Fiscal 2022 Earnings Briefing Materials(April 1, 2022 – March 31, 2023)
Investor Relations

Iyogin Holdings
June 9, 2023
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

IndexI. Summary of Earnings for Fiscal 2022
II. Group Medium-Term Management Plan
II-1. Major Numerical Targets of Medium-Term Management Plan

II-2. Main Strategies and Progress of Medium-Term Management Plan
II-3. Efforts for Sustainability
II-4. Profit / Loss Forecasts and Capital Policy

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐1‐

Profit and Loss Overview for Fiscal 2022
Profit attributable to owners of parent marked a record high due to a decrease in credit costs, in addition to securing a high level of consolidated corebusiness gross profit
Holding Company Consolidated(Units: Millions of yen)
Consolidated core business gross profit
Interest and dividend income
Fees and commissions
Other operating income(Excluding profit/loss related to bonds including
JGBs, etc.)
Expenses (-)
Personnel expenses
Nonpersonnel expenses
Taxes
Consolidated core business net income

Credit costs (-) ①+②-③-④
Provision of reserve for general loan losses ①
Amortization of non-performing loans ②
Reversal of allowance for loan losses ③
Recoveries of written off claims ④

Gain (loss) related to securities
Gain (loss) related to bonds including JGBs, etc.
Gain (loss) related to stock, etc.
Other temporary gain (loss)
Ordinary income

Extraordinary income (loss)
Income before income taxes
Net income
Profit attributable to owners of parent

Ordinary revenue
Business net income

Fiscal 2022

YoY

89,55975,335
9,684(909)+2,654+302

4,539(3,865)52,667
29,32820,3572,982
36,891(2,598)
－
1,074
656
3,016
(37)
2,885
(2,923)
2,963
42,415(1,917)40,49728,32627,899+1,055
(88)
+808
+336
(1,965)(6,995)+768(4,662)+656+2,447(1,206)+5,156(6,363)+351+4,176(1,454)+2,721+1,700+1,482

172,954
39,777+38,983+2,424

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Increase/
Decrease(1.0%)

Fiscal 2021
90,46872,681
9,382
8,404

+2.0%

+6.4%
+5.6%

51,612
29,416
19,5492,646
38,856
4,397
(768)
5,736
－
569
1,169
(2,271)
3,440
2,612
38,239(463)
37,776
26,626
26,417+29.1%+6.5%

133,971
37,353(5.1%)+10.9%■ Consolidated core business gross profit Down ¥909 million YoY
 Interest and dividend income increased, mainly due to an increase in foreign-denominatedloans.
 Other operating income decreased due to decreases in gain (loss) on derivatives and revenue
on bond trading, while gain on foreign exchange transactions increased.

■ Expenses (-)

Up ¥1,055 million YoY

 Nonpersonnel expenses such as depreciation increased due to an increase in strategic
investments. Also, taxes increased due to an increase in the consumption tax.

■ Credit costs (-)

Down ¥6,995 million YoY

 Credit costs decreased due to reversal of provision for COVID-19 measures and a decrease inbankruptcies, etc.
(Since the amount of reversal exceeded the total amount of provision of reserve for general loan losses andprovision of reserve for specific loan losses, reversal of allowance for loan losses was recorded.)■ Gain (loss) related to securities

Down ¥1,206 million YoY

 Gain (loss) related to bonds including JGBs, etc. increased due to the recording of a gain on
sales accompanying foreign bond replacement.
 Gain (loss) related to stock, etc. decreased due to decreased gain on sales of strategic equity
holdings and increased loss on devaluation of equity securities.

■ Profit attributable toowners of parent

Up ¥1,482 million YoY‐2‐

Profit and Loss of Major Group Companies for Fiscal 2022 [Group Companies]
Profit and Loss [Iyo Bank Nonconsolidated]
Mainly due to a decrease in credit costs, net income increased and a highlevel of profit was secured(Units: Millions of yen)
Fiscal 2022
Core business gross profit
Interest and dividend income
Fees and commissions
Of which, revenue on assets in custody
Other operating income(Excluding profit/loss related to bonds including
JGBs, etc.)
Expenses (-)
Personnel expenses
Nonpersonnel expenses

Taxes
Core business net income
Credit costs (-) ①+②-③-④
Provision of reserve for general loan losses ①
Amortization of non-performing loans ②

Reversal of allowance for loan losses ③
Recoveries of written off claims ④
Gain (loss) related to securities
Gain (loss) related to bonds including JGBs, etc.
Gain (loss) related to stock, etc.

Other temporary gain (loss)
Ordinary income
Extraordinary income (loss)
Income before income taxes
Net income
Ordinary revenue

YoY

84,10675,067
6,465
1,725

(439)
+2,612
+166
+95

2,573

(3,217)50,31025,122
22,2882,898
33,795(2,822)
－
805
612
3,014
(496)
2,885
(3,382)
3,172
39,293(1,768)37,524
26,325+1,224(702)+1,605+320(1,664)(7,025)+367(4,330)+612+2,450(1,684)+5,156(6,842)+383+4,059(1,305)+2,753+1,665

153,622
36,681+39,480+3,126

Business net income
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Increase/
Decrease(0.5%)

84,54572,455
6,299
1,630

+6.8%

49,08625,824
20,683
2,578
35,459
4,203
(367)
5,135
－
564
1,188
(2,271)
3,460
2,789
35,234(463)
34,771
24,660+34.6%+9.3%

114,142
33,555(4.7%)+11.5%

 Iyogin Leasing(Units: Millions of yen)

Fiscal 2022

Fiscal 2021

5,790
+2.5%

Profit and Loss [Other Major Group Companies]
 Shikoku Alliance Securities (Units: Millions of yen)
Fiscal 2022

YoY

1,422

(53)

757

+40

664

(94)

97

+399

Core businessgross profit
Expenses (-)
Core business net
incomeOther profit (loss)

Ordinary income

761

+305

Net income

506
16,417

Core businessgross profit
Expenses (-)
Core business net
incomeOther profit (loss)

Ordinary revenue

 Iyogin Credit Guarantee
Fiscal 2022

1,321

(522)

1,614

(44)

(292)

(477)

0

(0)

Ordinary income

(292)

(478)

+196

Net income

(297)

(394)

(476)

Ordinary revenue

1,605

(798)

(Units: Millions of yen)

 Iyogin Computer Service (Units: Millions of yen)
Fiscal 2022

YoY

2,078

+46

238

+31

1,840

+16

(314)

(427)

Core businessgross profit
Expenses (-)
Core business net
incomeOther profit (loss)

Ordinary income

1,526

(412)

Net income

1,007

Ordinary revenue

2,200Core businessgross profit
Expenses (-)
Core business net
incomeOther profit (loss)

YoY

YoY

1,412

+8

1,186

+24

225

(17)

(1)

+1

Ordinary income

224

(15)

(271)

Net income

148

(15)

(337)

Ordinary revenue

2,500

+182

*The figures for profits and losses of each company are stated before inter-group elimination.
‐3‐

Factors in Increase / Decrease in Core Business Gross Profit for Fiscal 2022
Core business gross profit still remained at a high level due mainly to an increase in interest and dividend income, though it decreased due to an increase inderivative-related hedge costs, etc.
Year-on-year (Fiscal 2022 – Fiscal 2021)(Units: Billions of yen)
(Note) Differences in yield of domestic currency utilize yield differences with domestic
deposits, etc.
Differences in yield of foreign currency utilize yield differences with foreign
currency funding costs

Interest and dividend income(¥75.3 billion)

Gain on loan
management(¥51.9 billion)+3.65

Gain on securities
management(¥22.1 billion)(1.44)(0.91)(0.70)Of which, foreign currency(¥12.2 billion)

+4.35

+2.65
Core business gross profit(¥89.5 billion)

Of which, domestic currency(¥39.7 billion)

Of which, domestic currency(¥11.9 billion)(1.59)Of which, foreign currency(¥10.2 billion)+0.15
Other (¥1.2 billion)+0.44

Volume factors +0.35 (Average loan balance up ¥37.8 billion)
Yield difference factors (1.05) (Yield difference down 0.02%)
Volume factors +2.05 (Average loan balance up ¥168.8 billion)
Yield difference factors +2.30 (Yield difference up 0.28%)
Volume factors (1.67) (Average securities balance down ¥109.7 billion)
Yield difference factors +1.99 (Increase in stock dividends, etc.)

Gain (loss) on fund cancellation factors (1.91) (Recorded loss on
cancellation of investment trusts, etc.)
Volume factors (1.75) (Average securities balance down ¥91.7 billion)
Yield difference factors +1.90 (Yield difference up 0.40%)… Increase in interest on deposits with banks due to special interest granted by the Bank of Japan, etc.

Fees andcommissions(¥9.6 billion)+0.30… Solutions-related commissions +0.31, revenue on assets in custody +0.09, international loan-related commissions +0.18,
loan-related commissions (0.28), etc.

Other(¥4.5 billion)(3.86)
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

… +2.06 from gain (loss) on foreign exchange transactions, (5.28) from gain (loss) on derivatives, (0.62) fromrevenue on bond trading, etc.
‐4‐Credit Costs and Disclosed Non-performing Loans for Fiscal 2022
Credit Costs
Credit costs by factor(Units: Billions of yen)

Fiscal 2019

Fiscal 2020

Fiscal 2021

Fiscal 2022

YoY

Credit costs total

7.3

13.3

4.4

(2.6)

(7.0)

Provision of reserve for general loan
losses

0.3

9.5

(0.7)

(4.6)

(3.9)

Amortization of non-performing loans

7.7

4.4

5.7

5.1

(0.6)

Bankruptcies

1.3

0.5

1.4

0.0

(1.4)

Downgrades, etc.

8.1

6.2

6.5

8.4

+1.9

Upgrades and collections

(2.2)

(2.8)

(2.8)

(3.8)

(1.0)

Other Group companies

0.5

0.5

0.6

0.3

(0.3)

Recoveries of written off claims (-)

0.7

0.6

0.5

3.0

+2.5

[Reference] Credit management
expense ratio (Nonconsolidated*)

0.15%

0.26%

0.08%

(0.05)%(0.13)P

Credit costs were down ¥7.0 billion year on year
due to a decrease in provision of reserve for generalloan losses as a result of reversal of provision for
COVID-19 measures, and an increase in recoveriesof written off claims owing to large collections.
*Since the total amount of provision of reservefor general loan losses and provision of reserve
for specific loan losses is negative, reversal of
allowance for loan losses is recorded in thefinancial statements. However, it is not shownin the table on the left for the purpose ofcomparative analysis with the past results.

(*) Credit management expense ratio = Credit costs (Bank Nonconsolidated) / Average loan balance (Bank Nonconsolidated)

Ratio of Disclosed Non-Performing Loans
Amounts and ratios of disclosed non-performing loans under the Financial Reconstruction Act
Fiscal 2020

Fiscal 2021

Fiscal 2022

(Units: Billions of yen)

YoY

Loans to bankrupt or effectively bankrupt borrowers

3.8

1.9

3.3

+1.4

Doubtful assets

54.2

63.3

69.8

+6.5

Credit subject to specific risk management

16.8

23.7

25.0

+1.3

Total disclosed non-performing loans

74.8

89.1

98.2

+9.1

Ratio of disclosed non-performing loans

1.42%

1.66%

1.75%

+0.09P

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Although amounts of disclosed non-performing
loans have been on an increasing trend amid the
COVID-19 pandemic, ratio of non-performing loancontinued at a low level of 1.75%.

‐5‐

Loans, Deposits, and Assets in Custody for Fiscal 2022
Deposits, etc.

Balance of deposits, etc. by region
RegionLoans

Deposits, etc. were up 2.5% year-on-year(Units: Billions of yen)

Fiscal 2021

Fiscal 2022

Balance of loans by region
RegionIncrease/
Decrease

YoY

Loans were up 5.1% year-on-year(Units: Billions of yen)

Fiscal 2021

Fiscal 2022

Increase/
Decrease

YoY

Within Ehime Prefecture

5,140.9

5,283.5+142.6+2.8%

Within Ehime Prefecture

2,543.9

2,659.6+115.7+4.5%

Shikoku (excluding Ehime)

285.5

284.9

(0.6)

(0.2)%

Shikoku (excluding Ehime)

345.0

353.7

+8.7

+2.5%

Kyushu

186.1

193.6

+7.5

+4.0%

Kyushu

320.6

348.5

+27.9

+8.7%

Chugoku

276.2

284.0

+7.8

+2.8%

Chugoku

482.1

494.7

+12.6

+2.6%

Kinki

198.4

189.0

(9.4)

(4.7)%

Kinki

394.4

404.3

+9.9

+2.5%

Tokyo and Nagoya

477.9

480.6

+2.7

+0.6%

Tokyo and Nagoya

646.7

703.7

+57.0

+8.8%

Singapore

68.7

94.0

+25.3

+36.8%

Financial Market Business Office

119.3

135.0

+15.7

+13.2%

Offshore, etc.

20.0

13.3

(6.7)

(33.5)%

Total (domestic branches)

4,852.4

5,099.9+247.5+5.1%

6,654.1

6,823.2+169.1+2.5%

Singapore

216.4

226.0

+9.6

+4.4%

5,068.8

5,326.0+257.2+5.1%

Balance of assets in custody(Units: Billions of yen)

Fiscal 2021

Fiscal 2022

Increase/
Decrease

YoY

Assets in custody

607.1

647.8

+40.7

+6.7%

Balance at the Iyo Bank

361.1

372.7

+11.6

+3.2%

Balance at Shikoku Alliance
Securities

246.0

275.0

+29.0

+11.8%

Sales of assets in custody

137.2

144.1

+6.9

+5.0%

Sales at the Iyo Bank

57.5

64.1

+6.6

+11.5%

Sales at Shikoku Alliance
Securities

79.6

80.0

+0.4

+0.5%

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Total

Share within Ehime Prefecture as of March 31, 2023
(excluding Japan Post, agricultural cooperatives, etc.)
Deposits

Assets in Custody

Balance of assets in custody were up 6.7% yearon-year

Loans

Total

Iyo Bank

Regional banks other thanthe Iyo BankCity banks /Trust banks

Second regionalbanks

Credit unions‐6‐

Evaluation Gain (Loss) on Securities and Equity Ratio for Fiscal 2022
¥299.9 billion

Evaluation Gain on Securities

 Maintained a top level among regional banks by conducting operations
responding to the market trend(Hundreds of Millions of Yen)

Fiscal 201615.01%

Equity Ratio

 Secured high soundness, sufficiently exceeding required equity ratio

Nikkei Average (Yen)

Fiscal 2017

Fiscal 2018

Fiscal 2019

Gain / loss on securities
Nikkei average (right axis)(left axis)(Note) Excludes evaluation gains / losses on money held in trust

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Fiscal 2020

Fiscal 2021

Fiscal 2022

Fiscal 2016

Fiscal 2017

Tier 1 ratio for common
stock, etc.

Fiscal 2018

Fiscal 2019

Fiscal 2020

Fiscal 2021

Fiscal 2022

Gross equity ratio‐7‐Response to Yen Interest Rate Risk
 We have adopted a policy to mitigate the yen interest rate risk for both loans and securities. It is assumed that a rise in yen interest rates positively affects the current
portfolio as we have enough ability to withstand a rise in yen interest rates through stable procurement with deposits and utilization of a swap looking ahead to a futurerise in interest rates

Interest Rate Sensitivity and Interest Rate Maturity Ladder of Domestic
Currency Assets Under Management

 The majority of domestic currency loans are variable loans with the interest rate maturity
within one year, etc.
 A mitigating policy for interest rate risk continues for yen-denominated bonds, preparing for a
future rise in interest rates(Units: Billions of yen)
Variable Over one year, Over three
Over seven(Within one within three years, within
Total
years
year)
years
seven years
2,255.4
769.6
786.3
679.5
4,490.8
Balance
Domestic
(50%)
(17%)
(18%)
(15%)
(100%)
currency Interest rate
loans
(0.7)
(1.8)
(3.7)
(8.6)
(14.8)
sensitivity(10 bpv)
40.8
169.8
147.4
142.5
500.4
YenBalance
(8%)
(34%)
(29%)
(28%)
(100%)
denominInterest rate
ated
(0.1)
(0.4)
(0.8)
(1.1)
(2.5)
sensitivity
bonds(10 bpv)(Hundreds ofMillions of Yen)

Domestic
currency
loans

Variable(Within one year)

Yen-denominatedbondsOver one year,
within three years

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Effect on B/S and P/L from rising interest rates
 If the yield curve moves up in parallel by 10 bp, interest income on loans is expected to increase,
while expansion of evaluation loss on securities is limited

Effect on interest income on loans

Effect on evaluation gain (loss) on
securities*

Up ¥1.5 billion a year

Down ¥1.1 billion*After considering hedge effects of the yen swap

Status of Interest Rate Risk in the Banking Book (IRRBB) As a mitigating policy is taken for yen interest rates, a “downward parallel sift” is employed asa scenario for IRRBB and a portfolio preparing for rising interest rates is established(Units: Billions of yen)

Employed scenario

Over three years,
within seven years

March 2020

March 2021

March 2022

March 2023

UpwardparallelUpwardparallelUpwardparallelDownward
parallelInterest rate risk

73.6

76.3

42.0

40.3

Yen interest rate risk

0.0

0.0

0.0

40.3

Foreign currency interest rate
risk

73.6

76.3

42.0

0.0

Tier1

613.4

687.4

666.8

699.2

Outlier ratio

12.0%

11.1%

6.3%

5.7%

Over seven years‐8‐IndexI. Summary of Earnings for Fiscal 2022
II. Group Medium-Term Management Plan
II-1. Major Numerical Targets of Medium-Term Management Plan

II-2. Main Strategies and Progress of Medium-Term Management Plan
II-3. Efforts for Sustainability
II-4. Profit / Loss Forecasts and Capital Policy

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐9‐

Medium-Term Management Plan _ Major Numerical Targets I
 Currently, a profit level that exceeds the plan has been achieved, and the numerical targets are proceeding smoothly In addition to continuing to secure a high level of nonconsolidated profits by the Bank, we aim to achieve the main numerical targets for fiscal 2023 byincreasing “core business gross profit of Group companies (excluding the Bank),” expanding business fields by the entire Group
Major Numerical Targets

Fiscal 2021
Results

Fiscal 2022
Results

Targets for
Fiscal 2023

Consolidated core business gross profit¥90.4 billion¥89.5 billion¥86.0 billion

Profit attributable to owners of parent¥26.4 billion¥27.8 billion¥23.0 billion

Consolidated ROE (shareholders’ equity basis)

5.34%

5.40%

4.0% or more

Consolidated core OHR

57.05%

58.80%

Approx. 60.0%

Consolidated common stock Tier 1 ratio

14.28%

15.00%

Approx. 15.0%¥8.4 billion¥8.2 billion¥9.0 billion

Items

Core business gross profit of Group
companies (excluding the Bank)**Total core business gross profit of Group companies excluding the Bank before inter-group elimination
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 10 ‐

Medium-Term Management Plan _ Major Numerical Targets II
Deposits, etc.

Planning an average balance for fiscal 2023 totaling ¥6,845.0 billion with an increase by approx. ¥660.0 billion for three years

Plans for average deposits, etc., balance and assets in custody balance(Units: Billions of yen)

Fiscal 2021
Fiscal 2020
Results

Results

Fiscal 2022
YoY

Results

Fiscal 2023
YoY

Plan

Increase/decrease during
the Plan

YoY

Average deposits, etc., balance

6,184.6

6,623.1+438.5

6,758.3+135.2

6,845.0+86.7+660.4

Of which, individual deposits

3,658.3

3,807.9+149.6

3,902.1+94.2

3,970.0+67.9+311.7

Assets in custody balance

593.5

607.1

+13.6

647.8

+40.7

664.0

+16.2

+70.5

Of which, balance at the Iyo Bank

348.3

361.1

+12.8

372.7

+11.6

376.0

+3.3

+27.7

Of which, balance at Shikoku Alliance
Securities

245.2

246.0

+0.8

275.0

+29.0

288.0

+13.0

+42.8

Loans

Planning an average balance for fiscal 2023 totaling ¥5,345.0 billion with an increase by approx. ¥450.0 billion for three years

Plans for average loan balance(Units: Billions of yen)

Fiscal 2021
Fiscal 2020
Results

Results

Fiscal 2022
YoY

Results

Fiscal 2023
YoY

Plan

Increase/decrease during
the Plan

YoY

Average loan balance

4,894.4

5,002.1+107.7

5,208.6+206.5

5,345.0+136.4+450.6

Corporate loans

3,246.8

3,303.7+56.9

3,483.5+179.83,625.0+141.5+378.2

1,438.6

1,492.5+53.9

1,602.8+110.3

1,625.0+22.2+186.4

Individual loans

1,130.7

1,157.3+26.6

1,166.6+9.3

1,172.0

+5.4

+41.3

Municipal loans

232.2

213.1

(19.1)

199.9(13.2)

183.0(16.9)(49.2)

Financial Market Business Office

116.3

115.6

(0.7)

131.0

+15.4

135.0

+4.0

+18.7

Singapore Branch

168.2

212.1

+43.9

227.4

+15.3

230.0

+2.6

+61.9

Of which, within Ehime

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 11 ‐

IndexI. Summary of Earnings for Fiscal 2022
II. Group Medium-Term Management Plan
II-1. Major Numerical Targets of Medium-Term Management Plan

II-2. Main Strategies and Progress of Medium-Term Management Plan
II-3. Efforts for Sustainability
II-4. Profit / Loss Forecasts and Capital Policy

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 12 ‐

Business Strategy and Plan for Realizing the Long-Term Vision
Toward achieving a long-term vision of a “corporate group continuing to create and provide new value,” we will work to further deepen and evolve the DHD
model centered on six business strategies and four plans to improve sustainability as a corporate group

Plan

Business Strategies

Corporate group continuing to create and provide new value

Medium-term view (3 years)
Corporate relatedNewbusinesses

Personal related

Ship relatedMarketinvestment

To be worked on under thisthree-year Medium-Term
Management Plan anddeveloped according to futurechanges in environments

BPR

BranchesIT

HR development

Human resources

Responding to issues from a long-term
perspective with an eye on adapting tochanges in the environmentLong-term view (7 to 10 years)

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 13 ‐

Business Strategies _ Corporate Related I
Solution Revenue Results

Business Feasibility Assessment

Customer issues and needs

Business foundation
Purchase
Logistics

Production

Shipment
Distribution

GrowthSales
MarketingMaturedPurchase
Logistics

Services

Reform/ Decline

Production

Shipment
Distribution

Sales
Marketing

OthersOverseas, derivatives
Corporate solutions revenue*(Millions of Yen)

* Financing-related (including related derivatives),
business succession, M&A, business matching,corporate life insurances, etc.

Services(Various issues and needs in business stages and value chains)

Formulating concrete supporting measuresfor enhancement of corporate value

Identifying and sharing of management issues
Number of Mirai Support Sheet prepared
Number of business feasibility
assessment investigationcommittee held

Banking
Securities

Guarantee

Systems

CapitalLease

Think tankCredit cards

×Support inconsideration ofcooperation withpartner companies,
external experts,
local public entities,
etc.

DX consulting

Diverse consulting lineup

Fiscal 2020

Fiscal 2021

Fiscal 2022

Diverse funding

M&A / businesssuccession

Staffing business

ICT consulting

Lease

Credit cards (etc.)

Fiscal 2023
Plan

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Plan
Fiscal 2020

Fiscal 2021

Plan
Fiscal 2022

Plan
Fiscal 2023

‐ 14 ‐

Business Strategies _ Corporate Related II
Number of cases for M&As
and Business Succession

Staffing Business and Human Resource
Development Related Businesses

 Provides approx. 100 cases of business succession and M&As support
per year Established a one stop support system covering reorganization, shifting
to a holding company, and M&A support due to lack of a successor

 Steadily increased to a total of 1,430 inquiries including 278
contracts since the service started in April 2020

(Number)(Number)Number of business seminars held
Number of participants inbusiness seminars

Number of new inquiries
Number of contracts

Fiscal 2020

Fiscal 2022

Fiscal 2021

Fiscal 2021

 Utilize data on equipment needs collected by the Bank throughmeetings and provide proposals for lease utilization by thelease company
Number ofcontracts

Fiscal 2022

Fiscal 2020

Fiscal 2021

Fiscal 2022

Credit Card Business

Lease Business(Number)(Number)(Number)Business succession

Fiscal 2020

 Continued efforts for developing local human resources byholding various business seminars

Amount ofcontracts(Millions of Yen)

Banking

Banking

CapitalThink tank

 Corporate cards are steadily increasing by focusing on problem-solving
proposals in response to the increasing cashless B2B transactions and therevised Electronic Bookkeeping Act
 Considers expansion of BM partners and addition of partners ofpurchasing cards to provide BNPL* services(Millions of Yen)

Amount of transactions
via corporate cards

Number of corporatecards issued(Number)

Providing diverse consulting
by the entire Group

Fiscal 2020

Fiscal 2021

Fiscal 2022

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Banking

Banking

Lease

Credit cards
Fiscal 2020
Fiscal 2021
Fiscal 2022
* Abbreviation of Buy Now Pay Later which means deferred payment service mainly in e-commerce sites‐ 15 ‐

Business Strategies _ New Business I
Consideration of new businesses
Improving problem
solving andearnings power

Take on the challenge of new
operations that contribute toimprovement of sustainability inthe region

Assumed Issues
 Reduce risks in procurement and use ofenergy Revitalize through business attraction,business foundation, tourism, etc.
 Increase productivity by introducing digitaltechnology
 Appropriately secure and develop necessary
human resources

Strengthening operations related tosolving increasingly evident regional issues
such as depopulation and the need for
productivity improvement
Banking services, guarantee, investments, credit cards,
lease, asset management, insurance, business succession,
M&A, business matching, etc.
－Current－

Status of Progress Increase sales through effective sales(i) Establishment of a DX Consulting SubsidiaryName

Iyogin Digital Solutions Co., Ltd.

 Iyo Bank started ICT consulting operations in March 2018.
 Reflecting high demand for DX, both the number of proposals
and the number of contracts are on an increasing trend

Location

1 Minami-Horibata-cho, Matsuyama-shi, Ehime,Japan

Capital¥200 million (wholly owned by Iyogin Holdings）

Number of proposals(ii) Establishment of a new
fund(iii) Development and trialsof advertising services(etc.)－Vision for the future－(Number)(i) Establishment of a DX
consulting subsidiary

Number of contracts

Establishment

April 3, 2023

Employees

Six employees (excluding officers)<Ideal State>

Specific support menu Support for more efficient sharing ofinternal information
 Support for developing app creation
personnel
 Support for more efficient back-office
operations
 Support for more efficient attendanceand salaries related operations, etc.

“DX consulting” for solving true problems

NEW
Support for “digitalization of the entire company” including
business strategies

Fiscal 2020

Fiscal 2021

Fiscal 2022

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Support for “digitalization of operations”

 Development and maintenance of
applications
 Support for streamlining operations
and introducing SaaS Advice toward overall improvement in
operations, etc.
‐ 16 ‐

Business Strategies _ New Business II(ii) Establishment of a New Fund(iii) Development and Trials of Advertising Services

 The business domain of capital is expanded due to mitigation of requirements forinvestment in business succeeding companies, etc.
 Aims to further increase the corporate value of investees through hands-on support

Iyogin Business Succession and Growth Support Fund
Investment Business Limited Partnership

Fund name
Total amount offund¥2,000 million

Establishment

February 20, 2023

General partner(GP)

Iyogin Capital Company Limited

Limited partner(LP)

The Iyo Bank, Ltd.

Duration period

10 yearsIssues of business succession
 A successor has not been determined, but M&A with another businessin the same sector causes psychological resistance Officers or employees are favorable as a successor, but it is difficult toraise funds for purchasing shares and judge their capabilities
 Wants to concentrate shares, but it is difficult to obtain an agreement
through direct negotiation

Iyo Bank
Making a proposal for
promotion and request foradvertising

Doing the targeting andsending advertisement

Corporate customers

Issues and needs
・Want to efficiently increase sales
by reaching appropriate targets
・The effects of existing advertisingcannot be measured

Purchasing products andservices and participating in
eventsIndividual customers
Detection of
events basedon data

Use methods

Solutions Underwriting ofcommon stock,etc.

 Share buyback Succession to athird party

Life event

Issues of growth strategy

Use methods

Solutions Feels limitations on future growth under the current management system(wishes to transform from an owner company and strengthen organizational abilities or
become a listed company)
 Wants to strengthen organizational power and the internal control system for future IPO
 Considering business expansion through M&A with a business in the same sector and in
related businesses (investment amounts are so large that there is a concern for funds/
No know-how on furthering negotiations) Underwriting ofcommon stock Joint investment
with otherfund(s), etc.

 Share buyback Succession to athird party

Issues of capitalUse methods

Solutions Wants to begin a new business, but faces difficulty preparing a businessplan and raising funds
 Wants to recover capital impaired by a temporary factor

 Preferred stock
without voting
rights(mezzanine), etc.

 Share buyback

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

 Development of bank-specific advertising services utilizing rich data, excellent data analysis ability,
reliability, and sense of security
 Considering launching services through DMs and Twitter in the second half of fiscal 2023

Merits・Receiving advertisements meeting needs when life
events occur

Start a job

Assumed• Retailadvertisement, • Apparelproducts, and • Cars
services

Raise andGet married Have children
educate children• Phot studio• Travel• Cars• Buying house• Furniture andhomeappliances• Cars• Children’s
goods

Retire• Tutoring
school• Homemaker • Travel
services• Renovation

Life after
retirement

Pass away andsucceed• Medicines• Daily• Gravenecessities• Funeral• Renovation• Real estate• Nursing home Expandability after releasing
 Development of B2B services
 Development of fields utilizing media of other companies (TV, radio, local newspaper, outdoor
advertising, etc.)(etc.)‐ 17 ‐

Business Strategies _ Personal Related I
Asset Building Stage (20s - 40s)

Life Stages

Preserving andbequeathing

Improvement
in CX

Support for smooth asset
succession

Change in assets
Delving into needs

Asset Bequeathing Stage (70s -)Providing Timely Support According to Life Stages

Increasing
Easy andconvenient

Proposals for comfortable
and convenient life

Providing consultation

Asset Using Stage (50s - 60s)

Enter college/ Start
universitya job

Borrowing
Procedures completed
on app or website
Support for necessary funds

GetmarriedHavechildren

Saving
Preparing
Proposal of the optimum Support for asset formation withinsurance plan in case of an long-term diversified investment
emergencyHomepurchase

Childrenleave home

RetireProlonging the asset life-spanwith asset management

Life stage
ReceivepensionPrepare for
Bequeathing

Closely support customers’ lives to delving into their needs
 In the era of 100-year lifespans, as the lifestyles of our customers
diversify, it is necessary to build assets in a planned manner according tolife plans.
 LIFE PALETTE enables the sharing of dreams that customers want toachieve and the visualization of changes in balance and assets to create
life plans for each customer.

Providing optimum consulting services which meet needs
Easy and Convenient

Borrowing

Preparing

Opening of an account

Housing loans

Protection-type insuranceLife plan simulation

Card loans

Savings-type insurance

Various types of unsecured loan

Foreign currency deposits

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Saving and Increasing
Investment trusts and other
Yen deposits
securities
Single premium policies

Preserving and Bequeathing
Apartment and building
loans
Testamentary trusts
Handling of the bequeathing process

Civil trust‐ 18 ‐

Business Strategies _ Personal Related II
Borrowing

Easy and Convenient
A bank on your palmHouse purchasing plan with a smartphone

Making app the most important channel along with branches The app allows from opening of account to performing various
procedures on the app
 July 2022: Renewed to UI/UX based on chat function
 October 2022: Implemented function for inquiries of informationon accounts from Shikoku Alliance Securities
 January 2023: Improved identification function at counterreception

Growing AGENT app (below includes scheduled
implementation)

Promotion of housing loans with HOME used as infrastructure HOME rate* at the end of fiscal 2022 was 70%, keeping at a certain level

Expansion and Improvement of housing loans line-up
 January 2023: Expanded the line-up of group credit life insurance March 2023: Renewed step-up interest rate type products June 2023: Introduced variable interest rate products (Application from HOME to be introducedin August 2023)(Hundreds ofMillions of Yen)

Balance of housing loans
HOME rate* April 2023: Time deposit special to AGENT app(higher interest rates than those displayed at branch) May 2023: Transfer function
 July 2023: Account registration function in opening of an
account

 January 2024: Purchasing and cancelling functions ofinvestment trusts

 Spring 2024: Interactive communication function withcustomers

Fiscal 2020
End offiscal 2023
Targeting

100,000

Numberusers

Number of account registration
Number of installations
End offiscal 2022

Fiscal 2021

Fiscal 2022
Fiscal 2023 Plan
* Percentage of housing loan application using HOME

New card loan service that issues notifications on insufficientamountPromotion of card loans centering on SAFETY February 2022: The number of contracts steadily increased after “Premium Course”* was introduced Aiming for further expansion through enhanced promotion and campaigns, with the installed function
for increasing the borrow amount(Number)Number of cumulative contracts

35,000* Number of account registrants

Second half offiscal 2021

First half offiscal 2022

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Second half offiscal 2022

Second half of fiscal 2023
Plan

Fiscal 2020

Fiscal 2021
Fiscal 2022
Fiscal 2023 Plan
* Offers interest rates based on “risk ranking” instead of the “borrow amount”‐ 19 ‐

Business Strategies _ Personal Related III
Preparing

Saving and Increasing Proposing the optimum insurance plan in cooperation with
HOKEN NO MADOGUCHI GROUP to prepare for future risks anddeliver safety to customers
 Developing system for online non-face-to-face consultation as
well as face-to-face consultations

Excellent consulting system
Branches in
Placing 109 insurance consultants at 60 locations
Ehime
in Ehime Prefecture
Prefecture
Placing 11 locations in Ehime Prefecture Insurance
Consulting available also on Saturdays,
plaza
Sundays, and holidays

OnlinePossible to consult easily using a PC, tablet or
consultation other device from home without going out<Number of Customers and Number of Policies Held in Level Premium
Insurance>(Number)Preserving and Bequeathing Supporting stable, long-term asset formation based ondiversification in terms of time, currency, and assets
 Providing support for asset formation, making the new NISA
starting in 2024 known to a wider population

Sophisticated consulting services through cooperation
between the bank and securities company
Iyo Bank

Realizingconsultingthat
utilizes a wider range of
products for upper class andcorporation owners, etc.

<Change in Group Assets in Custody Balance>
Iyo Bank

Joint support of branches and headquarters

Shikoku Alliance Securities

Providing support for wellplanned asset formation basedon diversification in terms oftime, currency, and assets,according to each customer’slife plan(Hundredsof Millions
of Yen) Responding to diversified and enhanced needs (wishes) for
bequeathing by combined efforts of bank branches andheadquarters
 Offering a range of values in cooperation with the external
relations division at the headquarters (wealth advisors) thatprovides non-financial services including will writing support,
civil trust, and handling of the bequeathing process, in addition
to a wealth of life insurance productsBank Branches
Providing financial services that utilize
proper functions of insurance, after
understanding customers’ “wishes” throughinterviews for caring and inheritance

Sharing“wishes”
Headquarters (Wealth Advisors)
Providing a higher level of value including
non-financial services such as will writing andtrust operations toward realizing “wishes”(Number)

Shikoku Alliance Securities<Number of Trust-Related Contracts>

Number of customers
Number of policies held

Fiscal 2020

Fiscal 2021

Fiscal 2022

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Fiscal 2023
Plan

Fiscal 2020

Fiscal 2021

* Including individual deposits in foreign currencies

Fiscal 2022

Fiscal 2023
Plan

Fiscal 2021
Fiscal 2020
Fiscal 2022
* Trust operations excluding handling of the bequeathing process,taken into consideration a decrease due to execution of wills, etc.

Fiscal 2023
Plan

‐ 20 ‐

Business Strategies _ Ship Related I
Environment Surrounding Ship Owners
 Costs of producing new ships remaining high on the backgroundof higher costs of equipment and materials, etc.
 Shorter charter contract periods
 Rising U.S. dollar interest rate, despite favorable weaker yen Tougher requirements about measures against climate change,etc.

Coherent Investment and Loan Policy
Market risk (Ship price, charter fees)

Interest rate and exchange risk
Regulatory risk (responding to
the environment)

Severe investment

Conditions around climate change in ocean transport
environment
IMO has adopted a goal of reducing total GHG emissions by 50% by 2050

 Emphasis on a well-balanced portfolio not depending on specific projects and assets
 Emphasis on long-term relationships and make judgements on customers’
comprehensive ability in a multilateral manner
 Utilization of forecast of customers’ future profit or loss calculated based on ship cost
data accumulated over years
 Collection of information through many interviews with domestic and overseas
charterers

 “Strategy on the reduction of GHG emissions” by IMO
2008

2023

Base year ofemissions(Note) IMO: International
Maritime Organization(Note) GHG: Greenhouse Gas

2030 Target
40% efficiency
improvement

2050 Target
50% reduction in
total emissions

Long-term Target up to 2100
GHG zero emissions

New regulations on energy efficiency targeting existing ships will startin 2023 to achieve the 2030 target

Response to Tougher Requirements About Measures Against Climate Change, Etc.
Loans for ships manufactured by Japanese shipbuilding
yards that have high fuel efficiency
Loans for LNG dual-fuel ships
Loans for LNG carrying vessels
Loans for ships following the regulations on energy
efficiency starting 2025 in advance
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Financial position,
operating balance
and market value

Comprehensive ability

Management
policy and future
prospects

Solidrelationships

Ratio of ships designed with environmental initiativein mind in loan decided

Obtained certification as a designated financial
institution responding to “two-step loans” based on the
Maritime Industry Strengthening Act
 “Two-step loan”
System for providing loans utilizing fiscal loan funds toshipbuilders, ship operators, and ocean transportation
operators certified for a business foundation
strengthening plan and specified vessel introduction
plan

EEDI Phase 3
Dual-fuel Ships (LNG, LPG and Methanol)
Conventional Ships and Used Ships*Within ship-related cases approved in the recent 6 months‐ 21 ‐

Business Strategies _ Ship Related II
Loan Balance for the Maritime Industry¥1,214.0 billion

 Continuing an increasing trend, up ¥149.6 billion year on year
(Hundreds of Millions of Yen)

For other maritime industries and overseas

Status of Balance Changes by Segment
 For Domestic and Overseas Ocean Transport Significant increase in newly executed amount due to the increase in number of cases executed and thetrend of ships getting larger and higher priced
 In addition, weaker yen* since the end of the previous fiscal year resulted in an increase in foreigndenominated loan amounts when translated into yen(Hundreds of Millions of Yen)

For domestic and overseas ocean transport

Breakdown of changes in balance for domestic and overseas
ocean transport in fiscal 2022

+2,293

(875)
(468)

+416

9,050

Fiscal 2021
+1,366

7,684

Fiscal 2021

* In comparison with the US
dollar and Swiss francNewtransactions

Scheduledpayment

Advancerepayment

Impact of foreignexchange rates

Fiscal 2022

[Reference]
March 31, 2022
TTM to US dollar: 122.39 yen
TTM to Swiss franc: 132.54 yen
March 31, 2023
TTM to US dollar: 133.53 yen
TTM to Swiss franc: 146.16 yen
Impact from change in exchange
rate per yen
US dollar: 1.50 billion yen
Swiss franc: 2.37 billion yen(As of March 31, 2023)

 For Other Maritime Industries
 Modest increase from the end of the previous fiscal year mainly due to capital investment for logistics
facilities of coastal trading vessels and maritime businesses
 For Overseas Offices
Fiscal 2018

Fiscal 2019

Fiscal 2020

Fiscal 2021

Fiscal 2022

 Increase in amounts when translated into yen owing to ongoing weaker yen despite temporary decrease inbalance in dollar due to selling ships and advance repayment from surplus funds

Solutions the Group Aims to Provide
Improvement in Risk
Consulting Capabilities
Concerning the
Shipbuilding and Ocean
Transport Industries

 Providing methods to control risks for ship owners
 Group-wide efforts to solve issues marine equipment
manufacturers we have business relationships with are facing

Provision of Diverse
Funding Sources

Improvement in Researchand Analysis Capabilities
Concerning the Maritime
Industry in General Gathering of extensive information centered on Tokyo andImabari More advanced case evaluation based on gathered data andmarket position analysis
 Acquisition of operational knowledge by dispatching bank
employees to ship management companies

Enrichment in Activities
Connecting
Domestic and Overseas
Maritime Industries

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

 Composition of syndicated loans based on the framework of the
TSUBASA Alliance, etc.
 Initiatives for Sustainability Linked Loans and Transition Loans Loans for higher priced next-generation-fuel ships

 Aiming for business matching and case intermediation through aunique information network‐ 22 ‐

Business Strategies _ Market Investment I
Investment Policy by Risk Category

Changes in 10 BPV of Foreign Currencies

 Making diversified investment placing emphasis on liquidity, considering total profit and loss
leading to stable profit and future profit(Risk category) (Direction)(Policy for investment)
Yen-denominatedNot change ●Keep the balance as a bond including foreign bonds as assets inversely correlatedbondswith stocks.
●For foreign bonds (with forex hedges), the balance is temporarily shrunk in
Foreign bonds
Restoreanticipation of rising interest rates. In the future, the balance is planned to be(with forex
balance
restored gradually.
hedges)Foreign bonds Not change ●Adjust the balance and implement strategic re-balancing according to the(without forex or modest
situation while keeping a certain amount to secure stable profit fromincrease
hedges)carry trading.
●Sell off stocks held for strategic purposes if the necessity of holding is not
Domestic andrecognized.
Decreaseoverseas stocks●Purchase stocks held solely for investment purposes of which growth isexpected in the medium- to long-term view.
● Consider investment to secure stable carrying and portfolio
Alternatives, etc. Not change
diversification.

 Moderating interest rate risk in expectation of an interest rate upward trend (reducing the balance andshorter duration)→ Controlling interest rate risk in line with the market trend and mitigating valuation loss on foreign bonds(Hundreds ofMillions of Yen)

Foreign bonds(with forex hedges)

Foreign bonds(without forex hedges)

Foreign bonds, total

Fiscal 2015 Fiscal 2016

Fiscal 2017 Fiscal 2018

Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022

Increase/decrease in Balance of Securities by Risk Category After fiscal 2021, the balance of bonds is reduced in expectation of an increase in interest rates(Hundreds ofMillions of Yen)

Yendenominatedbonds

Foreign bonds(with forex hedges)

Foreign bonds(without forex hedges)

Domestic andoverseas stocks

Alternatives, etc.
US 10-year rate: left axis

Yen

Dollar/yen: right axis

(1,000)(2,000)* On a book value basis(3,000)Fiscal 2015

Fiscal 2016 Fiscal 2017

Fiscal 2018

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Fiscal 2019

Fiscal 2020 Fiscal 2021

Fiscal 2022

March
2015

March
2016

March
2017

March
2018

March
2019

March
2020

March
2021

March
2022

March
2023

‐ 23 ‐

Business Strategies _ Market Investment II
Change in Capital of Foreign Bonds

Securities Performance Aiming for stable gain on securities management and management in consideration of total
profit or loss

 Weaker yen caused by a widening interest rate gap offset loss due to rising interest rates→ Benefit from effects of diversifying “interest rate risk” and “exchange risk”
Foreign bonds(with forex hedges)

Foreign bonds(without forex hedges)(Hundreds ofMillions of Yen)

Foreign bonds, total(Hundreds ofMillions of Yen)

Realized profit/loss (= Interest and dividend income + gain (loss) related to securities, etc.)
Total profit/loss (= Periodic profit/loss + change in gain/loss on evaluation)

*
(2)
(42)

(100)

(300)

(200)
(300)

Fiscal 2015

Fiscal 2016 Fiscal 2017

Fiscal 2018

Fiscal 2019

Fiscal 2020 Fiscal 2021

Fiscal 2022

Profits From Foreign Bond Carry Trading

Foreign bonds(without forex hedges)(96)
Fiscal 2021

Fiscal 2022

Total Yield(Domestic
currency yield)(Foreign currency
yield)

Total for last 10 years(1,000)(right axis)* Including impairment
amount of strategic equity
holdings (approx. negative¥4 billion)

Portfolio Risk Sensitivity *After considering hedging

 Bond switching to “dispose of loss” and “increase yields” (that is, qualitative improvement in portfolio)→ An increase in foreign currency procurement cost is offset by an increase in profits from foreign bondcarry trading
Foreign bonds(with forex hedges)

Fiscal 2020

Foreign bonds, total Portfolio risk sensitivity (As of March 31, 2023)
Duration ◎Yen-denominated bonds*
2.30 years◎Foreign bonds (with forex hedges) 3.44 years◎Foreign bonds (without forex hedges)
Exchange ¥10V ¥18.9 billion◎Stock Nikkei Stock Average ¥1,000V ¥10.9 billion■Changes in 10 BPV (Yen-denominated bonds)*(Hundreds ofMillions of Yen)

Fiscal 2015

Fiscal 2016 Fiscal 2017

Fiscal 2018

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Fiscal 2019

Fiscal 2020 Fiscal 2021

Fiscal 2022

Fiscal 2015

Fiscal 2016 Fiscal 2017

Fiscal 2018

Fiscal 2019

Fiscal 2020

Fiscal 2021

Fiscal 2022

‐ 24 ‐

Business Strategies _ Market Investment III
Status of Foreign Currency Investment and Procurement[March 31, 2023]

Loan Balance Plan [Financial Market Business Office] Loans in an increasing trend mainly for overseas corporate projects(Hundreds ofMillions of Yen)

<Loans + Market Investment (Securities) >Year-end balance

Mainly assets with high liquidity

Securities

Loans, etc.

Investment
Mainly assets with low liquidity

Procurement

Deposits, etc.

Long-term
procurement

Repo
Short-term
procurement procurement

Choose foreign currency procurement methods in line with asset
composition

Fiscal 2019

Fiscal 2020

Fiscal 2021

Fiscal 2022

Fiscal 2023 Plan

<Loans, etc.>

Portfolio by Region and Industry [Financial Market Business Office]Short-term procurement is conducted for substantial short-term loans

Investment

Loans

Loans with multicurrency terms
Stability gap is positive(excessive investment)

Procurement

Deposits, etc.

Long-term
procurement

Liquidity gap is negative(excessive procurement)
Commitment line

Cash flow risk is guaranteed with commitment lines■ Japan■北米■ NorthAmerica ■アジア・オセアニア■ Europe■日本■欧州■ Asia/Oceania ■ Other■その他
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

■Electricity■電気・ガス
and gas ■Manufacturing■製造 ■金融■ Finance■運輸■ Transportation■ Various
services ■ Other■各種サービス■その他

Stability gap: Loans, etc. - (Deposits, etc. + Long-term procurement)
Liquidity gap: Loans, etc. - (Deposits, etc. + Long-term procurement + Commitment line)‐ 25 ‐

Cross-Sectional Efforts Supporting Business Strategies _ BPR I
Main Efforts at the Bank Branches Toward Reduction in the Amount of
Administrative Work
Renewal and start of full-fledged operations of the next bank branch system
Newfunction (i)New centralized operation system (BOC)
Automatic
linkage with
RPA

New
function (ii)

Linking data with AGENT

New
function (iii)

Addition of Satto ATM functionNewfunction (iv)

Making multi-functional terminals online

From January 2023: Started trials■ Introduced Branch Link at all bank branches (remotemanagement)■ Outsourced cash management business to Group
company (IBS)■ Centralized administrative works at bank branches
into the headquarters…etc.

persons
Number ofadministrative staff

Fiscal 2019

Fiscal 2020

approx. 156 staff members

Fiscal 2017

Fiscal 2018

Fiscal 2021

Fiscal 2022

Fiscal 2023
Plan

[Administrative staff in charge of loans]persons

・Use is suspended when lost or stolen

Amount ofadministrati
ve work

Number ofadministrative staff

Fiscal 2021

Fiscal 2022

・Transaction details of housing loans
can be confirmed
・Time deposit special to AGENT isavailable * Preferential interest
rate Product

The remitting function was
implemented to the app
in May 2023
Fiscal 2019

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Amount ofadministrati
ve work

Expected to reduce workload equivalent toRenewal of base of loan support system (plan) Addition of new functions to AGENT app

Other BPR measures[Administrative staff in charge of operations]February - June 2023: Currently shifting successively[Renewal concept and specific effects]
・Addition of Satto ATM function  Various paper forms such as
deposit/withdrawal slips and remittance forms are not necessary
Paperless・BOC image linkage  UBT operations are not necessary (reducing the number of
UBTs )
Less operations
・Data linkage from an AGENT tablet and utilization of RPA  Automatic
operations
Reduced renewal costs
・Data linkage between AGENT and the system for various notifications andverification at the time of transaction  Responses to ordering are notnecessary■ More efficient screening/standardization of points
to be examined■ Centralizing loan-related functions such as
management of contracts■ Placing the system infrastructure in the cloud andimproving UI/UX After 2024, the full-fledged operation is scheduled

Effect of BPR at Bank Branches(Amount of administrative work/Number of administrative staff)

Fiscal 2020

Fiscal 2023
Plan

‐ 26 ‐

Cross-Sectional Efforts Supporting Business Strategies _ BPR II
Developing operational efficiency improvements on the Group basis utilizing
knowhow of the Bank headquarters■ Expanding BPR measures proven at the Bank headquarters horizontally on a group-wide basis, aiming to achieve
work style reforms
Expanding into the Group companies
other than the Bank
Shift toSecurities
Guarantee
the HD structure
Productivity improvement projectfor headquarters operations

Bank

Systems

CapitalLease

Think tankCredit cards

Reducing workload byutilizing RPA and otherdigital tools

Centralizing common andoverlapping operations
including system development
and maintenanceConsidering expansion to othercompanies■ Automation of operations
utilizing RPA✓Automation of routine
operations by RPA✓Processes from newdevelopment to maintenanceare entirely completed in-house■ Headquarters Operation
Support Center✓Centralizing general affairs work,
stationery management,
expense work, etc. at the Bank
headquarters(hours)Reduced by 165 thousand hours△16万5千時間（人員換算：約84名分）(equivalent to approx. 84 staff)

200 thousandhours

165 thousandhours

DX consulting

In December 2022, a person in charge of
operational efficiency was placed at each company

Promotion with cooperation of the CoE andpersons in charge of each company■ Digitalization of
application flows■ Introduction ofElectronic approvals✓Digitalization of conventionallypaper-based application
procedures, by developing aflow of the groupware✓Opening the “electronic
approval system” to the Group
companies, making approvals
among the Group paperless■ Centralized storage of
documents■ Introduction of SMBC
CLOUDSIGN✓Completed centralized storagefor “stored documents“✓Currently shifting to centralized
storage, in which “contracts”
are made to a database

Fiscal 2017

Cost reduction
for generating
further capacity

Fiscal 2018

Fiscal 2019

Reallocation

Fiscal 2020

Fiscal 2021

Fiscal 2022

Fiscal 2023
Plan

Increase productivity of theentire Group
Inputting resources to“Planning work”✓ Realizing no use of seals,
limiting a range of use■ Introduction of AI chatbot✓Reducing workload of inquiries
by using AI

Considering expansion of each measuresuccessively within the Group
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Effect of workload reduction at the Bank headquarters andGroup companies (reduced hours)

Toward achieving work style reforms considering reconstructionof the head office building, BPR measures including workload
reductions and paperless are promoted across the Group‐ 27 ‐

Cross-Sectional Efforts Supporting Business Strategies _ BPR Strategy III
Reduction Effects of BPR Measures and Resource Shifting[April 2018][April 2023]

Reduced419 staff members

Number of administrative staff in charge of
operations: Minus 402 Administrative Staff

Office/Staff

Administrative work

1,306

904

Total

Administrative work

Routine work
800

Fiscal 2017

Generalists

Surplus human resources
and time generated by the
reduction are shifted to ahigher level of operations

Headquarterscentralizing/Improvement

Planning/Creative
work

Planning/Creative
work
Sales/Consulting
work
Loans/Screening
work

350

Sales/Consulting
work
Loans/Screening
work

Fiscal 2019

Fiscal 2022 Fiscal 2023

Headquarters workload reduction:
165 thousand hours/year reduction

165 thousand
16.5
万時間
hours

2,116 hours

Fiscal 2017

Ways of working of officers
and employees also changed
greatly

1,921 hours

Minus 324
Minus 419

Yearly working hours per person→ Reduced by 195 hours(compared to 2015)

Work style reforms steadily advancedwith higher awareness on BPR by
employees and officers

Fiscal 2022 Fiscal 2023
2015

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Minus 95

<Others>
Surplus resources generated are allocated to consulting
from customers and problem solving
For loans, “administrative” work is minimized, shifting to“screening” work

<Yearly working hours (per person)>200
thousand hours
20万時間

2,255
persons
1,550
persons
3,805
persons

Shifting resources to planning and creative work at
headquarters□ RPA and digital workflow development staff: 4 persons□ Enhancement of headquarters external relations and DHDrelated measures: 82 persons□ Ship-related staff: 9 persons□ Enhancement of system development staff: 39 persons□ New company “Iyogin Digital Solutions Co., Ltd”: 7 persons,
etc.

433

396

2,350
persons
1,874
persons
4,224
persons

Shifting resources to further improvement of headquarterscentralizing measures□ Loan-Related Administrative Work Support Center: 18
persons□ Headquarters Operation Support Center: 9 persons□ In-house VC center/Telephone reception center: 14 persons,etc.

Headquarterscentralizing/Improvement

Number of administrative staff in chargeof loans: Minus 37 Administrative Staff[April 2023]* Total number decreased due to adjustment by attrition, etc.
* Administrative work and routine work were minimized with BPR

Routine work

Fiscal 2022 Fiscal 2023

[April 2018]2022‐ 28 ‐

Business Strategy and Plan for Realizing the Long-Term Vision
Toward achieving a long-term vision of a “corporate group continuing to create and provide new value,” we will work to further deepen and evolve the DHD
model centered on six business strategies and four plans to improve sustainability as a corporate group.

Plan

Business Strategies

Corporate group continuing to create and provide new value

Medium-term view (3 years)
Corporate relatedNewbusinesses

Personal related

Ship relatedMarketinvestment

To be worked on under thisthree-year Medium-Term
Management Plan anddeveloped according to futurechanges in environments

BPR

BranchesIT

HR development

Human resources

Responding to issues from a long-term
perspective with an eye on adapting tochanges in the environmentLong-term view (7 to 10 years)

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 29 ‐

Cross-Sectional Efforts Supporting Business Strategies _ Branch Plan
Face-to-face Channels
Review of Branches and ATM Locations

Rebuilding channels of contact points with customers in line withchanging customer behavioral patterns“Deepening and evolving the Digital-Human-Digital Model”

Number of
branches
Number of ATMs

Face-to-face channels

Non face-to-face channels

Non Face-to-face Channels
DHD Services/Digital Touch Points
Released in November 2019

Released in May 2020

×Fiscal 2018 Fiscal 2019

Fiscal 2020

Fiscal 2021

Fiscal 2022

Review of Branch Functions■ Shift of all branches to a Next-generation Branch wascompleted in Ehime Prefecture■ Review of business hours‣Extension of business hours: 34 branches‣Adoption of lunch break: 11 branches■ Introduction of the Group Head system: 26 groups
organized■ Shift to labor-saving/function-specific branches
Branches located in government offices: 6 branches
Iyogin SMART (branches not having account):
2 branches
Iyogin SMART plus (branches specialized intransactions):
4 branches

店舗（リアルチャネル）の強みを活かし、人 ”対面” でしかできない価値提供力を高める

Branches and ATMs

■ Daily use transactions are mainly conducted on “your parm” easily andconveniently, while problem solving that only humans can do is implemented at“manned branches,” which is the strength of regional banks

Contact Points with Customers (Expected)
Building non face-to-facechannelsIB, etc.

Advanced Use of Branch Real EstateATM

Visitingbankbranch■ Fukuoka Branch/Nagoya Branch: To be completed in
2024■Renovating the branches to include rental spaces
targeting at third parties■ Scheduled to obtain ZEB Ready certification
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

App and IB

Past

Expanding usage of apps
and internet banking
10% decrease in ATM
usage

40% decrease incustomers visiting bankbranchSophistication of non
face-to-face channels

HOME

SAFETYHouse purchasing planwith a smartphone

New card loan service
that issues notifications on
insufficient amount

AGENT

LIFE PALETTE

Iyo Bank on your palm

Simulation tool thatallows customers tochart various future plans

店舗（リアルチャネル）の強みを活かし、人 ”対面” でしかできない価値
提供力を高める
Released in June
2021
Released in October 2021

Apps
IB, etc.

ATM

Change of lifestyles
Better IT literacy

Apps
IB,
etc.

Prevalence of cashless
payment

Visitingbank Depopulation and less preference
branch for over-the-counter

communications

Current

ATM
Visiting bankbranch10 years fromnow

■Since the COVID-19 pandemic, contact points with customers have changed drastically‐ 30 ‐

Cross-Sectional Efforts Supporting Business Strategies _ IT Plan
Improvement of Data Utilization System

Development of System Infrastructure

Promotion of Cloud Utilization

Introduced the CRM Group Dashboard in April 2023 aiming to strengthen sales capabilities of theentire Group, aiming for customer-oriented business operations
 Revenue status Negotiation records
 Contact person at each Group
company Transaction status, etc.

Aiming to strengthen relation
management for the entire
Group and provide optimal
products and services

Sharing corporation information held by the Group
companies* among the entire GroupPromoting use of the cloud to improve
productivity in introducing and operating
systems

Cloud ratio for subsystems*

 Speed (shorter delivery and development
period) Securing scalability and flexibility
 Reducing system operation workload

Cloud ratio

Introduction of CRM Group Dashboard*Subsystems
Peripheral systems of the core banking system including sales support
systems, loan support systems, and other operational support systems*Excluding Shikoku Alliance Securities

Omnichannel Coordination

ATM server

Analysis of data
Information hostATM server

Providing CXATMadvertisement Centralize management of system investment and development projects
 Unify processes of advance verification and check of investment effects for large scale investment
cases Commonalize IT infrastructure in the Group<Current situation><Direction to aim for in the future>Banner, etc.

WEB measurement tool

Recommendation tool

App measurement tool

Utilization of data

Via vendor

Recommendations to app
Functional improvement of app andweb services, etc.

(A bank on your palm)(Card loan app)
(Housing loan app)

Data analysis
tool
Extraction of analysis targets Extraction of targets

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

March 2023

Optimization of IT investment in the Group as a wholeDeveloping an environment for obtaining attributes and behavioral data of customers of our apps
and web services, which are utilized for optimum recommendation and improvement of functions ofapps, etc.
Integration of data

March 2022

Establishment of IT GovernanceImprovement of Coordination Among Channels

Collection of data

March 2021

push notification,
etc.

Strategic

Apps andwebservices*Abbreviation of Marketing Customer
Information File. Customer database formarketing use

IT costs are on the risedue to strategic
investment

Classify investment costs intoBasestrategic investment and base■Rule setting such as priority■Strategically consider
budgetary measures■Invested base cost
Areas to be reduced‐ 31 ‐

Cross-Sectional Efforts Supporting Business Strategies _ Personnel Development Plan
Co-creative Human Resources With Advanced Expertise

Specialists by Fields

SupportPlanning

Technology

MarketBasic operation knowledge and skills/Finance and IT
literacy/Business skills/Common sense and morals, etc.

Ship

Base
skillsIndividual

SpecialskillsCorporation

Risk management

 Implementing various measures based on three key points, in order for each employee tocreate their strength and improve their area of expertise
Personnel with an Area of Expertise Classify specialized skills into eight career
fields with the purpose of specializationand improvement of operations

 Development at specialized departments, dispatch to specialized institutions outside the Group, orother programs are conducted with four fields that require a high level of expertise and skills as
pillars
Corporation/Individual/Ship/Planning
Market Dispatching employees on assignments
 Short-term dispatch training in the Funds
outside the GroupOperation & Securities Division
 Short-term dispatch trainings to specialized
departments<Holders of advanced qualifications*><Holders of advanced qualifications*>

persons

persons

Match rate with wishes of career fields* 95.3%* Match rate between career fields of duties that employees
are currently performing and those of duties that theywish to do (including their second choice) Enhancement of short-term dispatch trainings, etc.  Expansion of participants of level-based workshops
Expanding the scope to Regional Vitalization Division
 Jointly holding level-based workshops, etc.,
and Shikoku Alliance Securities and providing for
expanding the eligible employees into staff
employees of 8 divisions and companies, anfrom the all Group companies
opportunity to attend training, as well as
autonomously consider their own careerdevelopment(Number of trainees at Group companies (excluding theBank): 85)

Establishment of an Environment Which Facilitates Autonomous Learning

Fiscal 2020
Fiscal 2021
Fiscal 2022
*Attorney, Certified Public Tax Accountant, MBA, Small andMedium Enterprise Management Consultant, 1st-grade CFP,
etc.

Technology

Fiscal2020
2020
FiscalFiscal 2021

Fiscal 2022

*Securities analyst, Certified International Investment Analyst

Planning (Digital Business) Attending cloud-related training Skill Compass Level 3 or higher

 Redefine and clarify development policies
 Conducting level-based development
measures Expansion of online learning tools, etc.

<Holders of advanced qualifications*>
Technology/Planning (Digital Business)
persons

 Increase in shorter classes on  Continual use of training apps
demandResponses to Diversifying Careers
 Introducing training programs by business (field) open to all employees Expansion of eligible employees of training throughdispatch to external institutions
 Promotion of challenges to advanced qualifications
 Continuation and expansion of qualification acquisition
incentive system
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Developing a group that createsand provides diversified value inthe entire Group

Fiscal 2021
Fiscal 2020
Fiscal 2022
*Information Technology Strategist, Systems Architect, Network Specialist,
Database Specialist, Registered Information Security Specialist, etc.

‐ 32 ‐

IndexI. Summary of Earnings for Fiscal 2022
II. Group Medium-Term Management Plan
II-1. Major Numerical Targets of Medium-Term Management Plan

II-2. Main Strategies and Progress of Medium-Term Management Plan
II-3. Efforts for Sustainability
II-4. Profit / Loss Forecasts and Capital Policy

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 33 ‐

Efforts for Sustainability _ Environment (Summary of Response to TCFD Recommendations)
Scenario Analysis

CO2 Emission Reduction Target and Results

Physical risks
Suspension of business of customers
and damage on collateral following
occurrence of flood damage

TargetIncrease in credit-related expense(through 2050)
A total of ¥4.6 billion*1 to¥7.5 billion*2

50% reduction by fiscal 2030 (compared to fiscal 2013) (combining scope 1 and 2)

Result(Unit: t-CO2)

Transition risks
Transition to a decarbonized society
through tightening of regulations on
restrictions of carbon emissions,introduction of carbon tax, etc. in“electric power” and “gas” sectors

Reduction rate

(29%)

(20%)

(29%)
(34%)

Increase in credit-related expense(through 2050)
A total of ¥0.08 billion*3 to¥2.6 billion*4

(42%)
(50%)

(40%)

(60%)

(80%)

Carbon-related Exposure Ratio
Fiscal 2013

Ratio of carbon-related assets*5 toloans and other assets mainly basedon the recommended disclosure itemsin the TCFD Recommendations

43.4%(As of the end of fiscal 2022)*1…RCP 2.6 Scenario (2˚C Scenario) by the Intergovernmental Panel on Climate Change (IPCC)*2…RCP 8.5 Scenario (4˚C Scenario) by the Intergovernmental Panel on Climate Change (IPCC)*3…Below 2˚C Scenario (2˚C Scenario) by the Network for Greening the Financial System (NGFS)*4…Net Zero 2050 Scenario (1.5˚C Scenario) by the Network for Greening the Financial System (NGFS)*5…Calculated by applying the industry classification listed in the Ministry of the Environment’s “Practical Guidance for
Decarbonization Starting From Portfolio Carbon Analysis” based on the definition of the “energy,” ”transportation,”“materials and buildings,” “agriculture, food and forestry products” sectors
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Fiscal 2019

Fiscal 2020

Fiscal 2021

Fiscal 2022

Fiscal 2030

(100%)<Reference> Calculation of Scope 3(Unit: t-CO2)（単位：t-CO2）

Scope 3Fiscal 2019
Fiscal 2020
Business travel
553
225(Category 6)
Employeecommuting
1,381
1,351
■ (Category
Scope3カテゴリー15（投融資）への対応状況
7)

Fiscal 2021

Fiscal 2022

189

308

1,319

1,296

■ State of response to Scope 3 Category 15 (Investments)✓Made trials regarding calculation of CO2 emissions (financed emissions) of the investee portfolio classified
into Category 15 (Investments) of Scope 3✓Going forward, we will analyze calculation results and consider efforts for setting reduction targets, etc.,
preparing for disclosure of information‐ 34 ‐

Efforts for Sustainability _ Environment and Society (Sustainable Finance)
Sustainable Finance Supporting customers’ efforts toward sustainable management, which is of increasing social interest

Sustainable Finance Executed

Sustainable Finance Menu
Green loans
Sustainability linked loans

 Cumulated transaction amount from fiscal 2021: ¥218.9 billion(including ¥125.1 billion in the environmental area)
 Key sustainable finance projects

Transition loans

Renewable energy businesses related¥70.5 billion

Green bonds

Sustainable finance and green bonds¥18.7 billion

Positive impact finance

Private placement bonds (environmental private
placement bonds and SDGs private placement bonds, ¥23.0 billionetc.) Arranged project finance for an onshore wind power operation
 Arranged project finance with the total amount of ¥13.5 billion for an onshore wind
power operation that Makikawa Masaki Wind Farm LLC plans to construct in Uwajima
City and Ainan Town, Ehime Prefecture, as an arranger and agent

Makikawa Masaki Wind Farm LLC

Power generation
scale
Company that buys
electricity

25,000 kW (output control with 3,600 kW × 8 turbines）

Sponsors

GF Corporation, JR-EAST Energy Development Co., Ltd.

Start of operation(scheduled)

Shikoku Electric Power Transmission & Distribution
Company, Incorporated

February 1, 2026

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

(Of which, the environmental area)

Transaction amount in Fiscal 2022: ¥126.2 billion(including ¥64.2 billion in the environmental area)

Fiscal 2021

Fiscal 2022

Fiscal 2030

 Handling of “private placement bonds for work style reforms” started
 In April 2023, we started to handle private placement bonds for work style reforms with the purpose of
supporting customers which meet a certain level of financial criteria and make efforts to achieve work
style reforms<Menu of private placement bonds >ESG private placement bonds

 Environmental private
placement bonds
 SDGs private placementbonds
 Private placement bonds
for work style reforms

Private placement bonds forsupporting home towns

 “Manabiya”
 “Chiiki no Mirai”

Private placement bonds forsupporting welfare program “Kaisha-no-Mirai”<Overview of the project>
Business operator(Hundreds of Millions of Yen)
Sustainable finance‐ 35 ‐

Efforts for Sustainability _ Society (Efforts for Local Economy)
Revitalization of the Region by Business Foundation Support

Revitalization of Local Economy by Crowdfunding[Number (cumulative)]

Number of Business Foundation Support
Fiscal 2020

Fiscal 2021

Fiscal 2022

Business foundation planning support

366

352

385

Of which, start-up loans(with/without Credit Guarantee Association)

301

217

228

Of which, referrals to government-affiliatedfinancial institutions and start-up support
organizations

17

19

36

Of which, venture companies registered for grants
or investments

24

18

16

*Businesses within 3 years of establishment are counted

 Continuing from last year, the Bank supports the operationalization of customers during the startup period, centering on “start-up loans”

Business Plan Competition
 “The 8th Iyogin Business Plan Competition” held in March 2023
 Determined seven prize winners from among 48 applicants The Grand Prix was awarded to USUi Co., Ltd. (Niihama) that presented “Stable Renewable Energy
Business With Buoyancy of ‘Ocean, River, and Lake’ Water Used as Power Source”[Number by category]New products
and services

Businessfoundation

Total
Regional
revitalization

Fiscal 2019

Fiscal 2020

Fiscal 2021

Fiscal 2022

 The Bank subsidizes part of the fees paid by customers to crowdfunding companies to support
projects on starting business and regional revitalization in Ehime Prefecture

Solving Regional Issues Utilizing Digital Technologies
 Providing support to various projects related to the primary industry utilizing Ehime Prefecture’s
public offering project “TRY ANGLE EHIME” which aims to accelerate DX implementation inindustries and life
Purposes
 Improving productivity of the primary industry through utilizing digital technologies
 Eliminating shortage of new entrants to the primary industry

Supported projects
 Digitalization of knowhow for cultivating
tomatoes with a high sugar content
 Digitalization of cultivation of the HIME NO RIN
rice utilizing space technologies
 Commercialization of distribution DX “vegibus
Ehime”
 Building of a smart farm experiencing platform
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 36 ‐

Efforts for Sustainability _ Society (Human Capital Management Summary)
The Group positions human resources as one of sources of competitive advantages, developing human resources (page 32) and arranging the internal
Career, Social, Financial, Physical, Community
environment (page 38) to realize five elements of Well-Being*1 for all employees*1

Iyogin Group Well-Being =INPUT

Developing human resources
Co-creative human resources with advanced expertise Personnel development for enhancing an
area of expertise Establishment of an environment whichfacilitates autonomous learning Responses to diversifying careers

Arranging the internal environment

Specialists by fields
 Development of personnel for the
corporation, individual, ship, and planningfields Development of market personnel
 Development of technology personnel
 Development of planning (digital business)
personnel

Work style reforms
 Arranging an environment
where autonomous anddiverse ways of working
are possible
 Arranging a workplaceenvironment providing“motivation” and “jobsatisfaction” (increasing
engagement)

DE&I Arranging the environment
where everybody can
actively work regardless ofage, gender, etc.
 Actively promoting
women’s participation

Health management

 Population approach High-risk approach

Major KPIs for human capital management (targets for fiscal 2023)
Investment amount of HR development(per capita training related costs)¥180 thousand or more
Hours of HR development training(per capita training hours)
50 hours or more

Holders of Information Technology Passport

Overtime working hours

750 employees or more

5 hours or lessHolders of advanced qualifications*2

Engagement score570 employees or more

72 or more

Utilization rate ofcorporation DC
80% or more
Acquisition rate ofchildcare leave, etc. of men
100% or more

Presenteeism

15% or lessAbsenteeism
1.5 days or less

*2 Internally defined attorney, Certified Public Tax Accountant, MBA, Smalland Medium Enterprise Management Consultant, 1st-grade CFP, securities
analyst, IT Strategist, etc. as highly-difficult qualifications

OUTCOME

Career
Well-Being
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Social
Well-Being

Financial
Well-Being

PhysicalWell-Being

Community
Well-Being‐ 37 ‐

Efforts for Sustainability _ Society (Human Capital Management _ Arranging Internal Environment)
Health Management

Work Style Reforms

 Arranging an environment where autonomous anddiverse ways of working are possible
Initiative for work style reforms
Smart Working Challenge
Complete flexible
working hour system

Work from home

Side job system

Business casual attire
January to
December 2018

 Taking both of a population approach and high-risk approach

Paid leave
utilization rate

Overtime working
hours

January to
December 2020

January to
December 2022

 Arranging a workplace environment providing“motivation” and “job satisfaction” (increasing engagement)
Conducting an engagement survey every month using an engagement detection tool (wevox)
PDCA cycle for improvement inengagement
Enhancement oforganizational abilities andan improvement inbusiness results

Population approach

High-risk approach・Subsidizing costs for health checkups andgranting special leave
・Holding health seminars and events
・Lending a wearable terminal “Fitbit”
・Working-hour interval system, etc.

・Recommendations from a health nurse forreexamination or consulting with a doctor
・Health guidance according to lifestyle risk
・Specific health guidance
・Face-to-face guidance by anindustrial doctor, etc.

 Organized the health management initiatives
in a systematic way and prepareda Health Management Strategy Map ➡

[Engagement score]

Certified Health & Productivity Management
Outstanding Organizations Recognition Program
Recognized as "White 500"
* Recognized in this Recognition Program for six
years consecutively

Average in thefinancial sector

Fiscal 2018

Fiscal 2020

Fiscal 2022

DE&I
 Arranging an environment where everybody can actively work regardless of age, gender, etc.
 Personnel system under which highly individualistic talents can be fully utilized(revised in October 2022)

New
generalist
career track
Integrated generalist career
track and specified generalist
career track into new
generalist career track

Generalist Specified
career generalist
careertrack
track

Possible to decide whether
to transfer

Securing diverse recruitment measures
Reviewed the re-employment system forresigned employees
・ Abolished requirements for period of separation from
employment, etc.
・Returning directly as the Bank’s employees is possible

Introduced a referral recruitment
systemCopyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

70 yearsold Actively promoting women’s participation
 Continued to achieve 100% of the childcare leave utilization rate for men and women since
fiscal 2016
 Newly established “parental leave after birth” in October 2022 as a more flexible andaccessible system
Female average
years of service
Female manager
ratio

65 yearsold

Raised the reemployment age
limit of senior
employees

10 years
and11monthsFiscal 201812 yearsand4 months

13 yearsand6 months

Fiscal 2020

Fiscal 2022

‐ 38 ‐

Efforts for Sustainability _ Social Contribution Activities
Environmental Protection

Contribution to Local Communities

Iyo Bank
Evergreen Forest

Iyo Bank Environment
Foundation “Evergreen”(public trust)

Established in 2008

Established in 2008

Under the “Agreement on Forest Creation
Activities” which was entered into with
Ehime Prefecture, Ozu City and Forest Fundof Ehime, we are making efforts to foster
forests in four locations in Ehime Prefecture.

Iyo Bank Evergreen Forest (Matsuyama City)

Applications are invited once
every year from April to August

We support
organizations andindividuals whoare engaging inenvironmental
preservation
activities in Ehime.
To this day, we
granted a total of¥69 million to 192
recipients.

Fiscal 2022 “PLAGIRLS from the
Science Club, Ehime University
Senior High School”

Diversity

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

SDGs Card Game

Established in 1976

We support improvement in social welfare
and human resource development for the
next generation in Ehime

Established in 1992
Applications are invited twice a year from
June to July and from December to January

We grant part of funds
for activities of parties
which carry out“grassroots” culturalactivities in Ehime andgranted a total of ¥254
million to 1,312
organizations. In addition,“special applications”
targeting organizations
61st recipient
damaged by the heavy “Ozu Garyu-daiko Preservation Society”
rain in July 2018 are also
invited.

Started in 2007

Established in 2018

Iyogin Challenge & Smile Co., Ltd. has been
established as a special subsidiary company
with the purpose of promotion of
employment of persons with disabilities. It
engages in various initiatives aiming tocreate a workplace where they can work
actively with local communities, including
development of goods, sales of goods at rest
stops, event venues, etc. in cooperation withlocal companies, and succession of
traditional industries.

Iyo Bank Regional Cultural
Activity Assistance Program

Employment subsidies forchildren living in child welfare
institutions, etc.

Iyo Bank Social Welfare Fund
(Public Interest Incorporated Foundation)
Donation of social welfare
equipment to social welfare
institutions, etc.

Donation of subsidies for buying
books to high schools, etc.

Iyogin is
supportingchildrenPublishing videos on themes suchas lowering the age of adulthoodand banking operations

Started in 2021

Iyogin Regional Economy
Research Center isconducting “2030 SDGs
Card Game” training for
local companies andorganizations. Anyone
can easily learn “whySDGs are needed ” and“how SDGs are relevant
to us” while experiencing
in a game format.

Granting scholarships to highschool students in single or noparent families

YouTube Videos

Iyogin Financial
Education Class

Iyogin Challenge & Smile

Iyo Bank Social Welfare Fund
(Public Interest Incorporated
Foundation)

Seminars for kids
Seminars for learning aboutbank mechanisms and healthyfinancial literacy

Iyogin Junior
Mirai Juku
Lesson program in line withschool curriculum guidelines
and financial literacy map‐ 39 ‐

IndexI. Summary of Earnings for Fiscal 2022
II. Group Medium-Term Management Plan
II-1. Major Numerical Targets of Medium-Term Management Plan

II-2. Main Strategies and Progress of Medium-Term Management Plan
II-3. Efforts for Sustainability
II-4. Profit / Loss Forecasts and Capital Policy

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 40 ‐

Profit / Loss Forecasts for Fiscal 2023
 Mainly due to an increase in interest and dividend income, core business gross profit is projected to be ¥90.5 billion, an increase of ¥1.0 billion year on year Profit attributable to owners of parent is forecasted to continue at a high level at ¥25.5 billion, despite a decrease of ¥2.3 billion year on year mainly due to an increasein credit costs(Units: Billions of yen)

Fiscal 2022 results[Holding Company Consolidated]

Intermediate
results

Fiscal 2023 forecast
Intermediate
forecast

YoY

Factors Contributing to Increase / Decreasein Consolidated Core Business Gross Profit (Fiscal 2023 - Fiscal 2022)
YoY(Note) Differences in yield of domestic currency utilize yield
differences with domestic deposits, etc.
Differences in yield of foreign currency utilize yield
Gain on loandifferences with foreign currency funding costs
management

Consolidated core business gross profit

44.9

89.5

45.0

+0.1

90.5

+1.0

Of which, interest and dividend income

37.7

75.3

38.5

+0.8

78.0

+2.7

(¥52.5 billion)

Of which, non-interest and dividend
income

7.2

14.2

6.5

(0.7)

12.5

(1.7)

+0.5

Expenses (-)

26.1

52.6

27.5

+1.4

55.0

+2.4

Consolidated core business net income

18.8

36.8

17.5

(1.3)

35.5

(1.3)

Credit costs (-)

(0.7)

(2.5)

2.5

+3.2

5.0

+7.5

Gain (loss) related to securities

7.5

0.0

1.5

(6.0)

2.5

+2.5

Ordinary income

28.9

42.4

18.5

(10.4)

36.0

(6.4)

Profit attributable to owners of parent

19.8

27.8

13.0

(6.8)

25.5

(2.3)

Fiscal 2022 results〔参考：銀行単体(Units: Billions
of[Reference:yen)〕
InterBank Nonconsolidated]
mediateresults

Fiscal 2023 forecast
Intermediate
forecast

YoY

YoY

Core business gross profit

42.2

84.1

42.5

+0.3

85.0

+0.9

Expenses (-)

24.8

50.3

26.5

+1.7

52.5

+2.2

Core business net income

17.3

33.7

16.0

(1.3)

32.5

(1.2)

Ordinary income

27.3

39.2

17.5

(9.8)

34.0

(5.2)

Net income

19.1

26.3

12.0

(7.1)

24.0

(2.3)

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Core businessgross profit(¥90.5 billion)

Interest anddividend income(¥78.0 billion)

Gain on securities
management(¥23.0 billion)

+2.7

+1.0

(Units: Billions of yen)

Volume factors +1.4
(Average loan balance up ¥136.4
billion)Yield difference factors (0.9)(Yield difference down 0.02%)
Volume factors +3.5
(Average loan balance up¥285.0 billion)
Yield difference factors (6.4)
Gain on fund cancellation
factors +3.9

+1.0

Other
(¥2.5 billion)
Fees andcommissions(¥11.0 billion)

+1.3

+1.3
… Increases in solution-related fees andrevenue from sales of investment trusts, etc.

Other(¥1.5 billion)(3.0)… Decrease in gain (loss) on foreign exchange transactions, etc.

‐ 41 ‐

Capital Policy I
Toward Enhancement of Corporate ValuePBR = ROE × PER
Aiming to enhance corporate value by raising these values
Efforts for raising ROE
Efforts from a medium-term view (business strategies)
 Increase in the top line figures through efforts in the Medium-Term Management
Plan⇒Strengthening non-asset business in the corporate sector (pages 14-15)⇒Strengthening consulting services in line with life stage in the personal sector (page20)⇒Creating revenue sources through new businesses (pages 16-17)
 Promotion of BPR and reduction in costs taking ROI into consideration⇒Improving group-wide operational efficiencies and optimizing resources (pages 2628)

Efforts from a medium- to long-term view Improvement of human capital supporting sustainable growth (page 32, pages 3738)
 Reducing the balance of cross-shareholdings taking into consideration the
finalization of Basel III (page 43)
 Making trials of ROE management (required capital base) by business divisions

Efforts for raising PER
 Reducing the cost of shareholders’ equity with smooth communication
with the market through IR activities, etc.
 Increasing the anticipated growth rate by realizing sustainable profit
growth and maximizing long-term shareholder benefits
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Status of Required Capital Management (End of March 31, 2023)(Hundreds ofMillions of Yen)
CET 1 ratio 15.0%(March 31, 2023)

Valuationdifference on
securities¥202.1 billion

Consideration of credit limit
Expected balance
Additional
required capital

Corporations

Overseas oceantransport industry

Securities

Stress scenarios in macroeconomic and financial
environment

Stress test

CET 1 ratio 8% level
Common stock , etc.
Tier 1(excluding valuationdifference )¥497.0 billion

Estimation of credit costs, impairment loss and evaluation
gain (loss) on securities/risk-weighted assets
Regulatory
required capital¥372.7 billion

Equity ratio forecast after stress (Interim perspective)

Consider whether steady equity ratio can be maintained

Risk capital(¥699.1 billion)

Required capital(Regulatory capital basis)[Changes in the financial environment]
・Support for revitalization of the stagnant
local economy
・Active support for ship finance for maritime
businesses, one of the local industries
・Unexpected increase in market and pricevolatility

Need to calculate required capital in linewith characteristics of the Group’s
portfolio‐ 42 ‐

Capital Policy II
Cross-Shareholdings

Dividend and Shareholder Return■ Basic policy and response status of cross-shareholdings■ Basic policy and response status of dividend and shareholder return

Basic→ The Board of Directors verifies the rationality of holding at
Reducepolicyleast once a year
Policy on holding is set through the evaluation matrix of “investment side” and “policyside” for all stocks held. Shares which are earmarked for divestment are being sold off instages.
[Changes in the book value of cross-shareholdings (listed)](Hundreds ofMillions of Yen)

Tier 1 ratio* (right axis)

Basic
policyIn the fiscal year ended March 2023, a dividend increase and a purchase of treasury stock weremade as is the case with the previous fiscal year
Dividends per share for the fiscal year ending March 2024 are planned to be ¥20 per annum (up¥3 year on year)* Annual dividend ¥6.2 billion

March
2017

March
2018

March
2019

March
2020

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Dividend

Number of stocks

20

Reduced book value（Hundreds of millions of yen）

76

March
2021

March
2022

[Past amount of dividends and shareholder returns](Hundreds ofMillions of Yen)

Actual reduction for fiscal 2022

March
2016

Maintenance of long-term and stable dividends

March
March
2024
2023
* Tier
1 excludes components of*Tier1は除く包括利益部分
comprehensive income

March
2011

Purchase oftreasury stock

Total payout
ratio

March March March March March March March March2012 2013 2014 20152016 2017 2018 2019

March March March March March
2020 2021 2022 2023 2024

‐ 43 ‐

■ Future business results contained in this document are based on information available as ofannouncement and assumptions regarding uncertain factors that may affect future business results.

■ Future business results may differ due to changes in the management environment, etc.

<For inquiries regarding this document> Takeda, General Planning Division, Iyogin Holdings TEL:089-907-1034/FAX:089-946-9104

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Iyogin Holdings Fiscal 2022 Earnings Briefing(April 1, 2022 – March 31, 2023)

Reference Materials

Iyogin Holdings
June 9, 2023
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Index of Reference Materials

Overview of the Iyogin Holdings

Pg

Conditions in Loans and Deposits

Pg◎Profile

2◎Breakdown of Balance of Loans and Deposits at End of Period

12◎List of Group Companies

3◎Balance and Composition of Loans by Industry

13◎Location Network

4◎Table of Changes in Borrower Classification

14

Environment Surrounding the Iyogin Holdings

Pg

Status of Market Investment and Risk Management

Pg◎Main Industries in Ehime Prefecture

5◎Management by Risk Category: Securities Investment

15◎Manufacturing Industry in Ehime Prefecture

6◎Balance of Investments by Region and Sector: Financial Market Business16◎Industrial Structure of the Setouchi Region

7◎Economic Indicators of the Setouchi Region I

8◎Economic Indicators of the Setouchi Region II

9

Status of Ocean Transport-Related Market

Pg◎Shipbuilding Yards in Ehime Prefecture

10◎Outlook of Dry Bulk Market Conditions

11

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐1‐

Profile
Trade nameYear ofestablishment /foundation
CapitalExternal credit
ratings

Headquarters /Head Office
Consolidated
employees

Branch network

Iyogin Holdings, Inc.

Iyo Bank, Ltd.

Established on October 3, 2022

Founded on March 15, 1878 (The 29th National Bank)¥20,000 million¥20,900 million

AA: Japan Credit Rating Agency (JCR)

AA: Japan Credit Rating Agency (JCR)

A: Rating and Investment (R&I)

A+: Rating and Investment (R&I)‒

A-: Standard & Poor’s (S&P)
1 Minami-Horibata-cho, Matsuyama-shi, Ehime, Japan
2,986 employees (excluding temporary staff)

Iyo Bank: 151 domestic (including 24 branches within branches, 9 sub-branches), 1 overseas (Singapore),
2 overseas representative offices (Shanghai, Hong Kong)
Iyogin Leasing: 11 domestic
Shikoku Alliance Securities: 6 domestic〈As of March 31, 2023〉

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐2‐

List of Group Companies
14 consolidated
subsidiaries

Iyogin Holdings, Inc. (holding company)

Banking business

Iyo Bank, Ltd.

Deposit business, lending business, securities investment
business, exchange businessIyogin Business Service Company
LimitedCash organization and inspection business, maintenanceand management business of automated cash facilities,
etc.

Iyogin Challenge&Smile Co., Ltd.

Manufacturing business for office supplies, etc.

Iyogin Credit Guaranty Company
LimitedCredit guarantee business for housing loans andconsumer loans, etc.

Iyogin Capital Company Limited

Investment business for stocks and corporate bonds,
etc., management of investment funds, etc.

7 consolidated subsidiaries
Iyogin Regional Economy
Research Center, Inc.

Investigation and research business regarding industry,
economics, finance, etc.

Iyogin DC Card Co., Ltd.

Credit card business, guarantee business, etc.

Leasing business1 consolidated
subsidiary

Iyogin Leasing Company Limited

Other

3 consolidated
subsidiaries

Iyogin Computer Service
Company Limited(As of April 3, 2023)

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Lease business, etc.
Consigned information processing business, softwaredevelopment business, etc.

Shikoku Alliance Securities Co.,
Ltd.

Securities businessIyogin Digital Solutions Co., Ltd.

Consulting services for operational improvement
utilizing digital technologies, etc.

* Apart from the above, the Group has 4 non-consolidated non-equity method subsidiaries and 4 nonequity method affiliates.
‐3‐

Location Network
Tokai region■ Created the No. 1 regional bank group in terms of broad regional coverage, in 13 prefectures centered on the Setouchi region■ Established a strong operating base by expanding outside of Ehime Prefecture from long ago

Iyo Bank: 1 branch

Timing of opening key branches outside of Ehime

Chugoku region

1909: Usuki (Oita); 1919: Nigata (currently Kure, Hiroshima);
1947: Takamatsu (Kagawa), Kochi, Oita; 1950: Hiroshima;
1952: Osaka; 1954: Tokyo; 1958: Tokushima;
1963: Kitakyushu (Fukuoka); 1964: Okayama;
1965: Nagoya (Aichi); 1966: Kobe (Hyogo);
1971: Fukuoka; 1979: Tokuyama (Yamaguchi)

Iyo Bank: 9 branches

Tokyo region

Okayama

Hiroshima
Yamaguchi

Fukuoka

Iyogin Leasing: 1 branch

Iyo Bank: 119 branches

Iyo Bank: 1 branch, 2 offices

Kinki region
Tokushima
Kochi

Iyo Bank: 5 branches
Iyogin Leasing: 1 branch

Oita
Number of branches of Iyo Bank

Shikoku region, excluding Ehime
Iyo Bank: 7 branches
Iyogin Leasing: 1 branch

11 prefecturesin the Setonaikai region

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Hyogo

KagawaWithin Ehime

Shikoku Alliance Securities: 6 branches

Iyo Bank: 8 branches

Overseas

Osaka

Iyogin Leasing: 6 branches

Kyushu region

Iyo Bank: 2 branches

Iyogin Leasing: 2 branches

151 domestic, 1 overseas, 2 overseas representative offices(of which, Iyogin SMART: 2 branches)(of which, Iyogin SMARTplus: 4 branches)(of which, branches within branches: 24 branches)

Number of branches of
Iyogin Leasing

Number of branches of
Shikoku Alliance Securities

11 domestic

6 domestic‐4‐

Main Industries in Ehime Prefecture■Industries with top national share concentrated in each region■Manufactured product shipments from Ehime Prefecture totaled¥3.8 trillion (43.8% of Shikoku) in 2020

Imabari Region
32.7％(1,199 ships)…Total national share of Ehime Prefecture

Matsuyama Region

57.5％(¥29.7 billion)

No. 1 in Japan

No. 1 in Japan

Number of ocean-going vessels owned by domestic shipowners (as of September 2020) (Note 1)
3,663 total vessels in Japan

Towels (2020)¥51.6 billion shipped in Japan(Note 2)

(Note 2)The Matsuyama region has companies with large
shares in products such as “small once-throughsteam boilers,” “farm machinery,” and “dried bonito
shavings.”

Uwajima Region
15.4％(¥69.5 billion)

No. 1 in Japan(Note 2)

Sea culture industry (2021)¥451.5 billion total national
production

Niihama Region
Manufactured product shipments(2020)

7.6％(¥540.0 billion)¥1,592.3 billion

Approx. 41.9% of shipments ofmanufactured products in Ehime

As a corporate town under the Sumitomo
Group, nonferrous metal, chemicals, steel,machinery and equipment are concentrated
particularly in the Niihama region.
•(Note 1) Iyogin Regional Economy Research Center, Inc. (IRC) estimates; the ranking in Japan excludes operators.
•(Note 2) Ranking of Ehime Prefecture
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Uma (Shikokuchuo) Region

No. 2 in Japan(Note 2)

Pulp and paper industry (2020)¥7,095.7 billion shipped in Japan

Source: Prepared based on the Statistics Bureau of Japan’s “2021 Economic Census for Business Activity (2020 actual)”and
the Ministry of Agriculture, Forestry and Fisheries’ “total fishery output for 2021 (preliminary figures).”‐5‐Manufacturing Industry in Ehime Prefecture■Ehime Prefecture has manufacturing industries distinctive to each region
OthersCoal and oil

Composition of manufactured goods
shipment by city (top five cities)

Production
machinery

Electric
machinery

OthersFood products
FibersMatsuyama¥408.0 billion

Imabari¥688.2 billion
Generalpurpose
machinery

Food products

Manufacturing of
petroleum products
and coal products

ChemicalsElectric
machinery

Steel

Others
Production
machinery

OthersTransportation
machinery

Saijo¥727.2 billion

Generalpurpose
machineryTransportation
machinery

Plastics

Plastics

Foodproducts
Fibers
Production
machinery

Nonferrous
metal

Niihama¥865.2 billion

OthersPlastics

Shikokuchuo¥635.2 billion
Pulp, paper, andpaper processing

Beverages, tobacco,and feed

Chemicals

Source: Prepared by Iyogin Regional Economy Research Center, Inc. (IRC) based on the Statistics Bureau of Japan’s “2021 Economic Census for Business Activity (2020 actual)”
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐6‐

Industrial Structure of the Setouchi Region■ The Setonaikai coastal region has established various industrial structures
Automotive, oil refining,steel
Shipbuilding, oceantransport, oil, towels andgarments

Automotive, shipbuilding,electronics

Okayama
Hiroshima

Electronics, farm machinery,
chemicals, tourism

KagawaImabariNiihamaMatsuyama

Citrus, food processing

Saijo

Shikokuchuo
Paper manufacturing andprocessing

Ozu
Yawatahama
Oita

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

Chemicals, electronics,
nonferrous metal, generalmachinery

UwajimaSteel, automotive,
electronics, tourism

Shipbuilding, textiles

Culture fishery‐7‐Economic Indicators of the Setouchi Region I
Tota l popul a ti on(Popul a ti on
es ti ma te)
October 2022
(Pers ons )Ehi meKa ga wa
Tokus hi ma
Kochi
Oi ta
Fukuoka
Ya ma guchi
Hi ros hi ma
Oka ya ma
otal
ofoftheprefectures(A)(A
Totaltheabove
above nine
nine prefectures(A)/(C)
Hyogo
of theten
ten prefectures(B)
ota l Totalof theprefectures((B)/(C)
Na ti ona l Tota l (C)Total of ten
prefectures
17.0％
Total population(Population
estimate)(October 2022)

Tota l a rea(Geos pa ti a l
Informa ti on Authori ty
of Ja pa n)
Ja nua ry 2023

Number of offi ces(Pri va te s ector,
excl udi ng publ i c
s ector)
2021

Number of
empl oyees (Pri va tes ector, excl udi ng
publ i c s ector)
2021(Offi ces )(Pers ons )

2

(km )

1,306,486
934,060
703,852
675,705
1,106,831
5,116,046
1,313,403
2,759,500
1,862,317

5,676
1,877
4,147
7,103
6,341
4,988
6,113
8,479
7,115

15,778,200
12.6%
5,402,493

59,021

Prefecture tota lproducti on(Nomi na l )Prefectura l gros s
product growth ra te(Rea l )Prefectura l i ncome
per ca pi ta

Fi s ca l 2019

Fi s ca l 2019

Fi s ca l 2019

(Bi l l i ons of yen)(％)(Thous a nds of yen)

44,52833,794
32,83949,937
205,965
55,759120,069
77,428563,282435,625
304,672
275,520473,6902,294,657
571,2021,293,541
835,270

5,148.3
4,008.7
3,222.4
2,464.6
4,525.1
19,942.4
6,350.5
11,969.1
7,842.5

(0.6)
0.7
(0.1)
(1.0)
(2.7)
(1.0)
(2.1)
(2.6)
(1.7)

2,717
3,021
3,153
2,663
2,695
2,838
3,249
3,153
2,794

51,83913.7%
8,401

679,340
13.4%
199,966

7,047,459
12.3%
2,194,727

65,473.4
11.3%
22,195.2

(0.2)

3,038

21,180,693
17.0%

60,24015.9%

879,306
17.3%

9,242,186
16.1%

87,668.6
15.1%

124,946,789

377,974

5,078,617

57,457,856

580,846.9

(1.3)

3,345

Total of nine prefectures(excluding Hyogo)
12.6％
Total population(Population
estimate)(October 2022)

Total of ten
prefectures
15.1％
Gross
prefectural
product(Nominal)(Fiscal 2019)

Total of nine prefectures(excluding Hyogo)
11.3％
Gross
prefectural
product(Nominal)(Fiscal 2019)

Source: Prepared based on the Statistics Bureau of Japan’s “Population Estimates,” the Geospatial Information Authority of Japan’s “Statistical reports on the land area by prefectures and municipalities in Japan,” the Ministry of Internal
Affairs and Communications’ and Ministry of Economy, Trade and Industry’s “Economic Census,” websites of each prefecture, and Cabinet Office’s “Prefectural Accounts”

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐8‐

Economic Indicators of the Setouchi Region II
Ma nufa ctured products hi pments

Annua l whol es a l e s a l es
a mount

Annua l reta i l s a l es
a mount

Indus tri a l producti on
i ndex (a nnua l a vera ge)

2020

2021

2021

2021

(Mi l l i ons of yen)

(Mi l l i ons of yen)

(Mi l l i ons of yen)

Number of new hous i ng Jobs -to-a ppl i ca nts ra ti os ta rts(a nnua l a vera ge)
2022

2015=100

Overa l l unempl oyment
ra te (a nnua l a vera ge)

2022(Homes )2022(Ti mes )(%)

Ehi me3,804,128

2,466,898

1,472,320

94.7

6,843

1.42

1.9

Ka ga wa
Tokus hi ma

2,528,966
1,795,341

2,202,125803,495

1,140,868
706,601

94.0
102.2

5,198
2,718

1.51
1.27

2.2
2.2

Kochi

547,159

719,995

703,764

92.0

2,881

1.19

1.9

Oi ta

3,846,291

1,245,665

1,186,677

Unpubl i s hed

7,009

1.35

1.8

Fukuoka

8,951,854

16,420,315

5,678,040

Unpubl i s hed

41,4581.17

2.9

Ya ma guchi

5,616,940

1,456,487

1,648,500

101.0

6,769

1.52

1.8

Hi ros hi ma
Oka ya ma

8,869,857
7,060,138

8,354,901
3,363,511

3,132,853
2,028,495

92.9
93.4

17,973
13,199

1.54
1.52

2.2
2.1

Total of the above nine prefectures (A)43,020,674

37,033,392

17,698,118(A)/(C)
Hyogo

14.2%
15,249,899

9.2%
9,320,032

12.8%
5,367,928

1.01

2.6

TotaTotall ofoften
prefectures
the tenprefectures (B) (B)(B)/(C)58,270,573
19.3%

46,353,424
11.5%

23,066,046
16.7%

Na ti ona l Tota l (C)302,003,273

401,633,535

138,180,412

1.28

2.6

Total of ten
prefectures
19.3％

Manufactured
product
shipments(2020)

Total of nine prefectures(excluding Hyogo)
14.2％

Manufactured
product
shipments(2020)

104,04812.1%
31,06495.1

135,11215.7%
95.7

859,529

Total of ten
prefectures
15.7％

Number of new
housing starts(2022)

Total of nine prefectures(excluding Hyogo)
12.1％

Number of
new housing
starts(2022)

Source: Prepared based on the Ministry of Internal Affairs and Communications’ and Ministry of Economy, Trade and Industry’s “Economic Census,” each prefecture’s materials, the Ministry of Land, Infrastructure, Transport
and Tourism’s “Survey of Building Construction Work Started,” the Ministry of Health, Labour and Welfare’s “Employment referrals for general workers” and the Statistics Bureau of Japan’s “Labour Force Survey”

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐9‐

Shipbuilding Yards in Ehime Prefecture
Fujiwara Shipbuilding Co., Ltd.
I-S Shipyard Co., Ltd.
Yamanaka Shipbuilding Co., Ltd.

Hakata Shipbuilding Co., Ltd.
Murakami Hide Shipbuilding Co., Ltd.
Shimanami Shipyard Co., Ltd.

Namikata Shipbuilding Co., Ltd.
Okashima Zosen Co., Ltd.

Iwagi Zosen Co., Ltd.

Kadota Dock Yard Co., Ltd.
Kurinoura Dockyard Co., Ltd.
Honai Jukogyo Co., Ltd.

Akamatsu Shipbuilding Co., Ltd.
Matsuda Shipbuilding Co., Ltd.
Miyoshi Shipbuilding Co., Ltd.

Onishi Shipyard,
Shin Kurushima Dockyard Co., Ltd.

Asakawa Shipbuilding Co., Ltd.
Head Office and Shipyard, Imabari Shipbuilding Co., Ltd.
Shin Kurushima Hashihama Dockyard Co., Ltd.
Higaki Shipbuilding Co., Ltd.
Yano Shipbuilding Co., Ltd.

Saijo Shipyard, Imabari
Shipbuilding Co., Ltd.

15 Groups, 22 Offices
Source: Prepared by the Bank based on “Documents for Shipbuilding Under Jurisdiction” published by the Shikoku Land Transport Office*Shipbuilding facilities currently in operation either constructing or repairing steel vessels of at least 500 gross tons or 50 m or longer
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 10 ‐

Outlook of Dry Bulk Market Conditions
Dry Bulk Transport Demand and Supply

Future Market Outlook■ Unit transport volume and shipping tonnage■ Baltic Dry Index (BDI) trends
Growth rate of unit transport volume

Maximum value
11,793（May 2008）

Growth rate of shipping tonnage

1,402(March 31, 2023)
Minimum value
290（February 2016）(1.0%)(2.0%)(1.5%)(Plan)(Plan)

Source: ”Clarkson Research Shipping Review & Outlook” (Winter 2023)”■ Dry bulk transport demand (transport volume) and supply (shipping
tonnage)●Unit transport volume* of dry bulk vessels for 2022 decreased slightly year
on year due to a zero-COVID policy in China, which presents the largest
market for demand, despite an increase factor of longer trade routedistances from alternative regions after Russia’s invasion of Ukraine began.
●Meanwhile, shipping tonnage increased by 26.9 million DWT. However, as
supply is limited compared to growth in recent years, a significant decline intransport demand was not seen.
* Unit transport volume: Also called ton-mile. Indicates the tonnage and mileage of cargo transported and is anindicator to measure actual demand for ships.

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

■ Future market out●As movement of dry bulk cargo is expected to be relatively solid due to thereopening of economic activities in China, the market sentiment is positive.
However, the declining container vessel market, higher geopolitical risk,
and impact of financial policies of various countries on the world economy
should be carefully watched.
●As for supply of shipping tonnage of dry bulk, the expected growth ofshipping tonnage is limited at 2.0% in 2023 and 0.6% in 2024, and excess
supply is not anticipated. Also, slower streaming due to the Carbon
Intensity Indicator (CII) started in January 2023 is a tightening factor on
shipping tonnage which is expected to lead to tighter supply and demand.
‐ 11 ‐

Breakdown of Balance of Loans and Deposits at End of Period
1. Brea kdown of ba l a nce of l oa ns a t end of peri od(Units: Billions of yen)

Ma rch 2019
Total Loans
General loans

September 2019

September 2020

Ma rch 2020

Ma rch 2021

September 2021

Ma rch 2022

September 2022

Ma rch 2023

Vs. March 2022

4,550.8

4,617.5

4,756.6

4,874.5

4,999.3

4,959.1

5,068.8

5,257.4

5,326.0

257.2

4,310.7

4,387.7

4,522.2

4,648.1

4,783.6

4,752.4

4,870.3

5,062.0

5,137.8

267.5

Corporate loans (incl. overseas, etc.)

3,238.2

3,291.1

3,397.9

3,507.7

3,624.6

3,586.1

3,696.2

3,887.7

3,964.9

268.7

Corporate loans (domestic branches)

3,135.8

3,158.3

3,248.8

3,347.1

3,434.9

3,387.6

3,479.8

3,653.1

3,738.8

259.0

Individual financing

1,072.4

1,096.5

1,124.3

1,140.3

1,158.9

1,166.3

1,174.0

1,174.3

1,172.9(1.1)

Housing loans

781.0

805.3

831.8

852.6

870.7

879.6

885.5

886.6

884.0

(1.5)

Apartment and building loans

202.2

203.1

205.2

205.2

205.7

206.2

208.8

209.6

210.2

1.4

Card Loans, etc.

28.3

27.9

26.9

24.5

23.6

22.9

21.9

21.6

21.1

(0.8)

240.1

229.7

234.3

226.4

215.6

206.6

198.5

195.3

188.1

(10.4)

Municipal loans, etc.

(Note) The figures shown for apartment and building loans are the total of the "institutional finance" portion.

2. Brea kdown of ba l a nce of a s s ets i n cus tody s uch a s depos i ts , etc. a t end of peri od
Ma rch 2019

September 2019

Ma rch 2020

(Units: Billions of yen)

September 2020

Ma rch 2021

September 2021

Ma rch 2022

September 2022

Ma rch 2023

Vs. March 2022

Total Deposits, etc. + assets in custody A

6,070.6

6,174.5

6,094.1

6,532.5

6,870.9

6,956.9

7,015.2

7,027.4

7,196.0

180.8

Total Deposits, etc.

5,712.6

5,817.3

5,754.3

6,184.6

6,522.6

6,603.0

6,654.1

6,669.7

6,823.2

169.1
147.2

Total deposits

5,247.1

5,288.5

5,265.6

5,652.6

5,983.1

5,956.2

6,041.8

6,099.8

6,189.0

Individual

3,423.6

3,450.2

3,512.5

3,652.2

3,740.7

3,794.03,850.8

3,889.9

3,916.3

65.5

General companies

1,555.4

1,553.7

1,564.4

1,733.5

1,853.4

1,857.9

1,915.1

1,949.8

1,950.3

35.2

Public

126.4

113.2

119.8

112.7

162.8

114.0

141.7

118.9

147.5

5.8

Financial

61.0

31.9

40.8

32.7

43.4

30.6

45.2

30.4

67.4

22.2

80.5

139.4

28.0

121.3

182.6

159.5

88.8

110.6

107.4

18.6

465.5

528.8

488.7

531.9

539.4

646.8

612.2

569.9

634.1

21.9
18.0

Overseas / offshore
NCD
General companies

348.2

390.0

367.0

384.9

427.4

476.2

445.0

385.6

463.0

Public

117.3

138.7

121.7

147.0

112.0

170.6

167.0

184.1

171.0

4.0

1,903.6

1,943.8

1,931.4

2,118.5

2,280.8

2,334.1

2,360.2

2,335.5

2,413.3

53.1

General company funds (incl. NCD)
Public funds (incl. NCD)

243.7

252.0

241.5

259.8

274.9

284.6

308.8

303.0

318.5

9.7

Foreign currency deposits (balance)

111.0

101.6

89.3

96.3

99.0

116.0

133.1

138.6

136.0

2.9

Individual deposits + individual assets in custody
Individual deposits
Individual assets in custody

3,769.1

3,795.6

3,841.4

3,988.5

4,078.3

4,137.4

4,201.0

4,236.7

4,278.1

77.1

3,423.6

3,450.2

3,512.5

3,652.2

3,740.7

3,794.03,850.8

3,889.9

3,916.3

65.5

345.4

345.4

328.8

336.3

337.6

343.4

350.1

346.8

361.7

11.6
11.6

<Assets in custody (Term-end basis)>
Assets in custody at Iyo Bank (excl. deposits, etc.) B

357.9

357.1

339.7

347.8

348.3

353.9

361.1

357.7

372.7

JGBs

22.4

20.3

19.8

19.9

19.2

20.0

21.3

23.9

28.2

6.9

Investment trusts

68.6

66.7

53.8

58.7

61.6

64.0

67.8

64.4

67.0

(0.8)

Single premium polocies

215.7

216.4

214.2

211.3

208.7

207.2

205.4

203.6

208.3

2.9

Financial product intermidiary

51.0

53.6

51.7

57.7

58.6

62.5

66.4

65.6

69.1

2.7

Shikoku Alliance Securities balance C

199.5

207.8

202.4

226.6

245.2

246.3

246.0

254.2

275.0

29.0

Balance of Group's assets in custody B+C=D

557.4

565.0

542.2

574.5

593.5

600.2

607.1

611.9

647.8

40.6

Assets in custody composition (D/A+C)

8.9%

8.9%

8.6%

8.5%

8.3%

8.3%

8.4%

8.4%

8.7%

(Note) The figures shown for foreign currency deposits (balance) are the total excluding overseas / offshore.

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

－‐ 12 ‐

Balance and Composition of Loans by Industry■ There are no major changes in the composition of loans by industry, and the loans are well-balanced
March 2018

March 2019

Composition

March 2020

Composition

March 2021

Composition

March 2023

March 2022

Composition(Uni ts : Bi l l i ons of Yen, %)Composition

Vs. March 2022

Composition

Balance

Rate
of
Rate
of balance
increase/decreasebalance

Manufacturing

611.7

14.5

643.0

14.5

650.5

14.1

660.2

13.7

638.8

13.2

676.6

13.3

37.8

5.9%

Agricultural

2.6

0.1

2.7

0.1

2.6

0.1

2.5

0.1

2.8

0.1

4.0

0.1

1.2

42.9%

Forestry

0.3

0.0

0.3

0.0

0.4

0.0

0.4

0.0

0.4

0.0

0.4

0.0

0.0

0.0%

Fishing

12.1

0.3

11.3

0.3

11.9

0.3

8.8

0.2

8.1

0.2

6.7

0.1

(1.4)

(17.3%)

Mining

8.7

0.2

8.6

0.2

7.1

0.2

6.7

0.1

6.4

0.1

4.3

0.1

(2.1)

(32.8%)

Construction

112.9

2.7

116.3

2.6

116.0

2.5

135.1

2.8

135.7

2.8

153.4

3.0

17.7

13.0%

Electricity, gas, heat provision, water

108.1

2.6

134.0

3.0

154.4

3.4

176.7

3.7

200.6

4.1

219.6

4.3

19.0

9.5%

Information communications

21.8

0.5

22.0

0.5

18.9

0.4

17.7

0.4

18.0

0.4

12.4

0.2

(5.6)

(31.1%)

Transportation

679.7

16.1

717.9

16.1

769.7

16.7

859.7

17.9

896.8

18.5

1,029.6

20.2

132.8

14.8%

542.1

12.8

580.3

13.0

639.3

13.9

724.6

15.1

765.7

15.8

895.5

17.6

129.8

17.0%

Wholesale and retail

469.4

11.1

511.6

11.5

504.3

10.9

518.1

10.8

516.5

10.6

554.9

10.9

38.4

7.4%

Finance and insurance

205.7

4.9

200.2

4.5

185.3

4.0

180.9

3.8

205.8

4.2

207.1

4.1

1.3

0.6%

Real estate

255.6

6.0

270.5

6.1

299.8

6.5

315.8

6.6

311.7

6.4

324.5

6.4

12.8

4.1%

Various services

435.1

10.3

438.5

9.9

467.6

10.1

496.7

10.3

483.3

10.0

485.4

9.5

2.1

0.4%

193.7

4.6

192.2

4.3

197.2

4.3

209.7

4.4

207.0

4.3

203.2

4.0

(3.8)

(1.8%)

232.7

5.5

234.8

5.3

230.0

5.0

212.0

4.4

197.7

4.1

186.6

3.7

(11.1)(5.6%)

1,071.2

25.3

1,136.1

25.5

1,188.525.8

1,217.3

25.3

1,229.0

25.3

1,233.8

24.2

4.8

0.4%

4,227.5

100.0

4,448.4

100.0

4,607.5

100.0

4,809.5

100.0

4,852.4

100.0

5,099.9

100.0

247.5

5.1%

Of whi ch, ocea n tra ns port

Of whi ch, medi ca l -rel a ted

Regional public entities
Other
Total

(For domes ti c bra nches , excl udes s peci a l i nterna ti ona l tra ns a cti ons a ccount)* “Goods rental” is included in “real estate” from the six months ended September 30, 2009.
“Real estate” for the year ended March 31, 2023, excluding “goods rental,” was ¥304.1 billion, which is an increase of ¥10.1 billion (+3.4%) compared with the year ended March 31, 2022. In addition,“other” includes “home renting by individuals” (¥218.6 billion for the year ended March 31, 2023).
* As “ocean transport” displays balances applicable to the “ocean transport industry” according to Japan Standard Industrial Classification, this figure does not match “Loan balance for the maritime
industry” on page 22 of the Earnings Briefing.
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 13 ‐

Table of Changes in Borrower Classification
 Activities for supporting enhancement of corporate value are conducted through business feasibility assessments of customers
 Corporate revitalization support is provided mainly by the Corporate Support Office
Use of various types of revitalization schemes, such as reconstruction funds and the SME Business Rehabilitation Support Co-operative,
as well as solution sales[Changes in borrower classification for business borrowers] (one year)

Upper row: Number of borrowers
Lower row: Credit amount(Hundreds of millions of yen)Normal borrowers
Borrowers requiring closemonitoring

March 31, 2022

Borrowers understrict observation
Borrowers
at risk of bankruptcy
Substantiallybankrupt borrowers
Bankrupt borrowers
Total

Rate of

March 31, 2023
Normalborrowers

Total

Borrowers
requiring

Borrowers understrictBorrowers at
risk of

Substantiallybankrupt

Rate ofdegradationtoto
Degradation
atrisk atof bankruptcy
risk ofor below

Bankrupt
borrowers

Improvement

Degradation

bankruptcy or

18,702

17,245

16,693

504

9

20

15

4

0.21%

552

37,15037,77736,996

717

11

51

2

0

0.14%

781

2,280

2,158

514

1,540

19

80

5

0

3.73%

514

104

4,074

3,820

1,090

2,566

45

108

13

0

2.95%

1,090

165

123

107

8

9

73

14

2

1

13.82%

17

17

304

281

2

23

223

32

1

0

10.98%

25

33

422

402

36

35

11

309

10

1

82

11

610

553

16

29

25

479

5

0

69

6

63

47

2

0

0

0

45

0

2

0

11

7

0

0

0

0

6

0

0

0

20

7

0

0

0

0

0

7

0

4

1

0

0

0

0

0

1

0

21,61019,966

17,253

2,088

112

423

77

13

615

684

42,15442,43938,105

3,334

302

669

27

2

1,184

984

(Note 1) The chart dis plays the changes in the borrower clas s ification from March 31, 2022 to March 31, 2023.
(Note 2) The balances after changes are the balances after write-offs as of March 31 2023.
Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 14 ‐

Management by Risk Category: Securities Investment(Uni ts : Bi l l i ons of Yen)

Year ended March 31, 2023
Risk Category(*1)

Evaluatio
Evaluationn gain /gain / loss
loss

499.0

+1.6

500.7

33.8%

+3.1%

(4.8)

3.3

3.3

0.0

(2.6)

(5.6) Difference in long and short term interest on yen interest

96.7

+5.6

102.3

6.9%

+1.0%

2.7

1.4

1.4

0.0

0.0

+1.2

Of which, inflation-indexed JGBs

80.9

+3.7

84.6

5.7%

+0.9%

2.9

1.3

1.3

0.0

0.0

+1.7
+1.7 Ri s e i n expected i nfl a ti on ra te

Foreign currency
currencybonds
bonds(with(withhedges)
hedges)

214.6

(2.5)

212.1

14.3%

(6.3%)(17.6)

(1.3)

4.6

5.9

(19.4)+3.1 Difference in long and short term interest on overseas interest

Foreign currency
currency bonds
bonds(without(withouthedges)
hedges)

250.6

+1.8

252.5

17.1%

(0.7%)

15.5

7.5

7.5

0.0

20.5

(12.6) Ga i n on forei gn excha nge /i nteres t revenue

Domestic and overseas stocks (incl. stock trusts)

Domestic and overseas stocks(ind. stock trusts)

118.7+277.7

396.3

26.8%

+4.7%

49.1

8.0

8.0

0.0

(3.4)

+44.5 Growth in domestic/foreign companies centered on transaction partners

Alternatives

111.7

+6.1

117.8

8.0%

(0.7%)(10.2)

3.1

3.1

0.0

3.1

(16.4)

Hedge funds, etc.

30.3

(2.7)

27.6

1.9%

+0.1%

(1.9)

(0.0)

0.0

0.0

0.0

(1.9) Strategic diversification by external consigned management

Real estate-related

67.7

+8.1

75.8

5.1%

(1.0%)

(8.2)

3.1

3.1

0.0

3.1

(14.4) Revenue from real estate rentals and profit from price increase

Private equity

8.7

+0.0

8.8

0.6%

+0.1%

(0.2)

(0.1)

(0.1)

0.0

0.0

(0.1) Rise in enterprise value due to management improvement of unlisted stocks, etc.

Emerging stocks

4.9

+0.7

5.6

0.4%

+0.0%

0.2

0.1

0.1

0.0

0.0

+0.0 Growth and foreign exchange gains in emerging markets

1,194.6+284.7

1,479.3

100.0%

-

32.0

20.5

26.5

5.9

(1.7)

+13.1

Yen-denominated bonds
Of which, JGBs

Total

MarketComposition Vs. Marchbalance Composition
2022

Total
profit /loss (*2)

Profit / lossBookbalance

Increase/
Increase/
Profit / loss
Interest and dividend income
fromdecreaseonfrom purchase, decrease
Interest Procurem purchase,
gain/loss
sale, andon on
Procurement
sale, andreceivedent
amortization evaluation
gain/loss(vs.
amortization,
cost
March
(*4)
cost
on2022)(*3)
etc.

Source of main revenue and profit*1 Assets invested by the Financial Market Division calculated based on primary risk, regardless of accounting item (on the basis of including money held in trust, etc.)*2 "Total profit / loss" and "interest and dividend income" eliminate three-month SOFR interest, etc., as procurement costs, but this differs from actual procurement costs.
*3 Interest received includes gain / loss on cancellation of funds, etc., recorded in asset management revenue.
*4 Includes derivative-related gain / loss

<Of yen-denomi na ted bonds a nd forei gn currency bonds , i nves tment condi ti ons i n credi t ri s k a nd s ecuri ti zed products , etc.>
Credit risk

140.9

(2.7)

138.2

9.3%

(1.6%)

(4.7)

(1.9)

(0.5)

1.4

(2.9)

+0.1 Business continuity of domestic and foreign companies, etc.

1.5

(0.0)

1.5

0.1%

(0.0%)

0.0

0.0

0.0

0.0

0.0

(0.0) Loa n i nteres t revenue from hous i ng l oa ns , etc.

142.3

(2.7)

139.6

9.4%

(1.6%)

(4.7)

(1.9)

(0.5)

1.4

(2.9)

+0.1

Securitized products
Subtotal

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 15 ‐

Balance of Investments by Region and Sector: Financial Market Business
Balance by Region (Final Risk Country Basis)

Balance by Sector (Final Risk Country Basis)(Units: Billions of Yen)

(Units: Billions of Yen)

March 2023
Loan balanceCommitment
balance

March 2023
Total

Composition

Japan

69.7

6.8

76.5

52.5%

North America

27.5

4.0

31.5

21.6%

(26.8)(4.0)(30.8)(21.1%)

Europe

18.5

0.0

18.5

Asia and Oceania

12.5

0.0

Middle East

2.9

Latin America

Loan balanceElectricity and gas

Commitment
balanceComposition

Total

65.0

8.8

73.9

50.7%

(35.8)(1.3)(37.2)(25.5%)

Manufacturing

24.6

0.0

24.6

16.9%

12.7%

Financial

13.8

2.0

15.8

10.8%

12.5

8.6%

Various services

14.0

0.0

14.0

9.6%

0.0

2.9

2.0%

Transportation

11.5

0.0

11.5

7.9%

2.6

0.0

2.6

1.8%

(7.9)

(0.0)

(7.9)

(5.4%)

Other(i nterna ti ona l orga ni za ti on)

1.1

0.0

1.1

0.8%

Wholesale and retail

2.3

0.0

2.3

1.6%

Total

135.0

10.8

145.9

100.0%

Construction

0.9

0.0

0.9

0.6%

Other

2.6

0.0

2.6

1.8%

135.0

10.8

145.9

100.0%(Of which, the U.S.)* Excl udi ng Si nga pore Bra nch(Of which, solar power generation)(Of whi ch, a i rcra ft fi na nce)

Total
* Excl udi ng Si nga pore Bra nch

Copyright © 2023 Iyogin Holdings,Inc. All Rights Reserved.

‐ 16 ‐