MITSUBISHI ELECTRIC CORPORATIONPUBLIC RELATIONS DIVISION

7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 JapanFOR IMMEDIATE RELEASE

No. 3640
Media Inquiries
Public Relations Division
Mitsubishi Electric Corporation
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/(Update on Disclosed Matter)
Mitsubishi Electric to Transfer Automotive-equipment Business
to New Subsidiary as Part of Restructuring
TOKYO, October 31, 2023 – Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it willtransfer its automotive-equipment business and assets to a future wholly owned subsidiary Melco Automotive
Equipment Business Split Preparation Corporation (the “Prep Company”), through an absorption-typecompany split effective April 1, 2024 (scheduled) (the “Company Split”), following the announcement“Mitsubishi Electric to Restructure its Automotive-equipment Business” issued on April 24 of this year.
As the Company Split will take the form of a simplified absorption-type company split with a wholly owned
subsidiary of Mitsubishi Electric, certain information is omitted from this announcement.
1. Purpose of Company Split
Mitsubishi Electric is implementing strategic measures appropriate to each of its target businesses in order toadjust its business portfolio and strengthen its business structure for improved profitability and asset utilization.
The company aims to streamline decision-making and accelerate transformation to urgently improve theprofitability of its automotive-equipment business in the face of rapid changes taking place in the automotive
industry, including the shift to connected, autonomous, shared & service, and electric (CASE) vehicles.
Mitsubishi Electric expects the Company Split to improve operational efficiency and enhance the portfolio ofits automotive-equipment business for greater profitability.
2. Overview of Company Split(1) Company Split Schedule
Decision on Absorption-type Company Split by Executive Officers (Note)
Establishment of Melco Automotive Equipment Business Split Preparation
Corporation
Execution of Company Split Agreement
Scheduled Company Split Date (Effective Date)

October 31, 2023
November 15, 2023 (Scheduled)
November 15, 2023 (Scheduled)
April 1, 2024 (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.

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(2) Company Split Method
This is an absorption-type company split in which Mitsubishi Electric is the transferring company and thePrep Company is the succeeding company. Upon the consummation of the Company Split, the trade nameof the Prep Company will be changed.
(3) Share Allotment Details related to the Company Split
The Prep Company will issue 1 common share to Mitsubishi Electric as consideration for the CompanySplit.
(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, the Prep Company will
succeed to the assets, liabilities, contractual status and other rights and obligations associated with theautomotive-equipment business of Mitsubishi Electric.
(7) Prospect of Fulfillment of Obligations
It has been determined that there is no prospect of the Prep Company being unable to fulfill its obligations
after the Company Split.
3. Profile of the Parties of the Company Split(1) Name(2) Head Office(3) Representative(4) Summary ofBusinessTransferring Company(As of March 31, 2023)
Mitsubishi Electric Corporation
7-3, Marunouchi 2-Chome,
Chiyoda-ku, Tokyo
Kei Uruma
Representative Executive Officer,President & CEODevelopment, manufacture, sales,and service of products such as
infrastructure, industry mobility,life, and business platform

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Succeeding Company
Melco Automotive Equipment Business
Split Preparation Corporation
7-3, Marunouchi 2-Chome, Chiyoda-ku,TokyoAtsuhiro Yabu
President and Representative Director- Manufacturing, sales, maintenance andrepair of various electrical equipment,
automotive-equipment, ship machinery andequipment, transport machinery andequipment, industrial machinery andequipment, and system related to machine
tool and equipment- Manufacturing, sales, maintenance, andrepair of equipment, systems, and services
related to information processing,information communication, andinformation provision- Manufacturing, maintenance, repair andsales of other machinery and equipment andelectrical and electronic components- Production, sales and engineering ofsoftware related to items mentioned above
10 million yen (Provisional)
November 2023 (Scheduled)
1,000 shares (Provisional)
March 31 (Scheduled)
Mitsubishi Electric Corporation 100%(Provisional)(5) Paid-in Capital(6) Established(7) Shares Issued(8) Book Closing Date
(9) Major
Shareholders andShareholding Ratio

175,820 million yen
January 15, 1921
2,147,201,551 shares
March 31
- The Master Trust Bank of Japan,Ltd. (Trust Account) 15.7%- SSBTC CLIENT OMNIBUS
ACCOUNT
5.6%(10) Operating Results for the Most Recent Business Year and Financial Positions as of the End of theBusiness Year (FY ended March 2023 – Millions of yen, unless otherwise specified)
Transferring Company (Consolidated・IFRS)
Total Equity
3,363,224
Total Assets
5,582,519
Equity Attributable to Mitsubishi Electric Corporation Stockholders per Share (yen)1,533.98
Revenue
5,003,694
Operating Profit
262,352
Profit before Income Taxes
292,179
Net Profit Attributable to Mitsubishi Electric Corp. Stockholders
213,908
Basic Earnings per Share Attribute to Mitsubishi Electric Corp. Stockholders (yen)101.30Note: Information of the Succeeding Company for (10) is omitted since the Succeeding Company is scheduled to be establishedin November 2023 and there is no financial position or operating results for the most recent fiscal year.

4. Overview of the Business Unit to be Split(1) Overview of the BusinessBusiness related to automotive-equipment(2) Operating Results of the Business Unit to be Split (FY ended March 2023 – Millions of yen)
Net Sales

Automotive-equipment621,810

Company (Non-consolidated)
2,712,165

Percentage
22.9%(3) Assets and Liabilities to be Split (Millions of yen)
AssetsTotal Assets

Liabilities
256,141

Total Liabilities

211,419

Note: Assets and liabilities to be split are based on the balance sheet as of March 31, 2023. The amount of assets and liabilities to beactually split will be determined after adjusting the above amount for changes up to the effective date of the Company Split.

5. Status of Succeeding Company After Company Split(1) Name(2) Head Office(3) Representative(4) Summary of Business

To be determined (Note)
7-3, Marunouchi 2-Chome, Chiyoda-ku, Tokyo
To be determined- Manufacturing, sales, maintenance and repair of various electrical equipment,
automotive-equipment, ship machinery and equipment, transport machinery
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and equipment, industrial machinery and equipment, and system related tomachine tool and equipment- Manufacturing, sales, maintenance, and repair of equipment, systems, andservices related to information processing, information communication, andinformation provision- Manufacturing, maintenance, repair and sales of other machinery andequipment and electrical and electronic components- Production, sales and engineering of software related to items mentioned above(5) Paid-in Capital(6) Book Closing Date

10 billion yenMarch 31

Note: Prep Company will change its trade name following the Company Split.

6. Status of the Company After 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 no material impact on the consolidated business results of Mitsubishi
Electric as it is a transaction between Mitsubishi Electric and a wholly-owned subsidiary.
(Reference)
Consolidated Business Forecasts for the year ending March 31, 2024 (announced October 31, 2023) andConsolidated Operating Results for the Previous Fiscal Year (Millions of yen)

Consolidated Business
Forecasts for FY 2024
(Year ending March 31, 2024)
Consolidated Operating
Results for FY 2023
(Year ended March 31, 2023)

Revenue

Operating
ProfitProfit before
Income Taxes

Net Profit Attributable toMitsubishi Electric Corp.
Stockholders

5,200,000

330,000

355,000

260,000

5,003,694

262,352292,179

213,908###About Mitsubishi Electric Corporation
With more than 100 years of experience in providing reliable, high-quality products, Mitsubishi ElectricCorporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electricaland electronic 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 5,003.6 billion yen (U.S.$ 37.3 billion*) in the fiscal year ended March 31, 2023. For
more information, please visit www.MitsubishiElectric.com*U.S. dollar amounts are translated from yen at the rate of ¥134=U.S.$1, the approximate rate on the Tokyo
Foreign Exchange Market on March 31, 2023

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