RNS Number:9985M
Mitsubishi Corporation
01 July 2003

Translation of report filed with the Tokyo Stock Exchange on July 1, 2003



                                                                    July 1, 2003

               Notice Concerning Reclassification of a Subsidiary



Mitsubishi Corporation today announced that MI Berau B.V., previously a
consolidated subsidiary, will now be treated for accounting purposes as an
equity-method affiliate. This change in classification follows an agreement
signed today between MI Beraufs shareholders. MI Berau is 56% owned by Diamond
Gas Indonesia B.V., which is a wholly owned subsidiary of Mitsubishi
Corporation, and 44% owned by INPEX CORPORATION (INPEX).



1.      Reason for the Change in Classification

As a result of the shareholders agreement signed today with INPEX, MI Berau
will, effective immediately, become an equity-method affiliate of Mitsubishi
Corporation, although there will be no change in the composition of shareholders
or shareholdings. This change in classification recognizes that, under the terms
of the agreement, Mitsubishi Corporation no longer has sole effective control of
MI Berau because INPEX will participate on equal terms in management of MI
Berau. Important decisions concerning this company, for example, are conditional
upon agreement of both shareholders.



2.      Outline of the Reclassified Subsidiary

MI Berau B.V.

(1) Company name:            MI Berau B.V.
(2) Headquarters:            Rotterdam Bldg. 10th, Aert Van Nesstraat 45 3012 CA
                             Rotterdam, The Netherlands
(3) Date established:        August 14, 2001
(4) Main business lines:     MI Berau holds interests in the Tangguh and Berau
                             blocks in Indonesia, and explores and develops the oil and gas reserves.
(5) Fiscal year-end:         December 31
(6) Capital:                 EUR 596,315,316
(7) Shareholders and holdings:
Diamond Gas Indonesia B.V. (56%)  *wholly owned subsidiary of Mitsubishi
Corporation  
INPEX CORPORATION (44%)
(8) Total assets (As of Dec. 31, 2002): EUR 586,667,063


3.      Effect on Earnings for Fiscal Year Ending March 31, 2004

There will be no revision to U.S. GAAP-based consolidated earnings forecast of
Mitsubishi Corporation released on May 14 this year as a result of this
reclassification.



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