Repurchase of Own Preferred Stocks

The Norinchukin Bank

Repurchase of Own Preferred Stocks

The Norinchukin Bank (the "Bank") has decided to repurchase its own preferred stocks in accordance with Article 28, Paragraph 1, Item 1 of the Act on Preferred Equity Investment by Cooperative Structured Financial Institution (Law No. 44 of 1993).

The Bank issued preferred stocks in the past as a supplement to its common stocks in order to enhance its equity capital profile and diversify its financing methods.

In light of the changing circumstances surrounding its preferred stocks, including additional issuances of its common stocks, global regulatory reforms and implementation of the corporate governance code in Japan, the Bank decided to repurchase its preferred stocks up to the total number of outstanding units and retire them.

The owners of the Bank's preferred stocks will receive application guidance about the repurchase of the preferred stocks and other procedural notifications in due course.

(For reference) Status of Preferred Stocks (As of August 30, 2022)

Number of Issued Units: 55,791,450

Total issued amount: 49,999,950,000 Yen

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