The Mitsubishi keiretsu consists of dozens of stand-alone companies that are 
tightly interconnected through cross-shareholdings. Here are the main companies 
and percentage of their shares held by other keiretsu members.

                                                      PERCENT OF 
                                                     EQUITY HELD BY
                                RETURN     DEBT       OTHER MITSU-
COMPANY                       ON EQUITY  BILLIONS    BISHI COMPANIES
                                                       1990 / 1998

MITSUBISHI                       6.1%      $44          32% / 27%
BANK OF TOKYO-MITSUBISHI       (21.6)       16*         26% / 14%
MITSUBISHI HEAVY INDUSTRIES      4.4         9          20% / 16%
MITSUBISHI ELECTRIC            (17.0)       15          17% / 11%
MITSUBISHI MOTORS              (29.0)       17          55% / 52%


*Nonperforming loans
DATA: COMPANY REPORTS, WARBURG DILLON READ