Annual Report FY2006 (Apr. 2006 – Mar. 2007)

Ⅰ NEXI Mission
NEXI is committed to:

C

o

n

t

e

n

t

s

1. Providing insurance products that make customers feelsecure and protected in overseas transactions
2. Providing advice to customers from the preliminary stageof planning transactions

NEXI Mission

1

Message from the Chairman

3

Main Data for Fiscal Year 2006

7

Main Projects Recently
Underwritten

11

Review of Performance in
Fiscal Year 2006

19

Financial Results for
Fiscal Year 2006

25

Second Medium-Term Objectives

31

Profile of NEXI

33

NEXI Customer Service Charter

35

Implementation of Confirming
Environmental and Social
Considerations

39

3. Responding promptly to inquiries and the interests ofcustomers
4. Meeting customers' demands and business needs
5. Promptly completing the assessment of insurance claims
and making insurance claim payment
6. Promptly allocating the recovery

N E X I ’s R e s o l u t i o nManagement Principle
NEXI will contribute to Japan's economic community byanticipating changes in the market at all times, appropriately
responding to customer needs, and efficiently andeffectively conducting insurance business in covering risks
that arise in international transactions but are not coveredby regular commercial insurance.

SPEED

PROFESSIONALINTEGRATIONREFORM

IT ORIENTED

TRANSPARENCYManagement Policy
1. NEXI, realizing its role as an incorporated administrative
agency, operates its business from the public standpoint
and aims at being conducive to national stability andsound development of the economic community.
2. NEXI will observe the customer-first principle at all times,
provide high-quality services by improving its expertise,
and aim at increasing customer satisfaction and building
strong trust relations with customers.
3. NEXI will systematically make use of its operating
resources, work on quantitatively and qualitatively
increasing the risks it underwrites, improve its profits
through appropriate risk management, and aim for longrange development.
4. NEXI will develop human resources and promote staff
strengthening their specialty, make use of staff diversity,and aim at creating a liberal and lively workspace where
staff feels proud of their organization.

Message from the Chairman
Annual Report FY2006

Ⅱ Message from the Chairman
Since its establishment in April 2001, Nippon Export andInvestment Insurance (NEXI) has operated on the principle of“customer first,” and has striven to improve services andenhance the efficiency of business operations. Taking a positive
view of the new business environment brought about by the
progress of deregulation, our staff at NEXI is doing its utmost to
provide services that meet the true needs of its customers.

Hidehiro Konno
Chairman and CEO

An example of this effort is an improvement in the insurance
products and premium rate structure, including the fundamental
review of the comprehensive insurance contracts with theexporters’ associations, conducted from April 2007. We haveadopted an optional coverage scheme for Comprehensive
Insurance with Exporters’ Associations, which has been our coreproduct, in order to ensure the deregulation of the tradeinsurance market. Along with this scheme we will provide
various insurance products that more precisely reflect ourcustomers’ needs, a premium rate structure that more
appropriately responds to risks, and new services that focus on
further simplification of paperwork and procedures.
NEXI is making efforts to fulfill its duties as a public institution in
the area of natural resources and energy, as well as insupporting the international expansion of small- and mediumsized enterprises. In response to “The New National Energy
Strategy” established by the government, we relaxed the termsof cover for resource-producing countries and created
Investment and Loan Insurance for Natural Resources andEnergy. Further, we implemented a fundamental review ofOverseas Investment Insurance and lowered the premium rate
for Overseas Untied Loan Insurance. Through these new
products and schemes, we intend to promote the diversificationand globalization of Japanese companies’ activities andcontribute to securing a stable supply of resources and energy.
In December 2006, we started operating the new information
system (common name: SPIRIT ONE). We will continue toimprove customer services, including those for electronic
applications that access our website through this new
information system, in line with the e-Government Project.
In addition, we will further expand our cooperation with overseas
export credit agencies (ECAs) by signing one-stop shop
reinsurance agreements with European and American ECAs inorder to respond to international consortiums in a timely manner.
We are also concluding reinsurance agreements with institutionsin other Asian countries in order to support the efforts ofJapanese companies that are expanding their operations
throughout Asia.
The total underwritten amount in fiscal 2006 reached 14.6 trillion
yen, an increase of 13.8% compared with the previous fiscal
year. We look forward to further deepening the relationship withour customers. We are deeply grateful for your continued
support and cooperation.

3

Meeting Customers Demands and Raising
the Quality of Services Still Higher in FY2006
New policy structure implemented byadopting an optional coverage scheme
for comprehensive insurance contracts
with exporters’ associations
In April 2007, NEXI completed a fundamental review of its
policy/premium rate structure, and adopted an optional
coverage scheme for comprehensive insurance contracts
with exporters’ associations (where each member
company of the exporters’ associations can voluntarily
select whether to use NEXI’s comprehensive insurance),
to make NEXI’s trade and investment insurance products
and services even more attractive to users than before.
Specifically, by enhancing the contents of our products
through expanding the risk coverage and the optional
policy menu, we have responded more appropriately to
our customers’ risk-hedging needs. In addition, thecustomers’ burden of premium payment is further
equalized by adopting a detailed premium structure ratethat is more appropriate to each underwritten risk. Further,
we simplified our application procedures in order to makeinsurance application as simple as possible.
On our website, we posted detailed information of the newpolicy/premium rate structure and related rules andregulations, such as insurance policy, supplementaryagreement, operation rules, premium rate rules, and so on.
We also posted a simulation so that our customers canperform a trial calculation of premium using the newpremium rate structure. A manual has been prepared andan explanatory meeting was held to familiarize ourcustomers with the new policy/premium rate structure.

Efforts toward the development offoreign resources were further
strengthened by creating Investment
and Loan Insurance for Natural
Resources and Energy
In a time of intense global competition over the acquisitionof resources, NEXI is required to further support Japanesecompanies’ development of resources and acquisition ofinterests abroad. Under these trying circumstances, inaddition to relaxing the terms of cover and reviewing theOverseas Investment Insurance, we created an Investment
and Loan Insurance for Natural Resources and Energy withenhanced contents compared to conventional products in
April 2007. For senior loans extended by banks andsubordinate loans contributed by investors to transactions
that acquire interests of or off-take energy and mineral
resources implemented by Japanese companies, wereduced the premium rate by 50 to 70% compared with thepresent rate in addition to raising the percentage of cover to100% for political risks such as expropriation, war, civil war,etc. The Investment and Loan Insurance for Natural
Resources and Energy Team was set up as the unifying
contact point in order to expedite our underwriting
assessment business.
NEXI will continue to actively address the transactions that
contribute to the development of resources and secure astable supply of resources by putting an emphasis on thesetransactions.

Overseas Investment Insurance
reviewed to improve user-friendliness
Relaxation of the terms of covermainly for resource-producing
countries
NEXI implemented an all-round revision of terms of covermainly for resource-producing countries (oil, gas, andmineral resources) in order to strengthen our efforts tosecure a stable supply of resources and energy for Japan.
By clearly specifying the conditions and setting detailed
coverage conditions for countries where underwriting wasrestricted or off cover, the terms of cover for approximately
40 countries were relaxed.

In order to promote overseas expansion activities andinvestment in resources and energy projects by Japanesecompanies even more strongly, NEXI uniformly reduced its
premium rates 30% for Overseas Investment Insurance in
October 2006. In addition, we created a new type ofOverseas Investment Insurance that does not covertransfer risk, and that has lower premium rates.
Further, we decided to recognize as insured events andpay insurance claims for cases where only the reinvested
sub-subsidiary and not the invested company abroad(direct subsidiary) discontinues its business. We also
started coverage of “goodwill”. Specifically, we havedecided to pay insurance claims based on the depreciatedvalue of the invested amount with “goodwill” value added to
the net asset value on the balance sheet of the invested
company immediately before the insured event.

4

Message from the Chairman
Annual Report FY2006

Since October 2002, losses incurred by breach of contract
or unilateral cancellation by the counterpart country
government for contracts concluded between the invested
company and the invested country’s government havebeen covered through special agreements. Lately, we
have been actively providing cover for contracts with local
governments and government institutions of invested
countries as well as with the central government.

Operation of the new information
system and website services started
In December 2006, NEXI made a full changeover of the
new information system of trade and investment insurance(common name: SPIRIT ONE) and started providing
website services that made it possible for customers toapply for trade and investment insurance through theInternet, to carry out various procedures including thenotification of occurrence of insured risk, and to makeinquiries about such information as ratings on the foreign
buyers list, changes made to the ratings, and trade andinvestment insurance that our customers have applied for
up to the present. These services are intended to improve
convenience for our customers and to promote theefficiency of office work. The latest encryption technology
has been applied, so that we can communicate with ourInternet customers with maximum security, thereby
ensuring that our customers’ vital information will not bestolen or suffer malicious damage. As for user ID on thewebsite, it is possible to use different IDs according topurposes of use, since we have subdivided the extent ofservices for each ID.

Small- and medium-sized enterprises’
challenge to overseas markets
actively supported
The Export Credit Insurance for SMEs has been wellreceived. This is a new insurance policy that was created in
April 2005, solely for small- and medium-sized enterprises(SMEs) to support their entry in overseas markets. The
underwritten results for fiscal 2006 were 278 underwrittentransactions (a 65% increase compared to the previous
fiscal year) with an underwritten amount of 496 million yen(34.4% increase compared to the previous fiscal year). The
main features of the Export Credit Insurance for SMEs are:■ Coverage of 95% of damages incurred from the inability
to collect receivables in transactions of direct exports
from Japan with a maximum repayment term of 180
days.
■ Availability of this insurance in alliance with banks, inorder to promote bank loans to SMEs engaged in theexport trade, enabling customers to apply for thisinsurance at participating banks.

5■ Simplified procedures and expedited services thatprovide greater convenience for our customers, including
simplified procedures for establishing the right of pledge
for insurance claim rights.

Expansion of policyholders eligible
for coverage● Expanded range of policyholders eligible for Trade
Insurance for Standing Orders from Specific Buyer totypes of industry other than manufacturers
In the past, eligibility for Trade Insurance for Standing
Orders from Specific Buyer was limited to policyholders
who were manufacturers or manufacturer-linked trading
companies where manufacturers contributed at least twothirds of their capital. However, in order to appropriately
meet the diversified needs of the customers, we expanded
the eligibility to all types of industry from April 2007.
● Range of foreign exchange risk coverage eligible for
elimination of surcharges expanded
From the viewpoint of contributing to further strengthening
the international competitiveness of the Japanese plant
industry, in addition to the foreign exchange risk coveragefor US dollar denominated loan contracts with repayment
terms of at least two years for Export Credit Insurance(supplier’s credit) and Buyer’s Credit Insurance (buyer’s
credit or bank loans), which are already exempted premium
surcharges, we decided to also exempt premium
surcharges for Euro denominated loan contracts.
● Range of transactions eligible for Premium Installment
Payment System expanded to transactions for lessthan two years
We adopted the Premium Installment Payment System
available for a part of insurance with a repayment period of
two years or more to transactions with a repayment periodof less than two years of Export Credit Insurance. As aresult, customers wishing to conduct Export Credit
Insurance transactions with a repayment period of lessthan two years, with a contract amount exceeding 50 billion
yen, are eligible for the system. Customers’ burden of thepremium payments, particularly in the plant industry, isreduced.

Reinsurance to overseas ECAs
provided for implementation of “onestop shop” scheme
NEXI has concluded “one-stop shop” reinsurance
agreements with overseas ECAs in order to promptly andaccurately meet the business needs of Japanesecompanies participating in international collaborative
projects. In fiscal 2006, we concluded a new reinsurance
agreement with SERV, an export credit agency in
Switzerland. The total number of reinsurance agreements
concluded is now 11.
When a Japanese company jointly participates in aninternational project with foreign companies, an overseas
ECA underwrites insurance for the whole project, and NEXI
underwrites reinsurance for the portion by the Japanesecompany. This way of applying for insurance enables
flexible formation of finances and reduction in the total costof transactions for customers.
In 2006 we provided reinsurance to the US Ex-Im Bank forthe export transaction of Boeing 767 aircraft to Kenya
Airways in order to support the international expansion of
the Japanese aircraft industry. (See page 18 of “Main
Projects Recently Underwritten”.)

Export by Japanese affiliates locatedin Asia supported through Asianreinsurance agreements
NEXI is working to strengthen the Asian reinsurance
agreement network with Asian ECAs. We believe that thisprogram will support the business activities of Japaneseaffiliates in Asian countries and contribute to strengthening
the economic relationships between Japan and other Asian
countries. Following the reinsurance agreement concluded
with ECICS of Singapore in fiscal 2004, a reinsurance
agreement was concluded with MEXIM of Malaysia in fiscal
2006. The conclusions of these agreements enable NEXI
to provide reinsurance when the Asian ECAs underwrite
trade insurance for Japanese affiliates in these countries
that export goods to a third country.
NEXI’s reinsurance, which will increase Asian ECAs’
Diagram of the NEXI Asian Reinsurance Network

User-friendly explanatory leaflet on
substantive matters compiled
We drew up an explanatory leaflet on substantive mattersthat compiled the exemption clause under the insurance
policy and the requirements/points to note that we would
like the customers to especially take heed of regarding
Export Credit Insurance. In addition to issuing hard copy,
we posted the leaflet on our website so that customers
would be able to confirm the contents at the time of signing
an insurance contract.

Trade Insurance
Japanese Affiliate

ExportThird Country
Buyer

ExportOverseas ECA
Reinsurance

underwriting capacity, is expected to encourage Japaneseaffiliates to use the local ECA’s insurance and facilitate
hedging risks involved in their export transactions. We willcontinue to expand the reinsurance network in order tosupport the international business activities of Japanesecompanies.

Efforts toward environmental and social
considerations exerted in line withrevision of the Common Approaches
Approaches to environmental issues have been further
intensified with the revision of the “Recommendation on
Common Approaches on the Environment and OfficiallySupported Export Credits,” which all OECD member
countries are required to abide by, in reviewing the impactsof the insured projects on the environment, implemented inJune 2007. NEXI has its own “Guidelines on Environmental
and Social Considerations in Trade Insurance,” that reflects
the contents of the Common Approaches. We will continue
to confirm whether the project contractors are giving due
environmental and social consideration towards the insured
projects.

Various services simplified and efforts
made to lighten the burden ofcustomers and expedite services,
based on the spirit of the Customer
Service Charter
The following are the main procedures that have been
simplified in fiscal 2006:● The OCR form used for Export Credit Insurance (SpecificInsurance) etc. has been revised.
● The accompanying documents necessary for theapplication of Comprehensive Insurance for specified
capital goods have been partly abolished.
● The evidence documents for Enterprise Comprehensive
Insurance have been partly abolished.
● The accompanying documents necessary for making
material changes to export contracts have been partly
abolished.
● The terms that apply in making material changes toComprehensive Insurance contracts for specified
consumable goods (steel products/chemical goods)
have been relaxed.

Third Country
Buyer

6

Main Data
for Fiscal Year 2006
Annual Report FY2006

Main Data for Fiscal Year 2006

2 Underwritten AmountThe total FY2006 underwritten amount was ¥14.6 trillion, up 13.8% from the previous year.

1 Result of Trade and Investment Insurance Activities (from FY1987 to FY2006)(Billions of yen) 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

2004 2005 2006

Underwritten AmountUnderwritten Amount by Region
Africa 2.8%
South America
2.2%(Fiscal Year)

300

2002

10.6

2003

11.1

North andCentralAmerica
29.7%

200

11.6

2004

12.8

2005
100

0

3

Asia
34.9%

Europe
11.9%

14.6

2006

Oceania 3.6%

6

9

12

Middle
East
14.9%

15
(Trillions of yen)0

3 Outstanding Commitment-100

Total outstanding commitment in FY2006 was ¥13.5 trillion, up 26.3% over the previous year.
-200

Outstanding Commitment

Outstanding Commitment by Region
Africa 2.9%

(Fiscal Year)

-300

-400

-500

South America
5.9%

7.9

2002
2003

8.6

2004

9.3

North andCentralAmerica13.2%

-600

0

-700

Middle East
31.4%

13.5

2006
3

Asia
36.2%

Europe
8.9%

10.7

2005

Oceania 1.4%

6

9

12

15
(Trillions of yen)(Billions of yen)

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Premium income 30.4 21.3 34.2 44.8 35.7 44.7 46.2 44.1 43.5 41.0 46.0 45.4 33.2 32.9 37.3 31.3 43.2 38.0 43.8 34.9
Recoveries and34.9 40.0 69.3 38.7 40.7 111.2 77.3 85.2 98.3 121.2 123.0 91.3 84.6 85.3 74.5 70.2 97.7 101.4 228.7 247.3
other income
Claims paid
109.5 164.8 142.7 198.6 341.9 148.2 128.0 80.6 57.1 44.4 30.2 16.7 21.6 32.4 49.9 65.1 23.0 12.9 3.7 2.4
Outstanding Balance(219.5) (284.8) (294.1) (369.8) (637.8) (688.6) (674.4) (622.4) (536.0) (404.1) (251.8) (127.8) 0
0
0
0
0
0
0
0
at the end of year

4 Premium Income
Premium Income (insurance originally underwritten) in FY2006 was ¥37.2 billion, down 7.3% compared with theprevious year.

On an actual payment basis. Premium income does not include refunded premiums.
(Fiscal Year)

World Events
1987 Black Monday, 1988 Cease-fire in Iran-Iraq war, 1989 Paris Club rescheduling agreement, between 24 countries including Central
and South American countries / Fall of Berlin Wall, 1990 Invasion of Kuwait / German reunification, 1991 Gulf War / Dissolution of the Soviet
Union, 1992 Bosnia and Herzegovina conflict, 1993 Foundation of EU, 1994 Meeting between former US President Jimmy Carter andNorth Korean leader Kim Il-Sung, 1995 Foundation of the WTO, 1996 Japanese embassy hostage crisis in Peru, 1997 Asian currency
crisis, 1998 Russian financial crisis / Brazilian crisis (with the declaration of a moratorium in 1999), 1999 Introduction of euro / The Year 2000
Problem, 2001 Argentina’s declaration of a moratorium / The September 11th terrorist attacks, 2002 Bali bombings, 2003 Iraq war /Outbreak of SARS, 2004 Avian flu pandemic / Sumatra earthquake, 2005 Prepayments to the Paris Club by Russia and Nigeria /Venezuela's nationalization of mineral resources, 2006 Military coup in Thailand

29.1

2002

44.8

2003
2004

41.2

2005

40.1
37.2

2006
0

7

10

20

30

40

50

(Billions of yen)8

Main Data
for Fiscal Year 2006
Annual Report FY2006

5 Claims Paid
The total amount of claims paid in FY2006 was ¥2.4 billion, down 33.9% from the previous year.

Claims Paid by Region

Claims Paid by Risk (Political/Commercial)

Political

Oceania
2.3%

Commercial(Fiscal Year)

Africa 6.7%
36.3

2002

65.1

28.8

Claims Paid by Region (Political)

North and Central
America 3.8%

Africa 6.3%

Asia 7.8%
Middle East 1.6%

Claims Paid by Region (Commercial)

Oceania
10.0%
Africa7.8%

Europe 4.9%
North and Central
America 4.7%

10.8

2003

23.0

12.2

South
America
12.3%

1.7
12.9

2004

11.2

2005

1.9
1.8
3.7

2006

1.9
0.6
2.4

Asia
33.6%

South America
90.1%

South America
72.1%

Europe21.0%

North and Central
America 8.4%

Middle East 7.1%

6 Recoveries
0

10

20

30

40

50

60

70 (Billions of yen)

Recoveries in FY2006 amounted to ¥247.3 billion, an increase by 8.1% from the previous year.
Claims Paid by Policy Term
Less than 2 years

Recoveries
2 years or more

Recoveries by Region(Fiscal Year)(Fiscal Year)

30.5

2002

34.6

65.1

Oceania 0%

70.3

2002

Middle East 0.9%

Asia
9.7%
10.3

2003

12.7

23.0

97.7

2003

Africa
33.3%
6.0

2004

6.9

12.9

101.4

2004

2005

1.8
1.9
3.7

2006

0.6
1.8
2.4

228.7

2005

10

20

30

40

50

60

70

80 (Billions of yen)0

9North and Central
America 1.2%

247.3

2006
0

South
America
14.3%

Europe
40.6%

50

100

150

200

250 (Billions of yen)

10

Main Projects
Recently Underwritten
Annual Report FY2006

Main Projects
Recently Underwritten
VietnamIndonesia

Dung Quat Economic Zone Project

Tangguh LNG ProjectThis is the first large-scale refinery project in Vietnam conducted by a state-owned oilcompany, Petrovietnam, in the Dung Quat Economic Zone located in central Vietnam. NEXI
provided Overseas Untied Loan Insurance (US$300 million) covering a loan extended bycommercial banks (led by BNP Paribus, Tokyo Branch) to the Ministry of Finance in Vietnam
for port facility construction to ship products manufactured by the refinery. This project is
expected to cover 30 to 40 percent of domestic demand for petroleum products. NEXI’s
support in the Vietnamese energy sector helps strengthen Japan’s relationship with theVietnamese government and the state-owned oil company.

NEXI provided Overseas Investment Insurance for investment (JPY16.5 billion) made by LNG
Japan Corporation in the Tangguh LNG Project in Indonesia. The project is attracting attention
as Indonesia’s third LNG project and is expected to produce approximately 7.6 million tons of
LNG annually. The LNG produced by the project will be exported to Japan.
Since Indonesia is the largest natural gas supplier for Japan, we believe this project willfurther strengthen the economic relations between the two countries.
(The insurance contract was concluded in January 2007.)(The insurance contract was concluded in May 2007.)

Asia

Vietnam
Butson Cement Plant Project
NEXI has underwritten Export Credit Insurance for the export of plant equipment by Kawasaki
Plant Systems Ltd. of the Kawasaki Heavy Industries Group to Butson Cement Joint Stock
Company (BUSOCO), an affiliate of the Vietnam National Cement Corporation.
This project, to build an integrated cement production plant with an annual capacity of 1.6
million tons in Hanam province in northern Vietnam, is a response to the growing demand for
cement due to the recent construction boom in that country, and will contribute to easing thetight supply-demand situation anticipated in the future.
(The insurance contract was concluded in November 2006.)

11

12

Main Projects
Recently Underwritten
Annual Report FY2006

United Arab Emirates

UkraineSecond Phase Construction of the Dubai Metro Project

Blast-Furnace-Gas Fired GTCC Power Generation Project

NEXI has underwritten Export Credit Insurance for the export of machinery and tools by aconsortium of Japanese companies led by the Mitsubishi Heavy Industries, Ltd. for thesecond phase of the construction (approx. JPY130 billion) of a fully automated driverless lightrail transit system being built in Dubai, United Arab Emirates.
The Dubai Metro Project is the first urban transportation project in the Middle East initiated by
the Dubai Municipality to solve the traffic congestion brought about by the rapid population
increase in Dubai. The second phase of construction consists of the Green Line, an 18 km
route connecting the Dubai Airport Free Zone, the distribution base in the area, to the city
center. The Green Line is scheduled to go into operation in March 2010.

NEXI has underwritten Buyer’s Credit Insurance for a loan extended by two Japanese financial
institutions, Calyon, Tokyo Branch and Mizuho Corporate Bank, Ltd. The loan is for the export ofblast-furnace-gas fired gas turbine combined-cycle (GTCC) power generation units for which
Sumitomo Corporation and Mitsubishi Heavy Industries Ltd. received an order for Alchevsk Iron andSteel Works, an affiliate of the Industrial Union of Donbass (IUD) Corp. of Ukraine. Exhaust gas fromthe Alchevsk blast furnaces will be utilized to generate power for the steelworks, thereby reducing
the burden on the environment. This is the first transaction in which NEXI has provided cover forcommercial risk to a Ukrainian company through Buyer’s Credit Insurance for two years or more.
(The insurance contract was concluded in March 2007.)(The insurance contract was concluded in March 2007.)

The
MiddleEast

EuropeKazakhstan
Uranium Mine Development and Production Project
NEXI signed a Memorandum of Understanding (MOU) with Kazatomprom (KAP), Kazakhstan’s
state-owned nuclear fuel enterprise on April 30, 2007, during the government and private-sector
joint mission to Kazakhstan led by the Minister of Economy, Trade and Industry, Akira Amari. Under
the MOU, a credit line of US$500 million was established to support loans relating to uranium
offtake. Projects making use of this credit line are expected to contribute to securing a stable supplyof energy resources for Japan and to diversifying suppliers, since Kazakhstan has the second
largest uranium reserves in the world.
NEXI has underwritten Overseas Investment Insurance for the investment made by Marubeni
Corporation, Tokyo Electric Power Company Incorporated, and Chubu Electric Power Co., Inc. forthe uranium mine development and production project in Kharassan 1 and 2 uranium deposits. The
uranium deposits are scheduled to move into full-scale production of 5,000MTU (combined) a yearby 2014 and the three companies making the investment have the right to obtain up to an aggregateannual quantity of 2,000MTU of the uranium concentrate produced from the two mining areas.
(The insurance contract was concluded in February 2007.)

13

14

Main Projects
Recently Underwritten
Annual Report FY2006

EuropeRussiaBolivia

Sheremetyevo Airport Terminal 3 Construction Project

San Cristobal Silver/Zinc Mine Project

NEXI has underwritten Overseas Untied Loan Insurance for a loan of approximately US$57
million extended by a Japanese financial institution (Sumitomo Mitsui Banking Corporation) toVnesheconombank of Russia for the loan proceeds for the Sheremetyevo Airport Terminal 3
construction project. As an international airport situated near Moscow, Sheremetyevo Airport
is fulfilling a function as an “air gateway,” and this project will expand the airport’s capacity inorder to address the huge increase in the number of passengers due to recent economic
growth. We believe that NEXI’s support and promotion of this kind of infrastructure project thatis vital to the Russian government will contribute toward the development of the relationshipbetween Japan and Russia.

NEXI has underwritten Overseas Investment Insurance (approx. JPY9.5 billion) for the silver/zincmine development project by Minera San Cristobal in Bolivia, in which Sumitomo Corporation has
acquired a 35% participating interest. This is a project for the world’s largest silver/zinc mine to be
developed in the next five years and the mine is expected to be fully operated from the third quarterof 2007. Refining industries all over the world have great hopes for this project, as it is anticipatedto ease the supply-demand situation of silver/zinc resources in a situation where demand is on theincrease mainly in China, and prices are soaring. The project is also attracting attention as apioneering project where foreign investment is taking part in the recent mining industry of Bolivia.
(The insurance contract was concluded in June 2007.)(The insurance contract was concluded in March 2007.)So u t h
Am erica

Venezuela
MexicoPacifico Coal Thermal Power ProjectNorth andCentralAmerica

15This is a project to expand the current coal thermal power plant (648MW) in Petacalco,
Guerrero state of Mexico, for which Comision Federal de Electriciad (CFE), a public power
generation company of the Mexican government placed an order to Mitsubishi Corporation and
Mitsubishi Heavy Industries Ltd.
NEXI has underwritten Buyer’s Credit Insurance for the portion of the loan extended by the
syndicate of Japanese banks (the Bank of Tokyo-Mitsubishi UFJ, Ltd. etc.) The implementationof this project is expected to help relieve the chronic power shortage in Mexico.
(The insurance contract was concluded in October 2006.)

Methanol Production Plant Expansion Project
Mitsubishi Corporation has established a joint venture, Metanol de Oriente, METOR S.A., a
company that produces and sells methanol with Venezuela’s Pequiven (state-owned petrochemicalcompany) and a Japanese company and will build a second plant (scheduled to start commercial
operations in 2010) with an annual production of 850 thousand tons, in the vicinity of the existing
plant that produces 750 thousand tons of methanol annually. NEXI has underwritten Overseas
Investment Insurance for the investment made by Mitsubishi Corporation in this expansion project.
Methanol is a basic liquid chemical that is made from natural gas and is used in adhesives andsynthetic resins. In addition, various other uses, such as a bio-diesel fuel or in fuel cells that are analternative to gasoline are expected in the future. The proper management of country risks andstable business operations will be possible through the use of Overseas Investment Insurance.
(The insurance contract was concluded in May 2007.)

16

Main Projects
Recently Underwritten
Annual Report FY2006

South Africa

Reinsurance (Reinsured Projects)

Project to Supply Locomotives to South African State-Run Transport Company

Based on the Reinsurance Agreement concluded with the Ex-Im Bank of the United States(USEXIM), an export credit agency of the United States, NEXI underwrote reinsurance forseveral export finance transactions of Boeing 767 and 777 aircraft, such as Lan Airlines inChile and Kenya Airways in Kenya.
Japanese companies have been playing a major role in the development and manufacture of
Boeing aircraft, and have become the major partner in international joint projects. NEXI’s
reinsurance program to USEXIM for Boeing aircraft strengthens the competitiveness ofJapanese manufacturers expanding in the aerospace industry, which is effective in achieving
the policy objective of the Japanese government.

NEXI provided Export Credit Insurance for the transaction of the export of coal transporting
electric locomotives undertaken by Mitsui Corporation for the total amount of JPY40 billion forTransnet Limited, a state-run diversified transport and logistics group of the Republic of South
Africa. This project is contributing to the railway improvement plan for South Africa where themeans of transporting resources has had to rely on a dilapidated rail infrastructure. This has
been an issue of concern in a situation where there is a growing global demand for coal, ironore, etc. We also provided insurance for the transaction of the export of iron ore transporting
electric locomotives (total amount of JPY19 billion) by Mitsui Corporation in January 2007.
(The insurance contracts were concluded in May 2006 and January 2007.)

Africa(Photographs courtesy of Boeing)

Japanesemanufacturers

Parts export
Reinsurance
Agreement
USEXIM

The Boeing Company

Guarantee
Aircraft sale
Debt
service

Commercial Banks

Airline

Loan

17

18

Review of Performancein Fiscal Year 2006
Annual Report FY2006

Review of Performancein Fiscal Year 2006
1

Economic Trends

3

The Japanese economy remained on a recovery track in FY2006. Improvement in the corporate sector such as
earnings and capital investment spread to the household sector, leading to a gradual improvement in consumer
spending. Japan’s recovery was bolstered by the continuing global recovery.
Under such circumstances, Japan’s exports in FY2006 increased by 13.4% to ¥77.5 trillion compared withthe previous year. Japan’s exports to other Asian countries and to the United States continued to increase by 12.1%
and 11.1% respectively. The major export earners were cars, steel and semiconductors.

Summary of Underwriting
Underwritten Amount by Insurance TypeThe total underwritten amount in FY2006 was up by 13.8% year on year to ¥14,615.5 billion. In terms of type of
insurance, Export Credit Insurance accounted for the largest share at 95.8%, with an increase by 21.3% to ¥14,007.1
billion. This was followed by Overseas Untied Loan Insurance of ¥273.6 billion (down by 69.5% from the previousyear) and Overseas Investment Insurance of ¥205.9 billion (up by 31.3%).
(Billions of yen /Millions of U.S. dollars)(Japan’s exports)(Billions of yen)F iscal Year

2002

2003

2004

2005

2006

Total exports

52,727.1

56,060.3

61,719.4

68,290.2

77,462.4

8.5

6.3

10.1

10.6

13.4

Year-to-year change (%)(Source: Trade Statistics, Ministry of Finance)2

Summary of Trade and Investment Insurance Business
Underwritten Amount (2002 to 2006)(Billions of yen)

Fiscal Year

2002

2003

2004

2005

2006

Year-to-year change (%)

Underwritten Amount

10,618.0

11,119.3

11,558.8

12,845.8

14,615.5

13.8(Note 1) The above figures show only the insurance amount originally underwritten by NEXI.

Outstanding Commitment (2002 to 2006)

FY2006Composition(%)

Type of Insurance

FY2002

FY2003

FY2004

FY2005

Export Credit Insurance

9,926.2

10,221.5

10,545.9

11,543.3

14,007.1$120,357

95.8

Less than 1 year

9,203.5

9,578.0

9,857.1

10,890.88,201.7$70,473

56.1

1 year or more

722.7

643.6

688.8

652.5

5,805.5$49,884

39.7

Buyer’s Credit Insurance

256.7

575.4

261.4

198.6

91.9

$789

0.6

Export Bill Insurance

53.5

41.9

41.6

38.1

33.4

$287

0.2

Export Bond Insurance

0

0

0

0

0

$0

0.0

Prepayment ImportInsurance

0.6

0.8

1.8

2.0

0.0

$0

0.0

Overseas Investment
Insurance

41.8

63.8

55.1

156.8

205.9

$1,7701.4

Overseas Untied Loan
Insurance

339.3

214.8

650.3

898.5

273.6

$2,351

1.9

Trade Insurance for Standing
Orders from Specific Buyer

—

1.2

2.7

8.1

3.1

$26

0.0

Export Credit Insurance
for SMEs

—

—

—

0.4

0.5

$4

0.0

10,618.0

11,119.3

11,558.8

12,845.8

14,615.5$125,585

100.0(Billions of yen)

Total

Fiscal Year

2002

2003

2004

2005

2006

Year-to-year change (%)

Outstanding Commitment

7,874.2

8,593.9

9,306.5

10,665.0

13,474.2

26.3(Note 2) The above figures show only the insurance amount originally underwritten by NEXI.

Operating Income (2002 to 2006)(Note 6) The above figures show only the insurance amount originally underwritten by NEXI.
(Note 7) In April 2005, Buyer’s Credit Insurance was developed independently from Export Credit Insurance. However, forconvenience of comparison, buyer’s credit related figures in and before FY2004 are indicated as Buyer’s Credit
Insurance, and are excluded from Export Credit Insurance figures.
(Note 8) Since FY2006, in accordance with the BU classification rules, Export Credit Insurance (1 year or more) has included
insurance for capital goods, which usually has a long pre-shipment insurance period.

(Billions of yen)

Fiscal Year

2002

2003

2004

2005

2006

Year-to-year change (%)

Premium income

29.1

44.8

41.2

40.1

37.2

(7.3)

Recoveries

70.3

97.7

101.4

228.7

247.3

8.1

Total

99.4

142.5

142.6

268.8

284.5

5.8

(Note 3) Premium income derived only from insurance originally underwritten by NEXI.
(Note 4) Recoveries are on a payment notice receipt basis.
(Note 5) Because of the rounding up or down of the fractions, the sum of the items in the columns above does not necessarily
coincide with the total amount. (The same applies hereafter.)

Claims Paid (2002 to 2006)

19(Billions of yen)

Fiscal Year

2002

2003

2004

2005

2006

Year-to-year change (%)

Claims paid

65.1

23.0

12.9

3.7

2.4

(33.9)

20

Review of Performancein Fiscal Year 2006
Annual Report FY2006

Amount Underwritten by Region

4

In a breakdown by region based on original insurance, the largest share of ¥5,556.7 billion was Asian transactions,followed by North and Central American transactions of ¥4,723.7 billion. These two regions also showed the sharpest
increases over the previous fiscal year, at 31.2% and 25.9% respectively.
(Millions of yen)

Outstanding Commitment

Outstanding Commitment by Type of Insurance
The total outstanding commitment as of the end of FY2006 was ¥13,474.2 billion, up 26.3% year-on-year. In a
breakdown by insurance type, Export Credit Insurance was the largest with ¥9,378.5 billion, followed by Overseas
Untied Loan Insurance of ¥2,240.0 billion.

Region

FY2002

FY2003

FY2004

FY2005

FY2006Composition (%)

Year-to-yearchange (%)

Asia

4,069,113

4,605,988

4,519,155

4,236,849

5,556,700

34.9

31.2

Type of Insurance

FY2002

FY2003

FY2004

FY2005

Middle East

874,517

1,026,748

1,239,071

2,590,537

2,368,905

14.9

(8.6)

Export Credit Insurance

5,097.5

5,608.0

6,017.7

6,909.2

9,378.5$80,585

69.6

35.7

EuropeNorth andCentral America
South America

1,799,933

2,373,640

2,259,931

2,320,659

1,897,383

11.9(18.2)

Less than 1 year

3,493.2

3,997.5

4,429.1

5,286.3

8,582.7$73,747

63.7

62.4

4,036,374

3,370,391

3,602,079

3,751,277

4,723,659

25.9

1 year or more

1,604.3

1,610.5

1,588.7

1,622.9795.8$6,8385.9(51.0)

226,798

238,340

390,007412,508

342,885

2.2(16.9)

Buyer’s Credit Insurance

1,047.0

1,387.4

1,406.8

1,278.9

1,228.2$10,554

9.1

(4.0)

Africa402,553

293,545306,845415,650

441,198

2.8

6.1

Export Bill Insurance

10.5

9.4

9.4

7.9

6.3

$54

0.0

(20.0)

8.6

Export Bond Insurance

8.3

6.8

5.6

5.6

0.4

$3

0.0

(93.2)

Prepayment ImportInsurance

0.3

0.5

1.5

2.1

0.0

$0

0.0

(99.3)

Overseas Investment
Insurance

630.3

533.2

458.2

461.4

609.8

$5,2394.5

32.1

Overseas Untied Loan
Insurance

1,080.4

1,047.3

1,403.3

1,989.02,240.0$19,247

16.6

12.6

Trade Insurance for Standing
Orders with Specific Buyer

ー

1.2

3.8

10.7

10.9

$94

0.1

1.5

Export Credit Insurance
for SMEs

ー

ー

ー

0.1

0.1

$1

0.0

(0.9)

7,874.2

8,593.9

9,306.5

10,665.0

13,474.2$115,778

100.0

26.3

Oceania

341,164

433,811497,141

528,098

29.7

573,471

3.6(Note 9)Classification used to compute the above amount:Pre-shipment: Country of the shipment consignee
Post-shipment: Country of the payer (or country of the guarantor when guaranteed)(Note 10) The amount includes transactions that are doubly computed, i.e. for both pre-shipment (country of the consignee) andpost-shipment (country of the payer).
(Note 11) The above figures show only the insurance amount originally underwritten by NEXI.
(Note 12) Central Asia is included in Asia. Until FY2005, the Middle East was included in Asia also. Since FY2006, however, theMiddle East has been classified separately from Asia. For convenience of comparison with the previous data, Middle
East data is excluded from the above Asia data in and before FY2005. (The same applies hereafter.)(Note 13) Central and Eastern Europe and Russia are included in Europe. (The same applies hereafter.)(Billions of yen/Millions of U.S. dollars)

Total

Top Ten Countries and Regions of Underwritten Amount in FY2006(Millions of yen)

OrderCountry/Region

Underwritten amountComposition (%)

1

U.S.A.

3,326,686

20.9

2

China

1,313,802

8.3

3

Saudi Arabia

805,547

5.1

4

Korea

748,164

4.7

5

Thailand

695,643

4.4

6

Qatar

670,670

4.2

7

Taiwan595,343

3.7

8

Singapore

543,434

3.4

9

Belgium

525,028

3.3

10

Panama (flag of convenience vessel)

518,047

3.3

FY2006Composition Year-to-year(%)
change (%)(Note 14) The above figures show only the insurance amount originally underwritten by NEXI.
(Note 15) In April 2005, Buyer’s Credit Insurance was developed independently from Export Credit Insurance. However, forconvenience of comparison, buyer’s credit related figures in and before FY2004 are indicated as Buyer’s Credit
Insurance, and are excluded from Export Credit Insurance figures.
(Note 16) Since FY2006, in accordance with the BU classification rules, Export Credit Insurance (1 year or more) has included
insurance for capital goods, which usually has a long pre-shipment insurance period.

Outstanding Commitment by Region
In terms of region, Asia accounted for the largest amount of ¥4,635.2 billion, up 18.8% from the previous year. Africa
and Oceania also increased by 54.9% and 23.8% respectively.

(Billions of yen/Millions of U.S. dollars)

Region

FY2002

FY2003

FY2004

FY2005

Asia

3,992.7

4,315.9

4,186.8

3,901.9

4,635.2

Middle East

727.1

912.3

1,513.3

3,128.2

EuropeNorth andCentral America

693.8

990.2

1,053.3

1,080.0

1,427.7

1,461.5

1,659.5

South America

607.6

591.7

Africa

517.7

393.2

Oceania

72.2

108.0

Composition (%)

Year-to-yearchange (%)$39,828

36.2

18.8

4,024.9$34,584

31.4

28.7

1,142.9$9,8208.9

5.8

1,638.5

1,695.4$14,568

13.2

3.5

701.4

730.0

760.5

$6,534

5.9

4.2

220.9

238.6

369.5

$3,175

2.9

54.9

122.9

149.8

185.5

$1,5941.4

28.3

FY2006(Note 17) Classification used to compute the above amount:Pre-shipment: Country of the shipment consignee
Post-shipment: Country of the payer (or country of the guarantor when guaranteed)(Note 18) The amount includes transactions that are doubly computed, i.e. for both pre-shipment (country of the consignee) andpost-shipment (country of the payer).
(Note 19) The above figures show only the insurance amount originally underwritten by NEXI.
(Note 20) Central Asia is included in Asia. Until FY2005, the Middle East was included in Asia also. Since FY2006, however, theMiddle East has been classified separately from Asia. For convenience of comparison with the previous data, Middle
East data is excluded from the above Asia data in and before FY2005. (The same applies hereafter.)

21

22

Review of Performancein Fiscal Year 2006
Annual Report FY2006

Insurance Claims Paid

5

6

Insurance Claims Paid by Insurance Type and by Risk
The total amount of claims paid in FY2006 was ¥2.4 billion, down 33.9% over the previous fiscal year. This was
attributed to the fact that no major political or commercial risk event occurred in the fiscal year under review, reflecting
a stable world economy including high resource prices.
(Billions of yen/Millions of U.S. dollars)

FY2003

Type of
Insurance

Total

Export Credit Insurance

19.7

9.8

Buyer’s Credit Insurance

0.4

0.4

Export Bill Insurance

0.2

0Export Bond Insurance00Prepayment ImportInsurance
Overseas Investment
Insurance
Overseas Untied Loan
Insurance
Trade Insurance for Standing
Orders from Specific Buyer
Export Credit
Insurance for SMEs

0

Total

FY2004

Political Commer- Total
Risk cial Risk

10.0

FY2005

Political Commer- Total
Risk cial Risk

5.9

FY2006

Political CommerRisk cial Risk

7.3

1.4

3.0

1.3

0

0

0

0

0

0

0.2

0.0

0

0.0

0.1

0.0

0

0

0

0

0

0

0

0

0

0

0

0

0.5

0.5

0

0.2

0.2

0

2.1

0.1

2.0

5.3

0.1

0

0

0

0

0

–

–

–

–

23.0

10.8

12.2

12.9

1.7

Total

Political Risk

2.2

$19

1.8

$15

0

0

$0

0

0.1

0.1

$1

0

0

0

$0

0

0

0

0

0

0

5.2

0.7

0.7

0

0.0

0

–

–

0.0

0

1.7

11.2

3.7

1.9

Commercial Risk

Composition (%)

Recoveries

Recoveries for FY2006 rose by ¥18.6 billion (8.1%) to ¥247.3 billion from ¥228.7 billion in the previous fiscal year.
The main contributor to the result was Paris Club debt repayment made ahead of schedule by countries including
Algeria and Russia. In a breakdown by risk, political risk recoveries accounted for 95.0% (¥235.1 billion), with theremaining 5.0% (¥12.2 billion) coming from commercial risk recoveries. The top five recoveries in terms of country in
FY2006 were ¥87.7 billion from Russia (¥69.3 billion in the previous fiscal year), ¥47.6 billion from Nigeria (¥80.7
billion in the previous fiscal year), ¥31.9 billion from Brazil (¥29.4 billion in the previous fiscal year), ¥26.5 billion from
Algeria (¥4.2 billion in the previous fiscal year), and ¥13.3 billion from Indonesia (¥1.3 billion in the previous fiscal
year), which accounted for 83.7% of the total recoveries.

0.4

$4

89.9

$0

0

$0

0

$0

0.1

$1

5.1

0

$0

0

$0

0

$0

0

$0

0

$0

0

0

$0

0

$0

0

$0

0

Political Risk

0

0.1

$1

0.1

$1

0

$0

4.8

Commercial Risk

3.0

3.5

7.1

3.0

12.2

$105

0.0

0

$0

0

$0

0

$0

0

Total Recoveries

70.3

97.7

101.4

228.7

247.3

$2,125

0.0

0.0

$0

0

$0

0.0

$0

0.2

1.8

2.4

$21

1.9

$16

0.6

$5

100.0

Recoveries by Risk

(Billions of yen/Millions of U.S. dollars)

FY2002

FY2003

FY2004

FY2005

67.3

94.3

94.3

225.7

FY2006235.1$2,020Recoveries by Region
Insurance Claims Paid by Region
FY2003

Region

Total

Political CommerRisk cial Risk

Total

(Billions of yen/Millions of U.S. dollars)

FY2004

FY2005

Political CommerRisk cial Risk Total

Political CommerRisk cial Risk

FY2006
Total

Political Risk

Commercial Risk

Composition (%)

Asia

18.3

6.9

11.3

11.2

0.1

11.1

1.4

0.1

1.4

0.2

$2

0

$0

0.2

$2

7.8

Middle East

1.0

1.0

0.0

0.1

0.1

0.0

1.1

1.0

0.1

0.0

$0

0

$0

0.0

$0

1.6

Europe

0.1

0

0.1

0.0

0

0.0

0.0

0.0

0.0

0.1

$1

0

$0

0.1

$1

4.9

North and Central
America

0.1

0.0

0.1

0.0

0

0.0

0.3

0.0

0.3

0.1

$1

0.1

$1

0.0

$0

4.7

South America

3.3

2.6

0.7

1.3

1.3

0.0

0.7

0.7

0.3

1.8

$15

1.7

$14

0.1

$1

72.1
6.7

Africa

0.3

0.3

0

0.2

0.2

0.0

0.1

0.1

0

0.2

$1

0.1

$1

0.0

$0

Oceania

0.0

0

0.0

0

0

0

0

0

0

0.1

$0

0

$0

0.1

$0

2.3

Total

23.0

10.8

12.2

12.9

1.7

11.2

3.7

1.9

1.8

2.4

$21

1.9

$16

0.6

$5

100.0

(Note 21) Because of the rounding up or down of the fractions, the sum of the items in the columns above does not necessarily
coincide with the total amount.

In a breakdown by region, ¥23.9 billion was from Asia, an increase of 106.7% over the previous fiscal year. Of all the
Asian recoveries, 90.4% are from three countries: Indonesia with ¥13.3 billion (¥1.3 billion in the previous fiscal year),the Philippines with ¥6.6 billion (¥6.7 billion in the previous fiscal year), and Pakistan with ¥1.6 billion (¥1.6 billion in
the previous fiscal year). Recoveries from the Middle East were ¥2.1 billion, up by 15.0% from the previous fiscal
year. Syria and Jordan accounted for 99.2% of the Middle East recoveries, with ¥1.4 billion (¥1.5 billion in theprevious fiscal year) and ¥0.7 billion (¥0.3 billion in the previous fiscal year) respectively. Recoveries from Europe
were ¥100.4 billion, 11.5% up from the previous fiscal year. Russia and Poland accounted for 98.7% of the total
European recoveries, with ¥87.7 billion (¥69.3 billion in the previous fiscal year) and ¥11.4 billion (¥19.2 billion in theprevious fiscal year) respectively. Recoveries from North and Central America increased by 29.2% to ¥3.1 billion, of
which ¥2.0 billion was from Cuba (¥1.9 billion in the previous fiscal year) and ¥1.1 billion was from the Dominican
Republic (no recoveries in the previous fiscal year), accounting for 99.5% of the recoveries from this region.
Recoveries from South America were ¥35.4 billion, an increase of 5.7% over the previous fiscal year. Three countries
were the main contributors. Brazil, Argentina, and Ecuador accounted for 98.1% of the recoveries from this region,
with ¥31.9 billion (¥29.4 billion in the previous fiscal year), ¥1.8 billion (¥1.5 billion in the previous fiscal year), and¥1.1 billion (¥1.3 billion in the previous fiscal year) respectively. Recoveries from Africa decreased 7.8% to ¥82.5
billion. Recoveries from Nigeria, Algeria, and Egypt were ¥47.6 billion (¥80.7 billion in the previous fiscal year), ¥26.5
billion (¥4.2 billion in the previous fiscal year), and ¥4.4 billion (¥4.1 billion in the previous fiscal year) respectively.
The recoveries from the three countries occupied 95.2% of the total recoveries from Africa.

Top five Countries / Regions in terms of Insurance Claims Paid
(Millions of yen)

(Millions of yen)

Region

FY2002

FY2003

FY2004

FY2005

FY2006

Commercial Risk

Asia

11,205

11,85816,388

11,54823,874

Order

Country/Region

Total Claims Paid

Political Risk

1

Argentina

1,684

1,684

0

Middle East

1,853

1,676

1,722

1,836

2

Korea

184

0

184

Europe23,19819,55335,18490,0463

Zimbabwe

118

118

0

North andCentral America

1,491

1,064

618

2,361

4

Spain

90

0

90

South America

25,582

26,417

29,63133,538

5

U.S.A.

65

65

0Africa6,947

37,145

17,85389,410Oceania

1

0

0

0

70,277

97,712

101,396

228,739

Total

23

Composition(%)

Year-to-yearchange (%)

9.7

106.7

2,112

0.9

15.0

100,373

40.6

11.5

3,051

1.2

29.2

35,43514.3

5.7

82,466

33.3

(7.8)

0

0.0

–

247,312

100.0

8.1

24

Financial Results for
Fiscal Year 2006
Annual Report FY2006

Financial Results for
Fiscal Year 2006 (Year ending March 31, 2007)
1

Fiscal Year 2006 in Review

2

Nippon Export and Investment Insurance (NEXI), an incorporated administrative agency, submitted a financial
statement for its sixth year of operations (fiscal year 2006 ending March 31, 2007) to the Minister of Economy, Tradeand Industry on June 22, 2007 and Ministry approval was obtained as of July 9. In accordance with Article 39 of the
Act on General Rules for Incorporated Administrative Agency, the financial statement had been audited by MISUZU
Audit Corporation appointed by the Minister of Economy, Trade and Industry.

Overview of Financial Statement
Financial highlights for NEXI businessYear end: March 31(Millions of yen)

FY2005

FY2006

Financial Statements

Balance Sheet (As of March 31, 2007)(Millions of yen)

(Assets)(Liabilities)

Cash and cash items

33,781

Outstanding claims reserves

128

Securities

192,789

Reserves for outstanding commitments

12,559Receivables subrogated by paying claims

356,172

Amount due to reinsurer

8,777

Accrued income

82,397

Deposits received

Accrued premium

6,662

Prepaid insurance premium

4,213

8

FY2002

FY2003

FY2004

Reinsurance credit

368

Accrued amount payable

153

Ordinary Income

6,317

9,436

9,346

11,585

12,520

Buildings (Note 2)

95

Reserves for bonus payment

125

Net premium written

5,875

9,253

8,571

9,586

9,187

Equipment and fixtures (Note 3)

471

Reserves for retirement allowance

116

–

9

567

905

1,918

Accounts receivable

10

Other liabilities

1,394

Ordinary expenses

5,492

8,505

7,027

7,544

7,081

Deposits

398

Total liabilities

27,473

Net claims paid

78

402

75

74

62

Interest on securities

Operating and administrative
expenses

Suspense payments

4,543

4,705

4,897

5,476

6,405

428
4,833

Softwares
Other assets
Allowance for uncollectible receivables

53(300,462)(Funds and surplus)
CapitalGovernment investment
Capital surplus (Note 5)

104,352
140,652

Provision for outstanding
commitments reserves

647

3,327

1,980

2,008

510

Ordinary profit (loss)

825

931

2,319

4,041

5,439

First target period reserve fund carried forward

24,585

6,408

17,112

3,173

52,501

18,953

Surplus reserves

56,542

Unappropriated retained earnings

24,392(of which Net profit for the current year)

24,392

Total retained earnings

105,518

Extraordinary profit (Note)
Total profit

7,233

18,043

Total assets

166,125

217,309241,292

398,588377,995

Net assets

134,815

183,712

198,908

326,131

350,522

5,492

56,542Retained earnings

24,392(Note) The profits and losses of assets acquired by subrogation and contributed in-kind by the government have beenentered as extraordinary profit (and loss) in accordance with the ministerial ordinance on the finance and accountingof the Incorporated Administrative Agency Nippon Export and Investment Insurance (Ordinance No. 104 of Ministryof Economy, Trade and Industry, March 29, 2001).

Profits and Losses
Ordinary profit for the fiscal year ending March 2007 was ¥5,439 million, most of which came from net premium
written and interest on securities. The underwritten amount (including assumed reinsurance amount and excluding
ceded reinsurance amount) was up by 14.8% to ¥1,439,298 million though the net premium written was down 4.2% to¥9,187 million. Interest on securities was up from ¥905 million to ¥1,918 million since more excess cash had been
invested in government bonds and other securities as a result of continued recoveries from debtor countries.
Operating and administrative expenses rose by ¥929 million to ¥6,405 million, due to an increase in development
costs for a new system that had been brought into operation in December 2006. As for extraordinary profit, thevaluation amount and interest of receivables contributed in-kind by the government were entered as extraordinary
profit of ¥18,953 million. Reversal of provision for uncollectible receivables was ¥9,564 million and interest income
from receivables acquired by subrogation and contributed in-kind by the government was ¥9,848 million, reflecting acontinued increase in recoveries from debtor countries. As a result, the total profit amounted to ¥24,392 million.

Total Assets

377,995

Total funds and surplus

350,522

Total liabilities, funds and surplus

377,995(Note 1) Amounts between one million yen and 500 thousand yen were rounded up to one million yen.
Amounts less than 500 thousand yen were omitted.
(Note 2) The accumulated depreciation of buildings is ¥111 million.
(Note 3) The accumulated depreciation of equipment and fixtures is ¥1,664 million.
(Note 4) The accumulated depreciation of vehicles is ¥7 million.
(Note 5) The breakdown of capital surplus is as follows:(Millions of yen)Appraisal difference of receivables subrogated by paying claims

45,386

Appraisal difference of rescheduled receivables

49,225

Evaluation difference of commercial risk subrogated receivables(3,838)

Evaluation difference of capitalized amount

95,265

Total

140,652

Appropriation of Profit
Unappropriated retained earnings for the fiscal year of 2006 (¥24,392 million) were fully transferred to the surplus
reserves.

25

26

Financial Results for
Fiscal Year 2006
Annual Report FY2006

Statement of Income (From April 1, 2006 to March 31, 2007)(Millions of yen)

Statement of Cash Flows (From April 1, 2006 to March 31, 2007)(Millions of yen)

Extraordinary
profit and loss

Ordinary profit and loss

I. Cash flows from operating activities
Ordinary income
Underwriting income
Net premium written (Note 2)
Interest income on receivables subrogated by paying claims
Investment income
Income from interest
Interest on securities
Foreign exchange gain
OthersOther ordinary income
Ordinary expenses
Underwriting expenses
Net claims paid (Note 3)
Provision for outstanding claims reserves
Estimated amount of insurance claims recovery (Note 4)
Provision for outstanding commitments reserves
Investment expenses
Loss on redemption of securities
Operating and administrative expenses
OthersInterest paid
Other ordinary expenses
Ordinary profit
Extraordinary profit
Profit relating to in-kind contribution of receivables acquired by government subrogation (Note 5)
Reversal of provision for uncollectible receivables relating to in-kind contribution of receivables acquired by government subrogation
Extraordinary loss
Losses relating to in-kind contribution of receivables acquired by government subrogation (Note 5)
Total profit for the current year

(Notes)
1. Amounts between one million yen and 500 thousand
yen were rounded up to one million yen. Amounts
less than 500 thousand yen were omitted.
2. The breakdown of net premium written is as follows:(Millions of yen)

Premium of original insurance written
Refund of premium paid for reinsurance
Premium received for reinsurance
Premium paid for reinsurance
Total

37,1781,547
702(30,239)9,187

3. The breakdown of net claims paid is as follows:(Millions of yen)

Insurance claims paid
Reinsurance claims recovered
Recoveries received before reinsurance claims
Total

2,431
(2,367)(2)
62

4. The breakdown of the estimated amount of insurance
claims recovery is as follows:

27

12,520
9,189
9,187
2
2,701
783
1,918
614
16
16
7,081
575
62
37
(34)
510
77
77
6,405
24
0
24
5,439
19,412
9,848
9,564
459
459
24,392

5. The profits and losses of receivables acquired by subrogation and contributed in-kind by
the government were entered as extraordinary profit and loss in accordance with Article 2of the supplementary provision of the ordinance concerning the finance and accounting of
the Incorporated Administrative Agency Nippon Export and Investment Insurance(Ordinance of No. 104 of Ministry of Economy, Trade and Industry on March 29, 2001).
(1) Breakdown of profit relating to in-kind contribution of receivables
acquired by government subrogation(Millions of yen)Interest income from receivables acquired by subrogation and contributed in-kind by the government
Recovery of non-rescheduled receivables acquired by subrogation and contributed in-kind by the government
Recognized amount of receivables acquired by subrogation and contributed in-kind by the government
Recoveries of write-offs
Other extraordinary profit
Total(2) Breakdown of loss relating to in-kind contribution of receivables
acquired by government subrogation

34,861

Reinsurance premium paid

(26,874)

Insurance claims paid

(2,431)

Reinsurance claims received

2,419

Income from recovery of receivables subrogated by paying claims

94,494

Payment of recovered receivables subrogated by paying claims(23,875)

Income from recovery of receivables subrogated to the government

192,120

Payment of recovered receivables subrogated to the government(201,699)

Personnel expenses(1,422)Other operating expenses(3,326)

Others1
Subtotal

64,267

Interests and dividends received

6,365Interests and dividends paid(0)

Net cash provided by operating activities

70,633

II. Cash flows from investing activities(85,431)(Increase) in time deposits
Decrease in time deposits

72,671

Purchase of securities(86,494)

Redemption of securities

7,500

Purchase of fixed assets(1,294)(8)(Increase) in deposits
Net cash (used in) provided by investing activities
III. Cash flows from financing activities
Finance lease payment(93,057)(3)

Net cash (used in) provided by financing activities
IV. Foreign exchange difference related to cash and cash equivalents(3)
1

V. Net increase (decrease) in cash and cash equivalents(22,426)

VI. Cash and cash equivalents at the beginning of the current year

42,795

VII.Cash and cash equivalents at the end of the current year

20,368(Note 1) Amounts between one million yen and 500 thousand yen were rounded up to one million
yen. Amounts less than 500 thousand yen were omitted.
(Note 2) The breakdown of cash at the end of the current year by title of balance sheet is as follows:(Millions of yen)

Cash and cash items

33,781Time deposits(13,412)

Balance of cash at the end of the current year

20,368(Millions of yen)

Bad debts loss
Foreign exchange loss on receivables acquired by subrogation and contributed in-kind by the government
Other extraordinary loss
Total

Capitalized amount of subrogated receivables acquired through claims payment
Recoveries of subrogated receivables that are not capitalized
Difference of estimated value between the current year and the previous year concerning
subrogated receivables capitalized in line with the outstanding claims provision.
Total

9,543
146
149
2
7
9,848

Premium received

26
416
16
459

(Millions of yen)

(37)
(0)
4
(34)

28

Financial Results for
Fiscal Year 2006
Annual Report FY2006

Notes
I. Important Accounting Principles
1. Accounting procedures of depreciation(1) Depreciation of tangible fixed assets
Depreciation of tangible fixed assets purchased with a value
exceeding ¥200,000, either singly or in sets, has been calculated byadopting a straight-line depreciation method. This is in accordancewith estimated serviceable life stipulated in the Corporate Tax Law
defining residual value as 10% of the purchase value. However, thedepreciation of buildings (limited to incidental facilities), has been
calculated by a straight-line depreciation method that sets its
residual value at ¥1 as the memorandum value.
(2) Amortization of intangible fixed assets
Amortization of the trademark right has been calculated by astraight-line depreciation method that fixes its residual value at ¥0 in
accordance with the estimated serviceable life stipulated in the
Corporate Tax Law.
Amortization of computer software with a four year availability period
being used in-house has been calculated by a straight-line
depreciation method that sets its residual value at ¥0 by applying therelative availability period to the estimated serviceable life.

2. Calculation basis of the reserves for retirement allowancesand estimates
In order to prepare for retirement allowance payments for board
members and employees, a reserve is provided, based on 100% of
the amount of retirement allowances that is required by the rules of
payment of retirement allowances for board members and also by
those that apply to employees respectively.

3. Calculation method of reserves for outstanding commitments,
outstanding claims reserves, receivables subrogated bypaying claims and allowance for uncollectible receivables
Reserves for outstanding commitments, outstanding claims reserves,receivables subrogated by paying claims and the allowance foruncollectible receivables have been dealt with by calculating therespective amount in accordance with the following ordinance:“Concerning the calculation methods ordained by the Minister of
Economy, Trade and Industry, pursuant to the articles of theministerial ordinance with regard to the finance and accounting of theIncorporated Administrative Agency Nippon Export and Investment
Insurance” (2006·02·28 Trade No.4).

4. Calculation basis of reserves for bonus payments andestimates
In order to prepare for the payment of bonuses for board members
and employees, a reserve is provided, based on the amountremaining in the current fiscal year according to the rules of
remuneration of board members and employees respectively.

calculated by referring to the average rents stated in the White
Paper on Real Estate 2006.
Computer room on the second floor of the annex to the mainbuilding of the Ministry of Economy, Trade and Industry(2) Interest rate for the calculation of opportunity costs relating toinvestment by the government
The yield of 10-year government bonds (1.650%) has been
applied.

IV. Translation of Accounting Titles Distinctive to NEXI
Receivables subrogatedby paying claims

Total assets of receivables subrogated by NEXI’s paying claims and estimated amount ofpotential subrogated receivables with regard to the outstanding claims reserves

Accrued premium

Accrued insurance premium due from policyholders arising from insurance contracts concluded

Reinsurance credit

Receivables arising from reinsurance provided by the government
Accrued premiums on reinsurance to be refunded by the government
Accrued reinsurance claims to be paid by the government

Outstanding claims
reserves

Amount considered necessary in order to cover incurred losses under an insurance contract
or losses recognized as having been incurred at the end of the fiscal year

Reserves for outstanding
commitments

Amount reserved in order to prepare for possible future claim payments under insurance andreinsurance contracts

Amount due tothe reinsurer

Amount to be paid by NEXI to the government under reinsurance contracts

Prepaid insurance
premium

Insurance premium received with NEXI’s obligation starting from the next fiscal year or later

Net premium written

Amount calculated by deducting reinsurance premium paid from premium written. Premium
written is the total amount of premium of original insurance written and premium received forreinsurance.

Net claims paid

Amount calculated by deducting reinsurance claims recovered from insurance claims paid.
Insurance claims paid are the total amount of original insurance claims paid and reinsurance
claims paid.

Estimated amount of
insurance claims
recovery

The total of the following amounts:
Capitalized amount of receivables subrogated by paying claims
Recovery of receivables subrogated by paying claims that are not capitalized
Difference of value between the current fiscal year end and the previous fiscal year end, ofthe estimated amount of potential subrogated receivables capitalized in association with theoutstanding claims reserves

Provision for outstanding
claims reserves

Provision for outstanding claims reserves for the current fiscal year

Provision for outstanding
commitments reserves

Provision for outstanding commitments reserves for the current fiscal year

8. Accounting and depreciation methods applied to leasetransactions
Financial lease transactions have been dealt with in accordance withthe accounting procedures of typical sales transactions. Depreciation
has been dealt with by a straight-line method, which sets its residual
value at ¥0 by applying the relative contract period as its estimatedserviceable life.

9. Change in accounting principles(1) Accounting standards concerning impairment loss on fixed assets
Since the fiscal year ending March 2007, NEXI has been applying
the following policies: “Incorporated Administrative Agency
Accounting Standards concerning Impairment Loss on Fixed
Assets,” “Notation for Incorporated Administrative Agency
Accounting Standards concerning Impairment Loss on Fixed
Assets” (June 29, 2005, Study Group of Incorporated Administrative
Agency Accounting Standards, Fiscal System Council Fiscal System
Sectional Committee, Legislation/Public Accounting Division PublicEnterprise Accounting Subcommittee) and their Qs and As (August
2005, Administrative Management Bureau, Ministry of Internal Affairs
and Communications; Budget Bureau, Ministry of Finance; and theJapanese Institute of Certified Public Accountants). No impact isassociated with this change.
(2) Reporting method of receivables subrogated by paying claims
In the past fiscal years, interest equivalents payable to the insured
after the recovery of subrogated receivables were reported as
accrued amounts payable. Since fiscal year ending March 2007, theinterest equivalents have been offset against receivables subrogatedby paying claims in accordance with a more accurate definition of
the amount of receivables subrogated by paying claims under
Article 3 of the ordinance concerning calculation methods ordainedby the Minister of Economy, Trade and Industry, pursuant to thearticles of the ministerial ordinance with regard to the finance andaccounting of the Incorporated Administrative Agency Nippon
Export and Investment Insurance (2001·03·27 Trade No.2). As aresult, both receivables subrogated by paying claims and accrued
amounts payable have decreased by ¥36,095 million compared withthe previous method.

5. Appreciation basis and method for securities(1) Appreciation of bonds that are owned for the purpose of being
held until maturity has been carried out by adopting an amortizedcost method (straight-line method).
(2) Appreciation of the remaining bonds that do not have a market
price has been carried out by adopting a moving average cost
method.

6. Appreciation method of money claims and debts in foreign
currencies
Money claims and debts in foreign currencies have been translated
into Japanese yen at the exchange rates prevailing at the end of the
fiscal year.

7. Calculation method for opportunity costs in the statement ofadministrative services costs(1)Calculation method for opportunity costs of using national property
free of charge
Opportunity costs arising from using national property free ofcharge for the facilities of NEXI, such as offices, have been

29

Appraisal difference of in-kind contribution of receivables acquired by government
subrogation is processed based on Article 2 of the supplementary provision of the ministerial
ordinance with regard to the finance and accounting of the Incorporated Administrative
Agency Nippon Export and Investment Insurance (Ordinance of Finance and Accounting).

II. Important Debt Assumption Undertaken
Not applicable

III. Important Subsequent Events
Not applicable

Capital surplus

Appraisal difference of receivables subrogated by paying claimsWith regard to the fiscal years ending March 2003, 2004 and 2005, the appraisal
difference of receivables acquired by subrogation and contributed in-kind by thegovernment (except for accrued income) was included in the capital surplus, inaccordance with the ordinance concerning a partial revision of the Ordinance of Financeand Accounting (Article 49 of Ordinance of Ministry of Economy, Trade and Industry,
March 31, 2003).
Appraisal value associated with capitalization
The Ordinance of Finance and Accounting was partially revised by ordinance No. 100 of
October 28, 2005. Since the fiscal year ending March 2006 (FY2005), those receivables
acquired by subrogation and contributed in-kind by the government that were capitalized
and appraised for the first time have been included in the capital surplus.

30

Second Medium-Term
Objectives
Annual Report FY2006

Second Medium-Term Objectives
Nippon Export and Investment Insurance (NEXI) has set the medium term-objectives for the second termof FY2005 to FY2008 and is enforcing various measures and policies based on these objectives.
A summary of these objectives is outlined below.

1

Improving the quality of NEXI’s services and other operations

1 Improvement of products
From the perspective of securing the international competitiveness of Japanese companies, we will takethe customers’ demands and requirements for trade and industry policies into consideration and, in order toprovide high-quality services equal to those in other foreign countries, we will improve and develop our
products through a complete revision of the comprehensive insurance with the exporters’ associations
scheme and of the insurance products that we currently offer.

2 Improvement of services
Adopting the perspective of the customers at all times, we will make efforts to improve and enhance ourservices by lightening the burden on the customer and promoting prompt decision-making/businessproceedings in addition to fully enforcing the observance of compliance and building on the relationship oftrust that we have with our customers. Further, the changes will enable us to perceive customers’ needs
with greater accuracy and create a system where it is possible to offer services that are more convenient forour customers.

3 Streamlining the system to perceive and reflect customers’ needs
and enhance risk analysis/assessment
We will increase the publicity activities of existing insurance products and address our customers’ needs
with greater accuracy, making use of customer feedback on our insurance products as well as streamlining
the system to improve risk analysis/assessment methods.
In order to strengthen the assessment of underwriting, information-gathering capacity, and recovery
functions, we will increase the efficiency of the organic linkage system with domestic and international
institutions, including the Japanese government, and also give further multifaceted and effective support tooverseas transactions by Japanese companies.

2

Efficiency of business operations

1 Promoting efficiency of business operations
Our staff will be trained to be thoroughly cost-conscious by giving full consideration to the cost-effectivenessof the disbursement of expenses, in order to improve the efficiency of our business operations.
i. We will at all times closely monitor our organizational structure and personnel distribution so that they
can appropriately deal with their workload. Further we will do our best to carry out necessary revisions
as well as increasing cost-effectiveness.
ii. Our goal for FY2008 is to reduce the workforce by at least 3% compared with FY2005, and for thispurpose will take the necessary measures. We will also make necessary revisions in our board
members’ and employees’ salaries.
iii. We will promote the efficiency of business operations through consignment of part of our office work andbusiness operations to private financial institutions, etc.

2 Efficient development and smooth operation of the next generation
information system
As for the development of our next generation information system, we will take all possible measures toensure that effective development will be continued to maximize the effectiveness of investment, while
appropriately managing the development schedule.
We will improve the services to our customers and realize efficient and prompt business operations (including,in addition to development and sale of new products, reinsurance by the government and smooth response toasset management) through a smooth transition from the current information system, the promotion of an
efficient and prompt system maintenance/additional alteration after the new system is put in operation.

3

Improvement in composition of finances

1 Reinforcement of financial grounds
In order to continuously and stably offer our customers an “assured peace of mind,” we will improve theefficiency of business operations and hold down expenditure based on appropriate risk management, as
well as enhance our finance grounds through the appropriate management of debts brought about by
insured risks and strengthening of the recovery system.

2 Reinforcement of credit management/recovery
4 Emphasizing strategic priority policy issues
In light of our role as the public institution responsible for developing Japan’s overseas transactions andtaking heed of requirements regarding Japan’s trade policies, industrial policies, natural resources andenergy policies, etc. we will give priority to accomplishing these policy issues. In order to do so, we will
qualitatively and quantitatively expand the insured risks regarding these areas.
At the same time we will take the initiative in addressing issues in great demand by our customers,
including consideration for the environment and social issues and will make every effort to fulfill our social
responsibilities as a public institution.

5 Smooth entry of private insurers into the market
As for our efforts toward the improvement of our products, the introduction of choice of coverage system in
the revision of the comprehensive insurance with the exporters’ association extends our customers’ choiceof cover to private insurance companies, preparing a suitable environment that facilitates the smooth entry
of private insurers.

31i.

We will strengthen our recovery capacity through the appropriate management of credit data and close
coordination with relevant organizations.
ii. We will feed back the know-how accumulated through assessment/recovery operations of specifictransactions and enhance our risk management.
iii. As for debts caused by insured risks, we will appropriately control them and improve their assessment
and analyzing methods as well as execute precise accounting.

4

Fostering of personnel with high degree of specialist knowledge(personnel administration)

We will further elevate specialization of our staff through an enriched in-service training system,
implementation of an efficient personnel system that takes into account the development of specialist
knowledge, etc.
We will also properly appoint personnel to match the quantity and quality of our business operations byimproving our present business processing.
32

Profile of NEXI
Annual Report FY2006

Profile of NEXI
Name Incorporated Administrative Agency, Nippon Export and Investment Insurance ("NEXI")
Date of April 1st, 2001
Establishment
Acts Act on General Rules for Incorporated Administrative Agency
Trade and Investment Insurance Act

Purpose To efficiently and effectively conduct insurance business of covering risks which arise in foreign transactions and which are not covered by commercial insurance.

Competent Minister The Minister of Economy, Trade and Industry
Capital ¥104.4 billion (Fully contributed by the Japanese Government) (Unchanged from the previous year)
Number of Full-time
Employees 142 (As of March 31, 2007)
Scope of Business 1. To conduct trade and investment insurance business operations complying with the regulations ofFrom the left: Fumihiko Kato (Vice Chairman), Hidehiro Konno (Chairman and CEO),and Naoki Obayashi (Vice Chairman)

Members of the Board and the Audit Board
Chairman and CEO Hidehiro Konno
Vice Chairman Naoki Obayashi
Vice Chairman Fumihiko Kato
Corporate Auditor (Full Time) Shigeki Nishikawa

Chapter 3 of the Trade and Investment Insurance Act.
2. To conduct business which is incidental to the business stated in 1.
3. To underwrite reinsurance under the insurance obligations of international institutions, foreign governments, or international companies that conduct insurance business (including reinsurance) which indemnifies losses similar to the losses covered by trade and investment insurance.
4. To entrust reinsurance for the insurance obligation of NEXI under the Trade and Investment Insurance
Act to international institutions, foreign governments, or international companies that conduct insurance business (including reinsurance) which indemnifies losses similar to the losses covered by tradeinsurance as well as the reinsurance with the Government complying with the regulations of Chapter 4of the Trade and Investment Insurance Act.

Brief History July 1999 Enactment of Act on General Rules for Incorporated Administrative Agency
Dec. 1999 Enactment of the Act which partly amended the Trade andInvestment Insurance Act
A pr. 2001 Establishment of Nippon Export and Investment Insurance

Corporate Auditor (Part Time) Takashi Imai
Offices Head Office
Shigeki Nishikawa(Corporate Auditor)

Takashi Imai
(Corporate Auditor)(For reference)
The Trade and Investment Insurance Act wasenacted in March 1950 and thereafter tradeand investment insurance was managed by
the Ministry of Economy, Trade and Industry(former Ministry of International Trade andIndustry) until the end of March 2001.

Chiyoda First Building, East Wing 3F, 3-8-1, Nishikanda,
Chiyoda-ku, Tokyo 101-8359
Te l .81-(0)3-3512-7650
Fax.81-(0)3-3512-7660

Domestic Branch

3-1-22, Kitahama, Chuo-ku, Osaka City, Osaka 541-0041
Te l . 81-(0)6-6233-4017
Fax.81-(0)6-6233-4001

Overseas Offices

NEXI Paris, NEXI New York, and NEXI Singapore (See page 42.)

Main Insurance ● Export Credit Insurance
Products ● Buyer’s Credit Insurance● Trade Insurance for Standing Orders with Specific Buyer● Export Credit Insurance for SMEs
● Intellectual Property License Insurance● Overseas Untied Loan Insurance● Overseas Investment Insurance● Export Bill Insurance● Prepayment Import Insurance● Investment and Loan Insurance for Natural Resources and Energy

URL h ttp ://w w w.n e x i .g o .j p
33

34

NEXI Customer Service
Charter
Annual Report FY2006

NEXI Customer Service Charter

NEXI Spirit(1) Our mission is to assist customers to conduct
international business with a sense of security by
reducing incidental business risks.
To this end, we take time to grasp the customer’s
viewpoint, so that we can meet our customer’s needs
precisely and we can provide efficient and high-quality
services, thereby enhancing customer satisfaction andestablishing mutual trust.
(2) By implementing our customer-focused policy, we willcontinue to:
1. Improve the quality of services,
2. Broaden the range of risk coverage,
3. Promote the efficiency of operations, and
4. Increase the transparency of management.

NEXI Pledges to the Customer
We are committed to:(1) Providing insurance products that make customers feelsecure and protected in overseas transactions(2) Providing advice to customers from the preliminary stageof planning(3) Responding promptly to inquiries and the interests ofcustomers(4) Meeting customers’ demands and business needs(5) Promptly completing the assessment of insurance claims
and making insurance claim payment(6) Promptly allocating the recovery(1) Providing insurance products that make customers feelsecure and protected in overseas transactions
1) If you suspect that your international transactions,
including exports, foreign investment and overseas
lending may incur any risk, please visit our website(http://www.nexi.go.jp) and find the insurance productsection, or contact the following offices.
Customer Relations Office (Head Office):
Tel: 81-(0)3-3512-7712
Customer Relations Office (NEXI, Osaka):
Tel: 81-(0)6-6233-4018
2) To provide customers with further information on our
insurance products that are beneficial to international
business, we are always pleased to dispatch our staff toyour office at your request. Please feel free to contact us.
(2) Providing advice to customers from the preliminary stageof planningIf you plan to initiate international transactions, such asexports and overseas investment, there is a NEXI service
available for you.
We will be pleased to consult with you at an early stageof project formation and propose the most appropriate
insurance product to minimize any risk involved.

35

For enquiries, please see the NEXI directory as below, inorder to find out where to contact us.
Customer Relations Office (Head Office):
Tel: 81-(0)3-3512-7712
Fax: 81-(0)3-3512-7687
E-mail: okyakusama@nexi.go.jp
Customer Relations Office (NEXI, Osaka):
Tel: 81-(0)6-6233-4018
Fax: 81-(0)6-6233-4001(3) Responding promptly to inquiries and the interests ofcustomers
1) If you have any questions about insurance products,
please call or e-mail the Customer Relations Office or any
relevant group. We will respond quickly.
2) To estimate an insurance premium, please use thepremium calculation simulator on our website.
If you give us information on your planned transaction,
the group in charge will estimate a premium on the same
day of the inquiry, in principle, or on the following
business day at the latest. (For medium or long-term nonL/G transactions, however, we will answer within fivebusiness days.)
If the group in charge finds it difficult to answer yourinquiry within these time limits, the group will promptly
notify you to that effect and give the reason for the delay
and the expected date of answer.
3) Should the group in charge find any inadequacy in theforms submitted, such as the pre-application form and theinsurance application form (other than environmentrelated forms), we will notify you within five business daysof our receipt at the latest.
4) If you have any questions about trade insurance
system for a specific project, please consult the group in
charge or the Customer Relations Office. We will answer
within five business days at the latest.
Should we find it difficult to answer within the statedperiod, you will be promptly notified to that effect and be
given the reason for the delay and the expected date ofanswer.
(4) Meeting customers' demands and business needs
1) It would be appreciated if you could give us sufficientlead time when consulting with us as our assessment
may take longer than expected.
2) If it becomes necessary to accelerate procedures forsuch a reason as an export contract proceeding more
rapidly than anticipated, please consult with us. Yourbusiness needs are always important to us and we will doour utmost to meet accelerated deadlines.
If we find it difficult to meet an accelerated deadline, wewill immediately alert you of this and let you know how
long it will take to complete the necessary procedures.
(5) Promptly completing the assessment of insurance claims
and making insurance claim payment
1) As soon as we receive an insurance claim from acustomer, we will assess the details in light of theinsurance policy provisions to determine the amount of
the claim to be paid. We will then make a payment withina stipulated time. This is generally within two months ofreceipt of the claim, however, in a situation where moretime is required for a survey, this rule does not apply. Foran application for insurance claims, customers arerequested to steadily execute the duty of notification andthe duty of loss prevention and reduction stipulated insuch documents as insurance policy provisions. In
addition, customers are also requested to submit allnecessary documents stipulated in the insurance policy
provisions and other regulations within a specified time.
2) In the event of any inadequacy being found in a
submitted claim or in other documents in light of
insurance policy provisions or other regulations, we will
give you notification no later than three business days
after receiving the documents.
3) In order to pay claims within the period stipulated in theinsurance policy provisions, and other regulations, weappreciate your understanding and cooperation, including
the early submission of documents necessary for theassessment.
(6) Promptly allocating the recovery7) Application procedures
8) Procedures to be adopted after occurrence of an
insured event9) Examples of insurance claim payments cases10) Brochures on our insurance products11) Downloadable insurance policy provisions, detailed
rules concerning procedures, various application forms(2) Our annual report (in Japanese and English) offers theresults of our trade insurance business and our financial
statements.
Other publications are also available, including NEXI
corporate brochures and leaflets on our insurance
products. Please feel free to call the Public Relations
Group or the Customer Relations Office of the Head
Office.
(3) For inquiries regarding our website, annual report or any
other public relations material, please contact the Public
Relations Group of the Head Office.

Your Comments and Complaints

1) When money is recovered from a debt for which wehave been entrusted with the exercise of recovery rights,
we will promptly distribute the recovered money inaccordance with insurance policy provisions, etc.

Enhancing customer satisfaction is our constant aim. If you
experience difficulty with any procedure or have a complaint
about our services, do not hesitate to tell us, then the
problem will be rapidly addressed.

2) To allocate money recovered according to Paris Clubdebt rescheduling or other programs, in principle, we willcomplete remittance procedures to the relevant customer
accounts by the business day following confirmation of
the receipt of the full amount in a NEXI account.

(1) If you let us know about any trouble you may be having,
we can do whatever is necessary to solve the problem. In
such a case, for example in insurance-related
procedures, please give us the details of the problem andwhat you wish to be done. We will immediately analyze
the situation to discover the source of the problem andsuggest a solution.

Information
Various kinds of information can be found on our website(http://www.nexi.go.jp) and in our annual report.
(1) Please visit our website for comprehensive information on
trade insurance, which we hope will be helpful.
NEXI website features:
1) Recent developments (including changes in systems
and underwriting policies and business results for the lasthalf-year period)2) Description of our insurance products
3) Rules concerning trade insurance (including insurance
policy provisions for all of our insurance products)
4) Underwriting policies
5) Country categories(2) If you have any complaint about our services or thehandling of a specific project, please inform the Customer
Relations Office.
1) For any complaint about our services, please provide
the details to the Customer Relations Office in writing or
via e-mail. After examining your problem, the Customer
Relations Office will let you know how it will be dealt with.
In a situation where it is difficult for us to take immediate
action, we will let you know the reason for the difficulty
and how we intend to proceed with it.
2) If there is any complaint about the handling of a
specific project, please provide the details to theCustomer Relations Office in writing or via e-mail.
After re-examining the details, the Customer Relations
Officer will inform you of the results of our investigation
without delay.
If action cannot be taken immediately, the Customer
Relations Officer will inform you of the reason and the
projected schedule for completion.

6) Simulation of premium calculations

36

NEXI Customer Service
Charter
Annual Report FY2006

Customer Relations Office(1) We have established a “Customer Relations Office” toprovide more efficient services for our customers inaccordance with our customer-oriented policy.
Customer Relations Office (Head Office):
Phone: 81-(0)3-3512-7712
Fax:
81-(0)3-3512-7687
E-mail: okyakusama@nexi.go.jp
Customer Relations Office (NEXI, Osaka):
Phone: 81-(0)6-6233-4018
Fax:
81-(0)6-6233-4001(2) The Customer Relations Office offers customer support
by viewing the situation from the customer’s viewpoint.
Any question or inquiry is welcome, including questions
about trade finance, the appropriate group to handle aplanned project, and the handling of a specific project.
We will take prompt action in these matters.

About This Customer Service Charter
It is our policy that NEXI staff members act quickly at all
times, and the Charter will be constantly reviewed. Please
do not hesitate to make any comments about this Charter or
NEXI in general.

informal approval of transactions for Export Credit
Insurance, Export Bond Insurance and Prepayment
Import Insurance that do not fulfill the insurance
requirements by country such as for amount limits
Head Office - Business Administration Group(Phone: 81-(0)3-3512-7664)• Consultation and individual assessment oftransactions for all kinds of insurance fulfillingthe insurance requirements by country such as foramount limits• Consultation and individual assessment of insurance
claims for Export Bill Insurance
NEXI, Osaka - Underwriting Group(Phone: 81-(0)6-6233-4018)• Consultation, individual assessment, and issuance of
informal approval of transactions for Export Credit
Insurance (for transactions less than one billion yen)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)• Consultation and individual assessment oftransactions for Export Credit Insurance (SpecificInsurance, Comprehensive Insurance with Exporters'
Association, and Enterprise Comprehensive
Insurance), fulfilling the insurance requirements bycountry, such as for amount limits• Consultation and individual assessment oftransactions of Trade Insurance for Standing Orders
from Specific Buyer• Consultation and individual assessment of Export
Credit Insurance for SMEs
• Consultation and individual assessment of insurance
claims for Export Bill Insurance

NEXI Directory■ For general inquiries, including questions about theoutline of trade insurance, please contact:
Customer Relations Office (Head Office):
Phone: 81-(0)3-3512-7712
Fax:
81-(0)3-3512-7687
E-mail: okyakusama@nexi.go.jp
Head Office - Underwriting Group No.1
Phone: 81-(0)3-3512-7667
NEXI, Osaka - Customer Relations Office
Phone: 81-(0)6-6233-4018
Fax:
81-(0)6-6233-4001■ For inquiries about matters ranging from consultation
on trade insurance underwriting to assessment
associated with specific transactions, (including termsof cover, country categories, international agreements
and insurance application procedures, such as buyer
registration), please contact:

Short-Term Transactions(Repayment Term of Less Than Two Years)

Medium & Long-Term Transactions(Repayment Term of Two Years or More)
Head Office - Underwriting Group No.2
(Phone: 81-(0)3-3512-7668)• Consultation, individual assessment and issuance of
informal approval of transactions for Export Credit
Insurance, Buyer’s Credit Insurance, Export Bond
Insurance and Prepayment Import Insurance• Consultation on underwriting and assessment
regarding transactions with direct government loansor government guarantees, or a transaction without
government guarantees for which insurance cover isrequested only for political risks.
• Consultation, individual assessment and issuance of
informal approval of transactions for Overseas
Investment Insurance
Head Office - Structured and Trade Finance Insurance
Department• Consultation, individual assessment, and issuance of
informal approval of transactions for Buyer's Credit
Insurance without L/G and Overseas Untied Loan
Insurance

Power & Mining Team• Asia(Phone: 81-(0)3-3512-7675)• Regions other than Asia
(Phone: 81-(0)3-3512-7673)
Oil & Gas Team• Middle East, Africa, and Asia
(Phone: 81-(0)3-3512-7744)• Regions other than the Middle East, Africa, and Asia
(Phone: 81-(0)3-3512-7672)
Infrastructure Team• Infrastructure/Aircraft Finance(Phone: 81-(0)3-3512-7674)• Manufacturing/Service Business(Phone: 81-(0)3-3512-7601)
Investment and Loan Insurance for Natural
Resources and Energy Team
(Phone: 81-(0)3-3512-7744)

For inquiries about the following, please contact
the appropriate office.

■ Various application procedures, including approvalof pledge
Head Office - Business Administration Group(Phone: 81-(0)3-3512-7664)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ Various types of notification, such as notification ofredemption date
Head Office - Business Administration Group(Phone: 81-(0)3-3512-7664)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ Notice of occurrence of risks, notification of losses
and credit advice
Head Office - Claims Service & Recovery Group(Phone: 81-(0)3-3512-7663)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ Claims and assessment of insured events
Head Office - Claims Service & Recovery Group(Phone: 81-(0)3-3512-7663)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ Ratings for, and credit management of, non-Japanesetrading companies and banks:
Head Office - Credit Administration Group(Phone: 81-(0)3-3512-7684)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ For inquiries about Paris Club rescheduling,
allocation of recoveries and so forth
Head Office - Recovery Services Group(Phone: 81- (0)3-3512-7725)■ Insurance application forms:
Head Office - Business Administration Group(Phone: 81-(0)3-3512-7664)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ For inquiries about assessments of recoverable
assets other than the above and recovery
business in general
Head Office - Asset Planning Group(Phone: 81-(0)3-3512-7658)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ Issue of insurance policies
Head Office - Business Administration Group(Phone: 81-(0)3-3512-7664)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ Collection or refund of insurance premiums
Head Office - Business Administration Group(Phone: 81-(0)3-3512-7664)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ Acceptance and handling of applications for alteration
Head Office - Business Administration Group(Phone: 81-(0)3-3512-7664)
NEXI, Osaka - Administration Group(Phone: 81-(0)6-6233-4017)■ “Guidelines on Environmental and Social
Considerations in Trade Insurance”
Head Office - Environment Group(Phone: 81-(0)3-3512-7685)■ Disclosure of Information
Head Office - Personnel and Administration Group(Phone: 81-(0)3-3512-7656)■ Public relations, including the NEXI website andannual report
Head Office - Public Relations Group(Phone: 81-(0)3-3512-7655)

Head Office - Underwriting Group No.2
(Phone: 81-(0)3-3512-7668)• Consultation, individual assessment and issuance of37

38

Implementation ofConfirming Environmental
and Social Considerations
Annual Report FY2006

Implementation of Confirming Environmental
and Social Considerations

Nippon Export and Investment Insurance (NEXI) confirms whether appropriate
environmental and social considerations are being addressed in projects that may
be covered by NEXI’s insurance, in accordance with the “Guidelines on
Environmental and Social Considerations in Trade Insurance” (established April 1,
2001).
Specifically, projects are screened, based on the screening forms submitted byinsurance applicants, and classified into three categories A, B, or C in descendingorder of level of impact. The environmental impact of the projects is examinedbased on the classification results. For example, an on-site visit is conducted for“Category A” projects.
Although the number of projects screened in fiscal 2006 decreased compared with
the number in the previous fiscal year, the number of Category A projects
increased. Since export and investment patterns have become diversified, we areworking on making further prompt and precise assessments.

Results of Screening Conducted

On-site Visits

Due to the decrease in the number of insurance
applications, the number of screenings conducted in
FY2006 decreased by about 36%.

Please click the following URL for details of the“Environmental and Social Consideration in Trade
Insurance.”
http://nexi.go.jp /e/env / index1_frame.html

75

FY2006117

FY2005
FY200499

FY2003

103
0

20

40

60

80

100

120

(Number of screenings)

Percentage of Screening
in FY2006 by Category
The percentage of Category A projects doubled
compared with fiscal 2005 (6.8%) due to the increase
in insurance applications for large-scale plant
projects.

A
13.3%

B
8.0%

C
78.7%

Percentage of Screening
in FY2006 by Region(for Category A and B projects)
The percentage of projects in Asia showed a relative
increase compared with fiscal 2005 (30.6%).

Africa 6.2%
Central/Eastan Europe,
Russia, CIS
15.6%
Middle East
12.5%
Latin
America
12.5%
39

Asia
50.0%

40

Nippon Export and Investment Insurance
Organization Chart

AuditorChairman and CEO

Vice Chairman
Vice Chairman

Examiner

Compliance Committee(special assignments)• Environmental and Social Consideration
Guideline in Trade Insurance• Internal auditing and promotion of compliance

Secretariat

Planning and Administration
Department

Asset Management
Department

Underwriting
Department

Structured and Trade FinanceInsurance Department

Financial Risk Management
Department

NEXI, Osaka

81-(0)3-3512-7651
81-(0)3-3512-7669

81-(0)3-3512-7658
81-(0)3-3512-7676

81-(0)3-3512-7661
81-(0)3-3512-7679
81-(0)3-3512-7687

81-(0)3-3512-7670
81-(0)3-3512-7688

81-(0)3-3512-7680
81-(0)3-3512-7689

81(0)6-6233-4017
81(0)6-6233-4001

General Management Group81-(0)3-3512-7653· Total management· Communications with the Ministry of

Economy, Trade and Industry and theinstitutions concerned· Planning to improve the insurance
system· Correspondence to International
standards such as the OECD
guidelines

Strategic Planning Group81-(0)3-3512-7654· Planning of medium- and long-term

management strategy

Personnel & Administration
Group81-(0)3-3512-7656· Human resource and welfare

management· Documentation management

Accounting Group81-(0)3-3512-7657· Accounting service· Fund management

Treasury Group81-(0)3-3512-7659· Receipts and disbursement ofdeposit and securities and record
keeping· Recording of balance of capital

System Office

Asset Planning Group81-(0)3-3512-7658· Planning of overall strategy for

claims assessment, recovery, andrecoverable asset management

Claims Service &Recovery Group81-(0)3-3512-7663

Customer Relations Officeclaim· Operation of the insurance system
including underwriting conditions or
policy, premium rates and so on

81-(0)3-3512-7712

Recovery Services Group

Business Promotion Group· Environmental and social reviews

based on the Guidelines on
Environmental and Social
Consideration in Trade Insurance· Correspondence to the OECD
meeting dealing with the issues onexport credits and the environment

Oil & Gas Team81-(0)3-3512-7744
81-(0)3-3512-7672

assets, and planning andallocation of recovered claims

Underwriting Group No.1

Country Risk Analysis Group
Infrastructure Team81-(0)3-3512-7667· Sale of Export Credit Insurance,· Infrastructure/Aircraft FinanceTrade Insurance for Standing
Orders with Specific Buyer, Export
Bill Insurance, Prepayment ImportInsurance, Export Bond Insurance· Management of special
agreements in Comprehensive
Insurance

81-(0)3-3512-7674

81-(0)3-3512-7686

control to overseas buyer and bank
· Rating and granting credit limit ofoverseas buyer and bank
· Analysis of creditworthiness ofoverseas buyer and bank

· Mineral Resources

transactions with L/G (2 years or more)· Underwriting of Overseas
Investment Insurance

NEXI, Singapore
c/o JETRO
16 Raffles Quay #37-02A,
Hong Leong Bldg.
Singapore 048581
65-6429 -9582
65-6220-7242
Cover area: Asia and Oceania

requests about insurance services· Duties relating to PR at the Osaka
Branch Office

81-(0)3-3512-7684

81-(0)3-3512-7744

credit transactions (under 2 years)

81-(0)6-6233-4018· Handling customer inquiries and· Planning management of credit· Oil and Gas· Underwriting of export credit

Customer Relations Office

Credit Administration Group

Investment and Loan Insurance
for Natural Resources andEnergy Team81-(0)3-3512-7668

81-(0)6-6233-4018· Sales promotion

evaluation of country risk
· Correspondence to the OECD
Export Credit Group Meeting
concerning country risk evaluation

81-(0)3-3512-7601· Underwriting of specific export

NEXI, New Yorkc/o JETRO
1221 Avenue of the Americas,
42 FI, McGraw-Hill Bldg.
New York N.Y.10020 USA
1-212-819-7769
1-212-819-7796
Cover area: North, Central, andSouth America· Investigation, analysis and· Manufacturing/Service Business

Underwriting Group No.2

Insurance· Duties relating to credit exposure

Underwriting Group81-(0)3-3512-7685

81-(0)3-3512-7673

81-(0)3-3512-7714

Insurance (under 2 years)· Duties relating to Export Bill

Environment Group81-(0)3-3512-7675· Regions other than Asia

· Sales promotion· Duties relating to Export Credit

management of overseas buyers· Asiarequests about insurance services

81-(0)6-6233-4017· Assessment of underwriting andPower & Mining Team

NEXI, Parisc/o JETRO
166, rue de Rivoli,
75001 Paris France
33-(0)1-4261-5879
33-(0)1-4261-5049
Cover area: Europe, Central Asia,
Middle East and Africa

Administration Group81-(0)3-3512-7683

81-(0)3-3512-7675· Handling customer inquiries and81-(0)3-3512-7725

Planning and Coordination Team

Agencies· Planning of loss prevention· Assessment of insurance claims· Recovery of insurance claims paid

· Management of recoverable

Credit Analysis andControl Group81-(0)3-3512-7665· Planning of sales strategies· Re-insurance with Export Credit· Overseas matters· The front branch office of theExport Credit Insurance in thewestern part of Japan· Underwriting Overseas Untied
Loan Insurance and Export
Credit Insurance (2 years ormore transaction without L/G)

Business Planning Group

Overseas Offices

81-(0)3-3512-7673· Overseas Investment Insurance

81-(0)3-3512-7668

81-(0)3-3512-7715

System Administration Group81-(0)3-3512-7677· Planning of the insurance information

system· Procurement and maintenance forthe insurance information system(hardware) and the local area network

Kudanshita Sta.

St.

Senshu
No.5
Univ.
Exit

81-(0)3-3512-7655

Nihon Univ. (Law)

Mizuho Bank
A2 ExitJimbocho Sta.

Jonan Credit
Association

Comedie
Francaise

Iwanami Hall

51st

52nd

7th Ave.

McGraw-Hill Bldg.

M1
Rue St-Honore
Place duPalais RoyalThe Bank of TokyoMitsubishi UFJ
A3 Exit

M
R
T

Broadway
49th St. (N, R)

Metro No.1
Palais Royal
Musee du Louvre
entrance

t.
nS
usa
Hak

Nishikanda
Ramp

Oohara Boki
SchoolKensu Gakkan

50th

50th St. (1, 9)

Rue Moliere
Avenue de l' Opera

ine

Starbucks
am/pm

NEXI NEXIJR Chuo Line

L
ay
ubw

JR Suidobashi Sta.
West
Exit
Tokyo
Dental College
Hospital

49th

Rue Richelieu

M7

Kandagawa River
McDonald’s

dai

Public Relations Group

48th

Tokyo Dome
Sotobori St.

Sen

the insurance information system(software)· Administration of statistics relating
to insurance

alteration of standardtransactions (under 2
years)· Concluding of insurance
contracts and other officeprocedures related tounder 2 years nonstandard and 2 years ormore transactions· Office procedures related
to notifications andapplicants before
occurrences of lossesaS
Mit

81-(0)3-3512-7715· Development and maintenance for

81-(0)3-3512-7664· Underwriting and

litan
opo y
Metr resswa
Exp
No.5
ine
ay L
ubw
ai S
Toz

System Development &Statistics Group

Business Administration
Group

ffle
sQ
ua
y

the informatization of NEXI

Cecil St.

NEXI Paris

Ave. of the Americas (6th Ave.)

Hotel duLouvreay
Collyer Qu

Ra· Promoting and controlling

AIA Tower

Rockefeller Center (B, D, F, Q)
Rue de Rivoli

Shinjuku Subway LineHong Leong Bldg.

Yasukuni St.

Rockefeller Center

Hanzomon Subway Line

Musee du Louvre· Correspondence to press andduties relating to PR such as web
site management and issuance of
pamphlets· Sharing information and interaction
with other Export Credit Agencies· Administration of the overseas
representative offices

41

Head Office

NEXI, Paris

NEXI, New YorkNEXI, Singapore

Chiyoda First Building, East Wing 3rd Floor,
3-8-1 Nishikanda, Chiyoda-ku, Tokyo 101-8359, Japan
Tel: 81-(0)3-3512-7650 Fax: 81-(0)3-3512-7660

42

Nippon Export and Investment Insurance
Chiyoda First Building, East Wing 3rd Floor, 3-8-1, Nishikanda,
Chiyoda-ku, Tokyo 101-8539, Japan
Tel: 81-(0)3-3512-7650 Fax: 81-(0)3-3512-7660

http://www.nexi.go.jp
Inquiries:
Public Relations Group,
Planning and Administration Department
Tel: 81-(0)3-3512-7655 Fax: 81-(0)3-3512-7660
E-mail: info@nexi.go.jp

Printed in Japan on recycled paper.