Mitsubishi Tokyo Financial Group Inc

            Basic Agreement Reached with Tokyo Metropolitan
             Government to Settle Large Bank Tax Lawsuits

Mitsubishi Tokyo Financial Group, Inc. (MTFG; President: Shigemitsu
Miki) announced today that its subsidiaries The Bank of
Tokyo-Mitsubishi, Ltd. (BTM) and Mitsubishi Trust and Banking
Corporation (MTBC) had today reached a basic agreement with the Tokyo
Metropolitan Government and the Tokyo Governor to make
settlement-at-court ("soshoujou-no-wakai") at the Supreme Court
regarding the Tokyo Metropolitan Government's tax on large banks.

The settlement is subject to the enactment and implementation of the
related draft ordinance revision being tabled at this year's third
regular meeting of the Tokyo Metropolitan Assembly.

On completion of the settlement, BTM and MTBC expect to record special
gains of approximately 32.1 billion Japanese yen and approximately 9.8
billion Japanese yen respectively in their consolidated financial
statements for the six months ended September 30, 2003.

This event is not expected to have any material effect on MTFG's
business forecast for the current fiscal year announced on September
30, 2003.

For further information please contact:

Mitsubishi Tokyo Financial Group, Inc.
Mr. Kohei Tsushima                                  
General Manager                                                        
Corporate Communications Office   
Tel. 81-3-3240-8149               

The foregoing forward-looking statements and other information
relating to MTFG (such statements and information are hereafter
referred to as the "Forward-Looking Statements") are not historical
facts and include, reflect or are otherwise based upon, among other
things, the MTFG's current projections, views, policies, business
strategies, targets, expectations, assumptions and evaluations with
respect to general economic conditions, the result of operations,
financial condition, its management in general and other future
events.

Some Forward-Looking Statements represent targets that the MTFG's
management will strive to achieve through the successful
implementation of the MTFG's business strategies. Accordingly, they
are inherently susceptible to uncertainties, risks and change in
circumstances and are not guarantees of future performance. MTFG may
not be successful in implementing its business strategy, and actual
results may differ materially, for a wide range of possible reasons.

For the important factors that could cause these differences, please
see MTFG's latest annual report or other disclosures publicly
available.

In light of the many risks, uncertainties and possible changes, you
are advised not to put undue reliance on the Forward-Looking
Statements. MTFG is under no obligation - and expressly disclaim any
obligation - to update or alter the Forward-Looking Statements, except
as may be required by any applicable laws and regulations or stock
exchange rules.