Mitsubishi Corporation Announces Requirements for Outside Directors and Outside Corporate Auditors.

Tokyo, Japan, Mar 16, 2007 - (JCN Newswire) - Mitsubishi Corporation  (MC; TSE:8058) is continuously strengthening its management system as a key initiative in its medium-term management plan INNOVATION 2007, which is based on the theme of "Opening Up A New Era." As part of this drive, ongoing efforts are being made to reinforce and improve the corporate governance structure such as by increasing the number of outside directors and outside corporate auditors. Recently, MC put into writing its stance regarding the selection of these directors and corporate auditors in the form of qualification standards, as detailed below.

These standards were approved by a resolution of an ordinary meeting of the Board of Directors held on March 16, following discussions in the Governance Committee, an advisory committee to the Board.

Selection Criteria for Outside Directors and Outside Corporate Auditors

1. MC's Basic Stance Regarding Corporate Governance

(1) Anchored by a corporate philosophy founded on its Three Corporate Principles (Corporate Responsibility to Society, Integrity and Fairness, and International Understanding through Trade), Mitsubishi Corporation (MC) continuously enhances its management base in a drive to attain sustainable medium- and long-term growth. To this end, MC views the continued strengthening of corporate governance, along with the development of a system of internal controls, as a priority issue for management.

(2) MC views the development of an effective corporate governance framework as a vital task, irrespective of the specific system or format. Accordingly, MC has adopted the corporate auditor system and, in addition to its statutory bodies and governance framework, has adopted the selection of outside directors and established an executive officer system and advisory committees to the Board of Directors. Through these and other bodies, MC is committed to improving and bolstering corporate governance.

(3) MC's outside directors and corporate auditors respectively play major roles in realizing effective corporate governance. Outside directors enhance appropriate decision-making and management oversight functions for the Board of Directors, while

outside corporate auditors improve both the neutrality and independence of the corporate auditor system.

2. Selection Criteria for Outside Directors

(1) Outside directors are elected from among those individuals who have an eye for practicality founded on a wealth of experience as corporate managers, as well as an objective and specialist viewpoint based on extensive insight regarding global conditions and social and economic trends. Through their diverse perspectives, outside directors help ensure levels of decision-making and management oversight appropriate to the Board of Directors.

(2) To enable outside directors to fulfill their appointed task, attention is given to maintaining their independent stance; individuals incapable of preserving this stance will not be selected to serve as outside directors.

(3) MC operations span a broad range of business domains; hence there may be cases of conflict of interest stemming from business relationships with firms home to the

corporate managers appointed as outsider directors. MC copes with this potential issue through the procedural exclusion of the director in question from matters related to the conflict of interest, and by preserving a variety of viewpoints through the selection of numerous outside directors.

3. Selection Criteria for Outside Corporate Auditors

(1) Outside corporate auditors are selected from among individuals possessing a wealth of knowledge and experience across various fields that is helpful in performing audits. Neutral and objective auditing, in turn, will ensure sound management.

(2) To enable outside corporate auditors to fulfill their appointed task, attention is given to maintaining their independent stance; individuals incapable of preserving this stance will not be selected to serve as outside corporate auditors.

Overview of the Governance Committee

The Governance Committee was established in July 2001. Its remit is to discuss issues related to corporate governance and provide its opinions to the Board of Directors to strengthen the oversight function of the Board. Issues discussed by the Committee include MC's governance framework and governance issues arising from legislative amendments.

About Mitsubishi Corporation

Mitsubishi Corporation (TSE: 8058)(UK: MBC)(US: MSBHY) is one of the world's most diverse enterprises, and Japan's largest sogo shosha, or trading company. Mitsubishi Corporation has decades of experience doing business around the world, experience that has made it more than just a leader in international trade. The company's extensive network and wide-ranging activities give it a decisive edge in gathering the timely, accurate market information vital to success. The company's seven business groups--New Business Initiative, IT & Electronics Business, Fuels, Metals, Machinery, Chemicals and Living Essentials--work closely with clients to develop new business opportunities. Project coordination, sourcing of raw materials, capital investments and development of sales channels are just a few of the ways Mitsubishi Corporation creates value for business partners, customers and shareholders.

Source: Mitsubishi Corporation

Contact:

Sadanobu Takemasu
Public Relations Office
Mitsubishi Corporation
Tel.: [phone]
Fax.: [phone]

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