Investor Presentaiton

3-(1) Management of Prefectural Bonds. 3. Bond Issuance Appropriate Sinking Fund * Accumulation rule for Sinking fund - - No shortage of Sinking fund Shizuoka Prefecture No borrowing from Sinking fund to date Accumulation of 3.7% (1/27th) of total prefectural bond issuance after 3 years deferral period (Lump-sum payment at maturity) Moody's Aa2 /stable ■Issuer Ratings - - Shizuoka has high credit rating by 2 rating agencies Comments by Moody's (as of December 2009) - Small debt burden Solid administrative and fiscal management - Strong local economic base Rating and Investment Information, Inc AA+/Stable Comments by R&I (as of December 2009) - As one of the best "Manufacturing prefecture", manufacturing industries drive the local economy - Prefectural administration for keeping healthy finance 13

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