Notice Regarding Repurchase of Company Shares

According to Articles of Incorporation Pursuant to Article 459, Paragraph 1 of Companies Act of Japan

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the company’s Board of Directors resolved on April 28, 2023 to repurchase shares of the company’s stock pursuant to the provisions of Article 459, paragraph 1 of the Companies Act, as well as Article 31 of the company’s articles of incorporations, as shown below.

1. Reason for Repurchase of Company Shares

Based on the financial policies of Mitsubishi Electric’s medium-term management plan, the company will repurchase its own stock to primarily enhance shareholder returns, strengthen capital efficiency.

2. Details of Repurchase

(1)	Type of Shares to Repurchase:	Common stock
(2)	Number of Shares to Repurchase:	40,000,000 shares (maximum unit) Ratio of total issued and outstanding shares (excluding treasury stock): 1.89%
(3)	Aggregate Value of Repurchase:	JPY 50 billion (maximum limit)
(4)	Repurchase Period:	May 1, 2023-March 29, 2024
(5)	Repurchase Method:	Market trades on Tokyo Stock Exchange
Note:	Part or all of the above-mentioned repurchases might not be performed depending on market conditions and other factors.

(For reference) Status of treasury stock as of March 31, 2023
	Total number of shares Issued and outstanding (excluding treasury stock)	2,111,519,599 shares
	Number of treasury stock	35,681,952 shares
Note:	The number of treasury stock includes 1,583,011 shares held through the Board Incentive Plan (BIP) Trust.

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