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ANNUAL REPORT 2011

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DISCOVERING OUR POTENTIAL

To Our Stakeholders

It is my pleasure to write to you in our annual report for the year ended March 2011.

Let me begin by expressing my heartfelt condolences to people who lost loved ones and were affected in other ways by the Great East Japan Earthquake. Efforts to recover and rebuild after this massive disaster will almost certainly stretch out for years. Through our businesses, we are determined to play a part in Japan's economic recovery. At the same time, we have established the Mitsubishi Corporation East Japan Earthquake Recovery Fund with a contribution of ¥10.0 billion to offer support from many angles over the crucial next several years. In these and other ways, we are working across the company to provide relief and support to stricken areas.

The past year was a pivotal year for Mitsubishi Corporation (MC) with changes in top management. I took over as president in June 2010 and the following month unveiled a new medium-term management plan for the three-year period through March 2013. In the sense that we launched a new management policy and moved to achieve its goals, the year ended March 2011 was a period of profound change indeed.

The new medium-term management plan's overarching goal is to create sustainable corporate value while helping solve global problems through our various businesses. In this way, we will meet the expectations of all stakeholders, including our customers, employees, shareholders, creditors, society and our planet. At Mitsubishi Corporation, we are committed to creating societal and environmental value, as well as economic value to ensure our perpetual existence and strengthen our competitiveness as a company. One way we are demonstrating this commitment is through our participation in the UN Global Compact, which we joined in 2010.

Since the launch of our latest medium-term management plan, I have held lively discussions with business groups as the basis for deciding on specific growth strategies, investment plans and other actions to achieve our goals. In fact, I see the year ending March 2012 as a year of action. We will move with a sense of speed to grow businesses that underpin our growth while creating new earnings streams.

Our operating environment remains filled with uncertainty. The Japanese economy is still feeling the impact of the Great East Japan Earthquake. Globally, emerging markets grow unabated, while in industrialized economies, lingering financial instability in Europe, among other factors, clouds the outlook. Pro-democracy movements across the Middle East are also having an impact on governments and economies worldwide.

Despite these uncertainties, we will act and take on challenges without fear of failure to create sustainable corporate value. We want to carve out a profound presence through our businesses.

July 2011
Ken Kobayashi, President and CEO

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