Chuo Mitsui Trust GroupManagement Strategies

September 17, 2008

Chuo Mitsui Trust Holdings, Inc.

The 10th Japanese Financial Service Conference

1

Table of Contents

I. Overview of Our Group and Management Direction 2

III. Business Model with High Profitability 9

II. Sound Asset Quality 5

IV. Differentiation Based on Strengths and Unique Capabilities 14

V. Overview of Our Capital 24

VI. Appendix 26

2

I. Overview of Our Group and Management Direction

3

＋22 Consulplazas

Trust bankTrust bank Asset managementAsset management

Group Overview

Note: Figures are as of end of March 2008 *Combined total of investment trust and investment advisory assets **Commitment amount

Deposits　　

Sales of Investment trust andAnnuity insurance

Housing loans, etc.

Individual clients

Lending business

Real estate business

Stock transfer agency business,etc.

Corporate clients

¥13.6trn

¥7.4trn

67 branches

6,173

Pension trust

Securities trust

Institutional investor clients

¥0.1trn

¥40.7trn

617

Total assetsTotal assets

Total trust assetsTotal trust assets

Number of employeesNumber of employees

Investment advisory andinvestment trust management

Individual clients andInstitutional investor clients

¥2.2trn

76

Asset undermanagement*Asset undermanagement*

Number of employeesNumber of employees

Total assetsTotal assets

Total trust assetsTotal trust assets

Branch networkBranch network

Number of employeesNumber of employees

Private equity fundmanagement

Corporate clients andInstitutional investor clients

¥273.9bn

37

Funds undermanagement**Funds undermanagement**

Number of employeesNumber of employees

Chuo Mitsui Asset Trust & BankingChuo Mitsui Asset Trust & BankingChuo Mitsui Asset Trust & Banking Chuo Mitsui Asset ManagementChuo Mitsui Asset ManagementChuo Mitsui Asset ManagementChuo Mitsui Trust & BankingChuo Mitsui Trust & BankingChuo Mitsui Trust & Banking Chuo Mitsui CapitalChuo Mitsui CapitalChuo Mitsui Capital

4

Management DirectionWe aim to increase gross operating profit through continued recomposition of our revenuestructure

Strengtheningof the

Balance Sheet

Enhancement

of

Profitability

Continuous Focus on the Maintenance and Improvement ofthe Balance Sheet

Increaseof Gross

OperatingProfit

Recompositionof RevenueStructure

Concentration onHigh Margin &High GrowthAreas within

StrategicBusinesses

5

Table of Contents

II. Sound Asset Quality

6

Portfolio with Market Value

As of Jun-081Q

FY3/09 FY3/08

(JPY in billions)Acquisition

CostUnrealizedGain (Loss)

RealizedLoss

RealizedLoss

Sub-prime Loans and Investments None

OthersCDOs 10.0 - (0.0) (5.0)Investment Trusts（Bond Funds） 4.8 (0.3) - (0.2)Investment Trusts（Credit Funds) 24.9 (1.7) - - Investment Trusts（Equity Funds, etc.） 11.0 (1.0) - - Foreign Bonds, etc. 280.6 (5.6) - -

Total 331.4 (8.7) (0.0) (5.2)

Foreign Government Bonds 106.6 (4.6)US Agency Mortgage-Backed Securities 771.8 (19.6)Total 878.4 (24.3)

Portfolio without Market Value

As of Jun-08(JPY in billions)

Sub-prime Loans and Investments None

OthersCorporate Loans 106.7Unlisted Stocks 9.4Acceptances and Guarantees (Corporate) 4.0

Total 120.2

Sub-prime Related AssetsWe have no exposure to ABS and CDOs backed by sub-prime related loans

Overseas Investment / Loan Portfolio (Jun-08)

No exposure to sub-primemortgage loans or “Alt-A”loans

Limited exposure tosecuritized assets, etc.

Small impact fromunrealized losses

1.　Credit derivative portion of this CDO is bifurcated, ¥5.0bn posted as derivative cost last fiscal year, ¥0.0bn is posted as derivative cost in 1Q.FY3/09. There is no related change inacquisition cost and since all unrealized loss has been recognized, there is no unrealized loss as of Jun-08.

2. Includes leveraged finance loans of JPY 2.9 billion extended to the electricity and gas sector. There is no undrawn overseas leveraged finance commitments as of Jun-08.

1

2

1 1 1

7

37%

9%

31%

2%

19%

2%

0%

20%

40%

60%

80%

100%

当社

5%

3%

国内銀行

30%

14%

22%

15%

24%

0%

10%

20%

30%

当社 A社 Ｂ社 Ｃ社 Ｄ社

37%

9%

8%

43%

2%1%

0%

20%

40%

60%

80%

100%

Loan Portfolio

1.　 Managerial accounting-basis, CMTB non-consolidated. Balance at year end, post-securitization

2.　 Loan providers that apply interest rates in excess of the upper limit set by theInterest Rate Restriction Law (“Grey Zone” Interest Rates)

3. Does not include bond-types4. Pay-out rate on guarantees by Chuo Mitsui Guarantee （FY3/08）

High quality loan portfolio leads to limited downside risk

Loans to IndividualsLoss rate4 on housing loans,which are the main type ofloans to individuals: 0.06%

Real Estate Asset Finance3

No credit losses to dateLTV of 70% and below : 95.3%DSCR of 2.0 and above : 79.9%

Real estate companiesLarge companies and theirgroup companies：63％20 largest borrowers: 65%Internal rating above C+（External rating: around BBB- ）：71％

Consumer finance2

We have curtailed our exposureto consumer financecompanies, including salesfinance companies and creditcard companies.

　　　Loans by Industry１ （Jun-08） Loans by Size of Borrowers（ Jun-08 ）

1 ２

Mid-sized companies4Large companies3

SMEs5 Others７Loans to individuals

Ratio of Housing Loans to TotalLoans1 (Comparison of MajorBanking Groups） （Mar-08）

Companies excluding Construction, Consumer finance2, Real estate relatedConstruction Real estate companiesConsumer finance2

Real estate asset finance3 Loans to individuals

17％

Real Estate Asset Finance ６Securities / Brokerages

SMEs5

CMTH1 Domesticbanks total2

1. Managerial accounting-basis, CMTB non-consolidated. Balance at year end, post-securitization

2. Source: Bank of Japan3. Large companies: capital of JPY 1bn or more and with more than 300 employees4. Mid-sized companies: companies that are not large companies or SMEs5. SMEs: capital of JPY 300 mn or less or less than 300 employees6. Does not include bond-types7. Local governments ＋ Overseas yen loans, Domestic loans transferred overseas

Source: Company disclosures1. As of Mar-08, non-consolidated, post-securitization

CMTH A B C D

4%Securities /Brokerages

Real EstateAsset

Finance

20%

44%

28%

8

Non-Performing LoansWe have reduced our NPL ratio through stringent management of our loan portfolio

Balance of NPLs and NPL Ratio¹

1. Based on claims disclosed under the Financial Revitalization Law, banking account + trust account, CMTB non-consolidated

283.1165.2

89.1 61.5 76.0 84.8

184.9

94.9

71.8 82.8 79.5 75.2

260.1

468.0

160.9 144.3 155.6 160.01.8%1.7%1.7%

2.8%

1.8%

4.9%

0

200

400

600

Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Jun-080%

1%

2%

3%

4%

5%

Claims under Close ObservationClaims under High Risk & Claims under Bankruptcy and Virtual BankruptcyNPL Ratio

<Reason for Increase from Mar-08> NPL balance increased due to stringent assessment of loans to certain sector

(JPY in billions)

9

III. Business Model with High Profitability

10

3% 3% 2%

5% 6% 5% 5%

9% 9% 10% 10%

3%14% 12%

14%16%

17%

9%

9%4%

11%

12%

13%

15%

5%

11%2%

2% 2%

4%

4%

4%

2%

FY3/03 FY3/06 FY3/07 FY3/08

40%

14%9%

13%

23%18% 15% 16%

Recomposition of Revenue StructureBy focusing on our higher margin & higher growth businesses, we aim to expand our grossoperating profit

Strategic Businesses

Conventional BankingBusinesses

Recomposition of Revenue Structure

● Investment Trust &Annuity Insurance

● Real Estate FeeBusinesses

● Pension Trust

● Stock Transfer Agency

● Other Asset ManagementBusinesses16% 37% 43% 44%

Breakdown of Gross Operating Profit by Business Activity (CMTB+CMAB non-consolidated)

● Loans to Individuals

● Real Estate Asset Finance

● Alternative Investments

● Other Banking RelatedBusinesses

37%

71%

● Corporate Loans● Bond Investment, etc.

68%

Our Strategic Focus Areas(Loans to Individuals, Investment Trust & Annuity Insurance, Real Estate Fee Businesses)

76%

Our Strategic Focus Areas

1. CMTB+CMAB non-consolidated2.　Excluding one-off effect from securitization gains and

amortization cost for the following years

Gross Operating Profit (excl. Securitization)1,2

298.1

283.3

275.3

286.7

274.0

265.2

275.1

267.4

0

220

240

260

280

300

FY3/05 FY3/06 FY3/07 FY3/08Gross Operating Profit

Gross Operating Profit (excl. Securitization and Amortization)

~~

(JPY in billions)

11

High Proportion of Fee IncomeHighest proportion of fee income among our Japanese bank peers resulting from our focuson asset management businesses

1.　CMTB+CMAB non-consolidated

Asset Management Related Revenues1 Fee Income / Total Gross Operating Profits1

(Comparison of Major Banking Groups）

Source: Company disclosures1. FY3/08, non-consolidated2. Sum of net fees and commissions income and trust fees excluding loan trust and

JOMTs divided by gross operating profit before trust account credit costs3. Sum of net interest income, loan trust fees, JOMTs fees, net trading income, and

net other operating income divided by gross operating profit before trust accountcredit costs

48%38%

26% 24% 23%

52%62%

74% 76% 77%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

CMTH SumitomoTrust

MUFG Mizuho SMFG

Fee Income / Gross Operating Profit² .Other Income / Gross Operating Profit³

13.3 13.7 16.4 10.6

15.7 16.7 14.513.6

24.0 24.5 26.026.6

25.330.3

38.731.7

30.0

40.5

43.0

45.2108.5

125.9

138.9

128.0

0

20

40

60

80

100

120

140

FY3/05 FY3/06 FY3/07 FY3/08

(JPY in billions)

OthersStock Transfer

Pension TrustReal EstateInvestment Trust / Annuity Insurance

A B C D

12

41.7% 43.1%

56.0%

49.9%

44.7%

0%

10%

20%

30%

40%

50%

60%

CMTH SumitomoTrust

MUFG Mizuho SMFG

EfficiencyOne of the highest efficiency ratio among our Japanese bank peers

Operating Expenses and OHR1,2 OHR1,2 (Comparison of Major Banking Groups）

1. CMTB+CMAB non-consolidated2. Expenses, excluding extraordinary items, divided by gross operating profit before trust account

credit costs

Source: Company disclosures1. FY3/08, non-consolidated2. Expenses, excluding extraordinary items, divided by gross operating profit before

trust account credit costs

87.0

40.1 34.4 30.3 44.0

96.0

61.3 60.5 63.261.1

6.8

5.5 5.2 4.65.5

190.0

107.0 100.2 98.2110.8

54.0%

35.3% 35.6%

41.7%

35.8%

0

50

100

150

200

250

FY3/00 FY3/05 FY3/06 FY3/07 FY3/080%

10%

20%

30%

40%

50%

60%

Personnel Non-personnel Taxes OHR

（JPY in billions）

A B C D1,2

13

CMTH

MUFG

SMFG

Mizuho

Sumitomo Trust

0.0%

0.5%

1.0%

1.5%

40% 45% 50% 55% 60%

Pre-provision Profit / Gross Operating Profit¹,²

Pre-

prov

isio

n Pr

ofit

/ Tot

al A

sset

s¹

Good

High Profitability

FY3/08 Comparison of Major Banking Groups

Source: Company disclosures1. FY3/08, non-consolidated basis2. Gross operating profit before trust account credit costs

Poor

AB

C D

14

Table of Contents

IV. Differentiation Based on Strengths and UniqueCapabilities

Investment Trust and Annuity InsuranceReal EstateHousing LoansAsset Management and Custody

15

3.9 6.1 9.0 10.68.8

12.2

21.0 20.317.1

22.1

13.0 14.2

2.9 6.110.3 13.1

30.0

40.543.0

45.2

0

10

20

30

40

50(JPY in billions)

FY3/05 FY3/06 FY3/07

Trustee Fee & Investment Advisory Fee1,2 .Investment Trust Sales Fee1 .Annuity Insurance Sales Fee1 .

(Ref) Investment Management Fee of CMAM3

FY3/08

“Stock”increase

generatingstable feerevenues

Revenues Breakdown of Sales Fees by“Flow-based” and “Stock-based”

1.　CMTB + CMAB non-consolidated2.　Including investment management fee from CMAM as follows:

FY3/05: JPY 0.7 billion, FY3/06: JPY1.9 billion, FY3/07: JPY 3.4 billion,FY3/08: JPY 3.9 billion

3.　CMAM non-consolidated

Investment Trusts Entrusted (CMAB)

Revenue composed ofboth flow-based salescommission and stock-based agent commission

Increase in stock-basedtrust fee, in proportionto increase in aggregatebalance

Increase in AUM andrevenues fromcollaboration of CMTBand CMAB

Investment Trust and Annuity Insurance (1) Financial PerformanceAggressive expansion of sales of investment trust and annuity insurance products ingrowing marketSteady growth of revenues related to asset management / custody

Chuo Mitsui Asset TrustChuo Mitsui Asset Trustand Banking Company, Ltdand Banking Company, Ltd

The Chuo Mitsui Trust andThe Chuo Mitsui Trust andBanking Company, LtdBanking Company, Ltd

4.0 5.8 8.1 10.0

22.028.5 25.8 24.5

26.0

34.4 34.0 34.6

0

10

20

30

40

FY3/05 FY3/06 FY3/07 FY3/08Upfront Sales Fee (Flow)Annual Fees (Stock)

(JPY in billions)

6.78.5

9.711.0

6.1

9.210.8 10.5

02468

1012

Mar-05 Mar-06 Mar-07 Mar-08Book Value Basis Market Value Basis

(JPY in trillions)

16

1619

2225

0

5

10

15

20

25

30

Mar-06 Mar-07 Mar-08 Sep-08

（branches）

1.2%

98.8%

Clients with housingloans who have

purchasedinvestment trusts

from CMTB

Potential for cross-selling of investment

trusts and annuityinsurance products

Investment Trust and Annuity Insurance (2)Strategy Going ForwardPromoting cross-sales of investment trusts and annuity insurance products to wealthyseniors, while pursuing potential future customers

Promote Marketing to Wealthy Seniors¹

Never purchasedinvestment trusts of CMTB⇒Potential Future Clients

Percentage of wealthy senior clients who have purchased investmenttrusts and annuity insurance products2 (as of Apr-08)

Measures for Customer Acquisition

Potential Future Clients

1. Clients of CMTB aged 50 and above and with AUM of JPY 10 millions or more2. CMTB non-consolidated

Hold neither investment trust nor annuity insurance productsHold investment trust products onlyHold annuity insurance products (many also hold investment trust products)

Cross-Selling

Pursuing Potential Customers

Know-how and consulting skills developed in pension businesses,along with campaigns and attractive products will allow us to …

— Cross-sell products to wealthy seniors— Strengthen marketing towards borrowers

Aggressive expansion of “Consulplazas”Expand internet servicesConduct various seminars for customers

Percentage of clients with CMTB housing loans who have purchasedinvestment trusts1 (as of Mar-08)

Number of “Consulplazas”

1. CMTB non-consolidated

26.6%

17.6%

55.8%

＊

* Includes a Consulplaza tobe opened this Oct.

17

Real Estate (1) Financial PerformanceAlthough the number of transactions decreased due to the difficult fundingenvironment in March 2008, investor demand is robust and the transformation ofreal estate into financial products is expected to continue

Real Estate Revenues1 Balance of Entrusted Real Estate Securitizations1

Impact on investor demand from market turmoil:“Investor-related Transactions” /

Real Estate Brokerage Fees■ 2H FY3/07：　67%■ 1H FY3/08：　64%■ 2H FY3/08：　53%

1. CMTB non-consolidated

2,140.9

2,999.7

4,312.7

5,141.1

0

1,000

2,000

3,000

4,000

5,000

6,000

Mar-05 Mar-06 Mar-07 Mar-08

(JPY in billions)

1. CMTB non-consolidated

5.1 5.8 7.6 7.2

20.124.5

31.0

24.4

25.3

30.3

38.7

31.7

0

5

10

15

20

25

30

35

40

FY3/05 FY3/06 FY3/07 FY3/08

(JPY in billions)

Real estate brokerage fees Real estate trust fees

18

# of Employees Engaged in our Real Estate Businesses

Organizational Enhancements for the Real Estate Business Group

Real Estate Brokerage Fees by Origination Sources1

1.　FY3/08, amount basis2.　Investors consist primarily of real estate funds

Real Estate BusinessDepartment

Enhance relationship with investors such as real estate fundsand J-REITsPromote marketing to overseas investors

Real Estate Investment AdvisoryDepartment

Consider entry into the real estate investment managementbusinessesAim for steady growth in balance of entrusted real estatesecuritizations

Real Estate InvestmentPromotion Department

Strengthen consulting sales focused on clients’ real estatestrategiesEnhance and expand network of channels, such as SMBC, etc.

Real Estate (2) Strategy Going ForwardWe aim to increase real estate revenues by further enhancing our relationships withinvestment funds and J-REITs, and through additional staffing and organizational changes

2Investors59%Developers and

major contractors27%

Customers7%

Non-customers7%

325361

419439

0

250

300

350

400

450

500

Mar-05 Mar-06 Mar-07 Mar-08

(# of employees)

~~

19

Housing Loans (1) Financial PerformanceWe continue to focus on the growing housing loan market, differentiating ourselves throughour “route-sales” strategy

Balance of Loans to Individuals (Post Securitization)1 Rate of Growth in Balance of Housing Loans1　 (FY3/08)(Comparison of Major Banking Groups）

1. Non-consolidated

18.3%

2.9%

1.0% 1.0% 0.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

CMTH SumitomoTrust

MUFG Mizuho SMFG

1. Non-consolidated

1,858.4 1,918.92,140.9

2,531.9

2,431.8 2,415.72,579.9

2,930.1

573.4 496.8439.0

398.2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Mar-05 Mar-06 Mar-07 Mar-08

(JPY in billions)

Sole proprietorships, etc. Housing loansA B C D

20

Housing Loans (2) Strategy Going Forward

Approach Customized by Region“Route-sales” Strategy Enhancement of Sales Infrastructure

Increase sales force employees

Mar-07: 604　→　Mar-08: 628 （+4% YoY）

Strengthen leadership through theappointment of experienced salespromotion managers

Sharing know-how onrelationship management and“route-sales” channelenhancement

Improve services available via theInternet to enhance convenience

Preliminary loan applications

Early redemption, etc.

Housing Loan Originations by Channel1 Housing Loan Originations by Region2

“Route-sales” Strategy

Differentiation by referral source- major home builders, real estate

agents and developers～ Fast response and high consultation

skills

1. FY3/08, # of origination basis 1. Source: Population Census. Based on total population(growth rate between 2000 - 2005)

2. FY3/08, # of origination basis

Effective Branch Network

Branch network focusing on the KantoRegion (33 out of 67 branches), in

which the population is growing at amuch higher rate (3.0%1) than the

national average (0.7%1)

Kanto67%

Kansai17%

Chubu6%

Other10%

“Route-sales”channel

94%

In addition to our “route-sales” strategy utilizing our network of real estate relationships, we aim to growour housing loans business through regionally customized strategies and enhancement of our sales force

Referral fromcompanies

2%

Over-the-counter,etc.4%

21

25% 28% 30% 34%

4%10% 10%

10%

62% 60% 56%71%

0%

20%

40%

60%

80%

100%

FY3/03 FY3/06 FY3/07 FY3/08

Corporate LoansReal Estate Asset FinanceLoans to Individuals

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

2.0%

FY3/061H

FY3/062H

FY3/071H

FY3/072H

FY3/081H

FY3/082H

Loans to IndividualsReal Estate Asset FinanceCorporate LoansDeposits and Principal

3

2

4

* Managerial accounting-based, CMTB non-consolidated, average balance basis1. Calculated based on the banking account (domestic funds) + Loan Trusts + JOMTs +

yen denominated loans to non-residents, after securitization of housing loans and realestate non-recourse loans

2. Corporates + Restructuring and Revitalization-Related Financing, etc3. Does not include bond-types

Loan Portfolio

Loan Portfolio1 Yield on Loans and Funding1

We have built a profitable loan portfolio

* Managerial accounting-based, CMTB non-consolidated, average balance basis1. Calculated based on the banking account (domestic funds) + Loan Trusts + JOMTs + yen

denominated loans to non-residents2.　Does not include bond-types3.　Corporates + Restructuring and Revitalization-Related Financing, etc4.　Calculated based on the banking account (domestic funds) + Loan Trusts + JOMTs

More than 30% of totalloans are profitableloans to individuals

Focus on loans withgood risk-return profile

From FY3/08 onwardProactively increasingprofitable overseaslending（External rating abovesingle A and welldiversified by industry）

2

3

22

Chuo Mitsui Asset Trust & Banking Awarded by third party agencies Stable revenue growth with focus on pension businesses

Revenues from Entrusted PensionAUM of Entrusted Pension¹

　　　　 “Mercer MPA (Japan) Award”Awarded Japan Domestic Equities for5 consecutive years since the award was started

1. Includes discretionary assets

6,361.4 6,570.77,121.5 7,344.4

6,720.6

7,950.8

8,625.9

7,657.1

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Mar-05 Mar-06 Mar-07 Mar-08Book value basis Market value basis

(JPY in billions)

24.0

24.5

26.0

26.6

0

23

24

25

26

27

FY3/05 FY3/06 FY3/07 FY3/08

(JPY in billions)

~~

23

Chuo Mitsui Asset Management / Chuo Mitsui Capital

1. Outstanding principal amount (net of sales, repurchases and redemption amount)2. Sum of investment trust and investment advisory fees (market value basis)3. CMAM non-consolidated

Strong presence in the mutual funds market

Channel expansion among regional banks, etc

A major player in the domestic mezzanine marketRevenue source diversification through external fundraising

AUM

Management Fees from Investment Trust3

AUM1

Chuo Mitsui Capital (CMC)Chuo Mitsui Asset Management (CMAM)

Market EnvironmentSteady demand for capital restructuringTotal transaction value of buyouts for the first 3months of 2008 exceeds those of same period lastyear

Chuo Mitsui CapitalWith lower activity levels for foreign investmentbanks, expectations for CMC are growing

779.2

1,311.0

1,864.9

860.3

1,574.2

2,234.9 2,179.4 2,209.5

0

500

1,000

1,500

2,000

2,500

Mar-05 Mar-06 Mar-07 Mar-08Principal basis¹ Market value basis²

(JPY in billions)

2.96.1

10.313.1

0

5

10

15

FY3/05 FY3/06 FY3/07 FY3/08

(JPY in billions)

13.1

84.6 105.1 116.3

34.9

142.9

214.5

273.9

050

100150200250300

Mar-05 Mar-06 Mar-07 Mar-08Investment amount Commitment amount

(JPY in billions)

1. Total assets under management by Chuo Mitsui Capital

24

V. Overview of Our Capital

25

Overview of Our CapitalWe have steadily accumulated retained earnings, which now exceeds the outstanding amountof public funds

Capital Adequacy Ratio1 & Tier I Ratio1

Status of Outstanding Public Preferred Shares

Group Retained Earnings2,3/ Public Funds3

CMTH consolidated. Figures after Mar-07 are calculated on Basel II basis. Figures as of Jun-08 reflects the influence of the reduction of retained earnings (JPY 127.3 billion )due to the share buyback & cancellation conducted in July 08. Total retained earnings of CMTH+CMTB+CMAB less an appropriation for legal reserve, etc. Figures as of Jun-08 reflect the influence of secondary offering and share buyback & cancellation conducted in July 08. No upward reset and downward-only reset. Annual reset date: August 1st

30-day average for common share price, starting from 45 days prior to mandatory conversion date. JPY400 is its final reset floor

We aim to make“Full Repayment”by August 2009

throughsecondary

offerings andshare buybacks

12.2610.34

12.35 12.1313.84

9.278.908.50

6.82

10.82

0

4

8

12

16

Mar-05 Mar-06 Mar-07 Mar-08 Jun-08

Capital Adequacy RatioTier1 Capital Ratio

1

1

(%) (JPY in billions)

Amount

(Yen bn) Type

Year/Month

of Injecti on

Div i dend

Rate(%)

Current

Convers ion

Price*4

Mandatory

convers ion

date

Convers ion Pri ce

at mandatory

convers ion date

Class Ⅰ All shares (JPY 32.0 billion) were sold in the market in July 2006 Class Ⅱ 150.00 Convertible 3/1999 0.90 JPY450 8/1/2009 Market price*5

Class Ⅲ 50.35 Convertible 3/1999 1.25 JPY450 8/1/2009 Market price*5

JPY 37.0 billion were sold in the market in July 2007 JPY 76.5 billion were sold in the market and JPY 86.4 billion were bought back in July 2008

Total 200 .35

Mar-06 Mar-07 Mar-08 Jun-08

254.0343.2

400.4

273.0

432.2 400.2 363.2

200.3

86.4

32.037.0

76.5

0

100

200

300

400

500 Retained earnings Public funds(Book value)Buyback Offering

26

VI. Appendix

27

Actual YoY Actual YoY

(JPY in billions) FY3/07 FY3/08 Change 1Q.FY3/08 1Q.FY3/09 Change<CMTB+CMAB, non-consolidated>

Gross Operating Profit ¹ 275.3 265.2 (10.0) 70.5 57.4 (13.0)

Operating Expenses 98.2 110.8 12.5 28.0 30.0 2.0

Net Periodic Benefit Cost (17.1) (7.7) 9.3 - - -

Pre-provision Profit ² 177.0 154.4 (22.6) 42.5 27.4 (15.1)

Net Other Profit (Loss) and Others (22.9) (27.5) (4.6) - - -

Recurring Profit 154.1 126.8 (27.3) 37.7 20.1 (17.5)

Extraordinary Gain / Loss 18.1 8.1 (9.9) 0.7 1.3 0.5

Income before Income Taxes 172.3 135.0 (37.2) 38.4 21.5 (16.9)

Current Income Taxes 10.5 10.2 (0.2) 2.4 1.8 (0.5)

Deferred Income Taxes 43.3 42.8 (0.5) 10.1 6.5 (3.5)

Net Income 118.4 81.9 (36.4) 25.9 13.0 (12.8)

Credit Costs 29.7 9.5 (20.2) 1.7 4.3 2.5

<CMTH, consolidated>

Recurring Profit 159.9 125.3 (34.5) 34.7 19.1 (15.6)

Net Income 112.7 71.8 (40.9) 20.1 9.6 (10.5)

Dividend (yen per share) 5 7 - -

Actual YoY(JPY in billions) FY3/07 FY3/08 Change<CMTB+CMAB, non-consolidated>

Asset Management Related Businesses 130.1 121.9 (8.1)

Investment Trust & Annuity Insurance 43.0 45.2 2.2

Real Estate Fee Businesses 38.7 31.7 (7.0)

Pension Trust 26.0 26.6 0.6

Stock Transfer Agency 14.5 13.6 (0.8)

Banking Businesses 145.2 143.2 (1.9)

Conventional Banking Businesses 68.2 77.5 9.3

Corporate Loans 42.4 43.3 0.8

Bond Investments 25.7 34.2 8.4

Loans to Individuals 37.1 39.5 2.4

Real Estate Asset Finance 9.7 9.9 0.1

Alternative Investments 25.3 9.5 (15.7)

Other Banking Related Businesses 4.8 6.6 1.8

Gross Operating Profit 275.3 265.2 (10.0)

Summary Financial ResultsDecline in profit for 1Q.FY3/09 due to delay in the recovery of the market

Financial Highlights

1.　Before trust account credit costs2.　Before trust account credit costs and provision (reversal) of general allowance for possible loan losses

Revenues by Business Unit

Increase in netperiodic benefitcost (JPY 9.3 bn)

Gains on return ofsecurities fromemployeeretirement benefittrust in FY3/07(JPY 15.8 bn),none in FY3/08

Loss from CDO(JPY 5 bn)

Decrease in feeincome from realestate feebusinesses(JPY 7 bn)

* Our Strategic Focus Areas

Decrease in feeincome frominvestment trustand real estate feebusinesses(JPY6.8 bn)

Decrease individend income(JPY 7.5bn)

28

0

2,000

4,000

6,000

8,000

10,000

12,000

~24

25-29

30-34

35-39

40-44

45-49

50-54

55-59

60-64

65-69

70-74 75

~0

5,000

10,000

15,000

20,000

25,000

Average savings Average liabilities Population

(thousands of people) (JPY in thousands)

（Age）

Cash and deposits14%

Bonds9%

Investmenttrusts14%

Shares and equities29%

Insurance andpensionreserves

30%

Others4%

Cash anddeposits

52%

Bonds3%

Investmenttrusts4%

Shares andequities

9%

Insuranceand

pensionreserves

27%

Others4%

Average Savings and Liabilities per Household1

Investment Trust and Annuity Insurance ~ Market Environment

Composition of Financial Assets ofIndividuals in Japan and US

<Japan>

<United States>

Total: JPY 1,490 trillion

Total: USD 44.1 trillion

16.5%

51.7%

Source: Flow of Funds, Bank of Japan (as of Mar-08)

The shift from “savings” to “investments” is expected to continue

Savings

1. Households with at least 2 persons2. Shares, bonds, and investment trusts, etc.

Source: Population Estimates (Dec-07 recalculated basis), Statistics Bureau, Ministry of Internal Affairs and CommunicationsNational Survey of Family Income and Expenditure (2004), Statistics Bureau, Ministry of Internal Affairs andCommunications

“BabyBoomers”

Liabilities

ExcessSavings

14.0%14.8%12.3%

9.5%7.3%6.8% 7.4%

5.1%4.1%3.3% 4.1%

16.3%

Percentage of savings represented by securities²

29

14%FY3/03

FY3/08

CMTB (non-consolidated)

Others

Real Estate ~ Market EnvironmentWe have increased our market share by leveraging the transformation of real estate intofinancial products

Real Estate Securitization Market

Source: Survey of Real Estate Securitization (FY06), the Ministry of Land, Infrastructure,Transport and Tourism

(JPY in trillions)

Market Share of Real Estate Related Revenues forJapanese Trust Banks1

1. The aggregate of real estate related revenues of major Japanese trust banksSource: Company disclosures

(# of transactions)

0

1

2

3

4

5

6

7

8

9

Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-080

200

400

600

800

1,000

1,200

1,400

1,600

1,800

J-REITs Others # of transactions

21%

30

43

46

4950

35

40

45

50

55

1995 2000 2005 20100

5

6

7

8

9

10

11

-2525

-2930

-3435

-3940

-4445

-4950

-5455

-5960

-6465

-6970

-74 75-

～～

Although housing starts have decreased due in part to amendments to the BuildingStandards Law, the housing loan market is expected to recover, with robust demand from“junior baby boomers”

Housing Loans ~ Market Environment

Source: Population Projection for Japan (Projections as of Mar-08),National Institute of Population and Social Security Research,Ministry of Land，Infrastructure，Transport and Tourism

Population Distribution by Age Group# of Households in JapanHousing Starts(houses / condominiums) since Apr-07

Although housing starts decreased due inpart to the amendments to the Building

Standards Law in Jun-07, the rate ofdecrease has slowed

Although total population peaked in 2006,the # of households is expected to grow

Demand from first-time buyers in the“junior baby boomer” generation isexpected to sustain housing starts

Forecast

(millions ofhouseholds)

Housing Starts (change from same month of previous fiscal year)

Souce: Housing Starts (Mar-08),Ministry of Land，Infrastructure，Transport and Tourism

(millions of people)

(Age)Source: Population Estimates (Dec-07 recalculated basis), Statistics Bureau, Ministry of Internal Affairs and

Communications

0%

20%

40%

60%

80%

100%

120%

140%

Apr-07 Jul-07 Oct-07 Jan-08 Apr-08

Housing Starts (Houses)Housing Starts (Condominiums)

31

This material contains certain forward-looking statements. These statements are not guarantees of futureperformance, and involve risks and uncertainties. Actual results may differ from these forward-lookingstatements contained in the present material, due to various factors, including, but not limited, to changes inoverall economic conditions.