MITSUBISHI ELECTRIC CORPORATIONPUBLIC RELATIONS DIVISION
7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 JapanFOR IMMEDIATE RELEASE

No. 3064

Investor Relations Inquiries

Media Inquiries

Investor Relations Group, Corporate Finance Division
Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp

Public Relations Division
Mitsubishi Electric Corporation
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/

Mitsubishi Electric Announces Difference between Earnings Forecast andActual Results for First Half of, and Revises Earnings Forecast for,Fiscal 2017 (April 1, 2016-March 31, 2017)TOKYO, October 31, 2016 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today thedifference between its consolidated earnings forecast previously announced on July 28, 2016 and the actual
results for the first half of the current fiscal year, from April through September, 2016. The company has also
revised its consolidated earnings forecast for the current fiscal year ending March, 2017 (fiscal 2017).
Difference in Earnings Forecast and Result for First Half of Fiscal 2017

(In millions of yen)
Basic net income
Net income
per share
attributable toattributable toMitsubishiMitsubishi ElectricElectric Corp.
Corp.
70,00032.61 yen

Net Sales

Operatingincome

Income before
income taxes

Previous forecast (A)1,960,000

90,000100,000

Actual results (B)1,972,354

121,747

123,726

88,342Differential (B-A)

12,354

31,747

23,726

18,342Differential ratio (%)

0.6%

35.3%

23.7%

26.2%

2,063,285

127,014133,058

92,925

cf. Fiscal 2016 first half
actual results

41.16 yen

43.29 yen

The consolidated net sales for the first half of fiscal 2017 exceeded the previous forecast, owing to buoyancy
in automotive equipment sales in the European and North American markets in the Industrial Automation
Systems segment, and also to large-scale project sales recorded ahead of schedule in the Energy and ElectricSystems segment. Consolidated operating income exceeded the previous forecast in all segments, mainly
owing to improved profitability of air conditioners outside Japan in the Home Appliances segment, increased
sales in the Energy and Electric Systems and Industrial Automation Systems segments, and positive resultsof business improvement measures in the Information and Communication Systems segment.

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Revised Forecast for Fiscal 2017 (April 1, 2016 – March 31, 2017)

Net Sales

OperatingincomeIncome before
income taxes

Previous forecast (A)4,180,000

235,000

255,000

175,000(In millions of yen)
Basic net income
per share
attributable to
Mitsubishi ElectricCorp.
81.52 yen

Revised forecast (B)4,150,000

250,000

265,000

185,000

86.19 yen

Differential (B-A)(30,000)

15,00010,00010,000Differential ratio (%)(0.7%)

6.4%

3.9%

5.7%

4,394,353

301,172

318,476

228,494

cf. Fiscal 2016
actual results

Net income
attributable to
Mitsubishi
Electric Corp.

106.43 yen

The consolidated net sales forecast for fiscal 2017 is expected to fall below the previous forecast announced
on July 28, 2016, mainly as a result of the company’s revised terms of foreign currency rates in which it sees
the yen stronger in and after the third quarter of fiscal 2017. Operating income and other figures, however,are expected to exceed the previous forecast mainly in the Home Appliances and Information andCommunication Systems segments, despite the negative influence of the change in terms of foreign currency
rates.

Note: The results forecast above is based on assumptions deemed reasonable by the Company at the presenttime, and actual results may differ significantly from forecasts. Please refer to the cautionary statement below.

Cautionary Statement
The Mitsubishi Electric Group (hereafter “the Group”) is involved in development, manufacture and sales ina wide range of fields including Energy and Electric Systems, Industrial Automation Systems, Information
and Communication Systems, Electronic Devices and Home Appliances, and these operations extend
globally, not only inside Japan, but also in North America, Europe, Asia and other regions. While thestatements herein are based on certain assumptions and premises that the Company trusts and considers to bereasonable under the circumstances on the date of announcement, actual operating results are subject to change
due to any of the factors as contemplated hereunder and/or any additional factor unforeseeable as of the date ofthis announcement. Such factors materially affecting the expectations expressed herein shall include but are
not limited to the following:(1) Important trends
The Group’s operations may be affected by trends in the global economy, social conditions, laws, tax
codes and regulations.
(2) Foreign currency exchange rates
Fluctuations in foreign currency markets may affect the Group’s sales of exported products and purchasesof imported materials that are denominated in U.S. dollars or euros, as well as its Asian production bases’
sales of exported products and purchases of imported materials that are denominated in foreign currencies.
(3) Stock markets
A fall in stock market prices may cause Mitsubishi Electric to record devaluation losses on marketablesecurities, or cause an increase in retirement benefit obligations in accordance with a decline in the fairvalue of pension assets.

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(4) Supply/demand balance for products and procurement conditions for materials and components
A decline in prices and shipments due to changes in the supply/demand balance, as well as an increase inmaterial prices due to a worsening of material and component procurement conditions, may adversely
affect the Group’s performance.
(5) Fund raising
An increase in interest rates, the yen interest rate in particular, would increase the Group’s interest
expenses.
(6) Significant patent matters
Important patent filings, licensing, copyrights and patent-related disputes may adversely affect related
businesses.
(7) Environmental legislation or relevant issues
The Group may incur losses or expenses owing to changes in environmental legislation or the occurrenceof environmental issues. Such changes in legislation or the occurrence of environmental issues may also
impact manufacturing and all corporate activities of the Group.
(8) Flaws or defects in products or services
The Group may incur losses or expenses resulting out of flaws or defects in products or services, and thelowered reputation of the quality of all its products and services may affect the entire Group.
(9) Litigation and other legal proceedings
The Group’s operations may be affected by lawsuits or other legal proceedings against Mitsubishi Electric,
its subsidiaries and/or equity-method affiliated companies.
(10) Disruptive changes
Disruptive changes in technology, development of products using new technology, timing of production
and market introduction may adversely affect the Group’s performance.
(11) Business restructuring
The Group may record losses due to restructuring measures.
(12) Information security
The performance of the Group may be affected by computer virus infections, unauthorized access andother unpredictable incidents that lead to the loss or leakage of personal information held by the Groupor confidential information regarding the Group’s business such as its technology, sales and otheroperations.
(13) Natural disasters
The Group’s operations, particularly manufacturing activities, may be affected by the occurrence ofearthquakes, typhoons, tsunami, fires and other large-scale disasters.
(14) Other significant factors
The Group’s operations may be affected by the outbreak of social or political upheaval due to terrorism,
war, pandemic by new strains of influenza and other diseases, or other factors.

###About Mitsubishi Electric Corporation
With over 90 years of experience in providing reliable, high-quality products, Mitsubishi Electric
Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales ofelectrical and electronic equipment used in information processing and communications, space development
and satellite communications, consumer electronics, industrial technology, energy, transportation andbuilding equipment. Embracing the spirit of its corporate statement, Changes for the Better, and its
environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company,enriching society with technology. The company recorded consolidated group sales of 4,394.3 billion yen(US$ 38.8 billion*) in the fiscal year ended March 31, 2016. For more information visit:
http://www.MitsubishiElectric.com*At an exchange rate of 113 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on
March 31, 2016

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