For Immediate Release

Mitsubishi UFJ, Morgan Stanley To Form Securities Joint Venture in JapanNew Industry Leader Will Offer Clients in Japan
Unmatched Retail and Institutional Platform
TOKYO and NEW YORK, March 26, 2009 – Mitsubishi UFJ Financial Group, Inc.
(“MUFG”) (NYSE: MTU) and Morgan Stanley (NYSE: MS) today announced that they havesigned a memorandum of understanding (“MOU”) to form a securities joint venturecombining Mitsubishi UFJ Securities Co., Ltd. and Morgan Stanley Japan Securities Co., Ltd.
The signing of the MOU is a significant step forward in one of a number of areas of planned
cooperation, reflecting the two companies’ goal of maximizing the strategic benefits of a
global alliance formed in October 2008. The proposed joint venture will create a newindustry leader in Japan offering a large domestic retail brokerage network, a full range ofinstitutional businesses and significant global reach.
Upon closing, the two securities businesses will operate as a single joint venture, with amanagement team drawn from both companies. MUFG will own a 60 percent stake while
Morgan Stanley will own a 40 percent stake. The joint venture, which will be named at afuture date, will have five representative directors, comprising three from MUFG and twofrom Morgan Stanley. The allocation of the remaining board seats will reflect the ownership
structure.
Nobuo Kuroyanagi, President and Chief Executive Officer of MUFG, said, “Thisunderstanding is an important initiative in our two organizations’ overall strategic alliance anda key step toward our goal of combining two strong franchises in Japan to create a stronger,
more sophisticated institution that is better able to respond to the needs of both companies’clients.”
John J. Mack, Chairman and Chief Executive Officer of Morgan Stanley, said, “The jointventure, one of many areas of collaboration that we are pursuing with MUFG, reinforces thestrong potential of our strategic alliance to enhance Morgan Stanley’s global footprint andcapture financial services opportunities around the world. Today’s understanding also
underscores our strong commitment to Japan and our goal of continuing to realize attractive
growth opportunities in this market.”Morgan Stanley will appoint the joint venture’s Chairman, while MUFG will designate its
President and Chief Executive Officer. MUFG also will name a Deputy President and Chief
Executive Officer of the joint venture’s retail and middle markets business, with managerialresponsibility for the venture’s retail and middle markets operations. Morgan Stanley will
appoint a Deputy President and Chief Executive Officer of the institutional securities
business, with managerial responsibility for the venture’s institutional businesses and forproviding connectivity with Morgan Stanley’s global network. MUFG will appoint a Deputy
Head of the institutional securities business. Additional senior management will be drawn
from the ranks of both companies.
Both parties will work to conclude definitive agreements regarding the joint venture in thecoming months with a targeted closing date prior to the end of March 2010. The joint venture
will be subject to regulatory approval.
MUFG is a significant investor in Morgan Stanley and recently nominated Nobuyuki Hirano,a director of MUFG, to serve on Morgan Stanley’s board, and Morgan Stanley’s board elected
Mr. Hirano as a director on March 10, 2009.
In addition to this joint venture in Japan, MUFG and Morgan Stanley are discussing specificinitiatives in other business areas to maximize the strategic benefits of the global alliance,
which the companies intend to announce in due course.
About MUFG
MUFG is one of the world’s leading financial groups, with total assets of more than JPY190
trillion (approximately US$1.8 trillion) as of March 31, 2008. MUFG’s services includecommercial banking, trust banking, securities, credit cards, consumer finance, asset
management and leasing. The Group’s operating companies include The Bank of TokyoMitsubishi UFJ, Japan’s largest commercial bank, Mitsubishi UFJ Trust and Banking
Corporation, Japan’s leading trust bank, and Mitsubishi UFJ Securities, one of Japan’s largest
securities firms. For more information about MUFG, please visit
http://www.mufg.jp/english/index.html.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range ofinvestment banking, securities, investment management and wealth management
services. The Firm's employees serve clients worldwide including corporations, governments,
institutions and individuals from more than 600 offices in 37 countries. For further
information about Morgan Stanley, please visit www.morganstanley.com.
Cautionary Statements Concerning Forward-Looking Information
Statements about the expected effects, timing, benefits, financial and operating results andcompletion of the joint venture and all other statements in the press release, other than historicalfacts, constitute forward-looking statements. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on which they are made and whichreflect current estimates, projections and expectations. Any such statement may be influenced by2

factors that could cause actual outcomes and results to be materially different from those projectedor anticipated. These forward-looking statements are subject to numerous risks and uncertainties.
There are various important factors that could cause actual results to differ materially from thosein any such forward-looking statements, many of which are beyond the control of Morgan Stanley
and MUFG (collectively, the “Companies”), including (1) the risks associated with businesscombinations, (2) the ability of the Companies to obtain necessary regulatory approvals on theproposed terms and within the expected time frame, (3) the impact of general economic andindustry conditions, (4) the businesses of the Companies that are to be contributed to the joint
venture may not be integrated successfully or such integration may be more difficult, timeconsuming or costly than expected, (5) legislative or regulatory requirements or changes in suchrequirements, including changes in trade, monetary and fiscal policies and laws, may adversely
affect the businesses in which the joint venture is engaged, (6) competitive pressures among
financial services companies may increase significantly and have an effect on pricing, spending,third-party relationships and revenues, (7) the impact of changes in accounting standards, rules orinterpretations, and (8) the impact of political conditions, including the threat of future terrorist
activity and related actions by the United States abroad. The actual results or performance of thejoint venture could differ materially from those expressed in, or implied by, these forward-looking
statements. Accordingly, no assurances can be given that any of the events anticipated by theforward-looking statements will transpire or occur, or if any of them do so, what impact they will
have on the results of operations or financial condition of each of the Companies or the jointventure. For a discussion of additional risks and uncertainties that may affect the future results ofMorgan Stanley, please see Morgan Stanley’s periodic reports filed with the Securities andExchange Commission and available on www.sec.gov.
###Contact for MUFG:

Contact for Morgan Stanley:George Sard/Jim Barron
Sard Verbinnen(212) 687-8080

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