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INTERIM REPORT for the Six Months Ended September 30, 2012

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INTERIM REPORT for the Six Months Ended September 30, 2012 2012INTERIM REPORT For the Six Months ended September 30, 2012 The Norinchukin Bank For a better quality of life and food The Norinchukin Bank hopes that all people will be able to enjoy the benefits of nature’s abundant offerings as well as the advantages of a comfortable life. Our mission is to fully support Japan’s agricultural, forestry and fisheries industries as the central bank for Japan’s agricultural, forestry and fishery cooperative system. Through this support, the Bank aims to contribute to a better quality of life for the people of Japan. Developing agricultural leaders, who will be the backbone of the Japanese agricultural industry of tomorrow; reforesting lands to protect and preserve the natural environment and its resources; and working to secure stable profits through global investments as one of Japan’s leading institutional investors, are some of the major initiatives we undertake in fulfilling our mission. The Norinchukin Bank is committed to continuing these initiatives to ensure prosperity for Japan’s next generation. Individual Farmers Fishermen Foresters members Municipal Japan Agricultural Japan Fishery Japan Forestry organizations Cooperatives (JA) Cooperatives (JF) Cooperatives (JForest) Prefectural Prefectural Banking Federations of Prefectural Banking Federations of Prefectural Federations of organizations Agricultural Cooperatives (JA Shinnoren) Fishery Cooperatives (JF Shingyoren) Forestry Cooperatives (JForest Moriren) The Norinchukin Bank (The Bank) Corporate Outline Name ■ The Norinchukin Bank Legal basis ■ The Norinchukin Bank Law (Law No. 93 of 2001) Date of establishment ■ December 20, 1923 Chairman of the Supervisory Committee ■ Akira Banzai President and Chief Executive Officer ■ Yoshio Kono Paid-in capital ■ ¥3,425.9 billion (US$ 44.1 billion) (As of September 30, 2012) *All capital is from private parties (members and investors in preferred securities). Total assets (On a consolidated basis) ■ ¥74,065.4 billion (US$ 955.0 billion) (As of September 30, 2012) Contents 02 Message from the Management 04 Financial Results for the First Half of Fiscal 2012 06 Bank Initiatives Implementation Status of the Reconstruction Support Program ............................................... 6 Expansion of Role as the Central Organization for Cooperatives .............................................. 8 Working Toward Stable Financial Management and Constant Upgrading of Risk Management Methods .............................................................. 11 13 Financial Statements, Capital Adequacy and Corporate Information Financial Statements ................................................................................................................ 13 Capital Adequacy ..................................................................................................................... 45 Corporate Information .............................................................................................................. 92 Forward-Looking Statements This report contains information about the financial condition and performance of the Bank as of September 30, 2012, as well as forward-looking statements pertaining to the businesses and prospects of the Bank. The forward-looking statements are based on our current expectations and are subject to the risks and uncertainties that may affect our businesses, which could cause actual results to differ materially from those currently anticipated. Capital adequacy ratio (On a consolidated basis) Ratings ■ 27.09% (As of September 30, 2012) Rating agency Long-term debt Short-term debt (Basel II standard) Members ■ Japan Agricultural Cooperatives (JA), Standard & Poor’s A+ A-1 Japan Fishery Cooperatives (JF), Moody’s Investors Service A1 P-1 Japan Forestry Cooperatives (JForest), (As of September 30, 2012) and related federations, as well as other agricultural, forestry, and fishery cooperative organizations that have invested in the Bank (Number of shareholders: 3,850) (As of September 30, 2012) Number of employees ■ 3,289 (As of September 30, 2012) Business locations (In Japan) ■ Head office: 1 ■ Branch: 18 ■ Branch annex: 5 ■ Office: 17 In this report, Japan Agricultural Cooperatives are referred ■ (Overseas) Branch: 3 to as JA, Japan Fishery Cooperatives as JF, and Japan ■ Representative office: 2 Forestry Cooperatives as JForest. (As of September 30, 2012) 1 [INTERIM REPORT 2012 The Norinchukin Bank] Message from the Management Report on the interim account settle- ment for the first half of fiscal 2012 Akira Banzai Yoshio Kono Chairman President and Chief Executive Officer The Supervisory Committee 2 [INTERIM REPORT 2012 The Norinchukin Bank] Message from the Management In fiscal 2012, under its Medium-Term Management Support Program (duration: about four years; financial Plan, which covers a two-year period beginning from support: ¥30 billion) established in fiscal 2011, the Bank fiscal 2011, The Norinchukin Bank (“the Bank”) made carried out initiatives with director and employee par- reconstruction from the Great East Japan Earthquake its ticipation to provide financial support to disaster-affected highest priority. At the same time, the Bank adhered to its agricultural, forestry and fisheries workers, to help disaster- primary mission, which is to expand its role as the central stricken people to restore their lives, and to strengthen organization for cooperatives as well as financial institu- disaster-affected members’ business bases. With respect tion for farmers, fishermen, and foresters. to its role as the central organization for cooperatives as During the first half of fiscal 2012, amid a growing well as financial institution for farmers, fishermen, and global economic slowdown, interest rates fell due to foresters, the Bank has made steady progress in each field additional monetary easing policies in leading industrial by strengthening financial services to agricultural, for- nations, and the appreciation of the yen continued. Under estry and fisheries workers and promoting agricultural, these economic and financial conditions, based on our commercial, and industrial cooperation. globally diversified investment portfolio, we took steps to JA Bank, JF Marine Bank, JForest Group, and The properly manage risk and our investment portfolio while Norinchukin Bank will continue to perform their roles maintaining a prudent investment approach. As a result, and functions with the goal of becoming financial institu- in the first half of fiscal 2012, the Bank recorded ordinary tions and organizations that win the confidence of their profit of ¥143.9 billion and maintained a high capital customers, and contribute to the advancement of agri- adequacy ratio of 27.09% (a Tier I ratio of 19.88%), both cultural, forestry and fisheries industries and their rural on a consolidated basis. communities. Finally, we would like to ask our readers To deal with reconstruction in the aftermath of the for their continued support for JA Bank, JF Marine Bank, Great East Japan Earthquake, under the Reconstruction JForest Group and The Norinchukin Bank itself. January 2013 Akira Banzai Yoshio Kono Chairman President and Chief Executive Officer The Supervisory Committee 3 [INTERIM REPORT 2012 The Norinchukin Bank] Financial Results for the First Half of Fiscal 2012 Financial Results for the First Half of Fiscal 2012 B Income B Balance of Assets and Liabilities Amid concerns over the debt crisis in Europe and an On a consolidated basis, Total Assets at the end of emerging cautious approach to overseas economies the first half of fiscal 2012 was ¥74,065.4 billion, up such as China, the business environment during the first ¥1,802.5 billion from the previous fiscal year-end. Total half of fiscal 2012 was marked by further monetary eas- Net Assets came to ¥5,036.3 billion, up ¥197.3 billion ing in Japan, the United States, and Europe, declining from the previous fiscal year-end. long-term interest rates mainly in the United States, On a non-consolidated basis, Total Assets was and the ongoing appreciation of the yen against foreign ¥73,493.7 billion, up ¥1,774.5 billion from the previ- currencies. ous fiscal year-end. On the assets side, Loans and Bills Despite the harsh earnings environment, on a Discounted was ¥16,237.8 billion, and Securities was consolidated basis, Ordinary Profits* came to ¥143.9 ¥44,813.2 billion. On the liabilities side, Deposits billion, down ¥14.3 billion on a year-over-year basis, amounted to ¥43,372.6 billion, and Debentures was and Net Income was ¥131.0 billion, up ¥7.0 billion on ¥4,858.3 billion. a year-over-year basis. On a non-consolidated basis, Ordinary Profits came to ¥139.4 billion, down ¥21.5 B Capital Adequacy Ratio billion on a year-over-year basis, and Net Income was The Bank’s Capital Adequacy Ratio (Basel II standard) ¥126.8 billion, up ¥2.5 billion on a year-over-year was 27.09% on a consolidated basis and 27.36% on a basis. non-consolidated basis, respectively, as of September * Ordinary Profits represent Ordinary Income less Ordinary Expenses. 30, 2012. Ordinary Income represents Total Income less certain special income, and Ordinary Expenses represent Total Expenses less certain special expenses. Key Management Indicators <Consolidated> (Billions of Yen/Millions of U.S. Dollars (Note 1)) First Half of First Half of First Half of First Half of Fiscal 2010 Fiscal 2011 Fiscal 2010 Fiscal 2011 Fiscal 2012 Fiscal 2012 Total Income ¥ 591.2 ¥ 1,111.4 ¥ 620.4 ¥ 952.6 ¥ 557.2 $ 7,186 Total Expenses 474.3 986.7 459.7 878.4 412.2 5,316
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