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

No. 3443

Customer Inquiries

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Building Systems Group
Mitsubishi Electric Corporation

Mitsubishi Electric Corporation

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Mitsubishi Electric to Integrate Building Systems Business into Subsidiary
via Company Split
TOKYO, October 18, 2021 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it willtransfer its building systems business and assets, including the manufacture and sales of elevators andescalators, to its wholly-owned subsidiary Mitsubishi Electric Building Techno-Service Co., Ltd. (MELTEC).
The transfer will be achieved by means of an absorption-type company split (“Company Split”); certain
information is accordingly being omitted from this announcement.
1. Purpose of Company Split
In its medium-term management plan for fiscal 2026, Mitsubishi Electric identified the building systems
business as one of its key growth areas, and the company is accordingly working to expand the scale of thisbusiness and improve its profitability by investing management resources more intensively to drive growth.
In order to further strengthen its global competitiveness and improve efficiency, Mitsubishi Electric has
decided to consolidate its management structure by transferring its building systems business, which is mainly
responsible for new installations of elevators and escalators, to a wholly-owned subsidiary primarily
responsible for the maintenance and renewal of elevators and escalators.
Through this business integration, Mitsubishi Electric and MELTEC will achieve an integrated business
operation covering all aspects of the elevator and escalator business, from new installations to maintenanceand replacement. At the same time, the two companies aim to help address various social issues, such as therealization of a decarbonized society, by providing new one-stop solutions that leverage the core building
facilities, field knowledge, and maintenance and operation management data and know-how accumulated by
the two companies.

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2. Outline of Company Split(1) Company Split Schedule
Decision on Absorption-type Company Split by
Executive Officers (Note)
Execution of Company Split Agreement
Scheduled Company Split Date (Effective Date)

October 18, 2021
To be determined
April 1, 2022 (Scheduled)(Note) The Company Split is a simplified absorption-type company split, pursuant to Article 784, Paragraph 2 of the Companies
Act of Japan, and Mitsubishi Electric therefore does not require approval of this at a shareholders’ meeting. Accordingly,
the Company Split will be implemented on the decision of the President and CEO, with due consideration of deliberations
at the Executive Officers’ Meeting.

(2) Company Split Method
This is an absorption-type company split in which Mitsubishi Electric is the transferring company andMELTEC the succeeding company. In conjunction with the Company Split, the name of MELTEC will bechanged.
(3) Share Allotment Details related to the Company Split
No consideration will be made with regard to the Company Split.
(4) Handling of Stock Acquisition Rights and Bonds with Stock Acquisition Rights Accompanying theCompany Split
There are no applicable issues in the Company Split.
(5) Capitalization Changes Accompanying the Company Split
The Company Split will result in no change in the capitalization of Mitsubishi Electric.
(6) Rights and Obligations to be Assumed by the Company Split
In accordance with the provisions of the absorption-type company split agreement, MELTEC will acquire theassets, liabilities, contractual status and other rights and obligations associated with the building systems
business of Mitsubishi Electric.
(7) Prospect of Fulfillment of Obligations
It has been determined that there is no prospect of MELTEC being unable to fulfil their obligations after theCompany Split.

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3. Profile of the Parties of the Company Split(1) Name(2) Head Office(3) Representative(4) Summary ofBusiness(5) Paid-in Capital(6) Established(7) Shares Issued(8) Book Closing
Date(9) Major
Shareholders andShareholding
RatioTransferring Company
Mitsubishi Electric Corporation
7-3, Marunouchi 2-Chome, Chiyodaku, Tokyo
Kei Uruma
Representative Executive Officer,President & CEO
Development, manufacture, sales, andservice of products such as energy andelectric systems, industrial automation
systems, information andcommunication systems, electronic
devices, and home appliances
175,820 million yen(As of March 31, 2021)
January 15, 1921
2,147,201,551 shares(As of March 31, 2021)
March 31---

The Master Trust Bank of Japan,Ltd. (Trust Account) 9.43%
SSBTC CLIENT OMNIBUS
ACCOUNT
4.85%
Custody Bank of Japan, Ltd.
(Trust account)
4.70%
Meiji Yasuda Life Insurance
Company
3.81%
Nippon Life Insurance Company
2.87%
Custody Bank of Japan, Ltd.
(Trust Account 7)
2.05%
Mitsubishi Electric Group
Employees Shareholding Union
2.05%
Custody Bank of Japan, Ltd.
(Trust Account 4)
1.71%
JP MORGAN CHASE BANK
380055 (Standing proxy: Mizuho
Bank, Ltd., Settlement & Clearing
Services Devision)
1.54%
Custody Bank of Japan, Ltd.
(Trust Account 5)
1.43%(As of March 31, 2021)

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Succeeding Company
Mitsubishi Electric Building TechnoService Co., Ltd.
7-1, Yurakucho 1-Chome, Chiyoda-ku,
TokyoYoshikatsu Hayashi
President and Representative Director
Sales, installation, maintenance, andrepair of elevators and escalators,
refrigeration and air conditioners, andother building facilities, andcomprehensive management,
operation, and consulting of buildings
5,000 million yen(As of March 31, 2021)
March 29, 1954
10,000,001 shares(As of March 31, 2021)
March 31
Mitsubishi Electric Corporation 100%
(As of March 31, 2021)

(10) Operating Results for the Most Recent Business Year and Financial Positions as of the End of theBusiness Year (FY ended March 2021 – Millions of yen, unless otherwise specified)
Transferring Company (Consolidated・IFRS)
Succeeding Company (Non-consolidated・JGAAP)
Total Equity
2,870,611 Net Assets
173,665
Total Assets
4,797,921 Total Assets
328,535
Equity Attributable to1,283.88 Net Assets per Share (yen)17,366.48
Mitsubishi Electric
Corporation Stockholders perShare (yen)
Revenue
4,191,433 Net Sales
319,514
Operating Profit
230,195 Operating Profit
10,588
Profit before Income Taxes
258,754 Ordinary Profit
15,845
Net Profit Attributable to193,132 Net Income
11,606
Mitsubishi Electric Corp.
Stockholders
Basic Earnings per Share
90.03 Net Income per Share (yen)1,160.65
Attribute to Mitsubishi
Electric Corp. Stockholders(yen)
4. Outline of the Business Unit to be Split(1) Outline of the BusinessBusiness related to elevators, escalators and building systems(2) Operating Results of the Business Unit to be Split (FY ended March 2021 – Millions of yen)
Net Sales

Building Systems
134,754

Company (Non-consolidated)
2,459,282

Percentage
5.5%(3) Assets and Liabilities to be Split (Millions of yen)
AssetsTotal AssetsLiabilities
54,847

Total Liabilities

54,847(Note) Assets and liabilities to be split are based on the balance sheet as of March 31, 2021. The amount of assets and liabilities
to be actually split will be determined after adjusting the above amount for changes up to the effective date of the CompanySplit.

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5. Status of Succeeding Company After Company Split(1) Name(2) Head Office(3) Representative(4) Summary of Business(5) Paid-in Capital(6) Book Closing Date

To be determined
To be determined
To be determined
Development, manufacture, sales, installation, maintenance, repair,etc., of elevator and escalators and building management systems
Sales, installation, maintenance, and repair of refrigeration and airconditioners
Comprehensive building management, including monitoring andcontrol of various building facilities, facility management, operation,and consulting
5,000 million yen
March 31(Note) MELTEC will change its name following the Company Split.

6. Status of the Company after the Company Split
There will be no change in the trade name, location of the head office, name or title of the representative, lineof business, paid-in capital or accounting term due to the Company Split.
7. Future Outlook
The Company Split is expected to have only no material impact on the consolidated business results of theCompany as it is a transaction between the Company and a wholly-owned subsidiary.
(Reference)
Consolidated Business Forecasts for the Year ending March 31, 2022 (announced July 29, 2021) andConsolidated Operating Results for the Previous Fiscal Year (Millions of yen)

Consolidated Business
Forecasts for Fiscal 2022
(Year ending March 31, 2022)
Consolidated OperatingResults for Fiscal 2021
(Year ended March 31, 2021)

Revenue

OperatingProfit

Profit before
Income Taxes

Net Profit Attributable toMitsubishi Electric Corp.
Stockholders

4,490,000

260,000

285,000

210,000

4,191,433

230,195

258,754

193,132###About Mitsubishi Electric Corporation
With 100 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 of electrical andelectronic equipment used in information processing and communications, space development and satellite
communications, consumer electronics, industrial technology, energy, transportation and building equipment.
Mitsubishi Electric enriches society with technology in the spirit of its “Changes for the Better.” The company
recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal year ended March 31, 2021. For
more information, please visit www.MitsubishiElectric.com*U.S. dollar amounts are translated from yen at the rate of ¥111=U.S.$1, the approximate rate on the Tokyo
Foreign Exchange Market on March 31, 2021
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