Mitsubishi Motors Europe s1

Amsterdam, January 23rd, 2004

2003 MITSUBISHI MOTORS EUROPE SALES RESULTS

- Promise delivered -

208,000 units in 2003 vs. 203.000 units in 2002 - First increase since 1998 – Growth in UK, France, Russia, Turkey, Iceland, Norway, Finland, Czech Republic, Poland, Slovenia, Ukraine, Estonia and Lithuania – Russia # 4 overall - Outlander above objective – 8,000+ all new customers through Lancer.

A year after it announced the stabilization of its business, Mitsubishi Motors Europe (MME) has fulfilled its promise of growth, selling 207,939 cars in the 35 countries it pilots vs. 203,028 units in 2002 (+ 2.4 %). This result also marked the first sales increase in Europe for Mitsubishi Motors since 1998.

Structural success factors were:

- Fast, smooth and consensual BER process, which created neither uncertainties nor threat in the network and therefore, allowed distributors and dealers altogether to focus on their sales & marketing activities, in close cooperation with Mitsubishi Motors Europe (MME).

- Implementation of an all-new Pan-European communication strategy, timed for the launch of Outlander in May, creating a new visibility, awareness and credibility for the Brand.

Additionally, the launch of its first new cars for the last 3 years prompted new business opportunities for MME, not only in pure terms of volume, but also through the refreshing face the Outlander crossover or the Lancer sports wagon created for the Mitsubishi Motors brand:

- Successful launch of Outlander, with 10,284 units, i.e. 29% above MME´s objective of 8,000 units, in spite of the September availability of the 2.4 liter engine or the late launch in the major UK market. - Additional volume through the launch of Lancer and its sporty sibling, Lancer Station Wagon (September), which brought together 8,117 all new units and customers to the Mitsubishi Motors brand.

- Constant progression for Carisma (31,771 units / + 4.3 %), fit for MME´s pro-active strategy in Eastern Europe.

- Stability for L200 with 41,079 units or – 0.3 %, which is MME´s second best seller and pickup market leader in Europe.

On the market front, significant progress has been made in:

- In the United Kingdom, Mitsubishi Motors has posted exceptional 2003 sales results, as shown by Carisma with 4,692 units (+ 36 %), Pajero* with 4,972 units (+ 19%) and L200, with a segment-leading 12,574 units (+ 54%) on the previous year. L200 continues to be the dominant force in the pickup segment with a 46% share of the total market, way ahead of its nearest rival. Pajero* performed extremely well in 2003 in the face of very strong competition, increasing its sales by 20% and taking 9% of the segment. Right pricing, marketing campaigns reaching the right customers and a motivated dealer network hitting targets month after month all helped Mitsubishi Motors´ UK distributor, The Colt Car Company Ltd, to reach this all-time new vehicle sales record.

- France: On a depressed market (- 6.3 %), Mitsubishi Motors has signed its best performance ever in France with 11,002 units (+ 6.7 %). A good sign for the new MME-owned organization* with progress for Pajero (+ 1 %), Space Star (+ 36 %), L200 (+ 6 %) and Carisma ( + 2 %).

- Russia proves another year its strong potential for Mitsubishi Motors, through the decisive role played by its excellent local distributor Rolf Holding. Now covering the full Russia territory - from the Polish border to the Pacific ocean - MME has more than doubled its volume in 2003 (17,695 units), ending up # 2 of the Japanese brands and # 5 of all imported brands (including Daewoos imported from Uzbekistan and Chevrolet Nivas produced in Russia by the GM- AvtoVAZ joint venture). Overall, Russia´s performance allowed it to rank # 4 of MME Top Ten!

* Montero in Spanish-speaking countries / Shogun in the UK. - MME continues to proceed steadily in Eastern Europe. With stronger position in the perspective of the May enlargement (Poland: 2,729 units / + 19.9 % or the Czech Republic: 1,190 units / + 15.1%, for instance), MME aims at further development opportunities in addition to Western Europe and beyond the EU. Witness, the remarkable growth of markets like Ukraine (3.455 units / + 163.3 %). Same can be said about Turkey that achieved a + 59.7 % (2.656 units) in a difficult economic context.

In a difficult economic environment, most markets – except for Italy (-20.9 %) - have proved receptive to Mitsubishi Motors products in 2003. - That is how stable sales results have to be read in Germany (- 1.08 %). In terms of passenger car registrations, Mitsubishi Motors Deutschland faired even better with + 4.8 %. Despite a depressed car market (- 0.5 %), Mitsubishi Motors have been able to slightly increase its market share from 1.06 to 1.12%. As in several other markets, L200 was not included in the official passenger car registration statistics. Within its segment though, L 200 is still number one with a market share of 35 % in Germany and a total of nearly 3.300 units registered in 2003.

- Similarly, In Spain (-1.9 %), Mitsubishi Motors is on the way of recovery and remains one of the main Brands in term of sales, apart from mainstream brands, with a volume that represents nearly 10% of total MME sales.

Commenting on this 2003 performance, Stefan Jacoby – President & CEO of MME said: “ A guideline of our Turnaround Plan was to fulfil our promises. Increasing our sales last year was one of them and that was a great achievement. But it is only the start, and we have to keep focused to turn it into long term development.”

He added: “ 2004 will be a milestone year for MME. We will celebrate 30 years in Europe and our first profit ever in this region, a year ahead of schedule. In parallel, the launch of New Colt will be the most important ever for Mitsubishi Motors in Europe. We do look forward to this new challenge, and the promise of volume, conquest and image it will bring. “

Contact: Daniel Nacass / General Manager – Public Relations, Mitsubishi Motors Europe B.V. + 31 6 10 92 38 42 or [email protected]

Alex Thomas / Manager – Public Relations, Mitsubishi Motors Europe B.V. + 31 6 51 31 37 11 or [email protected] MITSUBISHI MOTORS EUROPE - 2003 SALES RESULTS* -

2003 2002 Variation MARKETS Germany MME volume 38,919 39,345 - 1,08 % Overall market** 3,235,960 3,252,898 - 0.5 %

United Kingdom MME volume 31,477 26,289 + 19.7 % Overall market** 2,579,050 2,563,631 + 0.6 %

Spain MME volume 19,065 19,435 - 1,9 % Overall market** 1,383,017 1,331,877 + 3.8 %

Russia MME volume 17,695 8,166 + 116,7 %

Italy MME volume 17,042 21,554 - 20,9 % Overall market** 2,251,307 2,279,612 - 1.2 %

France MME volume 11,002 10,314 + 6,7 % Overall market** 2,009,254 2,145,071 - 6.3 %

Eastern Europe (excl. Russia) MME volume 12,313 9,187 + 34 %

* Some minor discrepancies might appear between MME figures (sales) and officially published figures on various markets (registrations). Beyond the possible difference between sales and registrations, it also comes from grey imports, pickup trucks and other light commercial vehicles converted from passenger cars, sales from existing stock in countries,…

** ACEA figures / 18 countries only vs. the 35 countries covered by MME / do not include pickups like L200.

TOTAL EUROPE Overall market* 14,217,912 14,398,899 -1.3 % Mitsubishi Motors (ACEA)* 117,144 118.828 -1.4 % Mitsubishi Motors (MME)** 207,939 203,028 +2.4 %

* ACEA figures / 18 countries / do not include pickups like L200. ** MME figures / 35 countries / includes L200

MME TOP 12 COUNTRIES

1 – Germany: 38,919 units 2 – United Kingdom: 31,477 units 3 – Spain: 19,065 units 4 – Russia: 17,695 units 5 – Italy: 17,042 units 6 – France: 11,002 units 7 – The Netherlands: 7,776 units 8 – Sweden: 7,207 units 9 – Portugal: 6,057 units 10 – Austria : 5,530 units 11 – Switzerland : 5,391 units 12 – Greece : 5,033 units

MODELS 1 – Space Star: 42,828 44,953 - 4.7 % 2 – L 200 41,079 41,189 - 0.3 % 3 – Carisma 31,771 30,466 + 4.3 %

7 – Outlander (May launch) 10,284 (vs. 8,000 units objective = + 29%)