Japan Overseas Infrastructure Investment Corporation
for Transport & Urban Development

Financial Statements

For the 8th fiscal year
From April 1, 2021 to March 31, 2022

Crowe Toyo & Co.
Sumitomo Fudosan Kanda Bldg.,6F
Kandamitoshirocho7,
Chiyoda-ku, Tokyo101-0053
Japan
Main +81 (3)3295 1040
Fax
+81 (3)3295 1993
www.crowe.com/jp/en-us

Independent Auditors’ Report(Translation)
May 24, 2022
To the Board of Directors ofJapan Overseas Infrastructure Investment Corporation for Transport & Urban Development
Crowe Toyo & Co.
Tokyo Office
Hideo Asayama
Designated Partner
Engagement Partner
Certified Public Accountant
Takayuki Kawakubo
Designated Partner
Engagement Partner
Certified Public Accountant
OpinionPursuant to Article 436 (2) (i) of the Companies Act, we have audited the accompanying financial
statements, which comprise the balance sheet as of March 31, 2022, and the statement of income, thestatement of changes in net assets and the related notes, and the supplementary schedules (hereinafter
the “financial statements, etc.”) of Japan Overseas Infrastructure Investment Corporation for Transport &Urban Development (hereinafter the “Company”) for the 8th fiscal year from April 1, 2021 to March 31,2022.
In our opinion, the financial statements, etc. referred to above present fairly, in all material respects, thefinancial position and the results of operations of the Company for the period, for which the financial
statements, etc. were prepared, in accordance with accounting principles generally accepted in Japan.
Rationale for the Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our
responsibility with respect to auditing standards is described in “Auditor’s Responsibility in Auditing the
Financial Statements, etc.” We are independent of the Company in accordance with the ethicalrequirements that are relevant to our audit of the financial statements, etc. in Japan, and we havefulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Other information
The other information comprises the Business Report and the accompanying supplemental schedules.
Management is responsible for the preparation and disclosure of the other information. The Company
Auditor is responsible for overseeing the Directors' performance of duties within the maintenance andoperation of the reporting process for the other information.
Our opinion on the financial statements does not cover the other information and we do not express ouropinion on the other information.
Our responsibilities for the audit of the financial statements are to read the other information, and indoing so, consider whether the other information is materially inconsistent with the financial statementsor our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report that fact.
We have nothing to report in this regard.

Management and the Company Auditor’s Responsibility for the Financial Statements, etc.
Management is responsible for the preparation and fair presentation of the financial statements, etc. inaccordance with accounting principles generally accepted in Japan, and for such internal control as
management determines is necessary to enable the preparation of the financial statements, etc. that are
free from material misstatements, whether due to fraud or error.
In preparing the financial statements, etc., management is responsible for assessing whether it isappropriate to prepare the financial statements, etc. with the assumption of a going concern, and inaccordance with accounting principles generally accepted in Japan, for disclosing, as necessary, mattersrelated to going concern.
The Company Auditor is responsible for overseeing the Directors’ performance of duties within themaintenance and operation of the financial reporting process.
Auditor’s Responsibility in Auditing the Financial Statement, etc.
Our responsibilities are to obtain reasonable assurance about whether the financial statements, etc. as awhole are free from material misstatement, whether due to fraud or error, and to express our opinion on
the financial statements, etc. in an auditor’s report based on our audit from an independent point of view.
Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the decisions of users of these financial
statements, etc.
In accordance with auditing standards generally accepted in Japan, we exercise professional judgment andmaintain professional skepticism throughout the audit process to perform the following:
Identify and assess the risks of material misstatement, whether due to fraud or error, and design andperform audit procedures responsive to those risks. Selecting audit procedures to be applied is at thediscretion of the auditor. Obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion.
In making those risk assessments, we consider internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, while the audit objective of the financial
statements, etc. is not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control.
Evaluate the appropriateness of accounting policies used by management and their method of
application, as well as the reasonableness of accounting estimates made by management and related
notes thereto.
Conclude on the appropriateness of preparing the financial statements, etc. with the assumption of agoing concern by management, and based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the notes to the financial statements, etc. or, if the notes tothe financial statements, etc. on material uncertainty are inadequate, to express an opinion withexceptive items on the financial statements, etc. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause theentity to cease to continue as a going concern.
Evaluate whether the presentation and disclosure of the financial statements, etc. are in accordancewith accounting principles generally accepted in Japan, the overall presentation, structure and content
of the financial statements, etc. including the disclosures, and whether the financial statements, etc.
represent the underlying transactions and events in a manner that achieves fair presentation.
We report to the Company Auditor regarding, among other matters, the planned scope and timing of theaudit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit process, and other matters required by auditing standards.
We also provide the Company Auditor with a statement that we have complied with relevant ethicalrequirements regarding independence and communicate with them all relationships and other mattersthat may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Conflict of Interest
Our firm or the engagement partners have no interest in the Company which should be disclosed pursuant
to the provisions of the Certified Public Accountants Act of Japan.
The above represents a translation, for convenience only, of the original report issued in the Japanese
language.

Balance Sheet(As of March 31, 2022)（Thousands of yen）
AssetsLiabilities and net assets( Assets )Current assets:( Liabilities )111,123,775

Current liabilities:

455,580

Cash and deposits

22,146,115

Lease obligations

2,371

Operational investment securities

88,096,220

Accounts payable-Other

52,460Operating loans

157,130

Income taxes payable

361,059

Other724,307

Other

39,689Non-current assets:

46,390,778

Non-current liabilities:

132,070

Lease obligations

Buildings

145,032

Deferred tax liabilities

Tools, furniture and fixtures

234,074

Other

Leased assets

12,261

Property and equipment:

Accumulated depreciation
Investments and other assets:

Total liabilities

1,512,837
4,662
1,507,983
191
1,968,418△ 259,297 ( Net assets )46,258,707

Shareholders' equity:

152,286,515

Investment in subsidiaries and associates

10,061,541

Capital stock

83,372,500

Investments in capital of subsidiaries and associates

35,989,581

Capital surplus:

83,372,500

Long-term accounts receivable - other99,851

Lease deposits

106,949

Other
Deferred assets:
Share issuance cost

Legal capital surplus
Retained earnings:

Amounts of less than 1 thousand yen are rounded off.

△ 14,458,484

Other retained earnings:△ 14,458,484

157,227

Retained earnings brought forward△ 14,458,484

157,227

Valuation and translation adjustments

783

Valuation difference on available-for-sale securities

Total assets

83,372,500

157,671,781

3,416,848
3,416,848

Total net assets

155,703,363

Total liabilities and net assets

157,671,781

Statement of Operations(From April 1, 2021 to March 31, 2022)（Thousands of yen）
Operating revenue

623,152

Operating expenses

8,240,037

Operating loss

7,616,884

Non-operating income
Interest income

331

Other

987

1,319

Non-operating expenses
Interest expenses

40

Amortization of share issuance cost

125,416

Foreign exchange losses

30,478

155,936

Ordinary loss

7,771,502

Loss before income taxes

7,771,502

Income taxes
Net lossAmounts of less than 1 thousand yen are rounded off.

3,800
7,775,302

Statement of Changes in Equity(From April 1, 2021 to March 31, 2022)（Thousands of yen）
Valuation andtranslation
adjustments

Shareholders' equity

Capital surplus

Retained earnings
Total net assets
Other retained
earnings

Capital stock

Total shareholders'equityValuation difference
on available-for-salesecurities

Legal capital surplus
Retained earnings
brought forward
79,922,500

79,922,500△ 6,683,182

153,161,817△ 858,972

152,302,844

3,450,000

3,450,000-

6,900,000-

6,900,000

Net loss--△ 7,775,302△ 7,775,302-△ 7,775,302

Net changes of items other than shareholders' equity

-

-

-

-

4,275,821

4,275,821

Total changes of items during period

3,450,000

3,450,000△ 7,775,302△ 875,302

4,275,821

3,400,518

Balance at March 31, 2022

83,372,500

83,372,500△ 14,458,484

152,286,515

3,416,848

155,703,363

Balance at April 1, 2021
Changes of items during period
Issuance of common stock

Amounts of less than 1 thousand yen are rounded off.

Notes to Financial Statements
Amounts of less than 1 thousand yen are rounded off.
1. Significant Accounting Policies(1) Basis and method of valuation of securities① Operational investment securities
Shares, etc. that do not have a market priceStated at cost determined by the moving-average method② Investment in subsidiaries and associates
Stated at cost determined by the moving-average method③ Investments in capital of subsidiaries and associates
Stated at cost determined by the moving-average method
The amounts equivalent to interests of limited partnerships are accounted for on the net amountequivalent to interest regarding to the balance sheet based on the most recent financial statements
as of the closing date which is specified in the Partnership Agreement. And the related revenue andcost equivalent to such investments are included in operating revenue and operating expenses inthe statement of income, respectively.

(2) Depreciation method of non-current assets① Property and equipment (excluding leased assets)
Depreciation is provided by the declining-balance method, except for the buildings (excluding
building facilities), building facilities and structures acquired on or after April 1, 2016, which are
depreciated using the straight-line method.
The useful lives adopted for major assets are as follows:
Buildings: 10 -15 years
Tools, furniture and fixtures: 3-10 years② Leased assets
Leased assets under finance lease arrangements which do not transfer the ownership of the leased
property to the lessee are depreciated to a residual value of zero by the straight-line method using
lease period as the useful life.

(3) Amortization method of deferred assets
Share issuance cost
Share issuance cost is amortized by the straight-line method over 3 years.

(4) Accounting for provisions① Allowance for doubtful accounts
To provide for the bad debts loss of receivables, an estimated uncollectible amount is provided byconsidering the individual collectability.
② Provision for bonuses
For payment of employees’ bonuses, provision is provided for the portion of the total anticipatedbonuses that is attributable to the fiscal year.
③ Provision for retirement benefits
To prepare for employees’ retirement benefits to employees, the Company records an amountcalculated based upon the estimated retirement and severance benefit obligations at the end of the
fiscal year.
The estimated retirement and severance benefit obligations is calculated based on the simplified
method.

2. Notes to changes in accounting policy
Application of “Accounting Standard for Fair Value Measurement,” etc.
The Company has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement
No. 30, July 4, 2019 (hereinafter “Accounting Standard for Fair Value Measurement”)), etc. from the
beginning of the current fiscal year.
The Company has prospectively applied new accounting policies based on the Accounting Standard for
Fair Value Measurement, etc. in accordance with the transition provisions in Article 19 of AccountingStandard for Fair Value Measurement and Article 44-2 of “Accounting Standard for Financial
Instruments” (ASBJ Statement No.10, July 4, 2019).
There is no impact of these changes on financial statements.

3. Notes to accounting estimates
Valuation of Operational investment securities, Investment in subsidiaries and associates and Investments
in capital of subsidiaries and associates① Amounts recorded on the financial statements for the current fiscal year
Operational investment securities

88,096,220 thousand yen

Investment in subsidiaries and associates

10,061,541 thousand yen

Investments in capital of subsidiaries and associates

35,989,581thousand yen①

Information on the content of significant accounting estimates for identified items

Operational investment securities, Investment in subsidiaries and associates and Investments incapital of subsidiaries and associates do not have a market price.
In valuation of stocks, etc., when the business condition of the investee deteriorates or excess earning
power decreases, etc., the recoverability of fair value of stocks, etc. is estimated in accordance withthe business plan of the investee, etc.
The estimate may be affected by future unpredictable changes in economic condition, etc. and it may
have a significant impact on the financial statements when revise is required in the business plan of
the investee, etc.

4. Notes to balance sheet(1) Assets pledged as collateral
The Company provide collateral for the loans of the investee.
The investee: Japan Airport Management Partners Co., Ltd.
Collateral: Operational investment securities US$2,200,000(2) Loan guarantee liabilities
The Company guarantees loans of the investee from financial institutions.

The investee:

Concessionária do VLT Carioca S.A.

Amount of guarantee:

The investee:Thi Vai International Port Company Ltd.

Amount of guarantee:

The investee:

R$14,837,411

US$729,200

Yangon Museum Development Pte. Ltd.

Amount of guarantee:

US$41,760,000

The investee: Thilawa Multipurpose International Terminal Co., Ltd.
Amount of guarantee:

US$ 210,000

5. Notes to statement of operations
There are no items to be disclosed.

6. Notes to statement of changes in equity
Class and number of shares at the end of the fiscal year:
Common stock

3,334,900 shares

7. Notes to taxes effect accounting
Deferred tax assets consist mainly of net operating loss carryforwards and accrued enterprise taxes, withfull valuation allowance. Deferred tax liabilities consist of valuation difference on available-for-salesecurities.

8. Notes to financial instruments(1) States of financial instruments① Management policy on financial instruments
The Company conducts investment and loan activities based on the standards stipulated in the Act
on Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development. To
conduct investment and loan activities, the Company raises the necessary funds by equity capital andissuance of Government-Guaranteed Bonds.
Regarding fund management, the Company invests only in short-term deposits to secure liquidity
and safety of funds.
② Features and risks of financial instruments
Financial instruments held by the Company are short-term deposits. There is no risk of fluctuations
in market prices.
Operational investment securities, investment in subsidiaries and associates and investments incapital of subsidiaries and associates held by the Company are stocks and exposed to credit risk of
the investees, unlisted stocks, etc. are exposed to liquidity risk.
Operational investment securities, investment in subsidiaries and associates and investments incapital of subsidiaries and associates which are denominated in foreign currencies are exposed to therisk of exchange fluctuations.
③ Risk management of financial instrumentsⅰ) Management of liquidity risk to financing
The Company controls liquidity risks by monitoring deposits and payments and preparing thestatement of cash positions regularly.
ⅱ) Management of credit risk of the investees and borrowers
The Company timely and regularly monitors the business conditions of the investees andborrowers and makes efforts to promptly obtain information of deterioration of their financial
conditions and deviation from their business plan, etc.
ⅲ) Management of exchange fluctuation risk to operational investment securities, investment in
subsidiaries and associates and investments in capital of subsidiaries and associates which aredenominated in foreign currencies.
The Company controls exchange fluctuation risks regarding operational investment securities,
investment in subsidiaries and associates and investments in capital of subsidiaries andassociates which are denominated in foreign currencies by continuously monitoring exchange
rate fluctuations.

(2) Fair value of financial instruments
Notes to balance sheet amounts, fair values, and their differences as of March 31, 2022 are omitted
because cash and deposits are settled in a short period of time and their fair values approximate
their book values.
Balance sheet amounts of Shares, etc. that do not have a market price are as follows: operational
investment securities, 88,096,220 thousand yen; investment in subsidiaries and associates, 10,061,541
thousand yen; and investments in capital of subsidiaries and associates, 35,989,581 thousand yen.

9. Notes to related party transactions
The Company directors and principal shareholders, etc.
（Thousands of yen）
Attribution

Name

Percentage

Relationshipof votingNature ofTransaction

Accounting

Year-endtransactions

amountsclassification

balance

6,900,000－－

rights ,etc.
Principal

Minister of

Owned

Investments

Investments

shareholder

Finance

directly

in capitalin capital

96.43%(Note)(Note) Minister of Finance acquired shares issued by the Company in the amount of ¥50 thousand pershare.

10. Notes to per share information
Net assets per share¥46,689.06

Net loss per share¥2,431.56