Revisions of Earning Projections

    Mitsubishi Tokyo Financial Group Inc

Mitsubishi Tokyo Financial Group, Inc.
Tokyo Stock Exchange Code; 8306

Mitsubishi Tokyo Financial Group, Inc.
Revisions of earning projections for the fiscal year ending March 31, 2004
(Under Japanese GAAP)

Mitsubishi Tokyo Financial Group, Inc. (MTFG; President: Shigemitsu Miki) today
announced that it revised its consolidated earning projections for the six
months ending September 30, 2003 and the fiscal year ending March 31, 2004.
These revisions were primarily due to the decrease in credit related costs.

Consolidated earning projections for the six months ending September 30, 2003
under Japanese GAAP

                                                                       (in billions of Japanese yen, except percentages)

                                                                           As previously
                                                                            announced(a)  As revised Increase/(Decrease)
----------------------------------------------------------------------------------------- ---------- -------------------
Ordinary income                                                                  1,395.0    1,395.0          0.0    0.0%
----------------------------------------------------------------------------------------- ---------- ------------ ------
Ordinary profit                                                                    150.0      250.0        100.0   66.6%
----------------------------------------------------------------------------------------- ---------- ------------ ------
Net income                                                                          70.0      270.0        200.0  285.7%
----------------------------------------------------------------------------------------- ---------- ------------ ------

(a) Announced on May 26, 2003

Consolidated earning projections for the fiscal year ending March 31, 2004 under
Japanese GAAP

                                                                       (in billions of Japanese yen, except percentages)

                                                                          As previously
                                                                           announced(b)   As revised Increase/(Decrease)
----------------------------------------------------------------------------------------  ---------- -------------------
Ordinary income                                                                 2,880.0     2,880.0          0.0    0.0%
----------------------------------------------------------------------------------------  ---------- ------------ ------
Ordinary profit                                                                   370.0       490.0        120.0   32.4%
----------------------------------------------------------------------------------------  ---------- ------------ ------
Net income                                                                        190.0       380.0        190.0  100.0%
----------------------------------------------------------------------------------------  ---------- ------------ ------

(b) Announced on May 26, 2003



For further information, please see Appendix to this release.

Inquiries: Katsuhiko Ishizuka
Chief Manager, Financial Policy Division
Mitsubishi Tokyo Financial Group, Inc.
Tel. [phone]

Appendix 

In this Appendix, "MTFG" represents Mitsubishi Tokyo Financial Group,
Inc., "BTM" represents the Bank of Tokyo-Mitsubishi, Ltd. and "MTBC"
represents the Mitsubishi Trust and Banking Corporation.

Revised earning projections for the six months ending September 30,
2003 under Japanese GAAP


                                                                       (in billions of Japanese yen, except percentages)

                                                                                                  MTFG     BTM    MTBC
-------------------------------------------------------------------------------------------------------- ------- -------
Net business profits:
  For the six months ending September 30, 2003                                                        -   225.0   100.0
  For the six months ended September 30, 2002 (Actual)                                                -   246.4    73.0
-------------------------------------------------------------------------------------------------------- ------- -------
Net gains (losses) on equity securities:
  For the six months ending September 30, 2003                                                    (19.0)    4.0    (1.0)
  For the six months ended September 30, 2002 (Actual)                                           (242.9) (156.6)  (70.4)
-------------------------------------------------------------------------------------------------------- ------- -------
Consolidated ordinary profit (loss):
  For the six months ending September 30, 2003                                                    250.0   185.0    70.0
  For the six months ended September 30, 2002 (Actual)                                           (193.3) (152.4)  (42.6)
-------------------------------------------------------------------------------------------------------- ------- -------
Net special gains (losses):
  For the six months ending September 30, 2003                                                        -   227.0    (4.0)
  For the six months ended September 30, 2002 (Actual)                                                -     7.6     9.2
-------------------------------------------------------------------------------------------------------- ------- -------
Consolidated net income (loss):
  For the six months ending September 30, 2003                                                    270.0   215.0    55.0
  For the six months ended September 30, 2002 (Actual)                                           (188.0) (157.3)  (32.5)
-------------------------------------------------------------------------------------------------------- ------- -------
Consolidated risk-adjusted capital ratio:                                                        Approx. Approx. Approx.
  For the six months ending September 30, 2003                                                     12%    11.5%   13.5%
-------------------------------------------------------------------------------------------------------- ------- -------


Notes: The amounts for MTFG are on a consolidated basis. Net business profits,
net gains (losses) on equity securities and net special gains (losses) for BTM
and MTBC are on a non-consolidated basis, and the other amounts for BTM and MTBC
are on a consolidated basis. Net business profits represent the amount before
deducting credit costs for trust accounts and provision for formula allowance
for loan losses.

The sum of net business profits in BTM and MTBC for the six months ending
September 30, 2003 is expected to be approximately 325.0 billion of Japanese
yen, which is substantially unchanged from the six months ended September 30,
2002. Credit related costs for the six months ending September 30, 2003 are
expected to be significantly lower than net business profits for the same
period.

During the six months ending September 30, 2003, BTM and MTBC disposed of their
equity securities holdings of approximately 265.0 billion of Japanese yen and
approximately 230.0 billion of Japanese yen, respectively, for a sum of
approximately 495.0 billion of Japanese yen. Net losses on equity securities for
the six months ending September 30, 2003 are expected to be 19.0 billion of
Japanese yen reflecting the recovery of stock prices.

Net special gains of BTM for the six months ending September 30, 2003 are
expected to be 227.0 billion of Japanese yen. These gains primarily include
recoveries of allowance for credit losses that are primarily attributable to the
decrease in new problem loans and BTM's active efforts through several
strategies such as the preventive business model in the revitalizing of
borrowers with financial difficulties, gains in connection with the transfer to
the Japanese Government of a substitutional portion of employee pension fund
liabilities, and a tax refund of local bank tax imposed by the Tokyo
Metropolitan Government due to the condition of the settlement.

Revised earning projections for the fiscal year ending March 31, 2004 under
Japanese GAAP


                                       (in billions of Japanese yen, except percentages)

                                                        MTFG        BTM         MTBC
----------------------------------------------------------------------------------------
Consolidated ordinary profit (loss):
  For the fiscal year ending March 31, 2004               490.0       370.0       110.0
  For the fiscal year ended March 31, 2003 (Actual)      (360.2)     (272.6)     (200.5)
----------------------------------------------------------------------------------------
Consolidated net income (loss):
  For the fiscal year ending March 31, 2004               380.0       305.0        75.0
  For the fiscal year ended March 31, 2003 (Actual)      (161.4)     (138.1)      (97.3)
----------------------------------------------------------------------------------------


The revised projections of consolidated ordinary profit and consolidated net
income for the fiscal year ending March 31, 2004 is primarily reflecting the
upward revision of earning projections for the six months ending September 30,
2003.

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, 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 MTFG's
management will strive to achieve through the successful
implementation of 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.