MMC announced the outline "Business Revitalization Plan" in May this year. The Revitalization Committee, formed in June, is now in the final stages of fleshing out strategy and fine-tuning other details of the working version — the "Revitalization Action Plan". Much of the groundwork in the formulation of the action plan has been carried out by a number of cross-functional teams, composed mostly of younger staff, which have worked hand-in-hand with the departments responsible for the areas addressed by the plan.

The decision to delay the announcement of the Action Plan has been made to give the company additional time to refine strategy relating to corporate tie-ups and alliances and to give further consideration to capital enhancement and other initiatives designed to bolster the mid- and long-term financial standing of the company. These additional studies will serve to further stabilize the operations and strengthen the financial base of the company.

MMC is currently receiving wide-ranging support in its revitalization drive from three Mitsubishi group companies — Mitsubishi Heavy Industries, Ltd., Mitsubishi Corporation and the Bank of Tokyo-Mitsubishi — as well as from Phoenix Capital. The decision to postpone the announcement of the Revitalization Action Plan will not affect this support in any way.