Mitsubishi Electric Announces Conclusion of Company Stock Repurchase

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 the conclusion of its repurchase of company 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 incorporation approved by the Board of Directors on April 28, 2023, as shown below. Mainly due to a rise in the share price during the repurchase period, neither the total number of shares repurchased nor the aggregate value of shares repurchased reached the upper limits approved by the Board of Directors.

1.	Type of Shares Repurchased:	Common stock
2.	Number of Shares Repurchased:	23,020,400 shares
3.	Aggregate Value of Shares Repurchased:	JPY 44,750,577,150
4.	Repurchase Period:	May 1, 2023 to March 29, 2024
5.	Repurchase Method:	Market trades on Tokyo Stock Exchange
Note: There was no repurchase of company stock from March 1 to March 29, 2024.

(For reference)

1. Details of resolution approved by the Board of Directors on April 28, 2023
(1)	Type of Shares to Repurchase:	Common stock
(2)	Number of Shares to Repurchase:	40,000,000 shares (maximum unit) 1.89% of issued and outstanding shares (excluding treasury stock)
(3)	Aggregate Value of Repurchase:	JPY 50 billion (maximum limit)
(4)	Repurchase Period:	May 1, 2023 to 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.

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