The Execution of the 7th Mid-term Management Plan

The Mitsuba Corporation will begin to execute its next Mid-term Management Plan from April 2005. Details about the plan and its execution are as follows.

December 24, 2004


*Outline of the 7th Mid-term Management Plan

1.	Perception of the environment
	In the midst of our anticipation of a gradual increase in the activities of automobile manufacturers throughout the world, the Mitsuba Corporation is also anticipating an increasingly severe competition among these global automobile manufacturers and the manufacturers of automobile parts as well. In light of this perception, we are also anticipating a rapidly increasing demand for research and development activities designed to deal with environmental problems, responses with regard to safety problems, demands for the development of products offering higher performance at lower costs, as well as responses and proposals for next generation technology. In our pursuit of higher levels of quality, corporate obligations with regard to product assurance also continues to grow. Furthermore, a four-hub production and supply system and the localization of developmental activities are bound to continue making more progress. As a global player, it is safe for us to assume that the necessity of our achieving an assured position in this field of endeavor will continue to increase. With this in mind, it is our intention to carry out this Mid-term Management Plan.
2.	Period Covered by the 7th Mid-term Management Plan
	Mitsuba Corporation's 61st 63rd Term (April 2005 March 2008)
3.	Slogan
	"Corporate Appeal through a New Corporate Establishment"
4.	Management Policy(Basic Policy)
	(1) Achieving the confidence of our customers through quality, technology and skill. (2) The realization of victory in global cost competition through the mobilization of group efforts. (3) Continuing to confront challenging the high target with the growth and teamwork among all of our employees.
5.	Goals
	By the final year of the plan (March 2008), we anticipate Consolidated Operating income of 3.7%.
6.	Principal measures
	We consider the following 2 plan categories to be of the utmost importance.
	(1) WING Plan II (business strategy) expansion (2) Management • Constitution Reform plan expansion
	1) WING Plan II (business strategy) We intend to continue and further develop our 6th Mid-term Management Plan (a plan designed to realize synergy with Jidosha Denki Kogyo Co., Ltd. through business strategies that have been designed to elevate our competitive edge in product costs in congruence with growth strategies aimed at future corporate growth). The contents of this plan call for progress in the maintenance of profit management systems, the enhancement of prime cost planning activities, the promotion and development of new products and new technologies, the enhancement of our manufacturing foothold systems, etc. * "WING Plan" is an intra-company appellative intended to signify the concepts of "Global", "Group", "Growth" and "Win". 2) Management • Constitution Reform Policy This plan, based upon the concept that "company constitution = organizational constitution individual constitution" is a long-term policy that we intend to continue and expand. The contents of this plan call for efforts directed towards overall constitutional reform from all corporate aspects through the elevation of management quality and product quality, the construction of a system of governance, and the establishment of an efficient personnel system capable of fully utilizing the potential of our valuable organizational and personnel assets.
7.	Organizational Control
	In order to reinforce our group management activities, a Group Management Planning Department (tentative name) is to be established. We also plan to introduce a system that recognizes the officers in charge of affairs in Transportation Equipment-related Operations in order for business strategies to be carried out effectively and efficiently in our efforts to clearly define profit responsibility.
8.	Policies for Each Individual Management (Administration) Function
	1) Sales In response to the ever-widening global constitution of our customers, we intend to operate on a CS (Consumer Satisfaction) base in which expanded sales promotion for individual businesses and individual areas are being prepared and carried out. 2) Research & Development Through the introduction of new development process flow, development activities can be accelerated and quality can be elevated as we strive to achieve profit reforms. Also, through increased sophistication and cost competitiveness, we should be able to proceed with confronting the challenges of next generation products and the important elements of a technology for the future. 3) Production Through constitutional reforms leading to the achievement of universal levels of quality for each product and the construction of a joint production preparation system, through the realization of a vertical start of production, a shortening of lead time, we are looking forward to major reforms in our profits.

* For inquiries concerning this subject, please contact:
Mr. Noriyoshi Tabata, General Affairs Department, Public Relations Section, Mitsuba Corporation,
Email:koho@mitsuba.co.jp

page top

TPM Recognition for Excellence Award

We are pleased to announce at this time that the Mitsuba Akagi Plant and the Mitsuba Onishi Plant are scheduled to receive Class 1 TPM Recognition-for-Excellence Awards at the Japan Institute of Plant Maintenance (Foundation) PM Recognition for Excellence Awards presentation ceremonies for fiscal year 2004.

Details are as follows:

November 16, 2004

1.	Award Presentation Ceremonies:
	Time: Friday, December 17, 2004, from 14:30 Place: Pacifico Yokohama 1-1-1 Minatomirai Nishi Ward, Yokohama City Kanagawa Pref. Japan
2.	Details of the awards to our company:
	1) Awards & Recipients • Akagi Plant / Class 1 TPM Recognition-for-Excellence Award • Onishi Plant / Class 1 TPM Recognition-for-Excellence Award 2) Activities & Evaluation Points Akagi Plant By aiming towards the production of a manufacturing base during those days designated as the TPM foundation period, and through the promotion of participation among all employees, the goal is to encourage increased feelings of "profiting through TPM" and "benefiting through TPM". With regard to independent preservation activities, the goal is the realization of an extension of inspection cycles through the creation of patterns and QA matrices in order to establish a preservation mode for all equipment and parts. Also, in terms of quality preservation, by creating a 6-step pattern and QA matrices, it is possible to realize an extraordinary improvement in overall quality losses. Onishi Plant Through the participation of all employees, and by establishing a base of independent preservation activities dedicated to the "independent preservation of equipment by ourselves", we hope to achieve the 8 pillars of TPM activities. Moreover, by employing a range of production reform activities, and by defining the "futility of movement which denies any changes in personnel and equipment", improvements designed to minimize ultimate losses can be developed which will help to achieve the creation of a foundation designed to elevate quality and manufacturing technology.
3.	Results achieved through these activities
	Akagi Plant • Total loss reduced by 90% (over 4 years) • Poor quality of delivery BM contrast reduced by 90% • Total equipment efficiency over 85% • Cases of equipment failure reduced by 94% • Inventory reduced by 40% Onishi Plant • Total loss BM contrast reduced by 50% • Poor quality of delivery BM contrast reduced by 90% • Total equipment efficiency over 88% • Closures due to calamity still 0 (after 4 years) * BMÅcBench Mark
4.	Progress of TPM Activities
	For reference, information is included with regard to awards received by other plants as well. 1986 TPM activities initiated (within our company) Sep. 1998 Class 1 TPM Recognition-for-Excellence Award presented to Niisato Plant Apr. 2000 Onishi Plant accepts the TPM Challenge and activities are initiated. Sep. 2001 Akagi Plant accepts the TPM Challenge and activities are initiated. Nov. 2001 Class 1 TPM Recognition-for-Excellence Award • Continuation Award presented to Niisato Plant, Class 1 TPM Recognition-for-ExcellenceÅ@Award presented to Tone Plant Apr. 2002 TPM Challenge Award presented to Akagi Plant Jun. 2002 TPM Challenge Award presented to Onishi Plant May. 2003 Akagi Plant and Onishi Plant initiate activities directed towards receiving the TPM Recognition-for-Excellence Award Nov. 2003 Niisato Plant receives the TPM Special Award, Tone Plant receives the Class 1 TPM Recognition-for-Excellence Award • Continuation Award, Mitsuba-Walbro Excellence Award Oct. 2004 Main inspections for the TPM Recognition-for-Excellence Awards are carried out at Akagi and Onishi Plants. Nov. 2004 Class 1 TPM Recognition-for-Excellence Award presented to Akagi and Onishi Plants.
5.	Future Activities:
	In order to survive in the face of progressively severe environmental changes, we hope to be able to achieve manufacturing technology and a management constitution that will be accepted throughout the world through the further expansion, maturation and globalization of our TPM activities.

* For inquiries concerning this subject, please contact:
Mr. Noriyoshi Tabata, General Affairs Department, Public Relations Section, Mitsuba Corporation,
Email:koho@mitsuba.co.jp

page top

ISO 9001 Certification acquisition

The International Standardization Organization's ISO 9000 certification is a basic requirement for any company that intends to carry out its business activities on a global scale. In order to successfully execute the reconstruction of quality systems within our group, the Mitsuba Corporation continues to promote activities that lead towards this certification among the companies that are a part of the Mitsuba Group. We would like to take this opportunity to announce that our affiliated company in Brazil, Mitsuba do Brasil Ltda., has recently acquired ISO 9001 certification in accordance with the ISO 9001-2000 edition for standards that meet up with international standards for guaranteed quality.

Details are as follows:

November 1, 2004

* For inquiries concerning this subject, please contact:
Mr. Noriyoshi Tabata, General Affairs Department, Public Relations Section, Mitsuba Corporation,
Email:koho@mitsuba.co.jp

page top

Transfer of the Atsugi Office

Please note that our Atsugi Office, one of the Mitsuba Corporation sales offices located in Atsugi, Kanagawa, will be moving to a new location in Yokohama.

Details are as follows:

October 28, 2004

* For inquiries concerning this subject, please contact:
Mr. Noriyoshi Tabata, General Affairs Department, Public Relations Section, Mitsuba Corporation,
Email:koho@mitsuba.co.jp

page top

The Establishment of a Development Base in Vietnam

In the past, the headquarters of the Mitsuba Corporation has continued to assume the leading role in the global development activities for the Mitsuba Group. We are pleased to announce at this time that Mitsuba has recently decided to establish a development base in Vietnam and for this base to assume a major role in handling global development business endeavors for our group. It will serve as our first base establishment as an independent development business corporation and with its developmental operations capacity, it becomes our 4th base of operations in the world.

The following is an outline of the steps that led to this establishment.

September 24, 2004

1.	Background of the Establishment:
	Since our company will continue to strive for further global development expansion in the future, it was felt that the establishment of such a corporation would correspond to our needs by taking full advantage of the proximity of local makers for rapid responses and deliveries and, at the same time, advance our global development business opportunities. This led to the establishment of this development base in Vietnam.
2.	Corporate Outline:
	(1) Corporate Name: MITSUBA VIETNAM TECHNICAL CENTER (2) Address: Saigon Riverside Office Center, No 2A-4A Ton Duc Thang Street, District 1, Ho Chi Minh City (3) Date of Establishment: September 14, 2004 (4) Date of Initial Operations: October 1, 2004 (proposed) (5) Capital Investment: USD1,000,000(100% from Mitsuba) (6) No. of Employees: 14 (7) Representative: Tsutomu Akiyama, president (currently general manager of our Development Planning Dept.) (8) Business activities: 1) responsible for a certain portion of activities in the Mitsuba (Japan) Development Division (preparation of drawing plans, etc.) 2) support of local manufacturing bases 3) local products development (9) Customers: Mitsuba Development Division (Japan), Mitsuba M-tech Vietnam Co., Ltd. (10) Projected sales volume: Plans call for USD51,000 in 2004 target Goals are for USD262,000 in 2005 (11) Capital investment of USD380,000 in 2004
*	The following is a list of our operations in Vietnam for your reference.
	An outline of Mitsuba M-tech Vietnam Co., Ltd. • Corporate Name: Mitsuba M-tech Vietnam Co., Ltd. • Location: Long Binh Techno Park, Bien Hoa City, Dong Nai Province, Vietnam • Established: August, 1997 • Capital investment: VND42,569,558,000 (JPY295, 000,000) • Representative: Masanori Shoji, president • Products manufactured: starters, ACG, horns, relays, wire harnesses, etc.

* For inquiries concerning this subject, please contact:
Mr. Noriyoshi Tabata, General Affairs Department, Public Relations Section, Mitsuba Corporation,
Email:koho@mitsuba.co.jp

page top

ISO14001 Certification acquisition of a Mitsuba Group company

ISO14001 certification has become a fundamental requirement for any enterprise involved in carrying out corporate activities. Mitsuba continues to promote advanced activities designed to result in the acquisition of this certification. Our guiding force in these activities is the construction of a management system that is extremely sensitive to our environment. We are extremely pleased to be able to announce that another member of the Mitsuba group has recently acquired ISO 14001 certification.

The following is an outline of the steps that led to this certification.

August 31, 2004

* For inquiries concerning this subject, please contact:
Mr. Noriyoshi Tabata, General Affairs Department, Public Relations Section, Mitsuba Corporation,
Email:koho@mitsuba.co.jp

page top

The Formulation of Mitsuba's Green Purchasing Guidelines

Over the years, our company has continued to promote the concept of Green Purchasing. We are extremely pleased to be able to announce at this time the "Formulation of Mitsuba's Green Purchasing Guidelines". The following is an outline of the steps that led to this formulation.

August 19, 2004

1.	The background of the "Formulation of Mitsuba's Green Purchasing Guidelines".
	Currently, the very existence of any company depends heavily upon its assuming a sensible approach towards the environment in its activities and products. Now that companies in Europe must abide by the EU End of Life Vehicle Directives, automobiles manufactured with parts that contain even minute quantities of hazardous chemical substances cannot be sold on the market and violators of these directives are subject to severe penalties. Also, as environmental awareness continues to increase among consumers, a company's products as well as its corporate attitude are rigorously evaluated upon its response to the environment. At Mitsuba, over the years we have continued to make efforts designed to reduce the burden of our company's products on the environment, but without the cooperation of our suppliers, we had little success in realizing any significant results. It is this lack of success, however, that has led us to achieve the formulation of our Green Purchasing Guidelines with regard to chemical substances thanks to the cooperation of our suppliers, and we are extremely pleased to be able to make this announcement public today.
2.	An Outline of the Mitsuba Green Purchasing Guidelines
	The Mitsuba Green Purchasing Guidelines are based upon our company's "Efforts to Grapple with Environmental Problems", the "Green Purchasing Philosophy" and "Request Categories for Suppliers" The Green Purchasing Philosophy Basic Principles Our company has carried out an evaluation of our customers' conventional Quality (Q), Cost (C) and Delivery (D) indices. At this time, however, we have decided include an additional Environment (E) index in response to the evolution of Green Purchasing. Establishment of Evaluation Standards We have set up a list of standards, which include "Green Purchasing Evaluation Standards", and "Environmental Management Systems Evaluation Standards". Request Categories for Suppliers Requests are made with regard to "Environmental Burden Substance Surveys", "Declaration of Conformity with Regard to Materials Evaluation", and the "Execution of Reports and Self-evaluations on Conditions for the Establishment of Environmental Management Systems". Regulation List for Chemical Substances Our program prepares and distributes a "Regulation List for Chemical Substances <Fundamental Chart>", a "Regulation List for Chemical Substances <Details>", an "ELV Approved Parts List" and a list of "Related Laws and Regulations".
3.	Date of Establishment
	On July 27, 2004, we established the Green Purchasing Guidelines. On July 29, 2004, we held a meeting and explained these Guidelines to 202 of our suppliers.
4.	Future Plans
	In the future, in order for us to provide an appropriate response to further reinforced environmental laws, we intend to be able to provide our customers with "green" (environmentally friendly) products by implementing renewed lists of regulated chemical substances.

* For inquiries concerning this subject, please contact Mr Noriyoshi Tabata of the General Affairs Department, Public Relations Section
Email:koho@mitsuba.co.jp

page top

Introduction of a Co-generation System in the Tone Plant

Ever aware of the importance of environmental problems for the management of our company, Mitsuba continues to promote a wide range of conventional activities geared towards confronting these problems. At this time, we are pleased to announce the introduction of a co-generation system in our Tone Plant, located in Shirasawa-mura, Tone-gun. We also plan to hold an opening ceremony to commemorate this development.
Details are as follows:

June 21, 2004

1.	Progress that led to this introduction
	As the environmental problems we face today continue to increase in severity, responsible companies must give top priority to activities designed to lessen the burden on our environment. We have taken it upon ourselves to promote activities that deal particularly with the pressing issue of reducing carbon dioxide exhaust emissions. Our response to the fact that our Tone Plant, the second of our company's four plants, has been recognized as consuming an excessive amount of electricity, was to designate this plants as a Type 2 Energy Management factory and introduce a co-generation system to increase energy efficiency.
2.	The system, the building and facilities
	Outline of the system Heavy oil and fuel are used to operate the power generators on the grounds of the Tone Plant. Along with the generation of electricity, waste energy is utilized to operate cooling and heating units in factory buildings. The installation of this facility will make it possible for the Tone Plant to cover 80% of its electricity through energy generated on the site. Outline of the buildings ÅE lot area 240 ÅE iron framework one-story building (total floor area)Å@130 Outline of the facilities ÅE generators (495kw) 3 units ÅE suction type cold & hot water generator 1 unit
3.	Initial operations
	July 1, 2004
4.	Facility investment
	Approximately JPY300,000,000
5.	Anticipated results
	ÅE Annual reductions of carbon dioxide emissions at the Tone Plant of approximately 500t. ÅE Reductions in electricity purchases and effective utilization of waste energy leading to total annual cost reductions of approximately JPY22,000,000. ÅE Assurance of electrical power for production activities generated on site during emergency power shortages.
6.	Future plans
	After confirming the effectiveness of the system at the Tone Plant, plans call for similar facilities to be introduced at our other sites.
7.	Opening ceremony for the cogeneration system
	time Wednesday, June 30, from 10:00 to 11:30 A.M. place Mitsuba Tone Plant 300 Oai Oaza, Shirasawa-mura, Tone-gun, Gunma program ÅEInitial firing ceremony ÅEtape cut ÅEspeeches from honored guests ÅEan explanation and tour of the facilities, etc.

* For inquiries concerning this subject, please contact Mr Noriyoshi Tabata of the General Affairs Department, Public Relations Section
Email:koho@mitsuba.co.jp

page top

Announcement regarding Equity-Swap Agreement

We, MITSUBA Corporation ("MITSUBA") and Jidosya Denki Kogyo Co., Ltd. ("JIDECO") are pleased to announce that both companies have signed an "Equity-Swap Agreement" after approvals were given by each company's board for converting JIDECO to MITSUBA's wholly-owned subsidiary through an equity swap, held on May 12, 2004. The details of the equity swap are as follows:

May 12, 2004

* For inquiries concerning this subject, please contact Mr Noriyoshi Tabata of the General Affairs Department, Public Relations Section
Email:koho@mitsuba.co.jp

page top

Mitsuba Wins Fuel-cell Vehicle Race

We are proud to announce that the MITSUBA Team carried out another outstanding performance in the second round of the WEM-GP, the World Econo Move in Ogata, held on Monday, May 3, and Tuesday, May 4 in the village of Ogata in Akita Prefecture. Our team won first prize in the Fuel-cell Division, establishing a new record by winning 2 years in a row. The team also came in 9th in the Lead Acid Storage Battery Division of the second round of the 2004 WEM-GP.
Details of the race are as follows:

May 11, 2004

1.	The Contest
	Name: 2004 World Econo Movement (WEM-GP, 2nd Round, in Akita) Promoters: World Econo Move Executive Committee Support: Clean Energy Alliance Venue: Ogata Village Solar Sports Line, Akita Prefecture Races: 1. Fuel-cell Division 2. Lead Acid Storage Battery Division (2004 WEM-GP, 2nd Round)
2.	Fuel-cell Division
	Competition: Hydrogen-storing alloy cylinders distributed by the Econo Move Headquarters were installed to guarantee equal conditions for all competitors as they competed for total distance within a 2-hour time limit. Competitors: 13 vehicles
3.	Lead Acid Storage Battery Division
	Competition: Batteries distributed by the Econo Move Headquarters were installed to guarantee equal conditions for all competitors as they competed for total distance within a 2-hour time limit. Competitors: 86 vehicles
4.	The Mitsuba Team
	Team Name: Team "Yoishoto!" Mitsuba Members: 12 (led by Saito Katsuhiko) Vehicle name: [Fuel Cell Division] * USO 800 predecessor * The Car: Length: 284 cm, width: 79 cm, height: 55 cm, weight: 16 kg, frame: ROHACELL + carbon fiber monocock, with three wheels. * Loaded with a new, original DD (direct drive) motor using an amorphous core. * Utilizes a hollow fiber membrane hydrogen humidification system to increase the fuel cell temperature and achieve the operation in high efficiency range and the control of dryout decline at the same time. Vehicle name: [Lead Acid Storage Battery Division] * Hyper USO 800 * The Car: Length: 300 cm, width: 65 cm, height: 51 cm, weight: 20 kg, frame: semi- monocock (carbon fiber + alamido honeycomb), with three wheels. * Utilizes an original "in-wheel D-D" (direct drive motor) loaded with an amorphous core. * Employs a new, lightweight controller.
5.	Race results
	[Fuel Cell Division]
	Order team name car name distance covered (m) 1st place: Team "Yoishoto!" Mitsuba USO 800 predecessor 56,059.50 2nd place: NEO-EVER-BLUE Aqua 55,813.50 3rd place: Team DAIDO WING 04 49,254.50 4th place: Tochigi Prefectural Utsunomiya Industrial H.S. UK-hope 04 40,000.80 5th place: Nakanihon Automotive College Manbo Smash 34,045.20 6th place: Miyagi National College of Technology NURSERY 27,887.70
6.	Comments from Mitsuba regarding the race
	With the final race cancelled due to rain, the results of the preliminary races were utilized to determine the final results. The Mitsuba team won the Fuel Cell Division race last year, finishing far ahead of all other teams. This year, however, was a close match with the 2nd team whose pursuit was relentless. Our team completed the race with optimum fuel efficiency since all of the allotted hydrogen was used up within the designated time limit. We finished 9th in the Lead Acid Storage Battery Division despite certain difficulties that were brought on by the use of new, modified tires. These tires experience excessive resistance and their compatibility with the vehicle left much to be desired. It was unfortunate that the final race was cancelled due to rain since we intended to use different tires. The next competition will be the 2004 W.E.V. in Sugo, held on August 21. We are planning to fully prepare for the competition with thorough preliminary tests for the new motor technology we are considering.
	The victorious USO 800 predecessor
*	World Econo Move Grand Prix
	The World Econo Move Grand Prix is a series of closely coordinated events and competitions held throughout Japan over the course of the year. The objective of the movement is to advance the technology of electrically powered automobiles and to promote further developments in various competitions. This year, a total of 6 major events are to be held. The following is a list of the Åe04 WEM-GP competitions being held.
	Location Event Date 1st Round Koto Eco Car Festa 2004 Apr.10-11 2nd Round Ogata '04 WEM May.3-4 3rd Round Sugo 2004 W.E.V.C. in SUGO Aug.21-22 4th Round Toyota 2004 WEM in Toyota Sep.3 and 5 5th Round Shirahama 8th EV Enjoy Trial in Shirahama Oct.30-31 6th Round Kota EM YRP Challenge Cup Nov.13-14
*	Further information regarding this race is available on the following websites:
	World Econo Move Grand Prix 2004 official website http://www2.ogata.or.jp/wem/wemgp/04wemgp/04wemgp.htm 2004 World Econo Move official website http://www2.ogata.or.jp/wem/04wem/04wem.htm Team "Yoishoto" Mitsuba website http://yoishot.hp.infoseek.co.jp/

* For inquiries concerning this subject, please contact Mr Noriyoshi Tabata of the General Affairs Department, Public Relations Section
Email:koho@mitsuba.co.jp

page top

The Management Integration between the Mitsuba Corporation and Jidosha Denki Kogyo (Co., Ltd.)

The following is an announcement with regard to the initiation of considerations for the establishment of a management integration relationship between the Mitsuba Corporation and the Jidosha Denki Kogyo Co., Ltd. (hereinafter: Jideko). Details are as follows.

April 2, 2004

* For inquiries concerning this subject, please contact Mr Noriyoshi Tabata of the General Affairs Department, Public Relations Section
Email:koho@mitsuba.co.jp

page top

PersonnelÅ@officialÅ@announcement

At the March 24, 2004 meeting of the board of directors, personnel matters dealing with operating officers were determined. These appointments will go into effect as of April 1, 2004. The appointments are as follows:

March 24, 2004

* For inquiries concerning this subject, please contact Mr Noriyoshi Tabata of the General Affairs Department, Public Relations Section
Email:koho@mitsuba.co.jp

page top