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HOMENoticeRegarding Investment in "NewCo" of AREVA Group

March 21, 2017

Mitsubishi Heavy Industries, Ltd.

Regarding Investment in "NewCo" of AREVA Group

Mitsubishi Heavy Industries, Ltd. (MHI) announced on February 3 that it had reached a general agreement to invest in a new company (NewCo) in the fuel cycle business, established by the AREVA Group of France, all-round specialists in nuclear energy. After follow-up negotiations, a final agreement on the matter was concluded on March 20.

A signing ceremony held in Paris on March 20 was attended by representatives of the French and Japanese governments, representatives of the AREVA Group, MHI, and other parties concerned. The investment agreement follows on from a memorandum concluded between Japan and France on expanding cooperation between the two governments and between their respective nuclear energy industries, as confirmed by the two countries in October 2015 at high-level discussions on French-Japanese collaboration in the nuclear energy field.

MHI will acquire a 5% minority stake in NewCo at a total investment outlay of 250 million euros, as decided when the general agreement relating to the investment negotiations was reached.

With the conclusion of this final agreement, the capital structure of NewCo has now been set. Leveraging leading technologies and marketing prowess, NewCo's integrated business - which will span from uranium mining, enrichment and conversion to reprocessing of spent fuel - is expected to expand and grow steadily going forward.

As a shareholder in NewCo, MHI will contribute to enhancing technologies and quality in the newly expanded AREVA Group and to overall business expansion. MHI's participation will also help enhance the safety and reliability of nuclear power generation as a viable means of reducing carbon emissions and curb global warming.

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