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Message from the Management

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

Thank you for your support and patronage of the Resona Group. Allow me to begin by expressing our heartfelt sympathies to those affected by the many natural disasters around the world over the past year.

Japan’s economy during the first half of this fiscal year continued to see a moderate recovery, driven by strong capital expenditures. This helped to ease uncertainty in the global economy caused by concerns over trade friction between the United States and China. Concurrently, the business climate facing financial institutions remained challenging due in part to the protracted low interest rate environment.

Amidst this environment, during the first half of this fiscal year Resona Holdings recorded 122.1 billion yen in net income attributable to owners of the parent, which is 61% of our full-year target. This result is due in part to one-time gains associated with the business integration of Kansai Mirai Financial Group. Meanwhile, increased fee income exceeded the decline in income from loans and deposits, and gross profit rebounded. Also, we continued to manage costs rigorously, making steady progress with the profit and cost structure reforms cited in our medium-term management plan.

Moreover, we continue to maintain a sound financial condition, with our capital adequacy ratio at 10.17% and non-performing loan (NPL) ratio at 1.16%.

Turning to dividends, we offered an interim dividend of 10.5 yen per share of common stock, up 0.5 yen per share over the initial forecast. This follows our initial plan to provide a full-year dividend of 21 yen per share, marking a 1 yen per share increase over last year.

As the second year of our medium-term management plan, fiscal 2018 represents a year in which we will speed up initiatives aimed at our vision to become "Retail No.1" financial services group. In April, Kansai Mirai Financial Group kicked off its first fiscal year as a consolidated subsidiary, giving us one of the largest branch networks of any financial group in Japan. In November, we launched services of the Resona Cashless Platform that provides total support to customers’ cashless payment needs, while the Resona Group App, geared toward smartphones and offering excellent design and ease of use, was recognized with a Good Design Award for fiscal 2018. We are making steady progress with our omni-channel strategy that provides optimal solutions to a wide range of customers anytime and anywhere. Furthermore, we will continue to develop "Omni-advisors" that think like customers and to work toward "customer happiness."

Additionally, in November we released Resona Sustainability Challenge 2030, our commitment to helping the world achieve the Sustainable Development Goals (SDGs) adopted by the United Nations. We will now work on six commitments, including promoting constructive dialogue with customers on environmental and social themes. In this process, we will contribute to local communities that are more vibrant and dynamic.

Looking ahead, we will maintain our basic stance, "Customers’ happiness is our pleasure," and strive to maximize corporate value with the goal of becoming a "Retail No. 1" Financial Services Group that is most supported by regional customers as it walks with them into the future.

We look forward to your continued support and patronage.

December 2018