Mitsubishi Electric : Matters for Internet Disclosure upon the Convocation of the 151st Ordinary General Meeting of Shareholders

To Shareholders

Matters for Internet Disclosure upon the Convocation of

the 151st Ordinary General Meeting of Shareholders

For Fiscal 2022 (April 1, 2021-March 31, 2022)

■ Business Report

Summary of Systems Necessary to Ensure the Properness of Operations of the Company and the Status of Management······································1

■ Consolidated Financial Statements

Consolidated Statement of Changes in Equity ·····································4 Notes to Consolidated Financial Statements ·······································5

■ Financial Statements

Statement of Changes in Net Assets ···············································11 Notes to Financial Statements ······················································12

The abovementioned items are disclosed to shareholders on Mitsubishi Electric's Website (https://www.MitsubishiElectric.com/en/investors/meeting/index.html) in accordance with laws and regulations as well as Article 15 of Mitsubishi Electric's Articles of Incorporation.

■ Business Report

Summary of Systems Necessary to Ensure the Properness of Operations of the Company and the Status of Management

1. For the execution of the duties of the Audit Committee, its independence is secured by assigning employees whose job is exclusively to assist the Audit Committee members. In addition, internal regulations regarding the processing of expenses and debts incurred in the execution of the duties of the Audit Committee members are established and such expenses and debts are properly processed.
   A system for reporting to the Audit Committee is developed to report information about the Company and its subsidiaries to the Audit Committee via the divisions in charge of internal control, and an internal whistle-blower system is developed and its details are reported to the Audit Committee members.
   Furthermore, the Audit Committee members attend important meetings including Executive Officer meetings and conduct investigations such as interviews with Executive Officer and the executives of the Company's offices and subsidiaries, and undertake deliberations to determine audit policies, methods, implementation status, and results of the audit by regularly receiving reports from the Independent Auditor and Executive Officers in charge of audits.

Item	Matters resolved	Status of management
The matters	■ Assign employees whose job is	■ Employees whose job is exclusively to assist the
prescribed by the	exclusively to assist the Audit	Audit Committee are assigned and are assisting the
applicable	Committee.	Audit Committee.
Ordinance of the	■ The Senior General Manager of	■ The Senior General Manager of the Corporate
Ministry of Justice	the Corporate Human	Human Resources Division consults with Audit
as those necessary	Resources Division will consult	Committee members regarding the evaluation of
for the execution	with Audit Committee members	performance by and relocation of employees
of the duties of	regarding the evaluation of	exclusively assisting the Audit Committee.
the Audit	performance by and relocation	■ Reporting systems are established based on the type
Committee	of employees exclusively	of information, and information about the
	assisting the Audit Committee.	Company and its subsidiaries is reported to the
	■ Establish a system for reporting	Audit Committee via the divisions in charge of
	information about the Company	internal control.
	and its subsidiaries to the Audit	■ Results of internal audit are reported to the Audit
	Committee via the divisions in	Committee on a regular basis from the internal
	charge of internal control.	auditors via the Executive Officers in charge of
	■ Establish internal regulations and	audits.
	systems to protect people who	■ An internal whistle-blower system is developed and
	reported information about the	its details are reported to the Audit Committee
	Company and its subsidiaries to	members.
	the Audit Committee.	■ Internal regulations and systems to protect people
	■ Establish internal regulations	who reported information about the Company and
	regarding the processing of	its subsidiaries to the Audit Committee are
	expenses and debts incurred in	established and are thoroughly informed in the
	the execution of the duties of	Group.
	the Audit Committee members.	■ Internal regulations regarding the processing of
	■ Establish the following	expenses and debts incurred in the execution of the
	structures and systems in	duties of the Audit Committee members are
	relation to other audits by the	established, and such expenses and debts are
	Audit Committee:	properly processed.
	1. Conduct investigation of the	■ The Audit Committee members attend important
	Company and its subsidiaries.	meetings including Executive Officer meetings, and
	2. Undertake deliberations to	conduct investigations such as interviews with
	determine audit policies,	Executive Officers and the executives of the
	methods, implementation	Company's offices and subsidiaries.
	status and results of the audit	■ The Audit Committee undertakes deliberations to
	by regularly convening	determine audit policies, methods, implementation
	debriefing sessions between	status and results of the audit by regularly receiving
	the Independent Auditor and	reports from the Independent Auditor and
	Executive Officers in charge	Executive Officers in charge of audits and
	of audits.	exchanging opinions.

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1. Internal regulations and systems to ensure the properness of operations within the Mitsubishi Electric Group are established. Executive Officers take responsibility for constructing such systems within the areas over which they are appointed. Important matters are deliberated by convening Executive Officer meetings.
   Executive Officers regularly monitor the status of management of the systems. The divisions in charge of internal control monitor the status of design and management of internal control system and regulations. Also, an internal whistle-blower system is developed and its details are reported to the Audit Committee members.
   Furthermore, the status of management of the system is audited by internal auditors, and the audit results are reported regularly to the Audit Committee via Executive Officers in charge of audit.

Item	Matters resolved	Status of management
The	■ Establish internal regulations	■ Internal regulations ensuring	Executive Officers take
development	ensuring that the Executive	that the Executive Officers'	responsibility for
of systems	Officers' performance and	performance and execution	constructing systems to
necessary to	execution of duties is in	of duties is in accordance	ensure the properness of
accordance with laws and	with laws and regulations and	operations of the Group
ensure that
regulations the Articles of	the Articles of	within the areas over which
the execution
Incorporations. Internal	Incorporations are	they are appointed, and
of duties by	auditors shall monitor the	established. Their duties are	regularly monitor the status
Executive	status of management.	executed in accordance with	of management of the
Officers		these internal regulations.	systems.
complies with		■ Compliance training is	The divisions in charge
laws and		implemented for all	of internal control monitor
regulations		Executive Officers on a	the status of design and
	regular basis. Points of	management of internal
and the
	concern for Executive	control system and
Articles of
	Officers in light of legal	regulations. Also an internal
Incorporation		reform and social trends are	whistle-blower system is
		provided.	developed and its details are
Other systems	■ Establish internal regulations	■ Internal regulations related to	reported to the Audit
prescribed by	related to the record keeping	the record keeping and	Committee members.
the applicable	and information management	information management	The status of
Ordinance of	regarding Executive Officers'	regarding Executive Officers'	management of the systems
the Ministry	performance and execution	performance and execution	is audited by internal
of Justice as	of duties. Internal auditors	of duties are established.	auditors, and the audit
systems	shall monitor the status of	Record keeping and	results are reported regularly
necessary to	management.	information management are	to the Audit Committee via
ensure the	■ Executive officers shall take	carried out in an appropriate	Executive Officers in charge
properness of	responsibility for constructing	manner.	of audit.
operations of	risk management systems	■ Executive Officers take
the company,	related to possible losses	responsibility for
and of the	within the areas over which	constructing risk
corporate	they are appointed.	management systems related
group formed	Important matters shall be	to possible losses within the
by the	deliberated at Executive	areas over which they are
company and	Officer meetings. Internal	appointed. Important matters
its subsidiaries	auditors shall monitor the	are deliberated by convening
	status of management.	Executive Officer meetings.
	■ Executive officers shall take	■ Executive officers take
	responsibility for ensuring	responsibility for ensuring
	management efficiency within	management efficiency
	the areas over which they are	within the areas over which
	appointed. Important matters	they are appointed.
	shall be deliberated at	Important matters are
	Executive Officer meetings.	deliberated by convening
	Internal auditors shall	Executive Officer meetings.
	monitor the status of	■ Internal regulations and
	management.	action guidelines regarding
	■ Establish the following	ethics and compliance are
	systems ensuring that	established, based on which
	employees' performance and	the performance and
	execution of duties is in	execution of duties is carried
	accordance with laws and the	out.
	Articles of Incorporation.	■ Various types of compliance-
	Internal auditors shall	related trainings are
	monitor the status of	implemented for employees
	management.	on a regular basis.
	1. Establish internal
	regulations and action
	guidelines regarding ethics
	and compliance.
	2. Implement an internal
	whistle-blower system.

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Item	Matters resolved	Status of management
	■ The following systems shall	■ Executive Officers take
	be established in order to	responsibility for managing
	ensure the properness of	the subsidiaries within the
	operations within the Group.	areas over which they are
	1. Executive officers shall	appointed.
	manage the subsidiaries	■ Action guidelines shared
	within the areas over which	throughout the Group
	they are appointed.	regarding ethics and
	2. Establish action guidelines	compliance are established
	shared throughout the	and thoroughly informed in
	Group regarding ethics and	the Group.
	compliance.	■ A specialized organization for
	3. Create a specialized	the management of
	organization for integrated	associated companies is
	management of the Group	created for the integrated
	companies.	management of the Group
	4. Build systems for reporting	companies.
	matters relating to the	■ In order to ensure the
	performance and execution	properness of operations
	of duties of the Group	within the Group,
	companies, managing risks	management standards for
	of possible losses, and	the Group companies are
	ensuring the efficiency of	established. Important
	performance and execution	matters of the Group
	of duties, and establish	companies are deliberated
	management standards.	and reported by convening
	Important matters shall be	Executive Officer meetings.
	deliberated and reported at
	Executive Officer meetings.
	5. Conduct regular audits of
	subsidiaries by internal
	auditors.

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■ Consolidated Financial Statements

C o n s o l i d a t e d S t a t e m e n t o f C h a n g e s i n E q u i t y

(April 1, 2021 to March 31, 2022)

(Millions of yen)

	Mitsubishi Electric Corp. stockholders' equity
Items				Accumulated		Treasury	Total	Non-	Total equity
Common	Capital	Retained		controlling
other		stock, at
	stock	surplus	earnings	comprehensive			interests
		cost
				income (loss)
Balance at beginning of period	175,820	202,777	2,266,490	111,801		(2,595)	2,754,293	116,318	2,870,611
Net profit			203,482				203,482	14,403	217,885
Other comprehensive income				153,444			153,444	7,556	161,000
(loss), net of tax
Comprehensive income
-	-	203,482	153,444		-	356,926	21,959	378,885
Reclassification to retained
		80,717	(80,717)			-		-
earnings
Dividends			(85,723)				(85,723)	(13,673)	(99,396)
Purchase of treasury stock						(50,526)	(50,526)		(50,526)
Disposal of treasury stock		(1,053)				1,053	0		0
Transactions with non-
controlling interests and		971					971	(3,148)	(2,177)
others
Balance at end of period	175,820	202,695	2,464,966	184,528		(52,068)	2,975,941	121,456	3,097,397

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