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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.

During the year ended March 31, 2019, Japan's economy saw a moderate recovery on the back of strong consumer spending and capital expenditures given the positive labor environment, despite a drop off in external demand from the slowdown in the world economy up to the end of the fiscal year. Meanwhile, the business climate facing financial institutions remained challenging, due in part to the protracted low interest rate environment and higher volatility in markets.

Amidst this environment, for the year ended March 31, 2019, Resona Holdings recorded 175.1 billion yen in net income attributable to owners of the parent, which is 24.9 billion yen below the initial target. This result is due in part to our efforts to reinforce the soundness of our securities portfolio, considering the uncertain market environment. Operationally, the spread between interest on deposits and loans improved, while our loan balance and fee income continued to increase, indicating we have made consistent progress in the profit structure reforms cited in our Medium-Term Management Plan. Moreover, we continue to maintain a sound financial condition, with our capital adequacy ratio at 10.10% and non-performing loan (NPL) ratio at 1.18%, as of the end of March 2019.

Turning to dividends, we plan to continue offering a full-year dividend of 21 yen per share of common stock for the year ending March 31, 2020. In addition, on May 10, 2019, we finalized a plan to buyback upwards of 10 billion yen of our own shares up to June 14, 2019. This demonstrates our commitment to increasing shareholder returns.

The Resona Group is working towards its growth strategy of becoming "Retail No.1" financial services group under Resona Sustainability Challenge 2030, which represents our promise to contribute to the achievement of the SDGs through financial services.

In autumn 2018, we launched services of the Resona Cashless Platform that provides total support to customers' cashless payment needs. Meanwhile, the Resona Group App, geared toward smartphones and offering a simple interface and ease of use, surpassed one million downloads. We will continue working to provide optimal solutions to a wide range of customers anytime and anywhere.

In April 2019, Kansai Mirai Financial Group, our consolidated subsidiary, saw the merger of two banks under its umbrella to form Kansai Mirai Bank, Limited. We now will work toward further enhancing customer convenience by providing seamless and leading services across the Resona Group. This will include quickly integrating our systems, offering instantaneous issuance of bank ATM cards, and permitting the opening of bank accounts without a personal seal.

Looking ahead, will continue to develop "Omni-advisors" that think like customers, while maintaining our basic stance, "Customers' happiness is our pleasure." We stand committed to maximizing 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.

June 2019