content_image/290801.jpg content_image/290802.jpg content_image/290803.jpg content_image/290804.jpg content_image/290805.jpg
<img src='content_image/290801.jpg'>

## 9. Pledged assets 

Secured obligations at March 31, 2012 and 2011 consisted of the following: 

<img src='content_image/290802.jpg'>

All above obligations at March 31, 2012 and 2011 are secured by the following assets: 

<img src='content_image/290803.jpg'>

In addition to the above, securities borrowed amounting to ¥339,224 million ($4,136,878 thousand) and ¥1,148,947 million were pledged as guarantees at March 31, 2012 and 2011, respectively. 

Total fair value of the securities pledged as collateral at March 31, 2012 and 2011 consisted of the following: 

<img src='content_image/290804.jpg'>

Total fair value of the securities received as collateral at March 31, 2012 and 2011 consisted of the following: 

<img src='content_image/290805.jpg'>

