ANNUAL REPORT 2012 for the year ended March 31, 2012

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TO OUR STAKEHOLDERS

Hiroshi rinno President and Ceo Head of Audit office and Credit Card division

Management Philosophy
We will fulfill our corporate social responsibility by striving to meet the expectations of all of our customers, shareholders, and business partners. We will compete successfully in the market by promoting our three shared values: practical implementation of the principles of customer satisfaction as a leading-edge service company; mutual respect for our interests and those of our business partners; and developing a corporate culture of creative innovation.

The credit card market in Japan today requires companies to transform their conventional business models. Changes in the market such as regulatory tightening under the Money-Lending Business Control and Regulation Law and the Installment Sales Law have changed the earnings structure of businesses, while the sector as a whole has seen intensified competition due to the entry of players from other sectors and large-scale reorganization. Meanwhile, the global settlement market has seen continued growth in Asia, which is achieving rapid economic development. Moreover, in the U.S., the predominance of areas and brands has become clear, with American Express now leading MasterCard in credit card settlements. In this environment, Credit Saison will utilize the strategic advantages it has cultivated over many years in a collaborative way. Our goal is to use our advantage of neutrality and independence with respect to particular finance groups or capital sources in an approach we call"Collaborative Management."In doing so, we will promote the following medium to longterm growth strategies: build the No. 1 system for each credit card function on a consolidated basis; continue our attempt to develop the Internet business into a core operation; continue to develop as a non-bank finance company by strengthening the finance business; and realize business expansion into Asia.

Fiscal 2011 was the 30th anniversary of the launch of Saison Card. Looking ahead at the next 30 years, all employees of the Credit Saison Group will return to the original concept of Credit Saison,"to create customer satisfaction as a leading-edge service company,"and work through innovation to break the dominance of the cash market, which currently represents around 60% of consumer settlements. In this way, we will advance our position to become the leading company in the cashless settlement market.

I hope you will continue and increase your support for our efforts.

September 2012
Hiroshi Rinno, President and CEO

Hiroshi rinno President - sign
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