Mitsubishi Electric Announces Results of Internal Investigation Regarding Overcharged Expenses and Countermeasures

  Mitsubishi Electric Announces Results of Internal Investigation Regarding
  Overcharged Expenses and Countermeasures

Business Wire

TOKYO -- December 21, 2012

Mitsubishi Electric Corporation (TOKYO: 6503) today issued a report on the
results of its internal investigation and resulting countermeasures regarding
the overcharging of expenses by its Electronic Systems Group to Japan’s
Ministry of Defense (MOD), the Cabinet Satellite Intelligence Center (CSICE),
the Japan Aerospace Exploration Agency (JAXA), the National Institute of
Information and Communications Technology (NICT) and the Ministry of Internal
Affairs and Communications (MIC).

All Mitsubishi Electric Group executive officers and employees are committed
to working together to prevent any recurrence and to restore public trust.

Mitsubishi Electric separately announced today that it expects to record a
reserve to refund overcharged expenses for contracts with MOD, CSICE, JAXA and
NICT. The company has also revised its financial results forecast for the
current fiscal year ending March 2013.

The report on the investigation results and countermeasures can be accessed at
the following link: www.MitsubishiElectric.com/news/2012/1221-a.html

About Mitsubishi Electric Corporation

With over 90 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. Embracing the spirit of its corporate
statement, Changes for the Better, and its environmental statement, Eco
Changes, Mitsubishi Electric endeavors to be a global, leading green company,
enriching society with technology. The company recorded consolidated group
sales of 3,639.4 billion yen (US$ 44.4 billion*) in the fiscal year ended
March 31, 2012. For more information visit http://www.MitsubishiElectric.com
*At an exchange rate of 82 yen to the US dollar, the rate given by the Tokyo
Foreign Exchange Market on March 31, 2012

Contact:

Mitsubishi Electric Corporation
Investor Relations Inquiries:
Investor Relations Group,
Corporate Finance Division
Tel: +81-3-3218-2391
Cad.Irg@rk.MitsubishiElectric.co.jp
or
Media Contact:
Yurika Fujimoto
Public Relations Division
Mitsubishi Electric Corporation
Tel: +81-3-3218-3380
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/