Mmc Corporation Summary

MITSUBISHI MOTORS CORPORATION

ANNUAL REPORT 2004

YEAR ENDED MARCH 31, 2004

FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements about Mitsubishi Motors Corporation's plans, strategies, beliefs and performance that are not historical facts. These

forward-looking statements are based on current expectations, estimates, forecasts and projections about the industries in which Mitsubishi Motors Corporation (MMC) operates,

management's beliefs and assumptions made by management.

As the expectations, estimates, forecasts and projections are subject to a number of risks, uncertainties and assumptions, they may cause actual results to differ materially

from those projected. Mitsubishi Motors Corporation, therefore, wishes to caution readers not to place undue reliance on forward-looking statements. Furthermore,

Mitsubishi Motors Corporation undertakes no obligation to update any forward-looking statements as a result of new information, future events or other developments.

C O N T E N T S

C O N S O L I D A T E D F I N A N C I A L S U M M A R Y 1

T O O U R S T O C K H O L D E R S A N D S T A K E H O L D E R S 2

M E S S A G E F R O M T H E P R E S I D E N T A N D C O O 6

M E S S A G E F R O M T H E C O R P O R A T E G E N E R A L M A N A G E R O F C S R P R O M O T I O N O F F I C E 8

M E S S A G E F R O M T H E B U S I N E S S E T H I C S C O M M I T T E E C H A I R M A N 10

M E S S A G E F R O M T H E H E A D O F T H E R E V I T A L I Z A T I O N C O M M I T T E E 12

D O M E S T I C O P E R A T I O N S 14

O V E R S E A S O P E R A T I O N S 16

P R O D U C T D E V E L O P M E N T S T R A T E G Y 19

M E S S A G E F R O M T H E C H I E F F I N A N C I A L O F F I C E R 22

F I N A N C I A L R E V I E W 24

F I N A N C I A L S E C T I O N 28

R E P O R T O F I N D E P E N D E N T A U D I T O R S 62

E N V I R O N M E N T A L A C T I V I T I E S 64

C O N S O L I D A T E D S U B S I D I A R I E S A N D A F F I L I A T E S 66

O R G A N I Z A T I O N A L S T R U C T U R E 68

B O A R D O F D I R E C T O R S A N D E X E C U T I V E O F F I C E R S 69

S T O C K H O L D E R I N F O R M A T I O N 70

C O R P O R A T E I N F O R M A T I O N 71

1

C O N S O L I DAT E D F I N A N C I A L S U M M A RY

M I T S U B I S H I M O T O R S C O R P O R A T I O N A N D C O N S O L I D A T E D S U B S I D I A R I E S

NET SALES

(Ґ billion)

OPERATING PROFIT

(LOSS)

(Ґ billion)

NET INCOME

(LOSS)

(Ґ billion)

TOTAL ASSETS

(Ґ billion)

99

(FY)

00 01 02 03

4,000

3,000

2,000

1,000

0 99

(FY)

00 01 02 03

100

50

0

-50

-100 99

(FY)

00 01 02 03

40

20

0

-20

-300 99

(FY)

00 01 02 03

3,000

2,000

1,000

0

In thousands of

In millions of yen U.S. dollars

F o r t h e y e a r s e n d e d M a r c h 3 1 , 2000 2001 2002 2003 2004 2004

Net sales Ґ3,334,974 Ґ3,276,716 Ґ3,200,699 Ґ3,884,874 Ґ2,519,449 $23,838,109

Operating profit (loss) 22,473 (73,865) 40,227 82,761 (96,852) (916,382)

Profit (loss) before income

taxes and minority interests (12,651) (407,289) (31,875) 42,206 (77,173) (730,191)

Net (loss) income (23,331) (278,139) 11,256 37,361 (215,424) (2,038,263)

In yen In U.S. dollars

Net income (loss) per share:

Basic Ґ (24.87) Ґ (232.77) Ґ 7.66 Ґ 25.35 Ґ (145.22) $ (1.37)

Diluted -- -- 7.42 23.43 -- --

Cash dividends -- -- -- -- -- --

In thousands of

In millions of yen U.S. dollars

M a r c h 3 1 , 2000 2001 2002 2003 2004 2004

Total assets Ґ2,784,119 Ґ2,981,668 Ґ2,894,560 Ґ2,425,352 Ґ2,029,035 $19,197,990

Total stockholders' equity 347,363 256,068 270,663 280,294 29,972 283,591

Notes:1. The U.S. dollar amounts in the accompanying consolidated financial statements are included, solely for convenience, at Ґ105.69 = US $1.00, the

exchange rate prevailing on March 31, 2004.

2. In the year 2003, due to