Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the company has decided to sell its investment securities (the 'Sale') as follows.

Mitsubishi Electric expects to recognize a gain on sales of investment securities (extraordinary gain) on an unconsolidated basis resulting from the Sale.

1.	Reason for the Sale

Details of the Sale

Investment securities to be sold: One listed security held by Mitsubishi Electric (Renesas Electronics Corporation)

Future Outlook

Mitsubishi Electric expects to recognize a gain of the sales of the investment securities as extraordinary gain on an unconsolidated basis for the fiscal year ending March 31, 2024. Details of such gain will be disclosed as soon as the amount is determined.

Since Mitsubishi Electric has adopted International Financial Reporting Standards (IFRS) in its consolidated financial statements and classifies the investment securities as financial assets measured at fair value through other comprehensive income, the gain on the sales of the investment securities will not be recognized in its consolidated statements of profit or loss, hence there will be no impact on the forecasted consolidated financial results for the fiscal year ending March 31, 2024.

About Mitsubishi Electric Corporation

With more than 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 and 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

Contact:

Email: www.MitsubishiElectric.com

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