UFJ Holdings, Inc. November 25, 2003 For the Six Months Ended September 30, 2003 UFJ Holdings, Inc. today reported the company's consolidated financial results for the six months ended September 30, 2003. Total Revenue for the six months was 1,301 billion yen, compared with 1,222 billion yen for the corresponding six months in the previous fiscal year. Net Income for the six months was 179 billion yen, compared with 72 billion yen for the corresponding six months in the previous fiscal year. FINANCIAL HIGHLIGHTS Six months ended September 30, 2003 2002 Millions of yen (Unaudited) (Unaudited) RESULTS Total Revenue 1,301,963 1,222,894 Income (Loss) before Income Taxes 194,526 51,019 Net Income (Loss) 179,848 72,556 BALANCE SHEETS Total Assets 82,288,045 82,348,925 Stockholders' Equity 2,230,457 2,328,120 PER SHARE Net Income 35,720.71 13,378.67 Stockholders' Equity 142,163.63 152,090.85 Notes: (1) Net Income per Share = Consolidated Financial Results Net Income - I nterim Dividends for Preferred Weighted Average Number of Shares of Common Stock * Interim Dividends for Preferred (2) Stockholders' Equity Stockholders' = Equity- Number of Shares of Preferred Stock Issue Price - Stock per Share Number of Shares of Common Stock *Outstanding as of the end of the six months* *Excluding treasury stocks and stocks held by subsidiaries (3) Equity in earnings of affiliates as of September 30, 2003 is 4,812 million yen. (4) For Net Income per Share and Stockholders' Equity per Share, the third decimal is omitted. (5) Amounts less than one million yen are omitted. - 1 -
(NOTES) Scope of Consolidation and Application of the Equity Method (1) Consolidated Companies (Consolidated Subsidiaries) 113 Companies UFJ Bank Limited UFJ Trust Bank Limited UFJ Tsubasa Securities Co., Ltd. The Senshu Bank, Ltd. UFJ Partners Asset Management Co., Ltd. UFJ International plc (2) Companies accounted for under the Equity Method (Companies accounted for under the equity method) The Chukyo Bank, Ltd. Central Leasing Co., Ltd. Dah Sing Financial Holdings Limited 28 Companies UFJ Holdings, Inc. The Consolidated Net Income and Dividend per Share for the fiscal year ending March 31, 2004 are forecasted as follows: Net Income (million yen) 210,000 Dividend per Share (yen) Common Stock 2,500 Class I Preferred Shares 37,500 Class II Preferred Shares 15,900 Class III Preferred Shares 68,750 Class IV Preferred Shares 18,600 Class V Preferred Shares 19,400 Class VI Preferred Shares 5,300 Class VII Preferred Shares 11,500-2 -
CONSOLIDATED BALANCE SHEETS UFJ Holdings, Inc. As of September 30, As of March 31, Millions of yen 2003 2002 2003 (Unaudited) (Unaudited) Assets: Cash and Due from Banks 4,990,284 3,324,615 4,663,012 Call Loans 256,480 819,436 209,082 Receivables under Resale Agreements 533,599 1,026,511 789,772 Collateral Deposits on Securities Borrowed 2,910,448 1,946,392 2,440,978 Monetary Receivables Bought 250,260 217,217 222,380 Trading Assets 3,235,735 3,138,109 3,045,053 Money Held in Trust 39,269 53,783 35,928 Securities 21,541,286 20,995,033 18,132,858 Loans and Bills Discounted 41,627,199 43,812,244 44,178,615 Foreign Exchanges 562,839 531,186 566,249 Other Assets 2,332,972 2,424,033 2,243,009 Premises and Equipment 704,466 765,634 725,725 Deferred Tax Assets 1,478,340 1,573,284 1,522,606 Goodwill 12,305 18,458 15,382 Customers' Liabilities for Acceptances and Guarantees 3,234,700 3,222,813 3,092,455 Reserve for Credit Losses (1,420,508) (1,517,656) (1,674,377) Reserve for Losses on Securities (1,635) (2,174) (1,324) Total Assets 82,288,045 82,348,925 80,207,409 Liabilities, Minority Interests and Stockholders' Equity Liabilities: Deposits 51,310,219 50,057,576 51,149,640 Negotiable Certificates of Deposit 5,849,328 8,635,457 4,928,697 Call Money 5,275,588 3,356,662 5,183,204 Payables under Repurchase Agreements 1,218,956 748,052 1,422,205 Collateral Deposits on Securities Loaned 2,582,256 2,946,974 2,909,178 Commercial Paper 391,473 489,907 343,775 Trading Liabilities 1,696,366 2,273,945 1,965,375 Borrowed Money 1,055,769 1,531,735 1,462,536 Foreign Exchanges 168,064 75,139 88,833 Corporate Bonds and Notes 2,527,917 2,628,291 2,276,313 Borrowed Money from Trust Account 1,348,332 1,167,598 1,250,246 Other Liabilities 2,409,753 1,822,736 1,288,432 Reserve for Employee Bonus 17,803 17,555 23,564 Reserve for Retirement Benefits 14,738 12,655 13,165 Reserve for Contingent Liabilities Related to Loans Sold 8,977 59,403 18,807 Reserve for Losses on Supports of Specific Borrowers 5,700 159,990 - Other Reserves 154 269 207 Deferred Tax Liabilities 24,471 855 306 Deferred Tax Liabilities for Revaluation Reserve for Land 81,148 81,106 82,762 Acceptances and Guarantees 3,234,700 3,222,813 3,092,455 Total Liabilities 79,221,720 79,288,727 77,499,707 Minority Interests 835,867 732,077 843,357 Stockholders' Equity: Capital Stocks 1,000,000 1,000,000 1,000,000 Capital Surplus 1,233,707 1,248,630 1,233,702 Ratined Earnings (184,200) 327,979 (359,380) Revaluation Reserve for Land, Net of Taxes 119,478 126,047 121,792 Net Unrealized Profit (Loss) on Available-for-sale Securities, Net of Tax 117,624 (280,218) (65,722) Foreign Currency Translation Adjustments (54,591) (68,088) (64,132) Treasury Stock (1,561) (26,230) (1,913) Total Stockholders' Equity 2,230,457 2,328,120 1,864,344 Total Liabilities, Minority Interests and Stockholders' Equity 82,288,045 82,348,925 80,207,409-3 -
UFJ Holdings, Inc. Notes: (1) Transactions for trading purposes are those seeking to capture gains arising from short-term market changes or from differences between markets for interest rates, currency exchange rates or securities. Such transactions are reported as "Trading Assets" and "Trading Liabilities" in the consolidated balance sheet as of September 30, 2003, on a trade date basis. Trading account securities and monetary receivables, etc. held for trading purposes are stated at market value at the end of the fiscal year. Trading-related financial derivatives such as swaps, futures and options are valued on the assumption that they were settled at the end of the fiscal year. (2) Held-to-maturity Debt Securities are carried at amortized cost, as determined by the moving average method (straight line method). "Investments in Non-consolidated Subsidiaries and Affiliates which are not accounted for under the equity method" are carried at the moving average cost. "Available-for-sale Securities" with market value are carried at market value (cost of securities sold is determined by the moving average method), and "Available-for-sale Securities" with no market value are carried at cost or amortized cost, as determined by the moving average method. Net unrealized profits or losses on available-for-sale securities are directly reflected in the stockholders' equity after considering the tax effect. (3) As regards the valuation of securities held in independently operated Money Held in Trust mainly for securities investment, securities are stated at market value. (4) Derivatives transactions, excluding those for trading purposes, are carried at fair value. (5) "Reserve for Credit Losses" of domestic consolidated banking subsidiaries is provided based on the results of the self-assessment, as follows in accordance with internal criteria regarding write-offs and providing reserves for possible credit losses : (a) The reserve for claims on debtors who are legally or substantially bankrupt is provided based on the remaining amount of the claims after the charge-off described below and the deductions of the amount expected to be collected through the disposal of collateral or the execution of guarantees. (b) The reserve for claims on debtors who are not currently legally bankrupt but are likely to become bankrupt is provided based on the amount necessary, given the overall solvency assessment of the debtors after deducting the amount expected to be collected through the the disposal of collateral or the execution of guarantees. (c) The reserve for claims on debtors with Restructured Loans and the certain amount of claims or more, or debtors with Doubtful Loans and the certain amount of claims or more, is provided by calculating the difference between the present value of expected future cash flows discounted by the loan s original contractual interest rate before restructuring and the carrying value of that claims. The reserve for claims on debtors other than the above is provided primarily based on the default rate, calculated by the actual defaults during a certain period in the past. (d) The specific reserve for loans to certain refinancing countries is provided based on the expected loss amount considering the political and economic situations of such countries. With respect to the claims with collateral or guarantees on debtors who are legally or substantially bankrupt, the remaining amount of the claims after deduction of the amount which is deemed collectible through the disposal of collateral or the execution of guarantees was charged-off against the respective claims for the six months ended September 30, 2003. The amount of the charge-off as of September 30, 2003 was 1,713,656 million yen. (6) "Reserve for Possible Losses on Securities" is provided for possible losses on securities and other investments based on the amount necessary, considering the financial conditions of the issuing companies and collateral and guarantees on the securities. - 4 -
UFJ Holdings, Inc. (7) "Reserve for Employee Bonuses" is provided for payment of bonuses to employees. Within the estimated amount payable to employees, the necessary amount corresponding to the six months ended September 30, 2003, is recorded. (8) "Reserve for Retirement Benefit" is provided for future pension and lump-sum severance indemnity payment to employees. The reserve is recorded based on the projected benefit obligation and the pension plan asset amount at the end of the six months ended September 30, 2003. The unrecognized net obligation at transition 162,817 million yen, the amount in consideration of exemption from payment of future benefit regarding the substituted portion, is amortized over 5 years. (9) "Reserve for Contingent Liabilities related to Loans Sold" is provided based on the estimated liabilities of possible losses for the loans sold, considering the fair value of collateral of loans sold to the Cooperative Credit Purchasing Company, Limited. (10) Domestic consolidated subsidiaries adopt a macro hedging methodology using derivatives to manage the overall interest rate risk arising from various financial assets and liabilities held, such as loans and deposits. This macro hedging methodology is a risk management method stipulated as a "Risk Adjusted Approach" in "Tentative Accounting and Auditing Treatment relating to Adoption of 'Accounting for Financial Instruments' for Banks" (Japanese Institute of Certified Public Accountants. Industry Audit Committee Report No.15). Accordingly hedging items are accounted for using the deferral method of hedge accounting. Hedge effectiveness is assessed by monitoring (i) whether the total market risk on derivatives instruments, used for hedging purposes, is within established risk limits as set out in the risk management policies and (ii) whether the interest rate risk from hedged items has been mitigated. Hedging against risks of forex fluctuations on foreign currency securities (other than bonds) is accounted for using the deferral and fair value method of hedge accounting. The deferral method for hedge accounting is also applied to certain assets or liabilities other than the abobe. Other hedging of the domestic consolidated subsidiaries adopt the deferral method for hedge accounting. (11) As of September 30, 2003 Loans to Bankrupt Companies and Other Delinquent Loans were 103,172 million yen and 1,554,749 million yen, respectively. Among these loans, the entrusted amount to the Resolution and Collection Corporation were 36,828 million yen, and this act of trust was recognized as the process of measures to remove loans from balance sheet. (12) As of September 30, 2003 Loans Past Due 3 Months or More, other than Loans to Bankrupt Companies and Other Delinquent Loans, were 83,878 million yen. (13) As of September 30, 2003 Restructured Loans were 2,071,241 million yen. (14) The net realized and unrealized profits and losses arising on hedging instruments are included in Other Liabilities as deferred hedge profits. The gross amounts of deferred hedge profits and losses are 298,241 million yen and 205,776 million yen, respectively. (15) Principal amount of indemnified trusts is 1,157,924 million yen in Jointly Operated Designated Money Trusts and 989,357 million yen in Loan Trusts. - 5 -
UFJ Holdings, Inc. (16) The following includes "Securities", trading account securities, negotiable due from banks and commercial paper in "Trading Assets", negotiable due from banks in "Cash and Due from Banks" and commodity funds in "Monetary Receivables Bought". Trading Securities Book value as of September 30, 2003 Valuation gain (loss) during the six months ended September 30, 2003 2,819,648 million yen (13,141) million yen Held-to maturity Debt Securities with Market Value As of September 30, 2003 Unrealized Gain(Loss) (Millions of Yen) Book value Market value Net Gain Loss Japanese National Government Bonds 9 9 0 0 - Japanese Local Government Bonds - - - - - Japanese Corporate Bonds and Financial Deventures - - - - - Others 44,061 44,642 581 613 32 Total 44,071 44,652 581 613 32 Available-for-sale Securities with Market Value As of September 30, 2003 Unrealized Gain(Loss) (Millions of Yen) Aggregate Cost Market value Net Gain Loss Japanese Equities 2,209,777 2,552,712 342,934 463,236 120,301 Japanese Bonds 14,378,935 14,252,671 (126,263) 27,207 153,471 Japanese National Government Bonds 13,852,228 13,717,658 (134,569) 18,456 153,025 Japanese Local Government Bonds 286,797 291,244 4,446 4,525 78 Japanese Corporate Bonds and Financial Debentures 239,909 243,768 3,858 4,226 367 Others 2,469,094 2,479,002 9,907 38,559 28,651 Total 19,057,807 19,284,386 226,579 529,003 302,424 Net Unrealized Profit on Available-for-sale Securities, Net of Taxes, as of September 30, 2003, is 117,624 million yen: Net Unrealized Loss on Available-for-sale Securities shown in the above table of 226,579 million yen, plus Deferred Tax Assets of 1,914 million yen, minus Deferred Tax Liabilities of 110,605 million yen, less Minority Interests equivalent of 1,730 million yen, plus Parent Company's interest of 1,466 million yen in Net Unrealized Profit/ Loss of Available-for-sale Securities held by affiliates accounted for under the equity method. As of September 30, 2003, revaluation losses on Available-for-sale Securities were 2,605 million yen. The principle for recognition of revaluation losses are as follows: 1. Market price of a share falls down by more than 50% of book value. 2. Market price of a share falls down by more than 30% and the issuing company of the share is categorized as Doubtful Borrower or below. 3. Market price of a share falls down by more than 40% and the issuing company of the share is categorized as Special mention Borrower including Sub-standard Borrower. (17) Avaliable-for-sale Securities sold during the six months ended September 30, 2003 Proceeds from Sales 22,468,122 million yen Realized Profit 224,130 million yen Realized Loss 94,697 million yen (18) Held-to-maturity Debt Securities and Available-for-sale Securities whose Market Value is not readily determinable As of September 30, 2003 (Millions of Yen) Book value Held-to-maturity Debt Securities Unlisted Japanese Bonds 44 Available-for-sale Securities Unlisted Japanese Bonds 1,517,947 Unlisted Japanese Equites other than Over-the-counter 568,701 Unlisted Foreign Securities 41,200 Negotiable Due from Banks 34,924 Beneficiary Securities Loaned in Trust 23,947-6 -
UFJ Holdings, Inc. (19) Rredemption Schedule of Held-to-maturity Debt Securities and Available-for-sale securities with Maturity (Millions of Yen / Year) 1 or less over 1 to 5 over 5 to 10 over 10 Japanese Bonds 6,535,574 6,088,724 2,810,636 335,738 Japanese National Government Bonds 6,371,070 4,952,370 2,138,166 256,060 Japanese Local Government Bonds 17,805 32,145 247,101 5,265 Japanese Corporate Bonds and Financial Debentures 146,698 1,104,208 425,368 74,411 Others 522,517 1,337,302 301,705 186,527 Total 7,058,092 7,426,027 3,112,342 522,265 (20) Money Held in Trust Money Held in Trust for Trading Purposes Book value as of September 30, 2003 39,269 million yen Valuation Gain (Loss) during the six months ended September 30, 2003 - (21) Pursuant to overdraft agreements and commitments to provide loans, the Company may provide loans with customers up to certain limits. Among such limits, 22,507,240 million yen remains unused of which 21,226,010 million yen is based on contracts to be terminated within a year or revocable by consolidated banking subsidiaries' options. - 7 -
CONSOLIDATED STATEMENTS OF OPERATIONS UFJ Holdings, Inc. Six months ended September 30, Year ended 2003 2002 March 31, 2003 Millions of yen (Unaudited) (Unaudited) Revenue: Interest Income 509,352 591,739 1,156,993 Interest on Loans and Discounts 392,451 428,603 856,002 Interest on and Dividends from Securities 81,816 100,920 187,289 Trust Fees 20,562 27,022 58,458 Fees and Commissions 213,077 158,466 361,047 Trading Revenue 103,150 75,528 140,612 Other Operating Income 310,659 245,278 549,561 Other Income 145,161 124,858 253,985 Total Revenue 1,301,963 1,222,894 2,520,659 Expenses: Interest Expenses 100,890 152,872 288,542 Interest on Deposits 36,258 64,845 111,591 Fees and Commissions 32,885 38,846 68,538 Trading Expenses - 876 438 Other Operating Expenses 180,140 133,378 314,447 General and Administrative Expenses 383,804 380,489 775,121 Other Expenses 409,716 465,413 1,692,518 Total Expenses 1,107,436 1,171,875 3,139,606 Income (Loss) before Income Taxes & Minority Interests 194,526 51,019 (618,946) Provision for Income Taxes 3,759 3,897 7,675 Deferred Income Taxes 1,430 (35,970) (37,903) Minority Interests in Net Income (Loss) 9,487 10,536 20,204 Net Income (Loss) 179,848 72,556 (608,923) - 8 -
UFJ Holdings, Inc. Notes: (1) Profits and losses on transactions for trading purposes are shown as "Trading Revenue" or "Trading Expenses" on the consolidated statements of operations on a trade date basis. In the case of securities and monetary receivables, etc. held for trading purposes, "Trading Revenue/Expenses" includes the interest received/paid during the six months ended September 30, 2003 and the increase/decrease of the valuation profits/losses at the end of the six months ended September 30, 2003 from those at the end of the six months ended September 30, 2002. In the case of trading-related financial derivatives, "Trading Revenue/Expenses" includes the interest received/paid during the six months ended September 30, 2003 and the increase/ decrease of the amounts of profits/losses based on the assumption that transactions were settled at the end of the six months ended September 30, 2003 from the six months ended September 30, 2002. (2) Other Expenses for the six months ended September 30, 2003 includes Transfer to General Reserve of 48,115 million yen,write-off of Loans of 180,973 million yen, Losses on Sales of Securities of 33,920 million yen. Also, Losses on Sales of Premises and Equipment of 12,185 million yen and Expenses for Amortization of Unrecognized Net Pension Obligation of 13,350 million yen, pursuant to a change in accounting policy, are included. (3) Other Income for the six months ended September 30, 2003 includes Gains on Establishment of Retirement Benefit Trusts of 40,887 million yen, Gains on Return of Tax and its interest from the Tokyo Metropolitan Government of 25,692 million yen and Collection of Written-off Claims of 16,557 million yen. (4) Amounts less than one million yen are omitted. - 9 -
CONSOLIDATED STATEMENTS OF CAPITAL SURPLUS AND RETAINED EARNINGS Six months ended Sep. 30, Year ended 2003 2002 Mar. 31, 2003 Millions of yen (Unaudited) (Unaudited) (summary) Capital Surplus Balance, at Beginning of the Period 1,233,702 1,226,626 1,266,626 Additions 5 - - Gain on Sales of Treasury Stocks 5 - - Deductions - 17,995 32,924 Loss on Sales of Treasury Stocks - 17,995 32,924 Balance, at End of the Period 1,233,707 1,248,630 1,233,702 Retained Earnings Balance, at Beginning of the Period (359,380) 254,225 254,225 Additions 182,211 89,403 18,607 Net Income 179,848 72,556 - Reversal of Revaluation Reserve for Land 2,363 4,398 6,158 Merger of Consolidated Subsidiaries - 12,449 12,449 Deductions 7,031 15,650 632,214 Dividend Declared 7,028 15,641 23,282 Bonuses for Directors and Statutory Auditors 2 8 8 Net Loss - - 608,923 Balance, at End of the Period (184,200) 327,979 (359,380) Amounts less than one million yen are omitted. UFJ Holdings, Inc. - 10 -
UFJ Holdings, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS Six months ended Sep. 30, Year ended 2003 2002 Mar. 31, 2003 Millions of yen (Unaudited) (Unaudited) Cash Flows from Operating Activities Income Before Income Taxes & Minority Interests 194,526 51,019 (618,946) Depreciation 11,409 14,601 28,005 Amortization of Goodwill 3,400 531 3,433 Equity in Earnings of Affiliates (3,971) 4,220 380 Net Increase (Decrease) in Reserve for Credit Losses (253,868) (162,585) (5,759) Net Increase (Decrease) in Reserve for Losses on Securities 310 1,510 661 Net Increase (Decrease) in Reserve for Contingent Liabilities Related to Loans Sold (9,830) 2,686 (37,909) Net Increase (Decrease) in Reserve for Possible Losses on Support of Specific Borrowers 5,700 (419,167) (579,157) Net Increase (Decrease) in Reserve for Employee Bonuses (5,746) (4,684) 1,277 Net Increase (Decrease) in Reserve for Retirement Benefit 118,270 27,677 21,968 Interest Income (509,352) (591,739) (1,156,993) Interest Expenses 100,890 152,872 288,542 Net (Gain) Loss on Securities (120,069) 55,673 419,023 Net (Gain) Loss on Money Held in Trust 10 649 595 Net (Gain) Loss on Foreign Currency Translation Adjustments 126,090 78,392 58,893 Net (Gain) Loss on Sales of Premises and Equipment 11,626 9,613 26,941 Net (Gain) Loss on Establishing Retirement Benefit Trust (40,887) (17,428) (17,428) Net (Increase) Decrease in Trading Assets (220,835) (364,319) (270,782) Net Increase (Decrease) in Trading Liabilities (269,008) 501,980 193,410 Net (Increase) Decrease in Loans and Bills Discounted 2,550,416 2,302,930 1,932,023 Net Increase (Decrease) in Deposits 160,579 (737,084) 354,979 Net Increase (Decrease) in Negotiable Certificates of Deposit 920,630 2,269,654 (1,437,104) Net Increase (Decrease) in Borrowed Money (Non-subordinated) (425,257) 98,066 171,072 Net (Increase) Decrease in Due from Banks Excluding Due from Central Bank (35,772) 475,896 1,113,153 Net (Increase) Decrease in Call Loans and Monetary Receivables Bought 180,891 (896,573) (54,643) Net (Increase) Decrease in Collateral Deposits on Securities Borrowed (469,470) (451,578) (646,167) Net Increase (Decrease) in Call Money and Other Fundings Related to Operating Activities (110,864) 39,027 2,539,721 Net Increase (Decrease) in Commercial Paper 47,698 (104,355) (250,487) Net Increase (Decrease) in Collateral Deposits on Securities Lent (326,922) 1,050,880 713,087 Net (Increase) Decrease in Foreign Exchange Assets 3,409 19,819 (15,244) Net Increase (Decrease) in Foreign Exchange Liabilities 79,230 (92,380) (78,685) Net Increase (Decrease) in Corporate Bonds Resulted from Issuance, Redemption and Repurchase 92,057 208,384 342,343 Net Increase (Decrease) in Borrowed Money from Trust Account 98,086 (525,241) (442,593) Interest Received 550,023 652,067 1,238,860 Interest Paid (122,723) (190,213) (338,450) Others, Net 18,199 92,405 (228,204) Sub-total 2,348,878 3,553,207 3,269,818 Income Taxes Paid (4,287) (5,340) (7,832) Net Cash Provided by (Used in) Operating Activities 2,344,591 3,547,866 3,261,985-11 -
CONSOLIDATED STATEMENTS OF CASH FLOWS UFJ Holdings, Inc. (CONTINUED) Six Months Ended September 30, Year ended 2003 2002 March 31, 2003 Millions of yen (Unaudited) (Unaudited) Cash Flows from Investing Activities Purchases of Securities (31,179,521) (28,019,403) (50,778,318) Proceeds from Sales of Securities 21,954,756 16,724,737 36,361,278 Proceeds from Maturities of Securities 6,988,129 5,165,925 11,152,674 Increase in Money Held in Trust (48,930) (19,318) (70,846) Decrease in Money Held in Trust 45,579 115,503 184,818 Expenditures for Premises and Equipment (13,772) (16,896) (25,215) Proceeds from Sales of Premises and Equipment 12,597 24,396 41,337 Expenditures for Purchases of Consolidated Subsidiaries - (13,559) (13,275) Proceeds from Sales of Consolidated Subsidiaries - 9,487 9,487 Others, Net (4) - - Net Cash Provided by (Used in) Investing Activities (2,241,165) (6,029,128) (3,138,059) Cash Flows from Financing Activities Proceeds from Issuance of Subordinated Debt 21,600 108,500 163,500 Expenditures for Repayment of Subordinated Debt (2,000) (270,500) (465,500) Proceeds from Issuance of Subordinated Bonds 263,374 13,832 34,932 Redemption and Repurchase of Subordinated Bonds (72,277) (221,505) (719,937) Proceeds from Issuance of Capital Stocks to Minority Interests - 111,000 231,000 Dividends Paid (7,028) (15,641) (23,282) Dividends Paid to Minority Interests (14,520) (13,319) (26,667) Expenditures for Purchase of Treasury Stocks (121) (133) (256) Proceeds from Sales of Treasury Stocks 40 5,478 8,280 Net Cash Provided by (Used in) Financing Activities 189,067 (282,290) (797,931) Effect of Exchange Rate Changes on Cash and Cash Equivalents (1,008) (1,357) (1,425) Net Increase (Decrease) in Cash and Cash Equivalents 291,484 (2,764,909) (675,431) Cash and Cash Equivalents at Beginning of the Period 3,703,931 4,378,042 4,378,042 Increase in Cash and Cash Equivalents due to Change of Scope of Consolidated - 1,623 1,338 Increase in Cash and Cash Equivalents due to Merger of Consolidated Subsidiaries - 0 0 Decrease in Cash and Cash Equivalents due to Exclusion of Consolidated Subsidiaries - - (18) Cash and Cash Equivalents at End of the Period 3,995,415 1,614,756 3,703,931 Notes: (1) Amounts less than one million yen are omitted. (2) For the purpose of the consolidated statements of cash flows, "Cash and Cash Equivalents" is "Cash and Due from Banks" in the consolidated balance sheets. - 12 -
SEGMENT INFORMATION UFJ Holdings, Inc. 1.Segment Information by Type of Business Six Months ended Banking and Elimination and September 30, 2003 Trust Business Leases Others Total Corporate Assets Consolidated I Ordinary Income 994,216 116,034 149,829 1,260,080 (41,865) 1,218,214 (1)Outside Customers 984,537 108,446 125,230 1,218,214-1,218,214 (2)Internal-Business Transfer 9,678 7,587 24,598 41,865 (41,865) - Ordinary Expense 881,040 112,130 132,424 1,125,275 (43,695) 1,081,901 Ordinary Profit (Loss) 113,175 3,903 17,405 134,483 1,829 136,313 Six Months ended Banking and Elimination and September 30, 2002 Trust Business Leases Others Total Corporate Assets Consolidated I Ordinary Income 958,513 117,073 150,458 1,226,046 (59,492) 1,166,553 (1)Ordinary Income from Outside Customers 947,929 108,837 109,786 1,166,553-1,166,553 (2)Internal Ordinary Income between Segments 10,583 8,236 40,671 59,492 (59,492) - Ordinary Expense 932,631 117,030 133,350 1,183,012 (47,702) 1,135,310 Ordinary Profit (Loss) 25,882 43 17,107 43,033 (11,790) 31,243 Fiscal Year ended Banking and Elimination and March 31, 2003 Trust Business Leases Others Total Corporate Assets Consolidated I Ordinary Income 1,951,985 238,464 313,090 2,503,540 (102,964) 2,400,575 (1)Outside Customers 1,932,971 222,022 245,581 2,400,575-2,400,575 (2)Internal-Business Transfer 19,014 16,441 67,509 102,964 (102,964) - Ordinary Expense 2,636,137 243,658 287,146 3,166,942 (96,974) 3,069,968 Ordinary Profit (Loss) (684,151) (5,194) 25,943 (663,402) (5,990) (669,392) Notes: (1) Ordinary Income represents "Total Revenues" less certain items such as "Gain on Sales of Premises and Equipment" and "Collection of Written off Claims." Ordinary Expenses represents "Total Expenses" less certain items such as "Loss on Sales of Premises and Equipment" and "Amortization of Net Transitional Obligation for Employee Retirement Benefits." (2) "Americas" includes the United States and Canada. "Europe" includes United Kingdom and Germany. "Asia/Oceania Excluding Japan includes Hong Kong, Singapore and Australia. - 13 -
SEGMENT INFORMATION 2.Segment Information by Location UFJ Holdings, Inc. Six Months ended Elimination and September 30, 2003 Japan The Americas Europe Asia/Oceania Total Corporate Assets Consolidated I Ordinary Income 1,150,886 76,387 52,848 41,220 1,321,343 (103,128) 1,218,214 (1)Outside Customers 1,106,936 41,358 34,450 35,468 1,218,214-1,218,214 (2)Internal-Business Transfer 43,950 35,028 18,398 5,751 103,128 (103,128) - Ordinary Expense 1,045,726 47,027 44,137 25,082 1,161,973 (80,072) 1,081,901 Ordinary Profit (Loss) 105,160 29,359 8,711 16,137 159,369 (23,056) 136,313 Six Months ended Elimination and September 30, 2002 Japan The Americas Europe Asia/Oceania Total Corporate Assets Consolidated I Ordinary Income 1,045,082 76,554 59,983 52,375 1,233,995 (67,441) 1,166,553 (1)Outside Customers 1,012,735 48,316 56,090 49,410 1,166,553-1,166,553 (2)Internal-Business Transfer 32,346 28,237 3,892 2,964 67,441 (67,441) - Ordinary Expense 1,069,607 48,058 48,895 26,650 1,193,210 (57,900) 1,135,310 Ordinary Profit (Loss) (24,525) 28,496 11,088 25,724 40,784 (9,541) 31,243 Fiscal Year ended Elimination and March 31, 2003 Japan The Americas Europe Asia/Oceania Total Corporate Assets Consolidated I Ordinary Income 2,161,932 146,335 122,747 96,237 2,527,252 (126,676) 2,400,575 (1)Outside Customers 2,112,403 90,066 106,515 91,591 2,400,575-2,400,575 (2)Internal-Business Transfer 49,529 56,268 16,231 4,646 126,676 (126,676) - Ordinary Expense 2,966,547 85,469 101,989 39,812 3,193,819 (123,850) 3,069,968 Ordinary Profit (Loss) (804,615) 60,865 20,757 56,245 (666,567) (2,825) (669,392) Notes: (1) Ordinary Income represents "Total Revenues" less certain items such as "Gain on Sales of Premises and Equipment" and "Collection of Written off Claims." Ordinary Expenses represents "Total Expenses" less certain items such as "Loss on Sales of Premises and Equipment" and "Amortization of Net Transitional Obligation for Employee Retirement Benefits." (2) "Americas" includes the United States and Canada. "Europe" includes United Kingdom and Germany. "Asia/Oceania Excluding Japan includes Hong Kong, Singapore and Australia. 3. Ordinary Income from Overseas Operations Ordinary Income Consolidated Ratio of Ordinary Income from Overseas Ordinary from Overseas Operations Operations Income over Consolidated Ordinary Income Six months ended September 30, 2003 111,277 1,218,214 9.1% Six months ended September 30, 2002 153,818 1,166,553 13.1% Fiscal year ended March 31, 2003 288,172 2,400,575 12.0% Notes: (1) Ordinary Income form Overseas Operation is shown, instead of Overseas Sales Amount for non-financial companies. (2) Ordinary Income from Overseas Operations primarily includes income from transactions of the domestic consolidated subusidiaries' overseas branches, and income from transactions of the overseas consolidated subsidiaries (excluding Internal Ordinary Income between consolidated entities). Segment Information by Location on Ordinary Income from Overseas Operations is not shown here since Ordinary Income from Overseas Operations is not classified by the domicile of obligators. - 14 -
UFJ Holdings, Inc. MARKET VALUE INFORMATION ON SECURITIES AND MONEY HELD IN TRUST (as of September 30, 2003) A. Securities The following includes Securities, "negotiable due from banks," contained in Cash and Due from Banks, and "commodity funds," contained in Monetary Receivables Bought. 1.Held-to-Maturity Bonds with Market Value As of September 30, 2003 Book Market Unrealized Gain(Loss) Type Value Value Net Gain Loss Japanese National Government Bonds 9 9 0 0 - Japanese Local Government Bonds - - - - - Japanese Corporate Bonds and Financial Debentures - - - - - Others 44,061 44,642 581 613 32 Total 44,071 44,652 581 613 32 2.Available-for-Sale Securities with Market Value As of September 30, 2003 Aggregate Market Unrealized Gain(Loss) Type Cost Value Net Gain Loss Japanese Equities 2,209,777 2,552,712 342,934 463,236 120,301 Japanese Bonds 14,378,935 14,252,671 (126,263) 27,207 153,471 Japanese NationalGovernment Bonds 13,852,228 13,717,658 (134,569) 18,456 153,025 Japanese Local Government Bonds 286,797 291,244 4,446 4,525 78 Japanese Corporate Bonds and Financial Debentures 239,909 243,768 3,858 4,226 367 Others 2,469,094 2,479,002 9,907 38,559 28,651 Total 19,057,807 19,284,386 226,579 529,003 302,424 3.Held-to-maturity Debt Securities and Available-for-sale Securities whose Market Value is not readily determinable As of September 30, 2003 Type Book Value Held-to-maturity Debt Securities Unlisted Bonds 44 Available-for-sale Securities Unlisted Bonds 1,517,947 Unlisted Stocks (excluding over-the-counter stocks) 568,701 Unlisted Foreign Securities 41,200 Negotiable due from Banks 34,924 Beneficiary Securities Loaned in Trust 23,947 B. Money Held in Trust 1. Held-to-Maturity Money Held in Trust There is no Money Held in Trust for Trading Purpose 2. Other than Held-to-Maturity Money Held in Trust and Investment Money Held in Trust There is no other than Held-to-Maturity Money Held in Trust and Investment Money Held in Trust C. Net Unrealized Profit (Loss) on Available-for-Sale Securities As of September 30, 2003 Type Book Value Net Unrealized Gains 226,579 Available-for-Sale Securities 226,579 Available-for-Sale Money Held in Trust - Deferred Tax Assets 1,914 Less: Deferred Tax Liabilities 110,605 Net Unrealized Gains (Losses), Net of Taxes 117,889 (before adjustment for minority interest) Less: Minority Interests 1,730 Parent Company's Interest in Net Unrealized Profit (Loss) of Available-for-Sale Securities Held by Affiliates Accounted 1,466 for under Equity Method Net Unrealized Gains (Loss) on Available-for-sale Securities, Net of Taxes 117,624-15 -
MARKET VALUE INFORMATION ON SECURITIES AND MONEY HELD IN TRUST (as of September 30, 2002) A. Securities The following includes Securities, "negotiable due from banks," contained in Cash and Due from Banks, and "commodity funds," contained in Monetary Receivables Bought. 1. Held-to-Maturity Bonds with Market Value As of September 30, 2002 Book Market Unrealized Gain(Loss) Type Value Value Net Gain Loss Japanese National Government Bonds 9 9 0 0 - Japanese Local Government Bonds - - - - - Japanese Corporate Bonds and Financial Debentures - - - - - Others 23,271 23,355 84 133 49 Total 23,281 23,365 84 133 49 2. Available-for-Sale Securities with Market Value As of September 30, 2002 Aggregate Market Unrealized Gain(Loss) Type Cost Value Net Gain Loss Japanese Equities 3,895,504 3,530,547 (364,957) 222,378 587,336 Japanese Bonds 12,990,968 13,060,731 69,763 76,747 6,983 Japanese NationalGovernment Bonds 12,342,265 12,392,997 50,732 57,426 6,694 Japanese Local Government Bonds 424,572 437,047 12,475 12,482 6 Japanese Corporate Bonds and Financial Debentures 224,130 230,685 6,555 6,837 282 Others 3,090,321 3,091,632 1,310 52,732 51,421 Total 19,976,794 19,682,911 (293,883) 351,858 645,741 UFJ Holdings, Inc. 3. Held-to-maturity Debt Securities and Available-for-sale Securities whose Market Value is not readily determinable As of September 30, 2002 Type Book Value Held-to-maturity Debt Securities Unlisted Bonds 962 Available-for-sale Securities Unlisted Bonds 800,677 Unlisted Stocks (excluding over-the-counter stocks) 376,009 Beneficiary Securities Loaned in Trust 30,307 Negotiable Due from Banks 33,484 Unlisted Foreign Securities 27,361 B. Money Held in Trust 1.Held-to-Maturity Money Held in Trust There is no Money Held in Trust for Trading Purpose 2.Other than Held-to-Maturity Money Held in Trust and Investment Money Held in Trust There is no other than Held-to-Maturity Money Held in Trust and Investment Money Held in Trust C. Net Unrealized Profit (Loss) on Available-for-Sale Securities As of September 30, 2002 Type Book Value Net Unrealized Gains (293,883) Available-for-Sale Securities (293,883) Available-for-Sale Money Held in Trust - Deferred Tax Assets 14,282 Net Unrealized Gains (Losses), Net of Taxes (279,600) (before adjustment for minority interest) Less: Minority Interests 362 Parent Company's Interest in Net Unrealized Profit (Loss) of Available-for-Sale Securities Held by Affiliates Accounted (255) for under Equity Method Net Unrealized Gains (Loss) on Available-for-sale Securities, Net of Taxes (280,218) - 16 -
MARKET VALUE INFORMATION ON SECURITIES AND MONEY HELD IN TRUST (as of March 31, 2003) A. Securities The following includes Securities, "negotiable due from banks," contained in Cash and Due from Banks, and "commodity funds," contained in Monetary Receivables Bought. 1.Held-to-Maturity Bonds with Market Value As of March 31, 2003 Book Market Unrealized Gain(Loss) Type Value Value Net Gain Loss Japanese National Government Bonds 19 19 0 0 - Japanese Local Government Bonds Japanese Corporate Bonds and - - - - - Financial Debentures - - - - - Others Total 37,462 37,482 38,556 38,576 1,094 1,094 1,192 1,192 97 97 2.Available-for-Sale Securities with Market Value As of March 31, 2003 Aggregate Market Unrealized Gain(Loss) Type Cost Value Net Gain Loss Japanese Equities 2,602,713 2,420,706 (182,006) 142,478 324,484 Japanese Bonds 10,848,239 11,001,074 152,835 156,334 3,499 Japanese NationalGovernment Bonds 10,293,026 10,417,759 124,733 128,195 3,462 Japanese Local Government Bonds 310,392 328,169 17,777 17,777 - Japanese Corporate Bonds and Financial Debentures 244,821 255,145 10,324 10,361 36 Others Total 3,060,694 16,511,647 3,067,424 16,489,206 6,729 (22,441) 51,170 349,983 44,440 372,424 UFJ Holdings, Inc. 3.Held-to-maturity Debt Securities and Available-for-sale Securities whose Market Value is not readily determinable As of March 31, 2003 Type Book Value Held-to-maturity Debt Securities Unlisted Bonds 44 Available-for-sale Securities Unlisted Bonds 1,064,014 Unlisted Stocks (excluding over-the-counter stocks) 430,801 Negotiable due from Banks 44,213 Beneficiary Securities Loaned in Trust 31,140 B. Money Held in Trust 1.Held-to-Maturity Money Held in Trust There is no Money Held in Trust for Trading Purpose 2.Other than Held-to-Maturity Money Held in Trust and Investment Money Held in Trust There is no other than Held-to-Maturity Money Held in Trust and Investment Money Held in Trust C. Net Unrealized Profit (Loss) on Available-for-Sale Securities As of March 31, 2003 Type Book Value Net Unrealized Gains (22,441) Available-for-Sale Securities (22,441) Available-for-Sale Money Held in Trust - Deferred Tax Assets 230 Less: Deferred Tax Liabilities 43,145 Net Unrealized Gains (Losses), Net of Taxes (before adjustment for minority interest) (65,356) Less: Minority Interests 966 Parent Company's Interest in Net Unrealized Profit (Loss) of Available-for-Sale Securities Held by Affiliates Accounted 600 for under Equity Method Net Unrealized Gains (Loss) on Available-for-sale Securities, Net of Taxes (65,722) - 17 -
MARKET VALUE INFORMATION ON DERIVATIVES TRANSACTIONS (as of September 30, 2003) 1.Interest Rate Related Transactions As of September 30, 2003 Type Contractual ValueMarket Value Unrealized Gain( Loss) Exchange-traded Interest Rate Futures 54,038,254 4,127 4,127 Interest Rate Options 19,102,074 136 415 Over-the-Counter Forward Rate Agreement 824,303 115 115 Interest Rate Swaps 155,944,904 209,673 209,673 Interest Rate Options - - - Others 8,939,959 19,022 29,298 Total 233,075 243,629 Notes: The macro hedge transactions, which adopt mark-to-market accounting policy from this interim period, are included. The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives transactions to which hedge accounting is applied are excluded. 2.Currency Related Transactions As of September 30, 2003 Type Contractual ValueMarket Value Unrealized Gain( Loss) Exchange-traded Currency Futures 5,230 7 7 Currency Options - - - Over-the-Counter Currency Swaps 5,585,099 8,176 8,176 Foreign Exchange Forward Contracts 9,872,582 33,246 33,246 Currency Options 6,432,660 19,367 46,067 Total 60,798 87,498 Notes: (1) The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives transactions, to which hedge accounting is applied are excluded. Foreign exchange forward contracts, currency options and some other transactions attached to foreign currency based receivables/payables, and reflected in the Consolidated Balance Sheets or eliminated in consolidation process are excluded from the above table. (2) From this interim period, foreign exchange forward contracts, currency options and some other transactions, which have been revalued based on the foreign exchange accounting standards, are included. Certain Currency Swaps have been excluded, since such Currency Swaps have been accounted for by using the accrual method of accounting based on "Tentative Auditing Treatment relating to Adoption of 'Revised Accounting for Foreign Currency Transaction' for Banks." (The Japanese Institute of Certified Public Accountants April 10, 1999) UFJ Holdings, Inc. - 18 -
3. Equity Related Transactions As of September 30, 2003 Type Contractual Value Market ValueUnrealized Gain( Loss) Exchange-traded Equity Index Futures 246,725 404 404 Equity Index Options 1,341,037 (6,171) (4,790) Equity Options 23,863 1,121 (747) Over-the-Counter Forward Securities Agreement 1,992 (14) (14) Equity Options 62,676 (4,060) 621 Equity Index Swaps 132,418 2,945 2,945 Others 66,417 (459) (459) Total (6,235) (2,041) Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. 4. Bond Related Transactions As of September 30, 2003 Type Contractual Value Market ValueUnrealized Gain( Loss) Exchange-traded Bond Futures 2,913,903 (2,842) (2,842) Bond Futures Options 893,183 (585) (738) Over-the-Counter Bond Options 215,237 2,259 2,181 Total (1,167) (1,398) Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. 5. Commodity Related Transactions As of September 30, 2003 Type Contractual Value Market ValueUnrealized Gain( Loss) Over-the-Counter Commodity Swaps (Fuel) 109,268 2,307 2,307 Commodity Options 6,405 (0) 140 Total 2,307 2,448 Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. 6. Credit Derivatives Related Transactions As of September 30, 2003 Type Contractual Value Market ValueUnrealized Gain( Loss) Over-the-counter Credit Default Swaps 1,173,159 1,835 1,835 Credit Default Options 20,500 (29) (29) Total 1,806 1,806 Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. UFJ Holdings, Inc. 7. Other Derivatives Transactions As of September 30, 2003 Type Contractual Value Market ValueUnrealized Gain( Loss) Over-the-counter Weather Options 202 (6) 41 Total (6) 41 Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. - 19 -
MARKET VALUE INFORMATION ON DERIVATIVES TRANSACTIONS (as of September 30, 2002) 1. Interest Rate Related Transactions As of September 30, 2002 Type Contractual Value Market ValueUnrealized Gain( Loss) Exchange-traded Interest Rate Futures 41,401,102 (15,371) (15,371) Interest Rate Options 27,003,349 2,171 673 Over-the-Counter Forward Rate Agreement 4,935,137 (955) (955) Interest Rate Swaps 186,237,138 97,118 97,118 Interest Rate Options 222,965 2,155 1,758 Others 10,279,765 16,982 29,485 Total 102,102 112,710 Notes: (1) The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives transactions to which hedge accounting is applied are excluded. 2. Currency Related Transactions As of September 30, 2002 Type Contractual Value Market ValueUnrealized Gain( Loss) Over-the-Counter Currency Swaps 6,097,443 (46,739) (46,739) Foreign Exchange Forward Contracts 451,073 (19) (19) Currency Options 893,158 (760) (830) Total (47,520) (47,590) Notes: (1) The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives transactions, to which hedge accounting is applied, and transactions stated in the Note (2) below are excluded. (2) Certain Currency Swaps have been excluded from table 2. Above, since such Currency Swaps have been accounted for by using the accrual method of accounting based on "Tentative Auditing Treatment relating to Adoption of 'Revised Accounting for Foreign Currency Transaction' for Banks." (The Japanese Institute of Certified Public Accountants April 10, 1999) The Contractual Value etc. of such Currency Swaps accounted for on an accrual method is as follows: As of September 30, 2002 Type Contractual Value Market ValueUnrealized Gain( Loss) Currency Swaps 1,228,937 (19,120) (19,120) (3) Foreign exchange forward contracts, currency options and some other transactions are excluded from the above table, since they are revalued at the end of the fiscal yearand their profits and losses are reflected in the Consolidated Statements of Income of the Bank or they are attached to foreign currency based receivables/payables, which are reflected in Consolidated Balance Sheets or eliminated in consolidation process. Set forth below are contractual values of foreign exchange related transactions reflected in the Statements of Income by revaluation at the dates indicated. Type Over-the-Counter As of September 30, 2002 Book Value Foreign Exchange Forward Contracts 9,707,754 Currency Options 3,448,793 UFJ Holdings, Inc. - 20 -
3. Equity Related Transactions As of September 30, 2002 Type Contractual Value Market ValueUnrealized Gain( Loss) Exchange-traded Equity Index Futures 25,603 258 258 Equity Index Options 34,517 (2,533) 85 Equity Options 65,536 1,925 416 Over-the-Counter Forward Securities Agreement 1,889 150 150 Equity Options 34,882 (572) 4,530 Equity Index Swaps 24,278 1,418 1,418 Total 646 6,859 Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. 4. Bond Related Transactions As of September 30, 2002 Type Contractual Value Market ValueUnrealized Gain( Loss) Exchange-traded Bond Futures 2,208,688 278 278 Bond Futures Options 163,064 160 17 Over-the-Counter Bond Options 329,374 (97) (60) Total 341 235 Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. 5. Commodity Related Transactions As of September 30, 2002 Type Contractual Value Market ValueUnrealized Gain( Loss) Over-the-Counter Commodity Swaps (Fuel) 939,147 314 314 Total 314 314 Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. 6. Credit Derivatives Related Transactions As of September 30, 2002 Type Contractual Value Market ValueUnrealized Gain( Loss) Over-the-counter Credit Default Swaps 574,291 36 36 Credit Default Options 10,000 (0) (0) Total 35 35 Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. UFJ Holdings, Inc. 7. Other Derivatives Transactions Type Contractual Value As of September 30, 2002 Market ValueUnrealized Gain( Loss) Over-the-counter Weather Options 712 (39) 96 Total (39) 96 Notes: The above Gain (Loss) is stated on the Consolidated Statements of Income. Derivatives Transactions to which hedge accounting is applied are excluded. - 21 -
MARKET VALUE INFORMATION ON DERIVATIVES TRANSACTIONS (as of March 31, 2003) 1. Interest Rate Related Transactions As of March 31, 2003 Type Contractual Value Market Value Unrealized Gain( Loss) Exchange-traded Interest Rate Futures Sold 21,896,723 (169,400) (169,400) Bought 22,199,019 176,058 176,058 Interest Rate Options Sold 13,079,285 16,691 (10,000) Bought 12,013,648 19,974 12,786 Over-the-Counter Forward Rate Agreement Sold 1,738,979 2,805 2,805 Bought 1,592,441 (2,876) (2,876) Interest Rate Swaps Receipts Fixed /Payments Fixed 41,737 1,767 1,767 Receipts Fixed /Payments Floating 82,172,007 2,389,315 2,389,315 Receipts Floating /Payments Fixed 80,140,686 (2,432,797) (2,432,797) Receipts Floating /Payments Floating 10,117,785 (2,036) (2,036) Interest Rate Options Sold 51,229 1,675 (650) Bought 98,262 2,438 483 Others Sold 4,743,231 50,748 (17,520) Bought 4,547,852 74,383 52,813 UFJ Holdings, Inc. Total (9,482) 748 Notes: 1. Unrealized gain (loss) is included in the consolidated statement of operations. Derivatives transactions to which hedge accounting is applied are excluded. 2. Market values for listed products are primarily calculated using the closing prices of the Tokyo Stock Exchange and others at the balance sheet date. Market values for over-the counter transactions are based primarily on the option pricing calculation models. 2. Currency Related Transactions As of March 31, 2003 Type Contractual Value Market Value Unrealized Gain( Loss) Over-the-Counter Currency Swaps 5,828,183 (32,716) (32,716) Foreign Exchange Forward Contracts Sold 51,796 1,130 1,130 Bought 321,937 1,545 1,545 Currency Options Sold 212,835 2,292 132 Bought 238,489 2,539 (457) Total (29,793) (30,365) Notes: 1. Unrealized gain (loss) is stated on the Consolidated Statements of Income. Derivatives transactions, to which hedge accounting is applied, and transactions stated in the Note (2) below are excluded. 2. Certain Currency Swaps have been excluded from table 2. Above, since such Currency Swaps have been accounted for by using the accrual method of accounting based on "Tentative Auditing Treatment relating to Adoption of 'Revised Accounting for Foreign Currency Transaction' for Banks." (The Japanese Institute of Certified Public Accountants April 10, 1999) The Contractual Value etc. of such Currency Swaps accounted for on an accrual method is as follows: As of March 31, 2003 Type Contractual Value Market Value Unrealized Gain( Loss) Currency Swaps 1,641,231 2,425 2,425 3. Foreign exchange forward contracts, currency options and some other transactions are excluded from the above table, since they are revalued at the end of the fiscal yearand their profits and losses are reflected in the Consolidated Statements of Income of the Bank or they are attached to foreign currency based receivables/payables, which are reflected in Consolidated Balance Sheets or eliminated in consolidation process. Set forth below are contractual values of foreign exchange related transactions reflected in the Statements of Income by revaluation at the dates indicated. Type Exchange-traded Over-the-Counter As of March 31, 2003 Book Value Currency Futures Sold - Bought 2,374 Foreign Exchange Forward Contracts Sold 4,470,577 Bought 4,232,189 Currency Options Sold 2,489,827 Bought 2,676,413-22 -