RNS Number:0685L
Mitsubishi Corporation
14 May 2003

Translation of report filed with the Tokyo Stock Exchange on May 14, 2003





             Notice Concerning Stock Options (Subscription Rights)



                                                                    May 14, 2003



Mitsubishi Corporation wishes to serve notice that the Board of Directors today
passed a resolution to propose the agenda of issuing subscription rights to
directors, executive officers and senior vice presidents (hereinafter Eligible
Persons) for the purpose of granting stock options, to the ordinary General
Meeting of Shareholders scheduled for June 27, 2003.



1.      Purpose of Issuing Subscription Rights on Advantageous terms

Mitsubishi Corporation intends to issue subscription rights, as outlined below,
to Eligible Persons to provide further incentive and motivation for improving
the companys performance.



2.      Matters Pertaining to the Issuance of Subscription Rights

(1)        Class and Number of Shares to be Issued for the Purpose of Issuing
Subscription Rights

Up to 1,269,000 shares of Mitsubishi Corporation common stock



(2)        Total Number of Subscription Rights to Be Issued

Up to 1,269.

The number of shares to be issued per subscription right (hereinafter Number of
Shares Granted) shall be 1,000.



(3)        Issue Price of Subscription Rights

Issued in gratis.



(4)        Total Payment Due Upon Exercise of Subscription Rights

The total payment due upon exercising subscription rights shall be determined by
multiplying the price paid per share issued or transferred due to the exercise
of subscription rights (hereinafter Exercise Price) by the Number of Shares
Granted.



The Exercise Price shall be the average of daily closing price, excluding
non-trading days, of Mitsubishi Corporation common stock ordinarily traded on
the Tokyo Stock Exchange during the month prior to the issue date of the
subscription rights (hereinafter Issue Date). Any fraction shall be rounded up
to the nearest yen. If the Exercise Price falls below the closing price quoted
on the Issue Date, the latter shall be deemed the Exercise Price.



(5)        Exercise Period

From June 28, 2005 through June 27, 2013



(6)        Other Conditions for Exercise of Subscription Rights

Subscription rights may not be partially exercised.



(7)        Reasons and Conditions for Canceling Subscription Rights

Mitsubishi Corporation shall, at any time, be permitted to acquire, without
compensation, and cancel subscription rights.



(8)        Limitations on Transfer of Subscription Rights

The approval of the Board of Directors is required to transfer subscription
rights.



(9)        Adjustments to the Number of Shares Granted and Exercise Price

(1)  In the event that Mitsubishi Corporation splits or consolidates its common
stock, the Number of Shares Granted and Exercise Price shall be adjusted
proportionately based on the stock split or consolidation ratio. Fractions of a
share resulting from this adjustment shall be discarded, and fractions of a yen
shall be rounded up to the nearest yen.

(2)  When for unavoidable reasons it is necessary to adjust the Number of Shares
Granted and Exercise Price, such as in the event that Mitsubishi Corporation
reduces its capital, merges or is split up, Mitsubishi Corporation reserves the
right to adjust the Number of Shares Granted and Exercise Price within
reasonable limits.

(3)  In the event that Mitsubishi Corporation issues new shares or redeem,
retire or dispose of its own shares at a price below the market price (excluding
subscription rights relating to treasury or warrant stock options and the
exercise of subscription rights in accordance with the former Japanese
Commercial Code), the Exercise Price shall be adjusted in accordance with the
following formula. Fractions of a yen resulting from this adjustment shall be
rounded up to the nearest yen.



Adjusted Exercise price =  Pre-adjustment Exercise price * (A) / (B)



(A)   = No. of shares already issued + (No. of newly Paid-in price issued shares
 per new share) / Market price

(B)    = No. of shares already issued + No. of newly issued shares





Note: In the above formula, No. of Shares Already Issued shall be defined as the
number of shares of common stock issued and outstanding less the number of
shares held in treasury. In the event that Mitsubishi Corporation redeem, retire
or dispose of its own shares, No. of Newly Issued Shares shall be read as
Treasury Stock Retired.



3.      Subscription Rights Agreement

The number of subscription rights allotted to Eligible Persons, the Issue Date,
conditions in the event that an Eligible Person loses his/her position or dies,
and other conditions connected with the allotment of subscription rights shall
be stipulated in a subscription rights agreement signed by Mitsubishi
Corporation and Eligible Persons based on resolutions of the General Meeting of
Shareholders and Board of Directors.



Note: Subject to approval at the fiscal 2003 (year ended March 2003) ordinary
General Meeting of Shareholders scheduled for June 27, 2003, the specific
details of the issue and allotment of subscription rights shall be determined by
a Board of Directorsf meeting after the General Meeting of Shareholders.



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