TOKYO, September 27, 2000--Mitsubishi Electric Corporation (President and CEO: Ichiro Taniguchi) has reached an agreement with Mitsulift and Equipment S.A.L. (Mitsulift) - an elevator sales, installation and maintenance company in Lebanon - to invest in them.

Mitsubishi Electric has long sold elevators in Lebanon using Mitsulift as its agency, but such sales activities were suspended due to the civil war. However, the Lebanese economy has rapidly improved since the end of the war in 1990, and fields that are directly related to elevator demand - such as hotel and housing construction - are expanding.

Mitsubishi Electric decided to strengthen its involvement in this area by investing in Mitsulift to further increase its elevator sales in the Lebanese market - one in which further expansion is expected. Mitsubishi Electric also plans to expand sales to other Mediterranean countries such as Greece using Mitsulift as a core company.

Background

Lebanon's domestic status has steadily been recovering with the general dissolution of the militias and strengthening of governmental power since the end of the civil war. Also, large-scale redevelopment projects in the center of Beirut and demand for tourism and leisure facilities are prospering. Furthermore, it seems likely that a law prohibiting elevators with manually operated doors will be introduced, so further expansion in demand for elevators in Mitsubishi Electric's areas of expertise is expected.

Mitsulift, which has been Mitsubishi Electric's agency for elevator sales, has seen steadily increasing sales in line with the recent increase in market demand, and requested Mitsubishi Electric's financial involvement to facilitate further expansion for receiving orders.

Coincidentally, Mitsubishi Electric had also been considering establishing a business base for the Lebanese market and surrounding Mediterranean area, so after making progress in its deliberations, the company reached an agreement on investment in Mitsulift.

Mitsulift Business Plan Outline

Mitsulift is capitalized at 500 million Lebanese pounds with an investment ratio after involvement of 34% by Mitsubishi Electric to the local partner's 66%. It imports complete products made by Mitsubishi Electric's Inazawa factory and its wholly owned subsidiary Mitsubishi Elevator Asia Co. Ltd. in Thailand, and will carry out sales, installation and maintenance in Lebanon and nearby countries.

Mitsubishi anticipates orders for nearly 400 elevators worth about ¥1.8 billion in sales by 2004.

Company name:	Mitsulift and Equipment S.A.L.
President:	Mr. Samir Abillama
Established:	January 1984
Capital:	500 million Lebanese pounds (approximately ¥34 million)
Investment ratio:	Mitsubishi Electric Corp.:34% / local partner: 66%
Place:	Dbayeh (Northern suburb of Beirut)
No. of employees:	98
Business details:	Sales, installation and maintenance of elevators
Turnover:	Approximately ¥1.2 billion (Fiscal 1999 results)

About Mitsubishi Electric Corporation

With more than 75 years of experience in providing reliable, high-quality products to both corporate clients and general consumers all over the world, Mitsubishi Electric Corporation (FTSE: 6503q.l) 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. With operations in 36 countries, Mitsubishi Electric Corporation recorded consolidated group sales of over US$35 billion in the year ended March 31, 2000. Additional information on Mitsubishi Electric Corporation is available at global.mitsubishielectric.com.