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Mitsubishi Electric Completes Refund Payments Regarding Overcharged Expenses in Defense Business



  Mitsubishi Electric Completes Refund Payments Regarding Overcharged Expenses
  in Defense Business

Business Wire

TOKYO -- February 13, 2013

Mitsubishi Electric Corporation (TOKYO: 6503) announced that today it
reimbursed a total of 49,511,910,061 yen to the national treasury as refunds
regarding overcharged expenses to Japan's Ministry of Defense (MOD) in the
defense business of its Electronic Systems Group. Mitsubishi Electric's
bidding suspension from MOD will be lifted as of midnight tonight.

Three subsidiaries of Mitsubishi Electric, namely, Mitsubishi Precision Co.,
Ltd., Mitsubishi Electric TOKKI Systems Corporation and Mitsubishi Space
Software Co., Ltd., also reimbursed a total of 10,768,312,869 yen to the
national treasury on February 13.

Reimbursements of 60,280,222,930 yen to MOD announced today and refund
payments of 15,436,571,720 yen made to three other public entities regarding
space systems business, as announced on January 18, amount to a total of
75,716,794,650 yen. This sum has been recorded as non-operating expenses in
the company's consolidated financial results for the third quarter of the
current fiscal year ending March 31, 2013.

Taiyo Musen Co., Ltd., an equity-method affiliate in which Mitsubishi Electric
has a 25% share, also made refunds to the national treasury today regarding
overcharged expenses.

The impact of the reimbursements on the company's business performance has
already been considered in the company's current consolidated financial
results forecast for the current fiscal year, as announced on December 21,
2012.

Mitsubishi Electric is committed to strengthening its corporate ethics and
compliance systems to prevent any recurrence and to restore public trust.

 
Reference: Four affiliates’ reimbursements and bidding suspension periods
                 Mitsubishi      Mitsubishi      Mitsubishi
Company          Precision       Electric        Space           Taiyo Musen
                 Co., Ltd.       TOKKI Systems   Software Co.,   Co., Ltd.
                                 Corporation     Ltd.
Category         Consolidated    Consolidated    Consolidated    Equity-method
                 subsidiary      subsidiary      subsidiary      affiliate
Capital          3,167 million   600 million     500 million     120 million
                 yen             yen             yen             yen
Shares held by
Mitsubishi       66.38%          100.0%          86.0%           25.0%
Electric as of
March 31, 2012
Net sales in
fiscal year      18,339          27,698          16,312          3,186 million
ended March      million yen     million yen     million yen     yen
2012
Reimbursement    1,926,586,383   7,254,885,602   1,586,840,884   2,968,519,285
                 yen             yen             yen             yen
End of bidding   February 13,    February 13,    February 13,    February 13,
suspension       2013            2013            2013            2013
                                                                  

About Mitsubishi Electric

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 Inquiries
Yurika Fujimoto, +81-3-3218-3380
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp
http://www.MitsubishiElectric.com/news/
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