For Immediate Release
MUFG and Morgan Stanley Conclude Definitive Agreements for Securities JointVenture in JapanTOKYO and NEW YORK, March 30, 2010—Mitsubishi UFJ Financial Group, Inc. (“MUFG”)(NYSE: MTU) and Morgan Stanley (NYSE: MS) today announced that they have entered into
definitive agreements to integrate their securities operations in Japan, and are expected tocommence joint venture operations as of May 1, 2010. Through a joint ownership structure, theparties will collaborate in a number of business and product areas in Japan, taking an industry
leading position and offering a full range of institutional businesses, a large domestic retail
brokerage network and significant global reach.
MUFG and Morgan Stanley, in a move that will allow them to leverage their respective strengths
and networks, agreed to create two companies comprising their joint venture, Mitsubishi UFJ
Morgan Stanley Securities Co., Ltd. (“MUMSS”), and Morgan Stanley MUFG Securities Co., Ltd.
(‘MSMS”).
MUMSS will continue the existing Japan-based retail, middle markets, capital markets, and sales
and trading businesses of Mitsubishi UFJ Securities Co., Ltd. (“MUS”). The investment banking
team of Morgan Stanley Japan Securities Co., Ltd. (“MSJS”) will be integrated with theinvestment banking team of MUS to create the preeminent investment banking organization inJapan, serving both MUFG’s and Morgan Stanley’s significant local and global client networks.
MUFG will hold a 60 percent interest in MUMSS while Morgan Stanley holds a 40 percent
interest, making MUMSS a consolidated entity of MUFG. MUFG will designate Fumiyuki
Akikusa as MUMSS’ President and CEO. MUFG will also designate Hideyuki Nakajima as
Deputy President and Chief Executive Officer of Retail and Middle Markets, and will designate
Toshiyuki Hatakama as Deputy President and Chief Executive Officer of Sales and Trading.
Morgan Stanley will designate Haruo Nakamura as Deputy President and Chief Executive Officerof MUMSS’s Investment Banking.
MSMS will comprise the existing sales and trading and capital markets operations of MSJS.
While the economic interests of MUFG and Morgan Stanley in MSMS will be 60 percent and 40
percent respectively, Morgan Stanley will have a 51 percent voting interest in MSMS and MUFG
will have 49 percent, making MSMS a consolidated Morgan Stanley entity. Morgan Stanley will
designate Jonathan B. Kindred as President and Chief Executive Officer.
The two joint venture companies will collaborate in providing capital markets services toinvestment banking clients of MUFG and Morgan Stanley and in offering a wide range ofproducts and services, including Morgan Stanley’s global products and services to MUFG’s retailand middle market customers in Japan as well as to investment banking clients of both parties.
The two joint venture companies will continue to offer products and services in sales and tradingand research areas separately.
Nobuo Kuroyanagi, President and Chief Executive Officer of MUFG, said, “Finalizing thisagreement with Morgan Stanley represents a tremendous step forward for our two organizations’overall strategic alliance. MUMSS and MSMS aim to effectively meet the increasingly
sophisticated and diverse financial needs of our extensive client base by merging MUFG’scomprehensive domestic financial service network with MS’s global reach and high quality
products and services.”
James P. Gorman, President and Chief Executive Officer of Morgan Stanley, said, “Today’sagreement underscores our strong commitment to Japan. We look forward to pursuing ourcommon goals to create a new powerful leader in the Japanese securities industry, while
continuing to leverage our strong global strategic alliance with MUFG.”
About MUFG
MUFG is one of the world’s leading financial groups, with total assets of more than JPY202
trillion (approximately US$2.2 trillion) as of Sep 30, 2009. MUFG’s services include commercial
banking, trust banking, securities, credit cards, consumer finance, asset management and leasing.
The Group’s operating companies include The Bank of Tokyo-Mitsubishi UFJ, Japan’s largest
commercial bank, Mitsubishi UFJ Trust and Banking Corporation, Japan’s leading trust bank, andMitsubishi 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 of investmentbanking, securities, investment management and wealth management services. The Firm'semployees serve clients worldwide including corporations, governments, institutions andindividuals from more than 1,200 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, synergies,
cost savings and completion of the joint venture and all other statements in the press release, otherthan historical facts, 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 which reflect current estimates, projections and expectations. Any such statement may
be influenced by factors that could cause actual outcomes and results to be materially different
from those projected or 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 those in any such forward-looking statements, many of which are beyond thecontrol of Morgan Stanley and MUFG (collectively, the “Companies”), including (1) the risks2

associated with business combinations, (2) the ability of the Companies to obtain necessary
regulatory approvals of the proposed terms and within the expected time frame, (3) the impact ofgeneral political, economic and industry conditions and geopolitical events, (4) projectedsynergies and cost savings from the joint venture may be less than expected or may not berealized within the expected time frame, (5) the businesses of the Companies that are to becontributed to the joint venture may not be integrated successfully or such integration may be
more difficult, time-consuming or costly than expected, (6) the impact of current, pending andfuture legislation, regulation and legal actions applicable to the joint venture, (7) operating costs,
customer and employee loss and business disruption following the announcement or creation of
the joint venture, including difficulties in maintaining relationships with employees andcustomers, (8) competitive pressures among financial services companies may increasesignificantly and have an effect on pricing, spending, third-party relationships and revenues, (9)the impact of changes in accounting standards, rules or interpretations, (10) the level and volatilityof equity, fixed income and commodity prices and interest rates, currency values and other market
indices and (11) investor sentiment and confidence in the financial markets. The actual results orperformance and expected benefits of the joint venture could differ materially from thoseexpressed in, or implied by, these forward-looking statements. Accordingly, no assurances can begiven that any of the events anticipated by the forward-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 joint venture. For a discussion of additional risks anduncertainties that may affect the future results of Morgan Stanley, please see Morgan Stanley’s
periodic reports filed with the Securities and Exchange Commission and available on
www.sec.gov.
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Contact for Mitsubishi UFJ Financial
Group
George Sard/Jim Barron
Sard Verbinnen+1.212. 687.8080

Contact for Morgan Stanley:Media Relations
Tokyo: Mika Watanabe +81.3.5424.5019
London: WesleyMcDade+44.207.425.4942
New York: Mark Lake +1 (212) 761-2430

Michael BerkeleyCitigate Dewe Rogerson+44.(0)20.7282.2883

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