September 22, 2004 No.1018

MHI to Participate in United Nations Global Compact Initiative

Tokyo, September 22, 2004 - The United Nations accepted a request from Mitsubishi Heavy Industries, Ltd. (MHI) to participate in the international body's Global Compact initiative. Participation means that MHI will now reaffirm its commitment to conduct all business in line with its corporate social responsibility (CSR). To date, more than 1,700 companies and organizations worldwide have joined the initiative; MHI is the 19th to participate from Japan.

In an address to the World Economic Forum in January 1999, United Nations Secretary-General Kofi Annan challenged business leaders to join the "Global Compact," an international initiative officially launched in July 2000 at UN headquarters in New York. The Global Compact seeks participating companies to be part of the solution to the challenges of globalization and to support ten principles* in the areas of human rights, labour, the environment and anti- corruption. Specific activities to support the initiative are left to the discretion of each company. MHI will comply by pursuing the ten principles within its corporate strategy and culture as well as day-to-day operations. In June 2004 MHI superseded its earlier "Environmental Reports" with a more comprehensive "Social and Environmental Report" that details the company's social and environmental contributions through its business activities. The new format was adopted to clarify MHI's resolve to engage in broad dialogue with the global community. Participation in the Global Compact marks the company's renewed determination to carry out that stance. Going forward, MHI will further strengthen its commitment to CSR and conduct business conforming to the initiative's ten principles. It will also take steps to make those principles familiar to all employees, including those at overseas offices and affiliated companies, and will simultaneously make known its undertakings to all stakeholders, including shareholders, investors, customers, business partners, suppliers and the general public. *Note: Originally, Secretary-General Annan proposed nine principles in the area of human rights, labour and the environment. In June 2004, a tenth principle, against corruption, was added. The Ten Principles of the Global Compact Human Rights - Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and - Principle 2: make sure that they are not complicit in human rights abuses. Labour Standards - Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining; - Principle 4: the elimination of all forms of forced and compulsory labour; - Principle 5: the effective abolition of child labour; and - Principle 6: the elimination of discrimination in respect of employment and occupation. Environment - Principle 7: Businesses should support a precautionary approach to environmental challenges; - Principle 8: undertake initiatives to promote greater environmental responsibility; and - Principle 9: encourage the development and diffusion of environmentally friendly technologies Anti-Corruption - Principle 10: Businesses should work against all forms of corruption, including extortion and bribery. # # # About Mitsubishi Heavy Industries Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading global heavy machinery manufacturers, with consolidated sales of 2,593 billion yen (US$21.6 billion) in fiscal 2002 (year ended March 31, 2003). MHI's diverse lineup of products and services encompasses shipbuilding, steel structures, power plants, chemical plants, steel plants, environmental equipment, industrial and general machinery, aircraft, space rocketry and air-conditioning systems. For more information, please visit the MHI website (http://www.mhi.co.jp). PRESS CONTACT: Hideo Ikuno: h.ikuno@daiya-pr.co.jp Tel: +813-6716-5277, Fax: +813-6716-5929 Daiya PR (in charge of public relations for Mitsubishi Heavy Industries, Ltd.)

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