Tokyo-Mitsubishi International PLC

As Agent Bank, please be advised of the following rate determined on: 12-Nov-2003

Issue               : Tokyo Mitsubishi International plc - Series 331 
                      JPY 500,000,000 Step Up Fixed/FRN due 14 Nov 2014
ISIN Number         : XS0157334540
Issue Nomin     JPY : 500,000,000.00
Period              : 14-Nov-2003 to 14-May-2004     Payment Date 14-May-2004
Number of Days      : 182
Rate                : 1.28875
Denomination    JPY : 100,000.000

Amount Payable 
per Denomination    : 651,534

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438