Mitsubishi Tokyo Financial Group Inc

Mitsubishi Tokyo Financial Group, Inc.

Liquidation of Empreendimentos BTM S/C Ltda.

Tokyo, November 25, 2003 --- Mitsubishi Tokyo Financial Group, Inc. (MTFG;
President: Shigemitsu Miki) announced today that The Bank of Tokyo-Mitsubishi,
Ltd. (BTM), a consolidated subsidiary of MTFG, has decided to liquidate
Empreendimentos BTM S/C Ltda., a consolidated subsidiary of BTM.

1. Outline of Empreendimentos BTM S/C Ltda.



   (1)  Address:          Praia de Botafogo No.228,
                          8 Andar, Setor B, Botafogo,
                          Rio de Janeiro, RJ, Brasil  CEP 22359-900
   (2)  Managing Director:Minoru Sekine
   (3)  Capital:          Brazil Real 41,848.00
   (4)  Business:         Operation services



2. Reason for Liquidation

Empreendimentos BTM S/C Ltda. has provided operational services for BTM's Rio de
Janeiro Representative Office. As these services have been completed, it has
been decided to liquidate Empreendimentos BTM S/C Ltda.

3. Timing of liquidation

Liquidation is expected by the end of January 2004.

4. Impact on MTFG's business forecast

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

* * *

For further information, please contact:

Seiji Itai, Chief Manager,

Corporate Communications Office,MTFG

Tel.: 81-3-3240-8136