The Awa Bank, Ltd. Consolidated Financial Statements. The Awa Bank, Ltd. and its Consolidated Subsidiaries. Years ended March 31, 2011 and 2012

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1 The Awa Bank, Ltd. Consolidated Financial Statements Years ended March 31, 2011 and 2012

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3 Consolidated Balance Sheets (Note 1) Assets Cash and due from banks (Notes 3 and 4) \ 230,831 \ 262,649 $ 3,195,627 Call loans and bills purchased (Note 4) 29,657 35, ,238 Commercial paper and other debt purchased (Note 4) 8,672 6,511 79,216 Trading account securities (Notes 4 and 5) ,305 Securities (Notes 4, 5 and 9) 821, ,684 10,508,383 Loans and bills discounted (Notes 4, 6, 7 and 8) 1,580,589 1,571,624 19,121,836 Foreign exchange 4,821 4,842 58,910 Lease receivables and investment assets (Note 4) 23,985 22, ,354 Other assets (Note 9) 22,853 16, ,205 Tangible fixed assets (Notes 10 and 11) 33,582 32, ,181 Intangible fixed assets 2,891 3,267 39,749 Deferred tax assets (Note 14) 8,082 4,775 58,103 Customers' liabilities for acceptances and guarantees (Note 15) 7,282 6,569 79,921 Reserve for possible loan losses (19,158) (22,650) (275,585) Total assets \ 2,756,603 \ 2,810,277 $ 34,192,443 Liabilities Deposits (Notes 4 and 9) \ 2,343,770 \ 2,374,047 $ 28,884,866 Negotiable certificates of deposit (Note 4) 114, ,945 1,617,537 Call money and bills sold (Notes 4 and 9) 21,253 26, ,680 Payables under securities lending transactions (Note 9) - 2,124 25,848 Borrowed money (Notes 4, 9 and 16) 44,854 35, ,902 Foreign exchange Bonds (Notes 4 and 17) 17,000 17, ,838 Other liabilities 22,779 18, ,828 Accrued employees' bonuses Accrued directors' bonuses Employees' severance and retirement benefits (Note 18) 6,334 6,389 77,734 Accrued directors' retirement benefits ,651 Reserve for reimbursement of deposits ,151 Reserve for contingent liabilities ,321 Deferred tax liabilities (Note 14) Deferred tax liabilities for land revaluation account (Note 11) 4,034 3,516 42,783 Acceptances and guarantees (Note 15) 7,282 6,569 79,921 Total liabilities 2,583,464 2,625,575 31,945,182 Net Assets Common stock Authorized - 500,000,000 shares Issued - 232,400,000 shares 23,453 23, ,349 Capital surplus 16,233 16, ,503 Retained earnings 101, ,831 1,263,302 Treasury stock (1,664) (1,204) (14,651) - Issued 2,341,554 shares in 2012 and 3,235,666 shares in 2011 Total shareholders' equity 139, ,312 1,731,503 Net unrealized holding gains on securities (Note 5) 19,061 27, ,497 Net deferred gains (losses) on derivatives under hedge accounting (40) (142) (1,727) Land revaluation account (Note 11) 4,587 5,065 61,632 Total accumulated other comprehensive income 23,608 32, ,402 Minority interests in consolidated subsidiaries 9,546 10, ,356 Total net assets 173, ,702 2,247,261 Total liabilites and net assets \ 2,756,603 \ 2,810,277 $ 34,192,443 See Notes to Consolidated Financial Statements. 2

4 Consolidated Statements of Income (Note 1) Income: Interest and dividend income: Interest on loans and discounts \ 32,956 \ 31,498 $ 383,240 Interest and dividends on securities 12,792 12, ,620 Other interest income ,452 Trust fees Fees and commissions 7,180 7,176 87,307 Other operating income 14,948 14, ,696 Other income 2,180 3,022 36,769 Total income 70,475 68, ,085 Expenses: Interest expense: Interest on deposits and certificates of deposit 3,278 2,079 25,301 Interest on borrowings, rediscounts and bonds ,877 Other interest expense ,326 Fees and commissions 1,401 1,404 17,087 Other operating expenses 11,884 11, ,526 General and administrative expenses 29,524 28, ,455 Other expenses: Provision for loan losses 13,548 11, ,274 Other expenses (Note 12) 2,229 2,456 29,878 Total expenses 62,733 58, ,724 Income before income taxes 7,742 10, ,361 Income taxes (Note 14): Current 5,690 4,400 53,540 Deferred (2,714) 1,372 16,695 Income before minority interests 4,765 4,284 52,126 Minority interests in income of consolidated subsidiaries ,689 Net income \ 4,244 \ 3,734 $ 45,437 Per share of common stock: Yen (Note 1) Net income per share - basic \ \ $ 0.198, diluted net income per share of common stock was not disclosed because no dilutive securities were outstanding. See Notes to Consolidated Financial Statements. 3

5 Consolidated Statements of Comprehensive Income (Note 1) Income before minority interests \ 4,765 \ 4,284 $ 52,126 Other comprehensive income Net unrealized holding gains (losses) on securities 4,833 8, ,307 Net deferred gains (losses) on derivatives under hedge accounting 1 (102) (1,239) Land revaluation account ,107 Total other comprehensive income (Note 13) 4,835 8, ,174 Comprehensive income (Note 13) 9,600 13, ,301 Comprehensive income attributable to: Owners of the parent company 8,731 12, ,893 Minority interests ,408 See Notes to Consolidated Financial Statements. 4

6 Consolidated Statements of Changes in Net Assets (Note 1) 2012 Stockholder's equity Common stock Balance at begining of the accounting year \ 23,453 \ 23,453 $ 285,349 Changes during the accounting period Total changes during the accounting period Balance at end of the accounting year 23,453 23, ,349 Capital surplus Balance at begining of the accounting year 16,233 16, ,503 Changes during the accounting period Total changes during the accounting period Balance at end of the accounting year 16,233 16, ,503 Retained earnings Balance at begining of the accounting year 99, ,963 1,240,577 Changes during the accounting period Dividends (1,399) (1,380) (16,786) Net income 4,244 3,734 45,437 Disposal of treasury stock - (7) (89) Retirement of treasury stock (805) (503) (6,123) Reversal of land revaluation account Total changes during the accounting period 2,082 1,868 22,725 Balance at end of the accounting year 101, ,831 1,263,302 Treasury stock Balance at begining of the accounting year (103) (1,664) (20,243) Changes during the accounting period Purchase of treasury stock (2,715) (436) (5,301) Disposal of treasury stock ,770 Retirement of treasury stock ,123 Total changes during the accounting period (1,561) 460 5,592 Bl Balance at end of fthe accounting year (1,664) (1,204) (14,651) Total stockholders' equity Balance at begining of the accounting year 139, ,985 1,703,186 Changes during the accounting period Dividends (1,399) (1,380) (16,786) Net income 4,244 3,734 45,437 Purchase of treasury stock (2,715) (436) (5,301) Disposal of treasury stock ,681 Reversal of land revaluation Total changes during the accounting period 521 2,327 28,317 Balance at end of the accounting year 139, ,312 1,731,503 See Notes to Consolidated Financial Statements. 5

7 Consolidated Statements of Changes in Net Assets (Note 1) Accumulated other comprehensive income Net unrealized holding gains Balance at begining of the accounting year \ 14,575 \ 19,061 $ 231,909 Changes during the accounting period Changes other than changes in stockholders' equity (net) 4,485 8,185 99,588 Total changes during the accounting period 4,485 8,185 99,588 Balance at end of the accounting year 19,061 27, ,497 Net deferred gains (losses) on derivatives under hedge accounting Balance at begining of the accounting year (42) (40) (488) Changes during the accounting period Changes other than changes in stockholders' equity (net) 1 (102) (1,239) Total changes during the accounting period 1 (102) (1,239) Balance at end of the accounting year (40) (142) (1,727) Land revaluation account Balance at begining of the accounting year 4,629 4,587 55,811 Changes during the accounting period Changes other than changes in stockholders' equity (net) (41) 478 5,821 Total changes during the accounting period (41) 478 5,821 Balance at end of the accounting year 4,587 5,065 61,632 Total accumulated other comprehensive income Balance at begining of the accounting year 19,162 23, ,232 Changes during the accounting period Changes other than changes in stockholders' equity (net) 4,445 8, ,170 Total changes during the accounting period 4,445 8, ,170 Balance at end of the accounting year 23,608 32, ,402 Minority interests in consolidated subsidiaries Balance at begining of the accounting year 8,693 9, ,149 Changes during the accounting period Changes other than changes in stockholders' equity (net) ,207 Total changes during the accounting period ,207 Balance at end of the accounting year 9,546 10, ,356 Total net assets Balance at begining of the accounting year 167, ,139 2,106,568 Changes during the accounting period Dividends (1,399) (1,380) (16,786) Net income 4,244 3,734 45,437 Purchase of treasury stock (2,715) (436) (5,301) Disposal of treasury stock ,681 Reversal of land revaluation account Changes other than changes in stockholders' equity (net) 5,299 9, ,376 Total changes during the accounting period 5,820 11, ,693 Balance at end of the accounting year 173, ,702 2,247,261 See Notes to Consolidated Financial Statements. 6

8 Consolidated Statements of Cash Flows (Note 1) Cash flows from operating activities: Income before income taxes \ 7,742 \ 10,057 $ 122,361 Depreciation 2,150 2,415 29,379 Impairment losses ,357 Loss on application of accounting standard for asset retirement obligations Increase (decrease) in reserve for possible loan losses 2,323 3,492 42,485 Net change in provision for contingent liabilities ,109 Increase (decrease) in accrued employees' bonuses Increase (decrease) in accrued directors' bonuses (3) (1) (10) Increase (decrease) in employees' severance and retirement benefits (104) Net change in reserve for retirement payments to directors (3) Net change in reserve for claims on dormant accounts ,029 Interest and dividend income (46,167) (44,490) (541,312) Interest expense 4,146 3,082 37,503 Securities losses (gains), net (636) 502 6,103 Money held in trust losses (gains), net (0) (0) (0) Foreign exchange losses (gains), net 10,779 1,503 18,282 Losses on disposal of tangible fixed assets, net Net decrease (increase) in trading account securities Net decrease (increase) in loans and bills discounted 24,111 8, ,077 Net increase (decrease) in deposits 51,237 30, ,385 Net increase (decrease) in certificates of deposit 24,030 18, ,648 Net increase (decrease) in borrowed money (except for subordinated borrowed money) 29,472 (9,438) (114,837) Net decrease (increase) in due from banks (except for deposits with the Bank of Japan) (37) (105) (1,275) Net decrease (increase) in call loans, bills purchased, commercial paper and other debt purchased 6,265 (3,739) (45,492) Net increase (decrease) in call money (17,351) 5,514 67,094 Net increase (decrease) in payables under securities lending transactions - 2,124 25,848 Net decrease (increase) in foreign exchange (assets) (1,050) 263 3,201 Net increase (decrease) in foreign exchange (liabilities) (0) (0) (4) Interest and dividends received 48,422 46, ,820 Interest paid (3,756) (6,044) (73,542) Other (1,291) 11, ,189 Subtotal 140,900 80, ,924 Income taxes refunded (7,979) (5,745) (69,898) Net cash provided by operating activities 132,922 74, ,026 Cash flows from investing activities: Payments for purchases of securities (252,166) (270,595) (3,292,306) Proceeds from sales of securities 120, ,301 1,415,023 Proceeds from maturities of securities 80, ,975 1,398,887 Increase in money held in trust (1,200) (600) (7,300) Decrease in money held in trust 1, ,300 Payments for purchases of tangible fixed assets (1,619) (1,109) (13,490) Payments for disposal of tangible fixed assets (25) (22) (265) Proceeds from sales of tangible fixed assets Purchases of intangible fixed assets (1,615) (1,270) (15,457) Net cash used in investing activities (53,969) (41,640) (506,626) Cash flows from financing activities: Repayments of subordinated loans (5,000) - - Proceeds from issuance of subordinated bonds 12, Payments for redemption of bonds (10,000) - - Dividends paid (1,399) (1,380) (16,786) Dividends paid to minority interests stockholders (17) (17) (201) Payments for purchases of treasury stock (2,715) (436) (5,301) Proceeds from sales of treasury stock ,681 Net cash used in financing activities (6,781) (1,447) (17,607) Foreign currency translation adjustments Net increase (decrease) in cash and cash equivalents 72,173 31, ,850 Cash and cash equivalents at beginning of year 158, ,401 2,803,276 Cash and cash equivalents at end of year (Note 3) \ 230,401 \ 262,114 $ 3,189,126 See Notes to Consolidated Financial Statements. 7

9 1. Basis of Presentation of Consolidated Financial Statements The accompanying consolidated financial statements of The Awa Bank, Ltd. (the Bank ) and its consolidated subsidiaries have been prepared in accordance with the provisions set forth in the Japanese Financial Instruments and Exchange Law and the Japanese Banking Law, generally conform with the Japanese Uniform Rules for Bank Accounting and the guidelines of Japanese regulatory authorities and are in conformity with accounting principles generally accepted in Japan ( Japanese GAAP ), which are different in certain respects from the application and disclosure requirements of International Financial Reporting Standards. The accompanying consolidated financial statements have been restructured and translated into English, with some expanded descriptions, from the consolidated financial statements of the Bank prepared in accordance with Japanese GAAP and filed with the appropriate Local Finance Bureau of the Ministry of Finance as required by the Financial Instruments and Exchange Law. Some supplementary information included in the statutory Japanese language consolidated financial statements, but not required for fair presentation, is not presented in the accompanying consolidated financial statements. The translations of the Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of the readers outside Japan, using the prevailing exchange rate at March 31, 2012, which was \82.19 to U.S.$1.00. The translations should not be construed as representations that the Japanese yen amounts have been, could have been or could in the future be converted into at this or any other rate of exchange. 2. Significant Accounting Policies (1) Principles of consolidation The consolidated financial statements for the ended March 31, 2011 and 2012 include the accounts of the Bank and all four of its subsidiaries: The Awagin Lease Company Limited The Awagin Card Company Limited The Awagin Guaranty Company Limited The Awagin Business Service Company Limited All significant intercompany balances, transactions and unrealized profits and losses included in assets and liabilities have been eliminated. In the elimination of investments in subsidiaries, the assets and liabilities of the subsidiaries, including the portion attributable to minority shareholders, are evaluated using the fair value at the time the Bank acquired control of the respective subsidiary. (2) Trading account securities Listed trading account securities of the Bank are stated at fair market value. Gains and losses realized on disposal and unrealized gains and losses from market value fluctuations of the securities are recognized as gains and losses in the period of the change. Cost is calculated by the moving average method. (3) Securities Held-to-maturity debt securities are stated at amortized cost. Available-for-sale securities with available fair market values are stated at fair market value, which is the average for the last month of the fiscal year. Unrealized gains and unrealized losses on these securities are reported, net of applicable income taxes, as a separate component of shareholders equity or net assets. Realized gains and losses on the sale of such securities are computed using moving average cost. Available-for-sale securities whose fair values are extremely difficult to determine are stated at moving average cost. Debt securities with no available fair market values are stated at amortized cost, net of the amount considered not collectible. 8

10 2. Significant Accounting Policies (cont d.) (4) Tangible fixed assets Buildings and equipment are generally stated at cost, less accumulated depreciation and deferred gains on the sale of real estate. Depreciation of buildings and equipment owned by the Bank and its consolidated subsidiaries is recorded using the declining balance method, except for buildings acquired after April 1, which are depreciated using the straight-line method. At March 31, 2011 and 2012, estimated useful lives were as follows: Buildings Equipment 19~50 4~8 (5) Intangible fixed assets Depreciation for intangible fixed assets of the Bank and its consolidated subsidiaries is recorded using the straight-line method. Internal use software costs of the Bank and its consolidated subsidiaries are depreciated using the straight-line method over the estimated useful life of five. (6) Reserve for possible loan losses The Bank writes off loans and makes provisions for possible loan losses based on the financial circumstance of the borrower and the status of the loan. For loans to insolvent customers who are undergoing bankruptcy or other collection proceedings or who are in a similar financial condition, the reserve for possible loan losses for the portions of the loans that are neither secured nor guaranteed is provided in the full amount of such loans, excluding write-off amounts and the portion that is estimated to be recoverable due to the existence of security interests or guarantees. For loans to customers not presently in the above circumstances but who have a high probability of becoming so, the reserve for possible loan losses for the portions of the loans that are neither secured nor guaranteed is provided for the amounts estimated to be unrecoverable after an evaluation of the customer s overall financial condition. For other loans such as normal loans and loans requiring special attention, the reserve for possible loan losses is provided based on the Bank s actual rate of loan losses in the past. Assessments and classifications regarding possible loan losses are made by each business department and credit supervision department and are audited by the independent Credit Administration Department. The reserve for possible loan losses is provided based on such auditing results. The consolidated subsidiaries write off loans and make provisions for possible loan losses based on their actual rate of loan losses in the past. However, unrecoverable amounts of loans to customers who have a high probability of becoming bankrupt are estimated and a reserve for possible loan losses is provided based on the estimation. For the fiscal ended March 31, 2011 and 2012, the Bank and some consolidated subsidiaries wrote off portions of loans that were estimated to be unrecoverable from insolvent customers who were undergoing bankruptcy or other collection proceedings. The estimated unrecoverable amounts were determined after excluding estimated recoverable amounts due to the existence of security interests or guarantees. As of March 31, 2011 and 2012, the write-off of the estimated unrecoverable amounts was \34,996 million and \29,882 million ($363,569 thousand), respectively. (7) Accrued employees bonuses Accrued employees bonuses were recorded to pay bonuses to employees of the consolidated subsidiaries for the fiscal ended March 31, 2011 and

11 2. Significant Accounting Policies (cont d.) (8) Employees severance and retirement benefits The Bank and its consolidated subsidiaries provide two post-employment benefit plans, an unfunded lump-sum benefits plan and a funded contributory pension plan, under which all eligible employees are entitled to benefits based on the level of wages and salaries at the time of retirement or termination, length of service and certain other factors. The liabilities and expenses for severance and retirement benefits are determined based on the amounts actuarially calculated using certain assumptions. The Bank and its consolidated subsidiaries provided the allowance for employees severance and retirement benefits at March 31, 2011 and 2012 based on the estimated amounts of projected benefit obligation and the fair value of plan assets. Prior service costs are amortized using the straight-line method over 10. Actuarial differences are recognized as expenses using the straight-line method over the average of the estimated remaining service commencing with the following period. (9) Bonuses to directors Bonuses to directors are recorded as expense in the current period, and the related liability recorded in other liabilities. (10) Accrued directors retirement benefits A provision is made for accrued retirement benefits of directors and corporate auditors in the amount deemed accrued at the end of the reporting period. (11) Reserve for reimbursement of deposits A provision is made for losses on future reimbursement of deposits in an amount deemed necessary, taking into account the Bank s estimated refund amount. (12) Reserve for contingent liabilities A provision is made for future payment on loan-loss burden-sharing to credit guarantee associations in an estimated payment amount. (13) Translation of foreign currencies Foreign currency denominated assets and liabilities held by the Bank at the year end are translated into Japanese yen at exchange rates prevailing at the end of the fiscal year. (14) Accounting for leases 1 As lessee Finance lease transactions in which ownership of the lease assets is not transferred to the lessee and for which the leasing contracts commenced prior to April 1, 2008 are treated in the same manner ordinary operating lease transactions. 2 As lessor On finance lease transactions in which ownership of the lease assets is not transferred to the lessee and for which the leasing contracts commenced prior to April 1, 2008, the new accounting standard ASBJ Guidance No. 16, Guidance on Accounting Standard for Lease Transactions, issued on March 30, 2007, was adopted, and for accumulated depreciation lease investment assets beginning with the year ended March 31, 2009, book value is regarded as the depreciable amount, in accordance with Article 81 of Guidance No. 16. As a result, income before income taxes for the ended March 31, 2011 and 2012 were increased \411 million and \331 million ($4,026 thousand) more than the amount that would have been reported without the change. 10

12 2. Significant Accounting Policies (cont d.) (15) Derivatives and hedge accounting Derivative financial instruments are carried at market value. 1 Hedge of interest risk In order to hedge the interest rate risk associated with various financial assets and liabilities, the Bank applies the deferred hedge method stipulated in Accounting and Auditing Treatment of Accounting Standards for Financial Instruments in Banking Industry (JICPA Industry Audit Committee Report No. 24). The effectiveness of hedging is assessed for each identified group of hedged deposits, loans and similar instruments and the corresponding group of hedging instruments, such as interest rate swaps, in the same maturity bucket. In assessing the effectiveness of cash flow hedges, the correlation between the interest rate sensitivities of the hedged instruments and the hedging instruments is examined. Deferred hedge losses recorded on the consolidated balance sheet based on the previous macro-hedge approach are allocated as interest expense over the specified remaining term of nine. Deferred hedge losses before any income tax effect, based on the macro-hedge approach, was \1 million for the year ended March 31, 2011 and was not applicable for the year ended March 31, Hedge of foreign currency risk The Bank applies the deferred method of hedge accounting to hedge foreign exchange risks associated with various foreign currency denominated monetary assets and liabilities as stipulated in Accounting and Auditing Concerning Accounting for Foreign Currency Transactions in the Banking Industry (JICPA Industry Audit Committee Report No. 25). Assessment of the effectiveness of these hedge transactions is conducted by confirming whether notional amounts of hedging foreign exchange swaps, etc. correspond to the hedged foreign currency denominated receivables or payables. (16) Cash flow statements In preparing consolidated statements of cash flows, cash on hand and deposits with the Bank of Japan are considered to be cash and cash equivalents. (17) Income taxes The tax effects of loss carryforwards and the temporary differences between the carrying amounts of assets and liabilities for tax and financial reporting are recognized. The asset-liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. (18) Additional information The Bank and its consolidated subsidiaries adopted Accounting Standard for Accounting Changes and Error Corrections (ASBJ Statement No. 24, issued on December 4, 2009) and Guidance on Accounting Standard for Accounting Changes and Error Corrections (ASBJ Guidance No. 24, issued on December 4, 2009) for accounting changes and corrections of prior period errors which are made from the fiscal year beginning on April 1,

13 3. Cash and Cash Equivalents The reconciliation between "Cash and due from banks" in the consolidated balance sheets and "Cash and cash equivalents at end of year" in the consolidated statements of cash flows at March 31, 2011 and 2012 was as follows: Cash and due from banks \ 230,831 \ 262,649 $ 3,195,627 Other (430) (534) (6,501) Cash and cash equivalents \ 230,401 \ 262,114 $ 3,189, Financial Instruments (1) Overview of financial instruments 1 Policy on financial instruments The Group consists of the Bank and its four consolidated subsidiaries and provides mainly banking services and other financial services, including leasing. The Group holds financial assets such as loans and securities raised by deposits. In order to effectively manage its assets and liabilities, the Bank works on asset and liability management (ALM) and conducts derivative transactions as part of this ALM. 2 Descriptions and risk of financial instruments The financial assets of the Bank consist mainly of loans to domestic customers, which, although subject to credit risk, have brought about changes in the domestic economy and the financial status of the borrowers. The Group credits are hedged in small lots as not to focus on certain customers. Also the Bank holds securities that consists mainly of stocks, bonds and mutual funds for investment, management and trading purposes. They are subject to credit risk, interest rate risk and market price risk. The Group's portfolio consists mainly of government bonds and municipal bonds which are very safe. The financial liabilities of the Bank consist mainly of deposits from domestic customers, which are subject to liquidity risk due to the difficulty of raising necessary funds due to unexpected capital outflows. The Group tries to maintain and improve the soundness and reliability of its assets and to ensure stable cash management. Derivative transactions include interest rate swaps, currency swaps, forward foreign exchange contracts and bond futures contracts. The Bank engages in derivative transactions principally to stabilize its earnings by hedging the risk of future fluctuations in interest rates,market price and exchange rates related to assets and liabilities. These transactions also provides various services to customers to fulfill their needs. For interest rate risk, the Bank applies hedge accounting based on Accounting Standards and Auditing Treatment for Financial Instruments in the Banking Industry (JICPA Industry Audit Committee Report No. 24). The Bank assesses the effectiveness of hedges in offsetting movement in the fair value from changes in interest rates by classifying the hedged items such as deposits and loans, and the hedging instruments such as interest rate swaps by incidence and remaining period. For cash flow hedges, the Bank assesses the effectiveness by verifying the correlation of the interest-rate fluctuation between the hedged items and the hedging instruments. For exchange rate risk, the Bank applies hedge accounting based on JICPA Industry Audit Committee Report No. 25, Treatment of Accounting and Auditing Concerning Accounting for Foreign Currency Transactions in the Banking Industry. The Bank uses currency swaps and other methods to hedge exchange rate risk and evaluates the effectiveness of the hedges by confirming that a foreign currency hedge position exists in an amount equivalent to the foreign-currency denominated monetary assets or liabilities being hedged. 12

14 4. Financial Instruments (cont d.) Derivative transactions are subject to market risk or credit risk, but the Bank does not engage in complicated or speculative transactions. 3 Risk management system for financial products The Bank and its consolidated subsidiaries manage risk as follows: (i) Credit risk management The Bank prescribes Credit Risk Management Standards and carries out its credit risk management by division, maintains an appropriate portfolio and seeks to improve on the soundness of its assets. In addition, the Bank reviews the system for credit risk management periodically and tries to improve it. The Credit Division is independent from the Business Promotion Division to maintain and improve the soundness of assets. The Risk Managing Division verifies credit ratings, conducts self-assessments and administers the credit portfolio and exerts influence on the internal check system to branches and the Credit Division, while trying to further enhance the credit rating and self-assessment. (ii) Market risk management (Management for interest rate risks, market price risks and foreign exchange risks) The Bank has set the policy, Taking adequate market risk within the Bank s management vitality and the Bank assesses management risk accurately and executes policy and control that corresponds to the Bank s management vitality, the scale and characteristic of the business to earn the profit. Then, the Bank enhances the system of management and optimizes market risk. The Bank maintains the Trade Execution Section (front office), Administrative Processing Section to confirm and check the transactions of the Trade Execution Section (back office) and Market Risk Management Section (middle office). They set the tolerance levels for risk and measure profits and losses on market risks and report risks to the Board of Directors regularly. The Risk Management Division, which is independent from the divisions above, monitors risk and profit and loss and reports the information to the Risk Management Committee regularly. The Group tries to improve risk management, in part by discussing future measures. The Bank uses the VaR (Value at Risk) method for calculations of interest rate risks, foreign exchange risks and market price risks. For Japanese yen interest rate risks, the Bank analyzes the gap of risk including the deposits and loans of the entire Bank and uses the BPV (Basis Point Value) method and present value method for detailed management. (Quantitative information on market risk) The Bank measures market risk based on the VaR method. The variance co-variance model (holding period: 60 business days (cross-share holdings: 120 business days), confidence interval: 99%, and historical observation period: 250 business days) is applied in the measurement. The amount of market risk (estimated amount of loss) of the Group as of March 31, 2011 and 2012 was \28,248 million and \20,481 million ($249,187 thousand). To improve the accuracy of the risk measurement, from the fiscal year ended March 31, 2012, the Bank identifies the interest rate risk sorted by internal model for the liquid deposits which have had no movement, incoming or outgoing, to/from the Bank for a considerable period of time as core deposits and by categorizing these using maturity periods of up to 10. The Bank periodically performs back-testing to compare VaR measured by the model with actual gains and losses. The bank believes that the model estimates market risk with sufficient accuracy. VaR represents the market risk arising with a certain probability using a statistical methodology based on historical market volatilities. Risks arising from drastic market movements beyond normal estimation may not be captured by this method. 13

15 4. Financial Instruments (cont d.) (iii) Liquidity risk management related to fund procurement The Bank maintains the soundness and reliability of its assets and makes daily analysis of fund procurement and asset management for the stable supply of funds. The Bank maintains a sound level of highly negotiable debt securities such as government bonds. In addition, the Bank sets risk management policies and organizes liquidity risk management to maximize its assurance. 4 Supplementary explanation of the fair value of financial instruments The fair value of financial instruments includes, in addition to the value based on the market price, value reasonably calculated if no market price is available. Since certain assumptions are used in the calculation of such values, the results of such calculations may vary if different assumptions are used. (2) Fair value of financial instruments The following table summarizes book values, fair values and any differences between them as of March 31, 2011 and Unlisted stocks and others, the fair value of which is deemed to be extremely difficult to determine, are excluded from the table below (see Note 2) Book value Fair value Difference (1) Cash and due from banks \230,831 \230,831 \ - (2) Call loans and bills purchased 29,657 29,657 - (3) Commercial paper and other debt purchased 8,672 8,672 - (4) Trading account securities Available-for-sale securities (5) Securities Held-to-maturity debt securities Available-for-sale securities (6) Loans and bills discounted Reserve for possible loan losses (*1) (7) Lease receivables and investment assets Reserve for lease losses (*1) - 811, , ,580,589 (17,990) 1,562,599 1,573,635 11,036 23,985 (690) (*2) 23,295 25,251 1,956 Total assets: \2,667,467 \2,680,459 \12,992 (1) Deposits 2,343,770 2,345,590 1,820 (2) Negotiable certificates of deposit 114, , (3) Call money and bills sold 21,253 21,253 - Total liabilities: \2,479,751 \2,481,586 \1,835 Derivative transactions (*3) Hedge accounting not applied Hedge accounting applied 334 9, , Total derivative transactions: \10,267 \10,267 \ - (*1) General and specific reserves for loan losses related to loans and bills discounted and General and specific reserves for loan losses related to lease receivables and investment assets are excluded. (*2) The fair value amount after deduction for uncollectible receivables of lease receivables and investment assets was \21,437 million. (*3) Derivative transactions recorded in other assets and liabilities are presented as a lump sum. Net claims and debts that arise from derivative transactions are presented on a net basis. 14

16 4. Financial Instruments (cont d.) Book value Fair value Difference Book value Fair value Difference (1) Cash and due from banks \262,649 \262,649 - $3,195,627 $3,195,627 - (2) Call loans and bills purchased 35,526 35, , ,238 - (3) Commercial paper and other debt purchased 6,511 6,511-79,216 79,216 - (4) Trading account securities Available-for-sale securities ,305 9,305 - (5) Securities Held-to-maturity debt securities Available-for-sale securities - 853, , ,386,119-10,386, (6) Loans and bills discounted Reserve for possible loan losses (*1) 1,571,624 (21,627) 19,121,836 (263,129) 1,549,997 1,563,846 13,849 18,858,707 19,027, ,495 (7) Lease receivables and investment assets Reserve for lease losses (*1) 22,796 (499) 277,354 (6,066) (*2) 22,297 23,911 1, , ,918 19,630 Total assets: \2,731,379 \2,746,841 \15,462 $33,232,501 $33,420,626 $188,125 (1) Deposits 2,374,047 2,374, ,884,866 28,896,123 11,256 (2) Negotiable certificates of deposit 132, , ,617,537 1,617, (3) Call money and bills sold 26,768 26, , ,680 - Total liabilities: \2,533,760 \2,534,698 \938 $30,828,084 $30,839,497 $11,413 Derivative transactions (*3) Hedge accounting not applied Hedge accounting applied 134 2, , ,633 30,292 1,633 30, Total derivative transactions: \2,624 \2,624 \ - $31,295 $31,925 $ - (*1) General and specific reserves for loan losses related to loans and bills discounted and General and specific reserves for loan losses related to lease receivables and investment assets are excluded. (*2) The fair value amount after deduction for uncollectible receivables of lease receivables and investment assets was \20,439 million ($248,685 thousand). (*3) Derivative transactions recorded in other assets and liabilities are presented as a lump sum. Net claims and debts that arise from derivative transactions are presented on a net basis. (Note 1) Calculation method for the fair value of financial instruments Assets (1) Cash and due from banks The fair value of due from banks with no maturity is considered to be equal to the book value because the fair value of these items approximates the book value. (2) Call loans and bills purchased Call loans and bills purchased have short contractual terms (within 1 year), and the fair value is considered to be equal to the book value because the fair value of these items approximates the book value. (3) Commercial paper and other debt purchased The fair value of trustee beneficial rights in other debt purchased is based in the price quoted by corresponding securities. For factoring, these have short contractual terms (within 1 year), and the fair value is considered to be equal to the book value because the fair value of these items approximates the book value. 15

17 4. Financial Instruments (cont d.) (4) Trading account securities The fair value of securities such as bonds held for trading is based on the published market price or the price quoted by corresponding financial institutions. (5) Securities The fair value of stocks is based on the market price. The fair value of bonds is determined by the over-the-counter market value or amounts quoted by corresponding financial institutions. The fair value of investment trusts is based on the publicly disclosed base value. The fair value of private placement bonds is calculated based on loans and bills discounted. Investments in partnerships are evaluated if the partnership assets can be quoted at fair value and the posted equivalent value of net assets as the fair value of the investment in the partnership. Information on securities classified by the purpose for which they are held is disclosed in Securities. (6) Loans and bills discounted The fair value of loans and bills discounted with a floating rate are considered to be equal to the book value since the rate reflects the market rate in a short period, and the fair value of these items approximate the book value, unless the creditworthiness of the borrower changes significantly from the inception date. The fair value of loans and bills discounted with a fixed rate is calculated as the present value, discounting future cash flow at a rate that reflects the proper market rate corresponding to the remaining period and credit risk based on the internal rating. The fair value of loans and bills discounted with short contractual terms (within 1 year) is considered to be equal to the book value because the fair value of these items approximates the book value. In addition, the fair value of claims against bankrupt obligors, substantially bankrupt obligors and intensive control obligors, because the bad debt is calculated based on the present value of the expected future cash flow or the estimated collectable amount from collateral and/or guarantees, approximates the consolidated balance sheet amount as of the consolidated balance sheet date less the allowance for bad debts. The fair value of the loans and bills discounted with no maturity due to conditions such as limiting the loans to the value of pledged assets is deemed to be the book value since the fair value is expected to approximate the book value considering the estimated loan period, interest rate and other conditions. (7) Lease receivables and investment assets The fair value of lease receivables and investment assets takes into consideration the loan loss ratio of each borrower s category and the discounted market interest rate on the consolidated balance sheet date. In addition, the fair value of claims against bankrupt obligors, substantially bankrupt obligors and intensive control obligors, because the bad debt is calculated based on the present value of the expected future cash flow or the estimated collectable amount from collateral and/or guarantees, approximates the consolidated balance sheet amount as of the consolidated balance sheet date less the allowance for bad debts. Liabilities (1) Deposits and (2) Negotiable certificates of deposit The fair value of demand deposits is considered to be the payable amount as of the consolidated balance sheet date (the book value). In addition, the fair value of fixed-term deposits and negotiable certificates of deposit is calculated as the present value, discounting the future cash flow at a rate that reflects when the Bank received the new deposit. The fair value of floating interest-rate deposits, time deposits (matured), nonresident Japanese yen deposits and foreign currency time deposits is considered less important and is expected to approximate the book value. 16

18 4. Financial Instruments (cont d.) (3) Call money and bills sold The fair value of call money and bills sold is equal to the book value because the contractual term is within 1 year and the fair value of these items approximates the book value. Derivative Transactions Derivative transactions consist of interest rate related contracts (interest rate options, interest rate swaps, etc.), currency related contracts (currency options, currency swaps, etc.) and bond related contracts (bond futures, bond futures options). The fair values of these are calculated from market price, discounted cash flow and option price calculation models, etc. (Note 2) Financial instruments whose fair value was deemed to be extremely difficult to determine were not included in financial instrument fair value Assets (5) Available-for-sale securities. These instruments were as follows: Book value Unlisted stocks (*1)(*2) \ 9,877 \ 9,878 $ 120,181 Others (*3) \ 228 \ 171 $ 2,083 Total \ 10,104 \ 10,049 $ 122,264 (*1) Unlisted stocks are not included in the disclosure of fair value because the fair value is deemed extremely difficult to determine. (*2) The amount of unlisted stocks impaired during the year ended March 31, 2011 and 2012 were \29 million and \7 million ($87 thousand). (*3) Investments in partnerships in which the partnership assets comprise unlisted stocks are not included in the disclosure of fair value because the fair value is deemed extremely difficult to determine. 17

19 4. Financial Instruments (cont d.) (Note 3) Expected collection of monetary claims and securities with maturities Within 1 year Over 10 Cash and due from banks \208,539 \ - \ - \ - \ - \ - Call loans and bills purchased 29, Commercial paper and other debt purchased 1,618 5,858 1, Securities 95, , , , ,519 27,769 Held-to-maturity debt securities Japanese government bonds Municipal bonds Short-term corporate bonds Corporate bonds Others Securities with maturities 95, , , , ,519 27,769 Japanese government bonds 43,165 38,630 45,000 56,500 84,000 9,000 Municipal bonds 14,861 31,303 48,769 37,460 32,538 4,679 Short-term corporate bonds Corporate bonds 25,672 28,809 29,397 18,828 16,228 14,090 Others 11,693 41,577 36,447 29,345 9,752 - Loans and bills discounted (*1) 417, , , , , ,030 Lease receivables and investment assets (*2) 7,709 10,574 4, Total \760,087 \496,021 \375,705 \290,562 \299,277 \263,799 (*1) Loans and bills discounted on which full repayment is not expected from debtors such as bankrupt obligors, substantially bankrupt obligors and intensively controlled obligors in the amount of \37,837 million and those without terms in the amount of \35,477 million are not included. (*2) Leasing receivables and investment assets on which full repayment is not expected from debtors such as bankrupt obligors, substantially bankrupt obligors and intensively controlled obligors in the amount of \498 million are not included. 18

20 4. Financial Instruments (cont d.) 2012 Within 1 year Over 10 Cash and due from banks \241,354 \ - \ - \ - \ - \ - Call loans and bills purchased 35, Commercial paper and other debt purchased 3,696 2, Securities 70, , , , ,941 26,468 Held-to-maturity debt securities Japanese government bonds Municipal bonds Short-term corporate bonds Corporate bonds Others Securities with maturities 70, , , , ,941 26,468 Japanese government bonds 15,430 36,398 73,470 61, ,400 4,000 Municipal bonds 15,133 46,481 47,742 37,513 22,600 5,557 Short-term corporate bonds Corporate bonds 22,172 35,098 36,626 13,613 13,871 16,911 Others 17,552 47,474 38,574 14,103 8,071 - Loans and bills discounted (*1) 414, , , , , ,881 Lease receivables and investment assets (*2) 7,356 9,930 4, Total \773,166 \504,625 \410,450 \275,149 \309,785 \263,349 19

21 4. Financial Instruments (cont d.) 2012 Within 1 year Over 10 Cash and due from banks $2,936,540 $ - $ - $ - $ - $ - Call loans and bills purchased 432, Commercial paper and other debt purchased 44,975 32,472 3, Securities 855,171 2,013,034 2,389,731 1,541,890 1,885, ,029 Held-to-maturity debt securities Japanese government bonds Municipal bonds Short-term corporate bonds Corporate bonds Others Securities with maturities 855,171 2,013,034 2,389,731 1,541,890 1,885, ,029 Japanese government bonds 187, , , ,266 1,343,229 48,667 Municipal bonds 184, , , , ,971 67,606 Short-term corporate bonds Corporate bonds 269, , , , , ,756 Others 213, , , ,584 98,194 - Loans and bills discounted (*1) 5,048,635 3,973,408 2,547,426 1,797,027 1,883,588 2,882,119 Lease receivables and investment assets (*2) 89, ,820 53,673 8, Total $9,407,060 $6,139,734 $4,993,914 $3,347,722 $3,769,127 $3,204,148 (*1) Loans and bills discounted on which full repayment is not expected from debtors such as bankrupt obligors, substantially bankrupt obligors and intensively controlled obligors in the amount of \48,144 million ($585,768 thousand) and those without terms in the amount of \33,194 million ($403,864 thousand) are not included. (*2) Leasing receivables and investment assets on which full repayment is not expected from debtors such as bankrupt obligors, substantially bankrupt obligors and intensively controlled obligors in the amount of \343 million ($4,174 thousand) are not included. 20

22 4. Financial Instruments (cont d.) (Note 4) Amount payable for borrowed money and other interest bearing liabilities Within 1 year Over 10 Deposits (*) \ 2,135,917 \ 195,717 \ 9,544 \ 709 \ 1,883 \ - Negotiable certificates of deposit 114, Call money and bills sold 21, Borrowed money 34,896 7,245 2, Corporate bonds ,000 12,000 - Total \2,306,744 \ 203,012 \ 12,193 \ 5,770 \ 13, Within 1 year Over 10 Deposits (*) \ 2,146,747 \ 190,296 \ 34,330 \ 687 \ 1,987 \ - Negotiable certificates of deposit 132, Call money and bills sold 26, Borrowed money 27,262 6,174 1, Corporate bonds ,000 12,000 - Total \2,333,722 \ 196,470 \ 36,302 \ 5,695 \ 13, Within 1 year Over 10 Deposits (*) $26,119,324 $2,315,313 $ 417,692 $ 8,359 $ 24,179 - Negotiable certificates of deposit 1,617, Call money and bills sold 325, Borrowed money 331,693 75,118 23, Corporate bonds , ,003 - Total $ 441,68 $28,394,234 $2,390,431 0 $ 69,296 $ 170,182 - (*) Demand deposits are included in Within 1 year. 21

23 5. Securities Unsecured securities that have been loaned and that allow the borrowers to sell the borrowed securities amounted to \67,959 million and \17,780 million ($216,326 thousand) as of March 31, 2011 and 2012 respectively and are included in Japanese government bonds in Securities. (1) The following tables summarize acquisition costs, book values and fair values of securities with available fair values as of March 31, 2011 and Trading securities: Amount of net unrealized gains (losses) included in statements of income \ 4 \ 5 $ 56 2 Held-to-maturity debt securities for the ended March 31, 2011 and 2012: Not applicable. 3 Available-for-sale securities: Book value exceeded acquisition cost 2011 Acquisition Book (fair) cost value Difference Equity securities \ 52,495 \ 29,896 \ 22,599 Bonds: Japanese government bonds - 267, ,285 4,623 Municipal bonds , ,398 5,128 Corporate bonds , ,109 2,579 Other , ,987 3,154 Total \ 693,758 \ 655,675 \ 38,084 Book value did not exceed acquisition cost Equity securities \ 13,862 \ 16,577 \ (2,715) Bonds: Japanese government bonds -- 16,752 16,937 (185) Municipal bonds ,905 14,984 (80) Corporate bonds ,253 31,775 (522) Other ,204 51,113 (1,908) Total \ 125,976 \ 131,386 \ (5,409) Grand total \ 819,734 \ 787,060 \ 32,674 22

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