Mitsubishi Motors Appoints Finbarr O'Neill Head of North American Operations Tokyo, September 1, 2003 -Mitsubishi Motors Corporation (MMC) today announced that Finbarr O'Neill will become the new chief executive officer and co-chairman of Mitsubishi Motors North America, Inc. (MMNA), effective September 2. "Mitsubishi Motors has built a solid base in North America by improving our brand, consolidating our business operations and expanding our product line. Finbarr O'Neill is the perfect choice to move us to the next level in North America in this highly competitive market," said Steven Torok, MMNA's Co-Chairman and MMC's Executive Vice President of International Sales and Marketing. "Finbarr O'Neill has an outstanding track record and the full support of MMC and its alliance partners," said Rolf Eckrodt, MMC President and CEO. "He has proven his ability to stimulate profitable growth even in a down market, and to build brand awareness and customer satisfaction. Each of those skills will be crucial to Mitsubishi Motors' next phase of North American growth." O'Neill, 51, joins Mitsubishi Motors following 18 years at Hyundai Motor America, where he is widely credited with orchestrating a successful corporate turnaround following his promotion to president and CEO in 1998. O'Neill noted, "It's an honor and privilege to join the Mitsubishi Motors team. With a strong foundation already in place, this brand has extraordinary growth potential throughout the North American market. I look forward to working with a very talented group of employees and dealers." O'Neill takes over as Mitsubishi Motors enters a new phase of growth in North America, with several new product introductions in the core S.U.V., sedan and sport specialty markets. MMNA also announced the departure of Pierre Gagnon, who is resigning from the company to pursue other opportunities. Gagnon, who joined Mitsubishi Motors in 1997, had been president and CEO of MMNA since July 2002. Gagnon helped drive the consolidation of all Mitsubishi Motors' North American operations into a single organization. He was also instrumental in revitalizing the brand image in North America.