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Message from the Management

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

We appreciate your continued trust and support of the Resona Group. In this interim period, while solid improvements in the employment and income situation were recognized, the outlook for the Japanese economy remained unpredictable in part due to heightened uncertainties driven by the UK's decision to exit the EU and subsequent appreciation of the yen.

Under these circumstances, Resona Holdings' actual net operating profit on a consolidated basis fell by JPY 11.0 billion on a year-on-year basis to JPY 125.7 billion. This was mainly caused by lower net interest income, resulting from a contraction of loan-to-deposit spread and other factors, but was partly compensated by steadily accumulating net gains on bonds and thoroughly implementing low cost operations. On the other hand, net interim income attributable to owners of the parent rose JPY 11.2 billion on a year-on-year basis to JPY 96.9 billion, which was JPY 14.9 billion above the net income guidance issued at the beginning of the year, mainly due to improvement in credit related expenses. Considering these conditions, we revised up our full-year net income guidance for fiscal year 2016 by JPY 10 billion, to JPY 170 billion. In addition, we have maintained a sound financial standing, as the NPL (Non-Performing Loan) ratio and capital adequacy ratio at the interim period-end were 1.42% and 12.58%, respectively.

Amidst significant changes in the business environment, we are working to evolve from a conventional business model, continually provide new value to customers, and thereby achieve our aim of being the No.1 Retail Bank. During this interim period, as the second shot of "Resona Smart Store" which we launched as a new channel targeting all areas in Japan, we started offering "Resona Smart Account," and we added two more Seven Days Plazas that are open all year round, increasing the total number of Seven Days Plazas in our group to 13. To improve customer convenience further, we are accelerating our Omni-channel strategy that integrates online and offline services.

As a financial services group, the Resona Group will aim to be the "No.1 Retail Bank," providing greater support for customers in the community, and working towards the future together. We will maintain our basic stance that "Customers' joy and happiness are Resona's," and accelerate reforms, while making the utmost effort to continue maximizing the Group's corporate value by upholding management with high transparency.

We appreciate your continued support.

December 2016