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Message from the Management

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

We greatly appreciate your support and trust in the Resona Group.

The Japanese economy over FY 2017 saw continuous improvements of corporate revenues, the employment conditions, and the personal income levels. In contrast, financial institutions had continued facing the harsh business environment affected by, for instance, the low interest rate environment.

Amidst such conditions, the FY 2017 net income attributable to owners of parent amounted to JPY 236.2 billion, JPY 74.7 billion year-over-year rise, with one-off reduction of corporate income tax due to the restructuring of the Resona Group. We have been delivering a steady progress in our income and cost structure reforms demonstrated by the increased loan balance and the higher revenue from the stock-type fee business, and record-low operating expenses.

We have maintained the sound financial standings with the capital adequacy ratio and the non-performing loan (NPL) ratio resulting in 10.65 % and 1.18 %, respectively. As we had planned at the beginning of FY 2017, we repurchased and cancelled JPY 100 billion Class Five Preferred Stock in March 2018, making our capital structure solely common stock-based.

For FY 2018, we plan on increasing the dividends per share of common stock by JPY 1 to JPY 21 per annum.

Based on our medium-term management plan announced in April 2017 and upholding the goal of becoming "No. 1 Retail Banks," the Resona Group is accelerating our efforts towards developing the Next-generation Retail Financial Services Model which will provide more customers with the best fit solution anywhere at any time.

We have been further evolving our "Omni-channel" strategy. For instance, we have expanded our online one-stop services that are accessible through our website and from smartphones for the non-face-to-face channel while having increased the number of branch locations that are open seven days a week or consulting-only offices to 22 for the face-to-face channel. Furthermore, we are dedicated to developing "Omni-advisors" committed to realizing customers' happiness by seeing from our customers' perspectives. Through such approach, we are building the system to provide customer-oriented solutions which are bespoke to their diverse lifestyles and life stages.

Since April 2018, Kansai Mirai Financial Group, our consolidated subsidiary, has been listed on the First Section of the Tokyo Stock Exchange, and it completed the business integration of Kansai Urban Banking Corporation, the Kinki Osaka Bank and the Minato Bank. Today, the Resona Group including Kansai Mirai Financial Group today has 840 domestic branch offices with service personnel and serves around 500 thousand corporate customers and 16 million retail customers. We, as Japan's leading retail financial services group, will continue providing dedicated services to a wider range of customers leveraging our extensive customer network.

We will maintain our fundamental stance, "Customers' happiness is our pleasure" and make the utmost effort to become the top retail financial services group while striving to fulfill the expectations and move forward together with our customers and communities.

We look forward to your continued support.

May 2018