Bank Presentation
Capital and Financial Positions
as of June 30, 2009
August 26 2009
Revised on September 4, 2009

Introduction
∼
Bank Presentation of Capital and Financial Positions as of June 30, 2009
∼
The Norinchukin Bank has decided to release quarterly financial summary starting this August to help provide a better understanding of the Bank, in addition to the Bank’s previously disclosed capital status based on Basel II standard
Financial figures released herein have not been audited by an auditing firm
Your understanding of the above would be greatly appreciated as you read through this presentation

2
Financial Highlights as of June 30, 2009 (Non-consolidated)
Capital Adequacy Ratio: 17.10%
，
Tier I Ratio: 11.23%
(Preliminary Figures)
The Bank maintains a solid capital position, with a capital adequacy ratio of over 17%
Unrealized losses on securities were JPY 1,668.2bn (improved by JPY 424.6bn from the end of March 2009)
The Bank saw a steady improvement in the status of its losses from the revaluation of securities in the first quarter since the launch of the Business Renewal Plan (FY2009 to FY 2012)
Ordinary Profits for the fiscal first quarter stood at JPY 78.9bn
Under the Business Renewal Plan (FY2009 to FY 2012), the Bank aims to secure ordinary profits of JPY 50.0bn to JPY100.0bn per annum over the 4 year term
Note: The financial figures above have not been audited by an auditing firm.

3
Capital Position (Non-consolidated
：
Preliminary Figures)
4.2
4.7
3.7
4.2
2.3
2.7
3.5
4.0
2.0
2.4
2.5
3.0
9.61%
11.23%
11.68%
12.10%
12.84%
15.65%
17.10%
6.71%
7.06%
6.97%
9.37%
12.55%
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2005/3
2006/3
2007/3
2008/3
2009/3
2009/6
Trillion Yen
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Total Capital
Tier I Capital
Tier I Ratio
Capital Adequacy Ratio
The introduction of Basel II, which prompted a changein the method for calculating the Bank’s capitaladequacy ratio
Capital Adequacy Ratio Trend
12
11
10
9
8
7
6
5
4
3
2
1
1.45%
17.10%
15.65%
BIS Capital Adequacy Ratio
1.61%
8,330
4,895
183
181
99
278
4,456
577
-
4,799
Change
June 30
2009
March 31
2009
11.23%
247,501
42,330
3,455
2,888
14,860
17,979
-14,262
8,464
34,463
27,806
9.61%
Tier I Ratio
14,760
Perpetual subordinated bonds and loans
34,463
Capital stock and capital surplus
7,886
Earned surplus
239,171
Risk-weighted assets
37,435
Total Capital
3,271
Deductions
2,707
Dated subordinated bonds, loans, and preferred stock
17,700
Tier II capital
-18,718
Unrealized losses on other securities
23,006
Tier I capital
Note1: “Unrealized losses on other securities” represents the amount after deducting deferred tax assets (liabilities) from the unrealized
gains/losses on securities .
Note2: Non-consolidated results as of June 30 2009 (The financial figures provided above have not been audited by an auditing firm).Source: The Norinchukin Bank
∼
A Sound Level of Capital Adequacy
∼
The Bank’s Capital Adequacy increased, owing mainly to a decrease in unrealized losses on securities
Both the Bank’s capital adequacy ratio and its Tier I ratio are maintained at high levels of 17.10% (up 1.45% from March 2009) and 11.23% (up 1.61% from March 2009), respectively
Capital Breakdown (in JPY 100mn)

4
Income Statement Summary
(Non-consolidated)
∼
Ordinary profits at JPY78.9bn
∼
In order to achieve the goal of JPY50.0bn to 100.0bn in ordinary profit, which is targeted by the Business Renewal Plan, the Bank accumulated profit steadily in the fiscal first quarter
14
13
12
11
10
9
8
7
6
5
4
3
2
1
785
Income Before Income Taxes
1,892
Interest Expenses
1,121
Other Operating Income
798
Other Ordinary Income
574
8
4
789
182
307
430
2,852
1,690
3,642
June 30
2009
（
in JPY 100mn
）
Net Income
Extraordinary Losses
Extraordinary Profits
Ordinary Profits
Other Ordinary Expenses
General and Administrative Expenses
Other Operating Expenses
Ordinary Expenses
Interest Income
Ordinary Income
Gains on Money Held in Trust: JPY 73.7bn
Gains on Sales of Bonds: JPY90.1bn
Gains on Sales of Stocks & Other Securities: JPY5.3bn
Total Gains on Sales of Securities: JPY 95.5bn
Total Losses on Sales of Securities: JPY 7.5bn
(Losses on Sales of Bonds: JPY 7.5bn)
Losses on Money Held in Trust: JPY 4.1bn
Credit-related Costs: JPY 10.9bn
Total Losses on Revaluation of Securities: JPY27.3bn
Losses on Revaluation of Bonds: JPY 24.3bn
Losses on Revaluation of Stocks & Other Securities: JPY3.0bn
Note: Non-consolidated figures as June 30 2009
（
The financial figures provided above have not been audited by an auditing firm).
Source: The Norinchukin Bank