SMBC Aviation Capital announces insurance settlement

【NEWS RELEASE】

October 3, 2023

Sumitomo Mitsui Financial Grou p, Inc .

Sum itom o Mit sui Banking Cor poratio n

Sumitomo Mitsui Finance and Leasing Company, Limited

SMBC Aviation Capital announces insurance settlement

TOKYO, October 3, 2023 --- Sumitomo Mitsui Financial Group, Inc. (President & CEO: Jun Ota, henceforth

referred to as "SMFG"), Sumitomo Mitsui Banking Corporation (President & CEO: Akihiro Fukutome) and

Sumitomo Mitsui Finance and Leasing Co., Ltd. (President & CEO: Masaki Tachibana, henceforth referred

to as "SMFL") hereby announce that on October 2, 2023, SMBC Aviation Capital Limited (CEO: Peter Barrett, henceforth referred to as "SMBC Aviation Capital"), a subsidiary of Sumitomo Mitsui Finance and Leasing Company, has received cash insurance settlement proceeds totaling approximately US$710 million in respect of its aircraft previously leased to Aeroflot.

The amount represents a settlement of SMBC Aviation Capital's insurance claims under Aeroflot's insurance and reinsurance policies relating to 16 aircraft. The insurance settlement and receipt of the settlement proceeds from Limited Liability Company "Insurance Company NSK", a Russian insurance company, were carried out in full compliance with all applicable laws, sanctions and regulations.

SMBC Aviation Capital will continue to actively pursue its litigation in the Irish courts under its own insurance policies. SMBC Aviation Capital will also continue its efforts to seek to mitigate its losses in respect of its aircraft that were previously leased to other Russian airlines.

Due to the occurrence of this event, SMFG expects to record equity gains of affiliated companies in the amount of US$311 million in the consolidated financial results for the third quarter of the fiscal period ending March 2024.

SMFL expects to record extraordinary income in the amount of US$539 million in the consolidated financial results for the third quarter of the fiscal period ending March 2024.

The revision of full-year forecast for the fiscal period ending March 2024 is under examination including the financial impact of this event.

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Sumitomo Mitsui Financial Group Inc. published this content on 03 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 October 2023 00:02:28 UTC.