Fiscal 2011 Results Databook

Transcription

1 Mitsubishi UFJ Financial Group Fiscal Results Databook May,

2 This document contains forwardlooking statements in regard to forecasts, targets and plans of Mitsubishi UFJ Financial Group, Inc. ( MUFG ) and its group companies (collectively, the group ). These forwardlooking statements are based on information currently available to the group and are stated here on the basis of the outlook at the time that this document was produced. In addition, in producing these statements certain assumptions (premises) have been utilized. These statements and assumptions (premises) are subjective and may prove to be incorrect and may not be realized in the future. Underlying such circumstances are a large number of risks and uncertainties. Please see other disclosure and public filings made or will be made by MUFG and the other companies comprising the group, including the latest kessantanshin, financial reports, Japanese securities reports and annual reports, for additional information regarding such risks and uncertainties. The group has no obligation or intent to update any forwardlooking statements contained in this document. In addition, information on companies and other entities outside the group that is recorded in this document has been obtained from publicly available information and other sources. The accuracy and appropriateness of that information has not been verified by the group and cannot be guaranteed. The financial information used in this document was prepared in accordance with accounting standards generally accepted in Japan, or Japanese GAAP. Definitions of figures used in this document Consolidated : Mitsubishi UFJ Financial Group (consolidated) Sum of nonconsolidated : Bank of TokyoMitsubishi UFJ (nonconsolidated) + Mitsubishi UFJ Trust & Banking Corporation (nonconsolidated) (without other adjustments) Commercial bank (consolidated) : Bank of TokyoMitsubishi UFJ (consolidated) Commercial bank : Bank of TokyoMitsubishi UFJ (nonconsolidated) Trust bank (consolidated) : Mitsubishi UFJ Trust & Banking Corporation (consolidated) Trust bank : Mitsubishi UFJ Trust & Banking Corporation (nonconsolidated)

3 Agenda MUFG at a Glance Outline of Fiscal Results Group structure Group network MUFG s ranking Ratings 7 8 Net interest income Source and use of funds Noninterest income Consolidated/Nonconsolidated differences 8 General and administrative expenses 9 Nonrecurring gains/losses, Extraordinary gains/losses Assets and Liabilities Mitsubishi UFJ Securities Holdings Mitsubishi UFJ Morgan Stanley Securities UnionBanCal Corporation (US GAAP) Mitsubishi UFJ NICOS ACOM kabu.com Securities Consumer finance Mitsubishi UFJ Lease & Finance 7 Asset management 8

4 Agenda Business Segment Information Assets and Capital Profits by business segment Non performing loans based on the FRL Retail Gross profits, Net operating profits Reserves and secured coverage Retail Investment products Reserve ratios Retail Insurance product sales Investment securities portfolio Retail Housing loans Exposures to securitized products Retail Consumer finance Capital ratios 9 Retail Inheritance and Real estate Deferred tax assets 7 Corporate (domestic) Gross profits, Net operating profits 7 Retirement benefits 7 Corporate (domestic) Deposit & lending Corporate (domestic) Settlement business Corporate (domestic) Investment banking 8 9 Reference Major subsidiaries and affiliates 7 Corporate (domestic) Real estate and transfer agency business Global Gross profits, Net operating profits Global Asia business Global Americas business Global Europe business Exposures by country and region Loans to North Africa and Middle East Investment to Morgan Stanley Shares (Common, Preferred stock) Preferred securities Shareholder structure Trust Assets Gross profits, Net operating profits Trust Assets Pension business Trust Assets Investment trust management/administration Dividends on common stock Comparison with other Japanese financial groups Number of outlets Trust Assets Global custody business

5 MUFG at a Glance

6 Group structure Holding Company Mitsubishi UFJ Financial Group (MUFG) Total Assets 8.8tn Total Loans 8.tn Total Deposits.7tn Employees approx., (As of End Mar ) The Bank of TokyoMitsubishi UFJ Mitsubishi UFJ Trust and Banking Mitsubishi UFJ Securities Holdings Mitsubishi UFJ NICOS Mitsubishi UFJ Lease & Finance* Securities Group companies in other main financial areas Mitsubishi UFJ Morgan Stanley Securities Asset management Mitsubishi UFJ Asset Management / KOKUSAI Asset Management Consumer finance / Installment credit ACOM /JACCS* Real estate Mitsubishi UFJ Real Estate Services Private banking Mitsubishi UFJ Merrill Lynch PB Securities Venture capital Mitsubishi UFJ Capital Online securities kabu.com Securities Research & consulting Mitsubishi UFJ Research & Consulting Mobile internet bank Jibun Bank* Overseas UnionBanCal Corporation * an equity method affiliate of MUFG

7 Group network Solid domestic customer base with million retail accounts and, corporate clients Most extensive global network among Japanese financial groups with over bases in more than countries MUFG s branch network Domestic branches and offices* Overseas subsidiaries, branches, and offices* Western Japan (incl. Osaka) 7 Retail: Corporate: Eastern Japan 8 (incl. Tokyo) Retail: Corporate: Central Japan (incl. Nagoya) Retail:9 Corporate:9 Europe, the Middle East & Africa 7 Asia & Oceania UNBC Americas * Total of BTMU, MUTB and MUMSS * Total of BTMU, MUTB and MUSHD (As of End Mar )

8 MUFG s ranking Deposits * Market Cap (as of End Dec ) (as of End Mar ) Rank Company Name tn Rank Company Name tn Rank Industrial and Commercial Bank of China Company Name Industrial and Commercial Bank of China tn 9.8 MUFG. China Construction Bank Agricultural Bank of China Bank of China Loans * (as of End Dec ) 9. MUFG Industrial and Commercial Bank of China Bank of China Citigroup Bank of America 9.9 China Construction Bank. Wells Fargo JPMorgan Chase & Co. HSBC Agricultural Bank of China China Construction Bank 77. RBC.9 Bank of China 7.8 Banco Santander 7.8 MUFG.8 (Source) Compiled by BTMU Economic Research Office based on company disclosures * Excluding public financial institutions (Source) Compiled by BTMU Economic Research Office based on Bloomberg 7

9 Ratings Moody s S&P FITCH R&I JCR : no credit ratings Shortterm Longterm Longterm Shortterm Longterm Shortterm Longterm Shortterm Longterm Shortterm MUFG A A AA BTMU Aa P * A+ A A F A+ a AA MUTB Aa * P * A+ A A F A+ AA J+ MUSHD A P A+ AA MUMSS A P A+ a AA Union Bank A P A+ A A F MUN A AAa J+ ACOM BB+ B A F BBB A J MUL A P A+ AAa J+ * Bank Deposits ratings (as of May 9, ) 8

10 Outline of Fiscal Results 9

11 7 8 9 Net interest income (Domestic business) Revenue on interestearning assets Loans * Investment securities Others Expenses on interestbearing liabilities Deposits Negotiable certificates of deposits Interest on corporate bonds, etc. Payables under repurchase agreements External liabilities* Others FY, FY Change Net interest income (8.) * Loans for financial institutions are not included * Total of call money, bills sold and borrowed money (7.) (.) (.9) (.) (.) (.9) (.)...8. ( tn) 8 Interest income changes FY Commercial bank Interest on Loans :. bn Avg. loan balance :.8 tn, Yield 7bp Interest on Deposits :.9 bn Avg. deposit balance : +.7 tn, Yield bp Interest & dividend :.9 bn on securities JGBs :. bn (Avg. balance +.tn, Yield bp) Corporate bonds :. bn (Avg. balance. tn, Yield +bp) Equities : +. bn Domestic interest income..8 FY (%) Avg. loan balance Avg. deposits balance Net interest margin (RHS) DepositLending spread (RHS)

12 7 8 9 Net interest income (International business) Investment securities Due from banks Net interest rate swap income Others Expenses on interestbearing liabilities Deposits Negotiable certificates of deposits Interest on corporate bonds, etc. Payables under repurchase agreements External liabilities* Others FY FY Change Net interest income Revenue on interestearning assets Loans * * Loans for financial institutions are not included * Total of call money, bills sold and borrowed money (7.) (.) (7.7). (.8) Interest income changes International interest income..7. FY Commercial bank Interest on Loans : bn Avg. loan balance : +. tn, Yield +7bp Interest on Deposits : + 8. bn Avg. deposit balance : +.7 tn, Yield +bp Interest & dividend : +. bn on securities Foreign securities :+. bn (Avg. balance +.tn, Yield bp) ( tn)...99 FY 8. (%) Avg. loan balance Avg. deposits balance Net interest margin (RHS) DepositLending spread (RHS)

13 Net interest income Trust bank (Domestic business) Interest income changes Net interest income Net interest rate swap Revenue on interestearning assets Loans * Investment securities Others Expenses on interestbearing liabilities Deposits Negotiable certificates of deposits Interest on corporate bonds, etc. External liabilities* FY FY Change. (.) (8.) (.).. (9.9) (9.9) (.).. Interest on Loans :. bn Avg. loan balance :. bn, Yield bp Interest on Deposits : 9.9 bn Avg. deposit balance : +. tn, Yield 8bp Interest & dividend : +. bn on securities JGBs :.9 bn (Avg. balance +.8tn, Yield bp) Corporate bonds :. bn (Avg. balance + 9.9bn, Yield 8bp) Equities : +.9 bn ( tn) Domestic interest income (%)...8 Intearning assets avg. bal. Intbearing liabilities avg. bal. * Loans for financial institutions are not included * Total of call money, bills sold and borrowed money. FY FY.7.. Net interest margin (RHS) DepositLending spread (RHS)

14 Net interest income Trust bank (International business) Net interest income Net interest rate swap Revenue on interestearning assets Loans * Investment securities Due from banks Expenses on interestbearing liabilities Deposits Negotiable certificates of deposits Payables under repurchase agreements External liabilities* FY * Loans for financial institutions are not included * Total of call money, bills sold and borrowed money FY.9 (.) Change (9.) (.) (.) Interest income changes Interest on Loans : +. bn Avg. loan balance : +. tn, Yield +bp Interest on Deposits :. bn Avg. deposit balance : (Avg. balance +.bn, Yield bp) Interest & dividend : +. bn on securities Foreign securities : +. bn (Avg. balance +.8tn, Yield 8bp) ( tn) International interest income.... FY FY.8 (%) Intearning assets avg. bal. Intbearing liabilities avg. bal. Net interest margin (RHS) DepositLending spread (RHS)

15 Source and use of funds Commercial bank Average balance FY Change from FY Income/Expenses FY Change from FY Yield (%) FY Change from FY (%points) Domestic Sector Assets 7,9.8, (7.).99 (.) Loans and Bills Discounted 8,.7 (,8.) 7.9 (.).98 (.79) Investment Securities 8,8.7,9.8. (.9). (.8) Call Loans 78.7 (.)...7. Collateral Deposits on Securities Borrowed,8. (87.). (.). (.) Due from Banks Liabilities,87.,.. (.).7 (.9) 8 Deposits 9, (.9). (.9) 9 Negotiable Certificates of Deposit,.8 (78.). (.). (.7) Call Money, Payables under Repurchase Agreements, (.) Collateral Deposits under Securities Lending Transactions Borrowed Money,.8, (.) Net Interest Margin*.8 (.7) International Sector Assets,.8, (.) Loans and Bills Discounted,., Investment Securities,77., (.) 8 Call Loans. (.) Due from Banks, Liabilities,8., (.88) Deposits,., Negotiable Certificates of Deposit,77. (.). (.). (.) Call Money 9.9 (.9) Payables under Repurchase Agreements, Borrowed Money,8. (9.) 8. (.)..8 Net Interest Margin*.99 (.) *Net interest margin = net interest income / average balance of interest earning assets

16 Source and use of funds Trust bank Average balance FY Change from FY Income/Expenses FY Change from FY Yield (%) FY Change from FY (%points) Domestic Sector Assets 7, (8.).89 (.97) Loans and Bills Discounted 9,.9 (.) 9.8 (.).8 (.) Investment Securities, (.8) Call Loans 7.9 (8.)...9. Collateral Deposits on Securities Borrowed.7 (.). (.). (.9) Due from Banks. (.) Liabilities 7,7.,.8. (9.9). (.77) 8 Deposits,7.8 (.8) 9. (9.9). (.8) 9 Negotiable Certificates of Deposit,.7..9 (.). (.) Call Money (.) Payables under Repurchase Agreements. (.).. (.8) Collateral Deposits under Securities Lending Transactions (.) Borrowed Money, (.77) Net Interest Margin*.7 (.) International Sector Assets 7,.7, (.8) Loans and Bills Discounted, Investment Securities, (.8) 8 Call Loans Due from Banks, Liabilities 7,97.7, Deposits (.). (.) Negotiable Certificates of Deposit Call Money Payables under Repurchase Agreements, (.) Collateral Deposits under Securities Lending Transactions... Borrowed Money (.) 7 Net Interest Margin*.78 (.7) *Net Interest Margin = net interest income / average balance of interest earning assets

17 Noninterest income FY FY Change Net fees and commissions Fees on money transfer 7..9 (.) Fees received (.) Fees paid... Other fees and commissions Commercial bank Net fees and commissions Net fees and commissions up.bn from FY, as fees and commissions from syndicate loans, overseas business and investment products sales, insurance increased, while fees from bond issuance and domestic transaction declined Others received Net trading profits Trading securities and derivatives Trading securities and derivatives for hedging Derivatives other than trading securities Others Others paid Net other business profits Net gains (losses) on foreign exchange (.8) (.7). (.).... (.8) Net trading profits, Net other business profits Total of net trading profits and net other business profits up by 8.9 bn from FY (Due to forex rate changes, some reclassification between derivatives profits [net trading profits] and forex profits [net other business profits] occurred) Net gains on debt securities increased by. bn from FY Net gains (losses) on debt Securities... Net gains (losses) from Derivatives (9.) (.). 7 Expenses on debt securities (.9) (.9). 8 Others

18 8 9 Noninterest income Loan trust & jointly operated money trusts (before trust account chargeoffs) * Pension trusts, investment trusts, specified money trusts, etc. Credit costs for trust accounts Net fees and commissions Stock transfer agency Real estate Sales of investment trusts and pension annuities Others FY FY Change Trust fees (.) 7 Real estate custody, etc. Others Net trading profits..9 (.) (.7) (.) (.). (.7) (.9). (.) (.).8 Trust fees Fee income from pension trusts, investment trusts, specified money trusts, etc. declined by.7 bn from FY, mainly due to a decrease in asset balances (market values) Net fees and commissions Fees and commissions of stock transfer agency business, declined by.9 bn from FY, mainly due to a decrease in share registry fee Fees and commissions of real estate gained. bn from FY due to increase in agent commission Other business income Trust bank Net gains (losses) on debt securities increased by 7. bn from FY, mainly due to a gain in bond sales Net other business income 7..8 (.) * Loan trust and jointly operated money trust fees credit costs for trust accounts Net gains (losses) on foreign exchange.9.7 (.) Net gains (losses) on debt securities Net gains (losses) from derivatives (.) (.) (.8) 8 Others.. (.) 7

19 Consolidated/Nonconsolidated difference <FY> MUFG (consolidated) Sum of Nonconsolidated Difference * Mitsubishi UFJ Securities Holdings * UNBC * MU NICOS * ACOM * Gross profits (before credit costs for trust accounts),.,., Net interest income (),8.,. 8. (.) Fees and commissions () Net business profits,7., Net income Credit costs * (negative figure means costs) BTMU China NBL BTMU Brazil BTMU Holland BTMU Malaysia kabu.com Securities Interest payments on preferred securities * (9.) (.) (8.9) (Other main factors in consolidated/nonconsolidated difference) () Net interest income * FY () Fees and commissions * FY Mitsubishi UFJ Home Loan Credit Mitsubishi UFJ Asset Management Mitsubishi UFJ Research & Consulting MU Frontier Servicer Mitsubishi UFJ Real Estate Services Mitsubishi UFJ Factors Kabu.com Securities * Figures of subsidiaries are approx. and before consolidation adjustments. Minority interests are not reflected in net incomes * Figures included gains on loans writtenoff * Approx. figures before consolidation adjustments * Equivalent amount of net income based on equity holding ratio after consolidation adjustments (different from each company s own accounting figures) * Interest payments on preferred securities are included in net interest income under funding expenses on a nonconsolidated basis, and minority interests on a consolidated basis * Included negative goodwill *7 The sum of investment gains/losses from equity method affiliates of Mitsubishi UFJ Securities Holdings (.) Dah Sing Financial Holdings (.) (Investment gains/losses from equity method affiliates * ) FY Total Morgan Stanley. * Mitsubishi UFJ Securities Holdings *7. Mitsubishi UFJ Lease &Finance. Mobit JACCS BOT Lease Jibun Bank (.) 8

20 General and administrative expenses Consolidated Consolidated G&A expenses down. bn from FY Consolidated expense ratio down by. points to.9% Consolidated Expenses..8,99. (.) Expense Ratio * 7.%.9% (.%) of which personnel expenses of which nonpersonnel expenses Depreciation/ Lease Deposit insurance premiums Mitsubishi UFJ Securities Holdings Mitsubishi UFJ NICOS ACOM BTMU (Nonconsol.) Expense Ratio MUTB (Nonconsol.) Expense Ratio * Nonconsolidated,8.,9...8% Expense Ratio *.%.% (.%) UNBC Master Trust Bank of Japan Amortization of goodwill FY % 8..% FY,8. 9.% 8.9.% * Expenses/ Gross profits before credit costs for trust accounts Change.8 (.%) (.) (.%) (.).. (.).8 (.7) %Change (.%).% (.7%).%.%.%.% (.%).%.% (.%).% (.%) FY Key points Sum of Nonconsolidated Personnel expenses increased as we implement measures to strengthen overseas business, and deposit insurance premiums also increased. As a result G&A expenses increased by. bn from FY. Expense ratio declined by. points to.% Other subsidiaries MUSHD and Acom reduced G&A expenses Number of branches/employees (sum of nonconsol.) (Branches),,, 8 8, 8 9 (Employees) Number of employees (RHS), 9, 8,9 8,9, Overseas Domestic of w hich brancheswithinbranches End Mar 9 End Mar End Mar End Mar,,,,,,, 9

21 Nonrecurring gains/losses, Extraordinary gains/losses Sum of nonconsolidated Credit costs Losses on loan writeoffs Provision for specific allowance for credit losses Other credit costs Reversal of reserve for contingent losses included in credit costs Gains on loans writtenoff Net gains (losses) on equity securities Gains on sales of equity securities Losses on sales of equity securities Losses on writedown of equity securities Other nonrecurring gains (losses) Retirement benefit costs (.) (8.) (.). (.) (.) (7.) (.) (.) (77.) (8.8) (.) 7. (8.) (.) (7.) (9.7) FY FY Change Net nonrecurring gains (losses) (.7) (7.). Reversal of allowance for Credit losses. (.).7 (8.8) (7.). (.) (.7) 7.. (.) (.7) 8. (7.) (7.) Net nonrecurring gains/losses Credit costs increased 7. bn from FY as provision for specific allowance for credit losses increased though losses on loan writeoffs declined Net gains (losses) on equity securities increased. bn from FY, due to a decrease in losses on writedowns and other factors Retirement benefit costs increased 7. bn, impacted by the downturn in equity markets last fiscal year Net extraordinary gains/losses Decreased by. bn partly because gains on loans writtenoff and reversal of reserve for contingent losses have been included in nonrecurring gains and losses since FY Net extraordinary gains (losses).7 (.) (.) Gains on loans writtenoff 7. (7.) Reversal of allowance for credit losses Reversal of reserve for contingent losses included in credit costs Net gains (losses) on disposition of fixed assets Losses on impairment of fixed assets.8 (.) (.8). (9.8) (.8).7 (.9)

22 Assets and Liabilities Sum of nonconsolidated Commercial bank Trust bank Commercial bank Trust bank Commercial bank Trust bank Assets 78,8.9,.,8. 87,778.9,.,7. 9,9. 7,987.9,. Loans 7,7.8,98.7,89. 79,9.9 9,8.,.9,.,. (8.) Domestic offices,77.,78.,.9,98.9,.9 9,7.,.,8. (.8) Loans to SMEs and proprietors 9,79.,.8,.8 9,.,8.9,. (78.) (7.8) (.) Consumer loans 7,97.,9.,.8 7,8.,.,9. (7.) (.) 8. Housing loans 7,.,.,.9,8.8,7.,8. (9.) (8.). 7 Overseas offices and others,798.,7..,987.9, ,89., Investment securities 8,99. 8,.,87.7 7,7.,.,9.9 7,.,8.9,7. 9 Equity securities,8.,7. 8.,9.,. 8. (.) (9.7) (.7) Japanese government bonds,88.9,.,. 8,.7,7.,.,7.8,.9,9.8 Others 9,9.,9.,.9,. 7,.,9.,88.8, Liabilities 9,.,9.,. 78,.,.,97. 8,89. 7,8.,.9 Deposits 8,87.8,8.,. 8,7.,8.8, (.) Domestic deposits 8,89. 97,7.,7.9 7,8. 9,8.,.9 (,9.) (.) (8.) Individuals,8.,8.8 8,7.8,8. 7,. 8,.7,9.7,8.7 (9.) Corporations and others,.9,9.7,.,9.9 9,.7,7. (,.9) (,.) (.9) 7 Overseas offices and others 9,9. 8,8. 7.,8.,. 79.,.8,. 9. Note : Trust account figures are not included in assets and liabilities of Trust Bank End Mar End Mar Change (Reference) 8 Deposits 8,87.8,8.,. 8,7.,8.8, (.) 9 Domestic Sector,. 9,9.9,7.,. 9,.,. (,8.9) (8.8) (8.) Liquid deposits *,.,97.9,.,88.,7.,.7 (7.) (7.) (.8) Time and savings deposits * 9,9.,98. 9,9.7 8,78.9,7.9 8,77.9 (.) (8.) (.7) Other deposits,., (8.) (79.) (.) International Sector,., ,9.,9.7 8.,78.,7. 7. Liquid deposits *,9.8,9..,78., Time and savings deposits * 7,9.9,8.. 8,. 7,9. 7.,7., Other deposits,7.7,7. 98.,9., (7.8) * Liquid deposits = current deposits + ordinary deposits + savings deposits + deposits at notice * Time and savings deposits = time deposits + installment deposits

23 Mitsubishi UFJ Securities Holdings Consolidated subsidiary Turned ordinary profits positive due to recovery in net operating revenue and thorough expenditure cut Net income also increased in despite of extraordinary loss as a result of early retirement plan in MUMSS Operating revenue Net operating revenue* Sales and generale expenses Operating income Ordinary profits Net income FY (.) (9.8) (.) FY (.) 8.. * Operating revenue after deducting financial expenses Change (.7).. 7. Trends in net operating revenue and net income ().. (7.) Fees & commissions Net interest income, etc. Net trading gains/losses (.) (9.8) FY FY Net operating revenue 経常利益 Ordinary profits Net income. FY Key Points Fees and commissions:. bn (down 8. bn/ % from FY) Brokerage commissions 9. bn (down.9 bn/ %) Decreased in equity commissions due to downturn in Japanese equity trading volumes Underwriting commissions.9 bn (down. bn/ %) Decreased due to adverse market conditions Distribution commissions. bn (up.9 bn/ +%) Increased by focusing on sales of investment trusts Other commissions 7. bn (down. bn/ %) Decreased in management fees, etc. due to decline in assets under management at KOKUSAI Asset Management Trading gains: 8. bn (up. bn from FY) Stable profit due to further strengthening of risk management capabilities and tradings with customers Sales and general expenses:. bn (down.7 bn/ % from FY) Significant decrease due to thorough expenditure cut Domestic customer assets at End Mar (nonconsolidated):. tn (down.% from End Mar ) Assets under management slightly decreased due to the appreciation of yen, etc. Trends in sales amount of equity investment trusts (MUMSS;non nonconsolidated) FY H FY H FY H FY H

24 Mitsubishi UFJ Morgan Stanley Securities Business data /Q Q Q Q /Q Q Q Q FY9 * FY * FY * Domestic Customer Assets (\ bn),87.,9.,7.9,.,77. 9,8. 9,.7,8.7,9.7,.,8.7 Equities 7,88. 7,9.9 8,.8 7,8.8 7,8.8 7,.,8.9 7, ,9. 7,8.8 7,988.8 Bonds 9,7. 9,9. 9,8. 9,7.8 9,98.9 9,9.9 9,. 9,79. 9,97.8 9,7.8 9,79. Investment Trusts,.7,8.,.,.9,.,.,98.,.,9.,.9,. Reference Securities intermediary business (\ bn),778.,8.,889.,8.7,.8,7.,.,79.,87.9,8.7,79. Number of Accounts with account balance (Thousands),,,,,,7,,,99,, Reference 7 Securities intermediary business (Thousands) Number of Newly Opened Accounts (Thousands) Securities proper Securities intermediary * Equity Investment Trust Sales (\ bn) ,.,.,7.8 Securities proper ,9.,7. Securities intermediary Sales of JGBs for individual Investors (\ bn) Securities proper Securities intermediary Foreign Bond Sales (Retail, \ bn) Publiclyoffered Structured Secondary Reference Securities intermediary business (\ bn) * Domestic * Balances, etc: at periodend

25 Mitsubishi UFJ Morgan Stanley Securities Debt Finance Domestic Corporate Straight Bonds Bank of TokyoMitsubishi UFJ (Total 7bn), Takeda Pharmaceutical (Total 9bn), Mitsubishi Corporation (Total bn), ORIX (Total 7bn), NTT ( 7bn), Mitsubishi UFJ Lease & Finance (Total bn), SONY (Total bn), East Japan Railway (Total bn) ExFILP (Fiscal Investment and Loan Program) Agency Bonds Japan Housing Finance Agency (Monthly MBS Total 89.bn, SB Total bn), Development Bank of Japan (Total bn), Central Nippon Expressway (Total 9bn), Japan Railway Construction, Transport and Technology Agency (Total 9bn), Japan Student Services Organization (Total 9bn), Urban Renaissance Agency (Total 8bn), Japan Finance Corporation (Total bn) Municipal Bonds Related Japan Finance Organization for Municipalities (Total 7bn), Yokohamacity (Total 9bn) Samurai Bonds (yendenominated foreign bonds) Westpac Banking (Total bn), National Australia Bank (Total 8.bn), General Electric Capital (Total 8.bn), The Korea Development Bank (Total.7bn) Foreign Bonds Bank of TokyoMitsubishi UFJ (Total $,mm) Equity Finance POs IPOs EuroYen CB Securitization Japan Real Estate Investment Corporation (.bn), Industrial & Infrastructure Fund Investment Corporation (.bn, domestic and overseas offerings aggregate), Advance Residence Investment Corporation (.bn), MEIKO NETWORK JAPAN ( bn) NEXON ( 98bn, domestic and overseas offerings aggregate), SymBio Pharmaceuticals (.bn) Fukuyama Transporting ( bn) Housing loans & Installment receivables Real estate (arrangement) M&A Major Investment Banking Deals (Oct Mar ) Total of ; 7.bn Total of ;.bn Merger between Tokyo Stock Exchange Group and Osaka Securities Exchange ($,9mm) UnionBanCal s acquisition of Pacific Capital Bancorp from SB Acquisition Co LLC ($,mm) Merger between Nisshin Steel and Nippon Metal Industry (Ongoing) ($7mm) Cerberus Capital Management s sale of Advantage Resourcing America and Advantage Resourcing Europe to Recruit ($mm) Nippon Life s acquisition of.% stake in Reliance Capital Asset Management ($88mm) Going private of Aichi Machine Industry by NISSAN MOTOR through share exchange ($8mm) (Source) Thomson Reuters (Note) Amounts based on deal size

26 Mitsubishi UFJ Morgan Stanley Securities リーグテーブル League tables ( (Apr( 年 月 Mar 年 ) 9 月 ) Domestic SB lead managing ExFILP Agency Bonds lead managing Public Offering Underwriting IPOs Underwriting Rank Securities Company Share (%) Rank Securities Company Share (%) Rank Securities Company Share (%) Rank Securities Company Mitsubishi UFJ Morgan Stanley Securities. Mitsubishi UFJ Morgan Stanley Securities.8 SMBC Nikko Securities. Nomura Securities. Mizuho Securities. Nomura Securities. Nomura Securities. SMBC Nikko Securities. Nomura Securities 9. Mizuho Securities 7. Mizuho Securities.8 Daiwa Securities Capital Markets. SMBC Nikko Securities.8 Daiwa Securities Capital Markets. Daiwa Securities Capital Markets.9 Mitsubishi UFJ Morgan Stanley Securities. Daiwa Securities Capital Markets. SMBC Nikko Securities.7 Mitsubishi UFJ Morgan Stanley Securities. Goldman Sachs Japan.8 Goldman Sachs Japan.9 Goldman Sachs Japan.7 JPMorgan Securities Japan.9 Morgan Stanley MUFG Securities. 7 Citigroup Global Markets Japan. 7 Citigroup Global Markets Japan.7 7 Merrill Lynch Japan Securities. 7 Mizuho Securities. 8 Tokai Tokyo Securities. 8 Merrill Lynch Japan Securities. 8 Ichiyoshi Securities. 8 SBI SECURITIES. 9 Merrill Lynch Japan Securities.8 9 Morgan Stanley MUFG Securities. 9 UBS Securities Japan. 9 Tokai Tokyo Securities. Mizuho Investors Securities. Shinkin Securities. Goldman Sachs Japan.7 Monex, Inc.. (Note) Incl. Self Funded Tokai Tokyo Securities. (Note) Incl. REIT (Note) Incl. REIT (Note) Incl. Expressway company's bond Share (%) ABS underwriting lead managing M&A Advisory Based on Rank value M&A Advisory Based on Number of Deals Rank Financial Institutions Amount (\ bn) Rank Financial Advisor Rank Value (\ bn) Rank Financial Advisor Number of Deals Mizuho FG,7. Nomura,98.8 Nomura 9 Morgan Stanley.7 Goldman Sachs & Co,8.9 SMFG Nomura.8 Mizuho FG,7. Mizuho FG Daiwa Securities Group. Deutsche Bank AG,7.9 Daiwa Securities Group Goldman Sachs & Co. Bank of America Merrill Lynch,7. Mitsubishi UFJ Morgan Stanley SMFG.8 JP Morgan,.7 Goldman Sachs & Co 9 7 Bank of America Merrill Lynch 7. 7 Mitsubishi UFJ Morgan Stanley,8. GCA Savvian Group Corp 9 8 Sumitomo Mitsui Trust Holdings SMFG, Frontier Management 9 UBS 8. 9 Daiwa Securities Group,7.7 9 KPMG 9 Credit Suisse 8. Credit Suisse,7. 9 Pricewaterhouse Coopers 9 (Note) Mitsubishi UFJ Morgan Stanly Securities is (Note) Any Japanese involvement announced (Note) Any Japanese involvement announced counted as Morgan Stanley Excl. real estate only Excl. real estate only Incl. MBS Source: Thomson Reuters (data compiled by MUMSS)

27 UnionBanCal Corporation (FY/US GAAP) Pretax, preprovision income Net interest income increased primarily due to: Higher loan volumes in both corporate and retail banking Noninterest income decreased primarily due to: Declining deposit fees due to regulatory pressures, an industrywide challenge Lower gains on the sale of securities (related to gains in FY from securities portfolio rebalancing) Noninterest expenses increased primarily due to: Increase in salaries and employee benefits expense, including pension costs due to low interest rate and temporary costs for project execution The increase was partially offset by reduction in significant onetime charges recorded in FY and reduction in deposit insurance expense Pretax preprovision income down % due to lower noninterest income Provision for loan losses Total provision for credit losses was a benefit of USD mm due to improvement in credit quality throughout the portfolio Net income Strong growth in FY with net income of USD 778 mm <Consolidated Income Statement> Total revenue Net interest income Noninterest income Service charges on deposits accounts Trust and investment management fees Merchant banking fees Brokerage commissions and fees Card processing fees, net Trading account activities Salaries and employee benefits 8, Securities gains, net 8 (7) Noninterest expense,8 () 7 () Other than above,, () Pretax, preprovision income Provision for loan losses Income before income taxes and including noncontrolling interests Net income FY,7, 9,7 97 (8) 79 7 FY,9,78 8 8, 879,8 778 ($mm) Change () (7) () (9) 8 88

28 UnionBanCal Corporation (FY/US GAAP) Loans Increased due to loan growth, mainly retail mortgages and corporate loans, reflecting improved lending conditions in FY Securities Yearend balance increased due to increase in government sponsored agencies and commercial mortgagebacked securities Deposits Yearend balance increased partially due to increase in noninterest bearing deposits Nonperforming assets <Consolidated Balance Sheet> Total assets Loans Securities Available for sale Noninterest bearing End Dec 8,9,79, End Dec 89,7,,,8 77,8,,98,8 ($mm),, Held to maturity,,7 () Total liabilities Deposits 9,9 Change,, Interest bearing,,8 Total equity 79,97, 8,7,9,79,99 9,,9 NPA levels improved as economy strengthened and asset quality improved across the board Net interest margin (FY).% (FY).8%.% NPA ratio* continued to improve to.7%, favorable compared to peers Nonperforming assets Nonperforming assets to total assets *,.% 78.7% () (.%) * Excluding FDIC covered assets 7

29 UnionBanCal Corporation (FY Q/US GAAP) Solid financial results though reversal of provision for credit losses decreased. Posted US$9 mm net income (US$ mm) Noninterest expense Pretax, preprovision income Provision for loan losses * Net income Net income (excl. related to privatization and noncontinuing businesses) * Negative figures are reversal FY Q () 8 FY Q () 9 Change Total revenue 88 8 () () () () (7) Provision for allowance for credit losses, NPA ratio Loans balance increased Avg. Loans balance: US$. bn (+.% from FY Q) Avg. Residential mortgage balance: US$9.8 bn (+.% from FY Q) Avg. interest bearing deposits balance: US$. bn (+.7% from FY Q) Net interest margin:.7% (. %points from FY Q) NPA ratio * further declined Nonperforming assets balance: US$8 mm * (.% * of total assets) Allowance for credit losses: US$8 mm (.% of Nonaccrual loans) * Excluding FDIC covered assets FY Q Key Points Comparison of core capital ratio * with peers (US$ mm).%.%.% % % As of Mar,.7% Tier Common ratio.% TCE ratio.%.% 9.%.%.%.% 9.7%.% 9.% 9.% 8.% 7.%.89% Excluding FDIC covered assets.%.% % () () Provision for allowance for credit losses(lhs) Nonperforming assets ratio(rhs) FY9 Q FY Q FY Q FY Q FY Q FY Q.%.% % UNBC BB&T Comerica Huntington Key Corp Fifth Third Zions PNC (Source) Company disclosures * BB&T: BB&T Corporation Comerica: Comerica Incorporated Huntington: Huntington Bancshares Incorporated Key Corp: Key Corp Ltd Fifth Third: Fifth Third Bancorp Zions: Zions Bancorporation, PNC: The PNC Financial Services Group, Inc. 8

30 UnionBanCal Corporation (US GAAP) Loan portfolio * as of FY Q Residential mortgage 7.% Consumer.9% Lease financing.9% Commercial real estate.% Commercial, financial and industrial.9% Construction.% * Average loans for FY Q, excluding FDIC covered assets NPL/total loans Trends in average loans and deposits 7 (US$ bn) Average loans Average deposits FY9Q FYQ FYQ FYQ FYQ FYQ Net Chargeoffs/average loans.. % %.%.% UB Peer average.8% %.9%.7% UB Peer average % %.%.79%.8%.% % %.%.%.8%.99% % %.8%.%.% FY8 FY9 FY FY FYQ %.7%.79%.8%.% FY8 FY9 FY FY FYQ (Source) SNL and company reports (Source) SNL and company reports 9

31 Mitsubishi UFJ NICOS consolidated subsidiary FY 年上期のポイント Key Points FY FY Change Operating revenue down 9. bn from FY Revenue from cashing and finance operations declined but revenue from shopping transaction increased steadily Operating revenue Operating expenses Ordinary profits (losses) Net income (losses). 8.7 (8.) (.8) (9.) (9.).. Operating expenses down 9. bn from FY Costs related to loan losses and others decreased by 8.% yoy because enough provision for interest repayment was set aside last fiscal year and loan portfolio improved Net income 8.7 bn (up. bn from FY) Net income returned to profit due to a significant decrease in costs related to loan losses Interest repayment Risk management * 7.7 End Mar End Mar... Bankruptcies NPLs Loans with mitigated terms FY H FY H FY H FY H Allowance for losses from reimbursement of loan payments : 99. bn (as of end Mar ) Total 87.. * For Accounts receivable from cardholders and Commercial loans

32 Mitsubishi UFJ NICOS Consolidated Balance Sheets consolidated subsidiary Consolidated Statements of Operations Cash and time deposit Accounts receivable from cardholders Commercial loans End Mar End Mar Change (7.). (.) Credit card revenue Loan Card shopping Card cashing FY FY %Change (.). (.) (.) Change (9.) 9. (8.) (.) Guarantee contracts receivable Allowance for doubtful accounts (including fixed) Tangible fixed assets Other assets Total assets Notes and accounts payable to affiliated stores Credit guarantee obligation advances Interestbearing debt * Allowance for losses from reimbursement of loan payments Other liabilities Total liabilities Total net assets Total liabilities and net assets 9. (8.7). 8., ,..7, (7.). 8., ,.7.,. * Interestbearing debt = Short and Longterm debt + Bonds payable + Commercial papers + Lease obligations (.9). (.).9 (.) 9. (.9) (9.) (7.) 9. (9.) 9. (.) Guarantee revenue Other revenue Finance revenue Total Personnel cost General expenses Expenses related to loan losses and others Total G&A Financial expenses Total operating expenses Operating profits (losses) Nonoperating gains (losses) Ordinary profits (losses) Extraordinary gains (losses) Income taxes Net income (losses) (8.). (8.) (.). (.8) (.7). 8.7 (.) (.) (.) (.).7.9 (8.) (.) (.) (.9) (.8) (9.) (99.) (.) (.) (.) (9.)..7 (8.8) (.7) (.8) (9.). (.).. (.).

33 Mitsubishi UFJ NICOS consolidated subsidiary Issuing business Balance of loans * and revolving credit ( tn)......, % (,97) 9% (,789) % (,9) % (9,8). FY H FY H FY H FY H Card shopping transaction volume Active members / valid members figures in parenthesis shows thousand number of valid members Acquiring volume of card shopping End Sep End Mar End Sep End Mar Revolving credit Loans * Card cashing + Card loan (managerial accounts figures) Volume * of processing business ( tn) ( tn) FY H FY H FY H FY H. FY H FY H FY H FY H * Alliance partners transaction volume for card shopping + card cashing

34 ACOM consolidated subsidiary FY Key points Operating revenue Operating expenses Operating income Ordinary income Net income FY.8. (8.7) (8.) (.) FY Change (.) (.)..7. Operating revenue down.% from FY Drop in loan business revenue from decrease in loan balance due to consumer finance market contraction and from the loan interest rate decline Operating expenses down. bn from FY Provision for interest repayment losses declined significantly by 9. bn and provision of bad debts decreased by. bn from FY Other operating expenses decreased by. bn from FY through cost cutting Interest repayment * (nonconsolidated) Nonperforming loans ans (nonconsolidated) %.89%.9% 9.9% FY H FY H FY H FY H End Sep End Mar End Sep End Mar * Cash out base Balance of NPLs NPLs/Total loans

35 ACOM Unsecured consumer loans (nonconsolidated) consolidated subsidiary Guaranteed receivables (nonconsolidated), End Sep End Mar End Sep End Mar End Sep End Mar End Sep End Mar,, Loans by interest * / Corresponding ratio * (nonconsolidated) 7.% 7.9%.%.% (#),, New loan customers (nonconsolidated),7, 7,7 7, End Sep End Mar End Sep End Mar Over 8% 8% or less Corresponding ratio * Unsecured loan for customers * Ratio of customers in breach of the regulation: population = all customer accounts FY H FY H FY H FY H

36 kabu.com Securities consolidated subsidiary FY Key points 7 8 Operating revenue Commissions Interest income (a) Interest expenses (b) Net interest income (ab) Operating expenses Ordinary profits Net income FY FY Change (.) (.) (.). (.) (.) (.).9 Ordinary profits down % from FY Operating revenue declined % from FY mainly due to the decline in equity commissions Operating expenses declined % from FY with completion of amortization for large scale systems and decrease in fixed costs by termination of Proprietary Trading System (PTS) Net income up.9bn from FY Due to the. bn advance posted as allowance for bad debt in FY, which resulted from failed settlement for transactions after the earthquake, net income increased Number of accounts and assets on deposit, both gained from FY, along with the market recovery Number of accounts Assets on deposit (Accounts) 9, 7, 7,8 78,9 8, (Accounts) 9, ( ),,8 9,7 9,9 8,7, 7,, 7, 7,89 78,7 77,7 7,,, ,,, End Sep End Mar End Sep End Mar Securities accounts (LHS) Margin trading accounts (RHS) End Sep End Mar End Sep End Mar Equities Investment trusts Money deposited, etc. Nikkei Stock Average (RHS)

37 Consumer finance Mobit (Accounted for by the equity method) 7 Operating income Ordinary profits Net income Balance of loans outstanding Number of accounts (thousands) Avg. acc. balance (thousand yen) FY FY Change Operating revenue.7. (.) JACCS (Accounted for by the equity method) Ordinary profits Net income FY. FY....8 (.) 7 (7) Change Operating revenue. 7. (8.9) Operating expenses (.7) 7.8. FY Key points Operating revenue down.bn (%) from FY Balance of loans outstanding decreased mainly due to Revised Money Lending law Net income up.8 bn (+8%) from FY Increased net income through a reduction in expenses to offset decline of operating revenue FY Key points Operating revenue down 8.9bn (7.%) from FY Operating revenue down from FY mainly due to decreases in card cashing outstanding caused by Revised Money Lending law Net income up.bn (+%) from FY Operating expenses decreased significantly due to declines in depreciation of the main system and costs related to credit losses. As a result, net income significantly increased from FY

38 Mitsubishi UFJ Lease & Finance Accounted for by the equity method FY FY Change Gross profits 8.7. (.) Operating expenses.8.9 (.9) Operating income.8. (.7) Net income Trends 収益の推移 in income FY FY Gross profits Operating income Net income New assets acquired up by 9.% from FY Provided value added products and services and proposal based marketing focused on customer needs Operating income down.9% from FY Developed sales focused on profitability Financial expenses decreased resulting from lower funding costs Expenses for Nonperforming asset decreased due to stringent credit management Net income up.% from FY to. bn partly due to reversal gains from allowance for earthquake related credit losses, and marked a new record high,, FY Key Points New assets 契約実行高 acquired, FY, FY Others Loan Installment sales Lease 7

39 Asset management Mitsubishi UFJ Asset Management (Consolidated subsidiary) FY Key points FY FY Change Operating revenue (.) Operating expenses Net income Investment trust management balance ( tn) Equity ( tn) 7 Operating income Bond ( tn) (.) (.) (.) (.). The balance of investment trust as of the end Mar decreased by. tn to. tn from end Mar. Inflow of funds, particularly towards the Mitsubishi UFJ Emerging Bond Fund (Currency selection type), was offset by outflow of funds, such as the PIMCO Global High Yield Fund (Monthly distribution type) and by the decline in market value of assets Operating revenue decreased by. bn from FY to 7. bn, due to the decline in investment trust balance Operating income declined by. bn from FY to 8.bn KOKUSAI Asset Management (Consolidated subsidiary) FY Key points Net income Investment trust management balance ( tn) Equity ( tn) 7 Operating expenses Operating income Bond ( tn) FY FY Change Operating revenue..9 (.) (.8) (.) (.9) (.) (.). World REIT Open (Monthly settlement type) and U.S. High Yield Bond Open (Currency selection type) performed strong, however larger outflow continued from core fund Global Sovereign Open (Monthly settlement type) and the decline in market value of assets resulted in decrease of investment trust balance by. tn from end Mar to. tn Operating revenue decreased by. bn from FY to.9 bn, due to the decline in investment trust balance Operating income down by. bn from FY to. bn 8

40 Business Segment Information 9

41 Profits by business segment Consolidated MUFG BTMU (consolidated) and MUTB (consolidated) 7 Gross profits * Retail Global UNBC FY FY Domestic 9.7 % 88.8 % Trust Assets Global Markets, Others,., (% of total) % 8% 7% 8% % %,9., (% of total) % % 8% 7% % 8% Change (% change) 7. % (7.) ()% (.9) ()% 7.8 8% (.) ()% (8.) ()%. % 7 FY Gross profits * Retail Domestic UNBC. % Trust Assets BTMU (Consolidated) Global.8 % Global Markets, Others, (% of total) % % 8% % MUTB (Consolidated) (% of total) % 8% % 7% % Net operating profits * Retail,9.. FY (% of total) % 9%, FY (% of total) % % Change (% change) % (.8) (8)% FY Net operating profits * Retail BTMU (Consolidated), (% of total) % % MUTB (Consolidated).9.9 (% of total) % % Domestic. % 7. 9%. % Domestic. % 8. % Global. 7%. 7%.7 % Global.9 % UNBC 9.9 7% 79. % (.9) ()% UNBC 79. 7% 7 Trust Assets Global Markets, Others.. % 9%. 79. % % (7.). ()% % 7 Trust Assets Global Markets, Others 79.8 % 8.9. % % * Managerial accounts basis

42 Retail Gross profits, Net operating profits Consolidated Gross profits down %, net operating profits down 8% from FY Consumer finance revenue and yen deposits revenue decreased, while revenue from investment product sales rose 7% from FY on steady sales increase,,, 8 Consolidated gross profits, Inheritance/ Real Estate Investment Products Consumer Finance Loans, Yen Deposits. ( tn) ( tn) 7 Average retail lending balance FY H FY H FY H FY H Housing loans General loans Average retail deposit balance.8. Securities excluding Investment Products.. Others. FY FY FY H FY H FY H FY H Yen deposits Foreign currency deposits

43 Retail Investment products Income from investment products 8 8. FY 7. FY Investment trusts Insurance FY results: Gross profits 7. bn (up 9. bn from FY) Financial products intermediation Foreign currency deposits Gross profits up with steady increase in insurance and financial products intermediation. Investment product sales rose to.7 tn and renewed the highest in MUFG history Customer account balances up mainly due to the sales increase in insurance annuities and financial products intermediation FY plans: Approach customers with potential asset management needs through segment strategy promotion Manage timely introduction of products to meet changes in the environment, market situation and customer needs including needs to find alternative investments for proceeds from redemption of JGB for retail investors ( tn) FY H FY H FY H FY H Customer account balances: Equity investment trusts, Insurance annuities, Financial products intermediation * ( tn)... Equity. investment...9 trusts (BTMU).9... Equity. investment...9 trusts (MUTB) Consolidated Investment product sales.8. End Sep End Mar End Sep End Mar Equity investment trusts (BTMU) Equity investment trusts (MUTB) Equity investment trusts (MUMSS) Insurance annuities Financial products intermediation (JGBs, Equities, etc.) Financial products intermediation (Investment trusts, Foreign bonds, etc.) Insurance annuities * Financial products intermediation balance includes referrals Equity investment trusts (MUMSS) Financial products intermediation

44 Retail Insurance product sales Commercial bank Incrementally increased the number of sales personnel and locations handling the products since the full deregulation in Dec 7 Enhanced product lineup mainly of wholelife insurance which also serves as savings Singlepremium Type of product Insurance annuities for investment purposes Fixed insurance annuities Wholelife insurance Health and nursing care insurance No. of products handled * 9 Timing of lifting of ban on sales by banks Oct Dec No. of locations handling products * 8 (as of end Mar ) Persons responsible for sales * Around,8 including insurance planners, senior financial planners and financial planners, etc. Wholelife insurance Periodic premium Term and income security insurance Endowment insurance Educational insurance Health insurance Cancer insurance Dec 7 8 (as of end Mar ) insurance planners and around, bank staff (as of end Mar ) Fixed insurance annuities Auto insurance Same as Singlepremium Handling only on internet banking * As of end Mar * Multiple branches/offices conducting sales at the same location counted as one location * The number of insurance planners represents those assigned to sales locations

45 Retail Housing loans Income from housing loans ( tn) Consolidated New housing loans extended FY FY (Note) Housing loans include funds for construction of housing for rent FY results: Gross profits 89.9 bn (down 7. bn from FY) New housing loans extended in FY H recovered over FY H due to implementation of competitive fixed rate housing loan Average balance of housing loans in FY H declined % from FY H due to decrease in new housing loans extended in FY H FY plans:. ( tn) FY H FY H FY H FY H Housing loans: Average balance Continue offering competitive fixed rate housing loan product. FY H FY H FY H FY H

46 Retail Consumer finance Income from consumer finance Consolidated Change 貸出残高の推移 in loan balance FY FY plans: FY ACOM MU NICOS FY results: Gross profits 9. bn (down. bn from FY) BTMU+MUTB (bankissued card loan, etc.) Profits declined mainly due to a decline in loan balances at ACOM and MU NICOS Loan balance for BANQUIC card loans at commercial bank increased steadily Focus on increasing new cardholders and loan balance for BANQUIC card loans at commercial bank. Improve the convenience and screening model, develop advertising ( tn) ACOM MU NICOS BTMU+MUTB End Sep End Mar End Sep End Mar ACOM: Receivables outstanding of loan business and banking business of consolidated basis MU NICOS: Operating receivables of card cashing and finance BTMU+MUTB : Card loan outstanding, etc. Change in loan balance of BANQUIC End Sep End Mar End Sep End Mar