MUFG; Corporate Governance Report | Mitsubishi UFJ Financial Group

Related Party Transactions

MUFG Guidelines for Related Party Transactions

1. Overview of Related Party Transactions (Conflict of Interest Transactions)

1-1. Directors’ and Corporate Executives duties of due care and loyalty

Directors and corporate executives owe duties of due care and loyalty; as part of these duties, directors and corporate executives are prohibited from seeking benefits for themselves or any third party at the expense of the company.

1-2. Conflict of interest transactions

For the purpose of generally preventing and restricting transactions by a company involving conflicts of interest between directors or corporate executives and that company, the following transactions are defined as conflict of interest transactions by applicable law (Article 356, Paragraph 1, Items (ii) and (iii); Article 365, Paragraph 1; and Article 419, Paragraph 2 of the Companies Act).

Direct transactions: Transactions carried out by a director or corporate executive with a company for or on behalf of himself or herself or any third party
Indirect transactions: Transactions carried out by a company involving a conflict of interest between a director or corporate executive and that company; for example, in a case where a director or corporate executive of MUFG holds the right to represent any other company that is not a wholly-owned subsidiary of MUFG and MUFG guarantees a loan that is obtained by that director or corporate executive on behalf of the other company.

2. Directors’ and Corporate Executives Obligations Pertaining to Conflict of Interest Transactions

2-1. Prior approval by the board of directors

When a director or corporate executive carries out a transaction involving a conflict of interest, he or she is obliged to obtain prior approval by the board of directors for such transactions.
If a transaction involving a conflict of interest is carried out without obtaining prior approval by the board of directors, the relevant director or corporate executive becomes liable for damages due to a breach of his or her duties.

2-2. Prior reporting of transactions

When a director or corporate executive of MUFG attempts to carry out a transaction that may fall within the definition of a conflict of interest transaction, he or she must provide a prior explanation and report on the summary of the transaction to the chairman of the board of directors and the secretariat.
If necessary, the secretariat shall consult with lawyers and report thereon to the chairman so that the chairman can determine whether a resolution by the board of directors is required for the transaction.

2-3. Nonparticipation in deliberations and resolutions by board of directors

Because a director or corporate executive whose interests conflict with the Company’s is a party with special interests (meaning someone who has a relationship that is recognized as making it difficult for him or her to perform his or her duty of loyalty to the Company in good faith) when approval of conflict of interest transactions are deliberated, such directors and corporate executives shall not participate in deliberations or resolutions by the board of directors for the relevant transactions.

Although there are currently no major shareholders (shareholders who hold 10% or more of the voting shares) of MUFG, if a major shareholder emerges, transactions with the major shareholder shall require the appropriate procedures established by the board of directors in a manner similar to those for conflict of interest transactions with directors and corporate executives.

Reference: Examples of Conflict of Interest Transactions

1. Examples of direct transactions

A director or corporate executive of MUFG concurrently serves as a representative director of any other company that is not a wholly-owned subsidiary of MUFG, and such director or corporate executive carries out a direct transaction with MUFG as the representative of the other company
A director or corporate executive of MUFG concurrently serves as a director (excluding a representative director) of any other company that is not a wholly-owned subsidiary of MUFG, and such director or corporate executive carries out a direct transaction with MUFG on behalf of the other company as its representative or negotiator
A director or corporate executive of MUFG is also a manager or employee of any other company that is not a wholly-owned subsidiary of MUFG, and such director or corporate executive carries out a direct transaction with MUFG on behalf of the other company as its representative or negotiator
A director or corporate executive of MUFG holds a majority of the voting shares of, or otherwise substantially controls the management of, any other company, and the other company carries out a direct transaction with MUFG
A relative of a director or corporate executive of MUFG is a representative director of any other company that is not a wholly-owned subsidiary of MUFG, and such relative carries out a direct transaction with MUFG as the representative of the other company

2. Examples of indirect transactions

A director or corporate executive of MUFG concurrently serves as a representative director of any other company that is not a wholly-owned subsidiary of MUFG, and MUFG guarantees a loan obtained from a lender by such director or corporate executive on behalf of the other company
A director or corporate executive of MUFG holds a majority of the voting shares of, or otherwise substantially controls the management of, any other company, and MUFG guarantees a loan obtained from a lender by the other company

3. Conflict of interest transactions with individual directors or corporate executives

Conflict of interest transactions with directors or corporate executives as individuals or with those who share living expenses with such individuals
Granting of third-party allotment of shares or subscription rights to directors or corporate executives as individuals or to those who share living expenses with such individuals
Partial exemption of directors or corporate executives from their liabilities to the company
Appointment of a representative of MUFG for lawsuits between MUFG and directors or corporate executives
Dismissal of representative directors or representative corporate executives

End

Grounds for Appointment of Senior Management

Name	Position	Reasons for Selection
Name Kanetsugu Mike	Position Chairman (Corporate Executive)	Reasons for Selection Since assuming the post of executive officer of The Bank of Tokyo-Mitsubishi, Ltd. (now the Bank) in 2005, Mr. Mike has served as managing director, head of Business & Systems Integration Division, chief executive of Corporate Services, and co-chief executive of Global Business Unit, President & CEO at the Bank, executive chairman of MUFG Americas Holdings Corporation (hereafter "the Americas HD") and MUFG Union Bank, N. A. (hereafter "the Bank (USA)"), as well as group head of Global Business Group and President & Group CEO at MUFG. At present, he is member of the board of directors and chairman of MUFG. Mr. Mike is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Hironori Kamezawa	Position President & Group CEO (Representative Corporate Executive)	Reasons for Selection Since assuming the post of executive officer of the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2010, Mr. Kamezawa has served as managing director, head of Credit Policy & Planning Division and Global Markets Planning Division, deputy chief executive officer for the Americas, general manager of New York Branch (concurrently seconded to the Bank (USA)) deputy president & CDTO (in charge of Digital Transformation Division) at the bank. He also served as managing director, head of Credit Policy & Planning Division, deputy chief executive officer for the Americas, Group CIO and Group CDTO at MUFG. At present, he is member of the board of director and president & Group CEO of MUFG, concurrently serving as member of the board of directors of the Bank. Mr. Kamezawa is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Hiroshi Mori	Position Senior Managing Corporate Executive Group CLO	Reasons for Selection Mr. Mori has extensive experience as an attorney and professional insight on general legal affairs. Having served as Partner at Nishimura & Asahi and outside director, audit & supervisory committee member of the Mitsubishi UFJ Securities Holdings Co., Ltd. At present he is member of the board of directors, senior managing executive officer and CLO at the Bank, as well as senior managing corporate executive and Group CLO at MUFG. Mr. Mori is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Shuichi Yokoyama	Position Senior Managing Corporate Executive Group CAO Managing Director, Head of Internal Audit Division	Reasons for Selection Since assuming the post of executive officer at the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in2016, Mr. Yokoyama has served as managing director, head of Corporate Risk Management Division and group head, Corporate Banking Division No.4, CRO (in charge of Corporate Risk Management Division and Credit Policy & Planning Division) at the Bank, as well as managing director, head of Corporate Risk Management Division and Group CRO at MUFG. At present, he is senior managing corporate executive, Group CAO and managing director, head of Internal Audit Division at MUFG. Mr. Yokoyama is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Yasushi Itagaki	Position Senior Managing Corporate Executive Group COO-I & Group Head, Global Commercial Banking Business Group	Since assuming the post of executive officer at the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2013, Mr. Itagaki has served as managing director, head of Planning Division for Asia & Oceania and deputy chief executive, Global Commercial Banking Business Unit and In charge of PT Bank Danamon Indonesia, Tbk at the Bank, as well as managing director, head of Group Strategy Division for Asia & Oceania and in charge of Global Commercial Banking Business at MUFG. At present, he is member of the board of directors, deputy president, chief executive, Global Commercial Banking Business Unit, COO-I(in charge of Corporate Planning Division(overseas business) and Global Operations Planning Division) at the Bank, concurrently serving as senior managing corporate executive, Group COO-I, group head, Global Commercial Banking Business Group at MUFG. Mr. Itagaki is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Kenji Horikawa	Position Senior Managing Corporate Executive Group CHRO	Reasons for Selection Since assuming the post of executive officer at the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2016, Mr. Horikawa has served as general manager, Kobe Commercial Banking Office and managing director, head of Corporate Banking Business Division at the Bank. At present, he is member of the board of directors, senior managing executive officer and Global CSO & Global CHRO at Mitsubishi UFJ Securities Holdings Co., Ltd., member of the board of directors, senior managing executive officer and CSO & CHRO at Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., concurrently serving as senior managing corporate executive and Group CHRO & Group Deputy CSO & Group Deputy CDTO at MUFG. Mr. Horikawa is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Jun Togawa	Senior Managing Corporate Executive (Representative Corporate Executive) Group CFO	Since assuming the post of executive officer at the Trust Bank in 2016, Mr. Togawa has served as general manager, Corporate Business Planning Division, CSO and CFO, as well as managing director, head of Financial Planning Division and Group head, Corporate Banking Group at the Bank, as well as managing director head of Financial Planning Division and Trust Business Planning Division, Group Deputy CSO and Group Deputy CFO at MUFG. At present, he is senior managing executive officer and CFO (in charge of Corporate Planning Division (Financial Resource Management) & Financial Planning Division) at the Bank, concurrently serving as senior managing corporate executive (representative corporate executive) and Group CFO at MUFG. Mr.Togawa is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Keitaro Tsukiyama	Position Managing Corporate Executive Group CCO	Reasons for Selection Since assuming the post of executive officer at the Bank in 2018, Mr. Tsukiyama has served as managing director, head of Global Financial Crimes Division (concurrently seconded to the Bank(USA)) and assistant COO-I at the Bank, as well as managing director, head of Americas holding division and Compliance Division for the Americas at MUFG. At present, he is member of the board of directors, managing executive officer and CCO (in charge of Global Compliance Division and Global Financial Crimes Division) at the Bank, concurrently serving as managing corporate executive and Group CCO at MUFG. Mr. Tsukiyama is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Toshiki Ochi	Position Managing Corporate Executive Group CIO	Reasons for Selection Since assuming the post of executive officer at the Bank in 2018, Mr. Ochi has served as managing director, head of Information Systems Planning Division at the Bank, as well as managing director, head of Operations & Systems Planning Division and in sub-charge of Information Systems Planning Division at MUFG and managing executive officer, general manager of Systems & Systems Integration Division at Mitsubishi UFJ NICOS Co.,Ltd. At present, he is member of the board of directors, managing executive officer and CIO (in charge of Information Systems Planning Division, Global IT Division and Cyber Security Division) at the Bank, concurrently serving as managing corporate executive and Group CIO at MUFG. Mr. Ochi is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Hideaki Takase	Position Managing Corporate Executive (Representative Corporate Executive) Group CSO	Reasons for Selection Since assuming the post of executive officer at the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2017, Mr. Takase has served as managing director, head of Global Commercial Banking Planning Division and Corporate Planning Division and in sub-charge of EMEA, COO-I at the Bank, as well as managing director, head of Global Planning Division and Global Commercial Banking Planning Division, Group COO-I at MUFG. At present, he is member of the board of directors, managing executive officer, CSO at the Bank, concurrently serving as managing corporate executive (representative corporate executive) and Group CSO (Corporate Planning Division excluding Finances & Resources Management and Global Business) and in charge of Corporate Administration Division at MUFG. Mr. Takase is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Katsunori Yokomaku	Position Managing Corporate Executive Group CRO	Reasons for Selection Since assuming the post of executive officer at the Bank in 2018, Mr. Yokomaku has served as managing director, head of Internal Audit Division, in sub-charge of EMEA, group head of Corporate Banking Group, as well as managing director, head of Internal Audit Division, deputy regional executive for EMEA at MUFG. At present, he is managing executive officer and CRO (in charge of Corporate Risk Management Division and Credit Policy & Planning Division) at the Bank, concurrently serving as managing corporate executive and Group CRO at MUFG. Mr. Yokomaku is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Yutaka Miyashita	Position Senior Managing Corporate Executive (Representative Corporate Executive) Group Head, Commercial Banking ＆ Wealth Management Business Group	Reasons for Selection Since assuming the post of executive officer at the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2016, Mr. Miyashita has served as managing director, head of Credit Policy & Planning Division CSO, in charge of office of Japanese Bankers Association at the Bank, as well as managing director, head of Credit Policy & Planning Division and Corporate Planning Division, Group CSO at MUFG. At present, he is member of the board of directors, senior managing executive officer and chief executive Commercial Banking ＆ Wealth Management Business Unit at the Bank, concurrently serving as senior managing corporate executive (representative corporate executive) and Group Head, Commercial Banking ＆ Wealth Management Business Group at MUFG. Mr. Miyashita is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Fumitaka Nakahama	Position Senior Managing Corporate Executive Group Head, Global Corporate & Investment Banking Business Group	Reasons for Selection Since assuming the post of executive officer at the Bank in 2018, Mr. Nakahama has served as managing director, head of Global Corporate Banking Business Division, Syndication Products management Division and deputy chief executive, Global Corporate & Investment Banking Business Unit at the bank, as well as managing director, head of Global Corporate Banking Business Division and Solution Planning Division and in charge of Global Corporate & Investment Banking Business at MUFG. At present, he is member of the board of directors, senior managing executive officer and chief executive, Global Corporate & Investment Banking Business Unit at the bank, concurrently serving as senior managing corporate executive and group head, Global Corporate & Investment Banking Business Group at MUFG. Mr. Nakahama is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Hiroyuki Seki	Position Senior Managing Corporate Executive Group Head, Global Markets Business Group	Reasons for Selection Since assuming the post of executive officer at the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2016, Mr. Seki has served as managing director, head of Global Markets Planning Division, Treasury and Investment Division and Human Resources Division and deputy chief executive, Retail & Commercial Banking Business Unit at the Bank, as well as managing director, head of Global Markets Planning Division and Human Resources Division and assistant group head, Retail & Commercial Banking Business Group at MUFG. At present, he is member of the board of directors, senior managing executive officer and chief executive, Global Markets Business Unit at the Bank, as well as senior managing corporate executive and group head, Global Markets Business Group at MUFG. Mr. Seki is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Seiichiro Akita	Position Senior Managing Corporate Executive (Representative Corporate Executive) Group Head, Japanese Corporate & Investment Banking Business Group	Reasons for Selection Since assuming the post of executive officer at the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2015, Mr. Akita has served as managing director, head of Corporate Banking Division No.3 of the Bank, secondee of the Americas HD, President & CEO of Bank of Ayudhya Public Company Limited. At present, he is member of the board of directors, deputy president and chief executive, Japanese Corporate & Investment Banking Business Unit at the Bank, concurrently serving as senior managing corporate executive (representative corporate executive) and Group Head, Japanese Corporate & Investment Banking Business Group at MUFG Mr. Akita is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Takafumi Ihara	Senior Managing Corporate Executive Group Head, Asset Management & Investor Services Business Group	Since assuming the post of executive officer at the Trust Bank in 2016, Mr. Ihara has served as general manager of London branch, managing director, head of Asset Management & Investor Services Planning Division, deputy chief executive, Asset Management & Investor Services　Business Unit and business head, Investor Services Business, as well as managing director, head of Group Strategy Division for EMEA and Asset Management & Investor Services Planning Division at MUFG. At present, he is director and senior managing executive officer, chief executive, Asset Management & Investor Services Business Unit and business head, Investor Services Business (Japan) at the Trust Bank, concurrently serving as senior managing corporate executive and group head, Asset Management & Investor Services Business Group at MUFG. Mr.Ihara is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Tadashi Yamamoto	Position Managing Corporate Executive Group Head, Retail & Digital Business Group & Group CDTO	Reasons for Selection Since assuming the post of executive officer at the Bank in 2018, Mr. Yamamoto has served as managing director, head of Credit Policy & Planning Division, Corporate Planning Division and CSO at the bank, as well as managing director, head of Credit Policy & Planning Division, Corporate Planning Division and Group Deputy CSO at MUFG. At present, he is member of the board of directors, managing executive officer and chief executive, Retail & Digital Business Unit and CDTO (in charge of Retail & Digital Planning Division) at the bank, concurrently serving as managing corporate executive and group head, Retail & Digital Business Group & Group CDTO at MUFG. Mr. Yamamoto is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was elected corporate executive based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.

Grounds for Nomination of Member of the Board of Directors

Name	Position	Reasons for Selection
Name Mariko Fujii	Position Member of the Board of Directors (Outside Director)	Reasons for Selection After serving at the Ministry of Finance, Ms. Fujii has served in various important positions, including Professor of Research Center for Advanced Science and Technology of the University of Tokyo and Ambassador Extraordinary and Plenipotentiary of Japan and has built expertise and abundant experience in the areas of finance, economy and risk management through her career. She was appointed as a member of the board of directors since she is expected to contribute to the effective enhancement of the board of directors' decision-making and oversight functions, with the aim of achieving sustainable growth of the Company and its increased corporate value over the medium- to long-term. [Supplementary information on independence] Ms. Fujii meets the “Independence Standards for Outside Directors” of MUFG.
Name Keiko Honda	Position Member of the Board of Directors (Outside Director)	Reasons for Selection After serving at the McKinsey & Company, Inc. Japan, Ms. Honda has served in various important positions, including President & CEO of the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) and has built expertise and abundant experience in the areas of finance and economy through her career. She was appointed as a member of the board of directors since she is expected to contribute to the effective enhancement of the board of directors' decision-making and oversight functions, with the aim of achieving sustainable growth of the Company and its increased corporate value over the medium- to long-term. [Supplementary information on independence] Ms. Honda meets the “Independence Standards for Outside Directors” of MUFG.
Name Kaoru Kato	Position Member of the Board of Directors (Outside Director)	Reasons for Selection Having served in various important positions, including President and Chief Executive Officer, member of the board of directors of NTT DOCOMO Inc., Mr. Kato has affluent experience, knowledge and wisdom as a corporate manager. He was appointed as a member of the board of directors since he is expected to contribute to the effective enhancement of the board of directors' decision-making and oversight functions, with the aim of achieving sustainable growth of the Company and its increased corporate value over the medium- to long-term. [Supplementary information on independence] Mr. Kato meets the “Independence Standards for Outside Directors” of MUFG. Although he served as Senior Advisor of NTT DOCOMO Inc., he resigned from the post in June 2023, and has not been involved in its management. In addition, the Company had business accounting for less than 1% of NTT DOCOMO Inc.'s consolidated net sales and the Company's consolidated gross profit in fiscal year 2022. In light of this, among other reasons, such relationship would not affect his independence from the Company.
Name Satoko Kuwabara	Position Member of the Board of Directors (Outside Director)	Reasons for Selection Ms. Kuwabara has extensive experience as an attorney and professional insight on general legal affairs. She was appointed as a member of the board of directors since she is expected to contribute to the effective enhancement of the board of directors' decision-making and oversight functions, with the aim of achieving sustainable growth of the Company and its increased corporate value over the medium- to long-term. [Supplementary information on independence] Ms. Kuwabara meets the “Independence Standards for Outside Directors” of MUFG. She currently serves as Partner of Gaien Partners, with which the Company has no consulting agreements or transaction. In addition, although she had been Partner of Mori Hamada & Matsumoto in the past, she resigned from the firm in April 2020, and has not been involved in its management. Also, the business between Mori Hamada & Matsumoto and the Company accounts for less than 1% of the Mori Hamada & Matsumoto’s net sales in fiscal year 2022. In light of this, among other reasons, such relationship would not affect her independence from the Company.
Name Hirofumi Nomoto	Position Member of the Board of Directors (Outside Director)	Reasons for Selection Having held various key positions at Tokyu Corporation, including President & Representative Director and currently assuming the role of Chairman & Representative Director, Mr. Nomoto has affluent experience, knowledge and wisdom as a corporate manager. He was appointed as a member of the board of directors since he is expected to contribute to the effective enhancement of the board of directors' decision-making and oversight functions, with the aim of achieving sustainable growth of the Company and its increased corporate value over the medium- to long-term. [Supplementary information on independence] Mr. Nomoto meets the “Independence Standards for Outside Directors” of MUFG. He currently serves as Chairman & Representative Director of Tokyu Corporation, with which the Company had business accounting for less than 1% of the Tokyu Corporation's consolidated net sales and the Company's consolidated gross profit in fiscal year 2022. In light of this, among other reasons, such relationship would not affect his independence from the Company.
Name David Sneider	Position Member of the Board of Directors (Outside Director)	Reasons for Selection Mr. Sneider has extensive experience as an attorney and professional insight on the fields of corporate legal affairs and successful mergers, acquisitions divestiture and takeover transactions. The Company has appointed him as member of the board of directors since he is expected to contribute extensive global outlook to the effective enhancement of the board of directors’ decision-making and oversight functions, with the aim of facilitating sustainable growth of the Company and increasing its corporate value over the medium- to long-term. [Supplementary information on independence] Mr. Sneider meets the “Independence Standards for Outside Directors” of MUFG. Although he served as a Partner Simpson Thacher & Bartlett LLP, he left the Firm in 2021, and has not been involved in its management after resignation. In light of this and other reasons, such relationship would not affect his independence from the Company.
Name Koichi Tsuji	Position Member of the Board of Directors (Outside Director)	Reasons for Selection Mr. Tsuji has affluent experience as a Certified Public Accountant and professional insight in accounting and auditing. He was appointed as a member of the board of directors since he is expected to contribute to the effective enhancement of the board of directors' decision-making and oversight functions, with the aim of achieving sustainable growth of the Company and its increased corporate value over the medium- to long-term. [Supplementary information on independence] Mr. Tsuji meets the Company’s “Independence Standards for Outside Directors”. Although he had been Chairman & CEO of Ernst & Young ShinNihon LLC in the past, he resigned from the　post in June 2019. Following his resignation from Ernst & Young ShinNihon LLC, he served as Chairman & CEO of EY Japan Godo Kaisha, but he resigned from the post in June 2021 and has not been involved in its management. In light of this, among other reasons, such relationship would not affect his independence from the Company.
Name Tarisa Watanagase	Position Member of the Board of Directors (Outside Director)	Reasons for Selection Ms. Watanagase has extensive experience as the former Governor of the Bank of Thailand, the central bank of the country, and professional insight on finance and economics. The Company has appointed her as member of the board of directors since she is expected to contribute extensive global outlook to the effective enhancement of the board of directors' decision-making and oversight functions, with the aim of facilitating sustainable growth of the Company and increasing its corporate value over the medium- to long-term. Although she has not been directly involved in the management of a corporation, except as outside director or outside corporate auditor, the Company believes that she is well qualified to act as an outside director because of the reason stated above. [Supplementary information on independence] Ms. Watanagase meets the “Independence Standards for Outside Directors” of MUFG.
Name Kenichi Miyanaga	Position Member of the Board of Directors	Reasons for Selection Since assuming the post of Executive Officer of the Trust Bank in 2009, Mr. Miyanaga has served as Joint General Manager of Investment Planning Division, General Manager of Global Asset Management Business Division, Deputy Chief Executive of Corporate　Business　Division and Business Head, Corporate Agency Business at the Trust Bank. He also served as Group CAO of MUFG. At present, he is member of the board of directors and audit committee member(full time) of MUFG. Mr. Miyanaga is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was appointed as a member of the board of directors based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Ryoichi Shinke	Position Member of the Board of Directors	Reasons for Selection Since assuming the post of Executive Officer at the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2014, Mr. Shinke has served as managing director, head of Global Business Division, managing director, head of Corporate Banking Division for Asia & Oceania, regional executive for India, head of Corporate Banking Group No.2, deputy regional executive for the Americas and deputy head of New York Branch (Seconded to MUFG Americas Holdings Corp. and MUFG Union Bank, N.A.). At present, he is member of the board of directors and audit committee member (full time) of MUFG. Mr. Shinke is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was appointed as a member of the board of directors based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Kanetsugu Mike	Position Member of the Board of Directors	Reasons for Selection Since assuming the post of executive officer of The Bank of Tokyo-Mitsubishi, Ltd. (now the Bank) in 2005, Mr. Mike has served as managing director, head of Business & Systems Integration Division, chief executive of Corporate Services, co-chief executive of Global Business Unit and President & CEO at the Bank, executive chairman of the Americas HD and the Bank (USA), as well as group head of Global Business Group and President & Group CEO at MUFG. At present, he is member of the board of directors and Chairman of MUFG. Mr. Mike is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was appointed as a member of the board of directors based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Hironori Kamezawa	Position Member of the Board of Directors	Reasons for Selection Since assuming the post of executive officer of the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2010, Mr. Kamezawa has served as managing director, head of Credit Policy & Planning Division and Global Markets Planning Division, deputy chief executive officer for the Americas, general manager of New York Branch (concurrently seconded to the Bank (USA)) and deputy president & CDTO (in charge of Digital Transformation Division) at the bank. He also served as managing director, head of Credit Policy & Planning Division, deputy chief executive officer for the Americas, Group CIO and Group CDTO at MUFG. At present, he is member of the board of directors and President & Group CEO (representative corporate executive) of MUFG, concurrently serving as member of the board of directors of the Bank. He is thoroughly familiar with the group's businesses and possesses extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was appointed as a member of the board of directors since he is expected to contribute to the effective enhancement of the board of directors' decision-making and oversight functions, with the aim of achieving sustainable growth of the Company and its increased corporate value over the medium- to long-term.
Name Iwao Nagashima	Position Member of the Board of Directors	Reasons for Selection Since assuming the post of executive officer of the Trust Bank in 2011, Mr. Nagashima has served as general manager of Securities Investment Division, executive in charge of Corporate Planning Division and Frontier Strategy Planning and Support Division, chief executive for Markets and Global Business Unit and deputy president in charge of Personnel Division, Center of FinTech Office in Corporate Planning Division at the Trust Bank. He also served as managing director, head of Corporate Planning Division, deputy group head of Global Business Group and Global Markets Business Group and Group CHRO at MUFG. At present, he is member of the board of directors at MUFG, concurrently serving as President and CEO at the Trust Bank. Mr. Nagashima is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was appointed as a member of the board of directors based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Name Junichi Hanzawa	Position Member of the Board of Directors	Reasons for Selection Since assuming the post of executive officer at the Bank of Tokyo-Mitsubishi UFJ, Ltd. (now the Bank) in 2014, Mr. Hanzawa has served as managing director, head of Corporate Planning Division and group head of Nagoya Corporate Banking Group and CCO at the Bank, as well as deputy head of Financial Planning Division and head of Corporate Planning Division and Group CCO at MUFG. At present, he is member of the board of directors at MUFG, concurrently serving as president & CEO at the Bank. Mr. Hanzawa is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was appointed as a member of the board of directors based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.
Makoto Kobayashi	Member of the Board of Directors	Since assuming the post of executive officer of The Bank of Tokyo-Mitsubishi UFJ, Ltd. (currently the Bank) in 2011, Mr. Kobayashi has served as general manager of the Structured Finance Division and group head of Financial Solutions Group of the Bank, deputy general managing officer of Corporate Planning Division and Global CSO of Mitsubishi UFJ Securities Holdings Co., Ltd. and officer in charge of Financial Solutions Unit of MUFG. At present, he is member of the board of the directors of MUFG, concurrently serving as president of Mitsubishi UFJ Securities Holdings Co., Ltd. and president of Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Mr. Kobayashi is thoroughly familiar with the group's businesses and possesses the extensive business experience and knowledge necessary to manage the group in an appropriate manner. He was appointed as a member of the board of directors based on his possessing the qualities necessary to contribute to the sustainable growth of MUFG and its increased corporate value over the medium- to long-term.

Corporate Governance Policies