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2 / , , , , , , ,824 12,810 13, ,005 52,414 59, ,955 51,001 59, ,419 6,026 18, , , , ,352,709 1,280,822 1,256, , , , ,408,698 2,342,865 2,121, ,912,210 1,808,624 1,629, , , , ,587 1,490 1, N E ROEROA

3 2004 Credit Saison Co., Ltd. 1

4 H ow Have We Been e Doing?

5

6 To Our Stakeholders To Our Stakeholders To Our Stakeholders To Our To Our S takeholders To Our Stakeholders Stakeholders 2 Credit Saison Co., Ltd. To To Our Our Stakeholders To Our To Our S Stakeholders Stakeholders To Our Stakeholders

7 %2, , % % % UFJ M&A 7%15% 30% 30% M&A ,086 23,428 21,216 18,557 16,172 1,587 1,490 1,340 1,140 1,000 Credit Saison Co., Ltd. 3

8 Credit Saison Co., Ltd.

9 Steady Growth New Growth Strength Alliance Satisfaction New Revenue Source Innovation Credit Saison Co., Ltd. 5

10 Q 1? 6 Credit Saison Co., Ltd.

11 200431, % % CRM SAISON Strength Strength Strength HEART CUSTOMER CUBE TM ACE Falcon Ubiquitous CRM TM Credit Saison Co., Ltd. 7

12 Q 2? 8 Credit Saison Co., Ltd.

13 ,000 Alliance AIG Super Value Plus Alliance A lliance SSGS LOFT PARCO Franc franc LP Credit Saison Co., Ltd. 9

14 Q 3? 10 Credit Saison Co., Ltd.

15 ETC Satisfaction 1601, SAISON STATION SAISON CARD MAKER Satisfaction Satisfaction Credit Saison Co., Ltd. 11

16 Q 4? 12 Credit Saison Co., Ltd.

17 2002 Ubiquitous 2, IC New Revenue Source New Revenue Source New Revenue Source 1,600 AIG Direct Mailing Credit Saison Co., Ltd. 13

18 Q 5? 14 Credit Saison Co., Ltd.

19 Innovation I nnovation I nnovation Credit Saison Co., Ltd % 8.7% 81.0% 19.0% 88.9% 11.1% 86.8% 13.2% % 4.1% 5.4% 3.2% % 20.7% 65.7% 34.3% 80.5% 19.5% 76.7% 23.3% % 4.8% 5.9% 5.5%

20 80 Mitsui Outlet Park Mei & L.L.Bean Club PEC UA PADI DoCoMoCard NTT AOL 16 Credit Saison Co., Ltd. m z PLUS JAF

21 PEC MUJI Card Franc franc ALTA Kamome POWER S cocoon TOHO JAPAN Third Age Style mydoplus WOWOW WOWOW ETC Credit Saison Co., Ltd. 17

22 Credit Saison Co., Ltd.

23 FAX Credit Saison Co., Ltd. 19

24 CS 20 Credit Saison Co., Ltd.

25 Credit Saison Co., Ltd. 21

26 , F TEL Ubiquitous TEL F TEL F TEL F TEL F TEL micc F TEL DTK1F TEL Credit Saison Co., Ltd.

27 F TEL F TEL F TEL Rec F TEL COCOON TBK3F TEL F TEL F TEL ES3F TEL F TEL EPO & Credit Saison Co., Ltd. 23

28 T&E (100.0) 128,681 14,876 3, (90.8) 1,709 3, (30.0) 15,546 2,550 2, (100.0) 64,817 7,867 1,862 0 (100.0) 10,776 1, (100.0) 2,235 4, (100.0) 4, (95.1) 23,230 14, (100.0) 7,886 2, (100.0) 1, (46.8) 14,093 4,829 1, (36.2) 29,845 20, (100.0) 22,531 2,986 1, Credit Saison Co., Ltd.

29 Credit Saison Co., Ltd. 25

30 , , , , , , , , , ,074 9,824 12,810 13,370 15,747 14,918 54,005 52,414 59,672 44,125 39,610 52,955 51,001 59,698 42,943 39,690 22,419 6,026 18,225 13,548 16, , , , , ,933 1,352,709 1,280,822 1,256,898 1,719,109 1,769, ,011, , , , , , , , , , % ROE ROA , , , , , , , , ,554 87,371 83,119 74,354 7,154 7,607 7,401 8,604 9,347 10,899 44,824 43,123 41,247 37,800 33,563 31,638 45,051 44,250 41,161 37,043 33,793 31,645 24,396 5,026 12,285 16,521 14,275 14, , , , , , ,255 1,155,776 1,085,348 1,057,840 1,031, , , , , , , , , , , , , , , % ROE ROA ,912,210 1,808,624 1,629,199 1,420,243 1,278,719 1,126,165 13,367 17,369 19,267 20,771 24,256 29,749 31,683 53,433 56,316 14,646 25,628 31, , , , , , , , , , , , ,578 73,665 71,960 51,788 35,192 23,919 21,743 2,763 9,445 9,281 11,677 13,729 21,189 6,604 9,788 9,426 8,914 8,331 7,572 2,924,399 2,969,794 2,730,437 2,413,174 2,189,740 2,022, Credit Saison Co., Ltd.

31 T&E %2, % % %1,66326 T&E , % , , , , , % 41,207 31, ,176 27, ,096 2, , , ,726 23, ,562 31, ,123 24, , , % % % 2, Credit Saison Co., Ltd. 27

32 8.4% % % , %4684.6% , ,1225.7% 5, % 1,6475.3%400 1,247 3, % 04 46, , , , , , , , ,191 32, % % 182, , ,800 44, ,355 12, ,573 1, T&E 16,195 16, ,013 3, ,609 4, ,929 1, ,820 6, ,831 5, , , ,148 56, (3,654) (3,078) (3,143) (3,698) 220, , ,005 52, Credit Saison Co., Ltd.

33 SAISON STATION SAISON CARD MAKER IT 4 FEP % 6,000SS % % % % % % 5 Credit Saison Co., Ltd. 29

34 8 04 1,573 12, ,340 12, ,838 14, ,604 16, ,596 13,942 3 T&E % % T&E 04 1,013 16, ,601 16, ,120 15, ,363 15, ,673 13, % % % % % , ,6091,929 5,831 5,552 6,437 7,820 9,306 9,061 10, ,611 4,082 3 CP 30 Credit Saison Co., Ltd.

35 % 16.6%CP7.0% 12.5% 3 R&I A+CPa % % % 12.5% 7.0% 16.6% 04 10, , , , ,767 CP % % %1 3, % %3, % %6, %4, %4, % 9, %2, %19.1% ROE9.1% Credit Saison Co., Ltd. 31

36 % % %111.5% % 1,249,508 1,146, ,277 28, ,237 1, ,612 31, % 2.5% % 115.0% 3 2.5% 2.4% , , , , , % 35,677 31, ,478 28, ,909 24, ,246 35, ,096 2, Credit Saison Co., Ltd.

37 Credit Saison Co., Ltd , ,

38 ,421 75, , , ,204 37,765 31,488 15,612 12,908 10, ,307 28,673 34,612 31,084 1,040, , , ,407 15,570 17,032 7,030 10,678 2,902 1,019 9,872 10, , , ,243 9,435 6, ,698 8,376 68,468 64,134 36,987 28,252 8,915 8,268 7,807 8,074 19,697 34,901 4,634 4, , , , , ,400 2,100 1,783 2,307 1,352,709 1,280, ,228 96, , ,668 22,273 16,790 20,460 40,000 6,784 71, ,000 3,127 5,929 23, ,733 1,667 3,446 3,428 33,535 24, , , ,540 96,000 7, , ,833 33,000 38,415 7,398 6, ,233 3, , ,905 1,094,025 1,043, ,667 63,337 67,133 66, , ,686 4, , , ,028 1,352,709 1,280, Credit Saison Co., Ltd.

39 , ,193 12,332 12,595 T&E 16,187 16,283 5,525 4,751 7,971 6,570 9, , , , ,017 9,824 12, , ,827 54,005 52,414 1,992 2,174 3,041 3,587 52,955 51,001 3,938 12,446 65,252 40,509 10,313 23, ,906 4, ,419 6, ,788 64, ,071 67,133 66, , ,934 22,419 3,387 9, , ,686 Credit Saison Co., Ltd. 35

40 ,509 10,313 36,680 30, , ,509 4, , ,978 6,376 9,892 11,102 1,068 2, , ,616 7,569 13,920 9,862 88,979 48,480 30,000 20,000 6,064 3,986 10,944 8,518 2,305 22,969 6,738 2, ,204 21,647 5,961 6,378 10,025 11,120 1,094 4,312 55,045 12,592 7,965 5,469 22,617 10,913 74,046 72,076 1,937 3,235 9,761 3, , ,703 66, ,763 3,068 73,000 29,000 68,795 77,187 26,059 47,989 64,723 5,801 40,200 13,945 33,000 8,217 15, , ,075 3, ,813 61, ,933 7,696 75,725 67, ,421 75, Credit Saison Co., Ltd.

41 , , , , , , , , , , , , , , ,205 83,169 73,624 70,883 9,052 7,539 6,802 6,489 5,434 1, ,538 95, , ,521 59,816 72,668 1,629 2,175 3, ,155,776 1,085,348 1,057,840 1,031, , , , , , , , , , , , , , , , , , , , ,354 63,667 63,337 61,302 61,302 61,302 58,868 67,078 66,748 67,736 67,416 67,096 63, , , , ,906 91,885 77,677 4,679 1, ,233 3, , , , , , ,255 1,155,776 1,085,348 1,057,840 1,031, , , , , , , , ,892 44,824 43,123 41,247 37,800 33,563 31,638 45,051 44,250 41,161 37,043 33,793 31,645 42,349 7,871 21,261 28,658 24,702 28,353 22, ,361 13,944 14,763 14,247 4,368 2,953 1,385 1,807 4,336 24,396 5,026 12,285 16,521 14,275 14, ,524 10,755 9,650 9,628 7,601 7,595 3, ,920 5,729 21,935 26,150 25,751 21,702 Credit Saison Co., Ltd. 37

42 VISAMasterCard VISAMasterCard JCBJCB AMERICAN EXPRESS Net 11 G&FS SAISON CARD MAKER 4 JAPAN 5 8 DoCoMo Card 9 10 GE 11 VISA MasterCardJCB3IC SAISONPASS mz PLUS 8 9 SAISON STATION 9 Super Value Plus 9 TOHO % SAISON CARD EXPRESS 3 JRAMU CLUB Web 38 Credit Saison Co., Ltd.

43 Credit Saison Co., Ltd. 6, F TEL % 40.50% 42.22% 10.49% 2.07% 6366, ,3641, , , , , , , , , , , , ,725 12, , ,000 TOPIX 2,500 3,200 2,000 2,400 1,500 1,600 1, /1 00/1 01/1 02/1 03/1 04/ ,820 3,100 3,320 2,680 3,600 1,450 2,125 1,821 1,881 2, Credit Saison Co., Ltd. 39

44 F TEL: % TM

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