Tokyo, May 1, 1998 - Mitsubishi Electric Corporation announced today that it will cooperate fully in efforts to strengthen the financial position of an associated company and key supplier, OPTEC DAI-ICHI DENKO Co., Ltd. Proposed support includes the possible transfer of some operations from OPTEC to Mitsubishi Electric as well as direct financial support. In addition to Mitsubishi Electric Corporation, the Bank of Tokyo-Mitsubishi and the Mitsubishi Trust and Banking Corporation are expected to assist in the restructuring effort. Mitsubishi Materials Corporation has also been asked to participate in the restructured company by supplying both new capital investment and management personnel. The details of the final support arrangement are still under negotiation.

"Although we have avoided intervention in OPTEC's management in the past, as a major customer and key shareholder, Mitsubishi Electric has decided that OPTEC's present financial condition calls for direct involvement," said Takuji Shinmura, the associated companies operations group general manager and managing director of Mitsubishi Electric. "In accordance with Mitsubishi Electric's management policy of "selection and consolidation," we are committed to this important restructuring of a key associated company."

Mitsubishi Electric Corporation is currently OPTEC's largest shareholder with a 20% stake and purchased over 10 billion yen of magnet wire and other goods from the firm in 1997. A central supplier for Mitsubishi Electric's heavy electric business segment, OPTEC holds the top share of the domestic magnet wire market and has many large customers outside of the Mitsubishi Electric group. OPTEC's market strength, technological know-how and strong customer base were the key reasons behind Mitsubishi Electric's decision to provide support to the firm during its current financial difficulties.

About Mitsubishi Electric Corporation

With more than 75 years of experience in providing reliable, high quality products to clients and consumers all over the world, Mitsubishi Electric 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 construction. Based in Tokyo, the company has operations in over 35 countries around the world and posted consolidated sales of over US$ 35 billion in 1997.