Japan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency)

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1 Japan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency) 1. Summary of operations implemented using FILP funds 2. Amount of lending under FY2012 FILP FY2012 FILP Unit billion yen Estimated outstanding amount of FILP lending at the end of FY2011 2, ,459.2

2 3. Outcome and social and economic benefits of operations 4. Estimated policy (subsidy) cost analysis of the project FY2011 FY2012 Unit billion yen Fluctuation 1. Subsidies, etc. from the Government 2. Money transferred to the Government Subtotal (1+2) 3. Opportunity cost of capital investments, 2, , etc. from the Government Subtotal (1+2+3) 4. Decrease in retained losses 2, , ( =policy cost(a)) 2, , Analysis period ( years ) Unit billion yen FY2011 FY2012 Fluctuation (A) Policy cost (previously cited) 2, , ) Opportunity cost of capital investments, etc. provided before the beginning of 1, , the analysis period 2) Policy cost expected to be newly accrued during the analysis period Subsidies, etc. from the Government Money transferred to the Government Policy cost accrued with a change in surplus funds Opportunity cost of capital investments, etc. Unit billion yen FY2011 FY2012 Fluctuation (A) Policy cost (previously cited) 2, , (A ) Policy cost obtained by recalculating (A) using the same assumed interest 2, , rate as in the FY2011 analysis (B) Policy cost of (A') generated in 2, , FY2012 or later Policy cost in FY2012 is 2,243.4 billion. The analysis shows a increase of billion in real policy cost over FY2011 when the effect of change in the assumed interest rate for FY2011 and FY2012 is eliminated and the policy costs that accrue in FY2012 and thereafter are compared. The decrease in real cost is considered to be attributable to the following factor: Increase in costs due to the increase in opportunity costs in line with reduced investments ( billion yen) Changed assumption and extent of change Interest rates on funds raised +1% Policy cost (Fluctuation) Unit billion yen Without change With change in in discount factor discount factor 2,605.5 ( ) 3,173.1 ( ) Fluctuation in opportunity cost Income from toll revenue 10% 3,195.5 (+952.2) Fluctuation in opportunity cost *Components in each column may not add up to the total because of rounding.

3 5. Outline of estimation and project prospect in the analysis FY Operational Revenue (lending fees) 2005 (2nd half) (Unit: billion yen) Result Estimated Planned Trial assumption , , , , , , , , , , , Reasons for granting of subsidies, mechanism and underlying laws 7. Special remarks

4 The respective costs in FY2012 for the four former roadrelated public corporations are estimated as follows: Japan Hanshin HonshuShikoku Unit billion yen 1. Subsidies from the Government 2. Money transferred to the Government Subtotal (1+2) 3. Opportunity cost of capital investment from the Government ,243.4 Subtotal (1+2+3) , Decrease in losses ( =policy cost (A)) ,243.4 Analysis period (years) Japan Hanshin HonshuShikoku Unit billion yen (A) Policy costs (previously cited) , ) Opportunity cost such as capital investment made before the beginning of the period under analysis 2) Policy costs expected to newly accrue during the period under analysis , Subsidies from the Government Money transferred to the Government Policy costs in connection with increase/decrease in surplus Opportunity cost such as capital investment Japan Hanshin HonshuShikoku Unit billion yen (A) Policy cost (previously cited) ,243.4 (1) Policy cost in the analysis for FY2011 and that are expected to accrue in or ,178.1 after FY2012 (2) Policy cost recalculated based on the figures under (A) with the interest rate ,297.1 assumed in the analysis for FY2011 Increase/Decrease (2)(1) Unit billion yen Changed assumption and extent of change (Increase/Decrease) Interest rate on funds raised +1% (Without change in discount rate) (With change in discount rate) Income from toll revenue 10% Japan 1,095.2 (+150.7) 1,345.2 (+400.7) 1,218.9 (274.4) (+43.6) (+121.3) (+79.2) Hanshin Expressway Public (+23.4) (72.4) (+47.7) HonshuShikoku Bridge Authority (144.4) 1,150.8 (+335.2) 1,366.5 (+550.9) 2,605.5 (362.1) 3,173.1 (+929.7) 3,195.5 (+952.2) *Components in each column may not add up to the total because of rounding.

Financial Statements Balance Sheet tem End of FY2010 End of FY2011 End of FY2012 2,061,291 2,007,957 943,235 constructions Intangible fixed assets 251,786 251,837 251,985 Leasehold interests 250,666

5 Financial Statements Balance Sheet tem End of FY2010 End of FY2011 End of FY2012 2,061,291 2,007, ,235 constructions Intangible fixed assets 251, , ,985 Leasehold interests 250, , ,685 Other intangible fixed assets 1,120 1,154 1,300 Investment and other assets 150, , ,995 Longterm loans 150, , ,849 Deposits and guarantees End of FY2010 (Unit : million yen) End of FY2011 End of FY2012 (Assets) ( Liabilities and equity) Current assets 304, , ,842 Current liabilities 3,605,832 4,125,515 1,932,431 Cash and deposits Japan Expressway Holding and Securities 131, , ,400 Debt Repayment Agency bonds 675,500 1,500,880 1,144,250 Accounts due for road assets to be repaid within one year 158, , ,255 lending fee, etc. Discount on bonds payable () Accounts due ,559 Longterm borrowings to be 2,733,007 2,417, ,800 Shortterm loans 12,247 87, repaid within one year Inventory goods 1,404 1,404 1,404 Account payable 111, , ,284 Other current assets 30 1 Accrued expense 85,986 87,167 87,032 Fixed assets 40,580,513 40,171,679 41,223,838 Other current liabilities Tangible fixed assets 40,177,788 39,796,352 40,788,858 Fixed liabilities 27,331,314 26,573,270 29,733,398 Buildings 288, , ,101 Asset collateral liabilities 61, , ,811 Structures 28,720,847 28,388,009 30,021,556 Asset return subsidies 20,591 69,281 68,054 Machinery and equipment 611, , ,615 Asset return contributions 40,990 39,373 37,757 Tools and equipment 1,486 1,756 2,787 Japan Expressway Holding and 23,332,880 24,562,000 27,641,910 Debt Repayment Agency bonds Land 8,494,546 8,525,515 8,877,563 Temporary account for Discount on bonds payable () 132, , ,117 Longterm bonds 3,584,030 1,545,461 1,629,173 Longterm accrued liabilities 485, , ,594 Reserves Reserve for retirement benefits Reserves, etc. under the ordinance Reserve for Highway Convenience 1,805,676 1,385,295 1,054,254 Improvement Project ( liabilities) 32,742,822 32,084,081 32,720,084 Capital 5,093,484 5,234,234 5,374,418 Government investments 3,779,881 3,863,589 3,947,014 Local governments investment 1,313,603 1,370,645 1,427,404 Capital surplus 847, , ,644 Capital surplus Reserves under Chapter 15 of the enforcement Act of the Act for the Privatization of the Four HighwayRelated Public s 847, , ,573 Earned surplus 2,200,691 2,387,100 2,643,535 Reserves 1,772,109 2,200,691 2,387,100 Unappropriated income for the current year 428, , ,434 (of this, gross profit) (428,581) (186,409) (256,434) ( equity) 8,141,819 8,468,978 8,865,597 assets 40,884,641 40,553,059 41,585,680 liabilities and equity 40,884,641 40,553,059 41,585,680 Income Statement previous year Net profit FY2010 FY2011 FY2012 7, , , ,434 FY2010 FY2011 (Unit : million yen) FY2012 (Expenses) (Revenues) Ordinary expenses 1,441,082 1,405,901 1,570,978 Ordinary income 1,454,124 1,447,504 1,496,371 Operating expenses of road assets Income from the road assets 921, , ,341 lending lending fees 1,445,856 1,439,512 1,488,587 Management effort aid expense 694 1,064 1,881 Other income 4,020 4,278 4,254 General administration costs 1,467 1,591 1,542 Asset collateral liabilities 2,448 2,844 2,844 Financial expenses 481, , ,887 Financial revenue 1, Interest paid 475, , ,701 Miscellaneous income Bond issuing cost 5,994 6,695 9,703 Nonrecurring profit 422, , ,041 Other financial expenses Reversal of reserve for Highway Expenses related to acquisition of Convenience Improvement 421, , ,041 35,590 31, ,316 road assets Project Miscellaneous losses Gain on sale of fixed assets Temporary losses 7, ,174 Other nonrecurring profit 1,198 4 Payment to national treasury 250,000 Convenience improvement project 163,519 Loss on sales of fixed assets Loss on transfer of fixed assets 25,636 Loss on loss/profit revisions for the 1,876,892 2,031,485 1,827,412 1,876,892 2,031,485 1,827,412 Note : s may not agree due to rounding.

Japan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency)

Japan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency) http://www.jehdra.go.jp 1. Summary of operations implemented using FILP funds Japan Expressway Holding and Debt Repayment