Obligation MITSUBISHI UFJ FG Inc. 2.527% ( US606822AH76 ) en USD

MITSUBISHI UFJ FG Inc.

100 % ▲

Japon

US606822AH76 ( en USD )

2.527% par an ( paiement semestriel )

13/09/2026 - Obligation échue

Prospectus brochure de l'obligation Mitsubishi UFJ Financial Group Inc US606822AH76 en USD 2.527%, échue

200 000 USD

500 000 000 USD

606822AH7

A- ( Qualité moyenne supérieure )

A1 ( Qualité moyenne supérieure )

Mitsubishi UFJ Financial Group Inc. (MUFG) est une holding financière japonaise, l'une des plus grandes au monde, offrant une large gamme de services financiers, dont la banque de détail, la banque d'investissement et la gestion d'actifs.

L'analyse d'une obligation d'entreprise récemment arrivée à échéance, émise par Mitsubishi UFJ Financial Group Inc, révèle les caractéristiques suivantes : il s'agit d'une obligation identifiée par le code ISIN US606822AH76 et le code CUSIP 606822AH7. L'émetteur, Mitsubishi UFJ Financial Group Inc (MUFG), est une institution financière majeure basée au Japon, représentant l'un des plus grands groupes bancaires au monde en termes d'actifs, offrant une gamme complète de services financiers allant de la banque de détail à la banque d'investissement et la gestion d'actifs, et dont l'envergure internationale est significative. Cette émission était libellée en dollars américains (USD) et offrait un taux d'intérêt nominal de 2,527%. La taille totale de l'émission s'élevait à 500 000 000 USD, avec une taille minimale à l'achat fixée à 200 000 USD. Les paiements d'intérêts étaient effectués avec une fréquence de deux fois par an, et la date de maturité de l'obligation était le 13 septembre 2026. Il est important de noter que cette obligation a récemment atteint sa date de maturité et a été intégralement remboursée à 100% de son prix nominal sur le marché, attestant de son remboursement complet à l'échéance. La qualité de crédit de l'émetteur était soutenue par des notations solides, avec un A- attribué par l'agence de notation Standard & Poor's (S&P) et un A1 par l'agence de notation Moody's, reflétant la fiabilité et la solvabilité de Mitsubishi UFJ Financial Group Inc au moment de l'émission et jusqu'à son remboursement.

PROSPECTUS SUPPLEMENT
(To prospectus dated February 10, 2016)
M U FG
Mitsubishi UFJ Financial Group, Inc.
$900,000,000 Floating Rate Senior Notes due March 1, 2021
$3,100,000,000 2.95% Senior Notes due March 1, 2021
$3,000,000,000 3.85% Senior Notes due March 1, 2026
$1,000,000,000 Floating Rate Senior Notes due September 13, 2021
$1,500,000,000 2.190% Senior Notes due September 13, 2021
$500,000,000 2.527% Senior Notes due September 13, 2023
$1,000,000,000 2.757% Senior Notes due September 13, 2026
Mitsubishi UFJ Financial Group, Inc., or MUFG, has issued the above-listed senior notes, collectively the Notes, pursuant to
a senior indenture, dated March 1, 2016, or the Indenture. This prospectus supplement and the accompanying prospectus is
being prepared for the listing of the Notes on the official list of the Luxembourg Stock Exchange and the admission to trading
on the Luxembourg Stock Exchange's Euro MTF Market.
The floating rate senior notes due March 1, 2021, or the floating rate notes due March 2021, bears interest commencing March
1, 2016 at a per annum rate equal to three-month U.S. dollar LIBOR plus 1.88%, payable quarterly in arrears on March 1,
June 1, September 1 and December 1 of each year, subject to adjustments. Each of the fixed rate senior notes due March 1,
2021, or the fixed rate notes due March 2021, and the fixed rate senior notes due March 1, 2026, or the fixed rate notes due
March 2026, bear interest commencing March 1, 2016 at a per annum rate listed above, payable semi-annually in arrears on
March 1 and September 1 of each year.
The floating rate senior notes due September 13, 2021, or the floating rate notes due September 2021, bears interest
commencing September 13, 2016 at a per annum rate equal to three-month U.S. dollar LIBOR plus 1.06%, payable quarterly
in arrears on March 13, June 13, September 13 and December 13 of each year, subject to adjustments. Each of the fixed rate
senior notes due September 13, 2021, or the fixed rate notes due September 2021, the fixed rate senior notes due September
13, 2023, or the fixed rate notes due September 2023, and the fixed rate senior notes due September 13, 2026, or the fixed rate
notes due September 2026, bear interest commencing September 13, 2016 at a per annum rate listed above, payable semi-
annually in arrears on March 13 and September 13 of each year.
The Notes are intended to qualify as total loss-absorbing capacity, or TLAC, debt upon the implementation of applicable TLAC
regulations in Japan. The Notes are our senior unsecured obligations and rank senior to all of our existing and future
subordinated debt, rank equally in right of payment with all of our existing and future unsecured and unsubordinated debt
(except for statutorily preferred exceptions) and are effectively subordinated to any secured indebtedness we incur, to the extent
of the value of the assets securing the same. See "Risk Factors--Risk Related to the Senior Debt Securities--The senior debt
securities will be structurally subordinated to the liabilities of MUFG's subsidiaries, including BTMU and MUTB." and other
risk factors in the same section included in the accompanying prospectus, and "Description of Senior Debt Securities" in the
accompanying prospectus.
We may at our option redeem a series of Notes in whole, but not in part, at 100% of their principal amount plus any accrued
and unpaid interest to (but excluding) the date of redemption upon the occurrence of certain tax events, subject to certain
conditions. See "Description of Senior Debt Securities" in the accompanying prospectus.
We have made an application to the Luxembourg Stock Exchange to list the Notes on the official list of the Luxembourg Stock
Exchange and for the Notes to be admitted to trading on the Luxembourg Stock Exchange's Euro MTF Market. The
Luxembourg Stock Exchange's Euro MTF Market is not a regulated market for the purposes of Directive 2004/39/EC of the
European Parliament and of the Council on markets in financial instruments. This prospectus supplement with the
accompanying prospectus constitutes the listing prospectus for purposes of Part IV of the Luxembourg law on prospectus for
securities dated July 10, 2005, as amended. This prospectus supplement and the accompanying prospectus may be used only
for the purposes for which it has been published, and does not constitute a prospectus for the purposes of the Prospectus
Directive (Directive 2003/71/EC).
The Notes are eligible for clearing and settlement through the facilities of The Depository Trust Company, or DTC, Euroclear
Bank S.A./N.V. and Clearsteram Banking S.A.
_________________________
Investing in the Notes involves risks. See "Risk Factors" beginning on page 6 of the accompanying prospectus and as
incorporated by reference herein.
These securities are not deposits or savings accounts. These securities are not insured by the U.S. Federal Deposit Insurance
Corporation or any other governmental agency or instrumentality.
_________________________
The date of this prospectus supplement is March 21, 2017

TABLE OF CONTENTS
Page
ABOUT THIS PROSPECTUS SUPPLEMENT ..................................................................................................... ii
FORWARD-LOOKING STATEMENTS ............................................................................................................. iii
WHERE YOU CAN OBTAIN MORE INFORMATION ..................................................................................... iii
INCORPORATION OF DOCUMENTS BY REFERENCE ..................................................................................iv
SUMMARY ............................................................................................................................................................. 1
USE OF PROCEEDS ............................................................................................................................................. 16
CAPITALIZATION AND INDEBTEDNESS ...................................................................................................... 18
BUSINESS SEGMENT INFORMATION ............................................................................................................ 19
SUPERVISION AND REGULATION IN JAPAN ............................................................................................... 21
JAPANESE TAXATION ...................................................................................................................................... 25
LISTING AND GENERAL INFORMATION ...................................................................................................... 29
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ...................................................................... 30

_______________________

i

ABOUT THIS PROSPECTUS SUPPLEMENT
In making an investment decision, you should rely only on the information provided or incorporated by
reference in this prospectus supplement and the accompanying prospectus that we prepare or authorize. We have
not authorized anyone to provide you with different or additional information. You should not assume that the
information in this prospectus supplement, the accompanying prospectus or any related free-writing prospectus
that we prepare or authorize or in any document incorporated by reference herein or therein is accurate as of any
date after its date.
The distribution of this prospectus supplement, the accompanying prospectus and any related free-writing
prospectus that we prepare or authorize and the offering of the Notes in certain jurisdictions may be restricted by
law. This prospectus supplement and the accompanying prospectus that we prepare or authorize do not constitute
an offer, or an invitation on our behalf, to subscribe to or purchase any of the Notes, and may not be used for or in
connection with an offer or solicitation by anyone, in any jurisdiction in which such an offer or solicitation is not
authorized or to any person to whom it is unlawful to make such an offer or solicitation.
The Notes may not be a suitable investment for all investors and you must determine on your own or with the
assistance of a financial adviser the suitability of an investment in the Notes in light of your own circumstances.
You should not invest in the Notes unless you have the knowledge and expertise, either on your own or with the
assistance of a financial adviser, to evaluate how the Notes will perform under changing conditions, the effect on
the value of the Notes of the uncertainty relating to whether and how the Notes will be qualified or treated under
applicable regulatory capital or TLAC requirements, the impact this investment will have on your overall
investment portfolio, and the use of proceeds from the sale of the Notes. Prior to making an investment decision,
you should consider carefully, in light of your own financial circumstances and investment objectives, all the
information contained in this prospectus supplement and the accompanying prospectus that we prepare or authorize
and in any document incorporated by reference herein and therein and in any applicable supplement to this
prospectus supplement.
_______________________
As used in this prospectus supplement, the terms "MUFG," "we," the "Company" and the "Group" generally
refer to Mitsubishi UFJ Financial Group, Inc. and its consolidated subsidiaries but, from time to time as the context
requires, refers to Mitsubishi UFJ Financial Group, Inc. as an individual legal entity.
In this prospectus supplement, references to "yen" or "¥" are to Japanese yen, references to "U.S. dollars,"
"U.S. dollar," "dollars," "U.S.$" or "$" are to United States dollars, references to "AU$" are to Australian dollars,
and references to "euro" or "" refer to the currency of those member states of the European Union which are
participating in the European Economic and Monetary Union pursuant to the Treaty of the European Union.
Unless otherwise specified, the financial information presented in this prospectus supplement and our
consolidated financial statements, which are incorporated by reference in this prospectus supplement, are prepared
in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. Our fiscal year
ends on March 31 of each year.
_______________________
The Notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan
(Act No. 25 of 1948, as amended; the "Financial Instruments and Exchange Act") and are subject to the Special
Taxation Measures Act of Japan (Act No. 26 of 1957, as amended; the "Special Taxation Measures Act"). The
Notes may not be offered or sold in Japan or to, or for the benefit of, any resident of Japan (which term as used in
this sentence means any person resident of Japan, including any corporation or other entity organized under the
laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to, or for the benefit of, any
resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in
compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and
governmental guidelines of Japan. The Notes are not, as part of the distribution by any underwriters pursuant to
the relevant underwriting agreement at any time, to be directly or indirectly offered or sold to, or for the benefit
of, any person other than a beneficial owner that is, (i) for Japanese tax purposes, neither (x) an individual resident
of Japan or a Japanese corporation, nor (y) an individual non-resident of Japan or a non-Japanese corporation that
in either case is a person having a special relationship with the Company as described in Article 6, Paragraph 4 of
the Special Taxation Measures Act (a "specially-related person of the Company") or (ii) a Japanese financial
institution, designated in Article 6, Paragraph 9 of the Special Taxation Measures Act, except as specifically
permitted under the Special Taxation Measures Act. BY SUBSCRIBING FOR THE NOTES, AN INVESTOR
WILL BE DEEMED TO HAVE REPRESENTED THAT IT IS A PERSON WHO FALLS INTO THE
CATEGORY OF (i) OR (ii) ABOVE.

ii

Interest payments on the Notes generally will be subject to Japanese withholding tax unless it is established
that such Notes are held by or for the account of a beneficial owner that is (i) for Japanese tax purposes, neither
(x) an individual resident of Japan or a Japanese corporation, nor (y) an individual non-resident of Japan or a non-
Japanese corporation that in either case is a specially-related person of the Company, (ii) a Japanese designated
financial institution described in Article 6, Paragraph 9 of the Special Taxation Measures Act which complies with
the requirement for tax exemption under that paragraph or (iii) a Japanese public corporation, financial institution
or financial instruments business operator described in Article 3-3, Paragraph 6 of the Special Taxation Measures
Act which complies with the requirement for tax exemption under that paragraph.
Interest payments on the Notes to an individual resident of Japan, to a Japanese corporation not described in
the preceding paragraph, or to an individual non-resident of Japan or a non-Japanese corporation that in either case
is a specially-related person of the Company will be subject to deduction in respect of Japanese income tax at a
current rate of 15.315% of the amount of such interest.
FORWARD-LOOKING STATEMENTS
This prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein
contain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements do not relate strictly to historical or current facts and include statements
regarding our current intent, belief, targets or expectations or the current intent, belief, targets or expectations of
our management with respect to, among others:
· changes in banking and other regulations, including those affecting whether and how the Notes will be
qualified or treated under applicable capital or TLAC requirements and resolution measures to be
implemented in Japan,
· our financial condition,
· our results of operations,
· our business plans and other management objectives,
· our business strategies, competitive positions and growth opportunities,
· the financial and regulatory environment in which we operate,
· our problem loan levels and loan losses,
· the equity, interest and foreign exchange markets, and
· the benefits of recently completed or announced transactions and realization of related financial and
operating synergies and efficiencies, including estimated cost savings and revenue enhancement.
In many, but not all, cases, we use words such as "aim," "anticipate," "believe," "estimate," "expect," "hope,"
"intend," "may," "plan," "predict," "probability," "risk," "should," "will," "would" and similar expressions, as
they relate to us or our management, to identify forward-looking statements. These statements reflect our current
views with respect to future events and are subject to risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary
materially from those which are anticipated, aimed at, believed, estimated, expected, intended or planned.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties.
Actual results may differ from those in forward-looking statements as a result of various factors. Important factors
that could cause actual results to differ materially from estimates or forecasts contained in the forward- looking
statements include those which are discussed in this prospectus supplement, the accompanying prospectus and our
most recent annual report on Form 20-F and other documents incorporated by reference in this prospectus
supplement and the accompanying prospectus.
You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of their
respective dates. We do not undertake to update any forward-looking statements, whether as a result of new
information, future events or developments, or otherwise.
WHERE YOU CAN OBTAIN MORE INFORMATION
We file reports and other information with the U.S. Securities and Exchange Commission, or the SEC. You
may read and copy any document filed with the SEC at the SEC's Public Reference Room at 100 F Street, N.E.,

iii

Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 for further information on the Public Reference
Room. Documents filed with the SEC are also available to the public on the SEC's internet website at
http://www.sec.gov.
This prospectus supplement is part of a registration statement on Form F-3 that we filed with the SEC. The
registration statement, including the attached exhibits, contains additional relevant information about us and the
securities that may be offered from time to time.
INCORPORATION OF DOCUMENTS BY REFERENCE
The SEC allows us to "incorporate by reference" in this prospectus supplement and the accompanying
prospectus some or all of the documents we file with the SEC. This means:
· the information in a document that is incorporated by reference is considered to be a part of this prospectus
supplement and the accompanying prospectus;
· we can disclose important information to you by referring you to those documents; and
· information that we file with the SEC will automatically update and modify or supersede some of the
information included or incorporated by reference in this prospectus supplement and the accompanying
prospectus.
This means that you must look at all of the SEC filings that we incorporate by reference to determine if any of
the statements in this prospectus supplement or the accompanying prospectus or in any document incorporated by
reference herein or therein have been modified or superseded. The accompanying prospectus describes documents
that are incorporated by reference into the accompanying prospectus and this prospectus supplement. See
"Incorporation of Documents by Reference" in the accompanying prospectus.
The documents incorporated by reference into this prospectus supplement and the accompanying prospectus
include:
· our current report on Form 6-K relating to our unaudited financial information under accounting principles
generally accepted in Japan, or Japanese GAAP, as of and for the fiscal year ended March 31, 2016, dated
May 16, 2016, except for the forward-looking statements which were made as of the date thereof,
· our current report on Form 6-K relating to our additional audited financial information under Japanese
GAAP as of and for the fiscal year ended March 31, 2016, and certain other additional information, dated
June 29, 2016,
· our annual report on Form 20-F for the fiscal year ended March 31, 2016, filed on July 15, 2016,
· our current report on Form 6-K relating to changes in our domestic stock compensation plans for eligible
directors, corporate executive officers and other individuals, dated November 14, 2016,
· our current report on Form 6-K relating to our unaudited financial information under U.S. GAAP as of and
for the six months ended September 30, 2016, and certain other additional information, dated January 30,
2017,
· our current report on Form 6-K relating to our unaudited financial information under Japanese GAAP as of
and for the nine months ended December 31, 2016, dated February 3, 2017, except for the forward-looking
statements which were made as of the date thereof,
· our current report on Form 6-K relating to our additional unaudited financial information under Japanese
GAAP as of and for the nine months ended December 31, 2016, dated February 14, 2017, and
· our current report on Form 6-K relating to our regulatory capital ratios as of December 31, 2016, dated
February 14, 2017.
In addition, we incorporate by reference in this prospectus supplement all subsequent annual reports filed on
Form 20-F and any future filings made with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the U.S. Securities
Exchange Act of 1934, as amended, or the U.S. Exchange Act, and certain reports on Form 6-K, which we furnish
to the SEC, if they state that they are incorporated by reference in this prospectus supplement, after the date of this
prospectus supplement until the offering contemplated in this prospectus supplement is completed. Reports on
Form 6-K we may furnish to the SEC after the date of this prospectus supplement (or portions thereof) are

iv

incorporated by reference in this prospectus supplement only to the extent that the report expressly states that it is
(or such portions are) incorporated by reference in this prospectus supplement.
We will provide you without charge upon written or oral request a copy of any of the documents that are
incorporated by reference in this prospectus supplement. If you would like us to provide you with any of these
documents, please contact us at the following address or telephone number: 7-1, Marunouchi 2-chome, Chiyoda-
ku, Tokyo 100-8330, Japan, Attention: Public Relations Office (telephone: +81-3-3240-8111).
Copies of documents incorporated by reference in this prospectus supplement may be inspected, free of charge,
at the website of the Luxembourg Stock Exchange at www.bourse.lu.
Selected Financial Data
For certain selected financial data relating to us, see "Item 3.A. Key Information--Selected Financial Data" in
our annual report on Form 20-F on file with the SEC incorporated by reference herein.

v

SUMMARY
This summary highlights some of the information contained in this prospectus supplement, the accompanying
prospectus and the documents incorporated by reference herein. Because this is only a summary, it does not
contain all of the information that may be important to you. You should read the entire prospectus supplement, the
accompanying prospectus and the documents incorporated by reference herein carefully, including the section
entitled "Risk Factors" and our financial statements and related notes to those statements included in our most
recent annual report on Form 20-F and the sections entitled "Risk Factors," "Description of the Senior Debt
Securities" and "Use of Proceeds" and other information included elsewhere, or incorporated by reference, in
this prospectus supplement and the accompanying prospectus, prior to making an investment decision. This
summary also includes information on our funding and business strategies.
Mitsubishi UFJ Financial Group, Inc.
We are a bank holding company incorporated on October 1, 2005 as a joint stock company (kabushiki kaisha)
under the Company Law of Japan. We are one of the world's largest and most diversified financial groups with
total assets of ¥288.91 trillion and total deposits of ¥177.64 trillion as of September 30, 2016. We are the holding
company for The Bank of Tokyo-Mitsubishi UFJ, Ltd., or BTMU, Mitsubishi UFJ Trust and Banking Corporation,
or MUTB, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., or MUMSS, (through Mitsubishi UFJ Securities
Holdings Co., Ltd., or MUSHD, an intermediate holding company), Mitsubishi UFJ NICOS Co., Ltd., and other
subsidiaries. For a more detailed description of our history, see "Item 4.A. Information on the Company--History
and Development of the Company" in our annual report on Form 20-F on file with the SEC incorporated by
reference herein.
Through our subsidiaries and affiliated companies, we engage in a broad range of financial businesses and
services, including commercial banking, investment banking, trust banking and asset management services,
securities businesses, and credit card businesses, and provide related services to individuals and corporate
customers in Japan and abroad. In Japan, we had approximately 1,100 branches and offices as of September 30,
2016. As of the same date, we had the largest overseas network among Japanese banks, consisting of approximately
1,200 branches and other offices, including those of MUFG Union Bank, N.A., or MUB, Bank of Ayudhya Public
Company Limited, known as Krungsri, and other subsidiaries, in more than 50 countries and regions.
Updates Relating to Listing of the Notes on the Luxembourg Stock Exchange
To provide information relating to the expected listing of the Notes on the Luxembourg Stock Exchange,
updates are made to the section "Description of Senior Debt Securities" in the accompanying prospectus as
follows:
· The final paragraph of the sub-section under the sub-heading "Book-Entry; Delivery and Form-- Exchange
of Global Notes for Certificated Notes" is deleted in its entirety; and
· The sub-section under the sub-heading "Minimum Board Lot Size on the SGX-ST" is deleted in its entirety,
together with such sub-heading.
In addition, an update is made to the first sentence of "Risk Factors--Risks Related to the Senior Debt
Securities--There is no established trading market for the senior debt securities and one may not develop." in the
accompanying prospectus by replacing the phrase "although we expect to list the senior debt securities on the
Singapore Exchange Securities Trading Limited, or SGX-ST," with "although we expect to list the senior debt
securities on the Luxembourg Stock Exchange's Euro MTF Market,".
See "Listing and General Information."

S-1

Our Funding and Business Strategies
We are taking pro-active steps to adjust our funding strategy to meet the requirements expected due to the
future implementation of TLAC regulations in Japan.
We are the holding company for one of the world's largest and most diversified financial groups, providing a
broad range of financial services in Japan and around the world. Among our operating subsidiaries, BTMU and
MUTB make significant contributions to our business in terms of profits and total assets. Our businesses are well
diversified to cover a full range of financial services, including commercial banking, trust banking, securities
brokerage, credit cards and leasing. Further, our business portfolio is geographically diversified across the globe,
including MUB, our primary operating subsidiary in the United States, and Krungsri, our primary operating
subsidiary in Thailand.
We have been designated as a global systemically important bank, or G-SIB, by the Financial Stability Board,
or the FSB, and the Basel Committee on Banking Supervision, and further by the Financial Services Agency of
Japan, or the FSA, based on international agreements pursuant to the Basel III G-SIB capital surcharge rules. The
relevant rules took effect in Japan on March 31, 2016 and will be phased in through 2019. In November 2015, as
part of its agenda to address risks arising from G-SIBs, the FSB published its final TLAC standard for G-SIBs.
The FSB TLAC standard seeks to ensure that a G-SIB will have sufficient loss-absorbing and recapitalization
capacity available if it fails and that it can be resolved in an orderly manner so as to minimize the potential impact
on financial stability, maintain the continuity of critical functions and avoid exposing public funds to loss. The
FSB's TLAC standard defines certain minimum requirements for instruments and liabilities subject to loss
absorption for G-SIBs in resolution, including a minimum external TLAC. The FSB's TLAC standard is subject
to regulatory implementation in Japan. On April 15, 2016, the FSA published an explanatory paper outlining its
approach for the introduction of the TLAC framework in Japan, pursuant to which the FSA plans to require bank
holding companies of G-SIBs in Japan to meet the minimum external TLAC requirements under the FSB's TLAC
standard mainly through amendments to the existing laws and regulations relating to capital adequacy requirements
applicable to bank holding companies in Japan. Although the FSA's approach remains subject to change in line
with ongoing international discussions, we are preparing to satisfy such requirements in advance of
implementation by issuing senior debt securities as a bank holding company. Although there are many relevant
regulatory and market factors that remain subject to change, based on our current estimate, we will need to continue
to issue TLAC eligible instruments, to meet the anticipated minimum external TLAC requirement. See
"Supervision and Regulation in Japan--Total Loss-Absorbing Capacity" and "Risk Factors--Risks Related to the
Senior Debt Securities--The Japanese regulations relating to external TLAC have not yet been finalized, and the
circumstances surrounding or triggering orderly resolution are unpredictable." in the accompanying prospectus.
Under the FSA's approach, as a Japanese banking group subject to the FSB TLAC standard, we expect to be
subject to a Single Point of Entry, or SPE, resolution regime where resolution powers are applied to the top-level
entity of a banking group by a single national resolution authority. In addition to the external TLAC requirements
to be applied at the bank holding company level, a key element of the effectiveness of the SPE resolution regime
is to require the bank holding company of a G-SIB in Japan to cause its material subsidiaries or material sub-
groups that are designated as systemically important by the FSA to maintain a certain level of capital and debt
recognized as having loss-absorbing and recapitalization capacity, or internal TLAC. Under the FSA's approach,
when we, as a bank holding company, become subject to the TLAC requirements, we may need to restructure
loans to, and investments in, our material subsidiaries or material sub-groups to meet such internal TLAC
requirements. Upon implementation of the applicable TLAC requirements for G-SIBs in Japan, we expect the
Notes to qualify as external TLAC due in part to their structural subordination to the liabilities of our subsidiaries,
including our regulated banking subsidiaries. We intend to use the proceeds from the sale of the Notes to fund the
operations of BTMU through loans. See "Use of Proceeds."
In light of the currently anticipated TLAC regulations in Japan under the FSA's approach, including the
expected SPE resolution strategy, we expect that MUFG, as the group holding company, will become the primary
funding entity for the issuance of TLAC eligible debt securities, while BTMU, MUTB, MUSHD and other
subsidiaries will continue to issue certain unsecured bonds, structured bonds and collateralized bonds which will
not carry TLAC eligibility or will be denominated in currencies other than U.S. dollars, yen and euro.
We intend to access capital markets both domestically and overseas in order to achieve the best capital mix,
including for refinancing with a view to maintaining sufficient Additional Tier 1 and Tier 2 capital, as
contemplated by the Basel III capital standard, as well as satisfying the anticipated minimum TLAC requirement.
We believe our current capital structure contains significant buffers before the Notes become subject to loss
absorption. In addition, there are multiple measures that may be implemented, including measures in response to
a financial crisis, before a financial institution reaches a point of non-viability, such as limitations or restrictions
on capital distributions, prompt corrective action, provision of financial liquidity and capital injection. As of

S-2

December 31, 2016, our Common Equity Tier 1 ratio, which is calculated based on financial information prepared
in accordance with Japanese GAAP, was 11.2%. Based on our Common Equity Tier 1 capital as of December 31,
2016, excluding the impact of net unrealized gains on securities available for sale, we estimate that our Common
Equity Tier 1 capital ratio would be 9.4% under the Japanese regulatory capital standard that is expected to be
applicable to us as of March 31, 2019.
Under the current Japanese laws and regulations, we are required to maintain a recovery plan and, if our
financial condition or liquidity deteriorates to trigger levels specified in the recovery plan, we will implement the
recovery plan to restore our financial strength and viability. In addition, if our Common Equity Tier 1 ratio declines
below the required minimum level, then we will become subject to restrictions on capital distributions and further
to prompt corrective action under the banking regulations, and if our Common Equity Tier 1 ratio declines below
5.125%, then our Additional Tier 1 instruments will become subject to loss absorption. According to the FSA's
approach for the introduction of the TLAC framework in Japan published on April 15, 2016, when our financial
condition further deteriorates to a point where our liabilities exceed, or are deemed likely to exceed, our assets, or
where we have suspended, or are deemed likely to suspend, payments on our obligations, as a result of loans
extended by us to, or investments made by us in, any of our material subsidiaries being subject to loss absorption
prior to the failure of such material subsidiaries, and, if our failure may cause a significant disruption to the
financial market or system in Japan, measures under the Japanese statutory orderly resolution regime may be
applied to us. The application of such measures will result in our then outstanding Additional Tier 1 instruments
and Tier 2 instruments becoming subject to loss absorption, and will likely lead to a transfer of certain assets,
including shares of our material subsidiaries, and liabilities to a bridge financial institution established by the
Deposit Insurance Corporation and subsequent liquidation of our remaining assets and liabilities which are
expected to include the TLAC-eligible senior debt securities, including the Notes. During the liquidation process,
the Notes will participate in the liquidation of any residual assets of MUFG in priority to our Basel II Tier 1
instruments. We intend to further strengthen our capital structure. See "Supervision and Regulation in Japan."
We have taken measures to enhance our financial soundness.
Our primary funding source for loans is deposits. We have maintained a low loan-to-deposit ratio, which we
believe allows us to secure higher liquidity and a sound balance sheet. As of December 31, 2016, on a Japanese
GAAP basis, our total loans in the banking account and the trust account were ¥109.0 trillion, consisting of ¥44.6
trillion of domestic corporate loans, ¥15.6 trillion of domestic housing loans, ¥5.0 trillion of loans to Japanese
government institutions, ¥1.3 trillion of other domestic loans, and ¥42.4 trillion of overseas loans. As of the same
date, on a Japanese GAAP basis, our total deposits were ¥166.4 trillion, consisting of ¥73.2 trillion of deposits
from domestic individual customers, ¥56.8 trillion of deposits from domestic corporate customers and ¥36.2
trillion of deposits from overseas and other customers. On a U.S. GAAP basis, as of September 30, 2016, our total
net loans were ¥112.42 trillion, and our total deposits were ¥177.64 trillion.
The average balance of domestic corporate loans under Japanese GAAP, excluding loans to government
institutions, on a managerial accounting basis, has increased in recent periods. The average balance of overseas
loans under Japanese GAAP on a managerial accounting basis, has also been on a generally increasing trend in
recent periods.
Our risk-monitored loan ratio, or the ratio of our total risk-monitored loans, as classified under Japanese
banking regulations, to our total loans and bills discounted in the banking account on a Japanese GAAP basis, has
declined to below 1.5% in recent periods, reflecting our disciplined approach to risk management. We have
recently reduced our risk-monitored loans, as classified under Japanese banking regulations, to domestic
borrowers, although our risk-monitored loans to overseas borrowers have increased. Our credit costs, net of gains
on loans written off, on a Japanese GAAP basis were ¥255.1 billion for the fiscal year ended March 31, 2016 and
¥50.9 billion for the nine months ended December 31, 2016.
On a Japanese GAAP basis, 38.5% of our available-for-sale securities with fair value consisted of Japanese
government bonds as of December 31, 2016. On a U.S. GAAP basis, our holding of available-for-sale Japanese
government bonds to our total investment securities was 62.9% as of September 30, 2016. We manage the maturity
profile of our holding of Japanese government bonds as part of our asset and liability management measures. On
a Japanese GAAP basis, of the simple sum of the available-for-sale and held-to-maturity Japanese government
bonds held by BTMU on a non-consolidated basis and MUTB on a non-consolidated basis, as of December 31,
2016, ¥8.3 trillion had maturities within one year, ¥6.3 trillion had maturities between one year and five years,
¥4.7 trillion had maturities between five years and ten years, and ¥2.1 trillion had maturities longer than ten years,
with the average remaining maturity of such available-for-sale Japanese government bonds being 3.7 years as of
the same date. On a Japanese GAAP basis, 37.8% of our available-for-sale securities with fair value consisted of
foreign bonds as of December 31, 2016. Given the significance of our bond holdings to the overall portfolio, we
intend to manage interest rate risk in a flexible manner in response to changes in the market environment. For the

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maturities of our holdings of Japanese government bonds on a U.S. GAAP basis, see our most recent annual report
on Form 20-F.
We have recently reduced our holdings of domestic equity securities. As of March 31, 2012 and December 31,
2016, our equity holdings on an acquisition price basis under Japanese GAAP represented 28.6% of our Tier 1
capital on a Basel II basis and 17.4% of our Tier 1 capital on a Basel III basis, respectively. We have set a basic
policy to reduce such equity holdings to approximately 10% of our Tier 1 capital over the five-year period ending
March 31, 2021, in light of the investment risk, our aim to enhance capital efficiency and developments in global
financial regulation. As we reduce these equity holdings, there are two important considerations. First, we must
consider the economic rationale for maintaining equity stakes in customers. Second, even where there is sufficient
economic rationale, we may decide to sell equity holdings in accordance with our basic risk reduction policy,
taking into account market conditions, the business environment and our financial strategy. We expect a further
reduction in our equity holdings will contribute to enhancing our capital ratios.
We have achieved a sustainable earnings trend supported by our basic policy and strategies despite the
current low interest rate environment.
Interest rates remain at historically low levels, particularly in Japan, where the Bank of Japan adopted a
"quantitative and qualitative monetary easing with negative interest rates" policy in February 2016. Under this
policy, the Bank of Japan maintained its policy to increase its aggregate holding of Japanese government bonds
by approximately ¥80 trillion each year and applied a negative interest rate of minus 0.1% to "Policy-Rate
Balances," which are a part of current account amounts held by financial institutions at the Bank of Japan, aiming
to achieve a price stability target of 2%. In September 2016, the Bank of Japan announced a new "quantitative and
qualitative monetary easing with yield curve control" policy, adding to its monetary policy a Japanese government
bond purchase program intended to keep the yield of 10-year Japanese government bonds around zero percent. In
this interest rate environment, the domestic loan-deposit interest rate spread of BTMU and MUTB combined on a
simple sum basis based on their respective non-consolidated managerial accounting data, excluding loans to
government institutions, declined to 0.86% for the three months ended December 31, 2016. Our domestic lending
spreads on the loans to large corporations and loans to small and medium-sized enterprises of BTMU and MUTB
combined on the same basis have remained at around 0.68% and 0.45%, respectively, in recent periods.
The lending spread on our overseas loans, excluding loans booked at MUB and Krungsri, on a managerial
accounting basis, has declined to below 1% in recent periods. Interest rates in overseas markets also remained low,
although there have recently been developments that could cause them to rise, including the increases in the FRB's
target range for the U.S. federal funds rate to between 0.25% and 0.5% in December 2015 and to between 0.5% to
0.75% in December 2016. We seek to implement measures to mitigate the impact of the extremely low domestic
interest environment on our results of operations, which may include those designed to expand our business
particularly in the Americas and Southeast Asia and diversify our business portfolio in the domestic and overseas
markets. However, our efforts to expand our business, especially through expansion of business in the United
States and other markets, may not be effective or feasible due to monetary policies in those markets, operational
limitations, regulatory restrictions, or other reasons.
Despite the negative impact of declining lending spreads on our results of operations, we have achieved a
sustainable earnings trend in recent periods. Our profits attributable to owners of parent on a Japanese GAAP basis
were ¥951.4 billion for the fiscal year ended March 31, 2016. For the nine months ended December 31, 2016, our
profits attributable to owners of parent on a Japanese GAAP basis was ¥786.9 billion, to which BTMU and MUTB,
each on a stand-alone basis, contributed 57% and 14%, while each of MUSHD, MUFG Americas Holdings
Corporation, or MUAH, and Krungsri on a consolidated basis contributed around 5%. On a U.S. GAAP basis, we
recorded net income attributable to Mitsubishi UFJ Financial Group of ¥802.3 billion for the fiscal year ended
March 31, 2016 and ¥750.9 billion for the six months ended September 30, 2016.
Our consolidated expense ratio, or the ratio of general and administrative expenses to gross profits before credit
costs for trust accounts, for the nine months ended December 31, 2016, on a Japanese GAAP basis, was 63.7%,
almost at the same level as the ratio for the nine months ended December 31, 2015, which was 62.2%. For the nine
months ended December 31, 2016, the expense ratio of BTMU and MUTB, based on the simple sums of non-
consolidated general and administrative expenses and gross profits of BTMU and MUTB under Japanese GAAP,
was 59.0%. For the six months ended September 30, 2016, the expense ratio of BTMU and MUTB on the same
basis was 56.2%. The expenses associated with our global banking operations included substantial regulatory and
system infrastructure improvement costs. With a management target of a consolidated expense ratio of
approximately 60% under our current medium-term business plan for the three years ending March 31, 2018, we
have implemented measures designed to improve productivity, including integrating the securities sales and
trading operations of BTMU and MUMSS and merging Mitsubishi UFJ Asset Management Co., Ltd. and
KOKUSAI Asset Management Co., Ltd., our two major asset management subsidiaries in Japan. We also intend
to maintain prudent cost management while continuing and enhancing initiatives for productivity improvements,

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