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 August 29, 2024 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:	20,000,000 shares (maximum unit) 0.96% of issued and outstanding shares (excluding treasury stock)
(3) Aggregate Value of Repurchase:	JPY 30 billion (maximum limit)
(4) Repurchase Period:	August 30, 2024-October 31, 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 July 31, 2024
Total number of shares Issued and outstanding (excluding treasury stock)	2,088,228,171 shares
Number of treasury stock	24,973,380 shares

Note: The number of treasury stock includes 1,970,772 shares held through the Board Incentive Plan (BIP) Trust.

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