Mitsubishi UFJ Financial Group

Corporate Review 2008

Year ended March 31, 2008 ˆÌÃÕLˆÃ ˆÊ1ʈ˜>˜Vˆ>ÊÀœÕ«Ê­ 1®ÊˆÃʜ˜iʜvÊÌ iÊܜÀ`¿Ãʏ>À}iÃÌÊ>˜`ʓœÃÌÊ`ˆÛiÀÈvˆi`Ê

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ˆÌÃÕLˆÃ ˆÊ1ʈ˜>˜Vˆ>ÊÀœÕ«ÊÊ œÀ«œÀ>ÌiÊ,iۈiÜÊÓäänÊÊÊ To Our Shareholders

From left: Haruya Uehara, Deputy Chairman; Nobuo Kuroyanagi, President & CEO; Ryosuke Tamakoshi, Chairman

Fiscal 2007: A year for reinforcing the Group and enhancing com- prehensive group strengths

In fiscal 2007, the year ended March 31, 2008, uncertainty was growing over the global

economic outlook, reflecting an increasingly recessionary bias in the U.S. economy in the

wake of the subprime loan issue. For the MUFG Group, it was a year for fortifying our

business foundations in preparation for future growth.

In terms of financial performance, consolidated gross profits were lower than in the

previous year, mainly due to turmoil in worldwide financial markets triggered by the sub-

prime loan issue and changes in the regulatory environment. Combined with the impact of

impairment losses on our equity portfolio, net income declined by around ¥240 billion year

on year to ¥636.6 billion. On the other hand, losses on investments in securitized products

6 Corporate Review 2008 Mitsubishi UFJ Financial Group were relatively small compared with both other Japanese mega banks and many major western banks. In fact, net income was slightly higher than our revised earnings forecasts, which were announced in October 2007.

During fiscal 2007, we made steady progress in improving our operating structure as part of efforts to enhance comprehensive group strengths. In September 2007, as part of our strategy to develop a corporate and investment banking (CIB) business model driven by close collaboration between banking and securities, we converted Mitsubishi UFJ

Securities Co., Ltd. into a wholly owned subsidiary. Responding to changes in the regulato- ry environment, we also implemented a fundamental business restructuring at the Group’s credit card subsidiary Mitsubishi UFJ NICOS Co., Ltd. Although this restructuring had a negative impact on fiscal 2007 financial results, we have put in place an operating struc- ture that will help us to achieve a recovery in performance of Mitsubishi UFJ NICOS.

Fiscal 2008 positioned as year for completing business integration

Market turmoil triggered by the subprime loan issue has begun to affect economic activity worldwide, and a global economic slowdown thus appears inevitable for the time being.

As a result, we believe that the Bank of Japan is highly likely to maintain current monetary policy for now, which implies that policy rates in Japan are unlikely to rise anytime soon.

In light of this operating environment, our first management priority is to strengthen the Group’s operating structure so that we can promptly return to growth when the world’s economies eventually enter a recovery phase. In particular, our project to have our banking subsidiaries transfer to new IT systems, which we call the Day 2 project, is pro- ceeding according to schedule. We have now entered the final phase of this project. We completed the integration of the banking IT system at the trust bank successfully in May

2008. On the commercial bank side, we began moving former UFJ branches over to the

Mitsubishi UFJ Financial Group Corporate Review 2008 7 new system in July 2008. The transition to the new system is planned for completion by

the end of 2008.

Completion of transfer to the new system will mark the completion of the most sig-

nificant part of the business integration. Besides reducing system-related costs and produc-

ing other rationalization benefits, completing the transfer to the new system is expected to

bring about a variety of other benefits, such as top-line growth driven by enhanced sales

capabilities. We thus expect to enter a phase when we will be able to start to demonstrate

the true value of the business integration. All our efforts are focused on ensuring that the

transition to the new system proceeds smoothly.

We have also been making progress with our ongoing efforts since 2007 to reinforce

our internal control framework. We have already put in place an enhanced structure by

increasing the number of compliance officers across all Group operations, both in Japan

and overseas. The next stage is to focus on effectively operating our internal control

framework.

Bolster earnings power in our core Retail, Corporate and Trust Assets businesses

We believe that there will be no change in broad, ongoing financial trends in Japan which

are the shift from savings to investment in the retail sector and the shift from bank loans to

capital markets in the corporate sector, although those shifts are currently experiencing a

modest slowdown. Overseas, while there is a need for a slightly more cautious outlook

than before, we expect Asian economies to maintain high rates of growth.

In this global business environment, MUFG will implement a growth strategy focused

on its three core Retail, Corporate and Trust Assets businesses.

8 Corporate Review 2008 Mitsubishi UFJ Financial Group Ê ˜Ê Ì iÊ ,iÌ>ˆÊ LÕȘiÃÃ]Ê “ˆ˜`vÕÊ œvÊ Ì iÊ œ˜}œˆ˜}Ê Ã ˆvÌÊ vÀœ“Ê Ã>ۈ˜}ÃÊ ÌœÊ ˆ˜ÛiÃ̓i˜Ì]Ê >ÊÊ

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`iÛiœ«ˆ˜}Ê Ã>iÃÊ V >˜˜iÃÊ œÕÌÈ`iÊ Ì iÊ }ÀœÕ«Ê Ì ÀœÕ} Ê Ài}ˆœ˜>Ê L>˜ŽÃÊ >˜`Ê œÌ iÀÊ vˆ˜>˜Vˆ>Ê

ˆ˜Ã̈ÌṎœ˜Ã°

ˆÌÃÕLˆÃ ˆÊ1ʈ˜>˜Vˆ>ÊÀœÕ«ÊÊ œÀ«œÀ>ÌiÊ,iۈiÜÊÓäänÊÊÊ Development of a well-balanced capital policy

To raise shareholder value over the medium term, we believe that it is important for MUFG

to balance its three priorities of increasing shareholder returns, strengthening its

equity capital, and using capital to maintain growth and enhance profitability. From this

perspective, our capital policy is to focus on retaining resources to drive growth while also

maintaining a globally competitive level of equity capital and sustaining increases in

dividend payments.

Equity capital is becoming increasingly important as a risk buffer. Our targets for

equity capital are a Tier 1 ratio of 8% (end of March 2008: 7.60%) and an equity capital

ratio of 12% (end of March 2008: 11.19%).

In terms of shareholder returns, in fiscal 2007 we increased the dividend, bringing

the dividend payout ratio to 23%. In addition, we implemented a share buyback of around

¥150 billion in December 2007. Including this, the ratio of total distribution to sharehold-

ers for the fiscal year was about 47%. Going forward, our goal is to achieve consistent

growth in dividend payments, while striving to achieve a target of over 20% dividend

payout ratio.

In terms of using capital to maintain growth and enhance profitability, we view the

upcoming period as one where various opportunities are likely to materialize as many lead-

ing European and U.S. financial services groups will step up their efforts to restructure

operations in response to the subprime loan issue. Taking advantage of our strong capital

base, we plan to review possible strategic investments that can deliver solid returns while

helping us enhance our profitability and growth.

Building the MUFG brand to gain broad-based public support

At MUFG, we emphasize activities that help to build customer satisfaction (CS) through the

provision of high-quality services while at the same time fulfilling our responsibilities as a

corporate citizen.

10 Corporate Review 2008 Mitsubishi UFJ Financial Group The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) established “Our Ten Promises to

Customers” in August 2007 in order to thoroughly achieve a “customer-oriented approach,” and also made improvements to our facilities so that they are easier to use for senior customers and physically disabled customers.

On the corporate social responsibility (CSR) front, we have formulated the MUFG

Environmental Action Policy. The policy is a set of behavioral guidelines designed to spread an awareness of the urgency of environmental issues throughout MUFG and advance spe- cific environmental initiatives. We continued to pursue efforts to contribute to society through our core business (financial business), for example by financing the environment- related business and conducting businesses related to emission rights and activities aimed at promoting SRI (Socially Responsible Investments). We also contributed to society through activities other than finance, such as implementing a work experience program for students, known as the “Job Shadowing Program,” in July 2007.

Through such activities, we remain committed to working to establish a brand image for MUFG with which communities feel an affinity and that garners broad-based support from the public.

Working together, management and employees are determined to make MUFG a premier comprehensive, global financial group, recognized as being “No. 1 in Service,

No. 1 in Reliability, and No. 1 in Global Coverage.” To that end, we are devoting our utmost efforts to building corporate value and maximizing shareholder value. In taking on these challenges, we hope to benefit from the continued support of our shareholders.

Ryosuke Tamakoshi Haruya Uehara Nobuo Kuroyanagi

Chairman Deputy Chairman President & CEO

August 2008

Mitsubishi UFJ Financial Group Corporate Review 2008 11 Executive Committee

Ryosuke Tamakoshi Chairman

Haruya Uehara Nobuo Kuroyanagi Deputy Chairman President & CEO and Chief Audit Officer

(seated) Kyota Omori Deputy President and Chief Compliance Officer

(standing, from left) Saburo Sano Senior Managing Director and Chief Risk Management Officer

Toshihide Mizuno Senior Managing Director and Chief Planning Officer

Hiroshi Saito Senior Managing Director and Chief Financial Officer

12 Corporate Review 2008 Mitsubishi UFJ Financial Group Kinya Okauchi Director, President of Mitsubishi UFJ Trust and Banking Corporation

Nobuyuki Hirano Kaoru Wachi Director, Managing Director of Director, Managing Director of The Bank of Tokyo-Mitsubishi Mitsubishi UFJ Trust and Banking UFJ, Ltd. Corporation

Katsunori Nagayasu Fumiyuki Akikusa Director, President of Director, President of The Bank of Tokyo- Mitsubishi UFJ Securities Mitsubishi UFJ, Ltd. Co., Ltd.

Kazuo Takeuchi Director, Senior Managing Director of Mitsubishi UFJ (from left) Securities Co., Ltd. Takao Kawanishi Managing Officer, Group Head of Integrated Corporate Banking Business Group

Takashi Nagaoka Managing Officer, Group Head of Integrated Retail Banking Business Group

Taihei Yuki Managing Officer, Group Head of Integrated Trust Assets Business Group

Mitsubishi UFJ Financial Group Corporate Review 2008 13 &INANCIALAND /PERATION2EVIEW

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*\Ê œ““iÀVˆ>Ê«>«iÀʈÃÃÕi`ÊLÞÊ>Ê-«iVˆ>Ê*ÕÀ«œÃiÊ œ“«>˜ÞÊ­-* ®ÊVœ>ÌiÀ>ˆâi`ÊLÞÊÀiViˆÛ>LiÃ

ˆÌÃÕLˆÃ ˆÊ1ʈ˜>˜Vˆ>ÊÀœÕ«ÊÊ œÀ«œÀ>ÌiÊ,iۈiÜÊÓäänÊÊÊ Retail Business

In billions of yen FY2007 FY2006 % Change

Gross Profits 1,328.9 1,300.1 2.2%

Net Operating Profits 371.1 380.6 (2.5%)

22 Corporate Review 2008 Mitsubishi UFJ Financial Group FY2007 Performance Summary

Gross profits in the Retail Business increased ¥28.8 billion, or 2.2%, year on year to

¥1,328.9 billion. The increase reflected substantial growth in profits relating to yen

deposits, along with the effect of kabu.com Securities Co., Ltd. becoming a newly

consolidated subsidiary. However, gross profits in the investment product sales and

consumer finance businesses both decreased from the previous fiscal year due to the

effects of market conditions and the regulatory environment. Net operating profits

declined ¥9.4 billion, or 2.5%, year on year to ¥371.1 billion.

FY2008 Plans

MUFG is pursuing the following measures in the Retail Business: 1) strengthen sales to

increase overall customer assets; 2) attain substantial growth in the retail securities

business; 3) achieve sustained growth and expansion of our consumer finance business; 4)

implement far-reaching restructuring and expand our individual loans business; 5) develop

Internet and mobile banking strategies.

Investment Product Sales

FY2007 Performance

Income from investment products decreased ¥12.1 billion year on year to ¥144.4 billion.

Total sales of investment products (investment trusts, insurance annuities and financial

products intermediation) declined 21% from a year earlier to ¥3.78 trillion, mainly due to

deteriorating market conditions in the second half of fiscal 2007. The investment product

assets in customer accounts had increased 4% from a year earlier to ¥12.11 trillion as of

March 31, 2008.

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Mitsubishi UFJ Financial Group Corporate Review 2008 23 ��������� ��������� ���������

������ ������ ������

������ ������ ������ ������ ������ ������ FY2008 Plans

We will work to expand sales of investment products through an open architecture

approach by enhancing our line-up with products that match customer needs, while

increasing the sophistication of marketing through careful analysis of customer data.

In response to full deregulation of insurance product sales in December 2007, MUFG

began offering nursing care insurance in April 2008, and increased the number of

branches handling insurance from an initial 173 to 256 as of April 2008. We plan to

increase the number of insurance planners responsible for insurance sales by more than

100 during fiscal 2008, from 370 at the end of March 2008.

For financial products intermediation, we will increase the number of branches with a

“retail money desk” (investment product sales experts with highly specialized knowledge

and know-how) from 10 at the end of March 2008 to 24 during fiscal 2008.

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* From March 31, 2007, financial products intermediation balance includes referrals.

24 Corporate Review 2008 Mitsubishi UFJ Financial Group Consumer Finance

FY2007 Performance

Income from consumer finance decreased ¥37.1 billion, or 8%, year on year to ¥442.1

billion. The main reason for the decline was the lowering of the upper limit on loan interest

rates by Mitsubishi UFJ NICOS in line with new regulations.

Mitsubishi UFJ NICOS implemented far-reaching business restructuring to adapt to the new

business environment. Progress with a series of measures, including business reorganization,

consolidation of business locations, and personnel reductions, proceeded in line with our plan.

Mitsubishi UFJ NICOS’ credit card shopping transaction balance steadily increased. The

number of bank-issued cash cards combined with a credit card (comprehensive cards)

increased to 2.17 million as of March 31, 2008.

FY2008 Plans

Mitsubishi UFJ NICOS was made a wholly owned subsidiary of MUFG in August 2008 by

means of a share exchange, and then MUFG transferred a portion of its shares of

Mitsubishi UFJ NICOS common stock to The Norinchukin Bank, with the view to reinforcing

ties with this bank in the future.

MUFG will increase its efforts to promote comprehensive cards to high-net-worth

individuals and employees of corporate customers. We will also work to increase our

market share through sales of a new type of card loan product guaranteed by ACOM,

which was initially launched in 2007.

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�������������� ������������� ���������� figures for the former UFJ NICOS and ������������ ������� ����������������� the former DC Card. �������������������������

Mitsubishi UFJ Financial Group Corporate Review 2008 25 ������������������������������������������������������� ���������������������������������������������� Corporate Business

In billions of yen FY2007 FY2006 % Change

Gross Profits 1,791.9 1,925.3 (6.9%)

Net Operating Profits 848.9 1,008.6 (15.8%)

26 Corporate Review 2008 Mitsubishi UFJ Financial Group FY2007 Performance Summary

Gross profits declined ¥133.4 billion, or 6.9%, to ¥1,791.9 billion. In domestic operations,

income declined mainly due to a decrease in income from securities and investment

banking due to the deterioration in the general market environment. In overseas

operations, despite the strong performance of deposits and loans operations of the

overseas branches of the Bank of Tokyo-Mitsubishi UFJ, income declined overall mainly due

to a decrease in net interest income at our U.S. subsidiary UnionBanCal Corporation

(UNBC) following a shift from non-interest to interest-earning deposits. Net operating

profits decreased ¥159.8 billion, or 15.8%, to ¥848.9 billion.

FY2008 Plans

In domestic corporate operations, the Corporate Banking Group is giving top priority to

developing the Corporate and Investment Banking (CIB) model, which encompasses our

corporate and investment banking businesses in a unified manner. Enhancing the

coordination between banking and securities will fundamentally strengthen our ability to

conduct business with major corporations. In the SME business, we plan to expand the

business base in terms of both customer numbers and loan balance, and strengthen our

ability to offer comprehensive services, including settlement and forex.

In overseas corporate operations, in Asia, we will take the following concrete actions. By

leveraging our strong customer base and extensive network, we will accumulate prime

assets with respect to both Japanese and non-Japanese businesses, while strengthening

sales of market products such as forex and derivatives. In Europe and North America, we

will expand our customer base and promote the “cross-selling” of services in order to

enhance our earnings capabilities in non-Japanese operations.

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Mitsubishi UFJ Financial Group Corporate Review 2008 27 ��������� ��������� ���������

������ ������ ������

������ ������ ������ ������ ������ ������ Promoting Our CIB Strategy

FY2007 Performance

The CIB model closely links the activities of corporate and investment banking to further

enhance our services. Since making Mitsubishi UFJ Securities a wholly owned subsidiary of

the holding company in September 2007, we have been working to strengthen the

collaboration between our banking, trust and securities arms in order to better respond to

the various financial and advisory needs of our major corporate clients. We are also

enhancing the organizational structure of divisions responsible for major corporate clients,

including expanding the types of industries covered, as part of our efforts to increase

specialization in each field in order to help increase the corporate value of our clients.

The MUFG group had one of the best track records in the investment banking field among

Japanese financial institutions in fiscal 2007. Mitsubishi UFJ Securities was the lead manager

for a large-scale straight bond issuance by Kirin Holdings Co., Ltd., and was the advisor to

the management integration of Isetan Company Limited and Mitsukoshi, Ltd. The MUFG

group was also the joint lead manager for a euro-denominated corporate bond issuance by

Mitsubishi Chemical Holdings Corporation, and was appointed as the advisor of the Ministry

of Finance for the first securitization of Fiscal Investment and Loan Program loans.

FY2008 Plans

For our primary business, the MUFG group will utilize its customer base and relationships

to acquire large-scale business contracts. For our secondary business, we will strengthen

services for major Japanese corporations and institutional investors. We will pursue our

global CIB strategy, including closer collaboration with our alliance partners in Asia and

expansion of our structured finance ����������������������������������������� � operations. ��

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* Publicly announced deals involving Japanese companies

Source:������������������������������������������������������ Thomson Financial �������������������������

28 Corporate Review 2008 Mitsubishi UFJ Financial Group Overseas Business

FY2007 Performance

Excluding UNBC operations, gross profits of overseas business activities increased

¥1.7 billion to ¥305.1 billion.

In Asia, we continued to grow our income from forex and derivatives business with

Japanese corporations and from lending-related business with non-Japanese corporations.

In the Americas, income from derivatives and asset finance was strong, while in Europe,

income was driven by structured finance and syndicated loan services. The average

overseas lending balance in the second half of fiscal 2007 increased around ¥2.2 trillion

from the same period of the previous fiscal year to ¥13.2 trillion.

FY2008 Plans

In Asia, we intend to capture commercial and settlement business flows by leveraging our

leading Japanese banking network to acquire settlement business and expand our customer

base with both Japanese and non-Japanese clients, and pursue “cross-selling” of loans, forex

and CMS products. In addition, we will focus on increasing synergies with local financial

institutions in which we have invested.

In the Americas, we aim to strengthen our business with non-Japanese corporations by

leveraging our extensive customer base. We will also increase income by increasing our

“cross-selling” efforts and through specific strategies for each business type.

In Europe, we will utilize our branch network to expand our non-Japanese customer base,

while pursuing M&A financing arising from growing corporate restructuring activity. We have

also prioritized regional strategies for the fast-growing Middle East market, and plan to

develop services that draw on our comprehensive group strength.

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Mitsubishi UFJ Financial Group Corporate Review 2008 29 Trust Assets Business

In billions of yen FY2007 FY2006 % Change

Gross Profits 198.5 194.2 2.2%

Net Operating Profits 100.0 90.4 10.6%

30 Corporate Review 2008 Mitsubishi UFJ Financial Group FY2007 Performance Summary

Gross profits increased ¥4.3 billion, or 2.2%, to ¥198.5 billion. Investment trust sales were

favorable during the first half of the fiscal year, resulting in continued growth in income

from the investment trust management business. Income from the pension business and

investment trust administration business declined, but this was due to the one-time

positive impact in the previous fiscal year resulting from a change in accounting standards

(the introduction of accrual accounting treatment for trust fees) during that period.

Excluding the effects of this change, income from both pension and investment trust

administration businesses increased steadily. Net operating profits increased ¥9.6 billion, or

10.6%, to ¥100.0 billion.

FY2008 Plans

In the pension business, we will step up our efforts to win new mandates through such

measures as offering actively managed investment products. In the defined contribution

pension business, we aim to become the provider of choice for major large and medium-

sized pensions.

In the investment trust management business, we plan to continue to develop products

and support sales through Group and external channels in order to increase assets under

management. In the investment trust administration business, we will expand trust assets

by strengthening administration capabilities using our ability to respond to new schemes

and new products.

Pension Business

FY2007 Performance

Gross profits were down ¥0.5 billion year on year to ¥69.5 billion. However, excluding the

effects of a change in accounting standards, actual profits increased ¥2.7 billion from the

previous fiscal year.

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Mitsubishi UFJ Financial Group Corporate Review 2008 31 ��������� ��������� ���������

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������ ������ ������ ������ ������ ������ In our core pension trust business, despite a slowdown in sales of actively managed products in

the second half of the fiscal year, certain new products, such as real estate and private equity,

recorded solid sales. In defined contribution pensions, the asset administration balance and

investment product sales balance exceeded ¥1.2 trillion and ¥670.0 billion, respectively,

allowing MUFG to maintain a leading share in the Japanese market.

FY2008 Plans

In the defined benefit pension field, we will focus on winning new mandates by

strengthening development of new products to meet diversifying customer needs, while

stepping up sales of actively managed investment products.

For defined contribution pensions, we will demonstrate MUFG’s comprehensive group

strengths and focus on becoming the provider of choice for major large and medium-sized

pensions, as well as aim to enhance our product proposal capabilities to expand sales of

investment products.

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Investment Trust Management and Administration

FY2007 Performance

Gross profits from the investment trust management business increased ¥2.5 billion year ������������������������������������ on��������������������������������������� year to ¥72.0 billion due to favorable investment trust sales in the first half of the fiscal year.��������������� The amount of investment���������������� trust assets under management at March 31, 2008, was ��� ��� ¥13.7 trillion, down ¥1.1 trillion from a year earlier because of a decline in inflow of funds ��� and falling market prices due to deteriorating��� market conditions.

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��� ��� ������������������������� �������������������� � � ������ ������ ������ ��������������������� ����� ����� ����� ��������������������� 32 Corporate Review 2008 Mitsubishi UFJ Financial Group ��������������������������������������������� ������������������������������������������ Gross profits from the investment trust administration business decreased ¥0.8 billion year on

year to ¥19.1 billion. However, excluding the effects of a change in accounting standards,

actual gross profits increased ¥2.1 billion from the previous fiscal year. The investment trust

administration balance at March 31, 2008, was ¥30.6 trillion, down ¥2.2 trillion from the

end of the previous fiscal year due to the impact of a fall in market prices.

FY2008 Plans

In the investment trust management business, we aim to expand the investment trust

management balance through new product development that meets client needs, as we

continue to supply products through ����������������� ����������������� ����������������� ����������������� Group and external channels and ������������������� ���������������������� ������������������� ���������������������� ���������������� ���������������� ���������������� ���������������� provide marketing support to sales �� �� �� ��

companies. �� �� �� �� In the investment trust administra- � � �� �� tion business, we plan to expand � � �� �� trust assets by strengthening admin- � � � � � � istration capabilities using our ability ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ������ ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� to respond to new schemes and new * Sum of MUTB and The Master Trust Bank of Japan products. (investment administration)

Global Custody Services ����������������������������������������������������������������������� FY2007 Performance

Gross profits in the global custody business increased ¥0.2 billion year on year to ¥15.0

billion, as a result of steady increases in the global custody asset balance on a foreign

currency basis.

FY2008 Plans

In April 2008, Mitsubishi UFJ Global Custody introduced systems infrastructure from the

major U.S. global custodian Brown Brothers Harriman & Co., in order to provide more

advanced services to clients. We will continue to reorganize and consolidate MUFG’s

overseas custody functions, while further strengthening value-added business such as

securities lending.

Mitsubishi UFJ Financial Group Corporate Review 2008 33 Global Activities

By harnessing the strengths of our global network and utilizing capital and business alliances, we aim to strengthen our presence in fast-growing Asian markets and other regions around the world.

34 Corporate Review 2008 Mitsubishi UFJ Financial Group MUFG has the largest overseas networks of any Japanese bank. As of March 31, 2008, the

Group had a presence in over 40 countries, with 456 outlets outside Japan. MUFG leverages this broad network to offer financing through syndicated loans, project finance and other methods, as well as traditional loans. The Group also seeks to meet the needs of corporate clients by providing global cash management services (CMS) and M&A advisory, among other services.

MUFG is also utilizing capital and business alliances with leading financial institutions worldwide to expand its presence in various regions. In Asia, MUFG is building up retail finance operations by entering markets with high growth potential, while at the same time working to strengthen its hand in securities and global investment banking services.

Through this strategy, MUFG aims to raise the share of earnings from international operations to 20% of net operating profits over the medium term.

Asia & Oceania

As of March 31, 2008, MUFG had a total of 55 branches, sub-branches, representative offices and subsidiaries in this region. Based on its strength in Asia, MUFG uses its network and information-gathering capabilities to offer a diverse range of sophisticated products and services.

In China, MUFG is enhancing products and services, while bolstering its network, targeting the phased opening of the country’s financial markets to foreign institutions under way since China’s accession to the World Trade Organization. Bank of Tokyo-Mitsubishi UFJ

(China), Ltd, a wholly owned local subsidiary of BTMU, commenced operations in China in

July 2007. BTMU China is headquartered in

Shanghai and has inherited a total of 6 branches and 2 sub-branches from BTMU. This network makes the firm one of the largest foreign commercial banks in China. With the establishment of the Guangzhou Branch in

Opening ceremony for Guangzhou Branch of Bank of Tokyo-Mitsubishi UFJ (China), Ltd.

Mitsubishi UFJ Financial Group Corporate Review 2008 35 March 2008, BTMU China now has a network of 7 branches and 2 sub-branches in the

country. Combined with two BTMU representative offices, MUFG now has a local network

of 11 bases from which it plans to fulfill a diverse range of customer needs. Separately,

MUTB has established a wholly owned subsidiary in China, MU Trust Consulting (Shanghai)

Co., Ltd. MU Trust Consulting (Shanghai) began operating in October 2007, focusing on

offering consulting services related to personnel and labor management in China.

Elsewhere in the region, in April 2007, BTMU made an additional investment in CIMB

Group, Malaysia’s second largest financial group, with the aim of forging a stronger

collaborative relationship in the field of investment banking. Joint business development

efforts are mainly focusing on corporate bond business and Islamic financing. In Australia,

in October 2007, MUFG invested in and formed a strategic alliance with Challenger

Financial Services Group, the country’s third-ranking comprehensive financial services

provider. This move sets the stage for MUFG to expand its asset securitization and real

estate investment businesses in Australia. In Indonesia, BTMU and Group affiliate Acom

jointly acquired 75.4% of the outstanding shares of locally based Bank Nusantara

Parahyangan in December 2007 (with Acom

taking a 55.4% stake). MUFG plans to develop

consumer finance operations to spearhead its

expansion into Southeast Asia’s most populous

market. In Singapore, in April 2008, MUS took an

equity stake in leading local securities firm Kim

Eng Holdings as part of its ongoing expansion Yasumasa Gomi (left, Chairman & CEO, Mitsubishi UFJ Securities Co., Ltd.) and Ronald Ooi into Asia. (right, Managing Director, Kim Eng Holdings Ltd.)

The Americas

As of March 31, 2008, MUFG had a total of 30 branches, sub-branches, representative

offices and subsidiaries in the Americas. In December 2007, the Kentucky Representative

Office of BTMU was upgraded to Kentucky Corporate Banking Office. In addition to BTMU

36 Corporate Review 2008 Mitsubishi UFJ Financial Group operations in North America, subsidiary Union Bank of California (UBOC) has a 336-branch network in the United States, mainly concentrated in the State of California.

In North America, MUFG offers many forms of fund-raising support, including syndicated loans, securitization, leases, structured finance and other services. The Group also provides a broad scope of services including CMS and other settlement services as well as services aimed at helping corporate clients to maximize enterprise value such as M&A advisory. In the United States, MUTB has an agreement with Northern Trust Corporation that provides

Japanese customers access to will execution and estate-administration services in the U.S.

MUFG continues to focus on enhancing the services offered by the Group in the North

American market via business alliances with local financial institutions.

In Central and South America, MUFG has the largest network of any Japanese bank, with

10 branches in 7 countries, as well as an alliance with Banco Bradesco, Brazil’s largest private-sector bank. Leveraging this network, MUFG is developing services that include syndicated loans and project finance for natural resource development.

• Union Bank of California

As one of the 30 largest commercial banks in the United

States by total assets, UBOC has 336 branch offices and a network of 569 ATMs across North America. The bank is headquartered in San Francisco and has approximately

10,000 employees. Offering lending, cash management and trade financing services to SMEs and other corporate clients, the bank also provides deposit, investment product, insurance, private banking and other financial services to individuals. UBOC’s parent holding company, UnionBanCal

Corporation (UNBC), is a consolidated subsidiary of BTMU, which owns an equity stake of approximately 65% in UNBC.

Union Bank of California headquarters

Mitsubishi UFJ Financial Group Corporate Review 2008 37 Europe, Russia, Middle East and Africa

As of March 31, 2008, MUFG had a total of 35 branches, sub-branches, representative

offices and subsidiaries in these regions. The Group leverages one of the largest networks

of any Japanese bank to provide a wide range of financial services, not only to Japanese

companies but also to local clients.

In Western Europe, MUFG has established operations in major cities. Reflecting the

increasingly borderless nature of Europe amid ongoing regional integration, the Group has

constructed a network of operating bases to assist in meeting the complex business

requirements of clients across the region. In January 2008, the Group concluded a business

alliance agreement with InvestInItaly to contribute to the promotion of industry in both

Japan and Italy.

In Central and Eastern Europe and Russia, alongside existing operations in Austria (Vienna)

and Poland (Warsaw), in 2006 the Group established new operating bases in the Czech

Republic (Prague) and Russia (Moscow). In April 2008, the Group opened a representative

office in the Russian city of St. Petersburg and concluded a memorandum of understanding

on a business alliance with the State Export-Import Bank of Ukraine (Ukreximbank). As the

number of Japanese firms developing business in this part of the world continues to rise,

MUFG aims to contribute to regional development by meeting the needs of corporate

St. Petersburg, Russia

38 Corporate Review 2008 Mitsubishi UFJ Financial Group clients at the frontline of their operations through an expanded network of operating bases.

In the Middle East, MUFG opened the Dubai Office in September 2007. In recent years, this city-state has developed into a logistics and travel hub as well as a major commercial center for gathering business intelligence about the region. This has led to rapid growth in the number of companies operating in Dubai. MUFG’s existing network in the region spans the Bahrain Branch, four representative offices (in Abu Dhabi, Istanbul, Cairo and Tehran) and a partnership with the Dubai-Japan Desk of the National Bank of Abu Dhabi. Through this network, the Group provides business support to customers operating in the Middle

East and gathers information, among other activities. Reflecting the boost to regional economic activity from higher natural resource prices, MUFG is also engaged in project finance for natural resource projects, syndicated loans and trade finance. For example, BTMU has played a central role as mandated lead arranger and project advisor in the financing of the Ras Abu Fontas A1 power generation and desalination project in Qatar.

Ras Abu Fontas A1 power generation and desalination project (Qatar)

Mitsubishi UFJ Financial Group Corporate Review 2008 39 #ORPORATE3OCIAL2ESPONSIBILITY

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Ê ˆµÕˆ`ˆÌÞÊ,ˆÃŽÊ / iÊÀˆÃŽÊœvʈ˜VÕÀÀˆ˜}ʏœÃÃʈvÊ>Ê«œœÀÊvˆ˜>˜Vˆ>Ê«œÃˆÌˆœ˜Ê>ÌÊ>Ê}ÀœÕ«ÊVœ“«>˜ÞÊ >“«iÀÃÊÌ iÊ>LˆˆÌÞÊ Ê ÌœÊ“iiÌÊv՘`ˆ˜}ÊÀiµÕˆÀi“i˜ÌÃʜÀʘiViÃÈÌ>ÌiÃÊv՘`Ê«ÀœVÕÀi“i˜ÌÊ>Ìʈ˜ÌiÀiÃÌÊÀ>ÌiÃʓ>ÀŽi`ÞÊ ˆ} iÀÊÌ >˜Ê˜œÀ“>°

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Ê Ê ˜vœÀ“>̈œ˜ÊÊ / iÊÀˆÃŽÊœvʏœÃÃÊV>ÕÃi`ÊLÞʏœÃÃ]Ê>ÌiÀ>̈œ˜]Êv>ÃˆvˆV>̈œ˜ÊœÀʏi>Ž>}iʜvʈ˜vœÀ“>̈œ˜]ʜÀÊLÞÊ Ê Ê
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