#1Current Overview of Development Bank of Japan Inc. Jan 2024 DBJ Development Bank of Japan#2Contents Section: 1. Overview 2. DBJ & Sustainability. 3. Summary of Financial Data 4. Funding Activities. (Appendix) Supplemental Information P. 2 P. 11 P. 14 P. 20 DBJ Act P. 30 Response to the TCFD recommendation / Environmental and Social Management Policy. P. 32 Funding Program and Historical Issuances_ P. 34 DBJ#31. Overview 2 DBJ#4DBJ's Profile Mission Established Design the Future with Financial Expertise Continue to expand financial frontiers; Provide the best solutions for customers and society; Pursue sustainable development for Japan and the world. October 1, 2008 Established under the Development Bank of Japan Inc. Act ("DBJ Act") (Former Japan Development Bank: 1951, Former Hokkaido-Tohoku Development Finance Public Corporation: 1956, Former Development Bank of Japan: 1999) Shareholders President & CEO 100% owned by the government of Japan Seiji Jige (from June 29, 2022) Total assets (1) JPY 21,482 billion (USD 160.9 billion) Basel III Common Equity Tier 1 ratio (2) Credit Ratings Offices 16.34% A1 (Moody's Japan K.K.) A (S&P Global Ratings Japan Inc.) Domestic offices: 19 (head office, 10 branch offices, 8 representative offices) Overseas subsidiaries: 4 (Singapore, London, Beijing and New York) (1) Consolidated. USD/JPY = 133.53 as of March 31, 2023. (2) Consolidated as of March 31, 2023. 3 DBJ#5DBJ Group's Current Roles in the Society and Financial Market DBJ Group invigorates and stabilizes financial markets through partnerships and collaboration with other financial institutions and non-financial companies. ■DBJ Group's business activities includes loans & investments, consulting & advisory services and asset management. As mandated under the DBJ Act, DBJ also undertakes "Crisis Response Operations" and "Special Investment Operations". DBJ receives funding in various formats, including direct funding from the Japanese Government and funding from domestic and international capital markets. Vision 2030 Materiality Infrastructure Industry + Investment ecial Investment Operations (Industrial Investment) Financings Investments Asset Management Creating new opportunities through Investments and loans by leveraging its Risk Capital and Knowledge Knowled Loan Response Operations Two-step loans Overseas locations Group Companies DBJ DBJ Research Consulting IT Foundation Region 17 Advisory Government Government investments and loans Financial Institutions (Leading, Regional) Sustainability bonds Bonds and loans Collaborative funds Institutional investors Asset management Financial institutions and non-financial companies Partnership / Cooperation 4 DBJ#6Outstanding Loans by Sector DBJ's assets mainly consist of loans to large and medium sized Japanese corporations. ■ Approximately 65% of our loan portfolio has been allocated to "Infrastructure" related industries including energy, transportation and real estates. Outstanding Loans by Sector Others Information and Communications Wholesale and Retail Trade 8.5% 12% 19.0% 6.7% 18 12 Manufacturing Real Estate, Goods Rental and Leasing 13 19.2% JPY 15,058 billion (USD 112.8 billion) (1) Transport and Postal Activities (1) USD/JPY = 133.53 as of March 31, 2023. 20.9% 5 LO 24.4% M 13 Electricity, Gas, Heat supply and Water Infrastructure related exposure: c.65% DBJ#7Crisis Response Operations Under "Crisis Response Operations", DBJ functions as a stabilizing force by providing necessary funds during the time of crisis, e.g. the Global Financial Crisis, the Great East Japan Earthquake and COVID-19 pandemic. ■DBJ receive funding from Japan Finance Corporation and provide necessary funds to corporate clients to address crisis. ■Since COVID-19 pandemic was identified as crisis in March 2020, DBJ has extended a total of USD 18.9 billion (1) equivalent. Japanese Government • Capital contribution • Lending of funds Interest subsidies Designated Japan Finance Corporation (Crisis Response Facilitation Account) Two-step loans, etc. Designated financial institutions DBJ Defines a new scope for DBJ's responsibilities making Crisis Response Operations obligatory for an indefinite period (1) USD/JPY = 133.53 as of March 31, 2023. Corporate Clients 6 Provision of funds, etc. DBJ#8Special Investment Operations ■ Under "Special Investment Operations", DBJ provides "growth capital" to companies and projects from the perspective of promoting the competitiveness of Japanese enterprises along with regional revitalization. Since the launch of the operations in June 2015, DBJ has extended a total of USD 8.4 billion equivalent in loans and investments as of March 2023. DBJ Other financial institutions Loans, (megabanks, regional banks, private funds, etc.) etc. Capital account Addition (FY2023: JPY40 billion) Complement and encourage private- sector companies (including pump- priming) Target companies initiatives Initiatives for effective use of management resources Initiatives to promote management innovation Cultivate new business Form alliances among various sectors and group etc. Enhance risk capital supporting growth Capital increase (Budget for FY2023: JPY40 billion) Japanese Government (industrial investment) Special Investment Operations (Managing investments and loans in special account) Budget for FY2023: JPY80 billion (USD 0.6 billion(1)) Evaluation, Verification Special Investment Operations Monitoring Board Capital funds (including preferred shares and subordinated loans) • Political targets Encouragement of self-reliant development of regional economies Increase in competitiveness of Japan and domestic enterprises Development of markets for growth capital (1) USD/JPY = 133.53 as of March 31, 2023. 7 DBJ#9DBJ's Status (1) ■Full government ownership ✓ DBJ has been wholly owned by the Japanese Government. ■ Established under the special law ✓ Established and regulated under the Development Bank of Japan Inc. Act ("DBJ Act"). DBJ is NOT a regulated bank under the Banking Act in Japan. ■ Control and supervision by the government ✓ The Minister of Finance has supervisory powers with regard to DBJ's key matters, such as (a) annual business plan, (b) annual basic policy regarding issuance of bonds and borrowings, and (c) amendment of DBJ's articles of incorporation. ✓ Any appointment and retention of representative directors become effective only after authorization by the Minister of Finance. ■ Funding support by the government • Capital contribution by the government(1) ✓ The government makes capital contributions to DBJ whenever deemed necessary for proper implementation of Crisis Response Operations and Special Investment Operations. • Loans from the government(2) ✓ Stably procures long-term funds from the government through the Fiscal Investment and Loan Program ("FILP"). • Government-guaranteed bonds(3) ✓ Issues both international and domestic bonds unconditionally and irrevocably guaranteed by the government. (1) Articles 2-9 and 2-14 of Supplemental Provisions of DBJ Act 8 (2) DBJ Act Article 13 (3) DBJ Act Article 25 DBJ#10DBJ's Status (2) ■DBJ's full privatization remains as a target but there is no concrete implementation plan ✓ Privatization of DBJ was originally determined in 2006 as a part of the Japanese government administrative reform. ✓ However, the privatization timing was postponed twice, by the DBJ Act amendments in 2009 and in 2011, in order to utilize DBJ for the government to respond to two major crises: Financial Crisis in 2008 and the Great East Japan Earthquake in 2011. ✓ On May 13, 2015, the Act for Partial Amendment of the DBJ Act was passed into law, and while the privatization remains as a target, timeline was officially removed and the implementation schedule is not yet decided. ✓ On May 22, 2020, the Act for Partial Amendment of the DBJ Act was passed into law; • ● Extend the date to which DBJ will decide the business entities that will receive funds pursuant to the Special Investment Operations and the Japanese Government may make capital contributions to DBJ in connection with the proper implementation of the Special Investment Operations by DBJ from 31 March 2021 to 31 March 2026; and Extend the completion date with regard to the Special Investment Operations from 31 March 2026 to 31 March 2031. The Government is required to hold certain amount of its stake in DBJ (as described below), and upon disposal to take into account the effect on the attainment of the objectives of DBJ and the market conditions. DBJ's operations mandated under the DBJ Act "MINIMUM" requirement (1) for the Government shareholding in DBJ Target completion date Crisis Response Operations more than 1/3 Special Investment Operations 1/2 or more (1) DBJ has been wholly owned by the Japanese Government. 9 For an INDEFINITE PERIOD By MARCH 2031 DBJ#11Credit Ratings Moody's S&P Japan (Reference) A1 Japanese Government Bonds (JGBs) (Stable) A+ (Stable) Moody's S&P Government-Guaranteed Bonds A1 (Stable) A+ (Stable) DBJ Non-Guaranteed Bonds Euro CP Program Ratings A1 (Stable) A (Stable) P-1 A-1 <Moody's' comment extract> "... DBJ's creditworthiness reflects that of the sovereign, because of its role in supporting the GoJ's policy initiatives, as well as our assessment of a very high level of support from the GoJ for DBJ in times of stress. Our government support assumption reflects the close integration of DBJ's business with the GoJ's policy measures, as well as the GoJ's track record of providing varied ongoing and extraordinary support to government financial institutions. Although the DBJ Act stipulates that the GoJ is to dispose of all its DBJ shares as soon as practical, the removal of the timeline will effectively delay the full privatization of the bank indefinitely. " <S&P's comment extract> We lift our long-term issuer credit rating on DBJ three notches from the SACP to factor in our assessment that the bank, as a GRE, has an extremely high likelihood of receiving government support if required. This reflects our views that it plays a critical policy role for the government and that its link with the government is very strong. The bank plays an important role in helping the government implement economic policies. It provides long-term funding for infrastructure and other projects as well as integrated investment and loan services. We think the revised DBJ Act, which includes an extension of the time frame for fully privatizing DBJ, indicates that the Japanese government will likely maintain a strong commitment to DBJ's operations in the long run." Source: S&P, Ratings DirectⓇ, 22 Mar. 2023, Moody's, CREDIT OPINION, 15 Dec. 2023 10 DBJ#122. DBJ & Sustainability 11 DBJ#13Commitment to Sustainability 1960's Started a support for antipollution measures 2001 DBJ started providing loans to antipollution measures in 1960's Signed UNEP FI 2004- DBJ Environmentally Rated Loan Program - World's 1st incorporation of environmental ratings in financing menu 2006 Expansion to Business Continuity Management (BCM) Rated Loan Program FINANCE UNEPINITIATIVE • 2011 Expansion to Employee's Health Management Rated Loan Program 2011- Green Finance in Real Estate GRESB DB) Green Building ESTATE ° 2011-DBJ Green Building Certification ° 2014 The first Japanese investor member of GRESB ° 2016 A sole Japanese advisory board member of GRESB The ADREVEMENT FinanceAsia 2014- DBJ Green/Sustainability Bond Issuance Green Bond Principles ° • 2014 The first Japanese issuer of green bonds aligned with the Green Bond Principles ("GBP") 2015 The first Japanese issuer of sustainability bonds aligned with the GBP • 2017 The first Japanese issuer member of the GBP Signatory of 2016- Progress of Sustainability Management Poncipies for Response vestment ADFIAP DEVELOPMENT AWARDS ° 2016 Signed Principles for Responsible Investment (PRI) • 2017 Established a Sustainability Management Office ° • 2020- 2018 Endorsed the recommendation of the Task Force on Climate-related Financial Disclosures (TCFD) 2020 Adopted of the Equator Principles DBJ Sustainability Bond Framework Upgrade Expansion of eligible assets, including COVID-19 relief programs 2021- GRIT Strategy / Environmental and Social Management Policy 08 C Devised the GRIT Strategy (Green, Resilience & Recovery, Innovation, Transition / Transformation) as core components of DBJ's fifth medium-term management plan Formulate Environmental and Social Management Policy for Financing and Investment Activity for businesses and sectors with potential risks or negative consequences for the environment and society 12 DBJ#14DBJ's GRIT Strategy ■DBJ's GRIT Strategy is in line with the Japanese Government's environmental policy with the aim to achieve 46% GHG emission reduction by FY2030 (from FY2013) and carbon neutrality in 2050. DBJ intends to pursue net zero GHG emissions for its investment and loan portfolio by 2050. Out of JPY 13 trillion total investments and loans target set out in the fifth medium-term management plan, DBJ aims to provide JPY 5.5 trillion over 5 years as investments and loans under the GRIT Strategy. DBJ GRIT Strategy 2050 Realize Sustainability Japan Achieve Carbon Neutrality (1) Leveraging our integrated investment and loan services 2030 Green Purpose Aim to reduce GHG emissions 2030 by 46% (1) vs FY2013 Establish 2050 Growth Strategy Task Force to devise GRIT Strategy 2020 Innovation Instruments Transition (1) Japanese government announced targets. Green Resilience Fifth Medium-Term Management Plan Cumulative investment & loans target Resilience & Recovery Innovation ¥13 trillion (FY2021-2025) * 5.5 trillion for GRIT Strategy Transition Transformation Renewable energy, Green buildings, etc. ⚫ Resilient infrastructure, Healthcare, Regional development, Crisis response, etc. Society5.0 challenge investment, R&D for innovation, etc. Transition finance, etc. 13 Declare Japan's aim to achieve carbon neutrality (1) 2020 by 2050 DBJ#153. Summary of Financial Data 14 DBJ#16Financial Summary FY2022 Financial Summary FY2023 H1 Financial Summary FY2021 FY2022(1) FY2022 H1 FY2023 H1(2) JPY billion JPY billion USD million JPY billion JPY billion USD million Total Income 313.0 375.5 2,811.8 173.9 246.1 1,645.0 Income before income taxes 88.5 136.0 1,018.4 76.3 111.8 747.7 Net income attributable to owners of the parent 57.6 92.8 694.8 57.5 79.4 530.8 Credit related costs (/gains) 32.0 42.0 313.8 13.6 9.8 65.5 Loans outstanding Total assets 14,346 15,058 112,771 14,527 14,888 99,534 21,509 21,482 160,881 21,597 21,783 145,627 Total capital ratio 17.12% 16.52% Common equity Tier 1 capital ratio 16.97% 16.34% (1) USD/JPY = 133.53. Consolidated as of March 31, 2023. (2) USD/JPY = 149.58. Consolidated as of September 29, 2023. Financials in FY 2023 H1 may be updated after independent accountant review. 15 DBJ#17Balance Sheet Composition & Strong Capitalization DBJ maintains a solid and stable balance sheet. ■DBJ has been accumulating capital as a result of profit accumulation and the government's equity injection for Special Investment Operations. ■DBJ aims to maintain a Common Equity Tier 1 ratio of at least around 14% based on the target set down in the Fifth Medium-Term Management Plan. Balance Sheet Composition (1) Total Assets and Common Equity Tier 1 Ratio(1) JPY billion 100% JPY billion 3,513 998 (5%) 15% 22,000 22% 26% 20,000 20% (16%) Borrowings 17.22% 17.26% 80% 59% 18,000 16.81% 16.65% 16.65% 16.97% 2,911 from JFC (3) 16.34% 18% (14%) 10,085 (47%) 16,000 16% (2) Outstanding borrowings 14,000 14% 60% Government 12,000 12% Non-Government 21,222 21,509 21,482 10,000 10% 40% 15,058 (70%) 6,436 (30%) 20% 8,000 16,570 16,952 17,079 17,694 8% 6,000 6% 53% 4,000 4% 3,964 (18%) 47% 0% (2) Assets Liabilities Bonds ■Loans ■ Equity Non-Guaranteed Bonds Others Securities ■Cash and Others (1) Consolidated. As of March 31, 2023. (2) Non-Consolidated. As of March 31, 2023 (3) Provided under Two-step Loans for the Crisis Response Operations (See page 7) ■Borrowed Money ■Gov-Guaranteed 2,000 2% 0 0% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Total Assets (LHS) Common Equity Tier 1 Ratio (RHS) 16 DBJ#18Balance of Investments and Loans The balance of investments and loans was approximately JPY 17.3 trillion as of March 31, 2023. The loan balance has decreased gradually until FY2019, mainly reflecting the scheduled repayment of loans for Crisis Response Operations, but increased by approximately JPY 2.6 trillion from FY2019 mainly due to the COVID-19 pandemic. The investment balance has increased over the years, reflecting our focus, exceeding JPY 1.7 trillion as of March 31, 2023. Balance of Investments and Loans (1) JPY billion 18,000 17,000 16,000 17,295 16,971 16,619 1,735 1,687 1,740 15,000 14,533 14,627 14,714 14,420 14,436 14,000 809 855 1,129 952 1,454 13,000 15,284 15,559 14,879 12,000 13,724 13,772 13,468 13,585 12,982 11,000 10,000 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 ■Loan Balance Investment Balance (1) Non-consolidated. Managerial accounting information 17 DBJ#19Stable and Diversified Income DBJ has maintained stable and diversified income throughout its history. ■DBJ has successfully built an investment portfolio that generates stable income on investments, which has offset the decrease in interest income reflecting a decline in the average loan balance and the ultra-low interest rate environment. Even under the COVID-19 pandemic, DBJ has successfully maintained positive net income due to the diversified income sources. Gross Ordinary Income (1) JPY billion Net Income (2) 250 200 I I 218 15 JPY billion 249 250 22 22 200 123 150 101 150 100 50 50 0 101 104 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Fee and commission income Investment Loans 100 129 60 50 88 == 94 93 T 95 80 52 59 52 47 0 FY FY 2015 2016 FY FY 2017 2018 2019 FY FY FY FY FY 2020 2021 2022 2023 H1 ■Net Income (1) Consolidated. Managerial accounting information. Note(i) Due to certain changes in the calculation methodology made for the year ended 31 March 2023, figures for the year ended 31 March 2022 have been retrospectively reclassified to reflect such changes and Note(ii) Figures for the year ended 31 March 2021 and prior have not been retrospectively reclassified, and are therefore not comparable to figures for the year ended 31 March 2023 and 31 March 2022. (2) Consolidated. Financial in FY2023 H1 may be updated after independent accountant review. 18#20Asset Quality ■DBJ has maintained a low level of impaired loans as its loan exposures are concentrated on high grade Japanese corporations. ■ Although the recent level of impaired loans has been increased due to the COVID-19 pandemic, DBJ is still maintaining historically low level of non-performing loans in the long term. Non-Performing Loans JPY billion 199.9 200 150 100 50 50 167.3 1.28% 1.47% 171.4 1.23% 137.3 112.5 104.4 2.0% 143.2 1.5% 102.2 1.0% 0.99% 82.4 70.8 0.90% 0.77% 60.3 57.2 0.76% 51.4 0.70% 0.64% 0.5% 0.54% 0.47% 0.46% 0.40% 0 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Non-performing loans (LHS) - Ratio of non-performing loans (RHS) 19 0.0% DBJ#214. Funding Activities 20 20 DBJ#22Operational and Funding Plans Operational Plan FY2022 FY2023 Initial Revised Initial Revised USD billion(1) JPY billion USD billion(1) JPY billion USD billion (2) JPY billion USD billion (2) JPY billion 21.2 2,590 22.8 2,790 18.6 2,480 20.1 2,680 Loans and investments Note: Loans for Crisis Response Operations are not included in the above budget. Funding Plan FY2022 FY2023 Initial Revised Initial Revised USD billion (1) JPY billion USD billion (1) JPY billion USD billion(2) JPY billion USD billion(2) JPY billion Gov't investments and loans 5.3 650 6.9 850 4.9 650 5.6 750 Long-term borrowings from Gov't 2.5 300 4.1 500 2.2 300 3.0 400 Gov't guaranteed domestic bonds 1.1 130 1.1 130 1.0 130 1.0 130 Gov't guaranteed international bonds 1.8 220 1.8 220 1.6 220 1.6 220 Funding for Crisis Response Operations - - - - Self Funding 7.4 910 7.4 910 6.9 920 6.9 920 Non-guaranteed bonds 5.1 630 5.1 630 4.8 640 4.8 640 Long-term borrowings 2.3 280 2.3 280 2.1 280 2.1 280 Miscellaneous (3) 8.4 1,030 8.4 1,030 6.8 910 7.6 1,010 Gov't Guaranteed short-tem bonds 0.8 100 0.8 100 0.7 100 0.7 100 Total 21.2 2,590 22.8 2,790 18.6 2,480 20.1 2,680 Note: As for flow, Funding for Crisis Response Operations is available separately from the government and not included in the above. (1) USD/JPY = 122.39 as of March 31, 2022. 21 (2) USD/JPY = 133.53 as of March 31, 2023. (3) Includes retained earnings, repayment gap, etc. DBJ#23Outstanding Bond Details Out of the USD 48.2 billion equiv. DBJ's bonds outstanding, around 54% was issued in the domestic market and the remaining 46% in the international market. ■In terms of currency, around 54% was in JPY, and the remaining 46% was in international currencies. ■Part of the funds from international market is used for DBJ's international lending & investment activities, and the other is for domestic activities by exchanging international currency into JPY. Outstanding Bonds by Type(1) Outstanding Bonds by Currency(1) Non- Guaranteed 36.7% International 46.1% USD 48.2 billion Domestic 53.9% Guaranteed 17.2% Guaranteed 30.1% Non- Guaranteed 16.0% (1) USD/JPY 133.53, EUR/JPY=145.72, GBP/JPY=165.56. As of March 31, 2023. 22 22 USD 32.8% EUR 10.7% GBP 1.9% Others 0.2% USD 48.2 billion JPY 54.3% DBJ#24DBJ's Products in the International Market ■DBJ has endeavored to expand its funding sources and now offers diverse products in the international market. DBJ's Products in the International Market Products Currency Target Maturities Target Issue Size Ratings Government Guaranteed Bonds USD, EUR 5-10yr Benchmark A1/A+ Regular Bonds USD, EUR, GBP 2-10yr Benchmark A1/A Non- Guaranteed Bonds Sustainability Bonds USD, EUR 2-10yr Benchmark A1/A Offering Format/ Documentation 144A/Reg.S or Reg.S Only / MTN Program Notes • Unconditional and irrevocable guarantee by the Government • Tenor must be 5yr or longer 144A/Reg.S or Reg.S Only/ MTN Program • Public benchmark bonds without guarantee by the Government 144A/Reg.S or Reg.S Only/ MTN Program • Proceeds are allocated to projects/companies tackling sustainability issues (environment etc.) Private Placements USD, EUR, GBP, (AUD, NZD, SEK) 2-40yr 20mn+ A1/A Reg.S/ MTN Program Euro CP USD, (EUR) 1-3mth 10mn+ P-1/A-1 Reg.S/ ECP Program 23 223 Customized for investor needs • Flexible in currency and maturity • Issued at discount and do not bear interest DBJ#25DBJ's Recent International Bond Issuance Activities In recent years, DBJ regularly issues 4 products including Government Guaranteed Bond, USD Sustainability Bond, EUR Sustainability Bond and GBP Non-Guaranteed Bond. DBJ's recent International Bond Issuance Activities FY2020 FY2021 FY2022 FY2023 $ € 5yr $700 million & 10yr $1 billion Issue Date: 27th Aug. 20 Format: 144A/Reg.S Gov't Guaranteed Bond $ Sustainability Bond (Non-Guaranteed) € Sustainability Bond (Non-Guaranteed) £ Non-Guaranteed 10yr $1 billion Issue Date: 28th Jan. 21 Format: 144A/Reg.S 5yr $900 million & 10yr $1 billion Issue Date: 20th Oct. 21 Format: 144A/Reg.S 5yr $1 billion Issue Date: 28th Apr. 22 Format: 144A/Reg.S 5yr €1 billion Issue Date: 13th Apr. 23 Format: Reg.S 3yr $520 million Issue Date: 4th Mar. 21 Format: 144A/Reg.S 4yr €700 million Issue Date: 15th Oct. 20 Format: Reg.S 3yr £250 million Issue Date: 28th Apr. 20 Format: Reg.S 3yr $700 million Issue Date: 18th Feb. 22 Format: 144A/Reg.S 4yr €600 million Issue Date: 9th Sep. 21 Format: Reg.S 3yr £250 million Issue Date: 19th Jan. 22 Format: Reg.S 3yr $600 million Issue Date: 22nd Sep. 22 Format: 144A/Reg.S 4yr €600 million Issue Date: 1st Sep. 22 Format: Reg.S Long 2yr £250 million Issue Date: 24th Jan. 23 Format: Reg.S 3yr $600 million Issue Date: 1st Sep. 23 Format: 144A/Reg.S 4yr €500 million Issue Date: 13th Sep. 23 Format: Reg.S Short 3yr £250 million Issue Date: 18th Oct. 23 Format: Reg.S Bond 24 DBJ#26Launch Spread / Investor Distributions (USD Gov't Guaranteed Bond) ■DBJ issue Gov't Guaranteed Bond annually. In last USD transaction, the bond was allocated to diverse investors ■Launch spread of the bond was relatively wider than other SSA, and secondary spread performed well after pricing Issue Details and Distributions of last transaction Launch Spread relative to other USD SSA 5y (CY22) (MS+) 80bp 2022.4.21 Pricing Date Ratings Format Tenor A1 (Moody's) / A+(S&P) 144A/RegS 5yr 70bp JICA 3.250% 05/27 (5yr) MS+63bp Coupon (%) 3.250% 60bp DBJ 3.250% 04/27 (5yr) MS+57bp Launch Spread (vs MS) SOFR MS +57bp Issue Amount USD 1,000mn 50bp Book Size USD 1,750mn 40bp Region 30bp Type 9.0% 17.0% 9.0% 38.0% 41.0% 21.0% 20bp Jan Feb Mar Apr May Jun Jul Aug Sep Oct Secondary Spread During 2 weeks after Pricing(1) (SMS+) 58 Pricing@ SOFR MS+57bp 56 65.0% 54 52 ■ EMEA • АРАС ■ Americas ■ CB/OI ■ Bank ■ AM ■ Ins/Pen Source(1): Bloomberg BVAL 25 26% 50 48 21/ Apr 25/ Apr 27/ Apr 29/ Apr 03/May 05/May DBJ#27Launch Spread / Investor Distributions (EUR Gov't Guaranteed Bond) ■DBJ issue Gov't Guaranteed Bond in EUR as well. In last EUR transaction, the bond was allocated to diverse investors ■Launch spread of the bond was relatively wider than other SSA, and secondary spread performed well after pricing Issue Details and Distributions of last transaction Launch Spread relative to other EUR SSA 4~6y (CY23) 2023.4.4 (MS+) Pricing Date 40bp 【NGG]JFM 3.375% 02/15 Ratings Format A1 (Moody's) / A+(S&P) RegS Only (5yr) MS+31bp 30bp (GG)DBJ 3.125% 04/04 (5yr) MS+23bp Tenor 5yr [GG]JBIC 3.125% 02/08 Coupon (%) 3.125% 20bp (5yr) MS+20bp Launch Spread (vs MS) EURIBOR MS +23bp Issue Amount EUR 1,000mn 10bp Book Size EUR 2,600mn Obp Region Type 2.0% -10bp -20bp 21.0% 34.0% 79.0% 20.0% 44.0% (MS+) 24 Pricing@ MS+23bp 22 23 Jan Feb Apr Secondary Spread During 2 weeks after Pricing (1) Mar May 22 21 20 ■ EMEA APAC ■ CB/OI ■ Bank AM Ins/Pen 19 04/Apr 06/ Apr 12/ Apr 14/ Apr 18/ Apr Source(1): Bloomberg BVAL 26 DBJ#28Launch Spread / Investor Distributions (USD Sustainability Bond) ■DBJ issue Sustainability Bond in USD annually. In last transaction, the bond was allocated to diverse investors ■Launch spread of the bond was relatively wider than other SSA, and secondary spread performed well after pricing Issue Details and Distributions of last transaction Pricing Date Ratings Format Tenor Coupon (%) Launch Spread (vs MS) Issue Amount Book Size Region 2023.8.22 A1 (Moody's) / A(S&P) 144A/RegS/Sustainability Bond 3yr 5.125% SOFR MS +62bp USD 600mn USD 3,750mn Type 12.0% 3.0% 3.0% Launch Spread relative to other USD SSA 3y (CY23) (MS+) 70bp JBIC 4.250% 01/26 (3yr) MS+62bp 60bp 50bp 40bp 30bp 20bp 10bp DBJ 5.125% 09/26 (3yr) MS+62bp JFM 5.125% 09/26 (3yr) MS+62bp Obp Jan Feb Mar Apr May Jun Jul Aug Sep Oct Secondary Spread During 2 weeks after Pricing(1) 25.0% 45.0% 20.0% (SMS+) 64 Pricing@ SOFR MS+62bp 62 68.0% 24.0% 60 58 56 54 ■ EMEA ■ APAC ■ Americas ■ CB/OI Bank AM ■ Ins/Pen■ Others 52 22/ Aug 24/ Aug 28/ Aug 30/ Aug 01/ Sep Source(1): Bloomberg BVAL 27 DBJ#29Launch Spread / Investor Distributions (EUR Sustainability Bond) ■DBJ issue Sustainability Bond in EUR annually. In last transaction, the bond was allocated to diverse investors ■Launch spread of the bond was relatively wider than other SSA, and secondary spread performed well after pricing Issue Details and Distributions of last transaction Pricing Date Ratings Format Tenor 2023.9.6 A1 (Moody's) / A(S&P) RegS only / Sustainability Bond 4yr 3.500% Launch Spread relative to other EUR SSA 4~6y (CY23) (MS+) 30bp [JBIC 3.125% 02/28 (5yr) MS+20bp 20bp DBJ 3.500% 09/27 (4yr) MS+22bp Coupon (%) Launch Spread (vs MS) Issue Amount Book Size Region Type 3.0% 9.0% 88.0% EURIBOR MS +22bp 30.0% EUR 500mn EUR 6,300mn 1.0% 8.0% 24.0% 37.0% 10bp Obp -10bp -20bp Jan Feb Mar Apr May Jun Jul Aug Sep Oct Secondary Spread During 2 weeks after Pricing(1) (MS+) 23 Pricing@ MS+22bp 22 21 20 19 18 17 76 ■ EMEA APAC Americas ■ CB/OI ▪ Bank - AM ■ Ins/Pen - Others 16 06/ Sep 08/ Sep 12/ Sep 14/Sep 18/ Sep 20/ Sep Source(1): Bloomberg BVAL 28 DBJ#30Launch Spread / Investor Distributions (GBP Non-Guaranteed Bond) ■DBJ issue Non-Guaranteed Bond in GBP. In last transaction, the bond was allocated to diverse investors ■Launch spread of the bond was relatively wider than other SSA, and secondary spread performed well after pricing Issue Details and Distributions of last transaction Launch Spread relative to other GBP SSA 3y (CY23) (UKT+) 100bp Pricing Date Ratings Format Tenor 2023.10.11 A1 (Moody's) / A(S&P) Regs only 2.5yr 5.250% 90bp DBJ 5.250% 03/26 (2.5yr) UKT+90bp Coupon (%) Launch Spread (vs UKT) Issue Amount Book Size Region UKT +90bp GBP 250mn 80bp GBP 690mn 70bp Type 1.0% KOMMUN 5.125% 05/26 (2.6yr) UKT+68bp IFC 5.500% 07/26 (3.0yr) UKT+64bp 8.0% 29.0% 47.6% (UKT+) 91 60bp Jan Feb Mar Apr May Jun Jul Aug Sep Oct Secondary Spread During 2 weeks after Pricing(1) Pricing@UKT+90bp 90 44.4% 2.0% 68.0% 89 88 87 86 85 ■ GB ■ Other EMEA APAC ■ CB/OI Bank ■AM ■ Others 84 11/ Oct 13/ Oct 17/ Oct 19/ Oct 23/Oct 25/ Oct Source(1): Bloomberg BVAL 29 29 DBJ#31(Appendix) Supplemental Information DBJ Act 30 30 DBJ#32DBJ Act - Defining the Government's Financial Support DBJ was established on October 1, 2008 under the terms of the DBJ Act, and is able to receive financial support by the Government. Article 1: Purpose Purpose Development Bank of Japan Inc. (hereinafter referred to as the "Corporation") shall be a joint stock company (kabushiki-kaisha) whose object is to maintain the foundations of investment and financing functions of long-term business funds as the Development Bank of Japan by conducting business activities utilizing the methods of combining investments and financing and other sophisticated financial methodologies, while maintaining the autonomy of management with the goal of realizing full-scale privatization, thereby contributing to smooth supply of funds to those who need long-term business funds, as well as to the sophistication of financial functions. Fiscal Loan Funds Guarantee of Obligations Financial Support from the Government Article 22: Special Exemptions from Management of Fiscal Loan Funds Notwithstanding the provision of Article 10, Paragraph 1 of the Fiscal Loan Funds Act (Act No. 100 of 1951), the fiscal loan funds (the fiscal loan funds set forth in Article 2 of the Fiscal Loan Funds Act; hereinafter the same) may be appropriated for loans (hereinafter in Article 24 referred to simply as the "Loans") to the Corporation when the Corporation borrows money for appropriation for expenses required for its operations set forth in Article 3, Paragraphs 1 and 2. Article 25: Guarantee of Obligations 1. Notwithstanding the provision of Article 3 of the Act Concerning Restrictions on Fiscal Assistance by the Government to Corporations (Act No. 24 of 1946), the Government may enter into a guarantee agreement for the obligations relating to the Debentures, Etc., to the extent of the amount approved by the resolutions of the Diet. 2. In addition to the provision of the preceding Paragraph, the Government may enter into a guarantee agreement for the obligations relating to the Bond Certificates, Etc. to be issued by the Corporation upon request for reissue to be made after a decision of nullification set forth in Article 699, Paragraph 2 of the Companies Act, for delivery to those who have lost the Bond Certificates, Etc., or for the obligations relating to the Bond Certificates, Etc. to be issued by the Corporation as set forth in Article 5, Paragraph 3 or Article 13, Paragraph 3. 31 DBJ#33(Appendix) Supplemental Information Environmental and Social Management Policy 32 32 DBJ#34Environmental and Social Management Policy - Summary (August 22, 2022) 1 Prohibited businesses ■Businesses that have a negative impact on wetlands designated under the Ramsar Convention Businesses that have a negative impact on World Heritage Sites designated by UNESCO Businesses that infringe on the Convention on International Trade in Endangered Species of Wild Fauna and Flora (Washington Convention) ■Businesses that engage in child labor or forced labor 2 Businesses requiring additional DD 4 Businesses that negatively impact the local communities of indigenous peoples Businesses that expropriate land and force the relocation of residents Governance Governance • DBJ has created the Sustainability Committee as a body under the Executive Committee In-house education and training Communication with stakeholders 3 Policies for specific sectors Weapons Does not provide investments in and extend loans to businesses that use these funds to manufacture cluster bombs and other weapons regarded as inhumane weapons of grave concern by international society. Coal-fired thermal power generation Does not engage in projects to build new or expand existing coal-fired thermal power plants, while participating in initiatives for transitioning to cleaner thermal power plants with the use of new technologies. Palm oil Confirms the business in question has obtained international certification for sustainable palm oil production and has not caused any problems with indigenous peoples and local communities. Lumber Makes sure the business in question does not engage in illegal logging or cause trouble with indigenous peoples and local communities. Coal mining Refuses to provide investments and loans to new coal mining businesses that plan on mountaintop removal (MTR). Oil and gas Takes a cautious stance on evaluating investments and loans for oil and gas development projects, oil sands projects, shale oil and gas development projects, and pipeline projects located in the Arctic Circle. Large-scale hydroelectric power (output of at least 30 MW and dam wall height of at least 15 m) Makes sure there are no problems in terms of environmental impact, indigenous peoples, and local communities. 33 DBJ#35(Appendix) Supplemental Information Funding Program and Historical Issuances 34 DBJ#36Funding Programs ■In addition to the GMTN program, DBJ has an Euro-Commercial Paper program which provides additional funding capacity if needed to reduce its reliance on its other short-term funding sources. Outline of GMTN Program Arranger Barclays Outline of Euro CP Program Arranger Dealers Barclays, BNP PARIBAS, BofA Securities, Citigroup, Credit Agricole CIB, Daiwa Capital Markets Europe, Goldman Sachs International, HSBC, J.P. Morgan, Mizuho Securities, Morgan Stanley, Nomura Barclays Dealers Barclays, BofA Merrill Lynch, Citigroup, ING, Nomura, BRED(1) Maximum Amount USD 3,000,000,000- Guaranteed : Global (144A/Reg.S) Euro (Reg.S only) Currencies USD, EUR, GBP, JPY, etc. Format Non-guaranteed : Global (144A/Reg.S) Euro (Reg.S only) Yield Basis Discounted, not interest-bearing Currencies USD, EUR, GBP, JPY, CNY, SEK, CHF, CAD, AUD, etc. Listing None Listing (1) Spot dealer Euro MTF Market of the Luxembourg Stock Exchange Program Rating P-1 by Moody's, A-1 by S&P 35 DBJ#37Government-Guaranteed International Bonds ■ Government-guaranteed bonds issued by DBJ, JBIC and JICA provide an opportunity for "Japan sovereign exposure" in non-JPY currencies. ■Since 1961, DBJ and its predecessors have issued over 100 Japanese Government-guaranteed bonds in the international markets. ■The bonds have been issued in Euro (Reg.S only) or Global (144A & Reg.S) formats off the GMTN program. ■Under the relevant laws, guaranteed bonds must have maturities of 5 years or longer. Government-Guaranteed International Bonds (2) USD million 3,000 Recent Public Issuances No. Issue Date Maturity Format Currency Amount Tenor (million) (yr) Coupon Primary Spread 2,700 2,500 2,000 1,900 1,800 1,750 1,800 1,650 2,000 1,500 800 750 1,000 1,000 1,100 1,000 1,000 500 1,000 1,000 900 1,000 1,095 800 700 550 0 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 ■5yr ■10yr 24 2021.10.20 2026.10.20 144A/Reg.S 25 2021.10.20 2031.10.20 144A/Reg.S 26 2022.04.28 2027.04.28 144A/Reg.S 27 2023.04.13 2028.04.13 Reg.S 10 2014.09.19 2024.09.19 Reg.S 11 2015.01.28 2020.01.28 144A/Reg.S 12 2015.09.16 2025.09.16 144A/Reg.S USD 13 2016.09.01 2021.09.01 144A/Reg.S USD 14 2016.09.01 2026.09.01 144A/Reg.S 15 2017.09.01 2022.09.01 144A/Reg.S 16 2017.09.01 2027.09.01 144A/Reg.S 17 2018.09.06 2023.09.06 144A/Reg.S 18 2018.09.06 2028.09.06 144A/Reg.S USD 19 2019.08.28 2024.08.28 144A/Reg.S USD MS+40bp 20 2019.08.28 2029.08.28 144A/Reg.S USD 1,000 10 1.875% MS+54bp USD 21 2020.08.27 2025.08.27 144A/Reg.S 700 5 22 2020.08.27 2030.08.27 144A/Reg.S USD 1,000 10 23 (1) 2021.01.28 2031.01.28 144A/Reg.S USD 1,000 10 USD 900 5 USD 1,000 10 1,000 5 1,000 5 USD USD 800 900 10 2.875% MS+23bp 455 5 3mL+24bp 1,200 10 2.750% MS+57bp 550 5 1.625% MS+55bp USD 1,100 10 1.875% MS+56bp USD 1,000 5 2.125% MS+42bp USD 800 10 2.625% MS+59bp USD 1,000 5 3.125% MS+31bp 750 10 3.250% MS+41bp 5 1.750% 0.500% 1.000% MS+28bp MS+42bp 1.250% MS+22bp 1.250% MS+14bp USD EUR 1.750% 3.250% 3.125% MS+25bp MS (3)+57bp MS+23bp (1) Issued in relation to the second supplementary budget (3) SOFR MS 36 The issue amount of each issuance has been converted to USD at the time of the issuance for the illustrative purposes DBJ#38- Government-Guaranteed International Bonds Investor Distribution Breakdown by Geographic Region (%) EUR 5yr USD 5yr USD 10yr Breakdown by Investor Type (%) EUR 5yr USD 5yr 2 16 79 19 30 6 35 26 26 35 12 38 38 29 29 54 54 56 40 41 21 6 36 3 7 66 59 55 55 20 20 77 34 31 16 16 26 USD 10yr 1 3 9 11 8 18 15 9 36 21 21 61 58 44 44 14 11 28 50 27 65 65 19 17 27 27 47 44 33 33 28 28 22 22 28 DBJ Apr-23 Aug-19 Aug-20 Oct-21 Apr-22 Aug-19 Aug-20 Jan-21 Oct-21 Asia EMEA US Apr-23 Aug-19 Aug-20 Oct-21 Apr-22 Aug-19 Aug-20 Jan-21 Oct-21 ■Central Bank / Official Institution Asset Manager Others 37 ■Bank ■Insurance / Pension 21#39Non-Guaranteed International Bonds ■In accordance with the expansion of our international business, DBJ has been increasing its issuance of international bonds without government guarantee. 207 204 198 Offering a wide variety of options in terms of amount and maturity through both public offering and private placement. Non-Guaranteed International Bonds (1) Recent Public Issuances (2015~) JPY billion 200 184 39 40 37 8 39 175 151 33 33 GMTN #84 2020.04.28 2023.04.28 Sustainability #6 2020.10.15 2024.10.15 EUR Issue No. Maturity Currency Date Sustainability #1 2015.10.21 2019.10.21 EUR Sustainability #2 2016.10.19 2021.10.19 USD (Reg.S) 500 Sustainability #3 2017.10.18 2022.10.18 USD (Reg.S) 1,000 EUR Sustainability #4 2018.10.10 2025.10.10 700 Sustainability #5 2019.10.02 2024.10.02 USD (Reg.S) 1,000 GBP Amount Tenor (million) (yr) 300 Primary 250 700 4557534 Coupon Spread 0.375% MS+26bp 2.000% MS+80bp 2.500% MS+48bp 0.875% MS+23bp 1.875% MS+50bp 1.125% UKT+105bp 0.010% MS+29bp 150 139 132 Sustainability #7 2021.03.04 2024.03.04 USD (144A/Reg.S) 520 3 0.500% MS+14bp 125 96 100 91 26 44 44 40 40 Sustainability #8 2021.09.09 2025.09.09 GMTN #89 Sustainability #10 2022.02.18 2025.02.18 EUR 600 4 0.010% MS+11bp 2022.01.19 2025.01.19 GBP 250 3 1.250% UKT+42bp USD 700 3 1.750% MS (2)+30bp (144A/Reg.S) Sustainability #12 2022.09.01 2026.09.01 EUR Sustainability #13 2022.09.22 2025.09.22 USD 600 4 2.125% MS+20bp 600 3 4.375% MS(+71bp 168 167 75 15 55 50 25 25 41 55 62 40 159 40 112 143 107 92 GMTN #93 2023.01.17 2025.06.06 Sustainability #15 2023.09.01 2026.09.01 Sustainability #16 2023.09.13 2027.09.13 GMTN #96 2023.10.18 2026.03.30 Recent Private Placements GBP 250 Long 2 4.500% UKT+115bp USD 600 3 5.125% MS(2)+62bp EUR 500 4 GBP 250 3.500% MS+22bp Short 3 5.250% UKT+90bp 52 No. 77 78 Issue Date 2019.04.17 2019.04.23 Maturity Currency Amount Tenor (million) (yr) Primary Coupon Spread 2034.04.17 EUR 50 15 1.152% 2049.04.23 USD 80 30 3.460% 79 2019.04.25 2044.04.25 USD 20 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 82 80 2019.05.07 2019.11.14 2049.05.07 EUR 50 2034.11.14 EUR 50 15 ■Public (Sustainability/Green) Public (Others) ■Private placements 83 2019.12.03 2029.12.03 EUR 120 10 86 2020.11.18 2030.03.18 AUD 105 9.3 23503 3.363% 1.652% 0.559% 0.251% 1.338% (1) The issue amount of each issuance has been converted to JPY at the time of the issuance for the illustrative purposes 38 DBJ (2) SOFR MS#40Non-Guaranteed International Bonds - Investor Distribution Breakdown by Geographic Region (%) USD (Sustainability) Reg.S EUR (Sustainability) Reg.S GBP Breakdown by Investor Type (%) USD (Sustainability) EUR (Sustainability) 144A/ Reg.S 2 13 15 14 12 17 28 32 GBP Reg.S Reg.S 144A/ Reg.S Reg.S Reg.S 3 8 6 5 13 11 12 8 9 0.4 18 17 3 30 27 24 22 ------------ 15 11 29 21 25 33 30 44 20 55 9 40 2 58 37 62 72 91 UK 70%) 17 47 51 77 95 88 (UK 52%) 25 38 25 24 16 28 57 68 88 92 49 100 (UK 48%) (UK 55%) 50 50 45 20 38 40 35 36 28 26 25 23 23 20 15 12 9 9 8 5 Oct- Oct-Oct- Mar- Feb- Sep-Sep- 16 17 19 21 22 22 23 5yr 5yr 5yr 3yr 3yr 3yr 3yr Oct-Oct- Sep-Sep-Sep- 18 20 21 22 23 7yr 4yr 4yr 4yr 4yr Apr- Jan-Jan- Oct- 20 22 23 23 3yr 3yr Long Short 2yr 3yr ■ Asia ■ EMEA ■US Offshore (Reg.S) ■US (144A/Reg.S) 39 57 20 38 32 37 18 13 63 68 30 30 46 45 39 36 30 25 24 27 24 Oct- Oct- Oct- Mar- Feb-Sep-Sep- 16 17 19 21 22 22 23 5yr 5yr 5yr 3yr 3yr 3yr 3yr ■Central Bank / Official Institution ■Asset Manager 12 Oct-Oct- Sep-Sep-Sep- 18 20 21 22 23 7yr 4yr 4yr 4yr 4yr ■Bank Apr- Jan-Jan- Oct- 20 22 23 23 3yr 3yr LongShort 2yr 3yr ■Insurance / Pension / Others DBJ#41Government-Guaranteed Domestic Bonds ■DBJ also regularly issues government-guaranteed bonds in the domestic JPY market. Government-Guaranteed Domestic Bonds Recent Public Issuances FY No. Pricing Date Maturity Currency' JPY billion 300 56 2019.05.29 2026.06.05 57 2019.06.05 2029.06.18 JPY 58 2019.11.27 2026.12.04 JPY 2019 59 2019.12.09 2059.12.16 JPY JPY Amount Tenor (billion) (yr) 30 Primary Coupon Spread 7 0.001%(1) 25 10 0.005% 30 7 0.001% (2) 10 40 0.479% 250 250 250 250 200 200 100 100 100 150 150 140 60 60 60 60 60 50 150 10 10 60 60 2020.01.23 2027.01.29 JPY 61 2020.02.27 2022.03.09 JPY 62 2020.03.04 2030.03.18 JPY 63 2020.05.25 2027.06.01 JPY 64 2020.06.03 2030.06.17 JPY 65 2020.06.17 2060.06.24 JPY 2020 66 2020.07.15 2027.07.22 JPY 30 7 0.001% (3) 100 2 0.001% (2) 25 10 0.001% 30 7 0.001% (4) 20 10 0.090% JGB +8.5bp 10 40 0.565% 30 7 0.001%(4) 50 50 50 100 50 99 60 90 90 45 90 90 90 90 00 50 50 2021 90 90 96 Г 30 20 40 10 20 20 10 2022 0 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 ■6yr 7yr 10yr 40yr Short-term (1) Issue Price: 100.300 (4) Issue Price: 100.259 (2) Issue Price: 100.280 (3) Issue Price: 100.270 67 2020.09.02 2030.09.17 JPY 68 2020.11.26 2027.12.03 JPY 69 2020.12.02 2030.12.16 JPY 70 2021.06.04 2031.06.16 JPY 71 2021.06.14 2060.06.21 JPY 72 2021.09.03 2031.09.16 JPY 73 2021.11.15 2028.11.22 JPY 74 2022.06.13 2062.06.20 JPY 75 2022.09.02 2032.09.14 JPY 76 2023.06.14 2030.6.14 JPY 2023 77 2023.09.06 2033.09.20 JPY 78 2023.12.06 2033.12.19 JPY 10 10 0.105% JGB+6.5bp 30 7 0.001%(4) 20 10 0.080% JGB+6.5bp 10 10 0.130% JGB+5.0bp 5 40 0.696% 10 10 0.085% JGB+5.5bp 20 7 0.001% (2) 10 40 1.245% 20 10 0.344% JGB+11bp 10 7 0.305% 220 10 0.727% 10 0.748% JGB+8bp JGB+8bp 40 40 DBJ#42Non-Guaranteed Domestic Bonds ■DBJ is one of the largest bond issuers in the domestic bond market. ■DBJ regularly issues non-guaranteed domestic bonds every quarter (January, April, July, and October); mainly in 3yr, 5yr and 10yr. ■In addition, DBJ issues in other maturities both in public benchmark and private placement formats based on investors' appetite and market conditions. Issuance of Non-Guaranteed Domestic Bonds Recent Public Issuances JPY billion 135 140 10 120 115 120 110 10 20 2022 Q2 10 100 10 100 5 100 10 90 90 90 90 30 10 5 85 35 2022 10 80 60 75 75 Q3 10 40 35 30 30 30 30 30 30 60 60 2022 25 25 40 Q4 60 30 30 20 20 20 30 30 30 30 30 30 20 2023 20 20 40 20 25 20 25 Q1 45 20 20 20 20 30 30 30 30 20 0 FY2020 Q1 ඊට Q3 Q4 FY2021 Q1 Q2 Q3 (1) Issue Price: 100.003 (2) Sustainability Bond Q4 FY2022 Q1 Q2 2yr 3yr 5yr 7yr 10yr 15yr 20yr 25yr 30yr 40yr ■50yr 20 20 30 40 20 40 30 30 30 25 2023 20 10 Q3 Q4 FY2023 Q1 10 Q2 2023 Q3 Pricing No. Date 158 2022.07.08 2025.09.19 JPY 159 2022.07.08 2027.09.17 JPY 160 2022.07.08 2032.07.15 JPY 161 2022.07.08 2042.07.15 JPY 162(2) 2022.08.05 2024.08.15 163 2022.10.07 2025.12.19 JPY 164 2022.10.07 2027.12.20 JPY 165 2022.10.07 2032.10.14 166 2023.01.13 2026.01.19 167 2023.01.13 2028.01.19 168 2023.01.13 2033.01.19 169 2023.04.07 2026.04.14 JPY 170 2023.04.07 2028.04.14 JPY 171 2023.04.07 2033.04.14 JPY JPY 172 2023.07.07 2026.07.14 173 2023.07.07 2028.07.14 174 2023.07.07 2033.07.14 175 2023.07.07 2043.07.14 176(2) 2023.08.04 2025.08.14 177 2023.10.06 2026.10.16 JPY 178 2023.10.06 2028.10.16 JPY 179 2023.10.06 2033.10.14 JPY Maturity Currency Amount Tenor (billion) (yr) Primary Coupon 30 30 10 JPY 10 30 JPY 25 JPY 25 JPY 25 JPY 25 30 30 JPY JPY JPY JPY 2222222222220 3 5 Spread 0.055% JGB+11.0bp 0.150% JGB+10.0bp 10 0.389% JGB+14.0bp 20 0.930% JGB+1.5bp 2 0.001% 3 0.066% JGB+11.0bp 5 0.180% JGB+10.0bp 10 0.469% JGB+22.0bp 3 0.220% JGB+12.0bp 50 0.527% JGB+15.0bp 10 0.854% JGB+32.0bp 3 0.100% JGB+13.2bp 30 5 0.349% JGB+17.5bp 10 0.785% JGB+32.0bp 30 3 0.091% JGB+13.6bp 30 5 0.245% JGB+14.5bp 35 10 10 20 10 40 30 2350 0.649% JGB+21.0bp 1.111% JGB+8.5bp 0.105% JGB+10.5bp 0.230% JGB+12.0bp 0.433% JGB+10.5bp 10 0.895% JGB+9.5bp 41 DBJ#43Disclaimer Copyright Development Bank of Japan Inc. 2024 This material is created by Development Bank of Japan Inc. (DBJ) This material has been prepared solely for the purposes of consideration and discussion between you and DBJ. This material is not intended as a solicitation or an offer to buy or sell any financial instrument, product, service or investment or for any other transactions. DBJ does not guarantee any feasibility of transactions described herein. This material is prepared based on current generally held views of the economy, society and so forth, as well as certain assumptions reasonably made by DBJ. However, the information and content are not warranted as to completeness or accuracy and are subject to change without notice, due to change in the business environment or other reasons. Please note that DBJ is not responsible for any action taken based on this material and no transactions described herein should be entered into without the independent advice of lawyers, accountants and/or other professional advisors where appropriate. Also please note that it is strictly prohibited to copy, extract or disclose all or any part of this material (including any attachments hereof) without prior written consent from DBJ. 42 DBJ