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FY2006 Third Quarter Financial Results




    Mitsubishi Motors Corporation
           February 6, 2007
                                                                                                              1
 FY2006 3Q Summary (9 month cumulative)
                                                                                (100 million Yen/000 units)

                                                                                                 FY06
                                               FY05 3Q         FY06 3Q                      Oct 30, ’06
                                               (Apr-Dec ’05)   (Apr-Dec ’06)   Change        Full-year
                                                                                              forecast

 Revenue                                        15,296          15,441           +145          22,300


 Operating Income                                   -182               64        +246              430


 Ordinary Income                                    -338              -64        +274              210


 Net Income                                         -681            -118         +563               80



 Unit Volume (Retail)                                985             899            -86          1,322


Note: Unit volume figure excludes OEM volume
                                                                                                                     2
 FY2006 3Q Summary (Progression by quarter)
                                                                                       (100 million Yen/000 units)

  FY06 3Q (Oct-Dec ’06)                                 Net income returned to black
                                               FY06 1Q         FY06 2Q FY06 3Q                    FY06 3Q
                                               (Apr-Jun ’06)   (Jul-Sep ’06)   (Oct-Dec ’06)     (Apr-Dec ’06)


  Revenue                                         4,839           5,215           5,387            15,441

  Operating Income                                    -68              13            119                  64

  Ordinary Income                                   -122              -10              68                -64

  Net Income                                        -151              -10              43              -118

  Unit Volume (Retail)                               292             307             300                899
Note: Unit volume figure excludes OEM volume
                                                                                                                 3
 FY2006 3Q Regional Unit Volume (Retail base)

                 Japan               North America          Europe         Asia & Others         Total
         FY06 3Q results: year-on-year change
               +7                  +2                          +11               -106             -86
         (000 units)                                                                         985
          Upper portion:3Q                                                 506
          Middle portion:2Q                                          206                                899
          Lower portion:1Q                               195
                                                                                             326
                        170                                                167      400                 300
             163                                          64         64

       3Q     55         56             121     123                                 141
                                                                                             333
                                         40      39                        168                          307
                                                          65         71
       2Q     60         62                                                         132
                                         40      42
                                                          66         71    171      127      326        292
       1Q     48         52              41      42

            FY05       FY06            FY05     FY06     FY05     FY06     FY05     FY06     FY05       FY06
             3Q         3Q              3Q       3Q        3Q       3Q       3Q       3Q       3Q         3Q
            Actual     Actual          Actual   Actual   Actual   Actual   Actual   Actual   Actual     Actual
Note: Unit volume figure excludes OEM volume
                                                                                               4
Analysis of Operating Income (vs. FY2005 3Q)
                                                                             (100 million Yen)

     FY05 3Q                                                            FY06 3Q
                       Improvement of 24.6 billion Yen
      Actual                                                             Actual


                                                                         +64
                               Forex Booking Rate (Yen)
                                          ‘05 3Q ‘06 3Q      +137
                                    USD    112    116
                                    EUR    137    148                   - Financial service
                                                                                operations:
                                                                                       +127
               Japan:        +33
                                                                        - Cost reductions &
       -182    North America: +46                         Cost Reduc.                 other:
                                                            & Other                     +10
               Europe:         -7
                                                 +94
               Asia & Others: -80


                  -8
                                +23              Forex
                Vol/Mix       Selling
                             Expenses
                                                                                                                                                                    5
    FY2006 3Q Non-operating and Extraordinary Income
                                                                                                                                        (100 million Yen)

                                                       FY05 3Q                    FY06 3Q                      Change
                                                      (Apr-Dec ’05)               (Apr-Dec ’06)



     Operating Income                                          -182                             64                 +246
                                                                                                                                    • Interest Exp. +21
            Non-operating                                          -156                       -128                      +28         • Others               +7
               Income

      Ordinary Income                                          -338                           -64                  +274             • Asset Impair. +195
                                                                                                                                    • Restruc. Charges
                                                                                                                                                             +32
     Extraordinary Income                                          -343                         -54                  +289           • SPE Related             +70
            & Tax
                                                                                                                                    • Pension Related
                                                                                                                                                             +19
             Net Income                                        -681                       -118                     +563             • Others                  -27


Notes: Interest Exp.: Higher interest income                                      SPE Related: Gain related to the dissolution of a special purpose entity
       Asset Impair.: Lower asset impairment charges than those taken in FY05     Pension Related: Gain from accounting change for retirement payments to execs
       Restruc. Charges: Non-reoccurence of restructuring charges taken in FY05
                                                                    6
Balance Sheet
                                                    (100 million Yen)



                            Mar 2006   Dec 2006   Change

  Total Assets              15,576     16,945     +1,369
    Cash & Equivalents         2,590      2,847     +257
    Inventories                2,579      3,519     +940

  Total Liabilities         12,763     14,184     +1,421
    Interest-bearing Debt      4,478      4,987     +509

  Net Assets                 2,813      2,761        -52
                                                                                               7
Summary

   FY2006 Third Quarter Results
   Revenue increased, significant improvement in profits and losses
   Revenue increased, significant improvement in profits and losses
            - Steady progress from quarter to quarter -
             - Steady progress from quarter to quarter -
 • Unit volume: Increase in Japan, North America, Europe. Decrease in Asia and Other
                Regions. Overall volume down 9%.
 • Revenue:     Drop in volume offset by increase in built-up vehicle sales and forex gains,
                revenue up year-on-year.
 • Profitability: Cost reductions, improvement in financial service operations, along with
                  forex effects led to operating profitability.
                  Significant improvement in profits and losses at all levels. Net income
                  returned to black in 3rd quarter (Oct-Dec).


   FY2006 Full Year Forecast
   Forecasts unchanged – achieve net profitability
   Forecasts unchanged – achieve net profitability
 • Give first priority to achieve net profitability as market conditions grow in severity.
                         8




Additional Information
                                                                                                                                   9
 FY2006 3Q Regional Unit Volume (Retail base)
                                                                                                                     (000 units)
                 Japan               North America              Europe              Asia & Others               Total
           FY06 3Q Actual               FY06 Forecast       Note: FY2006 forecasts are the values announced in the
          Upper portion :3Q           Upper portion :2H     FY2006 1st Half results announcement on Oct 30, 2006
          Middle portion :2Q          Lower portion :1H
          Lower portion :1Q                                                                                          1,322
                                                                                               573


                        281                                            280
                                                                                                             899       723
                                                                                    400       314
                                                              206
                        167                      188                   138          141                     300
             170
                                                               64
              56                        123      104                                                        307
                                                                                    132
                                         39                    71
                                                                                              259                      599
              62
                                         42                            142
                        114                                                         127                     292
                                                  84           71
              52                         42
            FY06       FY06            FY06      FY06        FY06      FY06         FY06      FY06          FY06      FY06
             3Q       Full-year         3Q      Full-year     3Q      Full-year      3Q      Full-year       3Q      Full-year
            Actual    Forecast         Actual   Forecast     Actual   Forecast      Actual   Forecast       Actual   Forecast
Note: Unit volume figure excludes OEM volume
                                                                                          10
FY2006 3Q Regional Results
                                                                           (100 million Yen)

                             FY05 3Q         FY06 3Q      Change         FY06
                                                                    Oct 30, ’06
                          (Apr-Dec '05)   (Apr-Dec '06)              Full-year
                                Actual          Actual               Forecast
      Revenue                  15,296        15,441         +145      22,300
        - Japan                 3,339          3,461         +122        5,500

        - North America         3,210          3,206           -4        4,700

        - Europe                4,199          4,580         +381        6,200

        - Asia & Others         4,548          4,194         -354        5,900



      Operating Income            -182             64       +246          430
        - Japan                   -539          -433         +106         -350

        - North America           -160               3       +163           50

        - Europe                   175           213          +38          260

        - Asia & Others            342           281          -61          470
                                                                                                 11



All statements herein, other than historical facts, contain forward-looking statements and are
based on MMC’s current forecasts, expectations, targets, plans, and evaluations. Any
forecasted value is calculated or obtained based on certain assumptions. Forward-looking
statements involve inherent risks and uncertainties. A number of significant factors could
therefore cause actual results to differ from those contained in any forward-looking
statement. Significant risk factors include:

• feasibility of each target and initiative as laid out in this presentation;
• fluctuations in interest rates, exchange rates and oil prices;
• changes in laws, regulations and government policies;
• regional and/or global socioeconomic changes

Potential risks and uncertainties are not limited to the above and MMC is not under any
obligation to update the information in this presentation to reflect any developments or
events in the future.

								
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