P.2 NIRA SWIFTNet P.29 P.33 NIRA CP CP P.41 NIRA 1

NIRA CP() 2

Treasury Management Liquidity Management LM= Working Capital Treasury ManagementLiquidity Management Liquidity Management Liquidity Management Working Capital CM CM Cash MGMT 3

CIO Cash Management 10050 4

Oracle 5

CMS 80 SweepCover 6

20032005 CMS CMS CMS CMS FX for Non-Resident Source: HSBC, Cash and Treasury Managemen t in Asia Pacific 1) Required Documentary Evidence for Genuine Investment Flow & Trade 2) Free Forex Forward, but Forex Swap must be Traded under the Rule of MAS757 3) Free Hedge Trade in the Case of Actual Requirements for Economic Activity 4) Required Permission of Central Bank 2002 199899 7

20051 2005 http://www.meti.go.jp/press/20050810002/20050810002.html CM W/H Tax TreatyW/H Tax) VAT Thin Capitalization=Debt to Equity Ratio Stamp Duty CFC -Controlled Foreign Company- Legislation Transfer Pricing FX Regulation) Central Bank Regulation & Reporting Requirements 8

Tax Thin CapitalizationDebt to Equity Ratio CFC 2003 Tax Tax Tax 1998 9

Cash Management Service Cash ConcentrationZBA,Sweep/Cover Notional PoolingInterest OptimizationCross- Guarantees Reference Account Structure with cross-border ZBAHSBC P.29 Cash Concentration Zero Balance Account Sweep Cover Sweep / Cover UFJ Cash Concentration Cash Concentration Tax 10

Tax Notional Pooling NotionalPooling 100 BIS 100 100 10 2030 Notional Pooling Notional Pooling Reference Account Structure with cross-border In-House Bank Reference Account Structure HSBC 11

In-House Bank EUNotional PoolingCash Pool SPV In-House Banking In-House Bank Notional Pooling Cash Pool HSBC HSBC HSBC IT ERP ERP LMS STP 12

ERP BPR ERP ERP ERP ERP ERP IT IT IT 10 IT ERP IT 10 IT IT SE ERP - 13

IT CIO ERP BPR CIO BPR ERP BPR BPR ERP ERP EDP SAP ERP SAP R/3 Enterprise 14

ERP CIO IT CIO ERP CIO ERP ERP SAP R/3 Enterprise ERP SAP OracleProActive SAP ERP ERP Made in Japan ERP IT 15

ITCMLM ---- BPR ERP Trema Finance Kit Trema Finance Kit ASPApplication Service Provider Trema Finance Kit ASP IT Trema Finance Kit 16

Trema TTrade0 CP Trema Cash Management Trema 17

CMSCash Management Service CM ITERPTreasury SystemCM Cash Management Total Solution Cash Management Service 18

MTUFJ MTUFJ 19

Notional Pooling 1998 Treasury Management 20

21

200220032003 2005CP CP 21 Liquidity Management 22

2000 2002 23

In-House Bank 24

Market drivers for Market drivers for Trema 25

Integrated Platform TremaTrema Bank to basics 1992 TremaFinance kit GE 26

TremaSAP Trema Trema 27

http://www.enkt.org/yobo_29.html#2_12 ---------- 2005 NIRA 28

SWIFTNet 1. 2. ERP STP SWIFTNet 3. ERPTMS 1 SWIFTNet 400% ROI GE 1 Treasury Management System ERP 29

3 SWIFTNet STP 2 SWIFTNet Availability99.99 IP GE 400 ROI 2005 SIBOS General ElectricSWIFTNetSWIFT 3 200 2 SWIFTNet EDI SWIFTNet 2 Straight Through Processing end-to-end 3 SWIFT CUG(MA-CUG ) 2 GE SWIFTNet SWIFT Japan 03-5223-7409 torhu.yoshimi@swift.com http://www.swift.com/index.cfm?item_id=57384 MA-CUG 30

50 0 38 1 31% SWIFTNet GE 3 0.1 SWIFTNet + 400% -SWIFTNet 1,200 12 SWIFTNet SAP R/3 CFM corporate finance management module SWIFTNet SAP CFM Microsoft BizTalk Microsoft Office InfoPath SharePoint SWIFTNet SWIFT XML SWIFT A A GE SWIFT SWIFTNet ERP TMS SWIFTNet GE BP, France Telecom, Louis VuittonCargil SWIFT MA-CUG SWIFTNet SWIFTNet FIN FileAct ERP/TMS Arcelor ROI 31

600%SWIFTNet SWIFT 2005 66 4 6 SWIFTNet SWIFT MA-CUG 2006 6 32

-- -- NIRA 1. 2. 10 3. 4. 5. 8 12 4 1 5000 87 4. 04 23.7 03 04 90 90 33

3 34

No.1 35

96 36

1099 98 002 12 65 0 07 () 65 37

03 06 09 38

12 39

---------- NIRA 2005 12 40

CP CP NIRA CPCP 1987CP 4 CP20033 31 CP CP CP CP 1 CP 4 41

CP CP CP CP 2 CP CP CP CP () 1020CP CP T+2T+0 DVPCP CP CPCP 42

CP CP CP CPCP CP CP CP CPCP CP 0.1 bp 100 10 CP CP16 20053 CP2005 174 10 CP20 CP 43

CP CP 364 T()0 CP CP T2 T0 CP CP CP CP CP CP 44

T 0()CP DVP CPCP DVPDVP CP 3 CP CashCP Cash 5 45

CP CP CP CP CP CP CP CP CP CP CP IT21 46

4 CP CP CP 364 CP CP IPA CP CP 364 1100 CPCP CP 5. CP 6 47

CP CP T2 (Trade Date) T1 CP T0 CP CP IT 6. CP CP CP IT CP DVP 48

RTGS CP CP CP IPA DVP CSD 7 8 49

CP CP IT CP CPCP60% 4CP 7. CP CP CP CP IPA 50

51

52

CP IPA CP 6 CP 2002 CP CP CP 53

CP CP CP CP CP MTN 9 10 11 54

CP CP CP CP 55

CP CP CP CPCP CP CP CP CP CP CP 2005 3 CP 2003 2004 3 CP CP CP 2004 3 2005 3 12 56

CP 5 20 CP CP CP CP CP CP CP CP 100 10 10 CP 1 1 0.19bp 100,000 ( 2005 ) ISIN 0 ( 2005 ) 0 ( 2005 ) 100 FOP 50 CP CP 2005 3 1 5,000 0.19bp2006 4 100,000 2003 CP 13 4,000 05 11 25 100,000 CP 1 13 57

CP 2003 3 CP 5000 / 4,000 0.19bp 4000 4,000 1 5,000 2005 4 CP 10 20 CP 2005 11 25 4000 10 CP CP CP 58

CP IPA CP 18 1 4 18 4 3 59

CP CP 2003 10 2004 3 2 3 CP CP CP H19P.24 http://www.enkt.org/katudou/pdf/release_040528.pdf IPA IPA 3 4 CP 60

CP IPA IPA CPU T+T+0 CP CP IPA IPA IPA CP 61

2005CPCP CPCPCP (:) 62