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## Fair value of derivative financial instruments 

The estimated fair value of the forward foreign exchange contracts at March 31, 1999 and 2000 were as follows: 

<img src='content_image/97534.jpg'>

## Estimate of fair value 

Fair value of the forward exchange contracts have been based on quoted market rates at March 31, 1999 and 2000. Fair value of the interest rate and currency swap contracts and the options contracts have been valued by the discounted cash flow analysis method. 

Estimates of fair value were performed as of March 31, 1999 and 2000 based on various assumptions. Accordingly, the Group believes that the estimated fair value may be of limited usefulness. 

## 15. Leases 

## Lessors 

The following is a summary of minimum lease payments receivable, present value, unearned finance income, and accumulated allowance for uncollectible minimum lease payments receivable, under finance leases operated by Fujitsu Leasing Co., Ltd. at March 31, 2000. 

Since Fujitsu Leasing Co., Ltd. was not a consolidated subsidiary but an affiliate during the year ended March 31, 1999, the Group, as a lessor, had no finance leases for the year ended March 31, 1999. Yen 

<img src='content_image/97537.jpg'>

At March 31, 2000, unearned finance income was ¥73,456 million ($692,981 thousand). 

At March 31, 2000, the accumulated allowance for uncollectible minimum lease payments receivable was ¥432 million ($4,075 thousand). 

At March 31, 2000, future minimum lease payments to be received within one year under non-cancelable operating leases were ¥198 million ($1,868 thousand). 

## Lessees 

The following is a summary of equivalent amounts of acquisition costs, accumulated depreciation, book value of leased assets, and minimum lease payments required under finance leases at March 31, 2000. Yen U.S. Dollars 

<img src='content_image/97538.jpg'>

