In support of its goal to more successfully compete in the U.S. market, Mitsubishi Motors Corporation’s (MMC) board of directors today authorized first steps toward the consolidation of its major U.S. subsidiaries in a newly expanded Mitsubishi Motors America, Inc. (MMA) to be based in Cypress, CA.

Action begins immediately to establish a new decision-making body, called the North American Operations Committee, to provide strategic oversight for the newly streamlined organization. Members of the Committee will include key senior executives from Mitsubishi Motors’ U.S. automotive companies. A product quality/technical task force will also be established to ensure that new product design and manufacturing accurately reflect the demands of American consumers.

In addition, the key support functions of Mitsubishi Motor Sales of America, Inc. (MMSA), Mitsubishi Motor Manufacturing of America, Inc. (MMMA), Mitsubishi Motors R&D of America, Inc. (MRDA) and the current Mitsubishi Motors America, Inc. (MMA) will be integrated, with the goal to have the consolidation completed by December 31, 2000. The integration will focus on consistency, coordination and delivery of activities and services to enhance operational efficiency. Since job reductions have already occurred in most of MMC’s North American subsidiaries, this consolidation is not designed to create further job cuts.

“We have every intention of continuing our current momentum toward higher sales and wider consumer awareness in the U.S. market,” said Mr. Hiroshi Yajima, Chairman and Chief Executive Officer of Mitsubishi Motors’ U.S. operations. “The steps we’ve announced today are designed to create a more efficient and more market-driven organization in one of the world’s most important automotive arenas.”

This most recent action authorized by the MMC board reinforces the company’s commitment to the North American market, including such recent actions as establishing a new, higher sales goal of 400,000 vehicles per year by 2005, and authorizing Project America, an initiative which will result in three new products designed in the U.S. specifically for North American consumers and built at the company’s plant in Normal, Illinois.

Mitsubishi Motors Corporation (MMC) subsidiaries in the U.S. include:

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Mitsubishi Motors America, Inc. (MMA), based in Southfield, MI, and its subsidiary, Mitsubishi Motors Research and Development of America, Inc. (MRDA), located in Ann Arbor, MI, which is responsible for the design and engineering of Mitsubishi cars and light trucks for the American market. MMA also oversees parts procurement for MMC, and coordinates government relations, public affairs and Mitsubishi Motors USA Foundation activities on behalf of the U.S. Mitsubishi Motors companies.

Mitsubishi Motor Manufacturing of America, Inc. (MMMA), located in Normal, IL, which produces the Mitsubishi Galant, Eclipse and Eclipse Spyder, as well as two additional models for DaimlerChrysler Corporation.

Mitsubishi Motor Sales of America, Inc. (MMSA), based in Cypress, CA, which is the sole distributor of Mitsubishi-badged cars and light trucks in the American market through a network of more than 500 dealers in 50 states.