Note 1-2

(2) Just the same, the Iraq War went almost according to the swift conclusion scenario among those previously projected. In this scenario, according to the simulation released by the U.S. Center for Strategic and International Studies (CSIS) in November 2002 for example, the war was expected to bring positive effects to the U.S. economy. In light of the post-war situation, such as the decline in oil prices, the improvement in stock prices and the recovery in the growth rate of the U.S. economy resulting from the former two factors, the Iraq War is deemed to have gone almost as expected in the scenario.