The share exchange described in this press release involves securities of a foreign company. This share exchange is subject to disclosure
requirements of Japan that are different from those of the United States. Financial information included in this notice has been prepared inaccordance with generally accepted Japanese accounting standards and may not be comparable to the financial statements of United Statescompanies.
It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer islocated in a foreign country, and some or all of its officers are residents of a foreign country. You may not be able to sue a foreign company or its
officers in a foreign court for violations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject
themselves to a U.S. court’s judgment.

This document has been translated from the Japanese-language original for reference purposes only. While this English translation is believed tobe generally accurate, it is subject to, and qualified by, in its entirety, the Japanese-language original. Such Japanese-language original shall be
the controlling document for all purposes.

April 25, 2016
Company name:
Representative:

The Joyo Bank, Ltd.
Kazuyoshi Terakado
President(Code number: 8333 First Section,
Tokyo Stock Exchange)

Company name:
Representative:

Ashikaga Holdings Co., Ltd.
Masanao Matsushita
President and Chief Executive Officer(Code number: 7167 First Section,
Tokyo Stock Exchange)

Notice Regarding Definitive Agreement Concerning the Business Integration of
The Joyo Bank, Ltd. and Ashikaga Holdings Co., Ltd. through a Share Exchange
The Joyo Bank, Ltd. (President: Kazuyoshi Terakado) (“Joyo”) and Ashikaga Holdings Co., Ltd. (President:
Masanao Matsushita) (“Ashikaga HD”) (together, the “Companies”), in accordance with the Basic Agreementagreed upon between Joyo and Ashikaga HD on November 2, 2015, resolved at their respective meetings ofthe board of directors held today to consummate the business integration (the “Business Integration”) througha share exchange subject to obtaining the approval of shareholders of the Companies and regulatory approvals
and entered into a share exchange agreement (the “Share Exchange Agreement”) today. At the same time,
Joyo, Ashikaga HD and The Ashikaga Bank, Ltd. (“Ashikaga Bank”) entered into a business integrationagreement and therefore announce each as follows:
Description
1. Purpose of the Business Integration
As described in “Notice Regarding the Basic Agreement Concerning a Business Integration through a Share
Exchange of The Joyo Bank, Ltd. and Ashikaga Holdings Co., Ltd.” released on November 2, 2015, the newfinancial group that will be established will aim to maintain and promote the relationships with customers anddeep understanding of local communities that Joyo and Ashikaga Bank (together, the “Banks”) have built overthe years, as well as to realize the advancement of comprehensive financial services and operational
efficiencies by taking advantage of a wide area network and other connections formed through the Business
Integration.
Through this, the Banks will be able to provide more convenient, high-quality comprehensive financial
services that can only be achieved through the integration of leading regional banks.
The Banks will aim to become a group that is highly valued by each stakeholder by achieving sustained growth
as a driving force of regional development and revitalization and improvement of corporate value in responseto the expectations of shareholders and markets, as well as expansion of the opportunities for officers andemployees and enhance their pride in and enjoyment of their duties. Furthermore, the Banks will aim tobecome a financial group that is open to other regional financial institutions who share their corporate ideal.
2. Outline of the Business Integration(1) Form of the Business Integration
The Business Integration will be carried out by the holding company method. In order to complete thebusiness integration quickly, the Companies plan to utilize Ashikaga HD, which already has a holding
company structure, as the holding company of the new financial group.
Specifically, subject to obtaining the approval of shareholders of the Companies for matters necessary for
the Business Integration and obtaining regulatory approvals required for the Business Integration, Joyoplans to carry out the Share Exchange with Ashikaga HD and Ashikaga HD plans to change its company
name to Mebuki Financial Group, Inc. (“Mebuki FG”).

Joyo

Ashikaga HD
Business
Integration(Share Exchange Agreement)

Mebuki FG(Company name of Ashikaga HD to be changed)

Ashikaga Bank

Joyo

Ashikaga Bank

(2) Schedule of the Share Exchange
November 2, 2015
March 31, 2016
April 25, 2016 (today)

June 28, 2016 (planned)
September 27, 2016 (planned)
September 28, 2016 (planned)
October 1, 2016 (planned)

Execution of the Basic Agreement
Record date for the general shareholders meetings of theCompanies
Resolution of the board of directors of the Companies
Execution of the Share Exchange Agreement and the businessintegration agreement
General shareholders meetings of the Companies
Last trading day of the shares of Joyo
Date of delisting of Joyo shares
Effective date of the Share Exchange(Note) The above schedule may be changed upon consultation between the Companies where necessary inthe course of moving towards the Share Exchange or for other reasons.
(3) Contents of allotment in the Share Exchange (Share Exchange Ratio)

Share Exchange Ratio

Joyo

Mebuki FG(currently Ashikaga HD)

1.170

1
2

(Note 1) Details of allotment in the Share Exchange
Joyo shareholders will receive 1.170 shares of Mebuki FG (currently Ashikaga HD; hereinafter the same)common stock for each share of Joyo common stock.
If the number of Mebuki FG shares that Joyo shareholders will receive through the Share Exchange
includes a fraction of less than one share, the relevant shareholder will be paid a cash amountcorresponding to such fractional share pursuant to Article 234 of the Companies Act of Japan(“Companies Act”) and other relevant laws and regulations.
The above share exchange ratio may be adjusted upon consultation between the Companies in the eventthat matters that cause material effect on the share exchange ratio are found to exist.
(Note 2) Number of newly issued Mebuki FG shares to be delivered through the Share Exchange(Planned)
Common stock: 845,757,355 shares
The above number has been calculated based on the total number of issued and outstanding shares of
Joyo (766,231,875 shares) as of December 31, 2015. However, Joyo plans to cancel all of its treasury
shares immediately before the Share Exchange takes effect (the “Record Date”). Accordingly, treasury
shares held by Joyo (43,362,340 shares) as of December 31, 2015 have not been included in calculating
the above number.
The number of newly issued Mebuki FG shares to be delivered through the Share Exchange may change
if the number of Joyo’s treasury shares as of December 31, 2015 changes before the Record Date due toreasons such as exercise of the right to request purchase of shares by Joyo shareholders.
(Note 3) Handling of shares constituting less than one unit
When the Business Integration is consummated, Joyo’s shareholders who receive shares constituting lessthan one unit (100 shares) of Mebuki FG (“Shares Constituting Less than One Unit”) may not sell Shares
Constituting Less than One Unit on the Tokyo Stock Exchange or any other financial instruments
exchange market. Shareholders who receive Shares Constituting Less than One Unit may request
Mebuki FG to purchase their Shares Constituting Less than One Unit pursuant to Article 192, paragraph(1) of the Companies Act or will be able to request Mebuki FG to sell the number of shares needed,
together with the number of Shares Constituting Less than One Unit held by such shareholder, toconstitute one unit pursuant to Article 194, paragraph (1) of the Companies Act and the Articles ofIncorporation, except in the case where Mebuki FG does not possess enough shares requested to be sold.
(Note 4) Basis for the share exchange ratio
There is no change to the basis and reasons for the share exchange ratio, matters related to the calculation,
expected delisting and reasons for the delisting, measures to ensure fairness and measures to avoid
conflicts of interest from those described in “Notice Regarding the Basic Agreement Concerning a
Business Integration through a Share Exchange of The Joyo Bank, Ltd. and Ashikaga Holdings Co., Ltd.”
dated November 2, 2015. In addition, the Companies have taken into account factors such as thefinancial position, assets, future prospects and movement of share price of each party since November 2,2015 and comprehensively and mutually confirmed that there is currently no need to change the shareexchange ratio agreed upon in the Basic Agreement dated November 2, 2015.
(4) Handling of stock acquisition rights and bonds with stock acquisition rights
In connection with the Share Exchange, Mebuki FG will deliver to the holders of stock acquisition rights(including stock acquisition rights attached to bonds) issued by Joyo outstanding as of the Record Datestock acquisition rights of Mebuki FG based on the terms of stock acquisition rights and the shareexchange ratio.
3

Mebuki FG will succeed to liabilities of bonds with stock acquisition rights issued by Joyo and Joyo will
guarantee such liabilities.
3. Profile of the Companies(1) Company Profile (as of December 31, 2015)
Name
Location
Representative
Businesses
CapitalDate Established
Number of Shares Issued
and Outstanding
Fiscal Year End
Total Assets (consolidated)
Net Assets (consolidated)
Deposits(non-consolidated)
Loans and Bills Discounted(non-consolidated)
Number of Employees(consolidated)
Number of Branches(including sub-branches)
Major Shareholders andShareholding Ratio(as of September 30, 2015)

The Joyo Bank, Ltd.
5-5, Minamimachi 2-chome, Mito,
Ibaraki

Banking business
85,113 million yen
July 30, 1935

Ashikaga Holdings Co., Ltd.
1-25, Sakura 4-chome, Utsunomiya,Tochigi
Masanao Matsushita, President andChief Executive Officer
Bank holding company
117,495 million yen
April 1, 2008

766,231 thousand shares

333,250 thousand shares

March 319,182,730 million yen
608,065 million yen

March 316,219,821 million yen
295,229 million yen(Ashikaga Bank only)
5,143.4 billion yen(Ashikaga Bank only)
4,226.2 billion yen

Kazuyoshi Terakado, President

7,920.1 billion yen
5,870.7 billion yen
3,773

2,946

179 branches(Ashikaga Bank only) 153 branches

The Bank ofTokyo-Mitsubishi UFJ,
Ltd.

3.78%

Nomura Financial
Partners, Inc.

36.87%

Nippon Life Insurance
Company

3.28%

ORIX Corporation

12.00%

Japan Trustee Services
Bank, Ltd. (Trust
Account)

3.02%

Sompo Japan Nipponkoa
Insurance Inc.

5.70%

Sompo Japan Nipponkoa
Insurance Inc.

3.02%

Mitsui Sumitomo
Insurance Company,
Limited

4.50%

STATE STREET BANK
2.70% NORTHERN TRUST CO.
3.04%
AND TRUST COMPANY(AVFC) RE 15PCT
505223
TREATY ACCOUNT
Relationship between Companies
CapitalJoyo holds 1,290 thousand shares of common stock of Ashikaga HD
Personnel
NoneTransaction
None, other than ordinary interbank transactions
Status as a related
None
party

4

(2) Results of Operations and Financial Conditions for the Most Recent Three Years

Fiscal year
Net assets(consolidated)
Total assets(consolidated)
Net assets per share(yen) (consolidated)
Ordinary income(consolidated)
Ordinary profit(consolidated)
Net income(consolidated)
Net income per share(yen) (consolidated)
Dividend per share(yen)

The Joyo Bank, Ltd.
Year ended
Year ended
Year ended
March 31,
March 31,
March 31,
2013
2014
2015

(Unit: millions of yen)
Ashikaga Holdings Co., Ltd.
Year ended Year ended Year ended
March 31,
March 31,
March 31,
2013
2014
2015

506,649

516,971

601,840

279,343

241,135

287,121

8,268,033

8,536,571

9,065,458

5,434,144

5,612,355

5,864,239

671.35689.21

830.50735.82723.58861.58150,451

159,179

156,118

98,389108,069

96,72335,95341,32045,73018,69728,27121,06422,72625,042

28,68015,40524,314

17,076

30.06

33.52

39.48

36.05

69.85

51.24

Commonstock
10.00

1st classpreferredstock
189,000
2nd classpreferredstock
189,000

Commonstock
4.00

Commonstock
9.00

Commonstock
8.50

Commonstock
9.00

4. Conditions after the Business Integration(1) Profile of Mebuki FG (planned)
Name
Mebuki Financial Group, Inc.
Location of
headquarters

Representatives anddirectors expected toassume office7-2, Yaesu 2-chome, Chuo-ku, Tokyo(Note) The head office functions of Mebuki Financial Group, Inc. will comprise its full-timeofficers and employees as well as concurrent officers and employees of Joyo or
Ashikaga Bank, and will be located in Mito, Ibaraki and Utsunomiya, Tochigi.
In addition, there is no change to the location of the head office of Joyo (Mito City,
Ibaraki Prefecture) and the head office of Ashikaga Bank (Utsunomiya City, Tochigi
Prefecture).
Representative Director and Kazuyoshi(currently, President of Joyo)
President
Terakado
Representative Director and Masanao(currently, Director, President and CEO of
Executive Vice President Matsushita
Ashikaga HD and Director, President
and CEO of Ashikaga Bank)
Director
Eiji Murashima(currently, Managing Director of Joyo)
Director
Kiyoshi Kato
(currently, Executive Officer of Ashikaga
Bank)
Director
Ritsuo Sasajima(currently, Managing Director of Joyo)
Director
Kazuyuki(currently, Executive Officer and General
Shimizu
Manager of Corporate Planning
Department of Ashikaga HD andManaging Executive Officer of
Ashikaga Bank)

5

Director

Hidebumi Nishino(currently, Managing Executive Officer ofJoyo)(currently, Corporate Auditor of Joyo)

Director
Yoshiaki Terakado(Audit and Supervisory
Committee Member)
Director
Kunihiro Ono(currently, Director of Ashikaga HD and(Audit and Supervisory
Director of Ashikaga Bank)
Committee Member)
Director
Ryuzaburo(currently, Outside Director of Joyo)(Audit and Supervisory
KikuchiCommittee Member)
Director
Toru Nagasawa(currently, a representative lawyer of(Audit and Supervisory
Nagasawa Law Offices)
Committee Member)
Director
Takashi Shimizu(currently, a professor of Graduate School(Audit and Supervisoryof Accountancy, Waseda University)
Committee Member)(Note) Ryuzaburo Kikuchi, Toru Nagasawa and Takashi Shimizu, each as a Director (Audit
and Supervisory Committee Member), are Directors who are Outside Directors as
defined in Article 2, item (xv) of the Companies Act.

Nature of business

CapitalManagement and operation of banks and other companies that the Company may
have as subsidiaries under the Banking Act and any and all businesses incidental or
related thereto.
117,495 million yen

Fiscal year end

March 31

Net assets

To be determined. (Details have not been determined at present.)

Total assets

To be determined. (Details have not been determined at present.)

Stock exchangeTokyo Stock Exchange

Accounting auditor

Deloitte Touche Tohmatsu LLC

Administrator ofshareholder registry

Mitsubishi UFJ Trust and Banking Corporation(2) Management Philosophy of the New Financial Group
Under the management philosophy “The New Financial Group will provide high-quality comprehensive
financial services to continue creating a prosperous future with local communities,” the new financialgroup will develop and grow with local communities by providing comprehensive financial services basedon the business infrastructure consisting of solid relationship built on trust with local communities.
Furthermore, by making the following four ideas a growth driver, the new financial group will bring its
ingenuity together to endeavor to resolve challenges of local communities and contribute to sustainablegrowth by providing high-quality comprehensive financial services to create a prosperous future.
(i)
The new financial group will contribute to expansion of local economy through acceleration andexpansion of commercial and information flow and corporate interaction by utilizing the Group’s
wide-area network and comprehensive financial services.
(ii) The new financial group will engage in development and provision of advanced financial services
by utilizing IT and working with companies in other industries.
(iii) The new financial group will build a solid revenue base by streamlining operations andstrategically reallocating business resources.
(iv) The new financial group will train professional human resources for comprehensive financial
services who can respond to diverse and sophisticated financial needs and are familiar with local
circumstances.

6

(3) Management Strategy of the New Financial Group
Concrete strategy to be implemented by the new financial group is as below.
(i)Consolidation of ingenuity for regional revitalization
By utilizing primary sales bases and networks which will expand through the business integration,
the new financial group will jointly implement activities toward the development of local resources
and technologies that have yet to fully achieve their full potential and a wide range of support
measures based on industrial characteristics of the primary sales bases in order to realize regional
revitalization through sharing and accumulating resources of the Banks.
The new financial group will make efforts to foster industries from a wide perspective while
evaluating technical capabilities and profitability of companies appropriately and multilaterally bymutually utilizing technical coordinators. In addition, it will support development of a tourist goldenroute, promotion of settlement and regional development aiming at increasing the number of tourists
and visitors in collaboration with local tourism industry.
The Banks will provide “wide-area collaboration support” utilizing the network in the Tokyo
metropolitan area as well as local networks. The Banks will particularly focus on “promoting
utilization of a wide-area network,” “developing industries/creating new businesses,” “supporting
regional branding” and “collaborating with local government” to develop local resources andtechnologies with concerted efforts of the entire group.

(ii) Expansion of comprehensive financial services
The Banks will organically combine the Group functions of the new financial group such as banking,leasing, securities, IT and think tank functions to “expand scale and scope” and “improve quality”,
and provide one-stop services with higher added value that can respond to diversifying customer
needs. Moreover, while keeping an eye on the developments of deregulation and other changes,
the new financial group will make efforts to achieve further synergy by sharing securities
investment knowhow and considering integrated operations.
For corporate services, the Banks will develop and provide advanced financial services by utilizing
IT and working with companies in other industries in response to various needs that will arise ateach stage of startup, development, maturity and succession of businesses, in addition tostrengthening the group’s capabilities to address issues, expansion of areas in which leasing services
are provided, mutual utilization of security services through joint arrangement among the Banks.
Moreover, the Banks will enhance the group’s consulting services to support customers inincreasing their sales volume and profits.
For retail services, in addition to enhancement of loan product lineup through joint development, theBanks will provide diverse and highly convenient products and services, such as expansion of the
network for regional special benefit service of credit cards. Moreover, the Banks will work toward
more sophisticated life plan consulting and provision of one-stop services in which they will support
appropriate asset building and succession according to each stage of life.
(iii) Expansion of area and channels
The entire group will generate business resources through the Business Integration and reallocate
them to investment in contribution to the local economy, increased convenience for customers andgrowth.
Specifically, the new financial group will expand their sales network by opening new branches withthe aim of increasing economic interaction zone, increasing the number of bases for leasing or
securities services, and mutually utilizing overseas networks. Furthermore, the new financialgroup will strengthen its direct channels by utilizing enhanced marketing functions based on a
wealth of data, such as Event Based Marketing, which will be shared through the Business7

Integration and strengthen non-face-to-face channels, such as the Internet and ATMs, so it can
provide timely information and financial services to more customers.
(iv) Operational reform
The new financial group will improve customer services, as well as achieve cost reduction, byunifying and integrating administration and systems.
The new financial group will put together and integrate various existing systems and infrastructures,
and at the same time, it will invest in systems related to new or growing business areas such as
FinTech in order to achieve improved customer service. Moreover, while unifying and integrating
operations concentrated in the head office and logistics operations, the new financial group will
increase customer satisfaction through further streamlining of administrative affairs and provision ofhigh-quality services by sharing the Banks’ Business Process Re-engineering knowhow.
(v) Building of the new financial group’s management structure
The new financial group will build an appropriate management structure in light of the size andcharacteristics of the Banks, as well as develop more sophisticated credit risk management system
toward strengthening of risk taking abilities underpinning the fulfillment of smooth financial
intermediary functions. Furthermore, it will build an appropriate internal audit system and otherframeworks to contribute to the sound operation and effective achievement of management
objectives.
(4) Corporate Governance and Management Structure
Mebuki FG, which is a company with audit and supervisory committee, will appoint multiple outside directors
to secure a transparent and fair decision-making function and an audit and supervisory function. At the sametime, Mebuki FG will delegate numerous operational decision-making authorities to directors. By doing so,
Mebuki FG will realize prompt and decisive decision-making and business execution. The board of directors
will be structured by well-balanced members as a whole who have expertise, knowledge, experience, ability or
understanding of regional circumstances so that synergy can be achieved promptly and fully by taking
advantage of scale, while each of the members shares one’s knowledge and knowhow with the entire newfinancial group and respond to changes to surrounding environment appropriately, based on the relationships
with customers and deep understanding of local communities that the Banks have built over the years.
The Banks, which are to implement important strategies of the new financial group, will also appoint multiple
outside directors who have expertise and thorough understanding of regional circumstances. Moreover, theCorporate Governance Committee, which mainly comprise outside directors of Mebuki FG and the Banks,
will be established as an advisory organ for the board of directors of Mebuki FG. Such committee will
appoint director candidates, deliberate directors’ compensation and evaluate the group governance, thereby
allowing Mebuki FG to enhance corporate governance efficiency. Mebuki FG will also have Executive
Sessions of only outside directors to allow outside directors to exchange information and share anunderstanding with each other so that Mebuki FG may actively incorporate diverse opinions.
Mebuki FG will have Corporate Planning Department, Corporate Management Department and Audit
Department and will make efforts toward sustainable growth and long and medium-term improvement ofcorporate value of the entire group through activities such as group strategy planning, strategic allocation ofmanagement resources, well-suited risk management and internal audit, by appropriately dividing
responsibilities and in collaboration among such departments. Mebuki FG will have Regional Revitalization
Department, which will play a leading role in intragroup collaboration for regional revitalization andstimulation of local economy and make efforts toward regional revitalization of wide areas by bringing
together the ingenuity of the new financial group and local communities.

8(5) Reorganization in the future
Following the Business Integration, the Companies will consider taking measures to rationalize andstreamline the management of the new group and to strengthen its sales capability, including
reorganization of operating subsidiaries under the control of Joyo and Ashikaga Bank, in order to achieve
the benefits of integration.
[Reference] Summary of the New Group
The Business Integration will create a new financial group ranking among the top regional banks in Japan that
operates in the Northern Kanto region with 332 branches, about 13 trillion yen in deposit balance, about 10
trillion yen in loans and about 4 trillion yen in securities.
(As of December 31, 2015)
The Joyo Bank, Ltd.
Total assets(consolidated)
Net assets(consolidated)
Deposits(non-consolidated)
Loans and bills
discounted(non-consolidated)
Securities portfolio(non-consolidated)
Number of employees(consolidated)
Number of branches(including sub-branches)

5.

Ashikaga Holdings Co., Ltd.

Total

9,182.7 billion yen

6,219.8 billion yen

15,402.5 billion yen

608.0 billion yen

295.2 billion yen

903.2 billion yen

7,920.1 billion yen

5,143.4 billion yen

13,063.6 billion yen

5,870.7 billion yen

4,226.2 billion yen

10,097.0 billion yen

2,809.5 billion yen

1,265.8 billion yen

4,075.3 billion yen

3,773

2,946

6,719

179 branches

153 branches

332 branches

Outline of accounting process
9The Share Exchange is reverse acquisition under the Accounting Standard for Business Combinations
and it is expected that the purchase method will apply to the transaction, under which Joyo is anacquiring company and Ashikaga HD is an acquired company. The amount of goodwill (or negative
goodwill) which is expected to be incurred as a result of the Share Exchange has yet to be determined
and will be announced as soon as it is determined.
6.

Forecast
The forecast for Mebuki FG’s operating results, as well as other forecasts, are being prepared and will
be announced once they are determined.

7.

Other
The Business Integration is subject to obtaining the approval of shareholders of the Companies formatters necessary for the Business Integration and obtaining regulatory approvals required for theBusiness Integration.
End(Reference)
Consolidated earnings forecast for the current period (announced on February 1, 2016) andconsolidated results for the preceding fiscal year of Joyo
(Unit: millions of yen)
Joyo
Consolidated ordinary
Consolidated profit
Consolidated net
profitincome per share(yen)
Earnings forecast for
46,50031,00042.88
current fiscal year
(ending March 31, 2016)
Results for previous
45,73028,68039.48
fiscal year
(ended March 31, 2015)(Reference)
Consolidated earnings forecast for the current period (announced on February 2, 2016) andconsolidated results for the preceding fiscal year of Ashikaga HD(Unit: millions of yen)
Ashikaga HD
Consolidated ordinary
Consolidated profit
Consolidated net
profitincome per share(yen)
Earnings forecast for
28,00021,00063.01
current fiscal year
(ending March 31, 2016)
Results for previous
21,064
17,07651.24
fiscal year
(ended March 31, 2015)<Contacts for inquiries regarding this notice>
Joyo
Sasaki and Mimura, Corporate Planning Division, Publicity OfficeTel: 029-300-2605
Ashikaga HD
Ebihara and Yagi, Corporate Planning Department, Public Relations and IR Group
Tel: 028-626-0401
10

The share exchange described in this press release involves securities of a foreign company. This share exchange is subject to disclosure requirements of Japan that are different from those of the United States. Financial
information included in this notice has been prepared in accordance with generally accepted Japanese accounting standards and may not be comparable to the financial statements of United States companies.
It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in a foreign country, and some or all of its officers are residents of a foreigncountry. You may not be able to sue a foreign company or its officers in a foreign court for violations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S.
court’s judgment.

This document has been translated from the Japanese-language original for reference purposes only. While this English translation is believed to be generally accurate, it is subject to, and qualified by, in its entirety, theJapanese-language original. Such Japanese-language original shall be the controlling document for all purposes.

Definitive Agreement Concerning the Business Integration

Mebuki Financial Group, Inc.

Ashikaga Holdings Co., Ltd.

April 25, 2016

１．Name of the Holding Company

Company
Name

Mebuki Financial Group, Inc.
* Note: Ashikaga Holdings Co., Ltd. will change its name to the above.

Our wish
implied in thecompany nameMebuki, or green shoots, means “new leaves sprouting from the trees.”
This word is used in the Group name to express how fresh ideas and new values will
be continually brought about by bringing the Group companies’ knowledge andingenuity together.

The company name implies its wish to sprout
new value and vital energy in local communities andrealize sustainable growth of the company together
with local communities.

12．Outline of the Holding Company

Location of
Headquarters

7-2, Yaesu 2-chome, Chuo-ku, Tokyo(Registered(Note) The headquarters of Ashikaga Holdings Co., Ltd. will be relocated

Address)to the above address. The locations of Joyo Bank and Ashikaga Bank will
not change.

Location of

Mito Head Office

Head Offices

5-5, Minami-machi 2-chome, Mito, Ibaraki

CapitalStockexchangeon whichstock islisted117.4 billion yen
The Tokyo Stock Exchange(Note) The current stock name is Ashikaga Holdings, which will
be changed.

Utsunomiya Head Office
1-25, Sakura 4-chome, Utsunomiya, Tochigi(Note) The head office functions of Mebuki Financial Group, Inc. willcomprise its full-time officers and employees as well as concurrent
officers and employees of Joyo Bank or Ashikaga Bank, and will belocated in Mito, Ibaraki and Utsunomiya, Tochigi.

Representatives
and Officers(planned)

Representative Director and President

Kazuyoshi Terakado(currently, President of Joyo Bank)

Representative Director and Executive Vice President

Masanao Matsushita(currently, President and Chief Executive Officer of Ashikaga
Holdings and President and Chief Executive Officer of Ashikaga
Bank)

The Holding Company plans to appoint 12 directors,
including representative directors, three of whom will be
appointed from outside the Holding Company.
2３．Outline of the Business Integration
Through the share exchange, under which Joyo Bank will
become a wholly-owned subsidiary and Ashikaga Holdings will
become the wholly owning parent company, Mebuki Financial
Group (currently, Ashikaga Holdings) will hold 100% of theshares of Joyo Bank and Ashikaga Bank. Joyo Bank
shareholders will receive 1.170 shares of Mebuki Financial
Group common stock for each share of Joyo Bank common
stock.

[Schedule of the Share Exchange]
April 25, 2016 (today)

Resolution of the board of directors of theCompanies; Execution of the Share Exchange
Agreement and the business integrationagreement

June 28, 2016 (planned)

General shareholders meetings of the Companies

September 27, 2016 (planned)

Last trading day of the shares of Joyo Bank

September 28, 2016 (planned)

Date of delisting of Joyo Bank shares

October 1, 2016 (planned)

Effective date of the Share Exchange(Joyo Bank shareholders)Number of shares issued and outstanding Note
722.869 million shares(Ashikaga HD shareholders)Number of shares issued and outstanding Note
333.25 million shares
Execution of the Share Exchange Agreement

Ashikaga Holdings Co., Ltd.
Joyo Bank shareholders will receive 1.170 shares of Mebuki Financial
Group common stock for each share of Joyo common stock.

100％ ownership

After
Integration(Joyo Bank shareholders)Number of shares issued andoutstanding Note
722.869 million shares×1.170(Ashikaga HD shareholders)Number of shares issued andoutstanding Note
333.25 million sharesCompany
name to bechangedMebuki Financial Group
100％ ownership

100％ ownership(Note) The above number has been calculated based on the total number of issued and outstanding shares of Joyo Bank and Ashikaga Holdings as of December 31, 2015. The total number ofissued and outstanding shares of Joyo Bank as of December 31, 2015 is 766.231 million. However, Joyo Bank plans to cancel all of its treasury shares (43.362 million shares as of December 31,2015) immediately before the share exchange takes effect. Accordingly, treasury shares held by Joyo have not been included in calculating the above number. The number of newly issued Mebuki
Financial Group shares to be delivered through the share exchange may change if the number of Joyo Bank’s treasury shares as of December 31, 2015 changes before the share exchange takes
effect.

3

4. Group Management Philosophy and Ideal

Group
Management
Philosophy

The new financial group will provide high-quality
comprehensive financial services to continue
creating a prosperous future with local communities.
We will bring the Group’s ingenuity together to contribute to sustainable growthof local communities. We will endeavor to resolve challenges of local
communities by providing high-quality comprehensive financial services to createa prosperous future with local communities.

Comprehensive financial service
group that will create the futureGroup Idealof local communities(Strategic
Target)

The new Group will maintain and promote therelationships with customers and local

Structure of Group Philosophy(= Fundamental ideas on which Group activities will be based)

MissionDevelop and grow with local communities and contribute to them
Visioncommunities as well as deep understanding of

Expand local
economy by utilizing
the Group’s network

local communities that the Banks have developed
over the years. At the same time, the newGroup will seek to expand the economic

Growthdriverinteraction zone by utilizing its wide-area
network, endeavor to increase the size and rangeof comprehensive financial services and work
toward the “development of local industries,
revitalization of local economy and creation of
new markets” for the growth of the company
together with local communities.

As an “open” financial group, work to expand business areas, regions and size

Value
Businessplatform

Accelerate and expand
commercial andinformation distribution
and corporate interaction
by utilizing the Group’s
wide-area network thatinvolves major companies
in the central region.

Development
and provision ofadvancedservices

Reinforcementof revenue basethrough
integration

Develop andprovide advanced
financial services
by utilizing IT andworking withcompanies in otherindustries

Build a solid
revenue base bystreamlining
operations andstrategicallyreallocating
business resources

Training ofprofessionals
Train professionals
who can respondto diverse andsophisticatedfinancial needs andare familiar withlocal circumstances

One-stop comprehensive financial services with a structure to provide leasing,securities, think tank functions and information technology services

Solid trust relationships with local communities
Regional financial institutions having the top market share in the region

4５．The New Group’s Fundamental Strategies for the Business Integration
As the main player in the efforts for regional revitalization, the new financial group will implement activities toward thedevelopment of local industries and creation and stimulation of markets by expanding its comprehensive financial
services and utilizing its wide-area network. The new financial group will also ensure appropriate staffing and personnel
training through operational reforms to build highly efficient operational structure and appropriate management
structure with a view to achieve sustainable growth of the company together with local communities.
Consolidation of ingenuity forOperational reform
regional revitalization
 By utilizing primary sales bases and networks which will expand through thebusiness integration, the new financial group will jointly implement a wide
range of support measures based on industrial characteristics of the primarysales bases, and contribute to regional revitalization and stimulation bybringing the new financial group’s ingenuity together.

 The new financial group will enhance business resources to achieve cost
reduction, improve customer services and contribute to regional development
by unifying and integrating administration and systems.
 The new financial group will invest in systems related to new or growing
business areas such as FinTech in order to achieve improved customer
service.

Expansion of comprehensive financial services

Building of
the new financial group’s management structure The new financial group will organically combine its functions to “expand scaleand scope” and “improve quality”, and provide one-stop services with higher
added value that can respond to diversifying customer needs.
 While keeping an eye on the developments of deregulation and other changes,
the new financial group will look to achieve various synergy effects by sharing
securities investment knowhow and considering integrated operations.

 In addition to effective corporate governance to achieve benefits ofintegration, the new financial group will build an appropriate management
structure in light of the size and characteristics of the Banks.
 The new financial group will develop more sophisticated risk management,enhance smooth financial intermediary functions and build an internal audit
system and other frameworks to contribute to the sound operation andefficient achievement of management objectives.

Expansion of area and channels
 The entire group will optimize business resources and make efforts to further
develop its wide-area network for increased convenience for customers andregional revitalization and stimulation.
 The new financial group will strengthen its direct channels such as the Internetand ATMs by utilizing enhanced data-based marketing functions, which will be
increased through the business integration, so it can provide timely informationand financial services to more customers.
5６. New Financial Group’s Corporate Governance and Management Structure
The Integrated Holding Company will take initiative in intragroup collaboration in mapping out the new financial group’s management policies
and strategies and working to maximize synergy. It also has a role to improve corporate value of the entire Group through management of theGroup companies’ operations.
The Integrated Holding Company will have Regional Revitalization Department, which will take the initiative in intragroup collaboration forregional revitalization and stimulation of local economy and make efforts toward regional revitalization of wide areas.
New financial group’s
management structure• The Integrated Holding Company, which is a company with anaudit and supervisory committee, will appoint multiple outside
directors to secure a transparent and fair decision-making
function and an audit and supervisory function. At the sametime, the Integrated Holding Company will delegate numerous
operational decision-making authorities to directors, who areboard members. By doing so, the Integrated Holding Company
will realize prompt and strong-minded decision-making andbusiness execution.

Shareholders’ Meeting(Integrated Holding Company)

Mebuki Financial GroupAccounting
auditorBoard of Directors
Collaboration

Corporate
GovernanceCommittee

Request for andprovision ofadviceAudit and Supervisory Committee Office

Management Meeting
Compliance Committee
ALM/Risk Management Committee
Group Strategy Committee

Corporate
Planning
Department

Banks
under
the
group

Audit and Supervisory
Committee

Corporate
Management
Department

Company with audit andsupervisory committee

Regional
Revitalization
Department

Audit
Department

Company with audit andsupervisory committee• The Banks, which are to implement important strategies, will
also appoint multiple outside directors.
Moreover, theCorporate Governance Committee, which mainly compriseoutside directors of the Integrated Holding Company and theBanks, will be established as an advisory organ for the boardof directors of the Integrated Holding Company with such roles
as appointing director candidates and deliberating directors’compensation. Under such framework, the Integrated Holding
Company will enhance corporate governance efficiency.
The Integrated Holding Company will also have Executive
Sessions of only outside directors to allow outside directors to
exchange information and share an understanding with eachother, so that the Integrated Holding Company may actively
incorporate diverse opinions.

• While maintaining and exerting its originality to deepen
relationships with local communities that it has developed,
each Bank will closely collaborate with the other as
members of the new financial group and work as a pioneer
who conduct business based on the Group strategies andlead synergy to stimulation and promotion of local economy.
6７. (1) Consolidation of Ingenuity for Regional Revitalization～ Outline of Measures for Regional Revitalization and Stimulation ～The business integration will allow the Banks to “expand the core markets” which are their primary bases
and “expand networks” due to the proximity to the Tokyo metropolitan area where a number of diverse
companies are located. The new financial group will utilize these expanded markets and networks andcollaborate with each other in implementing a broad range of support measures, taking industrial
characteristics of the primary bases into account with the aim of contributing to the regional revitalizationand stimulation.
Support measures to customers

Resources of the Banks

Manufacturing

Food, agriculture, tourism
and commerce

Medical andnursing care

Geographicalexpansion anddiversification ofindustrial
development• Evaluation of technicalcapabilities• Technologicalstandardization• Support in obtaining
licenses• Support in developing a
tourist golden route• Support in sixth
industrialization of agriculture
and food industries• Support in utilizing
advanced technologies
such as robots

Creation of new
businesses andexpansion ofbusinessdomain• Support in matching businesses/M&A partners• Proposal of business succession• Joint hosting of business awards• Support in market expansion and starting operations overseas

Expansion of
corporate
networks• Support in creation of• Attracting Tier 1 andinvestment/collaboration business
Tier 2 companies
by domestic and foreign• Packaged support forcompanies in the food, agriculture
attracting companies
or tourism industries• Support in market expansion to the Tokyo metropolitan
area and overseas

Branding ofregional
resources• Attraction of companies
adding value using local
resources as resources• Support in promotion andmanagement of DMOs

Promotion of
settlement
and regional
development• Support in utilizing
existing facilities (e.g.
remains of large-scalecommercial facilities andvacant stores)

People/knowhow/financeSupport ofregional
revitalization
andstimulation
throughsupport ofcorporations,etc.

• Mutualutilization oftechnical
coordinators• Entering thecrowdfundingbusiness• Active
utilization of
externaltechnical
coordinators

Developmentof wide-areacollaboration
support• Support in promoting regional
revitalization businesses
under the Continuing Care
Retirement Community(Japanese CCRC) program,etc.

• Sharingknowhow of
new productdevelopmentthat utilizes
local resources• Development
of joint loan
products to
support widearea
promotion
throughcollaboration
with multiple
local
governments• Support ofcustomers in
improving
their added
value withthe aim of
improving
their sales
and profits• Provision of relocation plans andvacant-house utilization plans
using new-type reverse mortgages,etc.
• Support in promoting settlement
using PPP, PFI and project finance7７. (2) Consolidation of Ingenuity for Regional Revitalization～ Development of wide-area collaboration support ～The Banks will provide “wide-area collaboration support” utilizing the networks in Ibaraki and Tochigi
Prefectures and the Tokyo metropolitan area, which cannot be realized by a single bank. The Banks will
focus on the following four activities in allocating human resources.
(1) Promoting utilization of a wide-area network (2) Developing industries/creating new businesses(3) Supporting regional branding (4) Collaborating with local governments
The Banks will also utilize knowhow and networks of the new financial group and support customers in
improving their added value by way of consulting with the aim of improving their sales and profits.
Focused activities

Wide-area collaboration support

Promoting utilization of a wide-area
network

Local governments
Various economic
organizations
Universities andresearch institutions

Resolvechallenges of
localcommunities

Licensed professionals• Enhancing and improving coordinating
ability• Business matching in broader areas• Collaborating with external experts

Developing industries/creating new
businesses• Unifying industrial development and new
business support plans• Utilizing technical coordinators• Supporting market expansion to the Tokyo
metropolitan area and overseas• Attracting and retaining companies• Business awards

Supporting regional branding

Support of regional
revitalization in its
primary sales basemainly in Tochigi
Prefecture

Support of regional
revitalization in its
primary sales basemainly in Ibaraki
Prefecture• Supporting creation of investment andcollaboration of businesses in the food,agriculture or tourism industry• Supporting development of new productsthat utilizes local resources

Collaborating with local government• Revitalizing local shopping streets• Proposing measures to promote relocationand settlement8７. (3) Consolidation of Ingenuity for Regional Revitalization～ Notion of wide-area collaboration ～The Banks will utilize their expanding primary bases and networks to discover regional resources
and technologies and collaborate with each other in their support measures taking industrial
characteristics of their primary bases into account.

Development support

Startup support
Tochigi Prefecture

Ibaraki Prefecture

Universities and research institutions

Accelerating and expanding commercial and information distribution andcorporate interaction utilizing transportation infrastructure such as KitaKanto Expressway

Tochigi
Medium-sizedcompanies

Medium-sizedcompanies

Companies

Expanded flow ofgoods, people
and information

Food/agricultural
resources

SMEs

Food/
agricultural
resources

Tourism
resources

Venture companies

Special factors due to the Great
East Japan Earthquake

Companies

SMEs

Venture companies

Traffic volume of Kita-Kanto Expressway andthe capital flow in Ibaraki and Tochigi

Expansion of capitalflow and capital stock

Tourism
resources

Ibaraki

FY2011
H23

Universities and research institutions
Support in matching businesses/M&A
partners and proposal of businesssuccession utilizing the Banks’ strengths
and characteristics of their bases

Ashikaga Bank’s strengths• Broad customer base, including theautomobile and aviation industries• Knowhow of tourism promotion support×

H24
FY2012

H25
FY2013

Amount of domestic
funds handled(total of inbound andoutbound)

H26
FY2014

H27
FY2015

Traffic volume

Provision of sophisticated consulting services; support of companies’ growththrough financial products such as funds (e.g. equity) and mezzanine finance (e.g.
subordinated loans, subordinated bonds and preferred stock)

Characteristics of Tochigi and
Ibaraki Prefectures• Technical and research capabilities• Tourism resources and agricultural
products• Transportation network

Joyo Bank’s strength×• Knowhow of evaluation of technicalcapabilities of manufacturing companies• Knowhow of supporting agriculturalbusinesses9８. (1) Expansion of Comprehensive Financial Services～ One-stop Financial Services ～Expansion of comprehensive financial services
by combining the New Group’s abilities“Expanding areas in which
security services are provided”
×“Contact with generations ofpeople and corporations”

The Banks will organically combine the Groupfunctions such as banking, leasing, securities,
IT and think tank functions to “expand scaleand scope” and “improve quality”, andprovide one-stop services with higher added
value that can respond to diversifying
customer needs.

“Information of Ibaraki Prefecture
and its surrounding areas”
×「“Information of Tochigi Prefecture
and its surrounding areas”

As a financial concierge, providing
sophisticated services andsupporting asset building,management and succession

Asset sales
Joyo Securities

Think tankLeasing

Joyo Industrial
Research InstituteAshigin ResearchInstitute

Joyo Lease
Ashikaga Credit
Guarantee (Leasing
Business
Department)

Providing various wide-areabusiness information andproviding interaction-promotion
opportunities and consulting
services in new fields“Overwhelming regional share”
×“Economies of scale through business integration”」
Enhancingsolutions to
prepare for an increased flowof capital into the region

Provision of
one-stop
financial
function
Settlement

IT solutions

Joyo Credit
Ashigin Card

Joyo Computer
Service
Ashigin ResearchInstitute“Expanding areas in which theleasing function is provided”
×“Networks rooted in the regionand sales structure andknowhow for businesses”
Detailed advice and fulfilling
support for customers’ growth“IT planning anddevelopment capabilities”
×“Consulting knowhow”
Providing solutions that can contributeto streamlining customers’ businesses
by mutually utilizing the functions of
the Banks’ IT companies

10８. (2) Expansion of Comprehensive Financial Services～ Providing Added Value ～The Banks will appropriately and accurately capture diverse needs of customers that will arise ateach stage of life and provide comprehensive financial services that are more convenient and havehigher added value.

＋

Utilizing Fin Tech
Big data
analysisusing AIandothersInvestment
in systems

Employing experts
Marketers Industry
experts

and others

Enhancing
directchannels

Account
aggregation

Robo-advisor

One-stop
financial
function(Increasing
menus and
improving
quality)

Improved
Improvedusability accessibility

Collaboration withcompanies
in other sectors
Collaboration Settlement(electronic
amongbranches money/points)
and others

Expansion andenhancement ofchannels

Enhancingconsulting
functions ofhead offices
and salesbranches

Providing higher value andconvenience to customers

Proposals ahead of customer needs

Input of business resources
to identify customer needs

Efficiently andpromptly resolve
immediate matter for
consultation
 Providing a consultation
system that utilizes newtechnologies and other means＋ Making
proposals in atimely manner
by utilizing big
data analysis,
etc.

Providingcomprehensive financial
services overcoming
geographical/time
restrictions
 Combine direct channels
and face-to-face channels
to provide consistent
services

Providing solutions to
specialized andcomplicated issues
 Providing a sophisticatedconsultation systemcovering matters such as
M&A, business succession,
inheritance and asset
succession

11

９．Expansion of Area and Channels
The Banks will aim to expand its customer base and broaden and stimulate economic interaction(corporate interaction through distribution of commerce, information and funds) zone by optimizing
business resources, developing a wide-area network and strengthening direct channels.

Optimizing business resources

Miyagi（1）

Approx. 150
employees to bereallocated Streamlining the head office and sales branches Reallocating employees for an enhanced consulting function andimproved service quality

Developing a wide-area network

Fukushima（11）

Approx. 15 newbranches to open(including leasing andGunma

 Utilizing human and other resources
securities branches)
resulting from the reallocation
 New branches to open in growing areas with the aim of increasing economic
interaction opportunities New branches to open with the aim of enhancing group functions
 Considering utilizing the agency bank system Mutually utilizing overseas networks (including consideration of making
overseas locations branches)

Tochigi

（15）

（119）

Ibaraki（153）

Strengthening direct channels

Saitama
（20）

Tokyo

Chiba

（6）

（6）

Shanghai

Osaka
（1）

Hong Kong
Singapore

New York

Overseas

Enhanced contact
with customers

 Jointly working toward more sophisticated marketing
activities such as Event Based Marketing (EBM) and providing timely
information and financial services
 Sharing knowhow about information provision utilizing the Internet andtelemarketing in order to improve information provision services that cansatisfy customers’ needs
 Jointly utilizing non-face-to-face channels such as the Internet and ATMs to
improve products and services（4）(Total of 336 locations, including overseas locations; as of April 25, 2016)

Expand customer base and broaden and stimulate
economic interaction zone
12

10．Improved Value for Stakeholders
The new financial group will maintain and promote the relationships with customers and local communities
as well as deep understanding of local communities that the Banks have developed over the years. At thesame time, the new financial group will seek to expand the economic interaction zone by utilizing its widearea network, endeavor to increase the size and range of comprehensive financial services, and work
toward the “development of local industries, revitalization of local economy and creation of new markets”
for the growth of the company together with local communities.
Value for stakeholders

Business resources which will be the basis of improved value

Corporate
customers

In addition to smooth financial intermediary functions provided by the
Banks,
 Broad business interaction opportunities
 Hints and catalysts necessary for new businesses and business growth Detailed advice and fulfilling support for realization of growth Broader networks (e.g. employees, information and customer base) Strong connections with customers and local communities in the
Ibaraki and Tochigi areas
 Ample capital-raising means and comprehensive financial service
knowhow

Retailcustomers

 Environment in which retail customers can use the Banks more closely
and conveniently
 Advice and support to realize prosperous life stages
 Optimal solutions based on long-term relationships

 Network of an overwhelming number of braches and wealth of
product lineups
 Appropriate and timely information tailored to each stage of life
 Sophisticated service knowhow as a financial concierge

 Improved corporate value and ROE medium to long term
 Return to shareholders (stable dividends and shareholder special
benefit program) Prompt and appropriate information disclosure and explanations

 Revenues as a result of synergy Performance evaluation of officers of the integrated Holding Company based on
ROE Appropriate corporate governance structure which utilizes outside director
functions Comprehensive IR Rewarding work that realizes employees’ passion for local communities More opportunities to play active roles
 Improved skills and growth through personnel exchanges

 Penetration of the new financial group’s management philosophy
through joint training Execution of strategies formulated based on deep understanding of
local communities Mutual personnel exchanges and various joint planning More economic exchange opportunities that can contribute to regional revitalization• Exchanges between Ibaraki and Tochigi, and between the Ibaraki/Tochigi area
and the other areas such as neighboring areas Ability to make proposals that will help to boost local communities’ power, including
proposals concerning the number of business establishments in the region or
promotion of settlement

 Strong connections with local governments and other public institutions in the
Ibaraki and Tochigi areas Ability to coordinate with important partners that will generate economic
interaction
 Efforts toward the creation of new industries, and support system for growth ofcompanies and development of core companies in the region

Shareholders

Employees

Local
communities

1311．Outline of Synergy Measures
Corporate
customers

Retailcustomers

Providing business matching services in broader areas,
creating new industries by mutually utilizing coordinators,
and providing support in business expansion

Collaboration to promotesettlement and increase
nonresident population

Consolidation of
ingenuity forregional
revitalization

Local
governments

Strengthened efforts toresolve challenges of local
communities
Sharing of knowhow on
publicly-owned property
management support

Start collaboration on thefund business
Expansion of areas where leasing and securities services are provided
Advanced asset
management proposals by
sharing knowhow

Enlargedscale andscope

Mutual utilization of Group companies such as think tanks
Improved arrangement
capabilities in M&A, syndicate
loans and derivative transactions

Joint development ofdiverse and highly
convenient products andservices (loans and credits)

Streamlining of administrative
affairs and mutual utilizationof services

Support of starting operations
overseas

Improved customer
service using FinTech, etc.
Sharing of knowhow about
investment in the market

Considering joint securities
investment in light of
deregulation

Operational
reformStreamlining of credit and collateral appraisal work through integration

Group
management

Establishing a low-cost, quality branch network by sharing knowhow about branch design and management

Collaboration to enhance
direct channels
Shift of personnel to sales andstrategy

Mutually utilizing overseas networks (including consideration of making
overseas locations branches)

Cost reduction
through system
integration

Improvement of credit risk
management system

Integrating administrative
procedures; unifying andintegrating work concentrated
in the head office

Establishment of appropriate audit
system of the new GroupFY2021＋ approx. 15 billion
yen

Opening branches in growing areas and expand regional economic interaction opportunities

Optimization of businessresources (streamlining of
the head office andbranches, and staff
reallocation)

FY2015

Synergy on the top line andcost

Joint development and improvement of marketing such as EBM

Attracting more settling customers by unifying interbank charges

Expansionof areas/channels(FY2021)＋700 billion yen

Joint extension ofcross-boarder loans

Sharing of knowhow about sales activities
conducted at customers’ workplaces

Synergy Target

Increase in loan balance due
to synergy

Support in developing a tourist golden route in collaboration with the regional tourist industry
Creation of investment andcollaboration of businesses in thefood, agriculture or tourism industries

Compared to FY2015

Wide-area collaboration
supportAttraction of companies, comprehensive support to new entrant companies, and job creation

Efforts toward
wide-area regional
revitalization

Expansion ofcomprehensive
financialservicesOther
customers

Reduction inproperty expenses
through joint
procurement

Further promotion of
BPR bysharing knowhow

Joint implementation of personnel
interaction and training

Approx. 150
employees
New branch to open:
approx. 15 branches(including leasing andsecurities branches)
14

Mebuki Financial Group, Inc.

15