Investor Presentaiton

Credit 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

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