Notes to Consolidated Financial Statements SMFG Millions of U.S. dollars 2011 Year ended March 31 Sales amount Gains on sales Losses on sales Stocks ..................................................................................................... $ 566 $ 137 $ (38) Bonds ..................................................................................................... 217,180 862 (392) Japanese government bonds ................................................................ 212,749 832 (376) Japanese local government bonds ........................................................ 1,652 11 (8) Japanese corporate bonds .................................................................... 2,779 19 (8) Other ..................................................................................................... 224,317 1,835 (195) Total ....................................................................................................... $442,063 $2,834 $(625) (f) Change of classification of securities (g) Write-down of securities (2) Money held in trust (a) Money held in trust classified as trading purposes (b) Money held in trust classified as held-to-maturity There are no corresponding transactions. (c) Other money held in trust Notes: 1. Consolidated balance sheet amount is calculated using market prices at the fiscal year-end. 2. “Unrealized gains” and “Unrealized losses” are breakdowns of “Net unrealized gains (losses)” respectively. There are no corresponding transactions. Securities (excluding stocks of subsidiaries and affiliates) with fair value are considered as impaired if the fair value declines materi- ally below the acquisition cost and such decline is not considered as recoverable. In such a case, the fair value is recognized as the  balance sheet amount and the amount of write-down is accounted for as valuation loss for the fiscal year. Valuation losses for the  fiscal years ended March 31, 2011 and 2010 were ¥109,921 million ($1,322 million) and ¥19,519 million, respectively. The rule for  determining “material decline” is as follows and is based on the classification of issuers under self-assessment of assets. Bankrupt issuers: Issuers that are legally bankrupt or formally declared bankrupt. Effectively bankrupt issuers: Issuers that are not legally bankrupt but regarded as substantially bankrupt. Potentially bankrupt issuers: Issuers that are not bankrupt now, but are perceived to have a high risk of falling into bankruptcy. Issuers requiring caution: Issuers that are identified for close monitoring. Normal issuers: Issuers other than the above 4 categories of issuers. Bankrupt/Effectively bankrupt/Potentially bankrupt issuers:  Issuers requiring caution:  Normal issuers:  Fair value is lower than acquisition cost. Fair value is 30% or more lower than acquisition cost. Fair value is 50% or more lower than acquisition cost. Millions of yen Millions of  U.S. dollars March 31 2011 2010 2011 Consolidated balance sheet amount ............................................................ ¥1,441 ¥1,483 $17 Valuation gains included in the earnings for the fiscal year ........................ 1 13 0 Millions of yen Millions of  U.S. dollars March 31 2011 2010 2011 Consolidated balance sheet amount ............................................................ ¥22,569 ¥17,250 $271 Acquisition cost ......................................................................................... 22,527 17,188 271  Net unrealized gains (losses) ...................................................................... 42 62 0 Unrealized gains .................................................................................... 42 157 0 Unrealized losses .................................................................................... — (95) — SMFG  2011 111