Translation
The following is an English translation of an independent assurance report prepared in Japanese and is for information andreference purposes only. In the event of a discrepancy between the Japanese and English versions, the Japanese version willprevail.

Independent practitioner’s assurance report

Mr. Seiji Jige
President and CEODevelopment Bank of Japan Inc.
Scope
We have been engaged by Development Bank of Japan Inc. (hereafter the “Company”) toperform a ‘limited assurance engagement,’ as defined by International Standards on Assurance
Engagements, here after referred to as the engagement, to report on the number of projectfinance transactions in the Company’s “Transactions in accordance with the Equator Principles
in FY2023“ (the “Subject Matter”) included in the “DBJ and the Equator Principles” of theCompany’s website (the “WEB information”) for the period from April 1, 2023 to December 31,2023. The scope of our assurance procedures was limited to the indicators marked with thesymbol “✔” in the WEB information.
Other than as described in the preceding paragraph, which sets out the scope of ourengagement, we did not perform assurance procedures on the remaining information includedin the WEB information, and accordingly, we do not express a conclusion on this information.
Criteria applied by the Company
In preparing the Subject Matter, the Company applied the criteria, that it determined withconsideration of “the Equator Principles” (hereafter the “Criteria”) as presented in the WEB
information.
The Company’s responsibilities
The Company’s management is responsible for selecting the Criteria, and for presenting theSubject Matter in accordance with that Criteria, in all material respects. This responsibility
includes establishing and maintaining internal controls, maintaining adequate records andmaking estimates that are relevant to the preparation of the subject matter, such that it is freefrom material misstatement, whether due to fraud or error.
EY’s responsibilities
Our responsibility is to express a conclusion on the presentation of the Subject Matter based on
the evidence we have obtained.
We conducted our engagement in accordance with the International Standard for Assurance
Engagements Other Than Audits or Reviews of Historical Financial Information (‘ISAE 3000(Revised)’), and the terms of reference for this engagement as agreed with the Company on
April 4, 2024. Those standards require that we plan and perform our engagement to express aconclusion on whether we are aware of any material modifications that need to be made to theSubject Matter in order for it to be in accordance with the Criteria, and to issue a report. The1

nature, timing, and extent of the procedures selected depend on our judgment, including anassessment of the risk of material misstatement, whether due to fraud or error.
We believe that the evidence obtained is sufficient and appropriate to provide a basis for ourlimited assurance conclusions.
Our independence and quality management
We have maintained our independence and confirm that we have met the requirements of theCode of Ethics for Professional Accountants issued by the International Ethics Standards Boardfor Accountants and have the required competencies and experience to conduct this assuranceengagement.
EY also applies International Standard on Quality Management 1, Quality Management forFirms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related
Services engagements, which requires that we design, implement and operate a system ofquality management including policies or procedures regarding compliance with ethicalrequirements, professional standards and applicable legal and regulatory requirements.
Description of procedures performedProcedures performed in a limited assurance engagement vary in nature and timing from, andare less in extent than for a reasonable assurance engagement. Consequently, the level ofassurance obtained in a limited assurance engagement is substantially lower than theassurance that would have been obtained had a reasonable assurance engagement beenperformed. Our procedures were designed to obtain a limited level of assurance on which tobase our conclusion and do not provide all the evidence that would be required to provide a
reasonable level of assurance.
Although we considered the effectiveness of management’s internal controls when determining
the nature and extent of our procedures, our assurance engagement was not designed toprovide assurance on internal controls. Our procedures did not include testing controls orperforming procedures relating to checking aggregation or calculation of data within IT systems.
A limited assurance engagement consists of making enquiries, primarily of persons responsible
for preparing the Subject Matter and related information, and applying analytical and otherappropriate procedures.
Our procedures included:

・ Making enquiries regarding the Criteria, and evaluating the appropriateness thereof;・ Inspecting relevant documents with regard to the design of the Company’s internal
controls related to the Subject Matter included in the WEB information, and enquiring of
personnel responsible thereof;・ Performing analytical procedures concerning the Subject Matter included in the WEBinformation; and・ Testing, on a sample basis, underlying source information and conducting relevant recalculations concerning the Subject Matter included in the WEB information.

2We also performed such other procedures as we considered necessary in the circumstances.
Conclusion
Based on our procedures and the evidence obtained, we are not aware of any material
modifications that should be made to the Subject Matter for the period from April 1, 2023 toDecember 31, 2023 in order for it to be in accordance with the Criteria.

Kenji Sawami
Kazuto Kita
Engagement Partners
June 14, 2024
Ernst & Young ShinNihon LLC
Tokyo, Japan3