SMFG Notes to Consolidated Financial Statements SMFG  2011 116 Notes: 1. The above transactions are valued at fair value and the valuation gains (losses) are accounted for in the consolidated statements of income. 2. Fair value of transactions listed on exchange is calculated using the closing prices on the Tokyo Stock Exchange and others. Fair value of OTC transactions is calculated using discounted present value and option pricing models. (d) Bond derivatives Millions of yen 2011 Contract amount Fair value Valuation gains (losses) March 31 Total Over 1 year Listed Bond futures: Sold .................................................................................................... ¥1,227,129  ¥ — ¥(1,601) ¥(1,601) Bought ............................................................................................... 1,141,914 — 388 388 Bond futures options: Sold .................................................................................................... 29,100 — 27 27 Bought ............................................................................................... 58,800 — (31) (31) Over-the-counter Forward bond agreements: Sold .................................................................................................... 2,994 — 48 48 Bought ............................................................................................... 33,313 32,096 739 739 Bond options: Sold .................................................................................................... 24,843 — (162) (162) Bought ............................................................................................... 24,843 — 129 129 Total ....................................................................................................... / / ¥ (461) ¥ (461) Millions of yen 2010 Contract amount Fair value Valuation gains (losses) March 31 Total Over 1 year Listed Bond futures: Sold  .................................................................................................... ¥1,320,583 ¥ — ¥5,799 ¥5,799 Bought ............................................................................................... 1,232,748 — (6,710) (6,710) Bond futures options: Sold .................................................................................................... 8,652 — 5 5 Bought ............................................................................................... 209,652 — 256 256 Over-the-counter Forward bond agreements: Sold .................................................................................................... — — — — Bought ............................................................................................... 42,092 39,082 919 919 Bond options: Sold .................................................................................................... 270,000 — (247) (247) Bought ............................................................................................... 270,000 — 262 262 Total  ....................................................................................................... / / ¥ 285 ¥ 285 Millions of U.S. dollars 2011 Contract amount Fair value Valuation gains (losses) March 31 Total Over 1 year Listed Bond futures: Sold .................................................................................................... $14,758 $ — $(19) $(19) Bought ............................................................................................... 13,733 — 5 5 Bond futures options: Sold .................................................................................................... 350 — 0 0 Bought ............................................................................................... 707 — (0) (0) Over-the-counter Forward bond agreements: Sold .................................................................................................... 36 — 0 0 Bought ............................................................................................... 401 386 9 9 Bond options: Sold .................................................................................................... 299 — (2) (2) Bought ............................................................................................... 299 — 1 1 Total ....................................................................................................... / / $ (6) $ (6)