Pension Fund
01 Octobre 2003 - 1:12PM
UK Regulatory
RNS Number:4015Q
Mitsubishi Corporation
01 October 2003
Translation of report filed with the Tokyo Stock Exchange on October 1, 2003
October 1, 2003
Notice Concerning Transfer of the Substitutional Portion of
the Pension Fund of Mitsubishi Corporation
Mitsubishi Corporation wishes to advise that on October 1, 2003 it applied for
permission to be exempted from future benefit obligations of the welfare pension
plan. This follows a resolution passed by the Representative Committee of the
Pension Fund of Mitsubishi Corporation on September 18 to transfer the
substitutional portion of the fund to the Japanese government.
Furthermore, Mitsubishi Corporation plans to seek approval to transfer the
substitutional portion relating to past benefit obligations, which is possible
from September 1, 2003, after being exempted from future obligations for the
substitutional portion.
Based on calculations at March 31, 2003, Mitsubishi Corporation estimates that
as a result of the return of the substitutional portion, severance liabilities
of /527.8 billion will be reduced by approximately /90.0 billion. The company
also estimates that plan assets of /309.5 billion will be reduced by
approximately /45.0 billion.
The effect of the return of the substitutional portion on Mitsubishi Corporation
fs earnings is not clear at this stage, as the amount is not fixed yet.
# # #
Forward-Looking Statements
The statements included in this release contain forward-looking statements about
Mitsubishi Corporation's future plans, strategies, beliefs and performance that
are not historical facts. Such statements are based on the company's assumptions
and beliefs in light of competitive, financial and economic data currently
available and are subject to a number of risks, uncertainties and assumptions
that, without limitation, relate to world economic conditions, exchange rates
and commodity prices. Accordingly, Mitsubishi Corporation wishes to caution
readers that actual results may differ materially from those projected in this
release.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUUGWUUUPWGGG