The Chiba Bank, Ltd.
Financial Result Briefing for the First Half of FY2023 ending March 2024
November 21, 2023

Event Summary[Company Name]

The Chiba Bank, Ltd.

[Event Name]

Financial Result Briefing for the First Half of FY2023 ending March 2024

[Date]

November 21, 2023

[Time]

10:00 – 11:17(Total: 77 minutes, Presentation: 35 minutes, Q&A: 42 minutes)[Venue]Hybrid[Number of Speakers]

4
Tsutomu Yonemoto
Mutsumi Awaji

Akira Eshita
Taro Kanzawa

President, Group Chief Executive Officer
Director and Senior Executive Officer, Group
Chief Strategy Officer, Group Chief Digital
Transformation Officer
Executive Officer, Group Deputy Chief
Strategy Officer
General Manager of Corporate Planning
Division

Yonemoto: Good morning, ladies and gentlemen. My name is Yonemoto, and I am the president and CEO.
Before I begin, I would like to apologize to all of you. As most of you may already be aware, on June 23rd ofthis year, our bank and Chibagin Securities Co., Ltd. received a Business Improvement Orders from the Kanto
Local Finance Bureau. The Group takes this matter very seriously and is doing its utmost to make
improvements and prevent a recurrence to regain our customers’ trust. We apologize again for any concerns
or inconvenience this may have caused. I will explain our future policy, among other things, later on.

I will now explain the situation in accordance with the materials. Please refer to page 3.
First, I would like to give you an overview of our business performance. While net interest income decreasedby JPY2.1 billion YoY, net fees and commissions were strong, reaching a record high for H1 of a fiscal year, andgains/losses related to bonds increased by JPY6.5 billion due to the absence of the impact of the loss on
foreign bonds implemented in the previous fiscal year. As a result, gross business profits increased by JPY4.3
billion to JPY86.9 billion, record high for the first time in two years.
General and administrative expenses increased by JPY1.1 billion but progressed as planned due to increased
expenses associated with strategic investments to achieve the medium-term management plan. Creditrelated expenses remained low at a reversal of JPY700 million as a result of active efforts to support the corebusiness and solution proposal activities.
As a result of the above, non-consolidated net income for H1 was JPY36.4 billion, an increase of JPY0.3 billion
YoY, reaching a record high for the third consecutive year. Although consolidated interim net income
decreased by JPY0.4 billion due to the narrowing of the gap between consolidated and non-consolidated net
income, we are making steady progress toward our full-year plan, with a progress rate of 57%.

1

Please see page 4.
The right side shows the financial results of the subsidiaries. Chibagin Securities posted a small loss as it
focuses on customer follow-up activities.
Chibagin Guarantee posted a JPY400 million decrease in net income for H1 YoY due to the absence of thereversal of credit-related expenses that existed in the previous year. As a result, the difference between
consolidated and non-consolidated net income decreased by JPY700 million.

2

Please see page 5.
Overall net interest income decreased by JPY2.1 billion. In the domestic division, interest on loans anddeposits was strong, increasing JPY1.8 billion YoY, and as shown in the graph on the bottom right, the negative
impact from the yield factor was eliminated, and the increase from the volume factor directly contributed to
net interest income.
On the other hand, the overseas division posted a JPY4.0 billion decrease due to the absence of investment
trust cancellation gains, which were made to supplement foreign bond losses in the previous year, a decreasein foreign currency fund income, and rising overseas interest rates.

3

Please see page 6.
As shown below in the upper left graph, the yield on loans in the domestic sector remained flat, excludingloans to the Ministry of Finance, and we believe that the yield has bottomed out.
In addition, as shown in the two graphs on the right, the amount of loans to general businesses at the top andthe amount of mortgage loans executed as shown at the bottom, are strong.
Q2 executions for general business exceeded the period when demand increased due to the COVID-19
disaster, and mortgage loan executions reached a record high for H1 of a fiscal year, contributing to theincrease in loan volume.

4

Please see page 7.
Loans and bills discounted increased JPY580 billion, or 4.9%, YoY to JPY12.5 trillion. In addition to a steadyincrease in loans to businesses, both small and large, housing loans and other consumer loans also maintained
growth.
As shown on the top right-hand graph, by region, there was strong growth outside of the prefecture, while
demand for funds within the prefecture was also strong.
Deposits, shown in the bottom right-hand graph, also increased steadily for both individual and corporate
customers, increasing by JPY400 billion, or 2.6%, to JPY15.4 trillion.

5

Please skip 1 page and see page 9.
The overall balance of securities increased 1.3% from the end of March, as the balance of foreign bonds
increased due to the depreciation of the Japanese yen, while the balance of yen-denominated bonds
decreased. Amid significant fluctuations in domestic and overseas interest rates, we are working to control
the interest rate risk by utilizing hedges such as interest rate swaps, etc. As shown in the lower right graph,the overall unrealized gains after accounting for hedges amounted to JPY147.5 billion, an increase of JPY31.7
billion from the end of March, including gains on stocks.

6Please see page 10.
I will explain the impact of rising interest rates on foreign currencies. In H1, we cut losses mainly on lowyielding US dollar-denominated bonds due to the high level of overseas interest rates while replacing themwith higher-yielding bonds to improve the portfolio, resulting in an overall foreign bond margin of about 0%.
In H2 of the fiscal year, we will continue replacement operations to increase yields and improve future netinterest income.

7

Continuing on, I would like to explain the impact of rising Japanese yen interest rates. Please refer to page 11.
Regarding investments in yen bonds, we will aim to increase net interest income by capturing rising interest
rates while appropriately controlling interest rate risk and valuation gains/losses.
In H1 of the fiscal year, we invested in long-term government bonds with asset swaps. As a result, the impactof a 10 basis point rise in interest rates on valuation gains/losses was JPY3.8 billion, the same level as at theend of March, while controlling the yield from the low 0.2% range to the mid 0.2% range. We intend tocontinue to invest cautiously, keeping a close eye on interest rate trends.

8

Please see page 12.
The following is an explanation of the impact of rising interest rates on interest on loans and deposits. In
October, interest rates rose in response to the Bank of Japan’s monetary policy change. Assuming that themarket interest rate of 0.95% for the 10-year government bond at the end of October remains unchanged, as
shown in the upper left corner, we expect an additional JPY300 million impact on the current term results andan additional JPY2.8 billion impact on the final year of the medium-term management plan, ending March 31,
2026.
The lower half of the slide shows the estimated impact of future interest rate hikes on interest on loans anddeposits. Although monetary policy is the exclusive responsibility of the Bank of Japan, if negative interest
rates are lifted, we expect a JPY2.3 billion improvement in net interest income through an increase in marketlinked lending rates.
In addition, for every 10 basis points increase in long-term interest rates, we expect a JPY 800 million
improvement in net interest income on fixed-rate loans.
On the other hand, on the funding side, we expect a maximum impact of JPY100 million from the increase ininterest rates on time deposits for a portion of the term.

9Next, I will explain the status of the fee and commission. Please see page 13.
Net fees and commissions amounted to JPY14.9 billion, marking a record high for H1 of a fiscal year for the
fourth consecutive year. Income related to assets under custody remained flat YoY. Corporate solutionsrelated income increased JPY 300 million to a record high of JPY7.5 billion, driving the overall increase inincome. At the same time, trusts, inheritances and cashless services also maintained their strong performancewith new record highs.

10Please see page 14.
Expenses increased by JPY1.1 billion due to higher personnel expenses from wage hikes and higher property
expenses from strategic investments. As a result, the OHR increased slightly but remained below 50%. Toward
the final year of the medium-term management plan, we expect the OHR to decrease to around 45% as theeffects of strategic investments, mainly in the top line, become apparent.
The progress and cost-effectiveness of measures are extensively discussed at the Cost Management
Committee meetings held regularly, and we will continue to manage costs appropriately to maintain the OHRlevel at a low level, which is one of the Bank’s strengths.

11Please see page 15.
Credit-related expenses returned JPY0.7 billion. The main factor was a JPY1.9 billion return of net provision
for general allowance for loan losses, mainly due to the normalization of claims that had been drawn down
preventively in the past.
New accruals remained low at JPY2.7 billion, and we believe the JPY10 billion projected for the fiscal year isconservative. In addition, the NPL ratio, which is one of the lowest among regional banks, declined 0.04% fromthe end of March to 0.89%, further increasing the soundness of the Bank’s financial position.

12

Please see page 16.
The scenario for the stress test, which is conducted on an ongoing basis, is periodically revised in light of thecurrent situation. In H2, we have factored in a new occurrence of JPY7.2 billion in our plan, but the amountunder stress in the stress scenario is only expected to be JPY5.9 billion.
As shown in the lower left-hand side, 75% of new occurrences in H1, and 90% excluding one large-lot client,
are from clients that were forecasted in the stress test, confirming the high accuracy of the stress scenario.
Also, as shown on the right, we have identified 2,200 customers who require financial support due to various
factors, such as COVID-19, high raw material prices, and the depreciation of the Japanese yen, as customers
for which we are considering solutions.
We recognize that these efforts have enhanced the soundness of our lending and led to a decrease in credit
costs and the ratio of non-performing loans.

13Please see page 17.
The bottom line of the performance plan for this fiscal year, JPY61 billion, remains unchanged, but we havemade some changes to the plan’s content in light of the current situation. While net interest income wasincreased from the initial plan, fees and commissions, mainly related to assets under custody, were decreased.
In H2 of the fiscal year, we incorporated about JPY4.0 billion in losses on foreign bonds to improve margins,
while we increased gains on sales of stocks by JPY3.7 billion.
In addition, we plan to book approximately JPY2.0 billion in losses on the sale of equity bear funds, etc., aspart of our efforts to improve the quality of our portfolio. We plan to offset the loss on this sale with gains
from other funds.
As I have explained, we continue to be conservative in our credit costs, and this plan is the minimum level wewill ensure for our bank. We will strive to achieve more than the plan.

14

I will now continue with an explanation of the progress of the business improvement plan. Please refer topage 19.
Once again, I would like to express my deepest apologies for the inconvenience and concern caused to you
regarding the recent series of administrative actions. In establishing the business improvement plan, we haveonce again returned to the purpose and vision that we enacted along with the current medium-term
management plan.
We have also established three pledges for preventing recurrence as our code of conduct when making
business decisions, and we will work together as a group to restore the trust of our stakeholders as we work
to ensure that these pledges take root and permeate our business operations.

15

Please see page 20.
This is an overview of our efforts to improve operations and prevent recurrence. Although I will only explainsome of the specific details of individual initiatives at this time, we will thoroughly instill and establish the
purpose and vision as the axis of action and judgment for all Group officers and employees and steadily
proceed with the improvement plan.

16

Please see page 21.
We have implemented and intend to implement several improvement measures to strengthen thegovernance necessary for the organization’s operation. In addition to changing the chairperson of the Boardof Directors to an outside director, we will review the organizational structure to strengthen the management
system, including the monitoring function, and enhance the Group management system.

17

Please see page 22.
The Bank has long been promoting One to One marketing, which is tailored to the life events of each individual
customer, and we believe that this business improvement plan will further accelerate the speed of our efforts
in this area.
Going forward, we will strengthen these sales activities to increase customer satisfaction and become thebank of choice for our customers.

18

Next, I will explain the status of our medium-term management plan.
Please refer to page 24. 6 months have passed since the start of the current medium-term management plan,and there is no change in the direction in which we will continue to pursue our goals. We will achieve thefinancial indicators we have set as targets by thoroughly implementing our purpose and vision, working froma higher perspective than ever before, and continuing to meet the needs of our customers.

19Please see page 25.
Changes in the business environment have created upside and downside factors in our efforts to achieve theconsolidated net income of JPY75 billion that we plan in our medium-term management plan.
On the upside, in addition to an increase in domestic net interest income in net interest income, we expect tocurb credit-related expenses and increase gains/losses on stock transactions, along with a decrease in pension
liabilities due to higher long-term interest rates.
On the downside, we expect progress in financial product sales, the difference between consolidated andnon-consolidated net income to be less than projected, and the possibility of a portfolio change in bondrelated gains/losses.

20Please refer to page 26.
We have organized our efforts to improve PBR as a logic tree. There are many issues to be addressed in order
to raise the P/B ratio to 1x, but I would like to start by explaining RORA improvement.

21

Please refer to page 27.
On the left is a graph plotting RORA and OHR by asset and division of the Bank as of the end of the previous
fiscal year, with the size of the circles representing gross business profit.
The Bank will promote the cross-use of financial products, cashless, etc., for further improvement in the retailsegment, such as mortgages and unsecured loans, which are shown in red. In addition, we aim to lower the
OHR further by utilizing apps.
With regard to cashless transactions, a portion of the business was transferred from Chiba Bank JCB Card in
October, and we expect to improve OHR by increasing operational efficiency. The corporate division, shownin blue, includes service revenues related to corporate solutions. Here, we will thoroughly conduct sales
activities with RORA in mind and steadily work to increase interest rates.
By implementing these measures, we will increase net income RORA for both the individual and corporate
divisions.

22

I will explain the measures taken by each department. Please see page 28.
This is an overview of the overall strategy for the individual division. In order to improve RORA and OHR, wewill accelerate the promotion of cross-use and inducement of individual customers to digital channels, which
we are currently promoting in the current medium-term management plan.
As shown in the pie chart on the top right, we plan to increase the number of digital customers to 1.8 million
by the final year of the medium-term management plan, and we are making steady progress. Also, our plan
to increase gross profit by JPY6 billion through the personalization strategy is also on track, with a current
increase of JPY1.1 billion, as shown in the graph on the bottom right.

23

Please see page 29. The shift to digital customers and the promotion of product use are incorporated into
specific examples in this chart.
Each sales representative is responsible for approximately 700 customers on average, including customers
with whom he/she can meet regularly and those with whom he/she is unable to meet. Of these, 200
customers are set as those whose needs are to be explored in depth through face-to-face meetings, and crossuse is to be promoted.
By raising the resolution of customers through data analysis, we will aim to propose the services they needahead of time.
At the same time, we will aim to increase the number of digital customers from the current 29%, or about 210
customers, by more than 125 customers and to 43% by the final year of the medium-term management plan,
aiming to revitalize transactions through applications and other means.
We believe that by proactively managing these interviewees and digital customers and providing tailoredproposals to each customer, our staff members will be able to improve gross profit per customer and increase
job satisfaction and employee engagement as a result.

24

Next, I will explain our corporate business strategy. Please see page 30.
While advancing our digital strategy through our corporate portal, we will also pursue a strategy thatleverages our branch network, which is one of the Bank’s strengths. We have insisted on maintaining acomprehensive branch network that can handle corporate transactions. Currently, the Bank’s share of thenumber of branches in Chiba Prefecture is 37%, but the share of comprehensive branches has increased tonearly 60%.
We will continue to enhance both digital and physical channels to increase the frequency of dialogue withmanagement, thereby shortening the distance between us and them and helping resolve various
management issues in our business activities as a management assistant.

25

Next, I will explain our capital policy. Please refer to page 31.
Regarding our capital strategy, we have a policy to fully implement the Basel III finalization and control the
CET1 ratio, excluding unrealized gains on securities in the range of 10.5% to 11.5%, and the ratio was 11.5%
at the end of September. The dividend payout ratio is expected to be 35.5%, and the Company aims to achievea long-term payout ratio of 40%.
In conjunction with the recent financial results, we have also decided to buy back JPY10 billion of our own
shares in order to enhance returns to shareholders. As a result, the shareholder return ratio is expected to bearound 51.7%.
We will continue to control the CET1 ratio in the target range and develop a solid strategy for the use of capital,
including inorganic investments.

26

From here, I will explain individual measures. Please refer to page 32. I will now explain the sales of financial
products in the retail segment.
In October, we eliminated the profit target for the retail division. After analyzing how we should be and what
we should do to be chosen by our customers, we have changed our evaluation system to one that emphasizes
FD and activity volume.
Specifically, FD is now evaluated in terms of customer satisfaction questionnaires and the degree of
improvement in the investment profit/loss ratio. In contrast, activity is evaluated in terms of the number of
appointments, interviews, and consulting proposals, as well as the increase in the balance and expansion of
the customer base.
In order to achieve these goals, we will introduce digital tools, which we call the four major measures, andutilize the Chiba Bank Academy, a learning tool designed to improve staff members’ knowledge.
Each of the four major measures introduced in H1 of the fiscal year has begun to produce the targeted results.
In addition, the effects of the elimination of revenue targets have already begun to emerge. The average
number of interviews per day since the beginning of October has increased significantly, although it has not
yet reached our expectations.
LC and MC are the people who have been in charge up to now, and their activities are gradually taking root,with the number of clients signed by the people in charge reaching 90% of the level of H1. Although thecurrent sales performance in October was slightly down YoY due to the prior implementation of these seeding
activities, we will continue to make proposals that meet customers’ needs and improve the closing rate andunit sales price.
We will further enhance this effect to both comply with FDs and increase sales revenue.

27

Please see page 33.
Financial product-related revenues are progressing in the direction the Bank is aiming for, with stock revenues
accounting for 57% of total revenues. We will continue to enhance customer satisfaction and aim to be a bankwhere customers entrust their assets over the long term.
In addition, as the aging population in the prefecture continues to grow steadily, our trust and inheritancebusiness is steadily growing. Long-term relationships with individual customers will eventually be passed on
to the next generation, and we will strengthen our activities to enhance the relationship of trust with ourcustomers so that they can entrust us with their assets until the very end.

28

Please see page 34. As I explained earlier, we are stepping up our efforts in mortgage loans, which are thegateway product for individual transactions and an important pipeline for promoting cross-use afterward, andthe amount of mortgage loans executed in H1 of the fiscal year was the highest ever.
At present, more than 90% of our mortgage customers have applied for credit cards, debit cards, andapplications, and we are aiming to expand transactions by further enhancing customer satisfaction throughthese services.

29

Please see page 35.
In the area of unsecured loans, both the balance of loans outstanding and the amount of executed loans areon an increasing trend as economic activities normalize. In addition, the use of the Chibagin App and One
Loan, which were launched in March and allow transactions to be completed only through the app, has been
growing, and we feel that the convenience of the app is widely spreading among our customers.

30

Please refer to page 36.
In cashless transactions, we will continue strengthening the expansion of member stores and cardholders,which is the foundation for improving transaction volume. In the merchant store business, we are expandingtransactions with local governments and are also stepping up promotion to large customers, such as retailchains with nationwide operations.
In addition, the JCB card business was integrated into the main body of the Bank in October. Transaction dataand other information obtained through this integration will be used to provide recommendations tocustomers and support businesses in sending customers to their locations.

31Please see page 37.
Corporate solutions revenue has been at a record high for 12 consecutive years, and first-half results alsoreached a record high.
In addition to strong finance-related revenues, we will continue to focus on non-finance-related revenues toimprove RORA.

32

Please see page 38.
Advisory services for businesses have remained strong. In addition to new clients seeking advice, we haveseen an increase in repeat applications for advisory contracts, which we believe is the result of improved client
satisfaction.
In the M&A business, shown at the bottom of this page, many deals took time to close this fiscal year, andprofits were down YoY. However, the number of deals in our stock of information from our branches has
increased to about 1,200, and we expect this business field to continue to grow.

33

From here, I will explain our new business. Please skip two pages and turn to page 41.
All of our branches have handled the advertising business since October. In the advertising media business,
we will promote the creation of a regional ecosystem that connects local businesses and consumers torevitalize the local economy.
We have established a total of 639 advertising slots at each of our locations, and we are off to a good start,
with about 60 contracts already signed at this point and about 150 in January of next year.
In the advertising consulting business, we will provide services in collaboration with Onionnews, a company
specializing in Web advertising, in which the Bank has a 20% stake. While supporting our customers’ web
advertising operations, we will provide comprehensive support for cash management and management issues.

34

Please see page 42.
Regional trading company Chibagin Market expects to return to profitability in the current fiscal year, in its
third year of establishment, as initially planned, thanks to the contribution to the growth of its regional
revitalization business in addition to its crowdfunding and e-commerce site operations.
On Ad, a remote financial consulting service, has begun signing contracts for corporate services to strengthen
its commitment to financial wellness. In addition, we will pick up financial education needs by establishing a
new investment learning type plan.
In real estate funds, we will upgrade our solution functions to meet our customers’ real estate liquidationneeds.

35

Please see page 43.
On the 1st of this month, the Bank, together with Daishi Hokuetsu Bank, Chugoku Bank, and Nomura ResearchInstitute, established a joint venture, TSUBASA-AML Center Co. Going forward, we will share our expertise inanti-money laundering to improve operational efficiency, and consolidate systems and human resources toincrease efficiency.
In the future, we will work not only with alliance member banks but also with other regional financial
institutions.
In the metaverse business, we have begun to apply the knowledge we have accumulated through theoperation of events in the metaverse to the housing-related field.
In the future, we aim to build a business model that supports customers’ consideration of purchasing a housein the metaverse space, leading to loan contracts.
In other businesses, such as the energy business and BaaS, we will continue our activities with an eye toachieving profitable results.

36

Next, I will explain the foundation for value creation. Please refer to page 45.
The DX strategy will continue to focus on the personalization strategy and the creation of regional ecosystems.
Apps and portals will serve as the foundation for advancing the strategy, and we will continue to enhancetheir functions and expand their user base.

37

Please see page 46.
The convenience of the application is steadily improving as new functions are continuously implemented andimproved. The percentage of transactions via the application for personal transfers, tax and public money
collection, and the opening of investment trust and NISA accounts continues to rise for all products andservices. These increased transactions result in lower costs per transaction, leading to improved gross margins.

38

Please see page 47.
The number of corporate clients subscribing to the corporate portal is steadily increasing to about 40,000. We
plan to increase the penetration rate to 70% of loan clients, which is currently less than 60%, by the final yearof the medium-term management plan, bringing the total number of clients subscribing to the portal to60,000, both loan clients and deposit clients.
We will continue to review our services and add new functions to create a more convenient website for ourcustomers.

39

Next, I will explain our alliance strategy. Please refer to page 48.
The TSUBASA Alliance, a group of leading regional banks, has demonstrated top-line improvement and costcontainment effects through collaboration in various areas, starting with the core system.
In recent years, cooperation has also progressed in areas such as SDGs and human resource development,
and the system has been enhanced in terms of corporate value improvement. Most recently, on November 1,
we established TSUBASA-AML Center Co., Ltd. for anti-money laundering. We will continue to evolve ourcooperative framework.

40

Please see page 49.
The Chiba-Musashino Alliance has been progressing steadily in Phase 2 and continues to produce favorable
results against the partnership effectiveness target.
In the Chiba-Yokohama Partnership, the cooperative structure, especially at sales branches, is proving
effective, with mutual customer referrals and finance deals such as syndicated loans steadily increasing, andthe five-year cumulative effect target is expected to be exceeded by a wide margin.
The three banks are also collaborating to hold seminars and other activities. We will continue to strengthen
our collaboration in the Tokyo metropolitan area further.

41

Please see page 50.
We have established various subcommittees with Sony Bank to continue discussions at the frontline level, andconcrete results have been achieved.
The Mito Branch, which opened this month, and the Hamamatsucho Branch, which will open next month,
have introduced telepresence systems ”Mado” which have a proven track record at Sony Bank and remotizedteller operations , and have realized unmanned teller windows, making them next-generation branches.
With Onionnews, we have begun full-scale collaboration in the advertising business, and we will alsocollaborate extensively in the community revitalization business, such as jointly supporting the holding of
events for local business partners. Going forward, we will continue to collaborate with different industries
proactively as a strategy to enhance the sophistication of our group services.

42

Next, I will explain our human resources strategy. Please refer to page 51.
In our human resource strategy, we have established a new human resource development policy, “Become
someone who keeps fighting for the customer”. The new human resource development policy is based on
the three core elements of “Think things through,” “Utilize your own strengths,” and “Gain more supporters.”

43Here, I would like to explain the initiatives we have strengthened, especially in response to the business
improvement plan. Please see page 52.
The Bank has introduced a new engagement survey. This survey can be combined with other HR information,
and we will prioritize areas that need improvement.
In terms of group personnel exchanges, we will expand exchanges to a wide range of generations, and we will
also begin to hire new graduates in batches to eliminate barriers between the Group companies.

44

Please see page 53.
Steady progress is being made in human resource development. Among others, in the training of corporate
and individual staff at sales branches, we will aim to develop human resources who can experience across thebusiness content of the head office and group companies and practice cross-use promotion as specialists in
consulting sales.

45

Continuing on, I will explain only the main points regarding sustainability management.

46

Please see page 56.
In order to achieve carbon neutrality by 2031, we will further strengthen our sustainable finance initiatives.
In September this year, we introduced the C-checker, which enables customers to visualize CO2 emissions
from their business activities. The service is available free of charge to corporate portal subscribers, and wewill continue to support our customers’ decarbonization activities.

47

Please see page 57.
We have further advanced the disclosure of SCOPE 3 category 15, Investments and Loans, and have now
disclosed up to 86.9% of the total amount of investments and loans. We will continue to expand theinformation we can provide.
This concludes my explanation. Thank you all for your attention.

48