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Investor Presentaiton

Trends in Fiscal Indicators (Ordinary Accounts) (Units: %) FY FY FY Category 1989 Rank Shizuoka Fiscal Shizuoka 79.1 Strength Japan 49.6 Index Rank 5 5 Current Shizuoka 66.2 64.3 Account Japan 69.4 68.7 Ratio Bond Issuance Restriction Ratio 1990 1991 80.3 81.6 50.5 50.8 5 13 11 28 7.4 6.9 6.4 Japan 9.6 Rank 9.1 8.8 3126 60 18 48 FY FY 1992 1993 82.2 82.9 50.7 50.2 5 5 69.1 73.0 81.8 5 LO 84.0 5 5 83.2 83.9 87.5 5 69.2 74.3 79.4 83.1 83.9 83.7 88.3 90.5 22 33 30 6.6 9.1 69 6.9 365 24 26 7.2 7.6 9.5 10.0 10.3 10.5 10.7 8.6 66 230 24 39 FY FY FY FY FY FY FY FY FY FY 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 81.1 79.6 77.8 76.7 76.3 72.3 67.7 63.3 62.8 62.4 49.4 48.6 47.9 48.1 48.3 46.1 42.9 40.5 40.6 40.8 5 5 5 5 5 5 96.4 92.2 89.0 90.4 93.2 87.3 87.7 86.6 88.9 91.5 89.1 31 FY 2004 FY 2005 FY 2006 2007 FY 63.7 65.3 69.6 72.9 41.1 42.8 46.4 49.7 38 34 31 8 4 3 3 5 6 6 10 9.8 11.1 11.1 14 23 12.2 11.7 26 33 15 30 *Prefectures ranked in order of fiscal soundness *National figures for indexes and ratios are simple averages of the 47 prefectures. Debt Payment Ratio 6 91.9 90.9 90.8 92.4 92.8 93.6 21 10 13.1 13.4 13.2 12.8 12.6 11.7 10.3 12.2 12.6 12.6 12.5 12.6 12.4 12.3 29 28 27 22 17 10 Real Shizuoka 12.9 12.4 11.6 Japan 14.5 14.4 5 6 7 93.6 9.0 Rank 14 10 【Fiscal Strength Index] An index indicating a municipality's fiscal strength, calculated as the average of Standard Fiscal Revenue (Note 1) divided by Standard Fiscal Demand (Note 2) over the last 3 years. (Note 1) Expected tax revenue under standard conditions in a municipality calculated based on a predetermined method, which serves as a basis for calculating local tax grants. (Note 2) Fiscal demand for reasonable and appropriate municipal administration or facility maintenance calculated based on a predetermined method, which serves as a basis for calculating local tax grants. [Current Account Ratio】 An index indicating the flexibility of a municipality's fiscal structure, calculated as general funds used for ordinary expenses divided by total general funds. 【Bond Issuance Restriction Ratio] An index indicating the degree of burden placed on a municipality as a result of bond expenses, calculated as the average of the ratio of general funds used for repayments of principal and interest on local bonds to standard fiscal scale (Note 3)(excluding amounts included in the cost of disaster restoration, etc. in the calculation of ordinary tax grants and repayments for principal and interest included in operational expense adjustments) over the last 3 years. (Note 3) A figure which indicates the size of general funds from ordinary activities which are ordinarily collected under standard conditions, calculated as the sum of standard fiscal size (standard tax revenues, etc. + ordinary tax grants) and the issuable amount of Extraordinary Fiscal Measure Bonds. 【Real Debt Payment Ratio] An index providing an objective indication of the degree of fiscal burden arising from bond expenses in a municipality, calculated as the average of the ratio of general funds used for effective principal and interest redemption on local bonds (Note 4) to standard fiscal size, etc. (excluding amounts included in the cost of disaster restoration, etc. in the calculation of ordinary tax grants and repayments for principal and interest included in operational expense adjustments) over the last 3 years. (Note 4) Redemption for principal and interest on local government debts + funds from the general account used for the repayment of principal and interest of public corporations. -12-
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