2016 8 24

matsushima-noriyuki@sc.mufg.jp

Please refer to important disclosures and certifications located in Appendix A of this report.

(ESG )

1

UFJ

2

…

IR IR

→

UFJ

3

IR

→

UFJ

4

1. 2. 3. CEO CFO)

→ 1.

< 2. →FM

3.

4.

5. →

6. MiFID Markets in Financial Instruments Directive → in-depth

UFJ

1 2016 1 29

5

2

15

15

M&A

15

2 2016 1 29

6

7

AI

8

→

KPI Key Performance Indications

UFJ

9

UFJ

10

1.

→

2.

UFJ

11

3.

1 KPI DNA

IIRC 6

Capital DNA

KPI

UFJ

12

2 7 Content Element

7 Content Element

5 10

ESG

UFJ

13

3

KPI Key Performance Indicator

KPI materiality

UFJ

14

4.

UFJ

1. 2. 3.

HV EV →

→

UFJ 15

16 UFJ

1990 2000 2010 2020 2030 2040

HV

→→

→

-1

-2

UFJ 17

18

•

•

•

•

• 700 JEFF

• ESG

•

•

•

•

GPIF ESG

19

• IR

• Corporate action

•

•

•

•

• Research Review Committee

•

•

•

•

• Data Vintage 90 • B/S, P/L, C/F) •

•

Valuation Clinic Scenario Analyzer Global Peer Comparison •

• • Underweight Overweight •

• • Big Picture • • Big Data

”MERIT” • •

20

Valuation clinic 7203

σ

σ

10

10 EPS, BPS

10 PER CAPE+/- 2σ

ROE/ PBR2 stage analysis

Dupont ROE

0.7

21

Scenario analyzer

22

DCF CFROI

Alpha Systematic Approach

23

α

JEFF

700

485→500

24

JEFF

MSCI

”Japan Explorer”

Under coverage = α = research

Passive 8

Active Deep research Top300

2015 12 15

25

UFJ MUMSS 1%*

* 1 (Offering Memorandum)

MUMSS 12

MUMSS 12

MUMSS 3

Appendix A

1. 2015 7 30 Royal Dutch Shell plc Shell International Limited 33 ShellShell

2. UFJ MUMSS JX

MUMSS 3. UFJ MUMSS 2016 3 17

MUMSS 4. MUMSS

MUMSS

5. UFJ MUMSS 2016 5 12

MUMSS

26

Overweight (OW) Neutral (N) Underweight (UW) NR RS

Buy Hold Sell NR RS

12

Buy Overweight ( ) Buy ( ) Hold Neutral ( ) Hold ( ) Sell Underweight () Sell ( )

* 12

UFJ 2016 6 30

MUMSS MUMSS

MUMSS

MUMSS

MUMSS MUMSS

* Buy (Overweight, Buy) 36.2% 32.8% Hold (Neutral, Hold) 52.6% 28.1% Sell (Underweight, Sell) 7.7% 18.9%

3.5% 23.5%

27

MUMSS 17 86

WEB https://mu-st2-pt.ifis.co.jp/disclosure/disclosure.php

MUMSS MUMSS

MUMSSMUMSS UFJ ( MUFG ) MUMSS MUFG

MUMSSMUMSS

MUMSS MUMSS

MUMSS

MUMSS MUFG

MUMSS135 MUFG

: MUFG Mitsubishi UFJ Securities International plc. ( MUSI +44-207-628-5555)MUSI Prudential Regulation Authority PRA Financial Conduct Authority FCA PRA

(FS Registration Number 124512) professional client eligible counterparty FCA retail clientsMUSI professional investors

MUSI

28

: MUFG Mitsubishi UFJ Securities (USA), Inc. ( MUS-USA +1-212-405-7000) MUS-USA United States Securities and Exchange Commission broker-dealer Financial Industry Regulatory AuthorityFINRA SEC# 8-43026; CRD# 19685 MUS-USA 193415a 6 major U.S. institutional investors MUS-USA

FLOES MUS-USA

IRS Circular 230 Disclosure 230 MUS-USA MUS-USA

: MUFG MUMSS 03-6627-5340

: MUFG Mitsubishi UFJ Securities (Singapore), Limited ( MUS-SPR +65-6232-7784)MUS-SPR merchant bank Monetary Authority of Singapore

Financial Advisers Regulation Regulation 2 institutional investors accredited investors expert investors accredited investors expert investors MUS-SPR Financial Advisers Act

25 2736

MUS-SPR

: MUFG Mitsubishi UFJ Securities (HK) Limited MUS-HK +852-2860-1500MUS-HK Hong Kong Securities and Futures Ordinance Securities and Futures Commission Central Entity Number AAA889

Securities and Futures Ordinance professional investor

: MUS-HK MUS-SPR MUS-HK Australian Securities and Investment Commission (ASIC) Class Order Exemption CO 03/1103 Corporations Act 2001 MUS-SPR ASIC Class Order Exemption CO 03/1102

Corporations Act 2001 wholesale clientMUSI MUS-USA MUSI MUS-USA international dealer exemption

MUSI National Instrument 31-103 permitted client

PRC PRCPRC

©Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. All Rights Reserved 2016.

1.404 193,000 2,700

MUMSS MUMSS

100-8127 1 9 2

UFJ Tel.03-6627-5340 Fax.03-6627-5344

UFJ 2336

29 29

UFJ