Schedule for Transfer of MHPS Shares -- Notice of Disclosure Status--

Tokyo, April 24, 2020 - Mitsubishi Heavy Industries, Ltd. (MHI), as announced in the “Settlement Agreement Concluded with Hitachi in Relation to South African Projects” (December 18, 2019), expects Hitachi, Ltd. (Hitachi) to transfer all shares it holds in Mitsubishi Hitachi Power Systems (MHPS) to MHI in the spring of 2020.

In order to complete the transfer of shares, it is necessary to go through certain procedures, such as obtaining approvals from antitrust authorities in several countries. However, due to the impact of COVID-19, more time will be required for antitrust approval than initially anticipated. MHI will make an announcement once a specific date for completion of the transfer is discernable.

The timing of the transfer of MHPS shares will not affect consolidated or non-consolidated results forecasts for the fiscal year ending March 2020.

Regarding MHPS’ new corporate name, please refer to the “Notice of Subsidiary Name Change” released today.