Basic Policy for Investment and Loans
The primary mission of the Norinchukin Bank (hereinafter referred
to as "the Bank") Group*, a national financial institution group forcooperative organizations whose membership comprises
agricultural, forestry and fisheries cooperatives, is to enhance,
through the provision of financial services to the cooperatives, theeconomic and social standing of its member institutions as well as
their membership consisting of agriculture, forestry and fisheries
workers. An additional mission of the Bank Group as a financial
institution group specializing in primary industries is to contribute not
only to the development of Japan's agricultural, forestry, fisheries
and other related industries, but also to the revitalization of localcommunities.
In order to fulfill these missions, the Bank Group assumes a vitalrole in meeting the financial needs of its members and other users
by working in unison with the agricultural, forestry and fisheries
cooperatives. The Bank Group also plays an important role insharing its funds with local communities, as well as contributing to
the development of the national economy through the broad andefficient utilization of funds in domestic and international markets, allwhile maintaining the financial stability and soundness of thecooperative credit business. Further, the Bank Group bears theimportant mission of returning profits with members of thecooperative system and other relevant parties.
Given the significant importance of the role the Bank Group's
investment and loan activities in view of these fundamental missions
and roles, it is important that said activities are to be performed
appropriately. Fully recognizing its public and social responsibilities
as a member of the financial system, the Norinchukin Bank hereby
establishes the Basic Policy for Investment and Loans as the basic
guidelines applicable to all credit extensions and securities
investments, taking into consideration the compliance perspective,
the separately stipulated the Code of Ethics, Enviromental Policy,
Human Rights Policy, the Basic Policies for Risk Management, andother relevant policies.
*: The Norinchukin Bank and the 9 companies listed below
The Norinchukin Trust & Banking Co., Ltd.,
Norinchukin Australia Pty Limited,Norinchukin Bank Europe N.V.,
Norinchukin Value Investments Co., Ltd.,
Kyodo Housing Loan Co., Ltd.,
Norinchukin Zenkyoren Asset Management Co., Ltd.,The Agribusiness Investment & Consultation Co., Ltd.
Norinchukin Capital Co., Ltd.
Nochu JAML Investment Advisors Co., Ltd.,

IInvestment and loan activities shall be performed in accordancewith the following basic principles, taking into consideration thefundamental missions and roles of the Bank Group.
1The Norinchukin Bank Law and any relevant laws, ordinances,guidelines and internal rules of the Bank Group shall be strictly
observed to ensure that loan and investment activities areconducted fairly, with integrity, in compliance with social norms.
2 Keeping the global financial standard in mind, the Bank Groupshall conduct sound and fair investment and loan activities witha strong awareness of high-level public responsibilities and abroad range of social responsibilities, including consideration to
the maintenance of a sustainable business environment.
3 The Bank Group shall conduct investment and loan activities
not in an excessively profit-oriented manner but in a manner that
ensures an appropriate and stable level of profitability that takes
into consideration the risk-return relationship and capitalefficiency.
4 In conducting investment and loan activities, the Bank Groupshall place importance on accountability not only with respect tothe relevant investment or loan as of the time of the execution
but also with respect to possible changes in future situations.

IIAs regards investments and loans, the following shall be taken
into full consideration, in addition to the basic principles oninvestments and loans, with respect to all credits or investments insecurities for the purpose of making profits on credit risks.
1

Investment and loan activities shall be undertaken incompliance with the Norinchukin Bank Law and other relevantlaws and ordinances, and the appropriateness thereof shall beconsidered fully in light of public and social responsibilities.
Investment and loan activities contradictory to the Bank Group's

fundamental missions and roles shall not be undertaken.
2 The Bank Group shall not invest in or provide loans for funds
that are intended for purposes that run counter to social justiceand/or deemed unacceptable under conventional social norms.
3 The amount of any investment or loan shall be set within thenecessary range with due consideration of fund usage andfinancial resources for repayment.
4 In addition giving full consideration to the appropriateness ofthe term, repayment method and other conditions, consideration
shall also be given to liquidity in order to avoid illiquidity of funds.
5 A conservative approach shall be taken with respect tovaluation and other processes relating to collaterals andguarantees. However, investment and loan activities shall not be
undertaken based merely on proof of guarantees and collateral,but shall be based on full validation of the necessity andadmissibility of such guarantees and collateral.
III When extending credit to borrowers through negotiatedtransactions, the following shall apply in addition to the principles
set forth in I and II above.
1The Bank Group shall extend credit that will effectively
contribute to the mutual growth of the Bank Group and its
borrowers.
2 Usage of funds shall be thoroughly traced, and credit shall not
be extended to funding for speculative purposes or loans forfalsifying insolvency.
3 Contractual coverage (including changes in the terms andconditions of contracts) and other details shall be explained
thoroughly to borrowers, guarantors and providers of collateral,and the intentions of each party shall be verified.

The Bank Group, its executives and employees shall perform
investment and loan activities in compliance with the provisions of
this Basic Policy for Investment and Loans and shall give sufficientconsideration to the full intent of the Policy when establishingpolicies or stipulating regulations pertaining to investment and loans.
End of Document