Bangkok--2 Apr--Fitch Ratings Fitch Ratings (Thailand) Limited has today affirmed the National Long-term ratings of Mitsubishi Motors (Thailand) Company Limited’s (MMTh) THB5.0 billion guaranteed debentures due 2008 and THB2.0bn guaranteed debentures due 2009 at ‘AAA(tha)’. The rating Outlook is Stable. The ratings are based entirely on the full, irrevocable and unconditional guarantee on the debentures by Bank of Tokyo-Mitsubishi UFJ of Japan (BTMU, rated Long-term foreign currency Issuer Default Rating (IDR) ‘A+’/ Stable). As BTMU’s rating is above the Thai sovereign’s (rated Long-term local currency IDR ‘A’/Stable), the guaranteed debentures are capped at ‘AAA(tha)’. Fitch says that any rating action that results in the ratings of BTMU being below that of the Thai sovereign will affect the National ratings assigned to the debentures. Investors should note that a one-notch change in an International rating could result in a change of more than one notch in a National rating. The rating of the guarantor, BTMU, reflects the bank’s existing overseas franchise as well as in Japan, and the quality of its assets and capital. Constraints pertaining to the rating Outlook include uncertainties over near-term profitability of the group’s non-bank finance companies as well as that of the overseas banking system, arising from the subprime mortgage issue. Given BTMU’s importance to the domestic and international financial system, Fitch believes there is an extremely high probability that support from the state would be forthcoming, should it be required. BTMU is a merged entity of Bank of Tokyo-Mitsubishi and UFJ Bank, following the merger of Mitsubishi Tokyo Financial Group, the former parent, and UFJ Holdings, to create Mitsubishi UFJ Financial Group, the largest banking group in Japan. MMTh is Mitsubishi Motors Corporation’s (MMC) sole pick-up truck manufacturing base for global distribution, as well as the sole manufacturer and distributor of Mitsubishi automotive products in Thailand, including pick-up trucks and passenger cars. MMTh, a 99.8%-owned subsidiary of MMC, is also one of the leaders in Thailand’s car export market. Its exports accounted for about 21% of Thailand’s car exports in 2007, the second largest, and its car sales made up 4% domestically. Contacts: Lertchai Kochareonrattanakul, Vincent Milton, Bangkok, Tel: +662 655 4755; Reiko Toritani, Tokyo, Tel: +81 3 3288 2673