February 23, 2010
Bank Presentation
Capital and Financial Position
as of December 31, 2009

1
Introduction
～
Capital and Financial Positions as of December 31, 2009
～
The Norinchukin Bank began releasing quarterly financial summaries from June 30, 2009 in order to provide a better understanding of the Bank’s operations, in addition to the Bank’s previously disclosed capital position based on Basel II standards
Quarterly financial figures presented within 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 December 31, 2009 (Non-consolidated)
Unrealized losses on securities were JPY 996.3bn (improved by JPY 1,096.5bn from the end of March 2009)
Capital Adequacy Ratio: 18.29%
，
Tier I Ratio: 13.00%
(Preliminary Figures)
Ordinary Profits for the third quarter of fiscal year 2009 (YTD) stood at JPY 132.6 bn
The Bank maintains a solid capital position, with a capital adequacy ratio of over 18%
The Bank has seen a steady improvement in the status of its losses from the revaluation of securities by virtue of improvements in both the equity and credit markets
The Bank has secured stable profits through consrvative financial management

3
The Bank’s capital adequacy increased, owing mainly to a decline in unrealized losses on securities
Both the Bank’s capital adequacy ratio and its Tier I ratio are maintained at high levels of 18.29% (up 2.64% from March 2009) and 13.00% (up 3.39% from March 2009), respectively
～
A Sound Level of Capital Adequacy
～
Capital Adequacy Ratio Trend
Capital Breakdown (in JPY 100mn)
Capital Position (Non-consolidated
：
Preliminary Figures)
March 31
2009
Dec. 31
2009
Change
1
2
3
4
5
6
7
8
9
10
11
12
11,877
45
604
11,286
157
99
60
374
11,660
29,159
BIS Capital Adequacy Ratio
15.65%
18.29%
2.64%
3.39%
Tier I capital
23,006
34,883
Capital stock and capital surplus
34,463
34,509
8,490
-7,431
17,858
14,860
2,768
3,645
49,095
268,330
13.00%
Perpetual subordinated bonds and loans
14,760
Tier I Ratio
9.61%
Earned surplus
7,886
Unrealized losses on other securities
-18,718
Tier II capital
17,700
Dated subordinated bonds, loans, and preferred stock
2,707
Deductions
3,271
Total Capital
37,435
Risk-weighted assets
239,171
Note
：
Non-consolidated results as of December 31, 2009
Source: The Norinchukin Bank
4.2
4.7
4.0
3.5
4.9
3.7
3.4
2.3
3.0
2.5
2.4
2.0
11.68%
12.10%
12.84%
18.29%
9.37%
6.97%
7.06%
6.71%
13.00%
9.61%
15.65%
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 2009/12
Trillion Yen
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
Total Capital
Tier I Capital
Tier I Ratio
Capital Adequacy Ratio

4
（
in JPY 100mn
）
April to Dec.
2009
1
2
3
4
5
6
7
8
9
10
11
12
13
14
10,368
5,751
Other Operating Income
2,130
Interest Expenses
5,060
Income Before Income Taxes
1,321
Other Ordinary Income
2,393
9,042
1,138
819
1,930
1,326
15
20
597
Ordinary Income
Interest Income
Ordinary Expenses
Other Operating Expenses
General and Administrative Expenses
Other Ordinary Expenses
Ordinary Profits
Extraordinary Profits
Extraordinary Losses
Net Income
The Bank has secured stable profits through prudent financial management
～
Ordinary profits for the third quarter of fiscal year 2009 (YTD) stood at JPY132.6bn
～
Losses on Sales of Bonds: JPY 38.9bn
Losses on Revaluation of Bonds: JPY37.2bn
Credit-related Costs: JPY 145.3bn
Gains on Sales of Bonds: JPY161.5bn
Income Statement Summary(Non-consolidated)
Gains on Money Held in Trust: JPY224.4bn
Note
：
Non-consolidated results as of December 31, 2009
Source: The Norinchukin Bank