INTERIM BALANCE SHEETSJAPAN BANK FOR INTERNATIONAL COOPERATIONInternational Financial Account

AssetsCash and due from banks (Note 3)Loans (Note 4)
Miscellaneous assets (Note 5)
Premises and equipment (Note 6)
Deferred charges on bonds and notes
Customers' liabilities for acceptances and guarantees
Allowance for possible loan losses
Total assets

Liabilities and equity
Liabilities
Bonds and notes
Borrowings
Miscellaneous liabilities (Note 7)
Allowance for bonus payments
Allowance for employee retirement benefits
Acceptances and guarantees (Note 8)
Total liabilities

\

\

\

EquityCapital attributable to the International Financial AccountReserve attributable to the International Financial Account (Note 11)
Accumulated deficit
Total equity
Total liabilities and equity\

In millions of yen

In millions of yen

In millions of yen

In millions of U.S. dollars

September 30, 2004

September 30, 2003

March 31, 2004

September 30, 2004

419,061
8,750,452
457,647
19,497
3,896
845,107(150,044)
10,345,618\\

570,285
8,962,398
477,037
20,2562,273
680,401(126,648)
10,586,003\\

182,404
8,727,720
622,481
19,8802,694
724,924(133,868)
10,146,237

$

$

3,774
78,797
4,121
176
35
7,610
(1,351)
93,162In millions of yen

In millions of yen

In millions of yen

In millions of U.S. dollars

September 30, 2004

September 30, 2003

March 31, 2004

September 30, 2004

1,870,891
5,761,271
252,006605
10,709845,1078,740,590

985,500
676,258(56,730)
1,605,027
10,345,618

See accompanying "Notes to Financial Statements" which are an integral part of these statements.

\\

1,630,889
6,384,788
273,186584
11,199680,401
8,981,049

985,500
638,582(19,128)
1,604,954
10,586,003\\

1,536,373
6,027,018
225,843569
10,806
724,924
8,525,535

985,500
638,582(3,380)1,620,702
10,146,237$$

16,84751,880
2,269
6
97
7,610
78,709

8,874
6,090
(511)
14,453
93,162INTERIM STATEMENTS OF OPERATIONSJAPAN BANK FOR INTERNATIONAL COOPERATIONInternational Financial AccountIncomeInterest income
Interest on loans
Fees and Commissions
Other operating income
Other ordinary income
Other extraordinary income
Total income
Expenses
Interest expenses
Fees and Commissions
Other operating expenses
General and administrative expenses
Other ordinary expenses (Note 10)
Other extraordinary losses
Total expenses
Net income\\

In millions of yen

In millions of yen

In millions of yen

In millions of U.S. dollars

First half of FY 2004

First half of FY 2003

FY 2003First half of FY 2004

128,653
109,056
2,951
2,433
72
29
134,140
86,437
1,010
593
7,223
16,873
2
112,139
22,001

See accompanying "Notes to Financial Statements" which are an integral part of these statements.

\

137,783
113,564
2,901
352
506
141,545

264,451
214,915
6,116
309
404
453
271,735

96,270
683
5,641
8,116
122
4
110,839
30,705

183,666
3,574
4,924
15,27917,82610
225,281
46,453

\

-

\

\

$

$

1,158
982
27
22
1
0
1,208
779
9
5
65
152
0
1,010
198

INTERIM STATEMENTS OF CASH FLOWSJAPAN BANK FOR INTERNATIONAL COOPERATIONInternational Financial AccountCash flows from operating activities
Net income\
Depreciation and amortization
Increase (decrease) in allowance for possible loan losses
Increase in allowance for bonus payments
Decrease in allowance for employee retirement benefits
Interest income
Interest expenses
Foreign exchange (gain) loss
Net (gain) loss on sales of premises and equipment
Net decrease in loans
Net increase in bonds and notes
Net decrease in borrowings
Net decrease (increase) in due from banks (excluding cash equivalents)
Interest received
Interest paid
Others, net
Net cash provided by operating activities
Cash flows from investing activities
Purchases of securities
Expenditures on premises and equipment
Proceeds from sales of premises and equipment
Net cash (used in) provided by investing activities
Cash flows from financing activities
Payment to National Treasury
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period\
See accompanying "Notes to Financial Statements" which are an integral part of these statements.

In millions of yen

In millions of yen

In millions of yen

In millions of U.S. dollars

First half of FY 2004

First half of FY 2003

FY 2003First half of FY 2004

22,001
467
16,17536(96)(128,653)
86,437(181,047)(1)
203,477
287,255(265,747)(245,498)
128,478(79,002)
168,50312,786\30,705
503
(503)
116
(16)
(137,783)
96,270117,5510438,899
120,000(222,176)(321,105)
176,810(94,997)(145,743)
58,532\

46,453
1,025
6,717
101
(409)
(264,451)
183,666
299,531(410)
469,897
54,212(579,946)
87,947314,047(199,334)(320,063)
98,986

$

(18)
(18)
8
(27)

(339)
8
(330)

(522)
525
2

(23,748)(23,748)
0(10,990)
119,325
108,335 \(26,008)(26,008)(0)
32,19358,796
90,989 \(38,459)(38,459)(0)60,52958,796
119,325 $

198
4
146
0
(1)
(1,158)778(1,630)
(0)
1,832
2,587
(2,393)(2,211)
1,157
(711)
1,517
115
(0)
(0)
0
(0)
(214)
(214)
0
(99)
1,075
976

NOTES TO FINANCIAL STATEMENTS
JAPAN BANK FOR INTERNATIONAL COOPERATIONInternational Financial Account

1. Basis of presentation
The accompanying financial statements have been prepared from the accounts maintained by Japan Bank forInternational Cooperation (“JBIC”) in accordance with the provisions set forth in conformity with accounting
principles and practices generally accepted in Japan, which are different in certain respects as to applicationand disclosure requirements from International Financial Reporting Standards.
The financial statements are not intended to present the financial position, results of operations and cash
flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions
other than Japan.
The Bank’s accounts are separated into the International Financial Account and the Overseas Economic
Cooperation Account as required under Article 41 of the Japan Bank for International Cooperation Law (“JBIC
Law”) whereby the accounting shall be separated according to the categories of international financial
operations and overseas economic cooperation operations and be recorded by establishing a separate account foreach operation. In separating the accounts, transactions directly related to either of the operations are
attributed to the account for these operations and overhead expenses and others are allocated to both of theaccounts in accordance with certain pre-defined allocation rate.
Consolidated financial statements are not prepared since JBIC has no subsidiaries.
The amounts indicated in millions of yen are rounded down by omitting figures less than one million. Totals
may therefore not add up exactly because of such omission.
Amounts in U.S. dollars are presented solely for the convenience of readers outside Japan. The rate of¥111.05=$1.00, the exchange rate as of September 30, 2004, has been used in translation. The presentation ofsuch amounts is not intended to imply that Japanese yen have been or could be readily converted, realized or
settled into U.S. dollars at that rate or any other rate.

2. Significant accounting policies(a)Cash and cash equivalents“Cash and cash equivalents” as stated in the statements of cash flows consists of cash in hand and due fromBank of Japan included in “Cash and due from banks" in the balance sheets.
(b)

Securities
All securities are classified as “Available-for-sale securities” which have no market value and are carried atcost based on a moving average cost valuation.
(c)

Valuation method for derivative financial instruments
All derivative financial instruments are carried at fair value, except for certain derivatives that aredesignated as hedging instruments as discussed below.
(d) Hedge accounting for interest rate risks(i) Hedge accounting
JBIC measures derivatives used for interest rate hedging purposes under the deferral method.
(ii) Hedging instruments and hedged items
Hedging instruments: interest rate swaps
Hedged items: loans, bonds and notes(iii) Hedging policy
JBIC enters into hedging transactions up to the value of the underlying hedged assets and liabilities.
(ⅳ) Assessment of hedge effectiveness
JBIC assesses the effectiveness of designated hedges by measuring and comparing the fluctuations of fairvalue or cumulative fluctuations of cash flows of both hedging instruments and corresponding hedged
items from the date of inception of the hedges to the effectiveness testing date.
(e) Hedge accounting for foreign exchange risks
Hedge instruments used to hedge foreign exchange risks associated with various foreign currency
denominated monetary assets and liabilities are measured using the deferral method, in accordance with thestandard treatments of The Japanese Institute of Certified Public Accountants (JICPA) Industry Audit
Committee Report No. 25.
The effectiveness of the hedging instruments described above, such as currency-swap, exchange swap andsimilar transactions, hedging the foreign exchange risks of monetary assets and liabilities denominated inforeign currencies is assessed by comparing the foreign currency position of the hedged monetary assets andliabilities with that of the hedging instruments.
(f)Foreign currency translation and revaluation method
JBIC maintains its accounting records in Japanese yen. Assets and liabilities denominated in foreign

currencies are translated into Japanese yen at the market exchange rate prevailing at the interim fiscal year
end.
(g) Depreciation basis for fixed assets(i) Premises and equipment
Premises and equipment are depreciated on the declining balance basis over their useful economic lives
except for buildings (excluding installed facilities) acquired on or after April 1, 1998, which are depreciatedon a straight-line basis.
The principal estimated useful economic lives are as follows:
Buildings: 38 years to 50 years
Equipment: 2 years to 20 years(ii) Software
Software used by JBIC is amortized on a straight-line basis over its useful economic life (5 years).
(h)Accounting standard for impairment of fixed assets
On August 9, 2002, the Business Accounting Council in Japan issued the "Accounting Standard for
Impairment of Fixed Assets." The standard requires that fixed assets be reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable.
An impairment loss shall be recognized in the statements of operations by reducing the carrying amount of
impaired assets or a group of assets to the recoverable amount to be measured as the higher of net selling priceand value in use.
The standard shall be effective for fiscal years beginning April 1, 2005. However, an earlier adoption ispermitted for fiscal year beginning April 1, 2004 and for fiscal years ending between March 31, 2004 and March
30, 2005.
JBIC has not yet applied this new standard nor has determined the effect of applying it on the financial
statements.
(i)

Method of amortization for deferred charges"Discounts on bonds and notes" are amortized over terms of redemption, and "Bonds and notes issuance
Costs" are amortized over 3 years, on the straight-line basis in accordance with the Commercial Code of Japan.
(j)Allowance for possible loan losses
JBIC provides "Allowance for possible loan losses" as follows:
The allowance for claims on debtors who are legally bankrupt ("Bankrupt Borrowers") or substantiallybankrupt ("Substantially bankrupt borrowers") is provided based on the outstanding balance after the write-offs
described in Note 4 (h) and the deductions of the amount expected to be collected through the disposal ofcollateral and execution of guarantees.
The allowance for claims on debtors who are not legally bankrupt but are likely to become bankrupt("Potentially bankrupt borrowers") is provided based on an assessment of the overall solvency of the debtors
after deducting the amount expected to be collected through the disposal of collateral or the execution ofguarantees.
The allowance for claims on debtors other than Bankrupt borrowers, Substantially bankrupt borrowers andPotentially bankrupt borrowers is provided primarily based on the default rate, which is calculated based on theactual defaults during a certain period in the past.
The allowance for possible losses on specific overseas loans is provided based on the expected loss amounttaking into consideration the political and economic situations of these countries.
All claims are assessed initially by the operational departments and secondly by risk evaluation departments
based on internal rules for self-assessment of asset quality. The internal audit department, which is
independent from the operational departments, reviews these self-assessments, and the allowance is provided
based on the results of the assessment.
(k)Allowance for bonus payments"Allowance for bonus payments" is calculated and provided for based on estimated amounts of future
payments attributable to the services that have been rendered by employees to the date of the balance sheet.
Allowance for bonus payments to executive directors are included in the account.
(l)Allowance for employee retirement benefits
Allowance for employee retirement benefits represents the future payment for pension and retirement toemployees and executive directors, and is accrued based on the projected benefit obligations and the estimatedpension plan assets at the interim fiscal year end.
The actuarial gain or loss is recognized in the year in which it arises.

(m) Lease transactions
Finance leases that do not involve the transfer of ownership to the lessee at the end of the lease term areaccounted for as operating lease.
(n)Consumption taxes
Consumption taxes including local consumption tax are excluded from the transaction amounts.

3. Cash and cash equivalents
The reconciliation between the balance of cash and cash equivalents at the end of each (interim) fiscal year
and the amount of cash and due from banks reported in the (interim) balance sheets as of September 30, 2004,
2003 and March 31, 2004 are as follows:

September 30,

September 30,

March 31,

2004

2003

2004

2004

(In millions of(In millions of(In millions of(In millions ofyen)Cash and due from banks¥

Due from banks(*)
Cash and cash equivalentsyen)

419,061¥(310,725)¥

108,335yen)

570,285¥(479,296)¥

September 30,

90,989U.S. dollars)

182,404$(63,078)¥

119,325

3,774(2,798)$976(*) Excluding Due from Bank of Japan

4. Loans
All loans are loans on deeds. The amounts reported in the (interim) balance sheets as of September 30, 2004,
2003 and March 31, 2004 are as follows:
September 30,

September 30,

March 31,

2004

2003

2004

2004

(In millions of(In millions of(In millions of(In millions ofyen)
Bankrupt loans¥

Non-accrual loans

yen)
504

¥

267,084

September 30,

yen)
130

¥

240,189

U.S. dollars)
83$

216,429

4
2,405

Past due loans (3 months or
more)
Restructured loans
¥
(a)

6,340

10,463

16,032

57

355,316

418,988385,2253,200

629,246¥

669,771¥617,770$5,666"Bankrupt loans," which are classified as non-accrual (i.e. interest receivable is admitted to be no longer
accrued), are loans to borrowers who fall into the following categories:- who have begun bankruptcy, settlement, reorganization, winding-up or special liquidation
proceedings under the Bankruptcy Law, the Corporate Reorganization Law, the Civil Rehabilitation
Law, the Commercial Code or other similar laws of Japan- who have had their transactions with the promissory note clearinghouse suspended- who have begun similar proceedings under any foreign law
These loans are categorized as loans to "Bankrupt borrowers" under the self-assessment of asset quality.

(b)"Non-accrual loans" are loans that are classified as non-accrual and which do not fall into the "Bankrupt
loans” category. These loans are categorized as loans to “Substantially bankrupt borrowers” or“Potentially bankrupt borrowers” under self-assessment of asset quality.

(c)"Past due loans (3 month or more)" are loans whose principal and/or interest is past due three months ormore counted from the date following the scheduled payment date, and which do not fall into the"Bankrupt loans" and "Non-accrual Loans” categories. Those loans are also categorized as loans to"Watchlist borrowers" under the self-assessment of asset quality.

(d)"Restructured loans" are loans whose contracts were amended in favor of obligors (e.g. reduction of orexemption from stated interest, deferral of interest payments, extension of maturity dates, renunciationof claims) in order to assist or facilitate restructuring processes of the obligors in financial difficulties,
and which do not fall into the "Bankrupt loans", "Non-accrual loans", and "Past due loans (3 month ormore)" categories. Those loans are also categorized as loans to "Watchlist borrowers" under the
self-assessment of asset quality.
(e)

The amounts of Loans indicated in the table above are the gross amounts prior to reduction of allowancefor possible loan losses.

(f)

In the event that a debtor country encounters temporary payment difficulties and requests debt
rescheduling with respect to external public debt (whose creditors are Sovereigns, Trade InsuranceInstitutions and Export Credit Institutions, etc.) due to an unfavorable balance of international payment,
meetings of creditor countries (the "Paris Club") would be held to discuss debt relief measures(rescheduling). When creditor countries agree on debt relief measures, debt-rescheduling agreements
between the creditors and a debtor are agreed. Under such temporary liquidity assistance, the debtor
carries out Economic Restructuring Program that was agreed with the International Monetary Fund("IMF") and continues to make repayments of the debt. The principal amount of loans for which JBIC has
agreed to provide debt relief pursuant to the Paris Club agreements is as follows:

International Financial
Account

September 30,

September 30,

March 31,

2004

2003

2004

2004

(In millions of(In millions of(In millions of(In millions of

yen)

yen)

yen)

U.S. dollars)¥¥¥
456,442466,232

September 30,$
463,600

4,110

In terms of repayment probability of the loans rescheduled in the Paris Club, their nature as publiccredit, unlike loans provided by private financial institutions, provides an asset securing mechanism
under such an international framework. Nonetheless, in order to facilitate comparison with private
financial institutions, JBIC classifies those loans to borrowers classified under the assessment as"Watchlisted" (but not "Past due loans (3 months or more)"), that were rescheduled under the Paris Clubas "Restructured loans." The amount of such loans, included in "Restructured loans" in above table, is¥92,458 million ($833 million) of which ¥86,695 million ($781 million) represents original principal
attributable to the International Financial Account for the interim year ended September 30, 2004,¥118,206 million of which ¥75,874 million represents original principal for the interim year ended
September 30, 2003 and ¥115,380 million of which ¥78,955 million represents original principal for theyear ended March 31, 2004.
(g)

As JBIC's debtors mainly require long-term loans, JBIC generally enters into commitment line contracts
with these debtors. JBIC provides commitment lines under which it lends necessary funds up to thepredetermined amount, that is within the borrowers’ financing needs for the projects and up to theagreed maximum to lend, upon borrowers’ request, provided that the request meets terms andconditions for disbursement prescribed in the Loan Agreement. The total balances of unused
commitment lines as of September 30, 2004, 2003 and March 31, 2004 are ¥1,178,838 million ($10,615
million), ¥1,482,391 million and ¥1,445,085 million, respectively.

(h)With respect to the claims with collateral or guarantees on debtors who are legally or substantiallybankrupt ("Bankrupt borrowers and Substantially bankrupt borrowers"), the residual booked amount of
the claims after deduction of the amount which is deemed collectible through the disposal of collateral or
the execution of guarantees is written-off against the respective claims. The amounts of the accumulated
write-offs as of September 30, 2004, 2003 and March 31, 2004 are ¥18,661 million ($168 million), ¥7,363
million and ¥18,092 million respectively.

5. Miscellaneous assets
A part of the net earnings on of the International Financial Account is paid to the National Treasury, pursuant
to Article 44 of the JBIC law. Preliminary payments to the National Treasury, made on a best estimation basis
amounted to ¥5,257 million ($47 million) for the interim year ended September 30, 2004, ¥6,734 million for theinterim year ended September 30, 2003 and ¥19,185 million for the year ended March 31, 2004 respectively, andaccounted for under Miscellaneous assets on the (interim) balance sheets.

6. Premises and equipment
Depreciation expense in First half of FY 2004, 2003 and FY 2004 and Accumulated Depreciation as of September
30, 2004, 2003 and March 31, 2004 are as follows:

Depreciation ExpenseFirst Half ofFirst Half ofFirst Half of
FY2004
FY2003
FY2004
FY2004（In millions of（In millions of（In millions of（In millions of
yen）
yen）
yen）
U.S. dollars）
467 ¥
503 ¥
1,024 $
4¥

Accumulated Depreciation

September 30,
September 30,
March 31,
September 30,
2004
2003
2004
2004
（In millions of（In millions of（In millions of（In millions of
yen）
yen）
yen）
U.S. dollars）
13,756 ¥13,130 ¥13,412 $124¥

7. Miscellaueous liabilities
Deferred hedged gains is net realized or unrealized gains from hedging instruments. The gross amount ofdeferred hedge gains and losses before netting are as follows:
September 30,
2004（In millions ofyen）

September 30,
2003（In millions of
yen）
¥

¥
Gains
Losses156,869
8,516

March 31,
2004
（In millions ofyen）¥

328,710160,084

September 30,
2004（In millions of
U.S. dollars）$

169,900
16,3281,413
77

8. Acceptances and guarantees
Acceptances and Guarantees as of September 30, 2004, 2003 and March 31, 2004 are as follows:
September 30,
2004（In millions ofyen）¥
Acceptances
Guarantees¥¥
845,107845,107 ¥September 30,
2003（In millions ofyen）¥
680,401
680,401 ¥March 31,
2004
（In millions ofyen）$
724,924
724,924 $September 30,
2004（In millions of
U.S. dollars）
7,610
7,610

9. Assets pledged as collateral
There were no assets pledged as collateral as of September 30, 2004, 2003 and March 31, 2004.

10. Other ordinary expenses
Other ordinary expenses include Provision for allowance for possible loan losses, ¥16,871 million ($151
million) and ¥17,704 million for the (interim) years ended September 30, 2004 and March 31, 2004,
respectively.

11. Reserve
Pursuant to Article 44 of JBIC Law, the reserve attributable to the International Financial Account is provide
from net earnings from the International Financial Account.

12. Lease transactions
Lease transactions in the (interim) fiscal year ended September 30, 2004,2003 and March 31,2004 are as
follows:

(a)Finance lease transactions, excluding leases that ownership of the property are deemed to be transferredto the lessee:
・Acquisition cost, accumulated depreciation and net balance of leased property as of September 30,
2004,2003 and March 31,2004, are as follows:
September 30,
2004（In millions ofyen）

Acquisition cost
Equipment
Others
Total
Accumulated depreciation
Equipment
OthersTotal
Net balance
Equipment
Others
Total

September 30,
2003（In millions ofyen）March 31,
2004
（In millions ofyen）

September 30,
2004（In millions of
U.S. dollars）

¥

¥

¥

$

¥

196
313
510 ¥

- ¥

199
313
513 $

2
3
5

¥

41
62
104 ¥

- ¥

24
31
55 $

0
1
1

¥

154
251
406 ¥

- ¥

175
282
458 $

1
2
4

・Future lease payment obligations as of September 30, 2004,2003 and March 31,2004 are summarized
below:
September 30,
September 30,
March 31,
September 30,
2004
2003
2004
2004
（In millions of（In millions of（In millions of（In millions of
yen）
yen）
yen）
U.S. dollars）¥¥$¥
Due within 1 year
101
100
1
Due after 1 year
308
359
3
Total
¥
410 ¥
- ¥
460 $
4

・Lease payment, depreciation expenses and interest expense for the (interim) fiscal year ended September
30, 2004,2003 and March 31,2004 are as follows:
September 30,
September 30,
March 31,
September 30,
2004
2003
2004
2004
（In millions of（In millions of（In millions of（In millions of
yen）
yen）
yen）
U.S. dollars）¥¥$¥
Lease payment
5459
0Depreciation expense52560Interest expense440・Depreciation expense is calculated using the straight-line method over the useful economic life of therespective leased assets with zero residual value.
・ The difference between total lease payments and the acquisition cost of leased assets is debited tointerest expenses, and is allocated to each fiscal year using the interest method.

(b)Operating lease transactions:・Future lease payment obligations as of September 30, 2004,2003 and March 31,2004 are summarized
below:
September 30,
2004（In millions ofyen）¥

Due within 1 year
Due after 1 year
Total

¥

¥
0
0 ¥

September 30,
2003（In millions of
yen）
¥
1
0
2 ¥

March 31,
2004
（In millions ofyen）

September 30,
2004（In millions of
U.S. dollars）

$
1
1 $

0
0

13. Derivative transactions
Notes to derivative transactions in the interim fiscal year ended September 30, 2004 are as follows:(a) Interest rate-related transactions
Gains or losses arising from changes in fair value of interest rate-related derivatives are not included in theinterim statements of operations.
Hedge accounting is applied to all the interest rate-related derivative transactions.
(b)Currency-related transactions
Gains or losses arising from changes in fair value of currency-related derivatives are not included in theinterim statements of operations.
Hedge accounting is applied to all currency-related derivative transactions.

(c) Equity-related transactions
Not applicable(d) Bond-related transactions
Not applicable(e) Commodity-related transactions
Not applicable(f) Credit derivatives transactions
Not applicable

Notes to derivative transactions in the interim fiscal year ended September 30, 2003 are as follows:(a) Interest rate-related transactions
Gains or losses arising from changes in fair value of interest rate-related derivatives are not included in theinterim statements of operations.
Hedge accounting is applied to all interest rate-related derivative transactions.
(b) Currency-related transactions
Gains or losses arising from changes in fair value of currency-related derivatives are not included in theinterim statements of operations.
Hedge accounting is applied to all currency-related derivative transactions.
(c) Equity-related transactions
Not applicable(d) Bond-related transactions
Not applicable(e) Commodity-related transactions
Not applicable(f) Credit derivatives transactions
Not applicableNotes to derivative transactions in the fiscal year ended March 31, 2004 are as follows:(a) Interest rate-related transactions
Gains or losses arising from changes in fair value of interest rate-related derivatives are not included in thestatements of operations.
Hedge accounting is applied to all interest rate-related derivative transactions.
(b) Currency-related transactions
Gains or losses arising from changes in fair value of currency-related derivatives are not included in thestatements of operations.
Hedge accounting is applied to all currency-related derivative transactions.
(c) Equity-related transactions
Not applicable(d) Bond-related transactions
Not applicable(e) Commodity-related transactions
Not applicable(f) Credit derivatives transactions
Not applicable