Mitsubishi Electric : Notice of Convocation of the 150th Ordinary General Meeting of Shareholders

Dear Shareholders,

We wish to extend our sincere gratitude for your continued support.

On February 1, 2021, the Mitsubishi Electric Group celebrated the 100th anniversary of its establishment. We would like to extend our sincere thanks to everyone who has supported us over the years. It is through your assistance that we have continued to engage in business for a century.

Our goals are both to become a group company that responds to the demands of our era and to achieve a higher level of growth through continuous innovation.

We humbly ask for your continued support in our initiatives going forward. This document has been sent in order to notify you of the 150th Ordinary

General Meeting of Shareholders, which will be convened on Tuesday, June 29, 2021. Included in the material is an overview of Mitsubishi Electric's business

operations during fiscal 2021 as well as a summary of its future initiatives.

June 2021

Takeshi Sugiyama, Director, President & CEO

Table of Contents

	Notice of Convocation of the 150th Ordinary General Meeting of Shareholders	1
	Reference Materials for the 150th Ordinary General Meeting of Shareholders
		Item : The Election of Twelve (12) Directors	3
		Guidance for the Exercise of Voting Rights	12
	Business Report
		I. Matters Relating to the Mitsubishi Electric Group
	1.	Business Development and Results	14
	2.	Capital Expenditures	21
	3.	Research and Development	22
	4.	Topics	24
	5.	Corporate Agenda	27
	6.	Trends in Operating Results and Financial Condition	30
	7.	Principal Offices	31
	8.	Employees	32
	9.	Fund Raising	32
	10.	Principal Lenders	33
	11.	Principal Subsidiaries	33
		II. Matters Related to Mitsubishi Electric Corporation
	1.	Matters Related to Shares	35
	2.	Directors and Executive Officers	36
	3.	Matters Related to the Directors and Officers Liability Insurance (D&O Insurance)	46
	4.	Status of the Independent Auditor	47
	5.	Summary of Systems Necessary to Ensure the Properness of Operations of the	48
			Company and the Status of the Management
	6.	Basic Policy Regarding Control over the Company	52
	7.	Policy on the Determination of Dividends from Surplus	52
	Consolidated Financial Statements	53
	Financial Statements	56
	Audit Reports	58

IMPORTANT NOTICE

The present Notice of Convocation and all of the attached materials are English translations of the original Japanese-language notice, which has been prepared in compliance with requirements under applicable Japanese laws, regulations and/or administrative ordinances. Please note that this English translation is published for the purposes of reference and convenience and UNDER NO CIRCUMSTANCES shall this English translation create any binding effect on Mitsubishi Electric Corporation; ONLY the Japanese original shall have effect on the exercise of shareholders' rights, and only to the extent secured under the laws of Japan. Also, Mitsubishi Electric Corporation makes no warranty of any nature as to the accuracy or preciseness of the present English translation of the Notice of Convocation.

(Stock Code: 6503)

June 4, 2021

To Our Shareholders

Mitsubishi Electric Corporation

2-7-3, Marunouchi, Chiyoda-ku, Tokyo

Takeshi Sugiyama

Director, President & CEO

NOTICE OF CONVOCATION

OF THE 150TH ORDINARY GENERAL MEETING OF SHAREHOLDERS

Dear Shareholders,

The 150th Ordinary General Meeting of Shareholders of Mitsubishi Electric Corporation will be convened as described below.

In order to prevent the spread of the novel coronavirus disease (COVID-19) and also for your safety and security, we strongly request our shareholders to exercise voting rights in writing or via the Internet in advance, and to refrain from attendance at the General Meeting of Shareholders on the designated date, regardless of your health conditions.

You are requested to consider the attached reference materials and exercise your voting rights, indicating your approval or disapproval of each of the proposals put forward for resolution, by no later than 5:30 PM on Monday, June 28, 2021. The pertinent procedures for exercising your voting rights are outlined on pages 12-13.

While we will implement appropriate measures to prevent infections at the meeting venue, we expect the number of available seats to be fewer than usual. Please be advised that some attendees may not be allowed to enter the venue due to the lack of seating. Please see the Company's Website (https://www.MitsubishiElectric.co.jp/ir/meeting/) (Japanese only) for other details regarding our infection prevention measures.

Please note that the location, time, etc., of the Ordinary General Meeting of Shareholders is subject to change depending on the state of the spread of infections. Information regarding changes will be posted on the Company's Website (https://www.MitsubishiElectric.com/en/investors/meeting/). Please check the Website prior to visiting the meeting venue.

Particulars

1. Meeting Date and Time: Tuesday, June 29, 2021 at 10:00 AM (entry begins at 9:00 AM)

2. Meeting Venue:Palace Hotel Tokyo, 2nd Floor "AOI" 1-1-1 Marunouchi, Chiyoda-ku, Tokyo

3. Meeting Agenda:

Tabling of Reports

Tabling of the Business Report, Consolidated and Non-Consolidated Financial Statements, Independent Auditor's Report and the Audit Committee's Report on Consolidated Financial Statements for the 150th fiscal year (from April 1, 2020 to March 31, 2021)

Matters for Resolution

The Election of Twelve (12) Directors

1. Shareholders attending the meeting on June 29, 2021 are requested to submit the enclosed Voting Rights Exercise Form at the front desk of the meeting venue.
2. The following items of the Business Report and Consolidated and Non-Consolidated Financial Statements are posted on the Company's Website (https://www.MitsubishiElectric.com/en/investors/meeting/) and therefore are not included in the Notice of Convocation of the 150th Ordinary General Meeting of Shareholders, in accordance with laws and Article 15 of Mitsubishi Electric's Articles of Incorporation.
3. 1. Summary of Systems Necessary to Ensure the Properness of Operations of the Company and the Status of the Management

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1. Consolidated Statement of Changes in Equity
2. Notes to Consolidated Financial Statements
3. Statement of Changes in Net Assets
4. Notes to Financial Statements

Statements to be audited, including relevant notes to be disclosed on the Company's Website, have been duly audited by the Audit Committee and Independent Auditor.

3. Please kindly take note that amendments to reference materials, the Business Report and the Consolidated and Non-Consolidated Financial Statements will be posted on the Company's Website (https://www.MitsubishiElectric.com/en/investors/meeting/).

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Reference Materials for the 150th Ordinary General Meeting of Shareholders

Reference Items

Item: The Election of Twelve (12) Directors

The terms of office with all the Company's Directors (12 members) will expire at the end of this Ordinary General Meeting of Shareholders. Therefore, Mitsubishi Electric Corporation is to submit an agenda item concerning the election of 12 Directors, including 5 Outside Directors, in line with a decision made by the Nomination Committee.

Details of the candidates are as follows:

			Status of attendance
No.	Name	Current major positions and assignments at the Company	at Board of
			Directors' meetings
	Masaki Sakuyama		100%
1	Chairman, Member of the Board	(Eight out of eight
(Reappointment)
		meetings)
2	Takeshi Sugiyama	Director, Representative Executive Officer, President &	100%
(Eight out of eight
(Reappointment)	CEO
	meetings)
3	Masahiko Sagawa		100%
Director, Member of the Audit Committee	(Eight out of eight
(Reappointment)
		meetings)
	Tadashi Kawagoishi	Director, Member of the Compensation Committee,	100%
4	(Eight out of eight
(Reappointment)	Executive Officer, Accounting and Finance, CFO
	meetings)
	Takashi Sakamoto		100%
5	Director, Member of the Audit Committee	(Five out of five
(Reappointment)
		meetings)
	Kei Uruma	Director, Representative Executive Officer, Senior Vice	100%
6	President, Export Control, Corporate Strategic Planning	(Five out of five
(Reappointment)
	and Operations of Associated Companies, CSO	meetings)
7	Kuniaki Masuda	Executive Officer, General Affairs and Human Resources	-
(New Candidate)
	Mitoji Yabunaka		100%
	(Reappointment)	Director, Chairman of the Nomination Committee,
8	(Candidate for Outside	(Eight out of eight
Member of the Compensation Committee
	Director)	meetings)
	(Independent Director)
	Hiroshi Obayashi
	(Reappointment)	Director, Chairman of the Audit Committee, Member of	100%
9	(Candidate for Outside	(Eight out of eight
the Nomination Committee
	Director)	meetings)
	(Independent Director)
	Kazunori Watanabe
	(Reappointment)	Director, Chairman of the Compensation Committee,	100%
10	(Candidate for Outside	(Eight out of eight
Member of the Audit Committee
	Director)	meetings)
	(Independent Director)
	Hiroko Koide
	(Reappointment)	Director, Member of the Nomination Committee,	100%
11	(Candidate for Outside	(Eight out of eight
Member of the Compensation Committee
	Director)	meetings)
	(Independent Director)
	Takashi Oyamada
	(Reappointment)	Director, Member of the Nomination Committee,	100%
12	(Candidate for Outside	(Eight out of eight
Member of the Audit Committee
	Director)	meetings)
	(Independent Director)

Note:

Mitsubishi Electric Corporation held eight Board of Directors meetings during the fiscal year.

The status of attendance for Mr. Takashi Sakamoto and Mr. Kei Uruma are based on the number of the Board of Directors' meetings held after they assumed office on June 26, 2020.

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