Sumitomo Mitsui Trust (CMTDF) 6-K Current report (foreign)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2011.

Commission File Number 333-170434

Sumitomo Mitsui Trust Holdings, Inc.

(Translation of registrant’s name into English)

9-2, Marunouchi, 1-chome

Chiyoda-ku, Tokyo 100-6611

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F:  x    Form 40-F:  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.    Yes  ¨    No  ¨

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

This report on Form 6-K contains the following:

1. Financial Results

2. Explanatory Material 2nd Quarter of Fiscal Year 2011 ended on Sep. 30, 2011

3. Supplemental material on financial results 2nd Quarter of Fiscal Year 2011 ended on Sep. 30, 2011

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Sumitomo Mitsui Trust Holdings, Inc.
Date: November 14, 2011	By:	/s/ Tadashi Nishimura
		Name:	Tadashi Nishimura
		Title:	Executive Officer

Sumitomo Mitsui Trust Holdings, Inc. Financial Results for the First Half of the Fiscal Year 2011 [Japanese GAAP] (Consolidated)
November 14, 2011

Stock exchange listings	: Tokyo, Osaka and Nagoya (code:8309)
URL	: http://www.smth.jp/en/index.html
Representative	: Kazuo Tanabe, President
For inquiry	: Tadashi Nishimura, Executive Officer,
	General Manager of Financial Planning Department
	TEL +81-3-3286-8354
Filing date of quarterly securities report (Scheduled)	: November 29, 2011
Trading accounts	: Established
Payment date of cash dividends (Scheduled)	: December 2, 2011
Supplementary explanatory material	: Prepared
Information meeting (Scheduled)	: Yes (for institutional investors and analysts)
	(All amounts less than one million yen are disregarded.)

1. Consolidated Financial Results for the First Half of the Fiscal Year 2011 (April 1, 2011 through September 30, 2011)

(1) Consolidated Results of Operations (%: Change from the same period in the previous fiscal year)

	Ordinary Income					Ordinary Profit				Net income
Six months ended	Millions of Yen		%			Millions of Yen		%		Millions of Yen		%
September 30, 2011		623,302		247.8			155,296		209.9		128,109		299.4
September 30, 2010		179,238		(1.4	)		50,104		45.7		32,071		68.0

(Note) Comprehensive Income:	September 30, 2011    93,946 millions of yen (–%);
	September 30, 2010     — millions of yen (–%)

	Net Income per Common Share		Net Income per Common Share (Fully Diluted)
Six months ended	Yen		Yen
September 30, 2011		30.29		—
September 30, 2010		19.34		—

(Note)	Net income per common share (fully diluted) for the first half of the fiscal year 2011 is not stated as there are no potential shares that would have a dilutive effect.
(Note)	Net income per common share (fully diluted) for the first half of the fiscal year 2010 is not stated as there are no potential shares.

(2) Consolidated Financial Conditions

	Total Assets		Net Assets		Net Assets to Total Assets Ratio		Consolidated BIS Capital Adequacy Ratio
As of	Millions of Yen		Millions of Yen		%		%
September 30, 2011		35,180,904		2,264,766		4.9		16.52
March 31, 2011		14,231,070		844,130		4.6		16.46

(Reference) Net Assets less Minority Interests:	September 30, 2011    1,752,718 million yen;
	March 31, 2011           656,476 million yen

(Note)

Net Assets to Total Assets Ratio = (Net Assets - Subscription Rights to Shares - Minority Interests) / Total Assets

(Note)

BIS Capital Adequacy ratio is calculated in accordance with the “Standard for Determining Bank Holding Company Capital Adequacy in Light of Assets Held by a Bank Holding Company or its Subsidiaries, Pursuant to Article 52-25 of the Banking Act” (Financial Service Agency Notification No.20, 2006). The figure as of September 30, 2011 is the consolidated Net Assets to Total Assets Ratio for Sumitomo Mitsui Trust Holdings, Inc. (“SMTH”) for the six months ended September 30, 2011, calculated according to Standard 1. The figure as of March 31, 2011 is the consolidated Net Assets to Total Assets Ratio for the former Chuo Mitsui Trust Holdings, Inc (“CMTH”) for the fiscal year ended March 31, 2011, calculated according to Standard 2. Preliminary data for the six months ended September 30, 2011.

2. Cash Dividends on Common Share

	Annual Cash Dividends per Common Share
	First Quarter-end		Second Quarter-end		Third Quarter-end			Year-end		Total
Fiscal year ended	Yen		Yen		Yen			Yen		Yen
March 31, 2011		—		4.00		—			4.00		8.00
Fiscal year ending							��
March 31, 2012		—		4.00
Fiscal year ending
March 31, 2012 (forecast)						—			4.00		8.00

(Note)	Revision of the latest dividend forecast announced: None
(Note)	The figures above show the cash dividends on common shares. For other classes of SMTH shares with differing rights, please refer to “Cash Dividends on Preferred Shares.”

3. Consolidated Earnings Forecasts for the Fiscal Year 2011

(April 1, 2011 through March 31, 2012)

	(%: Change from the previous fiscal year)
	Ordinary Profit				Net Income				Net Income per Common Share
Fiscal year ending	Millions of Yen		%		Millions of Yen		%		Yen
March 31, 2012		265,000		212.8		180,000		280.7		42.23

(Note) Revision of the latest consolidated earnings forecast announced: Yes

4. Other Information

(1)    Changes in Important Subsidiaries during the First Half of the Fiscal Year 2011: Yes

(Changes in specified subsidiaries resulting from changes in the scope of the consolidation)

Included:	6 companies	The Sumitomo Trust and Banking Co. Ltd., STB Preferred Capital 2 (Cayman) Limited,
		STB Preferred Capital 3 (Cayman) Limited, STB Preferred Capital 4 (Cayman) Limited,
		STB Preferred Capital 5 (Cayman) Limited, Japan Trustee Services Bank Ltd.
Excluded:	—

(For details, please refer to page 2, “1. Other Information” in “Accompanying Materials.”)

(2) Changes in Accounting Policies, Changes in Accounting Estimates and Restatements

       Changes in accounting policies due to revision of accounting standards	: None
‚       Changes in accounting policies due to reasons other than the above	: None
ƒ       Changes in accounting estimates	: None
„       Restatements	: None

(3) Number of Shares Issued (Common shares)

 Number of shares issued (including treasury stock)

September 30, 2011 4,153,486,408 shares March 31, 2011 1,658,426,267 shares

‚ Number of treasury stock

September 30, 2011 733,379 shares March 31, 2011 411,673 shares

ƒ Average number of shares issued (first half of the fiscal year)

September 30, 2011 4,152,838,119 shares September 30, 2010 1,658,055,685 shares

(Summary of Non-consolidated Financial Results)

Non-consolidated Financial Results for the First Half of the Fiscal Year 2011 (April 1, 2011 through September 30, 2011)

(1) Non-consolidated Results of Operations (%: Change from the same period in the previous fiscal year)

	Operating Income					Operating Profit					Ordinary Profit					Net Income
Six months ended	Millions of Yen		%			Millions of Yen		%			Millions of Yen		%			Millions of Yen		%
September 30, 2011		18,851		(8.1	)		12,963		(14.9	)		11,688		(12.2	)		11,685		(10.3	)
September 30, 2010		20,512		77.7			15,230		148.6			13,315		118.8			13,031		114.6

	Net Income per Common Share
Six months ended	Yen
September 30, 2011		2.25
September 30, 2010		7.85

(2) Non-consolidated Financial Conditions

	Total Assets		Net Assets		Net Assets to Total Assets Ratio
As of	Millions of Yen		Millions of Yen		%
September 30, 2011		1,935,230		1,743,641		90.1
March 31, 2011		794,198		601,370		75.7

(Reference) Net Assets: September 30, 2011 1,743,640 million yen; March 31, 2011 601,370 million yen

(Note) Net Assets to Total Assets Ratio = (Net Assets - Subscription Rights to Shares) / Total Assets

Statement Concerning the Status of the Interim Audit Process

This summary earnings report is not subject to interim audit pursuant to the Financial Instruments and Exchange Act, and at the time of the release of this summary earnings report an interim audit pursuant to the Financial Instruments and Exchange Act had not been completed.

Explanation for proper use of forecasts and other comments

• Forecasts presented herein are based on the information that is currently possessed by SMTH and certain reasonable assumptions. Actual results may differ materially from those forecasts depending on various future events and conditions.

• As a specified business entity (a company engaged in the businesses specified in Article 17-15(2) of the Cabinet Office Ordinance on Disclosure of Corporate Affairs) SMTH has prepared consolidated and non-consolidated financial statements for the first half of this fiscal year.

• SMTH conducted a share exchange on April 1, 2011 under which SMTH became the parent company and The Sumitomo Trust and Banking Co., Ltd. (“STB”) became the wholly owned subsidiary. Based on the Accounting Standard for Business Combinations, this share exchange is a reverse acquisition wherein SMTH is considered to be the acquired company and STB to be the acquiring company. Therefore, the consolidated assets and liabilities of SMTH were transferred to the consolidated balance sheets of STB at fair value. As a result, the figures for the first half of the fiscal year 2011 changed substantially when compared with those for the first half of fiscal year 2010 or fiscal year 2010.

• SMTH intends to convene an earnings conference for institutional investors and analysts. We intend to post the content of this conference (audio) on our company website along with the materials presented during the conference.

(Cash Dividends on Preferred Shares)

Cash dividends per share on preferred shares are as below:

The First Series of Class 7 Preferred Shares	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
Fiscal year ended
March 31, 2011
Fiscal year ending
March 31, 2012		—		21.15
Fiscal year ending
March 31, 2012 (forecast)						—		21.15		42.30

(Note)	Revision of the latest dividend forecast announced: None
(Note)	The First Series of Class 7 Preferred Shares was issued on April 1, 2011 in exchange for the First Series of Class 2 Preferred Shares of STB due to the share exchange.

(Reference) Cash Dividends on Common Share and the First Series of Class 2 Preferred Shares of The Sumitomo Trust and Banking Co., Ltd.

The Sumitomo Trust and Banking Co. Ltd. Common Shares	Annual Cash Dividends per Common Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
Fiscal year ended
March 31, 2011		—		6.00		—		8.00		14.00

(Note) While all the common shares of STB were acquired by SMTH in the share exchange for common shares of SMTH on April 1, 2011, the year-end dividend for the fiscal year 2010 (from April 1, 2010, to March 31, 2011) was paid by STB based on the last Register of Shareholders as of March 31, 2011.

The Sumitomo Trust and Banking Co., Ltd. First Series of Class 2 Preferred Shares	Annual Cash Dividends per Share
	First Quarter-end		Second Quarter-end		Third Quarter-end		Year-end		Total
	Yen		Yen		Yen		Yen		Yen
Fiscal year ended
March 31, 2011		—		21.15		—		21.15		42.30

(Note) While all the First Series of Class 2 Preferred Shares of STB were acquired by SMTH in the share exchange for the First Series of Class 7 Preferred Shares of SMTH on April 1, 2011, the year-end dividends for the fiscal year 2010 (from April 1, 2010, to March 31, 2011) were paid by STB based on the last Register of Shareholders as of March 31, 2011.

[Accompanying Materials]

Index

1.	Other Information		2
	(1)	Changes in Important Subsidiaries during the First Half of the Fiscal Year 2011	2
		(Changes in specified subsidiaries resulting from changes in the scope of consolidation)	2
	(2)	Changes in Accounting Policies, Changes in Accounting Estimates and Restatements	2
2.	Interim Consolidated Financial Statements		3
	(1)	Interim Consolidated Balance Sheets	3
	(2)	Interim Consolidated Statements of Income and Interim Consolidated Statement of Comprehensive Income	5
		Interim Consolidated Statements of Income	5
		Interim Consolidated Statement of Comprehensive Income	6
	(3)	Interim Consolidated Statements of Changes in Net Assets	7
	(4)	Note on Going Concern Assumptions	10
	(5)	Note on Business Combination	11
3.	Interim Non-Consolidated Financial Statements		13
	(1)	Interim Non-Consolidated Balance Sheets	13
	(2)	Interim Non-Consolidated Statements of Income	14
	(3)	Interim Non-Consolidated Statements of Changes in Net Assets	15
	(4)	Note on Going Concern Assumptions	17

1

1. Other Information

(1) Changes in Important Subsidiaries during the First Half of the Fiscal Year 2011

(Changes in specified subsidiaries resulted in changes in the scope of consolidation)

Details of changes in specified subsidiaries resulting from changes in the scope of consolidation during the first half of the fiscal year 2011 (6 newly included companies) are as below.

Name	Address	Capital Stock (Millions of Yen)		Main Business Area	Share of Voting Rights Held
(Consolidated subsidiaries) The Sumitomo Trust and Banking Co. Ltd.	Chuo-ku, Osaka		342,037	Trust Banking Business		100.00	%
STB Preferred Capital 2 (Cayman) Limited	George Town, Grand Cayman, British West Indies		51,500	Financial-related Business		100.00	%
STB Preferred Capital 3 (Cayman) Limited	George Town, Grand Cayman, British West Indies		51,500	Financial-related Business		100.00	%
STB Preferred Capital 4 (Cayman) Limited	George Town, Grand Cayman, British West Indies		111,600	Financial-related Business		100.00	%
STB Preferred Capital 5 (Cayman) Limited	George Town, Grand Cayman, British West Indies		70,900	Financial-related Business		100.00	%
Japan Trustee Services Bank, Ltd.	Chuo-ku, Tokyo		51,000	Trust Banking Business		66.66	%

(2) Changes in Accounting Policies, Changes in Accounting Estimates and Restatements

SMTH conducted a share exchange on April 1, 2011 under which SMTH became the parent company and STB became the wholly owned subsidiary. Based on the Accounting Standard for Business Combinations, this share exchange is a reverse acquisition wherein SMTH is considered the acquired company and STB the acquiring company. Therefore, the consolidated assets and liabilities of SMTH were transferred to the consolidated balance sheets of STB at fair value. Therefore, there is no continuity from our consolidated financial statements for the prior fiscal year to our interim consolidated financial statements.

SMTH adopted ASBJ Statement No. 24 “Accounting Standard for Accounting Changes and Error Corrections” (issued by ASBJ on December 4, 2009) and Implementation Guidance No. 24 “Guidance on Accounting Standard for Accounting Changes and Error Corrections” (issued by ASBJ on December 4, 2009) for accounting changes and corrections of past errors at the beginning of the first half of the fiscal year 2011, and we have presented financial data from CMTH for comparison.

2

2. Interim Consolidated Financial Statements

(1) Interim Consolidated Balance Sheets

	(Millions of Yen)
	As of March 31, 2011			As of September 30, 2011
Assets:
Cash and Due from Banks		502,160			2,214,793
Call Loans and Bills Bought		6,936			289,856
Receivables under Resale Agreements		—			51,574
Receivables under Securities Borrowing Transactions		9,378			7,764
Monetary Claims Bought		99,921			483,836
Trading Assets		36,568			666,536
Money Held in Trust		2,065			24,256
Securities		3,710,513			7,569,596
Loans and Bills Discounted		8,864,266			20,593,126
Foreign Exchanges		12,259			6,656
Lease Receivables and Investment Assets		—			565,193
Other Assets		393,956			1,470,991
Tangible Fixed Assets		123,584			240,020
Intangible Fixed Assets		56,994			208,025
Deferred Tax Assets		143,055			278,854
Customers’ Liabilities for Acceptances and Guarantees		317,098			660,480
Allowance for Loan Losses		(47,690	)		(150,660	)
Total Assets		14,231,070			35,180,904
Liabilities:
Deposits		9,292,002			22,191,060
Negotiable Certificates of Deposit		327,020			2,679,771
Call Money and Bills Sold		351,956			361,325
Payables under Repurchase Agreements		—			140,533
Payables under Securities Lending Transactions		1,161,653			648,420
Trading Liabilities		7,716			179,664
Borrowed Money		678,983			1,598,469
Foreign Exchanges		—			70
Short-term Bonds Payable		—			331,660
Bonds Payable		267,247			949,527
Borrowed Money from Trust Account		801,657			2,016,429
Other Liabilities		156,055			1,090,524
Provision for Bonuses		3,133			11,409
Provision for Directors’ Bonuses		—			102
Provision for Retirement Benefits		2,859			14,720
Provision for Directors’ Retirement Benefits		253			184
Provision for Reimbursement of Deposits					6,316
Provision for Contingent Loss		15,335			17,705
Provision for Relocation Expenses					9,090
Deferred Tax Liabilities		3,967			3,544
Deferred Tax Liabilities for Land Revaluation		—			5,124
Acceptances and Guarantees		317,098			660,480
Total Liabilities		13,386,939			32,916,138

3

(Continued)

	(Millions of Yen)
	As of March 31, 2011			As of September 30, 2011
Net Assets:
Capital Stock		261,608			261,608
Capital Surplus		—			859,497
Retained Earnings		406,002			679,162
Treasury Stock		(282	)		(111	)
Total Shareholders’ Equity		667,328			1,800,158
Valuation Difference on Available-for-Sale Securities		4,408			(20,090	)
Deferred Gains or Losses on Hedges		3,406			(7,240	)
Revaluation Reserve for Land		(16,537	)		(5,560	)
Foreign Currency Translation Adjustment		(2,129	)		(14,548	)
Total Accumulated Other Comprehensive Income		(10,851	)		(47,439	)
Subscription Rights to Shares		—			1
Minority Interests		187,653			512,046
Total Net Assets		844,130			2,264,766
Total Liabilities and Net Assets		14,231,070			35,180,904

4

(2) Interim Consolidated Statements of Income and Interim Consolidated Statement of Comprehensive Income

Interim Consolidated Statements of Income

	(Millions of Yen)
	Six Months Ended September 30, 2010		Six Months Ended September 30, 2011
Ordinary Income:		179,238		623,302
Trust Fees		23,372		50,040
Interest Income:		81,042		186,602
Interest on Loans and Discounts		54,658		122,530
Interest and Dividends on Securities		23,616		57,438
Fees and Commissions		43,193		128,822
Trading Income		1,494		3,276
Other Ordinary Income		23,567		242,451
Other Income		6,567		12,109
Ordinary Expenses:		129,133		468,005
Interest Expenses:		30,752		59,679
Interest on Deposits		21,038		37,193
Fees and Commissions Payments		10,549		31,370
Trading Expenses		40		208
Other Ordinary Expenses		4,852		159,039
General and Administrative Expenses		69,713		190,390
Other Expenses		13,224		27,315
Ordinary Profit:		50,104		155,296
Extraordinary Income:		7,503		46,340
Gain on Disposal of Noncurrent Assets		13		279
Gain on Amortization of Negative Goodwill		—		46,061
Reversal of Allowance for Loan Losses		5,815
Recoveries of Written-off Claims		1,675
Extraordinary Loss:		2,774		7,213
Loss on Disposal of Noncurrent Assets		161		289
Impairment Loss		—		4,131
Management Integration Expenses		2,132
Other Extraordinary Losses		481		2,792
Income before Income Taxes and Minority Interests		54,833		194,423
Income Taxes:		18,796		55,400
Current		3,621		20,389
Deferred		15,175		35,011
Income before Minority Interests		36,037		139,022
Minority Interests in Income		3,965		10,913
Net Income		32,071		128,109

5

Interim Consolidated Statement of Comprehensive Income

	(Millions of Yen)
	Six Months Ended September 30, 2011
Income before Minority Interests		139,022
Other Comprehensive Income:		(45,075	)
Valuation Difference on Available-for-Sale Securities		(26,303	)
Deferred Gains or Losses on Hedges		(14,119	)
Foreign Currency Translation Adjustment		(1,635	)
Attributable to Equity Method Affiliates		(3,016	)
Comprehensive Income:		93,946
Comprehensive Income Attributable to Owners of the Parent		83,388
Comprehensive Income Attributable to Minority Interests		10,557

6

(3) Interim Consolidated Statements of Changes in Net Assets

	(Millions of Yen)
	Six Months Ended September 30, 2010			Six Months Ended September 30, 2011
Shareholders’ Equity:
Capital Stock:
Balance at the Beginning of the Current Period		261,608			342,037
Changes during the Period
Increase from Share Exchange		—			(80,428	)
Total Changes during the Period		—			(80,428	)
Balance at the End of the Current Period		261,608			261,608
Capital Surplus:
Balance at the Beginning of the Current Period		—			297,051
Changes during the Period
Cash Dividends		—			(6,632	)
Increase from Share Exchange		—			569,542
Disposal of Treasury Stock		—			18
Retirement of Treasury Stock		—			(482	)
Total Changes during the Period		—			562,446
Balance at the End of the Current Period		—			859,497
Retained Earnings:
Balance at the Beginning of the Current Period		377,619			565,908
Changes during the Period
Cash Dividends		(13,264	)		(15,701	)
Net Income		32,071			128,109
Disposal of Treasury Stock		(1	)		—
Reversal of Revaluation Reserve for Land		—			846
Total Changes during the Period		18,805			113,254
Balance at the End of the Current Period		396,425			679,162
Treasury Stock:
Balance at the Beginning of the Current Period		(270	)		(482	)
Changes during the Period
Purchase of Treasury Stock		(5	)		(126	)
Disposal of Treasury Stock		3			15
Retirement of Treasury Stock		—			482
Total Changes during the Period		(2	)		371
Balance at the End of the Current Period		(272	)		(111	)
Total Shareholders’ Equity:
Balance at the Beginning of the Current Period		638,957			1,204,514
Changes during the Period
Cash Dividends		(13,264	)		(22,333	)
Net Income		32,071			128,109
Increase from Share Exchange		—			489,114
Purchase of Treasury Stock		(5	)		(126	)
Disposal of Treasury Stock		1			34
Reversal of Revaluation Reserve for Land		—			846
Total Changes during the Period		18,803			595,643
Balance at the End of the Current Period		657,761			1,800,158

7

(Continued)

	(Millions of Yen)
	Six Months Ended September 30, 2010			Six Months Ended September 30, 2011
Accumulated Other Comprehensive Income:
Valuation Difference on Available-for-Sale Securities:
Balance at the Beginning of the Current Period		35,002			6,064
Changes during the Period
Net Changes of Items other than Shareholders’ Equity		(17,251	)		(26,155	)
Total Changes during the Period		(17,251	)		(26,155	)
Balance at the End of the Current Period		17,750			(20,090	)
Deferred Gains or Losses on Hedges:
Balance at the Beginning of the Current Period		2,705			9,650
Changes during the Period
Net Changes of Items other than Shareholders’ Equity		2,100			(16,890	)
Total Changes during the Period		2,100			(16,890	)
Balance at the End of the Current Period		4,805			(7,240	)
Revaluation Reserve for Land:
Balance at the Beginning of the Current Period		(15,532	)		(4,714	)
Changes during the Period
Net Changes of Items other than Shareholders’ Equity		—			(846	)
Total Changes during the Period		—			(846	)
Balance at the End of the Current Period		(15,532	)		(5,560	)
Foreign Currency Translation Adjustment:
Balance at the Beginning of the Current Period		(1,738	)		(12,873	)
Changes during the Period
Net Changes of Items other than Shareholders’ Equity		(264	)		(1,674	)
Total Changes during the Period		(264	)		(1,674	)
Balance at the End of the Current Period		(2,002	)		(14,548	)
Total Accumulated Other Comprehensive Income:
Balance at the Beginning of the Current Period		20,436			(1,872	)
Changes during the Period
Net Changes of Items other than Shareholders’ Equity		(15,415	)		(45,566	)
Total Changes during the Period		(15,415	)		(45,566	)
Balance at the End of the Current Period		5,021			(47,439	)
Subscription Rights to Shares:
Balance at the Beginning of the Current Period		—			—
Changes during the Period
Net Changes of Items other than Shareholders’ Equity		—			1
Total Changes during the Period		—			1
Balance at the End of the Current Period		—			1
Minority Interests:
Balance at the Beginning of the Current Period		187,161			304,454
Changes during the Period
Net Changes of Items other than Shareholders’ Equity		172			207,592
Total Changes during the Period		172			207,592
Balance at the End of the Current Period		187,333			512,046

8

(Continued)

	(Millions of Yen)
	Six Months Ended September 30, 2010			Six Months Ended September 30, 2011
Total Net Assets:
Balance at the Beginning of the Current Period		846,556			1,507,095
Changes during the Period
Cash Dividends		(13,264	)		(22,333	)
Net Income		32,071			128,109
Increase from Share Exchange		—			489,114
Purchase of Treasury Stock		(5	)		(126	)
Disposal of Treasury Stock		1			34
Reversal of Revaluation Reserve for Land		—			846
Net Changes of Items other than Shareholders’ Equity		(15,243	)		162,026
Total Changes during the Period		3,559			757,670
Balance at the End of the Current Period		850,115			2,264,766

9

(4) Note on Going Concern Assumptions

There is no applicable information.

10

(5) Note on Business Combination

On August 24, 2010, CMTH concluded a share exchange agreement and a management integration agreement with STB. Subsequent to the approval at the extraordinary general meeting of shareholders held on December 22, 2010, the share exchange was performed on April 1, 2011 as the effective date. CMTH changed its trade name to Sumitomo Mitsui Trust Holdings, Inc. (“SMTH”).

1. Outline of Business Combination

(1) Name and Business Content of Acquired Company

Name of acquired company	Chuo Mitsui Trust Holdings, Inc.
Business content	Bank holding company

(2) Main Reasons for Business Combination

CMTH and STB aim to create “The Trust Bank,” a new trust bank group that, with a combination of significant expertise and comprehensive capabilities, will provide better and swifter comprehensive solutions to their clients than ever before, by combining their personnel, know-how and other managerial resources and fusing both groups’ strengths, such as the diversity of the STB group and the agility of the CMTH group.

(3) Date of Business Combination

April 1, 2011

(4) Legal Form of Business Combination

Share exchange, under which CMTH became the parent company, and STB became the wholly owned subsidiary.

(5) Name of Company after Business Combination

Sumitomo Mitsui Trust Holdings, Inc.

(6) Acquired Voting Rights Ratio

100%

(7) Main Grounds for the Determination of the Acquiring Company

SMTH has adopted ASBJ Statement No.21 “Accounting Standard for Business Combinations” (issued by ASBJ on December 26, 2008) and Implementation Guidance No.10 “Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures” (issued by ASBJ on December 26, 2008). According to them, shareholders of STB, which is a wholly owned subsidiary company in the share exchange, hold the majority of voting rights of the company following the business combination. Therefore, it was decided that under the Accounting Standard for the Business Combinations, STB would be the acquiring company, with CMTH as the acquired company.

11

2. Period of Earnings of the Acquired Company included in the Interim Consolidated Statements of Income Described at Acquisition Cost of the Acquired Company

April 1, 2011 through September 30, 2011

3. Acquisition Cost of the Acquired Company

489,114 million yen

4. Share Exchange Ratio by Type of Share, Calculation Method, and Number of Shares Delivered

(1) Share Exchange Ratio by Type of Share

(a) Common Shares

For each common share of STB, 1.49 shares of common share of SMTH have been allotted and delivered.

(b) Preferred Shares

For each First Series of Class 2 Preferred Shares of STB, one share of the First Series of Class 7 Preferred Shares of SMTH has been allotted and delivered.

(2) Calculation Method of the Share Exchange Ratio

(a) Common Shares

In order to support the respective efforts of CMTH and STB to ensure the fairness of the exchange ratio of common shares (hereinafter, “Common Share Exchange Ratio”) for this share exchange, CMTH had requested JP Morgan Securities Japan Co., Ltd. and Nomura Securities Co., Ltd. to perform financial analyses, while STB had requested UBS Securities Japan Ltd. and Daiwa Securities Capital Markets Co., Ltd., to perform similar analyses. Referring to the results of those financial analyses, CMTH and STB, on several occasions, conducted careful negotiations and discussions on the Common Share Exchange Ratio, comprehensively taking into consideration factors such as the financial position, assets, and future prospects of each party. As a result, CMTH and STB have reached the conclusion that the above Common Share Exchange Ratio is appropriate.

(b) Preferred Shares

CMTH and STB had agreed that the terms and conditions of the First Series of SMTH Class 7 Preferred Shares shall be substantially the same as those of the First Series of Class 2 Preferred Shares, and reached the conclusion that the above share exchange ratio for preferred shares is appropriate, after comprehensively taking into consideration the “bond-type” nature of those shares and the fact that there is no market price for the First Series of Class 2 Preferred Shares.

(3) Number of Shares Delivered

(a) Common Shares

2,495,060,141 shares

(b) Preferred Shares

109,000,000 shares

5. Amount of Gain on Amortization of Negative Goodwill and Reason for Recognizing Negative Goodwill

(1) Amount of Gain on Amortization of Negative Goodwill

43,431 million yen

(2) Reason for Recognizing Negative Goodwill

Negative goodwill was recognized as the shareholders’ equity (deducting minority interest from net of assets and liabilities acquired) exceeded the acquisition cost of acquired company.

6. Amount of Assets Acquired and Liabilities Acquired on Date of Business Combination

(1) Assets

Total Assets	14,158,131 million yen
Loans and Bills Discounted	8,855,145 million yen

(2) Liabilities

Total Liabilities	13,437,699 million yen
Deposits	9,326,751 million yen

12

3. Interim Non-Consolidated Financial Statements

(1) Interim Non-Consolidated Balance Sheets

	(Millions of Yen)
	As of March 31, 2011			As of September 30, 2011
Assets:
Current Assets:
Cash and Due from Banks		1,462			1,843
Securities		23,000			27,000
Accrued Income		0			1
Income Tax Refunds Receivable		3,438			2,955
Other Current Assets		868			714
Total Current Assets		28,769			32,514
Non-Current Assets:
Tangible Fixed Assets		1			0
Intangible Fixed Assets		7			6
Investments and Other Assets		765,419			1,902,708
Investment Securities		652			652
Investments in Subsidiaries and Affiliates		764,391			1,901,700
Other Investments		376			356
Total Non-Current Assets		765,428			1,902,715
Total Assets		794,198			1,935,230
Liabilities:
Current Liabilities:
Accrued Expenses		1,365			1,394
Income Taxes Payable		2			9
Provision for Bonuses		90			183
Other Current Liabilities		296			135
Total Current Liabilities		1,755			1,722
Non-Current Liabilities:
Bonds Payable		189,700			189,700
Provision for Retirement Benefits		1,177			—
Other Non-Current Liabilities		195			166
Total Non-Current Liabilities		191,072			189,866
Total Liabilities		192,827			191,588
Net Assets:
Shareholders’ Equity:
Capital Stock		261,608			261,608
Capital Surplus
Legal Capital Surplus		65,411			702,933
Other Capital Surplus		53,254			553,011
Total Capital Surplus		118,665			1,255,945
Retained Earnings
Other Retained Earnings		221,379			226,432
Retained Earnings Brought Forward		221,379			226,432
Total Retained Earnings		221,379			226,432
Treasury Stock		(282	)		(346	)
Total Shareholders’ Equity		601,370			1,743,640
Subscription Rights to Shares		—			1
Total Net Assets		601,370			1,743,641
Total Liabilities and Net Assets		794,198			1,935,230

13

(2) Interim Non-Consolidated Statements of Income

	(Millions of Yen)
	Six Months Ended September 30, 2010		Six Months Ended September 30, 2011
Operating Income:
Dividends Received from Subsidiaries		17,068		14,771
Fees Received from Subsidiaries		3,444		4,079
Total Operating Income		20,512		18,851
Operating Expenses:
Interest on Bonds		3,783		3,741
General and Administrative Expenses		1,498		2,146
Total Operating Expenses		5,281		5,887
Operating Profit		15,230		12,963
Non-Operating Income		32		20
Non-Operating Expenses		1,947		1,295
Ordinary Profit		13,315		11,688
Extraordinary Income		22		—
Income before Income Taxes		13,338		11,688
Income Taxes:		307		3
Current		1		3
Deferred		305		—
Net Income		13,031		11,685

14

(3) Interim Non-Consolidated Statements of Changes in Net Assets

	(Millions of Yen)
	Six Months Ended September 30, 2010			Six Months Ended September 30, 2011
Shareholders’ Equity:
Capital Stock:
Balance at the Beginning of the Current Period		261,608			261,608
Changes during the Period
Total Changes during the Period		—			—
Balance at the End of the Current Period		261,608			261,608
Capital Surplus:
Legal Capital Surplus:
Balance at the Beginning of the Current Period		65,411			65,411
Changes during the Period
Increase from Share Exchange		—			1,137,308
Reversal of Legal Capital Surplus		—			(499,786	)
Total Changes during the Period		—			637,522
Balance at the End of the Current Period		65,411			702,933
Other Capital Surplus:
Balance at the Beginning of the Current Period		53,257			53,254
Changes during the Period
Reversal of Legal Capital Surplus		—			499,786
Disposal of Treasury Stock		(1	)		(28	)
Total Changes during the Period		(1	)		499,757
Balance at the End of the Current Period		53,255			553,011
Total Capital Surplus:
Balance at the Beginning of the Current Period		118,668			118,665
Changes during the Period
Increase from Share Exchange		—			1,137,308
Disposal of Treasury Stock		(1	)		(28	)
Total Changes during the Period		(1	)		1,137,280
Balance at the End of the Current Period		118,666			1,255,945
Retained Earnings:
Other Retained Earnings:
Balance at the Beginning of the Current Period		232,368			221,379
Changes during the Period
Cash Dividends		(13,264	)		(6,632	)
Net Income		13,031			11,685
Total Changes during the Period		(233	)		5,053
Balance at the End of the Current Period		232,135			226,432
Total Retained Earnings:
Balance at the Beginning of the Current Period		232,368			221,379
Changes during the Period
Cash Dividends		(13,264	)		(6,632	)
Net Income		13,031			11,685
Total Changes during the Period		(233	)		5,053
Balance at the End of the Current Period		232,135			226,432

15

(Continued)

	(Millions of Yen)
	Six Months Ended September 30, 2010			Six Months Ended September 30, 2011
Treasury Stock:
Balance at the Beginning of the Current Period		(270	)		(282	)
Changes during the Period
Purchase of Treasury Stock		(5	)		(126	)
Disposal of Treasury Stock		3			62
Total Changes during the Period		(2	)		(64	)
Balance at the End of the Current Period		(272	)		(346	)
Total Shareholders’ Equity:
Balance at the Beginning of the Current Period		612,375			601,370
Changes during the Period
Cash Dividends		(13,264	)		(6,632	)
Net Income		13,031			11,685
Increase from Share Exchange		—			1,137,308
Purchase of Treasury Stock		(5	)		(126	)
Disposal of Treasury Stock		1			34
Total Changes during the Period		(237	)		1,142,269
Balance at the End of the Current Period		612,138			1,743,640
Subscription Rights to Shares:
Balance at the Beginning of the Current Period		—			—
Changes during the Period
Net Changes of Items other than Shareholders’ Equity		—			1
Total Changes during the Period		—			1
Balance at the End of the Current Period		—			1
Total Net Assets:
Balance at the Beginning of the Current Period		612,375			601,370
Changes during the Period
Cash Dividends		(13,264	)		(6,632	)
Net Income		13,031			11,685
Increase from Share Exchange		—			1,137,308
Purchase of Treasury Stock		(5	)		(126	)
Disposal of Treasury Stock		1			34
Net Changes of Items other than Shareholders’ Equity		—			1
Total Changes during the Period		(237	)		1,142,270
Balance at the End of the Current Period		612,138			1,743,641

16

(4) Note on Going Concern Assumptions

There is no applicable information.

17

Cautionary Statement Regarding Forward-Looking Statements

This material contains forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995) regarding our intent, belief or current expectations in respect to our future financial conditions, operating results and overall management. These forward-looking statements may be identified by words such as “believes”, “expects”, “anticipates”, “projects”, “intends”, “should”, “seeks”, “estimates”, “future”, or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Such forward-looking statements are not guarantees of future performance and actual results may differ, owing to risks and uncertainties, including without limitation: (1) potential difficulties in integrating the management and business operations of our subsidiaries; (2) our ability to successfully execute our group business strategies; and (3) unanticipated events that result in an increase in our credit costs and a deterioration in the quality of our group companies’ loan portfolios. Given such risks and uncertainties, you should not place undue reliance on forward-looking statements, which speak only as of the release date of this material. We undertake no obligation to update or revise any forward-looking statements. In addition to this material, please refer to our most recently disclosed documents, such as our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission, or press releases we have issued, for a more detailed description of matters that may affect our financial condition and operating results.

18

Explanatory Material

2nd Quarter of Fiscal Year 2011

ended on Sep. 30, 2011

Sumitomo Mitsui Trust Holdings, Inc.

Table of Contents

Summary of the financial results
1. Financial results	Summary 1-3
2. Financial conditions	Summary 3-5
3. Forecast for FY2011	Summary 5
4. Accounting for business combination related to the Management Integration	Summary 6
Financial figures
1. Outline of the status of profit and loss	1-2
2. Major subsidiaries	3
3. Yields and margins	4
4. Net gains on securities	4
5. Unrealized gains/ losses on investment securities	5-7
(1) Securities with fair value
(2) Securities with no available fair value
(3) Domestic LBO finance
(4) Off-balance risk from Special Purpose Entities (SPEs)
6. Maturity ladder of securities	8
(Held-to-maturity debt securities with fair value and Available-for-sale securities with fair value)
7. Shareholdings	8
(1) Balance of listed stocks
(2) Selling amount of cross shareholdings (Cost basis)
8. Deferred unrealized gains/ losses on Hedge accounting applied derivative transactions	8
9. BIS capital adequacy ratio (Basel II)	9
10. ROE	9
11. Loans and Deposits (Banking a/c and Principal guaranteed trust a/c combined)	10
(1) Balance of loans and deposits
(2) Ending balance of domestic deposits classified by depositors (Domestic branches)
12. Loans (Banking a/c and Principal guaranteed trust a/c combined)	11
(1) Loans to small and mid-sized enterprises (SMEs)
(2) Loans to individuals
(3) Overseas loans by borrowers’ location
(4) Loans by industry
13. Problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)	12-13
(1) Problem assets based on the Financial Reconstruction Act (After partial direct written-off)
(2) Coverage ratio and allowance ratio of Problem assets based on the Financial Reconstruction Act
(3) Problem assets based on the Financial Reconstruction Act by industry
14. Self-Assessment and problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)	13
15. Allowance for loan losses	14
(1) Allowance for loan losses
(2) Allowance ratio for loans to special mention/ ordinary debtors (general allowance for loan losses)
16. Retirement benefits	15
17. Deferred tax assets	16

< Definition of terms in this document >
SMTH : Sumitomo Mitsui Trust Holdings, Inc.	CMTH : Former Chuo Mitsui Trust Holdings, Inc.
CMTB : The Chuo Mitsui Trust and Banking Company, Limited	CMAB : Chuo Mitsui Asset Trust and Banking Company, Limited
STB : The Sumitomo Trust and Banking, Co., Ltd.

Legal Disclaimer

Regarding forward-looking Statements contained in this material This presentation material contains information that constitutes forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors including but not limited to changes in managerial circumstances. By virtue of the aforementioned reasons, Sumitomo Mitsui Trust Holdings, Inc. hereby cautions against sole reliance on such forward-looking statements in making investment decisions.

Summary of 1HFY2011 financial results

1. Financial Results

<Consolidated>

(1) Net business profit before credit costs <1> increased by 27.0 billion yen from 1HFY2010 to 175.6 billion yen, due to the effects on consolidated accounting method resulting from the management integration, in addition to the increase in market-related profit on a non-consolidated (CMTB + CMAB + STB) basis.

(2) Total credit costs <5> stood at the reversal of 0.0 billion yen, as a result of group companies’ limited credit costs, as well as those on a non-consolidated (CMTB + CMAB + STB) basis. And consolidated net gains on stocks <6> stood at the net loss of 11.0 billion yen mainly due to the devaluation of stocks.

(3) As a result, ordinary profit <2> increased by 43.6 billion yen from 1HFY2010 to 155.2 billion yen. Net income <3> increased by 42.0 billion yen to 128.1 billion yen over the same period, due to, in addition to the above mentioned, the gain on amortization of negative goodwill (43.4 billion yen) caused by share exchange. Meanwhile, net income excluding amortization of negative goodwill <4> decreased by 1.4 billion yen to 84.6 billion yen, mainly due to the disappearance of income boosting factor regarding tax effect accounting resulting from the reorganization of subsidiaries in 1HFY2010.

[Consolidated (SMTH)]	(in billions of Yen)
		1HFY2011			1HFY2010			Change
Net business profit before credit costs (*1)	1		175.6			148.5			27.0
Ordinary profit	2		155.2			111.6			43.6
Net income	3		128.1			86.1			42.0
(excl. amortization of negative goodwill)	4		84.6			86.1			(1.4	)
Total credit costs	5		0.0			2.4			(2.3	)
Net gains on stocks	6		(11.0	)		(1.1	)		(9.8	)
Losses on devaluation of stocks	7		(10.3	)		(5.0	)		(5.3	)
Return (Net income) on equity	8		15.36	%		9.77	%		5.59	%
(Difference from non-consolidated financial results)
Net business profit before credit costs (*2)	9		46.0			28.8			17.1
Net income (*2)	10		70.4			1.1			69.2
Total credit costs (*2)	11		0.9			(8.5	)		9.4

(*1) Consolidated net business profit before credit costs = Non-consolidated net business profit before credit costs + Subsidiary companies’ ordinary profits (non-recurring effect adjusted) + Affiliates’ ordinary profits (non-recurring effect adjusted) x Ratio of equity holdings - Intra-group transaction (dividends, etc.)

(*2) Differences between “Consolidated (SMTH)” and “Non-consolidated (CMTB + CMAB + STB)”.

<Non-consolidated (CMTB + CMAB + STB)>

(1) Net business profit before credit costs <19> increased by 9.8 billion yen from 1HFY2010 to 129.5 billion yen, mainly due to a 16.0 billion yen increase in net gains on bonds <17>, while net interest income and related profit <13> and net fees and commissions and related profit <14> decreased.

(2) Total credit costs <35> stayed at 0.8 billion yen due to limited occurrence of new non-performing loans. And net gains on stocks <23> stood at the net loss of 23.2 billion yen, mainly due to the devaluation of some Japanese stocks resulting from the decline in stock prices.

(3) As a result, ordinary profit <26> decreased by 3.2 billion yen from 1HFY2010 to 87.5 billion yen, and net income <34> decreased by 27.2 billion yen to 57.6 billion yen over the same period mainly due to the disappearance of income boosting factor regarding tax effect accounting resulting from the reorganization of subsidiaries.

[Non-consolidated (CMTB + CMAB + STB)]	(in billions of Yen)
		1HFY2011			1HFY2010			Change
Gross business profit	12		250.8			240.6			10.1
Net interest income and related profit	13		123.4			124.9			(1.4	)
Net fees and commissions and related profit	14		79.4			83.7			(4.2	)
Net trading profit	15		3.1			7.0			(3.9	)
Net other operating profit	16		44.7			24.9			19.8
Net gains on bonds	17		50.6			34.6			16.0
General and administrative expenses	18		(121.2	)		(120.9	)		(0.3	)
Net business profit before credit costs	19		129.5			119.7			9.8
Net non-recurring profit	20		(45.1	)		(28.8	)		(16.2	)
Banking a/c net credit costs	21		(6.4	)		(2.5	)		(3.9	)
Reversal of allowance for loan losses, etc. (*3)	22		2.5			—			2.5
Net gains on stocks	23		(23.2	)		(1.4	)		(21.8	)
Losses on devaluation of stocks	24		(21.7	)		(5.0	)		(16.6	)
Others	25		(17.9	)		(24.8	)		6.9
Ordinary profit	26		87.5			90.8			(3.2	)
Extraordinary profit/ loss	27		(7.5	)		(6.3	)		(1.2	)
Impairment loss on tangible fixed assets	28		(4.0	)		(0.3	)		(3.6	)
Impairment loss on shares of a subsidiary	29		—			(15.2	)		15.2
Reversal of allowance for loan losses, etc. (*3)	30		—			13.6			(13.6	)
Costs related to the Management Integration	31		(3.5	)		(4.3	)		0.7
Income before income taxes	32		79.9			84.5			(4.5	)
Total income taxes	33		(22.3	)		0.4			(22.7	)
Net income	34		57.6			84.9			(27.2	)
Total credit costs	35		(0.8	)		11.0			(11.8	)
Overhead ratio (-18 / 12)	36		48.35	%		50.26	%		(1.91	%)

(*3) “Reversal of allowance for loan losses” (1HFY2011:1.9bn yen, 1HFY2010:11.8bn yen) and “Recoveries of written-off claims” (1HFY2011:0.5bn yen, 1HFY2010:1.7bn yen) are included in “Net non-recurring profit” from this fiscal year, in accordance with the revision of “Practical Guidelines on Accounting Standards for Financial Instruments”.

-Summary 1-

(For reference) Overview of the business operation

<Balance of major accounts>

(1) Balance of major accounts (Banking a/c and Principal guaranteed trust a/c combined)

[Non-consolidated (CMTB + STB)]							(in billions of Yen)
		Sep. 2011 (1HFY2011)  (A)		Mar. 2011 (Full FY2010)  (B)		Change from Mar. 2011 (A) - (B)
Loans	(Ending balance)		21,246.5		21,417.2		(170.7	)
	(Average balance)		20,198.0		19,826.8		371.2
Deposits, Trust principal (*)	(Ending balance)		23,651.9		23,327.8		324.1
	(Average balance)		23,283.2		22,463.9		819.3

(*) Deposits: Excluding NCDs.

(2) Yields and margins (Domestic Banking a/c and Principal guaranteed trust a/c combined)

[Non-consolidated (CMTB + STB)]											(%)
	1HFY2011		2HFY2010		1HFY2010		Change from 2HFY2010			Change from 1HFY2010
Loan deposit margin		0.84		0.88		0.90		(0.04	)		(0.06	)
Loans and bills discounted		1.21		1.28		1.33		(0.07	)		(0.12	)
Deposits and trust principal		0.37		0.40		0.43		(0.03	)		(0.06	)

(3) Status of loans (Banking a/c and Principal guaranteed trust a/c combined)

[Non-consolidated (CMTB + STB)]				(in billions of Yen)
	Sep. 2011		Mar. 2011		Change from Mar. 2011
Loans to individuals		6,085.3		5,946.1		139.1
Residential mortgage loans		5,559.6		5,381.4		178.2
Loans to corporations		15,161.2		15,471.0		(309.8	)
Japanese corporations operating overseas		1,382.5		1,411.4		(28.8	)

<Investment trust and Insurance>

(1) Sales volume and sales balance of investment trust/ insurance

[Non-consolidated (CMTB + STB)]

<Sales volume>							(in billions of Yen)
	1HFY2011	2HFY2010		1HFY2010		Change from 2HFY2010		Change from 1HFY2010
Total	727.2		583.0		567.7		144.2		159.4
Investment trust	492.6		456.5		360.3		36.0		132.2
Fund wrap, SMA	34.0		31.1		25.0		2.9		9.0
Insurance	200.5		95.3		182.3		105.2		18.1

<Sales balance>				(in billions of Yen)
	Sep. 2011		Mar. 2011		Change from Mar. 2011
Total		4,115.2		4,330.2		(214.9	)
Investment trust		1,929.5		2,189.5		(260.0	)
Fund wrap, SMA		118.7		100.3		18.3
Insurance (*)		2,067.0		2,040.3		26.6

(*) Definition has been standardized for the purpose of disclosing combined figure of CMTB and STB since this explanatory material. As a result, it differs from the simple sum of each company’s balance which is disclosed in FY2010 explanatory material.

(2) Fees and commissions

[Non-consolidated (CMTB + STB)]				(in billions of Yen)
	1HFY2011		1HFY2010		Change from 1HFY2010
Total		23.7		20.8		2.8
Sales fees of investment trust/ insurance		15.9		12.7		3.1
Others (management and administration )		7.8		8.0		(0.2	)

-Summary 2-

<Overview of fiduciary services business>

Fees from fiduciary services business

[Non-consolidated (CMTB + CMAB + STB)]					(in billions of Yen)
	1HFY2011			1HFY2010			Change from 1HFY2010
Fees from fiduciary services business		30.6			30.6			(0.0	)
Gross business profit from fiduciary services business		42.9			42.8			0.1
Fees paid for outsourcing		(12.3	)		(12.1	)		(0.1	)

<Overview of real estate business>

Fees from real estate business

[Non-consolidated (CMTB + STB)]	(in billions of Yen)
	1HFY2011		1HFY2010		Change from 1HFY2010
Fees from real estate business		7.5		13.1		(5.5	)
Real estate brokerage fees		3.7		8.6		(4.9	)
Real estate trust fees, etc.		3.3		4.0		(0.6	)

2. Financial conditions

<Status of the holding securities>

(1) Consolidated cost of available-for-sale securities <1> decreased by 548.1 billion yen from the end of previous fiscal year, mainly due to the decrease in non-consolidated (CMTB + CMAB + STB) cost of others <11> centering on that of U.S. treasury. Meanwhile, cost of Japanese stocks <2> increased due to the revaluation of Japanese stocks in accordance with purchase accounting method, and that of Japanese bonds <3> increased mainly due to the consolidation of Japan Trustee Services Bank, Ltd. Unrealized gains/ losses of available-for-sale securities stood at the net gains of 15.3 billion yen, as a result of a 137.9 billion yen decrease in unrealized gains of Japanese stocks <2>, while unrealized gains/ losses of Japanese bonds <3> and others <5> improved.

(2) Consolidated cost of held-to-maturity debt securities <6> decreased by 75.4 billion yen from the end of previous fiscal year to 649.4 billion yen, mainly due to the decrease in the balance of international investment on a non-consolidated (CMTB + CMAB + STB) basis, and unrealized gains/ losses of those securities stood at the net gains of 36.3 billion yen.

Securities with fair value   [Consolidated (SMTH)] (in billions of Yen)

		Sep.2011
		Cost		Fair value		Net			Change of cost from Mar.  2011			Change of net from Mar.  2011
Available-for-sale securities	1		6,807.8		6,823.1		15.3			(548.1	)		(52.8	)
Japanese stocks	2		893.1		838.5		(54.6	)		19.2			(137.9	)
Japanese bonds	3		4,411.1		4,453.9		42.7			360.4			34.9
Government bonds	4		3,600.3		3,639.6		39.2			361.6			33.2
Others	5		1,503.5		1,530.7		27.2			(927.8	)		50.1
Held-to-maturity debt securities	6		649.4		685.8		36.3			(75.4	)		(13.7	)
[Non-consolidated (CMTB + CMAB + STB)]						(in billions of Yen)
		Sep.2011
		Cost		Fair value		Net			Change of cost from Mar.  2011			Change of net from Mar.  2011
Available-for-sale securities	7		6,071.0		6,098.0		26.9			(1,220.8	)		(22.9	)
Japanese stocks	8		790.8		766.5		(24.3	)		(22.7	)		(89.5	)
Japanese bonds	9		3,784.2		3,817.7		33.5			(286.4	)		25.6
Government bonds	10		2,954.9		2,983.5		28.6			(283.7	)		22.6
Others	11		1,495.9		1,513.7		17.7			(911.6	)		40.9
Held-to-maturity debt securities	12		648.5		685.1		36.6			(75.7	)		(13.5	)

-Summary 3-

<Reference 1> Breakdown of Available-for-sale securities (Others)

[Non-consolidated (CMTB + CMAB + STB)] (in billions of Yen)

		Sep. 2011
		Cost		Fair value		Net			Change of cost from Mar. 2011			Change of net from Mar. 2011
Domestic investment (*1)	1		443.6		438.6		(4.9	)		55.9			(0.7	)
International investment (*1)	2		824.2		854.9		30.7			(1,026.8	)		42.9
Foreign government bonds, etc.	3		281.8		296.2		14.4			(852.3	)		36.9
US treasury	4		186.4		197.6		11.2			(741.6	)		29.0
European government bonds (*2)	5		19.7		20.0		0.3			(143.3	)		5.6
US agency MBS (*3)	6		236.7		243.6		6.8			(107.4	)		9.8
Others (Investment trust, etc.) (*4)	7		228.0		220.0		(8.0	)		59.2			(1.2	)
Total	8		1,495.9		1,513.7		17.7			(911.6	)		40.9

(*1) Based on the location of final exposure

(*2) Constituted by U.K. government bond only

(*3) Constituted by GNMA only

(*4) Uncategorizable into “Domestic investment” or “International investment”

<Reference 2> Breakdown of Held-to-maturity debt securities

[Non-consolidated (CMTB + CMAB + STB)] (in billions of Yen)

		Sep. 2011
		Cost		Fair value		Net		Change of cost from Mar. 2011			Change of net from Mar. 2011
Japanese Government Bonds	9		174.4		182.4		8.0		(10.0	)		0.1
Japanese Local Government Bonds/ Corporate Bonds	10		21.9		22.1		0.2		(0.4	)		(0.0	)
Others	11		452.1		480.5		28.3		(65.2	)		(13.6	)
Domestic investment (*)	12		88.1		90.7		2.5		4.0			0.8
International investment (*)	13		364.0		389.8		25.7		(69.3	)		(14.4	)
Total	14		648.5		685.1		36.6		(75.7	)		(13.5	)

(*) Based on the location of final exposure

<Problem assets based on the Financial Reconstruction Act>

(1) The total balance of “Problem assets based on the Financial Reconstruction Act” <1> decreased by 4.5 billion yen from the end of previous fiscal year to 240.8 billion yen. The ratio of “Problem assets based on the Financial reconstruction Act” to the total balance <2> remained flat at 1.1% over the same period.

(2) Coverage ratios as of the end of September 2011 for “Doubtful” and “Substandard”, which are secured by collateral values and allowance for loan losses, stood at 91.7% and 75.4%, respectively, and coverage ratio for “Problem assets based on the Financial Reconstruction Act” stood at 87.9%, all of which represent sufficient levels.

[Non-consolidated (CMTB + STB)] (Banking a/c and Principal guaranteed trust a/c combined) (in billions of Yen)

		Sep. 2011			Mar. 2011			Change from Mar. 2011			Sep. 2011
											Coverage ratio			Allowance ratio
Problem assets based on the Financial Reconstruction Act	1		240.8			245.3			(4.5	)		87.9	%		60.3	%
Ratio to total balance	2		(1.1	%)		(1.1	%)		(0.0	%)
Bankrupt and practically bankrupt	3		33.7			41.3			(7.5	)		100.0	%		100.0	%
Doubtful	4		133.9			93.7			40.3			91.7	%		67.7	%
Substandard (a)	5		73.1			110.3			(37.2	)		75.4	%		26.4	%
Ordinary assets	6		21,685.1			21,827.9			(142.8	)
Substandard debtors (excl. Substandard) (b)	7		36.0			28.2			7.9
Other special mention debtors (excl. (a) and (b))	8		690.5			711.2			(20.7	)
Ordinary debtors	9		20,958.6			21,088.5			(130.0	)

-Summary 4-

<Status of BIS capital adequacy ratio (No.1 standard)>

(1) Consolidated BIS capital adequacy ratio (No.1 standard) (preliminary) and Tier I capital ratio as of the end of September 2011 stood at 16.52% and 11.65%, respectively.

[Consolidated (SMTH)]		(in billions of Yen)
		Sep. 2011 (Preliminary)
BIS capital adequacy ratio	1		16.52	%
Tier I capital ratio	2		11.65	%
Total qualifying capital	3		2,954.0
Tier I	4		2,082.8
Total risk-weighted assets	5		17,874.5

3. Forecast for FY2011

[Consolidated (SMTH)]

(in billions of Yen)
		Forecast for FY2011
		1HFY2011 Actual		Revised forecast (A)			Previous forecast (B)			Change (A) - (B)
Net business profit before credit costs	1		175.6		320.0			295.0			25.0
Ordinary profit	2		155.2		265.0			215.0			50.0
Net income	3		128.1		180.0			150.0			30.0
Net income (excl. amortization of negative goodwill)	4		84.6		135.0			110.0			25.0
Total credit costs	5		0.0		(20.0	)		(40.0	)		20.0
Dividend on common share (Yen)	6		4.00		8.00			8.00			—
Consolidated dividend payout ratio (*)	7		—		25.5	%

(*) Consolidated dividend payout ratio for FY2011 is calculated by the formula below, excluding the one-off effect of a 43.4 billion yen amortization of negative goodwill.

Consolidated dividend payout ratio = { Total amount of dividends for common shares / ( Consolidated net income (excl. amortization of negative goodwill) - Total amount of dividends for preferred shares )} x 100

[Non-consolidated (CMTB + CMAB + STB)]

(in billions of Yen)
		Forecast for FY2011
		1HFY2011 Actual			Revised forecast (A)			Previous forecast (B)			Change (A) - (B)
Net business profit before credit costs	8		129.5			235.0			235.0			—
CMTB	9		44.4			90.0			90.0			—
CMAB	10		6.8			15.0			15.0			—
STB	11		78.2			130.0			130.0			—
Ordinary profit	12		87.5			165.0			175.0			(10.0	)
CMTB	13		20.4			57.0			67.0			(10.0	)
CMAB	14		5.1			13.0			13.0			—
STB	15		61.9			95.0			95.0			—
Net income	16		57.6			100.0			100.0			—
CMTB	17		17.1			38.0			38.0			—
CMAB	18		2.8			7.0			7.0			—
STB	19		37.6			55.0			55.0			—
Total credit costs	20		(0.8	)		(15.0	)		(30.0	)		15.0
CMTB	21		(2.6	)		(5.0	)		(10.0	)		5.0
STB	22		1.8			(10.0	)		(20.0	)		10.0

-Summary 5-

4. Accounting for business combination related to the Management Integration

(Accounting for business combination)

(1) The accounting for the business combinations (hereinafter, “purchase accounting method”) is applied, and thus STB would be the acquiring company with CMTH as the acquired company.

(Effect on assets and liabilities by applying purchase accounting method)

(1) As a result of revaluating (mark to market) assets and liabilities of CMTH (consolidated) as of March 31 by applying purchase accounting method, total assets decreased by 72.9 billion yen to 14,158.1 billion yen, and total liabilities increased by 50.7 billion yen to 13,437.6 billion yen. There are no intangible assets which are newly recognized.

(2) Negative goodwill of 43.4 billion yen was recognized, as shareholders’ equity of 532.5 billion yen (deducting 187.8 billion yen of minority interest from 720.4 billion yen of net assets) exceeded acquisition cost of 489.1 billion yen ( total market value of CMTH’s shares based on the share price as of March 31).

(Effect on financial results)

(1) Gain on amortization of negative goodwill of 43.4 billion yen is posted as an extraordinary profit in 1QFY2011 in accordance with the “Accounting Standard for Business Combinations”.

(2) There are differences between consolidated and non-consolidated financial results as to profit/ loss resulting from amortization/ accumulation, sales, or devaluation of corresponding assets and liabilities, as the revaluation of assets and liabilities described above is a unique procedure for preparing consolidated financial statements. An effect of these differences for 1HFY2011 is approximately 19.0 billion yen of profit at the level of net income, including one-time factor such as gains/ losses on sales or devaluation of securities.

-Summary 6-

Sumitomo Mitsui Trust Holdings, Inc.

Financial figures

1. Status of profit and loss

[Consolidated]

		Millions of Yen
		1HFY2011			1HFY2010			Change
Consolidated gross business profit (*1)	1		359,905			314,378			45,527
Consolidated gross business profit (after written-off of principal guaranteed trust a/c) (1 + 19)	2		359,905			314,378			45,527
Net interest income and related profit	3		132,435			133,072			(636	)
Net interest income	4		126,922			126,918			3
Trust fees from principal guaranteed trust a/c (before written-off of principal guaranteed trust a/c)	5		5,513			6,153			(639	)
Net fees and commissions and related profit	6		141,978			128,487			13,491
Net fees and commissions	7		97,451			86,170			11,281
Other trust fees	8		44,527			42,317			2,210
Net trading profit	9		3,068			7,086			(4,018	)
Net other operating profit	10		82,422			45,731			36,691
Net gains on bonds	11		69,153			34,657			34,496
Net gains from derivatives other than for trading or hedging	12		(10,298	)		(14,505	)		4,207
General and administrative expenses	13		(185,010	)		(171,979	)		(13,031	)
(excluding amortization of goodwill)	14		(180,561	)		(165,354	)		(15,207	)
Personnel expenses	15		(81,420	)		(77,696	)		(3,724	)
Non-personnel expenses excluding taxes	16		(97,047	)		(87,598	)		(9,449	)
Taxes other than income taxes	17		(6,542	)		(6,684	)		142
Provision of general allowance for loan losses	18		—			8,363			(8,363	)
Principal guaranteed trust a/c credit costs	19		—			—			—
Banking a/c credit costs	20		(1,412	)		(14,074	)		12,662
Written-off of loans	21		(1,450	)		(3,647	)		2,196
Provision of specific allowance for loan losses	22		—			(9,988	)		9,988
Losses on sales of loans	23		38			(438	)		477
Reversal of allowance for loan losses (*2)	24		473			—			473
Recoveries of written-off claims (*2)	25		1,028			—			1,028
Net gains on stocks	26		(11,034	)		(1,138	)		(9,895	)
Losses on devaluation of stocks	27		(10,393	)		(5,075	)		(5,317	)
Net income from affiliates by equity method	28		1,928			1,438			490
Others	29		(10,581	)		(25,352	)		14,770
Ordinary profit	30		155,296			111,634			43,662
Extraordinary profit	31		39,126			(4,385	)		43,512
Gain on amortization of negative goodwill related to share exchange	32		43,431			—			43,431
Goodwill impairment loss	33		—			(6,041	)		6,041
Reversal of allowance for loan losses (*2)	34		—			5,815			(5,815	)
Recoveries of written-off claims (*2)	35		—			2,361			(2,361	)
Income before income tax	36		194,423			107,248			87,174
Total income taxes	37		(55,400	)		(10,501	)		(44,899	)
Income taxes-current	38		(20,389	)		(13,985	)		(6,403	)
Income taxes-deferred	39		(35,011	)		3,483			(38,495	)
Net income before minority interests	40		139,022			96,746			42,275
Minority interest	41		(10,913	)		(10,639	)		(273	)
Net income	42		128,109			86,107			42,002
Net income (excluding gain on amortization of negative goodwill related to share exchange) (42 - 32)	43		84,677			86,107			(1,429	)
Total credit costs (18 + 19 + 20 + 24 + 25 + 34 + 35)	44		89			2,465			(2,375	)
Consolidated net business profit before credit costs (*3)	45		175,629			148,560			27,068
(Difference from non-consolidated (CMTB+CMAB+STB) net business profit before credit costs	46		46,057			28,857			17,199

(*1) Consolidated gross business profit = Trust fees + (Interest income - Interest expenses) + (Fees and commissions - Fees and commissions payments) + (Trading income - Trading expenses) + (Other operating income - Other operating expenses)

(*2) Due to the amendment of “Practical Guidelines on Accounting Standards for Financial Instruments”, “Reversal of allowance for loan losses” and “Recoveries of written-off claims” has been relocated from this fiscal year.

(*3) Consolidated net business profit before credit costs = Non-consolidated (CMTB+ CMAB+STB) net business profit before credit costs + Subsidiary companies’ ordinary profits (non-recurring effect adjusted) + Affiliates’ ordinary profits (non-recurring effect adjusted) x Ratio of equity holdings - Intra-group transaction (dividends, etc.)

< Number of subsidiaries/ affiliates >

		Sep. 2011		Mar. 2011		Change
Consolidated subsidiaries	47		80		76		4
Affiliates (subject to the equity method)	48		14		13		1

Note: Number of subsidiaries and affiliates at Mar. 2011 is combined total for those of CMTH and STB (for reference). Japan Trustee Services Bank, Ltd., an affiliate of both CMTH and STB, is counted as one entity as of Mar. 2011.

1

Sumitomo Mitsui Trust Holdings, Inc.

[Non-consolidated (CMTB + CMAB + STB)]

		Millions of Yen
		1HFY2011												1HFY2010			Change
		Total			CMTB			CMAB			STB			Total			Total			CMTB			CMAB			STB
Gross business profit	1		250,856			93,266			14,801			142,789			240,669			10,187			(7,601	)		(8	)		17,796
Gross business profit (after written-off of principal guaranteed trust a/c) (1 + 23)	2		250,856			93,266			14,801			142,789			240,669			10,187			(7,601	)		(8	)		17,796
Net interest income and related profit	3		123,433			55,856			9			67,567			124,926			(1,492	)		2,356			4			(3,854	)
Net interest income	4		117,976			52,134			9			65,832			118,772			(795	)		2,772			4			(3,572	)
Domestic	5		102,239			43,023			9			59,205			99,045			3,194			3,704			4			(514	)
International	6		15,737			9,110			—			6,626			19,727			(3,989	)		(932	)		—			(3,057	)
Trust fees from principal guaranteed trust a/c (before written off of principal guaranteed trust a/c)	7		5,456			3,721			—			1,734			6,153			(696	)		(415	)		—			(281	)
Net fees and commissions and related profit	8		79,477			23,976			14,791			40,709			83,729			(4,252	)		(3,223	)		(12	)		(1,016	)
Net fees and commissions	9		37,969			22,601			(2,535	)		17,903			41,366			(3,396	)		(2,864	)		174			(707	)
Other trust fees	10		41,507			1,375			17,326			22,805			42,362			(855	)		(358	)		(187	)		(308	)
Net trading income	11		3,151			1,626			—			1,524			7,086			(3,935	)		172			—			(4,108	)
Net other operating income	12		44,795			11,807			—			32,988			24,928			19,867			(6,908	)		—			26,775
Net gains on foreign exchange transactions	13		1,599			(122	)		—			1,722			1,685			(85	)		(183	)		—			97
Net gains on bonds	14		50,680			13,678			—			37,002			34,625			16,054			(5,639	)		—			21,694
Net gains from derivatives other than for trading or hedging	15		(10,264	)		(1,708	)		—			(8,555	)		(14,556	)		4,291			(1,116	)		—			5,407
General and administrative expenses	16		(121,284	)		(48,818	)		(7,953	)		(64,513	)		(120,966	)		(318	)		(83	)		(312	)		77
Personnel expenses	17		(48,981	)		(21,607	)		(3,873	)		(23,500	)		(50,109	)		1,127			(153	)		(284	)		1,565
Non-personnel expenses	18		(66,621	)		(24,802	)		(4,003	)		(37,815	)		(65,209	)		(1,411	)		(175	)		(25	)		(1,210	)
Taxes other than income taxes	19		(5,681	)		(2,407	)		(76	)		(3,197	)		(5,647	)		(34	)		246			(3	)		(277	)
Net business profit before credit costs (1 + 16)	20		129,571			44,448			6,847			78,275			119,702			9,868			(7,684	)		(320	)		17,874
(Excluding Net gains on bonds) (20 - 14)	21		78,891			30,769			6,847			41,273			85,077			(6,185	)		(2,044	)		(320	)		(3,820	)
Provision of general allowance for loan losses	22		3,144			3,144			—			—			—			3,144			3,144			—			—
Principal guaranteed trust a/c credit costs	23		—			—			—			—			—			—			—			—			—
Net business profit	24		132,716			47,592			6,847			78,275			119,702			13,013			(4,540	)		(320	)		17,874
Net non-recurring profit	25		(45,154	)		(27,156	)		(1,665	)		(16,332	)		(28,865	)		(16,289	)		(17,344	)		(374	)		1,429
Banking a/c net credit costs	26		(6,463	)		(6,248	)		—			(214	)		(2,553	)		(3,910	)		(5,371	)		—			1,461
Written-off of loans	27		(627	)		(374	)		—			(253	)		(2,114	)		1,487			503			—			984
Provision of specific allowance for loan losses	28		(5,874	)		(5,874	)		—			—			—			(5,874	)		(5,874	)		—			—
Losses on sales of loans	29		38			—			—			38			(438	)		477			—			—			477
Reversal of allowance for loan losses (*)	30		1,925			—			—			1,925			—			1,925			—			—			1,925
Recoveries of written-off claims (*)	31		581			485			—			96			—			581			485			—			96
Net gains on stocks	32		(23,280	)		(12,661	)		—			(10,618	)		(1,419	)		(21,860	)		(14,230	)		—			(7,630	)
Losses on devaluation of stocks	33		(21,713	)		(11,816	)		—			(9,896	)		(5,019	)		(16,694	)		(10,453	)		—			(6,240	)
Others	34		(17,918	)		(8,731	)		(1,665	)		(7,521	)		(24,892	)		6,974			1,771			(374	)		5,576
Amortization of net actuarial losses/ prior service cost	35		(11,760	)		(5,356	)		(1,299	)		(5,104	)		(13,041	)		1,280			194			(39	)		1,126
Net gains on stock related derivatives	36		18			(43	)		—			61			1,620			(1,602	)		388			—			(1,990	)
Ordinary profit	37		87,561			20,436			5,182			61,942			90,837			(3,276	)		(21,885	)		(695	)		19,304
Extraordinary profit	38		(7,588	)		(3,087	)		(342	)		(4,158	)		(6,323	)		(1,265	)		(8,937	)		(50	)		7,722
Impairment loss on tangible fixed assets	39		(4,064	)		(1,042	)		(56	)		(2,965	)		(389	)		(3,675	)		(1,042	)		(56	)		(2,576	)
Impairment loss on shares of a subsidiary	40		—			—			—			—			(15,211	)		15,211			—			—			15,211
Reversal of allowance for loan losses (*)	41		—			—			—			—			11,857			(11,857	)		(6,982	)		—			(4,874	)
Recoveries of written-off claims (*)	42		—			—			—			—			1,754			(1,754	)		(1,070	)		—			(683	)
Costs related to the Management Integration	43		(3,563	)		(1,874	)		(285	)		(1,404	)		(4,328	)		764			41			(18	)		741
Income before income taxes	44		79,972			17,348			4,839			57,784			84,514			(4,541	)		(30,822	)		(745	)		27,027
Total income taxes	45		(22,310	)		(182	)		(1,943	)		(20,183	)		401			(22,711	)		14,898			314			(37,923	)
Income taxes-current	46		(12,322	)		(82	)		(2,420	)		(9,819	)		(6,736	)		(5,586	)		(1	)		133			(5,718	)
Income taxes-deferred	47		(9,987	)		(100	)		476			(10,364	)		7,137			(17,124	)		14,900			180			(32,205	)
Net income	48		57,662			17,166			2,895			37,600			84,915			(27,252	)		(15,924	)		(431	)		(10,896	)
Total credit costs (22 + 23 + 26 + 30 + 31 + 41 + 42)	49		(811	)		(2,619	)		—			1,807			11,058			(11,870	)		(9,795	)		—			(2,075	)
Overhead ratio (-16/1)	50		48.35	%		52.34	%		53.74	%		45.18	%		50.26	%		(1.91	%)		4.03	%		2.14	%		(6.50	%)

(*) Due to the amendment of Practical Guidance of Accounting for Financial Instruments, “Reversal of allowance for loan losses” and “Recoveries of written-off claims” has been relocated from this fiscal year.

2

Sumitomo Mitsui Trust Holdings, Inc.

2. Major subsidiaries

	Billions of Yen
	Sumishin Panasonic Financial Services Co., Ltd. (Consolidated)									Sumishin Real Estate Loan & Finance, Ltd.
	1HFY2011			1HFY2010			Change			1HFY2011		1HFY2010			Change
Ordinary profit		9.3			9.8			(0.5	)		2.2		2.0			0.1
Net income		5.5			6.0			(0.4	)		1.8		0.7			1.0
Total credit costs		(0.6	)		(0.4	)		(0.2	)		0.0		(0.1	)		0.1
	Sep. 2011			Mar. 2011			Change			Sep. 2011		Mar. 2011			Change
Total assets		1,051.6			1,126.9			(75.2	)		277.1		274.6			2.4
Net assets		135.7			130.3			5.4			27.0		24.9			2.0

Note: Life Housing Loan, Ltd. has changed its corporate name to Sumishin Real Estate Loan & Finance, Ltd. as First Credit Corporation has transferred a part of its business to Life Housing Loan, Ltd. on September 30, 2010.

	Billions of Yen
	Nikko Asset Management Co., Ltd. (Consolidated)
	1HFY2011		1HFY2010		Change
Ordinary profit		4.2		3.9		0.3
Net income		2.7		2.5		0.1
	Sep. 2011		Mar. 2011		Change
Total assets		64.0		65.0		(1.0	)
Net assets		49.7		50.2		(0.5	)
Assets under management		12,091.9		12,810.3		(718.4	)

3

Sumitomo Mitsui Trust Holdings, Inc.

3. Yields and margins

(1) Domestic banking a/c

[Non-consolidated (CMTB + STB)]

	Percentage points
	1HFY2011						2HFY2010		Change from 2HFY2010									1HFY2010
	Total		CMTB		STB		Total		Total			CMTB			STB			Total
Average yield on interest-earning assets (A)		1.18		1.18		1.18		1.18		0.00			0.03			(0.02	)		1.20
Loans and bills discounted (B)		1.21		1.25		1.18		1.28		(0.07	)		(0.08	)		(0.07	)		1.34
Securities		1.20		1.38		1.08		0.94		0.26			0.42			0.16			0.86
Average yield on interest-bearing liabilities (C)		0.42		0.43		0.41		0.45		(0.03	)		(0.03	)		(0.02	)		0.46
Deposits (D)		0.39		0.40		0.39		0.43		(0.04	)		(0.04	)		(0.03	)		0.46
Gross margin (A) - (C)		0.76		0.75		0.77		0.73		0.03			0.06			0.00			0.74
Loan-deposit margin (B) - (D)		0.82		0.85		0.79		0.85		(0.03	)		(0.04	)		(0.04	)		0.88

(2) Domestic banking a/c and principal guaranteed trust a/c combined

[Non-consolidated (CMTB + STB)]

	Percentage points
	1HFY2011						2HFY2010		Change from 2HFY2010									1HFY2010
	Total		CMTB		STB		Total		Total			CMTB			STB			Total
Average yield on interest-earning assets (A)		1.16		1.14		1.18		1.16		0.00			0.03			(0.02	)		1.17
Loans and bills discounted (B)		1.21		1.25		1.18		1.28		(0.07	)		(0.07	)		(0.07	)		1.33
Securities		1.20		1.38		1.08		0.94		0.26			0.42			0.16			0.86
Average yield on interest-bearing liabilities (C)		0.40		0.40		0.40		0.42		(0.02	)		(0.03	)		(0.02	)		0.44
Deposits, Trust principal (D)		0.37		0.37		0.37		0.40		(0.03	)		(0.03	)		(0.03	)		0.43
Gross margin (A) - (C)		0.76		0.74		0.78		0.74		0.02			0.06			0.00			0.73
Loan-deposit margin (B) - (D)		0.84		0.88		0.81		0.88		(0.04	)		(0.04	)		(0.04	)		0.90

4. Net gains on securities

[Consolidated]

	Millions of Yen
	1HFY2011			1HFY2010			Change
Net gains on bonds		69,153			34,657			34,496
Gains on sales of bonds		73,459			45,826			27,633
Gains on redemption of bonds		65			63			2
Losses on sales of bonds		(4,371	)		(8,257	)		3,885
Losses on redemption of bonds		—			(2,974	)		2,974
Losses on devaluation of bonds		—			—			—
Net gains on stocks		(11,034	)		(1,138	)		(9,895	)
Gains on sales of stocks		1,444			4,955			(3,511	)
Losses on sales of stocks		(2,085	)		(1,018	)		(1,066	)
Losses on devaluation of stocks		(10,393	)		(5,075	)		(5,317	)

[Non-consolidated (CMTB + STB)]

	Millions of Yen
	1HFY2011									1HFY2010			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Net gains on bonds		50,680			13,678			37,002			34,625			16,054			(5,639	)		21,694
Gains on sales of bonds		56,922			18,193			38,729			45,781			11,141			(5,306	)		16,448
Gains on redemption of bonds		46			—			46			61			(15	)		—			(15	)
Losses on sales of bonds		(6,288	)		(4,515	)		(1,773	)		(8,242	)		1,953			(333	)		2,287
Losses on redemption of bonds		—			—			—			(2,974	)		2,974			—			2,974
Losses on devaluation of bonds		—			—			—			—			—			—			—
Net gains on stocks		(23,280	)		(12,661	)		(10,618	)		(1,419	)		(21,860	)		(14,230	)		(7,630	)
Gains on sales of stocks		1,241			464			776			4,600			(3,359	)		(2,730	)		(628	)
Losses on sales of stocks		(2,808	)		(1,309	)		(1,498	)		(1,000	)		(1,807	)		(1,046	)		(760	)
Losses on devaluation of stocks		(21,713	)		(11,816	)		(9,896	)		(5,019	)		(16,694	)		(10,453	)		(6,240	)

4

Sumitomo Mitsui Trust Holdings, Inc.

5. Unrealized gains/ losses on investment securities

(1) Securities with fair value

[Consolidated]

	Millions of Yen
	Sep. 2011 (*2)										Mar. 2011
	Cost		Net			Unrealized gains		Unrealized losses			Cost		Net			Change of Cost			Change of Net
Available-for-sale securities		6,807,845		15,331			160,725		(145,393	)		7,356,023		68,190			(548,177	)		(52,859	)
Japanese stocks (*1)		893,182		(54,670	)		68,626		(123,296	)		873,920		83,256			19,261			(137,926	)
Japanese bonds		4,411,109		42,796			45,129		(2,333	)		4,050,679		7,837			360,429			34,958
Government bonds		3,600,395		39,273			39,466		(193	)		3,238,696		6,006			361,698			33,266
Local government bonds		14,036		169			179		(10	)		20,681		(8	)		(6,644	)		177
Corporate bonds		796,677		3,353			5,483		(2,130	)		791,301		1,839			5,375			1,514
Others		1,503,553		27,205			46,969		(19,763	)		2,431,422		(22,903	)		(927,868	)		50,108
Held-to-maturity debt securities		649,467		36,397			39,845		(3,448	)		724,894		50,180			(75,427	)		(13,783	)

(*1) Fair value of listed stocks included in “Available-for-sale securities” is basically determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

(*2) Figures as of September 2011 are those to which “Accounting Standard for Business Combinations” (ASBJ Statement No.21) was applied.

As to the effect of purchase accounting method, please refer to “4. Accounting for business combination related to the Management Integration” (Summary 6).

[Non-consolidated (CMTB + CMAB + STB)]

	Millions of Yen
	Sep. 2011										Mar. 2011
	Cost		Net			Unrealized gains		Unrealized losses			Cost		Net			Change of Cost			Change of Net
Available-for-sale securities		6,071,057		26,945			180,235		(153,290	)		7,291,868		49,863			(1,220,810	)		(22,917	)
Japanese stocks (*)		790,887		(24,356	)		96,180		(120,536	)		813,590		65,193			(22,703	)		(89,550	)
Japanese bonds		3,784,246		33,525			40,637		(7,111	)		4,070,679		7,828			(286,433	)		25,696
Government bonds		2,954,903		28,632			33,255		(4,623	)		3,238,696		6,006			(283,792	)		22,625
Local government bonds		14,033		173			183		(10	)		20,681		(8	)		(6,648	)		181
Corporate bonds		815,309		4,720			7,198		(2,477	)		811,301		1,830			4,007			2,890
Others		1,495,924		17,776			43,418		(25,641	)		2,407,598		(23,159	)		(911,673	)		40,935
Held-to-maturity debt securities		648,528		36,649			39,970		(3,321	)		724,237		50,149			(75,709	)		(13,500	)

(*) Fair value of listed stocks included in “Available-for-sale securities” is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

[Non-consolidated (CMTB)]

	Millions of Yen
	Sep. 2011										Mar. 2011
	Cost		Net			Unrealized gains		Unrealized losses			Cost		Net			Change of Cost			Change of Net
Available-for-sale securities		2,427,429		(34,554	)		50,817		(85,372	)		3,080,596		(19,552	)		(653,166	)		(15,002	)
Japanese stocks (*)		375,012		(25,482	)		35,729		(61,211	)		388,316		20,255			(13,303	)		(45,738	)
Japanese bonds		1,280,543		560			5,939		(5,378	)		1,554,411		(12,975	)		(273,867	)		13,535
Government bonds		1,016,150		(1,551	)		3,045		(4,596	)		1,283,546		(14,296	)		(267,396	)		12,745
Local government bonds		149		5			5		—			149		4			0			0
Corporate bonds		264,242		2,106			2,888		(782	)		270,714		1,316			(6,471	)		789
Others		771,873		(9,632	)		9,149		(18,781	)		1,137,869		(26,832	)		(365,995	)		17,199
Held-to-maturity debt securities		273,066		(522	)		1,183		(1,705	)		297,092		352			(24,025	)		(874	)

(*) Fair value of listed stocks included in “Available-for-sale securities” is determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

[Non-consolidated (STB)]

	Millions of Yen
	Sep. 2011									Mar. 2011
	Cost		Net		Unrealized gains		Unrealized losses			Cost		Net			Change of Cost			Change of Net
Available-for-sale securities		3,613,631		61,502		129,417		(67,915	)		4,122,290		69,427			(508,658	)		(7,925	)
Japanese stocks (*1)		415,874		1,125		60,451		(59,325	)		425,274		44,938			(9,399	)		(43,812	)
Japanese bonds		2,473,706		32,967		34,697		(1,730	)		2,427,287		20,816			46,419			12,150
Government bonds		1,908,757		30,185		30,209		(24	)		1,866,168		20,315			42,588			9,869
Local government bonds		13,883		167		178		(10	)		20,531		(12	)		(6,648	)		180
Corporate bonds		551,066		2,613		4,309		(1,695	)		540,587		513			10,479			2,100
Others		724,050		27,408		34,269		(6,860	)		1,269,729		3,673			(545,678	)		23,735
Held-to-maturity debt securities		375,461		37,171		38,787		(1,615	)		427,145		49,797			(51,683	)		(12,625	)

(*1) Fair value of listed stocks included in “Available-for-sale securities” is basically determined based on the average quoted market price over the month preceding the consolidated balance sheet date.

(*2) Book value of floating rate government bonds and some of the overseas asset-backed securities have been changed from the market prices to the rationally calculated prices.

As a result, “Government bonds” has increased by 6.4 billion yen, while “Others” has almost unchanged, as of the end of September 2011.

(*3) Fair value of some of the overseas asset-backed securities categorized in “Held-to-maturity debt securities” have been changed from the market prices to the rationally calculated prices. As a result, “Fair value” of the “Foreign bonds” have decreased by 1.0 billion yen, as of the end of September 2011.

5

Sumitomo Mitsui Trust Holdings, Inc.

< Reference 1 >

Breakdown of Available-for-sale securities (Others)

[Non-consolidated (CMTB + CMAB + STB)]

	Millions of Yen
	Sep. 2011					Mar. 2011
	Cost		Net			Cost		Net			Change of Cost			Change of Net
Domestic investment (*1)		443,609		(4,914	)		387,683		(4,194	)		55,926			(719	)
Asset-backed securities		232,618		(2,910	)		267,285		(3,245	)		(34,667	)		335
Others		210,991		(2,003	)		120,397		(949	)		90,593			(1,054	)
International investment (*1)		824,218		30,754			1,851,116		(12,149	)		(1,026,898	)		42,903
Foreign government bonds		281,851		14,437			1,134,166		(22,534	)		(852,315	)		36,971
o/w US Treasury		186,418		11,269			928,080		(17,735	)		(741,661	)		29,004
o/w European government bonds		19,701		383			163,049		(5,306	)		(143,347	)		5,690
US agency MBS (*2)		236,721		6,888			344,149		(2,988	)		(107,427	)		9,876
Corporate bonds		301,583		1,958			368,110		3,580			(66,527	)		(1,621	)
Asset-backed securities		3,949		7,389			4,567		9,658			(617	)		(2,269	)
Others		113		80			122		134			(9	)		(53	)
Others (Investment trust, etc.) (*3)		228,095		(8,063	)		168,797		(6,815	)		59,297			(1,248	)
Total		1,495,924		17,776			2,407,598		(23,159	)		(911,673	)		40,935

(*1) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

(*2) Constituted by GNMA only.

(*3) Uncategorizable into “Domestic investment” or “International investment”

[CMTB Non-consolidated]

	Millions of Yen
	Sep. 2011					Mar. 2011
	Cost		Net			Cost		Net			Change of Cost			Change of Net
Domestic investment (*1)		185,382		(2,727	)		111,672		(1,041	)		73,709			(1,685	)
Asset-backed securities		16,881		(37	)		23,286		(50	)		(6,405	)		12
Others		168,500		(2,689	)		88,386		(991	)		80,114			(1,698	)
International investment (*1)		476,326		4,107			946,956		(20,798	)		(470,630	)		24,905
Foreign government bonds		32,459		(234	)		352,575		(16,549	)		(320,116	)		16,314
o/w US Treasury		32,459		(234	)		245,527		(11,255	)		(213,068	)		11,021
o/w European government bonds		—		—			107,048		(5,293	)		(107,048	)		5,293
US agency MBS (*2)		236,721		6,888			344,149		(2,988	)		(107,427	)		9,876
Corporate bonds		207,145		(2,547	)		250,231		(1,261	)		(43,086	)		(1,285	)
Asset-backed securities		—		—			—		—			—			—
Others		—		—			—		—			—			—
Others (Investment trust, etc.) (*3)		110,165		(11,012	)		79,239		(4,992	)		30,926			(6,020	)
Total		771,873		(9,632	)		1,137,869		(26,832	)		(365,995	)		17,199

(*1) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

(*2) Constituted by GNMA only.

(*3) Uncategorizable into “Domestic investment” or “International investment”

[STB Non-consolidated]

	Millions of Yen
	Sep. 2011					Mar. 2011
	Cost		Net			Cost		Net			Change of Cost			Change of Net
Domestic investment (*1)		258,227		(2,186	)		276,010		(3,152	)		(17,783	)		966
Asset-backed securities		215,737		(2,872	)		243,999		(3,195	)		(28,262	)		322
Others		42,490		685			32,011		42			10,479			643
International investment (*1)		347,892		26,647			904,160		8,649			(556,267	)		17,997
Foreign government bonds		249,391		14,671			781,590		(5,985	)		(532,198	)		20,657
o/w US Treasury		153,959		11,503			682,552		(6,479	)		(528,593	)		17,983
o/w European government bonds		19,701		383			56,001		(13	)		(36,299	)		396
Corporate bonds		94,438		4,505			117,879		4,841			(23,441	)		(335	)
Asset-backed securities		3,949		7,389			4,567		9,658			(617	)		(2,269	)
Others		113		80			122		134			(9	)		(53	)
Others (Investment trust, etc.) (*2)		117,929		2,948			89,557		(1,823	)		28,371			4,771
Total		724,050		27,408			1,269,729		3,673			(545,678	)		23,735

(*1) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

(*2) Uncategorizable into “Domestic investment” or “International investment”

6

Sumitomo Mitsui Trust Holdings, Inc.

< Reference 2 >

Breakdown of Held-to-maturity debt securities

[Non-consolidated (CMTB + CMAB + STB)]

	Millions of Yen
	Sep. 2011				Mar. 2011
	Cost		Net		Cost		Net		Change of Cost			Change of Net
Held-to-maturity debt securities		648,528		36,649		724,237		50,149		(75,709	)		(13,500	)
Japanese Government Bonds		174,439		8,058		184,444		7,907		(10,004	)		150
Japanese Local Government Bonds		—		—		—		—		—			—
Japanese Corporate Bonds		21,926		220		22,405		270		(479	)		(50	)
Others		452,161		28,370		517,386		41,970		(65,225	)		(13,600	)
Domestic investment (*)		88,140		2,589		84,055		1,715		4,084			874
International investment (*)		364,021		25,780		433,330		40,255		(69,309	)		(14,474	)

(*) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

[CMTB Non-consolidated]

	Millions of Yen
	Sep. 2011					Mar. 2011
	Cost		Net			Cost		Net			Change of Cost			Change of Net
Held-to-maturity debt securities		273,066		(522	)		297,092		352			(24,025	)		(874	)
Japanese Government Bonds		—		—			—		—			—			—
Japanese Local Government Bonds		—		—			—		—			—			—
Japanese Corporate Bonds		21,926		220			22,405		270			(479	)		(50	)
Others		251,140		(742	)		274,686		81			(23,545	)		(824	)
Domestic investment (*)		49,440		865			51,655		537			(2,215	)		327
International investment (*)		201,700		(1,608	)		223,030		(456	)		(21,330	)		(1,152	)
Foreign bonds		201,700		(1,608	)		223,030		(456	)		(21,330	)		(1,152	)

(*) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

[STB Non-consolidated]

	Millions of Yen
	Sep. 2011				Mar. 2011				Change of Cost			Change of Net
	Cost		Net		Cost		Net
Held-to-maturity debt securities		375,461		37,171		427,145		49,797		(51,683	)		(12,625	)
Japanese Government Bonds		174,439		8,058		184,444		7,907		(10,004	)		150
Japanese Local Government Bonds		—		—		—		—		—			—
Japanese Corporate Bonds		—		—		—		—		—			—
Others		201,021		29,113		242,700		41,889		(41,679	)		(12,776	)
Domestic investment (*1)		38,700		1,724		32,400		1,177		6,300			546
International investment (*1)		162,321		27,389		210,300		40,711		(47,979	)		(13,322	)
Asset-backed securities (*2)		162,321		27,389		210,300		40,711		(47,979	)		(13,322	)

(*1) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

(*2) As a result of using rationally calculated prices instead of market prices, “Fair value” of asset-backed securities decreased by 1.0 billion yen.

Unamortized amount of unrealized gains/ losses (before considering tax effect) resulting from reclassification is -47.6 billion yen as ofthe end of September 2011.

(2) Securities with no available fair value

[Non-consolidated (CMTB + CMAB + STB)]

	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Cost						Cost
	Total		o/w CMTB		o/w STB		Total		Total			o/w CMTB			o/w STB
Available-for-sale securities		319,856		221,767		97,873		329,669		(9,813	)		4,127			(13,940	)
Japanese stocks		122,629		83,967		38,445		125,849		(3,219	)		(319	)		(2,899	)
Japanese bonds		—		—		—		15,007		(15,007	)		—			(15,007	)
Others		197,226		137,799		59,427		188,813		8,413			4,446			3,966
Domestic investment (*1)		172,863		131,231		41,632		162,566		10,297			5,226			5,071
International investment (*1)		24,363		6,567		17,795		26,247		(1,884	)		(779	)		(1,104	)

(*1) “Domestic investment” and “International investment” are categorized by the countries where final exposure is exist.

(3) Domestic LBO finance

[Non-consolidated (CMTB + STB)]

	Billions of Yen
	Sep. 2011						Mar. 2011		Change
	Cost						Cost
	Total		CMTB		STB		Total
Domestic LBO finance		103.3		19.2		84.0		93.8		9.4

(4) Off-balance risk from Special Purpose Entities(SPEs)

a) SPE related transactions collateralized by overseas assets

There are no transactions that STB sponsors or complements SPEs’ liquidity and/ or credit.

b) SPE related transactions collateralized by domestic assets

STB complements liquidity and credit for the purpose of facilitating domestic Asset-backed Commercial Paper(ABCP) programs of SPEs which were established in order to meet customers’ needs such as raising funds and securitizing assets.

As of the end of September 2011, the balance of outstanding ABCP and collateral are 143.4 billion yen and 342.9 billion yen, respectively, and major collateralized assets are account receivables.

7

Sumitomo Mitsui Trust Holdings, Inc.

6. Maturity ladder of securities

<Held-to-maturity debt securities with fair value and Available-for-sale securities with fair value>

[Consolidated]

	Millions of Yen
	Sep. 2011										Mar. 2011
	Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10 years		Total		Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10 years		Total
Japanese bonds		1,700,632		1,467,569		1,267,946		214,798		4,650,947		724,834		1,633,209		1,567,862		339,953		4,265,859
Government bonds		1,601,520		897,773		1,153,113		162,161		3,814,569		688,857		995,319		1,453,540		291,921		3,429,639
Local government bonds		—		8,604		5,602		—		14,206		—		10,792		9,881		—		20,673
Corporate bonds		99,112		561,191		109,230		52,637		822,171		35,976		627,097		104,440		48,032		815,546
Others		98,515		751,705		378,192		588,691		1,817,104		171,468		1,046,417		754,050		842,496		2,814,432

(*) Including NCDs in “Cash and Due from Banks”, trust beneficiary certificates backed by loans in “Monetary Claims Bought” and so on, as well as securities.

[Non-consolidated (CMTB + STB)]

	Millions of Yen
	Sep. 2011										Mar. 2011
	Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10 years		Total		Less than 1 year		1 year to 5 years		5 years to 10 years		Over 10 years		Total
Japanese bonds		1,024,530		1,477,134		1,267,895		192,657		3,962,217		655,825		1,632,799		1,567,811		317,547		4,173,984
Government bonds		915,418		897,338		1,153,062		162,161		3,127,981		599,857		994,910		1,453,489		291,921		3,340,178
Local government bonds		—		8,604		5,602		—		14,206		—		10,792		9,881		—		20,673
Corporate bonds		109,111		571,191		109,230		30,496		820,029		55,967		627,097		104,440		25,626		813,131
Others		79,096		559,137		373,965		544,688		1,556,888		146,225		832,203		753,493		792,800		2,524,723

(*) Including NCDs in “Cash and Due from Banks”, trust beneficiary certificates backed by loans in “Monetary Claims Bought” and so on, as well as securities.

7. Shareholdings

1) Balance of listed stocks

[Consolidated]

	Billions of Yen
	Sep. 2011
Cost basis (A)		892.4
Mark-to-market basis		837.6
Tier I (B)		2,082.8
Percentage (A) / (B)		42.8	%

2) Selling amount of cross shareholdings (Cost basis)

[Non-consolidated (CMTB + STB)]

	Billions of Yen
	1HFY2011						FY2010
	Total		CMTB		STB		Full		1H
Cost basis		5.9		3.4		2.5		30.9		10.4

(*1) Figures for CMTH Equity Investments is included.

(*2) Including cross shareholdings with no available fair value.

8. Deferred unrealized gains/ losses on hedge accounting applied derivative transactions

[Consolidated]

	Millions of Yen
	Sep. 2011			Mar. 2011		Change
Interest rate related		(18,305	)		8,103		(26,408	)
Interest rate swaps		(18,305	)		8,103		(26,408	)
Currency related		904			1,866		(962	)
Total		(17,401	)		9,969		(27,371	)

[Non-consolidated (CMTB + STB)]

	Millions of Yen
	Sep. 2011									Mar. 2011			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Interest rate related		(14,418	)		5,587			(20,006	)		9,357			(23,776	)		1,943			(25,719	)
Interest rate swaps		(14,418	)		5,587			(20,006	)		9,357			(23,776	)		1,943			(25,719	)
Currency related		337			(182	)		519			(265	)		603			(142	)		745
Total		(14,081	)		5,405			(19,486	)		9,091			(23,172	)		1,800			(24,973	)

8

Sumitomo Mitsui Trust Holdings, Inc.

9. BIS capital adequacy ratio (Basel II)

[Consolidated] (No.1 standard: International standard for bank holding company)

	Billions of Yen
	Sep. 2011 (Preliminary)
Total qualifying capital		2,954.0
Tier I		2,082.8
Shareholders’ equity		1,781.2
Preferred shares		109.0
Less: Unrealized loss on available-for-sale securities		(35.2	)
Minority interest		512.0
Noncumulative preferred securities issued by overseas special purpose companies		463.5
Less: Goodwill equivalents		(115.4	)
Less: Equivalent to 50% of the excess of expected loss over qualifying reserves		(20.0	)
Tier II		982.1
45% of unrealized gain on available-for-sale securities		—
Perpetual subordinated debt		970.4
Less: Deduction (double gearing, etc.)		(111.0	)
Total risk-weighted assets		17,874.5
Amount of credit risk-weighted assets		16,564.0
Amount of market risk equivalents		121.7
Amount of operational risk equivalents		1,188.7
BIS capital adequacy ratio		16.52	%
(Tier I capital ratio)		11.65	%

(*) Risk measurement methodologies are as follows.

Credit risk:	Foundation Internal Ratings-Based Approach
Market risk:	Internal Models Approach
Operational risk:	Standardized Approach

10. Return on equity (ROE)

[Consolidated]

	Percentage points
	1HFY2011		1HFY2010		Change
Return (Net income) on shareholders’ equity		15.14		9.81		5.33
Return (Net income) on equity		15.36		9.77		5.59

[Non-consolidated (CMTB + CMAB + STB)]

	Percentage points
	1HFY2011								1HFY2010		Change
	Total		CMTB		CMAB		STB		Total		Total			CMTB			CMAB			STB
Return (Net income) on shareholders’ equity		5.99		4.47		14.42		6.78		9.29		(3.30	)		(4.47	)		(1.89	)		(2.48	)
Return (Net income) on equity		6.07		4.64		14.42		6.76		9.26		(3.19	)		(4.30	)		(1.89	)		(2.44	)

(*1) Return on shareholders’ equity (equity) formula

= { Net income (Net business profit before credit costs) - Total amount of dividend for preferred shares }

÷[ { (Beginning balance of shareholders’ equity (equity) - Beginning balance of deduction (*))

+ (Ending balance of shareholders’ equity (equity) - Ending balance of deduction (*)) }  ÷2 ] X 100 X	365
	183

(*) Balance of preferred shares issued + Dividend amount for preferred shares

(*2) Shareholders’ equity = Total net assets - Share purchase warrants - Minority interests - Valuation and translation adjustments

(*3) Equity = Total net assets - Share purchase warrants - Minority interests

9

Sumitomo Mitsui Trust Holdings, Inc.

11. Loans and Deposits (Banking a/c and Principal guaranteed trust a/c combined)

(1) Balance of loans and deposits

[Non-consolidated (CMTB) + (STB)]

		Millions of Yen
		Sep. 2011 (1HFY2011)  (A)								Mar. 2011 (Full FY2010)  (B)		Change (A) - (B)
						STB												STB
		Total		CMTB				Domestic branches		Total		Total			CMTB						Domestic branches
Loans and bills discounted	(Ending balance)		21,246,558		9,062,027		12,184,530		11,239,149		21,417,258		(170,700	)		(22,266	)		(148,433	)		(86,129	)
	(Average balance)		20,198,091		8,139,932		12,058,159		11,089,060		19,826,802		371,289			4,329			366,959			260,328
Banking account	(Ending balance)		20,875,210		8,845,801		12,029,408		11,084,027		21,015,271		(140,061	)		(15,776	)		(124,284	)		(61,979	)
	(Average balance)		19,853,079		7,921,486		11,931,592		10,962,493		19,399,881		453,197			19,935			433,262			326,631
Principal guaranteed trust account	(Ending balance)		371,348		216,226		155,122		155,122		401,987		(30,639	)		(6,489	)		(24,149	)		(24,149	)
	(Average balance)		345,012		218,445		126,566		126,566		426,921		(81,908	)		(15,606	)		(66,302	)		(66,302	)
Deposits, Trust principal	(Ending balance)		23,651,933		10,341,000		13,310,932		12,498,030		23,327,824		324,108			(105,082	)		429,190			138,522
	(Average balance)		23,283,270		10,240,131		13,043,139		12,343,184		22,463,917		819,353			119,574			699,779			583,577
Deposits (*1)	(Ending balance)		22,182,062		9,372,655		12,809,407		11,996,505		21,639,585		542,476			36,486			505,990			215,321
	(Average balance)		21,706,469		9,202,794		12,503,675		11,803,720		20,620,801		1,085,668			315,787			769,881			653,679
Time deposits	(Ending balance)		17,844,543		7,865,931		9,978,611		9,169,985		17,275,415		569,128			162,786			406,341			114,385
	(Average balance)		17,673,911		7,717,990		9,955,921		9,260,373		17,001,065		672,846			166,004			506,841			391,201
Liquid deposits	(Ending balance)		3,857,076		1,459,217		2,397,859		2,393,596		3,916,673		(59,597	)		(70,933	)		11,335			12,224
	(Average balance)		3,597,233		1,431,587		2,165,646		2,161,424		3,256,759		340,474			150,430			190,043			189,564
Trust principal	(Ending balance)		1,469,870		968,345		501,524		501,524		1,688,238		(218,368	)		(141,568	)		(76,799	)		(76,799	)
	(Average balance)		1,576,800		1,037,336		539,464		539,464		1,843,115		(266,315	)		(196,212	)		(70,102	)		(70,102	)

(*1) Excluding NCDs.

(2) Ending balance of domestic deposits classified by depositors (Domestic branches)

[Non-consolidated (CMTB) + (STB)]

	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Individuals		17,332,740		8,203,982		9,128,757		17,140,793		191,946			98,626			93,319
Deposits (*1)		16,179,812		7,441,861		8,737,951		15,874,678		305,133			181,498			123,635
Trust principal (Principal guaranteed)		1,152,927		762,121		390,806		1,266,114		(113,187	)		(82,871	)		(30,315	)
Corporations and other organizations (*2)		5,325,422		2,134,136		3,191,286		5,544,035		(218,612	)		(199,685	)		(18,926	)
Deposits (*1)		5,008,479		1,927,912		3,080,567		5,121,911		(113,431	)		(140,988	)		27,557
Trust principal (Principal guaranteed)		316,942		206,223		110,718		422,123		(105,181	)		(58,697	)		(46,483	)
Total		22,658,162		10,338,119		12,320,043		22,684,828		(26,665	)		(101,059	)		74,393

(*1) Excluding NCDs and offshore accounts.

(*2) Public organizations and financial institutions

10

Sumitomo Mitsui Trust Holdings, Inc.

12. Loans (Banking a/c and Principal guaranteed trust a/c combined)

(1) Loans to small and mid-sized enterprises

[Non-consolidated (CMTB) + (STB)]

	Millions of Yen, Percentage points
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Loan balance		11,841,715		6,425,015		5,416,700		11,802,272		39,443			53,401			(13,958	)
Ratio to total loan balance		58.3		70.9		48.1		57.8		0.5			0.8			0.2
(2) Loans to individuals (Banking a/c and Principal guaranteed trust a/c combined) [Non-consolidated (CMTB) + (STB)]
	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Residential mortgage loans		5,559,644		3,430,371		2,129,273		5,381,443		178,201			95,181			83,020
Loans to individual for business use		369,954		188,290		181,664		391,941		(21,986	)		(15,112	)		(6,873	)
Other loans to individuals		155,748		45,113		110,635		172,774		(17,026	)		(1,849	)		(15,176	)
Total		6,085,348		3,663,775		2,421,572		5,946,159		139,189			78,219			60,970
(3) Overseas loans by borrowers’ location (Banking a/c and Principal guaranteed trust a/c combined) 1) Loans to Japanese corporations operating overseas [Non-consolidated (CMTB) + (STB)]
	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Total		1,382,585		122,894		1,259,690		1,411,436		(28,851	)		1,574			(30,426	)
North America		315,862		38,622		277,239		344,674		(28,811	)		14,300			(43,111	)
Europe		197,255		13,520		183,735		179,915		17,340			(5,660	)		23,000
Latin America		376,532		62,122		314,409		368,019		8,513			(1,259	)		9,772
Asia and Oceania		454,760		7,921		446,838		484,830		(30,070	)		(5,978	)		(24,091	)
(*)    Based on borrowers’ location. 2) Loans to overseas non-Japanese borrowers [Non-consolidated (CMTB) + (STB)]
	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Total		321,641		52,501		269,140		293,289		28,351			(13,863	)		42,214
North America		60,805		15,541		45,264		80,844		(20,039	)		(3,894	)		(16,144	)
Europe		132,160		21,109		111,050		95,764		36,395			(8,501	)		44,897
Latin America		4,566		3,329		1,237		1,777		2,788			2,976			(187	)
Asia and Oceania		95,031		12,521		82,509		81,624		13,406			(4,443	)		17,849

(*1) Based on the location of final exposure.

(*2) STB’s definition has been standardized to that which includes domestic yen-denominated loans to non-Japanese borrowers since previous fiscal year.

(4) Loans by industry

[Non-consolidated (CMTB) + (STB)]

	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Domestic Branches (excluding offshore)		20,297,779		9,058,629		11,239,149		20,405,414		(107,635	)		(21,505	)		(86,129	)
Manufacturing		2,767,714		917,354		1,850,359		2,754,487		13,226			18,152			(4,926	)
Agriculture, forestry, fisheries, mining, quarrying of stone and gravel gathering		29,119		4,999		24,119		22,562		6,556			3,937			2,618
Construction		161,702		68,762		92,940		164,212		(2,509	)		(1,958	)		(550	)
Electricity, gas, heat supply and water		636,777		259,246		377,531		631,949		4,827			(8,833	)		13,661
Information and communications		270,092		34,137		235,954		225,320		44,771			5,224			39,546
Transport and postal activities		1,280,715		546,640		734,075		1,275,211		5,504			(12,709	)		18,213
Wholesale and retail trade		1,285,676		408,159		877,517		1,337,675		(51,998	)		(20,384	)		(31,613	)
Finance and insurance		3,395,004		1,679,832		1,715,171		3,544,403		(149,398	)		(7,036	)		(142,362	)
Real estate		2,882,704		1,189,907		1,692,797		2,961,056		(78,351	)		(49,477	)		(28,874	)
Goods rental and leasing		730,620		125,204		605,416		785,008		(54,387	)		(14,066	)		(40,321	)
Others		6,857,649		3,824,383		3,033,266		6,703,525		154,124			65,647			88,477
Offshore		948,779		3,397		945,381		1,011,844		(63,065	)		(760	)		(62,304	)
Total		21,246,558		9,062,027		12,184,530		21,417,258		(170,700	)		(22,266	)		(148,433	)

(*) Above table is made based on the categorization of “Survey on loans by industry” of Bank of Japan.

11

Sumitomo Mitsui Trust Holdings, Inc.

13. Problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)

(1) Problem assets based on the Financial Reconstruction Act (After partial direct written-off)

[Consolidated]

	Millions of Yen
	Sep. 2011			Mar. 2011			Change
Problem assets based on the Financial Reconstruction Act (a)		300,324			304,375			(4,051	)
Bankrupt and practically bankrupt		42,248			57,982			(15,734	)
Doubtful		170,055			119,621			50,433
Substandard		88,021			126,771			(38,750	)
Ordinary assets		22,294,889			22,496,326			(201,436	)
Total balance (b)		22,595,214			22,800,701			(205,487	)
(Ratio to total balance (a) / (b))		1.3	%		1.3	%		0.0	%

(*) Partial direct written-off: Sep. 2011: 78,350 million yen, Mar. 2011: 85,491 million yen

[Non-consolidated (CMTB) + (STB)]

	Millions of Yen
	Sep. 2011									Mar. 2011			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Problem assets based on the Financial Reconstruction Act (a)		240,793			97,178			143,614			245,254			(4,461	)		7,579			(12,040	)
Bankrupt and practically bankrupt		33,742			10,787			22,955			41,252			(7,510	)		(6,554	)		(956	)
Doubtful		133,928			65,291			68,637			93,662			40,266			21,262			19,004
Substandard (b)		73,122			21,100			52,021			110,339			(37,217	)		(7,128	)		(30,088	)
Ordinary assets		21,685,117			9,161,050			12,524,067			21,827,944			(142,826	)		(31,696	)		(111,129	)
Assets to substandard debtors (excluding Substandard) (c)		36,040			706			35,333			28,180			7,859			126			7,733
Assets to other special mention debtors		690,527			287,907			402,619			711,233			(20,706	)		(47,070	)		26,363
Assets to ordinary debtors		20,958,550			8,872,435			12,086,114			21,088,529			(129,979	)		15,247			(145,227	)
Total balance (d)		21,925,910			9,258,228			12,667,682			22,073,198			(147,288	)		(24,117	)		(123,170	)
(Ratio to total balance (a) / (d))		1.1	%		1.0	%		1.1	%		1.1	%		0.0	%		0.0	%		(0.1	%)
Assets to substandard debtors (b) + (c)		109,162			21,807			87,355			138,520			(29,357	)		(7,002	)		(22,355	)

Note: CMTB’s partial direct written-off: Sep. 2011: 14,520 million yen, Mar. 2011: 19,319 million yen

STB’s partial direct written-off: Sep. 2011: 35,901 billion yen, Mar. 2011: 38,014 million yen

2) Coverage ratio and allowance ratio of Problem assets based on the Financial Reconstruction Act

[Non-consolidated (CMTB) + (STB)]

	Millions of Yen
	Sep. 2011									Mar. 2011			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Problem assets based on the Financial Reconstruction Act		240,793			97,178			143,614			245,254			(4,461	)		7,579			(12,040	)
Coverage ratio		87.9	%		88.4	%		87.5	%		77.9	%		10.0	%		13.9	%		7.7	%
Allowance ratio		60.3	%		46.1	%		65.9	%		46.3	%		14.0	%		7.9	%		14.9	%
Bankrupt and practically bankrupt		33,742			10,787			22,955			41,252			(7,510	)		(6,554	)		(956	)
Coverage ratio		100.0	%		100.0	%		100.0	%		100.0	%		—	%		—	%		—	%
Allowance ratio		100.0	%		100.0	%		100.0	%		100.0	%		—	%		—	%		—	%
Doubtful		133,928			65,291			68,637			93,662			40,266			21,262			19,004
Coverage ratio		91.7	%		91.5	%		91.8	%		87.9	%		3.8	%		5.5	%		2.2	%
Allowance ratio		67.7	%		42.2	%		77.5	%		63.8	%		3.9	%		2.7	%		2.0	%
Substandard		73,122			21,100			52,021			110,339			(37,217	)		(7,128	)		(30,088	)
Coverage ratio		75.4	%		73.0	%		76.3	%		61.2	%		14.2	%		31.9	%		8.2	%
Allowance ratio		26.4	%		27.5	%		25.9	%		17.3	%		9.1	%		14.3	%		6.2	%

(*1) Coverage ratio and allowance ratio are calculated by the formula shown below.

Sep. 2011 (CMTB, STB): Coverage ratio = (Collateral value after considering haircuts + allowance for loan losses) / loan balance Allowance ratio = Allowance for loan losses / (Loan balance - collateral value after considering haircuts)

Mar. 2011 (CMTB): Coverage ratio = (Collateral value after considering haircuts + allowance for loan losses) / loan balance Allowance ratio = Allowance for loan losses / (Loan balance - collateral value after considering haircuts)

Mar. 2011 (STB): Coverage ratio = (Collateral value before considering haircuts + allowance for loan losses) / loan balance Allowance ratio = Allowance for loan losses / (Loan balance - collateral value before considering haircuts)

(*2) Other than above mentioned, there are Reserves for loan trust and Reserves for JOMT (Jointly-operated money trust).

CMTB: Reserves for loan trust 1.1 billion yen, Reserves for JOMT 0.1 billion yen.

STB: Reserves for loan trust 0.0 billion yen, Reserves for JOMT 0.1 billion yen.

12

Sumitomo Mitsui Trust Holdings, Inc.

(3) Problem assets based on the Financial Reconstruction Act by industry

[Non-consolidated (CMTB) + (STB)]

	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Domestic Branches (excluding offshore)		238,468		97,178		141,289		242,383		(3,915	)		7,805			(11,720	)
Manufacturing		19,943		884		19,059		23,895		(3,952	)		(2,379	)		(1,572	)
Agriculture, forestry, fisheries, mining, quarrying of stone and gravel gathering		—		—		—		64		(64	)		—			(64	)
Construction		1,683		975		708		1,830		(147	)		(219	)		71
Electricity, gas, heat supply and water		192		192		—		1,362		(1,170	)		—			(1,170	)
Information and communications		3,246		338		2,907		13,652		(10,405	)		(63	)		(10,341	)
Transport and postal activities		2,180		929		1,250		1,753		426			143			282
Wholesale and retail trade		3,710		2,284		1,425		6,201		(2,490	)		(2,299	)		(190	)
Finance and insurance		78,744		35,741		43,002		72,584		6,159			21,995			(15,835	)
Real estate		53,267		17,430		35,836		62,780		(9,513	)		(7,365	)		(2,147	)
Goods rental and leasing		56		56		—		69		(13	)		(13	)		—
Others		75,444		38,345		37,099		58,188		17,256			(1,991	)		19,247
Offshore		2,324		—		2,324		2,870		(545	)		(226	)		(319	)
Total		240,793		97,178		143,614		245,254		(4,461	)		7,579			(12,040	)

(*) Above table is made based on the categorization of “Survey on loans by industry” of Bank of Japan.

14. Self-Assessment and Problem assets based on the Financial Reconstruction Act (Banking a/c and Principal guaranteed trust a/c combined)

[Non-consolidated (CMTB) + (STB)]

13

Sumitomo Mitsui Trust Holdings, Inc.

15. Allowance for loan losses

(1) Allowance for loan losses

(Banking account)

[Consolidated]

	Millions of Yen
	Sep. 2011		Mar. 2011		Change
Allowance for loan losses		150,660		160,464		(9,804	)
General allowance for loan losses (*)		84,611		103,586		(18,975	)
Specific allowance for loan losses		66,048		56,877		9,171
Partial direct written-off		79,074		86,132		(7,058	)

(*) Provision of general allowance for loan losses, which was reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake, is included in General allowance for loan losses:

Sep. 2011: 17,351 million yen, Mar. 2011: 19,349 million yen

[Non-consolidated (CMTB) + (STB)]

	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Allowance for loan losses		121,255		39,969		81,286		127,867		(6,611	)		(2,338	)		(4,273	)
General allowance for loan losses (*)		66,651		25,077		41,573		82,299		(15,648	)		(3,221	)		(12,426	)
Specific allowance for loan losses		54,604		14,891		39,712		45,567		9,036			883			8,153
Partial direct written-off		50,567		14,520		36,047		57,463		(6,895	)		(4,798	)		(2,096	)

(*) Provision of general allowance for loan losses, which was reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake, is included in General allowance for loan losses:

Sep. 2011: CMTB 6,472 million yen, STB 5,666 million yen

Mar. 2011: CMTB 6,773 million yen, STB 6,091 million yen

(Trust account)

[Non-consolidated (CMTB) + (STB)]

	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Reserves for loan trust		1,203		1,106		97		1,588		(385	)		(271	)		(114	)
Reserves for JOMT (Jointly-operated money trust)		270		109		160		311		(40	)		76			(116	)
Total		1,473		1,216		257		1,899		(426	)		(194	)		(231	)

(*) Principal guaranteed trust a/c

(2) Reserve ratio for loans to special mention/ ordinary debtors (general allowance for loan losses)

(Banking account)

[Non-consolidated (CMTB) + (STB)]

	Percentage points
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Assets to Special mention debtors		3.3		2.1		4.1		3.4		(0.1	)		0.2			(0.4	)
Substandard		8.9		10.0		8.7		8.9		0.0			(2.2	)		0.4
(Against uncovered portion)		25.5		27.8		24.9		21.7		3.8			5.3			3.5
Other special mention		2.4		1.5		3.1		2.3		0.1			0.3			(0.3	)
(Against uncovered portion)		5.6		5.2		5.8		5.3		0.3			2.1			(1.2	)
Assets to Ordinary debtors		0.1		0.1		0.1		0.1		0.0			0.0			(0.1	)

(*) Other than specified, above list indicate the ratio of general allowance for loan losses to total loan balance. General allowance for loan losses, which was reasonably and comprehensively estimated the effects caused by The Great East Japan Earthquake, is excluded.

Sep. 2011 (CMTB, STB): Allowance ratio = Allowance for loan losses / (Loan balance - collateral value after considering haircuts)

Mar. 2011 and Sep. 2010 (CMTB): Allowance ratio = Allowance for loan losses / (Loan balance - collateral value after considering haircuts)

Mar. 2011 and Sep. 2010 (STB): Allowance ratio = Allowance for loan losses / (Loan balance - collateral value before considering haircuts)

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Sumitomo Mitsui Trust Holdings, Inc.

16. Retirement benefits

[Consolidated]

	Millions of Yen
	Sep. 2011			Mar. 2011			Change
Projected benefit obligation		390,160			383,142			7,017
	Millions of Yen
	1HFY2011			1HFY2010			Change
Retirement benefit expenses		(1,504	)		(10,158	)		8,654

[Non-consolidated (CMTB) + (CMAB) + (STB)]

	Millions of Yen
	Sep. 2011												Mar. 2011			Change
	Total			CMTB			CMAB			STB			Total			Total			CMTB			CMAB			STB
Projected benefit obligation (A)		369,796			160,366			29,416			180,014			358,872			10,924			8,250			2,715			(41	)
(Discount rate)		—			1.9	%		1.9	%		2.0	%		—			—			—	%		—	%		—	%
Plan assets (B)		441,099			174,430			26,271			240,397			426,574			14,525			8,091			1,761			4,672
Provision for retirement benefits (C)		210			—			—			210			223			(13	)		—			—			(13	)
Advanced benefit paid (D)		222,521			84,724			10,575			127,220			222,861			(340	)		728			(666	)		(402	)
Unrecognized net prior service cost (E)		366			—			—			366			414			(47	)		—			—			(47	)
Unrecognized net actuarial loss (F)		150,640			70,660			13,720			66,260			154,521			(3,880	)		888			288			(5,056	)
Note: (A) = (B) + (C) - (D) + (E) + (F)
	Millions of Yen
	1HFY2011												1HFY2011			Change
	Total			CMTB			CMAB			STB			Total			Total			CMTB			CMAB			STB
Retirement benefit expenses		(7,029	)		(3,450	)		(1,300	)		(2,278	)		(8,938	)		1,908			1,011			(34	)		932
Service cost-benefits earned		(4,478	)		(1,909	)		(428	)		(2,141	)		(3,952	)		(526	)		(426	)		(90	)		(8	)
Interest cost on projected benefit obligation		(3,332	)		(1,524	)		(278	)		(1,529	)		(3,811	)		478			(101	)		(29	)		609
Expected return on plan assets		13,274			5,388			705			7,180			12,328			946			1,239			100			(393	)
Disposal of prior service cost		(47	)		—			—			(47	)		(45	)		(2	)		—			—			(2	)
Disposal of actuarial loss		(11,712	)		(5,356	)		(1,299	)		(5,056	)		(12,996	)		1,283			194			(39	)		1,129
Others (additional benefit at retirement, etc)		(732	)		(49	)		—			(683	)		(461	)		(271	)		106			23			(401	)

15

Sumitomo Mitsui Trust Holdings, Inc.

17. Deferred tax assets

1) Major factors for deferred tax assets and deferred tax liabilities

[Consolidated]

	Billions of Yen
	Sep. 2011			Mar. 2011		Change
Net deferred tax assets		275.3			239.2		36.0
Percentage to Tier I		13.2	%
Tier I		2,082.8

[Non-consolidated (CMTB) + (STB)]

	Billions of Yen
	Sep. 2011									Mar. 2011			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Deferred tax assets (A)		219.3			138.6			80.7			217.3			2.0			4.1			(2.1	)
Devaluation of securities		76.1			12.5			63.6			83.3			(7.1	)		(2.1	)		(4.9	)
Allowance for loan losses (including written-off of loans)		47.9			16.2			31.7			56.0			(8.0	)		(3.9	)		(4.1	)
Provision for retirement benefits		17.3			2.2			15.0			17.1			0.1			(0.5	)		0.7
Loss carry forwards		77.5			77.5			—			75.0			2.5			2.5			—
Valuation difference on available-for-sale securities		16.3			16.3			—			11.3			4.9			4.9			—
Defined hedge gains/ losses		3.8			—			3.8			—			3.8			—			3.8
Provision for investment loss		0.4			—			0.4			0.4			—			—			—
Others		66.2			46.7			19.5			63.3			2.9			0.3			2.5
Valuation allowance		(26.7	)		(18.8	)		(7.9	)		(28.7	)		1.9			3.4			(1.5	)
Offset with deferred tax liabilities		(59.8	)		(14.2	)		(45.5	)		(60.6	)		0.8			(0.5	)		1.3
Deferred tax liabilities (B)		—			—			—			—			—			—			—
Employee retirement benefit trust		45.3			8.7			36.5			41.4			3.9			—			3.9
Defined hedge gains/ losses		2.1			2.1			—			8.6			(6.4	)		0.7			(7.1	)
Valuation difference on available-for-sale securities		5.5			—			5.5			3.3			2.2			—			2.2
Others		6.7			3.2			3.4			7.2			(0.5	)		(0.2	)		(0.3	)
Offset with deferred tax assets		(59.8	)		(14.2	)		(45.5	)		(60.6	)		0.8			(0.5	)		1.3
Net deferred tax assets (A) - (B)		219.3			138.6			80.7			217.3			2.0			4.1			(2.1	)
Percentage to Tier I		10.2	%		18.6	%		5.8	%		10.3	%		(0.1	%)		0.1	%		(0.2	%)
Tier I		2,141.3			745.2			1,396.0			2,109.7			31.6			19.1			12.4

2) Adequacy for calculating and posting net deferred tax assets

[CMTB Non-consolidated]

(1) Basic policy

To record the deferred tax assets, the amount is calculated pursuant to the practical guideline on assessing the collectability of deferred tax assets issued by JICPA(“Practical Guideline”(*1)) (*1) JICPA Auditing Committee Report No.66 “Auditing Treatment Regarding Judgment of Realizability of Deferred Tax Assets”.

(2) Examples on Practical Guideline, Period for Estimated Future Taxable Income, and Taxable Income for the Past 5 Years

Although there are significant operating loss carryforwards on the tax base, as the loss carryforwards are due to extraordinary factors and temporary factors, “examples (4) proviso” of Practical Guideline is applied. Period for estimated future taxable income is 5 years, which is allowed to record pursuant to Practical Guideline subject to rational earnings projection.

	Billions of Yen
	FY2010		FY2009		FY2008			FY2007		FY2006
Taxable income before deduction of loss carry forwards (*)		65.5		92.8		(194.8	)		158.4		63.0
Net business profit before credit costs		88.6		92.8		93.2			127.2		148.8

(*) Including temporary losses of JPY164.2bn due to sales on Japanese stock related investments.

(Reference) Estimated taxable income for further 5 years

	Billions of Yen
Projected amount of net business profit before credit costs used for the estimation (Sum of 5 years)		537.2
Projected amount of net income used for the estimation (Sum of 5 years)		435.3
Estimated amount of taxable income before adjustments (Sum of 5 years)		460.4

(*) Estimated amounts of taxable income before adjustments shown above are calculated conservatively, based on revenue projections of 5 years that address uncertainty in each of these future fiscal years.

[STB Non-consolidated]

(1) Basic policy

STB applies to the company of which performances of past fiscal years are stable. Thus, the item 2 of the practical guideline, “ Treatment for audit of recoverability of deferred tax assets” is applicable. And net deferred tax assets are posted based on the result of tax planning with regard to temporally difference.

	Billions of Yen
	FY2010		FY2009			FY2008		FY2007		FY2006
Taxable income before deduction of loss carry forwards		42.6		(3.0	)		86.8		144.6		199.2
Net business profit before credit costs		129.7		175.4			201.0		173.8		175.9

16

Sumitomo Mitsui Trust Holdings, Inc.

17

Cautionary Statement Regarding Forward-Looking Statements

This material contains forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995) regarding our intent, belief or current expectations in respect to our future financial conditions, operating results and overall management. These forward-looking statements may be identified by words such as “believes”, “expects”, “anticipates”, “projects”, “intends”, “should”, “seeks”, “estimates”, “future”, or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Such forward-looking statements are not guarantees of future performance and actual results may differ, owing to risks and uncertainties, including without limitation: (1) potential difficulties in integrating the management and business operations of our subsidiaries; (2) our ability to successfully execute our group business strategies; and (3) unanticipated events that result in an increase in our credit costs and a deterioration in the quality of our group companies’ loan portfolios. Given such risks and uncertainties, you should not place undue reliance on forward-looking statements, which speak only as of the release date of this material. We undertake no obligation to update or revise any forward-looking statements. In addition to this material, please refer to our most recently disclosed documents, such as our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission, or press releases we have issued, for a more detailed description of matters that may affect our financial condition and operating results.

18

Supplemental material on financial results

2nd Quarter of Fiscal Year 2011 ended on Sep. 30 2011

Table of Contents

1. Breakdown of profit by business group
(1) Gross profit	1
(2) Net business profit before credit costs	2
2. Non-performing loans
(1) Risk monitored loans (Banking a/c and Principal guaranteed trust a/c combined, Banking a/c, Principal guaranteed trust a/c)	3-4
(2) Risk monitored loans by industry (Banking a/c and Principal guaranteed trust a/c combined)	4
(3) Problem assets based on the Financial Reconstruction Act (Banking a/c, Principal guaranteed trust a/c)	5
(4) Migration analysis of assets to special mention or worse categories (Banking a/c and Principal guaranteed trust a/c combined)	6
(5) Final disposal of non-performing loans (Banking a/c and Principal guaranteed trust a/c combined)	7
3. Capital and total risk-weighted assets (Basel II)
(1) BIS capital adequacy ratio	8
< For reference > Other referential financial figures
(1) Balance Sheets	9
(2) Statements of Income	10
(3) Statement of trust account	11
(4) Breakdown of principal guaranteed trust a/c	12

<Definition of terms in this documents>

SMTH: Sumitomo Mitsui Trust Holdings, Inc.	CMTH: Former Chuo Mitsui Trust Holdings, Inc.
CMTB: The Chuo Mitsui Trust and Banking Company, Limited	CMAB: Chuo Mitsui Asset Trust and Banking Company, Limited
STB: The Sumitomo Trust and Banking, Co., Ltd.

Legal Disclaimer

Regarding forward-looking Statements contained in this material

This presentation material contains information that constitutes forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors including but not limited to changes in managerial circumstances. By virtue of the aforementioned reasons, The Sumitomo Trust and Banking Co., Ltd. (referred to hereinafter as “Sumitomo Trust”) hereby cautions against sole reliance on such forward-looking statements in making investment decisions.

1. Breakdown of profit by business group

(1) Gross business profit before credit costs

[Non-consolidated (CMTB + CMAB + STB)]

	Billions of Yen
	1HFY2011									1HFY2010			Change
	Total			CM (*1)			STB			Total			Total			CM (*1)			STB
Retail financial services		70.7			37.4			33.3			73.2			(2.4	)		0.5			(2.9	)
Wholesale financial services		72.8			26.4			46.3			73.8			(1.0	)		(1.7	)		0.7
Stock transfer agency services		16.5			9.3			7.1			16.8			(0.3	)		(0.2	)		(0.0	)
Treasury and financial products		80.8			29.5			51.2			58.3			22.4			(5.2	)		27.6
Fiduciary services		42.9			19.6			23.3			42.8			0.1			0.1			0.0
Real estate		7.5			3.3			4.2			13.1			(5.5	)		(3.2	)		(2.2	)
Fees paid for outsourcing		(20.0	)		(8.5	)		(11.5	)		(19.8	)		(0.1	)		(0.2	)		0.0
Stock transfer agency services		(7.6	)		(3.9	)		(3.7	)		(7.6	)		0.0			(0.1	)		0.1
Fiduciary services		(12.3	)		(4.6	)		(7.7	)		(12.1	)		(0.1	)		(0.1	)		(0.0	)
Others (*2)		(4.1	)		0.1			(4.2	)		(0.9	)		(3.1	)		2.2			(5.3	)
Gross business profit before credit costs		250.8			108.0			142.7			240.6			10.1			(7.6	)		17.7

(*1) Combined figures of CMTB and CMAB. Figures of CM are tentative calculations based on certain assumptions (transferpricing, etc.) under managerial accounting.

(*2) Net of dividend income, cost of capital sourcing and head office expense is included.

1

(2) Net business profit before credit costs

[Consolidated]

	Billions of Yen
	1HFY2011 (*1)			1HFY2010 (*1)			Change
Retail financial services		14.0			16.2			(2.1	)
Wholesale financial services		61.7			63.4			(1.6	)
Stock transfer agency services		8.0			8.1			(0.0	)
Treasury and financial products		75.0			52.9			22.1
Fiduciary services		22.6			22.4			0.1
Real estate		2.9			8.6			(5.6	)
Others (*2)		(0.9	)		(15.1	)		14.2
Net business profit before credit costs		175.6			148.5			27.0

(*1) Consolidated figures are tentative calculations based on certain assumptions (transferpricing, etc.) under managerial accounting.

(*2) Net of dividend income, cost of capital sourcing and head office expense is included.

[Non-consolidated (CMTB + CMAB + STB)]

	Billions of Yen
	1HFY2011									1HFY2010			Change
	Total			CM (*3)			STB			Total			Total			CM (*3)			STB
Retail financial services		9.4			6.8			2.5			11.7			(2.3	)		0.5			(2.9	)
Wholesale financial services		47.3			16.1			31.2			48.7			(1.3	)		(1.9	)		0.5
Stock transfer agency services		7.3			4.4			2.8			7.6			(0.2	)		(0.3	)		0.0
Treasury and financial products		75.0			28.4			46.6			52.9			22.1			(5.2	)		27.4
Fiduciary services		16.0			7.8			8.1			16.3			(0.3	)		(0.3	)		0.0
Real estate		2.5			1.1			1.4			7.9			(5.3	)		(3.2	)		(2.1	)
Others (*4)		(20.9	)		(9.1	)		(11.7	)		(18.0	)		(2.9	)		2.1			(5.1	)
Net business profit before credit costs		129.5			51.2			78.2			119.7			9.8			(8.0	)		17.8

(*3) Combined figures of CMTB and CMAB. Figures of CM are tentative calculations based on certain assumptions (transferpricing, etc.) under managerial accounting.

(*4) Net of dividend income, cost of capital sourcing and head office expense is included.

2

2. Non-performing loans

(1) Risk monitored loans

[Consolidated]

	Millions of Yen
	Sep. 2011			Mar. 2011			Change			Sep. 2011			Mar. 2011			Change
	(Banking a/c and Principal guaranteed trust a/c combined)									(Banking a/c)
Risk monitored loans		278,879			283,870			(4,990	)		233,683			259,779			(26,095	)
Loans in bankruptcy proceedings		20,111			27,259			(7,147	)		20,098			27,245			(7,146	)
Other delinquent loans		170,746			129,839			40,906			126,027			114,115			11,911
Loans past due 3 months or more		263			43			220			263			43			220
Restructured loans		87,757			126,728			(38,971	)		87,293			118,375			(31,081	)
Total loan balance		20,932,626			21,061,240			(128,614	)		20,561,278			20,659,253			(97,975	)
(Ratio to total loan balance)		1.3	%		1.3	%		(0.0	%)		1.1	%		1.3	%		(0.2	%)

(*) Partial direct written-off: Sep. 2011: 73,272 millions yen, Mar. 2011: 81,231 million yen

[Non-consolidated (CMTB + STB)]

	Millions of Yen
(Banking a/c and Principal guaranteed trust a/c combined)	Sep. 2011									Mar. 2011			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Risk monitored loans		232,389			95,943			136,445			236,808			(4,419	)		7,752			(12,172	)
Loans in bankruptcy proceedings		17,995			3,661			14,334			24,512			(6,517	)		(6,340	)		(176	)
Other delinquent loans		141,271			71,181	��		70,089			101,956			39,314			21,221			18,092
Loans past due 3 months or more		263			263			—			43			220			220			—
Restructured loans		72,858			20,836			52,021			110,296			(37,438	)		(7,349	)		(30,088	)
Total loan balance		21,246,558			9,062,027			12,184,530			21,417,258			(170,700	)		(22,266	)		(148,433	)
(Ratio to total loan balance)		1.1	%		1.1	%		1.1	%		1.1	%		(0.0	%)		0.1	%		(0.1	%)

Note: CMTB’s partial direct written-off: Sep. 2011: 14,317 million yen, Mar. 2011: 19,041 million yen

STB’s partial direct written-off: Sep. 2011: 35,901 billion yen, Mar. 2011: 38,014 million yen

	Millions of Yen
(Banking a/c)	Sep. 2011									Mar. 2011			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Risk monitored loans		187,193			66,063			121,130			212,718			(25,524	)		(14,116	)		(11,408	)
Loans in bankruptcy proceedings		17,982			3,648			14,334			24,499			(6,516	)		(6,340	)		(176	)
Other delinquent loans		96,552			41,314			55,237			86,233			10,319			(8,492	)		18,811
Loans past due 3 months or more		263			263			—			43			220			220			—
Restructured loans		72,394			20,836			51,558			101,942			(29,548	)		495			(30,043	)
Total loan balance		20,875,210			8,845,801			12,029,408			21,015,271			(140,061	)		(15,776	)		(124,284	)
(Ratio to total loan balance)		0.9	%		0.7	%		1.0	%		1.0	%		(0.1	%)		(0.2	%)		(0.1	%)

3

(Trust a/c)

	Millions of Yen
	Sep. 2011									Mar. 2011			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Risk monitored loans		45,195			29,880			15,315			24,090			21,105			21,869			(764	)
Loans in bankruptcy proceedings		13			13			—			13			(0	)		(0	)		—
Other delinquent loans		44,718			29,867			14,851			15,723			28,995			29,713			(718	)
Loans past due 3 months or more		—			—			—			—			—			—			—
Restructured loans		463			—			463			8,353			(7,889	)		(7,844	)		(45	)
Total loan balance		371,348			216,226			155,122			401,987			(30,639	)		(6,489	)		(24,149	)
(Ratio to total loan balance)		12.2	%		13.8	%		9.9	%		6.0	%		6.2	%		10.2	%		0.9	%

(*) Trust a/c is principal guaranteed trust a/c

(2) Risk monitored loans by industry (Banking a/c and Principal guaranteed trust a/c combined)

[Non-consolidated (CMTB + STB)]

	Millions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB		Total		Total			CMTB			STB
Domestic Branches (excluding offshore)		230,064		95,943		134,120		233,938		(3,874	)		7,978			(11,852	)
Manufacturing		18,566		884		17,682		23,151		(4,584	)		(2,379	)		(2,205	)
Agriculture, forestry, fisheries, mining, quarrying of stone and gravel gathering		—		—		—		64		(64	)		—			(64	)
Construction		1,683		975		708		1,820		(137	)		(219	)		82
Electricity, gas, heat supply and water		192		192		—		1,362		(1,170	)		—			(1,170	)
Information and communications		3,246		338		2,907		13,652		(10,405	)		(63	)		(10,341	)
Transport and postal activities		2,180		929		1,250		1,753		426			143			282
Wholesale and retail trade		3,462		2,036		1,425		5,925		(2,463	)		(2,272	)		(190	)
Finance and insurance		78,744		35,741		43,002		72,584		6,159			21,995			(15,835	)
Real estate		52,925		17,090		35,834		62,411		(9,486	)		(7,338	)		(2,147	)
Goods rental and leasing		56		56		—		69		(13	)		(13	)		—
Others		69,007		37,698		31,309		51,143		17,864			(1,873	)		19,737
Overseas branches and offshore		2,324		—		2,324		2,870		(545	)		(226	)		(319	)
Total		232,389		95,943		136,445		236,808		(4,419	)		7,752			(12,172	)

Note: Above table is made based on the categorization of “Survey on loans by industry” of Bank of Japan.

4

(3) Problem assets based on the Financial Reconstruction Act (After partial direct written-off)

[Consolidated]

(Banking a/c)

	Millions of Yen
	Sep. 2011			Mar. 2011			Change
Problem assets based on the Financial Reconstruction Act (a)		255,129			280,285			(25,156	)
Bankrupt and practically bankrupt		42,208			57,926			(15,718	)
Doubtful		125,363			103,940			21,423
Substandard		87,557			118,418			(30,860	)
Ordinary assets		21,968,736			22,118,429			(149,692	)
Total balance (b)		22,223,866			22,398,714			(174,848	)
(Ratio to total balance (a) / (b))		1.1	%		1.3	%		(0.2	%)

Note 1: Partial direct written-off: Sep. 2011: 78,350 million yen, Mar. 2011: 85,491 million yen

Note 2: Figures for Banking a/c and Principal guaranteed trust a/c combined, please refer to “Explanatory Material 2nd Quarter of Fiscal Year 2011 ended on Sep. 30, 2011”.

[Non-consolidated (CMTB + STB)]

(Banking a/c)

	Millions of Yen
	Sep. 2011									Mar. 2011			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Problem assets based on the Financial Reconstruction Act (a)		195,597			67,298			128,299			221,163			(25,566	)		(14,290	)��		(11,276	)
Bankrupt and practically bankrupt		33,702			10,773			22,928			41,196			(7,494	)		(6,553	)		(940	)
Doubtful		89,236			35,424			53,812			77,980			11,256			(8,451	)		19,707
Substandard (b)		72,658			21,100			51,558			101,985			(29,327	)		715			(30,043	)
Ordinary assets		21,358,964			8,974,704			12,384,260			21,450,047			(91,082	)		(3,338	)		(87,744	)
Substandard debtors (excluding Substandard) (c)		36,009			706			35,302			28,148			7,861			126			7,735
Other special mention debtors (*1)		678,752			279,515			399,237			707,196			(28,443	)		(55,362	)		26,918
Ordinary debtors		20,644,202			8,694,482			11,949,720			20,714,702			(70,499	)		51,898			(122,398	)
Total balance (d)		21,554,562			9,042,002			12,512,560			21,671,211			(116,648	)		(17,628	)		(99,020	)
(Ratio to total balance (a) / (d))		0.9	%		0.7	%		1.0	%		1.0	%		(0.1	%)		(0.2	%)		(0.1	%)
Assets to substandard debtors (b) + (c)		108,667			21,807			86,860			130,134			(21,466	)		841			(22,308	)

Note:	CMTB’s partial direct written-off: Sep. 2011: 14,520 million yen, Mar. 2011: 19,319 million yen
	STB’s partial direct written-off: Sep. 2011: 35,901 billion yen, Mar. 2011: 38,014 million yen

(Principal guaranteed trust a/c)

	Millions of Yen
	Sep. 2011									Mar. 2011			Change
	Total			CMTB			STB			Total			Total			CMTB			STB
Problem assets based on the Financial Reconstruction Act (a)		45,195			29,880			15,315			24,090			21,105			21,869			(764	)
Bankrupt and practically bankrupt		40			13			26			55			(15	)		(0	)		(15	)
Doubtful		44,691			29,867			14,824			15,681			29,010			29,713			(703	)
Substandard (b)		463			—			463			8,353			(7,889	)		(7,844	)		(45	)
Ordinary assets		326,152			186,346			139,806			377,896			(51,744	)		(28,358	)		(23,385	)
Substandard debtors (excluding Substandard) (c)		30			—			30			32			(1	)		—			(1	)
Other special mention debtors (*1)		11,774			8,392			3,382			4,037			7,737			8,292			(555	)
Ordinary debtors		314,347			177,953			136,393			373,826			(59,479	)		(36,650	)		(22,828	)
Total balance (d)		371,348			216,226			155,122			401,987			(30,639	)		(6,489	)		(24,149	)
(Ratio to total balance (a) / (d))		12.2	%		13.8	%		9.9	%		6.0	%		6.2	%		10.2	%		0.9	%
Assets to substandard debtors (b) + (c)		494			—			494			8,386			(7,891	)		(7,844	)		(47	)

Note: Figures for Banking a/c and Principal guaranteed trust a/c combined, please refer to “Explanatory Material 2nd Quarter of Fiscal Year 2011 ended on Sep. 30, 2011”.

5

(4) Migration analysis of assets to special mention or worse categories (Banking a/c and Principal guaranteed trust a/c combined)

[Non-consolidated (CMTB + STB)]

	Billions of Yen
	Balance							Migration of (A)
	Mar. 2011		Sep. 2011		Change (A)			Downgrade (+)		Downgrade (-)			Upgrade (+)		Upgrade (-)			Repayment, etc.
Bankrupt and practically bankrupt		41.3		33.7		(7.5	)		3.3		—			—		(3.8	)		(7.0	)
Doubtful		93.7		133.9		40.3			63.0		(1.2	)		1.4		(12.1	)		(10.8	)
Assets to substandard debtor		138.5		109.2		(29.4	)		9.4		(9.5	)		1.0		(20.1	)		(10.1	)
Other special mention		711.2		690.5		(20.7	)		223.0		(19.4	)		14.4		(165.9	)		(72.9	)
[CMTB]
	Billions of Yen
	Balance							Migration of (A)
	Mar. 2011		Sep. 2011		Change (A)			Downgrade (+)		Downgrade (-)			Upgrade (+)		Upgrade (-)			Repayment, etc.
Bankrupt and practically bankrupt		17.3		10.8		(6.6	)		2.4		—			—		(3.1	)		(5.8	)
Doubtful		44.0		65.3		21.3			34.9		(1.0	)		1.3		(10.4	)		(3.5	)
Assets to substandard debtor		28.8		21.8		(7.0	)		7.4		(8.1	)		0.5		(6.1	)		(0.7	)
Other special mention		335.0		287.9		(47.1	)		100.3		(7.1	)		9.8		(137.5	)		(12.6	)
[STB]
	Billions of Yen
	Balance							Migration of (A)
	Mar. 2011		Sep. 2011		Change (A)			Downgrade (+)		Downgrade (-)			Upgrade (+)		Upgrade (-)			Repayment, etc.
Bankrupt and practically bankrupt		23.9		23.0		(1.0	)		0.9		—			—		(0.6	)		(1.2	)
Doubtful		49.6		68.6		19.0			28.1		(0.2	)		0.1		(1.7	)		(7.3	)
Assets to substandard debtor		109.7		87.4		(22.4	)		1.9		(1.4	)		0.5		(14.0	)		(9.3	)
Other special mention		376.3		402.6		26.4			122.7		(12.2	)		4.6		(28.4	)		(60.3	)

6

(5) Final disposal of non-performing loans (Banking a/c and Principal guaranteed trust a/c combined)

(i) Loans outstanding in doubtful or worse categories

[Non-consolidated (CMTB + STB)]

Total

	Billions of Yen
	Sep. 2008		Mar. 2009		Sep. 2009		Mar. 2010		Sep. 2010		Mar. 2011		Sep. 2011						Change from
													Total		CMTB		STB		Mar. 2011
Loans in bankrupt/ practically bankrupt		61.4		64.7		58.7		37.4		32.2		41.3		33.7		10.8		23.0		(7.5	)
Doubtful loans		103.1		159.5		339.6		138.3		112.6		93.7		133.9		65.3		68.6		40.3
Total		164.5		224.1		398.4		175.8		144.8		134.9		167.7		76.1		91.6		32.8
Loans outstanding in doubtful or worse categories as of Sep. 2008 and disposal thereafter
Loans in bankrupt/ practically bankrupt		61.4		44.8		39.7		18.8		17.5		17.2		9.7		3.3		6.4		(7.5	)
Doubtful loans		103.1		78.8		59.6		61.5		40.6		35.9		32.3		16.3		16.0		(3.7	)
Total		164.5		123.6		99.3		80.3		58.1		53.1		42.0		19.6		22.4		(11.1	)
New entry to doubtful or worse categories during 2HFY2008 and disposal thereafter
Loans in bankrupt/ practically bankrupt				19.9		13.4		9.3		1.6		0.7		0.4		0.3		0.1		(0.3	)
Doubtful loans				80.6		44.7		13.2		6.6		5.5		3.8		2.8		1.0		(1.8	)
Total				100.5		58.0		22.4		8.3		6.2		4.2		3.1		1.1		(2.1	)
New entry to doubtful or worse categories during 1HFY2009 and disposal thereafter
Loans in bankrupt/ practically bankrupt						5.7		6.5		8.2		4.2		3.7		3.6		0.1		(0.5	)
Doubtful loans						235.4		45.1		37.8		22.6		16.3		2.7		13.6		(6.3	)
Total						241.1		51.6		46.0		26.7		20.0		6.3		13.7		(6.8	)
New entry to doubtful or worse categories during 2HFY2009 and disposal thereafter
Loans in bankrupt/ practically bankrupt								2.9		2.7		1.5		0.8		0.6		0.2		(0.7	)
Doubtful loans								18.5		10.5		9.7		6.0		2.2		3.8		(3.8	)
Total								21.5		13.2		11.2		6.7		2.8		4.0		(4.5	)
New entry to doubtful or worse categories during 1HFY2010 and disposal thereafter
Loans in bankrupt/ practically bankrupt										2.1		1.8		1.0		0.8		0.2		(0.8	)
Doubtful loans										17.1		8.6		7.3		2.8		4.6		(1.3	)
Total										19.2		10.4		8.3		3.5		4.8		(2.0	)
New entry to doubtful or worse categories during 2HFY2010 and disposal thereafter
Loans in bankrupt/ practically bankrupt												15.9		16.0		0.9		15.1		0.1
Doubtful loans												11.3		5.3		3.7		1.6		(6.0	)
Total												27.2		21.3		4.6		16.7		(5.9	)
New entry to doubtful or worse categories during 1HFY2011 and disposal thereafter
Loans in bankrupt/ practically bankrupt														2.2		1.4		0.7		2.2
Doubtful loans														63.0		34.9		28.1		63.0
Total														65.2		36.3		28.8		65.2

(ii) Progress of final disposal

[Non-consolidated (CMTB + STB)]

(Billions of Yen)

Period	Primary amount (A)		Amount as of Sep. 2011 (B)		Quasi final disposal or in the process of final disposal (C) (Less)		Amount of final disposal during 1HFY2011 (Less)		Ratio of final disposal progression (A-B)/A (%)		Adjusted ratio of final disposal progression (A-B+C)/A (%) (*)
Before 1HFY2008		2,903.9		42.0		8.5		10.8		98.6		98.8
2HFY2008		100.5		4.2		0.1		2.0		95.8		96.0
1HFY2009		241.1		20.0		3.5		6.7		91.7		93.2
2HFY2009		21.5		6.7		0.2		4.5		68.6		69.4
1HFY2010		19.2		8.3		0.1		2.0		56.6		57.3
2HFY2010		27.2		21.3		14.8		6.4		21.7		76.3
1HFY2011		65.2		65.2		0.3		—		—		0.4
Total		—		167.7		27.6		32.4		—		—

(*) Ratio of final disposal progression considering quasi final disposal

7

3. Capital and total risk-weighted assets (Basel II)

(1) BIS capital adequacy ratio

[CMTB] (Domestic standard)

	< Consolidated >
	Billions of Yen
	Sep. 2011 (Preliminary)			Mar. 2011			Change
Total qualifying capital		1,033.3			1,024.7			8.5
Tier I		713.6			696.4			17.1
Tier II		331.3			343.7			(12.3	)
Deduction (double gearing, etc.)		(11.5	)		(15.4	)		3.8
Total risk-weighted assets		6,421.2			6,622.5			(201.3	)
BIS capital adequacy ratio		16.09	%		15.47	%		0.62	%
(Tier I capital ratio)		11.11	%		10.51	%		0.60	%

Note: Non-consolidated BIS capital adequacy ratio and Tier I capital ratio as of Sep. 2011 are 16.32% and 11.45%, respectively.

[CMAB] (Domestic standard)

	< Non-consolidated >
	Billions of Yen
	Sep. 2011 (Preliminary)			Mar. 2011			Change
Total qualifying capital		37.4			35.2			2.1
Tier I		37.4			35.2			2.1
Tier II		—			—			—
Deduction (double gearing, etc.)		—			—			—
Total risk-weighted assets		109.9			112.2			(2.3	)
BIS capital adequacy ratio		34.04	%		31.44	%		2.60	%
(Tier I capital ratio)		34.04	%		31.44	%		2.60	%

[STB] (International standard)

	< Consolidated >
	Billions of Yen
	Sep. 2011 (Preliminary)			Mar. 2011			Change
Total qualifying capital		1,909.2			1,880.8			28.3
Tier I		1,365.1			1,333.9			31.2
Tier II		643.3			646.6			(3.2	)
Deduction (double gearing, etc.)		(99.3	)		(99.6	)		0.3
Total risk-weighted assets		11,354.9			12,028.0			(673.0	)
BIS capital adequacy ratio		16.81	%		15.63	%		1.18	%
(Tier I capital ratio)		12.02	%		11.09	%		0.93	%

Note: Non-consolidated BIS capital adequacy ratio and Tier I capital ratio as of Sep. 2011 are 18.11% and 13.05%, respectively.

Note: Risk measurement methodologies are as follows.

	CMTB Consolidated, Non-consolidated	CMAB Non-consolidated	STB Consolidated, Non-consolidated
Credit risk	Foundation Internal Ratings-Based Approach	Standardized Approach	Foundation Internal Ratings-Based Approach
Operational risk	Standardized Approach	Standardized Approach	Standardized Approach
Market risk (International standard)			Internal Models Approach

8

<Reference> Other referential financial figures

(1) Balance Sheets

[Non-consolidated (CMTB + CMAB + STB)]

	Billions of Yen
	Sep. 2011												Mar. 2011			Change
	Total			CMTB			CMAB			STB						Total			CMTB			CMAB			STB
Assets:
Cash and due from banks		2,032.8			554.3			20.9			1,457.5			1,080.1			952.6			82.4			(6.5	)		876.7
Call loans		34.0			—			—			34.0			15.3			18.6			—			—			18.6
Receivables under resale agreements		51.5			—			—			51.5			33.2			18.3			—			—			18.3
Receivables under securities borrowing transactions		7.7			6.7			—			1.0			9.3			(1.6	)		(2.6	)		—			1.0
Monetary claims bought		272.9			100.0			—			172.8			292.0			(19.0	)		0.1			—			(19.2	)
Trading assets		694.3			47.1			—			647.2			678.7			15.5			10.5			—			5.0
Money held in trust		22.0			—			—			22.0			22.2			(0.1	)		—			—			(0.1	)
Securities		7,368.5			2,960.5			30.2			4,377.7			8,721.5			(1,352.9	)		(721.8	)		(58.9	)		(572.2	)
Loans and bills discounted		20,875.2			8,845.8			—			12,029.4			21,015.2			(140.0	)		(15.7	)		—			(124.2	)
Foreign exchanges		6.6			1.0			—			5.5			17.9			(11.2	)		(11.1	)		—			(0.0	)
Other assets		1,157.8			257.9			27.8			872.1			1,416.7			(258.8	)		(97.5	)		(2.0	)		(159.2	)
Tangible fixed assets		219.8			96.3			0.3			123.1			214.1			5.7			(2.0	)		(0.0	)		7.8
Intangible fixed assets		55.2			19.9			3.6			31.6			51.8			3.3			0.0			0.0			3.3
Deferred tax assets		222.9			138.6			3.5			80.7			220.4			2.4			4.1			0.4			(2.1	)
Customers’ liabilities for acceptances and guarantees		403.7			53.2			—			350.5			385.8			17.8			3.5			—			14.3
Allowance for loan losses		(121.2	)		(39.9	)		—			(81.2	)		(127.8	)		6.6			2.3			—			4.2
Allowance for investment loss		(1.1	)		—			—			(1.1	)		(1.1	)		—			—			—			—
Total assets		33,303.2			13,041.8			86.5			20,174.8			34,045.8			(742.6	)		(747.6	)		(67.1	)		72.1
Liabilities:
Deposits		22,182.1			9,372.6			0.0			12,809.4			21,639.6			542.4			36.4			(0.0	)		505.9
Negotiable certificates of deposit		2,766.5			318.3			—			2,448.2			2,627.6			138.9			(51.7	)		—			190.6
Call money		406.9			110.4			39.0			257.5			409.8			(2.8	)		(138.5	)		(64.0	)		199.6
Payables under repurchase agreements		140.5			18.5			—			121.9			620.8			(480.3	)		18.5			—			(498.8	)
Collateral for lending securities		648.4			648.4			—			—			1,320.4			(672.0	)		(513.2	)		—			(158.7	)
Trading liabilities		179.9			10.9			—			168.9			110.4			69.4			3.2			—			66.1
Borrowed money		1,546.0			659.4			—			886.6			1,764.7			(218.6	)		(19.5	)		—			(199.0	)
Foreign exchanges		0.1			—			—			0.1			0.0			0.0			—			—			0.0
Short-term bonds payable		253.0			—			—			253.0			325.7			(72.6	)		—			—			(72.6	)
Corporate bonds		740.2			262.2			—			477.9			702.1			38.0			(4.9	)		—			43.0
Borrowed money from trust account		1,109.6			700.7			—			408.9			1,233.3			(123.7	)		(100.9	)		—			(22.7	)
Other liabilities		947.7			134.4			8.5			804.8			935.2			12.5			18.0			0.2			(5.7	)
Provision for bonuses		6.5			2.0			0.4			4.1			6.8			(0.2	)		0.0			0.0			(0.2	)
Provision for directors’ bonuses		—			—			—			—			0.0			(0.0	)		—			—			(0.0	)
Provision for retirement benefits		0.2			—			—			0.2			0.2			(0.0	)		—			—			(0.0	)
Provision for reimbursement of deposits		6.3			5.1			—			1.1			6.4			(0.0	)		(0.1	)		—			0.0
Provision for contingent loss		17.7			7.3			—			10.4			18.4			(0.6	)		0.1			—			(0.8	)
Provision for relocation expenses		9.0			0.2			0.3			8.5			5.6			3.4			0.2			0.3			2.8
Deferred tax liabilities for land revaluation		5.1			—			—			5.1			5.7			(0.5	)		—			—			(0.5	)
Acceptances and guarantees		403.7			53.2			—			350.5			385.8			17.8			3.5			—			14.3
Total liabilities		31,370.3			12,304.0			48.3			19,017.9			32,119.3			(749.0	)		(748.8	)		(63.4	)		63.1
Net assets:
Capital stock		752.7			399.6			11.0			342.0			752.7			—			—			—			—
Capital surplus		466.8			149.0			21.2			296.5			467.3			(0.4	)		—			—			(0.4	)
Legal capital surplus		412.8			149.0			21.2			242.5			412.8			—			—			—			—
Other capital surplus		54.0			—			—			54.0			54.4			(0.4	)		—			—			(0.4	)
Retained earnings		748.0			220.7			5.9			521.4			719.9			28.1			9.1			(3.7	)		22.7
Legal retained earnings		105.5			49.5			—			56.0			100.8			4.7			1.6			—			3.1
Other retained earnings		642.5			171.1			5.9			465.3			619.0			23.4			7.5			(3.7	)		19.6
Reserve for overseas investment loss		0.0			—			—			0.0			0.0			(0.0	)		—			—			(0.0	)
Other voluntary reserve		371.8			—			—			371.8			371.8			—			—			—			—
Retained earnings brought forward		270.6			171.1			5.9			93.5			247.2			23.4			7.5			(3.7	)		19.6
Treasury stock		—			—			—			—			(0.4	)		0.4			—			—			0.4
Shareholders’ equity		1,967.6			769.4			38.1			1,160.0			1,939.4			28.1			9.1			(3.7	)		22.7
Valuation difference on available-for-sale securities		(10.2	)		(18.3	)		(0.0	)		8.0			(4.3	)		(5.8	)		(9.0	)		0.0			3.2
Deferred gains or losses on hedges		(2.4	)		3.2			—			(5.6	)		12.6			(15.0	)		1.0			—			(16.1	)
Revaluation reserve for land		(22.0	)		(16.5	)		—			(5.5	)		(21.2	)		(0.8	)		—			—			(0.8	)
Valuation and translation adjustments		(34.7	)		(31.6	)		(0.0	)		(3.0	)		(13.0	)		(21.7	)		(8.0	)		0.0			(13.7	)
Total net assets		1,932.8			737.7			38.1			1,156.9			1,926.4			6.4			1.1			(3.6	)		9.0
Total liabilities and net assets		33,303.2			13,041.8			86.5			20,174.8			34,045.8			(742.6	)		(747.6	)		(67.1	)		72.1

9

(2) Statements of Income

[Non-consolidated (CMTB + CMAB + STB)]

Items	Billions of Yen
	1HFY2011									1HFY2010			Change
	Total		CMTB		CMAB			STB					Total			CMTB			CMAB			STB
Ordinary income		378.3		138.0		21.2			219.0		387.4			(9.1	)		(11.5	)		(0.1	)		2.5
Trust fees		46.9		5.0		17.3			24.5		48.5			(1.5	)		(0.7	)		(0.1	)		(0.5	)
Interest income		189.1		79.6		0.0			109.4		195.0			(5.8	)		(0.4	)		(0.0	)		(5.4	)
Interest on loans and discounts		122.0		49.7		—			72.3		131.5			(9.4	)		(4.6	)		—			(4.7	)
Interest on securities		60.8		27.2		0.0			33.5		52.2			8.6			4.2			(0.0	)		4.4
Fees and commissions		68.9		30.0		3.8			35.0		72.7			(3.8	)		(2.8	)		0.0			(1.0	)
Trading income		3.3		1.8		—			1.5		7.1			(3.7	)		0.3			—			(4.1	)
Other ordinary income		61.5		18.2		—			43.3		50.7			10.7			(5.3	)		—			16.1
Other income		8.3		3.1		0.0			5.1		13.2			(4.9	)		(2.5	)		(0.0	)		(2.3	)
Ordinary expenses		290.7		117.6		16.1			157.0		296.6			(5.8	)		10.3			0.5			(16.7	)
Interest expenses		71.2		27.5		0.0			43.6		76.3			(5.0	)		(3.1	)		(0.0	)		(1.8	)
Interest on deposits		44.2		18.7		—			25.5		48.7			(4.4	)		(2.3	)		—			(2.1	)
Fees and commissions payments		30.9		7.4		6.4			17.1		31.3			(0.4	)		0.0			(0.0	)		(0.3	)
Trading expenses		0.2		0.2		—			—		0.0			0.1			0.1			—			—
Other ordinary expenses		16.7		6.4		—			10.3		25.8			(9.1	)		1.5			—			(10.6	)
General and administrative expenses		133.3		54.2		9.2			69.8		134.4			(1.1	)		(0.2	)		0.3			(1.1	)
Other expenses		38.3		21.8		0.3			16.1		28.5			9.7			12.0			0.3			(2.7	)
Ordinary profit		87.5		20.4		5.1			61.9		90.8			(3.2	)		(21.8	)		(0.6	)		19.3
Extraordinary income		0.2		—		—			0.2		15.0			(14.7	)		(8.0	)		—			(6.7	)
Extraordinary loss		7.8		3.0		0.3			4.4		21.3			(13.5	)		0.8			0.0			(14.4	)
Income before Income Taxes		79.9		17.3		4.8			57.7		84.5			(4.5	)		(30.8	)		(0.7	)		27.0
Income taxes-Current		12.3		0.0		2.4			9.8		6.7			5.5			0.0			(0.1	)		5.7
Income taxes-Deferred		9.9		0.1		(0.4	)		10.3		(7.1	)		17.1			(14.9	)		(0.1	)		32.2
Income taxes		22.3		0.1		1.9			20.1		(0.4	)		22.7			(14.8	)		(0.3	)		37.9
Net income		57.6		17.1		2.8			37.6		84.9			(27.2	)		(15.9	)		(0.4	)		(10.8	)

10

(3) Statement of trust account

[Non-consolidated (CMTB + CMAB + STB)]

Items	Billions of Yen
	Sep. 2011								Mar. 2011		Change
	Total		CMTB		CMAB		STB				Total			CMTB			CMAB			STB
Loans and bills discounted		543.9		219.9		—		323.9		565.0		(21.1	)		(11.9	)		—			(9.2	)
Securities		586.2		3.1		76.1		506.9		713.1		(126.8	)		(0.1	)		(1.0	)		(125.6	)
Beneficiary rights		98,627.6		0.0		29,895.6		68,732.0		95,836.2		2,791.3			(0.0	)		(702.8	)		3,494.2
Securities held in custody accounts		190.7		0.1		—		190.6		304.5		(113.8	)		(0.0	)		—			(113.8	)
Money claims		9,577.3		0.1		1,334.2		8,242.9		10,245.3		(668.0	)		(0.0	)		(82.6	)		(585.3	)
Tangible fixed assets		9,311.0		4,927.5		—		4,383.5		9,419.0		(108.0	)		(102.2	)		—			(5.7	)
Intangible fixed assets		66.9		30.7		—		36.1		68.3		(1.3	)		(0.2	)		—			(1.1	)
Other claims		1,728.6		36.3		—		1,692.2		1,756.3		(27.7	)		(0.6	)		—			(27.0	)
Call loans		27.8		—		—		27.8		42.3		(14.5	)		—			—			(14.5	)
Loans to banking account		1,109.6		700.7		—		408.9		1,233.3		(123.7	)		(100.9	)		—			(22.7	)
Cash and due from banks		418.0		174.2		19.7		224.0		428.6		(10.5	)		(11.7	)		1.2			(0.0	)
Total assets		122,188.1		6,093.0		31,325.7		84,769.3		120,612.5		1,575.6			(227.9	)		(785.2	)		2,588.8
Money trusts		21,820.9		712.0		8,249.5		12,859.3		22,032.9		(212.0	)		(65.5	)		(55.4	)		(90.9	)
Pension trusts		12,725.4		—		6,581.0		6,144.3		13,254.9		(529.5	)		—			(414.4	)		(115.0	)
Property formation benefit trusts		22.0		13.2		—		8.7		22.1		(0.0	)		(0.0	)		—			(0.0	)
Loan trusts		180.4		179.9		—		0.5		248.2		(67.8	)		(48.3	)		—			(19.4	)
Securities investment trusts		38,716.5		—		12,242.5		26,473.9		37,776.4		940.0			—			(251.9	)		1,192.0
Money entrusted, other than money trusts		3,090.4		0.2		326.5		2,763.6		2,553.3		537.0			(0.0	)		(12.6	)		549.7
Securities trusts		20,168.7		0.1		1,410.8		18,757.7		18,550.6		1,618.0			(0.0	)		25.3			1,592.6
Money claim trusts		9,607.0		1.0		1,353.5		8,252.4		10,288.9		(681.8	)		(0.0	)		(81.3	)		(600.4	)
Land and fixtures trusts		118.6		76.5		—		42.0		118.1		0.4			0.3			—			0.1
Composite trusts		15,737.8		5,109.8		1,161.6		9,466.3		15,766.4		(28.6	)		(114.2	)		5.3			80.2
Other trusts		0.0		0.0		—		0.0		0.0		—			—			—			—
Total liabilities		122,188.1		6,093.0		31,325.7		84,769.3		120,612.5		1,575.6			(227.9	)		(785.2	)		2,588.8

(*) The amount of retrusted assets to Japan Trustee Services Bank, Ltd. as a securities processing is included in Beneficiary rights:

Sep. 2011: CMAB 29,881.4 billion yen, STB 68,695.2 billion yen

Mar. 2011: CMAB 30,583.8 billion yen, STB 65,200.9 billion yen

11

(4) Breakdown of principal guaranteed trust a/c

[Non-consolidated (CMTB + STB)]

	Billions of Yen
	Sep. 2011						Mar. 2011		Change
	Total		CMTB		STB				Total			CMTB			STB
Money trusts
Loans and bills discounted		371.3		216.2		155.1		401.9		(30.6	)		(6.4	)		(24.1	)
Securities		0.0		—		0.0		0.0		—			—			—
Others		920.5		573.6		346.9		1,041.2		(120.7	)		(87.1	)		(33.6	)
Total assets		1,291.9		789.8		502.0		1,443.3		(151.4	)		(93.6	)		(57.7	)
Principal		1,290.7		789.6		501.1		1,442.1		(151.3	)		(93.7	)		(57.6	)
Reserves for JOMT (Jointly-operated money trust)		0.2		0.1		0.1		0.3		(0.0	)		0.0			(0.1	)
Others		0.8		0.0		0.8		0.8		0.0			0.0			(0.0	)
Total liabilities		1,291.9		789.8		502.0		1,443.3		(151.4	)		(93.6	)		(57.7	)
Loan trusts
Loans and bills discounted		—		—		—		—		—			—			—
Securities		0.4		0.4		—		0.4		(0.0	)		(0.0	)		—
Others		181.2		180.7		0.5		249.1		(67.8	)		(48.3	)		(19.4	)
Total assets		181.7		181.2		0.5		249.5		(67.8	)		(48.3	)		(19.4	)
Principal		179.0		178.6		0.4		246.0		(66.9	)		(47.7	)		(19.1	)
Reserves for loan trust		1.2		1.1		0.0		1.5		(0.3	)		(0.2	)		(0.1	)
Others		1.4		1.4		0.0		1.9		(0.4	)		(0.3	)		(0.1	)
Total liabilities		181.7		181.2		0.5		249.5		(67.8	)		(48.3	)		(19.4	)

12