Mitsubishi UFJ Financial Group, Inc.
The Norinchukin Bank

Subscription to Mitsubishi UFJ NICOS Capital Increase
through Allotment to Existing Shareholders

Tokyo, February 24, 2011 --- Mitsubishi UFJ Financial Group, Inc. (MUFG) and The Norinchukin Bank
(Norinchukin) today decided to subscribe to an increase in the capital of Mitsubishi UFJ NICOS Co., Ltd.
(MUN) through allotment to existing shareholders, and a share subscription agreement between MUFG,
Norinchukin and MUN has been signed.

1．Objective

MUFG and Norinchukin consider the credit card business to be an area in which sustained growth can be
expected, due to increasing customer needs and the use of credit cards for payments and settlements in a
broader range of areas. Consequently, we have for some time been pursuing initiatives to strengthen the
operating foundations of MUN, which has the largest level of cardholders and affiliate merchant network in
Japan.

MUN has formulated a new medium-term business plan, which mainly focuses on MUN’s core business
strength and further cost structure reform, aiming to appropriately seize the growing credit card market as
an opportunity and further enhance business competitiveness. In order to ensure the sound implementation
of this new medium-term business plan and strengthen MUN’s financial position, MUFG and Norinchukin
have agreed to subscribe for new shares of common stock of MUN through allotment to existing
shareholders.

MUFG and Norinchukin believe that this capital increase will allow MUN to implement strategic
investments in its credit card business and to reform its cost structure, and provide more user-friendly
products, services and payment and settlement infrastructure to a wide range of customers.

2. Overview of capital increase through allotment to existing shareholders

(1) Description and number of shares offered 653,594,771 shares of common stock
(2) Amount to be paid for shares offered (issue price) ¥153 per share
(3) Total amount to be paid for shares offered Approx. ¥100 billion
(4) Payment date March 30, 2011
(5) Amount of increase in capital and capital reserve
Capital: approx. ¥50 billion; Capital reserve: approx. ¥50 billion
(6) Allottees and number of shares to be allotted （planned）
MUFG: 555,451,666 shares (approx. 85%)
Norinchukin: 98,143,104 shares (approx. 15%)
(Of the shares to be offered for subscription, based on Article
202-2 of Japan’s Financial Instruments and Exchange Act, one
share shall be discarded and not allocated)

Note: Subject to completion of the relevant procedures, at the same time as the capital increase through allotment to existing shareholders (this capital increase), MUN will reduce its capital and capital reserve (reduction in capital). There will be no change to MUN’s capital or capital reserve as a result of this capital increase and reduction in capital.

3. Overview of MUN

(1) Company name Mitsubishi UFJ NICOS Co., Ltd.
(2) Address 33-5, Hongo, 3-chome, Bunkyo-ku, Tokyo
(3) Name and title of representative Sohei Sasaki, President and Representative Director
(4) Main business Credit card business, loan card business, credit guarantee business, collection agency business, etc.
(5) Capital ¥109,312 million
(6) Date of establishment June 7, 1951
(7) Shareholders and ownership interest Mitsubishi UFJ Financial Group, Inc. 85% The Norinchukin Bank 15%

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Contacts:
Mitsubishi UFJ Financial Group Public Relations Division Tel. 81-3-3240-7651
The Norinchukin Bank Public Relations Division Tel. 81-3-5222-2017