Bank Presentation
The 1
st
Half of Fiscal Year ending March 2009
November 27, 2008
Revised on January 30, 2009

1
Financial Highlights for the 1
st
Half of Fiscal Year
ending March 31, 2009 (Non-consolidated)
∼
Conservative portfolio management during a period of increasing stress in the
entire financial market
∼
Ordinary profits of JPY 20.5bn and net income of JPY 10.4bn
Losses on securities investments due to unprecedented price plummets of securitized products in financial markets which are under the extremely tense situation. Ordinary Profits was JPY 20.5bn, down 86.3% from the same period last year
Capital adequacy ratio of 11.32% and Tier 1 ratio of 7.89% (Preliminary figures)
Capital adequacy ratio dropped by 1.23% from FY2008/3. The Bank seeks to raise capital in an amount exceeding JPY 1trn from its members in order to further enhance its capital base within FY2009/3
Ordinary profit forecast of JPY 100bn for FY2009/3
Original ordinary profit forecast was revised downward to JPY 100bn (down 71.4% from the original forecast
）

2
Financial Summary (Non-consolidated)
∼
Experiencing one of the most severe stresses in the history of financial markets
∼
Ordinary profits dropped due to the global financial turmoil and total assets declined in association with the Bank’s implementation of conservative portfolio management
Total assets
Net assets
17,560
25,102
28,890
39,477
44,230
32,024
24,223
0
10,000
20,000
30,000
40,000
50,000
2003/3
2004/3
2005/3
2006/3
2007/3
2008/3
2008/9
(JPY 100mn)
601,881 616,561 619,472
707,641
684,872
611,917
581,142
400,000
500,000
600,000
700,000
800,000
2003/3
2004/3
2005/3
2006/3 2007/3
2008/3
2008/9
(JPY 100mn)
Ordinary profits
ROE and Net income
2,676
2,538
2,720
1,404
742
1,418
104
7.8%
6.1%
7.1%
0.7%
4.1%
5.2%
6.6%
0
500
1,000
1,500
2,000
2,500
3,000
2003/3
2004/3
2005/3
2006/3
2007/3
2008/3
2009/3
(JPY 100mn)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Net income (full year)
Net income (1st-half)
ROE (full year)
ROE (1st-half)
1,000
205
3,527
1,074
1,812
2,093
3,113
3,656
0
1,000
2,000
3,000
4,000
5,000
2003/3
2004/3
2005/3
2006/3
2007/3
2008/3
2009/3
(JPY 100mn)
(Forecast)
Note: As of the end of September 2008, non-consolidated basis. Net assets before 2006/3 are data of shareholders’ equity.Source: Norinchukin Bank

3
Income Statement Summary (Non-consolidated)
∼
Decline of profits due to the financial market turmoil
∼
Ordinary Profits of JPY 20.5bn, down 86.3% from the same period last year due to the financial market turmoil
14
13
12
11
10
9
8
7
6
5
4
3
2
1
-88.1%
-1,897
256
2,153
Income before Income Taxes
- 33.8%
-3,155
6,170
9,326
Interest Expenses
19.6%
110
673
562
Other Operating Income
-14.2%
-306
1,842
2,148
Other Ordinary Income
-92.5%
25.7%
-90.6%
-86.3%
73.0%
0.6%
35.5%
-20.7%
-33.9%
-28.2%
Change
(%)
-1,309
2
-594
-1,300
332
3
430
-2,410
-3,515
-3,711
Change
2008/9
2007/9
（
in JPY 100mn
）
104
1,414
Net Income
11
8
Extraordinary Losses
61
656
Extraordinary Profits
205
1,506
Ordinary Profits
788
455
Other Ordinary Expenses
558
554
General and Administrative Expenses
1,642
1,211
Other Operating Expenses
9,207
11,617
Ordinary Expenses
6,834
10,349
Interest Income
9,412
13,124
Ordinary Income
Reversal of Reserve for Possible Loan Losses for the same period last year was JPY 63.7bn
Other Operating Expenses includes losses on revaluation of bonds that consist government bonds of JPY 79.9bn (up JPY 41.5bn from the same period last year)
Interest Income has decreased due to lower return on securities investments and reduced securities portfolio
Other Ordinary Income includes gains of JPY 151.9bn from operating Money Held in Trust that are achieved mainly through investments in both domestic and international bonds and securities (down JPY 42.1bn from the same period last year
）
Other Ordinary Expenses includes losses of JPY 32.1bn from operating Money Held in Trust (up JPY 29.9bn from the same period last year)
Note: As of the end of September 2008, non-consolidated BasisSource: Norinchukin Bank

4
Earning Yield (Non-consolidated)
∼
Investment spreads shrank due to a fall in earning yield
∼
Despite the decline in US interest rates, earning yield fell due to a decline in profits from disposition of securities
-1.99
3.02
5.02
-50,803
90,949
141,752
Fund from Foreign-currency denominated Market
14
13
12
11
10
9
8
7
6
5
4
3
2
1
Yield (%)
Average Balance
(in JPY 100mn)
38,445
194,052
45,545
373,514
649,768
31,504
325
309,528
174,275
483,803
126,126
649,768
2007/9
(1st half)
26,313
129,159
49,197
383,955
608,195
54,941
232
290,680
160,125
450,805
89,353
608,195
2008/9
(1st half)
-12,132
-64,894
3,651
10,440
-41,572
23,437
-93
-18,848
-14,149
-32,997
-36,772
-41,572
Change
-1.47
2.37
3.85
Fund from Market/Clients
0.21
1.04
0.83
Fund from Yen-denominated Market
-1.49
3.15
4.65
Securities
-2.03
0.70
2.74
Yen-denominated Securities
-1.21
4.50
5.72
Foreign-currency denominated Securities
-0.39
0.06
0.46
(Spread)
-0.73
2.60
3.33
(Funding Side)
-1.12
2.66
3.79
(Investment Side)
0.21
1.10
0.89
Debentures
-0.88
-2.27
-1.38
Trading Assets
-0.23
0.58
0.82
Short-term Investment Assets
0.07
0.09
Change
2008/9
(1st half)
2007/9
(1st half)
1.01
0.93
Fund from Member Cooperatives
0.67
0.58
Loans and Bills Discounted
Earning yield declined mainly due to lower yield rates on securities and decrease of profits from disposition of securities
The cost of Fund from Foreign-currency-denominated Market decreased mainly due to the decline in US interest rates
Fund from Member Cooperatives increased backed by a stable increase in JA deposits
The cost of Fund from Member Cooperatives, which covers the majority of funding, remained at the same level
For foreign-currency funding, some funds were procured in “Fund from Foreign-currency-denominated Markets” and others were procured using Yen-denominated funds as collateral
Note: As of the end of September 2008, non-consolidated basis. Securities include Money Held in Trust and Monetary Claims Bought but exclude TB・FB. Source: The Norinchukin Bank