Government Pension Investment Fund Press Release

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1 Government Pension Investment Fund Press Release Investment results for the first quarter of fiscal (revised) We have received a report from custodian that market value of international stocks is overvalued (approximately 1.3 billion yen in excess), and revise our investment results for the first quarter of fiscal in a following manner.

2 Government Pension Investment Fund, Japan Investment results for the first quarter of fiscal Summary Total investments(market investments + FILP bonds) Rate of return (%) Investment income/loss ( billion) 2, , , , , , ,222.2 Total assets ( billion) 121, , , , , , ,262.7 Reference (Market investments) (FILP bonds) 1st Q 1st Q Modified total return (%) (Time-weighted return) (9.23) (1.89) Rate of return (%) Investment income/loss ( billion) 10, ,189.9 Investment income/loss ( billion) Total assets ( billion) 118, ,963.6 Total assets ( billion) 8, ,299.1 Note1: ends on March 31. Note2: FILP bonds; Fiscal Investment and Loan Program bonds

3 1. Investment return Total investments Rate of return (unit:%) (Market investments) Modified total return (unit : %) Time-weighted return (unit : %) Domestic bonds Domestic stocks International bonds International stocks (FILP bonds) Rate of return (unit:%)

4 2. Investment income/loss Total investments (unit: billion) Investment income/loss 10, , ,222.2 (Market investments) (unit: billion) Investment income/loss 10, , ,189.9 Domestic bonds Domestic stocks 3, , ,069.4 International bonds 1, International stocks 4, Short-term assets (FILP bonds) Investment income/loss (unit: billion)

5 3. Investment assets and portfolio allocation End of June Domestic bonds Market investments Market value ( billion) Allocation (Reference) Allocation of Reserve Funds 67, % 51.91% 60, % 46.33% Asset allocation at the end of June International stocks 15.98% Short term assets 2.34% FILP bonds Book value 7, % 5.58% (Market value) (7,555.5) - - Domestic stocks International bonds 21, % 16.79% 14, % 10.76% International bonds 11.06% Market investments 47.63% International stocks Short-term assets Total 20, % 15.54% 2, % 5.00% 127, % % Domestic stocks 17.26% FILP bonds 5.74% Domestic bonds 53.36% - 4 -

6 4. Excess return on market investments First quarter of fiscal Time-weighted return (A) Benchmark return (B) Excess return (A - B) (unit : %) Domestic bonds Domestic stocks International bonds International stocks st Q - 5 -

7 5. Historical data on investment income and investment return Investment income ( billion) Rate of return FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY FY 1stQ FY2006-1stQ FY2001-1stQ , , , , , , , , , , , , , , % -5.36% 8.40% 3.39% 9.88% 3.70% -4.59% -7.57% 7.91% -0.25% 2.32% 10.23% 8.64% 1.77% 2.52% 2.60% Note: ends on March

8 Errata P.1 Summary (Total investments(market investments+filp bonds)) 1stQ Investment income/loss ( billion) (Total investments(market investments+filp bonds)) 1stQ Total assets( billion) 127,264.0 (Revised)127,262.7 (Total investments(market investments+filp bonds)) Total Investment income/loss ( billion) (Total investments(market investments+filp bonds)) Total Total assets( billion) 127,264.0 (Revised)127,262.7 (Market investments) 1stQ Modified total return(%) 1.87 (Revised)1.86 (Market investments) 1stQ Investment income/loss( billion) 2,191.2 (Revised)2,189.9 (Market investments) 1stQ Total assets( billion) 119,964.9 (Revised)119,963.6 P.2 1.Investment return (Market investments) 1stQ Modified total return(%) 1.87 (Revised)1.86 (Market investments) Total Modified total return(%) 1.87 (Revised)1.86 P.3 2.Investment income/loss (Market investments) 1stQ Investment income/loss( billion) 2,191.2 (Revised)2,189.9 (Market investments) Total Investment income/loss( billion) 2,191.2 (Revised)2,189.9 (Market investments) 1stQ Investment income/loss( billion) International stocks (Revised)603.0 (Market investments) Total Investment income/loss( billion) International stocks (Revised)603.0 P.4 3.Investment assets and portfolio allocation End of June Market value( billion) International stocks 20,336.6 (Revised)20,335.3 End of June Market value( billion) Total 127,264.0 (Revised)127,262.7 P.6 5.Historical data on investment income and investment return Cumulative investment income(fy2001-1stq)( billion) 37,665.0 (Revised)37,663.7 FY 1stQ investment income( billion) FY2006-1stQ investment income( billion) 24,239.3 (Revised)24,237.9 FY2001-1stQ investment income( billion) 37,665.0 (Revised)37,663.7 (Total investments) 1stQ Investment income/loss( billion) (Total investments) Total Investment income/loss( billion)

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