, the Committee has established criteria for
selecting Directors that prioritize a balanced mix of knowledge,

experience, and abilities for the Board as a whole. Candidates arecarefully chosen in accordance with these criteria.
Proposals regarding the appointment of the candidates for
Directors and dismissal of Directors submitted to the General
Meeting of Shareholders are comprehensively judged anddecided by the Nomination Committee, and the appointment anddismissal of the Executive Officer by the Board of Directors.
The Nomination Committee is chaired by independent outside
directors, and a majority of the members are also independent
outside directors to ensure sufficient independence andobjectivity.

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

Audit Committee

SocialGovernance

About
Mitsubishi Electric Group

Compensation Committee

The Audit Committee is chaired by an independent outside
director and the full-time internal audit committee members also
assist the Audit Committee’s ability to collect information.
The Audit Committee members recognize that they owe
fiduciary duty to shareholders, which include contributing tosustainable growth and enhancing corporate value.
To achieve this, the Committee will not limit itself to conducting
defensive audits, such as operational and accounting audits.
Rather, for enhanced information sharing, it will also attend
important meetings such as Executive Officers’Meetings andCorporate Compliance Committee Meetings, hold meetings withsenior management as appropriate, and assess the management
policy and the progress of business execution in each division andbase. This will help investigate any potential management issues
and risks from the perspectives of legality, appropriateness, andefficiency.
When conducting such investigations, the Audit Committee will
properly confirm the development and operation status of theinternal control system and provide its opinions, in collaboration
with the internal auditors for internal audits and the external
accounting auditors for external audits.
The Audit Committee is chaired by independent outside
directors, and a majority of the members are also independent
outside directors to ensure sufficient independence andobjectivity.

The Compensation Committee has the authority to determine thepolicies for determining compensation for Directors, Executive
Officers, etc.; the details of compensation for individual Directors

and Executive Officers; and the Company-wide performance

evaluations and individual assessment of compensation, etc.,
related to the incentive compensation of Executive Officers.
Under this authority and role, the Compensation Committee
deliberates on matters relating to compensation, giving due
consideration to the diversity and skills perspective. In addition,

the compensation system for Executive Officers was reviewed infiscal 2023, and discussions is held on how to ensure that thesystem is fully operational.
The compensation scheme for Directors and the compensation
scheme for the Executive Officers are set differently, corresponding

to the contents and responsibilities of each duty and position.

The compensation is determined based on the basic policies set
by the Compensation Committee. Please refer to "Compensation
for Directors and Executive Officers" for the details.
The Compensation Committee is chaired by independent
outside directors, and a majority of the members are also
independent outside directors to ensure sufficient independence
and objectivity.

Compensation for Directors and Executive Officers

Activities of Nomination Committee (FY2023)

Activities of Audit Committee (FY2023)

Activities of Compensation Committee (FY2023)

Based on the objectives and authority of the Companies Act, the Nomination
Committee determined the candidates for Directors to be submitted to theGenera Meeting of Shareholders.
In addition, in order to ensure objectivity and transparency in theselection and dismissal of the President and CEO, the committee also has
the authority on decisions regarding proposals to be submitted to the Boardof Directors regarding the selection and dismissal of the President and CEO.
The committee also led the succession of Independent Outside Directors,
discussed personnel requirements for the President and CEO and thecontents and status of operation of succession planning (appointment andtraining of successor candidates), and submitted its recommendations to theBoard of Directors.
The Company held nine Nomination Committee meetings during the
fiscal 2023. Each meeting took about 40 minutes.

The Audit Committee members, mainly those responsible for investigation(full-time Audit Committee members), attended Executive Officers’ meetingsand other such important conferences, and conducted investigations such as
interviews with Executive Officers and the executive staff of the Company’s
offices and subsidiaries in accordance with the policies and assignments
agreed upon the Committee.
Divisions in charge of internal control, including the Corporate AuditingDiv., submitted internal audit reports to the Audit Committee members,
who hold meetings such as those to discuss internal audit policies andperiodic report meetings to exchange opinions. Outside Audit Committee
members visited our offices, affiliates, and other locations with the members
responsible for investigation as needed and offered their opinions based on
their expert knowledge at the Audit Committee meeting and other occasions.
In addition, the Audit Committee members discussed policies andmethods of auditing with accounting auditors, who furnished them with
reports on the status and results of the audits of the Company that they
themselves conducted, and exchanged opinions with them.
The Company held fifteen Audit Committee meetings during the fiscal
2023. Each meeting took about two hours.

The Compensation Committee executed its duties based on the objectives
and authority stipulated under the Companies Act. Specifically, theCommittee discussed and decided on the policy regarding the determinationof compensation for Directors and Executive Officers, the details of individualcompensation for Directors and Executive Officers, performance evaluation
regarding incentive compensation for Executive Officers, and compensationfor each individual.
In addition, the Compensation Committee, at its meeting held in May
2022, decided to revise the compensation system for the Company’s
Executive Officers and to apply this system from fiscal 2023. Please refer tothe Annual Securities Report for the details concerning the said system.
The Company held eleven Compensation Committee meetings during the
fiscal 2023. Each meeting took about one hour.

145

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Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Criteria for Election to Board of Directors

Environment

SocialGovernance

About
Mitsubishi Electric Group

Training for Directors and Executive Officers

Mitsubishi Electric recognizes the importance of ensuring the Board of Directors is competentin various areas of corporate management and corporate strategies, ESG, finance andaccounting, legal affairs and compliance, human resources and human resources development,
global affairs, engineering, DX and R&D, and business development and investment. Therefore,
the Company has identified these as skills that should be possessed by the Board of Directors.
The outside directors, in particular, are chosen after consideration to ensure a well-balanced
Board composition. For instance, the Board includes individuals with extensive experience incorporate management and in-depth knowledge of international affairs, lawyers with expertisein compliance and other internal controls, as well as certified public accountants and tax
accountants with extensive expertise in accounting and tax practices.
The specific skills possessed by individual Directors are disclosed through a skills matrix that
describes the capabilities that the Board of Directors as a whole should possess and the statusof securing such capabilities.

Mitsubishi Electric recognizes the importance of Directors and Executive Officers having athorough understanding of the business characteristics, finances, and organizational structureof each of our businesses, as well as the general roles and responsibilities expected ofcorporate officers, and being able to supervise, advise, and make business decisions from acompany-wide perspective.
Based on this recognition, training is provided on the new roles, responsibilities, and actions,etc., expected of Directors and Executive Officers prior to their taking office. To continue tofulfill their roles and responsibilities as Directors and Executive Officers after their appointment,
the Company provides compliance education and updated training materials for them. The
Company also provides the Directors and Executive Officers with sufficient information about
the characteristics and latest status of Business Areas and Business Groups to promote
understanding as well as opportunities to gain an understanding of the business and listen to
the voices of on-site managers and employees by visiting Works.

Independency Guideline for Outside Directors

Succession Planning/Training of Successor Candidates

Mitsubishi Electric has specified the independence standards for outside directors.
The outside directors are expected to supervise management from a high-level perspective
based on their abundant experience. Those who are comprehensively judged to possess
the character, acumen, and business and professional experience suited to fulfill that role,
and who satisfy the requirements of independent executives specified by the Tokyo Stock
Exchange and the requirements specified in Mitsubishi Electric’s Independency Guideline for
Outside Directors and thus possess no risk of giving rise to any conflict of interest with thegeneral shareholders of the Company, are nominated as the outside director candidates by
the Nomination Committee.
In the Independency Guideline for Outside Directors defined by the Company, theindependence of candidates is more strictly judged by setting specific numerical criteria, suchas the amount of transactions, etc., as well as by the standard of the Financial Instruments
Exchange.

The Nomination Committee deliberates on the contents regarding the personnel requirementsof the President & CEO and succession planning (appointment and training of successor
candidates) based on proposals drafted by the President & CEO, monitors the status of
appointment and training of successor candidates, and reports to the Board of Directors.
The personnel requirements for the President & CEO are positioned as criteria for trainingof successor candidates, and the Committee is promoting the succession plan under themonitoring of the Nomination Committee so that successor candidates meet these criteria.
The Nomination Committee and the Board of Directors supervise the systematic training of
successor candidates by sufficiently deliberating on these matters.

Mitsubishi Electric Corporation Independency Guideline for Outside Directors
The Company nominates persons with experience in company management in the business world, attorneys and academics,
among other specialists, who are appropriate to oversee the Company’s business operations and not falling under any of thefollowing cases, as candidates for outside directors.
Each of the following (a), (b), (d), and (e) includes a case in any fiscal year during the past three fiscal years.
(a) Persons who serve as Executive Directors, Executive Officers, managers or other employees (hereinafter “businessexecuters”) at a company whose amount of transactions with the Company accounts for more than 2% of the consolidated
revenue of the Company or the counterparty(b) P ersons who serve as business executers at a company to which the Company has borrowings that exceed 2% of theconsolidated total assets(c) P ersons who are related parties of the Company’s accounting auditor(d) P ersons who receive more than ¥10 million of compensation from the Company as specialists or consultants(e) Persons who serve as Executive Officers (Directors, etc.) of an organization to which the Company offers contribution thatexceeds ¥10 million and 2% of the total revenue of the organization(f) P ersons who are the Company’s major shareholders (holding more than 10% of voting rights) or who serve as theirbusiness executers(g) P ersons who are related parties of a person or company that have material conflict of interest with the Company
146

Contents /About the ReportManagement Message

Initiatives that contribute toaddressing social challenges

Sustainability Highlights

Sustainability
Management

Environment

About
Mitsubishi Electric Group

GovernanceSocialComposition of standard compensation for fiscal 2023

Compensation for Directors and Executive Officers

Composition of standard compensation for fiscal 2023

Process for Determining Compensation

In order to ensure the independence of judgment and enhance the effectiveness of theroles and authority of the Compensation Committee, the Committee gathers information
and receives advice from compensation consultants of an external professional organization
with abundant global experience and knowledge. The Committee deliberates and makes
decisions about the policies for determining compensation for Directors, Executive Officers,etc. based on such information, giving due consideration to the surrounding environment andgeneral trends in managerial compensation.

PSU

23%

Basic Policy

The compensation scheme for Directors consists
The System for exclusively of basic compensation (fixed compensation),
Determining
in light of the Directors’ role to provide advice andCompensation supervise management from an objective andindependent perspective.

President
&
CEO

PSU

33%

20-22%

Variablecompensation

33%

67%

compensation

Other
Executive
Officers

38%
43%

Performance-based
Bonus

Performance-based Bonus

Mitsubishi Electric segregates the supervisory function and the execution function ofmanagement. The supervisory function of management is assigned to the Directors and theBoard of Directors and the execution function of management is assigned to the Executive
Officers. The compensation scheme for the Directors and the compensation scheme for the
Executive Officers are set differently, corresponding to the contents and responsibilities ofeach duty and position.

・The compensation scheme should encourage the
Directors to demonstrate their supervisory functionof management.
・The compensation should be the amount necessary
to secure suitable talent to fulfill responsibilities of
the Company’s Directors.

8-9% Basiccompensation

Policy on Determining Compensation Amounts

Directors

RSU

RSU

10% Basic

Variablecompensation

29-31%

57-62%* PSU: Acronym for Performance Share Unit
* RSU: Acronym for Restricted Stock Unit
*PSU: Acronym for Performance Share Unit
* Theratio offor“Basiccompensation:
Performance-based bonus: Stock compensation (PSU + RSU)” is “1: 1: 1” for the*RSU:
Acronym
Restricted
Stock Unit
President & CEO, and within the range of “1: (0.67 to 0.8): (0.67 to 0.8)” for the other Executive Officers. The ratio*The ratio of “Basic compensation: Performance-based bonus: Stock compensation (PSU + RSU)” is “1: 1: 1” for thehas been set so that the higher the position of the Executive Officer, the greater the ratio of variable compensation.
President& CEO,ofandwithin theof “1:to(0.67
to 0.8):
to 0.8)”toforbethe
Executive
ratio has
The weightshort-term
andrangemediumlong-term
are(0.67
consideredtheothersame,
and the Officers.
ratios of The
performancebeenbased
set sobonusthat thethe position ofhave
the been
Executive
Officer,andhigher
stock compensation
equally
set. the greater the ratio of variable compensation.
The weight of short-term and medium- to long-term are considered to be the same, and the ratios of performance-based
bonus and stock compensation have been equally set.

Stock Ownership Guidelines

Executive Officers

Mitsubishi Electric believes it is important to ensure that our Executive Officers share thesame value with our shareholders on a long-term and sustainable basis. To this end, theCompany requires its Executive Officers to continuously hold its stock during their term ofoffice, even after the target amount has been reached.

・T he compensation scheme should observe the
Purpose of the Group, and be fully accountable
to all stakeholders including society, customers,
shareholders, and employees.
・T he compensation scheme should encourage
the execution of duties in line with management
strategies and provide strong incentives to achieve
management goals.
・The compensation scheme should function as anincentive for sustained performance growth and theimprovement of corporate value.
・T he compensation scheme should reflect a fairand impartial evaluation of the achievements andcontributions toward their respective roles andresponsibilities.

Malus and Clawback Provisions

According to“Malus and Clawback Provisions”, in the event of any material misconduct orviolation by an Executive Officer, or in the event of any material revision to the financial
results of prior fiscal years, the Compensation Committee may, by resolution, demand thatsuch Executive Officer forfeit their right to receive incentive compensation (malus) or return
their paid compensation (clawback). The compensation that may be subject to those
provisions is performance-based bonuses to be paid or already paid, points granted before
the delivery of shares and shares before the lifting of transfer restrictions, and some or all of
the shares already delivered.

The compensation scheme for Executive Officers
consists of basic compensation, performance-based
bonus, performance-based stock compensation
and restricted stock unit, with an emphasis on the
improvement of medium-term corporate value andshareholder value.

Sustainability initiatives reflected in compensation for Directors,
Executive Officers, etc.
The promotion of sustainability initiatives is one of the indicators of compensation for
Executive Officers, and is reflected in incentive compensation for achievement of performanceindicators in non-financial items such as sustainability and ESG areas.

The compensation levels and compensation ratios of Directors and Executive Officers are set each year according
to their roles and responsibilities based on a comparison with market compensation levels using compensation
Compensation
survey data of external professional organizations. When comparing with market compensation levels, major
Levelsdomestic manufacturers similar to the Company in terms of scale, type of business, global expansion, etc., areselected as the compensation benchmark group.
* Please refer to Annual Securities Report for the details.

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Initiatives that contribute toaddressing social challenges

Sustainability
Management

Internal Audit

Environment

SocialGovernance

About
Mitsubishi Electric Group

Initiatives to date to strengthen corporate governanceAn internal audit is intended to contribute to the sound management and strengthened
management structure of Mitsubishi Electric and its affiliates in Japan and overseas byimproving management efficiency, strengthening risk management, thoroughly observing thecode of corporate ethics and ensuring compliance, and enhancing internal control.
With approximately 60 members acting independently in Japan and overseas, theCorporate Auditing Div. conducts internal audits of the Company from a fair and impartial
standpoint. In addition, the division’s activities are supported by auditors with extensive
knowledge of their particular fields, assigned from relevant business units.

From 2020

Relationship with the divisions in charge of internal control

From 2015

Mitsubishi Electric’s Corporate Management Divisions and Corporate Staff Groups, suchas the Corporate Strategic Planning Div., the Corporate Accounting Div., the Corporate
Legal & Compliance Div., and the Corporate Export Control Div. inspect the establishment
and operation of the internal control system and regulations, etc. under their scope of
responsibility for internal control. In addition, each Business Area or Business Group has its
own compliance department, which reliably spreads company-wide compliance policies andinspects the compliance status in each Business Area or Business Group.
The Corporate Auditing Div. internally audits the operation and other aspects of theinternal control system, evaluates the internal control related to the establishment of internal
whistle-blower system and financial review, and mutually exchanges necessary information
with each division in charge of internal control.

From 2000

Start of applying the
Corporate Governance CodeStart of evaluating the Board's effectivenessIntroduction of performance-based
stock compensation
Board diversity enhancement:
Appointment of female directors

Transition to a company with committees, etc.
(currently, a company with a three-committee system)

Appointment of outside directors as chairpersons of
the three statutory committees
Strengthening of information dissemination:
Issuing of the Integrated Report
Introduction of an effectiveness evaluation of
the Board of Directors by a third-party organization
Appointment of an outside director as a Chairpersonof the Board
Revision of the roles of the Nomination Committee
Implementation of briefing sessions on key
growth businesses
Strengthening of the supervisory function of
the Board of Directors: The majority of the Board of
Directors should be independent outside directors
Establishment of the BA system
Revision of the compensation system for Executive Officers
Establishment of the Corporate Governance Guidelines
Strengthening of the diversity of the Board of Directors

Mitsubishi Electric Corporation Corporate Governance Guidelines
Mitsubishi Electric Corporation Initiatives to Comply with the Corporate Governance CodeCorporate Governance Report

Mutual relationship among internal audit, the audit by the Audit
Committee, and accounting audit

The Corporate Auditing Div. reports the internal audit policies and internal audit results to
the Audit Committee and exchanges opinions with the Audit Committee members on aregular basis.
The Corporate Auditing Div. also reports internal audit results to the accounting auditorsand continuously works with them, discussing the evaluation of the internal control related tofinancial review as needed.

Activities to ensure the effectiveness of internal audits

The Corporate Auditing Div. prepares and sends an audit report to the head of the audited
department after the internal audit is conducted, and instructs the head of the audited
department to formulate improvement measures as necessary. In order to ensure theeffectiveness of internal audits, the Corporate Auditing Div. confirms the improvement
measures developed by the audited department through the written responses submitted
by the audited department, and conducts follow-up audits and evaluations to confirm theimplementation progress as necessary.
In addition, the Corporate Auditing Div. prepares a report summarizing the internal audit
for the first and second half of the year as a regular report, and report it, via the Executive
Officers in charge, to the Audit Committee, and the President & CEO twice a year.
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Initiatives that contribute toaddressing social challenges

Sustainability
Management

Compliance

Environment

SocialGovernance

About
Mitsubishi Electric Group

Compliance Motto – "Always Act with Integrity”

Our Concept of Compliance
Message from Top Management
The Mitsubishi Electric Group regards "ethics and compliance" as the foundation of corporate
management, and issues the following message to all officers and employees as part of its
efforts to establish even stronger relationships of trust with customers, stakeholders andsociety.

The Mitsubishi Electric Group established a compliance motto "Always Act with Integrity" forall Mitsubishi Electric Company's officers and employees on June 1, 2021. "Integrity" means
the strong will and attitude to persist in doing the right thing and having character traits suchas "being fair," "being honest," "being sincere," "taking responsibility for one's behavior" and"respecting others."
At the same time of the establishment of the compliance motto, we established "Questions
to test for Integrity" as a hint for officers of employees to ask themselves whether their action
or decision is right if they are at a loss as to whether their action or decision is right.

Dear colleagues, Our Values that are shared equally by all members of Mitsubishi ElectricGroup declare that "we act with high ethical standards and comply with laws and social
norms.
" Based on these Values, we must fully recognize as our responsibility that adherence

Questions to test for Integrity

to ethics and compliance forms the basis for the company to remain in business, and we1

Is your action or decision in line with laws and regulations, internal rules, contractual terms or this Code of Conduct?

integrity. In recent years, however, Mitsubishi Electric Group has been faced with a series of2

Can you tell your family and friends about your action or decision without feeling ashamed?

quality-related misconduct and other situations that could cause us to lose the trust of our3Will you be proud of your action or decision if it is reported in the mass media or social media?

4

Does your action or decision give priority to compliance over other considerations, e.g., profit, efficiency, etc.?

5

Can you rationally and honestly defend your action or decision without having to give excuses such as, "It is just a smallthing, there will be no problem"; "It will not be found out "; "I need to do this for the company"; "It has been done thisway for a long time"; "My senior colleague also did that" or "I was instructed by my superior"?

6

Do you first assess if your superior's instructions are right in light of this Code of Conduct before acting upon the
instructions?

must never engage in conduct that violates ethics and compliance and always act withstakeholders that we have built up over the years. Each member of the top management
team, including myself, must take this misconduct seriously.
In order for Mitsubishi Electric Group to remain capable of sustainable growth, we must
work to foster a corporate culture that compels us to always "do the right thing" with strong
determination and enthusiasm to make continuous changes for the better. If your workplacestill has the mindset or culture that prioritizes profit and efficiency over compliance, please
work to change it immediately.
In the course of your daily work, if you have doubts or discomforts about your own
actions or the practices of your department or workplace, please promptly consult with yourmanager or the department in charge of compliance. In addition, those of you in managerialand supervisory positions must foster a workplace culture in which subordinates can consult
with you without hesitation and take serious action to correct problems when you areconsulted.
Mitsubishi Electric Group has a history of over a century. For the sake of our next 100
years of contributing to the realization of a vibrant and sustainable
society, let us work together, with the flames of change always
burning in each of our hearts, to create a new Mitsubishi ElectricGroup that is overflowing with pride and a strong sense of ethics.

Kei Uruma

President & CEO

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Sustainability
Management

Mitsubishi Electric Group Code of Conduct

Environment

About
Mitsubishi Electric Group

GovernanceSocialMitsubishi Electric Group Compliance Promotion Structure

Mitsubishi Electric Group Code of Conduct is a uniform code of conduct in which laws
and regulations and social norms to be complied with and respected by each officer andemployee of Mitsubishi Electric Group in executing company business and performing theirduties are put together and summarized, and is intended to serve as guidelines for our dayto-day conduct. This Code of Conduct was first established in 1990, and became what they
are now through multiple revisions based on revisions of relevant laws and regulations,changes to people's perceptions of social norms and other relevant factors. The version
presented here is the most recent revision, published in March 2023.
In addition to the Japanese language, the Code of Conduct is published in English, Chinese,and Thai, etc. and offers identical content for each country and region in which we operate,presenting norms to which every Mitsubishi Electric Group officer and employee should
conform.
Mitsubishi Electric Group Code of Conduct

The Mitsubishi Electric Group's compliance promotion structure is based on the recognition
that the promotion of compliance is inseparably linked with business promotion. Basedon this structure, the President and CEO of Mitsubishi Electric Corporation is the chiefcompliance promotion officer, and each Mitsubishi Electric business division as well as eachaffiliate in Japan and overseas proactively promotes compliance.
The Corporate Compliance Committee has been established as a company-wideorganization in order to formulate overall compliance policies for the Mitsubishi ElectricGroup, to develop measures to maintain and strengthen the systems necessary to promotecompliance,
and to share information.
Mitsubishi Electric Group Compliance Promotion StructureGroup Companies in Japan

Mitsubishi Electric Corporation

Group Companies outside Japan

President & CEO
Executive
Officers’ Meeting
Corporate Legal andCompliance Division/ Compliance
Risk Management Divisions
President

Corporate Compliance
Committee

Business Area Owner/
General Manager

President

supportGeneral Manager of BA
Compliance Dept/ Group
Compliance General Manager
Corporate
Compliance
OfficerJapanese version
English version
Chinese (Simplified) version
Chinese (Traditional) version
Thai version
Other languages

Corporate / Chief
Compliance Officer（CCO）

Sr. General Manager
of Business Unit
Head of
Each Division

ComplianceManagerComplianceManager

Head of
Each Division

General Manager
of Department
Sr. Manager
of Section

Compliance
Leader※BA…Business Area

Mitsubishi Electric Group compliance promotion structure

Mitsubishi Electric Group Code of Conduct

Meeting of compliance managers
in the Europe region

150

Regional Chief
Compliance Officer（RCO）

Meeting of compliance managers
in the Korea region

Contents /About the ReportManagement Message

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Initiatives that contribute toaddressing social challenges

Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Compliance Education by Diverse Means

Thorough Dissemination/Education of Our Compliance Policy

The Mitsubishi Electric Group works to ensure that employees are aware of the Group's
concept of compliance and of the laws that are essential to the conduct of our businessactivities, using a variety of tools including workshops, e-learning programs, and the
distribution of manuals. In using these tools, we carefully consider and provide the optimum
content for different businesses, job levels, job categories, and regions (overseas).
In addition to educational activities conducted independently by each of the Group's
affiliated companies and business divisions, we also carry out Group-wide educational
initiatives. Officers and employees in all countries in which we operate take part in an
educational program concerning the major relevant laws and the Group's concept ofcompliance, through e-learning programs, group lessons, distance learning or other suchmethods. The rate of participation in e-learning on compliance at Mitsubishi Electric in fiscal
2023 was 100%. In fiscal 2023, though workshops faced various restrictions due to the
influence of COVID-19, we aggressively conducted online workshops.
Education covering major laws and regulations, as well as the Group's concept ofcompliance workshops related to compliance

Ensuring that Employees are Familiar with Our Compliance Policy
The top management of the Mitsubishi Electric Group, including the CEO, takes every
opportunity to directly address officers and employees on the subject of compliance in adiverse range of situations, ensuring that an awareness of our stance on compliance takes
root throughout our organization.
To raise awareness even further, we also display posters of our compliance motto "Always
Act with Integrity" in our workplaces and distribute cards printed with the compliance motto
to each of our employees. We distribute the "Mitsubishi Electric Group Code of Conduct"
to all Mitsubishi Electric Group officers and employees, including overseas officers andemployees.
Through disseminating the "Mitsubishi Electric Group Code of Conduct Global Handbook,"which explains the contents of Code of Conduct with Q&A and introduction for actual casesand holding workshops and read-through sessions in each workplace, our aim is for all
officers and employees to internalize the Code of Conduct.

Basic Initiatives against Compliance Risks
Fair Competition (Preventing the Violation of Anti-trust Laws)

PosterPortable Card

The Mitsubishi Electric Group deeply regrets its experience of having received anadministrative penalty for violating anti-trust laws in Japan and overseas. Out of this regret,we uphold antitrust laws as one of the most important laws that we must abide by, andmake ongoing Group-wide initiatives to both prevent any recurrence of such incidents andprevent previous incidents from being forgotten.
In addition to formulating and operating internal regulations that govern Mitsubishi Electricand its affiliated companies in Japan and overseas, we have also strengthened internal
audits that specialize in anti-trust laws, and place importance on employee training througha combination of e-learning and classroom programs. In Japan, in addition to providing
e-learning to directors, officers, and employees of Mitsubishi Electric and domestic affiliatedcompanies, we have continued to conduct practical training that reflects the characteristics
of each business since fiscal 2014. Additionally, we provide education on antitrust laws that
focus on regional characteristics overseas in the combined form of e-learning programs andface-to-face education.
We will continue to make greater initiatives to prevent similar incidents from occurringand previous incidents from being forgotten, through regular monitoring of the status of daily
business activities and internal regulations, practical training that matches actual transaction
situations, and other such initiatives.
Compliance e-learning programs

Mitsubishi Electric Group
Code of Conduct

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Sustainability
Management

Corruption Prevention (Preventing Bribery)

Environment

SocialGovernance

About
Mitsubishi Electric Group

Export Control

We engage in Group-wide initiatives to prevent bribery. The "Mitsubishi Electric Group AntiBribery Policy" that was established on April 1, 2017 reiterates to people in and outside theGroup our policy that, among other things, our Group companies, their officers and employees
do not offer bribes and do not pursue profits that can be realized only by offering bribes.
Furthermore, we are conducting monitoring activities such as maintaining and enacting
internal regulations for interactions with public officials inside and outside the country as ameasure to prevent bribery. We also work to prevent the occurrence of partners offering
bribes by conducting pre-screenings to check for the risk of bribery before entering into newtransactions with partners, including agencies, consultants, agents, and distributors, as well as
by prescribing a strict antibribery provision in any agreements to be concluded. In addition, we
provide training to directors, officers and employees of Mitsubishi Electric and its affiliates inJapan who regularly interact with public officials in the combined form of e-learning programs
and face-to-face training. We also provide training to prevent bribery in our overseas officesin the combined form of e-learning programs and face-to-face training according to thecharacteristics of the respective region.
We will continue to enhance measures in each region, and take effective and efficientmeasures by selecting countries and transactions with particularly high risks of being involvedin bribery, to respond to the expansion of our business at a global level. Note that there were
no incidents where a fine, penalty, etc. relating to bribery was imposed.
English version
Chinese version
Compliance e-learning programs

To maintain international peace and security, Mitsubishi Electric has established and abides
by the Corporate Security Export Control Regulation. Based on the regulation, all transactions
are closely checked for any inclusion of export controlled items and security concerns
related to destination, customers, end-use, and transaction conditions, and are strictly
managed pursuant to relevant laws and regulations. Furthermore, to ensure all affiliatedcompanies in Japan and overseas also take proper action in line with our policies, we
distribute the Security Export Control Standard Regulations of the Mitsubishi Electric Group(in Japanese, English, Chinese, and Thai) to all affiliated companies, and provide guidance forthe establishment of regulations, the development of a framework, employee training andinternal audits in each company. In fiscal 2023, in Japan we provided e-learning courses andheld online workshops for working-level personnel. For overseas affiliated companies, wehave e-learning materials for the implementation of training programs in each company inmajor languages in Europe, America and Asia.
Compliance e-learning programs

Disassociation with Anti-social Groups
The Mitsubishi Electric Group clearly sets forth in the following three provisions in the
Mitsubishi Electric Group Code of Conduct and implements them.
1. We will not have any relationship with nor will we conduct business with any anti-social
forces (including crime syndicates, terrorists, drug dealers). If any demand is made byantisocial forces, we refuse such demand.

Support and Responses to Political Activities
The Mitsubishi Electric Group provides support to political activities only upon fullconsideration of its social standing as defined in its Purpose and in compliance with relevantlaws and regulations in each country.
For example, when Mitsubishi Electric makes a political donation in Japan, the Corporate
Administration Division screens all cases in detail in accordance with the Political FundControl Law, and ensures adherence to all internal procedures. Additionally, in public
elections, we make every effort neither to infringe on the Public Offices Election Act nor
deviate from sound social morals.

2. We comply with applicable anti-money laundering, anti-corruption and anti-social forces
laws and regulations. Furthermore, in Japan, it is recommended to include an article on
the "elimination of crime syndicates and other anti-social groups" in transaction contracts
and an officer for preventing unreasonable demands, as stipulated in the Anti-Organized
Crime Law, is assigned to each business office and affiliated company as a Group-widemeasure against unreasonable demands from anti-social groups.
If a transaction partner is found to be an anti-social group, we make every effort to promptly
disassociate ourselves with the company with the cooperation of the police, external
specialist institutions (the National Center for the Elimination of Boryokudan and theSpecial Violence Prevention Measures Association (Tokubouren) under the control of theMetropolitan Police Department, the National Center for the Elimination of Boryokudan, etc.),
and lawyers.

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Sustainability
Management

Compliance Audits / Ethics and Legal Compliance Hotlines

Environment

SocialGovernance

About
Mitsubishi Electric GroupThe detailed functions of these "ethics and legal compliance hotlines" are provided in
Mitsubishi Electric Group Code of Conduct Handbook disseminated to all employees. These
detailed functions also appear on posters displayed in each workplace (each department
and operating base), on the handheld cards containing the contact information of internaland external contact points that are distributed to all employees, and on the Group website,
to ensure that we communicate them to all employees.
The internal notification system is also in place in each affiliated company of the Mitsubishi
Electric Group both in Japan and overseas.

Compliance Audits
To verify the state of compliance in the Mitsubishi Electric Group, the internal departments ineach of the affiliated companies in the Group carries out self-inspection several times a year
by various means. The inspection utilizes various tools, including specific check sheets for theareas of corporate ethics and legal compliance. Corrective action is taken as necessary in
response to the result of such self-inspection.
Additionally, internal regulations and systems are in place to ensure proper operations
across the Mitsubishi Electric Group. The Corporate Auditing Division of Mitsubishi Electric
conducts internal audits to check the operational effectiveness of these regulations andsystems (in the audit areas of ethics and legal compliance, accounting and finance, humanresources, technology management and quality management). If an audit reveals the need for
improvement, the relevant company or department will receive instructions for remediation/
improvement. Periodical reports of audit are presented before the audit committee throughthe executive officer in charge of internal audits.

	Establishment of Internal and External Ethics and Legal Compliance
Hotlines
Mitsubishi Electric has put in place "ethics and legal compliance hotlines" (internal notification
system, so-called "whistle blowing system"), with the objective of promptly addressing
fraudulent, illegal, and anti-ethical conducts as a self-disciplinary mechanism. This function
is available through two notification channels, inside and outside the company. The outside
channel is managed by independent law firms. The hotlines are operated pursuant to clearly
defined internal regulations that ensure responses to anonymous informants, eliminationof disadvantageous treatment of informants, and the confidentiality of all informants.
Notifications are also accepted from business partners andcompanies, if it pertains to issues that arise out of theirrelationship with Mitsubishi Electric, including but not limited
to business transactions.
Alleged issues of each notification are examined by a groupcomposed "ad hoc" of members from departments capableof conducting investigation, depending on the nature of
the notification. In case an alleged issue casts doubt oncompliance with pertinent laws and/or internal rules, efforts
are made to reinforce the prevalence of adequate norms
through a revision of rules or explanatory meetings forpromoting due understanding of the same. Where misconduct
contrary to any laws and/or internal rules is detected, theconcerned employee is subject to disciplinary action, and if
any organized involvement in the detected incident is found,
Poster for internal dissemination of
information on the hotline
remediation is demanded of the concerned department.
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Sustainability
Management

Tax Initiatives

Environment

SocialGovernance

About
Mitsubishi Electric Group◦ Our attitude towards tax planning

The Mitsubishi Electric Group complies with tax laws and regulations of thecountries and regions in which we conduct business, including without limitation
treaties applicable to them. We also respect guidelines such as, but not limited toOECD guidelines, and conduct transactions between group companies on an arm’slength principle.
The Mitsubishi Electric Group may seek to apply the tax incentives andexemptions available in the countries and regions in which we conduct business,
however, we do not engage in any artificial tax arrangements which are not in linewith "Our principles."Basic Policy on Tax
Based on the concept of fulfilling our social responsibility through the proper payment oftaxes, the Mitsubishi Electric Group has established the“Mitsubishi Electric Group Global Tax
Policy”and is working to ensure tax compliance.

Tax Governance Framework◦ Tax risk management

The Mitsubishi Electric Group believes that tax compliance is inseparably linked withbusiness promotion. Therefore, each group company shall thoroughly ensure tax risk
management in carrying out their business operations.
The Mitsubishi Electric Group has put in place a framework for tax governance toensure that tax management at the group level is properly implemented, and eachgroup company maintains an organizational structure and processes in place toensure that all applicable tax rules are respected and taxes are paid in accordancewith those rules.
Where material uncertainty exists, the Mitsubishi Electric Group may proactively
seek the advice of external experts as appropriate. Also, if available, we may
consider to seek predictability from tax authorities by obtaining an interpretation/clarification of the application of tax laws and regulations through prior consultation.
In the event a disagreement with the tax authority arises on the appropriate tax
treatment of a case and it cannot be resolved between both parties, the Mitsubishi
Electric Group will resolve the issue constructively through an appropriate method.

Based on a recognition that tax compliance is inseparably linked with business promotion,
the Mitsubishi Electric Group's tax governance framework ensures tax compliance by having
each group company implement risk management under the direction and supervision of the
Chief Financial Officer (CFO)*.
The CFO reports tax matters at Executive Officer meetings and on other occasions asnecessary in consideration of their importance.
* Some taxes, including customs duties and personal income taxes, are the responsibility of the division in chargeof complying with the respective laws and regulations.

Tax Policy
The Mitsubishi Electric Group has established the basic policy on tax that each groupcompany shall adhere to in its domestic and international business activities.

◦ Relationship with tax authorities<Mitsubishi Electric Group Global Tax Policy>

The Mitsubishi Electric Group adopts a collaborative and constructive relationshipat all times with tax authorities. We make accurate and timely declarations andrespond to queries and information requests from tax authorities in a sincere andtimely manner.

◦ Our principles
The Mitsubishi Electric Group has positioned sustainability as a pillar of its corporate
management, based on its "Purpose" and "Our Values."
Furthermore, the Mitsubishi Electric Group recognizes the importance of ethics
and absolute compliance with legal requirements as a fundamental precondition for
the Group's continued existence.

Tax Compliance Initiatives
In accordance with its tax governance framework, the Mitsubishi Electric Group isstrengthening risk management by grasping the statuses of tax investigations by the tax
authorities of each country and tax disputes, and other matters.
With regard to the transfer pricing regulation, as an important issue for our business
operations, we are working to strengthen transfer pricing management based on the OECD
Transfer Pricing Guidelines as well as the transfer pricing regulations of each country andregion.

Aligning with these principles and the "Mitsubishi Electric Group Code of
Conduct," the Mitsubishi Electric Group is committed to complying with tax laws andregulations, and pays the correct amount of tax.

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Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Risk Management
Basic Policy

Risk Management Framework

With overseas revenue accounting for over 50%, the Mitsubishi Electric Group aims totransform into a“Circular Digital-Engineering Company”in a wide range of business areas.
We also take the various compliance incidents that came to light seriously and have beenworking to improve our internal control system and others. To fulfil its responsibility to all
stakeholders beginning with society, customers, shareholders, and employees, and to realize
sustainability, the Group appropriately manages risks associated with the conduct of its
business while strengthening its internal control system with an emphasis on prevention.
Specifically, the framework incorporates risk management into business activities whereby
risks are managed according to the size and characteristics of each business. Significant
risks common to the entire Group are managed and prioritized according to their impact on
the management of the Group as a whole. For new risks, such as human rights, demand for
decarbonization, geopolitical risks, and game-changing trends in the future, we will respondin an effective manner through cross organizational and flexible team behavior.

Risk management is implemented independently by each division and by domestic andoverseas associated companies. In addition, the Group has built a framework to enableappropriate and quick decision making where Mitsubishi Electric's each corporate division(division in charge of risk management) supervises and assesses each division and domestic
and overseas associated companies in their respective specialized areas, and a CRO (Chief
Risk Management Officer) and a Corporate Risk Management Division supervise the entire
Group.
We will focus on a wide variety of risks according to their degree of impact on the
management of the entire Group, and will not only respond to conventional risks suchas large-scale disasters and social risks, but also flexibly and strategically investigate andprepare for new risks in areas such as economic security, human rights, and the global
environment. In particular, important matters related to management supervision andexecution are deliberated upon and decided at the Board of Directors meetings and the
Executive Officer meetings.

Risk management framework (Mitsubishi Electric Group)

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Sustainability
Management

Disaster Countermeasures

Emergency disaster prevention framework

In the event that any of the Mitsubishi Electric Group’s sites suffer or are at risk of suffering
serious damage as the result of a large-scale disaster, we have a framework in place that iscentered on the Mitsubishi Electric Emergency Response Center headed by our president, toenable the entire Mitsubishi Electric Group to respond to the emergency situation.
In addition to verifying the (personal and physical) disaster situation, the Emergency
Response Center promptly examines and executes policies in response to business continuity
initiatives and requests from society (support for affected areas, donations, etc.). Particularly
with regard to overseas sites and affiliated companies overseas, it works closely with eachregional response headquarters to ensure employee safety (safety confirmation, livelihood
Prevention
Framework
support, etc.) Disasterand provide
support forbusiness restoration.

Business continuity plan (BCP) formulation and regular (annual) review

To fulfill our responsibility as a product supplier, we had all Mitsubishi Electric offices
formulate a BCP assuming the possible outbreak of a new strain of influenza in fiscal 2011
and a BCP assuming the risk of a large-scale earthquake in fiscal 2013 and urged majoraffiliated companies in Japan and overseas to formulate a BCP.
Each office and affiliated company in Japan and overseas where the BCP has been
established reviews it and upgrades countermeasures every year so that the BCP once
developed will not turn into a mere formality.

Mitsubishi Electric<Ordinary times(permanently in place)>
Company-wide Disaster
Prevention and Safety Committee<Times of emergency(temporarily in place)>
Mitsubishi Electric
Emergency Response Center

Examination of disasterprevention activities,
instructions for course of action

Disasterinformation

Affiliated companies in Japan

About
Mitsubishi Electric Group

Initiatives for Business Continuity and Disaster Response

Japan

Disasterinformation

GovernanceIn ordinary times, we take steps to ensure that the disaster prevention initiatives we have so
far taken continue to be valid, by establishing a Company-wide Disaster Prevention and Safety
Committee headed by the executive officer in charge of general affairs, and by implementing
continuous improvement activities through a PDCA cycle to make improvements basedon periodic examinations and reviews of the disaster response measures of the Mitsubishi
Electric Group (at least once a year) and the results of emergency drills. In fiscal 2023, theCommittee rolled out a Group-wide mechanism that enables a system to be developed stepby step in order to improve the effectiveness of the BCPs by visualizing the progress of theeffort.

Engaging in business on a global scale entails the risk of being affected by disasters, including
earthquakes, regional conflicts, terrorism, and outbreaks of infectious diseases. The Mitsubishi
Electric Group is strengthening its response framework, reexamining its disaster prevention
system and disaster countermeasures, to prepare for emergencies.

Examination of disasterprevention activities,
instructions for courseof action, emergency
restoration support, etc.

SocialFramework for ordinary times (creation of a PDCA cycle for disaster response)

Development of a Response Framework for Large-scale Disasters

Business group headquarters, branch offices,manufacturing sites, research institutes

Environment

Business continuity in the supply chain

At Mitsubishi Electric, we pursue initiatives to avoid situations in which a large-scale disasteror other unavoidable circumstance imposes serious damage on suppliers, severs the supplyof materials, or obstructs our production activities.

Countermeasure
instructions

International headquarters

Examination of disasterprevention activities,
instructions for courseof action, emergency
restoration support, etc.

Disasterinformation

1. Activities for visualizing the procurement parts supply chain and mitigatingprocurement risks in addition to procurement

Overseas

To prepare for the risk of supply chain disruptions in the event of an emergency, we
implement various measures, such as visualizing the supply chain per procured item andpurchasing from multiple suppliers. In addition, we continue to educate and support our
suppliers on disaster preparedness by holding BCP seminars for them.

Regional countermeasure
headquarters(Americas, Europe, Asia,
China, Taiwan)
Countermeasure instructions
regarding risks overseas,
sharing of information acrosseach region, transmission of
relevant information to Japan

2. Activities for ensuring a prompt initial response and efficient response tasks
in times of emergency

Affiliated companies overseas

We are restructuring our frameworks and systems to accelerate and streamline
operations, including centralized management of supply chain information for purchased
goods, supplier impact surveys in the event of an emergency, and automation of response
tabulation.

Mitsubishi Electric Group’s disaster prevention framework

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Initiatives that contribute toaddressing social challenges

Sustainability
Management

Strengthening disaster responses

Ensuring safety overseas

Each office and affiliated company of the Mitsubishi Electric Group possesses a disaster
response manual that is used to implement preliminary measures (disaster mitigation
measures) and disaster prevention drills.
For example, Mitsubishi Electric carries out an emergency drill and safety confirmation
training that involves the use of a safety confirmation system at each site. For IT continuity,
we have two separate data centers in Tokyo and the Kansai region and carry out an annual
drill for switching between data centers in the event of an emergency.
We have also instructed affiliated companies to establish the same level of disastercountermeasures as those implemented by Mitsubishi Electric to strengthen their emergency
preparedness through disaster-prevention drills at each site.

BCP training at a Mitsubishi Electric site in Japan

Environment

SocialGovernance

About
Mitsubishi Electric Group

The Mitsubishi Electric Group's Overseas Security Center, under the Corporate Human
Resources Division, works closely with overseas sites (overseas offices and affiliatedcompanies of Mitsubishi Electric and affiliates in Japan) to grasp the dynamics and confirm
the safety of overseas business travelers, convey various information (travel restrictions, etc.
based on information gathered from the Ministry of Foreign Affairs and specialized agencies),and provide employee education.
In fiscal 2023, restrictions on overseas business travel were gradually relaxed as the impactof the COVID-19 waned. In particular, the number of overseas business travelers gradually
increased after the Ministry of Foreign Affairs significantly eased border control measures in
October 2022.
In addition, from the perspective of geopolitical risks, each overseas site prepares acrisis management manual that outlines evacuation procedures and routes in the eventof an emergency, and collects relevant risk information from overseas crisis management
consultants and other sources on a weekly basis and shares it with relevant personnel.
We also participated in the public-private overseas safety cooperation conference
sponsored by the Ministry of Foreign Affairs, and exchanged information and views with othercompanies and organizations. The results of the conference have been incorporated into therisk management activities of our company and overseas sites.

Disaster prevention drill at a Mitsubishi Electric sitein Japan

Pandemic countermeasures

The development of various modes of transportation and transportation networks, and theglobalization of the economy have increased not only the movement of people, but also
the risk of pandemic diseases such as the Ebola virus disease and new strains of influenza.
Amid the advancing globalization of the Mitsubishi Electric Group’s businesses, in Japan wecommenced initiatives to fulfill our corporate social responsibilities to (1) ensure people's
safety, (2) sustain businesses that serve societal functions, and (3) minimize economic
impact on our company in the event of an outbreak of a new strain of influenza (through BCP
formulation, keeping tabs on the dynamics of business travelers and expatriates, stockpilingmasks, etc.). Overseas, and particularly in countries where there is a high probability ofan outbreak of a new strain of influenza, we provide direction for formulating a BCP thatassumes such an outbreak and to otherwise implement countermeasures that are suitable
for the situation in each country.

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Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Economic Security
The four aspects of economic security considered by Mitsubishi Electric

Against the backdrop of the recent competition for dominance in technology between
the U.S. and China, more countries are introducing their unique systems that are beyond
the traditional export controls based on international agreements within investment,
procurement, development, human resources, network, data management, and so on. As
tensions rise in the international community due to the global economic turmoil caused by
the COVID-19 pandemic, Russia's invasion of Ukraine, and other events, risk management
should go beyond the status quo of individual compliance in order to decipher the
background and intent of policies and regulations from a bird's-eye view and the necessarycontrol measures should be implemented accordingly.
Meanwhile, there is growing concern about forced labor and environmental issues insupply chains. With respect to the former in particular, the U.S. has enacted the Uyghur
Forced Labor Prevention Act, and Japan has issued "Guidelines for Respecting Human Rights
in Responsible Supply Chains, etc." In these areas, there is a steady shift from soft law norms
created by NGOs and NPOs to hard law, and the EU is also preparing the EU Corporate
Sustainability Due Diligence Directive (CSDDD). It is important for risk management toproperly identify trends and respond to them at as early a stage as possible, including byparticipating in rulemaking.
In addition, the geopolitical risks that have arisen as a result of Russia's invasion of Ukraine
are directly related to supply chain disruptions and the risk of supply disruptions for criticalcommodities. To ensure business continuity, it is essential to identify vulnerable items andcommercial distribution channels as well as to strengthen supply chains through appropriate
risk control.
In addition to compliance with individual regulations as we have been thus far, in order tokeep up with the dynamic changes in the economic security environment, we have set up the
Corporate Economic Security Division directly under the president. This division investigates
and analyzes technologies, policy trends and legal systems related to security as well as
implements integrated management from a perspective of comprehensive economic security
as it relates to company-wide information management, supply chains, industry policies, ESG,
and social ethics.
We have also created a groupwide economic security system by setting up the Economic
Security Secretariat in each department, the Economic Security Office in affiliated companies
in Japan, and the Economic Security Administrator in affiliated companies overseas.

Information management
Sensitive technology management(export control (including various sanctions), information security, data management,
technical pollution prevention)
Information security improvements(cybersecurity, economic intelligence, IT equipment selection)

1

Supply chain management

2

Reconstruction of the supply chain (semiconductors, rare earth materials, etc.)

Industry policy

3

Establishing own domestic supply chain(semiconductors, pharmaceuticals, rare earth materials)
Industry promotion measures/subsidies in each country➡ Business opportunities, and at the same time, future competitive risks

Challenges that have not been considered security issues (ESG, social ethics)

4158

Human rights issues
Environmental issues (carbon neutrality, Carbon Border Adjustment Mechanism)➡ Emergence of new risks with less predictability➡ Need for judgment criteria that are different from economic rationality
AI ethics
Digital data distribution infrastructure

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Sustainability
Management

Environment

GovernanceSocialAbout
Mitsubishi Electric Group

Information Security
Basic Policy

In addition, as part of PSIRT activities*1 to promote product security measures, we wereaccredited as a CNA*2 in November 2020 and we now assign CVE IDs*3 to vulnerabilities
that affect Mitsubishi Electric products and publish them by ourselves. This has strengthened
a framework to practice efficient vulnerability handling with external stakeholders. Identified
vulnerabilities are reported, instructions are given in keeping with this framework, andappropriate response is taken to prevent secondary damage.
Business groups and offices (offices, branches, works [production plants]) issue instructions
and guidance on information security to affiliates in and outside Japan. Paying special
attention to the circumstances and special characteristics of overseas affiliates, the Corporate
Information Security Division will build close cooperative relations with overseas regional
representative managers at sites in the Americas, Europe, and Asian countries to ensure
information security.

In order to prevent the recurrence of a data leak incident caused by unauthorized systemaccess, the Mitsubishi Electric Group will continue to strengthen its information management
and utilization systems and other functions, and it will strengthen its security measures forcyberattacks. As a specific target, we will aim to achieve level 2 or higher in the Cybersecurity
Maturity Model Certification (CMMC ver. 2).*
Mitsubishi Electric manages information entrusted to the company by its customers andstakeholders and confidential corporate information relating to sales, engineering, intellectual
property, and other areas. This management is carried out based on the Declaration ofConfidential Corporate Information Security Management established in February 2005. In
light of past events, we will once again work to increase awareness of this declaration further
within the Mitsubishi Electric Group and strive to protect and manage information even more
carefully.

*1 PSIRT is an abbreviation for Product Security Incident Response Team, which works on the security quality of
products and services.
*2 CVE Numbering Authority. CVE is an abbreviation for Common Vulnerabilities and Exposures.

* Framework for Cybersecurity Maturity Model Certification set forth by the U.S. Department of Defense. Level 2
or higher means that excellent security measures and management systems are put in place.

*3 Internationally used vulnerability identifiers

Declaration of Confidential Corporate Information Security Management
President & CEO

Framework and Guidelines

Executive Officer in charge of Information Security

Corporate Secretariat
for Confidential Corporate
Information Management
and Personal Information
Protection

CSIRT※1

Coordination

Corporate Information Security Division

PSIRT※2

Overseas regional representative managers※1 CSIRT: Computer Security Incident Response Team
※2 PSIRT: Product Security Incident Response Team

Business groupheadquarters
Offices,branches, works[production plants]

Coordination

Instruction

A new "Corporate Information Security Division" was established under the direct control ofthe president, to oversee all the Group's information security management. Since April 2020,
it has integrated three functions that were previously separate: management of confidential
corporate information and personal data protection, information system security, and productsecurity. Since April 2021, we have enhanced the structure and add members of Corporate
Information Security Division. In addition, we will invest more than ¥50 billion to implement
cybersecurity measures and establish sustainable information security management system
so that we can achieve Level 2 or higher of the Cybersecurity Maturity Model.
The Executive Officer in charge of Information Security is responsible for the Group's overall
information security management. Under this officer's direction, the Corporate Information
Security Division is in charge of planning and implementing the Group's information security
management structure and rules as well as activities to ensure the security of information
systems. The Division is striving to ensure information security by working closely with theComputer Security Incident Response Team (CSIRT) established in each business group andoffice that utilizes and manages the data and systems.
As other companies suffered cyberattacks that affected their factory productivity, Mitsubishi
Electric also formed a section to ensure factory security, thereby bolstering preparedness.

PolicyandInstruction

Affiliates in Japan
Affiliates outside Japan

Control and Planning
Units responsible for promoting information security

Information security organization structure (Mitsubishi Electric Group)

Global Activities
To maintain and improve the information security level of the Mitsubishi Electric Group asa whole, including overseas affiliates, various inspections are conducted under the above
information security framework, as prescribed in the Guidelines to Information Security
Management Rules for Affiliated Companies.
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Sustainability
Management

Environment

GovernanceSocialAbout
Mitsubishi Electric Group

Information Security Management
Management Principles

Information Security Inspections

The Mitsubishi Electric Group practices confidential corporate information management andpersonal information protection utilizing a continuous improvement approach implemented
using the Plan, Do, Check, Act (PDCA) cycle, and employs four security measures to ensure
proper management and protection of confidential corporate information and personal
information from the organizational, human, technical, and physical perspectives, taking theexternal environment into consideration, including the handling of personal data overseas.

The Mitsubishi Electric Group performs the following inspections as part of the C (Check)stage of the PDCA cycle at head office management departments, business groups andoffices, and affiliates. These inspections focus on checking whether confidential corporate
information management and personal information protection activities are being
implemented properly by the Mitsubishi Electric Group as a whole, and on confirming thestatus of those activities. We review measures based on the results, and this leads to the A(Act) stage of the PDCA cycle. These inspections are set down in the Confidential Corporate
Information Management Regulations, which cover Mitsubishi Electric Corporation, and in
the Guidelines for Information Security Management Regulations, which cover affiliates in andoutside Japan.

Conﬁdential Corporate Information and Security Measures
Organizational

Security
measuresManagement framework, internal rules, internal audits

Human

Education for employees, personnel management

Technical

Information system security

PhysicalInspections related to information security

Item

Site and room access control, physical protection
through equipment

Self-check

Four security measures

Information Security Regulations and Guidelines
Committed to living up to its Declaration of Confidential Corporate Information Security
Management and Personal Information Protection Policy, Mitsubishi Electric Corporation
has established information security regulations and guidelines alongside the four security
measures, and reviews them as necessary to stay in compliance with current laws. In
addition, we have similar rules for personal information protection, which we apply toaffiliates as well.

Third-party
check

Information Security Regulations and Guidelines

Item

Personal information protection
audits (Personal information
protection management system
audits)Content

Using a checklist, each Mitsubishi Electric Group company
performs a self-inspection of its activities for information security
Mitsubishi Electric's business offices mutually check eachother's status of information security management. Mitsubishi
Electric checks the status of information security at affiliatedcompanies.
At Mitsubishi Electric, the status of personal information
protection is internally audited under the supervision of the Audit
Manager for Personal Information Protection, who is appointed
by the President & CEO of Mitsubishi Electric. In affiliatedcompanies in Japan that have been granted the right to use the"PrivacyMark," the same internal audit is conducted by the audit
manager at each company.

Information Security Education

Basic regulations

Mitsubishi Electric fosters a corporate culture that enforces the proper handling ofconfidential corporate information and personal information. We provide education programs
to enable employees to ensure the implementation of specific security control measures,such as the server storage and encryption of files according to security levels.
Specifically, information security education is provided to all employees in the formof e-learning to disseminate thorough knowledge of the security control measures(organizational, human, technical, and physical) that they should be aware of. This education
is provided in response to the telework and to changes in the business environment andbusiness models based on the growing use of cloud services, as well as in line with the roles
that are expected of them at each career stage. In addition, Mitsubishi Electric regularly
conducts exercises to verify that employees know how to handle spoofed e-mails.

Organizational security measures :Regulations on confidential corporate information
security management
Personal data protection guidelines
Security measures

Self-check program for
confidential corporate
information management andpersonal information protection
Third-party check programfor confidential corporate
information management andpersonal information protection

Human security measures : Regulations on the work of employees
Technical security measures : Regulations on information security management
Physical security measures : Physical security guidelines160

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Activities for Personal Information Protection

Environment

SocialGovernance

About
Mitsubishi Electric Group

Cyber-Attack Countermeasures

Personal Information Protection

Cyber-attacks have become a major threat for businesses as they are growing increasingly
sophisticated and diverse year-by-year. The Mitsubishi Electric Group is centrally managing
the network, devices, and servers (cloud) and working to implement a multilayered defense
which is based on the concept of zero-trust security* as countermeasures for cyber-attacks
that are growing increasingly sophisticated and diverse, along with the wider use of cloudservices and the wider adoption of teleworking. A multilayered defense lets us protect
ourselves from cyber-attacks, detect suspicious signs and intrusions, and put in place asystem to respond immediately should an incident occur, to prevent or minimize damage.
In addition, we have implemented multi-factor authentication that supports operations
being conducted through access from offices, teleworking sites, and business trip
destinations, and we manage authentication in a centralized manner. Internet websites
are constantly exposed to many external threats, and so we only launch websites that areapproved by Mitsubishi Electric in order to maintain a high security level.

In efforts to protect personal information, Mitsubishi Electric first created company rules
on personal information protection in October 2001, and since then it has required all
employees and affiliated persons to obey those rules strictly. Mitsubishi Electric issued apersonal information protection policy in 2004,
complying
with therequirements
of JIS
System ofrules for personal
information
protection
Q 15001:2006 Personal Information Protection Management Systems. In January 2008,
we were granted the right to use
the "PrivacyMark," which certifies theestablishment of management systems
Personal
Basic policy
Informationthat ensure proper measures for personalProtection Policy
information protection. We havemaintained our "PrivacyMark" certification
Regulations Concerning
Basic rules
Personal Information
until the present.
Protection
We have also conducted a review
of our internal regulations to ensure a
Handbook of
Operational
Personal Information Protection,
procedures
proper response to Japan's amended Act
etc.
on the Protection of Personal Information,
System of rules for personal information protection
which went into force in April 2022.
Privacy Policy* Concept of not giving trust to anything either inside or outside of the company, and testing and authorizing allcommunication attempts.

Initiatives Regarding Security Quality of Products and Services
Mitsubishi Electric has the Mitsubishi Electric Product Security Incident Response Team (PSIRT)
as an internal framework to handle the security quality of products and services.

Proper handling of personal information
Mitsubishi Electric handles personal information appropriately; we acquire it by specifying
purpose of use, use it only within the intended scope, and provide it to a third party onlywith prior consent from users. Furthermore, in preparation for data leakage risks fromcyberattacks, we continue to strengthen security control measures, such as server storageand encryption.

The following are Mitsubishi Electric PSIRT's roles:◦ Gather information on vulnerabilities in products and services provided to customers◦ Respond swiftly to vulnerabilities discovered in cooperation with product design andproduction departments and service management departments◦ Strengthen and promote technical initiatives to preclude vulnerabilities from the stage of
product and service development◦ Provide security training to all officers and employees involved in product and service
development◦ Disclose vulnerability information and measures to customers

	Response to the EU General Data Protection Regulation (GDPR)
and China's Personal Information Protection Law
The Mitsubishi Electric Group handles personal data from the EU in an appropriate mannerwith due consideration to the General Data Protection Regulation (GDPR), which was put
into force in the EU in May 2018 as a framework to protect privacy. In addition, crossborder transfer of personal data is now also being regulated outside Europe with China's
Personal Information Protection Law enforced on November 1, 2021, and the Group is taking
appropriate measures.

Third-Party Certification
Mitsubishi Electric and affiliates in Japan promote holding third-party assessments andgaining third-party certification on information security.

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Sustainability
Management

Environment

SocialGovernance

About
Mitsubishi Electric Group

Research and Development
Research and Development Strategy

Major R&D Achievements in Fiscal 2023

Toward realizing sustainability, the Company advances research and development, aiming toprovide solutions by fusing knowledge within and outside the Group as a“Circular DigitalEngineering”company.
We thoroughly enhance core technologies that create a competitive advantage forbusiness, deepen fundamental technologies that support functions, properties, quality andreliability of equipment, systems and services, and investigate and create new technologies
in a balanced way, preparing for a game change or any other event in the future. The
Company will also accelerate development and create value through proactive cooperation
with universities and other external R&D institutions, contributing to solving diversifying social
issues.
During fiscal 2023, the total R&D expenses for the entire Group have amounted to 212.3
billion yen (9% increase compared to the previous fiscal year).

	Development of High-power, High-efficiency Power Semiconductor
ModuleDemand for a high-power, high-efficiency power semiconductor module has been increasing
for power systems such as a traction system for railway vehicles and DC-power transmitters.
The Company has developed a HV100 dual type X-Series HVIGBT* module with a highvoltage of 4.5 kV and rated current of 450 A. The seventh-generation IGBTs and RFC diodechips mounted have achieved higher current density with lower loss compared to existingproducts. In addition, the terminal layout is optimized for easy paralleling, which enables
correspondence with various types of inverters.
We contribute to realizing carbon neutrality by making efforts to achieve further higher
power and higher efficiency of power semiconductor modules.
* HVIGBT: High voltage insulated gate bipolar transistor

Realization of sustainability
Value creation

Solve social challenges

Integrated Solutions
Systemengineering
Maintenance &Operation

ConsultingCore
technologies

Japanese/overseas
universities andresearch institutes

Systems
Components
Technology torealize small,high-efficiency
motorHigh-speed,
high-precision
positioning
technology

Optimized
control technology
for heat pumps

Partnercompanies

Search for and create
new technologies

X-Series HVIGBT module HV100
dual-type(4.5kV/450A)

AI Security Data analysis/linkageBasetechnologies

Model Based Development Digital Twin Communication
Power electronics Control Material analysis Design

Proprietary
technologies

Existing
businesses

Socialchanges

Ways oftechnology
exploration

Contributing to further higher power and higher efficiency of inverters
for large industrial devices

Future insights / Technology trends

HV100 Dual-type X-Series HVIGBT Module

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Management

Environment

GovernanceSocialAbout
Mitsubishi Electric Group

Development of“Quantum Artificial Intelligence Technology”
That Uses Automated Design to Realize Compact Inference Models

Development of Wire-laser Metal 3D Printer AZ600
Demand for metal 3D printers that create objects from 3D shape data is expected to increase
due to such advantages as a significant reduction in manufacturing processes, a reduction in
waste materials disposed of in manufacturing processes and an increase in the freedom ofdesigning. We recently developed a wire-laser metal 3D printer“AZ600”that combines theworld’
s first*1 simultaneous 5-axis spatial control and digital manufacturing technology thatcooperatively controls processing conditions, which enables high-quality, high-precision 3D
printing. In addition, we apply a near-net-shape method*2 to parts machining, which realized
both energy saving by shortening machining time and a reduction in waste materials.
Going forward, we will continue to contribute to environmentally friendly manufacturing ina decarbonized era.

The development of quantum computers that exhibit advanced processing power throughcomputation using quantum bits*1 is accelerating around the world.
The Company has developed a quantum artificial intelligence technology that
automatically designs and optimizes inference models to downsize the scale of computationand confirmed for the first time in the world*2 that the technology contributes to higher
performance in multiple areas such as non-destructive terahertz inspections, Wi-Fi indoor
monitoring, compressed sensing and biosignal processing.
This recently developed technologies allow for significantly shorten computation time in a
hybrid combination of both quantum and classical AI*3, even when using limited data. Goingforward, we will advance the development of quantum artificial intelligence technology,
aiming for its application to FA, air conditioning, building systems, mobility and a wide rangeof other industrial areas.

*1 As of February 24, 2022, according to Mitsubishi Electric’s research*2 A near-finished shape is formed.
Note: Although we announced the release of AZ600 on February 24, 2022, this information is included here
because the product’s major contributions to our business performance pertain to fiscal 2023.

*1 Minimum unit of quantum information handled for quantum computers*2 As of December 2, 2022, according to Mitsubishi Electric’s research*3 Machine learning with conventional computers using classical bits

Training
data

Quantum Machine
Learning Model
Constructor

Hybrid Model Trainer

Hyperparameter
samplerC
Trainedmodel

Validation
Results
data

Training pruner

Quantum Machine
Learning

Wi-Fi Indoor Monitoring

Compressed Sensing

Biosignal Processing

Quantum-Classical Hybrid
Machine Learning

Automated Quantum Machine Learning

Newly developed quantum AI technology

Wire-laser metal
3D printer "AZ600"

Terahertz inspection

Classical Machine
Learning

Example applications

Shaping sample

Realized both energy saving by shortening machining time and a reduction
in waste materials.

Can be incorporated in first-ever application for terahertz imaging

Wire-laser metal 3D printer "AZ600"

Mitsubishi Electric's New Quantum Artificial Intelligence Technology Uses Automated
Design to Realize Compact Inference Models

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Management

Intellectual Property

GovernanceSocialAbout
Mitsubishi Electric Group

Global IP Strategy
The Mitsubishi Electric Group identifies critical IP-related themes based on its mainstay
businesses and important R&D projects, and is accelerating the globalization of IP activities
also by filing patents prior to undertaking business development in emerging countries
where an expansion of business opportunities is expected. Furthermore, resident officers are
assigned to Mitsubishi Electric sites in the United States, Europe, China, and Southeast Asia totake charge of IP activities and strengthen the IP capabilities of business offices, R&D centers,
and affiliated companies in each country. Through these initiatives, we strive to create arobust global patent network.
As an indication of the Mitsubishi Electric Group's IP capability and global IP activities,
the company ranked No. 2 in Japan in terms of the number of patent registrations (in 2022)
announced by the Japan Patent Office (JPO), and No. 4 in the world in terms of Patent
Cooperation Treaty (PCT) applications by businesses (in 2022) announced by the WorldIntellectual Property Organization (WIPO).
In conjunction with creating a patent network, we are also actively pursuing activities
toward acquiring design rights in Japan and overseas, to protect both the functional anddesign aspects of our technologies.

Intellectual Property Activities
Basic Policy
The proper protection of intellectual property (IP) rights promotes technological progress andsound competition, and also contributes to realizing affluent lifestyles and the development ofsociety.
The Mitsubishi Electric Group recognizes that intellectual property (IP) rights represent avital management resource essential to its future and must be protected. Through integrating
business, R&D, and IP activities, the Group is proactively strengthening its global IP assets,
which are closely linked to the Group's business growth strategies and contribute to bothbusiness and society, and also working on protecting IP rights.

Structure of the Intellectual Property Division
The IP divisions of the Mitsubishi Electric Group include the Head Office IP Division andthe IP divisions at the Works, R&D centers, and affiliated companies. The activities of each
IP division are carried out under the executive officer in charge of IP at each location. The
Head Office IP Division formulates strategies for the entire Group, promotes critical projects,
coordinates interaction with external agencies including patent offices, and is in charge of IP
public relations activities. At the Works, R&D center, and affiliated company level, IP divisions
promote individual strategies in line with the Group's overall IP strategies. Through mutual
collaboration, these divisions work to link and fuse their activities in an effort to develop more
effective initiatives.

(Top 5) PCT applicants: businesses, 2022
(WIPO, PCT Yearly Review)

Rank

Integrating Business, R&D and IP Activities
Integration

IP Network

IP/Standardization Strategy

IP Division at Headquarters

Business Strategy

Environment

Applicant1

Huawei2

SAMSUNG

No. of patent registrations in 2022(Japan)

Country

No. ofapplicants

Rank

China

7,689

1

Toyota Motor

4,559

4,387

2

Mitsubishi Electric

3,692

3

Qualcomm

USA

3,855

3

Canon

3,382

4

Mitsubishi Electric

Japan

2,320

4

DENSO

2,919

5

Ericsson

USA

2,158

5

Panasonic

2,856

(JPO)

三菱電機グループ

海外特許出願の年次推移

Annual Trends in Overseas Patent Applications by
the Mitsubishi Electric

Further Strengthening Global IP Capabilities

Further Strengthening Global IP Capabilities● IP representative(No. of Applications)
6000

Business Groups, Facilities, Affiliates

No. ofpatents

South Korea（WIPO）IP Departments

Applicant

5000

Development Strategy

R&D Centers
IP Departments

Europe4000

China
Head Office
IP Division

3000

Integrating Business, R&D and IP Activities

Asia

2000
1000
0

● Protecting products through IP rights

2020

2021
USA

164

2023

2022
Europe

China

（FY）

Others● Acquiring international standard-related patents● Counterfeit product countermeasures

Americas

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Sustainability
Management

Open Technology Bank Activity

Environment

SocialGovernance

About
Mitsubishi Electric GroupIP Strategy for International Standardization

In order to realize a sustainable future, Mitsubishi Electric launched activities of the OpenTechnology Bank, which promotes internal and external collaborations based on intellectual
property in fiscal 2022. In the past, the primary use of intellectual property was forcompetition between companies (monopolizing their use, preventing imitation, and exercisingrights in relation to other companies); however, going forward, the Company will actively use
intellectual property as tools for promoting collaborative creation.

In order to expand business in global markets, the Mitsubishi Electric Group is actively promotinginternational standardization. Activities to acquire patents that support international standards(e.g., standard essential patents) are openly promoted. As the member of an organization in whichpatent pools for Digital Broadcasting, MPEG, HEVC, Blu-ray Disc™* and Mobile communications
collectively control standard essential patents, the IP revenues obtained through the organization
are contributing to improvement and growth in business earnings. The Group is also working toincrease activities for acquiring patents in competitive fields involving international standards,
and promoting IP activities that contribute to increasing product competitiveness and expanding
market share. In the field of 5G mobile communication systems, which are expected to proliferate
in the future, we are not only involved in activities to acquire standard-essential patents, but also
leveraging our technologies to promote IP activities that make our products even better.

Promoting external collaboration

The Mitsubishi Electric Group has a wealth ofproprietary technology assets (patents, knowledge,
Mitsubishi Electric s
Partner companiesetc.) in a wide range of areas, from home to outer
technological assets
technologies/
knowledge/ideas（patents/know-how）space. The Open Technology Bank activities aim tocreate new value and businesses through combining
and multiplying Mitsubishi Electric’s technologies
with partner companies’technologies and ideas.
Supporting partner companies new products/
services through licensing
This is achieved through efforts to support partner
Mitsubishi Electric s technological assets
companies in developing new products andservices by granting licenses for Mitsubishi Electric’sCreating new values
Solving diversifying
technology assets that contribute to solving diverseand businesses
social issues
social challenges. Through these actions of taking
its technologies that contribute to solving various Open Technology Bank Activities— Promoting external collaboration —challenges including the realization of a decarbonizedsociety and preparation for natural disasters, andgranting licenses for these technologies to various industry sectors and fields, Mitsubishi
Electric actively promotes co-creation with external parties based on intellectual properties,
and thereby contributes to the realization of a sustainable future.

* Blu-ray Disc™ is a trademark of the Blu-ray Disc Association

Respecting IP Rights
The Mitsubishi Electric Group firmly recognizes the importance of mutually acknowledging andrespecting not only its own intellectual property rights but the intellectual property rights of others
as well. This stance is clearly set forth in the Mitsubishi Electric Group Conduct Guidelines andpracticed throughout the Group.
Any infringements on the IP rights of others not only violate the Code of Corporate Ethics andCompliance, but also have the potential to significantly impair the Group's continued viability
as a going concern. The resulting potential impairments include being obliged to pay significant
licensing fees or being forced to discontinue the manufacture of a certain product.
In order to prevent any infringement on the IP rights of others, various educational measures
are provided mainly to engineers and IP officers, to raise employee awareness and promote
greater respect for the IP rights of others. At the same time, a set of rules has been put in place toensure that a survey of the patent rights of others is carried out at every stage from development
to production, and is strictly enforced throughout the entire Group.
The Mitsubishi Electric Group also works diligently to prevent any infringement on its IP rights
by others. In addition to in-house activities, we place particular weight on collaborating withindustry organizations while approaching government agencies both in Japan and overseas as apart of a wide range of measures to prevent the counterfeiting of our products.

Strengthening internal collaboration

As a result of its active intellectual property activities, the Mitsubishi Electric Group ismaintaining a high level in number of patent applications and registrations both in Japanand overseas. On the other hand, the execution of each patent is closed within the works
that filed the relevant patent in many cases, and patented technologies have not fully beenrolled out internally. As such, we internally released a technology map that classifies andvisualizes our patents with a focus on technology and social challenges in an attempt topromote the utilization of technologies beyond division boundaries and to create synergy
as a comprehensive electrical and electronics manufacturer. This map is designed to allow
people to reference summaries of each patent, the division and name of the inventor, as
well as other details. This reference information will promote internal collaboration acrossdepartment boundaries.

Cooperation in IP Policies

Open Technology Bank (in Japanese text)
165

IP policies—such as those for prompt and efficient patent examination, international standardization
activities, measures against counterfeit and pirated goods, and the establishment of a global patent
system—encourage fair competition and contribute to building affluent lifestyles and society.
Based on this awareness, Mitsubishi Electric makes various proposals regarding IP policies andamendments of relevant laws from the industrial perspective, through its activities with institutions suchas the Intellectual Property Strategy Headquarters and other governmental agencies of the Patent Office,and industrial organizations such as the Keidanren and the Japan Intellectual Property Association.
Given today's advances in economic globalization, Mitsubishi Electric thus engages in active exchangesof views and information with the World Intellectual Property Organization (WIPO) and patent offices
abroad, and cooperates in establishing IP policies from a broad, global perspective.

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Communication with Shareholders
and Investors

SocialGovernance

About
Mitsubishi Electric GroupIR and SR Activities
1. Framework for IR/SR Activities

Mitsubishi Electric recognizes that dialogue with stakeholders, including shareholders, isextremely important to promote initiatives to achieve sustainable growth and increase
medium- to long-term corporate value. Based on this recognition, we believe it is crucial
to give due consideration to their opinions and actively engage in dialogue to reflect theirperspectives into management decisions. This is our basic approach to constructive dialogue
with shareholders and investors.
Mitsubishi Electric has established the Corporate IR and SR Div., which is under the directcontrol of the president, with the CSO serving as the executive officer responsible for overall
dialogue with shareholders and investors. Dialogue with shareholders and investors is led by
top management, including the CEO and CFO, and conducted by the Corporate IR and SR
Div. and other related departments.
Under this system, Mitsubishi Electric strives to enhance its communication tools withshareholders and investors by conducting enhanced dialogues and providing timely andappropriate information, as well as distributing various information sessions on demand andposting explanatory materials on its official website.
The responses and opinions obtained during the dialogue, investor trends, and results ofindividual interviews will be reported to the Board of Directors and the Executive Officers'
meeting. Based on this, the Board of Directors will hold sufficient discussions and provide
feedback to the relevant departments, taking into account diverse opinions from independent
outside directors, as well as report on improvement measures based on their opinions.

Basic Policy
The Mitsubishi Electric Group enthusiastically engages in IR and SR activities to gain theunderstanding and trust of its shareholders and investors, and makes it a point to disclose
the appropriate information in a timely manner, in regard to management policies, strategies,
and financial results. We also make every effort to incorporate into our management plansand practices the views of our shareholders and investors and the results of dialogue with
them.

Status of Communication with Shareholders and Investors
Shareholders Meeting and Shareholder Communique
Mitsubishi Electric holds a General Meeting of Shareholders in late June every year. We
regard shareholders’meetings as a precious opportunity for direct communication with ourshareholders and implement the following measures:◦ Providing the measures for electronic provision of notice of convocation in late May andmailing it in early June to ensure sufficient time for shareholders to examine the agenda;◦ Sending a document containing excerpts from the notice of convocation to shareholders
who have not requested a delivery of the document;◦ Providing an environment for shareholders to exercise their voting rights via the Internet
and the electronic voting platform;◦ Providing an environment that enables shareholders who are unable to attend the meeting
to follow the meeting and to ask questions in advance, such as livestreaming the meeting
and accepting questions in advance;◦ Providing easy-to-understand explanations to shareholders throughvisual presentations of business strategies, performance, etc.;◦ Providing detailed answers to questions that our shareholder poseand striving for honest, constructive dialogue.
And furthermore, at the beginning of December every year, we senda "Shareholder Communique (Midterm Report, written in Japanese)"to all of our shareholders. The Shareholder Communique provides an
overview of the second quarter cumulative period and looks at future
initiatives. This report is another example of how we strive to deepen
our shareholders’understanding of the Mitsubishi Electric Group.

Environment

2. Achievements in fiscal 2023

In fiscal 2023, opportunities for direct dialogue with shareholders and investors in Japanand overseas gradually returned, with the resumption of face-to-face meetings, including theoverseas roadshow where management meets with foreign investors. During the meetings,
the dialogue focused on management strategy and management plan, ESG, and improperquality control and Three Key Reforms which includes measures to prevent its recurrence.
Key activities include:◦ Online and face-to-face individual interviews in Japan and abroad (total of 661 person)◦ Holding financial results briefings (four times a year), IR Day (once a year) and othervarious briefings, as well as small meetings with management◦ Conducting overseas roadshows, participating in conferences for overseas investors
Investor Relations website

Shareholder Communique(In Japanese text)

166

Contents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Governance Data

Environment

Nomination Committee

No. of directors

Corporate GovernanceDirectors【Mitsubishi Electric】

No. of directors

March 31, 2019

March 31, 2020

March 31, 2021

March 31, 2022

March 31, 2023

Internal directors

Total

Outside directors

Total

5 persons

5 persons

5 persons

5 persons

7 personsInternal directors＋
Outside directors

Total

12 persons

12 persons

12 persons

10 persons

12 personsMale

11 persons

11 persons

11 persons

9 persons11 persons

FemalePercentage of Independent
outside directors
Percentage of female directors

1 person1 person1 person1 person1 person

42%

42%

42%

50%

58%

8%

8%

8%

10%

8%

No. of Board meetings held

7 times

7 times

8 times

20 times

13 times

Chairperson

Internal

Internal

Internal

OutsideOutside7 persons

7 persons

7 persons

5 persons

5 personsNo. of directors and officers
Total

Outside directors
Totaland officers
Internal directors
Totaland officers
Male＋
Outside directors
Femaleand officers
Percentage of female directors
and officers

March 31, 2019

March 31, 2020

March 31, 2021

March 31, 2022

March 31, 2019

March 31, 2020

March 31, 2021

March 31, 2022

Total

1 person1 person1 person1 person1 person

Outside directors

Total

4 persons

4 persons

4 persons

4 persons

6 personsInternal directors＋
Outside directors

Total

5 persons

5 persons

5 persons

5 persons

7 personsMale

4 persons

4 persons

4 persons

4 persons

6 personsFemale1 person1 person1 person1 person1 person

80%

80%

80%

80%

86%

3 times

3 times

3 times

16 times

9 times

OutsideOutsideOutsideOutsideOutsideMarch 31, 2019

March 31, 2020

March 31, 2021

March 31, 2022

Audit Committee

Internal directors

Total

2 persons

2 persons

2 persons

2 persons

2 personsTotal

3 persons

3 persons

3 persons

3 persons

3 personsInternal directors＋
Outside directors

Total

5 persons

5 persons

5 persons

5 persons

5 personsMale

5 persons

5 persons

5 persons

5 persons

5 personsFemale0 person0 person0 person0 person0 person

60%

60%

60%

60%

60%

7 times

13 times

14 times

13 times

15 times

Internal

Internal

OutsideOutsideOutsideMarch 31, 2019

March 31, 2020

March 31, 2021

March 31, 2022

March 31, 2023

Percentage of outside directors

24 persons

24 persons

26 persons

5 persons

5 persons

5 persons

5 persons

7 persons29 persons

29 persons

29 persons

29 persons

33 persons

28 persons

28 persons

28 persons

28 persons

32 persons

Compensation Committee

1 person1 person1 person1 person1 personNo. of directors

3%

3%

3%

3%

3%

【Mitsubishi Electric】

Internal directors

Total

2 persons

2 persons

2 persons

2 persons

1 person

Outside directors

Total

3 persons

3 persons

3 persons

3 persons

5 personsInternal directors＋
Outside directors

Total

5 persons

5 persons

5 persons

5 persons

6 personsMale

4 persons

4 persons

4 persons

4 persons

4 personsFemale1 person1 person1 person1 person1 person

60%

60%

60%

60%

83%

3 times

4 times

4 times

13 times

11 times

Internal

Internal

OutsideOutsideOutsidePercentage of Outside Directors
No. of Compensation Committee
meetings held
Chairperson

167

March 31, 2023

Outside directors

No. of Audit Committee meetings
held
Chairperson

24 persons

March 31, 2023

【Mitsubishi Electric】

No. of directors

March 31, 2023

24 persons【Mitsubishi Electric】

Internal directors

Percentage of outside directors
No. of Nomination Committee
meetings held
Chairperson

Directors and Officers（Directors＋Executive Officers+Executive Officer（Associate））【Mitsubishi Electric】

Internal directors
and officers

About
Mitsubishi Electric Group

GovernanceSocialContents /About the ReportManagement Message

Sustainability Highlights

Initiatives that contribute toaddressing social challenges

Sustainability
Management

Compliance
Education covering major laws and regulations, as well as the Group's concept of compliance【Mitsubishi Electric Group】(Unit: No. of people)

Target

FY2019FY2020

FY2021

FY2022

Officers and employees in Japan (including
contract employees, temporary employees,
part-time employees, short-term workers, etc.)

127,300

125,614126,049

131,306

100%

100%

6,815

6,644

100%
Approx.
7,000

100%
Approx.
7,000

Employees in Southeast Asia, Oceania, andother regions

Workshops related to compliance

FY2023
Approx.
131,700
100%
Approx.
7,300【Mitsubishi Electric Group (in Japan)】(Unit: No. of people)

Target

FY2019FY2020

FY2021

FY2022

FY2023

Officers and employees in Japan (including
contract employees, temporary employees,
part-time employees, short-term workers, etc.)

240 times

180 times

113 times

111 times

—

9,071

6,531

8,134

10,018

Approx. 3,300【Mitsubishi Electric Group (in Japan)】(Unit: No. of people)

Compliance e-learning programs

TargetDirectors, officers and employeesof Mitsubishi Electric and its
affiliates in Japan who regularlyinteract with other companies
Fair
competition Of which, those in Mitsubishi
Electric
Of which, those in Group
companies in Japan
Mitsubishi Electric Group
Companies in Japan
Corruption Of which, those in Mitsubishi
prevention Electric
Of which, those in Group
companies in Japan
Mitsubishi Electric
ExportcontrolGroup companies in Japan

FY2019FY2020

FY2021

FY2022

FY2023—

15,31014,82451,901

58,207————

15,502————42,70524,05624,36525,371

39,951

41,544————25,562————

15,982

36,57837,52038,41538,72639,43232,85933,88034,36427,341

52,791

168

Environment

SocialGovernance

About
Mitsubishi Electric Group