(Update on Disclosed Matter) Mitsubishi Electric and Mitsubishi Heavy Industries Execute Contract for Absorption-type Company Split to Integrate Power-generator Systems Businesses

TOKYO, December 11, 2023 - Mitsubishi Electric Corporation (TOKYO: 6503) and Mitsubishi Heavy Industries, Ltd. (TOKYO: 7011) announced today that they have each signed a contract for an absorption-type company split with MTG Co., LTD, which has been established as a preparatory company to integrate the two firms' power-generator systems businesses under a planned joint venture. As previously announced, the two firms agreed-in principle by a basic agreement (hereinafter MOU) on December 26, 2022 and in detail by a definitive agreement (hereinafter DA) on May 29, 2023-on a plan to transfer their respective power-generator systems businesses to the planned joint-venture company in which Mitsubishi Electric and Mitsubishi Heavy Industries will become the shareholders on April 1, 2024.