MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due October 30, 2019 (MLCD No. 385) Currency Basket Return

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1 FINAL DISCLOSURE SUPPLEMENT Dated October 28, 2015 To the Disclosure Statement dated March 30, 2015 MUFG Union Bank, N.A. Market-Linked Certificates of Deposit, due October 30, 2019 (MLCD No. 385) Currency Basket Return Set forth below are the terms and conditions of the above specified MUFG Union Bank, N.A. (the Bank ) Currency Basket Return Market-Linked Certificates of Deposit (the MLCDs ). You should carefully review this Disclosure Supplement (the Supplement ), as well as the attached Disclosure Statement, before deciding if an investment in an MLCD is appropriate for you. In the event of any inconsistency between the Disclosure Statement and the Supplement, the terms of this Supplement will control. In general, the MLCDs are designed for investors who seek return of principal along with participation in the potential appreciation of the Investment Benchmark and who are prepared to hold the MLCD until the Maturity Date. All capitalized terms used but not defined herein have the meanings set forth in the Disclosure Statement. MLCD Description Each MLCD is a certificate of deposit that offers a potential return based on the appreciation against the United States Dollar of a basket of foreign currencies as specified below (the Currency Basket ), subject to a minimum return if held to maturity. This return is therefore not a fixed coupon and no periodic interest payments will be made on the MLCDs. Return Potential: The interest payment to the depositor on the Maturity Date is equal to the greater of (i) the product of the appreciation, if any, of the Currency Basket against the U.S. Dollar over the term of the MLCDs, the outstanding Deposit Amount, and the Participation Rate (as defined below) or (ii) the Minimum Indexed Interest Amount (as defined below). Return of Principal: At maturity, you will receive repayment of your Deposit Amount, and an amount no less than the Minimum Indexed Interest Amount, regardless of the performance of the Currency Basket. However, investors who redeem all or a portion of their MLCD early may lose a portion of their Deposit Amount. FDIC Insurance: The MLCDs are deposit obligations of the Bank and are therefore eligible for FDIC coverage up to applicable limits set by federal law and regulation. The FDIC insures all deposits maintained by a depositor in the same ownership capacity (i.e., individual or joint) at the same insured depository institution up to an aggregate amount of $250,000. Further, with respect to the MLCDs, the FDIC insurance covers only the Deposit Amount and does not include any Indexed Interest Amount or secondary market premium. You are responsible for determining and monitoring the FDIC insurance coverage limit available to you in purchasing any MLCD. The Bank has no obligation to monitor the FDIC insurance coverage that is available to you. IRA Eligible: MLCDs are eligible investments for individual retirement accounts ( IRAs ). Risks and Considerations Purchasing an MLCD involves a number of risks, including risks not typically associated with fixed-rate or floating-rate certificates of deposit or debt instruments. The Bank recommends that prospective investors carefully consider, together with their financial, legal, accounting, tax and other advisors, those risks in determining the suitability of an MLCD in light of their financial circumstances. Please refer to the accompanying Disclosure Statement for a more detailed discussion of these risks which include, but are not limited to: You are not guaranteed the return of the Deposit Amount if your MLCD is not held to maturity. In addition, if you choose to exercise the Early Redemption feature, you are not guaranteed the return of the Deposit Amount. If you hold more in deposits with the Bank than applicable FDIC insurance limits (including the MLCDs you purchase), you will not receive the benefit of FDIC insurance for any balance in excess of that amount. In this instance, the return of principal is subject to the credit risk of the Bank. Neither the Bank nor any Offering Broker is required to, nor does the Bank or any of its affiliates intend to, make a secondary market in the MLCDs. There is no assurance that a secondary market will develop. Funds needed prior to maturity should not be invested in the MLCDs. The MLCDs may yield a return that is less than that of a traditional certificate of deposit or debt instrument of a comparable maturity. Interest on the MLCDs will be subject to annual income taxes based upon a comparable yield for the issuance, even though no payments will be made on the MLCDs until the Maturity Date absent early redemption. You may incur a tax liability without any offsetting income from the MLCDs. See United States Federal Income Tax Considerations herein and in the Disclosure Statement. Investing in the MLCDs is not equivalent to investing directly in the Currency Basket. The Currency Basket is composed of the currencies of Australia, Brazil, Canada and Norway. The exchange rates of these currencies against the U.S. Dollar may be affected by many complex factors, including government policies/interventions by either those nations, or the U.S., and actions of central banks of various countries, and may be highly volatile and unpredictable. The Payment at Maturity is based on the Exchange Rates of the Basket Currencies as of a single day. Your return could be significantly different if it were determined on a different day. The Bank cannot predict the direction or magnitude of the changes that would result from the selection of any different date. Changes in the Exchange Rates of one or more Basket Currencies may offset each other, resulting in a Payment at Maturity that is limited to the Deposit Amount plus the Minimum Indexed Interest Amount even if one or more Basket Currencies have appreciated against the U.S. Dollar. Although the return on the MLCD is linked to the performance of the Investment Benchmark, you will not have any rights in or to the shares, currencies or commodities, as the case may be, comprising or referenced in the Investment Benchmark, including, where applicable, beneficial ownership rights such as dividends, distributions or voting. The MLCDs are made available through UnionBanc Investment Services LLC ( UBIS ), a subsidiary of the Bank, and/or other Offering Brokers. The MLCDs are time deposit obligations of the Bank, a national banking association, and are not obligations of MUFG Americas Holdings Corporation, the Offering Brokers, or any other company affiliated with the Bank. None of MUFG Americas Holdings Corporation, UBIS or any other affiliate of the Bank guarantees the financial condition of the Bank.

2 Key Terms Issuer... Investment Benchmark... Currency... Deposit Amount... MUFG Union Bank, N.A. A basket of foreign currencies consisting of the Australian Dollar, Brazilian Real, Canadian Dollar and Norwegian Krone, each a Basket Currency and collectively, subject to equal, 25% weightings, the Currency Basket. USD Pricing Date... October 28, Issue Date (Settlement Date)... October 30, Maturity Date... October 30, $1,000 minimum principal amount (except that each Offering Broker may, in its discretion, impose a higher minimum deposit amount with respect to the MLCD sales to its customers) and multiples of $1,000 principal amount in excess of such amount. Payment at Maturity... The Deposit Amount plus the greater of a) the Minimum Indexed Interest Amount or b) the Indexed Interest Amount. Indexed Interest Amount... The product of the following: a) Deposit Amount b) Participation Rate c) Basket Appreciation Basket Appreciation... Final Basket Value Initial Basket Value Initial Basket Value Initial Basket Value Final Basket Value... Currency Return times (1 plus the sum of 25% of the Australian Dollar Currency Return and 25% of the Brazilian Real Currency Return and 25% of the Canadian Dollar Currency Return and 25% of the Norwegian Krone Currency Return) For each Basket Currency the amount determined for the applicable Exchange Rate for such currency, as follows: Where: Initial Exchange Rate Final Exchange Rate Initial Exchange Rate Initial Exchange Rate is the Exchange Rate of the relevant Basket Currency on the Pricing Date. Australian Dollar Brazilian Real Canadian Dollar Norwegian Krone Final Exchange Rate is the Exchange Rate of the relevant Basket Currency on the Final Valuation Date. Changes in the Exchange Rates from the Final Valuation Date to the Maturity Date will not be taken into account for purposes of determining the Payment at Maturity and will not affect the return on the MLCDs. The Currency Return is based solely on the change in the Exchange Rates for the Basket Currencies from the Pricing Date to the Final Valuation Date No changes between the Pricing Date and Final Valuation Date (or Early Redemption Dates) in the Exchange Rates, including increases, will be considered in determining the Currency Return. Because of the manner in which the Currency Return is determined, each Currency Return is limited mathematically to an increase of 100%; however, each Currency Return can have unlimited downside. Accordingly, a significant negative Currency Return for 2

3 Final Valuation Date... October 25, Participation Rate % one or more Basket Currencies could more than offset a positive Currency Return for any other Basket Currency. Exchange Rate... For each Basket Currency, the amount determined for the applicable Exchange Rate for such currency, as follows: Brazilian Real: the number of Brazilian Reals for which one U.S. Dollar can be exchanged, as determined by reference to the ASK price on the Bloomberg page BZFXPTAX<CURNCY>, or any successor page at approximately 1:30pm Sao Paulo time. Australian Dollar: the number of Australian Dollars for which one U.S. Dollar can be exchanged, equal to one divided by the WM/Reuters Closing Spot Rate (Mid) as calculated at approximately 4:00 p.m. London time and published at approximately 4:15 p.m. London time as referenced by Bloomberg page WMCO1 AUD below MID, or any successor page, rounded to five decimal places, with rounded upwards to Norwegian Krone: the number of Norwegian Krones for which one U.S. Dollar can be exchanged, equal to the WM/Reuters Closing Spot Rate (Mid) as calculated at approximately 4:00 p.m. London time and published at approximately 4:15 p.m. London time as referenced by Bloomberg page WMCO1 NOK below MID, or any successor page. Canadian Dollar: the number of Canadian Dollars for which one U.S. Dollar can be exchanged, equal to the WM/Reuters Closing Spot Rate (Mid) as calculated at approximately 4:00 p.m. London time and published at approximately 4:15 p.m. London time as referenced by Bloomberg page WMCO1 CAD below MID, or any successor page. Minimum Indexed Interest Amount... Minimum Annual Percentage Yield (APY)... Periodic Interest Payments... Call Feature % multiplied by the outstanding Deposit Amount on the Maturity Date. This equates to a 1.23% Annual Percentage Yield on such Deposit Amount. 1.23% (if the Investment Benchmark remains the same throughout the term, so that only the Deposit Amount and the Minimum Indexed Interest Amount are payable on the MLCDs). The Bank uses the daily balance method to calculate interest on the MLCD. The method applies a daily periodic rate to the Deposit Amount each day. APYs assume that the MLCDs were purchased in the original offering and are calculated on the basis of a 365-day year. None. None. Early Redemption Dates... The 15th of each March, June, September, and December, beginning September 15, The amount you receive upon an early redemption (the Early Redemption Amount ) is described in the section of the Disclosure Statement entitled General Description of the MLCDs - Early Redemption and Early Redemption Penalty." Upon an Early Redemption, the amount that you may receive for your MLCD may be less than if held to maturity and will be impacted by the factors described under "Risk Factors The Price at Which You May Sell the MLCDs Prior to Maturity May Be Substantially Less Than Your Deposit Amount and Fees and Hedging in the Disclosure Statement. Survivor s Option... Upon the death or adjudication of incompetence of the beneficial owner of the MLCD prior to the Final Valuation Date, the estate will be entitled to the return of the full Deposit Amount. The estate will not be entitled to additional payments associated with the performance of the Investment Benchmark or any secondary market premiums that may have been paid. Survivor s Option Payment Dates... The 10 th of each month, beginning November 10, Calculation Agent... CUSIP... Placement Fee... MUFG Union Bank, N.A BP3 The MLCDs will be distributed through Participating Brokers. Participating Brokers will receive a Placement Fee from the Bank of up to 2.00% of the aggregate Deposit Amount of the MLCDs sold. 3

4 Estimated Value... The estimated value of the MLCDs on the Pricing Date was $960 per $1,000 Deposit Amount. Please see the section below Additional Information Relating to the Estimated Value for important information relating to the estimated value of the MLCDs. Additional Risk Factors You should carefully consider the risk factors set forth below as well as the risk factors discussed under Risk Factors in the Disclosure Statement and the other information contained in this Supplement and the accompanying Disclosure Statement. In particular, please review the information in the disclosure statement set forth under the caption, You Will be Subject to Foreign Currency Risks if Your Investment Benchmark is Linked to Foreign Currency. You should reach an investment decision only after you have carefully considered with your advisors the suitability of an investment in the MLCDs in light of your particular circumstance. Because of the manner in which the Currency Return is determined, each Currency Return is limited mathematically to an increase of 100%; however, each Currency Return can have unlimited downside. Accordingly, a significant negative Currency Return for one or more Basket Currencies could more than offset a positive Currency Return for any other Basket Currency. Adjustments to a Basket Currency: If, after the Pricing Date and on or before the valuation date, any country issuing a Basket Currency has lawfully eliminated, converted, redenominated or exchanged its lawful currency that was in effect on the Pricing Date (an original currency ) for a successor currency, then for the purpose of calculating the Currency Return for such Basket Currency, the Basket will include the successor currency and no longer include the original currency. The Initial Exchange Rate for the successor currency will be adjusted to reflect such successor currency in accordance with the exchange ratio set by the relevant government for converting the original currency into the successor currency on the date that the elimination, conversion, redenomination or exchange occurred. 4

5 Illustrative Examples The following examples are provided for illustration purposes only and are hypothetical. They are not representative of every possible scenario concerning possible Indexed Interest Amounts that could result from possible changes in the value of the Investment Benchmark over the term of the MLCDs. The Bank cannot predict the Final Basket Value. The assumptions the Bank has made in connection with the illustrations set forth below may not reflect actual events, and the Final Exchange Rate of the Basket Currencies used in the scenarios below may not be the actual Final Exchange Rate of each Basket Currency. You should not take these examples as an indication or assurance of the expected performance of the Investment Benchmark or rate of return on the MLCDs. The following examples indicate how and whether the Indexed Interest Amount would be calculated and paid with respect to a hypothetical $1,000 Deposit Amount in the MLCDs. These examples assume that there is no early redemption, that the MLCDs are held to maturity, and the following: Indexed Interest Amount: The product of the following: a) Deposit Amount b) Participation Rate c) Basket Appreciation Amount Basket Appreciation Amount Initial Basket Value Final Basket Value Final Basket Value Initial Basket Value Initial Basket Value The Initial Basket Value as of the close of trading on the Pricing Date will be 100. The Final Basket Value will be equal to: 100 x (1+25% of the Brazilian Real Currency Return + 25% of the Australian Dollar Currency Return + 25% of the Norwegian Krone Currency Return + 25% of the Canadian Dollar Currency Return) Currency Return: Equal to: Initial Exchange Rate Final Exchange Rate Initial Exchange Rate Participation Rate: 120% Payment at Maturity: The Deposit Amount plus the greater of (i) the Minimum Indexed Interest Amount or (ii) the Indexed Interest Amount. 5

6 Sample Scenarios The following tables show four different scenarios for calculating the Payment at Maturity over the term of the MLCDs. These hypothetical examples are for purposes of illustration only. The actual Payment at Maturity will depend on the Final Basket Value. Scenario 1 shows that the movement of one or more of the Basket Currencies can offset the depreciation of one or more other Basket Currencies. In this scenario, the Australian Dollar and the Brazilian Real both appreciate against the U.S. Dollar by more than the amount that the Canadian Dollar and the Norwegian Krone both depreciate against the U.S. Dollar. However, because the Indexed Interest Amount is still less than the Minimum Indexed Amount, the Payment at Maturity is equal to the Deposit Amount plus the Minimum Indexed Interest Amount. Scenario Initial Exchange Rate Final Exchange Rate Final Basket Value Currency Currency Return Australian Dollar % 1 Brazilian Real % Canadian Dollar % Norwegian Krone % The Final Basket Value in the above scenario would equal 100 x [1 + ( x 25%) + ( x 25%) + ( x 25%) + ( x 25%)], or The Indexed Interest Amount for each $1,000 Deposit Amount of an MLCD would be: $1,000 x 120% x ( )/100 = $18.45 Since this is less than the Minimum Indexed Interest Amount of $50, the Payment at Maturity would be: $1,000 + (5.00% x $1,000) = $1, Scenario 2 shows the depreciation of all four of the Basket Currencies against the U.S. Dollar. In this scenario, the Australian Dollar, Brazilian Real, Canadian Dollar and Norwegian Krone all depreciate against the U.S. Dollar. The Payment at Maturity is equal to the Deposit Amount plus the Minimum Indexed Interest Amount. Scenario Initial Exchange Rate Final Exchange Rate Final Basket Value Currency Currency Return Australian Dollar % 2 Brazilian Real % Canadian Dollar % Norwegian Krone % The Final Basket Value in the above scenario would equal 100 x [1 + ( x 25%) + ( x 25%) + ( x 25%) + ( x 25%)], or The Indexed Interest Amount for each $1,000 Deposit Amount of an MLCD would be: $1,000 x 120% x ( )/100 = -$52.86 Since this is less than the Minimum Indexed Interest Amount of $50, the Payment at Maturity would be: $1,000 + (5.00% x $1,000) = $1,

7 Scenario 3 shows the appreciation of all four of the Basket Currencies against the U.S. Dollar. In this scenario, the Australian Dollar, Brazilian Real, Canadian Dollar and Norwegian Krone all appreciate against the U.S. Dollar. The Payment at Maturity is equal to the Deposit Amount plus the Indexed Interest Amount. Scenario Initial Exchange Rate Final Exchange Rate Final Basket Value Currency Currency Return Australian Dollar % 3 Brazilian Real % Canadian Dollar % Norwegian Krone % The Final Basket Value in the above scenario would equal 100 x [1 + ( x 25%) + ( x 25%) + ( x 25%) + ( x 25%)], or The Indexed Interest Amount for each $1,000 Deposit Amount of an MLCD would be: $1,000 x 120% x ( )/100 = $ Since this is greater than the Minimum Indexed Interest Amount, the Payment at Maturity would be: $1,000 + $ = $1, Scenario 4 shows that the depreciation of one of the Basket Currencies can offset the appreciation of the other three Basket Currencies. In this scenario, the percentage by which the Brazilian Real depreciates against the U.S. Dollar is greater than the aggregate percentage by which the Australian Dollar, the Canadian Dollar and the Norwegian Krone appreciate against the U.S. Dollar. The Payment at Maturity is equal to the Deposit Amount plus the Minimum Indexed Interest Amount. Scenario Initial Exchange Rate Final Exchange Rate Final Basket Value Currency Currency Return Australian Dollar % 4 Brazilian Real % Canadian Dollar % Norwegian Krone % The Final Basket Value in the above scenario would equal 100 x [1 + ( x 25%) + ( x 25%) + ( x 25%) + ( x 25%)], or The Indexed Interest Amount for each $1,000 Deposit Amount of an MLCD would be: $1,000 x 120% x ( )/100 = -$10.35 Since this is less than the Minimum Indexed Interest Amount of $50, the Payment at Maturity would be: $1,000 + (5.00% x $1,000) = $1,

8 Hypothetical Final Basket Values The following table shows hypothetical values of the Currency Basket for several different scenarios over the term of the MLCDs. Because the value of the Currency Basket may be subject to significant fluctuations over the term of the MLCDs, we cannot show the range of all possible Indexed Interest Amounts that would result from given changes in the value of the Currency Basket. These hypothetical examples are for purposes of illustration only. The actual Payment at Maturity will depend on the actual values of the Currency Basket used to calculate the Indexed Interest Amount at maturity. The following table indicates how the interest payable on the MLCD would be calculated with respect to nine hypothetical scenarios, each of which assumes an Initial Basket Value of 100 and Final Basket Values in the range of 75 to 200. The scenarios also assume a Participation Rate of 120%. The Payment at Maturity equals the outstanding Deposit Amount plus the greater of the Minimum Indexed Interest Amount or the Indexed Interest Amount. Initial Final (Final Basket Value - Initial Basket Value) Participation Interest Payable APY Payment at Scenarios Basket Value Basket Value (Initial Basket Value) Rate at Maturity Maturity A % % 5.00% 1.23% $ 1, B % % 5.00% 1.23% $ 1, C % % 5.00% 1.23% $ 1, D % % 18.00% 4.22% $ 1, E % % 30.00% 6.77% $ 1, F % % 60.00% 12.46% $ 1, G % % 78.00% 15.49% $ 1, H % % % 19.20% $ 2, I % % % 21.77% $ 2, The graph below of the hypothetical scenarios A, D, F and H illustrates the fact that changes in the Currency Basket, including increases, between the Pricing Date and the valuation date are not used to determine the Indexed Interest Amount. Only the Initial Basket Value and the Final Basket Value on the valuation date are used to determine the Indexed Interest Amount. For example, in Scenario A, the Currency Basket increases to 135, a 35% increase from the Initial Basket Value of 100, during the term of the MLCD; however, the Payment at Maturity is based on the Final Basket Value of 75, resulting in a Payment at Maturity of $1,050, the outstanding Deposit Amount plus the Minimum Indexed Interest Amount. 200 Currency Basket Values Scenario A Scenario D Scenario F Scenario H

9 Investment Benchmark Historical Information The historical exchange rate information for each Basket Currency set forth in the applicable table below is provided on a basis comparable to the corresponding Exchange Rate definition for such Basket Currency. As a result, the historical exchange rate information for the Brazilian Real, Canadian Dollar and Norwegian Krone was derived from the applicable rate information as published by Bloomberg Financial Markets and was calculated by the Bank in a manner consistent with the Exchange Rate definition for such Basket Currency. The historical exchange rate information for the Australian Dollar was derived from the applicable rate information as published by Bloomberg Financial Markets and was calculated by the Bank in a manner consistent with the Exchange Rate definition for such Basket Currency. The Bank obtained such historical information from Bloomberg Financial Markets or Reuters, as applicable, without independent verification. The historical daily exchange rates and historical exchange rate performance of the Basket Currencies set forth below should not be taken as an indication of future performance. For each Basket Currency, a decrease in the Exchange Rate means that currency has increased in value against the U.S. dollar, which will increase the applicable Currency Return. In contrast, an increase in the Exchange Rate means that currency has decreased in value against the U.S. dollar, which would decrease the applicable Currency Return. Please note that: Even though currencies trade around-the-clock, the market value of the MLCDs may not reflect the up-to-the-minute underlying exchange rates. Suspensions or disruptions of market trading in the Basket Currencies may adversely affect the value of the MLCDs, and may also affect the timing of payments. Please see Market Disruption Events in the Disclosure Supplement for additional information. 10 Year Historical Price Graphs for Basket Currencies 9

10 10 Year Historical Price Graphs for Currency Basket While historical information on the value of the Currency Basket does not exist for dates prior to the Pricing Date, the following graph illustrates the hypothetical daily values of the Currency Basket over the past 10 years, assuming the basket was constructed on October 31, 2005 and set equal to 100 on that date, and based on actual reported historical Exchange Rates of the Basket Currencies obtained from Bloomberg L.P. Over the past 10 years, the Currency Basket has experienced significant fluctuations. Any historical upward or downward trend in the value of the Currency Basket during any period shown below is not an indication that the value of the Currency Basket is more or less likely to increase or decrease at any time during the term of the MLCDs. The historical Currency Basket values do not give an indication of future performance of the Currency Basket. The Bank cannot assure you that the future performance of the Currency Basket or the constituent Basket Currencies will result in holders of the MLCDs receiving an amount greater than the outstanding Deposit Amount of the MLCDs and the Minimum Indexed Interest Amount on the Maturity Date. 10

11 UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS The following discussion supplements (and, to the extent inconsistent with, supersedes) and should be read in conjunction with the discussion in the attached Disclosure Statement under United States Federal Income Tax Considerations. For purposes of that discussion, the MLCDs are long-term MLCDs. The table below sets forth the following information with respect to each $1,000 principal amount of the MLCDs for each of the indicated accrual periods through the maturity dates of the MLCDs: the adjusted issue price at the beginning of the accrual period; the amount of interest deemed to have accrued during the accrual period; and the total amount of interest deemed to have accrued from the original issue date through the end of the accrual period. The table is based upon a projected payment schedule (including a comparable yield equal to 2.93% per annum (compounded annually)) that the Bank established for the MLCDs. The comparable yield will not be less than the applicable federal rate based on the overall maturity of the MLCD. The table reflects the expected issuance of the MLCDs on October 30, 2015 and the scheduled maturity date of October 30, The table also assumes that the MLCDs will not be withdrawn prior to maturity under the Survivor s Option or pursuant to an early redemption. The projected payment schedule consists of a single payment at maturity, which includes the principal amount and a projection for tax purposes of the Indexed Interest Amount. The Bank has determined that the projected payment schedule for each $1,000 principal amount of the MLCDs would consist of the payment on the maturity date of the principal amount of $1,000 and a projected Indexed Interest Amount of $122.49, for a total of $1, This information is provided solely for tax purposes, and the Bank makes no representations or predictions as to what the actual Indexed Interest Amount will be. Accrual Period Adjusted Issue Price at Beginning of Accrual Period Interest Deemed to Accrue on the MLCDs During the Accrual Period (1) Total Interest Deemed to Have Accrued from Original Issue Date as of End of Accrual Period October 30, 2015 to December 31, , January 1, 2016 to December 31, , January 1, 2017 to December 31, , January 1, 2018 to December 31, , January 1, 2019 to October 30, , (1) Represents the adjusted issue price at the beginning of the accrual period multiplied by the hypothetical comparable yield for the accrual period. Final Adjusted Issue Price = $1, per $1,000 principal amount of MLCDs. Upon payment at maturity, you will be required to adjust the income accrued pursuant to the projected payment schedule, upward or downward, to reflect the difference, if any, between the actual and projected amount of the maturity payment. You generally will treat any such gain as ordinary income and any such loss as ordinary loss to the extent of previous income inclusions. All prospective investors in the MLCDs should consult their own tax advisors concerning the taxation of the MLCDs. 11

12 Additional Information Relating to the Estimated Value The estimated value set forth under Key Terms above reflects a fixed-income component and the value of the embedded derivative in the MLCDs. The value of the fixed-income component is determined using the Issuer s internal funding rate. The Issuer s internal funding rate is the rate it would pay on certificates of deposit with a term similar to the MLCDs. The value of the embedded derivative will be or was determined by the price the Issuer paid for the derivative from an unaffiliated third party. The estimated value of the embedded derivative may include the unaffiliated third party s estimated hedging costs as part of its bid price for the embedded derivative. The estimated value for each MLCD is less than the Deposit Amount, and is based on the Issuer s pricing models. After the Pricing Date, the estimated value as determined under those models will be affected by changes in market conditions, the Issuer s creditworthiness, and other factors. In estimating the value of the MLCDs, the Issuer s pricing models consider a variety of factors, and rely in part on assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold your MLCDs after the Pricing Date may differ, perhaps materially, from the estimated value of the MLCDs set forth above. In addition, the broker through which you hold your MLCDs may value them differently than the estimated value set forth above, whether in determining the price of any purchase transaction, or for purposes of determining the value of the MLCDs set forth on your brokerage statement. The estimated value set forth above does not represent the value of the MLCDs at any time after the Pricing Date, the price that you may receive for them in any sale, or the expected return on the MLCDs. 12

13 MUFG UNION BANK, N.A. Market-Linked Certificates of Deposit DISCLOSURE STATEMENT dated March 30, 2015 MUFG Union Bank, N.A. (the Bank ) may from time to time offer market-linked certificates of deposit ( MLCDs ) with maturities of at least seven calendar days. The returns on the MLCDs will be linked to one or more Investment Benchmarks, as described below. This Disclosure Statement contains the general terms and conditions that will apply to the MLCDs. The specific terms and conditions applicable to a particular MLCD offering will be described in greater detail in the applicable Disclosure Supplement ( Supplement ). In the event of any inconsistency between the Disclosure Statement and the Supplement, the terms of the Supplement will control. Payments on the MLCDs Unless otherwise specified in the Supplement and unlike traditional certificates of deposit and other debt instruments, the Bank will make a payment on the maturity date of the MLCDs (the Indexed Interest Amount ) that is related to changes in (i) the value or values of one or more indices based on the prices of securities, (ii) the exchange rates of one or more specified currencies or currency indices, (iii) the value or values of one or more commodities or commodity indices, (iv) the price or prices of the shares of one or more exchange traded funds ( ETFs ) based on any of the forgoing or on any other types of assets or (v) any other measure of economic or financial performance. With respect to each MLCD, the applicable assets or market measures are referred to as the Investment Benchmark. (For example, in the case of an MLCD linked to the price of shares of an ETF, the Investment Benchmark will be the relevant ETF.) The Supplement for the MLCDs will specify the applicable Investment Benchmark and how the Indexed Interest Amount will be calculated. The Indexed Interest Amount may be calculated based upon values observed on one or more dates that are close to the maturity date of the MLCDs, or periodically over the term of the MLCD, and may be subject to a cap. As a result, the payments received on the MLCD may be substantially less than any change in the value of the Investment Benchmark, and these features may generally negatively affect your investment return. In addition, if the Supplement does not provide for a Minimum Indexed Interest Amount, as defined below, you may receive no interest payment or return of any kind on your MLCDs, other than the repayment of the Deposit Amount (as defined below). If the MLCD is held to maturity, the Bank will pay no less than the full Deposit Amount. Liquidity Although the Bank or its affiliates may purchase the MLCDs from you in the secondary market, they are not obligated to do so. The Bank and its affiliates are not obligated to, and do not intend to, make a market for the MLCDs. There is no assurance that a secondary market for the MLCDs will develop or, if it develops, that it will continue. Consequently, you may not be able to sell your MLCDs readily or at prices that will enable you to realize your desired yield. Only MLCDs held to maturity or MLCDs that are subject to a permitted early withdrawal in the event of the death or adjudicated incompetence of a beneficial owner of the MLCD will be entitled to the return of the full Deposit Amount. If you sell your MLCDs prior to maturity, you may receive less than the full amount of your Deposit Amount. The MLCDs are designed to be held to maturity, and funds that you need prior to maturity should not be invested in MLCDs. Deposit Insurance The MLCDs are deposit obligations of the Bank, the deposits and accounts of which are insured by the Federal Deposit Insurance Corporation (the FDIC ) up to certain statutory limits and in accordance with certain limitations and restrictions. The Deposit Insurance section below contains a general description of the federal deposit insurance limitations and restrictions as applied to the MLCDs. The amount of deposit insurance available to you for MLCDs you purchase will depend on a number of factors, including the capacity in which you hold the MLCDs and whether you hold any other deposits at the Bank in the same capacity. A depositor purchasing a principal amount of MLCDs that is in excess of the described limits or which, together with other deposits that it maintains at the Bank in the same ownership capacity, is in excess of such limits should not rely on the availability of deposit insurance with respect to such excess. To the extent you maintain deposits with the Bank in excess of the FDIC limits, you are relying solely on the Bank s ability to pay the principal amount of the MLCD. You are responsible for monitoring the total amount of deposits that you hold at the Bank in the same ownership capacity in order to determine the extent of FDIC insurance coverage available to you on the MLCDs. In addition, the FDIC has taken the position that any Indexed Interest Amount and Minimum Indexed Interest Amount (until such amounts are contractually accrued on the books and records of the Bank) and any secondary market premium paid by a depositor above the principal amount of the MLCDs are not insured by the FDIC. Therefore, you are relying solely on the Bank s ability to pay the Indexed Interest Amount and Minimum Indexed Interest Amount, if any, until such time as such amounts are contractually accrued on the books and records of the Bank. See Deposit Insurance herein. Survivor s Option If so specified in the Supplement, withdrawals will be permitted prior to the maturity date in the event of the death or adjudicated incompetence of the beneficial owner of the MLCD. This right is called a Survivor s Option and upon the valid election of this right, the Bank will repay 100% of the principal amount of the MLCD; however, the Bank will not pay any Indexed Interest Amount or Minimum Indexed Interest Amount. See Survivor s Option herein. Tax Treatment Most United States holders of the MLCDs, other than those purchasing the MLCDs through a tax advantaged retirement account (such as an IRA), are subject to tax rules requiring them to include in their taxable income during each tax year in which the MLCDs are outstanding imputed interest income on the MLCDs even though interest, if any, may not be paid on the MLCDs until maturity. See United States Federal Income Tax Considerations herein. Risk Factors In making an investment decision, investors must rely on their own examination of the Bank and the terms of the offering, including the merits and risks involved. You should reach an investment decision only after carefully considering, together with your financial, legal and tax advisors, the suitability of an investment in an MLCD in light of your financial circumstances. You will be subject to risks, including risks not associated with conventional fixed-rate or floating-rate certificates of deposit or debt instruments. See Risk Factors herein and Risks and Considerations in the applicable Supplement for more information on the risks associated with the MLCDs. MLCDs Are Obligations of the Bank The MLCDs are obligations solely of the Bank, and are not obligations of and are not guaranteed by MUFG Americas Holdings Corporation, UnionBanc Investment Services, LLC ( UBIS ) or any other affiliate or subsidiary of the bank. The MLCDs are not, and will not be, registered under the Securities Act of 1933, as amended, and are not required to be so registered. The MLCDs have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Disclosure Statement or any Supplement. Any representation to the contrary is a criminal offense. Offering Brokers The MLCDs will be made available through UBIS and may be made available through certain other brokers (together, the Offering Brokers ). UBIS is a registered broker-dealer, investment advisor, member FINRA/SIPC, and a subsidiary of the Bank. MUFG Union Bank, N.A. Market Linked Certificates of Deposit Disclosure Statement 1

14 TABLE OF CONTENTS Page Summary... 3 Risk Factors... 4 General Description of the MLCDs MUFG Union Bank, N.A Payments on the MLCDs Additions and Withdrawals Early Redemption and Early Redemption Penalty Survivor s Option Information with Respect to the Investment Benchmark Market Disruption Events Discontinuance or Modification of an Investment Benchmark Other than an ETF Anti-dilution Adjustments and Liquidation Events Relating to an ETF; Alternate Calculation Minimum Denominations The Calculation Agent Fees and Hedging Purchasing an MLCD Evidence of the Deposits Deposit Insurance General Payments Under Adverse Circumstances United States Federal Income Tax Considerations General U.S. Holders MLCDs with Stated Maturities of One Year or Less ( short-term MLCDs ) MLCDs with Stated Maturities of More Than One Year ( long-term MLCDs ) Additional Medicare Tax Comparison with Conventional Certificates of Deposit Non-U.S. Holders Backup Withholding and Reporting New U.S. Withholding Legislation MUFG Union Bank, N.A. Market Linked Certificates of Deposit Disclosure Statement 2

15 Summary This Disclosure Statement, along with the applicable Supplement, describes the terms of the MLCDs offered. These documents contain information you should consider when making your investment decision and you should rely solely on the information contained in this Disclosure Statement and the applicable Supplement. To the extent that any of the information in the Supplement is inconsistent with the information contained in this Disclosure Statement, the applicable Supplement will control. Neither the Bank nor UBIS has authorized anyone to provide you with any additional information. If any such information is provided to you, you should not rely on it. The information contained in this Disclosure Statement and any Supplement may not be modified by any oral representation made before or after purchase of an MLCD. You should consider carefully the information contained in Risk Factors beginning on the next page. This Disclosure Statement and the applicable Supplement do not constitute an offer or solicitation by anyone in any state or jurisdiction in which such offer or solicitation is not authorized or in which the person making the offer or solicitation is not qualified to do so, or to any person for whom it is unlawful to make such an offer or solicitation. The information contained in this Disclosure Statement and the applicable Supplement may only be accurate as of the dates of such documents. You should not interpret the delivery of this Disclosure Statement or the applicable Supplement or the sale of the MLCDs as an indication that there has been no change in the information set forth herein or therein since those dates. Issuer Calculation Agent MLCDs Payments Additions and Withdrawals; Early Redemption Survivor s Option Investment Benchmark Minimum Denomination Transfers MUFG Union Bank, N.A. (the Bank ) MUFG Union Bank, N.A. Market-linked certificates of deposit, issued by the Bank from time to time and as described herein and in the applicable Supplement. See General Description of the MLCDs. The MLCDs will be in the form of a master certificate held through the Depository Trust Company ( DTC ). See Evidence of the Deposits. MLCDs are deposit obligations of the Bank. Upon maturity, the bank will return to you the full deposit amount of your MLCDs (the Deposit Amount ). Unlike traditional certificates of deposit and other debt instruments, the Bank will make a payment on the maturity date of the MLCDs (and such other dates as may be set forth in the applicable Supplement) based on changes in an Investment Benchmark (the Indexed Interest Amount ). If so specified in the applicable Supplement, the MLCDs may also accrue and provide for periodic payments of interest at a specified rate (the Periodic Interest Payments ). See General Description of the MLCDs Payments on the MLCDs. Generally, additions and withdrawals are not permitted. If so specified in the applicable Supplement, a series of MLCDs may have an early redemption feature, in which case the amount of the payment on the MLCDs will be determined prior to maturity and an early redemption penalty (the Early Redemption Penalty ) may apply (the Early Redemption Amount ), and/or a Survivor s Option, as described below. See General Description of the MLCDs Additions and Withdrawals, Early Redemption and Early Redemption Penalty and Survivor s Option. If so specified in the applicable Supplement, withdrawals will be permitted prior to the maturity date in the event of the death or adjudicated incompetence of the beneficial owner of an MLCD. See General Description of the MLCDs Survivor s Option. The Investment Benchmark and the method for calculating the Indexed Interest Amount will be set forth in the applicable Supplement. See General Description of the MLCDs Information with Respect to the Investment Benchmark. Unless otherwise specified in the applicable Supplement, denominations of $1,000 and integral multiples of $1,000 in excess thereof. See General Description of the MLCDs Minimum Denominations. If you choose to terminate your Offering Broker as nominee, authorized representative, agent or custodian with regard to an MLCD, you may (i) transfer your MLCDs to another brokerdealer or other institution which is a direct or indirect DTC participant (the Transferee Broker, which together with the Offering Broker, is collectively referred to herein as Broker ) or (ii) request that your ownership of the MLCD be evidenced directly on the books of the Bank, subject to applicable law and the Bank s terms and conditions, including those related to the manner of evidencing MLCD ownership. In the event that your ownership of the MLCD is evidenced directly on the books of the Bank, the term Broker as used herein shall include the Bank to the extent applicable. MUFG Union Bank, N.A. Market Linked Certificates of Deposit Disclosure Statement 3

16 Risk Factors Your purchase of an MLCD involves significant risks, including risks not associated with fixed-rate or floating-rate certificates of deposit or debt instruments. You should not purchase the MLCDs unless you understand and are able to bear the risks associated with the MLCDs which are included in this Disclosure Statement and any applicable Supplement. You should compare the features of the MLCDs to other available investments before deciding to purchase an MLCD. Due to the uncertainty as to whether the MLCDs will earn an Indexed Interest Amount, the return you receive with respect to an MLCD may be higher or lower than the returns on other deposits or investments available from the Offering Brokers or the Bank or through other investments. You should reach an investment decision only after carefully considering, together with your financial, legal and tax advisors, the suitability of an investment in an MLCD in light of your financial circumstances. Depositors May Not Be Entitled to Receive any Interest Even if the MLCD Is Held to Maturity Unless the Supplement specifies a Minimum Indexed Interest Amount (as defined below) or Periodic Interest Payments, you will not receive any other return at maturity if the value of the Investment Benchmark does not change so as to produce an Indexed Interest Amount greater than zero. If the Indexed Interest Amount is not greater than zero, at maturity you will receive only the Deposit Amount of your MLCDs plus any Periodic Interest Payments or Minimum Indexed Interest Amount specified in the related Supplement. It is possible you will receive no Indexed Interest Amount, even though the value of the Investment Benchmark on the maturity date is greater than the value of the Investment Benchmark on the issue date of your MLCDs. For example, if the Indexed Interest Amount is calculated based on an average of the value of the Investment Benchmark observed at specified intervals during the term of the MLCD, one or more low values may offset any earlier or later increases, resulting in an Indexed Interest Amount of zero. If your MLCDs are subject to any knock-out event or similar event pursuant to their terms that eliminates any Indexed Interest Amount, your Indexed Interest Amount will be zero if the Investment Benchmark is at specified values at any time during the term of your MLCDs, even if the value of the Investment Benchmark is not at those specified values at other times or at maturity. You must carefully read the applicable Supplement to determine the circumstances under which your Indexed Interest Amount will be limited, or will be zero. Your Return May Be Less Than the Return You Could Earn on Alternative Investments or on a Direct Investment in the Investment Benchmark or Any of Its Components Your return on the MLCDs, if any, may be lower than the return you could receive on a conventional certificate of deposit or debt instrument of comparable maturity and on other alternative investments available. Your return, if any, may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money. In part, this is because you have lost the use of the Deposit Amount for the term of the MLCDs. Further, your return on the MLCDs, if any, may not reflect the return you would realize if you actually owned the Investment Benchmark or any of its components. For example, the payment on the maturity date of an MLCD does not include any dividends paid on any securities included in an Investment Benchmark that is a securities index or any dividends paid on an ETF that is an Investment Benchmark. Further, the Indexed Interest Amount may be calculated based upon observing the value of the Investment Benchmark over the term of the MLCDs, at one point in time or at intervals prior to maturity, may be based on participating in the performance of the Investment Benchmark at a rate that is less than 1.00, or may be otherwise capped. If the Investment Benchmark includes any non-u.s. indices or securities, your return on the MLCDs will not be adjusted to reflect the returns that you would have received had you made a direct investment in such Investment Benchmark or its components, and its value increased or decreased due to changes in the applicable currency exchange rates. The Price at Which You May Sell the MLCDs Prior to Maturity May Be Substantially Less Than Your Deposit Amount In connection with any proposed secondary market sale or early redemption (if applicable) of your MLCDs, the price at which you may sell your MLCDs or the Early Redemption Amount (if applicable), respectively, will likely differ from the amount that you would receive at maturity. A variety of factors will influence the sale price or the Early Redemption Amount (if applicable). A change in one factor could offset the effect of a change in one of the other factors, such that there may be no determinable net effect on the sale price or the Early Redemption Amount (if applicable). An adverse movement in one or more of the factors could result in the sale price or the Early Redemption Amount (if applicable) being substantially less than your original Deposit Amount. For example, the effect from an increase in the value of the Investment Benchmark may be offset by an increase in interest rates on the sale price or the Early Redemption Amount (if applicable). Additionally, an Early Redemption Penalty may factor into the Early Redemption Amount (if applicable). Investment Benchmark. Changes in the value of the Investment Benchmark from its initial value on the issue date are anticipated to have a substantial impact on the price at which you may sell your MLCDs prior to maturity and the Early Redemption Amount (if applicable). Even if the value of the Investment Benchmark has increased from its initial value, upon any proposed secondary market sale or early redemption, you may still receive substantially less than the amount that would be payable at maturity based upon that same value due to the expectation that the value of the Investment Benchmark will continue to fluctuate until the maturity date. Volatility of the Investment Benchmark. Volatility is the term used to describe the size and frequency of fluctuations in the value of the Investment Benchmark. If the volatility of the Investment Benchmark increases or decreases, the price at which you may sell your MLCDs prior to maturity and the Early Redemption Amount (if applicable) may be adversely affected. Interest Rates. Changes in interest rates will affect the price at which you may sell your MLCDs prior to maturity and the Early Redemption Amount (if applicable). Generally, if interest rates increase, the sale price and the Early Redemption Amount (if applicable) may decrease, and if interest rates decrease, the sale price for your MLCDs prior to maturity and the Early Redemption Amount (if applicable) may increase. Interest rates may also directly or indirectly impact the value of the Investment Benchmark, which would affect the sale price and the Early Redemption Amount (if applicable). MUFG Union Bank, N.A. Market Linked Certificates of Deposit Disclosure Statement 4

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