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Message from the Management

Director, President and Representative Executive Officer Resona Holdings, Inc. Seiji Higaki

We sincerely appreciate your trust and continued support that you have placed in the Resona Group.

The Japanese economy in Fiscal Year 2016 has seen signs of gradual recovery backed by steady improvements in the employment and the income level as well as the solid world economic performance centered in US economy despite the sever circumstances for financial institutions, for instance, the impacts imposed by the negative interest rate.

Amidst these conditions, the Resona Holdings' consolidated actual net operating profit amounted to JPY 218.2 billion, down JPY 56.8 billion from the previous fiscal year, resulting primarily from lower loan-to-deposit and bond-related gains and losses both of which had been partially compensated by the increase in loans, steady revenues from the corporate solution channel, and reinforcement of low-cost operations. The net income attributable to owners of the parent decreased year-over-year by JPY 22.3 billion to JPY 161.4 billion. With the non-performing loan ratio and the capital adequacy ratio being 1.35% and 11.69% respectively, we have maintained the sound financial structure.

In February 2017, the Resona Group had begun offering fund wrap accounts with consulting services in which we provide proposals for optimizing asset allocation, and the total account balance as at the end of March exceeded JPY 60 billion. We also launched three Seven Day Plaza bases in the last fiscal year, totaling 14 bases nationwide today. Overseas, we have made a decision to acquire AFC Merchant Bank, a Singaporean financial institute, as our subsidiary by buying 100% of their stake with intention to strengthen our domestic and overseas business network. Additionally, in March, we announced that we had agreed on a business integration between Minato Bank, Ltd., Kansai Urban Banking Corporation and the Kinki Osaka Bank, Ltd. in order to build "New Retail Financial Services Model that is in Step with the Future of the Kansai Region.

In April, our new Medium-term Management Plan called "Change to the 'Next'" has started rolling. Viewing progress of the mature society, technological advancement, and change in societal and industrial structures as business opportunities, we will strive to create a "Next-generation Retail Financial Services Model" to "provide optimized solutions" for "more customers" and "whenever and wherever they need us."

At the Resona Group, we will maintain our basic stance that "Customers' happiness is our pleasure" while making the utmost effort to become the "No.1 retail" financial service group for the confidence local communities place in us and for the competence to look ahead together with the communities.

We appreciate your continued support.

June 2017