UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2011.

Commission File Number 333-170434

Sumitomo Mitsui Trust Holdings, Inc.

(Translation of registrant’s name into English)

9-2, Marunouchi, 1-chome

Chiyoda-ku, Tokyo 100-6611

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F:  x    Form 40-F:  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.    Yes  ¨    No  ¨

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

This report on Form 6-K contains the following:

1. Mitsui Sumitomo Trust Holdings, Inc. Financial Results for the Fiscal Year 2010

2. The Sumitomo Trust & Banking Co., Ltd Financial Results for the Fiscal Year 2010

3. Explanatory Material

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Sumitomo Mitsui Trust Holdings, Inc.
Date: May 13, 2011	By:	/s/ Tadashi Nishimura
	Name:	Tadashi Nishimura
	Title:	Executive Officer

Sumitomo Mitsui Trust Holdings, Inc. Financial Results for the Fiscal Year 2010 [Japanese GAAP] (Consolidated)
	May 13, 2011

Listed company	: Sumitomo Mitsui Trust Holdings, Inc.
	(Former Chuo Mitsui Trust Holdings, Inc)
Stock exchange listings	: Tokyo, Osaka and Nagoya(code: 8309)
URL	: http://smth.jp/
Representative	: Kazuo Tanabe, President
For inquiry	: Tadashi Nishimura, Executive Officer
	General Manager of Financial Planning Department,
	Sumitomo Mitsui Trust Holdings, Inc
	TEL +81-3-5232-8816
Date of the ordinary general meeting of shareholders	: June 29, 2011
Payment date of cash dividends (Scheduled)	: June 30, 2011
Filing date of financial statements	: June 30, 2011
Trading accounts	: Established
Supplementary explanatory material	: Prepared
Information meeting	: Scheduled(for analysts)
	<Note>Amounts less than one million yen are rounded down.

1. Consolidated Financial Results for the Fiscal Year 2010 (from April 1, 2010 to March 31, 2011)

(1) Consolidated Results of Operations (Cumulative) (%: Change from the previous period)

	Ordinary Income					Ordinary Profit				Net Income
Fiscal year ended	Millions of yen		%			Millions of yen		%		Millions of yen		%
March 31, 2011		350,977		(4.0	)		84,705		1.5		47,277		1.0
March 31, 2010		365,516		(11.5	)		83,415		—		46,826		—

(Note) Comprehensive Income:	March 31, 2011	24,945 millions of yen, (-85.6%)
	March 31, 2010	173,510 millions of yen, (–%)

	Net Income per Common Share		Net Income per Common  Share (Diluted)	Net Income to Net Assets  Ratio		Ordinary Profit to Total  Assets Ratio		Ordinary Profit to Ordinary  Income Ratio
Fiscal year ended	Yen		Yen	%		%		%
March 31, 2011		28.51			7.2		0.6		24.1
March 31, 2010		31.41			9.8		0.6		22.8

(Reference) Net income (loss) from investment in equity method affiliates:	March 31, 2011    553 millions of yen
	March 31, 2010    (814) millions of yen

(Note) Net income per common share (diluted) is not stated, as there are no potentially dilutive securities.

(2) Consolidated Financial Conditions

	Total Assets		Net Assets		Net Assets Ratio		Net Assets per Common Share		Consolidated BIS Capital  Adequacy Ratio
As of	Millions of yen		Millions of yen		%		Yen		%
March 31, 2011		14,231,070		844,130		4.6		395.94		16.46
March 31, 2010		14,977,966		846,556		4.4		397.69		13.80

(Reference) Net assets less minority interests:	March 31, 2011    656,476 millions of yen
	March 31, 2010    659,394 millions of yen

(Note)	1.	Net Assets Ratio = Net assets less minority interests / Total assets
	2.	Consolidated BIS Capital Adequacy Ratio is calculated based on the “Standards for Bank Holding Company to Examine the Adequacy of Its Capital Based on Assets, etc. Held by It and Its Subsidiaries Pursant to Article 52-25 of Banking Act” (Notification 20 issued by the Japanese Financial Services Agency in 2006). The ratio as of March 31, 2011 is the preliminary figure for immediate release purposes.

(3) Consolidated Cash Flows

	Cash Flows from Operating  Activities			Cash Flows from Investing  Activities		Cash Flows from Financing  Activities		Cash and Cash Equivalents at End of the Period
Fiscal year ended	Millions of yen			Millions of yen		Millions of yen		Millions of yen
March 31, 2011		(519,408	)		734,537		12,628		465,221
March 31, 2010		(436,461	)		406,443		50,296		237,851

2. Dividends on Common Share

	Annual Cash Dividends per Common Share										Total  Dividends Payment (Annual)		Payout Ratio (Consolidated)		Dividends to Net Assets Ratio (Consolidated)
	First Quarter-end		Second Quarter-end		Third Quarter-end		Year-end		Annual
Fiscal year ended	Yen		Yen		Yen		Yen		Yen		Millions of yen		%		%
March 31, 2010		—		0.00		—		8.00		8.00		13,264		28.3		2.4
March 31, 2011		—		4.00		—		4.00		8.00		13,264		28.1		2.0
Fiscal year ended
March 31, 2012 (Forecast)		—		4.00		—		4.00		8.00				31.5

(Note)	1.	The figure above shows dividends on common share. In regard to other types of shares, please see “Dividends on Preferred shares” as follows.
	2.	Newly-born “The Sumitomo Mitsui Trust Group” integrated on April 1, 2011, sets returning profit to shareholders as an important management policy and has a basic policy targeting consolidated-Dividends to Net Assets Ratio* to be 30 percentage or more.
	*	consolidated-Dividends to Net Assets Ratio = Total Dividends on Common Share / (Net income - Total Dividends on Preferred share)×100. However, regarding to the Fiscal Year 2011, this figure is calculated on the basis of deducting gains arising temporally from negative goodwill due to accounting for business combinations.

3. Forecast of Consolidated Financial Results for the Fiscal Year 2011

(from April 1, 2011 to March 31, 2012)

(%: Change from the previous period)

	Ordinary Income				Net Income				Net Income per Common Share
Six months ending	Millions of yen		%		Millions of yen		%		Yen
September 30, 2011		100,000		99.6		90,000		180.6		21.11
Fiscal year ending
March 31, 2012		215,000		153.8		150,000		217.3		35.00

4. Other Information

(1) Changes in important subsidiaries and Affiliates (Specified Subsidiary) during the fiscal year 2010: None

(2) Changes in accounting principles, procedures and presentation rules in the preparation of consolidated financial statements

1) Changes due to revisions in accounting standards: Yes

2) Other changes: None

(Note) For the details, please refer to page 18, “Change in Significant Accounting Policies and Practices”.

(3) Number of issued shares (Common share)

1) Number of issued shares (including treasury stock)

March 31, 2011 : 1,658,426,267 shares, March 31, 2010 : 1,658,426,267 shares

2) Number of treasury stock

March 31, 2011 : 411,673 shares, March 31, 2010 : 366,149 shares

3) Average number of issued shares (for the fiscal year)

March 31, 2011 : 1,658,044,193 shares, March 31, 2010 : 1,490,670,506 shares

(Note) For the details, please refer to page 35, “Per Share Information”.

<Reference>Summary of Non-consolidated Financial Results

1. Non-Consolidated Financial Results for the Fiscal Year 2010 (from April 1, 2010 to March 31, 2011)

(1) Non-consolidated Financial Results of Operations (%: Change from the previous period)

	Operating Income					Operating Profit					Ordinary Profit
Fiscal Year Ended	Millions of yen		%			Millions of yen		%			Millions of yen		%
March 31, 2011		22,764		66.8			12,366		298.1			9,615		321.1
March 31, 2010		13,651		(19.7	)		3,106		(61.5	)		2,283		(69.7	)
	Net Income					Net Income per Common Share					Net Income per Common Share (Diluted)
Fiscal Year Ended	Millions of yen		%			Yen					Yen
March 31, 2011		8,906		210.8			5.37					—
March 31, 2010		2,865		(59.4	)		1.92					—

(Note) Net income per common share (diluted) is not stated, as there are no potentially dilutive securities.

(2) Non-consolidated Financial Conditions

	Total Assets		Net Assets		Net Assets Ratio		Net Assets per Common  Share
As of	Millions of yen		Millions of yen		%		Yen
March 31, 2011		794,198		601,370		75.7		362.70
March 31, 2010		805,149		612,375		76.1		369.33

(Reference) Net assets: March 31, 2011  601,370 millions of yen March 31, 2010  612,375 millions of yen

(Note) Net Assets Ratio = Net assets / Total assets

Presentation on the implementation status of the audit procedures

These financial results stand out of range of review procedures based on “Financial Instruments and Exchange Act.” At the time of these disclosure, the procedures of the financial statements based on “Financial Instruments and Exchange Act” have not completed yet.

Explanation for proper use of forecasts and other note

• Chuo Mitsui Trust Holdings, Inc. changed its trade name to Sumitomo Mitsui Trust Holdings, Inc. on April 1, 2011.

• Forecasts in this material are based on information, which is available at this moment, and assumptions of uncertain factors, which may affect future operating results. Actual results may differ materially from those forecasts depending on various future events and conditions.

• Information meeting will be held for analysts and institutional investors. The contents of the meeting such as explanations about financial results will be posted on the web-site, together with the handouts to be used on the day.

(Dividends on Preferred Shares)

Cash dividends per share on preferred share are as below:

The First Series of Class VII Preferred Shares	Annual Cash Dividends per Share										Total of dividends
	First Quarter-end		Second Quarter-end		Third Quarter-end		Year-end		Annual
	Yen		Yen		Yen		Yen		Yen		Millions of yen
Fiscal year ended
March 31, 2010		—		—		—		—		—		—
March 31, 2011		—		—		—		—		—		—
Fiscal year ending
March 31, 2012 (Forecast)		—		21.15		—		21.15		42.30

(Note) We concluded a share exchange agreement on management integration and a management integration agreement with The Sumitomo Trust and Banking Co., Ltd. After approval at the extraordinary general meeting of shareholders held on December 22,2010, the share exchange was performed on April 1, 2011 as the effective date. Each share of Sumitomo Mitsui Trust Holdings, Inc. Class VII preferred shares was alloted and delivered to each share of the First Series of The Sumitomo Trust and Banking Co., Ltd. Class II Preferred Shares.

[Accompanying Materials]

Index

1.      Financial Results	2
(1)    Financial Results	2
(2)    Financial Conditions	2
(3)    Dividend Policy and Forecast for Fiscal Year 2010 and 2011	3
2.      Overview of Chuo Mitsui Trust Group	4
3.      Management Policy	5
(1)    Basic Management Policy	5
(2)    Mid and long term Management Strategy and Issues to be Addressed	5
4.      Consolidated Financial Statements	7
(1)    Consolidated Balance Sheets	7
(2)    Consolidated Statements of Income	8
(3)    Consolidated Statements of Comprehensive Income	9
(4)    Consolidated Statements of Changes in Net Assets	10
(5)    Consolidated Statements of Cash Flows	12
Notes to the Consolidated Financial Statements for the Fiscal Year 2010
Note to the Going-Concern Assumption	13
Significant Accounting Policies and Practices	13
Changes in Significant Accounting Policies and Practices	18
Notes to the Consolidated Balance Sheets	18
Notes to the Consolidated Statements of Income	20
Notes to the Consolidated Statements of Comprehensive Income	21
Notes to the Consolidated Statements of Changes in Net Assets	22
Notes to the Consolidated Statements of Cash Flows	22
Financial Instruments	23
Securities	28
Money Held in Trust	30
Valuation Difference on Available-for-Sale Securities	31
Segment Information	32
Per Share Information	35
Important Subsequent Events	36
5.      (Reference) Non-Conslidated Financial Statements	38
(1)    (Reference) Non-Consolidated Balance Sheets	38
(2)    (Reference) Non-Consolidated Statements of Income	39
(3)    (Reference) Non-Consolidated Statements of Changes in Net Assets	40
(4)    Note for the Going-Concern Assumption	42

1

1. Financial Results

(1) Financial Results

(a) Management Integration

Chuo Mitsui Trust Holdings, Inc and The Sumitomo Trust and Banking Company, Limited carried out the management integration through the share exchange and newly established a holding company, “Sumitomo Mitsui Trust Holdings, Inc.”

We, as the only trust bank group in Japan, will form “The Trust Bank”, a new trust bank group that brings together both groups’ human resources, know-how, management-resources, expertise, and comprehensive capabilities in order to provide comprehensive solutions to customers swiftly.

(b) Financial Results for the Fiscal Year 2010 and outlook of the Fiscal year 2011

With respect to the economic conditions during this period, while the pace of economic growth in developing countries slowed down slightly due to tightened monetary policy, while U.S. or other developed countries’ economies have recovered increasingly by the effect of economic measures. In Japan, economic condition seemed to start recovering mainly in the fields of export and production from beginning of year 2011 while there was a temporary stagnation in last autumn due to weakened demand from abroad and wearing off the policy effect. However, the Great East Japan Earthquake occurred on March 11 has seriously impacted the Japanese economy to shrink the production.

In the financial markets, short-term interest rates (overnight call rates) hovered below the Bank of Japan’s target rate of 0.1% after comprehensive money easing measures in October. And it fell to 0.06% level at the end of current fiscal year since Bank of Japan has strengthened money easing measures after the Great East Japan Earthquake. Long-term interest rates climbed up to mid 1.2% after falling to mid 0.8% level in October.

The Nikkei Stock Average hovered weakly due to worsening financial problems in Europe and appreciating yen trend. It finished mid 9,700 level although dropping over 1,000 yen to 8,200 level soon after the Great East Japan Earthquake.

In the foreign exchange market, the yen trended higher against the dollar, appreciating from the ¥93 range in early October to the ¥80 range at the end of the period, and hovered around low ¥80 range afterward. The yen appreciated to ¥76.26, highest level in the past, in overseas market on March 17, but finished at low ¥83 range after coordinated intervention at the end of the period.

In these economic and financial conditions, our group companies (former Chuo Mitsui Trust Group) has deployed various initiatives in order to increase profits to the utmost extent and strengthen efforts to achieve the Vision of “The Trust Bank” coordinating the business with the Sumitomo Trust & Banking group before management integration.

Regarding our consolidated financial results (former Chuo Mitsui Trust Group) , pre-provision profit at bank subsidiaries decreased due to the underperforming real estate related income and banking related income while market related income increased steadily. The reversal of allowance for loan losses resulting from improvement of financial conditions of some clients was posted while additional allowance for loan losses after carefully estimating the effects caused by the Great East Japan Earthquake,. The impairment loss for some stocks was posted including stocks of which fair value declines significantly at the fiscal year end and the decline is not recognized as temporary decline while posting the gain on sale of stocks. As a result, ordinary profit increased by ¥1.2 billion to ¥84.7 billion and net income increased by ¥0.4 billion to ¥47.2 billion year on year.

Regarding segment information, ordinary income of ¥282.5 billion and segment profit of ¥68.4 billion was posted on The Chuo Mitsui Trust and Banking Company, Limited, ordinary income of ¥40.9 billion and segment profit of ¥11.1 billion on Chuo Mitsui Asset Trust and banking Company, Limited, ordinary income of ¥10.4 billion and segment profit of ¥0.5 billion on asset management subsidiaries, and ordinary income of ¥17.0 billion and segment profit of ¥21.3 billion on other businesses.

Regarding outlook of consolidated financial result of Chuo Mitsui Trust Holdings, Inc. for fiscal year 2011, ordinary income of ¥215.0 billion and net income of ¥150.0 billion are expected with expanding fee related income while severe environment for interest income, including expectation of approximately ¥40.0 billion of profit regarding negative goodwill as effect of consolidated account processing with management integration.

2

(2) Financial Conditions

Total asset decreased by 746.8 billion yen to 14,231.0 billion yen from the end of March 2010. Of which, balance of loans and bills decreased by 77.6 billion yen to 8,864.2 billion yen, balance of securities decreased by 815.1 billion yen to 3,710.5 billion yen. Balance of deposits increased by 532.0 billion yen to 9,292.0 billion yen.

In the fiscal year 2010, net cash used in operating activities such as changes in loans and deposits, investment and funding was 519.4 billion yen. Net cash provided by financing activities such as proceeds from subordinated bond was 12.6 billion yen. As a result, Cash and cash equivalents at the end of March 2011 was 465.2 billion yen Consolidated capital adequacy ratio (domestic standard) at the end of March 2011 was 16.46% (Preliminary). Trend of capital adequacy ratio including the figure above is as follows.

(Note)

Consolidated capital adequacy ratio (domestic standard) is calculated accordance with Financial Services Agency Notification No.20 of 2006 (the “Consolidated capital Adequacy Ratio Notification”) which indicates standards for judgment financial holding companies on whether or not the capital adequacy status is appropriate in the light of the assets, etc., they and their subsidiaries hold pursuant to the provision of Article 52-25 of the Banking Act.

(3) Dividend policy and forecast for fiscal year 2010 and 2011

In view of its public nature as a financial institution, former Chuo Mitsui Trust Holdings’ basic policy on dividends is to enhance an appropriate level of retained earnings and to maintain stable dividends for shareholders. Based on the policy, the year-end dividend per share will be 4.00yen (annual dividend per share of 8.00yen including interim dividend per share 4.00yen).

Sumitomo Mitsui Trust Holdings, Inc. which was newly formed on April 1, 2011 as a result of the Management Integration, positions the management policy of profit sharing with shareholders as one of its highest concerns, and adopts the basic policy to share profits with shareholders in accordance with profit level of each fiscal year. Sumitomo Mitsui Trust Holdings, Inc. targets consolidated dividend payout ratio of approximately 30% (*). Based on the policy, Sumitomo Mitsui Trust Holdings, Inc. annual dividend forecast per share on common share for fiscal year 2011 will be 8.00yen (interim dividend per share 4.00yen) on the condition of earnings forecasts.

(*) Consolidated dividend payout ratio

= {Total amount of dividends on common shares /(Consolidated net income (exclude gain on negative goodwill)

— Total amount of dividends on preferred shares)} ×100

In fiscal year 2011, dividend forecast was calculated by deducting the one-time accounting gain on negative goodwill related to the Management Integration.

3

2. Overview of Chuo Mitsui Trust Group

Our Group (former Chuo Mitsui Trust Group) consists of two trust banks (The Chuo Mitsui Trust and Banking Company, Limited and Chuo Mitsui Asset Trust and Banking Company, Limited), two asset management companies ( Chuo Mitsui Asset Management Company, Limited and Chuo Mitsui Capital Company, Limited ), and other companies. Our Group conducts wide range of financing services.

Our Group includes 25 consolidated subsidiaries and 3 affiliates accounted for by the equity method.

Reportable segments of our group at the end of this fiscal year are as follows.

Reportable segment	Names of Principal Companies
Chuo Mitsui Trust and Banking Co., Ltd	Chuo Mitsui Trust and Banking Co., Ltd
Chuo Mitsui Asset Trust and Banking Co., Ltd	Chuo Mitsui Asset Trust and Banking Co., Ltd
Asset management companies	Chuo Mitsui Asset Management Co., Ltd
	Chuo Mitsui Capital Co., Ltd
Other	¡        Consolidated subsidiaries
	•       Chuo Mitsui Information Technology Co., Ltd.
	•       CMTB Facilities Co., Ltd.
	•       Chuo Mitsui Business Co., Ltd.
	•       Chuo Mitsui Loan Business Co., Ltd.
	•       CMTB Equity Investments Co., Ltd.
	•       Tokyo Securities Transfer Agent Co., Ltd.
	•       Chuo Mitsui Guarantee Co., Ltd.
	•       Chuo Mitsui Card Co., Ltd.
	•       Chuo Mitsui Realty Co., Ltd.
	•       Chuo Mitsui Finance Service Co., Ltd.
	•       Chuo Mitsui Trust Realty Co., Ltd.
	•       Chuo Mitsui Trust International Ltd.
	•       MTH Preferred Capital 1 (Cayman) Limited
	•       MTH Preferred Capital 3 (Cayman) Limited
	•       MTH Preferred Capital 4 (Cayman) Limited
	•       MTH Preferred Capital 5 (Cayman) Limited
	•       CMTH Preferred Capital 6 (Cayman) Limited
	•       CMTH Preferred Capital 7 (Cayman) Limited
	¡        Affiliates accounted for by the equity method
	•       Japan Trustee Services Bank., Ltd.
	•       Japan Stockholders Date Service Co., Ltd.
	•       Mitsui & Co., Logistics Partners Ltd.

(Note)

1. Other Business is the division which does not belong to any reportable segment.

2. ”CMTH Group” has started to adopt ASBJ Statement No.17 “the Accounting Standard for Disclosures about Segments of an Enterprises and Related Information” (issued by ASBJ on March 27, 2009) and Implementation Guidance No.20 “the Guidance on the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information” (issued by ASBJ on March 21, 2008) from the fiscal year 2010.

Therefore, ”CMTH Group” has changed the division of segment from business segment to reportable segment based on management approach.

4

3. Management Policy

(1) Basic Management Policy

Sumitomo Mitsui Trust Group, newly established through management integration on April1, 2011, has laid out the group’s Management Principles (“Mission”), Ideal Model (“Vision”) and Codes of Conduct (“Values”) in order to manifest ideal standards for Sumitomo Mitsui Trust Group.

A. Management Principles (“Mission”)

• Sumitomo Mitsui Trust Group will swiftly provide comprehensive solutions to its clients by fully utilizing its significant expertise and comprehensive capabilities.

• Sumitomo Mitsui Trust Group will adhere to the principles of sound management based on a high degree of self-discipline with the background of “Trustee Spirit” and will establish strong credibility from society.

• Sumitomo Mitsui Trust Group will strive to fulfill all shareholder expectations by creating distinct values through fusing the various functions featuring the trust bank group.

• Sumitomo Mitsui Trust Group will offer a workplace where the diversity and creativity of its employees are more fully utilized to add value to the organization and where employees can have pride and be highly motivated in fulfilling their missions.

B. Ideal Model (“Vision”) – Towards “The Trust Bank”

Based on the “Trustee Spirit” and with significant expertise and comprehensive capabilities, Sumitomo Mitsui Trust Group will create distinct values by leveraging a new business model, combining its Banking, Asset Management and Administration, and Real Estate businesses, and will move onto the global stage as a leading trust bank group which boasts the largest and highest status in Japan.

(2) Mid and long term Management Strategy and Issues to be Addressed

(Basic Strategy)

In order to achieve the vision described above, “The Trust Bank”, Sumitomo Mitsui Trust Group will leverage its strengths towards the development of a business model that is clearly different from that of megabank groups.

• Provide comprehensive solutions, with superior products and services across business fields:

Sumitomo Mitsui Trust Group will leverage its high level of expertise and a wide range of capabilities cultivated from both the Chuo Mitsui Trust group and the Sumitomo Trust group over the years, to provide comprehensive solutions with superior products and services across business fields that correspond to clients’ needs.

• Concentrate resources on prioritized strategic areas and focus on pursuit of synergies:

Sumitomo Mitsui Trust Group will aim to improve profitability and realize stable and sustainable growth by concentrating management resources on strategic areas where Sumitomo Mitsui Trust Group has competitiveness and expects stronger growth and business synergies across different business fields.

• Financial soundness and capital efficiency:

Sumitomo Mitsui Trust Group will aim to secure capital adequacy in terms of quality and quantity, and maintain a sound financial position. At the same time, Sumitomo Mitsui Trust Group will aim to enhance capital efficiency through the reinforcement of its fee businesses by leveraging its trust functions.

Sumitomo Mitsui Trust Group will strive to establish the distinct status by concentrating the new group’s whole effort based on following prioritized management direction, in addition to establish and fix the governance structure, and implementing the smooth and steady merger among three trust bank subsidiaries planned on April 1, 2012.

A. Achieving both “ enhancing the fee businesses and the basic earnings power” and “discovering new opportunities for growth”.

Sumitomo Mitsui Trust Group will enhance group-wide basic earning power by promoting fee businesses, such as investment trusts and insurance sales, asset management and real estate business to develop new markets and to expand market shares and by constructing the well balanced loan portfolio through promotion of loans to individual and corporations.

As new opportunities for growth, Sumitomo Mitsui Trust Group will lay out the global businesses, mainly in Asia, and develop the new customer base, in addition to promote the discovery of new business opportunities that will become the following principal pillar, Sumitomo Mitsui Trust Group will consider the midterm growth strategy which will enable the sustainable growth of the new group.

5

B. Early materialization of the synergy effects

The Chuo Mitsui Trust and Banking Company, Limited, Chuo Mitsui Asset Trust and Banking Company, Limited and The Sumitomo Trust and Banking Co., Ltd. will work together and actively promote the collaboration across the group. Each bank subsidiary will(i)realize earning synergy by cross-servicing the function, products and the services, (ii)prevent dis-synergies, (iii)pursue cost synergies.

In addition, each bank subsidiary will actively promote the interchange of personnel for promoting the collaborating measures, early fusion of business know-how, facilitating the operation of management integration.

C. Pursuing the productivity — efficiency and cost reduction

The entire new group, mainly at each bank subsidiaries, will validate each business’ productivity and efficiency, and will pursue cost reduction.

<Public Funds>

The Resolution and Collection Corporation (“RCC”) currently holds 500,875,000 shares (200.35 billion yen [amount of issuance basis] ) in the form of common shares of Sumitomo Mitsui Trust Holdings, Inc. as public funds (approximately 12% of number of outstanding common shares of Sumitomo Mitsui Trust Holdings, Inc. as of April 1 2011).

Regarding the public funds, based on a principal to repay at the earliest possible opportunity, Sumitomo Mitsui Trust Group has adopted a policy to make full repayment through sales in the market or by other methods as soon as possible, carefully enough to maintain management soundness while avoiding any adverse impact on the market, and will continue to conduct negotiations with the relevant authorities toward full repayment.

We wish to convey our deepest sympathy for all the people affected by the Great East Japan Earthquake, and we sincerely hope that the affected areas can achieve the quickest possible recovery.

With social and economic structures undergoing significant changes worldwide, our clients are facing increasingly advanced and complex issues concerning their financing and asset management and administration. In addition, restoration from the damage by the earthquake, which is the worst disaster in the postwar period, is becoming an urgent challenge in our country. Sumitomo Mitsui Trust Group, as the only trust bank group in Japan, will continue to accomplish further social responsibility and public mission, and to contribute to our clients and society, as well as to the recovery of Japanese economy, by utilizing high levels of expertise and a broad scope of businesses.

6

4. Consolidated Financial Statements

(1) Consolidated Balance Sheets

	(Millions of yen)
	As of March 31, 2011			As of March 31, 2010
Assets:
Cash and due from banks		502,160			262,240
Call loans and bills bought		6,936			9,884
Receivables under securities borrowing transactions		9,378			1,521
Monetary claims bought		99,921			98,818
Trading assets		36,568			22,778
Money held in trust		2,065			2,234
Securities		3,710,513			4,525,683
Loans and bills discounted		8,864,266			8,941,948
Foreign exchanges		12,259			767
Other assets		393,956			446,145
Tangible fixed assets		123,584			126,000
Buildings		34,835			37,384
Land		80,955			81,958
Construction in progress		291			200
Other tangible fixed assets		7,502			6,456
Intangible fixed assets		56,994			58,940
Software		18,886			16,221
Goodwill		33,034			35,304
Other intangible fixed assets		5,074			7,414
Deferred tax assets		143,055			150,296
Customers’ liabilities for acceptances and guarantees		317,098			384,117
Allowance for loan losses		(47,690	)		(53,410	)
Total assets		14,231,070			14,977,966
Liabilities:
Deposits		9,292,002			8,759,917
Negotiable certificates of deposit		327,020			327,190
Call money and bills sold		351,956			306,161
Payables under securities lending transactions		1,161,653			1,702,697
Trading liabilities		7,716			7,911
Borrowed money		678,983			1,217,246
Foreign exchanges		—			21
Bonds payable		267,247			234,750
Due to trust accounts		801,657			995,612
Other liabilities		156,055			170,887
Provision for bonuses		3,133			3,160
Provision for retirement benefits		2,859			2,662
Provision for directors’ retirement benefits		253			1,704
Provision for contingent losses		15,335			12,022
Deferred tax liabilities		3,967			5,346
Acceptances and guarantees		317,098			384,117
Total liabilities		13,386,939			14,131,410
Net assets:
Capital stock		261,608			261,608
Retained earnings		406,002			377,619
Treasury Stock		(282	)		(270	)
Shareholders’ equity		667,328			638,957
Valuation difference on available-for-sale securities		4,408			35,002
Deferred gains or losses on hedges		3,406			2,705
Revaluation reserve for land		(16,537	)		(15,532	)
Foreign currency translation adjustment		(2,129	)		(1,738	)
Total accumulated other comprehensive income		(10,851	)		20,436
Minority Interests		187,653			187,161
Total net assets		844,130			846,556
Total liabilities and net assets		14,231,070			14,977,966

7

(2) Consolidated Statements of Income

	(Millions of yen)
	Fiscal year ended March 31, 2011		Fiscal year ended March 31, 2010
Ordinary income		350,977		365,516
Trust fees		46,720		50,874
Interest income:		160,477		181,592
Interest on loans and discounts		106,584		122,029
Interest and dividends on securities		48,613		55,570
Interest on call loans and bills bought		367		181
Interest on receivables under securities borrowing transactions		139		77
Interest on deposits with banks		452		189
Other interest income		4,320		3,543
Fees and commissions		82,579		80,790
Trading income		3,943		2,592
Other ordinary income		36,224		27,505
Other income		21,032		22,161
Ordinary expenses		266,272		282,100
Interest expenses		59,694		68,901
Interest on deposits		40,794		44,970
Interest on negotiable certificates of deposit		524		1,422
Interest on call money and bills sold		537		725
Interest on payables under repurchase agreements		—		17
Interest on payables under securities lending transactions		2,537		3,483
Interest on borrowings		2,675		3,838
Interest on bonds		7,642		7,512
Other interest expenses		4,983		6,929
Fees and commissions payments		20,890		21,112
Trading expenses		441		—
Other ordinary expenses		9,228		8,318
General and administrative expenses		140,931		149,232
Other expenses		35,086		34,536
Provision of allowance for loan losses		—		360
Other		35,086		34,175
Ordinary profit		84,705		83,415
Extraordinary income		7,832		2,579
Gain on disposal of noncurrent assets		141		234
Reversal of allowance for loan losses		764		—
Recoveries of written-off claims		6,926		2,147
Reversal of allowance for contingent losses		—		197
Extraordinary loss		5,753		1,196
Loss on disposal of noncurrent assets		759		501
Loss on impairment of fixed assets		1,108		—
Management integration expenses		3,397		525
Other		489		168
Income before income taxes and minority interests		86,783		84,798
Income taxes-current		6,452		8,149
Income taxes-deferred		25,524		22,150
Total income taxes		31,977		30,299
Income before minority interests in income		54,806		—
Minority interests in income		7,529		7,672
Net income		47,277		46,826

8

(3) Consolidated Statements of Comprehensive Income

	(Millions of yen)
	Fiscal year ended March 31,2011			Fiscal year ended March 31,2010
Income before minority interests in income		54,806			—
Other comprehensive income
Valuation difference on available-for-sale securities		(30,147	)		—
Deferred gains or losses on hedges		701			—
Foreign currency translation adjustment		(390	)		—
Attributable to equity method affiliate		(22	)		—
Other comprehensive income		(29,860	)		—
Comprehensive income
Comprehensive income attributable to owners of the parent		16,993			—
Comprehensive income attributable to minority interests		7,952			—

9

(4) Consolidated Statements of Changes in Net Assets

	(Millions of yen)
	Fiscal year ended March 31, 2011			Fiscal year ended March 31, 2010
Shareholders’ equity:
Capital stock:
Balance at the end of the previous period		261,608			261,608
Changes of items during the period:
Total changes of items during the period		—			—
Balance at the end of the current period		261,608			261,608
Retained earnings:
Balance at the end of the previous period		377,619			338,564
Changes of items during the period:
Dividends from surplus		(19,896	)		(7,765	)
Net income		47,277			46,826
Disposal of treasury stock		(3	)		(5	)
Reversal of revaluation reserve for land		1,004			—
Total changes of items during the period		28,382			39,055
Balance at the end of the current period		406,002			377,619
Treasury stock:
Balance at the end of the previous period		(270	)		(262	)
Changes of items during the period:
Purchase of treasury stock		(17	)		(18	)
Disposal of treasury stock		5			9
Total changes of items during the period		(11	)		(8	)
Balance at the end of the current period		(282	)		(270	)
Total shareholders’ equity:
Balance at the end of the previous period		638,957			599,910
Changes of items during the period:
Dividends from surplus		(19,896	)		(7,765	)
Net income		47,277			46,826
Purchase of treasury stock		(17	)		(18	)
Disposal of treasury stock		2			4
Reversal of revaluation reserve for land		1,004			—
Total changes of items during the period		28,370			39,047
Balance at the end of the current period		667,328			638,957

10

(Continued)

	(Millions of yen)
	Fiscal year ended March 31, 2011			Fiscal year ended March 31, 2010
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities:
Balance at the end of the previous period		35,002			(83,325	)
Changes of items during the period:
Net changes of items other than shareholders’ equity		(30,593	)		118,327
Total changes of items during the period		(30,593	)		118,327
Balance at the end of the current period		4,408			35,002
Deferred gains or losses on hedges:
Balance at the end of the previous period		2,705			2,406
Changes of items during the period:
Net changes of items other than shareholders’ equity		701			298
Total changes of items during the period		701			298
Balance at the end of the current period		3,406			2,705
Revaluation reserve for land:
Balance at the end of the previous period		(15,532	)		(15,532	)
Changes of items during the period:
Net changes of items other than shareholders’ equity		(1,004	)		—
Total changes of items during the period		(1,004	)		—
Balance at the end of the current period		(16,537	)		(15,532	)
Foreign currency translation adjustment:
Balance at the end of the previous period		(1,738	)		(2,045	)
Changes of items during the period:
Net changes of items other than shareholders’ equity		(390	)		307
Total changes of items during the period		(390	)		307
Balance at the end of the current period		(2,129	)		(1,738	)
Total accumulated other comprehensive income:
Balance at the end of the previous period		20,436			(98,497	)
Changes of items during the period:
Net changes of items other than shareholders’ equity		(31,288	)		118,933
Total changes of items during the period		(31,288	)		118,933
Balance at the end of the current period		(10,851	)		20,436
Minority interests:
Balance at the end of the previous period		187,161			187,041
Changes of items during the period:
Net changes of items other than shareholders’ equity		492			119
Total changes of items during the period		492			119
Balance at the end of the current period		187,653			187,161
Total net assets:
Balance at the end of the previous period		846,556			688,455
Changes of items during the period:
Dividends from surplus		(19,896	)		(7,765	)
Net income		47,277			46,826
Purchase of treasury stock		(17	)		(18	)
Disposal of treasury stock		2			4
Reversal of revaluation reserve for land		1,004			—
Net changes of items other than shareholders’ equity		(30,796	)		119,053
Total changes of items during the period		(2,425	)		158,100
Balance at the end of the current period		844,130			846,556

11

(5) Consolidated Statements of Cash Flows

	(Millions of Yen)
	Fiscal year ended March 31, 2011			Fiscal year ended March 31, 2010
1.Cash flows from operating activities:
Income before income taxes and minority interests		86,783			84,798
Depreciation and amortization		12,296			11,135
Loss on impairment of fixed assets		1,108			41
Amortization of goodwill		2,270			2,451
Equity in losses (earnings) of affiliates		(553	)		814
Increase (decrease) in allowance for loan losses		(5,720	)		(8,111	)
Increase (decrease) in provision for bonuses		(26	)		80
Increase (decrease) in provision for retirement benefits		197			268
Increase (decrease) in provision for directors’ benefits		(1,450	)		73
Increase (decrease) in provision for contingent losses		3,313			(206	)
Interest income		(160,477	)		(181,592	)
Interest expenses		59,694			68,901
Losses (gains) on securities		(29,479	)		(18,967	)
Losses (gains) on money held in trust		(115	)		(144	)
Foreign exchange losses (gains)		50,355			34,951
Losses (gains) on disposal of tangible fixed assets		617			267
Net decrease (increase) in trading assets		(13,790	)		15,471
Net increase (decrease) in trading liabilities		(195	)		(956	)
Net decrease (increase) in loans and bills discounted		77,682			(357,653	)
Net increase (decrease) in deposits		532,084			(144,297	)
Net increase (decrease) in negotiable certificates of deposit		(170	)		(215,090	)
Net increase (decrease) in borrowed money (excluding subordinated borrowings)		(538,263	)		(475,319	)
Net decrease (increase) in due from banks (excluding due from the bank of Japan)		(12,551	)		(8,712	)
Net decrease (increase) in call loans and bills bought		1,890			10,127
Net decrease (increase) in receivables under securities borrowing transactions		(7,857	)		7,291
Net increase (decrease) in call money and bills sold		45,795			52,683
Net increase (decrease) in payables under securities lending transactions		(541,044	)		447,049
Net decrease (increase) in foreign exchange-assets		(11,492	)		35
Net increase (decrease) in foreign exchange-liabilities		(21	)		(20	)
Net increase (decrease) in due to trust accounts		(193,955	)		115,695
Interest income (cash basis)		169,068			182,130
Interest expenses (cash basis)		(52,624	)		(68,108	)
Other net		16,268			12,463
Subtotal		(510,362	)		(432,447	)
Income taxes paid		(9,045	)		(4,013	)
Net cash provided by (used in) operating activities		(519,408	)		(436,461	)
2.Cash flows from investing activities:
Purchases of securities		(7,517,154	)		(6,619,136	)
Proceeds from sales of securities		7,828,396			6,651,069
Proceeds from redemption of securities		434,664			385,705
Increase in money held in trust		—			(2,500	)
Decrease in money held in trust		109			2,637
Purchases of tangible fixed assets		(5,717	)		(3,446	)
Proceeds from sales of tangible fixed assets		1,437			353
Purchases of intangible fixed assets		(7,537	)		(9,302	)
Proceeds from sales of intangible fixed assets		339			1,064
Net cash provided by (used in) investing activities		734,537			406,443
3.Cash flows from financing activities:
Increase in subordinated borrowings		5,000			65,000
Decrease in subordinated borrowings		(5,000	)		(65,000	)
Proceeds from issuance of subordinated bonds		40,000			103,000
Payments for redemption of subordinated bonds		—			(37,274	)
Dividends paid		(19,896	)		(7,765	)
Dividends paid to minority shareholders		(7,460	)		(7,649	)
Purchases of treasury stock		(17	)		(18	)
Proceeds from sales of treasury stock		2			4
Net cash provided by (used in) financing activities		12,628			50,296
4.Effect of exchange rate changes on cash and cash equivalents		(388	)		302
5.Net increase (decrease) in cash and cash equivalents		227,369			20,581
6.Cash and cash equivalents at the beginning of the period		237,851			217,270
7.Cash and cash equivalents at the end of the period		465,221			237,851

12

Notes to the Consolidated Financial Statements for the Fiscal Year 2010

All amounts less than one million yen are rounded down.

Note to the Going-Concern Assumption

There are no corresponding items.

Significant Accounting Policies and Practices

1. Scope of Consolidation

(1) Consolidated subsidiaries: 25 companies

Principal companies:

The Chuo Mitsui Trust and Banking Company, Limited

Chuo Mitsui Asset Trust and Banking Company, Limited

Chuo Mitsui Asset Management Company, Limited

Chuo Mitsui Capital Company, Limited

MTH Preferred Capital 1 (Cayman) Limited

MTH Preferred Capital 3 (Cayman) Limited

MTH Preferred Capital 4 (Cayman) Limited

MTH Preferred Capital 5 (Cayman) Limited

CMTH Preferred Capital 6 (Cayman) Limited

CMTH Preferred Capital 7 (Cayman) Limited

(2) Unconsolidated subsidiaries

Principal companies:

Chuo Mitsui Create Company, Limited

Unconsolidated subsidiaries are excluded from the scope of consolidation because their total amounts in terms of Total assets, Ordinary income, Net income, Retained earnings, Deferred Unrealized Gains(Losses) on Hedge Accounting, and others are so immaterial that they do not hinder a rational judgment of the Bank group’s financial position and results of operations when excluded from the scope of consolidation.

2. Application of the Equity Method

(1) Unconsolidated Subsidiaries accounted for by the Equity Method

None

(2) Affiliates Accounted for by the Equity Method: 3 companies

Principal Companies:

Japan Trustee Services Bank, Ltd.

Japan Trustee Information Systems, Ltd. was excluded from an affiliates accounted for by the equity method due to merger with Japan Trustee Services Bank, Ltd. in the current fiscal year.

(3) Unconsolidated Subsidiaries Not Accounted for by the Equity Method

Principal Companies:

Chuo Mitsui Create Company, Limited

(4) Affiliates Not Accounted for by the Equity Method

None

Unconsolidated subsidiaries not accounted for by the equity method are also excluded from the scope of the Equity Method because their total amounts in terms of Net income, Retained earnings, Deferred Unrealized Gains(Losses) on Hedge Accounting, and others are so immaterial that they do not have a significant impact to the consolidated financial statements when excluded from the scope of application of the equity method.

13

3. Balance Sheet Dates of Consolidated Subsidiaries

(1) Balance sheet dates of consolidated subsidiaries are as follows:

January 24 6     companies

December 31 4     companies

March 31 15     companies

(2) Subsidiaries with a balance sheet date as of January 24 are consolidated based on their preliminary financial

statements as of March 31. Other subsidiaries are consolidated based on the financial statements as of their balance sheet dates. Six subsidiaries changed their balance sheet date from July 24 to January 24. Necessary adjustments were made for any significant transactions between the balance sheet dates of the subsidiaries and the consolidated balance sheet date.

4. Amortization of Goodwill

Goodwill is amortized over the period that is reasonably determined by each case within 20 years. However, it is fully expensed as incurred during the each fiscal year if deemed immaterial.

5. Accounting Policies

(1) Trading account activities

Trading account activities are conducted for the purpose of seeking gains primarily from short-term fluctuations in interest rate, currency exchange rate, market prices of financial instruments or other market indices. Trading assets and liabilities include securities, commercial papers, and financial derivatives. The mark-to-market accounting method is adopted for such financial instruments, all of which are stated at fair values as “Trading Assets” or “Trading Liabilities” in the consolidated balance sheets. Gains and losses on the trading transactions are shown as “Trading Income” or “Trading Expenses” on a trade date basis.

Trading account securities and monetary claims are stated at fair value of the balance sheet date and financial derivatives for trading activities, such as swaps, futures and options, are valued on the assumption that they are settled at the balance sheet date.

“Trading Income” and “Trading Expenses” include interests, changes in fair value of securities and monetary claims in the current period, and changes in values of financial derivatives on the assumption that they are settled at the balance sheet date.

(2) Evaluation of Securities

(a) Under the accounting standard for financial instruments, consolidated subsidiaries are required to explicitly determine the objectives of holding each security and classify them into (i) securities held for trading purposes (hereinafter “Trading Securities”), (ii) debt securities intended to be held to maturity (hereinafter “Held-to-Maturity Debt Securities”), (iii) equity securities issued by subsidiaries and affiliates, or (iv) all other securities that are not classified in any of the above categories (hereinafter “Available-for-Sale Securities.”)

“Held-to-maturity debt securities” are carried at amortized cost using the moving average method. Equity securities issued by unconsolidated subsidiaries and affiliates not accounted for by the equity method are stated at moving average cost. Stocks and stock-investment trust classified as “Available-for-Sale Securities” with fair value are revalued at the average market price of the final month in the fiscal year. “Available-for-Sale Securities” with fair value other than stocks and stock-investment trust are revalued at the balance sheet date. “Available-for-Sale Securities” for which no fair values are obtainable are carried at cost using the moving average method. Valuation difference on available-for-sale securities is recorded as a separate component of net assets and reported in the consolidated balance sheets.

(b) Securities invested in money held in trust are revalued at the same method as securities mentioned above.

(3) Evaluation of Financial Derivatives

Financial derivatives other than trading purposes are valued on the assumption that they are settled at the balance sheet date (the mark-to-market accounting method).

14

(4) Depreciation Methods

(a) Tangible Fixed Assets

Tangible fixed assets of consolidated trust bank subsidiaries are depreciated using the declining-balance method. Buildings acquired on and after April 1, 1998, however, are depreciated using the straight-line method. The estimated useful lives of major items are as follows:

Buildings : 10 to 50 years

Others : 3 to 8 years

For assets with acquisition cost of more than 0.1million and under 0.2million are amortized equally in 3 years.

Tangible fixed asset of Chuo Mitsui Trust Holdings, Inc. and the other subsidiaries are depreciated mainly using the straight-line method over the estimated useful lives.

(b) Intangible Fixed Assets

Intangible fixed assets are depreciated using the straight-line method. Expenses related to software for internal use are capitalized in “Intangible Fixed Assets” and amortized over the estimated useful lives, generally 5 years.

(5) Allowance for Loan Losses

Allowance for Loan Losses on Loans of major domestic consolidated subsidiaries is provided in accordance with internally established standards for write-off and allowance for possible credit losses.

For claims to debtors who are legally bankrupt (hereinafter “Bankrupt Debtors”) or virtually bankrupt (hereinafter “Substantially Bankrupt Debtors”), the specific allowance is provided based on the amount of claims, deducting the amount expected to be collected through the disposal of collateral or execution of guarantees from book value after direct deduction described below.

For claims on debtors who are not yet legally or formally bankrupt but are likely to become bankrupt (hereinafter “Potentially Bankrupt Debtors”), the specific allowance is provided for the amount considered to be necessary based on an overall solvency assessment, deducting the amount expected to be collected through the disposal of collateral or execution of guarantees.

Among the claims to debtors with more than a certain amount of a consolidated trust bank subsidiary’s claims to debtors,(i)who are Potentially Bankrupt Debtors,(ii)to whom a consolidated trust bank subsidiary has Restructuring loans where future cash flows from capital collection and interest receipt could be reasonably estimated, allowance is provided for the difference between the present value of expected future cash flows discounted at original contracted interest rate before relaxing to support and the current book value of the claims.

For claims that are classified to the categories other than above, the general allowance is provided based on the historical loan-loss-ratio.

For claims originated in specific foreign countries, additional allowances are provided based on an assessment of political and economic conditions of these countries.

All claims are assessed by operating sections and credit supervision departments in accordance with the internal standards for self-assessments of asset quality. The Internal Audit Department, which is independent from those sections and departments, subsequently audits these assessments, and the allowances presented above reflect the audit results.

In addition, allowance for loan losses caused by the Great East Japan Earthquake was reasonably estimated and posted in the current fiscal year.

For claims on Bankrupt Debtors and Substantially Bankrupt Debtors, net of amounts expected to be collected through the disposal of collateral or through the execution of guarantees, are directly deducted out of the original amount of claims. The deducted amount is 22,345million yen.

Consolidated subsidiaries, not adopting states above, provide allowances based on their historical credit loss experience for general claims or based on individual assessments of the possibility of collection for specific deteriorated claims.

(6) Provision for Bonuses

Provision for bonuses is provided for the estimated employees’ bonuses attributable to the current fiscal year.

15

(7) Provision for Retirement Benefits

Provision for retirement benefits is provided based on the projected benefit obligation and the fair value of the plan assets at the respective balance sheet date.

In the end of current fiscal year, provision for retirement benefits is posted as “Prepaid Pension Expenses” in “Other Assets” on ground that fair value of pension assets excess the total amount of the “Projected Benefit Obligation” and “Unrecognized actuarial losses”.

Unrecognized actuarial losses are amortized under the straight-line method for a period, primarily 8 to 9 years, within the employees’ average remaining service period, commencing on the fiscal year immediately following the fiscal year in which the services were provided.

(8) Chuo Mitsui Trust Holdings, Inc. and some of its consolidated subsidiaries had provided “Provision for directors’ retirement benefits” at the amount which should be recognized as accrued amount at the end of current fiscal year to prepare for the payment of retirement benefit for directors and officers.

(Additional Information)

Chuo Mitsui Trust Holdings, Inc. and some of its consolidated subsidiaries decided to abolish directors’ retirement benefits program and pay directors’ retirement benefits in a lump-sum. As a result, 1,059 million yen of “Provision for directors’ retirement benefits” was unpiled and transferred to “Other liabilities”.

(9) Provision for Contingent Loss

Provision for contingent loss is estimated for each individual event and provided for possible contingent loss related to off-balance sheet and other transactions as stated below:

<Provision for Reimbursement of Deposits>

Provision for reimbursement of deposits is provided for deposits no longer accounted as deposit under certain conditions against the estimated future reimbursement requested by customers.

<Provision for Possible Losses related to Land Trust>

Provision for possible losses related to land trust is provided for estimated losses deemed necessary for potential damages to the compensation rights which would be acquired if a liability for reimbursement, as a trustee of a land trust, was incurred due to the future business circumstances of the land trust.

(10) Foreign Currency Transaction

Assets and liabilities denominated in foreign currencies of consolidated trust bank subsidiaries are primarily translated into yen at the exchange rate at the consolidated balance sheet date. Assets and liabilities denominated in foreign currencies of the other consolidated subsidiaries are translated into yen at the exchange rate at each balance sheet dates.

(11) Accounting for Leases

As for the domestic consolidated subsidiaries, transactions of finance leases without transfer of ownerships started before April 1,2008 have been accounted for according to the same accounting treatment used in the operating leases.

(12) Hedge Accounting

(a) Hedge Accounting for Interest Rate Risks

Consolidated trust bank subsidiaries manage interest rate risk arising from various assets and liabilities by using financial derivatives transactions and apply deferred hedge accounting regulated by “Treatment for Accounting and Auditing of Application of Accounting Standard for Financial Instruments in Banking Industry” (the JICPA Industry Auditing Committee Report No.24, hereinafter “Report No.24”). In hedging activities to offset changes in the fair value of deposits, loans, etc., as hedged items, consolidated trust bank subsidiaries designate hedged items and interest rate swaps, etc. as hedging transactions by grouping them by their maturities.

16

(b) Hedge Accounting for Foreign Currency Risks

Consolidated trust bank subsidiaries manage foreign currency risk arising from various assets and liabilities denominated in foreign currencies by using financial derivative transactions and apply deferred hedge accounting in accordance with “Treatment for accounting and Auditing of Application of Accounting Standard for Foreign Currency Transactions in Banking Industry” (the JICPA Industry Auditing Committee Report No.25).

Consolidated trust bank subsidiaries designate specific currency swaps and foreign exchange swaps made to mitigate foreign exchange risks arising from monetary claims and debts denominated in foreign currencies as hedging transactions. The effectiveness of the hedge is assessed by confirming existence of the monetary claims and debts denominated in foreign currencies that are hedged items corresponding to the position of those hedging transactions.

Consolidated trust bank subsidiaries also apply fair value hedge and deferred hedge as portfolio hedge to mitigate foreign currency exchange rate exposure in securities denominated in foreign currencies (other than bonds) when hedged foreign currency securities are specified in advance to the inception of the transactions and spot liabilities and forward liabilities exist on a foreign currency basis that exceed acquisition costs of the foreign currency securities designated as hedged items.

In addition, deferred hedge, fair value hedge, and special hedge accounting for interest rate swaps are adopted for certain assets and liabilities.

(13) Scope of Cash and Cash Equivalents in the Consolidated Statement of Cash Flows

Cash and cash equivalents in the consolidated statements of Cash Flows are defined as cash and due from banks on the consolidated balance sheet (cash and due from bank and cash and due from Bank of Japan for consolidated trust bank subsidiaries).

(14) National and Local Consumption Taxes

National and local consumption taxes of Chuo Mitsui Trust Holdings, Inc. and consolidated domestic subsidiaries are accounted for using tax-exclusion method. Non-deductible portions of consumption taxes on the purchases of tangible fixed assets are expensed when incurred.

17

Changes in Significant Accounting Policies and Practices

(Accounting Standard for Asset Retirement Obligations)

Chuo Mitsui Trust Holdings, Inc. has started to adopt Accounting Standards Board of Japan( hereinafter “ASBJ” Statement No.18 “the Accounting Standard for Asset Retirement Obligations” (issued by ASBJ on March 31, 2008) and ASBJ Guidance No.21 “Guidance on Accounting Standard for Asset Retirement Obligations” (issued by ASBJ on March 31, 2008) from the current fiscal year.

As a result, compared with the previous treatment, ordinary profit and income before income taxes and minority interests decreased by 26 million yen and 260 million yen, respectively. The amount of asset retirement obligations was 418 million yen when Chuo Mitsui Trust Holdings, Inc. started to adopt the standard and the guidance at April 1,2010.

(Accounting Standard for Equity Method)

Chuo Mitsui Trust Holdings, Inc. has started to adopt ASBJ Statement No.16 “Accounting Standard for Equity Method of Accounting for Investments” (issued by ASBJ on March 10, 2008) and Practical Issue Task Force No.24 “Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method” (issued by ASBJ on March 10, 2008) from the current fiscal year.

There was no effect on statements of income with regard to this adoption.

Changes in the presentation of the Consolidated Financial Statement

(Consolidated Statements of Income)

Chuo Mitsui Trust Holdings, Inc. has started to adopt the Form of Finance Ministry Ordinance No.10 “Ordinance for Enforcement of Bank Law” (issued in 1982) which was revised by the Cabinet Office Ordinance No.41 “Partially Revising the Ordinance for Enforcement of the Bank Law, etc.” (issued on September 21, 2010). Therefore, “Income before Minority Interests” was shown in the Consolidated Statements of Income from the current fiscal year.

Additional Information

Chuo Mitsui Trust Holdings, Inc. has started to adopt ASBJ Statement No.25 “the Accounting Standard for Presentation of Comprehensive Income” (issued by ASBJ on June 30, 2010) from the current fiscal year.

(Notes to Consolidated Balance Sheets)

1. Investment in Stocks of Affiliates

Investment in Stocks of Affiliates excluding consolidated subsidiaries were 133,113 million yen.

2. Securities held in hand

The securities held in hand as of the consolidated balance sheet date were 9,383 million yen, which Chuo Mitsui Trust Holdings, Inc. purchased under resale agreement and borrowed with cash collateral. Although these securities are permitted to be sold or pledged without restrictions, all of them were held in hand at the end of the current fiscal year.

3. Loans to borrowers in bankruptcy and Non-accrual loans

Loans to borrowers in bankruptcy and non-accrual loans were 11,195 million yen and 52,814 million yen, respectively.

“Loans to borrowers in bankruptcy” are loans, after write-off, to legally bankrupt borrowers as defined in Article either 96-1-3 or 96-1-4 of the Enforcement Ordinance No.97 of the Japanese Corporate Tax Law (issued in 1965) and on which accrued interest income is not recognized as there is substantial doubt about the ultimate collectability of either principal or interest because they are past due for a considerable period of time or for other reasons.

“Non-accrual loans” are loans on which accrued interest income is not recognized, excluding “Loans to borrowers in bankruptcy” and loans on which interest payments are deferred in order to support the borrowers’ recovery from financial difficulties.

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4. Loans past due three months or more

Loans past due three months or more amounted 43 million yen.

“Loans past due three months or more” are loans on which the principal or interest payment is past due for three months or more, excluding “Loans to borrowers in bankruptcy” and “Non-accrual loans.”

5. Restructured loans

Restructured loans amounted 33,487 million yen.

“Restructured loans” are loans on which terms and conditions have been amended in favor of the borrowers (e.g., reduction of the original interest rate, deferral of interest payments, extension of principal repayments or debt forgiveness) in order to support the borrowers’ recovery from financial difficulties, excluding “Loans to borrowers in bankruptcy”, “Non-accrual loans” and “Loans past due three months or more.”

6. Total amounts of loans described in Notes 3 to 5

The total amount of Loans to borrowers in bankruptcy, Non-accrual loans, Loans past due three months or more and Restructured loans was 97,541 million yen.

Those amounts described in Notes 3 to 6 are before deducting allowance for loan losses.

7. Bills Discounted

Bills discounted are accounted for as financial transactions in accordance with the Report No.24. Consolidated trust bank subsidiaries have right to sell or pledge commercial bills discounted without restrictions and the total face value was 3,035 million yen.

8. Asset Pledged as Collateral

Assets pledged as collateral were as follows:

Assets pledged as collateral
Securities	1,765,965 million yen
Loans and bills discounted	527,615 million yen
Other Assets	69 million yen
Liabilities corresponding to assets pledged as collateral
Deposits	6,475 million yen
Payables under securities lending transactions	1,161,653 million yen
Borrowed money	585,330 million yen

In addition, securities of 691,706 million yen were pledged mainly as collateral in substitution for settlement of cash, derivative transaction or margin of future markets.

Other assets include security deposits of 8,794 million yen.

9. Commitment Line Contracts on Overdrafts and Loans

Commitment line contracts on overdrafts and loans are agreements to loan up to committed limit as long as there have been no breach of contracts upon the customers’ request. The balance of unused commitment line contracts was 2,659,342 million yen, including 2,507,273 million yen of those maturing within 1 year.

Because most of these contracts expire without being drawn down, the balance of unused commitment line contracts itself does not necessarily represent future cash flows of a consolidated trust bank subsidiary. In addition, most of these contracts contain clauses allowing a consolidated trust bank subsidiary to reject requests or reduce committed limits, when there are reasonable reasons such as changes in financial condition, needs to protect claims and other similar necessities. A consolidated trust bank subsidiary may request their customers to provide collateral such as real estate or securities at the time of the contract, and may ask them to amend clauses or take measures to secure soundness of the credit thereinafter through periodical internal monitoring procedures that have already been in place.

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10. Revaluation Reserve for Land

Regarding the land that The Chuo Mitsui Trust and Banking Company, Limited inherited from The Mitsui Trust and Banking Company, Limited, Chuo Mitsui Trust Holdings, Inc. revaluated the land used for business operations, in accordance with the “Act on Revaluation of Land” (Law No.34, promulgated on March 31, 1998, hereinafter the “Act”). Net unrealized losses on revaluation are recorded as Revaluation reserve for land in Net assets.

Date of revaluation: March 31, 1998

Revaluation method as stipulated in the Article 3, Paragraph 3 of the Act:

Fair values were determined by applying appropriate adjustments for timing of appraisal, district disparity and individual disparity to the values; based on published land price of standardized premises stipulated in Article 2, Paragraph 1 of the “Enforcement Order on Act on Revaluation of Land” (Law No.119, promulgated on March 31, 1998, hereinafter the “Order”), standard land price of measurement spots stipulated in Article 2, Paragraph 2 of the Order and price of the land used for business operations recorded on tax roll stipulated in Article 2, Paragraph 3 of the Order.

Difference between the fair value on March 31, 2011 of the land for business operations revaluated in accordance with the Article 10 of the Act and its book value after revaluation was 4,625 million yen.

11. Accumulated Depreciation of Tangible Fixed Assets

Accumulated depreciation of Tangible fixed assets was 90,225 million yen.

12. Advanced Depreciation

Advanced depreciation, which is allowed by the tax law, was 7,243 million yen.

13. Borrowed Money

Borrowed money includes subordinate debt of 92,500 million yen.

14. Bonds Payable

Balances of perpetual subordinate bonds and subordinate bonds in bonds payable were 94,247 million yen and 173,000 million yen, respectively.

15. Guarantee obligations for Privately-offered Corporate Bonds

Guarantee obligations for privately offered corporate bonds (provided in accordance with Article 2, Paragraph3 of the “Financial Instruments and Exchange Law”) in “Securities” were 138,578 million yen.

16. Net Assets per Common Share

Net assets per common share was 395.94 yen.

17. Lease

Other than Tangible fixed assets in the consolidated balance sheets, Chuo Mitsui Trust Holdings, Inc. and its subsidiaries use a part of vehicles and transport equipments applying finance lease contracts where the ownership is not transferred.

18. Projected Benefit Obligations

Projected benefit obligations and others as of consolidated balance sheet date were as follows.

Projected benefit obligations	(185,335) million yen
Plan assets (Fair Value)	195,333 million yen
Unfunded projected benefit obligation	7,998 million yen
Unrecognized net actuarial gain or loss	81,461 million yen
Net amount recorded on the consolidated balance sheet	92,459 million yen
Prepaid pension expenses	95,318 million yen
Provision for retirement benefits	(2,859) million yen

In addition, certain consolidated subsidiaries are participating in jointly established employee pension plan fund and its plan assets were 2,618 million yen.

19. Principal of Guaranteed Trust Account

Principal amounts of money trust and loan trust with principal guaranteed, which are entrusted to a consolidated trust banking subsidiary, were 883,457 million yen and 226,456 million yen, respectively.

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(Note to Consolidated Statement of Income)

1. Other income

Other income includes 15,838 million yen of gains on sales of stocks and other securities.

2. Other expenses

Other expenses includes 3,173 million yen of write-offs of loans, 6,220 million yen of losses on sales of stocks and other securities and 6,692 million yen of losses on devaluation of stocks and other securities.

3. Net Income per Common Share

Net income per common share was 28.51 yen.

(Notes to the Consolidated Statement of Comprehensive Income)

1. Other comprehensive income for the fiscal year 2009 were as follows:

Other comprehensive income: 119,011 million yen

Valuation difference on available-for-sale securities: 118,361 million yen

Deferred gains or losses on hedges: 298 million yen

Foreign currency translation adjustment: 307 million yen

Attributable to equity method affiliate: 43 million yen

2. Comprehensive Income for the fiscal year 2009 were as follows:

Comprehensive income: 173,510 million yen

Comprehensive income attributable to owners of the parent: 165,760 million yen

Comprehensive income attributable to minority interests: 7,750 million yen

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Notes to Consolidated Statements of Changes in Net Assets

1. Type and number of shares issued and treasury shares

	(Unit: Thousands of shares)
	Number of shares outstanding as of the previous fiscal  year-end		Number of shares increased in the current fiscal year		Number of shares decreased in the current fiscal year		Number of shares outstanding as of the fiscal year-end		Note
Share issued
Common Share		1,658,426		—		—		1,658,426
Treasury Stock:
Common Share		366		53		7		411		Note

Note: Numbers of common stock as treasury shares changed since the Company acquired and disposed these fractional shares.

2. Information on Dividends

(1) Dividends paid in the fiscal year

Date of resolution	Type of shares	(million yen)		(yen)		Record date		Effective date
		Cash dividends		Cash dividends per share
Ordinary general meeting of shareholders held on 29 June, 2010	Common Share		13,264		8.00		March 31, 2010		June 30, 2010
Board of Director’s meeting on 12 November, 2010	Common Share		6,632		4.00		September 30, 2010		December 3, 2010

(2) Dividends with record dates before March 31, 2011 and effective dates after April 1, 2011

Resolution	Type of Shares	(million yen)		Source of dividend	(yen)		Record Date	Effective date
		Cash dividends			Cash dividends per share
Ordinary general meeting of shareholders held on 29 June, 2011	Common Share		6,632			4.00	March 31, 2011	June 30, 2011

Note: Agendum relating to dividends are submitted to shareholder vote at an ordinary general meeting of shareholders scheduled to be held on June 29, 2011. Source of dividend is planned to be retained earnings.

Notes to Consolidated Statements of Cash Flows

The difference between “cash and cash equivalents” and items presented on the consolidated balance sheet.

	(Unit: Thousands of shares)
Cash and Due from Banks		502,160
Due from Banks (excluding due from Bank of Japan)		(36,939	)
Cash and Cash Equivalents		465,221

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(Financial instruments)

1. Outline of Financial Instruments

(1) Group Policy for Financial Instruments

With Chuo Mitsui Trust Holdings, Inc. in a pivotal position as bank holding company, the Chuo Mitsui Trust Group is engaged in a range of financial service businesses including trust banking business by Chuo Mitsui and Chuo Mitsui Asset, investment trust management business by Chuo Mitsui Asset Management, private equity fund management business by Chuo Mitsui Capital, credit guarantee business and credit card business by other subsidiaries. To facilitate these businesses, the Chuo Mitsui Trust Group is holding financial assets such as loans and bills discounted and securities, while funding by accepting savings deposits. The policies as well as measures regarding how to manage or fund financial assets and liabilities are determined primarily under the annual plans prepared by each Group company. Risks associated with the Group-wide financial assets and liabilities are monitored by Chuo Mitsui Trust Holdings, Inc.. Chuo Mitsui and Chuo Mitsui Asset are monitoring their respective risks while implementing comprehensive Asset-Liability Management (ALM). Meanwhile Chuo Mitsui is engaged in derivative transactions in an effort to control market risk and other risks arising from its assets and liabilities within the level commensurate with its management capacity.

(2) Content and Risks of Financial Instruments

(a) Credit Risk

The Chuo Mitsui Trust Group’s credit arrangement involves loans to corporate and individual customers, along with investment in shares and bonds issued by its client companies and derivative transactions. Such credit arrangement is exposed to credit risk of the counterparties in the event of deterioration in their financial condition.

(b) Market Risk

In the course of trading and investment activities, the Chuo Mitsui Trust Group handles financial instruments including equity securities, investment trusts, investments in silent partnership, foreign securities, foreign exchanges and derivatives, in addition to a portfolio of domestic bonds consisting of primarily the Japanese government bonds. These financial instruments are exposed to the market risk of fluctuations in interest rates, foreign exchange rates, and market prices of securities as well as volatility. Some of these financial instruments are less liquid than listed equity securities and government bonds and thus more prone to market fluctuations. One of the Chuo Mitsui Trust Group’s main sources of earnings is the spread between the interest income from loans and securities and interest expenses on deposits, which is exposed to the interest rate risk that such profit can be compromised by the magnitude and timing of fluctuations in investment interest rate and funding interest rate.

(c) Liquidity Risk on Fund Raising

The Chuo Mitsui Trust Group raises funds primarily through savings deposits from domestic corporate and individual customers, along with repurchase agreements in bond lending market, borrowed money and issuance of corporate bonds. These financing activities are exposed to the liquidity risk that financing could become costlier or more restricted due to the circumstances including deterioration in the Chuo Mitsui Trust Group’s financial condition or business results, bad reputation of the Chuo Mitsui Trust Group, worsening economic environment and lowering market liquidity.

(d) Purpose for Derivative Transactions

(i) Banking Accounts

In banking accounts, the Chuo Mitsui Trust Group enters into derivative transactions for the purpose of hedging against interest rate risk, currency exchange risk, and other risks pertaining to the Chuo Mitsui Trust Group’s assets and liabilities. In principle, the mark-to-market accounting is applied to the banking account derivative transactions of the Chuo Mitsui Trust Group. For those having high hedge effectiveness out of hedged derivative transactions, hedge accounting is applied and they are treated under the deferral hedge method, the fair value hedge method and the special hedge accounting method for interest rate swaps.

(ii) Trading Accounts

In trading accounts, the Chuo Mitsui Trust Group engages in derivative transactions primarily as a mean of earning a profit from short-term price fluctuations. The Chuo Mitsui Trust Group also provides its customers with a broad range of high-value-added products and financial risk management methods based on these transactions. Before entering into such transactions, the Chuo Mitsui Trust Group endeavors to ensure customers to have sufficient understanding of the content and risks entailed in such transactions.

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(3) Risk Management for Financial Instruments

Chuo Mitsui Trust Holdings, Inc. sets out basic framework of the group-wide risk management in the Rules for Risk Management. Also, Chuo Mitsui Trust Holdings, Inc. establishes Risk Management Department to control risk management providing supervision, control and guidance to bank subsidiaries regarding the development of an appropriate risk management system, as well as monitoring the Chuo Mitsui Trust Group’s risk situation.

(a) Credit Risk Management

The Chuo Mitsui Trust Group’s basic policy for managing credit risk associated with transactions involving credit arrangement is set out in the “Rules for Credit Risk Management”, while specific procedures such as a rating system, assessment of assets and centralized credit risk management are set out in the “Rules for Corporation Credit Rating and other rules.” To determine whether to provide credit for individual cases, the Credit Supervision Department independent of the Marketing Department is conducting rigorous credit assessment and control in terms of the criteria including purpose of loans, repayment capability, collateral effect and profitability on a case-by-case basis. Credit lines for derivative and other transactions are established through strict procedures, in accordance with trading standards provided separately. The compliance status of such credit lines and other conditions is appropriately monitored.

(b) Market Risk Management

(i) Market Risk Management

With regard to market risk, the Chuo Mitsui Trust Group maintains a basic policy through its Rules for Market Risk Management and follows the Regulations for Market Risk Management to reinforce and control accurate hedging techniques and risk. An independent check system has been established whereby the divisions that execute transactions are clearly separate from the divisions that process the transactions, and overall management of market risk is consolidated under the Risk Management Department, which is independent of both the front and back offices and pinpoints the status of activities undertaken by both office categories. This department identifies and analyzes group-wide risk, tracks compliance with risk limits and reports to the director in charge on a daily basis and to the Executive Committee on a monthly basis.

Risks arising from the fluctuations of investment interest rate and funding interest rate, are managed by ALM at the Chuo Mitsui. For the purpose of ALM, the Corporate Planning Department supervises overall ALM operations, and the Risk Management Department is responsible for management and analysis, such as risk monitoring. The Risk Management Department is engaged in day-to-day monitoring by using gap analysis and interest rate sensitivity analysis based on the comprehensive grasp of interest rates and terms/maturities of financial asset and liabilities, which are reported monthly to the ALM Committee established with the purpose to discuss matters regarding ALM. The ALM Committee also discusses the matters including the corporate policy for market-related transactions, development of cash planning and implementation of hedging operation.

(ii) Quantitative Information regarding Market Risk

(a) Financial Instruments held in Banking Account

We calculate the Value at Risk (VaR) of financial instruments held in banking account by historical simulation method (confidence interval :99%, holding period :set in accordance with the components of instruments (maximum 1 year), and observation period :3 years). As of March 31, 2011, the total amount of market risks (estimated loss) for financial instruments held in banking account was 218,900 million yen.

We conduct the back testing in order to compare the VaR calculated by model with the actual profits and losses. Through the results of the back testing in 2010, we confirm that the model covers the market risks precisely enough. Nonetheless, VaR measures the market risks under a certain event probability calculated statistically on the basis of the historical market volatility and it could not cover the market risk in case market environment changes drastically.

(b) Financial Instruments held in trading Account

We calculate the Value at Risk (VaR) of financial instruments held in trading account by historical simulation method (confidence interval :99%, holding period :10 days, and observation period :3 years). As of March 31, 2011, the total amount of market risks (estimated loss) for financial instruments held in trading account was 100 million yen.

We conduct the back testing in order to compare the VaR calculated by model with the actual profits and losses. Through the results of the back testing in 2010, we confirm that the model covers the market risks precisely enough. Nonetheless, VaR measures the market risks under a certain event probability calculated statistically on the basis of the historical market volatility and it could not cover the market risk in case market environment changes drastically.

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(c) Liquidity Risk Management on Fund Raising

The Chuo Mitsui Trust Group’s basic policy for managing liquidity risk is set out in the Rules for Cash Flow Risk Management. Liquidity risk is managed by the Risk Management Department that monitors compliance with the predetermined guidelines on funding gap, while contingency procedures are in place to enable flexible responses in the event of an emergency.

(4) Supplementary Explanation Concerning Fair Values of Financial Instruments

Fair values of financial instruments are based on quoted prices in active markets. If a quoted price is not available, other rational valuation techniques are used instead. Calculation of such fair value involves certain assumptions, and could vary when different assumptions are employed.

2. Fair Value of Financial Instruments

The carrying amount on the consolidated balance sheets and fair value of financial instruments as of March31, 2011 as well as the differences between these values are described below. Financial instruments whose fair values are not readily determinable are not included in the table. (See Note 2)

	(Unit: Millions of yen)
	Carrying amount			Fair value		Unrealized gains (losses)
(1) Cash and due from banks		502,160			502,160		—
(2) Call loans and bills bought		6,936			6,936		—
(3) Receivable under securities borrowing transactions		9,378			9,378		—
(4) Monetary claims bought (*1)		99,842			100,413		571
(5) Trading assets Trading securities		24,273			24,273		—
(6) Money held in trust		2,065			2,065		—
(7) Securities
Held-to-maturity debt securities		248,572			248,433		(138	)
Available-for-sale securities		3,217,371			3,217,371		—
(8) Loans and bills discounted		8,864,266
Allowance for loan losses (*1)		(46,731	)
		8,817,534			8,875,778		58,243
Total assets		12,928,135			12,986,810		58,675
(1) Deposits		9,292,002			9,326,751		34,748
(2) Negotiable certificates of deposit (3) Call money and bills sold (4) Payables under securities lending transactions (5) Borrowed money (6) Bonds payable (7) Due to trust accounts		327,020 351,956 1,161,653 678,983 267,247 801,657			327,020 351,956 1,161,653 682,810 272,476 801,657		—   —   —   3,827 5,229 —
Total liabilities		12,880,520			12,924,325		43,805
Derivatives (*2)
Held for other than hedge accounting		5,318			5,318		—
Held for hedge accounting		8,080			8,080		—
Total derivatives		13,399			13,399		—

(*1) General as well as specific allowance for loan losses in respect of loans and bills discounted is deducted. As allowances for loan losses in respect of monetary claims bought are immaterial, they are directly deducted from the carrying amounts.

(*2) Derivative transactions included in trading assets and trading liabilities or other assets and other liabilities are collectively presented. Receivables and payables incurred by derivative transactions are presented in net. Net payables are presented in parenthesis.

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(Note 1) Calculation method of fair values of financial instruments

Assets

(1) Cash and Due from Banks

Deposits without maturity are stated at their carrying amounts as their fair values approximate carrying amounts. Deposits with maturities with shorter deposit terms (within one year) are stated at their carrying amounts as their fair values approximate carrying amounts.

(2) Call Loans and Bills Bought and (3) Receivables under Securities Borrowing Transactions

These are subject to shorter agreed periods (within one year) and are stated at their acquisition costs as their fair values approximate acquisition costs.

(4) Monetary Claims Bought

Of the monetary claims bought, beneficiary certificates representing interest in a trust holding loan receivables are stated at the prices quoted by brokers. Other monetary claims bought with shorter contract periods (within one year), are stated at their acquisition costs as their fair values approximate acquisition costs.

(5) Trading Assets

Securities including bonds held for trading purposes are stated at the prices quoted by Japan Securities Dealers

Association.

(6) Money Held in Trust

Securities comprising trust assets in money held in trust are stated at the prices quoted by brokers.

Matters to be noted in respect of money held in trust by purpose of holding are described in “(Money Held in Trust)”.

(7) Securities

Of securities of various categories; (i) equity securities are stated at the prices quoted on the stock exchanges:(ii) privately offered corporate bonds are stated at the values calculated by discounting principal and interest by the interest rate reflecting credit risk, by category based on internal rating and terms, (iii)other bonds are stated at the prices published by Japan Securities Dealers Association or the prices quoted by brokers. Investment trust beneficiary certificates are stated at the official reference price published by securities investment trust and management firms.

Matters to be noted in respect of securities by purpose of holding are described in (Securities).

(8) Loans and Bills Discounted

Of loans and bills discounted, those with floating rates reflect market rates at short intervals, whose fair values approximate acquisition costs unless borrowers’ creditworthiness changes significantly after the loans are made, and acquisition costs are stated as the fair values. Meanwhile, those with fixed rates are stated at the fair values, as calculated by discounting principal and interest by the interest rate reflecting credit risk by category based on the nature of loan, internal rating and terms. Those loans with shorter contract periods (within one year) are stated at acquisition cost which approximates their fair values. Claims under legal bankruptcy, virtual bankruptcy and possible bankruptcy, whose expected amounts of loan losses are calculated based on the expected recoverable amounts from their collateral or guarantee, are stated at their acquisition costs at the consolidated balance sheet date less the current expected amount of loan losses, which approximate their fair values. Of loans and bills discounted, those without scheduled due dates subject to the special conditions such as the ones limiting the loan amounts within the values of pledged assets, are stated at acquisition costs which are assumed to approximate their fair values because of the estimated repayment period and interest rate conditions.

Liabilities

(1) Deposits and (2) Negotiable Certificate of Deposit

For demand deposits, the amount payable (carrying amount) in case demand is made on the consolidated balance sheet date is treated as their fair value. For time deposits, present values calculated by discounting future cash flows by category based on terms, by the interest rate applicable to newly deposited savings are deemed to be their fair values. For time deposits with shorter deposit terms (within one year) and those with floating rates, carrying amounts approximate their fair values, and thus quoted as such. Negotiable certificates of deposit are all with shorter deposit terms (within one year) and are stated at their carrying amounts which approximate their fair values.

(3) Call Money and Bills Sold and (4) Payables under Securities Lending Transactions

These are subject to shorter contract periods (within one year) and are stated at their acquisition costs which approximate their fair values.

(5) Borrowed Money

Borrowings are stated at their present values as calculated by discounting principal and interest by the interest rate assumed for similar borrowings. Those borrowings with shorter contract periods (within one year) are stated at acquisition costs which approximate their fair values.

(6) Bonds Payable

Bonds payable are stated at the prices quoted by Japan Securities Dealers Association, or in the absence of such market values, at their present values as calculated by discounting principal and interest by the interest rate assumed for the similar bond at issuance.

(7) Due to Trust Account

Due to trust account is stated at the amounts payable (book value) in case demand is made on the consolidated balance sheet date.

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Derivatives

Derivative transactions include interest rate-related transactions (swaps, swaptions and others), currency-related transactions (swaps, futures and others), bond-related transactions (bond forward agreements and others), and other transactions (credit derivatives), and are based on the prices quoted on securities exchanges, discounted value of future cash flows, or values calculated by option pricing models and others.

(Note 2)

Financial instruments whose fair values are extremely difficult to determine are listed below.

	(Millions of yen)
Category	Carrying amount
Unlisted Japanese stocks(*3)	88,332
Subscription certificates(*3)	20,404
Foreign securities	2,719
Total	111,456

(*1) Fair values of these items are not disclosed because there is no market price, and it is very difficult to identify fair values.

(*2) Stocks of subsidiaries and affiliate companies are not included in the table.

(*3) Devaluation losses of 299 million yen on unlisted Japanese stock and 155 million yen on subscription certificates are posted for the current fiscal year.

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(Securities)

Other than Securities on consolidated balance sheet, this information includes other monetary claims bought in Monetary claims bought and trading account securities and commercial papers in Trading assets.

1. Trading securities (as of March 31, 2011)

	(Unit: Millions of yen)
	Valuation difference reflected on the statements of income
Trading securities		(35	)

2. Bonds classified as held-to-maturity (as of March 31, 2011)

	(Unit: Millions of yen)
	Type of bond	Carrying amount		Fair value		Unrealized gains (losses)
Bonds with unrealized gains	Japanese government bonds		135		136		0
	Corporate bonds		22,405		22,676		270
	Others		176,263		177,276		1,012
	Subtotal		198,805		200,090		1,284
Bonds with unrealized losses	Others		98,422		97,491		(931	)
Total			297,227		297,581		353

3. Available-for-sale securities (as of March 31, 2011)

	(Unit: Millions of yen)
	Type of bond	Carrying amount		Acquisition Cost		Unrealized gains (losses)
Bonds with unrealized gains	Stocks		291,768		199,113		92,655
	Bonds		293,892		288,558		5,333
	Japanese government bonds		154,977		152,281		2,696
	Municipal bonds		154		149		4
	Corporate bonds		138,760		136,127		2,632
	Others		311,210		306,970		4,239
	Subtotal		896,871		794,642		102,228
Bonds with unrealized losses	Stocks		195,033		249,473		(54,439	)
	Bonds		1,336,512		1,354,833		(18,321	)
	Japanese government bonds		1,203,241		1,220,246		(17,005	)
	Corporate bonds		133,270		134,586		(1,315	)
	Others		806,728		839,486		(32,757	)
	Subtotal		2,338,275		2,443,794		(105,518	)
Total			3,235,147		3,238,437		(3,289	)

4. Held-to-maturity bonds sold during the current fiscal year (from April 1, 2010 to March 31, 2011)

	(Unit: Millions of yen)
	Acquisition cost of sales amount		Sales amount		Gains (Losses) on sales
Japanese government bonds		399,155		400,515		1,359

(Reason for sales)

Bonds were sold before maturity, in accordance with article 282, paragraph 1 of “Practical Guidelines on Accounting Standards for Financial Instruments” (JICPA Accounting Standard Committee Report No.14).

28

5. Available-for-sale securities sold during the current fiscal year (from April 1, 2010 to March 31, 2011)

	(Unit: Millions of yen)
	Sales amount		Gains on sales		Losses on sales
Stocks		59,920		16,280		2,929
Bonds		5,198,251		9,691		3,134
Japanese government bonds		5,099,968		9,310		3,129
Corporate bonds		98,282		380		4
Others		2,140,986		25,497		4,243
Total		7,399,157		51,470		10,307

6. Impairment of Securities

Available-for-sale securities with fair value are considered as impaired if the fair value decreases significantly below the acquisition cost and such decline is not considered as recoverable. The fair value is recognized as the consolidated balance sheet amount and the amount of impairment is accounted for as valuation loss for the current fiscal year.

Impairment loss for the fiscal year was 6,336 million yen, which includes 6,237 million yen of stocks and 99 million yen of corporate bonds.

The rule for determining “significant decline” is as follows and is based on the classification of issuers under the rules of self-assessment of assets.

Legal bankrupt/ Virtual bankrupt/ Possible bankrupt issuers: Fair value is lower than acquisition cost.

Issuers requiring caution: Fair value is 30% or more lower than acquisition cost.

Normal issuers: Fair value is 30% or more lower than acquisition cost.

Within the normal issuers under the rules of self-assessment above, when the fair value of which security is 30% or more but less than 50% lower than acquisition cost, the security is judged individually, and unless the decline in its fair value below the cost is temporary, the security is accounted as impaired. All others are considered as the decline in fair value below the cost is other than temporary, and treated as impaired.

Legally bankrupt issuers: Issuers that are legally bankrupt or formally declared bankrupt.

Virtual bankrupt issuers: Issuers that are not legally bankrupt but regarded as substantially bankrupt.

Possible bankrupt issuers: Issuers that are not currently bankrupt, but are perceived to have a high risk of falling into bankruptcy.

Issuers requiring caution: Issuers that are identified for close monitoring.

Normal issuers: Issuers other than the above four categories of issuers.

29

(Money Held in Trust)

1. Money Held in Trust for Trading Purpose (as of March 31, 2011)

None

2. Money Held in Trust being Held to Maturity (as of March 31, 2011)

None

3. Other Money Held in Trust (other than for trading purpose and being held to maturity)(as of March 31,2011)

	(Unit: Millions of Yen)
	Book value		Acquisition cost		Difference		Positive Difference		Negative Difference
Other Money Held in Trust		2,065		1,700		364		364		—

Note:

Each of Positive Difference and Negative Difference is the components of Difference.

30

(Valuation Difference on Available-for-Sale Securities)

The table below shows component items of “Valuation Difference on Available-for-Sale Securities” in the consolidated balance sheets.

Millions of Yen	March 31, 2011
Difference		(3,958	)
Available-for-Sale Securities		(4,333	)
Other Money Held in Trust		364
(-) Deferred Tax Liabilities		8,191
Total (before adjusted for Minority Interests)		4,222
(-) Minority Interests		(150	)
(+) Parent company’s portions in Available-for-Sale Securities owned by its affiliates		35
Valuation Difference on Available-for-Sale Securities		4,408

Notes:

1. Valuation Difference includes foreign currency translation adjustments on available-for-sale securities for which no fair values are obtainable.

2. Valuation Difference includes difference of available-for-sale securities ((1,028) million yen) which is the component of associations.

31

(Segment Information)

1. Outline of Reportable Segments

The reportable segments for the Group (former Chuo Mitsui Trust Group) are component units that constitute the business for which discrete financial information is available and are regularly reviewed by the Board of Directors to determine the allocation of management resources and assess its performance.

Chuo Mitsui Trust Group has established a management system, which enable each group company to conduct its operating activities independently. Chuo Mitsui Trust Group separates its operations into the following companies; two trust banks, Chuo Mitsui and Chuo Mitsui Asset, and two asset management companies, Chuo Mitsui Asset Management and Chuo Mitsui Capital. In addition, Chuo Mitsui Trust Holdings, the holding company, aims to maximize Chuo Mitsui Trust Group profits by ensuring an appropriate allocation of management resources to each operating division.

Accordingly, Chuo Mitsui Trust Group’s reportable segments are distinguished at the company level. Thus, the following companies are distinguished as three groups and defined as reportable segments:

Chuo Mitsui is principally engaged in the retail investment business (sales of investment trust, individual annuity insurance and other products), lending related business (corporate loans, mortgage loans, real estate asset finance, etc), real estate business, securities transfer agency business and other.

Chuo Mitsui Asset is principally engaged in the asset management business of pension trusts and securities trusts, asset administration business and pension fund administration business.

The asset management companies consist of Chuo Mitsui Asset Management and Chuo Mitsui Capital. Chuo Mitsui Asset Management is principally engaged in investment trust management services and Chuo Mitsui Capital is principally engaged in private equity fund management services.

2. The Method of Calculation of Ordinary Income, Profit or Loss, Assets, Liabilities and Others Items by Reportable Segment

Accounting policies adopted by the reported operating segments are same as those describe and practices in significant accounting policies. Profit for reportable segments is determined based on income before income taxes and minority interests for the fiscal year 2010. In allocation income before income taxes and minority interests, the value of internal transactions are treated consistently as those held with external customers.

32

3. Information about Ordinary Income, Profit or Loss, Assets, Liabilities and Others Items by Reportable Segment

	(Million of yen)
	Reportable Segment								Other		Total		Adjustment		Carrying amount
	CMTB		CMAB		Asset Management Subsidiaries		Total
Ordinary Income
External customers		282,539		40,950		10,447		333,936		17,040		350,977		—		350,977
Internal transactions		6,043		2,554		93		8,691		40,478		49,169	r	49,169		—
Total		288,582		43,505		10,540		342,628		57,518		400,147	r	49,169		350,977
Segment profit		68,412		11,163		532		80,108		21,395		101,503	r	14,719		86,783
Segment assets		13,791,942		153,637		5,809		13,951,389		1,003,677		14,955,066	r	723,995		14,231,070
Segment liabilities		13,055,323		111,747		1,605		13,168,676		58,925		13,227,601		159,338		13,386,939
Other items
Depreciation and amortization		10,072		1,397		76		11,546		1,079		12,626	r	329		12,296
Interest income		158,103		125		66		158,295		19,626		177,921	r	17,443		160,477
Interest expenses		59,636		109		—		59,746		211		59,958	r	264		59,694
Extraordinary income		8,136		—		—		8,136		1,107		9,243	r	1,411		7,832
(Recoveries of written-off claims)		5,819		—		—		5,819		1,107		6,926		—		6,926
Extraordinary loss		4,770		1,183		91		6,044		3,001		9,046	r	3,292		5,753
Management integration expenses		3,372		566		58		3,996		2,661		6,658	r	3,260		3,397

(Note)

1. “Ordinary income” corresponds to “Net sales” of financial products and services. The adjustment shows the difference between ordinary income for management reporting purpose and for the purpose of preparing consolidated statements of income for the fiscal year 2010.

2. “Others” consists of consolidated subsidiaries other than trust banks and asset management companies as described above, and segments not included in reportable segments.

3. “Adjustment” includes the eliminations adjustments required for internal transactions. In addition, adjustments of segment assets and segment liabilities include 267,368 million related to “Customers’ liabilities for acceptances and guarantees” and “Acceptance and guarantee” for mortgage loans.

4. Segment profit has been calculated in line with income before income taxes and minority interests as adjusted in the consolidated statement of income for the fiscal year 2010.

(Additional Information)

The Company has started to adopt ASBJ Statement No.17 “the Accounting Standard for Disclosures about Segments of an Enterprises and Related Information” (issued by ASBJ on March 27, 2009) and Implementation Guidance No.20 “the Guidance on the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information” (issued by ASBJ on March 21, 2008) from the fiscal year 2010.

33

(Relevant Information)

1. Information about services

	(Millions of yen)
	Corporate business		Consumer loans		Market		Pension/ Securities		Other		Total
Ordinary Income from external customers		61,451		57,424		62,128		49,994		119,977		350,977

Note: “Ordinary Income” corresponds to “Net Sales” of financial products and services.

2. Information by geographic region

(1) Ordinary Income

Chuo Mitsui Trust Group omits ordinary income information by geographical region, since ordinary income from domestic external customers exceeds 90% of ordinary income of the consolidated statement of income for the fiscal year 2010.

(2) Tangible Fixed Assets

Chuo Mitsui Trust Group omits tangible fixed asset information by geographical region, since tangible fixed assets located in Japan exceeds 90% of total tangible fixed assets of the consolidated balance sheets as of March 31, 2011.

3. Information by major customer

Chuo Mitsui Trust Group omits major customer information, since there is no particular customer who accounts for more than 10% of ordinary income of the consolidated statements of income for fiscal year 2010.

(Information about Loss on Impairment of Fixed Assets by Reportable Segments)

(Millions of yen)

Reportable Segments

Other

Eliminations/ Corporate

Total

CMTB

CMAB

Asset Management Subsidiaries

Total

Loss on impairment of fixed assets

522

585

30

1,139

—

r

30

1,108

(Information about Amortization and Unamortized Balance of Goodwill by Reportable Segments)

	(Millions of yen)
	Reportable Segments								Other		Eliminations/ Corporate		Total
	CMTB		CMAB		Asset Management Subsidiaries		Total
Amortized in FY2010		—		—		—		—		—		2,270		2,270
Balance as of FY2010 End		—		—		—		—		—		33,034		33,034

Note: Major details as follows:

Amortized in FY2010 … CMAB: 1,679	Tokyo Securities Transfer Agent: 499
Balance as of FY2010 End… CMAB: 26,036	Tokyo Securities Transfer Agent: 6,997

(Information about gain on Negative Goodwill by reportable segment)

There is no information applicable to this disclosure

34

Per Share Information

		Fiscal year ended March 31, 2011
Net Assets per Common Share	Yen		395.94
Net Income per Common Share	Yen		28.51

Notes: The calculation basis is as follows.

1 Net Assets per Common Share

		As of March 31, 2011
Net Assets			844,130
Deduction from Net Assets			187,653
Minority Interests	Millions of yen		187,653
Net Assets Available to Common Share	Millions of yen		656,476
Common Share outstanding	Thousands of stock		1,658,014

2. Net Income per Share and Net Income per Share (fully diluted)

		As of March 31, 2011
Net Income per Share
Net Income	Millions of yen		47,277
Net Income Available to Common Share	Millions of yen		47,277
Average Common Share outstanding	Thousands of shares		1,658,044

3. Net income per common share (fully diluted) is not stated as there are no potentially dilutive securities for the fiscal year ended March 31, 2011.

35

(Important Subsequent Events)

Share exchange

Chuo Mitsui Trust Holdings, Inc. has conducted a statutory share exchange which took effect on April 1, 2011 and changed its trade name to Sumitomo Mitsui Trust Holdings, Inc., following the conclusion of the Share Exchange Agreement and Management Integration Agreement with The Sumitomo Trust and Banking Co., Ltd. on August 24, 2010, and the approval of the extraordinary general meetings of shareholders held on December 22, 2010.

1. Outline of the business combination

(1) Name and business of acquired company

Name of acquired company: Chuo Mitsui Trust Holdings, Inc.

Business Activities: bank holding company

(2) Main reason of the business combination

Objectives of the Management Integration is to form “The Trust Bank”, a new trust bank group that, with a combination of significant expertise and comprehensive capabilities, will provide better and swifter comprehensive solutions to their clients than ever before, by combining their personnel, know-how and other managerial resources and fusing both groups’ strengths such as Chuo Mitsui Trust Holdings group’s agility and The Sumitomo Trust and Banking group’s diversity.

(3) Date of business combination

April 1, 2011

(4) Legal form of business combination

Statutory share exchange (Chuo Mitsui Trust Holdings, Inc. as wholly owning parent company, Sumitomo Trust and Banking Co., Ltd. as wholly owned subsidiary)

(5) Name after management integration

Sumitomo Mitsui Trust Holdings, Inc.

(6) Voting rights acquired

100%

(7) Reason for determining acquiring company

By applying “Accounting Standard for Business Combinations (ASBJ Statement No.21) and the Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures (ASBJ Guidance No.10),, it is decided that Sumitomo Trust and Banking Co., Ltd. be the acquiring company and Chuo Mitsui Trust Holdings, Inc. be the acquired company, due to shareholders of Sumitomo Trust and Banking Co., Ltd., a wholly owned subsidiary, will have the largest percentage of voting rights of the integrated company.

2. Acquisition cost of acquired company

489,114 million yen

3. Exchange Ratio by type of shares and methods of calculating share exchange ratio and number of shares allotted

(1) Exchange Ratio by type of shares

 Common shares

1.49 shares of common share in Sumitomo Mitsui Trust Holdings, Inc. were allotted and delivered for each share of common share in The Sumitomo Trust and Banking Co., Ltd.

‚ Preferred Shares

Each share of Sumitomo Mitsui Trust Holdings, Inc. Class VII preferred shares was allotted and delivered to each share of the First Series of The Sumitomo Trust and Banking Co., Ltd. Class II Preferred Shares.

36

(2) Methods of calculating share exchange ratio

 Common Shares

In order to support the respective efforts of Chuo Mitsui Trust Holdings, Inc. and The Sumitomo Trust and Banking Co., Ltd. to ensure the fairness of the exchange ratio of common shares (the “Common Share Exchange Ratio”), Chuo Mitsui Trust Holdings, Inc. has appointed JPMorgan Securities Japan Co., Ltd. (“J.P. Morgan”) and Nomura Securities Co., Ltd. (“Nomura Securities”) as its financial advisors, and The Sumitomo Trust and Banking Co., Ltd. has appointed UBS Securities Japan Ltd (“UBS”) and Daiwa Securities Capital Markets Co. Ltd. (“Daiwa”) to perform financial analysis.

Chuo Mitsui Trust Holdings, Inc. and The Sumitomo Trust and Banking Co., Ltd., on several occasions, conducted careful negotiations and discussions on the Common Share Exchange Ratio, comprehensively taking into account factors such as the financial position, assets and future prospects of each party, with Chuo Mitsui Trust Holdings, Inc. making reference to the financial analysis prepared by J.P. Morgan and Nomura Securities, and The Sumitomo Trust and Banking Co., Ltd. to the financial analysis prepared by UBS and Daiwa. As a result of such negotiations and discussions, Chuo Mitsui Trust Holdings, Inc. and The Sumitomo Trust and Banking Co., Ltd. concluded that the Common Share Exchange Ratio set out above is appropriate and agreed on it.

‚ Preferred Shares

Chuo Mitsui Trust Holdings, Inc. and The Sumitomo Trust and Banking Co., Ltd. have agreed that the terms and conditions of the First Series of Sumitomo Mitsui Trust Holdings, Inc. Class VII Preferred Shares shall be substantially the same as those of the First Series of The Sumitomo Trust and Banking Co., Ltd. Class II Preferred Shares, and that exchange ratio for preferred shares stated above is appropriate, since no market price exists for the First Series of The Sumitomo Trust and Banking Co., Ltd. Class II Preferred Shares and such The Sumitomo Trust and Banking Co., Ltd. Preferred Shares are so-called “bond-type”.

(3) Number of Delivered Shares

 Common Shares

2,495,060,141

‚ Preferred Shares

109,000,000

37

5. Non-Consolidated Financial Statements

(1) Non-Consolidated Balance Sheets

	(Millions of yen)
	As of March 31, 2011			As of March 31, 2010
Assets:
Current assets
Cash and due from banks		1,462			1,922
Securities		23,000			35,000
Deferrd tax assets		—			267
Accrued income		0			1
Income taxe refunds receivable		3,438			2,024
Other current assets		868			48
Total current assets		28,769			39,263
Non-current assets
Tangible fixed assets		1			1
Tools, furniture and fixtures		1			1
Intangible fixed assets		7			4
Software		7			4
Investments and other assets		765,419			765,879
Investment securities		652			652
Investments in subsidiaries and affiliates (Stocks)		764,391			764,406
Deferred tax assets		—			459
Other investments		376			361
Total non-current assets		765,428			765,885
Total assets		794,198			805,149
Liabilities:
Current liabilities
Accrued expenses		1,365			1,379
Income taxes payable		2			40
Provision for bonuses		90			80
Other current liabilities		296			168
Total current liabilities		1,755			1,668
Non-current liabilities
Bonds payable		189,700			189,700
Provision for retirement benefits		1,177			1,041
Provision for directors’ retirement benefits		—			363
Other non-current liabilities		195			—
Total non-current liabilities		191,072			191,105
Total liabilities		192,827			192,774
Net assets:
Shareholders’ equity
Capital stock		261,608			261,608
Capital surplus
Legal capital surplus		65,411			65,411
Other capital surplus		53,254			53,257
Total capital surplus		118,665			118,668
Retained earnings
Other retained earnings		221,379			232,368
Retained earnings brought forward		221,379			232,368
Total retained earnings		221,379			232,368
Treasury stock		(282	)		(270	)
Total shareholders’ equity		601,370			612,375
Total net assets		601,370			612,375
Total liabilities and net assets		794,198			805,149

38

(2) Non-Consolidated Statements of Income

	(Millions of yen)
	Fiscal year ended March 31, 2011		Fiscal year ended March 31, 2010
Operating income
Dividends received from subsidiaries		17,112		10,043
Fees and commissions received from subsidiaries		5,652		3,607
Total operating income		22,764		13,651
Operating expenses
Interest on bonds		7,487		7,674
General and administrative expenses		2,911		2,871
Total operating expenses		10,398		10,545
Operating profit		12,366		3,106
Non-operating income		41		66
Interest income		0		0
Interest on securities		19		47
Commission fee		0		0
Interest on refund of income taxes and other		6		10
Other non-operating expenses		14		7
Non-operating expenses		2,792		889
Commission fee		128		376
Management integration expenses		2,661		507
Other non-operating expenses		3		4
Ordinary Profit		9,615		2,283
Extraordinary income		22		—
Other		22		—
Income before income taxes		9,638		2,283
Income taxes
Income taxes-current		3		3
Income taxes-deferred		727		(585	)
Total income taxes		731		(582	)
Net income		8,906		2,865

39

(3) Non-Consolidated Statements of Changes in Net Assets

				(Millions of yen)
	Fiscal year ended March 31, 2011			Fiscal year ended March 31, 2010
Shareholders’ equity:
Capital stock:
Balance at the end of the previous period		261,608			261,608
Changes of items during the period:
Total changes of items during the period		—			—
Balance at the end of the current period		261,608			261,608
Capital surplus:
Legal capital surplus:
Balance at the end of the previous period		65,411			65,411
Changes of items during the period:
Total changes of items during the period		—			—
Balance at the end of the current period		65,411			65,411
Other capital surplus:
Balance at the end of the previous period		53,257			53,262
Changes of items during the period:
Disposal of treasury stock		(3	)		(5	)
Total changes of items during the period		(3	)		(5	)
Balance at the end of the current period		53,254			53,257
Total capital surplus:
Balance at the end of the previous period		118,668			118,673
Changes of items during the period:
Disposal of treasury stock		(3	)		(5	)
Total changes of items during the period		(3	)		(5	)
Balance at the end of the current period		118,665			118,668
Retained earnings:
Other retained earnings:
Balance at the end of the previous period		232,368			237,268
Changes of items during the period:
Dividends from surplus		(19,896	)		(7,765	)
Net income		8,906			2,865
Total changes of items during the period		(10,989	)		(4,899	)
Balance at the end of the current period		221,379			232,368
Total retained earnings:
Balance at the end of the previous period		232,368			237,268
Changes of items during the period:
Dividends from surplus		(19,896	)		(7,765	)
Net income		8,906			2,865
Total changes of items during the period		(10,989	)		(4,899	)
Balance at the end of the current period		221,379			232,368

40

(Continued)

	(Millions of yen)
	Fiscal year ended March 31, 2011			Fiscal year ended March 31, 2010
Treasury stock:
Balance at the end of the previous period		(270	)		(262	)
Changes of items during the period:
Purchase of treasury stock		(17	)		(18	)
Disposal of treasury stock		5			9
Total changes of items during the period		(11	)		(8	)
Balance at the end of the current period		(282	)		(270	)
Total shareholders’ equity:
Balance at the end of the previous period		612,375			617,289
Changes of items during the period:
Dividends from surplus		(19,896	)		(7,765	)
Net income		8,906			2,865
Purchase of treasury stock		(17	)		(18	)
Disposal of treasury stock		2			4
Total changes of items during the period		(11,004	)		(4,913	)
Balance at the end of the current period		601,370			612,375
Total net assets:
Balance at the end of the previous period		612,375			617,289
Changes of items during the period:
Dividends from surplus		(19,896	)		(7,765	)
Net income		8,906			2,865
Purchase of treasury stock		(17	)		(18	)
Disposal of treasury stock		2			4
Total changes of items during the period		(11,004	)		(4,913	)
Balance at the end of the current period		601,370			612,375

41

Notes to the Going–Concern Assumption

There are no corresponding items.

Cautionary Statement Regarding Forward-Looking Statements

This material contains forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995) regarding our intent, belief or current expectations in respect to our future financial conditions, operating results and overall management. These forward-looking statements may be identified by words such as “believes”, “expects”, “anticipates”, “projects”, “intends”, “should”, “seeks”, “estimates”, “future”, or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Such forward-looking statements are not guarantees of future performance and actual results may differ, owing to risks and uncertainties, including without limitation: (1) potential difficulties in integrating the management and business operations of our subsidiaries; (2) our ability to successfully execute our group business strategies; and (3) unanticipated events that result in an increase in our credit costs and a deterioration in the quality of our group companies’ loan portfolios. Given such risks and uncertainties, you should not place undue reliance on forward-looking statements, which speak only as of the release date of this material. We undertake no obligation to update or revise any forward-looking statements. In addition to this material, please refer to our most recently disclosed documents, such as our Form F-4 registration statement filed with the U.S. Securities and Exchange Commission, or press releases we have issued, for a more detailed description of matters that may affect our financial condition and operating results.

42

Financial Results for the Fiscal Year 2010

[Japanese GAAP] (Consolidated)

May 13, 2011

Listed company	: Sumitomo Mitsui Trust Holdings, Inc.
	(The Sumitomo Trust & Banking Co., Ltd.)
Stock exchange listings	: Tokyo, Osaka and Nagoya(code: 8309)
URL	: http://www.smth.jp/en/index.html
Representative	: Kazuo Tanabe, President
For inquiry	: Tadashi Nishimura, Executive Officer,
	General Manager of Financial Management Department,
	The Sumitomo Trust & Banking Co., Ltd
	TEL +81-3-3286-8354
Payment date of cash dividends (Scheduled)	: June 30, 2011
Trading accounts	: Established

(The following is the figures and notes based on consolidated basis and non-consolidated basis of The Sumitomo Trust & Banking Co., Ltd)

(All amounts less than one million yen are rounded down.)

1. Consolidated Financial Results for the Fiscal Year 2010 (April 1, 2010 through March 31, 2011)

(1) Consolidated Results of Operations (%: Change from the previous period)

	Ordinary Income					Ordinary Profit					Net Income
	Millions of Yen		%			Millions of Yen		%			Millions of Yen		%
Fiscal Year Ended
March 31, 2011		829,365		(3.5	)		100,765		(32.0	)		83,509		57.0
March 31, 2010		859,610		(19.1	)		148,147		400.3			53,180		569.2

(Note) Comprehensive Income:    Year Ended March 31, 2011    90,193 millions of yen,    (52.6%)    Year Ended March 31, 2010     190,241 millions of yen, –%

	Net Income per Common Share		Net Income per Common Share (Fully Diluted)		Net Income to Net Assets Ratio		Ordinary Profit to Total Assets Ratio		Ordinary Profit to Ordinary Income Ratio
	Yen		Yen		%		%		%
Fiscal Year Ended
March 31, 2011		47.12		——		7.4		0.5		12.1
March 31, 2010		30.18		——		5.3		0.7		17.2

(Reference)	Equity in earning (losses) of affiliates: Year ended March 31, 2011    2,655 millions of yen     Year Ended March 31, 2010     1,316 millions of yen
(Note)	Net income per common share (fully diluted) is not stated, as there are residual securities but not dilutive.

(2) Consolidated Financial Conditions

	Total Assets		Net Assets		Net Assets to Total Assets Ratio		Net Assets per Common Share		Consolidated BIS Capital Adequacy Ratio
	Millions of Yen		Millions of Yen		%		Yen		%
As of
March 31, 2011		20,926,094		1,507,095		5.7		651.72		15.63
March 31, 2010		20,551,049		1,449,945		5.6		619.15		13.85

(Reference)	Net Assets less Minority Interests:        March 31, 2011    1,202,641 millions of yen                                                                     March 31, 2010    1,148,118 millions of yen
(Note)	Net Assets to Total Assets Ratio = Net Assets less Minority Interests / Total Assets
(Note)	Consolidated BIS Capital Adequacy Ratio is calculated based on the “Standard to determine the adequacy of bank’s capital concerning its assets provided under the Article 14-2 of the Banking Act (FSA Announcement No.19, 2006.)” The ratio as of March 31, 2011 is the preliminary figure for immediate release purposes.

(3) Consolidated Cash Flows

	Net Cash Provided by (Used in) Operating Activities			Net Cash Provided by (Used in) Investing Activities			Net Cash Provided by (Used in) Financing Activities			Cash and Cash Equivalents at  End of Period
	Millions of Yen			Millions of Yen			Millions of Yen			Millions of Yen
Fiscal Year Ended
March 31, 2011		383,036			(689,314	)		30,461			346,030
March 31, 2010		(348,312	)		720,794			(41,867	)		636,398

2. Cash Dividends on Common Share

	Annual Cash Dividends per Common Share										Total Dividends Payment (Annual)		Payout Ratio (Consolidated)		Dividends to Net Assets Ratio (Consolidated)
	First Quarter-end		Second Quarter-end		Third Quarter-end		Year-end		Annual
	Yen		Yen		Yen		Yen		Yen		Millions of Yen		%		%
Fiscal Year Ended
March 31, 2010		—		5.00		—		5.00		10.00		16,745		33.1		1.8
March 31, 2011		—		6.00		—		8.00		14.00		23,443		29.7		2.2

(Note) The figure above shows Cash Dividends on Common Share. In regard to other types of shares, please refer to “Cash Dividends on Preferred Shares” as follows.

3. Other Information

(1) Changes in important subsidiaries resulted in changes in the scope of consolidation during the fiscal year 2010: None

(Note)     For details, please refer to page 4, “2. Organization of the Sumitomo Trust & Banking group.”

(2) Changes in accounting principles, procedures and presentation methods in the preparation of consolidated financial statements

1) Changes due to revisions in accounting standards: Yes

2) Other changes: Yes

(Note)     For details, please refer to page 17, “Changes in Significant Accounting Policies and Practice.”

(3) Number of issued shares (Common share)

1) Number of issued shares (including treasury stock)
March 31, 2011:	1,675,128,546 shares,	March 31, 2010:	1,675,128,546 shares
2) Number of treasury stock
March 31, 2011:	591,538 shares,	March 31, 2010:	556,984 shares
3) Average number of issued shares (for the fiscal year)
March 31, 2011:	1,674,553,813 shares,	March 31, 2010:	1,674,587,745 shares

<Reference> Summary of Non-consolidated Financial Results

Non-Consolidated Financial Results for the Fiscal Year 2010 (April 1, 2010 through March 31, 2011)

(1) Non-consolidated Results of Operations

(%: Change from the previous period)

	Ordinary Income					Ordinary Profit					Net Income
	Millions of Yen		%			Millions of Yen		%			Millions of Yen		%
Fiscal Year Ended
March 31, 2011		416,506		(14.2	)		72,031		(43.5	)		73,526		239.0
March 31, 2010		485,189		(28.2	)		127,506		235.8			21,691		(44.3	)

	Net Income per Common Share		Net Income per Common Share (Fully Diluted)
	Yen		Yen
Fiscal Year Ended
March 31, 2011		41.15		——
March 31, 2010		11.37		——

(Note)     Net income per common share (fully diluted) is not stated, as there are no residual securities.

(2) Non-consolidated Financial Conditions

	Total Assets		Net Assets		Net Assets to Total Assets Ratio		Net Assets per Common Share		Non-Consolidated BIS Capital Adequacy Ratio
	Millions of Yen		Millions of Yen		%		Yen		%
As of
March 31, 2011		20,102,714		1,147,938		5.7		619.06		17.07
March 31, 2010		19,651,334		1,100,690		5.6		590.83		15.26

(Reference)	Net Assets: March 31, 2011 1,147,938 millions of yen March 31, 2010 1,100,690 millions of yen
(Note)	Net Assets to Total Assets Ratio = Net Assets / Total Assets
(Note)	Non-Consolidated BIS Capital Adequacy Ratio is calculated based on the “Standard to determine the adequacy of bank’s capital concerning its assets provided under the Article 14-2 of the Banking Act (FSA Announcement No.19, 2006.)” The ratio as of March 31, 2011 is the preliminary figure for immediate release purposes.

Presentation on the implementation status of the audit procedures

These financial results stand out of range of audit procedures based on “Financial Instruments and Exchange Act.” At the time of this disclosure, the procedures have not completed yet.

(Cash Dividends on Preferred Share)

Cash dividends per share on preferred share are as below:

The First Series of Class 2 Preferred Shares

Annual Cash Dividends per Preferred Share

Total Dividends Payment (Annual)

First Quarter-end

Second Quarter-end

Third Quarter-end

Year-end

Annual

Yen

Yen

Yen

Yen

Yen

Millions of Yen

Fiscal Year Ended

March 31, 2010

3.13

—

21.15

24.28

2,646

March 31, 2011

—

21.15

—

21.15

42.30

4,610

(Note)     The First Series of Class 2 Preferred Shares was issued in September 2009.

[Accompanying Materials]

Index

1. Financial Results	2
(1) Financial Results	2
(2) Financial Position	2
(3) Risks of Business	3
2. Organization of the Sumitomo Trust & Banking group	4
3. Management Policy	5
(1) Basic Management Policy	5
(2) Status of Midterm Management Plan	5
(3) Midterm and Long Term Management Strategies and Issues to be Addressed	6
4. Consolidated Financial Statements	7
(1) Consolidated Balance Sheets	7
(2) Consolidated Statements of Income	9
(3) Consolidated Statements of Comprehensive Income	10
(4) Consolidated Statements of Changes in Net Assets	11
(5) Consolidated Statements of Cash Flows	13
Notes to the Consolidated Financial Statements for the Fiscal Year 2010	14
Note for the Going-Concern Assumption	14
Significant Accounting Policies and Practices	14
Changes in Significant Accounting Policies and Practices	17
Changes in the Presentation of the Consolidated Financial Statement	18
Additional Information	18
Notes to the Consolidated Balance Sheets	18
Notes to the Consolidated Statements of Income	20
Notes to the Consolidated Statements of Comprehensive Income	20
Notes to the Consolidated Statements of Changes in Net Assets	21
Notes to the Consolidated Statements of Cash Flows	21
Financial Instruments	22
Securities	28
Money Held in Trust	30
Valuation Difference on Available-for-Sale Securities	31
Segment Information	32
Related Party Transactions	33
Per Common Share Information	34
Significant Subsequent Events	35
5. (Reference) Non-Conslidated Financial Statements	37
(1) (Reference) Non-Consolidated Balance Sheets	37
(2) (Reference) Non-Consolidated Statements of Income	39
(3) (Reference) Non-Consolidated Statements of Changes in Net Assets	41

–1–

1. Financial Results

(1) Financial Results

(i) Financial Results for the Fiscal Year 2010

Consolidated net business profit before credit costs (Note 1) for the fiscal year 2010 decreased by 23.6 billion yen from the previous fiscal year to 174.2 billion yen, mainly due to the decrease of net business profit before costs on a non-consolidated basis, despite profit of group companies increased, in addition to the contribution of Nikko Asset Management Co., Ltd. (hereinafter “Nikko AM”) which became a subsidiary in the second half of the fiscal year 2009.

Total credit cost increased 27.5 billion yen from the previous fiscal year to 28.8 billion yen, as a result of additional allowance for loan losses, including group companies, which were posted after conservatively estimating the effect caused by the Great East Japan Earthquake in the fourth quarter of the fiscal year 2010, in addition to the posting of credit on a non-consolidated basis.

As a result, consolidated ordinary profit decreased by 47.3 billion yen from the previous fiscal year to 100.7 billion yen.

Meanwhile, consolidated net income increased by 30.3 billion yen from the previous fiscal year to 83.5 billion yen due to the net income boosting factors resulting from the business reorganization of subsidiaries during the second quarter of the fiscal year 2010, and, and net income per common share was 47.11 yen.

Consolidated Tier I Capital Ratio was 11.09% and consolidated return on shareholders’ equity (Note 2) was 7.42%.

(ii) Segment Information

Consolidated net business profit before credit costs by reportable segment for the fiscal year 2010 was 14.9 billion yen of retail financial services business, 89.6 billion yen of wholesale financial services business, 46.1 billion yen of global markets business, 28.7 billion yen of fiduciary services business and 10.2 billion yen of real estate business, and others excluded from reportable segment was losses of 15.3 billion yen.

(iii) Dividends

We plan to distribute a year-end dividend for common share of 8 yen per share (annual dividend of 14 yen per share), as the upward revision of dividends and earnings forecast as of April 28, 2011. In this case, the consolidated payout ratio (Note 3) will be 29.7%.

(Note 1) As to the explanation of net business profit before credit costs, please refer to the “Explanatory Material Fiscal Year 2010 ended on Mar. 31, 2011.”

(Note 2) Consolidated return on shareholders’ equity = [(net income – dividend on preferred share) / {(beginning balance of shareholders’ equity – beginning excluded amount*) + (ending balance of shareholders’ equity – ending excluded amount*) / 2}] × 100

                                 * Excluded amount = book value of preferred shares + dividend on preferred share

(Note 3) Consolidated payout ratio = {total dividends / (consolidated net income – dividend on preferred share)} × 100

(2) Financial Position

(i) Assets and Liabilities

Consolidated total assets increased by 375.0 billion yen from the end of the previous fiscal year to 20,926.0 billion yen and consolidated net assets increased by 57.1 billion yen to 1,507.0 billion yen.

As to major accounts, the balance of loans increased by 108.3 billion yen from the end of the previous fiscal year to 11,794.9 billion yen, while that of securities increased by 532.4 billion yen from the end of the previous fiscal year to 4,616.5 billion yen. The balance of deposits increased by 47.3 billion yen from the end of the previous fiscal year to 12,298.5 billion yen. The total balance of trust account on non-consolidated basis increased by 2,872.7 billion yen from the end of the previous fiscal year to 82,180.4 billion yen, due primarily to an increase in investment trust.

Net unrealized gains/ losses on available-for-sale securities with fair value decreased by 22.8 billion yen from the end of the previous fiscal year to net gains of 71.4 billion yen, due primarily to the stagnation of stock price.

        The balance of assets classified under the Financial Reconstruction Act (non-consolidated, banking account and principal guaranteed trust account combined) decreased by 20.8 billion yen from the end of the previous fiscal year to 155.7 billion yen, due primarily to a decrease in doubtful and substandard loans resulting from the improvement of financial conditions of some domestic customers, despite an increase in bankrupt and practically bankrupt loans caused by the downgrade of a major customer during the fourth quarter of the fiscal year 2010. The ratio of assets classified under the Financial Reconstruction Act to the total loan balance improved by 0.2% from the end of the previous fiscal year to 1.2%. The balance of loans to substandard debtors excluding substandard loans and loans to special mention debtors decreased by 220.3 billion yen from the end of the previous fiscal year to 403.9 billion yen.

The balance of net deferred tax assets increased by 21.0 billion yen from the end of the previous fiscal year to 100.1 billion yen.

(ii) Cash Flows

The net cash inflow from operating activities, such as fund management, asset management and increase or decrease in loans and bills discounted and deposits, was 383.0 billion yen (an increase of inflow of 731.3 billion yen from the previous fiscal year) . The net cash outflow from investment activities, such as purchase or sales of securities, was 689.3 billion yen (an increase of outflow of 1,410.1 billion yen from the previous fiscal year). The net cash inflow from financing activities, such as payment of cash dividends, issuance and redemption of subordinated bonds, was 30.4 billion yen (an increase of inflow of 72.3 billion yen from the previous fiscal year). As a result, the balance of cash and cash equivalents at the end of the fiscal year was 346.0 billion yen.

–2–

(iii) Capital Adequacy Ratio

We maintained a sufficient level of consolidated BIS capital adequacy ratio, which was 15.63%. The figures during the recent five years were as follows:

	March 31, 2007			March 31, 2008			March 31, 2009			March 31, 2010			March 31, 2011
Consolidated BIS Capital Adequacy Ratio		11.36	%		11.84	%		12.09	%		13.85	%		15.63	%

(3) Risks of Business

Major items which could be risk factors related to business of the Bank and its group (including matters that could have a material impact on investment decisions by investors) are as follows:

Credit Risks

Market Risks

Liquidity Risks

Operational Risks

Business Processing Risks

Information Security Risks

Compliance Risks

Human Risks

Event Risks

Reputation Risks

Outsourcing Risks

Capital Adequacy Ratio Dropping Risks

Credit Rating Downgrading Risks

Risks related to Trust Business

Risks related to Provision for Retirement Benefits

Risks related to Business Strategy

Risks related to Group Management

Risks of Changes in Regulations

Risks related to Human Resource

Risks related to Management Integration

The above mentioned items which could be risk factors were described in the Bank’s latest annual securities report (only in Japanese). Also, matters that are considered to be important in investment decisions by investors are published as needed through the disclosure of information in a timely manner.

–3–

2. Organization of the Sumitomo Trust & Banking group

The Sumitomo Trust & Banking group (The Sumitomo Trust and Banking Co., Ltd., subsidiaries and affiliates, hereinafter “STB Group”) conducts wide range of services divided into “Retail Financial Services Business,” “Wholesale Financial Services Business,” “Global Markets Business,” “Fiduciary Services Business” and “Real Estate Business.” STB Group includes 51 consolidated subsidiaries and 11 affiliates accounted for by the equity method. Positioning of businesses and reportable segments of “STB group” at the end of this fiscal year are as follows.

Reportable Segment	Names of Principal Companies
Retail Financial Services Business	The Sumitomo Trust and Banking Co., Ltd.(Retail Financial Services Business) Consolidated subsidiaries: 3
	Principal companies:
	* Sumishin Guaranty Company Limited
	* STB Wealth Partners Co., Limited
	* Sumishin Card Company, Limited
Wholesale Financial Services Business	The Sumitomo Trust and Banking Co., Ltd.(Wholesale Financial Services Business)
	Consolidated subsidiaries: 16, Affiliates accounted for by the equity method: 3
	Principal companies:
	* Sumishin Real Estate Loan & Finance, Limited
	* Sumishin Panasonic Financial Services Co,. Ltd.
	* Japan TA Solution, Ltd.
	* The Sumitomo Trust Finance (H.K.) Limited
	* STB Omega Investment Limited
	* STB Investment Corporation
	** BUSINEXT CORPORATION
	** Sumishin Life Card Company, Limited
	** Zijin Trust Co., Ltd
Global Markets Business	The Sumitomo Trust and Banking Co., Ltd.(Global Markets Business)
Fiduciary Services Business	The Sumitomo Trust and Banking Co., Ltd.(Fiduciary Services Business)
	Consolidated subsidiaries: 20, Affiliates accounted for by the equity method: 3
	Principal companies:
	* Nikko Asset Management Co., Ltd.
	* Sumitomo Trust and Banking (Luxembourg) S.A.
	* Sumitomo Trust and Banking Co. (U.S.A.)
	* STB Asset Management Co., Ltd.
	** Japan Pension Operation Service, Ltd.
	** Japan Trustee Services Bank, Ltd.
	** Rongtong Fund Management Co., Ltd.
Real Estate Business	The Sumitomo Trust and Banking Co., Ltd.(Real Estate Business)
	Consolidated subsidiaries: 3, Affiliate accounted for by the equity method: 1 Principal companies:
	* STB Real Estate Investment Management Co., Ltd.
	* STB Research Institute Co., Ltd.
	* Sumishin Realty Company, Limited
	** Top REIT Asset Management Co., Ltd.
Other Business	The Sumitomo Trust and Banking Co., Ltd.(Other Business)
	Consolidated subsidiaries: 9, Affiliates accounted for by the equity method: 4 Principal companies:
	* The Sumishin Shinko Company Limited
	* Sumishin Business Service Company, Limited
	* Sumishin Information Service Company Limited
	* STB Preferred Capital 2(Cayman) Limited
	* STB Preferred Capital 3(Cayman) Limited
	* STB Preferred Capital 4(Cayman) Limited
	* STB Preferred Capital 5(Cayman) Limited
	** SBI Sumishin Net Bank, Ltd.
	** HR One Corporation

(Note 1)* denotes a consolidated subsidiary and ** denotes an affiliate accounted for by the equity method.

(Note 2) Other Business is the division which does not belong to the reportable segments.

(Note 2) “STB Group” has started to adopt ASBJ Statement No.17 “the Accounting Standard for Disclousures about Segments of an Enterprises and Related Information” (issued by ASBJ on March 27, 2009) and Implementation Guidance No.20 “the Guidance on the Accounting Standard for Disclousures about Segments of an Enterprise and Related Information” (issued by ASBJ on March 21, 2008) from the fiscal year 2010. Therefore, “STB Group” has changed the division of segment from business segment to reportable segment based on management approach.

–4–

3. Management Policy

(1) Basic Management Policy

In order to clarify the image of the ideal corporate group model, Sumitomo Mitsui Trust Group (hereinafter “SMTH Group”) has specified Management Policy which consists of Management Principles (“Mission”), Ideal Model (“Vision”), and Codes of Conduct (“Value”). STB Group, as a member group of “SMTH Group”, will conduct its business in accordance with the policy.

Management Principles (“Mission”)

(a) Swiftly provide comprehensive solutions to its clients by fully utilizing its significant expertise and comprehensive capabilities.

(b) Adhere to the principles of sound management based on a high degree of self-discipline with the background of “Trustee Spirit” and establish strong credibility from society.

(c) Strive to fulfill all shareholder expectations by creating distinct values through fusing the various functions featuring the trust bank group.

(d) Offer a workplace where diversity and creativity are fully appreciated to add value to the organization, and the employees are hopeful, proud and motivated in fulfilling the missions.

Ideal Model (“Vision”)

Based on the “Trustee Spirit” and with significant expertise and comprehensive capabilities, “SMTH Group” creates distinct values by leveraging a new business model, combining its banking, asset management and administration, and real estate businesses, and will move onto the global stage as a leading trust bank group which boasts the largest and highest status in Japan.

Codes of Conduct (“Value”)

In order to pursue the Management Principles of “SMTH Group”, the board of directors and employees commit themselves to comply with the 6 Codes of Conduct described below.

(a) Completely Client-oriented—Truthfulness and Loyalty

“SMTH Group” will adhere to the highest degree of “Truthfulness and Loyalty” as well as credibility and sureness, and will carry out all our responsibilities for client satisfaction and comfort as our top priority.

(b) Contribution to society—Dedication and Development

“SMTH Group” will remain dedicated in all our efforts, with “Frontier Spirit”, and continue to contribute to society.

(c) Realization of organizational capability—Trust and Creativity

“SMTH Group” will realize our organizational capabilities with full of mutual trust and creativity through improvement by mutual learning and continuous personal transformation of various people who share the enthusiasm for trust.

(d) Establishment of Individuality—Self-help and Self-discipline

With a spirit of self-help and self-discipline as well as a sense of ownership, we will carry out our responsibilities.

(e) Strict compliance with applicable laws and regulations

“SMTH Group” will strictly comply with all applicable laws, rules and regulations, and will ensure that all of our corporate activities meet the highest standards of social norms.

(f) Resolute stance against antisocial forces

“SMTH Group” will continue to take a resolute stance against antisocial forces, which may threaten public order and the security of civil society.

(2) Status of Midterm Management Plan

In order to further enhance the competence in comprehensive solutions leveraged by significant expertise and comprehensive capabilities unique to an independent trust bank group, which combines “banking, trust and real estate operations”, the “STB group” has been working to reform its management system and to solidly execute the business strategy.

The bank, the core of “STB group” newly established “Owner Consulting Department” which specialized in providing various solutions towards customers such as business owners and their asset management companies. Besides, the bank defined certain business areas (such as business for wealthy clients, investment product sales and workplace channel) conducted by both of the Retail Financial Services Business and the Wholesale Financial Services Business, including the above-mentioned department, as “Cross-Client Services Business” and thus has strove to find more business and profit opportunities by cross-divisional business development.

Moreover, the Bank has been developing its global business by increasing overseas staff to beef up resources to deal with funding requirement of Japanese companies and overseas project finance, as well as expanding the business particularly in Asian market where high economic growth is expected, such as the acquisition of an overseas asset management company by Nikko AM and the opening of the operation of our joint business with Zijing Trust Co., Ltd.

Also, on April 1, 2011, the Bank integrated its management with Chuo Mitsui Trust Holdings, Inc. through a share exchange. Based on the “Trustee Spirit” and with significant expertise and comprehensive capabilities, the newly established “SMTH Group” creates distinct values by leveraging a new business model, combining its banking, asset management and administration, and real estate businesses, and will move onto the global stage as a leading trust bank group “The Trust Bank” which boasts the largest and highest status in Japan.

–5–

(3) Midterm and Long Term Management Strategies and Issues to be Addressed

While we are facing the era of fundamental social and financial structural turnaround, the issues to be addressed surrounding our clients’ funding and asset management are becoming increasingly advanced and complex. And in Japan, the recovery from the damage caused by the recent worst disaster since the end of World War II is the pressing priority.

As the sole group specialized in trust bank in Japan, “SMTH Group” will fulfill even more social and public responsibilities and contribute to our clients, society and further to the recovery of Japanese economy by realizing its significant expertise and comprehensive capabilities.

Strengthening Business Strategies

In the Retail Financial Services Business, we will further enhance the competence in providing wealthy clients with comprehensive solutions for asset management and administration, while focusing on strengthening sales of investment trust and individual annuities in further coordination with the asset management companies within the group (Asset Management Co., Ltd., “Nikko AM” and Chuo Mitsui Asset Management Co., Ltd.). In addition, we will expand credit business for individual clients, such as housing and business loans, as a stable base of the Bank’s credit portfolio.

In the Wholesale Financial Services Business, we will enhance our presence by strengthening our ability to provide solutions to clients’ management issues, deepen business relations by providing wide range of products and services, and promote global business development by enhancing business with Japanese and Non-Japanese clients particularly in Asia. In addition, the Bank will focus on providing financial institutions and non-profit organizations with investment products, as well as finance related business (leasing, real estate-secured finance and business financing) utilizing the functions of the group companies.

In the real estate business, the Bank will carry out personnel shift to real estate intermediary business, obtain more information through closer contact with clients, and reinforce our competence in processing information by focusing on various consulting functions. Further, we will focus on providing quality and comprehensive real estate solutions in further coordination with real estate companies within the group, including the newly joined Chuo Mitsui Realty Co., Ltd..

In the Fiduciary Services Business, we will further improve our expertise in asset management consulting and the quality of operation by the joint effort among pension, investment management and securities processing business units, aiming to provide our customer with the best quality and integrated service from pension plan designing to asset management and asset administration throughout. In addition, the Bank will promote investment product sales towards overseas institutional investors, and focus on the expansion of entrusted stock of investment trust through business promotion concentrating on securities companies.

In the Global Markets Business, the Bank will be working to stabilize the bank-level profits through appropriately managed treasury operations. Besides, the Bank will also seek to expand the range of trading products and sophisticate investment strategies, and thus achieve both of boosting and stabilizing profits.

Strengthening Consolidated Management Strategy and Developing Management and Business Infrastructure

The Bank will strive to offer comprehensive and quality solutions which fit clients’ need by not only utilizing the bank’s own products and services but also a variety of functions within the group such as financing, consulting, asset management and administrative agent services and thus boost up our profitability and corporate value on a consolidated basis.

In regard to credit administration, the Bank will reinforce our overseas research and credit supervisory functions to get well prepared for the future expansion of overseas credit business, for example. Likewise we will also reinforce our business management infrastructure so as to enable to strike the balance between high value-added and efficiency, with the whole group’s close attention towards designing and administrating robust operational and IT systems.

Smooth Implementation of the Management Integration, and quick materialization of the synergy

Following the management integration achieved with Sumitomo Mitsui Trust Holdings Inc. as a new holding company this time, the Bank will steadily and smoothly implement the establishment of “Sumitomo Mitsui Trust Bank, Ltd.” through the merger among the three trust banks under the holding company (the Bank, Chuo Mitsui Trust and Banking Company, Limited and Chuo Mitsui Asset Trust and Banking Company, Limited). In addition, in this fiscal year we will make efforts to realize profit synergy and minimize dis-synergy through active collaboration among the companies within “SMTH Group” as one effectively, and thus quickly materialize the benefit of the merger.

Through these business activities above the Bank is aiming to be given further trust and support from clients and further increase the corporate value. The Bank’s entire staff will unite to put the best efforts into further meeting the expectation from you all.

–6–

4. Consolidated Financial Statements

(1) Consolidated Balance Sheets

	(Millions of Yen)
	As of March 31, 2010			As of March 31, 2011
Assets:
Cash and Due from Banks		970,869			704,625
Call Loans and Bills Bought		86,485			15,326
Receivables under Resale Agreements		—			33,260
Monetary Claims Bought		489,816			439,303
Trading Assets		761,850			585,289
Money Held in Trust		22,345			22,228
Securities		4,084,091			4,616,542
Loans and Bills Discounted		11,686,629			11,794,987
Foreign Exchanges		5,553			5,658
Lease Receivables and Investment Assets		650,540			614,376
Other Assets		1,203,651			1,452,168
Tangible Fixed Assets:		125,802			127,563
Buildings		31,893			29,140
Land		83,314			82,692
Lease Assets		169			186
Construction in Progress		1,618			7,157
Other		8,806			8,386
Intangible Fixed Assets:		170,043			164,929
Software		34,429			35,434
Goodwill		133,092			123,258
Other		2,520			6,235
Deferred Tax Assets		79,131			100,178
Customers’ Liabilities for Acceptances and Guarantees		339,837			362,432
Allowance for Loan Losses		(125,598	)		(112,773	)
Total Assets		20,551,049			20,926,094
Liabilities:
Deposits		12,251,117			12,298,508
Negotiable Certificates of Deposit		2,350,884			2,222,110
Call Money and Bills Sold		79,519			49,569
Payables under Repurchase Agreements		601,787			620,846
Payables under Securities Lending Transactions		—			158,798
Trading Liabilities		97,945			102,326
Borrowed Money		1,172,338			1,176,040
Foreign Exchanges		31			30
Short-term Bonds Payable		438,667			408,608
Bonds Payable		531,815			634,225
Borrowed Money from Trust Account		430,969			431,710
Other Liabilities		771,305			911,381
Provision for Bonuses		10,051			9,565
Provision for Directors’ Bonuses		411			317
Provision for Retirement Benefits		8,927			8,691
Provision for Reimbursement of Deposits		1,043			1,155
Provision for Contingent Loss		8,258			11,320
Provision for Relocation Expenses		379			5,620
Deferred Tax Liabilities		34			30
Deferred Tax Liabilities for Land Revaluation		5,778			5,709
Acceptances and Guarantees		339,837			362,432
Total Liabilities		19,101,104			19,418,999

–7–

(Continued)

	(Millions of Yen)
	As of March 31, 2010			As of March 31, 2011
Net Assets:
Total Shareholders’ Equity:		1,144,068			1,204,514
Capital Stock		342,037			342,037
Capital Surplus		297,052			297,051
Retained Earnings		505,444			565,908
Treasury Stock		(465	)		(482	)
Total Accumulated Other Comprehensive Income:		4,050			(1,872	)
Valuation Difference on Available-for-Sale Securities		9,188			6,064
Deferred Gains or Losses on Hedges		9,440			9,650
Revaluation Reserve for Land		(4,655	)		(4,714	)
Foreign Currency Translation Adjustment		(9,922	)		(12,873	)
Minority Interests		301,826			304,454
Total Net Assets		1,449,945			1,507,095
Total Liabilities and Net Assets		20,551,049			20,926,094

–8–

(2) Consolidated Statements of Income

	(Millions of Yen)
	Fiscal Year Ended March 31, 2010		Fiscal Year Ended March 31, 2011
Ordinary Income:
Trust Fees		53,062		50,906
Interest Income:		282,915		236,239
Interest on Loans and Discounts		177,986		158,746
Interest and Dividends on Securities		79,972		60,937
Interest on Call Loans and Bills Bought		230		241
Interest on Receivables under Resale Agreements		0		174
Interest on Receivables under Securities Borrowing Transactions		347		167
Interest on Deposits with Banks		1,480		2,155
Other Interest Income		22,897		13,816
Fees and Commissions		130,711		168,411
Trading Income		15,672		11,559
Other Ordinary Income		352,699		345,057
Other Income		24,548		17,191
Ordinary Income		859,610		829,365
Ordinary Expenses:
Interest Expenses:		100,023		84,193
Interest on Deposits		66,426		53,584
Interest on Negotiable Certificates of Deposit		6,431		4,166
Interest on Call Money and Bills Sold		696		492
Interest on Payables under Repurchase Agreements		2,559		879
Interest on Payables under Securities Lending Transactions		3		5
Interest on Borrowings and Rediscounts		7,727		9,870
Interest on Short-term Bonds		891		760
Interest on Bonds		12,412		11,680
Other Interest Expenses		2,874		2,753
Fees and Commissions Payments		39,255		55,280
Trading Expenses		—		72
Other Ordinary Expenses		299,033		287,606
General and Administrative Expenses		222,344		231,174
Other Expenses:		50,805		70,272
Provision of Allowance for Loan Losses		—		12,877
Other		50,805		57,395
Ordinary Expenses		711,463		728,599
Ordinary Profit		148,147		100,765
Extraordinary Income:		19,943		19,734
Gain on Disposal of Noncurrent Assets		2,174		22
Reversal of Allowance for Loan Losses		7,330		—
Recoveries of Written-off Claims		1,355		1,389
Other		9,083		18,322
Extraordinary Loss:		34,932		14,524
Loss on Disposal of Noncurrent Assets		443		1,010
Impairment Loss		34,489		9,664
Other		—		3,850
Income before Income Taxes and Minority Interests		133,157		105,974
Income Taxes:		66,400		10,035
Current		16,116		29,795
Deferred		50,283		(19,760	)
Income before Minority Interests		—		95,939
Minority Interests in Income		13,576		12,430
Net Income		53,180		83,509

–9–

(3) Consolidated Statements of Comprehensive Income

	(Millions of Yen)
	Fiscal Year Ended March 31, 2010		Fiscal Year Ended March 31, 2011
Income before Minority Interests		—		95,939
Other Comprehensive Income:		—
Valuation Difference on Available-for-Sale Securities		—		(2,635	)
Deferred Gains or Losses on Hedges		—		376
Foreign Currency Translation Adjustment		—		(2,686	)
Attributable to Equity Method Affiliates		—		(801	)
Total Other Comprehensive Income		—		(5,746	)
Comprehensive Income:		—		90,193
Comprehensive Income Attributable to Owners of the Parent		—		77,645
Comprehensive Income Attributable to Minority Interests		—		12,548

–10–

(4) Consolidated Statements of Changes in Net Assets

	(Millions of Yen)
	Fiscal Year Ended March 31, 2010			Fiscal Year Ended March 31, 2011
Shareholders’ Equity:
Capital Stock:
Balance at the End of the Previous Period		287,537			342,037
Changes of Items during the Period:
Issuance of New Shares		54,500			—
Total Changes of Items during the Period		54,500			—
Balance at the End of the Current Period		342,037			342,037
Capital Surplus:
Balance at the End of the Previous Period		242,555			297,052
Changes of Items during the Period:
Issuance of New Shares		54,500			—
Disposal of Treasury Stock		(3	)		(0	)
Total Changes of Items during the Period		54,496			(0	)
Balance at the End of the Current Period		297,052			297,051
Retained Earnings:
Balance at the End of the Previous Period		463,346			505,444
Changes of Items during the Period:
Cash Dividends		(11,226	)		(23,030	)
Net Income		53,180			83,509
Reversal of Revaluation Reserve for Land		143			60
Change of Scope of Consolidation		—			(75	)
Total Changes of Items during the Period		42,097			60,463
Balance at the End of the Current Period		505,444			565,908
Treasury Stock:
Balance at the End of the Previous Period		(453	)		(465	)
Changes of Items during the Period:
Purchase of Treasury Stock		(19	)		(19	)
Disposal of Treasury Stock		7			2
Total Changes of Items during the Period		(12	)		(16	)
Balance at the End of the Current Period		(465	)		(482	)
Total Shareholders’ Equity:
Balance at the End of the Previous Period		992,986			1,144,068
Changes of Items during the Period:
Issuance of New Shares		109,000			—
Cash Dividends		(11,226	)		(23,030	)
Net Income		53,180			83,509
Purchase of Treasury Stock		(19	)		(19	)
Disposal of Treasury Stock		3			1
Reversal of Revaluation Reserve for Land		143			60
Change of Scope of Consolidation		—			(75	)
Total Changes of Items during the Period		151,082			60,445
Balance at the End of the Current Period		1,144,068			1,204,514

–11–

(continued)

	(Millions of Yen)
	Fiscal Year Ended March 31, 2010			Fiscal Year Ended March 31, 2011
Accumulated Other Comprehensive Income:
Balance at the End of the Previous Period		(102,248	)		9,188
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		111,436			(3,123	)
Total Changes of Items during the Period		111,436			(3,123	)
Balance at the End of the Current Period		9,188			6,064
Deferred Gains or Losses on Hedges:
Balance at the End of the Previous Period		(2,208	)		9,440
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		11,648			210
Total Changes of Items during the Period		11,648			210
Balance at the End of the Current Period		9,440			9,650
Revaluation Reserve for Land:
Balance at the End of the Previous Period		(4,511	)		(4,655	)
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		(143	)		(58	)
Total Changes of Items during the Period		(143	)		(58	)
Balance at the End of the Current Period		(4,655	)		(4,714	)
Foreign Currency Translation Adjustment:
Balance at the End of the Previous Period		(10,111	)		(9,922	)
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		188			(2,951	)
Total Changes of Items during the Period		188			(2,951	)
Balance at the End of the Current Period		(9,922	)		(12,873	)
Total Accumulated Other Comprehensive Income:
Balance at the End of the Previous Period		(119,080	)		4,050
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		123,130			(5,922	)
Total Changes of Items during the Period		123,130			(5,922	)
Balance at the End of the Current Period		4,050			(1,872	)
Minority Interests:
Balance at the End of the Previous Period		390,146			301,826
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		(88,319	)		2,627
Total Changes of Items during the Period		(88,319	)		2,627
Balance at the End of the Current Period		301,826			304,454
Total Net Assets:
Balance at the End of the Previous Period		1,264,052			1,449,945
Changes of Items during the Period:
Issuance of New Shares		109,000			—
Cash Dividends		(11,226	)		(23,030	)
Net Income		53,180			83,509
Purchase of Treasury Stock		(19	)		(19	)
Disposal of Treasury Stock		3			1
Reversal of Revaluation Reserve for Land		143			60
Change of Scope of Consolidation		—			(75	)
Net Changes of Items other than Shareholders’ Equity		34,810			(3,295	)
Total Changes of Items during the Period		185,892			57,150
Balance at the End of the Current Period		1,449,945			1,507,095

–12–

(5) Consolidated Statements of Cash Flows

	(Millions of Yen)
	Fiscal Year Ended March 31, 2010			Fiscal Year Ended March 31, 2011
Net Cash Provided by (Used in) Operating Activities:
Income before Income Taxes and Minority Interests		133,157			105,974
Depreciation and Amortization		17,734			17,316
Impairment Losses		34,489			9,664
Amortization of Goodwill		10,432			8,516
Equity in Losses (Earnings) of Affiliates		(1,316	)		(2,655	)
Increase (Decrease) in Allowance for Loan Losses		(41,373	)		(12,921	)
Increase (Decrease) in Provision for Bonuses		2,280			(705	)
Increase (Decrease) in Provision for Directors’ Bonuses		301			(94	)
Increase (Decrease) in Provision for Retirement Benefits		(414	)		(236	)
Increase (Decrease) in Provision for Reimbursement of Deposits		153			111
Increase (Decrease) in Provision for Contingent Loss		1,955			3,062
Increase (Decrease) in Provision for Relocation Expenses		(319	)		5,240
Gain on Fund Management		(282,915	)		(236,239	)
Financing Expenses		100,023			84,193
Loss (Gain) Related to Securities		(15,805	)		(1,214	)
Loss (Gain) on Money Held in Trust		(435	)		(483	)
Foreign Exchange Losses (Gains)		81,633			113,446
Loss (Gain) on Disposal of Noncurrent Assets		(1,731	)		987
Net Decrease (Increase) in Trading Assets		329,775			176,561
Net Increase (Decrease) in Trading Liabilities		(33,659	)		4,381
Net Decrease (Increase) in Loans and Bills Discounted		(456,046	)		(108,357	)
Net Increase (Decrease) in Deposit		341,285			61,751
Net Increase (Decrease) in Negotiable Certificates of Deposit		47,367			(128,774	)
Net Increase (Decrease) in Borrowed Money (excluding Subordinated Borrowings)		(263,055	)		3,701
Net Decrease (Increase) in Deposit (excluding Deposit Paid to Bank of Japan)		(10,739	)		(24,124	)
Net Decrease (Increase) in Call Loans		(24,130	)		88,792
Net Decrease (Increase) in Receivables under Securities Borrowing Transactions		296,051			—
Net Increase (Decrease) in Call Money		(688,649	)		(10,891	)
Net Increase (Decrease) in Payables under Securities Lending Transactions		—			158,798
Net Decrease (Increase) in Foreign Exchange-Assets		6,612			(104	)
Net Increase (Decrease) in Foreign Exchange-Liabilities		(501	)		0
Net Decrease (Increase) in Lease Receivables and Investment Assets		17,828			36,164
Net Increase (Decrease) in Short-term Bonds Payable		21,890			(30,058	)
Increase (Decrease) in Straight Bonds-Issuance and Redemption		1,000			38,679
Net Increase (Decrease) in Borrowed Money from Trust Account		(116,145	)		740
Proceeds from Fund Management		285,001			244,526
Payments for Finance		(93,063	)		(80,594	)
Other Net		(21,738	)		(140,579	)
Sub Total		(323,068	)		384,573
Income Taxes Paid		(25,244	)		(1,536	)
Net Cash Provided by (Used in) Operating Activities		(348,312	)		383,036
Net Cash Provided by (Used in) Investment Activities:
Purchase of Securities		(3,141,326	)		(6,557,900	)
Proceeds from Sales of Securities		2,797,640			3,294,191
Proceeds from Redemption of Securities		1,176,553			2,602,742
Decrease in Money Held in Trust		192			600
Purchase of Tangible Fixed Assets		(5,115	)		(10,163	)
Proceeds from Sales of Tangible Fixed Assets		4,126			140
Purchase of Intangible Fixed Assets		(12,346	)		(12,928	)
Proceeds from Sales of Intangible Fixed Assets		5			10
Purchase of Investments in Subsidiaries Resulting in Change in Scope of Consolidation		(90,457	)		(5,992	)
Purchase of Investments in Subsidiaries		(8,478	)		(14	)
Net Cash Provided by (Used in) Investment Activities		720,794			(689,314	)
Net Cash Provided by (Used in) Financing Activities:
Increase in Subordinated Borrowings		20,000			—
Decrease in Subordinated Borrowings		(45,000	)		—
Proceeds from Issuance of Subordinated Bonds and Bonds with Subscription Rights to Shares		58,704			89,586
Payments for Redemption of Subordinated Bonds and Bonds with Subscription Rights to Shares		(77,162	)		(25,000	)
Proceeds from Issuance of Stock		108,566			—
Repayment to Minority Shareholders		(83,000	)		—
Cash Dividends Paid		(11,231	)		(23,034	)
Cash Dividends Paid to Minority Shareholders		(12,729	)		(11,073	)
Purchase of Treasury Stock		(19	)		(19	)
Proceeds from Sales of Treasury Stock		3			1
Net Cash Provided by (Used in) Financing Activities		(41,867	)		30,461
Effect of Exchange Rate Change on Cash and Cash Equivalents		549			(14,551	)
Net Increase (Decrease) in Cash and Cash Equivalents		331,163			(290,368	)
Cash and Cash Equivalents at the Beginning of the Period		304,631			636,398
Increase (Decrease) in Cash and Cash Equivalents Resulting from Consolidation of Subsidiaries		603			—
Cash and Cash Equivalents at the End of the Period		636,398			346,030

–13–

Notes to the Consolidated Financial Statements for the Fiscal Year 2010

All amounts less than one million yen are rounded down.

Note for the Going-Concern Assumption

There are no corresponding items.

Significant Accounting Policies and Practices

1. Scope of Consolidation

(1) Consolidated Subsidiaries     51 companies

Principal Companies

Sumishin Panasonic Financial Services Co., Ltd.

Nikko Asset Management Co., Ltd.

Sumishin Real Estate Loan & Finance, Limited

Sumishin Realty Co., Ltd.

STB Asset Management Co., Ltd.

Sumitomo Trust and Banking Co. (U.S.A.)

Tyndall Investment Management Limited and 5 other companies were newly consolidated due to acquisition of shares in the current fiscal year.

Sumishin Leasing & Financial Group Co., Ltd. and 2 other companies were excluded from the scope of consolidation due to merger and other reasons.

(2) Unconsolidated Subsidiaries

Principal Company

STBi Hybrid Venture Investment LPS

Hummingbird Co., Ltd. and 41 other companies are operators of silent partnership for lease transactions and their assets and profits or losses do not belong to themselves substantially. Therefore, they were excluded from the scope of consolidation pursuant to Article 5, Paragraph 1, Item 2 of Consolidated Financial Statements Regulations.

Other unconsolidated subsidiaries are also excluded from the scope of consolidation because their total amounts in terms of total assets, ordinary income, net income, retained earnings, and others are so immaterial that they do not hinder a rational judgment of STB group’s financial position and results of operations when excluded from the scope of consolidation.

2. Application of the Equity Method

(1) Affiliates Accounted for by the Equity Method     11 companies

Principal Companies

Japan Trustee Services Bank, Ltd.

SBI Sumishin Net Bank, Ltd.

BUSINEXT CORPORATION

Zijin Trust Co., Ltd. was newly accounted for by the equity method due to acquisition of shares in the current fiscal year.

Japan Trustee Information Systems, Ltd. was excluded from affiliates accounted for by equity method due to merger with Japan Trustee Services Bank, Ltd. in the current fiscal year.

(2) Unconsolidated Subsidiaries and Affiliates Not Accounted for by the Equity Method

Principal Company

STBi Hybrid Venture Investment LPS

Hummingbird Co., Ltd. and 41 other companies are operators of silent partnership for lease transactions and their assets and profits or losses do not belong to themselves substantially. Therefore, they were excluded from the scope of application of the equity method pursuant to Article 10, Paragraph 1, Item 2 of Consolidated Financial Statements Regulations.

Other unconsolidated subsidiaries and affiliates not accounted for by the equity method are also excluded from the scope of consolidation because their total amounts in terms of Net assets, Retained earnings and others are so immaterial that they do not have a significant impact to the consolidated financial statements when excluded from the scope of application of the equity method.

3. Balance Sheet Dates of Consolidated Subsidiaries

(1) Balance sheet dates of consolidated subsidiaries are as follows:

April 30	1 company
September 30	1 company
November 30	1 company
December 31	9 companies
January 31	4 companies
March 31	35 companies

(2) A subsidiary with a balance sheet date as of April 30 is consolidated based on its preliminary financial statements as of January 31. A subsidiary with a balance sheet date as of September 30 is consolidated based on its preliminary financial statements as of March 31. A subsidiary with a balance sheet date as of November 30 is consolidated based on its preliminary financial statements as of February 28. One of two subsidiaries with a balance sheet date as of December 31 is consolidated based on its preliminary financial statements as of February 28, and the other is done as of March 31. Other subsidiaries are consolidated based on the financial statements as of their balance sheet dates.

A subsidiary changed the balance sheet date from March 31 to September 30.

Necessary adjustments were made for any significant transactions between the balance sheet dates of the subsidiaries and the consolidated balance sheet date.

–14–

4. Accounting Policies

(1) Trading Account Activities

Trading account activities are conducted for short-term profit taking by market-making and sales arbitrages. Trading assets and liabilities include securities, commercial papers, and financial derivatives. The mark-to-market accounting method is adopted for such financial instruments, all of which are stated at fair values as trading assets or trading liabilities in the consolidated balance sheets. Gains and losses on trading transactions are shown as trading income or trading expenses on a trade date basis.

Trading account securities and monetary claims are stated at fair value of the balance sheet date and financial derivatives for trading activities, such as swaps, futures and options, are valued on the assumption that they are settled at the balance sheet date.

Trading income and trading expenses include interests, changes in fair value of securities and monetary claims in the current period, and changes in values of financial derivatives on the assumption that they are settled at the balance sheet date.

(2) Evaluation of Securities

(a) Under the accounting standard for financial instruments, the Bank is required to explicitly determine the purposes of holding each security and classify them into (i) securities held for trading purposes (hereinafter “Trading Securities”), (ii) debt securities intended to be held to maturity (hereinafter “Held-to-Maturity Debt Securities”), (iii) equity securities issued by subsidiaries and affiliates, or (iv) all other securities that are not classified in any of the above categories (hereinafter “Available-for-Sale Securities.”)

“Held-to-Maturity Debt Securities” are carried at amortized cost using the moving average method. Equity securities issued by unconsolidated subsidiaries and affiliates not accounted for by the equity method are stated at moving average cost. Japanese stocks classified as “Available-for-Sale Securities” with fair value are revalued at the average market price of the final month in the fiscal year. “Available-for-Sale Securities” with fair value other than Japanese stocks are revalued at the balance sheet date. “Available-for-Sale Securities” for which no fair values are obtainable are carried at cost or amortized cost using the moving average method. Valuation difference on available-for-sale securities is recorded as a separate component of net assets and reported in the consolidated balance sheets.

(b) Securities invested in money held in trust are revalued at the same method as securities mentioned above.

(3) Financial Derivatives

Financial derivatives other than trading purposes are valued on the assumption that they are settled at the balance sheet date (the mark-to-market accounting method).

(4) Depreciation Methods

(a) Tangible Fixed Assets (except lease assets)

Tangible fixed assets of the Bank are depreciated using the declining-balance method over the following estimated useful lives. Buildings acquired on and after April 1, 1998, however, are depreciated using the straight-line method over the followings.

Buildings	: 3 to 60 years
Others	: 2 to 20 years

Tangible fixed assets of subsidiaries are depreciated mainly using the declining-balance method over the estimated useful lives.

(b) Intangible Fixed Assets (except lease assets)

Intangible fixed assets are depreciated using the straight-line method. Expenses related to software for internal use are capitalized in intangible fixed assets and amortized over the estimated useful lives, generally five years.

(c) Lease Assets

Lease assets for finance leases without transfer of ownership in tangible fixed assets are depreciated using the straight-line method over the lease term assuming no salvage value.

–15–

(5) Allowance for Loan Losses

As for the Bank, allowance for loan losses is provided as detailed below, pursuant to the internal rules for self-assessment of assets’ quality (hereinafter “Self-Assessment Rules”) and the internal rules regarding allowance for loan losses.

For claims to debtors who are legally bankrupt or virtually bankrupt, the specific allowance is provided based on the amount of claims, deducting the amount expected to be collected through the disposal of collateral or execution of guarantees from book value after direct deduction described below.

For claims to debtors who are likely to become bankrupt, the specific allowance is provided for the amount considered to be necessary based on an overall solvency assessment, deducting the amount expected to be collected through the disposal of collateral or execution of guarantees.

Among for claims to debtors with more than certain amount of the Bank’s claims to debtors, (i) who are likely to become bankrupt, (ii) to whom the Bank has Restructured loans, or (iii) whom the Bank classifies as “Special Mention Debtors” other than substandard ones meeting certain credit criteria, where future cash flows from capital collection and interest receipt could be reasonably estimated, allowance is provided for the difference between the present value of expected future cash flows discounted at the original contracted interest rate before modifications of terms and conditions and the current book value of the claims.

For claims that are classified to the categories other than above, the general allowance is provided based on the historical loan-loss-ratio.

All claims are assessed by branches and credit supervision departments based on the “Self-Assessment Rules.” The Corporate Risk Management Department, which is independent from the branches and the Credit Supervision Departments I&II, subsequently conducts the audits of their assessments, and the allowance is adjusted to reflect the audit results.

As for the consolidated subsidiaries, allowance for loan losses for general claims is provided based on the historical loan-loss-ratio, and allowance for loan losses for specific claims is provided based on the amount expected to be uncollectible for each claim.

Besides, additional allowance for loan losses were posted after rationally estimating the effect caused by the Great East Japan Earthquake.

And for claims to debtors who are legally bankrupt or virtually bankrupt with collateral or guarantees, the expected uncollectible amount, net of amounts expected to be collected through the disposal of collateral or through the execution of guarantees, are directly deducted out of the original amount of claims. The deducted amount was 63,787 million yen.

(6) Provision for Bonuses

Provision for bonuses is provided for the estimated employees’ bonuses attributable to the current fiscal year.

(7) Provision for Directors’ Bonuses

Provision for directors’ bonuses is provided for the estimated directors’ bonuses attributable to the current fiscal year.

(8) Provision for Retirement Benefits

Provision for retirement benefits is provided based on the projected benefit obligation and the fair value of the plan assets at the respective balance sheet date.

Prior service cost is recognized in income or expenses using the straight-line method over the average expected remaining service years (mainly 10 years.)

Actuarial gains and losses are recognized in expenses using the straight-line method over the average expected remaining service years (mainly 10 years.)

(Additional Information)

Regarding the substitute portion of the Bank’s employees’ pension fund, based on “Defined Benefit Corporation Pension Plan Act”, the Minister of Health, Labor and Welfare approved the exemption of the Bank’s obligation to pay benefits related to future employee services, and the return of the portion related to past employee services, on June 1, 2010 and March 1, 2011, respectively.

As a result, gain on return of substitute portion of employees’ pension fund of 18,322 million yen was accounted as extraordinary income.

(9) Provision for Reimbursement of Deposits

Provision for reimbursement of deposits is provided for the deposits no longer accounted as deposit under certain conditions against the estimated future reimbursement requested by customers calculated based on the past reimbursement record.

(10) Provision for Contingent Loss

Provision for contingent loss is provided for possible contingent loss on transactions such as trust agreements based on individually estimated expected losses.

(11) Provision for Relocation Expenses

Provision for relocation expenses is provided for the reasonably estimated costs for integrating and jointly developing office buildings in the Tokyo district.

(12) Foreign Currency Translation

Assets and liabilities denominated in foreign currencies are primarily translated into yen at the exchange rate at the balance sheet date, except for shares of affiliates translated into yen at the exchange rate at the acquisition date. Assets and liabilities of overseas consolidated subsidiaries are translated into yen at the exchange rate at each of the balance sheet date.

(13) Accounting for Leases

As for the domestic consolidated subsidiaries, the income and expenses for transactions of finance leases without transfer of ownerships were accounted for by the sales revenue and costs of goods sold when lease payments are collected.

–16–

(14) Derivatives and Hedge Accounting

(a) Interest Related Transactions

The Bank manages interest rate risk arising from various assets and liabilities, such as loans, bills discounted, deposits and others, by using financial derivatives transactions and applies deferred hedge accounting regulated by “Treatment for Accounting and Auditing of Application of Accounting Standard for Financial Instruments in Banking Industry” (the JICPA Industry Auditing Committee Report No.24, hereinafter “Report No.24”). In hedging activities to offset changes in the fair values of deposits, loans and others as hedged items, the Bank designates hedged items and interest rate swaps and others as hedging transactions by grouping them by their maturities. As for cash-flow-hedge, the effectiveness of the hedge is assessed by confirming the correlation between the fluctuant factor of interest rate for hedged items and that for hedging transactions.

In accordance with “Temporary Treatment for Accounting and Auditing concerning Application of Accounting Standard for Financial Instruments in Banking Industry” (the JICPA Industry Auditing Committee Report No.15), the Bank had adopted “Macro Hedge Accounting” to account for certain interest related derivatives, which were utilized to manage interest rate exposure of certain changes of transactions such as loans and deposits.

Deferred hedge gain (losses) resulted from “Macro Hedge Accounting” are amortized over the remaining period for each hedging transaction. At the balance sheet date, deferred gains or losses on hedges (before net of taxes) resulted from “Macro Hedge Accounting” were 382 million yen and 1,370 million yen, respectively.

(b) Currency Related Transactions

The Bank manages foreign exchange risk arising from various assets and liabilities denominated in foreign currencies by using financial derivatives transactions and applies deferred hedge accounting in accordance with “Treatment for Accounting and Auditing of Application of Accounting Standard for Foreign Currency Transactions in Banking Industry” (the JICPA Industry Auditing Committee Report No. 25, hereinafter “Report No.25”). The Bank designates specific currency swaps and foreign exchange swaps made to mitigate foreign exchange risks arising from monetary claims and debts denominated in foreign currencies as hedging transactions. The effectiveness of the hedge is assessed by confirming that the monetary claims and debts denominated in foreign currency that are hedged items exceed the position of those hedging transactions.

The Bank also applies fair value hedge to mitigate foreign currency exchange rate exposure in “Available-for-Sale Securities” denominated in foreign currencies (other than bonds) as “Portfolio Hedges” when hedged foreign currency securities are specified in advance to the inception of the transactions, and spot exposure of non-derivatives financial liabilities and forward contracts exit on a foreign currency basis that exceed acquisition costs of the foreign currency securities designated as hedged items.

(c) Internal Hedge Transactions and others

Gains and losses arisen from hedging instruments such as interest rate swaps and cross currency swaps between consolidated companies and between “Trading Account” and other accounts (hereinafter “Banking Account”) are not eliminated but either charged to earnings or deferred. This treatment is allowed by the “Report No. 24 and 25,” under which the Bank operated strictly and non-arbitrarily in conformity with the standard equivalent to the third-party cover transactions that are required for hedge qualification.

The Bank also applies the individual deferred hedge accounting to specific assets and liabilities.

Consolidated subsidiaries apply the individual deferred hedge accounting, the individual fair value hedge accounting and the accrual-basis hedge accounting on interest rate swaps.

(15) Depreciation of Goodwill

Goodwill is amortized over the duration that is reasonably determined by each case within 20 years. However, it is expensed as incurred during the each fiscal year if deemed immaterial.

(16) Scope of Cash and Cash Equivalents in the Consolidated Statement of Cash Flows

In preparing the consolidated statement of cash flows, cash and due from Bank of Japan in the case of the Bank, and cash and due from banks in the case of the consolidated subsidiaries, are considered to be cash and cash equivalents.

(17) National and Local Consumption Taxes

National and local consumption taxes of the Bank and the domestic consolidated subsidiaries are accounted for using the tax-exclusion method. However, consumption taxes not eligible for deduction such as those with purchasing properties are charged to expenses as incurred.

Changes in Significant Accounting Policies and Practices

(Accounting Standard for Equity Method)

The Bank has started to adopt Accounting Standards Board of Japan (hereinafter “ASBJ”) Statement No.16 “the Accounting Standard for Equity Method of Accounting for Investments” (issued by ASBJ on March 10, 2008) and Practical Issue Task Force No.24 “the Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method” (issued by ASBJ on March 10, 2008) from the fiscal year 2010.

The adoption did not affect the consolidated financial statements for the fiscal year 2010.

–17–

(Accounting Standard for Asset Retirement Obligations)

The Bank has started to adopt ASBJ Statement No.18 “the Accounting Standard for Asset Retirement Obligations” (issued by ASBJ on March 31, 2008) and Implementation Guidance No.21 “the Guidance on Accounting Standard for Asset Retirement Obligations” (issued by ASBJ on March 31, 2008) from the fiscal year 2010.

As the result, compared with the previous treatment, ordinary profit and income before income taxes and minority interests decreased by 165 million yen and 782 million yen, respectively. The balance of asset retirement obligations was 825 million yen when the Bank started to adopt the standard and the guidance at April 1, 2010.

(Embedded Derivatives)

Embedded Derivatives, which do not need to be separated from host contracts, had been accounted for as whole financial instruments coupled with host contracts until the previous fiscal year. For the fiscal year 2010, however, for more appreciate representation of the financial conditions and the results of operations, embedded derivatives have been separated from host contracts and accounted for as derivatives, based on the improvement of the administrative structure about the separation. As the result, compared with the previous treatments, ordinary profits and income before income taxes and minority interests increased by 5,013 million yen, respectively.

Changes in the Presentation of the Consolidated Financial Statement

(Consolidated Statements of Income)

The Bank has started to adopt the revision to the appended form in Finance Ministry Ordinance No.10 “Ordinance for Enforcement of Banking Act” (issued in 1982) which was revised by Cabinet Office Ordinance No.41 “Partially Revising the Ordinance for Enforcement of the Banking Act, etc.” (issued on September 21, 2010) and present income before minority interests in the consolidated statements of income for the fiscal year 2010.

Additional Information

The Bank has started to adopt ASBJ Statement No.25 “the Accounting Standard for Presentation of Comprehensive Income” (issued by ASBJ on June 30, 2010) from the fiscal year 2010. (The figure presented as accumulated other comprehensive income and total accumulated other comprehensive income for the previous fiscal year was previously presented as valuation and translation adjustments and total valuation and translation adjustments.)

Notes to the Consolidated Balance Sheets

1. Investments in Stocks of Affiliates

Investments in stocks of affiliates excluding consolidated subsidiaries were 68,623 million yen.

2. Delinquent Loans

Loans in bankruptcy proceedings and other delinquent loans in loans and bills discounted were 16,049 million yen and 61,301 million yen, respectively.

Loans in bankruptcy proceedings are non-accrual loans outstanding (not including direct write-off portion of loans) to borrowers who are legally bankrupt as defined in the Paragraph 1, Item 3 and 4 of Article 96 of “Enforcement Ordinance for the Corporation Tax Act” (Cabinet Order No.97, 1965.)

Other delinquent loans are non-accrual loans other than (i) loans in bankruptcy proceedings and (ii) loans of which interest payments are rescheduled in order to assist the restructuring of borrowers.

3. Loans More than Three Months Past Due

There are no loans more than three months past due.

Loans more than three months past due are those loans for which principal or interest payments are more than three months past due from the date succeeding the due date, excluding those loans classified as delinquent loans.

4. Restructured Loans

Restructured loans amounted to 84,887 million yen.

Restructured loans are those loans whose terms have been modified to support borrowers who are in financial difficulties excluding delinquent loans and loans more than three months past due.

5. Total of Delinquent Loans, Loans More than Three Months Past Due and Restructured Loans

The total of loans in bankruptcy proceedings, other delinquent loans, loans more than three months past due and restructured loans amounted to 162,238 million yen.

Those amounts described in Notes 2 to 5 are before deducting allowance for loan losses.

6. Bills Discounted

The Bank treats bills discounted as financial transaction, which are regulated by Report No. 24. The Bank holds the right to sell or pledge such bills discounted at its discretion and the total face value of these bills amounted to 2,774 million yen.

–18–

7. Assets Pledged as Collateral

Following parts of the assets were pledged as collateral:

Trading Assets	183,667	million yen
Securities	1,270,508	million yen
Loans and Bills Discounted	496,886	million yen
Lease Receivables and Investment Assets	18,587	million yen
Other Assets	781	million yen

Corresponding liabilities of the assets pledged as collateral:

Deposits	28,095	million yen
Payables under Repurchase Agreements	620,846	million yen
Payables under Securities Lending Transactions	158,798	million yen
Borrowed Money	417,100	million yen

In addition to the items outlined above, securities of 649,862 million yen and other assets of 172 million yen were pledged mainly as collateral in substitution for settlement of cash or margin of future markets. Other includes margin of future markets of 2,128 million yen, security deposits of 18,381 million yen and cash collateral for derivatives transactions of 55,855 million yen.

8. Commitment Line Contracts on Overdrafts and Loans

Commitment line contracts on overdrafts and loans are agreements to loan up to committed limit as long as there have been no breach of contracts upon the customers’ request. The balance of unused commitment line contracts was 8,249,664 million yen, including 6,699,229 million yen of those either maturing within one year or unconditionally cancelable.

Because most of these contracts expire without being drawn down, the balance of unused commitment line contracts itself does not necessarily represent future cash flows of the Bank and its subsidiaries. In addition, most of these contracts contain clauses allowing the Bank and its subsidiaries to reject requests or reduce committed limits, when there are reasonable reasons such as changes in financial condition, needs to protect claims and other similar necessities. The Bank and its subsidiaries may request their customers to provide collateral such as real estate or securities at the time of the contract, and may ask them to amend clauses or take measures to secure soundness of the credit thereinafter through periodical internal monitoring procedures that have already been in place.

9. Revaluation Reserve for Land

In accordance with the “Act on Revaluation of Land” (Law No.34, promulgated on March 31, 1998, hereinafter the “Act”), the Bank revalued land used for business operations. Net unrealized losses on revaluation deducted by deferred tax liabilities for land revaluation are recorded as revaluation reserve for land in net assets.

Revaluation Date: March 31, 1999

Revaluation method as stipulated in the Article 3, Paragraph 3 of the Act:

Revaluations are based on land prices of standardized premises as specified by the Article 2, Paragraph 1 of the “Enforcement Order on Act on Revaluation of Land”, and the land prices specified in the Article 4 of the Act after relevant adjustments.

Difference between the fair value on March 31, 2011 of the land for business operations revalued in accordance with the Article 10 of the Act and its book value after revaluation was 9,322 million yen.

10. Accumulated Depreciation of Tangible Fixed Assets

Accumulated depreciation of tangible fixed assets was 105,931 million yen.

11. Tax Qualified Deferred Gains on Tangible Fixed Assets

Total tax qualified deferred gains on tangible fixed assets, which is allowed by the tax law, was 27,584 million yen.

12. Borrowed Money

Borrowed money includes subordinate debt of 125,000 million yen.

13. Bonds Payable

Bonds payable include subordinate bonds of 579,225 million yen.

14. Principal of Guaranteed Trust Account

Principals of Jointly-operated money trusts (“JOMTs”) and Loan trust, whose repayment of the principal is guaranteed by the Bank, were 558,721 million yen and 19,603 million yen, respectively.

15. Guarantee Liabilities for Privately-offered Corporate Bonds

The Bank guaranteed 100,753 million yen of corporate bonds in securities which were privately offered (subject to the Article 2, Paragraph 3 of the “Financial Instruments and Exchange Law.”)

16. Net Assets per Common Share

Net assets per common share was 651.72 yen.

–19–

17. Projected Pension Obligations

Projected pension obligations and others were as follows.

Projected Benefit Obligations	(197,806	)	million yen
Plan Assets (Fair Value)	243,999		million yen
Unfunded projected benefit obligation	46,192		million yen
Unrecognized net actuarial gain or loss	72,530		million yen
Unrecognized prior service costs (net)	325		million yen
Net amount recorded on the consolidated balance sheets	119,048		million yen
Prepaid pension	127,739		million yen
Provision for retirement benefits	(8,691	)	million yen

18. The detail of the treasury stocks whose cancellation had been approved by the Board of Directors but remained unfinished are as follows:

Book Value of Treasury Stock	482 million yen
Type	Common Share
Number of Treasury Stock	591 thousand shares

All treasury stocks were cancelled on April 1, 2011 based on the resolution of the Board of Directors on March 22, 2011.

Notes to the Consolidated Statements of Income

1. Other Income

Other income includes gains on sale of stocks and other securities of 3,204 million yen, equity in earnings of affiliates of 2,655 million yen, gains on sales of securities for domestic and overseas credit investment of 1,847 million yen and gains on stock-related derivatives transactions of 1,776 million yen.

2. Other Expenses

Other expenses includes written-off of loans of 16,604 million yen and losses on investment in associations of 10,649 million yen.

3. Extraordinary Income

Extraordinary income is gain on return of substitute portion of employees’ pension fund.

4. Impairment Loss

Impairment loss includes goodwill impairment loss of 6,041 million yen on the Bank’s investment in its subsidiary, First Credit Corporation (hereinafter “FC”). The Bank considers the business of “FC” as one impairment group.

With business restructuring of the Bank’s subsidiaries, “FC” and Sumishin Real Estate Loan & Finance, Limited (former: Life Housing Loan, Ltd), the Bank assessed the business and made reduction of book value of the goodwill to the estimated collectible value, for which the Bank accounted as impairment loss.

The collectible value of the goodwill is based on the utility value, and is calculated by discounting future cash flows with a rate of 8.5%.

5. Extraordinary Loss

Extraordinary income includes expenses related to integration of 3,233 million yen.

6. Net Income per Common Share

Net income per common share was 47.11 yen.

Notes to the Consolidated Statements of Comprehensive Income

1. Other Comprehensive Income for the fiscal year 2009 were as follows:

Other Comprehensive Income:	123,484	million yen
Valuation Difference on Available-for-Sale Securities	107,794	million yen
Deferred Gains or Losses on Hedges	11,580	million yen
Foreign Currency Transaction Adjustment	681	million yen
Attributable to Equity Method Affiliates	3,428	million yen

2. Comprehensive Income for the fiscal year 2009 were as follows:

Comprehensive Income	190,241	million yen
Comprehensive Income Attributable to Owners of the Parent	176,454	million yen
Comprehensive Income Attributable to Minority Interests	13,787	million yen

–20–

Notes to Consolidated Statements of Changes in Net Assets

1. Issued Shares and Treasury Stock

Issued shares and Treasury stock are as follows:

	(Thousands of Shares)
	Number of Shares Outstanding at the End of the Previous Period		Increase		Decrease		Number of Shares Outstanding at the End of the Current Period		Note
Number of Issued Shares:
Common Share		1,675,128		—		—		1,675,128
The First Series of Class 2 Preferred Shares		109,000		—		—		109,000
Total		1,784,128		—		—		1,784,128
Treasury Stock:
Common Share		556		37		2		591		Notes1, 2, 3

Notes:

1. Treasury stock increased by 37 thousand due to requests for redemption of odd-lot stocks.

2. Treasury stock decreased by 2 thousand due to requests for additional purchase of odd-lot stocks.

3. All treasury stocks were cancelled on April 1, 2011.

2. Dividends

(1) Dividends paid during the fiscal year ended March 31, 2011 consisted of the follows:

Resolution	Type of Shares	Millions of Yen		Yen		Record Date	Effective Date of Distribution
		Total Dividends Payments		Dividends per Share
June 29, 2010 Ordinary General Meeting of Shareholders	Common Share		8,372		5.00	March 31, 2010	June 30, 2010
	The First Series of Class 2 Preferred Shares		2,305		21.15	March 31, 2010	June 30, 2010
November 12, 2010 Board of Director’s Meeting	Common Share		10,047		6.00	September 30, 2010	December 3, 2010
	The First Series of Class 2 Preferred Shares		2,305		21.15	September 30, 2010	December 3, 2010

(2) For the year ended March 31, 2011, dividends, whose record date is by this period and whose effective date of distribution is after the end of this period, are as follows.

The Bank is planning to make the following proposal to the ordinary general meeting of shareholders to be held on June 28, 2011.

Resolution	Type of Shares	Millions of Yen		Resources Allotted for the Distribution		Yen		Record Date	Effective Date of Distribution
		Total Dividends Payments				Dividends per Share
June 28, 2011 Ordinary General Meeting of Shareholders	Common Share		13,396		Retained Earnings		8.00	March 31, 2011	June 30, 2011
	The First Series of Class 2 Preferred Shares		2,305		Retained Earnings		21.15	March 31, 2011	June 30, 2011

Notes to Consolidated Statements of Cash Flows

Reconciliation of Cash and Cash Equivalents

	(Millions of Yen)
Cash and Due from Banks		704,625
Due from Banks (excluding due from Bank of Japan)		(358,595	)

–21–

(Financial Instruments)

1. Circumstances of Financial Instruments

(1) Investing and Funding Policy for Financial Instruments

STB Group provides financial services of which the core business is trust banking. Our business is also engaged in commercial and retail banking, real estate and investment services.

Through these businesses, STB Group mainly raises funds from individuals and corporations by means of deposits, borrowed money, and bonds. These funds are then used to mainly, invest in loans and securities. Thus the Bank’s financial assets and liabilities are mainly exposed to interest rate fluctuation risks. The group’s Asset and Liability Management (ALM) committee is responsible for managing and controlling this risk on a consolidated basis and, in addition, STB Group enters into derivatives transactions to hedge interest rate fluctuation risks.

The Bank also operates trading activities of securities and derivatives, and distinguishes “Trading Account” from “Banking Account” pursuant to Article 13, Paragraph 6.3 of Ordinance for Enforcement of Banking Act. In addition, some of our subsidiaries also trade securities.

(2) Risks of Financial Instruments

(a) Trading Account

STB Group trades over-the-counter (hereinafter “OTC”) and listed derivatives in addition to trading securities. These derivatives are exposed to interest rate fluctuation risks, foreign exchange rate fluctuation risks, securities price fluctuation risks, credit risks and others.

(b) Banking Account

Major financial assets of STB Group are loan to domestic corporations and individuals, for which the Bank are exposed to credit risk arising from defaults of contracts by customers.

Securities mainly consist of stocks, bonds, and investment trust, and are held for purpose including investments that STB Group plans to hold to maturity, investing, and for strategic investment purposes. These securities are exposed to issuers’ credit risks, interest rate fluctuation risks and market price fluctuation risks.

Deposits from individuals and corporations, borrowed money, and bonds are primary sources of funding and expose STB Group to liquidly risks due to incapability of repayment at these due dates caused under particular environment such as lack of market liquidity.

The Bank enters into OTC and listed derivatives transactions related to interest rates, foreign exchange rates, stock prices, bond prices, and credit spreads.

To manage interest rate fluctuation risks, a major risk, arising from various assets and liabilities, such as loans, deposits, the Bank treats those assets and liabilities within the comprehensive administration framework, categorizes them according to attribution of interest rate fluctuation risks, and applies hedge accounting using interest rate swaps as hedging instruments.

In a part of assets and liabilities, the Bank also applies hedge accounting based on each transaction.

To manage foreign exchange rate fluctuation risks, arising from various financial assets and liabilities denominated in foreign currencies, the Bank applies hedge accounting to the hedged items using currency swaps as hedging instruments.

The Bank also applies fair value hedges as portfolio hedge to mitigate foreign currency exchange rate exposure in available-for-sale securities denominated in foreign currencies (other than bonds) using spot liabilities and spot potion of forward liabilities in a foreign currency basis as hedging instruments.

The details of hedge accounting are described in “Significant Accounting Policies and Practices”.

Derivatives which do not meet requirements of hedge accounting are exposed to interest rate fluctuation risks, foreign exchange rate fluctuation risks, market price fluctuation risks, credit risks, and others.

(3) Risk Management Framework of Financial Instruments

The basis of risk management is to ensure the effectiveness of PDCA (Plan, Do, Check, Action) cycles for each risk category according to the “Risk Management Policy” set by the Board of Directors.

The risk management framework of each risk category is as below:

(a) Management of Credit Risk

    Credit risk is the risk of financial loss to STB Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from STB Group’s loans and advances to customers and other banks investments in debt securities. STB Group manages credit risk considering and consolidating major elements of credit risk exposure, such as individual obligor default risk, country and sector risk, and is also stepping up our efforts to make our credit risk management framework more sophisticated, and eager to meet new, but sound capital demand, and continue to diversity our credit portfolios and build stronger client foundations.

(i) Risk Management Policy

The basic policy of the Bank’s credit risk management calls for “a diversified credit portfolio” and “strict credit management for individual credits.”

For the former, the Bank places limits on credit exposures of each customers, and also look into the impact of credit risk realization of large obligors and particular, the degree of concentration in industry sectors with large credit exposures. And more, the Bank makes efforts to mitigate credit concentration risk by managing, on a country-by-country basis, the diversification of the overall credit portfolio.

For the latter, the Bank manages individual credits through credit screening, self-assessment and internal credit ratings. Credit ratings that indicate the credit status of obligor and the gradual possibility of defaults provide the basis for credit screening of individual transactions and credit portfolio management. Through that self-assessment, the Bank evaluates continuously its customer’s financial condition, cash schedule, repayment capacity based on earning capacity, and collectability of receivables

–22–

(ii) Risk Management Framework of Credit Risk

The Board of Directors decides on important matters related to credit risk management when establishing its semiannual management plans. Based on reports on credit risk management, the Board of Directors decides on the credit strategy and economic capital plan, and approves “Self-Assessment Rules”, and the Bank ensures the soundness of assets. As for screening and credit management of projects, the Global Credit Supervision Department I&II segregated from branches stand apart and check-and-balance framework performs. Furthermore, the Research Department applies credit ratings based on industry research and research on credit strength of individual companies along with quantitative analysis. Councils such as Executive Committee, the Credit Risk Committee which take place regularly, also deliberate material matters of managing/operating credit risks. Check-and-balance framework, councils’ discussion, and more, the validation of this credit risk management/operation by the Corporate Risk Management Department builds up appropriate management framework of risk management.

(b) Management of Market Risk

Market risk is the risk that changes in market prices, such as interest rates, equity prices and foreign exchange rates, commodities and credit spreads will affect STB Group’s income or the value of its holdings of financial assets/liabilities.

(i) Risk Management Policy

The Bank recognizes market risks as the source of profits, and the Bank’s basic management policy is to proactively take risks within the allowable range and appropriately manage them in a manner that can maximize returns.

(ii) Risk Management Framework of Market Risk

The Board of Directors approves and determines the ALM Basic Plan and a risk management plan as important matters related to market risks under management plans. The Executive Committee deliberates and decides the ALM Basic Plan and a risk management plan referred by the ALM Committee. The ALM Committee plans the ALM Basic Plan on the company-wide comprehensive risk operational management for assets/ liabilities as well as a risk management plan related to market risk.

The role of the Corporate Risk Management Department includes the monitoring of conditions of market risk managed under the ALM Basic Plan, measuring of risk amount and profits/ losses, and planning and promoting market risk management measures. It also monitors the status of risk limits and loss limits. The department reports its findings to the members of the ALM Committee on a daily basis, and periodically to the ALM Committee as well as the Board of Directors.

(iii) Market Risk Management Approach

The Bank employs Value at Risk (hereinafter “VaR”) to measure and control market risk exposures. VaR uses historical actual market fluctuation performance to statistically predict the maximum expected losses under specific conditions. Based on the internal model developed by STB Group, the Bank measures VaR and also manages risks by calculating various risk management indicators and by carrying out various simulations.

VaR basically employs the variance-covariance method, and at the same time also uses the historical simulation methods for calculating some risks (nonlinear risks and others) such as in option transactions. By category, market risk can be classified into interest rate fluctuation risks, stock price fluctuation risks, foreign exchange rate fluctuation risks and others. The Bank calculates market risk by simply adding up all risk categories without considering the correlation between these categories.

(iv) Quantitative Information related to Market Risk

(Trading Account)

STB Group performs risk management using VaR for trading securities and a portion of currency related and interest related derivatives transactions held in “Trading Account.” In calculating VaR, it adopts the variance-covariance method as its main measurement method (a holding period of one business day, a confidence interval of 99%, and main observation period of 260 business days).

As of March 31, 2011, the market risk amount of the trading business of STB Group (estimated value of latent loss) was 1,051 million yen overall.

STB Group performs back testing to compare VaR calculated by its internal model against actual profit and loss. The results of back testing for fiscal year 2010 showed that there was no instance of actual loss in excess of VaR. Thus we consider that the measurement model used captures market risk with sufficient accuracy. However, VaR measures the amount of market risk by certain occurrence probabilities which are statistically calculated based on past market movements. Therefore, there are cases in which VaR cannot capture risk under sudden and dramatic changes in market beyond normal circumstances.

(Banking Account)

STB Group performs risk management using VaR for financial assets and liabilities held in “Banking Account.” As its main measurement method, it adopts the variance-covariance method for interest rates and foreign exchange, and adopts mainly the historical simulation method for stock prices (a holding period of 21 business days, a confidence interval of 99%, and main observation period of 260 business days for interest rates and foreign rates, of using one year and five years together for stock prices).

As of March 31, 2011, the market risk amount of the banking business of STB Group (estimated value of latent loss) was 223,983 million yen overall.

STB Group performs back testing to compare VaR calculated by its internal model against actual profit and loss, for positions set as subject to VaR among the financial assets and liabilities held in the banking account. The Bank considers that the measurement model used captures market risks with sufficient accuracy. However, VaR measures the amount of market risk by certain occurrence probabilities which are statistically calculated based on past market movements. Therefore, there are cases in which VaR cannot capture risk under sudden and dramatic changes in market beyond normal circumstances.

–23–

(c) Management of Liquidity Risk

Liquidity risk is the risk that STB Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. This can arise due to maturity mismatches between investment and funding and/ or an unexpected outflow of funds (funding risk).

(i) Risk Management Policy

STB Group’s approach in managing liquidity risk is to have sufficient liquidity to meet its liabilities when they fall due under both normal and stressed conditions.

(ii) Risk Management Framework of Liquidity Risk

The Board of Directors approves and determines the ALM Basic Plan and a risk management plan as important matters related to liquidity risk as well as market risk under management plans. The Executive Committee deliberates and decides the ALM Basic Plan and a risk management plan referred by the ALM Committee. The ALM Committee plans the ALM Basic Plan and a risk management plan related to liquidity risk.

The role of Corporate Risk Management Department includes the monitoring of conditions of liquidity risks managed under the ALM Basic Plan, and planning and promoting liquidity risk management measures. The department reports its findings to the members of the ALM Committee, and periodically to the ALM Committee as well as the Board of Directors.

(iii) Liquidity Risk Management Approach

The Bank manages funding risk on a daily basis by setting an upper limit on the daily financing gap (the amount of funds required) and check whether future financing gaps, including planned investment amounts, can be covered by assets easily convertible into cash and funds to be raised from the market, and conduct monitoring to ensure proper cash flow.

In addition to the management described above, the Bank performs liquidity stress tests based on various scenarios which assume stress unique to us and overall market stress. The Bank confirms that even if unexpected situations occur, there are sufficient liquid assets. The Bank has also established three different settings for managing funding risk—“normal times,” “times of concern” and “times of emergency”—depending on the financing liquidity condition, and developed liquidity contingency plans for the “times of concern” and “times of emergency.”

(4) Supplementary Explanation about Fair Value of Financial Instruments

The fair values of financial instruments traded in markets are based on quoted market prices. Other financial instruments, for which no market prices are available, the fair values include the rationally calculated values. Some prerequisites are adopted to measure the rationally calculated values, and the use of different prerequisites, such as methodologies or assumptions, could lead to different measurements of fair value.

2. Fair Values of Financial Instruments

A table below shows book values, fair values and difference between book value and fair value of financial instruments as of March 31, 2011. A part of financial instruments, for which no fair values are obtainable such as unlisted stocks, are excluded from the table. (Please see a footnote (Note 2).)

For the financial instruments held by subsidiaries which the amounts are immaterial, the carrying amounts are regarded as its fair values.

	(Millions of Yen)
	Book Value			Fair Value		Difference
(1)    Cash and Due from Banks(*1)		704,556			704,556		—
(2)    Call Loans and Bills Bought		15,326			15,326		—
(3)    Receivables under Resale Agreements		33,260			33,260		—
(4)    Monetary Claims Bought(*1)		414,516			414,922		405
(5)    Trading Assets
Trading Securities		343,627			343,627		—
(6)    Money Held in Trust		10,228			10,228		—
(7)    Securities
Held-to-Maturity Debt Securities		422,667			472,490		49,823
Available-for-Sale Securities		4,026,377			4,026,377		—
(8)    Loans and Bills Discounted		11,794,987
Allowance for Loan Losses(*2)		(85,399	)
		11,709,587			11,846,573		136,985
(9)    Foreign Exchanges		5,658			5,658		—
(10)  Lease Receivables and Investment Assets(*1)		603,824			615,222		11,397
Total Assets		18,289,631			18,488,244		198,612
(1)   Deposits		12,298,508			12,303,912		5,403
(2)   Negotiable Certificates of Deposit		2,222,110			2,222,110		—
(3)   Call Money and Bills Sold		49,569			49,569		—
(4)   Payables under Repurchase Agreements		620,846			620,846		—
(5)   Payables under Securities Lending Transactions		158,798			158,798		—
(6)   Borrowed Money		1,176,040			1,185,996		9,956
(7)   Foreign Exchanges		30			30		—
(8)   Short-term Bonds Payable		408,608			408,608		—
(9)   Bonds Payable		634,225			646,053		11,828
(10) Borrowed Money from Trust Account		431,710			431,710		—
Total Liabilities		18,000,448			18,027,636		27,187
Derivatives(*3)
Held for other than Hedge Accounting		163,904			163,904		—
Held for Hedge Accounting		120,613			120,613		—
Total Derivatives		284,518			284,518		—

(*1) As for allowance for credit losses for cash and due from banks, monetary claims bought, and lease receivables and investment assets, the Bank deducts allowances directly from their book values, considering less materiality of its amounts against them.

(*2) As for loans and bills discounted, the Bank deducts general allowance for loan losses and specific allowance for loan losses.

(*3) As for derivatives, both amounts in trading assets/ liabilities and other assets/ liabilities on the balance sheet are stated on a net basis.

–24–

(Note 1) Measurement Method of Fair Value of Financial Instruments

Assets

(1) Cash and Due from Banks

For the fair values of cash and due from banks with no maturity, the carrying amount approximates its fair value. Similarly, for the fair values of cash and due from banks with maturities, the carrying amount approximates its fair value since its contractual term is short (less than one year).

(2) Call Loans and Bills Bought and (3) Receivables under Resale Agreements

For the fair values of call loans and bills bought and receivables under resale agreements, the carrying amount approximates its fair value since its contractual term is short (less than one year).

(4) Monetary Claims Bought

The fair values of monetary claims bought are based on quoted prices on dealers association such as Japan Securities Dealers Association or dealer price quotations.

For all other claims, in determining fair value, the Bank employs discount cash flow method where future cash flows are discounted by the rate determined by internal ratings and maturities.

(5) Trading Assets

The fair values of trading assets are based on quoted prices on dealers association or dealer price quotations.

For short-term corporate bonds, in determining fair value, the Bank employs discount cash flow method.

(6) Money Held in Trust

The fair values of securities entrusted to the money held in trust for securities investing purpose are based on quoted prices on an exchange.

The notes about money held in trust classified according to the purpose are described in “(Money Held in Trust)”.

(7) Securities

The fair values of stocks are based on quoted prices on an exchange. The fair values of bonds are based on quoted prices on an exchange, quoted prices on dealers association, or dealer price quotations. The fair values of investment trust are based on reference prices.

For private placement bond with no market value, in determining fair value, the Bank employs discount cash flow method where future cash flows are discounted by the rate determined by internal ratings and maturities.

For floating rate Japanese government bonds, the rationally calculated values are regarded as fair values. The rationally calculated values are offered by third parties independent of the Bank and whose price definition parameters are interest rates of government bonds, swaption volatilities, and valuation models such as discount cash flow method and option pricing models among others.

For shares of asset-backed securities of overseas credit investment, the rationally calculated values are regarded as fair values. The scope of this treatment includes overseas RMBS, CARDs and others. The pricing model to evaluate the rationally calculated values based on the management’s rational estimation is discount cash flow method, and the parameters are default rates, recovery rates, pre-payment rates, discount rates and others.

The notes regarding securities classified according to their purpose are described in “(Securities)”.

–25–

(8) Loans and Bills Discounted

The fair values of loans to corporate customers are based on discount cash flow method that discount future cash flows by the rate, determined by internal ratings and by maturities, assuming the Bank executes the new loan under the same condition at the balance sheet date.

The fair values of loans to individuals are based on discount cash flow method that discount future cash flows by the rate determined by contractual terms and by maturities assuming the Bank executes the new loan under the same condition at the balance sheet date. For the floating rate loans to individuals, the carrying amount approximates its fair value since the floating rate reflects the market interest rate and the carrying amounts are fully covered by the collateral pledged or guarantees provided.

For the loans with no maturity, and whose contractual term are limited to the carrying amount of the collateral pledged or guarantees provided, the carrying amount approximates its fair value due to their maturity assumed and condition of interest.

For all loans to debtors who are legally bankrupt, virtually bankrupt or likely to become bankrupt, the fair values of the loans are based on the amount deducted not expected to be collected from the original amount of claim as good approximation, since the amounts not expected to be collected for loans to those debtors are measured by present value of projected future cash flows or based on the amount expected to be collected through the disposal of collateral or execution of guarantees.

(9) Foreign Exchanges

The foreign exchanges are constituted by due from foreign banks (our accounts), due from foreign banks (their accounts), foreign bills bought and foreign bills receivable. For the foreign exchanges, the carrying amount approximates its fair value since those are no maturity or its contractual term is short enough.

(10) Lease Receivables and Investment Assets

The fair values of lease receivable and investment assets are based on discount cash flow method that discount future cash flows by the rate, determined by internal ratings and maturities, assuming the Bank or subsidiaries executes the new transaction in the same condition at the balance sheet date.

Liabilities

(1) Deposits

For the demand deposits, the payment amount the Bank will have to pay out if requests at the balance sheet date (carrying amount) is regarded as its fair value.

The fair values of Yen fixed-rate time deposits are based on discount cash flow method that discount future cash flows by the rate assuming the Bank executes the new deposits under the same condition at the balance sheet date.

For the fair values of foreign currency fixed-rate time deposits, the carrying amount approximates its fair value since for most, contractual term is short (less than one year).

For the floating rate time deposits, the carrying amount approximates its fair value since its rate reflects the market interest rate over a short time.

(2) Negotiable Certificate of Deposit

For the negotiable certificates of deposits, the carrying amount approximates its fair value.

(3) Call Money and Bills Sold, (4) Payables under Repurchase Agreements and (5) Payables under Securities Lending Transactions

For the fair values of call money and bills sold, payables under repurchase agreements and payables under securities lending transactions, the carrying amount approximates its fair value since most of its contractual term is short (less than one year).

(6) Borrowed Money

The fair values of borrowed money are based on discount cash flow method that discount future cash flows by the rate assuming the Bank borrowed the new funds under the same condition at the balance sheet date.

For debt whose remaining term is short (less than one year), the carrying amount approximates its fair value.

For the fair values of floating rate borrowed money held in subsidiaries, the carrying amount approximates its fair value since its interest rate reflects market interest in a short period and credit condition have not changed significantly after the borrowing.

(7) Foreign Exchanges

The foreign exchanges are constituted by due to foreign banks (their accounts) that are non-maturity debt, and due to foreign banks (our accounts) whose contractual term is short (less than one year), so these carrying amounts approximates its fair values.

(8) Short Term Bonds Payable

For the fair values of short term bonds payable, the carrying amount approximates its fair value since its contractual term is short (less than one year).

(9) Bonds Payable

The fair values of bond payable are based on dealer price quotations if the quotation is available. For all other debts, in determining fair value, the Bank uses discount cash flow method where future cash flows are discounted by the rate assuming the Bank or its subsidiaries issued the new bond under the same condition at the balance sheet date.

–26–

(10) Borrowed Money from Trust Account

For the fair values of borrowed money from trust account, the amount the Bank would be requested to pay out at the balance sheet date (carrying amount) is regarded as its fair value since those are non-maturity debt and its interest rate reflects new funding rate over a short period.

Derivatives

The fair values of listed derivatives transactions are based on the closing prices on an exchange or dealer price quotations.

The fair values of OTC derivatives transactions are calculated mainly using discount cash flow method and option pricing models and others.

(Note 2) Table below shows the Bank’s major instruments for which no fair values are obtainable, and these are excluded from the main table.

	(Millions of Yen)
Item	Book Value
1 Unlisted stocks(*1)(*2)		46,074
2 Investments in associations(*3)		49,027

(*1) Unlisted stocks are excluded from the fair value disclosure since there is no quoted market price and no fair value is obtainable.

(*2) For the fiscal year ended March 31 2011, unlisted stocks amounted of 152 million yen were written off.

(*3) A part of investments in associations for which partnership assets constitutes instruments for which no fair values are obtainable in the same manner as stocks are excluded from the fair value disclosure.

–27–

(Securities)

This information includes a part of “Trading Assets” (e.g. trading account securities and short-term corporate bonds) and a part of “Monetary Claims Bought” (e.g. loan backed trust deeds) in addition to “Securities” at the consolidated balance sheets.

1. Trading Securities (as of March 31, 2011)

	(Millions of Yen)
Item	Valuation Difference     Included in the Statements of Income
Trading Securities		201

2. Held-to-Maturity Debt Securities with Fair Value (as of March 31, 2011)

	(Millions of Yen)
Item	Book Value		Fair Value		Difference
Securities for which the Fair Value Exceeds the Amount Recorded in Consolidated Balance Sheet
Japanese Government Bonds		184,770		192,684		7,914
Japanese Local Government Bonds		—		—		—
Japanese Short-term Corporate Bonds		—		—		—
Japanese Corporate Bonds		—		—		—
Others		233,070		275,866		42,796
Foreign Bonds		228,070		270,863		42,793
Others		5,000		5,003		3
Subtotal		417,840		468,551		50,710
Securities for which the Fair Value does not Exceed the Amount Recorded in Consolidated Balance Sheet
Japanese Government Bonds		—		—		—
Japanese Local Government Bonds		—		—		—
Japanese Short-term Corporate Bonds		—		—		—
Japanese Corporate Bonds		—		—		—
Others		9,826		8,942		(883	)
Foreign Bonds		9,826		8,942		(883	)
Others		—		—		—
Subtotal		9,826		8,942		(883	)
Total		427,667		477,494		49,826

(Note) There are no Held-to-maturity debts securities for which no fair values are obtainable.

–28–

3. Available-for-Sale Securities (as of March 31, 2011)

	(Millions of Yen)
Item	Book Value		Acquisition Cost		Difference
Securities for which the Fair Value Exceeds the Amount Recorded in Consolidated Balance Sheet
Japanese Stocks		306,580		220,537		86,043
Japanese Bonds		1,344,366		1,320,325		24,040
Japanese Government Bonds		1,079,267		1,058,084		21,182
Japanese Local Government Bonds		11,524		11,430		94
Japanese Short-term Corporate Bonds		—		—		—
Japanese Corporate Bonds		253,574		250,810		2,763
Others		566,628		544,738		21,890
Foreign Stocks		428		125		303
Foreign Bonds		500,564		492,983		7,581
Others		65,635		51,630		14,005
Subtotal		2,217,575		2,085,601		131,973
Securities for which the Fair Value does not Exceed the Amount Recorded in Consolidated Balance Sheet
Japanese Stocks		163,793		204,796		(41,002	)
Japanese Bonds		1,083,746		1,086,961		(3,215	)
Japanese Government Bonds		807,217		808,083		(866	)
Japanese Local Government Bonds		8,994		9,101		(106	)
Japanese Short-term Corporate Bonds		—		—		—
Japanese Corporate Bonds		267,535		269,776		(2,241	)
Others		723,950		740,226		(16,275	)
Foreign Stocks		—		—		—
Foreign Bonds		518,945		529,487		(10,541	)
Others		205,004		210,738		(5,733	)
Subtotal		1,971,490		2,031,984		(60,493	)
Total		4,189,066		4,117,585		71,480

(Note) The features and book values of the “Available-for-Sale Securities” for which no fair values are obtainable are described in “(Financial Instruments)”.

4. “Held-to-Maturity Debt Securities” Sold during the Fiscal Year 2010 (from April 1, 2010 to March 31, 2011)

There are no corresponding items.

5. “Available-for-Sale Securities” Sold during the Fiscal Year 2010 (from April 1, 2010 to March 31, 2011)

	(Millions of Yen)
Item	Amounts Sold		Gain		Loss
Japanese Stocks		5,232		2,135		489
Japanese Bonds		1,174,800		12,156		2,012
Japanese Government Bonds		1,172,101		12,156		2,012
Japanese Local Government Bonds		—		—		—
Japanese Short-term Corporate Bonds		—		—		—
Japanese Corporate Bonds		2,698		0		0
Others		2,348,429		19,334		23,189
Foreign Bonds		2,062,328		18,244		18,485
Others		286,100		1,090		4,703
Total		3,528,461		33,627		25,691

(Note) The “Available-for-Sale Securities” for which no fair values are obtainable are included.

6. Impairment of Securities

“Available-for-Sale Securities” at fair value other than trading securities are written off when their respective fair value declines significantly compared to their costs and the decline is not temporary at the fiscal year end, and the valuation differences are recognized as losses.

For the year ended March 31, 2011, 6,625 millions of yen, which includes 5,632 millions of yen of stocks and 993 millions of yen of others, were written off.

According to “Self-Assessment Rules”, a “Remarkable Decline in the Fair Value” is recognized which the classification of issuers is as follows:

• Issuers whose classification is ordinary: Fair value is 50% or more lower than cost.

• Issuers whose classification is other than ordinary: Fair value is 30% or more lower than cost.

In addition to the above, a portion of securities were deemed impaired when fair value declined by more than 30% but less than 50% of cost continuously over a specified period.

–29–

(Money Held in Trust)

1. Money Held in Trust for Trading Purpose (as of March 31, 2011)

	(Millions of Yen)
Item	Book Value		Valuation Difference Included in  the Statements of Income
Money Held in Trust for Trading Purpose		10,228		(105	)

2. Money Held in Trust being Held-to-Maturity (as of March 31, 2011)

There are no corresponding items.

3. Other Money Held in Trust (other than for Trading Purpose and being Held-to-Maturity) (as of March 31, 2011)

	(Millions of Yen)
Item	Book Value		Acquisition Cost		Difference		Positive Difference		Negative Difference
Other Money Held in Trust		12,000		12,000		—		—		—

(Note) There were no securities with fair value included in entrusted assets of the other money held in trust (other than for trading purpose and being held to maturity) at March 31, 2011.

–30–

(Valuation Difference on Available-for-Sale Securities)

The table below shows component items of “Valuation Difference on Available-for-Sale Securities” in the consolidated balance sheets.

	Millions of Yen
	March 31, 2011
Valuation Difference		10,339
Available-for-Sale Securities		10,339
Other Money Held in Trust		—
(-) Amount Equivalent to Deferred Tax Liabilities		3,750
Total (before adjustment for Minority Interests)		6,588
(-) Minority Interests		518
(+) Parent Company’s portions in Available-for-Sale Securities owned by its affiliates		(5	)
Valuation Difference on Available-for-Sale Securities		6,064

Notes:

1. Valuation difference does not include 78 million yen, which was expensed as the result of the fair value hedging.

2. Valuation difference includes foreign currency translation adjustments on foreign securities for which no fair values are obtainable and investment in associations.

3. The unamortized balance of the valuation difference at the end of the fiscal year which occurred on the reclassification by holding purpose of some securities is included in Available-for-Sale Securities of Valuation Difference.

–31–

Segment Information

1. Outline of Reportable Segment

The reportable segment of “STB Group” is about the sections of businesses whose discrete financial information is available, and which are regularly reviewed by the Board of Directors in order to decide the managerial resource allocation and evaluate their earnings.

“STB Group’s” businesses consist of “Retail Financial Services Business”, “Wholesale Financial Services Business”, “Global Markets Business”, “Fiduciary Services Business”, “Real Estate Business” and these five businesses are accounted as our Group’s reportable segment. Outline of the reportable segments are as follows.

“Retail Financial Services Business”	:	Portfolio Consulting related to Financial Assets for Individual Clients, Individual Loan and others
“Wholesale Financial Services Business”	:	Corporate Loan, Asset Management, Asset Securitization Arrangements, Consulting for Corporate Clients, Investment in Corporate Bonds and Asset-backed Securities, Investment in Private Equity, Stock Transfer Agency and others
“Global Markets Business”	:	Dealing, Security Investment, Derivatives Sales and others
“Fiduciary Services Business”	:	Pension Trust Business (Pension Plan Designing, Pension Asset Management, Pension Consulting Services and others), Investment Management Business (Investment Product Sales and Investment Advisory Service for Institutional Investors and Individual Clients) Securities Processing Services (Custody, Mutual Fund, Tokkin and others)
“Real Estate Business”	:	Real Estate Brokerage, Real Estate Securitization-related Business, Real Estate Investment Consulting, Real Estate Management, Real Estate Appraisal Operations and others

2. Calculation Method of the Amount of Gross Business Profit before Credit Costs, Gains and Losses, Assets and other items by Reportable Segment

Accounting method of the reportable segment is almost the same to the mention in “Significant Accounting Policies and Practices”. Profits by the reportable segment are based on Net business profit before credit costs, which is used as the index signifying earning capacity on an actual basis. The figure of asset is not stated here, as it is not reported to the Board of Directors as the figures to decide the management resource allocation and evaluate their earnings. The transactions between each segment trade based on market price.

3. Information related to Gross Business Profit before Credit Costs, Gains and Losses and other items by Reportable Segment

	(Millions of Yen)
	Reportable Segment
	Retail Financial Services Business		Wholesale Financial Services Business		Global Markets Business		Fiduciary Services Business		Real Estate Business		Subtotal		Others (Note3)			Total
Gross Business Profit before Credit Costs (Note 1)		79,021		144,214		55,227		86,179		24,045		388,687		10,618			399,306
General and Administrative Expenses		64,141		54,658		9,127		57,449		13,800		199,176		25,895			225,072
Profit by Segment (Net Business Profit before Credit Costs) (Note 2)		14,879		89,555		46,100		28,730		10,245		189,510		(15,276	)		174,233
Others (Net Income from Affiliates by Equity Method) (Note 4)		—		1,904		—		907		167		2,980		2,069			5,050

(Note 1) Gross business profit before credit costs is used net sales in statements of income of the general company.

(Note 2) Net business profit before credit costs is used as the index signifying earning capacity on an actual basis. The calculation formula is as follows. Net business profit before credit costs = non-consolidated net business profit before credit costs + consolidated subsidiaries’ ordinary profits (non-recurring effect adjusted) + ordinary profit of affiliates accounted by the equity method (non-recurring effect adjusted) × ratio of equity holdings – internal transactions (dividends and so on)

(Note 3) Others signify gains and losses excluded from segment, and include general and administrative expenses that are not classified to each segment, cost of capital sourcing and dividends from stocks and others.

(Note 4) Net income from affiliates by equity method is calculated by multiplying subsidiary companies’ ordinary profits (non-recurring effect adjusted) by ratio of equity holdings. The difference between the above and the corresponding figure on the consolidated statements of income is 2,395 million yen.

–32–

Related Party Transactions

There are no material transactions with related parties to be reported for the fiscal year ended March 31, 2011.

–33–

Per Common Share Information

		Fiscal Year Ended March 31, 2011
Net Assets per Common Share	Yen		651.72
Net Income per Common Share	Yen		47.11

Notes:

1. The calculation basis of Net Income per Common Share is as follows.

		Fiscal Year Ended March 31, 2011
Net Income per Common Share:
Net Income	Millions of Yen		83,509
Net Income not Attributable to Common Shareholders	Millions of Yen		4,610
Including Dividends on Preferred Shares	Millions of Yen		4,610
Net Income Attributable to Common Shareholders	Millions of Yen		78,898
Average Common Shares Outstanding	Thousands of Shares		1,674,553

2. The calculation basis of Net Assets per Common Share is as follows.

		As of March 31, 2011
Net Assets	Millions of Yen		1,507,095
Deduction from Net Assets	Millions of Yen		415,759
Including Issue Amount of Preferred Shares	Millions of Yen		109,000
Including Dividends on Preferred Shares	Millions of Yen		2,305
Including Minority Interests	Millions of Yen		304,454
Net Income Attributable to Common Shareholders	Millions of Yen		1,091,336
Common Shares Outstanding	Thousands of Shares		1,674,537

3. Net income per common share(fully diluted) is not stated as there are no residual securities but not dilutive for the fiscal year ended March 31, 2011.

–34–

Significant Subsequent Events

Share exchange

On August 24, 2010, the Bank concluded a share exchange agreement on management integration and a management integration agreement with “CMTH”. After approval at the extraordinary general meeting of shareholders held on December 22, 2010, the share exchange was performed on April 1, 2011 as the effective date. “CMTH” changed its trade name to Sumitomo Mitsui Trust Holdings, Inc. (hereinafter, “SMTH”).

1. Outline of Business Combination

(1) Name and Business Content of Acquired Company

Name of acquired company	Chuo Mitsui Trust Holdings, Inc.
Business content	Bank holding company

(2) Main Reasons for Business Combination

The Bank and “CMTH” aim to create “The Trust Bank,” a new trust bank group that will, leveraging significant expertise and comprehensive capabilities, provide better and swifter comprehensive solutions to their clients than ever before, by combining their personnel, know-how and other managerial resources and fusing both groups’ strengths, such as the diversity of the “STB group” and the agility of the “CMTH group.”

(3) Date of Business Combination

April 1, 2011

(4) Legal Form of Business Combination

Share exchange, with “CMTH” as the wholly owning parent company in the share exchange, and the Bank as the wholly owned subsidiary company in the share exchange

(5) Name of Company after Business Combination

Sumitomo Mitsui Trust Holdings, Inc.

(6) Acquired Voting Rights Ratio

This business combination corresponds to a reverse acquisition on the Accounting Standard for Business Combinations, with the Bank becoming a wholly owned subsidiary company in the share exchange.

(7) Main Grounds for the Determination of the Acquiring Company

Shareholders of the Bank, which is a wholly owned subsidiary company in the share exchange, hold the majority of voting rights of the company following the business combination. Therefore, it was decided that under the accounting for the business combination, the Bank would be the acquiring company, with “CMTH” as the acquired company.

2. Acquisition Cost of the Acquired Company

489,114 million yen

3. Share Exchange Ratio by Type of Share, Calculation Method, and Number of Shares Delivered

(1) Share Exchange Ratio by Type of Share

(a) Common Shares

For each share of the Bank common share, 1.49 shares of common share of “SMTH” (formerly “CMTH”) have been allotted and delivered.

(b) Preferred Shares

For each share of the First Series of the Bank Class II Preferred Shares, one share of the First Series of “SMTH” Class VII Preferred Shares has been allotted and delivered.

–35–

(2) Calculation Method of the Share Exchange Ratio

(a) Common Shares

In order to support the respective efforts of the Bank and “CMTH” to ensure the fairness of the exchange ratio of common shares (hereinafter, “Common Share Exchange Ratio”) for this share exchange, the Bank had requested financial analyses to UBS Securities Japan Ltd. and Daiwa Securities Capital Markets Co., Ltd., while “CMTH” had requested them to JP Morgan Securities Japan Co., Ltd. and Nomura Securities Co., Ltd. Referring to the results of those financial analyses, the Bank and “CMTH,” on several occasions, conducted careful negotiations and discussions on the Common Share Exchange Ratio, comprehensively taking into consideration the account factors such as the financial position, assets, and future prospects of each party. As a result, the Bank and “CMTH” finally reached the conclusion that the above Common Share Exchange Ratio is appropriate, and agreed to and decided on it.

(b) Preferred Shares

The Bank and “CMTH” had agreed that the terms and conditions of the First Series of “SMTH” Class VII Preferred Shares shall be substantially the same as those of the First Series of Class 2 Preferred Shares, and reached the conclusion that the above share exchange ratio for preferred shares is appropriate, and agreed to and decided on it, comprehensively taking into consideration such there being no market price for the First Series of Class 2 Preferred Shares and the Bank’s Preferred Shares being so-called “bond-type”.

(3) Number of Shares Delivered

(a) Common Shares

2,495,060,141

(b) Preferred Shares

109,000,000

–36–

5. (Reference) Non-Consolidated Financial Statements

(1) Non-Consolidated Balance Sheets

	(Millions of Yen)
	As of March 31, 2010			As of March 31,  2011
Assets:
Cash and Due from Banks:		828,856			580,834
Cash		65,661			76,809
Due from Banks		763,194			504,025
Call Loans		86,485			15,326
Receivables under Resale Agreements		—			33,260
Monetary Claims Bought		266,748			192,099
Trading Assets:		808,394			642,224
Trading Account Securities		9,661			23,034
Derivatives of Trading Securities		41			—
Derivatives of Securities Related to Trading Transactions		7			—
Trading-related Financial Derivatives		263,766			242,369
Other Trading Assets		534,918			376,821
Money Held in Trust		22,345			22,228
Securities:		4,474,366			4,950,002
Government Bonds		1,451,625			2,070,928
Local Government Bonds		11,829			20,519
Corporate Bonds		448,890			556,107
Stocks		956,829			869,890
Other Securities		1,605,191			1,432,556
Loans and Bills Discounted:		11,921,476			12,153,693
Bills Discounted		4,113			2,774
Loans on Bills		242,833			221,989
Loans on Deeds		9,981,067			10,148,098
Overdrafts		1,693,462			1,780,829
Foreign Exchanges:		5,553			5,658
Due from Foreign Banks (Our Accounts)		5,553			5,658
Other Assets:		821,649			1,031,410
Domestic Exchange Settlement Account, Debit		432			498
Prepaid Expenses		45			161
Accrued Income		61,280			57,668
Initial Margins of Futures Markets		1,565			2,128
Variation Margin of Futures Markets		553			357
Derivatives other than for Trading-Assets		407,611			410,966
Receivables for Securities Transactions		35,420			269,754
Other		314,739			289,874
Tangible Fixed Assets:		113,235			115,390
Buildings		27,344			25,029
Land		76,721			76,249
Lease Assets		149			112
Construction in Progress		1,618			7,045
Other		7,401			6,954
Intangible Fixed Assets:		26,350			28,286
Software		23,937			25,889
Other		2,412			2,396
Deferred Tax Assets		59,507			82,867
Customers’ Liabilities for Acceptances and Guarantees		387,202			336,175
Allowance for Loan Losses		(104,843	)		(85,559	)
Allowance for Investment Losses		(65,993	)		(1,185	)
Total Assets		19,651,334			20,102,714

–37–

(Continued)

	(Millions of Yen)
	As of March 31, 2010			As of March 31, 2011
Liabilities:
Deposits:		12,216,451			12,303,417
Current Deposits		276,786			285,049
Ordinary Deposits		1,772,683			2,059,778
Deposits at Notice		33,509			41,695
Time Deposits		9,837,327			9,572,270
Other Deposits		296,143			344,623
Negotiable Certificates of Deposit		2,371,884			2,257,610
Call Money		86,494			57,884
Payables under Repurchase Agreements		601,787			620,846
Payables under Securities Lending Transactions		—			158,798
Trading Liabilities:		98,134			102,775
Derivatives of Trading Securities-Assets		—			4
Derivatives of Securities Related to Trading Transactions		2			28
Trading-related Financial Derivatives		98,131			102,743
Borrowed Money:		1,033,815			1,085,718
Borrowing from Other Banks		1,033,815			1,085,718
Foreign Exchanges:		253			77
Due to Foreign Banks(Their Accounts)		250			76
Foreign Bills Sold		0			—
Foreign Bills Payable		2			0
Short-term Bonds Payable		318,456			325,708
Bonds Payable		344,900			434,917
Borrowed Money from Trust Account		430,969			431,710
Other Liabilities:		640,552			810,632
Domestic Exchanges Settlement Account, Credit		333			402
Income Taxes Payable		964			14,945
Accrued Expenses		100,392			104,092
Unearned Revenue		2,323			2,108
Variation Margins of Futures Markets		—			231
Derivatives other than for Trading Liabilities		263,316			264,690
Lease Obligations		160			121
Asset Retirement Obligations		—			2,630
Payables under Financial Derivatives Transactions		246,766
Accounts Payable-Securities Trading Account					246,713
Other		26,295			174,696
Provision for Bonuses		3,989			4,435
Provision for Directors’ Bonuses		70			80
Provision for Retirement Benefits		223			223
Provision for Reimbursement of Deposits		1,043			1,155
Provision for Contingent Loss		8,258			11,279
Provision for Relocation Expenses		379			5,620
Deferred Tax Liabilities for Land Revaluation		5,778			5,709
Acceptances and Guarantees		387,202			336,175
Total Liabilities		18,550,644			18,954,776
Net Assets:
Total Shareholder’ Equity:		1,086,770			1,137,308
Capital Stock		342,037			342,037
Capital Surplus:		297,052			297,051
Legal Capital Surplus		242,555			242,555
Other Capital Surplus		54,496			54,495
Retained Earnings:		448,147			498,702
Legal Retained Earnings		48,323			52,929
Other Retained Earnings:		399,823			445,772
Reserve for Overseas Investment Loss		0			0
Other Voluntary Reserve		371,870			371,870
Retained Earnings Brought Forward		27,953			73,902
Treasury Stock		(465	)		(482	)
Total Valuation and Translation Adjustments:		13,919			10,630
Valuation Difference on Available-for-Sale Securities		8,281			4,861
Deferred Gains or Losses on Hedges		10,293			10,482
Revaluation Reserve for Land		(4,655	)		(4,714	)
Total Net Assets		1,100,690			1,147,938
Total Liabilities and Net Assets		19,651,334			20,102,714

–38–

(2) Non-Consolidated Statements of Income

	(Millions of Yen)
	Fiscal Year Ended March 31, 2010		Fiscal Year Ended March 31, 2011
Ordinary Income:
Trust Fees		53,140		50,939
Interest Income:		289,366		226,472
Interest on Loans and Discounts		169,564		151,004
Interest and Dividends on Securities		96,155		61,072
Interest on Call Loans		207		241
Interest on Receivables under Resale Agreements		0		174
Interest on Receivables under Securities Borrowing Transactions		335		167
Interest on Deposits with Banks		1,438		1,913
Interest on Interest Swaps		17,741		8,464
Other Interest Income		3,923		3,433
Fees and Commissions:		72,782		78,251
Fees and Commissions on Domestic and Foreign Exchanges		797		787
Other Fees and Commissions		71,985		77,464
Trading Income:		15,672		11,863
Gain on Trading Account Securities Transactions		130		89
Income from Securities and Derivatives Related to Trading Transactions		118		—
Income from Trading-related Financial Derivatives Transactions		13,630		10,889
Other Trading Income		1,793		884
Other Ordinary Income:		38,619		38,826
Gains on Foreign Exchange Transactions		—		3,793
Gains on Sales of Bonds		32,257		28,504
Gains on Redemption of Bonds		3,975		175
Other		2,386		6,352
Other Income:		15,606		10,153
Gains on Sales of Stocks and Other Securities		12,779		3,022
Gains on Money Held in Trust		435		600
Other		2,391		6,530
Ordinary Income		485,189		416,506
Ordinary Expenses:
Interest Expenses:		109,822		89,627
Interest on Deposits		66,436		53,501
Interest on Negotiable Certificates of Deposit		6,510		4,220
Interest on Call Money		825		531
Interest on Payables under Repurchase Agreements		2,559		879
Interest on Payables under Securities Lending Transactions		3		5
Interest on Borrowings and Rediscounts		22,347		19,770
Interest on Short-term Bonds		677		650
Interest on Bonds		6,545		7,431
Other Interest Expenses		3,917		2,637
Fees and Commissions Payments:		32,783		34,880
Fees and Commissions on Domestic and Foreign Exchanges		400		428
Other Fees and Commissions		32,382		34,451
Trading Expenses:		—		72
Expenses on Securities and Derivatives Related to Trading Transactions		—		72
Other Ordinary Expenses:		22,424		23,666
Loss on Foreign Exchange Transactions		3,891		—
Loss on Sales of Bonds		9,934		18,218
Loss on Redemption of Bonds		1,828		—
Expenses on Derivatives other than for Trading or Hedging		6,769		5,448
General and Administrative Expenses		145,906		141,038
Other Expenses:		46,745		55,190
Written-off of Loans		3,274		15,624
Losses on Sales of Stocks and Other Securities		2,048		2,314
Losses on Devaluation of Stocks and Other Securities		18,571		6,934
Loss on Money Held in Trust		—		116
Other		22,851		30,200
Ordinary Expenses		357,682		344,474

–39–

(Continued)

	(Millions of Yen)
	Fiscal Year Ended March 31, 2010		Fiscal Year Ended March 31, 2011
Ordinary Profit		127,506		72,031
Extraordinary Income:		15,378		21,942
Gain on Disposal of Noncurrent Assets		22		0
Reversal of Allowance for Loan Losses		14,003		780
Recoveries of Written-off Claims		1,352		1,385
Other		—		19,775
Extraordinary Loss:		65,163		23,352
Loss on Disposal of Noncurrent Assets		325		759
Impairment Loss		29		3,563
Other		64,808		19,029
Income before Income Taxes		77,721		70,622
Income Taxes:		56,030		(2,903	)
Current		5,074		18,310
Deferred		50,956		(21,214	)
Net Income		21,691		73,526

–40–

(3) Non-Consolidated Statements of Changes in Net Assets

	(Millions of Yen)
	Fiscal Year Ended March 31, 2010			Fiscal Year Ended March 31, 2011
Shareholders’ Equity:
Capital Stock:
Balance at the End of the Previous Period		287,537			342,037
Changes of Items during the Period:
Issuance of New Shares		54,500			—
Total Changes of Items during the Period		54,500			—
Balance at the End of the Current Period		342,037			342,037
Capital Surplus:
Legal Capital Surplus:
Balance at the End of the Previous Period		242,555			242,555
Changes of Items during the Period:
Issuance of New Shares		54,500			—
Transfer to Other Capital Surplus		(54,500	)		—
Total Changes of Items during the Period		—			—
Balance at the End of the Current Period		242,555			242,555
Other Capital Surplus:
Balance at the End of the Previous Period		—			54,496
Changes of Items during the Period:
Transfer from Legal Capital Surplus		54,500			—
Disposal of Treasury Stock		(3	)		(0	)
Total Changes of Items during the Period		54,496			(0	)
Balance at the End of the Current Period		54,496			54,495
Total Capital Surplus:
Balance at the End of the Previous Period		242,555			297,052
Changes of Items during the Period:
Issuance of New Shares		54,500			—
Disposal of Treasury Stock		(3	)		(0	)
Total Changes of Items during the Period		54,496			(0	)
Balance at the End of the Current Period		297,052			297,051
Retained Earnings:
Legal Retained Earnings:
Balance at the End of the Previous Period		46,580			48,323
Changes of Items during the Period:
Cash Dividends		1,742			4,606
Total Changes of Items during the Period		1,742			4,606
Balance at the End of the Current Period		48,323			52,929
Other Retained Earnings:
Balance at the End of the Previous Period		390,957			399,823
Changes of Items during the Period:
Cash Dividends		(12,968	)		(27,637	)
Net Income		21,691			73,526
Reversal of Revaluation Reserve for Land		143			60
Total Changes of Items during the Period		8,865			45,949
Balance at the End of the Current Period		399,823			445,772
Total Retained Earnings:
Balance at the End of the Previous Period		437,538			448,147
Changes of Items during the Period:
Cash Dividends		(11,226	)		(23,030	)
Net Income		21,691			73,526
Reversal of Revaluation Reserve for Land		143			60
Total Changes of Items during the Period		10,608			50,555
Balance at the End of the Current Period		448,147			498,702

–41–

(Continued)

	(Millions of Yen)
	Fiscal Year Ended March 31, 2010			Fiscal Year Ended March 31, 2011
Treasury Stock:
Balance at the End of the Previous Period		(453	)		(465	)
Changes of Items during the Period:
Purchase of Treasury Stock		(19	)		(19	)
Disposal of Treasury Stock		7			2
Total Changes of Items during the Period		(12	)		(16	)
Balance at the End of the Current Period		(465	)		(482	)
Total Shareholders’ Equity:
Balance at the End of the Previous Period		967,177			1,086,770
Changes of Items during the Period:
Issuance of New Shares		109,000			—
Cash Dividends		(11,226	)		(23,030	)
Net Income		21,691			73,526
Purchase of Treasury Stock		(19	)		(19	)
Disposal of Treasury Stock		3			1
Reversal of Revaluation Reserve for Land		143			60
Total Changes of Items during the Period		119,593			50,537
Balance at the End of the Current Period		1,086,770			1,137,308
Valuation and Translation Adjustments:
Valuation Difference on Available-for-Sale Securities:
Balance at the End of the Previous Period		(97,893	)		8,281
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		106,174			(3,419	)
Total Changes of Items during the Period		106,174			(3,419	)
Balance at the End of the Current Period		8,281			4,861
Deferred Gains or Losses on Hedges:
Balance at the End of the Previous Period		(1,627	)		10,293
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		11,921			188
Total Changes of Items during the Period		11,921			188
Balance at the End of the Current Period		10,293			10,482
Revaluation Reserve for Land:
Balance at the End of the Previous Period		(4,511	)		(4,655	)
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		(143	)		(58	)
Total Changes of Items during the Period		(143	)		(58	)
Balance at the End of the Current Period		(4,655	)		(4,714	)
Total Valuation and Translation Adjustments:
Balance at the End of the Previous Period		(104,032	)		13,919
Changes of Items during the Period:
Net Changes of Items other than Shareholders’ Equity		117,951			(3,289	)
Total Changes of Items during the Period		117,951			(3,289	)
Balance at the End of the Current Period		13,919			10,630
Total Net Assets:
Balance at the End of the Previous Period		863,145			1,100,690
Changes of Items during the Period:
Issuance of New Shares		109,000			—
Cash Dividends		(11,226	)		(23,030	)
Net Income		21,691			73,526
Purchase of Treasury Stock		(19	)		(19	)
Disposal of Treasury Stock		3			1
Reversal of Revaluation Reserve for Land		143			60
Net Changes of Items other than Shareholders’ Equity		117,951			(3,289	)
Total Changes of Items during the Period		237,545			47,248
Balance at the End of the Current Period		1,100,690			1,147,938

–42–

Explanatory Material

Fiscal Year 2010

ended on Mar. 31, 2011

Sumitomo Mitsui Trust Holdings, Inc.

Table of Contents

Summary of FY2010 financial results
1. Financial results	Summary 1-4
2. Financial conditions	Summary 4-6
3. Forecast for FY2011	Summary 7
Financial figures
I. Outline of the financial results (former Chuo Mitsui Trust Holdings, Inc. “CMTH”)
1. Outline of the status of profit and loss	1-3
2. Yields and margins	4
3. Net gains on sales of securities	4
4. Unrealized gains/ losses on investment securities	5-6
5. Redemption schedule of Available-for-sale securities with maturity and Held-to-maturity debt securities	7
6. Shareholdings	7
7. Deferred unrealized gains/ losses on Hedge accounting applied derivative transactions	7
8. BIS capital adequacy ratio (Basel II)	8
9. ROE	9
10. Balance of major accounts (Banking a/c and Principal guaranteed trust a/c combined, Domestic branches)	9
11. Loans (Banking a/c and Principal guaranteed trust a/c combined)	10
12. Problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)	11-12
13. Self-Assessment and problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)	12
14. Risk managed loans (Banking a/c and Principal guaranteed trust a/c combined)	13
15. Allowance for loan losses	14
16. Final disposal of non-performing loans (Banking a/c and Principal guaranteed trust a/c combined)	15
17. Retirement benefits	16
18. Deferred tax assets	17
(For reference) Other reference financial figures (Balance sheets, statements of income, statement of trust account, major account balances)	18-26
II. Outline of the financial results (Sumitomo Trust and Banking Co., Ltd. “STB”)
1. Outline of the status of profit and loss	27-28
<For reference> Breakdown of profit by business group	29
<For reference> Major subsidiaries	30
2. Yields and margins	31
3. Net gains on sales of securities	31
4. Unrealized gains/ losses on investment securities	32-33
5. Redemption schedule of Available-for-sale securities with maturity and Held-to-maturity debt securities	34
6. Shareholdings	34
7. Deferred unrealized gains/ losses on Hedge accounting applied derivative transactions	34
8. BIS capital adequacy ratio (Basel II)	35
9. ROE	35
10. Balance of major accounts (Banking a/c and Principal guaranteed trust a/c combined)	36
11. Loans (Banking a/c and Principal guaranteed trust a/c combined)	37
12. Problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)	38-39
13. Self-Assessment and problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)	39
14. Risk managed loans (Banking a/c and Principal guaranteed trust a/c combined)	40
15. Allowance for loan losses	41
16. Final disposal of non-performing loans (Banking a/c and Principal guaranteed trust a/c combined)	42
17. Retirement benefits	43
18. Deferred tax assets	44
(For reference) Other reference financial figures (Statement of trust account, major account balances)	45-46
III. Outline of the financial results (CMTH and STB combined)
1. Outline of the financial performance	47-48

Legal Disclaimer

Regarding forward-looking Statements contained in this material

This presentation material contains information that constitutes forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors including but not limited to changes in managerial circumstances. By virtue of the aforementioned reasons, Sumitomo MItsui Trust Holdings, Inc. hereby cautions against sole reliance on such forward-looking statements in making investment decisions.

Summary of FY2010 financial results

1. Financial Results

<Consolidated>

(Former Chuo Mitsui Trust Holdings, Inc. (*) (“CMTH”))

(1) Net business profit before credit costs <1> decreased by 2.0 billion yen from the previous fiscal year to 116.4 billion yen mainly due to the decrease in net business profit before credit costs of two trust bank subsidiaries.

(2) Total credit costs <4> improved by 15.3 billion yen from the previous fiscal year to the reversal of 4.5 billion yen, mainly due to the decrease in total credit costs of two trust bank subsidiaries.

(3) As a result, ordinary profit <2> increased by 1.2 billion yen to 84.7 billion yen and net income <3> increased by 0.4 billion yen to 47.2 billion yen over the same period.

(The Sumitomo Trust and Banking Co., Ltd. (“STB”))

(1) Net business profit before credit costs <1> decreased by 23.6 billion yen from the previous fiscal year to 174.2 billion yen, mainly due to the decrease in non-consolidated net business profit before credit costs, while profit of group companies <7> increased, in addition to the full-year contribution of Nikko Asset Management Co., Ltd. which became a subsidiary in 2HFY2009.

(2) Total credit costs <4> increased by 27.5 billion yen from the previous fiscal year to 28.8 billion yen, as a result of additional reserves for loan losses including those of group companies which were posted after carefully estimating the effects caused by the Great East Japan Earthquake in 4QFY2010, in addition to the posting of credit costs on a non-consolidated bank level.

(3) As a result, ordinary profit <2> decreased by 47.3 billion yen from the previous fiscal year to 100.7 billion yen.

(4) Meanwhile, net income <3> increased by 30.3 billion yen from the previous fiscal year to 83.5 billion yen, because it was mainly boosted by the tax effect accounting resulting from the business restructuring of subsidiaries in 2QFY2010.

(*) Chuo Mitusi Trust Holdings, Inc. changed its corporate name to Sumitomo Mitsui Trust Holdings, Inc. in accordance with the management integration with The Sumitomo Trust and Banking Co., Ltd. on April 1, 2011.

(in billions of Yen)
		CMTH (Consolidated)									STB (Consolidated)
		FY2010			FY2009			Change			FY2010			FY2009			Change
Net business profit before credit costs (*1)	1		116.4			118.4			-2.0			174.2			197.8			-23.6
Ordinary profit	2		84.7			83.4			1.2			100.7			148.1			-47.3
Net income	3		47.2			46.8			0.4			83.5			53.1			30.3
Total credit costs (*2)	4		4.5			-10.8			15.3			-28.8			-1.2			-27.5
Total substantial credit costs (*3)	5											-36.5			-4.2			-32.2
Return (Net income) on equity	6		7.18	%		9.77	%		-2.59	%		7.41	%		5.28	%		2.13	%
(Difference from non-consolidated financial results (*4))
Net business profit before credit costs (*5)	7		12.8			9.4			3.3			44.4			31.9			12.4
Total credit costs	8		-2.2			-4.6			2.4			-14.6			-9.7			-4.9
Total substantial credit costs	9											-14.0			-11.7			-2.3

(*1) Consolidated net business profit before credit costs = Non-consolidated net business profit before credit costs + Subsidiary companies’ ordinary profits (non-recurring effect adjusted) + Affiliates’ ordinary profits (non-recurring effect adjusted) x Ratio of equity holdings - Intra-group transaction (dividends, etc.)

(*2) Total credit costs of CMTH include recoveries of written-off claims from this fiscal year’s disclosure.

(*3) “Total substantial credit costs” is a sum of “Total credit costs”, costs in “Net gains on sales of stocks and other securities” and “Other non-recurring profit” which are related to investment in securities of domestic and overseas credit, and affiliates’ total credit costs included in “Net income from affiliates by equity method”.

(*4) Non-consolidated figures of CMTH are combined figures of The Chuo Mitsui Trust and Banking Company, Limited. and Chuo Mitsui Asset Trust and Banking Company, Limited.

(*5) For FY2009, elimination of STB’s non-consolidated dividend income from a subsidiary resulting from the gain on retirement of perpetual subordinated bonds (9.0 billion yen) is adjusted.

(CMTH <Non-consolidated>)

		FY2010		FY2009		Change
Operating income	10		22.7		13.6		9.1
Operating profit	11		12.3		3.1		9.2
Ordinary profit	12		9.6		2.2		7.3
Net income	13		8.9		2.8		6.0

-Summary 1-

<Non-consolidated>

(Combined total of The Chuo Mitsui Trust and Banking Company, Limited (“CMTB”) and Chuo Mitsui Asset Trust and Banking Company, Limited (“CMAB”))

(1) Net business profit before credit costs <8> decreased by 5.4 billion yen from the previous fiscal year to 103.5 billion yen, mainly due to the decrease in net interest income and related profit resulting from the shrinkage in loan-deposit margin owing to the decline in market interest rate, while net other operating profit increased mainly due to the favorable net gains on bonds, and net fees and commissions and related profit such as sales fees of investment trusts and real estate brokerage fees recovered.

(2) Total credit costs <21> improved by 12.9 billion yen from the previous fiscal year to the reversal of 6.7 billion yen, mainly due to the reversal of allowance for loan losses resulting from the improvement of financial conditions of some clients, while additional reserves for loan losses were posted in 4QFY2010 after carefully estimating the effects caused by the Great East Japan Earthquake.

(3) Net gains on stocks <12> decreased by 13.8 billion yen from the previous fiscal year to the net loss of 1.1 billion yen, as a result of posting impairment loss for some stocks including stocks of which fair value declined significantly at the fiscal year end and the decline was not recognized as temporary decline, while posting the gain on sales of stocks.

(4) As a result, ordinary profit <15> decreased by 7.6 billion yen from the previous fiscal year to 77.3 billion yen, and net income <20> decreased by 8.1 billion yen to 49.4 billion yen over the same period.

(STB)

(1) Net business profit before credit costs <8> decreased by 45.6 billion yen from the previous fiscal year to 129.7 billion yen, mainly due to the decrease in net interest income and related profit resulting from the decline in market interest rate, in addition to the disappearance of one-off dividend income from an overseas subsidiary in the previous fiscal year resulting from the gain on retirement of perpetual subordinated bonds, while sales fees of investment trusts and real estate brokerage fees recovered.

(2) Total credit costs <21> increased by 22.6 billion yen from the previous fiscal year to 14.1 billion yen as a result of additional reserves for loan losses under the effect of the Great East Japan Earthquake, in addition to the downgrade of a major client in 4QFY2010. Total substantial credit costs <22>, which include losses arising from sales of domestic and overseas credit securities, increased by 29.9 billion yen to 22.4 billion yen over the same period, mainly due to the further disposition of overseas ABSs.

(3) Net gains on stocks <12> improved by 1.6 billion yen from the previous fiscal year to the net loss of 6.2 billion yen, as a result of posting impairment loss for some stocks including stocks of which fair value declined significantly at the fiscal year end and the decline was not recognized as temporary decline.

(4) As a result, ordinary income <15> decreased by 55.4 billion yen from the previous fiscal year to 72.0 billion yen, while net income <20> increased by 51.8 billion yen to 73.5 billion yen over the same period because it was boosted by the tax effect accounting resulting from the business restructuring of subsidiaries in 2QFY2010.

											(in billions of Yen)
		CMTB + CMAB combined (Non-consolidated)									STB (Non-consolidated)
		FY2010			FY2009			Change			FY2010			FY2009			Change
Gross business profit	1		217.3			226.9			-9.5			258.2			304.6			-46.4
Net interest income and related profit	2		106.4			125.9			-19.5			140.8			185.2			-44.3
Net fees and commissions and related profit	3		80.2			79.1			1.0			90.3			87.5			2.8
Net trading profit	4		3.5			2.5			0.9			11.7			15.6			-3.8
Net other operating profit	5		27.1			19.1			7.9			15.1			16.1			-1.0
Net gains on bonds	6		27.5			13.5			13.9			10.4			24.4			-14.0
General and administrative expenses	7		-113.7			-117.9			4.1			-128.4			-129.2			0.7
Net business profit before credit costs	8		103.5			108.9			-5.4			129.7			175.4			-45.6
Principal guaranteed trust a/c credit costs	9		—			-2.2			2.2			—			—			—
Net non-recurring profit	10		-26.1			-21.6			-4.5			-57.7			-47.9			-9.8
Banking a/c net credit costs	11		-1.2			-7.0			5.7			-16.3			-6.9			-9.4
Net gains on stocks	12		-1.1			12.7			-13.8			-6.2			-7.8			1.6
Losses on devaluation of stocks	13		-10.3			-1.7			-8.6			-6.9			-18.5			11.6
Others	14		-23.7			-27.3			3.5			-35.1			-33.1			-1.9
Ordinary profit	15		77.3			85.0			-7.6			72.0			127.5			-55.4
Extraordinary profit/ loss	16		2.1			2.6			-0.4			-1.4			-49.7			48.3
Total credit costs (included in extraordinary profit/ loss)	17		8.0			3.1			4.8			2.1			15.3			-13.1
Income before income taxes	18		79.5			87.7			-8.1			70.6			77.7			-7.0
Total income taxes	19		-30.0			-30.0			0.0			2.9			-56.0			58.9
Net income	20		49.4			57.6			-8.1			73.5			21.6			51.8
Total credit costs ( 9 + 11 + 17)	21		6.7			-6.1			12.9			-14.1			8.4			-22.6
Total substantial credit costs	22											-22.4			7.4			-29.9
Overhead ratio	23		52.34	%		51.96	%		0.38	%		49.73	%		42.41	%		7.32	%

-Summary 2-

(For reference) Overview of the business operation

<Balance of major accounts>

(1) Balance of major accounts (Domestic Banking a/c and Principal guaranteed trust a/c combined)

								(in billions of Yen)
		CMTB						STB
		FY2010		FY2009		Change from FY2009		FY2010		FY2009		Change from FY2009
Loans	(Ending balance)		9,084.2		9,181.0		-96.7		11,325.2		11,303.9		21.3
	(Average balance)		8,135.6		8,424.3		-288.6		10,828.7		10,951.0		-122.3
Deposits, etc. (*1)	(Ending balance)		10,446.0		10,204.0		242.0		12,359.5		12,100.5		258.9
	(Average balance)		10,120.5		10,135.9		-15.3		11,759.6		12,001.2		-241.6

(*1) “Deposits, etc.” = “Deposits (excl. NCDs)” + “Principal guaranteed trust a/c”

(2) Yields and margins (Domestic Banking a/c and Principal guaranteed trust a/c combined)

											(%)
	CMTB										STB
	FY2010						FY2009 (B)		Change (A) - (B)		FY2010						FY2009 (D)		Change (C) - (D)
	(A)		2H		1H						(C)		2H		1H
Loan deposit margin		0.92		0.92		0.93		1.04		-0.11		0.86		0.85		0.88		0.94		-0.08
Loans and bills discounted		1.34		1.32		1.35		1.51		-0.17		1.28		1.25		1.32		1.45		-0.17
Deposits and trust principal		0.41		0.40		0.42		0.47		-0.05		0.42		0.40		0.44		0.51		-0.09

(3) Status of loans

							(in billions of Yen)
	CMTB						STB
	Mar. 2011		Mar. 2010		Change from Mar. 2010		Mar. 2011		Mar. 2010		Change from Mar. 2010
Loans to individuals		3,585.5		3,619.0		-33.5		2,360.6		2,179.7		180.8
Residential mortgage loans		3,335.1		3,331.2		3.9		2,046.2		1,829.6		216.6
Loans to corporations		5,498.7		5,561.9		-63.2		9,972.3		10,004.4		-32.1
Japanese corporations operating overseas		121.3		118.2		3.1		1,290.1		1,046.5		243.5

<Investment trust and Insurance>

(1) Sales balance and volume of investment trust/ Insurance

<Sales balance>

							(in billions of Yen)
	CMTB						STB (*2)
	Mar. 2011		Mar. 2010		Change from Mar. 2010		Mar. 2011		Mar. 2010		Change from Mar. 2010
Total		2,416.0		2,432.9		-16.9		1,994.7		1,902.1		92.5
Investment trust, Fund wrap, etc.		1,075.4		1,109.7		-34.2		1,214.4		1,210.4		3.9
Insurance, etc.		1,340.5		1,323.1		17.3		780.2		691.6		88.5

(*2) Sales balance of corporate clients is included from this disclosure.

<Sales volume>

															(in billions of Yen)
					CMTB										STB (*3)
					FY2010					FY2009					FY2010					FY2009
Investment trust, Fund wrap, etc.	Full					491.4					305.1					381.6					263.0
	(2H	)	(1H	)		(264.4	)	(227.0	)		(199.0	)	(106.0	)		(223.2	)	(158.3	)		(156.7	)	(106.2	)
Insurance, etc.	Full					163.9					139.9					113.7					132.8
	(2H	)	(1H	)		(58.9	)	(105.0)			(56.7	)	(83.2	)		(36.4	)	(77.3	)		(82.7	)	(50.0	)
Total	Full					655.4					445.0					495.3					395.8
	(2H	)	(1H	)		(323.3	)	(332.1	)		(255.8	)	(189.2	)		(259.6	)	(235.6	)		(239.5	)	(156.3	)

(*3) Sales volume to corporate clients is included from this disclosure.

(2) Fees and commissions

							(in billions of Yen)
	CMTB						STB
	FY2010		FY2009		Change from FY2009		FY2010		FY2009		Change from FY2009
Total		21.4		19.3		2.0		19.4		17.5		1.9
Sales fees of investment trust/ insurance		13.5		11.4		2.0		11.1		9.6		1.4
Others (management and administration )		7.9		7.8		0.0		8.3		7.8		0.4

-Summary 3-

<Overview of fiduciary services business>

(1) Fees from fiduciary services business (Non-consolidated)

							(in billions of Yen)
	CMAB						STB
	FY2010		FY2009		Change from FY2009		FY2010		FY2009		Change from FY2009
Fees from fiduciary services business		30.8		32.4		-1.5		32.2		34.1		-1.9
Pension		21.3		22.7		-1.3		19.8		20.5		-0.7
Securities		9.5		9.7		-0.1		12.4		13.6		-1.1

<Overview of real estate business>

(1) Fees from real estate business (Non-consolidated)

							(in billions of Yen)
	CMTB						STB
	FY2010		FY2009		Change from FY2009		FY2010		FY2009		Change from FY2009
Fees from real estate business		10.9		9.8		1.1		14.7		10.6		4.1
Real estate brokerage fees		7.6		6.3		1.2		9.1		5.1		4.0
Real estate trust fees, etc.		3.3		3.4		-0.1		4.5		4.7		-0.2

2. Financial status

<Status of the securities with fair value>

(CMTH)

(1) Cost of available-for-sale securities decreased by 353.8 billion yen from the end of previous fiscal year to 3,238.4 billion yen mainly due to the decrease in Japanese and foreign government bonds. Net unrealized gains/ losses decreased by 50.3 billion yen to the net loss of 3.2 billion yen over the same period mainly due to the stagnation of stock prices.

(2) Cost of held-to-maturity debt securities decreased by 423.8 billion yen from the end of previous fiscal year to 297.2 billion yen mainly due to the decrease in Japanese government bonds. Net unrealized gains/ losses stood at the net gain of 0.3 billion yen.

(STB)

(1) Cost of available-for-sale securities increased by 597.1 billion yen from the end of previous fiscal year to 4,117.5 billion yen mainly due to the increase in Japanese government bonds. Net unrealized gains/ losses decreased by 22.8 billion yen to the net gain of 71.4 billion yen over the same period mainly due to the stagnation of stock prices.

(2) Cost of held-to-maturity debt securities decreased by 118.9 billion yen from the previous fiscal year to 427.6 billion yen. Net unrealized gains/ losses stood at the net gain of 49.8 billion yen.

(1) Available-for-sale securities with fair value

<CMTH (Consolidated)>

	(in billions of Yen)
	Mar. 2011		Book value		Net		Change of cost		Change of net
	Cost		(Fair value)
Available-for-sale securities		3,238.4		3,235.1		-3.2		-353.8		-50.3
Japanese stocks		448.5		486.8		38.2		-26.3		-34.7
Japanese bonds		1,643.3		1,630.4		-12.9		-267.3		-9.3
Government bonds		1,372.5		1,358.2		-14.3		-263.9		-10.3
Others		1,146.4		1,117.9		-28.5		-60.0		-6.2
Foreign government bonds		352.5		336.0		-16.5		-204.6		-11.4
US agency MBS (*1)		344.1		341.1		-2.9		83.8		-1.8

(*1) Constituted by GNMA only.

<STB (Consolidated)>

	(in billions of Yen)
	Mar. 2011		Book value		Net		Change of cost		Change of net
	Cost		(Fair value)
Available-for-sale securities		4,117.5		4,189.0		71.4		597.1		-22.8
Japanese stocks		425.3		470.3		45.0		-1.3		-20.1
Japanese bonds		2,407.2		2,428.1		20.8		814.3		-4.5
Government bonds		1,866.1		1,886.4		20.3		674.8		-4.2
Others		1,284.9		1,290.5		5.6		-215.8		1.8
Foreign government bonds		781.9		775.9		-5.9		115.4		-2.4

-Summary 4-

(2) Held-to-maturity debt securities with fair value

<CMTH (Consolidated)>

	(in billions of Yen)
	Mar. 2011		Fair value		Net		Change of cost		Change of net
	Cost
Held-to-maturity debt securities		297.2		297.5		0.3		-423.8		0.6
Japanese government bonds		0.1		0.1		0.0		-399.1		-2.2
Japanese corporate and local government bonds		22.4		22.6		0.2		-0.0		0.0
Others		274.6		274.7		0.0		-24.6		2.9
<STB (Consolidated)>
	(in billions of Yen)
	Mar. 2011		Fair value		Net		Change of cost		Change of net
	Cost
Held-to-maturity debt securities		427.6		477.4		49.8		-118.9		-3.9
Japanese government bonds		184.7		192.6		7.9		-51.2		-0.1
Japanese corporate and local government bonds		—		—		—		-23.2		-0.1
Others		242.8		284.8		41.9		-44.3		-3.6

<Problem assets based on the Financial Reconstruction Act>

(CMTB)

(1) The total balance of problem assets based on the Financial Reconstruction Act decreased by 28.7 billion yen from the end of previous fiscal year to 89.6 billion yen mainly due to the decrease in the balance of doubtful loans resulting from the improvement of financial conditions of some clients. The ratio of problem assets based on the Financial Reconstruction Act to the total loan balance improved by 0.3% to 1.0% over the same period.

(STB)

(1) The total balance of problem assets based on the Financial Reconstruction Act decreased by 20.8 billion yen from the end of previous fiscal year to 155.7 billion yen due to the decrease in the balance of doubtful loans and substandard loans resulting from the improvement of financial conditions of some clients, while the balance of loans in bankrupt and practically bankrupt increased due to the downgrade of a major client in 4QFY2010. The ratio of problem assets based on the Financial Reconstruction Act to the total loan balance improved by 0.2% to 1.2% over the same period.

<CMTB (Non-consolidated; banking a/c and principal guaranteed trust a/c combined)>

	(in billions of Yen)
	Mar. 2011			Change from Sep. 2010			Change from Mar. 2010
Problem assets based on the Financial Reconstruction Act		89.6			-10.2			-28.7
Ratio to total loan balance		1.0	%		-0.1	%		-0.3	%
Loans in bankrupt and practically bankrupt		17.3			-4.5			-2.5
Doubtful loans		44.0			-1.8			-33.1
Substandard loans (a)		28.2			-3.9			6.9
Ordinary assets		9,196.7			-13.6			-62.2
Loans to substandard debtors (excluding Substandard loans) (b)		0.6			-2.0			0.5
Loans to other special mention debtors (excluding (a) and (b))		335.0			-16.7			-52.1
Loans to ordinary debtors		8,861.1			5.1			-10.5

<STB (Non-consolidated; banking a/c and principal guaranteed trust a/c combined)>

	(in billions of Yen)
	Mar. 2011			Change from Sep. 2010			Change from Mar. 2010
Problem assets based on the Financial Reconstruction Act		155.7			-5.9			-20.8
Ratio to total loan balance		1.2	%		-0.1	%		-0.2	%
Loans in bankrupt and practically bankrupt		23.9			13.6			6.3
Doubtful loans		49.6			-17.2			-11.6
Substandard loans (c)		82.1			-2.3			-15.6
Ordinary assets		12,635.2			570.1			126.3
Loans to substandard debtors (excluding Substandard loans) (d)		27.6			-2.3			-9.8
Loans to other special mention debtors (excluding (c) and (d)) (*1)		376.3			-107.6			-210.5
Loans to ordinary debtors		12,231.3			680.1			346.7

(*1) The category name is changed from “Loans to special mention debtors (excluding Loans to Substandard debtors)

-Summary 5-

<Status of BIS capital adequacy ratio>

(CMTH)

(1) Consolidated BIS capital adequacy ratio and consolidated Tier I capital ratio (No.2 standard) improved by 2.66% and 1.77% from the end of previous fiscal year to 16.46% and 11.63%, respectively.

(2) This is because total qualifying capital increased by 80.7 billion yen from the end of previous fiscal year owing to the accumulation of retained earnings, while total risk-weighted assets decreased by 727.0 billion yen over the same period due to the decline in the amount of credit risk-weighted assets.

(STB)

(1) Consolidated BIS capital adequacy ratio and consolidated Tier I capital ratio improved by 1.78% and 1.23% from the end of previous fiscal year to 15.63% and 11.09%, respectively.

(2) This is because total qualifying capital increased by 103.5 billion yen from the end of previous fiscal year owing to the accumulation of retained earnings, while risk-weighted assets decreased by 803.3 billion yen over the same period due to the decline in the amount of credit risk-weighted assets.

	(in billions of Yen)
	CMTH (Consolidated) (No.2 standard) (*1)									STB (Consolidated) (International standard)
	Mar. 2011 (Preliminary)			Change from Sep. 2010			Change from Mar. 2010			Mar. 2011 (Preliminary)			Change from Sep. 2010			Change from Mar. 2010
BIS capital adequacy ratio		16.46	%		1.44	%		2.66	%		15.63	%		0.92	%		1.78	%
Tier I capital ratio		11.63	%		0.74	%		1.77	%		11.09	%		0.61	%		1.23	%
Total qualifying capital		1,119.4			50.4			80.7			1,880.8			45.0			103.5
Tier I		791.1			15.6			48.6			1,333.9			26.1			67.5
Total risk-weighted assets		6,799.0			-317.9			-727.0			12,028.0			-445.7			-803.3

(*1) Japanese domestic standard for bank holding company

(For reference)

	CMTH (Consolidated) (No.1 standard) (*2)
	Mar. 2011 (Preliminary)			Change from Sep. 2010			Change from Mar. 2010
BIS capital adequacy ratio		16.15	%		1.25	%		2.37	%
Tier I capital ratio		11.42	%		0.69	%		1.76	%
Total qualifying capital		1,119.3			42.9			60.7
Tier I		791.1			15.6			48.6
Total risk-weighted assets		6,927.0			-295.4			-752.0

(*2) International standard for bank holding company

-Summary 6-

3. Forecast for FY2011

<Sumitomo Mitsui Trust Holdings (Consolidated)>

(in billions of Yen)
		Forecast for FY2011
		1HFY2011
Net business profit before credit costs	1		135.0	295.0
Ordinary profit	2		100.0	215.0
Net income	3		90.0	150.0
Net income (excl. amortization of negative goodwill)	4		50.0	110.0
Total credit costs	5		-20.0	-40.0
Dividend on common share (Yen)	6		4.00	8.00
Consolidated dividend payout ratio (%) (*)	7			31.5	%

(*) Consolidated dividend payout ratio for FY2011 is calculated by the formula below, excluding the one-off effect of a 40.0 billion yen amortization of negative goodwill.

Consolidated dividend payout ratio = { Total amount of dividends for common shares / ( Consolidated net income (excl. amortization of negative goodwill) - Total amount of dividends for preferred shares )} x 100

Note: Forecast is subject to change.

<CMTB, CMAB and STB combined (non-consolidated)>

(in billions of Yen)
		Forecast for FY2011			FY2009		Change from FY2009
		1HFY2011
Net business profit before credit costs	8		110.0	235.0		233.3		1.6
CMTB	9		43.0	90.0		88.6		1.3
CMAB	10		7.0	15.0		14.9		0.0
STB	11		60.0	130.0		129.7		0.2
Ordinary profit	12		80.0	175.0		149.4		25.5
CMTB	13		30.0	67.0		65.0		1.9
CMAB	14		5.0	13.0		12.3		0.6
STB	15		45.0	95.0		72.0		22.9
Net income	16		45.0	100.0		123.0		-23.0
CMTB	17		18.0	38.0		42.8		-4.8
CMAB	18		3.0	7.0		6.6		0.3
STB	19		24.0	55.0		73.5		-18.5
Total credit costs	20		-15.0	-30.0		-7.4		-22.5
CMTB	21		-5.0	-10.0		6.7		-16.7
STB	22		-10.0	-20.0		-14.1		-5.8

-Summary 7-

Sumitomo Mitsui Trust Holdings, Inc.

Financial figures

I. Outline of the financial results (former Chuo Mitsui Trust Holdings, Inc. “CMTH”)

1. Status of profit and loss

[CMTH Non-consolidated]

		Millions of Yen
		FY2010			FY2009			Change
Operating income	1		22,764			13,651			9,113
Operating profit	2		12,366			3,106			9,260
Ordinary profit	3		9,615			2,283			7,331
Net income	4		8,906			2,865			6,041
[CMTH Consolidated]
		Millions of Yen
		FY2010			FY2009			Change
Consolidated gross business profit (*1)	5		239,689			247,295			-7,605
Consolidated gross business profit (after written-off of principal guaranteed trust a/c) (5 + 23)	6		(239,689	)		(245,027	)		(-5,337	)
Net interest income and related profit	7		108,712			127,040			-18,327
Net interest income	8		100,783			112,694			-11,911
Trust fees from principal guaranteed trust a/c (before written-off of principal guaranteed trust a/c)	9		7,929			14,345			-6,415
Net fees and commissions and related profit	10		100,479			98,475			2,004
Net fees and commissions	11		61,688			59,678			2,009
Other trust fees	12		38,791			38,796			-5
Net trading profit	13		3,501			2,592			908
Net other operating profit	14		26,995			19,186			7,809
Net gains on bonds	15		27,369			13,519			13,849
Net gains from derivatives other than for trading or hedging	16		-472			2,566			-3,039
General and administrative expenses	17		-126,416			-130,823			4,406
(excluding amortization of goodwill)	18		(-124,146	)		(-128,402	)		(4,256	)
Personnel expenses	19		-61,095			-66,973			5,878
Non-personnel expenses excluding taxes	20		-59,785			-58,084			-1,701
Taxes other than income taxes	21		-5,535			-5,765			230
Provision of general allowance for loan losses	22		—			2,546			-2,546
Principal guaranteed trust a/c credit costs	23		—			-2,268			2,268
Banking a/c credit costs	24		-3,173			-13,254			10,080
Written-off of loans	25		-3,173			-10,339			7,166
Provision of specific allowance for loan losses	26		—			-2,877			2,877
Provision of allowance for loan losses from borrowers in specified foreign countries	27		—			-30			30
Losses on sales of loans	28		—			-7			7
Net gains on sales of stocks and other securities	29		2,925			12,238			-9,313
Losses on devaluation of stocks and other securities	30		-6,692			-2,238			-4,454
Net income from affiliates by equity method	31		553			-814			1,368
Others	32		-28,873			-31,503			2,630
Ordinary profit	33		84,705			83,415			1,289
Extraordinary profit	34		2,078			1,382			695
Reversal of allowance for loan losses (*2)	35		764			—			764
Recoveries of written-off claims	36		6,926			2,147			4,779
Income before income tax	37		86,783			84,798			1,985
Total income taxes	38		-31,977			-30,299			-1,677
Income taxes-current	39		-6,452			-8,149			1,696
Income taxes-deferred	40		-25,524			-22,150			-3,374
Minority interest	41		-7,529			-7,672			143
Net income	42		47,277			46,826			450
Total credit costs (22 + 23 + 24 + 35 + 36) (*3)	43		4,517			-10,828			15,346
Consolidated net business profit before credit costs (*4)	44		116,443			118,487			-2,044
(Difference from non-consolidated net business profit before credit costs (*4)	45		12,891			9,493			3,398

(*1) Consolidated gross business profit = Trust fees + (Interest income - Interest expenses) + (Fees and commissions - Fees and commissions payments) + (Trading income - Trading expenses) + (Other ordinary income - Other ordinary expenses)

(*2) Due to the reversal of reserves, the amount is included in the extraordinary income.

(*3) Recoveries of written-off of claimes (36) is included in Total credit costs (43) from this presentation. As a result, Total credit costs for FY2010 and FY2009 were decresed by 6,926 million yen and 2,147 million yen from the previous figures respectively. Total credit costs (43) for FY2010 include provision of general allowance for loan losses of -6,773 million yen, which were reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake.

(*4) Consolidated net business profit before credit costs = Non-consolidated net business profit before credit costs + Subsidiary companies’ ordinary profits (non-recurring effect adjusted) + Affiliates’ ordinary profits (non-recurring effect adjusted) x Ratio of equity holdings - Intra-group transaction (dividends, etc.)

“Non-consolidated” means combained total of CMTB Non-consolidated and CMAB Non-consolidated.

<Number of subsidiaries/affiliates>
		Mar. 2011		Mar. 2010		Change
Consolidated subsidiaries	46		25		25		—
Affiliates (subject to the equity method)	47		3		4		-1

1

Sumitomo Mitsui Trust Holdings, Inc.

[CMTB Non-consolidated + CMAB Non-consolidated]

		Millions of Yen
		FY2010			FY2009			Change
Gross business profit	1		217,304			226,904			-9,599
Gross business profit (after written-off of principal guaranteed trust a/c) (1 + 23)	2		(217,304	)		(224,636	)		(-7,331	)
Net interest income and related profit	3		106,411			125,959			-19,548
Net interest income	4		98,481			111,614			-13,132
Domestic	5		78,770			89,987			-11,217
International	6		19,711			21,626			-1,915
Trust fees from principal guaranteed trust a/c (before written off of principal guaranteed trust a/c)	7		7,929			14,345			-6,415
Net fees and commissions and related profit	8		80,259			79,164			1,094
Net fees and commissions	9		41,442			40,342			1,100
Other trust fees	10		38,816			38,822			-5
Net trading income	11		3,501			2,592			908
Net other operating income	12		27,132			19,186			7,945
Net gains on foreign exchange transactions	13		231			1,283			-1,052
Net gains on bonds	14		27,506			13,519			13,987
Net gains from derivatives other than for trading or hedging	15		-472			2,566			-3,039
General and administrative expenses	16		-113,753			-117,910			4,157
Personnel expenses	17		-50,462			-55,886			5,423
Non-personnel expenses	18		-58,057			-56,679			-1,378
Taxes other than income taxes	19		-5,232			-5,344			112
Net business profit before credit costs (1 + 16)	20		103,551			108,994			-5,442
(Excluding Net gains on bonds) (20 - 14)	21		(76,045	)		(95,474	)		(-19,429	)
Provision of general allowance for loan losses	22		—			—			—
Principal guaranteed trust a/c credit costs	23		—			-2,268			2,268
Net business profit	24		103,551			106,725			-3,174
Net non-recurring profit	25		-26,158			-21,645			-4,513
Banking a/c net credit costs	26		-1,264			-7,014			5,749
Written-off of loans	27		-1,264			-7,006			5,741
Provision of specific allowance for loan losses	28		—			—			—
Provision of allowance for loan losses from borrowers in specified foreign countries	29		—			-30			30
Losses on sales of loans	30		—			-7			7
Net gains on stocks	31		-1,126			12,712			-13,839
Others	32		-23,767			-27,343			3,576
Amortization of net actuarial losses/ prior service cost	33		-13,620			-17,804			4,183
Net gains on stock related derivatives	34		-484			-1,086			602
Ordinary profit	35		77,392			85,080			-7,687
Extraordinary profit	36		2,182			2,660			-477
Net gains on disposal of fixed assets	37		-613			-304			-309
Reversal of allowance for loan losses (*1)	38		2,202			1,685			516
Recoveries of written-off claims	39		5,819			1,444			4,374
Costs related to the Management Integration	40		-3,938			-478			-3,459
Impairment losses (*2)	41		-1,108			—			-1,108
Income before income taxes	42		79,575			87,741			-8,165
Total income taxes	43		-30,078			-30,090			11
Income taxes-current	44		-5,519			-6,478			959
Income taxes-deferred	45		-24,559			-23,611			-947
Net income	46		49,497			57,650			-8,153
Total credit costs (22 + 23 + 26 + 38 + 39) (*3)	47		6,756			-6,152			12,909
Overhead ratio (-16/1)	48		52.34	%		51.96	%		0.38	%

(*1) Due to the reversal of reserves, the amount is included in the extraordinary income for full FY2010

(*2) Impairment losses related to the relocation of headquarter and etc.

(*3) Recoveries of written-off of claimes (39) is included in Total credit costs (47) from this presentation. As a result, Total credit costs for FY2010 and FY2009 were decresed by 5,819 million yen and 1,444 million yen from the previous figures respectively. Total credit costs (43) for FY2010 include provision of general allowance for loan losses of -6,773 million yen, which were reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake.

2

Sumitomo Mitsui Trust Holdings, Inc.

(Reference) Figures by two trust banks

		Millions of Yen
		CMTB Non-consolidated									CMAB Non-consolidated
		FY2010			FY2009			Change			FY2010			FY2009			Change
Gross business profit	1		186,890			194,893			-8,002			30,414			32,011			-1,596
Gross business profit (after written-off of principal guaranteed trust a/c) (1 + 23)	2		(186,890	)		(192,624	)		(-5,734	)		(30,414	)		(32,011	)		(-1,596	)
Net interest income and related profit	3		106,395			125,912			-19,516			15			47			-32
Net interest income	4		98,466			111,566			-13,100			15			47			-32
Domestic	5		78,754			89,939			-11,185			15			47			-32
International	6		19,711			21,626			-1,915			—			—			—
Trust fees from principal guaranteed trust a/c (before written off of principal guaranteed trust a/c)	7		7,929			14,345			-6,415			—			—			—
Net fees and commissions and related profit	8		49,860			47,201			2,658			30,399			31,963			-1,564
Net fees and commissions	9		46,387			43,565			2,822			-4,944			-3,223			-1,721
Other trust fees	10		3,472			3,635			-163			35,343			35,186			157
Net trading income	11		3,501			2,592			908			—			—			—
Net other operating income	12		27,132			19,186			7,945			—			—			—
Net gains on foreign exchange transactions	13		231			1,283			-1,052			—			—			—
Net gains on bonds	14		27,506			13,519			13,987			—			—			—
Net gains from derivatives other than for trading or hedging	15		-472			2,566			-3,039			—			—			—
General and administrative expenses	16		-98,277			-102,091			3,814			-15,475			-15,818			342
Personnel expenses	17		-43,219			-48,155			4,936			-7,243			-7,730			487
Non-personnel expenses	18		-49,966			-48,743			-1,223			-8,091			-7,936			-155
Taxes other than income taxes	19		-5,091			-5,192			101			-141			-152			10
Net business profit before credit costs (1 + 16)	20		88,612			92,801			-4,188			14,938			16,192			-1,254
(Excluding Net gains on bonds) (20 - 14)	21		(61,106	)		(79,282	)		(-18,175	)		(14,938	)		(16,192	)		(-1,254	)
Provision of general allowance for loan losses	22		—			—			—			—			—			—
Principal guaranteed trust a/c credit costs	23		—			-2,268			2,268			—			—			—
Net business profit	24		88,612			90,533			-1,920			14,938			16,192			-1,254
Net non-recurring profit	25		-23,567			-18,598			-4,969			-2,591			-3,047			455
Banking a/c net credit costs	26		-1,264			-7,014			5,749			—			—			—
Written-off of loans	27		-1,264			-7,006			5,741			—			—			—
Provision of specific allowance for loan losses	28		—			—			—			—			—			—
Provision of allowance for loan losses from borrowers in specified foreign countries	29		—			-30			30			—			—			—
Losses on sales of loans	30		—			-7			7			—			—			—
Net gains on stocks	31		-1,126			12,712			-13,839			—			—			—
Others	32		-21,175			-24,296			3,120			-2,591			-3,047			455
Amortization of net actuarial losses/ prior service cost	33		-11,100			-14,874			3,773			-2,520			-2,930			409
Net gains on stock related derivatives	34		-484			-1,086			602			—			—			—
Ordinary profit	35		65,045			71,934			-6,889			12,347			13,145			-798
Extraordinary profit	36		3,366			2,712			654			-1,183			-51			-1,131
Net gains on disposal of fixed assets	37		-601			-302			-299			-12			-1			-10
Reversal of allowance for loan losses (*1)	38		2,202			1,685			516			—			—			—
Recoveries of written-off claims	39		5,819			1,444			4,374			—			—			—
Costs related to the Management Integration	40		-3,372			-428			-2,943			-566			-50			-516
Impairment losses (*2)	41		-522			—			-522			-585			—			-585
Income before income taxes	42		68,412			74,647			-6,235			11,163			13,093			-1,930
Total income taxes	43		-25,558			-24,783			-774			-4,520			-5,306			786
Income taxes-current	44		-158			-183			25			-5,361			-6,294			933
Income taxes-deferred	45		-25,400			-24,600			-800			840			988			-147
Net income	46		42,854			49,863			-7,009			6,643			7,787			-1,144
Total credit costs (22 + 23 + 26 + 38 + 39) (*3)	47		6,756			-6,152			12,909			—			—			—
Overhead ratio (-16/1)	48		52.58	%		52.38	%		0.20	%		50.88	%		49.41	%		1.46	%

(*1) Due to the reversal of reserves, the amount is included in the extraordinary income for FY2010.

(*2) Impairment losses related to the relocation of headquarter and etc.

(*3) Recoveries of written-off of claimes (39) is included in Total credit costs (47) from this presentation. As a result, Total credit costs for FY2010 and FY2009 were decresed by 5,819 million yen and 1,444 million yen from the previous figures respectively. Total credit costs (43) for FY2010 include provision of general allowance for loan losses of -6,773 million yen, which were reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake.

3

Sumitomo Mitsui Trust Holdings, Inc.

2. Yields and margins

1) Domestic banking a/c

[CMTB Non-consolidated]

	Percentage points
	FY2010						FY2009		Change from FY2009
			2HFY2010		1HFY2010
Average yield on interest-earning assets (A)		1.15		1.15		1.14		1.22		-0.07
Loans and bills discounted (B)		1.34		1.33		1.36		1.49		-0.14
Securities		0.87		0.96		0.80		0.80		0.07
Average yield on interest-bearing liabilities (C)		0.47		0.46		0.48		0.50		-0.02
Deposits (D)		0.46		0.44		0.47		0.52		-0.06
Gross margin (A) - (C)		0.67		0.69		0.66		0.72		-0.04
Loan-deposit margin (B) - (D)		0.88		0.88		0.88		0.97		-0.08

2) Domestic banking a/c and principal guaranteed trust a/c combined

	Percentage points
	FY2010						FY2009		Change from FY2009
			2HFY2010		1HFY2010
Average yield on interest-earning assets (A)		1.10		1.11		1.10		1.20		-0.09
Loans and bills discounted (B)		1.34		1.32		1.35		1.51		-0.17
Securities		0.87		0.96		0.80		0.80		0.07
Average yield on interest-bearing liabilities (C)		0.43		0.43		0.44		0.46		-0.02
Deposits (D)		0.41		0.40		0.42		0.47		-0.05
Gross margin (A) - (C)		0.67		0.68		0.65		0.73		-0.06
Loan-deposit margin (B) - (D)		0.92		0.92		0.93		1.04		-0.11

3. Net gains on securities

	[CMTH Consolidated]						[CMTB Non-consolidated]
	Millions of Yen						Millions of Yen
	FY2010		FY2009		Change		FY2010		FY2009		Change
Net gains on bonds		27,369		13,519		13,849		27,506		13,519		13,987
Gains on sales of bonds		35,981		21,764		14,216		35,981		21,764		14,216
Gains on redemption of bonds		—		—		—		—		—		—
Losses on sales of bonds		-8,512		-8,230		-282		-8,375		-8,230		-145
Losses on redemption of bonds		—		—		—		—		—		—
Losses on devaluation of bonds		-99		-14		-84		-99		-14		-84
Net gains on stocks		2,925		12,238		-9,313		-1,126		12,712		-13,839
Gains on sales of stocks		15,838		16,055		-217		13,335		15,966		-2,631
Losses on sales of stocks		-6,220		-1,578		-4,641		-4,076		-1,488		-2,587
Losses on devaluation of stocks		-6,692		-2,238		-4,454		-10,385		-1,765		-8,620

4

Sumitomo Mitsui Trust Holdings, Inc.

4. Unrealized gains/ losses on investment securities

1) Securities with fair value

[CMTH Consolidated]

	Millions of Yen
	Mar. 2011								Mar. 2010
	Cost		Net		Unrealized gains		Unrealized losses		Cost		Net		Change of Cost		Change of Net
Available-for-sale securities		3,238,437		-3,289		102,228		-105,518		3,592,272		47,044		-353,835		-50,333
Japanese stocks (*)		448,587		38,215		92,655		-54,439		474,967		73,006		-26,380		-34,790
Japanese bonds		1,643,392		-12,987		5,333		-18,321		1,910,748		-3,648		-267,356		-9,338
Government bonds		1,372,527		-14,308		2,696		-17,005		1,636,431		-3,920		-263,903		-10,387
Local government bonds		149		4		4		—		639		4		-489		-0
Corporate bonds		270,714		1,316		2,632		-1,315		273,677		267		-2,962		1,049
Others		1,146,457		-28,517		4,239		-32,757		1,206,556		-22,313		-60,098		-6,204
Held-to-maturity debt securities		297,227		353		1,284		-931		721,082		-294		-423,854		648

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011								Mar. 2010
	Cost		Net		Unrealized gains		Unrealized losses		Cost		Net		Change of Cost		Change of Net
Available-for-sale securities		3,080,596		-19,552		78,922		-98,474		3,428,230		29,251		-347,633		-48,803
Japanese stocks (*)		388,316		20,255		69,493		-49,237		414,379		51,452		-26,063		-31,197
Japanese bonds		1,554,411		-12,975		5,333		-18,308		1,821,768		-3,637		-267,357		-9,337
Government bonds		1,283,546		-14,296		2,696		-16,993		1,547,451		-3,909		-263,904		-10,386
Local government bonds		149		4		4		—		639		4		-489		-0
Corporate bonds		270,714		1,316		2,632		-1,315		273,677		267		-2,962		1,049
Others		1,137,869		-26,832		4,095		-30,927		1,192,082		-18,563		-54,213		-8,269
Held-to-maturity debt securities		297,092		352		1,283		-931		720,946		-296		-423,853		648

(*) Fair value of listed stocks included in “Available-for-sale securities” is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

<Reference 1>

Breakdown of Available-for-sale securities (Others)

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011				Mar. 2010
	Cost		Net		Cost		Net		Change of Cost		Change of Net
Domestic investment (*1)		111,672		-1,041		111,159		-4,307		512		3,265
Asset-backed securities		23,286		-50		13,294		10		9,991		-61
RMBS		7,038		-59		6,612		-108		426		48
CDO		5,000		13		5,000		118		—		-104
Others		11,247		-4		1,681		1		9,565		-5
Others (*2)		88,386		-991		97,865		-4,318		-9,478		3,326
International investment (*1)		946,956		-20,798		1,002,971		-7,244		-56,014		-13,553
Foreign government bonds		352,575		-16,549		557,225		-5,117		-204,649		-11,431
US agency MBS (*3)		344,149		-2,988		260,305		-1,152		83,843		-1,835
Corporate bonds (*4)		250,231		-1,261		175,439		-974		74,791		-287
Asset-backed securities		—		—		10,000		—		-10,000		—
CDO		—		—		10,000		—		-10,000		—
Mutual fund (*5)		79,239		-4,992		77,951		-7,011		1,288		2,018
Total		1,137,869		-26,832		1,192,082		-18,563		-54,213		-8,269

(*1) Fair value of listed stocks included in “Available-for-sale securities” is basically determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

(*2) Credit linked note and etc.

(*3) Constitute by GNMA only.

(*4) Corporate bonds issued by overseas corporation.

(*5) Mutual funds invested in equities and credit.

5

Sumitomo Mitsui Trust Holdings, Inc.

<Reference 2>

Breakdown of Held-to-maturity debt securities

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011				Mar. 2010				Change of Cost		Change of Net
	Cost		Net		Cost		Net
Held-to-maturity debt securities		297,092		352		720,946		-296		-423,853		648
Japanese Government Bonds		—		—		399,155		2,264		-399,155		-2,264
Japanese Local Government Bonds		—		—		—		—		—		—
Japanese Corporate Bonds		22,405		270		22,445		315		-39		-44
Others		274,686		81		299,344		-2,876		-24,698		2,957
Domestic investment (*1)		51,655		537		64,156		-106		-12,500		643
Asset-backed securities (*2)		48,655		492		61,156		-163		-12,500		655
International investment (*1)		223,030		-456		235,188		-2,770		-12,158		2,313
Foreign bonds (*3)		223,030		-456		235,188		-2,770		-12,158		2,313

(*1) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

(*2) Consisted by RMBS only.

(*3) Corporate bonds issued by overseas corporation.

2) Securities with no available fair value

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Mar. 2010		Change
	Cost
Available-for-sale securities		217,640		213,532		4,107
Japanese stocks		84,287		85,016		-728
Japanese bonds		—		—		—
Others		133,352		128,516		4,836
Domestic investment		126,005		121,665		4,339
International investment		7,347		6,850		497

(*1) Investment in partnership and etc.

(*2) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

6

Sumitomo Mitsui Trust Holdings, Inc.

5. Redemption schedule of bonds classified as available-for-sale securities with maturity and held-to-maturity debt securities

[CMTH Consolidated]

	Millions of Yen
	Mar. 2011										Mar. 2010
	Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10 years		Total		Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10 years		Total
Japanese bonds		108,017		854,205		563,366		127,386		1,652,976		738,612		1,070,034		353,515		166,704		2,328,867
Government bonds		89,000		646,113		534,977		88,295		1,358,385		684,383		879,307		338,990		129,151		2,031,832
Local government bonds		—		154		—		—		154		490		—		153		—		644
Corporate bonds		19,017		207,938		28,389		39,091		294,437		53,738		190,727		14,371		37,553		296,390
Other		91,181		613,453		222,914		412,121		1,339,672		39,870		806,903		245,477		328,111		1,420,362

(*) Including NCDs in “Cash and Due from Banks”, trust beneficiary certificates backed by loans in “Monetary Claims Bought” and so on, as well as securities.

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011										Mar. 2010
	Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10 years		Total		Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10 years		Total
Japanese bonds		19,017		854,070		563,366		127,386		1,563,841		649,612		1,069,899		353,515		166,704		2,239,732
Government bonds		—		645,978		534,977		88,295		1,269,250		595,383		879,172		338,990		129,151		1,942,697
Local government bonds		—		154		—		—		154		490		—		153		—		644
Corporate bonds		19,017		207,938		28,389		39,091		294,437		53,738		190,727		14,371		37,553		296,390
Other		91,251		677,605		268,927		412,121		1,449,905		39,870		851,092		309,885		328,111		1,528,959

(*) Including NCDs in “Cash and Due from Banks”, trust beneficiary certificates backed by loans in “Monetary Claims Bought” and so on, as well as securities.

6. Shareholdings

1) Balance of listed stocks

[CMTH Consolidated]

	Billions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010
Cost basis (A)		447.5			460.0			473.9
Mark-to-market basis		486.0			477.0			546.9
Tier I (B)		791.1			775.4			742.4
Percentage (A) / (B)		56.5	%		59.3	%		63.8	%

2) Unwinding of cross shareholdings (Cost basis)

[CMTB Non-consolidated (*)]

	Billions of Yen
	FY2010				FY2009
			1HFY2010				1HFY2009
Cost basis		27.3		9.3		22.9		4.4

(*1) Including cross shareholdings with no available fair value.

(*2) Figures for CMTH Equity Investments is included.

7. Deferred unrealized gains/ losses on Hedge accounting applied derivative transactions

[CMTH Consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Interest rate related		2,180		4,782		1,657		-2,602		522
Interest rate swaps		2,180		4,782		1,657		-2,602		522
Currency related		1,226		1,140		1,062		85		163
Stock related		—		—		—		—		—
Bond related		—		-1,117		-14		1,117		14
Total		3,406		4,805		2,705		-1,399		701

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Interest rate related		2,180		4,782		1,657		-2,602		522
Interest rate swaps		2,180		4,782		1,657		-2,602		522
Currency related		-39		-25		249		-14		-288
Stock related		—		—		—		—		—
Bond related		—		-1,117		-14		1,117		14
Total		2,140		3,639		1,891		-1,499		249

7

Sumitomo Mitsui Trust Holdings, Inc.

8. BIS capital adequacy ratio (Basel II)

[CMTH Consolidated] (No. 2 Standard: Japanese domestic standard for bank holding company)

	Billions of Yen
	Mar.  2011 (Preliminary)			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Total qualifying capital		1,119.4			1,068.9			1,038.6			50.4			80.7
Tier I		791.1			775.4			742.4			15.6			48.6
Shareholders’ equity		660.6			651.1			625.6			9.5			35.0
Minority interest		187.8			187.8			187.8			-0.0			0
Preferred securities		183.5			183.5			183.5			—			—
Goodwill equivalents		-33.0			-34.1			-35.3			1.0			2.2
Tier II		343.7			312.2			319.2			31.5			24.4
Deduction (double gearing, etc.)		-15.4			-18.7			-23.0			3.2			7.5
Total risk-weighted assets (Note)		6,799.0			7,116.9			7,526.0			-317.9			-727.0
BIS capital adequacy ratio		16.46	%		15.02	%		13.80	%		1.44	%		2.66	%
Tier I capital ratio		11.63	%		10.89	%		9.86	%		0.74	%		1.77	%

[CMTB Consolidated (*)] (Domestic standard)

	Billions of Yen
	Mar.  2011 (Preliminary)			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Total qualifying capital		1,024.7			974.4			923.6			50.3			101.1
Tier I		696.4			680.8			627.4			15.6			69.0
Shareholders’ equity		724.4			714.8			681.5			9.5			42.8
Tier II		343.7			312.2			319.2			31.5			24.4
Deduction (double gearing, etc.)		-15.4			-18.6			-22.9			3.1			7.5
Total risk-weighted assets (Note)		6,622.5			6,935.0			7,333.7			-312.4			-711.2
BIS capital adequacy ratio		15.47	%		14.05	%		12.59	%		1.42	%		2.88	%
Tier I capital ratio		10.51	%		9.81	%		8.55	%		0.70	%		1.96	%

(*) Non-consolidated BIS capital adequacy ratio and Tier I capital ratio as of Mar. 2011 are 15.67% and 10.83%, respectively.

[CMAB Non-consolidated] (Domestic standard)

	Billions of Yen
	Mar. 2011 (Preliminary)			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Total qualifying capital		35.2			38.5			35.2			-3.2			0.0
Tier I		35.2			38.5			35.2			-3.2			0.0
Shareholders’ equity		35.2			38.5			35.2			-3.2			0.0
Tier II		—			—			—			—			—
Deduction (double gearing, etc.)		—			—			—			—			—
Total risk-weighted assets (Note)		112.2			116.1			119.8			-3.8			-7.5
BIS capital adequacy ratio		31.44	%		33.22	%		29.42	%		-1.78	%		2.02	%
Tier I capital ratio		31.44	%		33.22	%		29.42	%		-1.78	%		2.02	%

<Reference>

[CMTH Consolidated] (No. 1 standard: International standard for bank holding company)

	Billions of Yen
	Mar.  2011 (Preliminary)			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Total qualifying capital		1,119.3			1,076.4			1,058.6			42.9			60.7
Tier I		791.1			775.4			742.4			15.6			48.6
Shareholders’ equity		660.6			651.1			625.6			9.5			35.0
Minority interest		187.8			187.8			187.8			-0.0			0.0
Preferred securities		183.5			183.5			183.5			—			—
Goodwill equivalents		-33.0			-34.1			-35.3			1.0			2.2
Tier II		343.7			319.7			339.2			24.0			4.4
Deduction (double gearing, etc.)		-15.4			-18.7			-23.0			3.2			7.5
Total risk-weighted assets (Note)		6,927.0			7,222.4			7,679.0			-295.4			-752.0
BIS capital adequacy ratio		16.15	%		14.90	%		13.78	%		1.25	%		2.37	%
Tier I capital ratio		11.42	%		10.73	%		9.66	%		0.69	%		1.76	%

(*) Risk measurement methodologies are as follows.

	CMTH Consolidated	CMTB Consolidated	CMAB Non-consolidated
Credit risk	Foundation Internal Ratings-Based Approach	Foundation Internal Ratings-Based Approach	Standardized Approach
Operational risk	Standardized Approach	Standardized Approach	Standardized Approach
Market risk (Domestic standard)	Standardized Measurement Method

8

Sumitomo Mitsui Trust Holdings, Inc.

9. Return on equity (ROE)

[CMTH Consolidated]

	Percentage points
	FY2010		FY2009		Change
Return (Net income) on shareholders’ equity		7.23		9.03		-1.80
Return (Net income) on equity		7.18		9.77		-2.59

[CMTB Non-consolidated + CMAB Non-consolidated]

	Percentage points
	FY2010		FY2009		Change
Return (Net income) on shareholders’ equity		6.30		7.74		-1.44
Return (Net income) on equity		6.37		8.28		-1.91

(*1) Return on shareholders’ equity (equity) formula

= Net income ÷ { (Beginning balance of shareholders’ equity (equity) + Ending balance of shareholders’ equity (equity)) ÷2 } X 100

(*2) Shareholders’ equity = Total net assets - Minority interests - Valuation and translation adjustments

(*3) Equity = Total net assets - Minority interests

10. Assets and liabilities (Banking a/c and Principal guaranteed trust a/c combined, Domestic Branches)

1) Balance of major accounts

[CMTB Non-consolidated]

		Millions of Yen
		Mar. 2011		Mar. 2010		Change
Loans and bills discounted	(Ending balance)		9,084,293		9,181,037		-96,743
	(Average balance)		8,135,603		8,424,300		-288,697
Banking account	(Ending balance)		8,861,578		8,938,774		-77,196
	(Average balance)		7,901,551		8,153,866		-252,315
Principal guaranteed trust account	(Ending balance)		222,715		242,262		-19,547
	(Average balance)		234,052		270,433		-36,381
Deposits, Trust principal	(Ending balance)		10,446,083		10,204,023		242,059
	(Average balance)		10,120,556		10,135,926		-15,369
Deposits (*1)	(Ending balance)		9,336,168		8,822,170		513,997
	(Average balance)		8,887,007		8,613,003		274,004
Time deposits	(Ending balance)		7,703,144		7,459,199		243,944
	(Average balance)		7,551,985		7,326,288		225,697
Liquid deposits (*2)	(Ending balance)		1,530,150		1,315,682		214,467
	(Average balance)		1,281,156		1,242,329		38,827
Trust principal	(Ending balance)		1,109,914		1,381,852		-271,938
	(Average balance)		1,233,549		1,522,923		-289,374

(*1) Excluding NCDs.

(*2) Including Current deposits, Ordinary deposits and Deposits at notice.

2) Ending balance of domestic deposits classified by depositors (Domestic branches)

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Individuals		8,105,356		8,101,835		8,038,067		3,521		67,288
Deposits (*)		7,260,363		7,177,676		6,999,480		82,687		260,883
Trust principal (Principal guaranteed)		844,993		924,159		1,038,587		-79,165		-193,594
Corporations and other organizations		1,932,078		1,683,963		1,707,135		248,115		224,943
Deposits (*)		1,817,270		1,569,404		1,582,897		247,865		234,372
Trust principal (Principal guaranteed)		114,808		114,558		124,237		249		-9,429
Others		401,743		401,855		453,284		-112		-51,541
Total		10,439,178		10,187,654		10,198,488		251,523		240,690

(*) Excluding NCDs and offshore accounts.

9

Sumitomo Mitsui Trust Holdings, Inc.

11. Loans (Banking a/c and Principal guaranteed trust a/c combined)

1) Loans to small and mid-sized enterprises

[CMTB Non-consolidated]

	Percentage points, Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Loan balance		6,371,613		6,384,537		6,373,187		-12,923		-1,574
Ratio to total loan balance		70.1		70.1		69.4		-0.0		0.7

2) Consumer loans (Banking a/c and Principal guaranteed trust a/c combined)

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Residential mortgage loans		3,335,190		3,301,496		3,331,260		33,693		3,929
Loans to individual for business use		203,403		219,473		237,392		-16,070		-33,989
Other consumer loans		46,962		48,974		50,420		-2,011		-3,457
Total		3,585,556		3,569,944		3,619,074		15,611		-33,518

3) Overseas loans by borrowers’ location (Banking a/c and Principal guaranteed trust a/c combined)

(1) Loans to Japanese corporations operating overseas

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Total		121,319		109,902		118,202		11,416		3,117
North America		24,322		7,699		9,683		16,623		14,638
Europe		19,180		18,889		20,583		291		-1,402
Latin America		63,382		67,525		66,346		-4,142		-2,964
Asia and Oceania		13,900		15,245		21,502		-1,345		-7,601

(*) Based on borrowers’ location.

(2) Loans to overseas non-Japanese borrowers

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Total		66,364		71,643		84,337		-5,279		-17,973
North America		19,435		27,683		38,665		-8,248		-19,229
Europe		29,611		30,212		30,414		-601		-802
Latin America		352		417		543		-64		-190
Asia and Oceania		16,964		13,329		14,714		3,635		2,249

(*) Based on the location of final exposure.

4) Loans by industry

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Domestic Branches (excluding offshore)		9,080,135		9,096,496		9,175,773		-16,361		-95,638
Manufacturing		899,202		911,495		899,929		-12,292		-726
Agriculture, forestry, fisheries, mining, quarrying of stone and gravel gathering		1,061		1,077		1,125		-15		-63
Construction		70,721		72,983		83,407		-2,262		-12,686
Electricity, gas, heat supply and water		268,080		182,970		168,353		85,109		99,726
Information and communications		28,913		35,047		35,264		-6,134		-6,350
Transport and postal activities		559,349		554,754		574,252		4,595		-14,902
Wholesale and retail trade		428,544		461,271		451,036		-32,727		-22,492
Finance and insurance		1,686,869		1,729,153		1,666,365		-42,284		20,503
Real estate		1,239,384		1,280,711		1,364,832		-41,327		-125,447
Goods rental and leasing		139,271		149,320		172,358		-10,048		-33,087
Others		3,758,736		3,717,710		3,758,847		41,025		-111
Offshore		4,158		4,576		5,263		-417		-1,105
Total		9,084,293		9,101,072		9,181,037		-16,779		-96,743

(*) Above table is made based on the categorization of “Survey on loans by industry” of Bank of Japan.

10

Sumitomo Mitsui Trust Holdings, Inc.

12. Problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)

1) Problem assets based on the Financial Reconstruction Act (After partial direct written-off)

[CMTH Consolidated]

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Problem assets based on the Financial Reconstruction Act (a)		106,998			111,663			127,742			-4,665			-20,744
Loans in bankrupt and practically bankrupt		19,415			23,939			22,912			-4,524			-3,496
Doubtful loans		46,207			47,514			78,941			-1,307			-32,734
Substandard loans (b)		41,375			40,209			25,889			1,166			15,486
Ordinary assets		9,439,117			9,484,831			9,569,842			-45,713			-130,725
Total loan balance (d)		9,546,115			9,596,495			9,697,585			-50,379			-151,469
(Ratio to total loan balance (a) / (d))		(1.1	%)		(1.2	%)		(1.3	%)		(-0.1	%)		(-0.2	%)

(*) Partial direct written-off: Mar. 2011: 22,345 million yen, Sep. 2010: 28,200 million yen, Mar. 2010: 33,562 million yen

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Problem assets based on the Financial Reconstruction Act (a)		89,599			99,794			118,255			-10,195			-28,656
Loans in bankrupt and practically bankrupt		17,341			21,875			19,863			-4,534			-2,522
Doubtful loans		44,028			45,833			77,098			-1,804			-33,069
Substandard loans (b)		28,229			32,085			21,293			-3,856			6,936
Ordinary assets		9,196,700			9,210,267			9,258,853			-13,567			-62,153
Loans to substandard debtors (excluding Substandard loans) (c)		580			2,619			107			-2,039			473
Loans to other special mention debtors		334,978			351,655			387,058			-16,677			-52,080
Loans to ordinary debtors		8,861,141			8,855,992			8,871,688			5,149			-10,546
Total loan balance (d)		9,286,300			9,310,062			9,377,109			-23,762			-90,809
(Ratio to total loan balance (a) / (d))		(1.0	%)		(1.1	%)		(1.3	%)		(-0.1	%)		(-0.3	%)
Loans to substandard debtors (b) + (c)		28,809			34,705			21,400			-5,895			7,409

(*) Partial direct written-off: Mar. 2011: 19,319 millions yen, Sep. 2010: 25,192 million yen, Mar. 2010: 29,277 million yen

2) Coverage ratio and allowance ratio of Problem assets based on the Financial Reconstruction Act

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Problem assets based on the Financial Reconstruction Act		89,599			99,794			118,255			-10,195			-28,656
Coverage ratio		74.5	%		75.4	%		81.0	%		-0.1	%		-6.4	%
Allowance ratio		38.2	%		43.9	%		50.0	%		-5.6	%		-11.7	%
Loans in bankrupt and practically bankrupt		17,341			21,875			19,863			-4,534			-2,522
Coverage ratio		100.0	%		100.0	%		100.0	%		—	%		—	%
Allowance ratio		100.0	%		100.0	%		100.0	%		—	%		—	%
Doubtful loans		44,028			45,833			77,098			-1,804			-33,069
Coverage ratio		86.0	%		87.9	%		92.2	%		-1.9	%		-6.1	%
Allowance ratio		39.5	%		48.7	%		66.6	%		-9.1	%		-27.1	%
Substandard loans		28,229			32,085			21,293			-3,856			6,936
Coverage ratio		41.1	%		40.8	%		23.0	%		0.3	%		18.1	%
Allowance ratio		13.2	%		13.4	%		11.5	%		-0.1	%		1.7	%

(*1) Coverage ratio = (Collateral value after considering haircuts + allowance for loan losses) / loan balance

          Allowance ratio = Allowance for loan losses / (Loan balance - collateral value after considering haircuts)

(*2) Other than above mentioned, there are Reserves for loan trust of 1,377 million yen and Reserves for JOMT (Jointly-operated money trust) of 33 million yen.

11

Sumitomo Mitsui Trust Holdings, Inc.

3) Problem assets based on the Financial Reconstruction Act by industry

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Sep. 2010
Domestic Branches (excluding offshore)		89,372		99,541		117,959		-10,168		-28,586
Manufacturing		3,263		4,464		2,498		-1,200		764
Agriculture, forestry, fisheries, mining, quarrying of stone and gravel gathering		—		—		—		—		—
Construction		1,194		1,716		2,425		-522		-1,231
Electricity, gas, heat supply and water		192		231		231		-39		-39
Information and communications		402		3,288		3,297		-2,886		-2,895
Transport and postal activities		785		646		1,650		139		-864
Wholesale and retail trade		4,584		3,652		6,970		932		-2,385
Finance and insurance		13,746		15,320		15,118		-1,574		-1,372
Real estate		24,796		29,775		50,945		-4,978		-26,148
Goods rental and leasing		69		69		88		-		-19
Others		40,337		40,375		34,732		-38		5,605
Offshore		226		253		296		-26		-69
Total		89,599		99,794		118,255		-10,195		-28,656

(*) Above table is made based on the categorization of “Survey on loans by industry” of Bank of Japan.

13. Self-Assessment and Problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined (*))

[CMTB Non-consolidated]

(in billions of Yen, %)

(*) 1.4 billion yen of reserves for loan trust and reserves for JOMT (Jointly-operated money trust) are posted in principal guaranteed trust account.

12

Sumitomo Mitsui Trust Holdings, Inc.

14. Risk monitored loans (Banking a/c and Principal guaranteed trust a/c combined (*))

[CMTH Consolidated]

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Risk monitored loans		105,552			110,305			119,984			-4,752			-14,432
Loans in bankruptcy proceedings		11,209			14,910			14,278			-3,701			-3,068
Other delinquent loans		52,967			55,185			79,817			-2,217			-26,850
Loans past due 3 months or more		43			384			58			-341			-15
Restructured loans		41,332			39,824			25,831			1,507			15,501
Total loan balance		9,090,935			9,108,364			9,191,430			-17,429			-100,495
(Ratio to total loan balance)		(1.1	%)		(1.2	%)		(1.3	%)		(0.0	%)		(-0.1	%)

(*) Partial direct written-off: Mar. 2011: 22,067 million yen, Sep. 2010: 27,690 million yen, Mar. 2010: 32,492 million yen

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Risk monitored loans		88,191			98,481			110,553			-10,289			-22,362
Loans in bankruptcy proceedings		10,002			13,741			12,622			-3,738			-2,620
Other delinquent loans		49,959			52,654			76,638			-2,694			-26,678
Loans past due 3 months or more		43			384			58			-341			-15
Restructured loans		28,186			31,700			21,234			-3,514			6,951
Total loan balance		9,088,247			9,105,477			9,188,256			-17,230			-100,009
(Ratio to total loan balance)		(0.9	%)		(1.0	%)		(1.2	%)		(-0.1	%)		(-0.2	%)

(*) Partial direct written-off: Mar. 2011: 19,041 million yen, Sep. 2010: 24,682 million yen, Mar. 2010: 28,157 million yen

13

Sumitomo Mitsui Trust Holdings, Inc.

15. Allowance for loan losses

1) Allowance for loan losses

(Banking account)

[CMTH Consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Allowance for loan losses		47,690		46,739		53,410		951		-5,720
General allowance for loan losses		32,001		26,338		29,197		5,663		2,804
Specific allowance for loan losses		15,688		20,400		24,156		-4,712		-8,468
Allowance for loan losses from borrowers in specified foreign countries		—		—		56		—		-56
Partial direct written-off		22,345		28,200		33,562		-5,855		-11,217

(*) Provision of general allowance for loan losses of 6,773 million yen, which was reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake, is included in Allowance for loan losses as of Mar. 2011.

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Allowance for loan losses		39,852		39,014		46,519		838		-6,666
General allowance for loan losses		28,299		22,741		26,223		5,558		2,075
Specific allowance for loan losses		11,553		16,273		20,239		-4,719		-8,686
Allowance for loan losses from borrowers in specified foreign countries		—		—		56		—		-56
Partial direct written-off		19,319		25,192		29,227		-5,873		-9,908

(*) Provision of general allowance for loan losses of 6,773 million yen, which was reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake, is included in Allowance for loan losses as of Mar. 2011.

(Trust account)

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Reserves for loan trust		1,377		1,739		2,129		-362		-751
Reserves for JOMT (Jointly-operated money trust)		33		37		43		-4		-9
Total		1,411		1,777		2,173		-366		-761

(*) Principal guaranteed trust a/c

2) Reserve ratio for loans to special mention/ ordinary debtors (general allowance for loan losses) (*)

[CMTB Non-consolidated]

(Banking account)

	Percentage points
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Loans to Special mention debtors		1.9			2.1			2.1			-0.2			-0.2
Loans to Substandard debtors		12.2			11.9			17.2			0.3			-5.0
(Against uncovered portion)		(22.5	)		(21.8	)		(22.4	)		(0.6	)		(0.1	)
Loans to other special mention debtors		1.2			1.4			1.7			-0.1			-0.4
(Against uncovered portion)		(3.1	)		(3.5	)		(3.9	)		(-0.3	)		(-0.7	)
Loans to Ordinary debtors		0.1			0.1			0.1			0.0			0.0

(*) Other than specified, above list indicate the ratio of general allowance for loan losses to total loan balance. General allowance for loan losses, which was reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake, is excluded.

14

Sumitomo Mitsui Trust Holdings, Inc.

16. Final disposal of non-performing loans (Banking a/c and Principal guaranteed trust a/c combined)

1) Loans outstanding in doubtful or worse categories

[CMTB Non-consolidated]

Total

	Billions of Yen
	Mar. 2008		Sep. 2008		Mar. 2009		Sep. 2009		Mar. 2010		Sep. 2010		Mar. 2011		Change from Sep. 2010
Loans in bankrupt/ practically bankrupt		15.7		41.8		36.6		32.6		19.8		21.8		17.3		-4.5
Doubtful loans		60.3		74.8		85.7		97.4		77.0		45.8		44.0		-1.8
Total		76.0		116.6		122.3		130.0		96.9		67.7		61.3		-6.3
Loans outstanding in doubtful or worse categories as of Mar. 2008 and disposal thereafter
Loans in bankrupt/ practically bankrupt		15.7		8.2		6.8		4.8		3.7		4.0		3.7		-0.3
Doubtful loans		60.3		44.8		35.6		27.3		24.3		18.8		17.4		-1.4
Total		76.0		53.1		42.5		32.1		28.1		22.9		21.1		-1.7
New entry to doubtful or worse categories during 1HFY2008 and disposal thereafter
Loans in bankrupt/ practically bankrupt				33.5		21.7		19.9		6.3		5.8		5.5		-0.2
Doubtful loans				29.9		17.9		9.4		17.6		3.7		1.5		-2.1
Total				63.4		39.6		29.3		23.9		9.5		7.0		-2.4
New entry to doubtful or worse categories during 2HFY2008 and disposal thereafter
Loans in bankrupt/ practically bankrupt						8.0		4.3		2.3		0.7		0.4		-0.2
Doubtful loans						32.0		28.1		8.7		5.2		4.6		-0.6
Total						40.1		32.5		11.0		5.9		5.0		-0.8
New entry to doubtful or worse categories during 1HFY2009 and disposal thereafter
Loans in bankrupt/ practically bankrupt								3.5		5.3		7.4		3.8		-3.5
Doubtful loans								32.4		16.5		9.5		8.8		-0.6
Total								35.9		21.9		16.9		12.6		-4.2
New entry to doubtful or worse categories during 2HFY2009 and disposal thereafter
Loans in bankrupt/ practically bankrupt										2.1		2.2		1.0		-1.1
Doubtful loans										9.8		3.2		2.8		-0.4
Total										11.9		5.4		3.9		-1.5
New entry to doubtful or worse categories during 1HFY2010 and disposal thereafter
Loans in bankrupt/ practically bankrupt												1.5		1.3		-0.1
Doubtful loans												5.2		3.6		-1.5
Total												6.7		5.0		-1.7
New entry to doubtful or worse categories during 2HFY2010 and disposal thereafter
Loans in bankrupt/ practically bankrupt														1.2		1.2
Doubtful loans														5.1		5.1
Total														6.3		6.3

2) Progress of final disposal

[CMTB Non-consolidated]

(Billions of Yen)

Period	Primary amount (A)		Amount as of Mar. 2011 (B)		Quasi final disposal or  in the process of final disposal (Less) (C)		Amount of final  disposal during 2HFY2011 (Less)		Ratio of final disposal progression (%) (A-B) / A			Adjusted ratio of final disposal progression (%) (*) (A-B-C) / A
Before 2HFY2007		1,594.0		21.1		2.7		1.7		98.7	%		98.8	%
1HFY2008		63.4		7.0		5.4		2.4		88.8	%		97.4	%
2HFY2008		40.1		5.0		0.6		0.8		87.3	%		88.9	%
1HFY2009		35.9		12.6		3.6		4.2		64.7	%		74.9	%
2HFY2009		11.9		3.9		0.3		1.5		67.3	%		70.6	%
1HFY2010		6.7		5.0		0.5		1.7		25.6	%		33.6	%
2HFY2010		6.3		6.3		0.3		—		—			5.4	%
Total		—		61.3		13.7		12.7		—			—

(*) Ratio of final disposal progression considering quasi final disposal

15

Sumitomo Mitsui Trust Holdings, Inc.

17. Retirement benefits

[CMTH Consolidated]

		Millions of Yen
		Mar. 2011			Mar. 2010			Change
Projected benefit obligation	(A)		185,335			182,101			3,234
(Discount rate)			(1.9	%)		(1.9	%)		(-	%)
Plan assets	(B)		193,333			209,054			-15,720
Provision for retirement benefits	(C)		2,859			2,662			197
Advanced benefit paid	(D)		95,318			100,379			-5,060
Unrecognized net prior service cost	(E)		—			—			—
Unrecognized net actuarial loss	(A-B-C+D-E)		84,461			70,763			13,697
		Millions of Yen
		FY2010			FY2009			Change
Retirement benefit expenses			-12,261			-23,290			11,028

[CMTB Non-consolidated + CMAB Non-consolidated]

		Millions of Yen
		Mar. 2011			Mar. 2010			Change
Projected benefit obligation	(A)		178,816			176,023			2,792
(Discount rate)			(1.9	%)		(1.9	%)		(-	%)
Plan assets	(B)		190,850			206,685			-15,835
Provision for retirement benefits	(C)		—			—			—
Advanced benefit paid	(D)		95,237			100,313			-5,076
Unrecognized net prior service cost	(E)		—			—			—
Unrecognized net actuarial loss	(A-B-C+D-E)		83,203			69,651			13,552
		Millions of Yen
		FY2010			FY2009			Change
Retirement benefit expenses			-11,549			-22,508			10,959
Service cost-benefits earned			-3,640			-3,562			-77
Interest cost on projected benefit obligation			-3,344			-3,350			5
Expected return on plan assets			9,507			2,581			6,925
Disposal of prior service cost			—			—			—
Disposal of actuarial loss			-13,620			-17,804			4,183
Others (additional benefit at retirement, etc)			-451			-373			-78

16

Sumitomo Mitsui Trust Holdings, Inc.

18. Deferred tax assets

1) Major factors for deferred tax assets and deferred tax liabilities

[CMTH Consolidated]

	Billions of Yen
	Mar. 2011			Mar. 2010			Change
Deferred tax assets (A)		143.0			150.2			-7.2
Allowance for loan losses (including written-off of loans)		23.5			28.8			-5.2
Devaluation of securities		15.7			12.8			2.9
Provision for retirement benefits		7.4			6.2			1.1
Loss carry forwards		88.3			160.5			-72.1
Valuation difference on available-for-sale securities		11.9			—			11.9
Others		52.1			54.9			-2.7
Valuation allowance		-38.9			-88.3			49.3
Offset with deferred tax liabilities		-17.1			-24.7			7.6
Deferred tax liabilities (B)		3.9			5.3			-1.3
Employee retirement benefit trust		8.7			8.7			—
Defined hedge gains/ losses		2.3			1.8			0.4
Valuation difference on available-for-sale securities		4.2			13.8			-9.6
Others		5.7			5.5			0.1
Offset with deferred tax assets		-17.1			-24.7			7.6
Net deferred tax assets (A) - (B)		139.0			144.9			-5.8
Percentage to Tier I		17.6	%		19.5	%		-1.9	%
Tier I		791.1			742.4			48.6

[CMTB Non-consolidated]

	Billions of Yen
	Mar. 2011			Mar. 2010			Change
Deferred tax assets (A)		134.4			140.4			-5.9
Allowance for loan losses (including written-off of loans)		20.1			25.6			-5.5
Devaluation of securities		14.7			12.0			2.7
Provision for retirement benefits		2.8			2.2			0.6
Loss carry forward		75.0			149.3			-74.3
Valuation difference on available-for-sale securities		11.3			—			11.3
Others		46.4			48.0			-1.5
Valuation allowance		-22.3			-74.8			52.5
Offset with deferred tax liabilities		-13.7			-21.9			8.2
Deferred tax liabilities (B)		—			—			—
Employee retirement benefit trust		8.7			8.7			—
Defined hedge gains/ losses		1.4			1.2			0.1
Valuation difference on available-for-sale securities		—			8.2			-8.2
Others		3.4			3.5			-0.1
Offset with deferred tax assets		-13.7			-21.9			8.2
Net deferred tax assets (A) - (B)		134.4			140.4			-5.9
Percentage to Tier I		18.5	%		20.6	%		-2.1	%
Tier I		726.0			678.9			47.1

2) Adequacy for calculating and posting net deferred tax assets

[CMTB Non-consolidated]

Although there are significant operating loss carryforwards on the tax base, as the loss carryforwards are due to extraordinary factors and temporary factors, “examples (4) proviso” of Practical Guideline is applied. Period for estimated future taxable income is 5 years, which is allowed to record pursuant to Practical Guideline subject to rational earnings projection.

	Billions of Yen
	FY2010		FY2009		FY2008		FY2007		FY2006
Taxable income before deduction of loss carry forwards (*)		61.1		94.8		-184.6		158.4		63.0
Net business profit before credit costs		88.6		92.8		93.2		127.2		148.8

(*) Figure for FY2010 is estimated.

17

Sumitomo Mitsui Trust Holdings, Inc.

<Reference> Other reference financial figures

Balance Sheets

[CMTB Non-consolidated]

Items	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Assets:
Cash and due from banks		471,833		245,874		225,959
Cash		65,515		34,803		30,711
Due from banks		406,318		211,070		195,247
Call loans		—		6,512		-6,512
Receivables under securities borrowing transactions		9,378		1,521		7,857
Monetary claims bought		99,921		98,818		1,102
Trading assets		36,568		22,778		13,790
Trading securities		314		50		264
Trading-related financial derivatives		12,295		10,784		1,510
Other trading assets		23,958		11,943		12,014
Securities		3,682,399		4,494,557		-812,157
Japanese government bonds		1,269,250		1,942,697		-673,447
Japanese municipal bonds		154		644		-490
Japanese corporate bonds		294,437		296,390		-1,952
Stocks		661,107		723,031		-61,924
Other securities		1,457,450		1,531,793		-74,343
Loans and bills discounted		8,861,578		8,938,774		-77,196
Bills discounted		3,035		4,325		-1,289
Loans on bills		1,282,680		1,301,022		-18,342
Loans on deeds		6,820,953		6,921,141		-100,188
Overdrafts		754,908		712,284		42,624
Foreign exchanges		12,259		767		11,492
Due from foreign banks		12,259		767		11,492
Other assets		355,446		410,641		-55,194
Prepaid expenses		739		728		11
Accrued income		26,479		27,820		-1,340
Initial margin on futures		245		313		-68
Variation margin on futures		4		24		-20
Financial derivatives		41,004		45,053		-4,048
Others		286,973		336,699		-49,726
Tangible fixed assets		98,389		99,887		-1,497
Buildings		27,446		29,167		-1,720
Land		64,079		65,063		-984
Construction in progress		0		46		-46
Other tangible fixed assets		6,863		5,609		1,253
Intangible fixed assets		19,876		19,311		564
Software		15,011		12,511		2,499
Other intangible fixed assets		4,864		6,800		-1,935
Deferred tax assets		134,463		140,434		-5,971
Customers’ liabilities for acceptances and guarantees		49,680		48,101		1,578
Allowance for loan losses		-39,852		-46,519		6,666
Total assets		13,791,942		14,481,460		-689,517

18

Sumitomo Mitsui Trust Holdings, Inc.

Balance Sheets

[CMTB Non-consolidated]

Items	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Liabilities:
Deposits		9,336,168		8,822,170		513,997
Current deposits		115,883		114,409		1,473
Ordinary deposits		1,392,847		1,176,763		216,083
Saving deposit		2,801		2,993		-192
Deposits at notice		18,618		21,514		-2,896
Time deposits		7,703,144		7,459,199		243,944
Other deposits		102,873		47,288		55,584
Negotiable certificates of deposit		370,020		362,190		7,830
Call money		248,956		217,161		31,795
Collateral for lending securities		1,161,653		1,702,697		-541,044
Trading liabilities		7,716		7,911		-195
Trading-related financial derivatives		7,716		7,911		-195
Borrowed money		678,983		1,217,246		-538,263
Borrowed money		678,983		1,217,246		-538,263
Foreign exchanges		—		21		-21
Foreign bills payable		—		21		-21
Corporate bonds		267,247		234,750		32,496
Borrowed money from trust account		801,657		995,612		-193,955
Other liabilities		116,361		127,070		-10,709
Income taxes payable		853		1,515		-662
Accrued expenses		65,873		56,822		9,051
Unearned revenue		1,110		1,350		-239
Deposits received from employees		5,044		4,759		285
Derivatives other than for trading-liabilities		33,629		45,420		-11,790
Asset retirement obligations		551		—		551
Others		9,298		17,203		-7,904
Provision for bonuses		2,011		2,050		-39
Provision for directors’ retirement benefits		—		875		-875
Provision for contingent loss		14,867		11,567		3,299
Acceptances and guarantees		49,680		48,101		1,578
Total liabilities		13,055,323		13,749,429		-694,106
Net assets:
Capital stock		399,697		399,697		—
Capital surplus		149,011		149,011		—
Legal capital surplus		149,011		149,011		—
Retained earnings		211,557		177,199		34,357
Legal retained earnings		47,908		46,008		1,900
Other retained earnings		163,648		131,191		32,457
Retained earnings brought forward		163,648		131,191		32,457
Shareholders’ equity		760,266		725,909		34,357
Valuation difference on available-for-sale securities		-9,249		19,762		-29,012
Deferred gains or losses on hedges		2,140		1,891		249
Revaluation reserve for land		-16,537		-15,532		-1,004
Valuation and translation adjustments		-23,647		6,121		-29,768
Total net assets		736,619		732,030		4,589
Total liabilities and net assets		13,791,942		14,481,460		-689,517

19

Sumitomo Mitsui Trust Holdings, Inc.

Statements of Income

[CMTB Non-consolidated]

Items	Millions of Yen
	FY2010		FY2009		Change
Ordinary income		288,582		306,260		-17,677
Trust fees		11,402		15,713		-4,310
Interest income		158,103		180,444		-22,341
Interest on loans and discounts		105,956		121,276		-15,320
Interest and dividends on securities		46,901		55,265		-8,364
Interest on call loans		364		179		185
Interest on receivables under securities borrowing transactions		139		77		62
Interest on deposits with banks		421		101		319
Interest on interest rate swaps		2,948		1,998		949
Other interest income		1,371		1,544		-173
Fees and commissions		60,993		59,136		1,856
Domestic and foreign exchanges		1,025		951		74
Other fees and commissions received		59,968		58,185		1,782
Trading income		3,943		2,592		1,350
Income from trading securities and derivatives		8		10		-1
Income from securities and derivatives related to trading transactions		—		138		-138
Income from trading-related financial derivatives		3,837		2,260		1,577
Other trading income		96		183		-86
Other ordinary income		36,223		27,505		8,718
Gains on foreign exchange transactions		231		1,283		-1,052
Gains on sale of bonds		35,981		21,764		14,216
Gains on financial derivatives		—		2,566		-2,566
Others		11		1,890		-1,878
Other income		17,916		20,868		-2,951
Gains on sale of shares and other securities		13,335		15,966		-2,631
Gains on money held in trust		5		47		-41
Others		4,575		4,854		-278
Ordinary expenses		223,537		234,325		-10,788
Interest expenses		59,636		68,881		-9,245
Interest on deposits		40,836		45,065		-4,228
Interest on negotiable certificates of deposit		543		1,469		-926
Interest on call money		427		575		-147
Interest on payable under repurchase agreements		—		17		-17
Interest on payable under securities lending transactions		2,537		3,483		-945
Interest on borrowed money		2,665		3,827		-1,162
Interest on corporate bonds		7,642		7,512		129
Other interest expenses		4,983		6,929		-1,946
Fees and commissions payments		14,606		15,571		-965
Domestic and foreign exchanges		557		542		14
Other fees and commissions paid		14,049		15,028		-979
Trading expenses		441		—		441
Expenses on Securities and Derivatives related to Trading Transactions		441		—		441
Other ordinary expenses		9,091		8,318		772
Losses on sale of bonds		8,375		8,230		145
Losses on devaluation of bonds		99		14		84
Losses on financial derivatives		472		—		472
Others		143		73		70
General and administrative expenses		109,896		117,473		-7,577
Other expenses		29,864		24,080		5,784
Claims written-off		1,264		7,006		-5,741
Losses on sale of shares and other securities		4,076		1,488		2,587
Losses on devaluation of shares and other securities		10,385		1,765		8,620
Losses on money held in trust		—		24		-24
Others		14,137		13,795		342
Ordinary profit		65,045		71,934		-6,889
Extraordinary income		8,136		3,443		4,693
Gains on disposal of fixed assets		115		—		115
Reversal of allowance for loan losses		2,202		1,685		516
Recoveries of written-off claims		5,819		1,444		4,374
Reversal of provision for contingent loss		—		313		-313
Extraordinary loss		4,770		731		4,039
Losses on disposal of fixed Assets		716		302		414
Impairment loss		522		—		522
Costs related to the Management integration		3,372		428		2,943
Others		158		—		158
Income before Income Taxes and Minority Interests		68,412		74,647		-6,235
Income taxes-Current		158		183		-25
Income taxes-Deferred		25,400		24,600		800
Income taxes		25,558		24,783		774
Net income		42,854		49,863		-7,009

20

Sumitomo Mitsui Trust Holdings, Inc.

1) Statement of trust account

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Loans and bills discounted		231,858		254,912		-23,054
Securities		3,308		3,392		-84
Beneficiary rights		67		107		-39
Securities held in custody accounts		120		123		-2
Money claims		203		236		-33
Tangible fixed assets		5,029,793		5,334,660		-304,867
Intangible fixed assets		31,047		26,982		4,064
Other claims		37,047		37,588		-540
Loans to banking account		801,657		995,612		-193,955
Cash and due from banks		185,923		198,314		-12,391
Total assets		6,321,027		6,851,932		-530,905
Money trusts		777,634		858,784		-81,149
Property formation benefit trusts		13,339		13,657		-317
Loan trusts		228,260		358,777		-130,517
Money entrusted, other than money trusts		237		253		-15
Securities trusts		126		128		-1
Money claim trusts		1,074		1,168		-93
Land and fixtures trusts		76,231		75,951		280
Composite trusts		5,224,081		5,543,168		-319,086
Other trusts		40		42		-2
Total liabilities		6,321,027		6,851,932		-530,905

2) Breakdown of principal guaranteed trust a/c

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Money trusts
Loans and bills discounted		222,715		242,262		-19,547
Others		660,770		782,525		-121,754
Total assets		883,485		1,024,787		-141,302
Principal		883,457		1,024,773		-141,315
Reserves for JOMT (Jointly-operated money trust)		33		43		-9
Others		-5		-29		23
Total liabilities		883,485		1,024,787		-141,302
Loan trusts
Securities		482		488		-5
Others		229,125		361,317		-132,192
Total assets		229,607		361,806		-132,198
Principal		226,456		357,078		-130,622
Reserves for loan trust		1,377		2,129		-751
Others		1,774		2,598		-824
Total liabilities		229,607		361,806		-132,198

3) Major account balances

[CMTB Non-consolidated]

	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Total Employable Funds		10,725,423		10,415,580		309,842
Deposits		9,336,168		8,822,170		513,997
Negotiable certificates of deposit		370,020		362,190		7,830
Money trusts		777,634		858,784		-81,149
Property formation benefit trusts		13,339		13,657		-317
Loan trusts		228,260		358,777		-130,517
Loans and bills discounted		9,093,436		9,193,686		-100,250
Banking account		8,861,578		8,938,774		-77,196
Trust account		231,858		254,912		-23,054
Securities		3,685,708		4,497,950		-812,242
Banking account		3,682,399		4,494,557		-812,157
Trust account		3,308		3,392		-84

21

Sumitomo Mitsui Trust Holdings, Inc.

Balance Sheets

[CMTB Consolidated]

Items	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Assets:
Cash and due from banks		475,143		249,857		225,286
Call Loans and Bills Bought		6,936		9,884		-2,948
Receivables under securities borrowing transactions		9,378		1,521		7,857
Monetary claims bought		99,921		98,818		1,102
Trading assets		36,568		22,778		13,790
Money held in trust		2,065		2,234		-169
Securities		3,598,866		4,414,926		-816,060
Loans and bills discounted		8,864,266		8,941,948		-77,682
Foreign exchanges		12,259		767		11,492
Other assets		361,127		412,807		-51,679
Tangible fixed assets		123,094		125,162		-2,067
Buildings		34,694		37,054		-2,360
Land		80,955		81,958		-1,002
Construction in progress		291		200		90
Other tangible fixed assets		7,152		5,948		1,204
Intangible fixed assets		27,252		27,361		-108
Software		15,340		12,579		2,760
Goodwill		6,997		7,555		-558
Other intangible fixed assets		4,914		7,225		-2,310
Deferred tax assets		140,785		147,841		-7,055
Customers’ liabilities for acceptances and guarantees		317,098		384,117		-67,018
Allowance for loan losses		-47,652		-53,370		5,717
Total assets		14,027,112		14,786,655		-759,543
Liabilities:
Deposits		9,297,676		8,765,290		532,386
Negotiable certificates of deposit		350,020		362,190		-12,170
Call money and bills sold		248,956		217,161		31,795
Payables under securities lending transactions		1,161,653		1,702,697		-541,044
Trading liabilities		7,716		7,911		-195
Borrowed money		678,983		1,217,246		-538,263
Foreign exchanges		—		21		-21
Corporate bonds		267,247		234,750		32,496
Borrowed money from trust account		801,657		995,612		-193,955
Other liabilities		148,731		163,570		-14,838
Provision for bonuses		2,587		2,643		-56
Provision for retirement benefits		1,663		1,592		71
Provision for directors’ retirement benefits		253		1,115		-861
Provision for contingent loss		15,335		12,022		3,313
Deffered tax liabilities		3,966		5,345		-1,379
Acceptances and guarantees		317,098		384,117		-67,018
Total liabilities		13,303,547		14,073,289		-769,741
Net assets:
Capital stock		399,697		399,697		—
Capital surplus		149,011		149,011		—
Retained earnings		183,738		142,334		41,404
Shareholders’ equity		732,448		691,044		41,404
Valuation difference on available-for-sale securities		4,400		34,968		-30,567
Deferred gains or losses on hedges		2,140		1,891		249
Revaluation reserve for land		-16,537		-15,532		-1,004
Foreign currency translation adjustments		-2,129		-1,738		-390
Cumulative total of other comprehensive profit		-12,126		19,588		-31,714
Minority interest		3,242		2,733		508
Total net assets		723,564		713,366		10,197
Total liabilities and net assets		14,027,112		14,786,655		-759,543

22

Sumitomo Mitsui Trust Holdings, Inc.

Statements of Income

[CMTB Consolidated]

Items	Millions of Yen
	FY2010		FY2009		Change
Ordinary income		306,354		321,395		-15,041
Trust fees		11,402		15,713		-4,310
Interest income		160,348		181,389		-21,040
Interest on loans and discounts		106,584		122,029		-15,445
Interest and dividends on securities		48,494		55,379		-6,884
Interest on call loans and bills bought		367		181		186
Interest on receivables under securities borrowing transactions		139		77		62
Interest on deposits		441		177		264
Other interest income		4,320		3,543		776
Fees and commissions		72,309		70,922		1,386
Trading income		3,943		2,592		1,350
Other ordinary income		36,224		27,505		8,719
Other income		22,126		23,273		-1,146
Ordinary expenses		233,008		250,007		-16,999
Interest expenses		59,606		68,800		-9,194
Interest on deposits		40,796		44,974		-4,178
Interest on negotiable certificates of deposit		543		1,469		-926
Interest on call money and bills sold		427		575		-147
Interest on payable under repurchase agreements		—		17		-17
Interest on payable under securities lending transactions		2,537		3,483		-945
Interest on borrowed money		2,675		3,837		-1,162
Interest on corporate bonds		7,642		7,512		129
Other interest expenses		4,983		6,929		-1,946
Fees and commissions payments		10,540		11,677		-1,137
Trading expenses		441		—		441
Other ordinary expenses		9,228		8,318		909
General and administrative expenses		117,777		126,184		-8,407
Other expenses		35,414		35,026		388
Provision of allowance for loan losses		—		363		-363
Others		35,414		34,662		751
Ordinary profit		73,345		71,388		1,957
Extraordinary income		7,830		2,579		5,250
Gains on disposal of fixed assets		141		234		-92
Reversal of allowance for loan losses		762		—		762
Recoveries of written-off claims		6,926		2,147		4,779
Reversal of provision for contingent loss		—		197		-197
Extraordinary loss		4,630		1,097		3,533
Losses on disposal of fixed assets		745		500		245
Impairment loss		522		—		522
Costs related to the Management integration		2,891		428		2,463
Others		470		168		301
Income before income taxes		76,544		72,869		3,675
Income taxes-deferred		909		1,618		-709
Income taxes-current		25,649		23,668		1,980
Income taxes		26,559		25,287		1,271
Income before minority interests		49,985		47,582		2,403
Minority Interests in Income		85		54		30
Net income		49,900		47,527		2,372

23

Sumitomo Mitsui Trust Holdings, Inc.

Balance Sheets

[CMAB Non-consolidated]

Items	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Assets:
Cash and due from banks		27,479		12,851		14,627
Due from banks		27,479		12,851		14,627
Securities		89,185		89,185		—
Japanese government bonds		88,969		88,969		—
Stocks		216		216		—
Other assets		29,861		31,631		-1,770
Prepaid expenses		119		122		-2
Accrued income		8,496		8,474		22
Account due		8,442		8,901		-459
Prepaid pension expenses		11,241		12,586		-1,344
Others		1,560		1,547		13
Tangible fixed assets		362		679		-317
Buildings		60		239		-179
Other tangible fixed assets		302		439		-137
Intangible fixed assets		3,653		3,711		-58
Software		3,496		3,525		-29
Other intangible fixed assets		156		185		-29
Deferred tax assets		3,095		2,254		841
Total assets		153,637		140,313		13,323
Liabilities:
Deposits		86		96		-10
Other deposits		86		96		-10
Call money		103,000		89,000		14,000
Other liabilities		8,282		7,944		337
Income taxes payable		2,280		2,716		-436
Accrued expenses		2,732		2,579		153
Unearned revenue		46		61		-14
Deposits received as withholding tax		1,325		1,278		47
Asset retirement obligations		450		—		450
Others		1,445		1,308		136
Provision for bonuses		379		367		12
Provision for directors’ retirement benefits		—		158		-158
Total liabilities		111,747		97,566		14,181
Net assets:
Capital stock		11,000		11,000		—
Capital surplus		21,246		21,246		—
Legal capital surplus		21,246		21,246		—
Retained earnings		9,650		10,507		-856
Other retained earnings		9,650		10,507		-856
Retained earnings brought forward		9,650		10,507		-856
Shareholders’ equity		41,896		42,753		-856
Valuation difference on available-for-sale securities		-7		-6		-0
Valuation and translation adjustments		-7		-6		-0
Total net assets		41,889		42,747		-857
Total liabilities and net assets		153,637		140,313		13,323

24

Sumitomo Mitsui Trust Holdings, Inc.

Statements of Income

[CMAB Non-consolidated]

Items	Millions of Yen
	FY2010		FY2009		Change
Ordinary income		43,505		44,087		-582
Trust fees		35,343		35,186		157
Interest income		125		198		-73
Interest and dividends on securities		115		187		-71
Interest on deposits		9		11		-1
Fees and commissions		7,961		8,662		-701
Domestic and foreign exchanges		1		1		-0
Other fees and commissions received		7,959		8,661		-701
Other income		74		39		35
Others		74		39		35
Ordinary expenses		31,157		30,942		215
Interest expenses		109		151		-41
Interest on call money		109		150		-41
Interest on borrowed money		0		0		-0
Fees and commissions payments		12,906		11,885		1,020
Domestic and foreign exchanges		102		98		3
Other fees and commissions paid		12,803		11,787		1,016
General and administrative expenses		18,078		18,845		-766
Other expenses		63		59		3
Others		63		59		3
Ordinary profit		12,347		13,145		-798
Extraordinary loss		1,183		51		1,131
Losses on disposal of fixed assets		12		1		10
Impairment loss		585		—		585
Costs related to the Management integration		566		50		516
Others		18		—		18
Income before Income Taxes		11,163		13,093		-1,930
Income taxes-Current		5,361		6,294		-933
Income taxes-Deferred		-840		-988		147
Income taxes		4,520		5,306		-786
Net income		6,643		7,787		-1,144

25

Sumitomo Mitsui Trust Holdings, Inc.

1) Statement of trust account

[CMAB Non-consolidated]

	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Securities		77,169		79,217		-2,048
Beneficiary rights		30,598,471		29,356,043		1,242,427
Money claims		1,416,872		1,528,621		-111,748
Cash and due from banks		18,513		19,326		-812
Total assets		32,111,026		30,983,208		1,127,818
Money trusts		8,305,000		8,594,372		-289,372
Pension trusts		6,995,575		6,749,433		246,142
Securities investment trusts		12,494,552		11,222,499		1,272,052
Money entrusted, other than money trusts		339,231		342,769		-3,537
Securities trusts		1,385,454		1,369,227		16,227
Money claim trusts		1,434,880		1,547,335		-112,454
Composite trusts		1,156,331		1,157,571		-1,239
Total liabilities		32,111,026		30,983,208		1,127,818

2) Major account balances

[CMAB Non-consolidated]

	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Total Employable Funds		15,300,662		15,343,902		-43,239
Deposits		86		96		-10
Money trusts		8,305,000		8,594,372		-289,372
Pension trusts		6,995,575		6,749,433		246,142
Securities		166,354		168,402		-2,048
Banking account		89,185		89,185		—
Trust account		77,169		79,217		-2,048

26

Sumitomo Mitsui Trust Holdings, Inc.

Financial figures

II. Outline of the financial results (The Sumitomo Trust and Banking Co., Ltd. “STB”)

1. Status of profit and loss

[STB Consolidated]

		Millions of Yen
		FY2010			FY2009			Change
Consolidated gross business profit (*1)	1		382,605			397,105			-14,500
Consolidated gross business profit (after written-off of principal guaranteed trust a/c) (1 + 17)	2		(382,605	)		(397,105	)		(-14,500	)
Net interest income and related profit	3		155,988			188,470			-32,481
Net interest income	4		152,045			182,892			-30,846
Trust fees from principal guaranteed trust a/c (before written-off of principal guaranteed trust a/c)	5		3,942			5,577			-1,635
Net fees and commissions and related profit	6		160,094			138,940			21,154
Net fees and commissions	7		113,131			91,455			21,675
Other trust fees	8		46,963			47,484			-520
Net trading profit	9		11,487			15,672			-4,185
Net other operating profit	10		55,035			54,023			1,012
General and administrative expenses	11		-216,187			-205,333			-10,853
(excluding amortization of goodwill)	12		(-207,671	)		(-194,900	)		(-12,770	)
Personnel expenses	13		-93,160			-86,675			-6,485
Non-personnel expenses excluding taxes	14		-115,820			-111,874			-3,945
Taxes other than income taxes	15		-7,205			-6,783			-422
Provision of general allowance for loan losses	16		-1,064			—			-1,064
Principal guaranteed trust a/c credit costs	17		—			—			—
Banking a/c credit costs	18		-29,147			-9,969			-19,177
Written-off of loans	19		-16,604			-6,332			-10,272
Provision of specific allowance for loan losses	20		-11,812			—			-11,812
Losses on sales of loans	21		-729			-3,637			2,907
Net gains on stocks	22		-6,051			-7,379			1,328
Losses on devaluation of stocks and other securities	23		-6,941			-18,743			11,801
Net income from affiliates by equity method	24		2,655			1,316			1,339
Others	25		-32,045			-27,592			-4,452
Ordinary profit	26		100,765			148,147			-47,381
Extraordinary profit	27		5,209			-14,989			20,198
Reversal of allowance for loan losses (*2)	28		—			7,330			-7,330
Recoveries of written-off claims	29		1,389			1,355			33
Gains on retirement of perpetual subordinated bonds	30		—			9,083			-9,083
Impairment loss on fixed assets	31		-3,622			-51			-3,571
Gains on returning substitute portion related to past employee services of employees’ pension fund	32		18,322			—			18,322
Goodwill impairment loss	33		-6,041			-34,438			28,396
Income before income taxes	34		105,974			133,157			-27,182
Total income taxes	35		-10,035			-66,400			56,365
Income taxes-current	36		-29,795			-16,116			-13,678
Income taxes-deferred	37		19,760			-50,283			70,044
Minority interest	38		-12,430			-13,576			1,146
Net income	39		83,509			53,180			30,329
Total credit costs (16 + 17 + 18 + 28 + 29) (*3)	40		-28,822			-1,284			-27,538
Consolidated total substantial credit costs (*3)	41		-36,503			-4,238			-32,265
(Difference from non-consolidated Total substantial credit costs)	42		(-14,045	)		(-11,718	)		(-2,326	)
Consolidated net business profit before credit costs (*4)	43		174,233			197,888			-23,654
(Difference from non-consolidated net business profit before credit costs (Adjusted, *5))	44		44,451			31,952			12,498
(Difference from non-consolidated net business profit before credit costs)	45		(44,451	)		(22,438	)		(22,012	)

(*1) Consolidated gross business profit = Trust fees + (Interest income - Interest expenses) + (Fees and commissions - Fees and commissions paid) + (Trading income - Trading expenses) + (Other operating income - Other operating expenses)

(*2) Due to the reversal of reserves, the amount is included in the extraordinary income for FY2009.

(*3) Consolidated total substantial credit costs (41) = (40) + Costs included in (22) (25) which are related to investment in securities of domestic and overseas credit + Affiliates’ total credit costs included in (24)

Total credit costs (40) and consolidated total substantial credit costs (41) for FY2010 include provision of general allowance for loan losses of -12,576 million yen and -12,835 million yen, respectively, which were reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake.

(*4) Consolidated net business profit before credit costs = Non-consolidated net business profit before credit costs + Subsidiary companies’ ordinary profits (non-recurring effect adjusted) + Affiliates’ ordinary profits (non-recurring effect adjusted) x Ratio of equity holdings - Intra-group transaction (dividends, etc.)

(*5) For FY2009, elimination of the non-consolidated dividend income from a subsidiary resulting from the gain on retirement of perpetual subordinated bonds (30) (9,083 million yen) is adjusted.

<Number of subsidiaries/ affiliates>

		Mar. 2011		Mar. 2010		Change
Consolidated subsidiaries	46		51		48		3
Affiliates (subject to the equity method)	47		11		11		—

27

Sumitomo Mitsui Trust Holdings, Inc.

[STB Non-consolidated]

		Millions of Yen
		FY2010			FY2009			Change
Gross business profit	1		258,206			304,668			-46,461
Gross business profit (after written-off of principal guaranteed trust a/c) (1 + 23)	2		(258,206	)		(304,668	)		(-46,461	)
Net interest income and related profit	3		140,888			185,238			-44,350
Net interest income	4		136,945			179,660			-42,715
Domestic	5		116,559			130,532			-13,973
International	6		20,386			49,128			-28,741
Trust fees from principal guaranteed trust a/c (before written off of principal guaranteed trust a/c)	7		3,942			5,577			-1,635
Net fees and commissions and related profit	8		90,367			87,562			2,805
Net fees and commissions	9		43,371			39,999			3,371
Other trust fees	10		46,996			47,562			-565
Net trading income	11		11,790			15,672			-3,881
Net other operating income	12		15,159			16,195			-1,035
Net gains on foreign exchange transactions	13		3,793			-3,891			7,685
Net gains on bonds	14		10,461			24,470			-14,008
Net gains from derivatives other than for trading or hedging	15		-5,448			-6,769			1,321
General and administrative expenses	16		-128,424			-129,219			794
Personnel expenses	17		-48,615			-48,761			146
Non-personnel expenses	18		-73,798			-74,686			887
Taxes other than income taxes	19		-6,010			-5,771			-239
Net business profit before credit costs (1 + 16)	20		129,782			175,449			-45,667
(Excluding Net gains on bonds) (20 - 14)	21		(119,320	)		(150,978	)		(-31,658	)
Provision of general allowance for loan losses	22		—			—			—
Principal guaranteed trust a/c credit costs	23		—			—			—
Net business profit	24		129,782			175,449			-45,667
Net non-recurring profit	25		-57,750			-47,943			-9,807
Banking a/c net credit costs	26		-16,351			-6,905			-9,446
Written-off of loans	27		-15,624			-3,274			-12,349
Provision of specific allowance for loan losses	28		—			—			—
Losses on sales of loans	29		-726			-3,630			2,903
Net gains on stocks	30		-6,226			-7,839			1,613
Others	31		-35,173			-33,198			-1,974
Amortization of net actuarial losses/ prior service cost	32		-12,222			-16,245			4,022
Net gains on stock related derivatives	33		1,776			-1,995			3,772
Losses on investment in partnerships	34		-10,649			-8,970			-1,678
Losses related to overseas credit investment	35		-6,169			-3,766			-2,402
Provision of allowance for costs related to the relocation	36		-5,620			—			-5,620
Ordinary profit	37		72,031			127,506			-55,474
Extraordinary profit	38		-1,409			-49,784			48,375
Net gains/ losses on disposal of fixed assets (*1)	39		-758			-302			-455
Impairment loss on fixed assets (*2)	40		-3,563			-29			-3,533
Reversal of allowance for loan losses (*3)	41		780			14,003			-13,222
Recoveries of written-off claims	42		1,385			1,352			32
Impairment loss on shares of a subsidiary	43		-15,211			—			-15,211
Costs related to the Management Integration (*1)	44		-3,233			—			-3,233
Gains on returning substitute portion related to employee services of employees’ pension fund	45		18,322			—			18,322
Allowance for investment loss	46		—			-64,808			64,808
Income before income taxes	47		70,622			77,721			-7,099
Total income taxes	48		2,903			-56,030			58,934
Income taxes-current	49		-18,310			-5,074			-13,236
Income taxes-deferred	50		21,214			-50,956			72,170
Net income	51		73,526			21,691			51,834
Total credit costs (22 + 23 + 26 + 41 + 42) (*4)	52		-14,184			8,451			-22,635
Total substantial credit costs (*4)	53		-22,458			7,480			-29,938
Domestic	54		-17,241			10,670			-27,911
International	55		-5,216			-3,190			-2,026
Overhead ratio (-16 / 1)	56		49.73	%		42.41	%		7.32	%

(*1) Costs related to the Management Integration for FY2010 in total (3,735 million yen) = (44) + Part of the costs included in (39) which are related to the Management Integration.

(*2) Impairment loss on fixed assets (40) for FY2010 includes impairment loss of 3,165 million yen related to the relocation of headquarters.

(*3) Due to the reversal of reserves, the amount is included in the extraordinary income for FY2010 and FY2009.

(*4) Total substantial credit costs (53) = (52) + Costs included in (30) (31) which are related investment in securities of domestic and overseas credit. Total credit costs (52) and total substantial credit costs (53) for FY2010 include provision of general allowance for loan losses of -6,091 million yen, which were reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake.

28

Sumitomo Mitsui Trust Holdings, Inc.

<Reference> Breakdown of profit by business group

1) Gross business profit

[STB Non-consolidated]

	Billions of Yen
	FY2010		FY2009		Change
Retail financial services		72.8		75.3		-2.5
Wholesale financial services		92.6		111.4		-18.7
Stock transfer agency services		13.8		14.3		-0.4
Global Markets		55.2		77.9		-22.6
Fiduciary services		48.0		49.0		-0.9
Pension asset management		36.4		36.2		0.2
Securities processing services		11.5		12.8		-1.2
Real estate		14.7		10.6		4.1
Fees paid for outsourcing		-22.9		-21.5		-1.3
Stock transfer agency services		-7.1		-6.7		-0.4
Fiduciary services		-15.7		-14.8		-0.9
Others (*)		-2.3		2.0		-4.3
Gross business profit		258.2		304.6		-46.4

2) Net business profit before credit costs

	[STB Consolidated]						[STB Non-consolidated]
	Billions of Yen						Billions of Yen
	FY2010		FY2009		Change		FY2010		FY2009		Change
Retail financial services		14.9		18.1		-3.2		11.1		14.9		-3.7
Wholesale financial services		89.6		102.1		-12.5		63.1		81.8		-18.7
Stock transfer agency services		5.7		4.6		1.1		5.6		5.7		-0.0
Global Markets		46.1		67.0		-20.9		46.1		67.0		-20.9
Fiduciary services		28.7		24.2		4.4		17.4		18.7		-1.3
Pension asset management		22.1		16.7		5.4		12.8		11.8		1.0
Securities processing services		6.6		7.6		-0.9		4.5		6.8		-2.3
Real estate		10.2		4.1		6.1		8.9		3.6		5.2
Others (*)		-15.3		-17.7		2.4		-16.7		-10.6		-6.1
Net business profit before credit costs		174.2		197.8		-23.6		129.7		175.4		-45.6

Note: Above table is made based on “Accounting Standard for Disclosures about Segments of an Enterprise and Related Information (The Accounting Standards Board of Japan (“ASBJ”) Statement No.17 (Revised 2009)).

(*) Net of dividend income, cost of capital sourcing and head office expense are included. Dividend income which is generated by retirement of perpetual subordinated bonds (9.0 billion yen) is included in FY2009 on a non-consolidated basis.

3) Fee revenue breakdown

[STB Consolidated]

	Billions of Yen
	FY2010			FY2009			Change
Net fees and commissions		113.1			91.4			21.6
Domestic business		106.5			84.3			22.2
Retail financial services		22.9			20.7			2.2
Wholesale financial services		39.3			39.3			0.0
Stock transfer agency services		14.8			15.5			-0.7
Real estate		20.6			15.5			5.1
Fiduciary services		43.7			26.2			17.5
Fees paid for outsourcing (related to Fiduciary services)		-15.7			-14.8			-0.9
International business		6.5			7.0			-0.5
Other trust fees		46.9			47.4			-0.5
Pension management and other asset management services		27.6			28.2			-0.5
Securities processing services		12.3			12.3			-0.0
Asset securitization business		2.1			2.1			0.0
Real estate		2.9			3.1			-0.2
Net fees and commissions and related profit		160.0			138.9			21.1
Note: Managerial accounting basis.
Fee revenue ratio		41.8	%		34.9	%		6.9	%
Consolidated gross business profit		382.6			397.1			-14.5

29

Sumitomo Mitsui Trust Holdings, Inc.

<Reference> Major subsidiaries

	Billions of Yen
	Sumishin Panasonic Financial  Services Co., Ltd. (Consolidated)		<Reference> Sumishin  Matsushita Financial Services Co., Ltd.		<Reference> STB Leasing Co., Ltd. (Consolidated)
	FY2010		FY2009
Ordinary profit		17.5		3.7		5.8
Net income		7.1		3.4		3.5
Total substantial credit costs		-3.5		-3.6		-1.9
	Mar. 2011		Mar. 2010
Total assets		1,126.9		622.7		522.6
Net assets		130.3		76.6		47.9
Note:      Sumishin Matsushita Financial Services Co., Ltd. has merged with STB Leasing Co., Ltd. on April 1, 2010, and changed its corporate name to Sumishin Panasonic Financial Services Co., Ltd.
	Billions of Yen
	Sumishin Real Estate Loan & Finance, Ltd.		<Reference> Life  Housing Loan, Ltd.		<Reference> First Credit Corporation
	FY2010		FY2009
Ordinary profit		4.2		3.5		1.6
Net income		2.3		3.3		1.5
Total substantial credit costs		-0.8		-0.2		-2.7
	Mar. 2011		Mar. 2010
Total assets		274.6		158.3		92.9
Net assets		24.9		12.7		17.3
Note:   Life Housing Loan, Ltd. has changed its corporate name to Sumishin Real Estate Loan & Finance, Ltd. as First Credit Corporation has transferred a part of its business to Life Housing Loan, Ltd. on September 30, 2010.
	Billions of Yen
	Nikko Asset Management Co., Ltd. (Consolidated)
	FY2010		FY2009		Change
Ordinary profit		8.2		6.0		2.2
Net income		5.0		4.0		0.9
Note:   Net income for FY2009 has been adjusted concerning one-time expenses related to the period before the acquisition.
	Mar. 2011		Mar. 2010		Change
Total assets		65.0		59.7		5.2
Net assets		50.2		45.7		4.4
Assets under management		12,810.3		10,443.9		2,366.4

30

Sumitomo Mitsui Trust Holdings, Inc.

2. Yields and margins

1) Domestic banking a/c

[STB Non-consolidated]

	Percentage points
	FY2010						FY2009		Change from FY2009
			2HFY2010		1HFY2010
Average yield on interest-earning assets (A)		1.22		1.20		1.24		1.39		-0.17
Loans and bills discounted (B)		1.29		1.25		1.32		1.45		-0.16
Securities		0.92		0.92		0.92		1.39		-0.47
Average yield on interest-bearing liabilities (C)		0.44		0.43		0.46		0.53		-0.09
Deposits (D)		0.44		0.42		0.46		0.53		-0.09
Gross margin (A) - (C)		0.78		0.77		0.78		0.86		-0.08
Loan-deposit margin (B) - (D)		0.85		0.83		0.86		0.92		-0.07

2) Domestic banking a/c and principal guaranteed trust a/c combined

[STB Non-consolidated]

	Percentage points
	FY2010						FY2009		Change from FY2009
			2HFY2010		1HFY2010
Average yield on interest-earning assets (A)		1.21		1.17		1.24		1.39		-0.18
Loans and bills discounted (B)		1.28		1.25		1.32		1.45		-0.17
Securities		0.92		0.92		0.92		1.39		-0.47
Average yield on interest-bearing liabilities (C)		0.43		0.42		0.44		0.50		-0.07
Deposits, Trust principal (D)		0.42		0.40		0.44		0.51		-0.09
Gross margin (A) - (C)		0.78		0.75		0.80		0.89		-0.11
Loan-deposit margin (B) - (D)		0.86		0.85		0.88		0.94		-0.08

3. Net gains on securities

	[STB Consolidated]						[STB Non-consolidated]
	Millions of Yen						Millions of Yen
	FY2010		FY2009		Change		FY2010		FY2009		Change
Net gains on bonds		10,576		24,445		-13,868		10,461		24,470		-14,008
Gains on sales of bonds		28,590		32,344		-3,753		28,504		32,257		-3,753
Gains on redemption of bonds		205		3,975		-3,770		175		3,975		-3,799
Losses on sales of bonds		-18,218		-10,045		-8,172		-18,218		-9,934		-8,283
Losses on redemption of bonds		-0		-1,828		1,828		—		-1,828		1,828
Losses on devaluation of bonds		—		—		—		—		—		—
Net gains on stocks		-6,051		-7,379		1,328		-6,226		-7,839		1,613
Gains on sales of stocks		3,204		13,422		-10,218		3,022		12,779		-9,757
Losses on sales of stocks		-2,314		-2,058		-255		-2,314		-2,048		-265
Losses on devaluation of stocks		-6,941		-18,743		11,801		-6,934		-18,571		11,636

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Sumitomo Mitsui Trust Holdings, Inc.

4. Unrealized gains/ losses on securities

1) Securities with fair value

[STB Consolidated]

	Millions of Yen
	Mar. 2011								Mar. 2010
	Cost		Net		Unrealized gains		Unrealized losses		Cost		Net		Change of Cost		Change of Net
Available-for-sale securities		4,117,585		71,480		131,973		-60,493		3,520,463		94,313		597,121		-22,832
Japanese stocks (*1)		425,333		45,040		86,043		-41,002		426,721		65,140		-1,387		-20,100
Japanese bonds		2,407,287		20,825		24,040		-3,215		1,592,954		25,383		814,332		-4,558
Government bonds		1,866,168		20,315		21,182		-866		1,191,327		24,586		674,841		-4,271
Local government bonds		20,531		-12		94		-106		11,847		-18		8,683		5
Corporate bonds		520,587		522		2,763		-2,241		389,779		815		130,807		-292
Others		1,284,964		5,614		21,890		-16,275		1,500,787		3,788		-215,822		1,826
Held-to-maturity debt securities		427,667		49,826		50,710		-883		546,618		53,737		-118,951		-3,910

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011								Mar. 2010
	Cost		Net		Unrealized gains		Unrealized losses		Cost		Net		Change of Cost		Change of Net
Available-for-sale securities		4,122,290		69,427		129,511		-60,084		3,516,079		93,005		606,211		-23,578
Japanese stocks (*1)		425,274		44,938		85,935		-40,997		426,661		65,029		-1,387		-20,091
Japanese bonds		2,427,287		20,816		24,040		-3,224		1,612,954		25,383		814,332		-4,567
Government bonds		1,866,168		20,315		21,182		-866		1,191,327		24,586		674,841		-4,271
Local government bonds		20,531		-12		94		-106		11,847		-18		8,683		5
Corporate bonds		540,587		513		2,763		-2,250		409,779		815		130,807		-301
Others		1,269,729		3,673		19,535		-15,862		1,476,462		2,592		-206,733		1,080
Held-to-maturity debt securities		427,145		49,797		50,681		-883		546,057		53,704		-118,912		-3,907

Note1: Fair value of listed stocks included in “Available-for-sale securities” is basically determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

Note2: Book value of floating rate government bonds and some of the overseas asset-backed securities have been changed from the market prices to the rationally calculated prices. As a result, “Government bonds” has increased by 11,140 million yen, and “Others” has increased by 0.0 million yen as of the end of Mar. 2011.

Note3: Fair value of some of the overseas asset-backed securities categorized in “Held-to-maturity debt securities” have been changed from the market prices to the rationally calculated prices. As a result, “Fair value” of the “Foreign bonds” have decreased by 2,006 million yen, as of the end of Mar. 2011.

<Reference 1>

Breakdown of Available-for-sale securities (Others)

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011				Mar. 2010				Change of		Change of
	Cost		Net		Cost		Net		Cost		Net
Domestic investment (*1)		276,010		-3,152		370,101		-4,351		-94,090		1,198
Asset-backed securities		243,999		-3,195		351,676		-4,292		-107,677		1,096
CMBS		7,900		-563		16,049		-532		-8,149		-31
RMBS		169,364		-2,158		224,447		-3,306		-55,082		1,148
Other loans to individuals		4,821		46		21,949		79		-17,128		-33
Claims on lease payments		3,290		11		12,410		42		-9,120		-31
Others		32,011		42		18,424		-58		13,587		101
International investment (*1)		904,160		8,649		942,322		3,957		-38,162		4,691
Foreign government bonds		781,590		-5,985		666,115		-3,561		115,475		-2,424
Corporate bonds		117,879		4,841		241,973		5,901		-124,094		-1,060
Bonds issued by financial institutions		12,371		245		59,551		-1,484		-47,179		1,730
Asset-backed securities (*2)		4,567		9,658		34,097		1,453		-29,529		8,205
CMBS		3,291		-77		14,196		-2,500		-10,904		2,423
RMBS		587		10		16,119		-1,548		-15,531		1,559
CLO equities		616		9,706		684		5,452		-67		4,253
Others		122		134		137		164		-14		-29
Mutual fund		89,557		-1,823		164,038		2,986		-74,480		-4,809
Total		1,269,729		3,673		1,476,462		2,592		-206,733		1,080

(*1) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

(*2) “Cost” and “Net” of asset-backed securities guaranteed by “Monoline” insurance companies are reasonably small.

(*3) There are no securities issued by government sponsored enterprises (Fannie Mae, Freddie Mac, FHLB).

32

Sumitomo Mitsui Trust Holdings, Inc.

<Reference 2>

Breakdown of Held-to-maturity debt securities

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011				Mar. 2010				Change of Cost		Change of Net
	Cost		Net		Cost		Net
Held-to-maturity debt securities		427,145		49,797		546,057		53,704		-118,912		-3,907
Japanese Government Bonds		184,444		7,907		235,710		8,041		-51,266		-133
Japanese Local Government Bonds		—		—		—		—		—		—
Japanese Corporate Bonds		—		—		23,286		105		-23,286		-105
Others		242,700		41,889		287,060		45,557		-44,359		-3,667
Domestic investment		32,400		1,177		24,400		67		8,000		1,110
International investment		210,300		40,711		262,660		45,490		-52,359		-4,778
Asset-backed securities (*2)		210,300		40,711		262,660		45,490		-52,359		-4,778

(*1) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

(*2) As a result of using rationally calculated prices instead of market prices, “Fair value” of asset-backed securities decreased by 2,006 million yen. Unamortized amount of unrealized gains/ losses resulting from reclassification is -61,030 million yen as of the end of Mar. 2011.

2) Securities with no available fair value

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Mar. 2010		Change
	Cost
Available-for-sale securities		111,813		119,753		-7,939
Japanese stocks		41,345		42,743		-1,397
Japanese bonds		15,007		15,008		-1
Others		55,460		62,001		-6,540
Domestic investment (*1)		36,560		41,886		-5,326
International investment (*1)		18,900		20,114		-1,214

(*1) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

3) Domestic LBO finance

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011
	Balance				Internal Credit Ratings
			Change from Mar. 2010		1-4		5-6		7-8
Domestic LBO finance		677		48		25		561		90

4) Off-balance risk from Special Purpose Entities(SPEs)

a) SPE related transactions collateralized by overseas assets

There are no transactions that STB sponsors or complements SPEs’ liquidity and/ or credit.

b) SPE related transactions collateralized by domestic assets

STB complements liquidity and credit for the purpose of facilitating domestic Asset-backed Commercial Paper(ABCP) programs of SPEs which were established in order to meet customers’ needs such as raising funds and securitizing assets.

As of the end of Mar. 2011, the balance of outstanding ABCP and collateral are 191.9 billion yen and 448.4 billion yen, respectively, and major collateralized assets are account receivables.

33

Sumitomo Mitsui Trust Holdings, Inc.

5. Redemption schedule of bonds classified as available-for-sale securities with maturity and held-to-maturity debt securities

[STB Consolidated]

	Millions of Yen
	Mar. 2011										Mar. 2010
	Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10  years		Total		Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10 years		Total
Japanese bonds		616,817		779,003		1,004,495		212,566		2,612,882		524,192		575,394		636,818		156,275		1,892,681
Government bonds		599,857		349,206		918,563		203,626		2,071,254		450,240		284,949		579,486		137,285		1,451,960
Local government bonds		—		10,637		9,881		—		20,519		2,948		5,157		3,723		—		11,829
Corporate bonds		16,959		419,158		76,050		8,940		521,109		71,003		285,287		53,608		18,990		428,890
Other		89,469		443,063		534,815		430,374		1,497,723		129,804		921,799		282,654		422,271		1,756,529

Note: Including NCDs in “Cash and Due from Banks”, trust beneficiary certificates backed by loans in “Monetary Claims Bought” and so on, as well as securities.

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011										Mar. 2010
	Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10  years		Total		Less than 1 year		1 year to 5 years		5 years to 10  years		Over 10 years		Total
Japanese bonds		636,808		778,728		1,004,444		212,566		2,632,548		524,122		595,179		631,758		146,275		1,897,336
Government bonds		599,857		348,932		918,512		203,626		2,070,928		450,170		284,734		579,434		137,285		1,451,625
Local government bonds		—		10,637		9,881		—		20,519		2,948		5,157		3,723		—		11,829
Corporate bonds		36,950		419,158		76,050		8,940		541,100		71,003		305,287		48,599		8,990		433,881
Other		85,556		433,549		534,258		429,334		1,482,699		123,791		878,028		279,233		421,415		1,702,468

Note: Including NCDs in “Cash and Due from Banks”, trust beneficiary certificates backed by loans in “Monetary Claims Bought” and so on, as well as securities.

6. Shareholdings

1) Balance of listed stocks

[STB Consolidated]

	Billions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010
Cost basis (A)		425.3			429.0			426.7
Mark-to-market basis		470.3			454.1			491.8
Tier I (B)		1,333.9			1,307.7			1,266.3
Percentage (A) / (B)		31.8	%		32.8	%		33.6	%

2) Unwinding of cross shareholdings

[STB Non-consolidated]

	Billions of Yen
	FY2010				FY2009
			1HFY2010				1HFY2009
Cost basis		3.5		1.0		10.3		8.0

Note: Including cross shareholdings with no available fair value.

7. Deferred unrealized gains/ losses on Hedge accounting applied derivative transactions

[STB Consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Interest rate related		4,458		-2,940		2,487		7,399		1,971
Interest rate swaps		4,458		-2,940		2,487		7,399		1,971
Currency related		-225		1,502		1,886		-1,728		-2,112
Stock related		—		—		-5,835		—		5,835
Bond related		—		—		—		—		—
Total		4,232		-1,438		-1,460		5,671		5,693

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Interest rate related		5,713		-861		4,059		6,574		1,653
Interest rate swaps		5,713		-861		4,059		6,574		1,653
Currency related		-225		1,502		1,886		-1,728		-2,112
Stock related		—		—		-5,835		—		5,835
Bond related		—		—		—		—		—
Total		5,487		641		110		4,846		5,376

34

Sumitomo Mitsui Trust Holdings, Inc.

8. BIS capital adequacy ratio (Basel II)

[STB Consolidated]

	Billions of Yen
	Mar. 2011 (Preliminary)			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Total qualifying capital		1,880.8			1,835.8			1,777.3			45.0			103.5
Tier I		1,333.9			1,307.7			1,266.3			26.1			67.5
Shareholders’ equity		1,188.8			1,175.0			1,133.3			13.7			55.4
Preferred shares		109.0			109.0			109.0			—			—
Unrealized loss on available-for-sale securities		—			-11.7			-0.3			11.7			0.3
Minority interest		303.5			302.6			301.3			0.9			2.2
Preferred securities		280.0			280.0			280.0			—			—
Goodwill equivalents		-123.2			-123.7			-133.0			0.5			9.8
Tier II		646.6			627.0			606.6			19.6			40.0
Less: Deduction (double gearing, etc.)		-99.6			-98.9			-95.6			-0.7			-4.0
Total risk-weighted assets		12,028.0			12,473.7			12,831.3			-445.7			-803.3
BIS capital adequacy ratio		15.63	%		14.71	%		13.85	%		0.92	%		1.78	%
Tier I capital ratio		11.09	%		10.48	%		9.86	%		0.61	%		1.23	%

Note 1: Non-consolidated BIS capital adequacy ratio and Tier I capital ratio as of Mar. 2011 are 17.07% and 12.26%, respectively.

Note 2: Risk measurement methodologies are as follows.

Credit risk:	Foundation Internal Ratings-Based Approach(*)
Market risk:	Internal Models Approach
Operational risk:	Standardized Approach

(*) The Standardized Approach is applied to the material consolidated subsidiaries as the phased rollout of the Foundation Internal Ratings-Based Approach. STB plans for these business units a transition to the Foundation Internal Ratings-Based Approach, when it will have a suitable risk management system. The Standardized Approach is duly applicable in light of materiality to the business units such as small-sized subsidiaries as the exception of the Foundation Internal Ratings-Based Approach.

9. Return on equity (ROE)

[STB Consolidated]

	Percentage points
	FY2010		FY2009		Change
Return (Net income) on shareholders’ equity		7.42		4.98		2.44
Return (Net income) on equity		7.41		5.28		2.13
[STB Non-consolidated]
	Percentage points
	FY2010		FY2009		Change
Return (Net income) on shareholders’ equity		6.88		1.96		4.92
Return (Net income) on equity		6.80		2.05		4.75

Note 1: Return on shareholders’ equity (equity) formula

= ( Net income - Total amount of dividend for preferred shares )

÷[ { (Beginning balance of shareholders’ equity (equity) - Beginning balance of deduction (*))

+ (Ending balance of shareholders’ equity (equity) - Ending balance of deduction (*)) } ÷2 ] X 100

(*) Balance of preferred shares issued + Dividend amount for preferred shares

Note 2: Shareholders’ equity = Total net assets - Minority interests - Valuation and translation adjustments

Note 3: Equity = Total net assets - Minority interests

35

Sumitomo Mitsui Trust Holdings, Inc.

10. Assets and liabilities (Banking a/c and Principal guaranteed trust a/c combined)

1) Balance of major accounts

[STB Non-consolidated]

		Millions of Yen
		Mar. 2011				Mar. 2010				Change
		Total		Domestic branches		Total		Domestic branches		Total		Domestic branches
Loans and bills discounted	(Ending balance)		12,332,964		11,325,279		12,184,208		11,303,968		148,756		21,310
	(Average balance)		11,691,199		10,828,731		11,608,278		10,951,066		82,920		-122,334
Banking account	(Ending balance)		12,153,693		11,146,007		11,921,476		11,041,236		232,216		104,770
	(Average balance)		11,498,330		10,635,862		11,357,422		10,700,210		140,907		-64,347
Principal guaranteed trust account	(Ending balance)		179,271		179,271		262,731		262,731		-83,459		-83,459
	(Average balance)		192,869		192,869		250,856		250,856		-57,987		-57,987
Deposits, Trust principal	(Ending balance)		12,881,741		12,359,508		12,874,042		12,100,543		7,698		258,964
	(Average balance)		12,343,360		11,759,607		12,730,889		12,001,267		-387,529		-241,660
Deposits (*1)	(Ending balance)		12,303,417		11,781,183		12,216,451		11,442,952		86,965		338,231
	(Average balance)		11,733,793		11,150,040		11,991,082		11,261,460		-257,288		-111,419
Time deposits	(Ending balance)		9,572,270		9,055,599		9,837,327		9,196,847		-265,057		-141,247
	(Average balance)		9,449,079		8,869,172		9,922,433		9,340,351		-473,354		-471,178
Liquid deposits (*2)	(Ending balance)		2,386,523		2,381,371		2,082,980		2,077,350		303,543		304,021
	(Average balance)		1,975,602		1,971,859		1,757,075		1,755,304		218,527		216,555
Trust principal	(Ending balance)		578,324		578,324		657,591		657,591		-79,266		-79,266
	(Average balance)		609,566		609,566		739,807		739,807		-130,240		-130,240

(*1) Excluding NCDs.

(*2) Including Current deposits, Ordinary deposits and Deposits at notice.

2) Ending balance of domestic deposits classified by depositors

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Individuals		9,035,437		8,897,132		8,882,693		138,304		152,743
Deposits (*)		8,614,315		8,447,655		8,394,937		166,660		219,378
Trust principal (Principal guaranteed)		421,121		449,477		487,756		-28,355		-66,634
Corporations and other organizations		2,451,483		2,323,767		2,474,290		127,716		-22,806
Deposits (*)		2,294,280		2,174,272		2,304,454		120,007		-10,174
Trust principal (Principal guaranteed)		157,202		149,494		169,835		7,708		-12,632
Others		758,730		601,492		743,560		157,237		15,169
Total		12,245,650		11,822,392		12,100,543		423,257		145,106

(*) Excluding NCDs and offshore accounts

36

Sumitomo Mitsui Trust Holdings, Inc.

11. Loans (Banking a/c and Principal guaranteed trust a/c combined)

1) Loans to small and mid-sized enterprises (SMEs)

[STB Non-consolidated]

	Millions of Yen, Percentage points
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Loan balance		5,430,658		5,139,696		5,416,062		290,961		14,595
Ratio to total loan balance		47.9		47.3		47.9		0.6		0.0

2) Loans to individuals

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Residential mortgage loans		2,046,252		1,899,928		1,829,650		146,323		216,602
Loans to individual for business use		188,537		195,072		199,938		-6,535		-11,400
Other consumer loans		125,812		139,452		150,128		-13,640		-24,316
Total		2,360,602		2,234,454		2,179,717		126,148		180,884

3) Overseas loans by borrowers’ location

(1) Loans to Japanese corporations operating overseas

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Total		1,290,116		1,125,724		1,046,542		164,392		243,574
North America		320,351		283,732		277,788		36,619		42,562
Europe		160,734		141,261		135,045		19,472		25,688
Latin America		304,636		278,819		246,926		25,817		57,710
Asia and Oceania		470,930		390,246		357,058		80,683		113,871

(*) Based on borrowers’ location.

(2) Loans to overseas non-Japanese borrowers

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Total		175,250		203,349		246,224		-28,099		-70,974
North America		55,758		97,548		121,369		-41,789		-65,610
Europe		25,290		32,347		46,517		-7,057		-21,226
Latin America		1,425		1,778		2,351		-353		-926
Asia and Oceania		59,497		39,596		40,747		19,900		18,749

(*) Based on the location of final exposure.

4) Loans by industry

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Domestic Branches (excluding offshore)		11,325,279		10,858,181		11,303,968		467,097		21,310
Manufacturing		1,855,285		1,817,567		1,896,919		37,717		-41,634
Agriculture, forestry, fisheries, mining, quarrying of stone and gravel gathering		21,501		24,041		20,170		-2,540		1,330
Construction		93,490		101,271		105,553		-7,780		-12,062
Electricity, gas, heat supply and water		363,869		192,821		163,308		171,048		200,560
Information and communications		196,407		195,493		216,514		914		-20,107
Transport and postal activities		715,861		728,977		720,634		-13,116		-4,772
Wholesale and retail trade		909,131		893,427		935,951		15,703		-26,819
Finance and insurance		1,857,534		1,648,957		1,872,808		208,577		-15,274
Real estate		1,721,671		1,779,260		1,851,745		-57,589		-130,073
Goods rental and leasing		645,737		688,755		829,913		-43,017		-184,176
Others		2,944,789		2,787,609		2,690,448		157,180		254,340
Overseas branches and offshore		1,007,685		890,402		880,240		117,282		127,445
Total		12,332,964		11,748,584		12,184,208		584,380		148,756

Note: Above table is made based on the categorization of “Survey on loans by industry” of Bank of Japan.

37

Sumitomo Mitsui Trust Holdings, Inc.

12. Problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)

1) Problem assets based on the Financial Reconstruction Act (After partial direct written-off)

[STB Consolidated] (referential figures)

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Problem assets based on the Financial Reconstruction Act (a)		197,377			219,225			242,453			-21,847			-45,075
Loans in bankrupt and practically bankrupt		38,567			34,919			45,484			3,648			-6,917
Doubtful loans		73,414			93,495			91,917			-20,081			-18,502
Substandard loans		85,396			90,810			105,052			-5,414			-19,655
Ordinary assets		13,061,162			12,520,550			12,985,213			540,611			75,948
Total loan balance (b)		13,258,539			12,739,775			13,227,667			518,764			30,872
(Ratio to total loan balance (a) / (b))		(1.5	%)		(1.7	%)		(1.8	%)		(-0.2	%)		(-0.3	%)

Note: Partial direct written-off: Mar. 2011: 63,145 million yen, Sep. 2010: 53,319 million yen, Mar. 2010: 58,505 million yen

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Problem assets based on the Financial Reconstruction Act (a)		155,655			161,540			176,475			-5,885			-20,820
Loans in bankrupt and practically bankrupt		23,911			10,332			17,582			13,578			6,329
Doubtful loans		49,633			66,789			61,223			-17,156			-11,590
Substandard loans (b)		82,110			84,418			97,668			-2,308			-15,558
Ordinary assets		12,635,197			12,065,051			12,508,847			570,145			126,349
Loans to substandard debtors (excluding Substandard loans) (c)		27,600			29,944			37,420			-2,344			-9,820
Loans to other special mention debtors (*1)		376,255			483,849			586,761			-107,594			-210,505
Loans to ordinary debtors		12,231,341			11,551,257			11,884,665			680,084			346,675
Total loan balance (d)		12,790,852			12,226,592			12,685,323			564,259			105,529
(Ratio to total loan balance (a) / (d))		(1.2	%)		(1.3	%)		(1.4	%)		(-0.1	%)		(-0.2	%)
Loans to substandard debtors (b) + (c)		109,710			114,363			135,089			-4,652			-25,379

(*1) Changed its category name from “Loans to special mention debtors (excluding Loans to Substandard debtors)

Note: Partial direct written-off: Mar. 2011: 38,014 millions yen, Sep. 2010: 28,092 million yen, Mar. 2010: 28,453 million yen

2) Coverage ratio and allowance ratio of Problem assets based on the Financial Reconstruction Act

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Problem assets based on the Financial Reconstruction Act		155,655			161,540			176,475			-5,885			-20,820
Coverage ratio		79.8	%		81.5	%		80.4	%		-1.6	%		-0.5	%
Allowance ratio		51.0	%		58.6	%		57.6	%		-7.5	%		-6.5	%
Loans in bankrupt and practically bankrupt		23,911			10,332			17,582			13,578			6,329
Coverage ratio		100.0	%		100.0	%		100.0	%		—	%		—	%
Allowance ratio		100.0	%		100.0	%		100.0	%		—	%		—	%
Doubtful loans		49,633			66,789			61,223			-17,156			-11,590
Coverage ratio		89.6	%		90.4	%		86.6	%		-0.8	%		2.9	%
Allowance ratio		75.5	%		82.5	%		77.7	%		-7.0	%		-2.1	%
Substandard loans		82,110			84,418			97,668			-2,308			-15,558
Coverage ratio		68.1	%		72.2	%		72.9	%		-4.1	%		-4.7	%
Allowance ratio		19.7	%		19.3	%		22.2	%		0.4	%		-2.4	%

(*1) Coverage ratio = (Collateral value without considering haircuts + allowance for loan losses) / loan balance

Allowance ratio = Allowance for loan losses / (Loan balance - collateral value without considering haircuts)

(*2) Other than above mentioned, there are Reserves for loan trust of 211 million yen and Reserves for JOMT (Jointly-operated money trust) of 277 million yen.

38

Sumitomo Mitsui Trust Holdings, Inc.

3) Problem assets based on the Financial Reconstruction Act by industry

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Sep. 2010
Domestic Branches (excluding offshore)		153,010		158,056		171,334		-5,046		-18,323
Manufacturing		20,632		7,351		6,609		13,281		14,022
Agriculture, forestry, fisheries, mining, quarrying of stone and gravel gathering		64		440		491		-375		-426
Construction		636		476		6,681		160		-6,045
Electricity, gas, heat supply and water		1,170		—		—		1,170		1,170
Information and communications		13,249		14,454		20,462		-1,204		-7,212
Transport and postal activities		967		14,764		14,771		-13,796		-13,803
Wholesale and retail trade		1,616		1,647		1,909		-31		-292
Finance and insurance		58,838		58,838		58,838		—		—
Real estate		37,984		44,254		46,727		-6,270		-8,743
Goods rental and leasing		—		—		—		—		—
Others		17,851		15,829		14,842		2,021		3,008
Overseas branches and offshore		2,644		3,483		5,140		-839		-2,496
Total		155,655		161,540		176,475		-5,885		-20,820

Note: Above table is made based on the categorization of “Survey on loans by industry” of Bank of Japan.

13. Self-Assessment and Problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)

[STB Non-consolidated]

(in billions of Yen, %)

39

Sumitomo Mitsui Trust Holdings, Inc.

14. Risk monitored loans (Banking a/c and Principal guaranteed trust a/c combined)

[STB Consolidated]

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Risk monitored loans		178,317			193,507			214,422			-15,189			-36,104
Loans in bankruptcy proceedings		16,049			2,930			9,178			13,118			6,870
Other delinquent loans		76,871			102,196			103,936			-25,324			-27,064
Loans past due 3 months or more due		—			500			0			-500			-0
Restructured loans		85,396			87,879			101,306			-2,483			-15,910
Total loan balance		11,974,259			11,460,340			11,949,361			513,918			24,897
(Ratio to total loan balance)		(1.5	%)		(1.7	%)		(1.8	%)		(-0.2	%)		(-0.3	%)

Note: Partial direct written-off: Mar. 2011: 59,164 million yen, Sep. 2010: 49,584 million yen, Mar. 2010: 53,027 million yen

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Risk monitored loans		148,617			154,440			169,178			-5,822			-20,561
Loans in bankruptcy proceedings		14,510			1,498			7,693			13,012			6,817
Other delinquent loans		51,997			68,524			63,816			-16,527			-11,819
Loans past due 3 months or more due		—			500			—			-500			—
Restructured loans		82,110			83,918			97,668			-1,808			-15,558
Total loan balance		12,332,964			11,748,584			12,184,208			584,380			148,756
(Ratio to total loan balance)		(1.2	%)		(1.3	%)		(1.4	%)		(-0.1	%)		(-0.2	%)

Note: Partial direct written-off: Mar. 2011: 38,014 million yen, Sep. 2010: 28,092 million yen, Mar. 2010: 28,453 million yen

40

Sumitomo Mitsui Trust Holdings, Inc.

15. Allowance for loan losses

1) Allowance for loan losses

(Banking account)

[STB Consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Allowance for loan losses		112,773		115,950		125,598		-3,176		-12,824
General allowance for loan losses		71,584		62,168		70,823		9,416		761
Specific allowance for loan losses		41,188		53,781		54,775		-12,592		-13,586
Allowance for loan losses from borrowers in specified foreign countries		—		—		—		—		—
Partial direct written-off		63,787		54,869		58,649		8,917		5,137

Note: Provision of general allowance for loan losses of 12,576 million yen, which was reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake, is included in Allowance for loan losses as of Mar. 2011.

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Allowance for loan losses		85,559		93,861		104,843		-8,302		-19,284
General allowance for loan losses		54,000		51,731		59,128		2,268		-5,128
Specific allowance for loan losses		31,558		42,129		45,715		-10,571		-14,156
Allowance for loan losses from borrowers in specified foreign countries		—		—		—		—		—
Partial direct written-off		38,143		28,198		28,587		9,944		9,555

Note: Provision of general allowance for loan losses of 6,091 million yen, which was reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake, is included in Allowance for loan losses as of Mar. 2011.

(Trust account)

	Millions of Yen
	Mar. 2011		Sep. 2010		Mar. 2010		Change from Sep. 2010		Change from Mar. 2010
Reserves for loan trust		211		367		604		-156		-393
Reserves for JOMT (Jointly-operated money trust)		277		406		437		-128		-160
Total		488		773		1,042		-284		-554

Note: Principal guaranteed trust a/c

2) Allowance ratio for loans to special mention/ ordinary debtors (general allowance for loan losses)

[STB Non-consolidated]

(Banking account)

	Percentage points
	Mar. 2011			Sep. 2010			Mar. 2010			Change from Sep. 2010			Change from Mar. 2010
Loans to Special mention debtors		4.5			4.2			4.3			0.3			0.2
Loans to Substandard debtors		8.3			6.9			7.9			1.4			0.4
(Against uncovered portion)		(21.4	)		(21.4	)		(25.6	)		(0.0	)		(-4.2	)
Loans to other Special mention debtors (*2)		3.4			3.5			3.5			-0.1			-0.1
(Against uncovered portion)		(7.0	)		(6.4	)		(6.8	)		(0.6	)		(0.2	)
Loans to Ordinary debtors		0.2			0.2			0.2			0.0			0.0

(*1) Other than specified, above list indicate the ratio of general allowance for loan losses to total loan balance. General allowance for loan losses, which was reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake, is excluded.

(*2) Changed its category name from “Loans to special mention debtors (excluding Loans to Substandard debtors)

41

Sumitomo Mitsui Trust Holdings, Inc.

16. Final disposal of non-performing loans (Banking a/c and Principal guaranteed trust a/c combined)

1) Loans outstanding in doubtful or worse categories

[STB Non-consolidated]

Total

	Billions of Yen
	Mar. 2008		Sep. 2008		Mar. 2009		Sep. 2009		Mar. 2010		Sep. 2010		Mar. 2011		Change from Sep. 2010
Loans in bankrupt/ practically bankrupt		6.9		19.6		28.0		26.1		17.6		10.3		23.9		13.6
Doubtful loans		27.3		28.3		73.7		242.2		61.2		66.8		49.6		-17.2
Total		34.1		47.9		101.7		268.3		78.8		77.1		73.5		-3.6
Loans outstanding in doubtful or worse categories as of Mar. 2008 and disposal thereafter
Loans in bankrupt/ practically bankrupt		6.9		2.8		2.3		1.9		1.6		1.2		1.4		0.2
Doubtful loans		27.3		24.3		22.8		21.2		18.4		17.4		16.5		-0.9
Total		34.1		27.1		25.2		23.1		20.0		18.6		17.9		-0.7
New entry to doubtful or worse categories during 1HFY2008 and disposal thereafter
Loans in bankrupt/ practically bankrupt				16.8		13.9		13.1		7.1		6.4		6.4		0.0
Doubtful loans				4.0		2.4		1.6		1.1		0.6		0.5		-0.1
Total				20.8		16.2		14.7		8.2		7.0		7.0		0.0
New entry to doubtful or worse categories during 2HFY2008 and disposal thereafter
Loans in bankrupt/ practically bankrupt						11.8		9.0		6.9		0.9		0.2		-0.7
Doubtful loans						48.6		16.5		4.5		1.4		0.9		-0.5
Total						60.3		25.5		11.4		2.3		1.1		-1.1
New entry to doubtful or worse categories during 1HFY2009 and disposal thereafter
Loans in bankrupt/ practically bankrupt								2.2		1.1		0.8		0.3		-0.4
Doubtful loans								202.9		28.5		28.3		13.7		-14.6
Total								205.1		29.7		29.1		14.1		-15.0
New entry to doubtful or worse categories during 2HFY2009 and disposal thereafter
Loans in bankrupt/ practically bankrupt										0.8		0.5		0.4		-0.1
Doubtful loans										8.7		7.3		6.9		-0.3
Total										9.5		7.8		7.3		-0.4
New entry to doubtful or worse categories during 1HFY2010 and disposal thereafter
Loans in bankrupt/ practically bankrupt												0.6		0.5		-0.1
Doubtful loans												11.9		4.9		-7.0
Total												12.4		5.3		-7.1
New entry to doubtful or worse categories during 2HFY2010 and disposal thereafter
Loans in bankrupt/ practically bankrupt														14.6		14.6
Doubtful loans														6.2		6.2
Total														20.8		20.8

2) Progress of final disposal

[STB Non-consolidated]

										(Billions of Yen)
Period	Primary amount		Amount as of Mar. 2011		Quasi final disposal or in the process of final disposal (Less)		Amount of final disposal during 2HFY2010 (Less)		Ratio of final disposal progression (%)		Adjusted ratio of final disposal progression (%) (*)
Before 2HFY2007		1,225.6		17.9		0.0		0.7		98.5		98.5
1HFY2008		20.8		7.0		6.3		0.0		66.6		96.7
2HFY2008		60.3		1.1		0.0		1.1		98.1		98.1
1HFY2009		205.1		14.1		0.0		15.0		93.1		93.2
2HFY2009		9.5		7.3		0.1		0.4		23.0		23.9
1HFY2010		12.4		5.3		0.1		7.1		57.0		57.5
2HFY2010		20.8		20.8		0.1		—		—		0.3
Total		—		73.5		6.6		24.4		—		—

(*) Ratio of final disposal progression considering quasi final disposal

42

Sumitomo Mitsui Trust Holdings, Inc.

17. Retirement benefits

[STB Consolidated]

		Millions of Yen
		Mar. 2011			Mar. 2010			Change
Projected benefit obligation	(A)		197,806			234,388			-36,581
(Discount rate)			(2.0	%)		(2.0	%)		(-	%)
Plan assets	(B)		243,999			264,099			-20,100
Provision for retirement benefits	(C)		8,691			8,927			-236
Advanced benefit paid	(D)		127,739			110,635			17,104
Unrecognized net prior service cost	(E)		325			670			-344
Unrecognized net actuarial loss	(A-B-C+D-E)		72,530			71,325			1,205

	Millions of Yen
	FY2010		FY2009		Change
Retirement benefit expenses		-7,646		-14,322		6,676
Gains on returning substitute portion related to employee services of employees’ pension fund		18,322		—		18,322
Total		10,676		-14,322		24,999

[STB Non-consolidated]

		Millions of Yen
		Mar. 2011			Mar. 2010			Change
Projected benefit obligation	(A)		180,055			216,958			-36,902
(Discount rate)			(2.0	%)		(2.0	%)		(-	%)
Plan assets	(B)		235,724			256,382			-20,657
Provision for retirement benefits	(C)		223			223			-0
Advanced benefit paid	(D)		127,623			110,530			17,093
Unrecognized net prior service cost	(E)		414			808			-393
Unrecognized net actuarial loss	(A-B-C+D-E)		71,317			70,074			1,243

	Millions of Yen
	FY2010		FY2009		Change
Retirement benefit expenses		-5,836		-12,995		7,158
Service cost-benefits earned		-4,091		-5,254		1,163
Interest cost on projected benefit obligation		-4,201		-4,400		199
Expected return on plan assets		15,148		13,179		1,969
Disposal of prior service cost		-52		-393		341
Disposal of actuarial loss		-12,170		-15,852		3,681
Others (additional benefit at retirement, etc)		-470		-273		-196
Gains on returning substitute portion related to employee services of employees’ pension fund		18,322		—		18,322
Total		12,485		-12,995		25,480

43

Sumitomo Mitsui Trust Holdings, Inc.

18. Deferred tax assets

1) Major factors for deferred tax assets and deferred tax liabilities

[STB Consolidated]

	Billions of Yen
	Mar. 2011			Mar. 2010			Change
Deferred tax assets (A)		100.1			79.1			21.0
Devaluation of securities		64.9			34.5			30.3
Allowance for loan losses (including written-off of loans)		43.3			56.7			-13.4
Provision for retirement benefits		17.8			22.5			-4.7
Loss carry forwards		3.8			10.9			-7.1
Valuation difference on available-for-sale securities		—			—			—
Others		31.9			21.0			10.8
Valuation allowance		-10.7			-23.2			12.5
Offset with deferred tax liabilities		-50.8			-43.4			-7.3
Deferred tax liabilities (B)		0.0			0.0			-0.0
Employee retirement benefit trust		32.6			23.9			8.6
Defined hedge gains/ losses		6.6			6.3			0.2
Valuation difference on available-for-sale securities		3.4			5.8			-2.4
Others		8.1			7.2			0.8
Offset with deferred tax assets		-50.8			-43.4			-7.3
Net deferred tax assets (A) - (B)		100.1			79.0			21.0
Percentage to Tier I		7.5	%		6.2	%		1.3	%
Tier I		1,333.9			1,266.3			67.5

[STB Non-consolidated]

	Billions of Yen
	Mar. 2011			Mar. 2010			Change
Deferred tax assets (A)		82.8			59.5			23.3
Devaluation of securities		68.5			38.0			30.5
Allowance for loan losses (including written-off of loans)		35.8			38.3			-2.4
Allowance for investment loss		0.4			26.7			-26.3
Provision for retirement benefits		14.3			18.7			-4.4
Valuation difference on available-for-sale securities		—			—			—
Others		16.9			11.5			5.4
Valuation allowance		-6.4			-33.3			26.9
Offset with deferred tax liabilities		-46.9			-40.5			-6.3
Deferred tax liabilities (B)		—			—			—
Employee retirement benefit trust		32.6			23.9			8.6
Defined hedge gains/ losses		7.1			7.0			0.1
Valuation difference on available-for-sale securities		3.3			5.6			-2.3
Others		3.7			3.8			-0.0
Offset with deferred tax assets		-46.9			-40.5			-6.3
Net deferred tax assets (A) - (B)		82.8			59.5			23.3
Percentage to Tier I		6.0	%		4.5	%		1.5	%
Tier I		1,383.6			1,329.8			53.7

2) Adequacy for calculating and posting net deferred tax assets

[STB Non-consolidated]

STB falls under the company of which performances of past fiscal years are stable. Thus, the item 2 of the practical guideline, “ Treatment for audit of recoverability of deferred tax assets”(*) is applicable. And net deferred tax assets are posted based on the tax planning with limits of not more than the total future taxable income.

(*) Classification of companies in the practical guideline, the Japanese Institute of Certified Public Accountants (“JICPA”) Industry Auditing Committee Report No. 66 Treatment for audit of recoverability of deferred tax assets (November 9, 2001)

Item 2: Companies which show stable business performance but do not report taxable income enough for covering temporary differences that will result in deductible amounts in the future years.

	Billions of Yen
	FY2010		FY2009		FY2008		FY2007		FY2006
Taxable income before deduction of loss carry forwards (*)		46.0		-3.0		86.8		144.6		199.2
Net business profit before credit costs		129.7		175.4		201.0		173.8		175.9

(*) Figure for FY2010 is estimated.

44

Sumitomo Mitsui Trust Holdings, Inc.

<Reference> Other reference financial figures

1) Statement of trust account

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Loans and bills discounted		333,232		398,476		-65,243
Securities		632,625		554,630		77,994
Beneficiary rights		65,237,739		61,043,709		4,194,029
Securities held in custody accounts		304,471		372,763		-68,292
Money claims		8,828,321		10,226,782		-1,398,461
Tangible fixed assets		4,389,286		4,418,089		-28,803
Intangible fixed assets		37,258		37,721		-462
Other claims		1,719,324		1,598,623		120,700
Call loans		42,300		30,900		11,400
Loans to banking account		431,710		430,969		740
Cash and due from banks		224,182		195,020		29,162
Total assets		82,180,452		79,307,687		2,872,764
Money trusts		12,950,352		12,284,982		665,369
Pension trusts		6,259,408		5,435,133		824,275
Property formation benefit trusts		8,789		8,521		267
Loan trusts		19,991		74,774		-54,783
Securities investment trusts		25,281,927		23,576,929		1,704,998
Money entrusted, other than money trusts		2,213,913		2,406,475		-192,561
Securities trusts		17,165,115		16,414,987		750,128
Money claim trusts		8,852,959		10,116,344		-1,263,385
Land and fixtures trusts		41,919		43,940		-2,021
Composite trusts		9,386,073		8,945,597		440,475
Other trusts		0		0		—
Total liabilities		82,180,452		79,307,687		2,872,764

Note: The amount of retrusted assets to Japan Trustee Services Bank, Ltd. as a securities processing is included in Money held in trust: Mar. 2011: 65,200,911 million yen, Mar. 2010: 61,007,191 million yen

2) Breakdown of principal guaranteed trust a/c

[STB Non-consolidated]

		Millions of Yen
		Mar. 2011		Mar. 2010		Change
Money trusts	Loans and bills discounted		179,271		262,731		-83,459
	Securities		48		48		-0
	Others		380,527		322,386		58,140
	Total assets		559,847		585,166		-25,319
	Principal		558,721		584,105		-25,384
	Reserves for JOMT (Jointly-operated money trust)		277		437		-160
	Others		849		623		225
	Total liabilities		559,847		585,166		-25,319
Loan trusts	Loans and bills discounted		—		—		—
	Securities		—		—		—
	Others		19,991		74,780		-54,788
	Total assets		19,991		74,780		-54,788
	Principal		19,603		73,486		-53,882
	Reserves for loan trust		211		604		-393
	Others		176		689		-512
	Total liabilities		19,991		74,780		-54,788

45

Sumitomo Mitsui Trust Holdings, Inc.

3) Major account balances

[STB Non-consolidated]

	Millions of Yen
	Mar. 2011		Mar. 2010		Change
Total Employable Funds		33,799,569		32,391,747		1,407,821
Deposits		12,303,417		12,216,451		86,965
Negotiable certificates of deposit		2,257,610		2,371,884		-114,274
Money trust		12,950,352		12,284,982		665,369
Pension trust		6,259,408		5,435,133		824,275
Property formation benefit trusts		8,789		8,521		267
Loan trust		19,991		74,774		-54,783
Loans and bills discounted		12,486,925		12,319,953		166,972
Banking account		12,153,693		11,921,476		232,216
Trust account		333,232		398,476		-65,243
Securities		5,582,627		5,028,997		553,630
Banking account		4,950,002		4,474,366		475,635
Trust account		632,625		554,630		77,994

46

Sumitomo Mitsui Trust Holdings, Inc.

III. Outline of the financial results (CMTH, STB combined)

1. Outline of the financial performance

[CMTH Consolidated + STB Consolidated]

		Millions of Yen
		FY2010			FY2009			Change
Consolidated gross profit	1		622,295			644,401			-22,105
Consolidated gross profit (after written-off of principal guaranteed trust a/c) (1 + 17)	2		(622,295	)		(642,133	)		(-19,837	)
Net interest income and related profit	3		264,701			315,510			-50,809
Net interest income	4		252,828			295,587			-42,758
Trust fees from principal guaranteed trust a/c (before written-off of principal guaranteed trust a/c)	5		11,872			19,923			-8,051
Net fees and commissions and related profit	6		260,574			237,415			23,158
Net fees and commissions	7		174,819			151,134			23,685
Other trust fees	8		85,754			86,281			-526
Net trading profit	9		14,988			18,265			-3,276
Net other operating profit	10		82,031			73,209			8,821
General and administrative expenses	11		-342,604			-336,157			-6,446
(excluding amortization of goodwill)	12		(-331,817	)		(-323,303	)		(-8,513	)
Personnel expenses	13		-154,256			-153,648			-607
Non-personnel expenses excluding taxes	14		-175,606			-169,959			-5,647
Taxes other than income taxes	15		-12,741			-12,548			-192
Provision of general allowance for loan losses	16		-1,064			2,546			-3,611
Principal guaranteed trust a/c credit costs	17		—			-2,268			2,268
Banking a/c credit costs	18		-32,320			-23,223			-9,096
Written-off of loans	19		-19,777			-16,671			-3,105
Provision of specific allowance for loan losses	20		-11,812			-2,877			-8,935
Provision of allowance for loan losses from borrowers in specified foreign countries	21		—			-30			30
Losses on sales of loans	22		-729			-3,644			2,914
Net gains on sales of stocks and other securities	23		-3,125			4,858			-7,984
Losses on devaluation of stocks and other securities	24		-13,634			-20,981			7,347
Net income from affiliates by equity method	25		3,208			501			2,707
Others	26		-60,918			-59,096			-1,822
Ordinary profit	27		185,470			231,562			-46,092
Extraordinary profit	28		7,288			-13,606			20,894
Reversal of allowance for loan losses	29		764			7,330			-6,565
Recoveries of written-off claims	30		8,315			3,502			4,812
Income before income tax	31		192,758			217,956			-25,197
Total income taxes	32		-42,012			-96,699			54,687
Income taxes-current	33		-36,248			-24,266			-11,982
Income taxes-deferred	34		-5,763			-72,433			66,669
Minority interest	35		-19,959			-21,249			1,289
Net income	36		130,786			100,007			30,779
Total credit costs (16 + 17 + 18 + 29 + 30)	37		-24,305			-12,112			-12,192
Consolidated net business profit before credit costs (*)	38		290,677			316,375			-25,698

(*) Consolidated net business profit before credit costs = Non-consolidated net business profit before credit costs + Subsidiary companies’ ordinary profits (non-recurring effect adjusted) + Affiliates’ ordinary profits (non-recurring effect adjusted) x Ratio of equity holdings - Intra-group transaction (dividends, etc.)

47

Sumitomo Mitsui Trust Holdings, Inc.

[CMTB Non-consolidated + CMAB Non-consolidated + STB Non-consolidated]

		Millions of Yen
		FY2010			FY2009			Change
Gross profit	1		475,511			531,573			-56,061
Gross profit (after written-off of principal guaranteed trust a/c) (1 + 23)	2		(475,511	)		(529,305	)		(-53,793	)
Net interest income and related profit	3		247,299			311,198			-63,898
Net interest income	4		235,427			291,275			-55,847
Domestic	5		195,329			220,520			-25,191
International	6		40,097			70,754			-30,656
Trust fees from principal guaranteed trust a/c (before written-off of principal guaranteed trust a/c)	7		11,872			19,923			-8,051
Net fees and commissions and related profit	8		170,627			166,727			3,900
Net fees and commissions	9		84,813			80,342			4,471
Other trust fees	10		85,813			86,384			-571
Net trading income	11		15,292			18,265			-2,973
Net other operating income	12		42,292			35,382			6,910
Net gains on foreign exchange transactions	13		4,024			-2,608			6,632
Net gains on bonds	14		37,968			37,989			-21
Net gains from derivatives other than for trading or hedging	15		-5,920			-4,202			-1,717
General and administrative expenses	16		-242,177			-247,129			4,952
Personnel expenses	17		-99,078			-104,647			5,569
Non-personnel expenses	18		-131,856			-131,365			-490
Taxes other than income taxes	19		-11,243			-11,116			-126
Net business profit before credit costs (1 + 16)	20		233,334			284,443			-51,109
(Excluding Net gains on bonds) (20 - 14)	21		(195,366	)		(246,453	)		(-51,087	)
Provision of general allowance for loan losses	22		—			—			—
Principal guaranteed trust a/c credit costs	23		—			-2,268			2,268
Net business profit	24		233,334			282,175			-48,841
Net non-recurring profit	25		-83,909			-69,588			-14,321
Banking a/c net credit costs	26		-17,616			-13,919			-3,696
Written-off of loans	27		-16,889			-10,281			-6,607
Provision of specific allowance for loan losses	28		—			—			—
Provision of allowance for loan losses for specific countries	29		—			-30			30
Losses on sales of loans	30		-726			-3,637			2,911
Net gains on sales of stocks and other securities	31		-7,353			4,872			-12,225
Others	32		-58,940			-60,542			1,601
Ordinary profit	33		149,424			212,586			-63,162
Extraordinary profit	34		773			-47,123			47,897
Reversal of allowance for loan losses	35		2,983			15,689			-12,705
Recoveries of written-off claims	36		7,204			2,797			4,407
Income before income taxes	37		150,197			165,462			-15,264
Total income taxes	38		-27,174			-86,120			58,946
Income taxes-current	39		-23,829			-11,553			-12,276
Income taxes-deferred	40		-3,345			-74,567			71,222
Net income	41		123,023			79,342			43,681
Total credit costs (22 + 23 + 26 + 35 + 36)	42		-7,428			2,298			-9,726
General and administrative expense ratio (OHR) (-16 / 1)	43		50.93	%		46.49	%		4.44	%

48

Cautionary Statement Regarding Forward-Looking Statements

This material contains forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995) regarding our intent, belief or current expectations in respect to our future financial conditions, operating results and overall management. These forward-looking statements may be identified by words such as “believes”, “expects”, “anticipates”, “projects”, “intends”, “should”, “seeks”, “estimates”, “future”, or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Such forward-looking statements are not guarantees of future performance and actual results may differ, owing to risks and uncertainties, including without limitation: (1) potential difficulties in integrating the management and business operations of our subsidiaries; (2) our ability to successfully execute our group business strategies; and (3) unanticipated events that result in an increase in our credit costs and a deterioration in the quality of our group companies’ loan portfolios. Given such risks and uncertainties, you should not place undue reliance on forward-looking statements, which speak only as of the release date of this material. We undertake no obligation to update or revise any forward-looking statements. In addition to this material, please refer to our most recently disclosed documents, such as our Form F-4 registration statement filed with the U.S. Securities and Exchange Commission, or press releases we have issued, for a more detailed description of matters that may affect our financial condition and operating results.

49