# EDGAR Filing Document

**Accession Number:** 0001551322
**File Stem:** 0001193125-25-172198
**Filing Date:** 2025-8
**Character Count:** 758379
**Document Hash:** 976deb2ce04849baaa314fadbc87ec89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-172198.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001193125-25-172198

**CONFORMED SUBMISSION TYPE**: 18-K

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Japan Bank for International Cooperation
- **CENTRAL INDEX KEY:** 0001551322
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0

**FILING VALUES:**
- **FORM TYPE:** 18-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-182490
- **FILM NUMBER:** 251178199

**BUSINESS ADDRESS:**
- **STREET 1:** 4-1 Otemachi 1-chome
- **STREET 2:** Chiyoda-ku
- **CITY:** Tokyo
- **STATE:** M0
- **ZIP:** 100-8144
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **STREET 1:** 4-1 Otemachi 1-chome
- **STREET 2:** Chiyoda-ku
- **CITY:** Tokyo
- **STATE:** M0
- **ZIP:** 100-8144

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K** 

***For Foreign Governments and Political Subdivisions Thereof***

**ANNUAL REPORT** 

**of** 

**JAPAN BANK FOR INTERNATIONAL COOPERATION** 

**(Name of registrant)** 

**Date of end of last fiscal year: March 31, 2025** 

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

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| | | |
|:---|:---|:---|
| **Titles of Issue** | **Amounts as to<br>Which Registration<br>is Effective** | **Names of<br>Exchanges on<br>Which Registered** |
| **N/A** | **N/A** | **N/A** |

---

**Names and addresses of persons authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**HIDAKA Yoshitaka** 

**Chief Representative in New York** 

**Representative Office in New York** 

**(Regional Headquarters for the Americas)** 

**Japan Bank for International Cooperation** 

**712 Fifth Avenue 26th Floor** 

**New York, NY 10019 U.S.A.** 

***Copies to:***

**Jesse S. Gillespie** 

**Morrison & Foerster LLP** 

**Shin-Marunouchi Building, 29th Floor,** 

**5-1, Marunouchi 1-chome** 

**Chiyoda-ku, Tokyo 100-6529** 

**Japan** 

\* The registrant is filing this annual report on a voluntary basis.

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This Annual Report on Form 18-K of Japan Bank for International Cooperation (the "registrant") is intended to be incorporated by reference into Registration Statement No. 333-250107 of the registrant and Japan filed on November 16, 2020, as amended by the Pre-effective Amendment No. 1 thereto filed on December 23, 2020 (as so amended, the "Registration Statement").

---

| | | |
|:---|:---|:---|
| *The information set forth below is to be furnished:* | *The information set forth below is to be furnished:* | *The information set forth below is to be furnished:* |
| 1. | *In respect of each issue of securities of the registrant registered, a brief statement as to:* | *In respect of each issue of securities of the registrant registered, a brief statement as to:* |
| (a) | *The general effect of any material modifications, not previously reported, of the rights of the holders of such securities.* | *The general effect of any material modifications, not previously reported, of the rights of the holders of such securities.* |
| Not applicable.\* | Not applicable.\* | Not applicable.\* |
| (b) | *The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof.* | *The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof.* |
| Not applicable.\* | Not applicable.\* | Not applicable.\* |
| (c) | *The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund or amortization installment.* | *The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund or amortization installment.* |
| Not applicable.\* | Not applicable.\* | Not applicable.\* |
| 2. | *A statement as of the close of the last fiscal year of the registrant giving the total outstanding of:* | *A statement as of the close of the last fiscal year of the registrant giving the total outstanding of:* |
| (a) | *Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal funded debt is payable in a foreign currency, it should not be included under this paragraph (a), but under paragraph (b) of this item.)* | *Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal funded debt is payable in a foreign currency, it should not be included under this paragraph (a), but under paragraph (b) of this item.)* |
| Reference is made to pages 60 to 61 of Exhibit 2 hereto. | Reference is made to pages 60 to 61 of Exhibit 2 hereto. | Reference is made to pages 60 to 61 of Exhibit 2 hereto. |
| (b) | *External funded debt of the registrant. (Totals to be stated in the respective currencies in which payable. No statement need be furnished as to intergovernmental debt.)* | *External funded debt of the registrant. (Totals to be stated in the respective currencies in which payable. No statement need be furnished as to intergovernmental debt.)* |
| Reference is made to pages 60 to 61 of Exhibit 2 hereto. | Reference is made to pages 60 to 61 of Exhibit 2 hereto. | Reference is made to pages 60 to 61 of Exhibit 2 hereto. |
| 3. | *A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.* | *A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.* |
| Reference is made to pages 60 to 61 of Exhibit 2 hereto. | Reference is made to pages 60 to 61 of Exhibit 2 hereto. | Reference is made to pages 60 to 61 of Exhibit 2 hereto. |
| 4. (a) | *As to each issue of securities of the registrant which is registered, there should be furnished a breakdown of the total amount outstanding, as shown in Item 3, into the following:* | *As to each issue of securities of the registrant which is registered, there should be furnished a breakdown of the total amount outstanding, as shown in Item 3, into the following:* |
|  | (1) | *Total amount held by or for the account of the registrant.* |
| Not applicable.\* | Not applicable.\* | Not applicable.\* |
|  | (2) | *Total estimated amount held by nationals of the registrant (or if registrant is other than a national government by the nationals of its national government); this estimate need be furnished only if it is practicable to do so.* |
| Not applicable.\* | Not applicable.\* | Not applicable.\* |
|  | (3) | *Total amount otherwise outstanding.* |
| Not applicable.\* | Not applicable.\* | Not applicable.\* |

---

\* No securities of the registrant are registered under the Securities Exchange Act of 1934, as amended.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *If a substantial amount is set forth in answer to paragraph (a)(1) above, describe briefly the method employed by the registrant to reacquire such securities.* 

Not applicable.\*

5. *A statement as of the close of the last fiscal year of the registrant giving the estimated total of:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Internal floating indebtedness of the registrant. (Total to be stated in the currency of the registrant.)* 

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *External floating indebtedness of the registrant. (Total to be stated in the respective currencies in which payable.)* 

None.

6. *Statement of the receipts, classified by source, and of the expenditures, classified by purpose, of the registrant for each fiscal year of the registrant ended since the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.* 

Reference is made to page 8 of Exhibit 2 hereto.

7. (a) *If any foreign exchange control, not previously reported, has been established by the registrant (or if the registrant is other than a national government, by its national government), briefly describe such foreign exchange control.* 

None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *If any foreign exchange control previously reported has been discontinued or materially modified, briefly describe the effect of any such action, not previously reported.* 

Not applicable.

This annual report comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The cover page and pages numbered 2 to 6 consecutively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Description of Japan Bank for International Cooperation ("JBIC") dated August 4, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audited consolidated financial statements for the fiscal years ended March 31, 2025 and 2024 of JBIC and
its consolidated subsidiaries (the "JBIC Group") prepared in accordance with accounting principles generally accepted in Japan ("Japanese GAAP").\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Consent of Ernst & Young ShinNihon LLC related to audited consolidated financial statements for the
fiscal year ended March 31, 2025 and 2024 of JBIC and its consolidated subsidiaries prepared in accordance with Japanese GAAP.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Excerpt of General Rules of the National Budget, which relates to the registrant for the fiscal year ending
March 31, 2026 (in Japanese only).

\* The registrant has adopted Japanese GAAP for reporting purposes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Japan Bank for International Cooperation Act (Act No. 39 of 2011), as amended (English translation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Certificate of Nagashima Ohno & Tsunematsu.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Audited consolidated financial statements of the JBIC Group as of and for the fiscal years ended March 31,
2025 and 2024 prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (the "IASB").\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Consent of Ernst & Young ShinNihon LLC related to audited consolidated financial statements as of and
for the fiscal year ended March 31, 2025 and 2024 prepared in accordance with IFRS Accounting Standards.\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Reconciliation of assets, liabilities and equity of the JBIC Group as of March 31, 2025 and 2024, and
reconciliation of net profit or loss of the JBIC Group for the fiscal years ended March 31, 2025 and 2024, between Japanese GAAP and IFRS Accounting Standards.\*\*

This Annual Report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.

\*\* Audited consolidated financial statements of the JBIC Group as of and for the fiscal years ended March 31, 2025 and 2024 prepared in accordance with IFRS Accounting Standards as issued by the IASB are being disclosed for reference purposes in order to improve comparability with international issuers. The registrant's financial statements for reporting purposes are prepared in accordance with Japanese GAAP (see Exhibit 2). 

------

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, at Tokyo, Japan on the 4th day of August, 2025.

---

| | |
|:---|:---|
|  JAPAN BANK FOR INTERNATIONAL COOPERATION | JAPAN BANK FOR INTERNATIONAL COOPERATION |
| By: | /s/ MOGAKI Katsuya |
|  | *MOGAKI Katsuya* |
|  | *Managing Officer*<br> *Director General* |
|  | *Treasury Department* |
|  | *Treasury and Systems Group* |

---

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**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit <br>Number** | **Description** |
| 1. | Description of Japan Bank for International Cooperation ("JBIC") dated August 4, 2025. |
| 2. | Audited consolidated financial statements for the fiscal years ended March 31, 2025 and 2024 of JBIC and its consolidated subsidiaries (the "JBIC Group") prepared in accordance with accounting principles generally accepted in Japan ("Japanese GAAP").\* |
| 3. | Consent of Ernst & Young ShinNihon LLC related to audited consolidated financial statements for the fiscal year ended March 31, 2025 and 2024 of JBIC and its consolidated subsidiaries prepared in accordance with Japanese GAAP.\* |
| 4. | Excerpt of General Rules of the National Budget, which relates to the registrant for the fiscal year ending March 31, 2026 (in Japanese only). |
| 5. | Japan Bank for International Cooperation Act (Act No. 39 of 2011), as amended (English translation). |
| 6. | Certificate of Nagashima Ohno & Tsunematsu. |
| 7. | Audited consolidated financial statements of the JBIC Group as of and for the fiscal years ended March 31, 2025 and 2024 prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (the "IASB").\*\* |
| 8. | Consent of Ernst & Young ShinNihon LLC related to audited consolidated financial statements as of and for the fiscal year ended March 31, 2025 and 2024 prepared in accordance with IFRS Accounting Standards.\*\* |
| 9. | Reconciliation of assets, liabilities and equity of the JBIC Group as of March 31, 2025 and 2024, and reconciliation of net profit or loss of the JBIC Group for the fiscal years ended March 31, 2025 and 2024, between Japanese GAAP and IFRS Accounting Standards.\*\* |

---

\* The registrant has adopted Japanese GAAP for reporting purposes.

\*\* Audited consolidated financial statements of the JBIC Group as of and for the fiscal years ended March 31, 2025 and 2024 prepared in accordance with IFRS Accounting Standards as issued by the IASB are being disclosed for reference purposes in order to improve comparability with international issuers. The registrant's financial statements for reporting purposes are prepared in accordance with Japanese GAAP (see Exhibit 2).

## Exhibit 99.1

##### [**Table of Contents**](#toc)
**Exhibit 1\*** 

**Japan Bank for International Cooperation** 

This description of Japan Bank for International Cooperation is dated August 4, 2025 and appears as Exhibit 1 to its Annual Report on Form 18-K filed with the U.S. Securities and Exchange Commission.

\* JBIC's financial information as of and for the fiscal years ended March 31, 2024 and 2025 in Exhibit 1 has been derived from its financial statements prepared in accordance with accounting principles generally accepted in Japan ("Japanese GAAP").

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##### [**Table of Contents**](#toc)
THE DELIVERY OF THIS DOCUMENT AT ANY TIME DOES NOT IMPLY THAT THE INFORMATION IS CORRECT AS OF ANY TIME SUBSEQUENT TO ITS DATE. THIS DOCUMENT (OTHERWISE THAN AS PART OF A PROSPECTUS CONTAINED IN A REGISTRATION STATEMENT FILED UNDER THE U.S. SECURITIES ACT OF 1933) DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF JAPAN BANK FOR INTERNATIONAL COOPERATION.

**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  [FURTHER INFORMATION](#ex1931535_1) | 2 |
|  [JAPAN BANK FOR INTERNATIONAL COOPERATION](#ex1931535_2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JBIC Operations](#ex1931535_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Recent Developments](#ex1931535_4) | 6 |
|  [OPERATING RESULTS FOR THE FISCAL YEARS ENDED MARCH 31, 2024 AND 2025](#ex1931535_5) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Overall Operations](#ex1931535_6) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Each Operation](#ex1931535_7) | 14 |
|  [BUSINESS](#ex1931535_8) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Missions](#ex1931535_9) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Government Control and Supervision](#ex1931535_10) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Overview of JBIC's Operations](#ex1931535_11) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JBIC Operations](#ex1931535_12) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Non-performing Loans](#ex1931535_13) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Risk Management](#ex1931535_14) | 23 |
|  [MANAGEMENT](#ex1931535_15) | 26 |
|  [DEBT RECORD](#ex1931535_16) | 27 |
|  [FINANCIAL STATEMENTS](#ex1931535_17) | 27 |

---

**FURTHER INFORMATION** 

This document appears as an Exhibit to the Annual Report of Japan Bank for International Cooperation ("JBIC") filed with the U.S. Securities and Exchange Commission (the "Commission") on Form 18-K. Additional information with respect to JBIC is available in such Annual Report, in the other exhibits to such Annual Report and in amendments thereto. Such Annual Report, exhibits and other amendments may be inspected and copied at the public reference room maintained by the Commission at: 100F Street, N.E., Washington, D.C. 20549. Information regarding the operations of the public reference room can be obtained by calling the Commission at 1-800-SEC-0330 or, without charge, from JBIC by telephoning 813-5218-3304. Such Annual Report, exhibits and other amendments are also available through the Commission's Internet website at http://www.sec.gov.

*In this document, all amounts are expressed in Japanese Yen ("¥" or "yen"), except as otherwise specified. The spot buying rate quoted on the Tokyo Foreign Exchange Market on July 31, 2025 as reported by the Bank of Japan at 5:00 p.m., Tokyo time, was ¥149.39 = $1.00, and the noon buying rate on July 25, 2025 for cable transfers in New York City payable in yen, as reported by the Federal Reserve Bank of New York, was ¥147.77 = $1.00.* 

*Unless otherwise specified, references in this document to "$" are to U.S. dollars.* 

*References in this document to fiscal years are to the 12-month periods commencing on April 1 of the year indicated.* 

*References in this document to "JBIC" are to "Japan Bank for International Cooperation."* 

*References in this document to the "JBIC Group" are to JBIC and its subsidiaries. As of March 31, 2025, JBIC had eight subsidiaries, JBIC IG Partners, Russia-Japan Investment Fund, L.P., JB Nordic Fund I SCSp, NordicNinja Fund II SCSp and four other companies.* 

*References in this document to "JBIC Operations" are to "Japan Bank for International Cooperation Operations." References in this document to "JBIC Operations" (i) prior to April 1, 2012 are to the JBIC Operations as conducted by the Predecessor, (ii) on or after April 1, 2012 until March 31, 2017 are to the JBIC Operations as conducted by JBIC and (iii) on or after April 1, 2017 are to the JBIC Operations as conducted by the JBIC Group.* 

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##### [**Table of Contents**](#toc)
*References in this document to the "Predecessor" are to "Japan Finance Corporation."* 

*Figures in tables included in this document may not add up to totals due to rounding.* 

*Except where otherwise specified, financial information as of and for the fiscal years ended March 31, 2024 and 2025 is presented on a consolidated basis.* 

*JBIC's financial information as of and for the fiscal years ended March 31, 2024 and 2025 in this document has been derived from its financial statements, submitted as Exhibit 2 hereto, prepared in accordance with accounting principles generally accepted in Japan ("Japanese GAAP"). Japanese GAAP differs from generally accepted accounting principles in other countries, such as the IFRS Accounting Standards as issued by the International Accounting Standards Board (the "IASB"), which we applied in preparing Exhibit 7, or generally accepted accounting principles in the United States.* 

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##### [**Table of Contents**](#toc)
**JAPAN BANK FOR INTERNATIONAL COOPERATION** 

Pursuant to the Japan Bank for International Cooperation Act (Act No. 39 of 2011), as amended (the "JBIC Act"), which was passed into law on April 28, 2011, on April 1, 2012 and subsequently amended on May 30, 2014 by Law No. 44 of 2014 and June 27, 2014 by Law No. 91 of 2014, the Predecessor spun off two of its operations: (i) the JBIC Operations and (ii) the Financial Operations for Facilitating Realignment of United States Forces in Japan (the "Financial Operations for Facilitating Realignment of United States Forces in Japan"). Effective the same date, the JBIC Operations and the Financial Operations for Facilitating Realignment of United States Forces in Japan were transferred out of the Predecessor to establish Japan Bank for International Cooperation ("JBIC"), a joint-stock corporation wholly owned by the Japanese government.

Pursuant to the JBIC Act, on April 1, 2012, all of the assets and liabilities relating to the JBIC Operations and the Financial Operations for Facilitating Realignment of United States Forces in Japan were assumed by JBIC. Upon the same date, with respect to bonds issued by the former Japan Bank for International Cooperation prior to the establishment of the Predecessor on October 1, 2008 and subsequently succeeded to by the Predecessor, JBIC and the Japan International Cooperation Agency, jointly and severally, assumed the obligations under such bonds. With respect to bonds issued by the Predecessor prior to the establishment of JBIC on April 1, 2012, the post-spin off the Predecessor and JBIC, jointly and severally, assumed the obligations under such bonds. The guarantee of the bonds by the Japanese government remains in effect under the same conditions and such bonds continue to rank senior in terms of payment to unsecured general obligations not represented by debt securities.

The Financial Operations for Facilitating Realignment of United States Forces in Japan were discontinued at the end of September 2012 based on the joint statement by the Japan-US Security Consultative Committee dated April 27, 2012. In accordance with Article 23 of the Special Measures Act, on November 30, 2012, the residual assets were paid to the national treasury, and the Financial Account Related to the Financial Operations for Facilitating Realignment of United States Forces in Japan was abolished.

As part of the Japanese government's "Partnership for Quality Infrastructure" initiative in May 2015, the Act for Partial Amendment of the Japan Bank for International Cooperation Act (the "Act for Partial Amendment of the JBIC Act") was enacted on May 11, 2016 to further support the overseas business expansion of Japanese companies by strengthening JBIC's functions. Consequently, in October 2016, a new account for financing overseas infrastructure projects ("Special Operations") was established separately from the account for JBIC's existing operations ("Ordinary Operations"). In June 2017, together with Industrial Growth Platform, Inc., JBIC established its subsidiary, JBIC IG Partners, with the goal of providing support for foreign-directed investment funds.

**JBIC Operations** 

*Ordinary Operations* 

Pursuant to the JBIC Act, JBIC conducts the JBIC Operations to fulfill the following four missions in order to contribute to the sound development of Japan and the international economy and society: (a) promoting the overseas development and securement of resources which are important for Japan, (b) maintaining and improving the international competitiveness of Japanese industries, (c) promoting the overseas businesses having the purpose of preserving the global environment, such as preventing global warming, and (d) preventing disruptions to international financial order or taking appropriate measures with respect to damages caused by such disruption.

In order to execute the above missions, JBIC conducts the following seven principal operations by way of financing instruments such as loans, guarantees, acquisition and securitization of public/corporate bonds, assignment and securitization of loan assets and equity participations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Export Loans.* For the purpose of promoting exports of Japanese plants and for the purpose of securing
equally competitive conditions in terms of financing when Japanese exporters compete with other developed countries, export finance provides loans and guarantees of funds to importers and financial institutions to support exports of plants and
technologies by Japanese companies mostly to developing countries. In particular, products such as power generation facilities, communication equipment, and marine vessels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Import Loans*. For the purpose of securing a stable supply of resources for Japan, import finance provides
loans and guarantees of funds to support imports of oil, LNG, iron ore, other rare minerals and other strategically important materials to Japan. Apart from natural resources, the guarantee facility supports imports of goods and services for which
there are crucial domestic needs for the sound development of the Japanese economy, such as aircrafts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Overseas Investment Loans.* For the purpose of promoting Japan's overseas business activities,
overseas investment finance provides loans and guarantees of long-term business funds to support foreign direct investments undertaken by Japanese companies, overseas Japanese affiliates and foreign governments or financial institutions that have
equity participations in or provide loans to such overseas affiliates. The eligible purposes include local manufacturing, resource development and other business ventures.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Untied Loans.* Untied loans provide loans and guarantees of funds to support improvements in the overseas
business environment or to stabilize their currencies to facilitate Japanese trade, investments and other overseas business activities by foreign governments and foreign government agencies. Untied loans also support projects that have a strong
impact on preserving the environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Bridge Loans.* Bridge loans provide short-term financing for developing country governments facing balance-of-payments difficulties or other emergencies until international agencies can provide economic support funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Equity Participations.* Equity participations are equity investments in Japanese joint ventures conducting
business overseas or overseas companies in which Japanese companies have invested for the purposes of a business tie-up, and equity investments in funds in which Japanese companies or international
institutions participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Research and Studies.* JBIC conducts research and studies to support its operations.

*Special Operations* 

The JBIC Act (Act No. 39 of 2011), which regulates JBIC's financial operations, was amended as of May 18, 2016 with the object, inter alia, of enhancing JBIC's capacity to finance overseas infrastructure projects through the newly established "Special Operations." The amendment came into force starting October 1, 2016 together with relevant implementing decrees. JBIC is thereafter required to maintain separate accounts for the Ordinary Operations and the Special Operations to ensure transparency of both operations. From October 1, 2023, which the Act for Partial Amendment of Japan Bank for International Cooperation Act became effective in its entirety, development of energy and natural resources, commercialization of new technology and business models, and equity investments in startups are included in Special Operations. In line with the Japanese government's initiative to promote development of quality infrastructure, the JBIC Group intends to leverage every tool at its disposal, including the Special Operations, to further mobilize the requisite funds to support private sector investment in infrastructure projects worldwide and to promote further risk-taking by Japanese companies.

The Special Operations enable JBIC to finance overseas projects with risks that JBIC is unable to assume under the Ordinary Operations. Under the Special Operations, JBIC considers projects that involve risks new to JBIC, to the extent that JBIC is in a good position to control or mitigate such risk throughout the tenor of the financing by way of close dialogue with the stakeholders such as the host-country government. As part of the due diligence for providing financing under the Special Operations, JBIC takes into account the credit policy of other financial institutions for comparable cases. JBIC also requires appropriate risk sharing among the parties involved and endeavors to mobilize adequate private funding to the relevant project.

Examples of projects under the Special Operations include finance for governments, government agencies or local governments with a risk profile that does not fall into the scope of the Ordinary Operations and finance for public-private partnerships with the principal cash-flow entailing the risk of fluctuations in demand.

Both the account for Ordinary Operations and the account for Special Operations are required to conduct sound and efficient operations based on the principle that expenditures should not exceed revenues ("sufficient revenues to cover expenditures") according to the JBIC Act. The account for Ordinary Operations is additionally subject to the principle that repayment from the loans and the performance of the obligations under the guarantees should be ascertained ("certainty of repayment").

*Average Yield in the JBIC Operations* 

With respect to the account for Ordinary Operations, the average yield of loans made by JBIC was 5.65% as of March 31, 2025. With respect to the account for Special Operations, the average yield of loans made by JBIC was 5.28% as of March 31, 2025. The spread of each loan made by JBIC depends on the purpose of the loan, maturity date and the borrower.

As a general matter, JBIC currently makes loans at fixed or floating interest rates, based on the request of the borrower, regardless of the term of the loan.

*Allowance for Loan Losses of the JBIC Operations* 

The JBIC Group provides an allowance for possible loan losses, pursuant to the relevant cabinet order and related regulations.

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##### [**Table of Contents**](#toc)
Allowance for loan losses is recognized in accordance with internally established standards.

The allowance for claims on debtors who are legally bankrupt ("bankrupt borrowers") or substantially bankrupt ("substantially bankrupt borrowers") is provided based on the outstanding balance after the write-offs described as below and the deductions of the amount expected to be collected through the disposal of collateral and the execution of guarantees. The allowance for claims on debtors who are not legally bankrupt but are likely to become bankrupt ("potentially bankrupt borrowers") is provided based on an assessment of the overall solvency of the debtors after deducting the amount expected to be collected through the disposal of collateral and the execution of guarantees.

Of potentially bankrupt borrowers with restructured loans and others, (excluding foreign governments and other governmental entities) whose loans exceed a threshold amount, if it is possible to reasonably estimate cash flows from the collection of principal and the receipt of interest, the allowance for claims on such debtors is provided based on an approach whereby the difference between the amount of cash flows discounted by the original contractual interest rates and the carrying amount of the claims is determined to be the allowance for loan losses (the "cash flow estimation approach").

The allowance for claims on debtors other than bankrupt borrowers, substantially bankrupt borrowers and potentially bankrupt borrowers is provided primarily in consideration of the expected loss amount over the average remaining periods of loans, and the expected loss amount is calculated primarily based on the probability of default which is based on the actual bankruptcies during a certain period in the past. The allowance for possible losses on specific overseas loans is provided based on the expected loss amount taking into consideration the political and economic situations of these countries.

All claims are assessed initially by the operational departments and subsequently by risk evaluation departments based on internal rules for self-assessment of asset quality. The risk evaluation departments, which are independent from the operational departments, review these self-assessments, and the allowance is provided based on the results of the assessments.

With respect to claims with collateral or guarantees on debtors who are legally or substantially bankrupt, the residual book value of the claims, after deducting, the amount which is deemed collectible through the disposal of collateral or the execution of guarantees is written off. There were no such amounts written off during the year ended March 31, 2025.

Although trade disputes affecting the global economy and uncertainties surrounding overseas markets persist in 2025, the global economic growth rate is expected to continue its moderate recovery. Currently, the allowance for loan losses is provided based on the assumption that the level of the credit risk of outstanding loans and other investments will be the same as the historical level for the near future, and is calculated based on the items including the probability of default that is based on the actual number of bankruptcies during a certain period in the past.

As the future outlook is uncertain, the ongoing Russian invasion of Ukraine, or its impact on the international situation, as well as the related economic impact, may differ significantly from the assumption above. In such a case, the allowance for loan losses may change going forward.

With regard to the ongoing Russian invasion of Ukraine, the governments of various countries, including the Government of Japan, have taken various measures such as economic sanctions against Russia. JBIC is closely monitoring the trends in sanctions imposed by governments and other entities with respect to Russia, including by reflecting the impact of the situation in Ukraine on JBIC's loan loss reserves, by examining the impact of sanctions measures on the business and performance of borrowers in determining borrower classification, and assessing the impact on credit risk on a case-by-case basis.

**Recent Developments** 

*Amendment of the JBIC Act* 

On April 7, 2023, the National Diet of Japan enacted the Act for Partial Amendment of Japan Bank for International Cooperation Act. The amendment became effective in part on April 15, 2023 and in its entirety on October 1, 2023. In light of the changes in international conditions surrounding Japan's economy, this Act enhances the scope of JBIC's operations in the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strengthening resilience of the supply chain that contributes to maintaining and improving the international
competitiveness of Japanese industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permit financing to foreign companies supporting Japanese companies' supply chains and industrial bases.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permit import loans to be used for goods acquired overseas by Japanese companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permit financing to large Japanese domestic companies for uses relating to overseas businesses that are related
to the resilience of Japanese companies' supply chains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supporting further risk-taking by Japanese companies, including start-ups, with a focus on growth areas such as digital and green business areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permit investments in and purchases of corporate bonds from domestic start-ups and small-and medium-sized enterprises engaged in overseas business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand the scope of the account for the Special Operations to include resource development, commercialization
of new technologies and business models and investment in start-ups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participation in Recovery Assistance to Ukraine through international cooperation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permit guarantees to international financial institutions to enable JBIC can guarantee loans to Ukraine made by
international financial institutions.

In line with the amendment of this Act, JBIC formulated its Startup Investment Strategy and newly established a Startup Investment Committee as part of its efforts to strengthen its startup investment operations. JBIC will seek to connect Japan's startup ecosystem with global startup ecosystems by investing in and supporting foreign startups collaborating with Japanese companies and Japanese startups expanding into global markets.

*Updates to Approach to Sustainability* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Governance and Management Systems* 

JBIC has implemented initiatives to promote sustainability, including efforts for climate change, through the Sustainability Advisory Committee, the Sustainability Committee, and the Sustainability Management Department, established in June 2022, as part of JBIC's efforts toward strengthening its sustainability governance and management systems as set out in JBIC's ESG Policy. Under the supervision of multiple organs, including the Board of Directors, important matters related to sustainability, including those concerning climate change, are discussed at the Executive Committee, Sustainability Committee and Corporate Risk Management Committee.

Under its sustainability governance and management systems, JBIC strives to contribute actively to the realization of global sustainability, including sustainable development of the global economy and society and resolution of global issues. To that end, JBIC will provide proactive support for initiatives by Japanese corporations to promote the Sustainable Development Goals (the "SDGs") and green transformation (GX) of the global economy and society, and ensure the appropriate disclosure and announcement of the outcomes of such initiatives to stakeholders.

The following graphic shows the organization of JBIC's sustainability governance and management systems.

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![LOGO](g931535g04a04.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *Strategies* 

In its Fifth Medium-term Business Plan announced in June 2024, the "JBIC Fifth Medium-term Business Plan (FY2024 – FY2026)", which runs through the fiscal year ended March 31, 2026, JBIC identified "Realize a Sustainable Future" and "Strengthen Resilience of Japanese Industry and Support Creative Innovation" as key focus areas. Leveraging the global networks that it has long cultivated as a policy-based financial institution, JBIC intends to realize a sustainable future through achieving carbon neutrality and solving social issues of host countries in cooperation with various stakeholders and will also proactively support the development and implementation of innovative technologies and new businesses by deploying its risk-assuming functions, such as its Special Operations (including support for startups).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *Risk Management* 

JBIC recognizes the importance of managing risks related to climate change, and it has decided on a Climate Risk Management Policy in 2023. Based on this policy, JBIC has prepared a framework to identify, assess, and manage climate-related risks. JBIC recognizes climate-related risks as forward-looking risks that may materialize in different patterns and magnitudes, subject to future environmental and social circumstances, and which therefore need to be addressed through long-term, comprehensive perspectives. JBIC also understands that climate-related risks materialize over a variety of time horizons, both short and long term, and through a wide range of channels and touchpoints. Based on this recognition, JBIC has designated climate-related risks as one of its Top Risks (risk events that will significantly impact JBIC when they become apparent and require particular attention) in its enterprise risk management framework, and seeks to comprehensively manage these risks by monitoring the social and regulatory trends related to climate issues and changes in situations regarding fossil fuel projects.

In order to evaluate the impacts that climate change will have on JBIC's portfolio in the future, JBIC conducts scenario analysis for climate-related transition risk and physical risk. JBIC conducts its analysis with external experts, using the NGFS's climate scenarios in accordance with the TCFD's recommendations, while supplementing with the available related data and estimations from climate scenarios issued by international organizations, such as the IEA and the IPCC, industry reports, and the Technology Roadmap for Transition Finance by the Ministry of Economy, Trade and Industry (METI).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Metrics and Targets* 

In order to promote initiatives to achieve both decarbonization and sustainable economic growth, JBIC has set forth "the realization of a sustainable future" as one of the key focus areas in its Fifth Medium-Term Business Plan, and it has set the number of committed or structured projects that "contribute toward realizing both carbon neutrality and economic growth" as its metric. For this metric, JBIC has defined quantitative targets for each fiscal year and has been monitoring the status of achievement at the Executive Committee.

*Establishment and Launch of Global Investment Enhancement Facility* 

On July 1, 2022, JBIC launched its new Global Investment Enhancement Facility, with a deadline for signing a financing agreement set for June 30, 2025. Similar to the Post-COVID-19 Growth Facility established on January 29, 2021, the Global Investment Enhancement Facility comprises two windows intended to support Japanese companies in (i) contribution toward preserving the global environment, including decarbonization (the "Sustainability Window") and (ii) enhancement of supply chain resilience, the expansion of high-quality infrastructure and the creation of new overseas markets (the "Global Value Chain Resilience Window").

Eligible projects and investments under the Sustainability Window include those that are expected to reduce greenhouse gas emissions, including those related to renewable energy, energy savings, green mobility solutions (such as a modal shift in transportation and electric vehicles), carbon dioxide capture and reduction, and low-carbon technologies and materials. The window also covers other projects that are expected to contribute toward preserving the global environment, including those related to air pollution prevention, water supply, water pollution prevention, waste disposal and measures to address marine plastic pollution. Overseas investment loans and import loans in connection with energy and natural resources finance, for projects relating to non-fossil energy sources, are also covered.

The Global Value Chain Resilience Window focuses on projects to provide funding for Japanese companies or their affiliates starting or expanding overseas business, or improving the efficiency of overseas businesses, including through investments or other business tie-ups with certain foreign companies, as well as energy and natural resources finance. The window also focuses on financing activities to support Japanese companies in the enhancement of supply chains, thereby serving to maintain and improve the international competitiveness of Japanese industry, and projects where a Japanese company's technology or business model will be implemented, thereby contributing to creating a new market in the relevant region.

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*Bond Issuances* 

On April 17, 2024, JBIC issued $1.0 billion of 4.625% government guaranteed bonds due April 17, 2034. On May 28, 2024, JBIC issued ¥10 billion of 0.639% non-guaranteed domestic bonds due March 19, 2029. On July 22, 2024, JBIC issued $1.5 billion of 4.625% government guaranteed bonds due July 22, 2027. On October 17, 2024, JBIC issued €500 million of 2.625% government guaranteed bonds due October 17, 2030. On January 27, 2025, JBIC issued £350 million of 4.625% government guaranteed bonds due January 28, 2030. On July 3, 2025, JBIC issued $1.0 billion of 3.875% government guaranteed bonds due July 3, 2028. The bonds have been admitted to the official list of the Luxembourg Stock Exchange and are traded on the Luxembourg Stock Exchange's Euro MTF Market.

*Common Stock Issuance* 

On March 26, 2025, JBIC issued new shares of its common stock to the Japanese government for an aggregate issue price of ¥121.0 billion. The proceeds from the issuance will be used for strengthening JBIC's financial foundation in order to support Japanese companies' overseas business expansion including in the field of infrastructure.

*Medium-term Business Plan* 

On June 27, 2024, JBIC announced its fifth medium-term business plan, titled the "JBIC Fifth Medium-term Business Plan (FY2024 – FY2026)", which runs through the fiscal year ending March 31, 2027.

The current international situation is becoming even more uncertain as the world faces historical and structural changes and challenges, including Russia's invasion of Ukraine, changes in relationship between developed countries and Global South countries, destabilization of the global financial environment due to inflation and increasing debt costs, and rebuilding of supply chains to ensure economic security in such areas as energy and foods. On the other hand, climate change remains an urgent issue for the international society, and it is crucial to make a breakthrough with innovative technology to achieve both decarbonization and sustainable economic growth.

JBIC has developed the Fifth Medium-term Business Plan (FY2024–FY2026) toward solving these issues. The plan sets one of the key focus areas as the realization of a sustainable future through achieving carbon neutrality, a global common challenge, and solving social issues of host countries in cooperation with various stakeholders. In addition, through the amendment to the JBIC Act in April 2023 to bolster its functions, JBIC will encourage creative innovation of Japanese industry by proactively supporting the efforts to ensure energy security, strengthen resilient supply chains, and develop innovative technologies and new businesses, including startups. Furthermore, JBIC will offer its own unique solutions by promoting multilateral cooperation and performing its risk-assuming functions, such as the Special Operations, thereby contributing toward the development and implementation of Japan's foreign economic policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Key Focus Area 1: Realize a sustainable future** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (1): Contribute toward realizing both carbon neutrality and economic growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support efforts for global green transformation (GX) and energy transition via diverse paths to carbon
neutrality in host countries, by financing to projects in such areas as renewable energy and energy efficient projects, hydrogen and ammonia, carbon-recycling fuel, rechargeable batteries, resources recycling (circular economy), next-generation
mobility, energy-saving building, energy transition and, CCS (Carbon dioxide Capture and Storage)/CCUS (Carbon dioxide Capture, Utilization and Storage).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (2): Contribute toward solving social issues in collaboration with host countries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support projects that will contribute toward solving the host country's social issues toward sustainable
growth, including development of medical environment (hospitals, medical devices, and medical networks), development of resilient basic infrastructures (water supply and sewerage, transportation, disaster prevention, rural electrification and
distributed power supply, and telecommunication), improvement of hygienic environment (waste treatment and recycling), preservation and restoration of natural resources (including management of marine plastic waste), and securement of food security
(food value chain).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (3): Implement responsible sustainability management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promote pioneering initiatives related to sustainability with a focus on climate change issues.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Research, analyze, and report the advanced trends of wide range of sustainability issues (e.g., natural
capital, human rights, and gender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade efforts including disclosure and transmission of information related to climate change risk management
(transition risk and physical risk) and sustainability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Key Focus Area 2: Strengthen resilience of Japanese industry and support creative innovation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (4): Support securement of Japan's energy security, strategic enhancement of the resilience of
supply chains that contribute to national interest, and development of frontier industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support strengthening of Japanese industry through providing assistance to projects that contribute to energy
security in Japan, projects that enhance the resilience of global supply chains of Japanese industry, such as those for overseas capital investments and exports, and projects related to securing interests of or importing mineral resources, including
base metals and critical minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (5): Support development of innovative technologies and businesses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support creative innovation of Japanese industry through financing to startups (including effort to add value
through engagements), projects in which Japanese companies invest for commercialization, and practical application of innovation, projects that focus on innovation-related risks such as technological risks and commercialization risks, mergers and
acquisitions by Japanese companies with an eye on securing advanced technology and business, and projects invested in by a fund structured by JBIC IG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (6): Support overseas expansion of globally active mid-tier enterprises (MTEs) and small- and medium-sized enterprises (SMEs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support MTEs and SMEs that are active in global business through collaboration with private financial
institutions such as regional banks, and by information dissemination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Key Focus Area 3: Provide JBIC's own unique solutions by strategically functioning as an international financial institution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (7): Support projects which contribute toward developing and realizing Japan's foreign
economic policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support initiatives that contribute toward developing and realizing Japan's foreign economic policies
which change with times, including promoting multilateral cooperation such as Japan-United States-Australia partnership and Quadrilateral Security Dialogue (QUAD), supporting Ukraine and its neighboring countries, strengthening collaboration with
Global South countries, and promoting the Asia Zero Emission Community (AZEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (8): Provide own unique solutions through strategic information analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strengthen external communication and sophisticate JBIC's operations and strategies through
information-gathering and analysis functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Key Focus Area 4: Reinforce and reform organizational base toward value creation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (9): Exercise human capital management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Develop and introduce new HR strategy focusing on organizational challenges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish a human capital management system in which directors and staff members can maximize their abilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (10): Streamline operations through DX (digital transformation) and develop business promotion
infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Streamline operations and develop an infrastructure for operational promotion by further strengthening IT
infrastructure, constantly reviewing operations, finding the best balance between the continuous review of operations and the utilization of cutting-edge technologies (including generative AI), through the agile utilization of such technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Action Plan (11): Build a highly engaged organization, reinforce and stabilize organizational base, and achieve
efficient management

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Build an organization with high staff engagement through concrete organizational reforms directed by the
management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhancement and stable, efficient operation of the organization's core businesses that underpin value
creation.

*Addition of Consolidated Subsidiaries* 

JBIC has included JB Nordic Fund I SCSp and NordicNinja Fund II SCSp and other four companies in the scope of consolidation from the fiscal year ended March 31, 2025 due to a change in their status from affiliates.

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**OPERATING RESULTS FOR THE FISCAL YEARS ENDED MARCH 31, 2024 AND 2025** 

JBIC's financial information as of and for the fiscal years ended March 31, 2024 and 2025 in this Exhibit 1 has been derived from its financial statements prepared in accordance with Japanese GAAP.

**Overall Operations** 

Set forth below are the operating results of the JBIC Group for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
|  | **Year ended March 31,** |
|  | **2025** |
|  | **(In millions of yen)** |
|  Ordinary income | ¥1028875 |
|  Ordinary profit | 82683 |
|  Net income attributable to owner of parent | 86306 |
|  Total assets | 20464753 |
|  Loans and bills discounted | 15414487 |
|  Customers' liabilities for acceptances and guarantees | 1325383 |

---

During the fiscal year ended March 31, 2025, the JBIC Group's operations consisted solely of Ordinary Operations and Special Operations. As Ordinary Operations represent the JBIC Group's primary business, the JBIC Group's operating results were substantially determined by the operating results of its Ordinary Operations, as further described in "Each Operation".

Ordinary income for the fiscal year ended March 31, 2025 totaled ¥1,028,875 million, of which interest income amounted to ¥984,272 million.

Ordinary expenses for the fiscal year ended March 31, 2025 totaled ¥946,191 million. Interest expense, which amounted to ¥867,154 million and reflected interest expense for its borrowings and outstanding debt securities, accounted for the majority of these expenses.

For the fiscal year ended March 31, 2025, the JBIC Group recorded ordinary profit of ¥82,683 million and net income attributable to owner of parent of ¥86,306 million, and JBIC's commitments, including guarantee, were ¥1,506 billion.

Set forth below are the operating results of the JBIC Group for the fiscal year ended March 31, 2024:

---

| | |
|:---|:---|
|  | **Year ended March 31,** |
|  | **2024** |
|  | **(In millions of yen)** |
|  Ordinary income | ¥1133061 |
|  Ordinary profit | 63265 |
|  Net income attributable to owner of parent | 62342 |
|  Total assets | 21657108 |
|  Loans and bills discounted | 16423476 |
|  Customers' liabilities for acceptances and guarantees | 1522529 |

---

During the fiscal year ended March 31, 2024, the JBIC Group's operations consisted solely of Ordinary Operations and Special Operations. As Ordinary Operations represent the JBIC Group's primary business, the JBIC Group's operating results were substantially determined by the operating results of its Ordinary Operations, as further described in "Each Operation".

Ordinary income for the fiscal year ended March 31, 2024 totaled ¥1,133,061 million, of which interest income amounted to ¥1,022,058 million.

Ordinary expenses for the fiscal year ended March 31, 2024 totaled ¥1,069,795 million. Interest expense, which amounted to ¥902,748 million and reflected interest expense for its borrowings and outstanding debt securities, accounted for the majority of these expenses.

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For the fiscal year ended March 31, 2024, the JBIC Group recorded ordinary profit of ¥63,265 million and net income attributable to owner of parent of ¥62,342 million, and JBIC's commitments, including guarantee, were ¥2,037 billion.

**Each Operation** 

Set forth below are the operating results of each operation of the JBIC Group for the fiscal year ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** | **Year ended March 31, 2025** |
|  | **Ordinary Operations** | **Special Operations** | **Eliminations** | **Total** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  Ordinary income | ¥1025090 | ¥3958 | ¥(174) | ¥1028875 |
|  Ordinary profit (loss) | 83063 | (379) |  | 82683 |
|  Net income (loss) attributable to owner of parent | 86685 | (379) |  | 86306 |
|  Total assets | 20129425 | 335366 | (38) | 20464753 |
|  Loans and bills discounted | 15400591 | 13895 |  | 15414487 |
|  Customers' liabilities for acceptances and guarantees<sup>(a)</sup> | 1325383 |  |  | 1325383 |

---

(a) This is the amount of guarantee liabilities recorded in the JBIC Group's balance sheet.

Ordinary income from Ordinary Operations for the fiscal year ended March 31, 2025 totaled ¥1,025,090 million, of which ¥983,148 million consisted of interest income. Ordinary expenses of Ordinary Operations for the fiscal year ended March 31, 2025 totaled ¥942,027 million, of which ¥866,537 million consisted of interest expense. As a result, for the fiscal year ended March 31, 2025, the Ordinary Operations recorded ordinary profit of ¥83,063 million and net income attributable to owner of parent of ¥86,685 million.

In Ordinary Operations, to contribute toward realizing both carbon neutrality and economic growth under the concept of "Realize a Sustainable Future", JBIC supported a geothermal power expansion project in Indonesia, an ammonia production and sales business in the United Arab Emirates and electricity transmission and biofuel projects in Brazil through loans. In an effort to contribute to solving social issues in collaboration with host countries, JBIC provided loans for data center businesses in the U.S. and India, supported a Japanese company in acquiring a U.S.-based company engaged in CDMO (Contract Development and Manufacturing Organization) business, and financed another Japanese company's acquisition of a business in Indonesia to enter the agricultural drone field. As part of our efforts to contribute to supporting securement of Japan's energy security, strategic enhancement of the resilience of supply chains that contribute to national interest, and development of infrastructure in frontier industries—under the concept of "Strengthen Resilience of Japanese Industry and Support Creative Innovation", JBIC provided loans to a copper mine expansion project in Chile, and to a Japanese company for the acquisition of an Australian company which designs, develops, and sells design software for printed circuit boards (PCBs) incorporating various electronic components, including semiconductors. In an effort to support development of innovative technologies and businesses, JBIC provided financing for the development of German 5G Network infrastructure with Open RAN technology and made an additional commitment to a fund investing in startups in northern Europe and central and eastern Europe. In addition, to support overseas expansion of mid-tier enterprises and SMEs that play active roles in global business, JBIC proactively provides various forms of support in the Global South and other countries by utilizing schemes such as local currency loans while cooperating with local financial institutions. Also, to support projects which contribute toward developing and realizing Japan's foreign economic policies, under the concept of "Provide JBIC's Own Unique Solutions by Strategically Functioning as an International Financial Institution", JBIC signed a loan agreement for a credit line toward projects to support the reconstruction of Ukraine and provided financing for a Kenyan geothermal power plant project based on an export credit line with a regional development financial institution in Africa.

Ordinary income from Special Operations for the fiscal year ended March 31, 2025 totaled ¥3,958 million, of which ¥1,124 million consisted of interest income and ¥2,601 million consisted of gains on sales of equity and other securities. Ordinary expenses of Special Operations for the fiscal year ended March 31, 2025 totaled ¥4,338 million, of which ¥616 million consisted of interest expense and ¥2,186 million consisted of impairment losses on equity and other securities. As a result, for the fiscal year ended March 31, 2025, the Special Operations recorded ordinary loss of ¥379 million and net loss attributable to owner of parent of ¥379 million.

In the Special Operations, as part of our efforts to contribute to the realization of a carbon-free society, JBIC provided project financing for geothermal power generation and district heat supply project in Germany, which deploys a new technology.

For prior year data for Ordinary Operations and Special Operations, see the overall operating results for the fiscal year ended March 31, 2024, provided under "Overall Operations."

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**BUSINESS** 

**Missions** 

Pursuant to the JBIC Act, JBIC conducts the JBIC Operations to fulfill the following four missions in order to contribute to the sound development of Japan and the international economy and society: (a) promoting the overseas development and securement of resources which are important for Japan, (b) maintaining and improving the international competitiveness of Japanese industries, (c) promoting the overseas businesses having the purpose of preserving the global environment, such as preventing global warming, and (d) preventing disruptions to international financial order or taking appropriate measures with respect to damages caused by such disruption.

**Government Control and Supervision** 

Under the JBIC Act, JBIC's shares are wholly owned by the Japanese government, and JBIC is under the Japanese government's control. JBIC's operations, including appointment of directors, business plans and issuance of new debt securities, are supervised by the Minister of Finance. JBIC's budgets are subject to approval of the Japanese Diet, and the annual financial statements of JBIC are required to be submitted to the Diet.

**Overview of JBIC's Operations** 

The Act for Partial Amendment of the JBIC Act was approved and enacted at the 190th ordinary session of the Diet on May 11, 2016. Consequently, a new "Special Operations" account was established in October 2016 from which JBIC can provide enhanced financing support for overseas infrastructure projects and activities for this account are accounted for separately from those of the Ordinary Operations account.

Both the account for Ordinary Operations and the account for Special Operations are required to conduct sound and efficient operations based on the principle that expenditures should not exceed revenues ("sufficient revenues to cover expenditures") according to the JBIC Act. The account for Ordinary Operations is additionally subject to the principle that repayment from the loans and the performance of the obligations under the guarantees should be ascertained ("certainty of repayment").

**JBIC Operations** 

*Outstanding Credit in the JBIC Operations* 

Due to the relative importance of JBIC's credit commitments to the JBIC Group, as compared with those of its consolidated subsidiaries, the following is presented on a non-consolidated basis.

JBIC's total credit commitments for the year ended March 31, 2025 amounted to ¥1,383 billion, and the outstanding balance as of March 31, 2025 was ¥15,792 billion, each on a non-consolidated basis.

For the fiscal year ended March 31, 2025, JBIC's total additional disbursed amounts under loans and guarantees on a non-consolidated basis amounted to ¥1,903 billion and collections of loans and guarantees on a non-consolidated basis amounted to ¥2,923 billion. As of March 31, 2025, JBIC's outstanding balance of guarantees on a non-consolidated basis was ¥1,329 billion.

The following table sets forth, as of the dates indicated, the total amount of credit outstanding provided by JBIC on a non-consolidated basis, by type and geographical distribution in accordance with JBIC's system of classification:

**Credit Outstanding by Type and Geographical Distribution of the JBIC Operations (Non-consolidated)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **JBIC Operations** | **JBIC Operations** | **JBIC Operations** | **JBIC Operations** |
| | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| | **2024** | **2024** | **2025** | **2025** |
| | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** |
|  EXPORT LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥653660 | 3.8% | ¥576538 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific | 1183 | 0.0% | 866 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | 119223 | 0.7% | 80877 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East | 142867 | 0.8% | 109417 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa | 99756 | 0.5% | 66488 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America | 18609 | 0.1% | 48822 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥1035300 | &nbsp;&nbsp;&nbsp;&nbsp;6.1% | ¥&nbsp;&nbsp;&nbsp;&nbsp;883010 | &nbsp;&nbsp;&nbsp;&nbsp;5.5% |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **JBIC Operations** | **JBIC Operations** | **JBIC Operations** | **JBIC Operations** |
| | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| | **2024** | **2024** | **2025** | **2025** |
| | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** |
|  IMPORT LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥— |  | ¥— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific | 17795 | 0.1% | 14558 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East | 270014 | 1.6% | 192714 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America | 127644 | 0.7% | 125747 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. | 80000 | 0.4% | 80000 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥495454 | &nbsp;&nbsp;&nbsp;&nbsp;2.9% | ¥413020 | &nbsp;&nbsp;&nbsp;&nbsp;2.6% |
|  OVERSEAS INVESTMENT LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥2815471 | 16.7% | ¥2708252 | 17.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific | 1050222 | 6.2% | 1192254 | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | 3025027 | 17.9% | 2973073 | 18.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East | 1587086 | 9.4% | 1484541 | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa | 318166 | 1.8% | 266244 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America | 3590938 | 21.3% | 3051388 | 19.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America | 2094975 | 12.4% | 1920997 | 12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. | 3945 | 0.0% | 2275 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥14485833 | 86.0% | ¥13599027 | 86.1% |
|  UNTIED LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥297980 | 1.7% | ¥314176 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  |  | 26626 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East | 85988 | 0.5% | 173527 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa | 1042 | 0.0% | 1166 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America | 71543 | 0.4% | 55251 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. | 15869 | 0.0% | 14642 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥472424 | 2.8% | ¥585390 | 3.7% |
|  GOVERNMENTAL LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥11850 | 0.0% | ¥10757 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | 1808 | 0.0% | 1769 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East | 4467 | 0.0% | 3350 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥18126 | 0.1% | ¥15878 | 0.1% |
|  EQUITY INVESTMENTS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥37200 | 0.2% | ¥39449 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific | 46377 | 0.2% | 37634 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | 30458 | 0.1% | 27476 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America | 53218 | 0.3% | 48229 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America | 3141 | 0.0% | 3041 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. | 151166 | 0.9% | 139999 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥321563 | 1.9% | ¥295830 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total credit outstanding | ¥16828701 | 100.0% | ¥15792157 | 100.0% |

---

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##### [**Table of Contents**](#toc)
The following table sets forth, for the periods indicated, the total credit commitments made by JBIC on a non-consolidated basis, by type and geographical distribution in accordance with JBIC's system of classification.

**Credit Commitments by Type and Geographical Distribution of the JBIC Operations (Non-consolidated)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JBIC Operations** | **JBIC Operations** | **JBIC Operations** | **JBIC Operations** |
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** |
|  EXPORT LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥16224 | 0.9% | ¥— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific |  |  | 2501 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  |  | 2516 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa |  |  | 1233 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America | 39125 | 2.1% | 4581 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥55349 | 3.0% | ¥10832 | 0.7% |
|  IMPORT LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥58640 | 3.2% | ¥— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America | 72172 | 3.9% | 70007 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. | 80000 | 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥210813 | 11.6% | ¥70007 | 5.0% |
|  OVERSEAS INVESTMENT LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥269507 | 14.9% | ¥157653 | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific | 154949 | 8.5% | 343435 | 24.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | 484596 | 26.8% | 211125 | 15.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East |  |  | 46586 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa |  |  | 7861 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America | 148464 | 8.2% | 249261 | 18.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America | 304699 | 16.8% | 94280 | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥1362217 | 75.3% | ¥1110203 | 80.2% |
|  UNTIED LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥46331 | 2.5% | ¥13500 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  |  | 57327 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East | 35884 | 1.9% | 82405 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa | 2249 | 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America |  |  | 14271 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. | 7518 | 0.4% | 21729 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥91984 | 5.0% | ¥189232 | 13.6% |
|  GOVERNMENTAL LOANS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥— |  | ¥— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥— |  | ¥— |  |

---

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JBIC Operations** | **JBIC Operations** | **JBIC Operations** | **JBIC Operations** |
|  | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** | **(In millions of yen<br>except for the percentage)** |
|  EQUITY INVESTMENTS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia | ¥84386 | 4.6% | ¥1411 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pacific |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Middle East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Organizations, etc. | 2828 | 0.1% | 2105 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥87215 | 4.8% | ¥3516 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total credit commitments | ¥1807579 | 100.0% | ¥1383792 | 100.0% |

---

*Loan and Guarantee Terms of the JBIC Operations* 

The JBIC Act provides that JBIC's interest rates and guarantee charges shall be determined in light of the interest rates and commissions charged for guarantees by private banks on a basis such that the revenues of the JBIC Operations will cover its expenditures and losses. In addition, JBIC may not compete with private financial institutions in extending loans and guarantees, and may extend loans and guarantees only if financing by private financial institutions on ordinary terms is deemed difficult. JBIC carefully investigates the financial position of each prospective borrower and the technical and financial aspects of the project to be financed, and with respect to the Ordinary Operations, a loan or guarantee is extended only if there is reasonable assurance of repayment.

JBIC itself determines the interest rates, maturities, loan participation percentages, security and other terms on which it lends its funds or extends its guarantees. The interest rate to be applied to each loan is set by the board of directors of JBIC, taking into consideration JBIC's funding cost and the rate for borrowers of the highest credit standing from private banks extending long-term loans.

Most of the JBIC Operations involve the financing of projects in cooperation with private financial institutions. Loans extended to domestic borrowers are usually secured by a bank guarantee, a mortgage or other collateral, or supported by a covenant requiring the borrower to provide security to JBIC at its request. Overseas direct loans, which are usually extended to banks, governmental institutions in foreign countries or private companies with Japanese capital, are generally secured by guarantees issued by the foreign government or the foreign governmental financial institution, by securities issued by Japanese domestic companies, or by cash flow and other assets of the borrower taken as security by JBIC.

In addition to the loan terms provided in the JBIC Act, JBIC's terms and conditions for export loans are determined in accordance with the OECD's Arrangement on Officially Supported Export Credits, commonly referred to as the "Arrangement." The Arrangement, which was established to encourage competition among exporters based on quality and prices of goods and services exported rather than on the most favorable officially supported export credits, stipulates limitations on financing terms and conditions including minimum interest rates, maximum credit terms and minimum down payments for officially supported medium- and long-term export credits.

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##### [**Table of Contents**](#toc)
The following table sets forth information concerning the balances of the JBIC Group's outstanding loans as of March 31, 2024 and 2025.

**Loan Balances of the JBIC Operations by Remainder of Term<sup>(a)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **(In billions of yen**<br> **except for the percentage)** | **(In billions of yen**<br> **except for the percentage)** | **(In billions of yen**<br> **except for the percentage)** | **(In billions of yen**<br> **except for the percentage)** |
|  One year or less | ¥2128 | 13.2% | ¥2420 | 16.0% |
|  More than 1 to 2 years | 2435 | 15.1% | 2054 | 13.6% |
|  More than 2 years to 3 years | 2033 | 12.6% | 1664 | 11.0% |
|  More than 3 years to 4 years | 1760 | 10.9% | 1579 | 10.4% |
|  More than 4 years to 5 years | 1567 | 9.7% | 1848 | 12.2% |
|  More than 5 years to 6 years | 1599 | 9.9% | 1225 | 8.1% |
|  More than 6 years to 7 years | 1134 | 7.0% | 923 | 6.1% |
|  More than 7 years to 8 years | 776 | 4.8% | 849 | 5.6% |
|  More than 8 years to 9 years | 743 | 4.6% | 519 | 3.4% |
|  More than 9 years to 10 years | 379 | 2.3% | 405 | 2.6% |
|  More than 10 years | 1534 | 9.5% | 1590 | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% |

---

(a) The amounts do not include principal that is overdue and unpaid, and principal that may possibly be waived
according to the "Changes in Debt Relief Method" announced by Government of Japan in December 2003.

*Allowance for Loan Losses of the JBIC Operations* 

The JBIC Group provides an allowance for possible loan losses, pursuant to the relevant cabinet order and related regulations. Allowance for loan losses as of March 31, 2025 amounted to ¥501,749 million.

In cases where borrowers indicate that they may be unable to meet payments on their loans, the JBIC Group may revise the terms of repayment. In the case of direct loans to foreign governments, the international system provides several mechanisms and institutions through which countries facing repayment difficulties can effect remedial measures in agreement with their creditors (Paris Club rescheduling). Therefore, rescheduled principal and interest payments may have to be accepted in order to facilitate the collectability of some loans or portions of loans. Should a default occur in the payment of principal or interest (whether by reason of a failure to agree on modified loan terms or otherwise), the JBIC Group considers the related loan to be in arrears immediately to the extent of the defaulted amount.

The JBIC Group's allowance for possible loan losses has a significant effect on the JBIC Group's business results. The JBIC Group believes that the estimates and the assumptions used for estimating liabilities are reasonable and the allowance for possible loan losses is appropriately calculated. However, the estimation of liabilities involves uncertainties that are uncontrollable by management, and the JBIC Group's estimation of liabilities may change due to unexpected changes in the underlying assumptions.

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##### [**Table of Contents**](#toc)
*Sources of Funds of the JBIC Operations* 

The following table sets forth information concerning the sources of funds for the JBIC Operations during the fiscal year ended March 31, 2025.

**Sources of Funds of the JBIC Operations** 

---

| | |
|:---|:---|
|  | **Year ended March 31,** |
|  | **2025** |
|  | **(In billions of yen)** |
|  Borrowings from the Government Fund for Fiscal Investment and Loan Program<sup>(a)</sup> | ¥154 |
|  Borrowings from the Foreign Exchange Fund Special Account<sup>(b)</sup> | 1914 |
|  Borrowings in Foreign Currency from Financial Institutions<sup>(a)</sup> |  |
|  Bonds and Notes with Government Guarantee<sup>(b)</sup> | 539 |
|  Bonds and Notes without Government Guarantee | 10 |

---

(a) Long-term borrowings.

(b) The amount of borrowings from the Foreign Exchange Fund Special Account is calculated based on the exchange
rate at the end of the month immediately preceding the date on which the borrowings were incurred. The amount of Bonds and Notes with the Government Guarantee is calculated based on the exchange rate at the end of the month immediately preceding the
date of issuance of the bonds and notes.

JBIC raises funds for its JBIC Operations through borrowings from the Government of Japan and issuances of Japanese Government-guaranteed bonds and notes in international markets. In the fiscal year ended March 31, 2024, JBIC issued bonds with a guarantee from the Government of Japan in the aggregate amount of $5.5 billion, and did not issue any bonds without a guarantee from the Government of Japan. In the fiscal year ended March 31, 2025, JBIC issued bonds with a guarantee from the Government of Japan in the aggregate amount of $2.5 billion, €500 million and £350 million, and issued a bond without a guarantee from the Government of Japan in the amount of ¥10 billion.

See "—Recent Developments" for information regarding $1.0 billion of 4.625% government guaranteed bonds due April 17, 2034 issued by JBIC on April 17, 2024, ¥10 billion of 0.639% non-guaranteed domestic bonds due March 19, 2029 issued by JBIC on May 28, 2024, $1.5 billion of 4.625% government guaranteed bonds due July 22, 2027 issued by JBIC on July 22, 2024, €500 million of 2.625% government guaranteed bonds due October 17, 2030 issued by JBIC on October 17, 2024, £350 million of 4.625% government guaranteed bonds due January 28, 2030 issued by JBIC on January 27, 2025, and $1.0 billion of 3.875% government guaranteed bonds due July 3, 2028 issued by JBIC on July 3, 2025.

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##### [**Table of Contents**](#toc)
**Capitalization** 

The Capitalization of the JBIC Group as of March 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | $nan<br>**As of March 31, 2025** |
|  | **(In millions of yen)** |
|  Total assets | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20464753 |
|  Total net assets | 3245922 |
|  Capital stock | 2332800 |
|  Retained earnings | 1163445 |
|  Total net assets/Total assets | 15.86% |

---

The capital adequacy ratios for JBIC at the end of the fiscal year ended March 31, 2025, which are calculated in accordance with the Basel III framework and relevant international standards, are set forth in the table below.

---

| | |
|:---|:---|
|  | $nan<br>**As of March 31, 2025** |
|  | **(In billions of yen except<br>for the percentage)** |
|  Total risk-weighted capital ratio | 20.73% |
|  Tier 1 risk-weighted capital ratio | 19.75% |
|  Common Equity Tier 1 risk-weighted capital ratio | 19.75% |
|  Total capital (Common Equity Tier 1 capital + Additional Tier 1 capital + Tier 2 capital) | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644 |
|  Tier 1 capital (Common Equity Tier 1 capital + Additional Tier 1 capital) | 3471 |
|  Common Equity Tier 1 capital | 3471 |
|  Risk-weighted assets | 17582 |
|  The amount of minimum capital requirements | 1406 |

---

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##### [**Table of Contents**](#toc)
**Non-performing Loans** 

JBIC assessed its loans and other credits in accordance with disclosure requirements that are based, in all material respects, on two sets of disclosure regulations that are followed by commercial financial institutions in Japan, although JBIC is not required to follow either set of regulations. The first set of disclosure regulations includes those set forth under the Banking Act of 1981, as amended (the "Banking Act"). The second set of disclosure regulations includes those set forth in the Act on Emergency Measures for the Revitalization of the Functions of the Financial System of 1998, as amended (the "Financial Revitalization Act").

The table below sets forth the results of the JBIC Group's assessment of the JBIC Group's loans as of March 31, 2025, classified in all material respects according to the Banking Act and the Financial Revitalization Act<sup>(a)</sup>:

---

| | |
|:---|:---|
|  | **As of March 31, 2025** |
|  | **(In millions of yen)** |
|  Bankrupt and quasi-bankrupt assets<sup>(b)</sup> |  |
|  Doubtful assets<sup>(c)</sup> | ¥&nbsp;&nbsp;&nbsp;&nbsp;334189 |
|  Substandard loans | 191316 |
|  Loans with interest or principal repayments three months or more in arrears<sup>(d)</sup> | 123001 |
|  Restructured loans<sup>(e)</sup> | 68314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥525505 |

---

(a) All of the loans shown in the table relate to the Ordinary Operations. Special Operations did not have any
applicable loans as of March 31, 2025.

(b) Bankrupt and quasi-bankrupt assets are loans to and other credits to borrowers which have begun proceedings
under the Bankruptcy Act, the Corporate Reorganization Act, the Financial Revitalization Act or other similar laws of Japan and have financially failed, as well as similar loans as so designated.

(c) Doubtful Assets are loans and other credits to borrowers who have not financially failed but whose financial
and operational conditions have deteriorated and who have a possibility that payment of principal and/or interest will not be made on a contractual basis, and which do not fall under the category of Bankrupt and Quasi-bankrupt Assets.

(d) Loans with interest or principal repayments three months or more in arrears are loans whose principal or
interest payment is three months or more in arrears, and which do not fall under the category of Bankrupt and quasi-bankrupt assets or Doubtful assets.

(e) Restructured loans are loans whose repayment terms and conditions have been amended in favor of the borrowers
(e.g. reduction of or exemption from the stated interest rate, the deferral of interest payments, the extension of principal repayments or renunciation of claims) in order to support the borrowers' recovery from financial difficulties, and
which do not fall under the category of Bankrupt and quasi-bankrupt assets, Doubtful assets, or Loans with interest or principal repayments three months or more in arrears.

In the event that a debtor country is temporarily unable to repay its external public debt (debts to creditors that are public institutions such as central governments, trade insurance agencies and export credit agencies) due to a decline in its balance of payments, meetings of creditor countries (the "Paris Club") may be held to discuss debt relief measures. When creditor countries agree on debt relief measures, debt rescheduling agreements between the creditors and a debtor are agreed, and repayments are made according to the agreements. During this temporary liquidity assistance effort, the debtor country implements an economic reform program pursuant to an agreement with the IMF and continues repayments of its debts. The principal amount of loans as of March 31, 2025, of which JBIC agreed to provide debt relief pursuant to the Paris Club agreements was ¥43,494 million.

JBIC classifies its loans rescheduled under the Paris Club made to borrowers classified under the self-assessment as "Watchlisted", but not "Loans with interest or principal repayments three months or more in arrears", as "Restructured loans." The amount of such loans as of March 31, 2025, included in "Restructured loans" in the above table, is ¥33,016 million.

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##### [**Table of Contents**](#toc)
**Risk Management** 

As a policy-lending institution, JBIC separately manages the major risks of Ordinary Operations and Special Operations in the following manner.

*Credit Risk* 

*Managing credit risk* 

The basis of credit risk management is centered on individual credit management based on the creditworthiness of the borrower during the credit approval process.

When a new credit application is processed, the relevant finance departments (sales promotion departments) and credit departments collect and analyze information on the borrower. The overseas representative offices also play a part in collecting information on foreign governments and corporations. Credit appraisal takes place based on the information that has been gathered and analyzed, with the different departments ensuring appropriate check throughout the process, leading to the final decision by the management.

For lending to foreign governments and corporations, JBIC makes use of its position as a public institution and exchanges views and information with governments and other authorities in recipient countries, international institutions such as the IMF and the World Bank, other regional development banks and official export credit agencies as well as private financial institutions in the industrial countries. Using all these channels, JBIC evaluates sovereign or country risk (risk in addition to corporate risk associated with the country in which the corporation is located) based on a broad range of information on government and government agency borrowers as well as political and economic conditions in their countries.

For credit to domestic and foreign corporations, there is a need to evaluate their creditworthiness and the appropriateness of the collateral they provide. In particular, for credit related to projects overseas, credit evaluation involves checking the certainty of transactions to be financed, feasibility studies of projects and the industry in which the borrower operates.

*Credit risk rating* 

JBIC has institutionalized its credit risk rating system that covers substantially all of its borrowers. JBIC uses its credit risk ratings for loan appraisals and to quantify its credit risks. Further, the credit risk rating system has been revised where necessary.

*Asset self-assessment* 

As part of its credit risk management, JBIC undertakes self-assessments, similar to Japanese private financial institutions. In this process, JBIC, following the examples of private financial institutions, conducts first stage assessments by the relevant finance departments, second stage assessments by the credit and country economic analysis departments, and inspections by an independent auditing department. The results of asset self-assessment are used for the disclosure of the quality of assets to enhance the transparency of JBIC's financial position.

*Quantifying credit risks* 

Besides the individual credit management outlined above, credit risks are quantified to assess the overall risk of the portfolio in these operations. To quantify credit risks, it is important to take into account the characteristic of the loan portfolio, that there are a significant proportion of long-term loans and loans involving sovereign risk or country risk. Also to be taken into account is the mechanism of securing assets, such as the framework of international financial assistance to debtor countries through the Paris Club, which is unique to official creditors. This account uses a unique model to quantify the credit risk taking account of the above explained elements and measures amount of credit risk, which are utilized for credit risk management.

*Risks relating to transactions with Russian counterparties and compliance with economic sanctions* 

JBIC has historically provided loan and investment guarantees to entities in Russia in order to support Japanese companies' overseas business development and securing of resources. In light of the ongoing Russian invasion of Ukraine, our business activities with Russian counterparties or involving certain project financing in Russia could subject us to various risks and uncertainties.

In response to the ongoing Russian invasion of Ukraine, since February 2022, governments, including the Government of Japan, have taken various measures, such as economic sanctions against Russia, resulting in changes in the market environment. Due to the broad economic sanctions imposed on Russian entities and persons by the United States, EU, UK, Japan, and other countries worldwide, including, but not limited to, sanctions or other restriction imposed on certain Russian financial institutions and the removal of certain Russian financial institutions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, JBIC may experience increased credit risk and defaults on our loans to counterparties in Russia.

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##### [**Table of Contents**](#toc)
JBIC currently engages in business involving certain counterparties that are subject to such sanctions, including, but not limited to, Russian financial institutions such as Sberbank of Russia and Vnesheconombank. Although JBIC has established policies to ensure that JBIC conducts our activities in Russia in compliance with applicable laws and regulations, including applicable sanctions, any actual or perceived failure to comply with applicable laws and regulations could result in regulatory actions against us, damage to our reputation, or other negative consequences. In addition, our participation in transactions with sanctioned entities may lead some potential counterparties and investors to avoid doing business with us or investing in our securities. JBIC may be required to, or otherwise decide to, terminate our relationships with, or activities involving, Russian counterparties or other entities, which may result in termination fees or other related costs. As a result of the foregoing, our results of operations and financial condition may be negatively impacted.

Given this background, JBIC is closely monitoring the trends in sanctions imposed by governments and other entities with respect to Russia, including by reflecting the impact of the situation in Ukraine on JBIC's loan loss reserves, by examining the impact of sanctions measures on the business and performance of borrowers in determining borrower classification, and assessing the impact on credit risk on a case-by-case basis. While some factors are uncertain at this time, there is a risk that, in connection with Russia-related borrowers, our non-performing loans and credit-related costs may increase. In addition, if market disruptions or unforeseen circumstances arise due to future developments related to the ongoing Russian invasion of Ukraine, JBIC may suffer losses caused by market risks or other factors, and JBIC's financing costs may increase.

*Market Risks* 

*Exchange rate risk* 

Foreign currency-denominated loans conducted in these operations involve risks related to exchange rate fluctuations. JBIC has a consistent policy of managing this risk by fully hedging this risk exposure through the use of currency swaps.

*Interest rate risk* 

Interest rate risk arises from exposure to market interest rate fluctuations for yen-denominated loan and foreign currency-denominated loan operations and the policy for managing interest rate risk is described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Yen-denominated loan operations

Funding for yen-denominated loans is mainly managed at fixed-rate interest. Interest rate risk for yen-denominated loans, however, is limited since derivative transactions such as interest rate swaps are used to hedge interest rate risk for portions of loans that are thought to have high exposures to interest rate fluctuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Foreign currency-denominated loan operations

Interest rate risks associated with foreign currency-denominated loan operations and relevant funding are generally hedged by managing the funds with floating interest rates with the use of interest rate swap transactions.

*Derivatives transactions* 

*Policy for derivatives transactions* 

JBIC engages in derivative transactions solely for the purpose of hedging foreign exchange risks and interest rate risks associated with its lending and funding operations.

*Transactions* 

Derivatives transactions of JBIC include interest rate and currency swaps and forward exchange contracts. The table below gives details of these transactions as of March 31, 2025.

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##### [**Table of Contents**](#toc)
**Credit Risk Amounts of Derivatives, etc. for JBIC** 

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Notional Amount<sup>(a)</sup>** | **Credit Risk** |
|  | **(In billions of yen)** | **(In billions of yen)** |
|  Interest Rate Swaps and Currency Swaps<sup>(b)</sup> | ¥&nbsp;&nbsp;&nbsp;&nbsp;11529 | ¥&nbsp;&nbsp;&nbsp;&nbsp;189 |
|  Forward Exchange Contracts | 8 |  |
|  Credit Risk Reductions through Netting |  |  |
|  Total | ¥11538 | ¥189 |

---

(a) The amounts indicated are maximum notional amounts to which JBIC may be exposed during the period since
March 31, 2025, through the maturity date of the relevant derivative contract.

(b) As of March 31, 2025, the notional amount of interest rate swaps was ¥6,403 billion and the
notional amount of currency swaps was ¥5,126 billion.

*Risks involved in derivatives transactions and policies for addressing risks* 

*Credit risk*. Credit risk refers to potential losses from the failure of a counterparty to perform its obligations in accordance with the terms and conditions of the contract governing transactions due to bankruptcy or deteriorating business conditions.

JBIC constantly monitors the market value of derivatives transactions as to each counterparty and the amount of its credit exposure to and creditworthiness of each counterparty in order to ascertain the appropriateness of entering into or maintaining a transaction with each counterparty.

*Market risk*. Market risk refers to the risk of potential losses due to changes in the value or market price of financial instruments, such as derivatives, that are caused by fluctuations in exchange rates and interest rates. As JBIC engages in derivatives transactions solely for the purpose of hedging market risks of other transactions, such as raising capital or loan transactions, the market risks related to such derivatives transactions are generally offset by the market risks involved in the transactions that are being hedged.

*Liquidity risk*. Liquidity risk refers to the risk of cash flow tightening due to worsening fund-raising capability that arises from deterioration of creditworthiness or mismatches in the maturity of assets and liabilities. JBIC minimizes liquidity risk through effective cash flow management and diversification of its funding sources. In addition, multiple financial institutions have established short-term credit lines with JBIC. JBIC borrows under the Fiscal Investment and Loan Program and issues government-guaranteed bonds in the international capital markets for the JBIC Operations. JBIC may also issue bonds without a government guarantee in the domestic capital markets.

*Operational risk*. Operational risk refers to the potential loss from negligence or from accidents or misdeeds on the part of JBIC's management and staff or from external events. JBIC minimizes this risk by ensuring accurate operations through checks on the administrative process, creating operational manuals, improving training programs, and streamlining and computerizing procedures.

*Computer system risk*. Computer system risk refers to the potential loss from a breakdown or malfunction in computer systems as well as from their misuse. With greater reliance on information systems, there is an increasing need to make the operations of JBIC smoother and more effective by exchanging information with Japanese firms as well as foreign governments through information networks. It is thus important to give greater weight to information management and staff with respect to internal information management and by putting in place measures to block illegal access to JBIC's information systems from external sources by way of information networks. As part of an effort to ensure information security, JBIC drew up the Information Security Policy and created the Information Security Committee, consisting of the Managing Executive Officer in charge and heads of the relevant departments.

*Information security risk.* Information security risk refers to the potential loss caused by threats to confidentiality of information assets. JBIC manages information security risk by establishing information security rules including information management and by thoroughly training officers and employees. However, JBIC still faces the risk of becoming liable for damages for, or incurring expenses in order to respond to, issues such as information leaks and system stoppages caused by cyberattacks, other unauthorized access or infection by computer viruses.

*Disaster and crisis risks.* Disaster and crisis risks refer to the potential loss caused by disasters or other crises. In order to manage disaster and crisis risks, JBIC has established internal rules regarding crisis management. In the event a crisis occurs and normal operations are disrupted or disruptions to normal operations are anticipated, JBIC will establish a Countermeasure Office in accordance with the internal rules regarding crisis management and will work towards prompt and efficient recovery of operations. JBIC has also established a Business Continuity Plan for the purpose of carrying out continuous operations in the event a major earthquake occurs in the Tokyo metropolitan area.

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##### [**Table of Contents**](#toc)
**MANAGEMENT** 

JBIC's board of directors has the ultimate responsibility for the administration of its affairs. JBIC's articles of incorporation provide for a board of directors of not more than nine directors and three corporate auditors. All directors and corporate auditors are elected by the Japanese government as JBIC's sole shareholder at the shareholder's general meetings, but the election of each director and corporate auditor is subject to approval of the Minister of Finance in accordance with the JBIC Act. The normal term of office for directors is two years, and the normal term of office for corporate auditors is four years, but directors and corporate auditors may serve any number of consecutive terms. The board of directors may elect from among its members a Governor, Deputy Governor, an Executive Managing Director, several Senior Managing Directors and several Managing Directors. The Governor acts as the chairperson at the shareholder's general meeting. The board of directors may also elect one or more representative directors from among its members, but such election is subject to the approval of the Minister of Finance. Each of the Governor, Deputy Governor, Executive Managing Director and Senior Managing Directors shall represent JBIC in the conduct of its affairs, and in addition, several directors may be appointed to have the authority to represent JBIC in the conduct of its affairs.

The corporate auditors form the board of corporate auditors. The board of corporate auditors has a statutory duty to prepare and submit an audit report to the board of directors each year based on the audit reports issued by the individual corporate auditors in that year. A corporate auditor may note his or her opinion in the audit report issued by the board of corporate auditors if his or her opinion expressed in the individual audit report is different from the opinion expressed in the audit report issued by the board of corporate auditors. The board of corporate auditors is empowered to establish audit principles, the method of examination by the corporate auditors of JBIC's affairs and financial position and any other matters relating to the performance of the corporate auditors' duties.

JBIC is required to appoint, and has appointed, independent auditors, who have the statutory duties of examining the financial statements, prepared in accordance with Japanese GAAP, to be submitted to the shareholders by a representative director, and preparing their audit report thereon. JBIC has selected its independent auditors to audit the financial statements for the fiscal years ended March 31, 2024 and 2025.

JBIC's current directors and corporate auditors as of June 20, 2025, are as follows:

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| | |
|:---|:---|
| **Name** | **Title** |
|  HAYASHI Nobumitsu | Governor |
|  AMAKAWA Kazuhiko | Deputy Governor |
|  HASHIYAMA Shigeto | Executive Managing Director |
|  UCHIDA Makoto | Senior Managing Director |
|  OGAWA Kazunori | Senior Managing Director |
|  KIKUCHI Yo | Senior Managing Director |
|  MAEDA Tadashi | Managing Director, Chairman of the Board of Directors |
|  KAWAMURA Yoshinori | Managing Director (Outside Director) |
|  SASAKI Mami | Managing Director (Outside Director) |
|  NASU Noriko | Full-Time Audit and Supervisory Board Member |
|  TSUCHIYA Mitsuaki | Outside Audit and Supervisory Board Member |
|  MOTOMURA Aya | Outside Audit and Supervisory Board Member |

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##### [**Table of Contents**](#toc)
**DEBT RECORD** 

There has been no default in the payment of interest or principal on any obligation of the JBIC Group, including those obligations incurred by its predecessors to which JBIC succeeded.

**FINANCIAL STATEMENTS** 

Audited consolidated financial statements for the fiscal year ended March 31, 2025 and 2024 of the JBIC Group prepared in accordance with Japanese GAAP are included as Exhibit 2 to this Annual Report on Form 18-K filed with the Commission. Such financial statements have been audited by Ernst & Young ShinNihon LLC, independent auditors, as stated in their report accompanying such financial statements.

JBIC started preparing financial statements in accordance with IFRS Accounting Standards as issued by the IASB from the fiscal year ended March 31, 2015 for reference purposes in order to improve comparability with international issuers. The JBIC Group's consolidated financial statements as of and for the fiscal years ended March 31, 2025 and 2024 prepared in accordance with IFRS Accounting Standards are included as Exhibit 7 to this Annual report on Form 18-K. Such financial statements have been audited by Ernst & Young ShinNihon LLC, independent auditors, as stated in their report accompanying such financial statements.

In preparing financial statements in accordance with IFRS Accounting Standards as issued by the IASB, JBIC made adjustments to the financial statements prepared in accordance with Japanese GAAP which were prepared based on the JBIC Act and related regulations. Details of reconciliations between the two sets of financial statements are included as Exhibit 9 to this Annual Report on Form 18-K.

## Exhibit 99.2

**Exhibit 2** 

**Independent Auditor's Report** 

The Board of Directors

Japan Bank for International Cooperation

***The Audit of the Consolidated Financial Statements***

**Opinion** 

We have audited the accompanying consolidated financial statements of Japan Bank for International Cooperation and its consolidated subsidiaries (the Group), which comprise the consolidated balance sheets as of March 31, 2025 and 2024, and the consolidated statements of operations, comprehensive income, changes in net assets, and cash flows for the years then ended, and notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of March 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with accounting principles generally accepted in Japan.

**Basis for Opinion** 

We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Key Audit Matters** 

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of the audit of the consolidated financial statements as a whole, and in forming the auditor's opinion thereon, and we do not provide a separate opinion on these matters.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Determination of borrowers' category as the basis for calculating the allowance for loan losses for loans and bills discounted and application of cash flow estimation approach | &nbsp;&nbsp;&nbsp;Determination of borrowers' category as the basis for calculating the allowance for loan losses for loans and bills discounted and application of cash flow estimation approach |
| &nbsp;&nbsp;&nbsp;**Description of Key Audit Matter** | **Auditor's Response** |
| &nbsp;&nbsp;&nbsp; As a policy-based financial institution, the Group engages in financing activities to realize its policy objectives, and the nature of the finance to support overseas economic transactions is characterized by a relatively significant portion of long-term loans and loans subject to sovereign or country risk.<br>Therefore, the Group's non-performing loans and credit-related expenses may increase if the financial conditions of the individual borrowers significantly deteriorate due to political and economic trends in the borrowers' countries or regions.<br>As such, the Group calculates an expected loss amount and recognizes it as an allowance for loan losses. The allowance for loan losses included in the consolidated balance sheet as of March 31, 2025 was ¥501,749 million and the method for recognition is described in (d) "Allowance for Loan Losses" in Note 5 "Significant Accounting Policies" in the notes to the consolidated financial statements. | Our audit procedures performed to examine the Group's determination of the borrowers' category and the estimation of future cash flows of individually-assessed loans and bills discounted used in the cash flow estimation approach included the following, among others:<br>- We obtained an understanding, evaluated the design and tested operating effectiveness of the controls over the Group's borrower category process. The controls tested included, but were not limited to, those controls over the accuracy of underlying internal credit rating data and schedules used in determining the borrowers' category as well as controls over the completeness of the scope of self-assessment of asset quality.<br>- We selected a sample of borrowers by taking into account the degree of increase in credit risk estimated considering the type of business, the repayment status, financial position/degree of deterioration in their business performance and external factors including the ongoing Russian invasion of Ukraine to test management's determination of the category of the sampled borrowers. We also considered the monetary impact of changes in the borrowers' category on the amount recorded in the allowance for loan losses. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Allowance for loan losses is calculated in accordance with the Group's internal rules for self-assessment of asset quality and internally established standards. As described in "6. Significant Accounting Estimates" in the notes to the consolidated financial statements, its calculation process includes, but is not limited to the determination of the borrowers' category based on the evaluation of the borrowers' solvency in consideration of their repayment status, financial condition, performance, future prospects and other relevant factors, and the estimation of future cash flows of individually-assessed loans and bills discounted under the cash flow estimation approach.<br>Given that the future prospects for borrowers and other factors used in determining the borrowers' category and future cash flows of individual claims used under the cash flow estimation approach are affected by changes in the borrowers' business environment including the impact of the international situation relating to the ongoing Russian invasion of Ukraine, and whether their business strategy is successful, they require management judgement, and are subject to higher estimation uncertainty.<br>Accordingly, the future prospects for borrowers and other factors used in determining category of borrowers displaying a deterioration in repayment status, financial position or business performance, as well as the estimate of future cash flows of individually-assessed loans and bills discounted used in the cash flow estimation approach are considered a key audit matter. | - We evaluated sampled borrowers' recent repayment status, financial position, and business performance, by inspecting a set of materials related to the Group's self-assessment of asset quality, such as explanatory materials including a description of the business, borrowing and repayment status, research materials providing an understanding of actual financial position, financial statements, and the trial balance, and by evaluating the impact of the international situation related to Russia and Ukraine on the future prospects of the borrowers' business performance and compared them with available external information including, as appropriate, trends in natural resource prices. In addition, we held meetings with the Finance Group in charge of the loans and the Credit, Assessment and Risk Management Group as necessary to supplement our understanding. Also, we compared internal credit ratings on sovereign loans with external credit ratings.<br>- We assessed the future cash flows of a sample of individually-assessed loans and bills discounted used in the cash flow estimation approach as well as the inputs used by management, evaluated the model used in the cash flow estimation approach and tested their mathematical accuracy through recalculations. |

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**Other Information** 

The other information comprises the information included in the Annual Report that contains audited consolidated financial statements, but does not include the consolidated financial statements and our auditor's reports thereon. Management is responsible for preparation and disclosure of the other information. The Corporate Auditor and the Board of Corporate Auditors are responsible for overseeing the Group's reporting process of the other information.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

**Responsibilities of Management, the Corporate Auditor and the Board of Corporate Auditors for the Consolidated Financial Statements** 

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in Japan, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern and disclosing, as required by accounting principles generally accepted in Japan, matters related to going concern.

The Corporate Auditor and the Board of Corporate Auditors are responsible for overseeing the Group's financial reporting process.

**Auditor's Responsibilities for the Audit of the Consolidated Financial Statements** 

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with auditing standards generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consider internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances for our risk assessments, while the purpose of the audit of the consolidated financial statements is not expressing an opinion on the effectiveness of the Group's internal control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation in accordance with accounting principles generally accepted in Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the group audit. We remain solely responsible
for our audit opinion.

We communicate with the Corporate Auditor and the Board of Corporate Auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Corporate Auditor and the Board of Corporate Auditors with a statement that we have complied with the ethical requirements regarding independence that are relevant to our audit of the consolidated financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied to reduce threats to an acceptable level.

From the matters communicated with the Corporate Auditor and the Board of Corporate Auditors, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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**Convenience Translation** 

The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2025 are presented solely for convenience. Our audit also included the translation of Japanese yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 1 to the consolidated financial statements.

***Fee-related Information***

The fees for the audits of the financial statements of Japan Bank for International Cooperation and its subsidiaries and other services provided by us and other EY member firms for the year ended March 31, 2025 are 167 million yen and 21 million yen, respectively, and for the year ended March 31, 2024 are 160 million yen and 8 million yen, respectively.

**Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan** 

Our firm and its designated engagement partners do not have any interest in the Group which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

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| |
|:---|
| Ernst & Young ShinNihon LLC<br> Tokyo, Japan |
| August 4, 2025 |
| /s/ Hiroshi Nishida |
| Hiroshi Nishida |
| Designated Engagement Partner<br> Certified Public Accountant |
| /s/ Toshiro Kuwata |
| Toshiro Kuwata |
| Designated Engagement Partner<br> Certified Public Accountant |
| /s/ Yoshiyuki Hashimoto |
| Yoshiyuki Hashimoto |
| Designated Engagement Partner<br> Certified Public Accountant |

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CONSOLIDATED BALANCE SHEETS

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | | **(In millions of yen)** | **(In millions of yen)** | **(In millions of<br>U.S. dollars)** |
|  **Assets:** |  |  |  |  |
|  **Cash and due from banks** |  | ¥2565369 | ¥2762447 | $18475 |
|  **Securities** | Note 8 | 340203 | 318317 | 2129 |
|  **Loans and bills discounted** | Note 9 | 16423476 | 15414487 | 103093 |
|  **Other assets** | Note 9 | 1297682 | 1101662 | 7368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Derivative financial instruments** |  | 38107 | 27317 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash collateral paid for financial instruments** |  | 1033820 | 896220 | 5994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** |  | 225755 | 178125 | 1191 |
|  **Property, plant and equipment** | Note 11 | 32796 | 34834 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Buildings** |  | 5616 | 8076 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Land** |  | 24311 | 24313 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Construction in progress** |  | 1114 | 72 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** |  | 1753 | 2372 | 16 |
|  **Intangible assets** |  | 11462 | 8949 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Software** |  | 11462 | 8949 | 60 |
|  **Net defined benefit asset** |  |  | 418 | 3 |
|  **Customers' liabilities for acceptances and guarantees** | Note 9 | 1522529 | 1325383 | 8864 |
|  **Allowance for loan losses** |  | (536412) | (501749) | (3356) |
|  **Total assets** |  | ¥21657108 | ¥20464753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136869 |
|  **Liabilities:** |  |  |  |  |
|  **Borrowed money** |  | ¥9193988 | ¥8720489 | $58323 |
|  **Bonds payable** | Note 10 | 6636856 | 6119651 | 40929 |
|  **Other liabilities** |  | 1313353 | 1048118 | 7010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Derivative financial instruments** |  | 1032900 | 836580 | 5595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash collateral received for financial instruments** |  | 37350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26660 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** |  | 243102 | 184878 | 1236 |
|  **Provision for bonuses** |  | 660 | 649 | 4 |
|  **Provision for directors' bonuses** |  | 10 | 10 | 0 |
|  **Net defined benefit liability** |  | 4631 | 4476 | 30 |
|  **Provision for directors' retirement benefits** |  | 52 | 51 | 0 |
|  **Acceptances and guarantees** |  | 1522529 | 1325383 | 8864 |
|  **Total liabilities** |  | ¥18672083 | ¥17218831 | $115160 |
|  **Net assets:** |  |  |  |  |
|  **Capital stock** |  | ¥2211800 | ¥2332800 | $15602 |
|  **Retained earnings** |  | 1108607 | 1163445 | 7781 |
|  **Total shareholder's equity** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320407 | 3496245 | 23383 |
|  **Valuation difference on available-for-sale securities** |  | 41226 | 28329 | 189 |
|  **Deferred gains (losses) on hedges** |  | (382907) | (298579) | (1997) |
|  **Foreign currency translation adjustment** |  | 6040 | 524 | 4 |
|  **Total accumulated other comprehensive income (loss)** |  | (335640) | (269725) | (1804) |
|  **Non-controlling interests** |  | 258 | 19402 | 130 |
|  **Total net assets** |  | ¥2985025 | ¥3245922 | $21709 |
|  **Total liabilities and net assets** |  | ¥21657108 | ¥20464753 | $136869 |

---

------

CONSOLIDATED STATEMENTS OF OPERATIONS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the year ended**<br>**March 31, 2024** | **For the year ended**<br>**March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | | **(In millions of yen)** | **(In millions of yen)** | **(In millions of<br>U.S. dollars)** |
|  **Ordinary income** |  | ¥1133061 | ¥1028875 | $6881 |
|  **Interest income** |  | 1022058 | 984272 | 6583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest on loans and discounts** |  | 972232 | 917774 | 6138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest and dividends on securities** |  | 7703 | 10195 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest on deposits with banks** |  | 42088 | 54253 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other interest income** |  | 34 | 2048 | 14 |
|  **Fees and commissions** |  | 29625 | 21150 | 141 |
|  **Other ordinary income** |  | 53663 | 796 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gain on foreign exchange transactions** |  | 53484 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** |  | 178 | 796 | 5 |
|  **Other income** |  | 27714 | 22655 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Recoveries of written-off claims** |  | 11591 | 12646 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** | Note 13 | 16122 | 10009 | 67 |
|  **Ordinary expenses** |  | 1069795 | 946191 | 6328 |
|  **Interest expense** |  | 902748 | 867154 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest on borrowed money and rediscounts** |  | 362856 | 337833 | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest on bonds** |  | 175095 | 182191 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest on interest rate swaps** |  | 360427 | 343513 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other interest expense** |  | 4369 | 3615 | 24 |
|  **Fees and commissions payments** |  | 4319 | 4522 | 30 |
|  **Other ordinary expenses** |  | 1991 | 4293 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss on foreign exchange transactions** |  |  | 2622 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** |  | 1991 | 1671 | 11 |
|  **General and administrative expenses** |  | 25925 | 29870 | 200 |
|  **Other expenses** |  | 134811 | 40350 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Provision of allowance for loan losses** |  | 125886 | 20524 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** | Note 14 | 8924 | 19826 | 133 |
|  **Ordinary profit** |  | 63265 | 82683 | 553 |
|  **Extraordinary income** |  | 5 | 2575 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gain on disposal of noncurrent assets** |  | 5 | 15 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gain on step acquisitions** |  |  | 2558 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gain on bargain purchase** |  |  | 1 | 0 |
|  **Extraordinary loss** |  | 899 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Impairment losses** |  | 899 |  |  |
|  **Net income before income taxes** |  | 62371 | 85259 | 570 |
|  **Income taxes – current** |  | 54 | 217 | 1 |
|  **Total income taxes** |  | 54 | 217 | 1 |
|  **Net income** |  | 62316 | 85042 | 569 |
|  **Net loss attributable to non-controlling interests** |  | (25) | (1264) | (8) |
|  **Net income attributable to owner of parent** |  | ¥62342 | ¥86306 | $577 |

---

------

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the year ended<br>March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  **Net income** |  | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62316 | ¥85042 | $569 |
|  **Other comprehensive income (loss)** | Note 15 | (49741) | 66394 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Valuation difference on available-for-sale securities** |  | 15926 | (12897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Deferred gains (losses) on hedges** |  | (59784) | 84327 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign currency translation adjustment** |  | (3309) | 1000 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Share of other comprehensive income (loss) of equity method investments** |  | (2573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6035) | (40) |
|  **Comprehensive income (loss)** |  | ¥12575 | ¥151436 | $1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(Comprehensive income (loss) attributable to)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Owner of parent** |  | 12601 | 152221 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-controlling interests** |  | (25) | (784) | (5) |

---

------

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

From April 1, 2023 to March 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | | | |
|  | **Shareholder's equity** | **Shareholder's equity** | **Shareholder's equity** | | | |
|  | **Capital stock** | **Retained<br>earnings** | **Total shareholder's**<br>**equity** | | | |
|  Balance at April 1, 2023 | ¥2108800 | ¥1126210 | ¥3235010 |  |  |  |
|  Changes during period |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of new shares | 103000 |  | 103000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment to National Treasury |  | (79945) | (79945) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to owner of parent |  | 62342 | 62342 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes of items other than shareholder's equity |  |  |  |  |  |  |
|  Total changes during period | 103000 | (17602) | 85397 |  |  |  |
|  Balance at March 31, 2024 | ¥2211800 | ¥1108607 | ¥3320407 |  |  |  |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Accumulated other comprehensive income (loss)** | **Accumulated other comprehensive income (loss)** | **Accumulated other comprehensive income (loss)** | **Accumulated other comprehensive income (loss)** |  |  |
|  | **Valuation difference<br>on available-for-sale**<br>**securities** | **Deferred gains<br>(losses) on hedges** | **Foreign**<br> **currency<br>translation<br>adjustment** | **Total<br>accumulated<br>other**<br> **comprehensive**<br> **income (loss)** | **Non-controlling**<br> **interests** | **Total net assets** |
|  Balance at April 1, 2023 | ¥25300 | ¥(323123) | ¥11923 | ¥(285899) | ¥283 | ¥2949394 |
|  Changes during period |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of new shares |  |  |  |  |  | 103000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment to National Treasury |  |  |  |  |  | (79945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to owner of parent |  |  |  |  |  | 62342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes of items other than shareholder's equity | 15926 | (59784) | (5883) | (49741) | (25) | (49766) |
|  Total changes during period | 15926 | (59784) | (5883) | (49741) | (25) | 35630 |
|  Balance at March 31, 2024 | ¥41226 | ¥(382907) | ¥6040 | ¥(335640) | ¥258 | ¥2985025 |

---

------

From April 1, 2024 to March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | | |
|  | **Shareholder's equity** | **Shareholder's equity** | **Shareholder's equity** | **Shareholder's equity** | | |
|  | **Capital stock** | **Capital surplus** | **Retained**<br> **earnings** | **Total shareholder's<br>equity** | | |
|  Balance at April 1, 2024 | ¥2211800 |  | ¥1108607 | ¥3320407 |  |  |
|  Changes during period |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of new shares | 121000 |  |  | 121000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment to National Treasury |  |  | (31467) | (31467) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to owner of parent |  |  | 86306 | 86306 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in scope of consolidation or change in scope of equity method |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in ownership interest of parent due to transactions with non-controlling interests |  | (1) |  | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from retained earnings to capital surplus |  | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes of items other than shareholder's equity |  |  |  |  |  |  |
|  Total changes during period | 121000 |  | 54838 | 175838 |  |  |
|  Balance at March 31, 2025 | ¥2332800 |  | ¥1163445 | ¥3496245 |  |  |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Accumulated other comprehensive income (loss)** | **Accumulated other comprehensive income (loss)** | **Accumulated other comprehensive income (loss)** | **Accumulated other comprehensive income (loss)** |  |  |
|  | **Valuation difference**<br> **on available-for-sale**<br> **securities** | **Deferred gains<br>(losses) on hedges** | **Foreign<br>currency<br>translation**<br> **adjustment** | **Total**<br> **accumulated<br>other**<br> **comprehensive<br>income (loss)** | **Non-controlling<br>interests** | **Total net assets** |
|  Balance at April 1, 2024 | ¥41226 | ¥(382907) | ¥6040 | ¥(335640) | ¥258 | ¥2985025 |
|  Changes during period |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of new shares |  |  |  |  |  | 121000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment to National Treasury |  |  |  |  |  | (31467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to owner of parent |  |  |  |  |  | 86306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in scope of consolidation or change in scope of equity method |  |  | (1912) | (1912) | 18442 | 16530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in ownership interest of parent due to transactions with non-controlling interests |  |  | (2) | (2) | 59 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from retained earnings to capital surplus |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes of items other than shareholder's equity | (12897) | 84327 | (3600) | 67830 | 641 | 68471 |
|  Total changes during period | (12897) | 84327 | (5515) | 65914 | 19144 | 260897 |
|  Balance at March 31, 2025 | ¥28329 | ¥(298579) | ¥524 | ¥(269725) | ¥19402 | ¥3245922 |

---

------

From April 1, 2024 to March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | | |
|  | **Shareholder's equity** | **Shareholder's equity** | **Shareholder's equity** | | | |
|  | **Capital stock** | **Capital surplus** | **Retained<br>earnings** | **Total shareholder's<br>equity** | | |
|  Balance at April 1, 2024 | $14793 |  | $7414 | $22207 |  |  |
|  Changes during period |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of new shares | 809 |  |  | 809 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment to National Treasury |  |  | (210) | (210) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to owner of parent |  |  | 577 | 577 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in scope of consolidation or change in scope of equity method |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in ownership interest of parent due to transactions with non-controlling interests |  | (0) |  | (0) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from retained earnings to capital surplus |  | 0 | (0) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes of items other than shareholder's equity |  |  |  |  |  |  |
|  Total changes during period | 809 |  | 367 | 1176 |  |  |
|  Balance at March 31, 2025 | $15602 |  | $7781 | $23383 |  |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Accumulated other comprehensive income (loss)** | **Accumulated other comprehensive income (loss)** | **Accumulated other comprehensive income (loss)** | **Accumulated other comprehensive income (loss)** |  |  |
|  | **Valuation difference<br>on available-for-sale<br>securities** | **Deferred gains**<br> **(losses) on hedges** | **Foreign<br>currency<br>translation<br>adjustment** | **Total**<br> **accumulated<br>other**<br> **comprehensive<br>income (loss)** | **Non-controlling<br>interests** | **Total net assets** |
|  Balance at April 1, 2024 | $275 | $(2561) | $41 | $(2245) | $2 | $19964 |
|  Changes during period |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of new shares |  |  |  |  |  | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment to National Treasury |  |  |  |  |  | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to owner of parent |  |  |  |  |  | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in scope of consolidation or change in scope of equity method |  |  | (13) | (13) | 124 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in ownership interest of parent due to transactions with non-controlling interests |  |  | (0) | (0) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer from retained earnings to capital surplus |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes of items other than shareholder's equity | (86) | 564 | (24) | 454 | 4 | 458 |
|  Total changes during period | (86) | 564 | (37) | 441 | 128 | 1745 |
|  Balance at March 31, 2025 | $189 | $(1997) | $4 | $(1804) | $130 | $21709 |

---

------

CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the year ended<br>March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | | **(In millions of yen)** | **(In millions of yen)** | **(In millions of<br>U.S. dollars)** |
|  **Cash flows from operating activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income before income taxes** |  | ¥62371 | ¥85259 | $570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Depreciation and amortization** |  | 3637 | 4359 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Impairment losses** |  | 899 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gain on bargain purchase** |  |  | (1) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss (gain) on step acquisitions** |  |  | (2558) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Losses (profits) of equity method investments** |  | 95 | (16) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in allowance for loan losses** |  | 125886 | (34663) | (232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in provision for bonuses** |  | 46 | (11) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in provision for directors' bonuses** |  | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Decrease (increase) in net defined benefit asset** |  |  | (418) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in net defined benefit liability** |  | (1059) | (154) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in provision for directors' retirement benefits** |  | 14 | (0) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest income** |  | (1022058) | (984272) | (6583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest expense** |  | 902748 | 867154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Losses (gains) related to securities** |  | (7323) | 8707 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign exchange losses (gains)** |  | (9716) | (8573) | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Losses (gains) on disposal of noncurrent assets** |  | (5) | (15) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease (increase) in derivative financial instruments (assets)** |  | (6819) | 10790 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in derivative financial instruments (liabilities)** |  | 313535 | (196320) | (1313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease (increase) in loans and bills discounted** |  | (835687) | 1008988 | 6748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in borrowed money** |  | 680311 | (473499) | (3167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease (increase) in deposits (excluding deposits paid to Bank of Japan)** |  | (630920) | (219565) | (1468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease (increase) in cash collateral paid for financial instruments** |  | (382710) | 137600 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in cash collateral received for financial instruments** |  | 6490 | (10690) | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Increase (decrease) in straight bonds-issuance and redemption** |  | 441961 | (520488) | (3481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest received** |  | 983227 | 1033428 | 6912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Interest paid** |  | (855782) | (898884) | (6012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** |  | (75917) | 61438 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subtotal** |  | (306772) | (132406) | (886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income taxes (paid) refund** |  | 2 | (119) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) operating activities** |  | (306770) | (132526) | (887) |
|  **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase of securities** |  | (22953) | (28682) | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from sales of securities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57021 | 51069 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase of property, plant and equipment** |  | (3090) | (3240) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from sales of property, plant and equipment** |  | 8 | 19 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase of intangible assets** |  | (6502) | (644) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase of shares of subsidiaries resulting in change in scope of consolidation** | Note<br>17 |  | (146) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) investing activities** |  | 24483 | 18374 | 123 |
|  **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from issuance of new shares** |  | 103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121000 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Payment to National Treasury** |  | (79945) | (31467) | (210) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the year ended<br>March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | | **(In millions of yen)** | **(In millions of yen)** | **(In millions of<br>U.S. dollars)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from share issuance to non-controlling shareholders** |  |  | 1432 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proceeds from sale of shares of subsidiaries not resulting in change in scope of consolidation** |  |  | 64 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other** |  | (1) | (2) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) financing activities** |  | 23053 | 91027 | 609 |
|  **Effect of exchange rate change on cash and cash equivalents** |  |  |  |  |
|  **Net increase (decrease) in cash and cash equivalents** |  | (259233) | (23124) | (155) |
|  **Cash and cash equivalents at beginning of period** |  | 1205858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946624 | 6331 |
|  **Cash and cash equivalents at end of period** | Note<br>17 | ¥946624 | ¥923500 | $6176 |

---

------

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

**1. Basis of presentation** 

The accompanying consolidated financial statements have been prepared from the accounting records maintained by Japan Bank for International Cooperation ("JBIC") and its subsidiaries (the "JBIC Group") in accordance with the accounting principles and practices generally accepted in Japan, which are different in certain respects as to the application and disclosure requirements of IFRS Accounting Standards.

The amounts indicated in millions of yen are rounded down by omitting figures less than one million. As a result, the totals in yen do not necessarily agree with the sum of the individual amounts. Items less than 1 million yen are presented as "0" and items whose balance is nil is presented as "-"

Amounts in U.S. dollars are presented solely for the convenience of readers outside Japan. The rate of ¥149.52=$1.00, the foreign exchange rate on March 31, 2025, has been used in translations. The presentation of such amounts is not intended to imply that Japanese yen has been or could be readily converted, realized, or settled in U.S. dollars at the aforementioned rate or any other rates.

**2. Scope of consolidation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated subsidiaries

The number of consolidated subsidiaries is eight.

Major company names: JBIC IG Partners Russia-Japan Investment Fund, L.P. JB Nordic Fund I SCSp NordicNinja Fund II SCSp

(Change in the scope of consolidation)

JBIC has included JB Nordic Fund I SCSp, which was an equity-method affiliate, and NordicNinja Fund II SCSp and other four companies, which were non-equity method affiliates, in the scope of consolidation from the fiscal year ended March 31, 2025 due to a change in their status from affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unconsolidated subsidiaries

There are no applicable subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other company whose majority of voting rights is owned by JBIC on its own account but which is not determined
to be its subsidiary

Company name: RJIF GP2 Limited

(Reason for determining not to be a subsidiary)

JBIC has determined that RJIF GP2 Limited is not a subsidiary because, while JBIC indirectly owns a majority of voting rights of RJIF Management Limited through JBIC IG Partners, which is its consolidated subsidiary, JBIC needs to obtain agreement from the other JV company for making decisions on significant financial and business policies.

**3. Application of the equity method** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unconsolidated subsidiaries accounted for using the equity method

There are no applicable subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Affiliates accounted for using the equity method

The number of affiliates accounted for using the equity method is two.

Company names: IFC Capitalization (Equity) Fund, L.P. IFC Capitalization (Subordinated Debt) Fund, L.P.

(Change in the Scope of Application of the Equity Method)

JBIC has excluded JB Nordic Fund I SCSp from the scope of application of the equity method since the fiscal year ended March 31, 2025, because it is no longer an affiliate due to a change in its status to a subsidiary.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unconsolidated subsidiaries that are not accounted for using the equity method

There are no applicable subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Affiliates that are not accounted for using the equity method

Major company names: Credit Guarantee and Investment Facility <br> RJIF GP2 Limited

These companies were not included in the scope of the equity method primarily because they do not have significant impacts on the consolidated financial statements in respect of any of the following items: Net income (the amount proportionate to the share of net income of such companies), Retained earnings (the amount proportionate to the share of retained earnings of such companies) and Accumulated other comprehensive income (loss) (the amount proportionate to the share of other comprehensive income (loss) of such companies).

**4. Balance sheet dates of consolidated subsidiaries** 

The financial statements of the consolidated subsidiaries are used in preparing the consolidated financial statements.

The balance sheet dates of the consolidated subsidiaries are as follows:

---

| | | |
|:---|:---|:---|
| **March 31** | **2025** | **2025** |
|  December 31 |  | 6 |
|  March 31 |  | 1 |
|  September 30 |  | 1 |

---

Appropriate adjustments are made for significant transactions that occurred during the period between the consolidated closing date and the subsidiary's balance sheet date above.

**5. Significant accounting policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities

Held-to-maturity securities are carried at amortized cost based on the moving average method. Investments in affiliates that are not accounted for using the equity method are carried at cost based on the moving average method. Available-for-sale securities are stated at fair value with changes in net unrealized gains or losses included directly in net assets. However, equity and other securities whose market prices are not available are carried at cost based on the moving average method. Securities held by the consolidated foreign subsidiary (including investments in affiliates) are classified as financial assets designated as fair value through profit or loss based on IFRS Accounting Standards. These securities are recognized as securities classified as trading in JBIC's consolidated financial statements and are measured at fair value.

Investments in partnerships for investment and other similar partnerships, which are regarded as securities under Article 2, Paragraph 2 of the Japanese Financial Instruments and Exchange Act (Act No. 25 of 1948), are recognized at an amount equivalent to JBIC's percentage share of the net assets of such partnerships, based upon the most recent financial statements available depending on the reporting date stipulated in the partnership agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Valuation method for derivative financial instruments

Derivative financial instruments are measured at fair value.

With respect to specific credit risk, fair value is calculated for a group of financial assets and liabilities on a basis of a net amount after offsetting the amounts of the assets and the liabilities in the group.

Financial assets and financial liabilities arising from derivatives transactions that are executed with the same counterparties and are measured at fair value are offset on a counterparty-by-counterparty basis if a valid ISDA Master Netting Agreement is entered into. The resulting amount is recognized in the consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Depreciation and amortization basis for fixed assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Property, plant and equipment

Property, plant and equipment of JBIC are depreciated using the declining balance method over their useful economic lives except for buildings excluding installed facilities as well as installed facilities and structures acquired on or after April 1, 2016, which are depreciated using the straight-line method.

------

Depreciation is based on the following range of estimated useful lives:

---

| | |
|:---|:---|
|  Buildings: | 3 years to 50 years |
|  Other: | 2 years to 75 years |

---

Property, plant and equipment of consolidated subsidiaries are depreciated primarily using the straight-line method based on the estimated useful lives of the assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Intangible assets

Amortization of intangible assets is computed using the straight-line method. Software used by JBIC and its consolidated subsidiaries is amortized over its useful life (5 years or less) at JBIC and its consolidated subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Allowance for loan losses

Allowance for loan losses is recognized in accordance with internally established standards.

The allowance for claims on debtors who are legally bankrupt ("Bankrupt borrowers") or substantially bankrupt ("Substantially bankrupt borrowers") is provided based on the outstanding balance after the write-offs described as below and the deductions of the amount expected to be collected through the disposal of collateral and the execution of guarantees. The allowance for claims on debtors who are not legally bankrupt but are likely to become bankrupt ("Potentially bankrupt borrowers") is provided based on an assessment of the overall solvency of the debtors after deducting the amount expected to be collected through the disposal of collateral and the execution of guarantees.

For Potentially bankrupt borrowers with restructured loans and others, (excluding foreign governments and other governmental entities) whose loan exceeds a threshold amount, if it is possible to reasonably estimate cash flows from the collection of principal and the receipt of interest, the allowance for claims on such debtors is provided based on an approach whereby the difference between the amount of cash flows discounted by the original contractual interest rates and the carrying amount of the claims is determined to be the allowance for loan losses ("cash flow estimation approach").

The allowance for claims on debtors other than Bankrupt borrowers, Substantially bankrupt borrowers and Potentially bankrupt borrowers is provided primarily in consideration of the expected loss amount over the average remaining periods of loans, and the expected loss amount is calculated primarily based on the probability of default which is based on the actual bankruptcies during a certain period in the past. The allowance for possible losses on specific overseas loans is provided based on the expected loss amount taking into consideration the political and economic situations of these countries.

All claims are assessed initially by the operational departments and subsequently by risk evaluation departments based on internal rules for self-assessment of asset quality. The risk evaluation departments, which are independent from the operational departments, review these self-assessments, and the allowance is provided based on the results of the assessments.

With respect to claims with collateral or guarantees on debtors who are legally or substantially bankrupt, the residual book value of the claims, after deducting the amount which is deemed collectible through the disposal of collateral or the execution of guarantees, is written off. There were no accumulated write-offs as of March 31, 2024 and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Provision for bonuses

The Provision for bonuses is calculated and provided for based on the estimated amounts of future payments attributable to the services that have been rendered by employees to the date of the consolidated balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Provision for directors' bonuses

The Provision for directors' bonuses is calculated and provided for based on the estimated amounts of future payments attributable to the services that have been rendered by directors to the date of the consolidated balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Provision for directors' retirement benefits

The Provision for directors' retirement benefits which provides for future retirement pension payments to directors, is recognized at the amount accrued at the end of the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Accounting for retirement benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Method of attributing the projected benefits to periods of services

In calculating the projected benefit obligation, the estimated amount of retirement benefit payments is attributed to the period up to the end of the fiscal year based on the benefit formula.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Accounting for actuarial gains or losses and prior service costs

Actuarial gains or losses and prior service costs are expensed as they are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Foreign currency translation and revaluation method

JBIC maintains its accounting records in Japanese yen. Assets and liabilities denominated in foreign currencies and held by JBIC are translated into Japanese yen at the market exchange rate prevailing at the fiscal year end.

Assets and liabilities denominated in foreign currencies and held by consolidated subsidiaries are translated at the market exchange rate prevailing at respective balance sheet dates and other base dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Accounting for hedges of interest rate risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Hedge accounting

The deferral method is applied to derivatives used for interest risk hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hedging instruments and hedged items

Hedging instruments: interest rate swaps

Hedged items: loans and bills discounted, and bonds payable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Hedging policy

JBIC enters into hedging transactions up to the amount of the underlying hedged assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Assessment of hedge effectiveness

JBIC assesses the effectiveness of designated hedges by measuring and comparing the change in fair value or cumulative change of cash flows of both hedging instruments and corresponding hedged items from the date of inception of the hedges to the assessment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Accounting for hedges of foreign exchange risks

Hedging instruments used to hedge foreign exchange risks associated with foreign currency denominated financial assets and liabilities are accounted for primarily using the deferral method under "Accounting and Auditing Treatment Relating to Adoption of Accounting Standard for Foreign Currency Transactions for Banks" (The Japanese Institute of Certified Public Accountants (JICPA) Industry-specific Committee Practical Guideline No. 25 of October 8, 2020 ("Industry-specific Committee Practical Guideline No. 25")).

The effectiveness of the hedges described above is assessed by comparing the foreign currency position of the hedged loans and bills discounted and bonds payable denominated in foreign currencies with that of the hedging instruments, such as currency swaps and forward foreign exchange contracts which are used for hedging the foreign exchange risks of loans and bills discounted and bonds payable denominated in foreign currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Scope of cash and cash equivalents in the consolidated statements of cash flows

"Cash and cash equivalents" as stated in the consolidated statements of cash flows consists of cash on hand and deposits with the Bank of Japan in Cash and due from banks in the consolidated balance sheets.

**6. Significant accounting estimates** 

The following item in the consolidated financial statements for the respective fiscal year is based on accounting estimates that may have a significant effect on the consolidated financial statements for the next fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allowance for loan losses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amount recognized in the consolidated financial statements for the current fiscal year

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Allowance for loan losses | ¥536412 | ¥501749 | $3356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Information on significant accounting estimates related to the identified item

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Calculation method

The calculation method of allowance for loan losses is described in "5. Significant accounting policies, (d) Allowance for loan losses" in the notes to the consolidated financial statements.

------

JBIC engages in financing activities to realize its policy objectives as a policy-based financial institution and may incur loss from being impossible or difficult to recover its loans due to, among other factors, a deterioration in borrowers' creditworthiness. To address such a risk of JBIC incurring loss arising from a reduction in, or diminishment of, asset value attributable to a deterioration in borrowers' financial condition and for other reasons, JBIC calculates an expected loss amount and recognizes it as allowance for loan losses. JBIC engages in significant financing activities with overseas governments, governmental institutions, and overseas corporations as part of its support of overseas economic transactions. Because of the characteristics of these activities, sovereign or country risk is a relatively significant part of the credit risk JBIC is exposed to in connection with these activities.

Allowance for loan losses is calculated in accordance with JBIC's internal rules for self-assessment of asset quality and internally established standards. The calculation process includes the determination of the borrowers' category based on the evaluation of borrowers' solvency in consideration of their repayment status, financial condition, performance, future prospects and other relevant factors, and the estimation of future cash flows under the cash flow estimation approach.

Note: For the details of the credit risk JBIC is exposed to in connection with its financing activities, see the descriptions in "17. Financial instruments and related disclosure, (a) Status of financial instruments, (ii) Types of financial instruments and risks, ① Credit risk" in the note to the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Major assumptions

Major assumptions are the future prospects for borrowers and other applicable items used in the borrowers' category determination, and future cash flows of individual claims used under the cash flow estimation approach.

These assumptions are affected by relevant factors such as changes in borrowers' business environment and whether their business strategy is successful. Therefore, JBIC's estimation and judgment are reassessed and modified whenever the economic environment changes or new information becomes available.

Given the above, such estimation and judgment related to the major assumptions may have a significant effect on the amount of allowance for loan losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Effects on the consolidated financial statements for the next fiscal year

With respect to the international situation related to Russia and Ukraine, while the national governments have taken various measures, such as economic sanctions, against Russia, the effects of the international situation related to Russia and Ukraine are reflected in the allowance for loan losses in the fiscal year ended March 31, 2025 by assessing in detail the effects of such measures on the business of, or the performance of obligations by, Russia-related borrowers in the process of the borrowers' category determination and assessing the effects on credit risk individually. In the future, the expansion of the scope, or extension, of economic sanctions may have direct and indirect effects on the borrowers' category.

As the future outlook of the aforementioned event is uncertain, the developments in the international situation related to Russia and Ukraine may change the allowance for loan losses as of the end of the fiscal year ending March 31, 2026.

The allowance for loan losses as of March 31, 2025 is the current best estimate. However, given a high estimation uncertainty related to other factors in addition to the international situation related to Russia and Ukraine , there is a risk that the borrowers' results of operations, financial position or other items may change more than what was assumed at the time of estimation and such changes, if occurred, may have a significant effect on the consolidated financial statements for the next fiscal year.

**7. Accounting standards and other pronouncements that are not applied** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Accounting Standard for Leases" (ASBJ Statement No. 34 issued on September 13, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Implementation Guidance on Accounting Standard for Leases" (ASBJ Guidance No. 33 issued on
September 13, 2024)

In addition to the above, there are revisions to the related accounting standards, implementation guidance, practical solutions, and transferred guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Overview

In order to enhance comparability with international accounting standards, the "Accounting Standard for Leases" and the "Implementation Guidance on Accounting Standard for Leases" have been developed. The new standard and implementation guidance specify accounting treatment, such as the recognition of assets and liabilities, for all leases as a lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Planned date of application

JBIC plans to apply the accounting standards and other pronouncements above from the beginning of the fiscal year ending March 31, 2028.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Effects of the application of the accounting standards and other pronouncements

The effects of the application of the accounting standards and other pronouncements above to the consolidated financial statements are currently being assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Practical Guidelines on Accounting for Financial Instruments" (Transferred Guidance No. 9 issued
on March 11, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Overview

To clarify the accounting treatment of interests in venture capital funds held by listed companies and others, the "Practical Guidelines on Accounting for Financial Instruments" have been revised. These revisions specify that equities, which are the underlying assets of partnerships similar to venture capital funds but lack available market prices, can be measured at fair value. This fair value can then be used as the basis for accounting by investors for such partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Planned date of application

JBIC plans to apply the practical guidelines above from the beginning of the fiscal year ending March 31, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Effects of application of the practical guidelines

The effects of the application of the practical guidelines above to the consolidated financial statements are currently being assessed.

**8. Equity and other securities or investments in unconsolidated subsidiaries and affiliates** 

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Equity and other securities | ¥24702 | ¥18408 | $123 |
|  Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |

---

**9. Loans** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Loans issued under the Japan Bank for International Cooperation Act ("JBIC Act") are as follows.
Loans represent those items presented in the following accounts in the consolidated balance sheets: Loans and bills discounted, accrued interest income and suspense payments included in Other assets, and Customers' liabilities for acceptances
and guarantees.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Bankrupt and Quasi-bankrupt Assets | ¥— | ¥— | $— |
|  Doubtful Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 |
|  Loans with interest or principal repayments three months or more in arrears | 123852 | 123001 | 823 |
|  Restructured loans | 177995 | 68314 | 457 |
|  Total amount | 644308 | 525505 | 3515 |

---

Bankrupt and Quasi-bankrupt Assets are loans and other credits to borrowers who have begun proceedings under the Bankruptcy Act, the Corporate Reorganization Act, the Civil Rehabilitation Act and other similar laws of Japan and have financially failed.

Doubtful Assets are loans and other credits to borrowers who have not financially failed but whose financial and operational conditions have deteriorated and who have a possibility that payment of principal and/or interest will not be made on a contractual basis, and which do not fall under the category of Bankrupt and Quasi-bankrupt Assets.

Loans with interest or principal repayments three months or more in arrears are loans whose principal or interest payment is three months or more in arrears, and which do not fall under the category of Bankrupt and Quasi-bankrupt Assets and Doubtful Assets.

Restructured loans are loans whose repayment terms and conditions have been amended in favor of the borrowers (e.g. reduction of or exemption from the stated interest rate, deferral of interest payments, extension of principal repayments or waiver of claims) in order to support the borrowers' recovery from financial difficulties, and which do not fall under the category of Bankrupt and Quasi-bankrupt Assets, Doubtful Assets, or loans with interest or principal repayments three months or more in arrears.

The amounts of loans indicated in the table above are the gross amounts before the deduction of allowance for loan losses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) JBIC, as a policy, does not issue loans to borrowers in part or in full immediately after the execution of the
loan agreements, but instead executes loans, in accordance with the progress of the underlying projects. These undrawn amounts are not included in the loans recognized in the consolidated balance sheets. The balance of undrawn amounts is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Balance of undrawn loans | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096208 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17096 |

---

**10. Assets pledged as collateral** 

Pursuant to Article 34 of the JBIC Act, all JBIC assets are pledged as general collateral for all bonds issued by JBIC:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Bonds payable | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6636856 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6119651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40929 |

---

**11. Accumulated depreciation of Property, plant and equipment** 

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Accumulated depreciation | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5076 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |

---

**12. Contingent liabilities** 

Japan Finance Corporation ("JFC") assumed the obligations of the JFC bonds on April 1, 2012, and JBIC is jointly responsible for the obligations of these bonds. In accordance with Article 17 (2) of the Supplementary Provisions of the JBIC Act, all of JBIC's assets are pledged as general collateral for these joint obligations as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Joint obligations | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |

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**13. Items included in Other under Other income** 

Other under Other income includes the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended**<br>**March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Gains on sales of equity and other securities | ¥3150 | ¥4812 | $32 |
|  Gains on investments in partnerships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 | 33 |
|  Profits of equity method investments |  | 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**14. Items included in Other under Other expenses** 

Other under Other expenses includes the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended**<br>**March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Losses on sales of equity and other securities | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358 | $29 |
|  Impairment losses on equity and other securities |  | 14098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
|  Losses of equity method investments | 95 |  |  |

---

------

**15. Reclassification adjustments, corporate taxes and tax effects of other comprehensive income (loss)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended**<br>**March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Valuation difference on available-for-sale securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount recognized during the fiscal year | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22862 | ¥(5394) | $(36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustments | (6936) | (7503) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before corporate taxes and tax effect adjustment | 15926 | (12897) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate taxes and tax effect |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation difference on available-for-sale securities | 15926 | (12897) | (86) |
|  Deferred gains (losses) on hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount recognized during the fiscal year | (422764) | (256336) | (1714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustments | 362980 | 340663 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before corporate taxes and tax effect adjustment | (59784) | 84327 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate taxes and tax effect |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred gains (losses) on hedges | (59784) | 84327 | 564 |
|  Foreign currency translation adjustment: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount recognized during the fiscal year | (3309) | 1000 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before corporate taxes and tax effect adjustment | (3309) | 1000 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate taxes and tax effect |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | (3309) | 1000 | 6 |
|  Share of other comprehensive income (loss) of equity method investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount recognized during the fiscal year | 2871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustments | (5445) | (7284) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before corporate taxes and tax effect adjustment | (2573) | (6035) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate taxes and tax effect |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of other comprehensive income (loss) of equity method investments | (2573) | (6035) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other comprehensive income (loss) | ¥(49741) | ¥66394 | $444 |

---

------

**16. Changes in Net assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issued shares and treasury stock

For the fiscal year ended March 31, 2024, the type and the number of issued shares and treasury stock are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Unit: thousands of shares)** | **(Unit: thousands of shares)** | **(Unit: thousands of shares)** | **(Unit: thousands of shares)** | **(Unit: thousands of shares)** |
| **Types** | **The number of shares**<br>**at the beginning of the fiscal year** | **Increase during**<br>**the fiscal year** | **Decrease during**<br>**the fiscal year** | **The number of shares**<br>**at the end of the fiscal year** | **Remarks** |
|  Issued shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 1958800000 | 103000000 |  | 2061800000 | Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classified stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1958800000 | 103000000 |  | 2061800000 | Note |
|  Treasury stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classified stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  |  |

---

(Note) The reason for an increase in shares is the issuance of 103,000,000 thousand new shares.

For the fiscal year ended March 31, 2025, the type and the number of issued shares and treasury stock are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Unit: thousands of shares)** | **(Unit: thousands of shares)** | **(Unit: thousands of shares)** | **(Unit: thousands of shares)** | **(Unit: thousands of shares)** |
| **Types** | **The number of shares**<br>**at the beginning of the fiscal year** | **Increase during**<br>**the fiscal year** | **Decrease during**<br>**the fiscal year** | **The number of shares**<br>**at the end of the fiscal year** | **Remarks** |
|  Issued shares |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock | 2061800000 | 121000000 |  | 2182800000 | Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classified stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2061800000 | 121000000 |  | 2182800000 | Note |
|  Treasury stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classified stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  |  |

---

(Note) The reason for an increase in shares is the issuance of 121,000,000 thousand new shares.

**17. Cash flows** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reconciliation of Cash and cash equivalents in the consolidated statements of cash flows as of March 31, 2024 and 2025 to Cash and due from banks in the consolidated balance sheets is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended**<br>**March 31, 2024** | **For the year ended**<br>**March 31, 2025** | **For the year ended**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Cash and due from banks | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565369 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18475 |
|  Time deposits and others | (1618744) | (1838947) | (12299) |
|  Cash and cash equivalents | ¥946624 | ¥923500 | $6176 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Major components of assets and liabilities of newly consolidated subsidiaries due to acquisition of shares

For the fiscal year end March 31, 2025, through the acquisition of shares, JB Nordic General Partner S.à r.l. ("JB Nordic GP"), which was a non-equity method affiliate, and one other company became consolidated subsidiaries. In addition, JB Nordic Fund I SCSp, over which JB Nordic GP has full operational authority and which was an equity-method affiliate of JBIC became a consolidated subsidiary.

Furthermore, through the acquisition of shares, NordicNinja Fund II General Partner S.à r.l. (""NordicNinja Fund II GP"), which was a non-equity method affiliate, and one other company became consolidated subsidiaries. In addition, NordicNinja Fund II SCSp, over which NordicNinja Fund II GP has full operational authority and which was a non-equity method affiliate became a consolidated subsidiary.

The major components of assets and liabilities of the consolidated subsidiaries as of the date of consolidation due to these acquisitions, as well as the relationship between these components and "Purchase of shares of subsidiaries resulting in change in scope of consolidation" as presented in the consolidated statements of cash flows, are as follows.

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br>**March 31, 2025** | **For the year ended**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Total assets | 31005 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 27619 | 185 |
|  Total liabilities | (13) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | (13) | (0) |
|  Non-controlling interests | (18442) | (123) |
|  Gain on bargain purchase | (1) | (0) |
|  Fair value of assets acquired and liabilities assumed in business combinations, net | 12547 | 84 |
|  Original acquisition cost of previously-held interests in acquirees | (11221) | (75) |
|  Cumulative equity-method adjustments to previously-held interests through acquisition date | 1379 | 9 |
|  Fair value adjustments on acquisition date | (2558) | (17) |
|  Cash and cash equivalents of newly consolidated subsidiaries  |  |  |
|  Net : "Purchase of shares of subsidiaries resulting in change in scope of consolidation" in the consolidated statements of cash flows | ¥146 | $1 |

---

------

**18. Financial instruments and related disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Status of financial instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Policies for financial instruments

Based on the JBIC Act, JBIC is a policy-based financial institution wholly owned by the Japanese government, which has the purpose of contributing to the sound development of Japan and the international economy and society while supplementing the financial transactions implemented by private-sector financial institutions, by performing the financial function to promote the overseas development and securement of resources which are important for Japan; maintaining and improving the international competitiveness of Japanese industries; promoting the overseas business having the purpose of preserving the global environment, such as preventing global warming, as well as preventing disruptions to international financial order or taking appropriate measures with respect to damages caused by such disruption.

JBIC's principal operations consist of providing "export loans," "import loans," "investment financing," "financing for business development" (including guarantees) and "capital investment." To conduct these operations, funds are raised through borrowings from the fiscal investment and loans and the foreign exchange fund special account, and the issuing of bonds. An ALM (asset and liability management) function has been established in respect of JBIC's financial assets and liabilities that are subject to interest rate and currency fluctuations to assist in ensuring that such fluctuations do not have an adverse effect on JBIC's operations. In addition, derivative transactions are entered into for the purpose of mitigating risk inherent in foreign currency denominated transactions. Financial instruments that can be used for the management of surplus funds are limited to safe instruments such as Japanese government bonds according to in the JBIC Act.

The budget required for governmental financial operations is decided upon by the Diet of Japan, and business plans and financial plans (borrowings from fiscal investment and loans, bonds, general accounting investment, and loans and other investments) are appended to the budget and submitted to the Diet of Japan.

The consolidated foreign subsidiary of JBIC engages in investments and other related activities as its principal operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Types of financial instruments and risks

The assets that JBIC holds mainly include loans to borrowers in Japan and overseas, and securities and liabilities mainly include borrowed money and bonds. The consolidated foreign subsidiary of JBIC holds securities subject to price fluctuations.

The associated risks of financial assets and financial liabilities held by JBIC are described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Credit risk

Credit risk is the risk that JBIC will suffer losses if the financial conditions of the borrower deteriorate and the value of assets (including off-balance sheet assets) declines or is impaired.

The credit risks associated with JBIC include sovereign risk, country risk, corporate risk, and project risk. JBIC engages in significant financing activities with overseas governments, governmental institutions, and overseas corporations as part of its support to overseas economic transactions. Because of the characteristics of these activities, sovereign or country risk is a relatively significant part of the credit risk JBIC is exposed to in connection with these activities.

As a result, if the financial conditions of the individual borrower significantly deteriorate due to political and economic trends in the borrower's country or region, JBIC's performance and financial conditions can be adversely affected.

(Note) Sovereign risk refers to risk associated with credit extended to foreign governments. Country risk refers to risk associated with the country in which the corporation or project is located (risk, in addition to corporate risk or
project risk, associated with the country in which the corporation or the project is located). Corporate risk refers to the risk associated with credit to corporations and project risk refers to the risk that the cash flows generated from the
project fail to generate the planned cash flows, in the case of project finance, where the repayment of the borrowing is primarily secured by the cash flow of the project to which credit is extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Market risk

Market risk is the risk that the value of assets and liabilities (including off-balance sheet items) will fluctuate and losses will be incurred, or profits derived from assets and liabilities (including off-balance sheet items) will fluctuate and losses will be incurred due to changes in various market risk factors, such as interest rates and exchange rates.

The market risk borne by JBIC mainly consists of foreign exchange risk and interest rate risk, and JBIC may suffer losses from these risks due to fluctuations in the markets such as market turmoil. However, in principle, these risks are hedged through interest rate swaps, currency swaps, and forward foreign exchange contracts.

------

JBIC uses hedge accounting for interest rate hedges, where the hedging instrument is interest rate swaps to hedge the risk of changes in interest rates associated with loans, borrowed money and bonds. The effectiveness of the hedges is assessed by measuring and comparing the change in fair value or cumulative change in cash flows of both hedging instruments and corresponding hedged items from the date of inception of the hedges to the assessment date.

JBIC uses hedge accounting for foreign exchange hedges, where currency swaps and forward foreign exchange contracts are used to hedge items such as loans and bonds for foreign exchange risk. The effectiveness of the hedging with currency swaps and forward foreign exchange contracts is assessed by comparing the foreign currency position of the hedged financial assets and liabilities with that of the hedging instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Liquidity risk

Liquidity risk is the risk that losses will be incurred as a result of difficulties in obtaining the funds necessary due to a maturity mismatch between financing and funding or unexpected outflow of funds, or being forced to fund at an interest rate significantly higher than that under normal circumstances (funding risk). It is also the risk that losses will be incurred from being unable to conduct market transactions due to market turmoil or being forced to transact at far more unfavorable prices than those under normal circumstances (market liquidity risk).

Long-term and stable funds, such as fiscal loan funds, government-guaranteed bonds and the fiscal investment and loan program ("FILP") agency bonds, are secured to finance JBIC and deposits are not accepted. Therefore, JBIC considers liquidity risk to be limited. However, financing costs could increase due to market turmoil and unexpected events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Risk management structure for financial instruments

The risk management structure of JBIC is described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Credit risk management

The cornerstone of credit risk management at JBIC is the evaluation of an individual borrower's creditworthiness in advance of credit approval.

When a new credit application is processed, the relevant finance departments (sales promotion departments) and credit departments collect and analyze information on the borrower. JBIC's overseas representative offices also play a part in collecting information on foreign governments and companies. Credit appraisal takes place based on the information that has been gathered and analyzed with the different departments ensuring appropriate checks throughout the process, leading to the final decision by management.

In providing credit to foreign governments and companies, JBIC takes maximum advantage of its unique position as a public financial institution. This includes exchanging views and information with governments and relevant authorities in the recipient countries, multilateral international institutions such as the International Monetary Fund (IMF) and the World Bank, other regional development banks such as export credit agencies, and private financial institutions in developed countries. Using all these channels to exchange views and information, JBIC evaluates sovereign and country risks (risk in addition to corporate risk associated with the country in which the corporation is located) based on the broad range of information collected on the borrowing governments, the government agencies and the political and economic conditions in their countries.

The relevant finance departments and credit departments conduct proper credit risk management based on the credit risk rating system for segmented risk categories and the asset self-assessment system. In addition, an Integrated Risk Management Committee is held regularly to report the status of credit management to JBIC's management. The credit management is also checked by an independent auditing department.

In addition, a claims protection mechanism exists based on an international framework unique to official creditors, that is not applied to private sector financial institutions, for public claims on foreign governments. This mechanism consists of international financial assistance upon international approval by the Paris Club, an international group focusing on debt, to allow the debtor country to continue debt repayment when the debtor country becomes temporarily unable to service its debt due to economic conditions. As part of this international financial assistance, the debtor country conducts an economic reform program agreed by the IMF in order to secure the ability to sustainably service its debt. In view of JBIC's position as a public financial institution, it will use the framework of the Paris Club to preserve its public claims on foreign governments.

------

In addition to the above credit risk management related to individual borrowers, JBIC quantifies credit risk with a view to evaluating the risk of the overall loan portfolio. To quantify credit risks, it is important to take into account the characteristics of JBIC's loan portfolio, which are not typically seen in other private financial institutions, namely that JBIC holds a significant proportion of long-term loans that entail sovereign and country risks. Also to be taken into account are mechanisms for securing assets under an international supporting framework, such as the Paris Club, which is unique to official creditors. JBIC uses a unique model to quantify the credit risk taking account of the above factors and measures the amount of credit risk, which are utilized for credit risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Market risk management

JBIC manages foreign exchange risk and interest rate risk through its ALM. Market risk management protocols contain detailed stipulations in respect of risk management methods and procedures, and JBIC has established the ALM Committee to assess and confirm the execution of ALM, and to discuss future responses to market risk. In addition, JBIC assesses and monitors the interest rate and terms of financial assets and liabilities in detail through a gap analysis and an interest rate sensitivity analysis as well as market risk measurement using Value at Risk ("VaR"). The results are reported to the ALM Committee on a regular basis.

The basic policy for managing foreign exchange risk and interest rate risk at JBIC is described below.

1) Foreign exchange risk

Foreign currency-denominated loans conducted in JBIC involve risks related to exchange rate fluctuations. JBIC has a consistent policy of managing this risk by fully hedging this risk exposure through the use of currency swaps and forward foreign exchange contracts.

2) Interest rate risk

Interest rate risk arises from exposure to market interest rate fluctuations for yen-denominated loan and foreign currency-denominated loan operations and the policy for managing interest rate risk is described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Yen-denominated loan operations

Yen-denominated loan operations are mainly managed by using fixed-rate loans. However, swaps are used to hedge interest rate risk for the portion of loans that are deemed to have high exposures to interest rate fluctuations and therefore interest rate risk is limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Foreign currency-denominated loan operations

For foreign currency-denominated loan operations, interest rate risk is hedged through the application of a consistent policy of using interest rate swaps and managing the funds with floating interest rates for both loans and related funding arrangements.

3) Status of market risk

JBIC only maintains a banking book and does not have financial instruments in a trading book. While, in principle, JBIC holds derivatives only for hedging purposes, as stated previously, market risk (VaR) that takes into account the correlation between interest rate risk and foreign exchange risk is measured in order to assess potential risk exposures. The following represents the market risk (VaR) exposure in the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Market risk (VaR)

---

| | |
|:---|:---|
| **As of**<br>**March 31, 2025** | **As of<br>March 31, 2025** |
| **(In billions of yen)** | **(In billions of**<br> **U.S. dollars)** |
| ¥195.7 | $1.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Market risk (VaR) measurement model

Historical model (Confidence interval: 99%, Holding period: 1 year, Observation period: 5 years)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Risk management using market risk (VaR)

VaR is a market risk measure that assesses the maximum possible fluctuation of gains or losses in fair values that could be incurred after a certain period of time ("Holding period") based on historical market movements of interest rates or exchange rates and other market indices over a specific period in the past ("Observation period") within a given probability ("Confidence interval"), that is derived statistically by employing the theory of probability distribution.

The measurement assumes historical market trends and the theory of probability distribution. Based on the possibility that future market trends could deviate from these assumptions, a back-test is performed to cross-check the model-measured VaR with actual profits or losses, in order to confirm the effectiveness of market risk measurements using VaR. In addition, a stress test, which goes beyond historical market movements, is carried out in order to capture risks from various perspectives.

------

The following points should generally be noted in measuring VaR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VaR will differ depending on the choice of confidence interval, holding period or observation period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VaR indicates the maximum fluctuation of gains or losses in fair values at the time of measurement. In practice,
the actual results at a point in the future may differ from the VaR calculation due to changes in the assumptions caused by market movements during the holding period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VaR indicates the maximum value based on specific assumption. As such, when utilizing VaR as a risk management
measure, it is imperative to keep in mind that VaR may underestimate the potential losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Liquidity risk management related to funding

Long-term and stable funds, such as fiscal loan funds, government-guaranteed bonds and FILP agency bonds, are used to finance the operations and deposits are not accepted.

Cash flows are assessed and proper measures, including establishing overdraft facility accounts with multiple private sector financial institutions, are taken to maintain daily cash flows for proper risk management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;④ Derivative transactions

For derivative transactions, the internal checks and balances are established by assigning the execution of transactions, the assessment of hedge effectiveness and the management of administrative work to separate divisions. In addition, derivative transactions are carried out in accordance with the derivatives related protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Supplementary explanation concerning fair value of financial instruments

Fair values of financial instruments have been calculated using certain assumptions, and may differ depending on the assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fair value of financial instruments

The carrying amount on the consolidated balance sheets as of March 31, 2024 and 2025 and the related fair value, and difference are as follows. Note that equity and other securities and partnership investments (excluding those held by a certain consolidated foreign subsidiary) whose market prices are not available are not included in the following tables (refer to Note 1). Further, Cash and due from banks, Cash collateral paid for financial instruments and Cash collateral received for financial instruments are excluded from the note because they are settled in a short period and thus their fair value approximates their carrying amount.

------

As of March 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Amount on**<br>**consolidated<br>balance sheet** | **Fair value** | **Difference** |
| (1) Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading | ¥6251 | ¥6251 | ¥— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities (<sup>\*1</sup>) | 53880 | 53880 |  |
| (2) Loans and bills discounted | 16423476 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses (<sup>\*2</sup>) | (505419) |  |  |
|  | 15918056 | 16039193 | 121136 |
|  Total | ¥15978189 | ¥16099325 | ¥121136 |
| (1) Borrowed money | 9193988 | 9138561 | (55427) |
| (2) Bonds payable | 6636856 | 6311260 | (325596) |
|  Total | ¥15830845 | ¥15449821 | ¥(381024) |
|  Derivative transactions (<sup>\*3</sup>) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative transactions not qualifying for hedge accounting |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative transactions qualifying for hedge accounting (<sup>\*4</sup>) | (994792) | (994792) |  |
|  Total | ¥(994792) | ¥(994792) | ¥— |

---

(<sup>\*1</sup>) Available-for-sale securities include investment trusts whose net asset values are deemed as fair value based on paragraph 24-3 of the "Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No. 31 issued on June 17, 2021).

(<sup>\*2</sup>) General allowance for loan losses and specific allowance for loan losses, and the allowance for possible loan losses on specific overseas loans have been deducted from Loans and bills discounted.

(<sup>\*3</sup>) Derivatives recorded in Other assets and Other liabilities are collectively presented. Assets and liabilities arising from derivative transactions are presented on a net basis. The figures in parenthesis indicate net liabilities.

---

| | |
|:---|:---|
| (<sup>\*4</sup>) | This represents interest rate swaps and other instruments designated as the hedging instrument to offset the market fluctuation of hedged loans and other items. The "Practical Solution on the Treatment of Hedge Accounting for Financial Instruments that Reference LIBOR" (PITF No. 40 of March 17, 2022) is applied to these hedging relationships.  |

---

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Amount on**<br>**consolidated<br>balance sheet** | **Fair value** | **Difference** |
| (1) Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading | ¥33821 | ¥33821 | ¥— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities (<sup>\*1</sup>) | 68744 | 68744 |  |
| (2) Loans and bills discounted | 15414487 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses (<sup>\*2</sup>) | (470731) |  |  |
|  | 14943755 | 15054900 | 111145 |
|  Total | ¥15046322 | ¥15157467 | ¥111145 |
| (1) Borrowed money | 8720489 | 8608368 | (112121) |
| (2) Bonds payable | 6119651 | 5953944 | (165706) |
|  Total | ¥14840140 | ¥14562312 | ¥(277828) |
|  Derivative transactions (<sup>\*3</sup>) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative transactions not qualifying for hedge accounting |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative transactions qualifying for hedge accounting | (809263) | (809263) |  |
|  Total | ¥(809263) | ¥(809263) | ¥— |

---

------

As of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Amount on**<br>**consolidated<br>balance sheet** | **Fair value** | **Difference** |
| (1) Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading | $226 | $226 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities (<sup>\*1</sup>) | 460 | 460 |  |
| (2) Loans and bills discounted | 103093 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses (<sup>\*2</sup>) | (3148) |  |  |
|  | 99945 | 100688 | 743 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;100631 | $&nbsp;&nbsp;&nbsp;&nbsp;101374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 |
| (1) Borrowed money | 58323 | 57573 | (750) |
| (2) Bonds payable | 40929 | 39820 | (1109) |
|  Total | $99252 | $97393 | $(1859) |
|  Derivative transactions (<sup>\*3</sup>) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative transactions not qualifying for hedge accounting |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative transactions qualifying for hedge accounting | (5412) | (5412) |  |
|  Total | $(5412) | $(5412) | $— |

---

(<sup>\*1</sup>) Available-for-sale securities include investment trusts whose net asset values are deemed as fair value based on paragraph 24-3 of the "Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No. 31 issued on June 17, 2021).

(<sup>\*2</sup>) General allowance for loan losses and specific allowance for loan losses, and the allowance for possible loan losses on specific overseas loans have been deducted from Loans and bills discounted.

(<sup>\*3</sup>) Derivatives recorded in Other assets and Other liabilities are collectively presented. Assets and liabilities arising from derivative transactions are presented on a net basis. The figures in parenthesis indicate net liabilities.

(Note 1) Equity and other securities and partnership investments (excluding those held by a certain consolidated foreign subsidiary) whose market prices are not available are as follows. They are not included in "Assets, (1) Securities."

---

| | | | |
|:---|:---|:---|:---|
| **Classification** | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  1) Unlisted stocks (unconsolidated subsidiaries and affiliates) (<sup>\*1</sup>) | ¥24099 | ¥17908 | $120 |
|  2) Unlisted stocks (other than unconsolidated subsidiaries and affiliates) (<sup>\*1</sup>)(<sup>\*2</sup>) | 85931 | 60320 | 403 |
|  3) Partnership investments (unconsolidated subsidiaries and affiliates) (<sup>\*3</sup>) | 65743 | 42137 | 282 |
|  4) Partnership investments (other than unconsolidated subsidiaries and affiliates) (<sup>\*3</sup>) | 104296 | 95384 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥280071 | ¥215751 | $1443 |

---

(<sup>\*1</sup>) Based on paragraph 5 of the "Implementation Guidance on Disclosures about Fair Value of Financial Instruments" (ASBJ Guidance No. 19 issued on March 31, 2020), fair values are not presented for unlisted stocks.

(<sup>\*2</sup>) Impairment loss is not recognized for unlisted stocks (other than unconsolidated subsidiaries and affiliates) for the fiscal year ended March 31, 2024.

Impairment loss of ¥14,098 million ($94million) is recognized for unlisted stocks (other than unconsolidated subsidiaries and affiliates) for the fiscal year ended March 31, 2025. <br>

<sup>(\*3)</sup> Based on paragraph 24-16 of the "Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No. 31 issued on June 17, 2021), fair values are not presented for partnership investments.

------

(Note 2) Redemption schedule for receivables and redeemable securities with future redemption dates

As of March 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Due within**<br>**one year** | **Due after**<br>**one year**<br>**but within**<br>**three years** | **Due after**<br>**three years**<br>**but within**<br>**five years** | **Due after**<br>**five years**<br>**but within**<br>**seven years** | **Due after**<br>**seven years**<br>**but within**<br>**ten years** | **Due after**<br>**ten years** |
|  Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities | ¥— | ¥200 | ¥30900 | ¥3200 | ¥9600 | ¥9300 |
|  Loans and bills discounted (<sup>\*1</sup>) | 2128755 | 4468732 | 3328272 | 2734366 | 1898720 | 1534152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥2128755 | ¥4468932 | ¥3359172 | ¥2737566 | ¥1908320 | ¥1543452 |

---

(<sup>\*1</sup>) Loans and bills discounted of ¥330,476 million whose redemption is not estimable, such as claims against Bankrupt borrowers, Substantially bankrupt borrowers, and Potentially bankrupt borrowers, are not included in the table above.

As of March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Due within**<br>**one year** | **Due after**<br>**one year**<br>**but within**<br>**three years** | **Due after**<br>**three years**<br>**but within**<br>**five years** | **Due after**<br>**five years**<br>**but within**<br>**seven years** | **Due after**<br>**seven years**<br>**but within**<br>**ten years** | **Due after**<br>**ten years** |
|  Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities | ¥— | ¥3700 | ¥32700 | ¥7100 | ¥9400 | ¥9300 |
|  Loans and bills discounted (<sup>\*1</sup>) | 2420073 | 3718363 | 3428218 | 2148832 | 1774355 | 1590455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥2420073 | ¥3722063 | ¥3460918 | ¥2155932 | ¥1783755 | ¥1599755 |
|  As of March 31, 2025 |  |  |  |  |  |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Due within<br>one year** | **Due after<br>one year<br>but within<br>three years** | **Due after<br>three years<br>but within<br>five years** | **Due after<br>five years<br>but within<br>seven years** | **Due after<br>seven years<br>but within<br>ten years** | **Due after<br>ten years** |
|  Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities | $— | $25 | $219 | $47 | $63 | $62 |
|  Loans and bills discounted (<sup>\*1</sup>) | 16186 | 24868 | 22928 | 14372 | 11867 | 10637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $16186 | $24893 | $23147 | $14419 | $11930 | $10699 |

---

---

| | |
|:---|:---|
| (<sup>\*1</sup>) | Loans and bills discounted of ¥334,189 million ($2,235 million) whose redemption is not estimable, such as claims against Bankrupt borrowers, Substantially bankrupt borrowers, and Potentially bankrupt borrowers, are not included in the table above.  |

---

------

(Note 3) Redemption schedule for Borrowed money and Bonds payable with future redemption dates

As of March 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Due within**<br>**one year** | **Due after**<br>**one year**<br>**but within**<br>**three years** | **Due after**<br>**three years**<br>**but within**<br>**five years** | **Due after**<br>**five years**<br>**but within**<br>**seven years** | **Due after**<br>**seven years**<br>**but within**<br>**ten years** | **Due after**<br>**ten years** |
|  Borrowed money | ¥423380 | ¥569666 | ¥6398941 | ¥826300 | ¥751500 | ¥224200 |
|  Bonds payable | 984165 | 2838608 | 1677340 | 693175 | 454230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥1407545 | ¥3408274 | ¥8076281 | ¥1519475 | ¥1205730 | ¥224200 |

---

As of March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Due within**<br>**one year** | **Due after**<br>**one year**<br>**but within**<br>**three years** | **Due after**<br>**three years**<br>**but within**<br>**five years** | **Due after**<br>**five years**<br>**but within**<br>**seven years** | **Due after**<br>**seven years**<br>**but within**<br>**ten years** | **Due after**<br>**ten years** |
|  Borrowed money | ¥180026 | ¥4749720 | ¥2291442 | ¥523600 | ¥795200 | ¥180500 |
|  Bonds payable | 1589960 | 2311291 | 1174417 | 903400 | 149520 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥1769986 | ¥7061011 | ¥3465859 | ¥1427000 | ¥944720 | ¥180500 |

---

As of March 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Due<br>within**<br>**one year** | **Due after**<br>**one year**<br>**but within**<br>**three years** | **Due after**<br>**three years**<br>**but within**<br>**five years** | **Due after**<br>**five years**<br>**but within**<br>**seven years** | **Due after**<br>**seven years**<br>**but within**<br>**ten years** | **Due after**<br>**ten years** |
|  Borrowed money | $1204 | $31767 | $15325 | $3502 | $5318 | $1207 |
|  Bonds payable | 10634 | 15458 | 7855 | 6042 | 1000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $11838 | $47225 | $23180 | $9544 | $6318 | $1207 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Components of the fair value of financial instruments by level and other relevant matters

The fair value of financial instruments is classified into the following three levels in accordance with the observability and significance of inputs used for determining the fair value.

Level 1 fair value: Of observable inputs for the fair value determination, this fair value is determined based on a quoted price formed in an active market for assets or liabilities that are subject to the fair value determination.

Level 2 fair value: Of observable inputs for the fair value, this fair value is determined based on inputs for the fair value determination other than those used to determine the Level 1 fair value.

Level 3 fair value: This fair value is determined using unobservable inputs for the fair value determination.

Where more than one input that has a significant impact on the fair value determination are used, of the levels respective inputs belong to, the fair value is classified into the level with the lowest priority in the fair value determination.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Financial instruments recognized in the consolidated balance sheets at fair value

As of March 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and other securities | ¥— | ¥— | ¥6251 | ¥6251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities (\*<sup>1</sup>) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samurai bonds |  | 51476 |  | 51476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥— | ¥51476 | ¥6251 | ¥57728 |
|  Derivative transactions (\*<sup>2</sup>) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate-related |  | (381153) |  | (381153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency-related |  | (613639) |  | (613639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥— | ¥(994792) | ¥— | ¥(994792) |

---

---

| | |
|:---|:---|
| (\*<sup>1</sup>) | Available-for-sale securities do not include investment trusts whose net asset values are deemed as fair value based on paragraph 24-3 of the "Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No. 31 issued on June 17, 2021). The investment trust is ¥2,404 million for the fiscal year ended March 31, 2024.  |

---

(\*<sup>2</sup>) Derivatives recorded in Other assets and Other liabilities are collectively presented. Assets and liabilities arising from derivative transactions are presented on a net basis. The figures in parenthesis indicate net liabilities.

1) Reconciliation between the beginning balance and the ending balance of the investment trusts subject to the treatment under paragraph 24-3

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| **Balance<br>as of<br>April 1,**<br>**2023** | **Profit or loss or other<br>comprehensive income<br>during the fiscal year** | **Profit or loss or other<br>comprehensive income<br>during the fiscal year** | **Purchase,<br>sale and<br>redemption<br>(Net)** | **Investment<br>trusts<br>subject to<br>the treatment<br>under<br>paragraph<br>24-3** | **Investment<br>trusts not<br>subject to<br>the treatment<br>under<br>paragraph<br>24-3** | **Balance as**<br>**of March**<br>**31, 2024** | **Of the amount<br>recognized in profit or<br>loss during the fiscal<br>year, valuation gain<br>(loss) on the<br>investment trust held<br>as of the date of the<br>consolidated balance<br>sheet** |
| **Balance<br>as of<br>April 1,**<br>**2023** | **Recognized<br>in profit or<br>loss** | **Recognized<br>in other<br>comprehensive<br>income**<br>**(\*1)** | **Purchase,<br>sale and<br>redemption<br>(Net)** | **Investment<br>trusts<br>subject to<br>the treatment<br>under<br>paragraph<br>24-3** | **Investment<br>trusts not<br>subject to<br>the treatment<br>under<br>paragraph<br>24-3** | **Balance as**<br>**of March**<br>**31, 2024** | **Of the amount<br>recognized in profit or<br>loss during the fiscal<br>year, valuation gain<br>(loss) on the<br>investment trust held<br>as of the date of the<br>consolidated balance<br>sheet** |
| ¥ — | ¥— | ¥35 | ¥2368 | ¥— | ¥— | ¥2404 | ¥— |

---

(\*<sup>1</sup>) Included in Valuation difference on available-for-sale securities under Other comprehensive income (loss) in the consolidated statements of comprehensive income.

2) Components of restriction on cancellation or repurchase rights as of March 31, 2024

---

| | | |
|:---|:---|:---|
| **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| **Nature of restriction on cancellation or repurchase rights** | **Carrying amount on the<br>consolidated balance sheet** | **Carrying amount on the<br>consolidated balance sheet** |
|  Cancellation or repurchase rights are not granted, and consent from the investment management company is required for transfer | ¥ | 2404 |

---

As of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and other securities | ¥— | ¥— | ¥33821 | ¥33821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities (\*1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samurai bonds |  | 59469 |  | 59469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥— | ¥59469 | ¥33821 | ¥93291 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivative transactions (\*<sup>2</sup>) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate-related |  | (200752) |  | (200752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency-related |  | (608510) |  | (608510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥— | ¥(809263) | ¥— | ¥(809263) |
| As of March 31, 2025 |  |  |  |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and other securities | $— | $— | $226 | $226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities (\*<sup>1</sup>) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samurai bonds |  | 398 |  | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $— | $398 | $226 | $624 |
|  Derivative transactions (\*<sup>2</sup>) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate-related |  | (1342) |  | (1342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency-related |  | (4070) |  | (4070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $— | $(5412) | $— | $(5412) |

---

---

| | |
|:---|:---|
| (\*<sup>1</sup>) | Available-for-sale securities do not include investment trusts whose net asset values are deemed as fair value based on paragraph 24-3 of the "Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No. 31 issued on June 17, 2021). The investment trust is ¥9,275 million ($62 million) for the fiscal year ended March 31, 2025.  |

---

(\*<sup>2</sup>) Derivatives recorded in Other assets and Other liabilities are collectively presented. Assets and liabilities arising from derivative transactions are presented on a net basis. The figures in parenthesis indicate net liabilities.

1) Reconciliation between the beginning balance and the ending balance of the investment trusts subject to the treatment under paragraph 24-3

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| **Balance**<br>**as of**<br>**April 1,**<br>**2024** | **Profit or loss or other<br>comprehensive income**<br>**during the fiscal year** | **Profit or loss or other<br>comprehensive income**<br>**during the fiscal year** | **Purchase,<br>sale and<br>redemption<br>(Net)** | **Investment<br>trusts<br>subject to<br>the<br>treatment<br>under<br>paragraph<br>24-3** | **Investment<br>trusts not<br>subject to<br>the<br>treatment<br>under<br>paragraph<br>24-3** | **Balance as<br>of March 31,<br>2025** | **Of the amount<br>recognized in profit or<br>loss during the fiscal<br>year, valuation gain<br>(loss) on the<br>investment trust held<br>as of the date of the<br>consolidated balance<br>sheet** |
| **Balance**<br>**as of**<br>**April 1,**<br>**2024** | **Recognized<br>in profit or<br>loss** | **Recognized**<br>**in other<br>comprehensive**<br>**income (\*1)** | **Purchase,<br>sale and<br>redemption<br>(Net)** | **Investment<br>trusts<br>subject to<br>the<br>treatment<br>under<br>paragraph<br>24-3** | **Investment<br>trusts not<br>subject to<br>the<br>treatment<br>under<br>paragraph<br>24-3** | **Balance as<br>of March 31,<br>2025** | **Of the amount<br>recognized in profit or<br>loss during the fiscal<br>year, valuation gain<br>(loss) on the<br>investment trust held<br>as of the date of the<br>consolidated balance<br>sheet** |
| ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404 | ¥— | ¥(1341) | ¥8213 | ¥— | ¥— | ¥9275 | ¥— |
| **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
| **Balance**<br>**as of**<br>**April 1,**<br>**2024** | **Profit or loss or other<br>comprehensive income**<br>**during the fiscal year** | **Profit or loss or other<br>comprehensive income**<br>**during the fiscal year** | **Purchase,<br>sale and<br>redemption<br>(Net)** | **Investment<br>trusts<br>subject to<br>the<br>treatment<br>under<br>paragraph<br>24-3** | **Investment<br>trusts not<br>subject to<br>the<br>treatment<br>under<br>paragraph<br>24-3** | **Balance as<br>of March 31,<br>2025** | **Of the amount<br>recognized in profit or<br>loss during the fiscal<br>year, valuation gain<br>(loss) on the<br>investment trust held<br>as of the date of the<br>consolidated balance<br>sheet** |
| **Balance**<br>**as of**<br>**April 1,**<br>**2024** | **Recognized<br>in profit or<br>loss** | **Recognized**<br>**in other<br>comprehensive<br>income**<br>**(\*1)** | **Purchase,<br>sale and<br>redemption<br>(Net)** | **Investment<br>trusts<br>subject to<br>the<br>treatment<br>under<br>paragraph<br>24-3** | **Investment<br>trusts not<br>subject to<br>the<br>treatment<br>under<br>paragraph<br>24-3** | **Balance as<br>of March 31,<br>2025** | **Of the amount<br>recognized in profit or<br>loss during the fiscal<br>year, valuation gain<br>(loss) on the<br>investment trust held<br>as of the date of the<br>consolidated balance<br>sheet** |
| $16 | $— | $(9) | $55 | $— | $— | $62 | $— |

---

(\*<sup>1</sup>) Included in Valuation difference on available-for-sale securities under Other comprehensive income (loss) in the consolidated statements of comprehensive income.

------

2) Components of restriction on cancellation or repurchase rights as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| **Nature of restriction on cancellation or repurchase rights** | **Carrying amount on the<br>consolidated balance sheet** | **Carrying amount on the<br>consolidated balance sheet** |
|  Cancellation or repurchase rights are not granted, and consent from the investment management company is required for transfer | ¥ | 9275 |

---

---

| | |
|:---|:---|
| **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
| **Nature of restriction on cancellation or repurchase rights** | **Carrying amount on the<br>consolidated balance sheet** |
|  Cancellation or repurchase rights are not granted, and consent from the investment management company is required for transfer | $62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Financial instruments other than those recognized in the consolidated balance sheets at fair value

As of March 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Loans and bills discounted | ¥— | ¥— | ¥16039193 | ¥16039193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥— | ¥— | ¥16039193 | ¥16039193 |
|  Borrowed money |  | 9138561 |  | 9138561 |
|  Bonds payable |  | 6311260 |  | 6311260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥— | ¥15449821 | ¥— | ¥15449821 |
| As of March 31, 2025 |  |  |  |  |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Loans and bills discounted | ¥— | ¥— | ¥15054900 | ¥15054900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥— | ¥— | ¥15054900 | ¥15054900 |
|  Borrowed money |  | 8608368 |  | 8608368 |
|  Bonds payable |  | 5953944 |  | 5953944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥— | ¥14562312 | ¥— | ¥14562312 |
| As of March 31, 2025 |  |  |  |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Loans and bills discounted | $— | $— | $100688 | $100688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $— | $— | $100688 | $100688 |
|  Borrowed money |  | 57573 |  | 57573 |
|  Bonds payable |  | 39820 |  | 39820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $— | $97393 | $— | $97393 |

---

(Note 1) Valuation methodologies and inputs used for determining fair value

------

<u>Assets</u> 

Securities

When the market is not active even if a quoted price is used, or when quoted prices are not available but the Reference Statistical Prices [Yields] for OTC Bond Transactions are available, the fair values of securities are classified into Level 2. Such securities primarily include Samurai bonds and listed stocks. The fair value of certain Samurai bonds is based on prices obtained from, among others, information vendors. In consideration of the results of assessment using a fair valuation model that does not use unobservable inputs, such fair value is also classified into Level 2.

When quoted prices are not available, the fair value is determined by using valuation methodologies, such as the one using the present value of future cash flows. Observable inputs are used as much as practicable in valuation and inputs include a discount rate based on the weighted average cost of capital. If any significant unobservable inputs are used in the calculation, the fair values of securities are classified into Level 3. Such securities primarily include equity and other securities. Furthermore, the latest fair values of certain equity and other securities are determined based on historical transaction prices by considering events that may affect the values of these financial instruments. Such fair values are classified into Level 3.

Loans and bills discounted

The fair value of loans and bills discounted is determined by discounting at a risk-free rate the sum of principal and interest after adjusting for credit risk and other elements according to the classifications based on the type of loans and bills discounted, internal ratings and periods. Of which, the fair value of those loans with variable interest rates is their carrying amount as such loans reflect market interest rates over the short term and approximates the carrying mount if the borrower's credit conditions have not changed significantly since the issuance of loans.

For claims on Bankrupt borrowers, Substantially bankrupt borrowers, and Potentially bankrupt borrowers, credit losses estimated on such claims are calculated based on the discounted present value of estimated future cash flows or the expected collectible amount from the collateral or guarantee. Since fair value approximates the amount on the consolidated balance sheets at the fiscal year end after deducting the allowance for loan losses, this amount is used for fair value. This fair value is classified into Level 3 because the effects of unobservable inputs on the fair value are considered to be material.

<u>Liabilities</u> 

Borrowed money

As for borrowed money, the present value is calculated by discounting the sum of principal and interest of the borrowed money classified by certain periods at a rate adjusted by the remaining period and credit risk of borrowed money. Of which, borrowed money with variable interest rates reflect short-term market interest rates and the credit conditions of JBIC and its consolidated subsidiaries have not changed significantly since the execution of borrowings. Therefore, the carrying amount is used as fair value because it is considered that the carrying amount approximates the fair value. Since unobservable inputs are not used, this fair value is classified into Level 2.

Bonds payable

Of bonds issued by JBIC, the Reference Statistical Prices [Yields] for OTC Bond Transactions is used as fair value for the FILP agency bonds and that fair value is classified into Level 2. As for government-guaranteed foreign currency bonds, the prices obtained from, among others, information vendors are used as fair value and that fair value is classified into Level 2 in consideration of the result of assessment using a fair valuation model that does not use unobservable inputs.

<u>Derivative transactions</u> 

As derivative transactions by JBIC are OTC transactions whose quoted prices are not available, their fair value is determined by using the present value method and other valuation methodologies according to the transaction type and the term to maturity. Price adjustments are made based on the counterparty's credit risk and JBIC's credit risk. Main inputs used in these valuation methodologies include interest rates, exchange rates, and credit spreads. Since unobservable inputs are not used, this fair value is classified into Level 2. Such transactions include plain vanilla interest rate swaps, currency swaps, and forward foreign exchange contracts.

------

(Note 2) Information on Level 3 fair value of financial instruments recognized in the consolidated balance sheets at fair value

(1) Quantitative information on significant unobservable inputs

As of March 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Valuation<br>methodologies** | **Significant<br>unobservable inputs** | **Range of inputs** | **Weighted average of<br>inputs** |
|  Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and other securities | Present value<br>method | Discount rate | 4.3%-24.4% | 15.3% |

---

As of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Valuation<br>methodologies** | **Significant<br>unobservable inputs** | **Range of inputs** | **Weighted average of<br>inputs** |
|  Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and other securities | Present value<br>method | Discount rate | 4.3%-20.0% | 12.5% |

---

(2) Reconciliation between the opening balance and the closing balance, and valuation gain (loss) recognized in
profit or loss during the fiscal year

As of March 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | | **Profit or loss or other<br>comprehensive income<br>during the fiscal year** | **Profit or loss or other<br>comprehensive income<br>during the fiscal year** | | | | | **Of the<br>amount<br>recognized in<br>profit or loss<br>during the<br>fiscal year,<br>valuation<br>gain (loss)<br>on financial<br>assets and<br>liabilities<br>held as of<br>the date of<br>the<br>consolidated<br>balance<br>sheet (\*1)** |
|  |<br>**Balance as<br>of April 1,<br>2023** | **Recognized<br>in profit or<br>loss (\*1)** | **Recognized<br>in other<br>comprehensive<br>income<br>(\*2)** |<br>**Purchase,<br>sale,<br>issuance and<br>settlement<br>(Net)** |<br>**Transfer to<br>Level 3 fair<br>value (\*3)** |<br>**Transfer<br>from Level 3<br>fair value<br>(\*4)** |<br>**Balance as<br>of March 31,<br>2024** | **Of the<br>amount<br>recognized in<br>profit or loss<br>during the<br>fiscal year,<br>valuation<br>gain (loss)<br>on financial<br>assets and<br>liabilities<br>held as of<br>the date of<br>the<br>consolidated<br>balance<br>sheet (\*1)** |
|  Securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and other securities | ¥17939 | ¥(8576) | ¥(3111) | ¥— | ¥— | ¥— | ¥6251 | ¥(8576) |

---

(\*<sup>1</sup>) Included in Other under Other expenses in the consolidated statements of operations.

(\*<sup>2</sup>) Included in Foreign currency translation adjustment under Other comprehensive income (loss) in the consolidated statements of comprehensive income.

(\*<sup>3</sup>) This represents a transfer from Level 2 fair value to Level 3 fair value and did not occur during the fiscal year ended March 2024.

(\*<sup>4</sup>) This represents a transfer from Level 3 fair value to Level 2 fair value and did not occur during the fiscal year ended March 2024.

------

As of March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | | **Profit or loss or other<br>comprehensive income<br>during the fiscal year** | **Profit or loss or other<br>comprehensive income<br>during the fiscal year** | | | | | **Of the<br>amount<br>recognized in<br>profit or loss<br>during the<br>fiscal year,<br>valuation<br>gain (loss)<br>on financial<br>assets and<br>liabilities<br>held as of<br>the date of<br>the<br>consolidated<br>balance<br>sheet (\*1)** |
|  |<br>**Balance as<br>of April 1,<br>2024** | **Recognized<br>in profit or<br>loss (\*1)** | **Recognized<br>in other<br>comprehensive<br>income**<br>**(\*2)** |<br>**Purchase,<br>sale,<br>issuance and<br>settlement<br>(Net) (\*3)** |<br>**Transfer to<br>Level 3 fair<br>value (\*4)** |<br>**Transfer<br>from Level 3**<br>**fair value<br>(\*5)** |<br>**Balance as<br>of March 31,<br>2025** | **Of the<br>amount<br>recognized in<br>profit or loss<br>during the<br>fiscal year,<br>valuation<br>gain (loss)<br>on financial<br>assets and<br>liabilities<br>held as of<br>the date of<br>the<br>consolidated<br>balance<br>sheet (\*1)** |
|  Securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and other securities | ¥6251 | ¥(4396) | ¥1951 | ¥30015 | ¥— | ¥— | ¥33821 | ¥(2970) |

---

As of March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | | **Profit or loss or other<br>comprehensive income<br>during the fiscal year** | **Profit or loss or other<br>comprehensive income<br>during the fiscal year** | | | | | **Of the<br>amount<br>recognized in<br>profit or loss<br>during the<br>fiscal year,<br>valuation<br>gain (loss) on<br>financial<br>assets and<br>liabilities<br>held as of the<br>date of the<br>consolidated<br>balance<br>sheet (\*1)** |
|  |<br>**Balance as<br>of April 1,<br>2024** | **Recognized<br>in profit or<br>loss (\*1)** | **Recognized<br>in other<br>comprehensive<br>income**<br>**(\*2)** |<br>**Purchase,<br>sale,<br>issuance and<br>settlement<br>(Net) (\*3)** |<br>**Transfer to<br>Level 3 fair<br>value (\*4)** |<br>**Transfer<br>from Level 3<br>fair value<br>(\*5)** |<br>**Balance as<br>of March 31,<br>2025** | **Of the<br>amount<br>recognized in<br>profit or loss<br>during the<br>fiscal year,<br>valuation<br>gain (loss) on<br>financial<br>assets and<br>liabilities<br>held as of the<br>date of the<br>consolidated<br>balance<br>sheet (\*1)** |
|  Securities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities classified as trading |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity and other securities | $42 | $(29) | $12 | $201 | $— | $— | $226 | $(20) |

---

(\*<sup>1</sup>) Included in Other under Other expenses in the consolidated statements of operations.

(\*<sup>2</sup>) Included in Foreign currency translation adjustment under Other comprehensive income (loss) in the consolidated statements of comprehensive income.

---

| | |
|:---|:---|
| (\*<sup>3</sup>) | The amount includes the changes attributable to equity and other securities held by JB Nordic Fund I SCSp and NordicNinja Fund II SCSp, which are included in the scope of consolidation from the fiscal year ended March 2025.  |

---

(\*<sup>4</sup>) This represents a transfer from Level 2 fair value to Level 3 fair value and did not occur during the fiscal year ended March 2025.

(\*<sup>5</sup>) This represents a transfer from Level 3 fair value to Level 2 fair value and did not occur during the fiscal year ended March 2025.

(3) Fair valuation process

The JBIC Group has in place the policies and procedures for the fair value determination and each trading department determines fair value in line with these policies and procedures. With respect to the fair value determined, an independent department, verifies the appropriateness of the valuation methodologies, and the reasonableness of inputs, that are used in determining fair value and the appropriateness of the classification of fair value by level. The verification results are escalated to management every fiscal year to ensure the appropriateness of the policies and procedures for the fair value determination.

In determining fair value, a valuation model that best reflects the nature, characteristics, and risks of individual assets is used. When using quoted prices obtained from third parties, JBIC verifies the reasonableness of such prices by reviewing the valuation methodologies and inputs used or by other appropriate methods.

(4) Effects on fair value arising from changes in significant unobservable inputs

The significant unobservable input used for determining the fair values of equity and other securities are the discount rate. The weighted average cost of capital is primarily used as the discount rate. Generally, a significant increase (decrease) in the discount rate gives rise to a significant decrease (increase) in the fair value.

------

**19. Market value of securities** 

The following tables contain information relating to negotiable certificates included in "Cash and due from banks" as well as "Securities" that are presented in the consolidated balance sheets.

Information relating to "Equity securities of and other investments in subsidiaries and affiliates" is presented in the notes to the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities classified as trading

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal year ended<br>March 31, 2024** | **Fiscal year ended**<br>**March 31, 2025** | **Fiscal year ended**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of<br>U.S. dollars)** |
|  Unrealized gains or losses included in profit or loss for the fiscal year | ¥(8576) | ¥(4365) | $(29) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Held-to-maturity debt
securities

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Available-for-sale securities

As of March 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Type** | **Carrying amount** | **Acquisition cost** | **Difference** |
|  Securities whose carrying amount exceeds their acquisition cost | Stocks | ¥— | ¥— | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Securities whose carrying amount exceeds their acquisition cost | Debt securities |  |  |  |
|  Securities whose carrying amount exceeds their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese government bonds |  |  |  |
|  Securities whose carrying amount exceeds their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  |  |
|  Securities whose carrying amount exceeds their acquisition cost | Other | 2404 | 2368 | 35 |
|  Subtotal |  | 2404 | 2368 | 35 |
|  Securities whose carrying amount does not exceed their acquisition cost | Stocks |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | Debt securities |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese government bonds |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | Other | 51476 | 53200 | (1723) |
|  Subtotal |  | 51476 | 53200 | (1723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | ¥53880 | ¥55568 | ¥(1688) |
| As of March 31, 2025 |  |  |  |  |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Type** | **Carrying amount** | **Acquisition cost** | **Difference** |
|  Securities whose carrying amount exceeds their acquisition cost | Stocks | ¥— | ¥— | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Securities whose carrying amount exceeds their acquisition cost | Debt securities |  |  |  |
|  Securities whose carrying amount exceeds their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese government bonds |  |  |  |
|  Securities whose carrying amount exceeds their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  |  |
|  Securities whose carrying amount exceeds their acquisition cost | Other |  |  |  |
|  Subtotal |  |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | Stocks |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | Debt securities |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese government bonds |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | Other | 95404 | 99442 | (4037) |
|  Subtotal |  | 95404 | 99442 | (4037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | ¥95404 | ¥99442 | ¥(4037) |

---

------

As of March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Type** | **Carrying amount** | **Acquisition cost** | **Difference** |
|  Securities whose carrying amount exceeds their acquisition cost | Stocks | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Securities whose carrying amount exceeds their acquisition cost | Debt securities |  |  |  |
|  Securities whose carrying amount exceeds their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese government bonds |  |  |  |
|  Securities whose carrying amount exceeds their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  |  |
|  Securities whose carrying amount exceeds their acquisition cost | Other |  |  |  |
|  Subtotal |  |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | Stocks |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | Debt securities |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese government bonds |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  |  |
|  Securities whose carrying amount does not exceed their acquisition cost | Other | 638 | 665 | (27) |
|  Subtotal |  | 638 | 665 | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  | $638 | $665 | $(27) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Held-to-maturity debt
securities sold

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Available-for-sale securities
sold

Fiscal year ended March 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Amount of sales** | **Total gain on sales** | **Total loss on sales** |
|  Stocks | ¥— | ¥— | ¥— |
|  Debt securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese government bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  |  |
|  Other | 18917 | 3150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥18917 | ¥3150 | ¥— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal year ended March 31, 2025 |  |  |  |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Amount of sales** | **Total gain on sales** | **Total loss on sales** |
|  Stocks | ¥— | ¥— | ¥— |
|  Debt securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese government bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  |  |
|  Other | 16762 | 4818 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | ¥16762 | ¥4818 | ¥— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal year ended March 31, 2025 |  |  |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Amount of sales** | **Total gain on sales** | **Total loss on sales** |
|  Stocks | $— | $— | $— |
|  Debt securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese government bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  |  |  |
|  Other | 112 | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $112 | $32 | $— |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Change in classification of securities

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Impairment of securities

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Money held in trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Money held in trust for trading purposes

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Money held in trust for holding-to-maturity purposes

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other money held in trust (other than trading and holding-to-maturity purposes)

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Net unrealized gains (losses) on available-for-sale securities are as follows:

Fiscal year ended March 31, 2024

---

| | |
|:---|:---|
|  | **(In millions of yen)** |
|  Valuation difference | ¥41226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities (\*) | 41226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other money held in trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Deferred tax assets (or (-) Deferred tax liabilities) |  |
|  Valuation difference on available-for-sale securities (before following adjustments) | ¥41226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (-) Non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) JBIC's interest in valuation difference on available-for-sale securities held by affiliates accounted for using the equity method |  |
|  Valuation difference on available-for-sale securities | ¥41226 |

---

---

| | |
|:---|:---|
| (\*) | Foreign exchange translation differences and other related items for equity and other securities and partnership investments that are denominated in foreign currencies and whose market prices are not available are included in, and presented as, "Available-for-sale securities" under "Valuation difference."  |

---

Fiscal year ended March 31, 2025

---

| | |
|:---|:---|
|  | **(In millions of yen)** |
|  Valuation difference | ¥28329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities (\*) | 28329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other money held in trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Deferred tax assets (or (-) Deferred tax liabilities) |  |
|  Valuation difference on available-for-sale securities (before following adjustments) | ¥28329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (-) Non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) JBIC's interest in valuation difference on available-for-sale securities held by affiliates accounted for using the equity method |  |
|  Valuation difference on available-for-sale securities | ¥28329 |

---

Fiscal year ended March 31, 2025

---

| | |
|:---|:---|
|  | **(In millions of<br>U.S. dollars)** |
|  Valuation difference | $189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities (\*) | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other money held in trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) Deferred tax assets (or (-) Deferred tax liabilities) |  |
|  Valuation difference on available-for-sale securities (before following adjustments) | $189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (-) Non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (+) JBIC's interest in valuation difference on available-for-sale securities held by affiliates accounted for using the equity method |  |
|  Valuation difference on available-for-sale securities | $189 |

---

---

| | |
|:---|:---|
| (\*) | Foreign exchange translation differences and other related items for equity and other securities and partnership investments that are denominated in foreign currencies and whose market prices are not available are included in, and presented as, "Available-for-sale securities" under "Valuation difference."  |

---

------

**20. Derivative transactions** 

Notes to derivative transactions for the fiscal years ended March 31, 2024 and 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Derivative transactions not qualifying for hedge accounting

For derivative transactions not qualifying for hedge accounting, the contract value at the fiscal year end or notional amount defined in agreements, and fair value and valuation gain (loss) and the fair value calculation method are as follows. The contract value does not indicate the market risk of the derivative transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest rate-related transactions

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Currency-related transactions

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Equity-related transactions

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Bond-related transactions

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Commodity-related transactions

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Credit derivative transactions

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivative transactions qualifying for hedge accounting

For derivative transactions qualifying for hedge accounting, the contract value at the fiscal year end or notional amount defined in agreements, and fair value and its calculation method, by hedged item and by hedge accounting method, are as follows. The contract value does not indicate the market risk of the derivative transactions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest rate-related transactions

Fiscal year ended March 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| <br>**Hedge accounting** | **Type** | **Major**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**hedged items**  | **Contract**<br>**value** | **Contract value**<br>**(Maturing**<br>**after one<br>year)** | **Fair value** |
|  Basic accounting method | Interest rate swap | Loans and bills discounted<br>Bonds payable |  |  |  |
|  | Receive/fixed and pay/floating |  | ¥6402658 | ¥5418493 | ¥(410412) |
|  | Receive/floating and pay/fixed |  | 563873 | 548665 | 29259 |
|  | Total |  | ¥— | ¥— | ¥(381153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| **Hedge accounting** | **Type** | **Major**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**hedged items**  | **Contract**<br> **value** | **Contract value**<br> **(Maturing**<br> **after one<br>year)** | **Fair value** |
|  Basic accounting method | Interest rate swap | Loans and bills discounted<br>Bonds payable |  |  |  |
|  | Receive/fixed and pay/floating |  | ¥5885468 | ¥4295508 | ¥(215360) |
|  | Receive/floating and pay/fixed |  | 486483 | 477086 | 14607 |
|  | Total |  | ¥— | ¥— | ¥(200752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal year ended March 31, 2025 |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
| **Hedge accounting** | **Type** | **Major**<br> **hedged items** | **Contract**<br> **value** | **Contract value**<br> **(Maturing**<br> **after one<br>year)** | **Fair value** |
|  Basic accounting method | Interest rate swap | Loans and bills discounted<br>Bonds payable |  |  |  |
|  | Receive/fixed and pay/floating |  | $39362 | $28729 | $(1440) |
|  | Receive/floating and pay/fixed |  | 3254 | 3191 | 98 |
|  | Total |  | $— | $— | $(1342) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Currency-related transactions

Fiscal year ended March 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| <br>**Hedge accounting** | **Type** | **Major**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**hedged items**  | **Contract**<br>**value** | **Contract value**<br>**(Maturing**<br>**after one**<br>**year)** | **Fair value** |
|  Basic accounting method | Currency swap | Loans and bills discounted | ¥5076131 | ¥4799311 | ¥(613628) |
|  | Forward foreign exchange contracts | Investments in capital and other items |  |  |  |
|  | Sell |  | 22983 |  | (11) |
|  | Buy |  |  |  |  |
|  | Total |  | ¥— | ¥— | ¥(613639) |

---

Note These are mainly accounted for using the deferral method of hedge accounting under the Industry-specific Committee Practical Guideline No. 25.

Fiscal year ended March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| <br>**Hedge accounting** | **Type** | **Major**<br> **hedged items** | **Contract**<br>**value** | **Contract value**<br>**(Maturing**<br>**after one**<br>**year)** | **Fair value** |
|  Basic accounting method | Currency swap | Loans and<br> bills discounted | ¥5126226 | ¥4740454 | ¥(608531) |
|  | Forward foreign exchange contracts | Investments in capital and other items |  |  |  |
|  | Sell |  | 8793 |  | 21 |
|  | Buy |  |  |  |  |
|  | Total |  | ¥— | ¥— | ¥(608510) |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal year ended March 31, 2025 | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal year ended March 31, 2025 | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal year ended March 31, 2025 |  |  |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
| **Hedge accounting** | **Type** | **Major**<br> **hedged items** | **Contract**<br>**value** | **Contract value**<br>**(Maturing**<br>**after one**<br>**year)** | **Fair value** |
|  Basic accounting method | Currency swap | Loans and<br> bills discounted | $34285 | $31704 | $(4070) |
|  | Forward foreign exchange contracts | Investments in capital and other items |  |  |  |
|  | Sell |  | 59 |  | 0 |
|  | Buy |  |  |  |  |
|  | Total |  | $— | $— | $(4070) |

---

Note These are mainly accounted for using the deferral method of hedge accounting under the Industry-specific Committee Practical Guideline No. 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Equity-related transactions

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Bond-related transactions

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

------

**21. Retirement benefits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Overview of retirement benefit plans

JBIC abolished the welfare pension fund plan effective October 1, 2014 and has established a defined benefit corporate pension plan and a defined contribution pension plan.

JBIC has a defined benefit pension plan comprised of a corporate pension plan (transferred from a welfare pension fund plan effective October 1, 2014) and a lump-sum severance indemnity plan. Although JBIC's corporate pension plan is a multi-employer plan, the amount of the pension assets corresponding to its own contribution can be reasonably calculated based on the ratio of the projected benefit obligations, and therefore notes are included in the following notes related to the defined pension plan.

Under the corporate pension plan (funded type), pension or lump-sum payments are provided based on salary and service period. Under the lump-sum severance indemnity plan (unfunded type), lump-sum payments are provided as retirement benefits based on salary and service period. In addition, JBIC has established a defined contribution-type retirement benefit plan effective October 1, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Defined benefit pension plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Changes in the projected benefit obligation

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **For the year ended<br>March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Projected benefit obligation at the beginning of the fiscal year | ¥10564 | ¥9976 | $67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service cost | 439 | 420 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest cost | 72 | 99 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial gains (losses) | (334) | (479) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit paid | (765) | (712) | (5) |
|  Projected benefit obligation at the end of the fiscal year | ¥9976 | ¥9304 | $62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Changes in the plan assets

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **For the year ended<br>March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Pension assets at the beginning of the fiscal year | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected return on plan assets | 97 | 106 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial gains (losses) | 458 | (126) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions by the employer | 138 | 144 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit paid | (223) | (223) | (2) |
|  Pension assets at the end of the fiscal year | ¥5345 | ¥5246 | $35 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Reconciliation of the projected benefit obligation and plan assets and net defined benefit liability and net
defined benefit asset in the consolidated balance sheets

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br> **March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Funded projected benefit obligation | ¥5429 | ¥4828 | $32 |
|  Fair value of plan assets | (5345) | (5246) | (35) |
|  | 83 | (418) | (3) |
|  Unfunded projected benefit obligation | 4547 | 4476 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amount of assets and liabilities in the consolidated balance sheets | ¥4631 | ¥4057 | $27 |
|  Defined benefit liability | 4631 | 4476 | 30 |
|  Defined benefit asset |  | (418) | (3) |
|  Net amount of assets and liabilities in the consolidated balance sheets | ¥4631 | ¥4057 | $27 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Components of retirement benefit expense

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **For the year ended<br>March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Service cost | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
|  Interest cost | 72 | 99 | 0 |
|  Expected return on plan assets | (97) | (106) | (1) |
|  Realized actuarial loss | (792) | (353) | (2) |
|  Retirement benefit expense | ¥(377) | ¥60 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Plan assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Major components of plan assets

Percentages of components to the total are as follows:

---

| | | |
|:---|:---|:---|
| **Category** | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** |
|  Debt securities | 62% | 61% |
|  Stocks | 27% | 28% |
|  General accounts of life insurance companies | 10% | 11% |
|  Cash and due from banks | 0% | 0% |
|  Other | 1% | 0% |
|  Total | 100% | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Method of determining the long-term expected rate of return on plan assets

The long-term expected rate of return on plan assets is determined based on the current and projected pension asset allocations as well as on the current and future rates of return expected from various assets that are components of plan assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Principal assumptions used

Principal assumptions used in actuarial calculations

---

| | | |
|:---|:---|:---|
| **Category** | **For the year ended**<br>**March 31, 2024** | **For the year ended**<br>**March 31, 2025** |
|  Discount rate | 1.00% | 1.72% |
|  Expected rate of return on plan assets | 2.00% | 2.00% |
|  Expected rate of salary increase | 4.05% | 4.04% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Defined contribution plan

Fiscal year ended March 31, 2024

The amount of contribution required to be made to the defined contribution plan was ¥28 million.

Fiscal year ended March 31, 2025

The amount of contribution required to be made to the defined contribution plan was ¥30 million ($0 million).

**22. Deferred tax accounting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Components of deferred tax assets and deferred tax liabilities

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br> **March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Deferred tax assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income recognized for tax purposes | 106 | 165 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt expenses not deducted for tax purposes | 1 | 2 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation difference on available-for-sale securities |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3 | 9 | 0 |
|  Sub total | 111 | 176 | 1 |
|  Valuation allowance | (108) | (167) | (1) |
|  Total deferred tax assets | ¥3 | ¥9 | $0 |

---

Deferred tax assets are included in, and presented as, Other assets in the consolidated balance sheets. Income taxes – deferred is included in, and presented as "Income taxes – current" in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Components of major items resulting in a significant difference between the effective statutory tax rate and
the rate of income tax and other taxes after applying deferred tax accounting

This information is not presented since JBIC is a nontaxable entity defined in the Article 2, Item 5 of the Corporation Tax Act (Act No. 34 of 1965) and therefore there is no significant difference between the effective statutory tax rate and the rate of income tax and other taxes after applying deferred tax accounting.

**23. Business combinations and transactions with non-controlling interests** 

Business combinations through acquisition

On June 18, 2024, JBIC IG Partners, which is a consolidated subsidiary of JBIC, acquired additional common stock of JB Nordic General Partner S.à r.l ("JB Nordic GP"), which was an affiliate of the JBIC Group. As a result, the percentage of voting rights in JB Nordic GP reached 99.99%, and therefore, JB Nordic GP became a consolidated subsidiary on the same date. In addition, JB Nordic Fund I SCSp, over which JB Nordic GP has full operational authority and which was an affiliate of the JBIC Group, became a consolidated subsidiary on the same date.

On August 2, 2024, JBIC IG Partners, acquired additional common stock of NordicNinja Fund II General Partner S.à r.l ("NordicNinja Fund II GP"), which was an affiliate of the JBIC Group. As a result, the percentage of voting rights in NordicNinja Fund II GP reached 100%, and therefore, NordicNinja Fund II GP became a consolidated subsidiary on the same date. In addition, NordicNinja Fund II SCSp, over which NordicNinja Fund II GP has full operational authority and which was an affiliate of the JBIC Group, became a consolidated subsidiary on the same date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Overview of the business combinations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Name and nature of business of the acquired companies

---

| | |
|:---|:---|
| Name of the acquired companies: | JB Nordic GP and JB Nordic Fund I SCSp |
|  | NordicNinja Fund II GP and NordicNinja Fund II SCSp |
| Nature of business: | Investment business |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Main reason for the business combinations

JBIC IG Partners, a consolidated subsidiary of JBIC, has established JB Nordic Fund I SCSp, which is a venture capital fund that invests in startups in the Nordic and Baltic regions, and NordicNinja Fund II SCSp, which is a venture capital fund specializing in investments in startups within the "sustainability x digital" field in the Northern Europe. By acquiring additional stock of JB Nordic GP and NordicNinja Fund II GP, which are general partners of these venture capital funds, JBIC will further strengthen this investment business.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Date of the business combinations

---

| | |
|:---|:---|
| JB Nordic GP and JB Nordic Fund I SCSp: | June 18, 2024 |
|  | (deemed acquisition date: April 1, 2024) |
| NordicNinja Fund II GP and NordicNinja Fund II SCSp: | August 2, 2024 |
|  | (deemed acquisition date: September 30, 2024) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Legal form of the business combinations

Acquisition of the stock of JB Nordic GP and NordicNinja Fund II GP in exchange for cash

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Name of the combined company

No change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Percentage of voting rights acquired

---

| | |
|:---|:---|
|  JB Nordic GP: |  |
|  Percentage of voting rights held immediately before the business combination | 50% |
|  Percentage of voting rights additionally acquired on the business combination date | 49.99% |
|  Percentage of voting rights after the acquisition | 99.99% |
|  NordicNinja Fund II GP: |  |
|  Percentage of voting rights held immediately before the business combination | 50% |
|  Percentage of voting rights additionally acquired on the business combination date | 50% |
|  Percentage of voting rights after the acquisition | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Main basis for determining the acquiring company

JBIC IG Partners acquired the shares in exchange for cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Period of the acquired companies' performance included in the consolidated statements of operations for
the fiscal year ended March 31, 2025

JB Nordic GP and JB Nordic Fund I SCSp: From January 1, 2024 to December 31, 2024 <br> NordicNinja Fund II GP and NordicNinja Fund II SCSp: From July 1, 2024 to December 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fair value of the shares in the companies acquired

JB Nordic GP:

---

| | | |
|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of U.S. dollars)** |
|  Fair value of common stock held prior to the business combination, as of the business combination date | ¥959 | $6 |
|  Consideration for common stock additionally acquired: Cash | 110 | 1 |
|  Fair value of shares | ¥1069 | $7 |
| JB Nordic Fund I SCSp: |  |  |
|  | **(In millions of yen)** | **(In millions of U.S. dollars)** |
|  Fair value of investments held prior to the business combination, as of the business combination date | ¥8959 | $60 |
|  Fair value of shares | ¥8959 | $&nbsp;&nbsp;&nbsp;&nbsp;60 |
| NordicNinja Fund II GP: |  |  |
|  | **(In millions of yen)** | **(In millions of U.S. dollars)** |
|  Fair value of common stock held prior to the business combination, as of the business combination date | ¥25 | $0 |
|  Consideration for common stock additionally acquired: Cash | 0 | 0 |
|  Fair value of shares | ¥26 | $0 |
| NordicNinja Fund II SCSp: |  |  |
|  | **(In millions of yen)** | **(In millions of U.S. dollars)** |
|  Fair value of investments held prior to the business combination, as of the business combination date | ¥2887 | $19 |
|  Fair values of shares | ¥2887 | $19 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Difference between the original acquisition cost of the shares held immediately before the business
combinations and their fair values as of the business combination date, which was recognized as gain on step acquisitions.

---

| | | |
|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of U.S. dollars)** |
|  JB Nordic GP and JB Nordic Fund I SCSp: |  |  |
|  Gain on step acquisitions | ¥2368 | $16 |
|  NordicNinja Fund II GP and NordicNinja Fund II SCSp: |  |  |
|  Gain on step acquisitions | ¥190 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Amounts and components of major assets acquired and major liabilities assumed on the business combination date<br>JB Nordic Fund I SCSp<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amount of assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Amounts and components of major assets acquired and major liabilities assumed on the business combination date<br>JB Nordic Fund I SCSp<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amount of assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Amounts and components of major assets acquired and major liabilities assumed on the business combination date<br>JB Nordic Fund I SCSp<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amount of assets |
|  | **(In millions of yen)** | **(In millions of U.S. dollars)** |
|  Total assets | ¥24328 | $163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which, securities | 23506 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amount of liabilities |  |  |
|  | **(In millions of yen)** | **(In millions of U.S. dollars)** |
|  Total liabilities | ¥7 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which, other liabilities | 7 | 0 |

---

NordicNinja Fund II SCSp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amount of assets

---

| | | |
|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of U.S. dollars)** |
|  Total assets | ¥6607 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which, securities | 4113 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amount of liabilities |  |  |
|  | **(In millions of yen)** | **(In millions of U.S. dollars)** |
|  Total liabilities | ¥5 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which, other liabilities | 5 | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Amount and cause of occurrence of gain on bargain purchase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amount of gain on bargain purchase

---

| | |
|:---|:---|
| JB Nordic GP and JB Nordic Fund I SCSp: | ¥1 million ($0 million) |
| NordicNinja Fund II GP and NordicNinja Fund II SCSp: | Not applicable |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Cause of occurrence of gain on bargain purchase

As the fair value of the net assets of the acquired company as of the business combination date exceeded the consideration, the difference was recognized as gain on bargain purchase.

Transactions with non-controlling interests

On December 16, 2024, JBIC IG Partners, partially sold the common stock of JB Nordic General Partner S.à r.l ("JB Nordic GP"), which is a consolidated subsidiary of the JBIC Group.

Additionally, on December 16, 2024, JBIC IG Partners, partially sold the common stock of NordicNinja Fund II General Partner S.à r.l ("NordicNinja Fund II GP"), which is a consolidated subsidiary of the JBIC Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Overview of the transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Name and nature of business of the parties to the transactions

---

| | |
|:---|:---|
| Name of the parties to the transactions: | JB Nordic GP |
|  | NordicNinja Fund II GP |
| Nature of business: | Investment business |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Date of the transactions

December 16, 2024 (deemed sale date: October 1, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Legal form of the transactions

Partial sale of the stock of JB Nordic GP and NordicNinja Fund II GP in exchange for cash

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Name of the parties after the transactions

No change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Other matters regarding the overview of the transactions

JB Nordic GP's stock, which was partially sold, accounted for 24.99% of the voting rights, and the remaining percentage of the voting rights after the sale is 75%. In addition, NordicNinja Fund II GP's stock, which was partially sold, accounted for 25% of the voting rights, and the remaining percentage of the voting rights after the sale is 75%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Overview of the accounting treatment applied

Based on the "Accounting Standard for Business Combinations" (ASBJ Statement No. 21 issued on January 16, 2019) and the "Implementation Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures" (ASBJ Guidance No. 10 issued on January 16, 2019), these transactions are accounted for as transactions with non-controlling interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Matters related to changes in the JBIC Group's ownership interest due to transactions with non-controlling interests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Major factor of changes in capital surplus

Partial sale of shares of subsidiaries not resulting in change in scope of consolidation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amount of capital surplus decreased due to transactions with non-controlling interests

¥1 million ($0 million)

**24. Revenue recognition** 

Information on the components of revenue from contracts with customers is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Category** | **For the year ended**<br>**March 31, 2024** | **For the year ended**<br>**March 31, 2025** | **For the year ended**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Ordinary income | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133061 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which, Fees and commissions | 29625 | 21150 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing and other similar activities | 29384 | 20485 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments and other similar activities | 240 | 664 | 4 |

---

Notes 1. Revenue presented in the above table has arisen from "Ordinary Operations" and "Special Operations." <br> 2. The above table includes revenue that is based on "Accounting Standard for Financial Instruments" (ASBJ Statement No. 10).

**25. Segment information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Segment summary

The JBIC Group's operating segments are those for which discrete financial information is available, and whose operating results are regularly reviewed by JBIC's management.

The JBIC Group is a policy-based financial institution wholly owned by the Japanese government, which has the purpose of contributing to the sound development of Japan and the international economy and society, while supplementing the financial transactions implemented by private-sector financial institutions by performing financial operations from four viewpoints: i.e., "promotion of the overseas development and securement of resources which are important for Japan"; "maintenance and improvement of the international competitiveness of Japanese industries"; "promotion of the overseas business having the purpose of preserving the global environment, such as preventing global warming"; and "prevention of disruptions to international financial order or implementation of appropriate measures with respect to damages caused by such disruption." To achieve these purposes, for business operations defined under the Act on Japan Bank for International Cooperation and other acts, JBIC has two reporting segments: "Ordinary Operations" account and "Special Operations" account. Accounting operations are separately carried out for respective accounts.

------

The "Ordinary Operations" account covers the businesses which are not included in the "Special Operations" account of the JBIC Group. The Ordinary Operations account also includes the investment business of the consolidated subsidiaries.

The "Special Operations" account includes the businesses that offer financing services such as lending to overseas infrastructure business projects that has risks but generate a sufficient level of expected return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Method of calculating ordinary income, profit or loss, assets, liabilities and other items by reportable
segment

Accounting treatments applied to business segments reported are the same as those disclosed in "Notes to Consolidated Financial Statements." The amount of profit (or loss) of reportable segments is based on Net income attributable to owner of parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Information about the amount of ordinary income, profit or loss, assets, liabilities and other items by
reportable segment

Fiscal year ended March 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Ordinary<br>Operations** | **Special<br>Operations** | **Sub-total for<br>reportable<br>segments** | **Adjustments** | **Amount<br>reported in the<br>consolidated<br>financial<br>statements** |
|  Ordinary income |  |  |  |  |  |
| (1) Ordinary income from customers | ¥1131310 | ¥1796 | ¥1133107 | ¥(45 | ¥1133061 |
| (2) Intersegment ordinary income | 55 |  | 55 | (55) |  |
|  Total | ¥1131366 | ¥1796 | ¥1133162 | ¥(100 | ¥1133061 |
|  Segment profit | 62139 | 203 | 62342 |  | 62342 |
|  Segment assets | 21320106 | 337035 | 21657142 | (34) | 21657108 |
|  Segment liabilities | 18665506 | 6611 | 18672117 | (34) | 18672083 |
|  Other items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 3637 |  | 3637 |  | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1020410 | 1648 | 1022058 |  | 1022058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 901853 | 895 | 902748 |  | 902748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses of equity method investments | 95 |  | 95 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extraordinary income | 5 |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of noncurrent assets | 5 |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extraordinary loss | 899 |  | 899 |  | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment losses | 899 |  | 899 |  | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expenses | 54 |  | 54 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | 27167 |  | 27167 |  | 27167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in Property, plant and equipment and Intangible assets | 9596 |  | 9596 |  | 9596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of allowance for loan losses Provision of allowance for loan losses | — <br> 125931 | 45<br> —  | 45<br> 125931 | (45<br> (45 | — <br> 125886 |

---

---

| | | |
|:---|:---|:---|
| Notes | 1. | Ordinary income is disclosed in place of sales for non-financial companies. Adjustments for the difference represent adjustments related to the difference between ordinary income and Ordinary income disclosed in the consolidated statements of operations. |
|  | 2. | Adjustments above are as described below.<br> (1) Adjustments to ordinary income from customers, which were ¥(45) million, represent reclassification of accounts.<br> (2) Other adjustments represent elimination of intersegment transactions. |

---

------

Fiscal year ended March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Ordinary<br>Operations** | **Special<br>Operations** | **Sub-total for<br>reportable<br>segments** | **Adjustments** | **Amount<br>reported in the<br>consolidated<br>financial<br>statements** |
|  Ordinary income |  |  |  |  |  |
| (1) Ordinary income from customers | ¥1025022 | ¥3958 | ¥1028981 | ¥(106) | ¥1028875 |
| (2) Intersegment ordinary income | 67 |  | 67 | (67) |  |
|  Total | ¥1025090 | ¥3958 | ¥1029049 | ¥(174) | ¥1028875 |
|  Segment profit | 86685 | (379) | 86306 |  | 86306 |
|  Segment assets | 20129425 | 335366 | 20464792 | (38) | 20464753 |
|  Segment liabilities | 17212144 | 6725 | 17218869 | (38) | 17218831 |
|  Other items |  |  |  |  |  |
|  Depreciation and amortization | 4359 |  | 4359 |  | 4359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 983148 | 1124 | 984272 |  | 984272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 866537 | 616 | 867154 |  | 867154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profits of equity method investments | 16 |  | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment losses on equity and other securities | 11911 | 2186 | 14098 |  | 14098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extraordinary income | 2575 |  | 2575 |  | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of noncurrent assets | 15 |  | 15 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on step acquisitions | 2558 |  | 2558 |  | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on bargain purchase | 1 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expenses | 217 |  | 217 |  | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | 2073 |  | 2073 |  | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in Property, plant and equipment and Intangible assets | 3889 |  | 3889 |  | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of allowance for loan losses |  | 106 | 106 | (106) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision of allowance for loan losses | 20631 |  | 20631 | (106) | 20524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal year ended March 31, 2025 |  |  |  |  |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Ordinary<br>Operations** | **Special<br>Operations** | **Sub-total for<br>reportable<br>segments** | **Adjustments** | **Amount<br>reported in the<br>consolidated<br>financial<br>statements** |
|  Ordinary income |  |  |  |  |  |
| (1) Ordinary income from customers | $6856 | $26 | $6882 | $(1) | $6881 |
| (2) Intersegment ordinary income | 0 |  | 0 | (0) |  |
|  Total | $6856 | $26 | $6882 | $(1) | $6881 |
|  Segment profit | 580 | (3) | 577 |  | 577 |
|  Segment assets | 134626 | 2243 | 136869 | (0) | 136869 |
|  Segment liabilities | 115115 | 45 | 115160 | (0) | 115160 |
|  Other items |  |  |  |  |  |
|  Depreciation and amortization | 29 |  | 29 |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 6575 | 8 | 6583 |  | 6583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 5795 | 4 | 5799 |  | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profits of equity method investments  | 0 | —  | 0 | —  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment losses on equity and other securities | 79 | 15 | 94 |  | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extraordinary income | 17 |  | 17 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of noncurrent assets | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on step acquisitions | 17 |  | 17 |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on bargain purchase | 0 |  | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expenses | 1 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | 14 |  | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in Property, plant and equipment and Intangible assets | 26 |  | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of allowance for loan losses |  | 1 | 1 | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision of allowance for loan losses | 138 |  | 138 | (1) | 137 |

---

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---

| | | |
|:---|:---|:---|
| Notes | 1. | Ordinary income is disclosed in place of sales for non-financial companies. Adjustments for the difference represent adjustments related to the difference between ordinary income and Ordinary income disclosed in the consolidated statements of operations. |
|  | 2. | Adjustments above are as described below.<br> (1) Adjustments to ordinary income from customers, which were ¥(106) million ($(1) million), represent reclassification of accounts.<br> (2) Other adjustments represent elimination of intersegment transactions. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Related information

Fiscal year ended March 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Information about services

The information about services is not presented since ordinary income from outside customers in relation to the loan, guarantee and equity participation operations is more than 90% of Ordinary income on the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Information about geographical areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Ordinary income:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| **Japan** | **United<br>States** | **Asia/<br>Oceania** | **Europe/**<br>**Middle East**<br>**/Africa** | **North America/**<br>**Latin America**<br>**(excluding<br>United States)** | **Total** |
| ¥&nbsp;&nbsp;&nbsp;&nbsp;371979 | ¥117337 | ¥292847 | ¥251914 | ¥98982 | ¥1133061 |

---

Notes 1. Ordinary income is disclosed in place of sales for non-financial companies. <br> 2. Ordinary income is disclosed based on the location of the customers and is classified by country or region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Property, plant and equipment

The information about property, plant and equipment is not presented since more than 90% of Property, plant equipment on the consolidated balance sheets is located in Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Information about major customers

The information about major customers is not presented since there are no transactions with a certain customer which result in more than 10% of Ordinary income on the consolidated statements of operations.

Fiscal year ended March 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Information about services

The information about services is not presented since ordinary income from outside customers in relation to the loan, guarantee and equity participation operations is more than 90% of Ordinary income on the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Information about geographical areas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Ordinary income:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| **Japan** | **United<br>States** | **Asia/<br>Oceania** | **Europe/**<br>**Middle East**<br>**/Africa** | **North America/**<br>**Latin America**<br>**(excluding<br>United States)** | **Total** |
| ¥326502 | ¥104092 | ¥265244 | ¥234565 | ¥98470 | ¥1028875 |
| **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
| **Japan** | **United<br>States** | **Asia/<br>Oceania** | **Europe/<br>Middle East**<br>**/Africa** | **North America/**<br>**Latin America**<br>**(excluding<br>United States)** | **Total** |
| $2184 | $696 | $1774 | $1569 | $658 | $6881 |

---

Notes 1. Ordinary income is disclosed in place of sales for non-financial companies. <br> 2. Ordinary income is disclosed based on the location of the customers and is classified by country or region.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Property, plant and equipment

The information about property, plant and equipment is not presented since more than 90% of Property, plant equipment on the consolidated balance sheets is located in Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Information about major customers

The information about major customers is not presented since there are no transactions with a certain customer which result in more than 10% of Ordinary income on the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Information about impairment losses of property, plant and equipment in reportable segments

Fiscal year ended March 31, 2024

The information about impairment losses is omitted because the amount is immaterial.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Information about the amortization and balance of goodwill in reportable segments

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Information about gains from the recognition of gain on bargain purchase in reportable segments

Fiscal year ended March 31, 2024

Not applicable.

Fiscal year ended March 31, 2025

The information about gains from the recognition of gain on bargain purchase is not presented because the amount is immaterial.

------

**26. Related-party information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Related party transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Related party transactions with JBIC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Transactions with major shareholder

Fiscal year ended March 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Related**<br> **party**<br> **name** | **Location** | **Capital** | **Business** | **Ratio to**<br> **total**<br> **voting**<br> **rights (%)** | **Relationship**<br> **with**<br> **related**<br> **parties** | **Transactions** | **Amounts of**<br>**transactions**<br>**(Note 4)** | **Items** | **Balance as of**<br>**March 31,<br>2024**<br>**(Note 4)** |
| Principal shareholder | Ministry of<br>Finance<br>(Minister of<br>Finance) | Chiyoda-ku,<br>Tokyo |  | Administration for policy based<br>financing | 100 (Direct) | Receipt of<br>funds | Capital subscription (Note 1) | ¥103000 |  | ¥— |
|  |  |  |  |  |  |  | Receipt of funds<br> (Note 2) | 5632677 | Borrowed money | 9193988 |
|  |  |  |  |  |  |  | Repayment<br>of borrowed money | 5728455 |  |  |
|  |  |  |  |  |  |  | Payment of interest on<br>borrowed money<br> (Note 2) | 362856 | Accrued expense | 101936 |
|  |  |  |  |  |  |  | Guarantee for corporate<br> bonds (Note 3) | 6616856 |  |  |

---

---

| | | |
|:---|:---|:---|
| Notes | 1. | Ministry of Finance subscribed new shares issued by JBIC through an allotment to the shareholder for ¥1 per share. |
|  | 2. | Receipt of funds represents borrowings from the FILP special account and Foreign Exchange Funds Special Account ("FEFSA"). FILP interest rates are<br>applied in accordance with the FILP agreement, while the interest rates under the respective agreements related to the FEFSA are applied to borrowings<br>from foreign exchange funds. |
|  | 3. | No guarantee fee has been paid for the guarantee of bonds. |
|  | 4. | Figures in the table above do not include consumption taxes. |

---

------

Fiscal year ended March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Related<br>party**<br> **name** | **Location** | **Capital** | **Business** | **Ratio to**<br> **total**<br> **voting**<br> **rights (%)** | **Relationship**<br> **with**<br> **related**<br> **parties** | **Transactions** | **Amounts of**<br>**transactions**<br>**(Note 4)** | **Items** | **Balance as of<br>March 31,<br>2025**<br>**(Note 4)** |
| Principal shareholder | Ministry of<br>Finance<br>(Minister of<br>Finance) | Chiyoda-ku,<br>Tokyo |  | Administration for policy based<br>financing | 100 (Direct) | Receipt of<br> funds | Capital subscription (Note 1) | ¥121000 |  | ¥— |
|  |  |  |  |  |  |  | Receipt of funds<br> (Note 2) | 2068082 | Borrowed money | 8720489 |
|  |  |  |  |  |  |  | Repayment<br> of borrowed money | 2484485 |  |  |
|  |  |  |  |  |  |  | Payment of interest on<br> borrowed money<br> (Note 2) | 337833 | Accrued expense | 68017 |
|  |  |  |  |  |  |  | Guarantee for corporate<br> bonds (Note 3) | 6089651 |  |  |
| Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2025 |  |  |  |  |  |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Related<br>party**<br> **name** | **Location** | **Capital** | **Business** | **Ratio to**<br> **total**<br> **voting**<br> **rights (%)** | **Relationship**<br> **with**<br> **related**<br> **parties** | **Transactions** | **Amounts of**<br>**transactions**<br>**(Note 4)** | **Items** | **Balance as of**<br>**March 31,<br>2025**<br>**(Note 4)** |
| Principal shareholder | Ministry of<br>Finance<br>(Minister of<br> Finance) | Chiyoda-ku,<br> Tokyo |  | Administration for policy based<br> financing | 100 (Direct) | Receipt of<br> funds | Capital subscription (Note 1) | $809 |  | $— |
|  |  |  |  |  |  |  | Receipt of funds<br> (Note 2) | 13831 | Borrowed money | 58323 |
|  |  |  |  |  |  |  | Repayment<br> of borrowed money | 16616 |  |  |
|  |  |  |  |  |  |  | Payment of interest on<br> borrowed money<br> (Note 2) | 2259 | Accrued expenses | 455 |
|  |  |  |  |  |  |  | Guarantee for corporate<br> bonds (Note 3) | 40728 |  |  |

---

---

| | | |
|:---|:---|:---|
| Notes | 1. | Ministry of Finance subscribed new shares issued by JBIC through an allotment to the shareholder for ¥1 ($0.007) per share. |
|  | 2. | Receipt of funds represents borrowings from the FILP special account and FEFSA. FILP interest rates are applied in accordance with the FILP<br>agreement, while the interest rates under the respective agreements related to the FEFSA are applied to borrowings from foreign exchange funds. |
|  | 3. | No guarantee fee has been paid for the guarantee of bonds. |
|  | 4. | Figures in the table above do not include consumption taxes. |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transactions with fellow subsidiaries and subsidiaries of any other associated companies

Fiscal year ended March 31, 2024

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Corporate**<br> **name** | **Location** | **Capital** | **Business** | **Ratio to**<br>**total**<br>**voting**<br>**rights (%)** | **Relationship**<br>**with**<br>**related**<br>**parties** | **Transactions** | **Amounts of**<br>**transactions** | **Items** | **Balance**<br>**as of**<br>**March 31,**<br>**2024** |
| Entities that had the majority of their voting rights held by principal shareholder | Japan International<br> Cooperation<br> Agency | Chiyoda-ku, Tokyo | ¥8405269 | Official<br> development<br> assistance |  | Joint<br> obligor | Joint<br> obligations | ¥20,000<br> (Notes 1, 3)  |  | ¥— |
|  | Japan<br> Finance<br> Corporation | Chiyoda-ku, Tokyo | 11768477 | Finance |  | Joint<br> obligor | Joint<br> obligations | 60,000<br> (Notes 2, 3)  |  |  |

---

---

| | | |
|:---|:---|:---|
|  Notes | 1. | JBIC assumed the obligations of the JBIC bonds in accordance with Article 12 (1) of the Supplementary Provisions of the JBIC Act, and the Japan International Cooperation Agency ("JICA") is jointly responsible for the obligations of these bonds in accordance with the provision of Article 4 (1) of Supplementary Provisions of the Japan International Cooperation Agency Act (Act No. 136 of 2002). Pursuant to Article 4 (2) hereof, all of JICA's assets are pledged as general collateral for these joint obligations. |
|  | 2. | JBIC is jointly responsible for the obligations of JFC bonds in accordance with Article 17 (1) (ii) of Supplementary Provisions of the JBIC Act. In accordance with Article 17 (2) hereof, all of JBIC's assets are all pledged as general collateral for these joint obligations. |
|  | 3. | In relation to these joint obligations, no transactions are recognized in the consolidated statements of operations. |

---

Fiscal year ended March 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Corporate**<br> **name** | **Location** | **Capital** | **Business** | **Ratio to**<br>**total**<br>**voting**<br>**rights (%)** | **Relationship**<br>**with**<br>**related**<br>**parties** | **Transactions** | **Amounts of**<br>**transactions** | **Items** | **Balance**<br>**as of**<br>**March 31,**<br>**2025** |
| Entities that had the majority of their voting rights held by principal shareholder | Japan International<br> Cooperation<br> Agency | Chiyoda-ku, Tokyo | ¥8486599 | Official<br> development<br> assistance |  | Joint<br> obligor | Joint<br> obligations | ¥20,000<br> (Notes 1, 3)  |  | ¥— |
|  | Japan<br> Finance<br> Corporation | Chiyoda-ku, Tokyo | 11768625 | Finance |  | Joint<br> obligor | Joint<br> obligations | 60,000<br> (Notes 2, 3)  |  |  |
| Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2025 | Fiscal year ended March 31, 2025 |  |  |  |  |  |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Corporate**<br> **name** | **Location** | **Capital** | **Business** | **Ratio to**<br>**total**<br>**voting**<br>**rights (%)** | **Relationship**<br>**with**<br>**related**<br>**parties** | **Transactions** | **Amounts of**<br>**transactions** | **Items** | **Balance**<br>**as of**<br>**March 31,**<br>**2025** |
| Entities that had the majority of their voting rights held by principal shareholder | Japan International<br> Cooperation<br> Agency | Chiyoda-ku,<br> Tokyo | $56759 | Official<br> development<br> assistance |  | Joint<br> obligor | Joint<br>obligations | $134<br> (Notes 1, 3)  |  | $— |
|  | Japan<br> Finance<br> Corporation | Chiyoda-ku,<br> Tokyo | 78709 | Finance |  | Joint<br> obligor | Joint<br>obligations | 401<br> (Notes 2, 3)  |  |  |

---

---

| | | |
|:---|:---|:---|
|  Notes | 1. | JBIC assumed the obligations of the JBIC bonds in accordance with Article 12 (1) of the Supplementary Provisions of the JBIC Act, and the Japan International Cooperation Agency ("JICA") is jointly responsible for the obligations of these bonds in accordance with the provision of Article 4 (1) of Supplementary Provisions of the Japan International Cooperation Agency Act (Act No. 136 of 2002). Pursuant to Article 4 (2) hereof, all of JICA's assets are pledged as general collateral for these joint obligations. |
|  | 2. | JBIC is jointly responsible for the obligations of JFC bonds in accordance with Article 17 (1) (ii) of Supplementary Provisions of the JBIC Act. In accordance with Article 17 (2) hereof, all of JBIC's assets are all pledged as general collateral for these joint obligations. |
|  | 3. | In relation to these joint obligations, no transactions are recognized in the consolidated statements of operations. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Transactions between consolidated subsidiaries and related parties

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Notes to the parent company or significant affiliates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Parent company information

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Condensed financial information of significant affiliates

Significant affiliates of JBIC are IFC Capitalization (Subordinated Debt) Fund, L.P. and IFC Capitalization (Equity) Fund, L.P in the current fiscal year. Their condensed financial information is as shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended<br>March 31, 2024** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Total assets | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23584 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
|  Total liabilities | 88 | 69 | 1 |
|  Total net assets | 23495 | 4994 | 33 |
|  Gain on investment | 2890 | 609 | 4 |
|  Net income before income taxes | 2686 | (184) | (1) |
|  Net income | 2686 | (184) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **27. Amounts per share**<br>Amounts per share as of and for the fiscal years ended March 31, 2024 and 2025 are calculated as follows: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **27. Amounts per share**<br>Amounts per share as of and for the fiscal years ended March 31, 2024 and 2025 are calculated as follows: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **27. Amounts per share**<br>Amounts per share as of and for the fiscal years ended March 31, 2024 and 2025 are calculated as follows: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **27. Amounts per share**<br>Amounts per share as of and for the fiscal years ended March 31, 2024 and 2025 are calculated as follows: |
|  | **For the year ended**<br>**March 31, 2024** | **For the year ended**<br>**March 31, 2025** | **For the year ended**<br>**March 31, 2025** |
|  | **(In yen)** | **(In yen)** | **(In U.S. dollars)** |
|  Net assets per share of common stock | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
|  Net income per share of common stock | 0.03 | 0.04 | 0.00 |

---

---

| | | |
|:---|:---|:---|
| Note | 1. | Net income per share of common stock is based on the following information. |
|  |  | Diluted net income per share of common stock is not presented since there are no dilutive shares. |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended**<br>**March 31, 2024** | **For the year ended**<br>**March 31, 2025** | **For the year ended**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Net income attributable to owner of parent | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62342 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 |
|  Amount not attributable to common stock |  |  |  |
|  Net income attributable to owner of parent related to common stock | 62342 | 86306 | 577 |
|  Average number of outstanding shares of common stock (during the fiscal year) | 1,960,488,524<br> thousand shares | 2,063,789,041<br> thousand shares |  |

---

Note 2. Net assets per share of common stock is based on the following information.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** |
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of**<br> **U.S. dollars)** |
|  Net assets | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985025 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21709 |
|  Deductions from net assets | 258 | 19402 | 130 |
|  (Non-controlling interests) | 258 | 19402 | 130 |
|  Net assets related to common stock | 2984767 | 3226520 | 21579 |
|  Year-end number of outstanding shares of common stock based on which net assets per share was calculated | 2,061,800,000<br> thousand shares | 2,182,800,000<br> thousand shares |  |

---

------

**28. Bonds payable** 

Bonds payable as of March 31, 2025 are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
| **Name of<br>company** | **Description of<br>bonds payable** | **Date of**<br>**issuance** | **Balance at the**<br>**beginning of**<br>**the current fiscal year** |  | **Balance at**<br>**the end of**<br>**the current fiscal year** |  | **Interest**<br>**rate (%)** | **Collateral** | **Maturity date** | **Remarks** |
|  JBIC | Government guaranteed JBIC foreign bonds , 9<sup>th</sup>, 10<sup>th</sup>, 12<sup>th</sup>, 13<sup>th</sup>, 15<sup>th</sup>, 17<sup>th</sup>, 19<sup>th</sup>, 25<sup>th</sup>, 29<sup>th</sup>, 32<sup>nd</sup>, 35<sup>th</sup> ,37<sup>th</sup>, 38<sup>th</sup>, 40<sup>th</sup>, 41<sup>st</sup>, 44<sup>td</sup> ,46<sup>th</sup>– 65<sup>th</sup> | May 29, 2014 –<br>January 27, 2025 | 6,616,856<br> (USD 41,236,059,000<br> (GBP 249,935,000<br> (EUR 1,994,072,000 | ) ) )  | 6,089,651<br> [1,569,729<br> (USD 37,248,985,000<br> [USD 10,498,459,000<br> (GBP 599,298,000<br> (EUR 2,492,761,000 | <br> ] ) <br> ] ) )  | 0.375~4.875 | General<br> collateral | April 15, 2024 –<br> April 17, 2034 |  |
|  | JBIC bonds 23<sup>rd</sup> | March 14, 2006 | 20000 |  | 20,000<br> [20,000 | <br> ]  | 2.090 | General<br> collateral | December 19, 2025 | \*1 |
|  | Non-guaranteed JBIC domestic bond 4<sup>th</sup> | May 28, 2024 |  |  | 10000 |  | 0.639 | General<br> collateral | March 19, 2029 |  |
|  | Total |  | ¥6636856 |  | ¥6119651 |  |  |  |  |  |
|  |  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
| **Name of<br>company** | **Description of<br>bonds payable** | **Date of**<br>**issuance** | **Balance at the**<br>**beginning of**<br>**the current fiscal year** |  | **Balance at**<br>**the end of**<br>**the current**<br>**fiscal year** |  | **Interest**<br>**rate (%)** | **Collateral** | **Maturity date** | **Remarks** |
|  JBIC | Government guaranteed JBIC foreign bonds , 9<sup>th</sup>, 10<sup>th</sup>, 12<sup>th</sup>, 13<sup>th</sup>, 15<sup>th</sup>, 17<sup>th</sup>, 19<sup>th</sup>, 25<sup>th</sup>, 29<sup>th</sup>, 32<sup>nd</sup>, 35<sup>th</sup> ,37<sup>th</sup>, 38<sup>th</sup>, 40<sup>th</sup>, 41<sup>st</sup>, 44<sup>rd</sup> ,46<sup>th</sup>– 65<sup>st</sup> | May 29, 2014 –<br>January 27, 2025 | 44,254<br> (USD 41,236,059,000)<br> (GBP 249,935,000)<br> (EUR 1,994,072,000) |  | 40,728<br> [10,498]<br> (USD 37,248,985,000)<br> [USD 10,498,459,000]<br> (GBP 599,298,000)<br> (EUR 2,492,761,000) |  | 0.375~4.875 | General<br> collateral | April 15, 2024 –<br> April 17, 2034 |  |
|  | JBIC bonds 23<sup>rd</sup> | March 14, 2006 | 134 |  | 134<br> [134] |  | 2.090 | General<br> collateral | December 19, 2025 | \*1 |
|  | Non-guaranteed JBIC domestic bonds 4th | May 28, 2024 |  |  | 67 |  | 0.639 | General<br> collateral | March 19, 2029 |  |
|  | Total |  | $44388 |  | $40929 |  |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
|  Notes | 1. | The amounts of foreign currency-denominated bonds are shown with original currencies in parentheses (). | The amounts of foreign currency-denominated bonds are shown with original currencies in parentheses (). |
|  | 2. | Figures indicated in brackets [ ] represent the amounts to be redeemed within one year. | Figures indicated in brackets [ ] represent the amounts to be redeemed within one year. |
|  | 3. | (\*1) | JBIC assumed the obligations in respect of the JBIC bonds which had been issued by JBIC before JFC was established, and JBIC and JICA are jointly responsible for these obligations in accordance with the JBIC Act. |
|  | 4. | The redemption schedule of bonds payable for each of the next five years as of March 31, 2025 is as follows: | The redemption schedule of bonds payable for each of the next five years as of March 31, 2025 is as follows: |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Within 1 year** | **After 1 year**<br>**but within**<br>**2 years** | **After 2 years**<br>**but within**<br>**3 years** | **After 3 years**<br>**but within**<br>**4 years** | **After 4 years**<br>**but within**<br>**5 years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589960 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214711 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096580 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794980 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379437 |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Within 1 year** | **After 1 year**<br>**but within**<br>**2 years** | **After 2 years**<br>**but within**<br>**3 years** | **After 3 years**<br>**but within**<br>**4 years** | **After 4 years**<br>**but within**<br>**5 years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable | $10634 | $8124 | $7334 | $5317 | $2538 |

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**29. Borrowings** 

Borrowings as of March 31, 2025 are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at the**<br>**beginning of the<br>current**<br>**fiscal year**<br>**(In millions**<br>**of yen)** | **Balance at the**<br>**beginning of the<br>current**<br>**fiscal year**<br>**(In millions of**<br>**U.S. dollars)** | **Balance at the<br>end of the<br>current**<br>**fiscal year**<br>**(In millions of<br>yen)** | **Balance at the<br>end of the<br>current**<br>**fiscal year**<br>**(In millions of**<br>**U.S. dollars)** | **Average interest**<br>**rate (%)** | **Due date of<br>payment** |
|  Borrowed money | ¥9193988 | $61490 | ¥8720489 | $58323 | 3.27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 9193988 | 61490 | 8720489 | 58323 | 3.27 | May 2025 –<br>February 2042 |
|  Lease obligation (Due within one year) | 2 | 0 | 2 | 0 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease obligation (Due after one year) | 7 | 0 | 4 | 0 |  | June 2028 |
|  Other interest-bearing liabilities | 37350 | 250 | 26660 | 179 | 0.48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received for financial instruments | 37350 | 250 | 26660 | 179 | 0.48 |  |

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| | | |
|:---|:---|:---|
|  Notes | 1. | "Average interest rate" represents the weighted-average interest rates of debts calculated from "Interest rates" and "Balance at the end of the current fiscal year." |
|  | 2. | As for the lease obligation, there is no average lease rate since the short-cut method is applied for the transaction. |
|  | 3. | There is no fixed maturity date for the repayment of Cash collateral received for financial instruments. |
|  | 4. | Maturities of borrowings and the lease obligation for the next five years as of March 31, 2025 are as follows: |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** | **(In millions of yen)** |
|  | **Within 1 year** | **After 1 year**<br> **but within 2 years** | **After 2 years**<br> **but within 3 years** | **After 3 years**<br> **but within 4 years** | **After 4 years**<br> **but within 5 years** |
|  Borrowings | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180026 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387441 | ¥&nbsp;&nbsp;&nbsp;&nbsp;4362279 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471311 | ¥&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820130 |
|  Lease obligation | 2 | 2 | 2 | 0 |  |
|  | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** | **(In millions of U.S. dollars)** |
|  | **Within 1 year** | **After 1 year**<br>**but within 2 years** | **After 2 years**<br>**but within 3 years** | **After 3 years**<br>**but within 4 years** | **After 4 years**<br>**but within 5 years** |
|  Borrowings | $1204 | $2591 | $29175 | $3152 | $12173 |
|  Lease obligation | 0 | 0 | 0 | 0 |  |

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**30. Asset retirement obligations** 

This information is not presented because the amount of asset retirement obligations as of the beginning and end of the current fiscal year is equal to, or less than, one hundredth of the aggregated amount of Liabilities and Net assets as of the beginning and end of the current fiscal year.

**31. Other** 

Not applicable.

## Exhibit 99.3

**Exhibit 3** 

Consent of Independent Auditor

We consent to the incorporation by reference in the Registration Statement (No. 333-250107) of Japan Bank for International Cooperation of our report dated August 4, 2025, with respect to the consolidated financial statements of Japan Bank for International Cooperation prepared in accordance with accounting principles generally accepted in Japan included in its Annual Report on Form 18-K for the year ended March 31, 2025.

/s/ Ernst & Young ShinNihon LLC

Tokyo, Japan

August 4, 2025

## Exhibit 99.4

**Exhibit 4**![LOGO](g931535g01r01.jpg)

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![LOGO](g931535g15r15.jpg)

## Exhibit 99.5

**Exhibit 5** 

[TRANSLATION]

JAPAN BANK FOR INTERNATIONAL COOPERATION ACT

(Act No. 39 of 2011)

Amendments

May 30, 2014 by Act No. 44 of 2014;

June 27, 2014 by Act No. 91 of 2014;

May 18, 2016 by Act No. 41 of 2016;

May 24, 2017 by Act No. 37 of 2017;

December 11, 2019 by Act No. 71 of 2019;

May 26, 2021 by Act No. 46 of 2021;

June 17, 2022 by Act No. 68 of 2022;

April 14, 2023 by Act No.11 of 2023; and

November 29, 2023 by Act No. 79 of 2023

<u>**TABLE OF CONTENTS**</u> 

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| | |
|:---|:---|
| Chapter 1: | General Provisions (Articles 1 through 5) |
| Chapter 2: | Officers and Employees (Articles 6 through 10) |
| Chapter 3: | Operations (Articles 11 through 14) |
| Chapter 4: | Finance and Accounting (Articles 15 through 37) |
| Chapter 5: | Miscellaneous Provisions (Articles 38 through 43) |
| Chapter 6: | Penal Provisions (Articles 44 through 47) |

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Supplementary Provisions

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**CHAPTER 1: GENERAL PROVISIONS** 

Article 1: Purpose

Japan Bank for International Cooperation shall be a *Kabushiki-Kaisha*, which has the purpose of contributing to the sound development of Japan and the international economy and society, by taking responsibility for the financial function to promote the overseas development and securement of resources which are important for Japan, to maintain and improve the international competitiveness of Japanese industries and to promote the overseas business having the purpose of preserving the global environment, such as preventing global warming, also providing the financial services that are necessary to prevent disruptions to international financial order or to take appropriate measures with respect to damages caused by such disruption, while having the objective of supplementing the financial transactions implemented by ordinary financial institutions.

Article 2: Definitions

In this Act, the meaning of the terms listed in each of the following Items shall be as prescribed respectively in those Items.

(1) "Juridical Persons, etc." means associations, such as juridical persons, or individuals.

(2) "Foreign Governments, etc." means foreign governments, governmental agencies or local governments.

(3) "Banks, etc." means the banks set forth in the Banking Act (Act No. 59 of 1981), long-term
credit banks set forth in the Long Term Credit Bank Act (Act No. 187 of 1952) and other financial institutions prescribed by a Cabinet Order.

(4) "Specific Purpose Company, etc." means the specific purpose company (*tokutei mokuteki kaisha*)
defined in Paragraph 3 of Article 2 of the Act on Securitization of Assets (Act No. 105 of 1998) and the juridical persons that conduct the actions similar to the securitization of assets defined in Paragraph 2 of the same Article as prescribed
by the Ordinance of the Ministry of Finance.

(5) "Trust Company, etc." means the trust companies defined in Paragraph 2 of Article 2 of the Trust
Business Act (Act No. 154 of 2004), the foreign trust companies defined in Paragraph 5 of the same Article or the financial institutions which have obtained the authorization set forth in Paragraph 1 of Article 1 of the Act on Provision, etc.
of Trust Business by Financial Institutions (Act No. 43 of 1943).

(6) "Small and Medium Enterprises" means those who fall under any of the following Items:

a. Any company whose capital or total amount of contributions does not exceed three hundred million yen
(¥300,000,000) (fifty million yen (¥50,000,000) for an enterprise which is principally engaged in a retail or service business, and one hundred million yen (¥100,000,000) for an enterprise which is principally engaged in a wholesale
business), and any company and individual whose regular workforce does not exceed three hundred (300) persons (fifty (50) persons for an enterprise which is principally engaged in a retail business, and one hundred (100) persons for
an enterprise which is principally engaged in a wholesale or service business), any of which/whom is engaged in a business (hereinafter referred to as the "Small and Medium Enterprise Specific Business") belonging to the business category
prescribed by a Cabinet Order (excluding those which are principally engaged in a business belonging to the business category prescribed by the Cabinet Order provided for in b below); and

b. Among the companies whose capital or total amount of contributions do not exceed the amount prescribed by a
Cabinet Order for each business category, and the companies and individuals whose regular workforce does not exceed the number of employees prescribed by a Cabinet Order for each business category, any of which/whom is principally engaged in a
business belonging to the business category prescribed by such Cabinet Order, those engaged in the Small and Medium Enterprise Specific Business.

(7) "New Enterprises, etc." means those who fall under any of the following Items:

a. The Juridical Persons, etc. that have been incorporated or have been in business for less than ten
(10) years (excluding those prescribed by the Ordinance of the Ministry of Finance as having a low necessity to supplement the private investment of their overseas business, taking into account the content of their overseas business, equity
investors and other circumstances); and

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b. In addition to those listed in the preceding Item a., the Juridical Persons, etc. prescribed by the Ordinance
of the Ministry of Finance as having an especially high necessity to supplement the private investment of their overseas business, taking into account the content of their overseas business, equity investors and other circumstances.

(8) "Foreign Juridical Persons, etc. Invested in" means the Juridical Persons, etc. of foreign countries
(including the Juridical Persons, etc. of foreign countries having a continuous economic relationship, such as the supply of raw materials or the dispatching of officers, with the Juridical Persons, etc. of Japan) who are related to the
contributions to the Juridical Persons, etc. of Japan.

(9) "Foreign Financial Institutions, etc." means foreign banks, other financial institutions, and other
foreign juridical persons specified by the Minister of Finance.

(10) "Specific Foreign Juridical Persons" means foreign juridical persons (excluding Foreign Financial
Institutions, etc.) engaged in a business which falls under any of the following Items:

a. Any business concerning the development of goods or technologies (with respect to goods, including the
production of goods) which are important for the maintenance or improvement of the international competitiveness of Japanese industries, any of which is prescribed by the Ordinance of the Ministry of Finance as necessary to strengthen the supply
network of goods which Juridical Persons, etc. of Japan or Foreign Juridical Persons, etc. Invested in procure, or to promote the provision of technologies which Juridical Persons, etc. of Japan or Foreign Juridical Persons, etc. Invested in
utilize; and

b. Any business prescribed by the Ordinance of the Ministry of Finance as concerning the development of the
foundation necessary for overseas business activities by Juridical Persons, etc. of Japan or Foreign Juridical Persons, etc. Invested in, such as a business concerning the development of the foundation to utilize information and communications
technologies.

(11) "Public/Corporate Bonds, etc." means (i) public bonds, corporate bonds or any equivalent bond
certificates or (ii) beneficial interests in trust.

(12) "Export of Equipment, etc." means those that fall under any of the following Items:

a. the export of equipment (including aircraft, ships and rolling stock; the same shall apply hereinafter) and the
parts thereof and accessories thereto made in Japan and other goods made in Japan, the export of which is recognized to make a remarkable contribution to the development or securement of Japan's export or import markets;

b. the sale in overseas of equipment and the parts thereof and accessories thereto made in overseas by the
Juridical Persons, etc. of Japan or Foreign Juridical Persons, etc. Invested in, and any other products made in overseas by the Juridical Persons, etc. of Japan or Foreign Juridical Persons, etc. Invested in, that is recognized to make remarkable
contribution to the development or securement of the sales markets overseas; or

c. the provision of the technologies which is recognized to contribute to the development or securement of
Japan's export or import markets or the sales markets overseas or to the promotion of Japan's economic relations with foreign countries.

(13) "Import of Important Goods, etc." means those which fall under any of the following Items:

a. the import or introduction of goods (including equipment) or technologies (hereinafter referred to as
"Important Goods, etc." in b. below), which are essential for the sound development of Japan's trade relations with foreign countries or the national economy; or

b. the receipt or introduction of Important Goods, etc. into foreign countries made or developed overseas so that
Juridical Persons, etc. of Japan or Foreign Juridical Persons, etc. Invested in can utilize them for their business in the foreign countries.

(14) "Guarantee, etc. of Liabilities" means the guarantee of liabilities (including any act to assume
liabilities which is equivalent to the guarantee of liabilities, only if the liabilities have a guarantee period of more than one (1) year) and the transactions with respect to which the other party(ies) promises to make payment, while Japan
Bank for International Cooperation (hereinafter referred to as "JBIC") promises to make payment in the case any event related to the credit standing of the persons predetermined by JBIC and the other party(ies) has occurred (including
those with respect to which the other party(ies) promises to transfer monetary claims, such as loan receivables and Public/Corporate Bonds, etc., upon the occurrence of such event) or similar transactions.

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(15) "Specific Trust" means the trust established by the methods listed in Item (1) of Article 3 of
the Trust Act (Act No. 108 of 2006) (limited to those established in a manner of executing a trust agreement set forth in the same Item with the Trust Company, etc.), the trust established by the methods listed in Item (3) of the same
Article or any equivalent actions.

(16) "Co-financing" means the loan of funds (including those
prescribed by the Ordinance of the Ministry of Finance as having an economic nature similar to a loan; the same shall apply hereinafter, excluding Article 32 and Paragraphs 1 and 6 of Article 33) by Banks, etc., concurrently with JBIC.

Article 3: Holding of Shares by Government

The Government shall, at all times, hold the total number of outstanding shares of JBIC.

Article 4: Government's Contribution

1. The Government may, when it finds it to be necessary, make contributions to JBIC within the amount appropriated
in the budget.

2. When a contribution is made by the Government pursuant to the provisions of the preceding Paragraph, JBIC
shall, notwithstanding the provisions of Paragraph 2 of Article 445 of the Companies Act (Act No. 86 of 2005), be allowed not to record the amount exceeding half of such contribution amount as the capital. In this case, "this Act"
referenced in Paragraph 1 of the same Article shall be deemed to be replaced with "this Act or Japan Bank for International Cooperation Act (Act No. 39 of 2011)."

3. When a contribution is made by the Government pursuant to the provisions of Paragraph 1, JBIC shall allocate
the capital and reserves increased thereby, to the accounts related to the operations listed in each Item of Article 26-2, in accordance with the separation of accounting set forth in Article 26-2.

Article 5: Limitation, etc. on Use of Name

1. No person other than JBIC shall use the words "Japan Bank for International Cooperation" in its name.

2. The provisions of Paragraph 2 of Article 6 of the Banking Act shall not be applied to JBIC.

**CHAPTER 2: OFFICERS AND EMPLOYEES** 

Article 6: Resolution for Appointment and Removal, etc. of Officers, etc.

1. The resolution for the appointment and removal of the Officers, etc. (meaning Directors, Executive Officers and
Auditor(s); the same shall apply hereinafter) of JBIC shall not take effect unless the authorization of the Minister of Finance is granted.

2. The resolution for selection and displacement of a Representative Director or Representative Executive Officer
of JBIC shall not take effect unless the authorization of the Minister of Finance is granted.

Article 7: Provisions on Disqualification for Officer, etc.

No employees (other than persons in part-time employment) of the Government or a local government may be the Officers, etc. of JBIC.

Article 8: Prohibition of Concurrent Holding of Positions by Officers, etc.

No Officers, etc. (other than part-time Officers; the same shall apply in this Article) of JBIC shall become an officer of any for-profit organization other than JBIC or shall engage, for his/her own account, in any business for profit; provided, however, that this shall not apply when the Minister of Finance approve that such concurrent position will not interfere with such Officer's execution of his/her duties as the Officers, etc. and gives approval.

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Article 9: Confidentiality Obligations of Officers, etc., Accounting Advisor and Employees

No Officers, etc., Accounting Advisor (if the Accounting Advisor is a juridical person, a member who should execute its duties; the same shall apply in the following Article and Article 45 hereof) or employees of JBIC shall disclose or misappropriate any secret they have learned in the course of their duties. The same shall apply after they leave their offices.

Article 10: Status of Officers, etc., Accounting Advisor and Employees

The Officers, etc., Accounting Advisor or employees of JBIC shall be deemed to be employees engaged in public service in accordance with laws and regulations, in so far as the application of penal provisions such as the Penal Code (Act No. 45 of 1907) is concerned.

**CHAPTER 3: OPERATIONS** 

Article 11: Scope of Operations

JBIC shall, for attaining its purpose, engage in the operations listed below:

(1) The loan of funds necessary for the Export of Equipment, etc., the acquisition by assignment of loan
receivables related to such funds, the Guarantee, etc. of Liabilities related to such funds, in the case where the Foreign Financial Institutions, etc. or the Foreign Governments, etc. provide the Guarantee, etc. of Liabilities with respect to such
funds, the Guarantee, etc. of Liabilities related to such Guarantee, etc. of Liabilities, or the acquisition of the Public/Corporate Bonds, etc. issued in order to procure such funds by certain measures, such as acquisition through subscription;

(2) The loan of funds necessary to ensure the reliable and timely Import of Important Goods, etc., the acquisition
by assignment of loan receivables related to such funds, the Guarantee, etc. of Liabilities related to such funds or the acquisition of the Public/Corporate Bonds, etc. to be issued in order to procure such funds by certain measures, such as
acquisition through subscription;

(3) The loan of funds to be used directly or indirectly for the business which the Juridical Persons, etc. of
Japan, Foreign Governments, etc. or Foreign Juridical Persons, etc. Invested in conduct outside Japan, the acquisition by assignment of loan receivables related to such funds, the Guarantee, etc. of Liabilities related to such funds, in the case
where the Juridical Persons, etc. of Japan, Foreign Juridical Persons, etc. Invested in, Foreign Financial Institutions, etc. or Foreign Governments, etc. provide the Guarantee, etc. of Liabilities to the Juridical Persons, etc. of foreign countries
with respect to such funds, the Guarantee, etc. of Liabilities related to such Guarantee, etc. of Liabilities, or the acquisition of the Public/Corporate Bonds, etc. to be issued in order to procure such funds by certain measures, such as
acquisition through subscription;

(4) (i) The loan to the Foreign Governments, etc., Foreign Financial Institutions, etc. or international
organizations, such as the International Monetary Fund, of long-term funds (meaning the funds required to be provided for more than one (1) year; the same shall apply hereinafter) required for their overseas business or the import of goods or
introduction of technologies by the foreign country concerned, or funds required to attain the international balance of payments or achieve the stability of the currency of the foreign country concerned, (ii) the acquisition by assignment of
loan receivables related to such funds or the Guarantee, etc. of Liabilities related to such funds or (iii) the acquisition of the Public/Corporate Bonds, etc. issued in order to procure such funds by certain measures, such as acquisition
through subscription, or (iv) the loan to the Specific Foreign Juridical Persons of long-term funds required for their overseas business (limited to businesses set forth in a. and b. of Item (10) of Article 2), (v) the acquisition by
assignment of loan receivables related to such funds or the Guarantee, etc. of Liabilities related to such funds or (vi) the acquisition of the Public/Corporate Bonds, etc. issued in order to procure such funds by certain measures, such as
acquisition through subscription;

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| | |
|:---|:---|
| (4-2) | When international organizations, such as the International Monetary Fund, loan long-term funds necessary for the business which is required for the overseas recovery or development, such as a business concerning the recovery from damage caused by wars, to foreign Juridical Persons, etc., such as Foreign Governments, etc. which are engaged in such business, the provision of Guarantee, etc. of Liabilities related to such funds (limited to those conducted to prevent disruptions to international financial order or to take appropriate measures with respect to damages caused by such disruption);  |

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(5) When it is found remarkably difficult for a foreign government or foreign resident to conduct overseas
transactions, such as import by reason of the international balance of payments of the foreign country concerned, and it is found urgently necessary, the loan to the governments, governmental agencies or banks of the foreign country concerned, of
the short-term funds (meaning the funds required necessary to be provided for one (1) year or less than one (1) year; the same shall apply hereinafter) necessary to facilitate overseas transactions, such as import, until the International
Monetary Fund, etc. (meaning international organizations, such as the International Monetary Fund, or governments, governmental agencies or banks of more than two (2) countries other than that foreign country concerned; the same shall apply
hereinafter) provides funds to assist the development of the economy of the foreign country concerned (hereinafter referred to as the "Funds for Economic Assistance");

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(6) The provision of contributions to persons listed below who are carrying on business outside Japan of the funds
required for their business (limited to funds necessary for business newly carried outside Japan, with respect to those listed in b. below), or the provision of contributions to those Juridical Persons, etc. of Japan whose sole purpose is to make
overseas investments and who make contributions to those carrying on business outside Japan of funds required for their business;

a. foreign Juridical Persons, etc.; and

b. New Enterprises, etc. of Japan or Small and Medium Enterprises, etc. (meaning the Small and Medium Enterprises
or medium enterprises specified by the Minister of Finance; hereinafter the same shall apply) of Japan.

(7) The carrying out of the necessary studies related to the operations listed in each of the preceding Items;

(8) The provision of information to the users of operations provided by JBIC that pertains to such operations; and

(9) Any other operations incidental to those listed in each of the preceding Items (excluding those listed in Item
(7)).

Article 12:

1. Among the operations listed in Item (1) of the preceding Article, those which are related to the Export of
Equipment, etc. destined for any area other than developing overseas areas (hereinafter referred to as the "Developing Areas") may be conducted only in the cases listed below:

(1) when necessary countermeasures are taken in accordance with multilateral arrangements in the case where the
Foreign Governments, etc., in which exporters conduct the export destined for the said area, grant credit, underwrite insurance or provide an interest (including those prescribed by the Ordinance of the Ministry of Finance as having an economic
nature similar to an interest; the same shall apply hereinafter in Paragraph 2 of Article 16) support with more favorable conditions than usual in order to promote the export from such foreign countries; or

(2) when it is prescribed by a Cabinet Order as being a case recognized especially necessary in order to promote
the policies of the Government concerning the maintenance or improvement of the international competitiveness of Japanese industries.

2. Among the operations listed in Item (1) of the preceding Article, those relating to the funds provided to
the Juridical Persons, etc. of Japan may be conducted only in the cases listed below:

(1) where Banks, etc. provide Foreign Juridical Persons, etc. with the loan of funds with respect to the Export of
Equipment, etc. necessary for the business with respect to the development of infrastructure and other foundation for socioeconomic activities overseas, and JBIC provides the loan of necessary funds for such loan to the Banks, etc.; or

(2) where the execution of the export by the Juridical Persons, etc. of Japan has become remarkably difficult due
to disruptions to international financial order and the Minister of Finance determines that the exceptions of operations of JBIC are necessary in order to deal therewith.

3. Among the operations listed in Item (2) of the preceding Article, other than those conducted in order to
promote overseas development and securement of resources important for Japan, only those relating to the funds listed below that are the Guarantee, etc. of Liabilities may be conducted:

(1) funds necessary to import the products, such as aircraft, specified by the Minister of Finance, with respect to
which the products made in Japan are not sufficient to replace and the import to Japan is essential; or

(2) funds necessary to introduce such technologies specified by the Minister of Finance, with respect to which the
technologies of Japan are not sufficient to replace and the introduction to Japan is essential.

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4. Among the operations listed in Item (3) of the preceding Article, those relating to the short-term loans
may be conducted only in the case where JBIC has agreed to make loan of funds (excluding short-term funds) set forth in the same Item for the execution of business conducted by the Juridical Persons, etc. of Japan and the Foreign Juridical Persons,
etc. Invested in and such loan of funds is recognized especially necessary in order to execute such business.

5. Among the operations listed in Item (3) of the preceding Article, the loan of funds necessary for the
overseas business to be conducted by the Juridical Persons, etc. of Japan, other than those listed in Item (2) of the following Paragraph, may be conducted only if such loan is provided directly to such Juridical Persons, etc.

6. Among the operations listed in Item (3) of the preceding Article (excluding those conducted in order to
promote overseas development and securement of resources important for Japan), loans to the Juridical Persons, etc. of Japan, other than the loans to the Small and Medium Enterprises, etc. may be conducted only in the cases listed below.

(1) When the Juridical Persons, etc. of Japan begin or expand overseas business, or improve the efficiency thereof
by contributing to the foreign juridical persons or accepting the assignment of all or part of the business of the foreign juridical persons (hereinafter referred to as "Contributions, etc." in this Item), in the case where the loan of
funds necessary for such Contributions, etc. is provided (only when it is prescribed by a Cabinet Order as being a case recognized especially necessary in order to promote the policies of the Government concerning the maintenance or improvement of
the international competitiveness of Japanese industries).

(2) When the Banks, etc. provide the loan of funds listed below, in the case where the loan of funds necessary for
such loan by such Banks, etc. is provided to such Banks, etc.:

a. loan of funds set forth in Item (3) of the preceding Article to the Small and Medium Enterprises, etc. or
the Foreign Juridical Persons, etc. Invested in related to the contribution of the Small and Medium Enterprises, etc.;

b. loan of funds set forth in the preceding Item to the Juridical Persons, etc. of Japan (limited to those
prescribed by the Cabinet Order set forth in the same Item); or

c. loan of funds set forth in Item (3) of the preceding Article to the Juridical Persons, etc. of Japan,
Foreign Governments, etc., or Foreign Juridical Persons, etc. Invested in (limited to those related to the business with respect to the development of infrastructure and other foundation for socioeconomic activities overseas).

(3) When the loan of necessary funds is provided to the Juridical Persons, etc. of Japan for such Juridical
Persons, etc. to conduct a business of leasing equipment made in Japan to overseas market (limited to those prescribed by a Cabinet Order as being a case recognized especially necessary in order to promote the policies of the Government concerning
the maintenance or improvement of the international competitiveness of Japanese industries).

(4) When the Juridical Persons, etc. of Japan provides the Foreign Juridical Persons, etc. Invested in in which
such Juridical Persons, etc. directly or indirectly invests with the funds required for the following businesses conducted by such Foreign Juridical Persons, etc. Invested in, in the case where the loan of funds necessary for such provision of funds
by such Juridical Persons, etc. is provided to such Juridical Persons, etc.:

a. business concerning the development (including production), transportation or procurement of goods, such as raw
materials which are essential for Juridical Persons, etc. of Japan or Foreign Juridical Persons, etc. Invested in to make products;

b. business concerning the development of the technologies which is essential for Juridical Persons, etc. of Japan
or Foreign Juridical Persons, etc. Invested in to make products; and

c. business concerning the processing or assembly, or transportation or sales of the products which Juridical
Persons, etc. of Japan or Foreign Juridical Persons, etc. Invested in make.

(5) When the execution of overseas business of the Juridical Persons, etc. of Japan has become remarkably difficult
due to disruptions to international financial order, in the case where the Minister of Finance determines that the exceptions of operations of JBIC are necessary in order to deal therewith.

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7. Among the operations listed in Item (3) of the preceding Article (excluding those conducted in order to
promote overseas development and securement of resources important for Japan), with respect to the business in any area other than the Developing Areas may be conducted only when it is prescribed by a Cabinet Order as being a case recognized
especially necessary in order to promote the policies of the Government concerning the maintenance or improvement of the international competitiveness of Japanese industries.

8. The loan to the governments, governmental agencies or banks of foreign countries listed in Item (5) of the
preceding Article may be conducted by obtaining the authorization of the Minister of Finance only when the provision of the Funds for Economic Assistance from the International Monetary Fund, etc. is expected to be certain and only in the cases
listed below:

(1) where, by appropriating all or part of the Funds for Economic Assistance from the International Monetary Fund,
etc. (excluding JBIC) for the redemption of the funds related to the loan, the redemption is expected to be secured; or

(2) where adequate underlying assets are secured for the loan.

9. Among the operations listed in Items (1) through (4) of the preceding Article, the Guarantee, etc. of
Liabilities related to the liabilities of any person other than the Juridical Persons, etc. of Japan (excluding those related to the Public/Corporate Bonds, etc.) may be provided only in the cases listed below:

(1) When the Banks, etc., Foreign Financial Institutions, etc. or Foreign Governments, etc. provide the loan of
such funds set forth in Items (1) through (4) of the preceding Article, in the case where the Guarantee, etc. of Liabilities related to such loan is provided (including the case in which the loan receivables related to such loan are assigned to
the persons specified by the Minister of Finance);

(2) In the case where the Guarantee, etc. of Liabilities related to the Guarantee, etc. of Liabilities set forth in
Items (1) and (3) of the preceding Article is provided;

(3) When, among the Guarantee, etc. of Liabilities related to the funds set forth in Item (3) of the preceding
Article, the Juridical Persons, etc. of Japan or the Foreign Juridical Persons, etc. Invested in assign the monetary claims related to the overseas business to be conducted by the Juridical Persons, etc. of Japan or the Foreign Juridical Persons,
etc. Invested in to the Banks, etc. or Foreign Financial Institutions, etc. and use the proceeds from the assignment for such business, in the case where the Guarantee, etc. of Liabilities related to such monetary claims is provided; or

(4) When the Banks, etc. or Foreign Financial Institutions, etc. provide the loan of funds set forth in Item
(3) of the preceding Article in foreign currency, in the case where the Guarantee, etc. of Liabilities related to swap transactions (transactions listed in Item 5 of Paragraph 22 of Article 2 of the Financial Instruments and Exchange Act (Act
No. 25 of 1948)) related to such funds conducted by such Banks, etc. or Foreign Financial Institutions, etc., is provided.

10. Among the operations listed in Items (1) through (4) of the preceding Article, the Guarantee, etc. of
Liabilities (limited to those related to the Public/Corporate Bonds, etc.) and the acquisition of the Public/Corporate Bonds, etc. may be conducted only in the cases listed below (with respect to the operations listed in Items (1) through (3)
of the same Article, the cases listed in Items (2) through (8) below shall apply):

(1) where part of the Public/Corporate Bonds, etc. (limited to those with a redemption period of more than one
(1) year; the same shall apply in the following Item and Item (3) below) that were issued by the Foreign Financial Institutions, etc., the Foreign Governments, etc. or international organizations, such as the International Monetary Fund,
are acquired;

(2) where the Public/Corporate Bonds, etc. are acquired and then such Public/Corporate Bonds, etc. are assigned to
the Specific Purpose Company, etc. within the period specified by the Minister of Finance or where the Specific Trust is established, the Public/Corporate Bonds, etc. are entrusted to the Trust Company, etc. as assets of such Specific Trust, and
then all or part of beneficial interests in such Specific Trust is assigned;

(3) where the Public/Corporate Bonds, etc. to be issued by the Specific Purpose Company, etc. or the Trust Company,
etc. which are secured by loan receivables or the Public/Corporate Bonds, etc. are acquired;

(4) where the Guarantee, etc. of Liabilities relating to the Public/Corporate Bonds, etc. to be issued by the
Foreign Juridical Persons, etc. Invested in, the Foreign Financial Institutions, etc., the Foreign Governments, etc. or international organizations, such as the International Monetary Fund, is provided;

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(5) where the Guarantee, etc. of Liabilities related to such loan receivables, Public/Corporate Bonds, etc. or the
monetary claims, which constitute such underlying assets, or the Public/Corporate Bonds, etc. to be issued by the Specific Purpose Company, etc. or the Trust Company, etc. is provided (excluding the Guarantee, etc. of Liabilities related to the
Public/Corporate Bonds, etc. to be issued by the Banks, etc.) when the Specific Purpose Company, etc. or the Trust Company, etc. issues the Public/Corporate Bonds, etc. which are secured by loan receivables, the Public/Corporate Bonds, etc. or the
monetary claims set forth in Item (3) of the preceding Paragraph;

(6) where the Guarantee, etc. of Liabilities related to the borrowing of funds by the Specific Purpose Company,
etc. for the purpose of acquiring by assignment, or acquiring, such loan receivables or Public/Corporate Bonds, etc., which constitute such underlying assets, is provided when the Specific Purpose Company, etc. issues the Public/Corporate Bonds,
etc., which are secured by loan receivables or the Public/Corporate Bonds, etc.;

(7) where corporate bonds, any equivalent bond certificates or beneficial interests in trust (limited to those with
a redemption period of more than one (1) year; the same shall apply in the following Item) that were issued by Juridical Persons, etc. in order to procure the funds necessary for the business with respect to the development of infrastructure
and other foundation for socioeconomic activities overseas, are acquired; or

(8) where corporate bonds, any equivalent bond certificates or beneficial interests in trust that were issued by
New Enterprises, etc. or Small and Medium Enterprises, etc. of Japan in order to procure the funds necessary for the business outside Japan, are acquired.

11. Among the operations listed in Items (1) through (4) of the preceding Article, those listed below shall be
conducted only when the loan thereof or the loan related to the loan receivables to be assigned is the Co-financing; provided, however, that this shall not apply, with respect to the operations listed in Item
(1) below, in the case where it is recognized that it is remarkably difficult for the Banks, etc. to provide a loan of funds together with JBIC and the loan from JBIC is urgently necessary to attain the purpose of such loan, or if the case
falls under any of the cases listed in Item (1) of Paragraph 2 or Item (2) of Paragraph 6 hereof, with respect to the operations listed in Item (2) below, in the case where the loan receivables to the Foreign Juridical Persons, etc.
Invested in with a redemption period of more than one (1) year are acquired by assignment within the period specified by the Minister of Finance for the purpose of assigning the same to the Specific Purpose Company, etc. or for the purpose of
establishing the Specific Trust, with respect to the same, in the Trust Company, etc. and assigning all or part of the beneficial interest in such Specific Trust:

(1) loan of funds pursuant to the provisions of Items (1) through (3) of the preceding Article made to the
Juridical Persons, etc. of Japan; or

(2) acquisition by assignment of the loan receivables pursuant to the provisions of Items (1) through (4) of
the preceding Article.

12. The operations listed in Item (7) of the preceding Article may be conducted only if they are the minimum
necessary to promote the performance of the operations listed in Items (1) through (6) of the same Article smoothly and effectively.

Article 13: Practice of the Operation

1. The loan of funds, the acquisition by assignment of loan receivables, the acquisition of the Corporate/Public
Bonds, etc., the Guarantee, etc. of Liabilities or the provision of contributions pursuant to the provisions of Items (1) through (6) of Article 11 hereof may be conducted only in the cases listed below:

(1) when the repayment of the funds so loaned, the collection of loan receivables so acquired, the redemption of
Corporate/Public Bonds, etc. so acquired, the performance of the liabilities so guaranteed, etc. or the realization of profits that enable the payment of dividends resulting from business so contributed is recognized as being certain; or

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(2) when the conditions, such as the interest rates (including those prescribed by the Ordinance of the Ministry of
Finance as having an economic nature similar to interest rates; the same shall apply hereinafter in the following Paragraph) of loans (including those prescribed by the Ordinance of the Ministry of Finance as having an economic nature similar to a
loan; the same shall apply hereinafter in the following Paragraph and Paragraph 2 of Article 16) and yield on loan receivables related to such loan (excluding loan of funds pursuant to the provisions of Items (2) and (5) of Article 11, and
limited to those related to the overseas businesses listed below), such acquisition by assignment (excluding acquisition by assignment of loan receivables pursuant to the provisions of Item (2) of the same Article, and limited to those related
to the overseas businesses listed below), such acquisition (excluding the acquisition of the Public/Corporate Bonds, etc. pursuant to the provisions of the same Item, and limited to those related to the overseas businesses listed below or the
acquisition of corporate bonds, any equivalent bond certificates or beneficial interests in trust that were issued by New Enterprises, etc.), such Guarantee, etc. of Liabilities (excluding Guarantee, etc. of Liabilities pursuant to the provisions of
the same Item and Item (4-2) of the same Article, and limited to those related to the overseas businesses listed below) or such contribution (limited to those related to the overseas businesses listed below or
those made to New Enterprises, etc.), are recognized as being appropriate, in light of the risks, etc. of such loans, such assigned loan receivables and other assets becoming irrecoverable (excluding the cases listed in the preceding Item).

a. business related to the development of infrastructure and other foundation for socioeconomic activities;

b. business related to the development of resources; and

c. business which utilizes innovative information and communications technologies and other businesses which
utilize innovative technologies or methods of implementing its business (meaning the methods of producing or selling goods or providing services), and such utilization enables the upgrading of the business or the enhanced convenience of users.

2. The conditions, such as the interest rates of loans and yield on assigned loan receivables related to the
operations listed in Items (1) through (6) of Article 11, shall be determined in light of usual conditions for transactions by the Banks, etc. or the trends of financial markets, so that revenue of each of the accounts of the respective
operations listed in each of the Items of Article 26-2 will be sufficient to cover the expenses therefor.

Article 13-2: Special Operations Guidelines

1. The Minister of Finance shall prescribe and make public the guidelines (hereinafter referred to as the
"Special Operations Guidelines" in the following Paragraph and Paragraph 1 of the following Article) that JBIC shall follow upon conducting the operations listed below (hereinafter referred to as the "Special Operations"):

(1) Operations listed in Items (1), (3), (4) and (6) of Article 11 that are conducted in the cases listed in
Item (2), Paragraph 1 of the preceding Article;

(2) Operations listed in Item (7) of Article 11 related to the operations listed in the preceding Item;

(3) Operations listed in Item (8) of Article 11 related to the operations listed in the preceding two
(2) Items; or

(4) Operations listed in Item (9) of Article 11 related to the operations listed in the preceding three
(3) Items (excluding operations listed in Item (2)).

2. The Special Operations Guidelines shall set forth the following matters:

(1) Standards to follow upon conducting the loan of funds, the acquisition by assignment of loan receivables,
acquisition of the Public/Corporate Bonds, etc., the Guarantee, etc. of Liabilities or conducting the contributions related to the Special Operations;

(2) Matters regarding appropriate financial management of the Special Operations;

(3) Matters regarding supplement of financial transactions implemented by ordinary financial institutions in
respect of the Special Operations;

(4) Matters regarding the system for conducting evaluation and monitoring with respect to the status of the
implementation of the Special Operations;

(5) Matters regarding reports to the Minister of Finance with respect to the status of the implementation of the
Special Operations; and

(6) Other matters necessary to ensure appropriate implementation of the Special Operations.

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Article 13-3: Basic Policy concerning the Special Operations

1. JBIC shall set forth a basic policy concerning the Special Operations (hereinafter referred to as the
"Special Operations Basic Policy" in the following Paragraph) with respect to the implementation of matters regarding the Special Operations as prescribed by the Ordinance of the Ministry of Finance, pursuant to the Special Operations
Guidelines, and obtain the authorization of the Minister of Finance. The same shall apply if JBIC intends to make any changes thereto.

2. When the Minister of Finance determines that the Special Operations Basic Policy, approved pursuant to the
provisions of the preceding Paragraph, has become inappropriate for JBIC to conduct the Special Operations appropriately, the Minister of Finance may order JBIC to change it.

Article 14: Delegation of Operations

1. JBIC may delegate part of its operations exclusively to the financial institutions and other juridical persons
prescribed by the Ordinance of the Ministry of Finance (hereinafter referred to as the "Juridical Person Delegated").

2. Notwithstanding the provisions of any other Acts, the Juridical Person Delegated may accept the delegation of
operations that were delegated by JBIC pursuant to the provisions of the preceding Paragraph.

3. Any person who is an officer or employee of the Juridical Person Delegated to whom the operations were
delegated in accordance with the provisions of Paragraph 1 above and who engages in such delegated operations shall be deemed to be an employee who is engaged in public service in accordance with laws and regulations, in so far as the application of
penal provisions, such as the Penal Code, is concerned.

**CHAPTER 4: FINANCE AND ACCOUNTING** 

Article 15: Business Year

The business year of JBIC shall begin on April 1 of each year and end on March 31 of the following year.

Article 16: Budget

1. JBIC shall prepare the budget for revenues and expenditures and submit it to the Minister of Finance for each
business year.

2. The revenues set forth in the preceding Paragraph mean interest on loans (including those prescribed by the
Ordinance of the Ministry of Finance as having an economic nature similar to an interest), interest on the Corporate/Public Bonds, etc., dividends on contributions, debt guarantee fees and other incomes related to asset management and miscellaneous
incidental income, and the expenditures set forth in the same Paragraph mean expense of operations, business entrustment fees, interest on borrowings (including those prescribed by the Ordinance of the Ministry of Finance as having an economic
nature similar to a borrowing; the same shall apply hereinafter in Paragraphs 1 and 3 of Article 33), interest on bonds and notes and incidental expenses.

3. Upon receipt of the budget submitted pursuant to the provisions of Paragraph 1 above, the Minister of Finance
shall examine such budget and make any necessary adjustments thereto, and obtain the Cabinet's decision thereon.

4. After the Cabinet's decision is made pursuant to the provisions of the preceding Paragraph, the Cabinet
shall submit such budget to the Diet together with the national budget.

5. The form and content of the budget and procedures for the preparation and submission thereof shall be specified
by the Minister of Finance.

Article 17:

The documents listed below shall be attached to the budget set forth in the preceding Article:

(1) Documents concerning the business plan and financial plan for the then current business year;

(2) The profit and loss statement, balance sheet and list of assets for the business year prior to the preceding
business year;

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(3) The estimated profit and loss statement and estimated balance sheet for the preceding and then current business
years; and

(4) Any other reference materials for such budget.

Article 18: Contingency

JBIC may include contingency in its budget to cover deficits in the budget which may arise from unforeseeable causes.

Article 19: Decision on Budget

In obtaining the Diet's approval of the budget of JBIC, the usual procedures for decision of the national budget shall be followed.

Article 20: Notification Concerning Budget

1. When the Diet's approval of the budget of JBIC has been obtained, the Cabinet shall, as approved by the
Diet, immediately notify JBIC of such fact through the Minister of Finance.

2. JBIC shall not implement its budget before it receives notification pursuant to the provisions of the preceding
Paragraph.

3. When notification has been made pursuant to the provisions of Paragraph 1 of this Article, the Minister of
Finance shall notify the Board of Audit of Japan of such fact.

Article 21: Supplementary Budget

1. JBIC may, if it is necessary to incorporate changes in its budget due to causes that have arisen after the
preparation thereof, prepare a supplementary budget and submit it to the Minister of Finance, together with the documents (excluding the estimated profit and loss statement and balance sheet for the preceding business year) listed in Items (1), (3)
and (4) of Article 17 hereof which have been modified in the course of the preparation of the supplementary budget; provided, however, that a supplementary budget involving additions to the regular budget may be prepared only when it is
particularly imperative due to causes arising after the preparation of the regular budget.

2. The provisions of Article 16 hereof (excluding Paragraph 1) and the preceding two (2) Articles shall apply *mutatis mutandis* to the supplementary budget provided for in the preceding Paragraph. In this case, the documents set forth in the preceding Article shall be attached to the supplementary budget to be submitted to the Diet pursuant to the
provisions of Paragraph 4 of Article 16, which shall apply *mutatis mutandis* in this Paragraph.

Article 22: Provisional Budget

1. JBIC may, as necessary, prepare a provisional budget related to specific period within a business year and
submit it to the Minister of Finance, together with the business plan and financial plan for such period and other documents concerning the reference matters relevant to such provisional budget.

2. The provisions of Articles 16 (excluding Paragraph 1), 19 and 20 hereof shall apply *mutatis mutandis* to
the provisional budget provided for in the preceding Paragraph. In this case, the documents set forth in the preceding Article shall be attached to the provisional budget to be submitted to the Diet pursuant to the provisions of Paragraph 4 of
Article 16, which shall apply *mutatis mutandis* in this Paragraph.

3. The provisional budget shall cease to be effective when the Diet's approval of the regular budget for the
relevant business year has been obtained; any expenditure having been made under the provisional budget shall be deemed to have been made out of the regular budget for such relevant business year.

Article 23: Prohibition of Use of Budget Other Than its Purposes

JBIC shall not use the expenditure budget other than for the purposes specified for such budget.

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Article 24: Appropriation

1. JBIC may not, without obtaining the approval of the Minister of Finance, appropriate the amount of expenditures
designated in the budget.

2. When the Minister of Finance has given his/her approval pursuant to the preceding Paragraph, such Minister of
Finance shall immediately notify the Board of Audit of Japan of such fact.

Article 25: Use of Contingency

1. When JBIC makes use of contingency, it shall immediately notify the Minister of Finance of such fact.

2. Upon receipt of the notification pursuant to the provisions of the preceding Paragraph, the Minister of Finance
shall immediately notify the Board of Audit of Japan of such fact.

Article 26: Submission of Financial Statements

1. JBIC shall prepare the list of assets every business year.

2. JBIC shall, within three (3) months after the end of every business year, submit to the Minister of
Finance the balance sheets, statements of operations and list of assets (hereinafter referred to as the "Balance Sheets, etc.") and business report (including the Electro-Magnetic Record (which means the record specified by the Minister of
Finance as a record which is produced by electronic, magnetic, or any other means unrecognizable by human perception and which is used for data-processing by a computer; the same shall apply hereinafter) which has recorded the matters to be
described in such Balance Sheets, etc. and its business report) for each business year.

Article 26-2: Separate Accounting

JBIC shall separate the accounting for each category of operations listed below and allocate it by establishing the respective accounts for each category:

(1) Operations other than the Special Operations (referred to in Article 33 as "Ordinary Operations");
and

(2) Special Operations.

Article 26-3: Mutatis Mutandis Application of the Companies Act, etc. in respect of Separate Accounting

1. The provisions of Article 295, 337, 374, 396, Articles 431 through 443, and Articles 446 and 447 of the
Companies Act shall apply *mutatis mutandis* to the separate accounting implemented by JBIC pursuant to the provisions of the preceding Paragraph. In such case, the term, "of a Stock Company", referenced in Article 446 of the same
Act, shall be deemed to be replaced with "that belongs to the account established under the provision of Article 26-2 of Japan Bank for International Cooperation Act (Act No. 39 of 2011)"; the
term, "the amounts listed in item (v) through (vii) from the sum", also referenced therein, shall be deemed to be replaced with "the amounts listed in item (v) through (vii), which is recorded in the account to which the
said surplus belongs to, from the sum which is recorded in the account to which the said surplus belongs to"; and the term, "stated capital", referenced in Paragraphs 1 and 2 of Article 447 of the same Act, shall be deemed to be
replaced with "stated capital belonging to the account established pursuant to the provision of Article 26-2 of Japan Bank for International Cooperation Act"; the term, "reserves",
referenced in Item 2 of Paragraph 1 of the same Article, shall be deemed to be replaced with "reserves belonging to the account established pursuant to the provision of the same Article"; and the term, "and the reserves", also
referenced therein, shall be deemed to be replaced with "and such reserves"; the term "the stated capital", referenced in Paragraph 3 of the same Article, shall be deemed to be replaced with "the stated capital belonging to
the account established pursuant to the provision of Article 26-2 of Japan Bank for International Cooperation Act"; and the term, "the stated capital", also referenced therein, shall be deemed
to be replaced with "the stated capital belonging to the account established pursuant to the provision of the same Article"; and any other necessary technical replacement of terms shall be specified by a Cabinet Order.

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2. The provisions of Article 448, 449, and Paragraphs 1 (limited to the portions related to Item 5 thereof) and 2
(limited to the portions related to Item 5 thereof) of Article 828 of the Companies Act shall apply *mutatis mutandis* to the accounting practices implemented by JBIC by separating it pursuant to the provisions of the preceding Article, except
for the case where any surplus is accumulated as a reserve under the provisions of Paragraph 1 of Article 31 hereof and the case where such reserve is drawn down pursuant to the provision of Paragraph 2 of Article 31 hereof. In this case, the term
"the reserves", referenced in Paragraphs 1 and 2 of Article 448 of the same Act, shall be deemed to be replaced with "the reserves belonging to the account established pursuant to the provision of Article 26-2 of Japan Bank for International Cooperation Act"; the term "the stated capital", referenced in Item 2 of Paragraph 1 of the same Article shall be deemed to be replaced with "the stated
capital that shall belong to the account established pursuant to the provision of the same Article"; the term, "and the stated capital", also referenced therein, shall be deemed to be replaced with "and such stated capital";
the term, "the reserves", referenced in Paragraph 3 of the same Article, shall be deemed to be replaced with "the reserves belonging to the account established pursuant to the provision of Article 26-2 of Japan Bank for International Cooperation Act"; and the term, "the reserves", also referenced therein in the same Paragraph, shall be deemed to be replaced with "the reserves
belonging to the account established pursuant to the provision of the same Article"; and any other necessary technical replacement of terms shall be specified by a Cabinet Order.

3. In the case where JBIC increases or reduces the amount of its stated capital belonging to the account
established pursuant to the provisions of the preceding Article, an amount of JBIC's stated capital shall be the sum of the amounts of stated capital belonging to all the accounts of JBIC after the implementation of such increase or reduction;
and in the case where JBIC increases or reduces the amount of its reserves belonging to the account established pursuant to the provision of the same Article, the amount of JBIC's reserves shall be the sum of the amounts of the reserves
belonging to all the accounts of JBIC after the implementation of such increase or reduction. In this case, the provisions of Articles 447 through 449, and Paragraphs 1 (limited to the portions related to Item 5) and 2 (limited to the portions
related to Item 5) of Article 828 of the Companies Act shall not apply.

Article 27: Preparation and Submission of Report on Settlement of Accounts

1. After submitting the Balance Sheets, etc. pursuant to the provisions of Paragraph 2 of Article 26, JBIC shall,
every business year, prepare a report on the settlement of accounts for the relevant business year (including the Electro-Magnetic Record which has recorded the matters to be described in such report on the settlement of accounts; the same shall
apply hereinafter) and submit it to the Minister of Finance, without delay, by attaching the opinion of the Auditor(s), Audit and Supervisory Committee or Audit Committee concerning such report on the settlement of accounts, together with such
submitted Balance Sheets, etc.

2. Upon receiving the report on the settlement of accounts pursuant to the provisions of the preceding Paragraph,
the Minister of Finance shall send it to the Cabinet, together with the Balance Sheets, etc. referenced in the same Paragraph.

3. Upon making the submission pursuant to the provisions of Paragraph 1 of this Article, JBIC shall, without
delay, keep the report on the settlement of accounts and the document stating the opinion of the Auditor(s), Audit and Supervisory Committee or Audit Committee at its head office and branch offices and make them available for public inspection
during the period prescribed by the Ordinance of the Ministry of Finance.

4. The form and content of the report on the settlement of accounts shall be specified by the Minister of Finance.

Article 28: Sending of Report on Settlement of Accounts to Board of Audit of Japan

Upon receiving JBIC's report on the settlement of accounts pursuant to the provisions of Paragraph 2 of the preceding Article, the Cabinet shall send it, together with the Balance Sheets, etc. set forth in Paragraph 1 of the same Article, to the Board of Audit of Japan no later than November 30 of the following business year.

Article 29: Submission of Report on Settlement of Accounts to Diet

The Cabinet shall submit JBIC's report on the settlement of accounts for which the Board of Audit of Japan has finished its inspection, to the Diet, by attaching the Balance Sheets, etc. set forth in Paragraph 1 of Article 27 hereof, together with the settlement of accounts for national revenues and expenditures.

Article 30: Carryover of Budget

1. JBIC may not use the expenditure budget for each business year in the following business year; provided,
however, that if JBIC has made any contract or conducted another act that leads to JBIC's payment during the relevant business year and failed to complete the payment of the expenditures during the relevant business year due to any inescapable
accident, the expenditure budget related to such payment may be carried over and used in the following business year.

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2. When JBIC intends to perform the carryover pursuant to the proviso of the preceding Paragraph, JBIC shall
prepare a carryover statement clarifying the relevant event and amount for each matter, and shall send it to the Minister of Finance and obtain the approval thereof.

3. When JBIC obtains the approval pursuant to the provisions of the preceding Paragraph, with respect to the
expenditures listed in the carryover statement for which the approval has been obtained, a notification concerning the budget shall be deemed to have been provided pursuant to the provisions of Paragraph 1 of Article 20 hereof.

Article 31: Payment to National Treasury

1. In each of the accounts related to the operations listed in each Item of Article 26-2, in the event that the amount of the surplus recorded in the settlement of accounts for each business year exceeds zero, JBIC shall accumulate, as a reserve, the amount calculated in accordance with the
standards prescribed by a Cabinet Order, among such surplus, until it reaches the amount prescribed by the Cabinet Order, and if there is still a surplus, JBIC shall pay the amount of such surplus into the National Treasury within three
(3) months after the end of such business year.

2. In the event that the amount of the surplus recorded in the settlement of accounts for each business year falls
below zero in the respective accounts set forth in the preceding Paragraph, JBIC shall allocate such surplus by drawing down the reserve set forth in the same Paragraph until the amount of such surplus becomes zero.

3. The procedures for the payment into the National Treasury pursuant to the provisions of Paragraph 1 of this
Article, the account into which such payment is to be made and other necessary matters concerning the payment to the National Treasury shall be prescribed by a Cabinet Order.

4. The reserves set forth in Paragraph 1 shall be allocated for each category of the accounts related to the
operations listed in each Item of Article 26-2.

5. JBIC shall not be allowed to make any appropriation of its surplus, such as dividend of its surplus, nor any
appropriation of its surplus belonging to the accounts related to the operations listed in each Item of Article 26-2, such as dividends of such surplus, unless such disposition is made pursuant to the
provisions of Paragraphs 1 and 2 of this Article.

Article 32: Provision of Loans by Government

The Government may provide monetary loans to JBIC.

Article 33: Borrowings and Corporate Bonds

1. Borrowing of funds (including those prescribed by the Ordinance of the Ministry of Finance as having an
economic nature similar to a borrowing; the same shall apply hereinafter in this Article, Paragraph 1 of Article 35 and Item 5 of Article 46) made in order to meet JBIC's fund requirements for the performance of its operations shall be limited
to the borrowings of short-term loans (including those prescribed by the Ordinance of the Ministry of Finance as having an economic nature similar to short-term loans; the same shall apply hereinafter in the following Paragraph and Paragraph 6), or
long-term loans in foreign currency (meaning a borrowing of an amount in foreign currency with a repayment period of more than one (1) year; the same shall apply hereinafter in this Article and Paragraph 1 of Article 35), from financial
institutions, such as banks, or the borrowings related to the monetary loans obtained from the Government pursuant to the provisions of the preceding Article.

2. The short-term loans (excluding those in foreign currency) set forth in the preceding Paragraph shall be repaid
during the business year in which these borrowings are made; provided, however, that in cases where repayment cannot be made due to shortage of funds, JBIC may reborrow (including those prescribed by the Ordinance of the Ministry of Finance as
having an economic nature similar to an act of reborrowing; the same shall apply hereinafter in the following Paragraph and Paragraph 7) only the amount which cannot be so repaid, with the authorization of the Minister of Finance.

3. Loans reborrowed pursuant to the proviso of the preceding Paragraph shall be repaid within one (1) year.

4. Pursuant to the provisions of a Cabinet Order, JBIC shall, every business year, prepare a basic policy
concerning the issuance of corporate bonds and the borrowing of long-term loans in foreign currency made in order to meet fund requirements for the performance of its operations and obtain the authorization of the Minister of Finance. When JBIC
intends to make any change to the policy, the same shall apply.

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5. When JBIC has issued corporate bonds or borrowed the long-term loans in foreign currency pursuant to the
provisions of preceding Paragraph, it shall, without delay, make a notification of such fact to the Minister of Finance pursuant to the provisions prescribed by a Cabinet Order; provided, however, that this shall not apply if JBIC issues the
certificates of corporate bonds, as prescribed by a Cabinet Order, in order to deliver to anyone who has lost such certificates of corporate bonds and, as a result of the issuance of such certificates of corporate bonds, JBIC assumes new
liabilities.

6. The total amount of (i) the outstanding amounts of the short-term loans, the long-term loans in foreign
currency and the borrowings related to the monetary loans obtained from the Government as set forth in Paragraph 1 of this Article that are made in order to meet JBIC's fund requirements for the performance of its Ordinary Operations, and
(ii) the outstanding amount of liabilities relating to the principal amount of corporate bonds set forth in Paragraph 4 of this Article that are issued in order to meet JBIC's fund requirements for the performance of its Ordinary
Operations shall not exceed the amount (hereinafter referred to as the "Limitation Amount Related to Ordinary Operations" in this Article) equivalent to ten (10) times the total amount of the capital and reserves belonging to the
account related to the Ordinary Operations of JBIC (hereinafter referred to as the "Base Amount Related to Ordinary Operations" in this Article).

7. Notwithstanding the provisions of the preceding Paragraph, when the issuance of new bonds is necessary to
reborrow the issued corporate bonds with respect to corporate bonds set forth in Paragraph 4 of this Article that were issued in order to meet JBIC's fund requirements for the performance of its Ordinary Operations, the corporate bonds may be
issued in excess of the Limitation Amount Related to Ordinary Operations only within the period necessary to make such reborrowing.

8. Among the Ordinary Operations, the total amount of the outstanding amounts of (i) monetary loans,
(ii) acquisition of the receivables related to assignment and the Corporate/Public Bonds, etc., (iii) liabilities relating to the Guarantee, etc. of Liabilities and (iv) contributions, all of which are made pursuant to the provisions of
Items (1) through (6) of Article 11 hereof, shall not exceed the aggregate amount of the Base Amount Related to Ordinary Operations and the Limitation Amount Related to Ordinary Operations.

9. The provisions set forth in the preceding three (3) paragraphs shall apply *mutatis mutandis* to the
Special Operations. In this case, the term, "Base Amount Related to Ordinary Operations", referenced in Paragraphs 6 and the preceding Paragraph, shall be deemed to be replaced with "Base Amount Related to Special Operations";
the term, "Limitation Amount Related to Ordinary Operations", referenced in the preceding three (3) paragraphs, shall be deemed to be replaced with "Limitation Amount Related to Special Operations"; and the term,
"through (6)", referenced in the preceding Paragraph, shall be deemed to be replaced with ", Item (3), (4) and (6)".

10. The monetary funds financed through the borrowing of funds or the issuance of the corporate bonds pursuant to
the provisions of this Article shall, in accordance with the separate accounting set forth in Article 26-2 hereof, be allocated to the respective accounts relevant to the operations listed in each Item of the
same Article.

Article 34: Statutory Lien

1. A holder of JBIC's corporate bonds shall, with respect to the property of JBIC, have the right to have
his/her receivables satisfied in preference to other creditors.

2. The order of the statutory lien set forth in the preceding Paragraph shall be next to the general liens
prescribed by the provisions of the Civil Code (Act No. 89 of 1896).

Article 35: Government Guarantee

1. Notwithstanding the provisions of Article 3 of the Act Concerning Restrictions on Financial Assistance by the
Government to Corporations (Act No. 24 of 1946), the Government may execute a guarantee agreement with respect to the liabilities related to JBIC's corporate bonds (excluding the liabilities with respect to which the Government may execute
a guarantee agreement under Paragraph 2 of Article 2 of the Act on Special Measures Pertaining to the Acceptance of Foreign Capital from the International Bank for Reconstruction and Development, etc. (Act No. 51 of 1953) (referred to as the
"Foreign Capital Acceptance Act" in the following Paragraph and Paragraph 1 of Article 16 of the Supplementary Provisions)) or the liabilities related to the long-term loans in foreign currency, within the scope of the amount fixed by the
budget.

2. Among the amount fixed by the budget set forth in the preceding Paragraph, the amount of liabilities related to
the corporate bonds issued in a foreign country and denominated in Japanese currency may be fixed by adding up to the amount fixed by the budget as set forth in Paragraph 2 of Article 2 of the Foreign Capital Acceptance Act, when it is difficult to
fix the said amount of liabilities separately from the said amount fixed by the budget set forth in the same paragraph of the Foreign Capital Acceptance Act.

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3. The Government may, in addition to the provisions of Paragraph 1 of this Article, execute a guarantee agreement
with respect to the liabilities related to the certificates of corporate bonds or coupons thereof, which are issued by JBIC, pursuant to the provisions prescribed by a Cabinet Order, in order to deliver to a person who has lost the certificates of
corporate bonds or coupons thereof.

Article 36: Investment of Surplus Funds

JBIC shall not invest any surplus funds of its business except by means of:

(1) Acquisition of national government bonds, local government bonds or government-guaranteed bonds (which mean the
bonds for which the redemption of its principal and payment of interest thereon are guaranteed by the Government) and other securities designated by the Minister of Finance;

(2) Deposit with the Fiscal Loan Fund;

(3) Deposit with banks or other financial institutions designated by the Minister of Finance;

(4) Holding of negotiable deposit certificates;

(5) Money trust to the financial institutions engaging in trust business (which mean the financial institutions
that have obtained the authorization set forth in Paragraph 1 of Article 1 of the Act on Provision, etc. of Trust Business by Financial Institutions);

(6) Lending of call funds; or

(7) Means prescribed in the Ordinance of the Ministry of Finance as the means equivalent to the means listed in
each of the preceding Items.

Article 37: Delegation to Ordinance of Ministry of Finance

In addition to those provided for in this Act and Cabinet Orders thereunder, the matters necessary with respect to the finance and accounting of JBIC shall be prescribed by the Ordinance of the Ministry of Finance.

**CHAPTER 5: MISCELLANEOUS PROVISIONS** 

Article 38: Supervision

1. The Minister of Finance shall supervise JBIC in accordance with the provisions of this Act.

2. With respect to the management or administration of JBIC, in the case where the Minister of Finance finds that
there is a violation of laws and regulations or the Articles of Incorporation or any grossly unjust matter exists and in other cases where they find it necessary for the enforcement of this Act, the Minister of Finance may issue JBIC orders
concerning its operations as are necessary for the supervision.

Article 39: Report and Inspection

1. If the Minister of Finance finds it necessary for the enforcement of this Act, the Minister of Finance may
cause JBIC or the Juridical Person Delegated to submit reports or may cause its officials to enter the facilities of JBIC or of the Juridical Person Delegated, such as the offices to inspect the accounting books, documents and other necessary
objects; provided, however, that, with respect to the Juridical Person Delegated, such action shall be limited to the scope of operations delegated to it by JBIC.

2. When an official of the Minister of Finance carries out an on-site inspection pursuant to the provisions of the preceding Paragraph, he/she shall carry with him/her identification certifying his/her status and present it to parties concerned.

3. The authority to carry out the on-site inspection pursuant to the
provisions of Paragraph 1 above shall not be construed to be that given for the investigation of a criminal offense.

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Article 40: Delegation of Authority

1. The Minister of Finance may, as prescribed by a Cabinet Order, delegate part of the authority to carry out an on-site inspection pursuant to the provisions of Paragraph 1 of the preceding Article to the Prime Minister.

2. If the Prime Minister has carried out an on-site inspection pursuant to
the provisions of Paragraph 1 of the preceding Article on the basis of the delegation pursuant to the provisions of the preceding Paragraph, he/she shall promptly submit a report of the results of the inspection to the Minister of Finance.

3. The Prime Minister shall delegate both the authority delegated pursuant to the provisions of Paragraph 1 above
and the authority set forth in the provisions of the preceding Paragraph to the Commissioner of Financial Services Agency.

4. The Commissioner of Financial Services Agency may, as prescribed by a Cabinet Order, delegate all or part of
the authority delegated pursuant to the provisions of the preceding Paragraph, to Director-General of the Local Finance Bureau or the Director-General of the Local Finance Branch Bureau.

5. Part of the authority of the Minister of Finance set forth in this Act (excluding that delegated to the Prime
Minister pursuant to the provisions of Paragraph 1 above) may, as prescribed by a Cabinet Order, be delegated to the Director-General of the Local Finance Bureau or the Director-General of the Local Finance Branch Bureau.

Article 41: Articles of Incorporation

1. In the Articles of Incorporation of JBIC, in addition to the matters listed in each of the Items of Article 27
of the Companies Act, matters relating to the procedures and requirements for the appointment of a person to assume management responsibility from among the Representative Directors or Representative Executive Officers shall be described or
recorded.

2. With respect to the matters related to the requirements for the appointment of a person to assume management
responsibility set forth in the preceding Paragraph, the provisions that the requirements listed below be satisfied shall be incorporated:

(1) A person who has discernment and the capability recognized as necessary in light of the purposes set forth in
Article 1 hereof and the operations set forth in Article 11 hereof shall be appointed; and

(2) Due consideration shall be required in order to avoid automatically appointing such persons who have held
certain specific governmental positions.

3. The resolution for the amendment of the Articles of Incorporation of JBIC shall not take effect unless the
authorization of the Minister of Finance is granted.

Article 42: Merger, Company Split, Share Exchange, Share Delivery, Assignment and Acceptance of Assignment of Business and Dissolution

Notwithstanding the provisions of Part II, Chapters VII and VIII and Part V, Chapters II, III, IV, Section I and IV-II of the Companies Act, the merger, company split, share exchange, share delivery, assignment and acceptance of assignment of all or part of business, to which JBIC becomes a party, and dissolution of JBIC shall be provided for separately by an Act.

Article 43: Exclusion from Application, etc. of Financial Instruments and Exchange Act

1. When JBIC performs the actions listed in each of the Items of Paragraph 8 of Article 2 of the Financial
Instruments and Exchange Act pursuant to the provisions of Article 11, the provisions of Article 29 of the same Act shall not apply.

2. In the case set forth in the preceding Paragraph (excluding the case set forth in the following Paragraph or
Paragraph 5), JBIC shall be deemed as the Financial Instruments Business Operator defined in Paragraph 9 of Article 2 of the Financial Instruments and Exchange Act, and the provisions of Chapter III, Section I, Subsection V and Section II (excluding
Article 35, Article 35-2, Articles 36-2 through 36-4, Item (2) of Paragraph 1 of Article 37, Item (2) of Paragraph 1 of
Article 37-3, Article 37-7, Item (7) of Article 38, Article 40-3-3 and Article 40-3-4) of the same Act and the provisions of Chapters VIII and VIII-II of the same Act relating to such provisions shall apply.

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3. When JBIC performs the actions listed in each of the Items of Paragraph 1 of Article 63 of the Financial
Instruments and Exchange Act pursuant to the provisions of Article 11 hereof, the provisions of Paragraph 2 of the said Article 63 shall not apply.

4. In the case set forth in the preceding Paragraph (excluding the case set forth in the following Paragraph),
JBIC shall be deemed as the Financial Instruments Business Operator defined in Paragraph 9 of Article 2 of the Financial Instruments and Exchange Act, and the provisions of Chapter III, Section I, Subsection V, Article 37 (excluding Item (2) of
Paragraph 1), Article 37-3 (excluding Item (2) of Paragraph 1), Article 37-4, Article 38 (limited to the portions related to Items (1), (2) and (9)), Article 39
(excluding Paragraphs 4 and 6), Article 40, Article 40-3, Article 40-3-2, Article 42, Article 42-2, Article 42-4, Article 42-7 and Article 45 of the same Act and the provisions of Chapters VIII and VIII-II of the same Act related to such provisions shall apply.

5. When JBIC performs the actions listed in each of the Items of Paragraph 1 of Article 63-8 of the Financial Instruments and Exchange Act pursuant to the provisions of Article 11 hereof, the provisions of Paragraph 1 of Article 63-9 of the same Act shall not
apply.

6. In the case set forth in the preceding Paragraph, JBIC shall be deemed as the Financial Instruments Business
Operator defined in Paragraph 9 of Article 2 of the Financial Instruments and Exchange Act, and the provisions of Chapter III, Section I, Subsection V, Article 35-3, Article 37 (excluding Item (2) of
Paragraph 1), Article 37-3 (excluding Item (2) of Paragraph 1), Article 37-4, Article 38 (limited to the portions related to Items (1), (2) and (9)), Article 39
(excluding Paragraphs 4 and 6), Article 40, Article 40-3, Article 40-3-2, Article 42, Article 42-2, Article 42-4, Article 42-7 and Article 45 of the same Act and the provisions of Chapters VIII and VIII-II of the same Act related to such provisions shall apply.

**CHAPTER 6: PENAL PROVISIONS** 

Article 44:

Any person who has disclosed or misappropriated any secret in violation of the provisions of Article 9 hereof shall be punished by imprisonment for not more than one (1) year or by a fine of not more than five hundred thousand yen (¥500,000).

Article 45:

A Director, Executive Officer, Accounting Advisor, Auditor or employee of JBIC, or an officer or employee of the Juridical Person Delegated who has failed to submit reports pursuant to the provisions of Paragraph 1 of Article 39 hereof or submitted false reports on the matters to be reported pursuant to the provisions of the same Paragraph, or refused, obstructed or evaded an inspection to be carried out pursuant to the provisions of the same Paragraph shall be punished by a fine of not more than three hundred thousand yen (¥300,000).

Article 46:

A Director, Executive Officer, Accounting Advisor or the member who should execute the duties of such Accounting Advisor, or Auditor of JBIC who falls under any of the following Items shall be punished by a non-penal fine of not more than one million yen (¥1,000,000):

(1) When he/she has failed to obtain the authorization or approval of the Minister of Finance in the case where
such authorization or approval is required by the provisions of this Act;

(2) When he/she has failed to make a notification to the Minister of Finance in the case where such notification is
required by the provisions of this Act;

(3) When he/she has conducted any operations other than those set forth in Article 11 hereof or has conducted the
operations set forth in Article 11 hereof in violation of the provisions of Article 12 hereof;

(4) When he/she has violated an order of the Minister of Finance issued pursuant to the provisions of Paragraph 2
of Article 13-3 or Paragraph 2 of Article 38 hereof;

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(5) When he/she has borrowed funds or issued corporate bonds in violation of the provisions of Paragraph 6 of
Article 33 hereof (including the case where the same Paragraph is applied *mutatis mutandis* pursuant to Paragraph 9 of the same Article), or he/she has provided monetary loans, acquired loan receivables by assignment, acquired the
Corporate/Public Bonds, etc., provided the Guarantee, etc. of Liabilities or made contributions in violation of the provisions of Paragraph 8 of the same Article (including the case where the same Paragraph is applied *mutatis mutandis* pursuant to Paragraph 9 of the same Article); or

(6) When he/she has invested the surplus funds having arisen in the course of the conduct of operations in
violation of the provisions of Article 36 hereof.

Article 47:

Any person who has violated the provisions of Paragraph 1 of Article 5 hereof shall be punished by a non-penal fine of not more than one hundred thousand yen (¥100,000).

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SUPPLEMENTARY PROVISIONS (Act No. 39 of 2011) (Extract)

Article 1: Effective Date

This Act shall come into force as of the date of its promulgation; provided, however, that the provisions of Paragraph 1 of Article 5 and Article 47 hereof and the provisions of Articles 22 through 51 of the Supplementary Provisions hereof shall come into force as of April 1, 2012.

Article 2: Organizing Members

The Minister of Finance shall appoint the Organizing Members and cause them to perform the duties of incorporators with respect to the incorporation of JBIC.

Article 3: Articles of Incorporation

1. The Organizing Members shall prepare the Articles of Incorporation of JBIC and obtain the authorization of the
Minister of Finance.

2. When the Minister of Finance intends to grant the authorization set forth in the preceding Paragraph, the
Minister of Finance shall consult with the Minister of Defense in advance.

Article 4: Shares Issued upon Incorporation of JBIC

The matters listed below concerning the shares issued upon the incorporation of JBIC and the total number of shares that JBIC may issue shall be prescribed in its Articles of Incorporation. In this case, the matters listed in Item (3) below shall, in accordance with the separation of accounting prescribed in Article 18-2 of the Act on Special Measures concerning Smooth Implementation of Realignment of United States Forces in Japan (Act No. 67 of 2007) after revision (hereinafter referred to as the "New Force Realignment Special Measures Act") by the provisions of Article 47 of the Supplementary Provisions hereof, be allocated for each account related to the operations listed in each Item of Article 18-2 of the New Force Realignment Special Measures Act:

(1) The number of shares (if JBIC intends to be incorporated as a company with class shares, the classes of such
shares and the number of shares for each of such classes);

(2) Amount to be paid in for shares (which means the amount of money to be paid in exchange for one (1) share
or property (other than money) delivered in exchange therefor); and

(3) The matters concerning the amount of capital and capital reserve.

Article 5: Subscription for Shares

1. The total number of shares issued upon the incorporation of JBIC shall be subscribed for by Japan Finance
Corporation (hereinafter referred to as "JFC"), and the Organizing Members shall allocate such total number of shares to JFC.

2. The Government shall exercise the right of share subscribers concerning the incorporation of JBIC through the
shares allocated pursuant to the provisions of the preceding Paragraph.

Article 6: Contribution

JFC shall, upon the incorporation of JBIC, contribute to JBIC the properties of JFC (excluding the assets succeeded by the Government pursuant to the provisions of Paragraph 6 of Article 12 of the Supplementary Provisions hereof) that are related to (i) the operations listed in Item (6) of Article 41 of the Japan Finance Corporation Act (Act No. 57 of 2007) prior to revision (hereinafter referred to as the "Former JFC Act") by the provisions of Article 46 of the Supplementary Provisions hereof (such Item (6) shall apply by making replacements pursuant to the provisions of Paragraph 2 of Article 37 of the Supplementary Provisions of the Former JFC Act) and (ii)the Financial Operations for Facilitating Realignment of United States Forces in Japan that are prescribed in Article 16 of the Act on Special Measures concerning Smooth Implementation of Realignment of United States Forces in Japan prior to revision (hereinafter referred to as the "Former Force Realignment Special Measures Act") by the provisions of Article 47 of the Supplementary Provisions hereof. (The operations stated in (i) and (ii) above are hereinafter collectively referred to as the "Japan Bank for International Cooperation's Former Operations, etc.")

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Article 7: Organizational Meeting

When applying the provisions of Paragraph 1 of Article 65 of the Companies Act, which are related to the incorporation of JBIC, "on and after either the date under Item (iii) of Article 58(1) or the last day of the period under such Item, whichever comes later" referenced in the same Paragraph shall be deemed to be replaced with "after the allocation of shares made pursuant to the provisions of Paragraph 1 of Article 5 of the Supplementary Provisions of Japan Bank for International Cooperation Act (Act No. 39 of 2011)."

Article 8: Establishment of JBIC

The delivery of properties related to the contribution made by JFC pursuant to the provisions of Article 6 of the Supplementary Provisions hereof shall be made at the time of the enforcement of the provisions of Article 46 of the Supplementary Provisions hereof and, notwithstanding the provisions of Article 49 of the Companies Act, JBIC shall be established at that time.

Article 9: Registration of Incorporation

JBIC shall, notwithstanding the provisions of Paragraph 1 of Article 911 of the Companies Act, register its incorporation without delay after the establishment of JBIC.

Article 10: Transfer to Government Without Compensation

1. JBIC's shares acquired by JFC through making contributions shall, upon the establishment of JBIC, be
transferred to the Government without compensation.

2. JBIC's shares to be transferred to the Government without compensation pursuant to the provisions of the
preceding Paragraph shall, as prescribed by a Cabinet Order, belong to the general account or the special account for fiscal investments and loan programs.

Article 11: Exclusion from Application of Companies Act

The provisions of Article 30 of the Companies Act and Part II, Chapter I, Section 3 thereof shall not apply to the incorporation of JBIC.

Article 12: Succession, etc. of Rights and Obligations

1. Among the rights and obligations which JFC actually has upon the establishment of JBIC, those rights and
obligations related to the Japan Bank for International Cooperation's Former Operations, etc., except for the assets succeeded by the Government pursuant to the provisions of Paragraph 6 of this Article, shall be succeeded by JBIC upon the
establishment of JBIC, pursuant to the written succession plan that prescribes the necessary matters concerning the succession of rights and obligations.

2. The written succession plan set forth in the preceding Paragraph shall be prepared by JFC in accordance with
the standards prescribed by a Cabinet Order and shall be authorized by the Minister of Finance.

3. If JBIC succeeds to any of the rights and obligations of JFC pursuant to the provisions of Paragraph 1 of this
Article, JFC shall, upon the succession, decrease its capital by the total amount of the amount of the capital belonging to the account related to the operations listed in Item (6) of Article 41 of the Former JFC Act and the amount of the
capital belonging to the Financial Account Related to the Financial Operations for Facilitating Realignment of United States Forces in Japan that is prescribed in Article 18 of the Former Force Realignment Special Measures Act, and shall decrease
its reserves by the total amount of the amount of the reserve belonging to the account related to the operations listed in Item (6) of Article 41 of the Former JFC Act and the amount of the reserve belonging to the Financial Account Related to
the Financial Operations for Facilitating Realignment of United States Forces in Japan that is prescribed in Article 18 of the Former Force Realignment Special Measures Act.

4. The provisions of Articles 447 through 449 of the Companies Act shall not apply to the decrease in the amounts
of capital and reserves made pursuant to the provisions of the preceding Paragraph.

5. The provisions of Article 70 of the Commercial Registration Act (Act No. 125 of 1963) shall not apply to
the registration of a change due to the decrease in the amount of capital made pursuant to the provisions of Paragraph 3 of this Article.

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6. Among the rights which JFC actually has upon the establishment of JBIC (limited to those rights related to the
Japan Bank for International Cooperation's Former Operations, etc.), the assets recognized as unnecessary for JBIC to smoothly perform operations in the future shall be succeeded by the Government upon the establishment of JBIC.

7. The scope of assets succeeded by the Government pursuant to the provisions of the preceding Paragraph and other
matters necessary for the succession of such assets to the Government shall be prescribed by a Cabinet Order.

8. The appropriation and payment to the national treasury of the surplus made pursuant to the provisions of
Article 47 of the Former JFC Act that are related to the business year of JFC commencing on April 1, 2011 (limited to such appropriation and payment related to the account related to the operations listed in Item (6) of Article 41 of the
Former JFC Act and the Financial Account Related to the Financial Operations for Facilitating Realignment of United States Forces in Japan that is prescribed in Article 18 of the Former Force Realignment Special Measures Act) shall be made by JBIC
through the application of the provisions heretofore in force.

Article 13: Values of Properties Succeeded

1. The values of the assets and liabilities succeeded by JBIC from JFC (in the following Paragraph, referred to as
the "Succeeded Properties") shall be the values assessed by the Evaluation Committee.

2. If the Evaluation Committee make an assessment pursuant to the provisions of the preceding Paragraph, the then
current values of the Succeeded Properties on the date of the establishment of JBIC shall be used as the base values; provided, however, that if it is admitted that, taking into consideration the details of the Succeeded Properties, such as the
kinds and uses thereof, use of the then current values of the Succeeded Properties as base values is inappropriate, the Evaluation Committee shall be allowed not to base their assessment on the then current values of the Succeeded Properties.

3. In addition to the matters prescribed in the preceding two (2) Paragraphs, the Evaluation Committee and
other matters necessary for an assessment shall be prescribed by a Cabinet Order.

Article 14: Accounts for Succeeded Properties

If the assets and liabilities are succeeded by JBIC from JFC, the assets and liabilities listed in each of the following Items shall, upon such succession, be allocated as the assets and liabilities belonging to the account set forth in each of such Items, respectively:

(1) The assets and liabilities related to the operations listed in Item (6) of Article 41 of the Former JFC
Act, which shall apply by making replacements pursuant to the provisions of Paragraph 2 of Article 37 of the Supplementary Provisions of the Former JFC Act: The account related to the operations listed in Item (1) of Article 18-2 of the New Force Realignment Special Measures Act; and

(2) The assets and liabilities related to the Financial Operations for Facilitating Realignment of United States
Forces in Japan that are prescribed in Article 16 of the Former Force Realignment Special Measures Act: The account related to the operations listed in Item (2) Article 18-2 of the New Force Realignment
Special Measures Act.

Article 15:

1. In the case where an allocation is made pursuant to the provisions of the preceding Article, the amount
obtained by reducing, for each account related to the operations listed in each Item of Article 18-2 of the New Force Realignment Special Measures Act, the total amounts of (i) liabilities belonging to
such account and (ii) capital and capital reserve belonging to such account from the amount of assets belonging to such account shall be allocated as the amount of the surplus belonging to such account.

2. In the case of the preceding Paragraph, if the amount of the surplus belonging to each account exceeds zero,
such amount shall be the retained earnings reserve belonging to such account.

3. In the cases of the preceding two (2) Paragraphs, the amount of the surplus at the time of the
incorporation of JBIC shall be the total amount of the surpluses belonging to all the accounts of JBIC, and the amount of the retained earnings reserve at the time of the incorporation of JBIC shall be the total amount of the retained earnings
reserves belonging to all the accounts of JBIC.

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Article 16: Transitional Measures Necessary in Connection with Succession of Rights and Obligations

1. The guarantee contracts prescribed in each of the following Items and executed by the Government with respect
to the liabilities related to the bonds listed in each of such Items and succeeded by JBIC pursuant to the provisions of Paragraph 1 of Article 12 of the Supplementary Provisions hereof shall survive such succession with the conditions in force
before such succession with respect to such liabilities related to such bonds. With respect to public dues, such as taxes, on the interest and redemption gain on the bonds listed below and related to the guarantee contracts executed pursuant to the
provisions of Article 2 of the Foreign Capital Acceptance Act among such guarantee contracts, the provisions in force before such succession shall remain applicable.

(1) Corporate bonds set forth in Paragraph 2 of Article 50 of the Former JFC Act:

Guarantee contracts executed pursuant to the provisions of Article 55 of the Former JFC Act or Article 2 of the Foreign Capital Acceptance Act

(2) The Japan Bank for International Cooperation Bonds set forth in Paragraph 1 of Article 45 of Japan Bank for
International Cooperation Act (Act No. 35 of 1999) prior to the abolishment made pursuant to the provisions of Article 42 of the Supplementary Provisions of the Former JFC Act (hereinafter referred to as the "Former Japan Bank for
International Cooperation Act"): Guarantee contracts executed pursuant to the provisions of Article 47 of the Former Japan Bank for International Cooperation Act or Article 2 of the Foreign Capital Acceptance Act prior to revision by the
provisions of Article 13 of the Act Concerning Adjustment of Relevant Acts as a Consequence of the Japan Finance Corporation Act (Act No. 58 of 2007)

(3) Foreign currency bonds, etc. set forth in Paragraph 1 of Article 39-2 of the Export-Import Bank of Japan Act (Act No. 268 of 1950) prior to the abolishment made pursuant to the provisions of Article 15 of the Supplementary Provisions of the Former Japan Bank for International Cooperation Act (hereinafter referred
to as the "Former Export-Import Bank Act"): Guarantee contracts executed pursuant to the provisions of Article 39-3 of the Former Export-Import Bank Act or Article 2 of the Foreign Capital Acceptance
Act prior to revision by the provisions of Article 23 of the Supplementary Provisions of the Former Japan Bank for International Cooperation Act

2. The provisions of Article 34 hereof shall apply to the bond listed in each of the Items of the preceding
Paragraph, by deeming these bonds as the corporate bonds of JBIC.

Article 17:

1. If the obligations related to the Japan Bank for International Cooperation's Former Operations, etc. are
succeeded by JBIC pursuant to the provisions of Paragraph 1 of Article 12 of the Supplementary Provisions hereof, the parties prescribed in each of the following Items shall jointly and severally be liable for repayment of the liabilities related to
all of the bonds listed in each of such Items that have been issued at the time of such succession.

(1) The Japan Bank for International Cooperation Bonds set forth in Paragraph 1 of Article 45 of Japan Bank for
International Cooperation Act prior to revision by the provisions of Article 11 of the Supplementary Provisions of the Act Concerning Partial Amendment of the Act on the Japan International Cooperation Agency, Independent Administrative Agency (Act
No. 100 of 2006) and the foreign currency bonds, etc. set forth in Paragraph 1 of Article 39-2 of the Former Export-Import Bank Act: JBIC and the Japan International Cooperation Agency, Independent
Administrative Agency

(2) Corporate bonds issued pursuant to the provisions of Articles 49 and 50 of the Former JFC Act: JBIC and JFC

2. A holder of the bonds listed in each of the Items of the preceding Paragraph shall, with respect to the
properties of the parties listed in each of such Items, have the right to have his/her receivables satisfied in preference to other creditors.

3. The order of the statutory lien set forth in the preceding Paragraph shall be next to the general statutory
liens prescribed by the provisions of the Civil Code.

------

Article 18: Exclusion from Taxation

1. No registration license taxes shall be imposed with respect to the registration or recording made as a result
of JBIC's succession of rights under the provisions of Paragraph 1 of Article 12 of the Supplementary Provisions hereof to the extent that such registration or recording is made within one (1) year from the time of the establishment of
JBIC.

2. No real property acquisition taxes or automobile acquisition taxes may be imposed on acquisition of real
property or automobiles as a result of JBIC's succession of rights under the provisions of Paragraph 1 of Article 12 of the Supplementary Provisions hereof.

Article 19: Special Provisions on JFC's Operations

In addition to the operations set forth in Article 11 of the Japan Finance Corporation Act, JFC may, by obtaining the authorization of the Minister of Finance, engage in the operations listed below for the period from the date of the enforcement of this Act through March 31, 2012, so that JBIC can start its operations smoothly at the time of its establishment. In this case, in terms of applying the provisions, such as those of supervision, to the operations listed below conducted by JFC, such operations shall be deemed as meaning the operations set forth in Item (4) of Paragraph 1 of the same Article.

(1) Among the operations listed in Item (1) of Article 11 hereof, those which are related to the Export of
Equipment, etc. destined for any area other than developing areas, except for the Guarantee, etc. of Liabilities related to the Guarantee, etc. of Liabilities (limited to the cases corresponding to the case listed in Item (2) of Paragraph 1 of
Article 12 hereof);

(2) Among the operations listed in Item (3) of Article 11 hereof, loans of short-term funds made pursuant to
the provisions of Paragraph 4 of Article 12 hereof; and

(3) Among the operations listed in Item (3) of Article 11 hereof, loans to the Juridical Persons, etc. of
Japan, other than the loans to the Small and Medium Enterprises, etc. (limited to the cases corresponding to the case listed in Item (1) or (2) of Paragraph 6 of Article 12 hereof).

Article 20: Special Provisions on JBIC's Operations

1. JBIC may, in addition to the operations set forth in Article 11 hereof, engage in the operations to perform the
management and collection of the loan receivables related to the Japan Bank for International Cooperation's Former Operations, etc. conducted by JFC before the enforcement of the provisions of Article 46 of the Supplementary Provisions hereof
(excluding those corresponding to the operations set forth in Article 11 hereof and including the operations incidental to the operations to perform such management and collection) until the collection of such loan receivables is completed.

2. If JBIC engages in the operations to perform the management and collection set forth in the preceding Paragraph
pursuant to the provisions of the same Paragraph, for the purpose of applying the provisions of Paragraphs 1 and 3 of Article 43 and Item 3 of Article 46 hereof and the provisions of Article 18-2 of the New
Force Realignment Special Measures Act, "Article 11 hereof" referenced in Paragraphs 1 and 3 of Article 43 hereof shall be deemed to be replaced with "Article 11 hereof or Paragraph 1 of Article 20 of the Supplementary Provisions
hereof"; "other than those set forth in Article 11 hereof" referenced in Item 3 of Article 46 hereof shall be deemed to be replaced with "other than those set forth in Article 11 hereof and Paragraph 1 of Article 20 of the
Supplementary Provisions hereof"; and "The operations listed in each Item of Article 11 of Japan Bank for International Cooperation Act" referenced in Item 1 of Article 18-2 of the New Force
Realignment Special Measures Act shall be deemed to be replaced with "The operations listed in each Item of Article 11 of Japan Bank for International Cooperation Act and the operations to perform the management and collection set forth in
Paragraph 1 of Article 20 of the Supplementary Provisions of the same Act."

Article 21: Delegation to Cabinet Orders

In addition to those prescribed in Article 2 of the Supplementary Provisions hereof through the preceding Article, the matters necessary with respect to the incorporation of JBIC shall be prescribed by Cabinet Orders.

Article 51: Transitional Measures Concerning Application of Penal Provisions

With regard to the application of penal provisions to the acts performed prior to the enforcement of the provisions of the proviso of Article 1 of the Supplementary Provisions hereof, the penal provisions in force theretofore shall remain applicable.

------

Article 52: Review on Status of JBIC's Operations

After the establishment of JBIC, the Government shall, taking into consideration the status of the enforcement of this Act, review the status of JBIC's operations, from the point of view that JBIC has the purpose of supplementing the financial transactions implemented by ordinary financial institutions, and the Government shall, when it finds necessary, implement the required measures, such as the abolishment of operations, based on the results thereof.

*This English version of the Act has been prepared purely for information purposes, and should not be considered as an official translation of Japan Bank for International Cooperation or any authorities of Japanese Government.*

## Exhibit 99.6

**Exhibit 6** 

CERTIFICATE

I, Tomoyuki Miyazaki, Attorney-at-law, do hereby certify that attached hereto is a true and correct English translation of the Japan Bank for International Cooperation Act (Act No. 39 of 2011), as amended, and that such Act is in full force and effect as of the date hereof.

IN WITNESS WHEREOF, I have hereunto set my hand as of this 4th day of August, 2025.

---

| |
|:---|
| /s/ Tomoyuki Miyazaki |
| Tomoyuki Miyazaki |
| Attorney-at-law |

---

## Exhibit 99.7

**Exhibit 7** 

**Independent auditor's report** 

The Board of Directors

Japan Bank for International Cooperation

**Report on the audit of the consolidated financial statements** 

**Opinion** 

We have audited the consolidated financial statements of Japan Bank for International Cooperation and its subsidiaries (the Group), which comprise the consolidated statements of financial position as of March 31, 2025 and 2024, and the consolidated income statements, consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of March 31, 2025 and 2024 and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board (IASB).

**Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Key audit matters** 

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

------

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| | |
|:---|:---|
| **Key audit matter** | **How our audit addressed the key audit matter** |
|  <br> Assessment of allowance for loan losses |  |
| As of March 31, 2025, the Group reported total loans and other receivables of ¥15,366,470 million and recorded an allowance for loan losses of ¥440,196 million.<br>Management discloses information about credit risk in Note 37, "Financial Risk Management", Note 38, "Maximum Exposure to Credit Risk", Note 39, "Collateral", Note 40, "Concentration of Credit Risk", and Note 41 "Exercise of Rights to Obtain Collateral or Other Credit Enhancements", Management also discloses the details of the allowance for loan losses in Note 3, "Material Accounting Policy Information, H. Impairment of financial assets", Note 4, "Material Accounting Judgments, Estimates, and Assumptions", Note 11, "Loans and Other Receivables", and Note 30, "Impairment Losses (Reversals) on Financial Assets".<br>The Group's loan portfolio is characterized by a significant portion of long-term loans that entail sovereign and country risks.<br>IFRS 9 applies the expected credit loss ("ECL") model, which is a model for the recognition of impairment losses. IFRS 9 outlines a "three-stage" model for impairment based on changes in credit quality since initial recognition of loans.<br>The Group estimates risk parameters in consideration of information available as of March 31, 2025 and measures ECL.<br>The assessment of allowance for loan losses involves uncertainties in judgment and estimation by management primarily on the following matters:<br>- Self-assessment of the quality of loans and other receivables, including the future prospects of borrowers' financial conditions and repayment abilities used in the borrowers' category determination;<br>- Future cash flows used in the discounted cash flow method ("DCF method") for the impaired loans and other receivables assessed individually and classified as Stage 3; | The audit procedures that we performed to examine the Group's assessment of allowance for loan losses included the following, among others:<br>- We obtained an understanding, evaluated the design, and tested operating effectiveness of the controls over the Group's borrower category process. The controls tested included, but were not limited to, those controls over the accuracy of underlying internal credit rating data and schedules used in determining the borrowers' category as well as controls over the completeness of the scope of self-assessment of asset quality.<br>- We selected a sample of borrowers by taking into account the degree of increase in credit risk estimated considering the type of business, the repayment status, financial position/degree of deterioration in their business performance and external factors, including the ongoing Russian invasion of Ukraine, to test management's determination of the category of the sampled borrowers. We also considered the monetary impact of changes in the borrowers' category on the amount recorded in the allowance for loan losses.<br>- We evaluated sampled borrowers' recent repayment status, financial position, and business performance, by inspecting a set of materials related to the Group's self-assessment of asset quality, such as explanatory materials including a description of the business, borrowing and repayment status, research materials providing an understanding of actual financial position, financial statements, and the trial balance, and by evaluating the impact of the international situation related to Russia and Ukraine on the future prospects of the borrowers' business performance and compared them with available external information including, as appropriate, trends in natural resource prices.<br>|

---

------

---

| | |
|:---|:---|
| - Selection of forward looking macroeconomic indicators and the approach to making adjustments based on statistical calculations using historical data and forecasts to incorporate forward looking information in the ECL measurement of loans and other receivables classified as Stage 1 or Stage 2.<br>With respect to the international situation related to Russia and Ukraine, while the national governments have taken various measures, such as economic sanctions against Russia, the effects of the international situation related to Russia and Ukraine are reflected in the ECL by assessing in detail the effects of such measures on Russia-related financial assets in the process of the ECL measurement and in assessing the effects on credit risk individually.<br>ECL measurement involves management's judgment and estimating the future outlook of the macroeconomic indicators is subject to uncertainty.<br>Thus, we considered the assessment of allowance for loan losses as a key audit matter, due to the significance of its potential impact on the Group's consolidated financial statements as well as management's judgment involved and uncertainties in the estimates. | In addition, we held meetings with the Finance Group in charge of the loans and the Credit, Assessment and Risk Management Group as necessary to supplement our understanding. Also, we compared internal credit ratings on sovereign loans with external credit ratings.<br>- For the loans and other receivables assessed individually and classified as Stage 3, we assessed the future cash flows used in the DCF method as well as the inputs used by management, evaluated the model used in the DCF method, and tested their mathematical accuracy through recalculation. In addition, for samples of impaired loans and other receivables assessed individually, we performed procedures to compare cash flows estimated in the previous years to actual results.<br>- For the loans and other receivables classified as Stage 1 or Stage 2, we evaluated inputs applied by management related to ECL measurement and assessed those models and tested their mathematical accuracy through recalculations. We examined the Group's approach to making adjustments based on statistical calculations using historical data and forecasts to incorporate forward looking information into the ECL model.<br>- We compared the estimated timing of recovery of macroeconomic indicators in the future in light of the effects of the international situation related to Russia and Ukraine with available external information.<br>In addition to the above, we examined the disclosures in the notes related to the assessment of allowance for loan losses. |

---

**Other information included in The Group's 2025 Annual Report on Form 18-K** 

Other information consists of the information included in the Annual Report, other than the consolidated financial statements and our auditor's reports thereon. Management is responsible for the other information.

Our opinion on the consolidated financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

------

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

**Responsibilities of management and those charged with governance for the consolidated financial statements** 

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group's financial reporting process.

**Auditor's responsibilities for the audit of the consolidated financial statements** 

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

∎ Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

∎ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

∎ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

------

∎ Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

∎ Evaluate the overall presentation, structure and content of the consolidated financial statements, including
the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

∎ Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of
the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The partner in charge of the audit resulting in this independent auditor's report is Hiroshi Nishida.

/s/ Ernst & Young ShinNihon LLC

Tokyo, Japan

August 4, 2025

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**Consolidated Statements of Financial Position** 

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| | | | |
|:---|:---|:---|:---|
|  | | **(Millions of yen)** | **(Millions of yen)** |
|  | **Notes** | **As of March 31,<br>2025** | **As of March 31,<br>2024** |
|  **Assets:** |  |  |  |
|  Cash and due from banks | 7 | 2764212 | 2565369 |
|  Derivative financial instrument assets | 8 | 85851 | 104008 |
|  Financial assets at fair value through profit or loss | 9 | 435222 | 474551 |
|  Securities | 10 | 62198 | 53199 |
|  Loans and other receivables | 11 | 14926274 | 15949101 |
|  Equity method investments | 14 | 85879 | 120408 |
|  Property and equipment | 16 | 34834 | 32796 |
|  Other assets | 17, 22 | 916496 | 1055399 |
|  **Total assets** |  | **19310969** | **20354834** |
|  **Liabilities:** |  |  |  |
|  Derivative financial instrument liabilities | 8 | 895114 | 1098801 |
|  Borrowings | 18 | 8720489 | 9193988 |
|  Bonds payable | 19 | 5963519 | 6353375 |
|  Financial guarantee contracts | 20 | 61209 | 72454 |
|  Other liabilities | 21, 22 | 260893 | 299464 |
|  **Total liabilities** |  | **15901226** | **17018084** |
|  **Equity:** |  |  |  |
|  Capital stock | 23 | 2332800 | 2211800 |
|  Retained earnings |  | 1041689 | 1083074 |
|  Other reserves | 23 | 33683 | 41616 |
|  Non-controlling interests |  | 1569 | 258 |
|  **Total equity** |  | **3409742** | **3336749** |
|  **Total liabilities and equity** |  | **19310969** | **20354834** |

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See Notes to Consolidated Financial Statements.

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**Consolidated Income Statements** 

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| | | | |
|:---|:---|:---|:---|
|  | | **(Millions of yen)** | **(Millions of yen)** |
|  | **Notes** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 982581 | 1029892 |
|  Interest expense | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544209 |
|  Net interest income | 25 | 456625 | 485683 |
|  Fee and commission income | 26 | 11305 | 14009 |
|  Fee and commission expense | 26 | 4574 | 4319 |
|  Net expense from derivative financial instruments | 27 | 386845 | 396647 |
|  Net gain (loss) from financial assets at fair value through profit or loss | 28 | (50764) | 18915 |
|  Other income | 29 | 6137 | 39954 |
|  Net non-interest expense |  | 424742 | 328087 |
|  **Total operating income <sup>\*1</sup>** |  | **31882** | **157595** |
|  Impairment losses on financial assets | 30 | 12695 | 59135 |
|  **Net operating income <sup>\*2</sup>** |  | **19187** | **98459** |
|  Operating expenses | 31 | 30135 | 26659 |
|  Other expenses | 29 | 1371 | 2112 |
|  Total operating expenses |  | 31506 | 28772 |
|  Profits of equity method investments | 14 | 2189 | 2626 |
|  **Profit (loss) before income tax** |  | **(10128)** | **72313** |
|  Income tax expense | 32 | 218 | 54 |
|  **Net profit (loss)** |  | **(10347)** | **72258** |
|  **Attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder of JBIC |  | (10306) | 72284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  | (41) | (25) |

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\*<sup>1</sup> Aggregate of "Net interest income" and "Net non-interest expense"

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| | |
|:---|:---|
| \*<sup>2</sup> | "Total operating income" less "Impairment losses on financial assets"  |

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See Notes to Consolidated Financial Statements.

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**Consolidated Statements of Comprehensive Income** 

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  **Net profit (loss)** | **(10347)** | **72258** |
|  **Other comprehensive income (loss)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Items that will not be reclassified to profit or loss:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit plans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement arising during the year | 403 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total of items that will not be reclassified to profit or loss | 403 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Items that may be reclassified to profit or loss:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange differences on translation of foreign operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain arising during the year | (1534) | 18935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustments | (6399) | (7996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total of items that may be reclassified to profit or loss | (7933) | 10939 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other comprehensive income (loss)** | **(7530)** | **11785** |
|  **Total comprehensive income (loss)** | **(17877)** | **84044** |
|  **Attributable to:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder of JBIC | (16768) | 84070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | (1109) | (25) |

---

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**Consolidated Statements of Changes in Equity** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | | **Attributable to shareholder of JBIC** | **Attributable to shareholder of JBIC** | **Attributable to shareholder of JBIC** | **Attributable to shareholder of JBIC** | **Attributable to shareholder of JBIC** | **Attributable to shareholder of JBIC** | **Attributable to shareholder of JBIC** |
|  | | | | | **Other reserves** | **Other reserves** | **Other reserves** | |
|  | **Notes** |<br>**Capital<br>stock** |<br>**Capital<br>Surplus** |<br>**Retained<br>earnings** | **Remeasurement<br>of defined<br>benefit plans** | **Exchange<br>differences<br>on<br>translation<br>of foreign<br>operations** | **Other<br>reserves,<br>Total** |<br>**Sub Total** |
|  **April 1, 2023** |  | **2108800** |  | **1089888** |  | **30677** | **30677** | **3229366** |
|  Net profit (loss) |  |  |  | 72284 |  |  |  | 72284 |
|  Other comprehensive income |  |  |  |  | 846 | 10939 | 11785 | 11785 |
|  Total comprehensive income (loss) |  |  |  | 72284 | 846 | 10939 | 11785 | 84070 |
|  Issuance of new shares | 23 | 103000 |  |  |  |  |  | 103000 |
|  Payment to the National Treasury | 24 |  |  | (79945) |  |  |  | (79945) |
|  Other | 23 |  |  | 846 | (846) |  | (846) |  |
|  **March 31, 2024** |  | **2211800** |  | **1083074** |  | **41616** | **41616** | **3336491** |
|  Net profit (loss) |  |  |  | (10306) |  |  |  | (10306) |
|  Other comprehensive income |  |  |  |  | 403 | (5000) | (4597) | (4597) |
|  Total comprehensive income (loss) |  |  |  | (10306) | 403 | (5000) | (4597) | (14903) |
|  Issuance of new shares | 23 | 121000 |  |  |  |  |  | 121000 |
|  Payment to the National Treasury | 24 |  |  | (31467) |  |  |  | (31467) |
|  Acquisition of subsidiaries | 12 |  |  |  |  | (2934) | (2934) | (2934) |
|  Transaction with non-controlling interests | 12 |  | (5) |  |  | 1 | 1 | (3) |
|  Transfer from retained earnings to capital surplus | 12 |  | 14 | (14) |  |  |  |  |
|  Other | 23 |  | (9) | 403 | (403) |  | (403) | (9) |
|  **March 31, 2025** |  | **2332800** | **—** | **1041689** |  | **33683** | **33683** | **3408172** |
|  | **Notes** | **Non-<br>controlling<br>interests** | **Total<br>equity** |  |  |  |  |  |
|  **April 1, 2023** |  | **283** | **3229650** |  |  |  |  |  |
|  <br> Net profit (loss) |  | (25) | 72258 |  |  |  |  |  |
|  Other comprehensive income |  |  | 11785 |  |  |  |  |  |
|  Total comprehensive income (loss) |  | (25) | 84044 |  |  |  |  |  |
|  Issuance of new shares | 23 |  | 103000 |  |  |  |  |  |
|  Payment to the National Treasury | 24 |  | (79945) |  |  |  |  |  |
|  Other | 23 |  |  |  |  |  |  |  |
|  **March 31, 2024** |  | **258** | **3336749** |  |  |  |  |  |
|  <br> Net profit (loss) |  | (41) | (10347) |  |  |  |  |  |
|  Other comprehensive income |  |  | (4597) |  |  |  |  |  |
|  Total comprehensive income (loss) |  | (41) | (14944) |  |  |  |  |  |
|  Issuance of new shares | 23 |  | 121000 |  |  |  |  |  |
|  Payment to the National Treasury | 24 |  | (31467) |  |  |  |  |  |
|  Acquisition of subsidiaries | 12 | 1380 | (1553) |  |  |  |  |  |
|  Transaction with non-controlling interests | 12 | 58 | 54 |  |  |  |  |  |
|  Transfer from retained earnings to capital surplus | 12 |  |  |  |  |  |  |  |
|  Other | 23 | (86) | (95) |  |  |  |  |  |
|  **March 31, 2025** |  | **1569** | **3409742** |  |  |  |  |  |

---

See Notes to Consolidated Financial Statements.

------

**Consolidated Statements of Cash Flows** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **(Millions of yen)** | **(Millions of yen)** |
|  | **Notes** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (loss) before income tax |  | (10128) | 72313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization |  | 4909 | 4171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property and equipment |  |  | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on other assets |  |  | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Negative goodwill | 12 | (20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains from revaluation of previously held interests in newly consolidated subsidiaries | 12 | (3418) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses from revaluation of previously held interests in newly consolidated subsidiary | 12 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in assets for retirement benefits |  | (321) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in liability for retirement benefits |  | (243) | (1025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss (gain) from financial assets at fair value through profit or loss |  | 50764 | (18915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses (profits) from equity method investments |  | (2189) | (2626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease (increase) in loans and other receivables |  | 1022827 | (804723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in borrowings |  | (473499) | 680311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease (increase) in deposits (excluding demand deposits) |  | 162214 | (289695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in derivative financial instrument assets and liabilities |  | (185529) | 306716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in financial guarantee contracts |  | (11244) | (3060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in bonds payable |  | (389856) | 419055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 100561 | (401676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) operating activities** |  | **264829** | **(38253)** |
|  **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of financial assets at fair value through profit or loss |  | (18854) | (13862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of financial assets at fair value through profit or loss |  | 24856 | 27412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of securities |  | (9000) | (6200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of equity method investments |  | (2012) | (2891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from return of equity method investments |  | 26222 | 29609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceed from obtaining control of subsidiaries | 12 | 2108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | (3865) | (9584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) investing activities** |  | **19455** | **24483** |
|  **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of new shares | 23 | 121000 | 103000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment to the National Treasury | 24 | (31467) | (79945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from share issuance to non-controlling interests |  | 2532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares of subsidiaries not resulting in change in scope of consolidation |  | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | (628) | (582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) financing activities** |  | **91489** | **22471** |
|  **Exchange difference on cash and cash equivalents** |  | **(14718)** | **73196** |
|  **Net increase (decrease) in cash and cash equivalents** |  | **361057** | **81898** |
|  **Cash and cash equivalents at the beginning of the year** |  | **1808319** | **1726420** |
|  **Cash and cash equivalents at the end of the year** | 7 | **2169376** | **1808319** |
|  **Net cash provided by (used in) operating activities includes the following:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  | 1028517 | 977918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid |  | (555425) | (495408) |

---

See Notes to Consolidated Financial Statements.

------

**Notes to Consolidated Financial Statements** 

**1. Corporate Information** 

Japan Bank for International Cooperation ("JBIC") was established on April 1, 2012 in accordance with the Japan Bank for International Cooperation Act (2011 Act No. 39, or "JBIC Act"), which was promulgated and came into effect on May 2, 2011. Under the JBIC Act, the JBIC Operations and the Financial Operations for Facilitating Realignment of United States Forces in Japan were transferred out of the Japan Finance Corporation to establish JBIC, a policy-based financial institution, wholly owned by the Japanese government. JBIC is a joint-stock corporation incorporated and domiciled in Japan with its headquarters registered at 4-1 Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-8144, Japan.

The consolidated financial statements for the year ended March 31, 2025 were authorized for issue by the Executive Committee on August 4, 2025.

The objective of JBIC and its subsidiaries (the "JBIC Group") is to contribute to the sound development of Japan and the international economy and society by conducting financial operations in the following four fields, while supplementing the financial transactions of private sector financial institutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promoting the overseas development and securement of resources which are important for Japan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining and improving the international competitiveness of Japanese industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promoting the overseas business having the purpose of preserving the global environment, such as preventing
global warming; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preventing disruptions to international financial order or taking appropriate measures with respect to damage
caused by such disruptions.

See Note 6 "Segment Information" for details on the JBIC Group's major operations.

**2. Basis of Preparation** 

The consolidated financial statements of the JBIC Group are prepared in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB").

The consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value. The consolidated financial statements are presented in yen, the functional currency of JBIC. Unless otherwise stated, all amounts are rounded down by omitting figures less than one million and stated in millions of yen. As a result, the totals in yen do not necessarily agree with the sum of the individual amounts. Items less than one million yen or whose balance is nil are presented as "-".

**3. Material Accounting Policy Information** 

The JBIC Group has applied the following new accounting standard and amendments from the fiscal year ended March 31, 2025.

***Amendments to IAS 1 Classification of Liabilities as Current or Non-current***

On January 23, 2020, the IASB issued "Classification of liabilities as current or non-current (Amendments to IAS 1)."

These amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current.

The application of the above amendments had no impact on the JBIC Group's consolidated financial statements.

***Amendments to IAS 1 Non-current Liabilities with Covenants***

On October 31, 2022, the IASB issued "Non-current Liabilities with Covenants (Amendments to IAS 1)." These amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, these amendments require to disclose information about these covenants in the notes to the financial statements.

------

The application of the above amendments had no impact on the JBIC Group's consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Basis of consolidation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Subsidiaries** 

A subsidiary is an entity (including a structured entity) controlled by the JBIC Group. The JBIC Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Currently exercisable potential voting rights are taken into account in considering whether the JBIC Group has power over an entity. Even if the JBIC Group does not have voting rights in an investee, the JBIC Group determines that the investee is its subsidiary if, as a result of considering the scope of its decision-making rights over the investee, the rights held by other parties and other factors, the JBIC Group determines that another entity with decision-making rights is acting as an agent for the JBIC Group.

Business combinations are accounted for using the acquisition method. Under this method, if the aggregate of consideration transferred and non-controlling interests exceeds the fair value of net identifiable assets acquired at the acquisition date, the difference is recognized as goodwill. If the aggregate of those amounts is less than the fair value of net identifiable assets acquired at the acquisition date, the difference is recognized as negative goodwill. Non-controlling interest is measured at the non-controlling interest's proportionate share of the acquiree's net identifiable assets. If the business combination is achieved in stages, the carrying value of the JBIC Group's previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized as revaluation gains or losses from existing interests in newly acquired subsidiaries.

Changes in ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions. Furthermore, when the balance of capital surplus becomes negative as a result of accounting treatment for the equity transactions, the deficit balance of capital surplus is fully offset to zero, and the negative amount is deducted from retained earnings.

Inter-company transactions entered into with consolidated companies, the inter-company balance of receivables and payables and, if any, unrealized gains included in assets acquired as a result of transactions executed with consolidated companies are eliminated in consolidation. The JBIC Group consolidates a subsidiary from the date it obtains control over the subsidiary until the date JBIC ceases to control the subsidiary. If the JBIC Group ceases to control a consolidated subsidiary, it recognizes any investment retained in the former subsidiary at its fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Associates and joint arrangements** 

An associate is an entity over which the JBIC Group has significant influence in respect of managerial decisions related to the financial and operating policies of the entity but does not have control or joint control of the entity. Indications, such as ownership interest or participation in decision-making bodies, are considered in determining the existence of significant influence.

Joint control is an arrangement that constitutes contractually-agreed sharing of control, which exists only when decisions about the activities that significantly affect the variable returns of the arrangement require the unanimous consent of the parties sharing control. The classification of a joint arrangement investment as a joint operation or a joint venture depends upon the rights and obligations of each investor to the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. JBIC does not have joint operation investments.

The JBIC Group's investments in associates and joint ventures are accounted for using the equity method, except for the investments made through the Russia-Japan Investment Fund, L.P., a subsidiary of the JBIC Group, as explained below. Under the equity method, the investments in the associates and joint ventures are carried at cost in the consolidated statement of financial position and are adjusted for changes in the JBIC Group's share of the net assets of the investees since their respective acquisition dates. The consolidated income statement reflects the JBIC Group's share of the results of operations of the investees. Where there has been a change in the other comprehensive income of the associates and joint ventures, the JBIC Group recognizes its share of the change in other comprehensive income. The profits (losses) of equity method investments are shown on the face of the consolidated income statements and represent the profits (losses) attributable to the investors of the associates and the joint ventures.

Where there is a joint arrangement among investors, including the Russia-Japan Investment Fund, L.P., as an investor, and the investors have rights to the net assets of the arrangement, such investees are joint ventures of the JBIC Group. However, investments in such joint ventures through the Russia-Japan Investment Fund, L.P. are accounted for as financial assets at fair value through profit or loss ("FVPL") and presented in "Financial assets at fair value through profit or loss" in the consolidated statement of financial position pursuant to the exemption in IAS 28.

------

The consolidated financial statements of the JBIC Group include investments in associates and joint ventures for which the reporting date is different from that of JBIC because it is impracticable to change the reporting date of those associates and joint ventures to coincide with that of the JBIC Group in conjunction with other shareholders or for other reasons. The reporting dates of certain associates and joint ventures included in the JBIC Group's consolidated financial statements are December 31, March 31, or September 30, and therefore adjustments are made for the effects of significant transactions or events which occurred during the period between the reporting dates.

The JBIC Group determines whether it is necessary to recognize impairment losses on its investments in associates and joint ventures. At each reporting date, the JBIC Group determines whether there is objective evidence that its investments in associates and joint ventures are impaired. If there is such evidence, the JBIC Group recognizes impairment losses for the differences between the recoverable amounts of investments in associates or joint ventures and their carrying values.

Upon loss of significant influence or joint control over the associates and the joint ventures, the JBIC Group measures and recognizes any retained investments at their fair values. Any differences between the carrying amounts of its investments in associates or joint ventures upon the loss of significant influence or joint control and total of the fair values of the retained investments and proceeds from disposal are recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Foreign currency translation** 

The consolidated financial statements of the JBIC Group are presented in yen, which is the functional currency of JBIC.

Transactions in foreign currencies are initially recorded in the functional currency using the exchange rate at the transaction date.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Any gains or losses arising from the foreign currency translation are recognized in profit or loss.

Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate at the date when the fair value is determined, and any translation differences are recognized in other comprehensive income.

The assets and liabilities of foreign operations are translated into yen using the exchange rate at the reporting date. Income and expenses are translated into yen at the exchange rate (or the rate that approximates the exchange rate) at the transaction date. The exchange differences arising on translation are recognized in other comprehensive income.

As of March 31, 2025 and 2024, there were no non-monetary items measured at fair value in a foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Financial assets** 

The JBIC Group classifies its financial assets into the following three categories: i. amortized cost, ii. financial assets at fair value through other comprehensive income ("FVOCI"), and iii. FVPL. The classification of financial instruments at initial recognition depends on the business model within which they are held and their contractual cash flow characteristics.

The JBIC Group has assessed business models based on facts and circumstances at a portfolio level. Factors that are considered in determining the business model include policies and objectives for the relevant portfolio, how the performance and risks of the portfolio are managed, evaluated and reported to management, and the level of sales activity.

The JBIC Group has assessed the contractual cash flow characteristics of financial assets with reference to whether the contractual cash flows are solely payments of principal and interest ("SPPI"). Principal is the fair value of the financial asset at initial recognition but this may change over the life of the instrument as amounts are repaid. Interest is defined as consideration for the time value of money and the credit risk associated with the principal amount outstanding during a particular period of time. It can also include consideration for other basic lending risks such as liquidity risk and costs such as administrative costs associated with holding the financial asset for a particular period of time, as well as a profit margin. In assessing whether the contractual cash flows meet the condition for SPPI, the JBIC Group considers the contractual terms that could change the contractual cash flows so that it would not meet the condition for SPPI, including leverage features, contingent events that would change the amount and timing of cash flows, contractual terms that limit the JBIC Group's claim to cash flows from specified assets, and features that modify consideration of the time value of money.

------

The JBIC Group recognizes a financial asset in its consolidated statement of financial position when, and only when, the JBIC Group becomes a party to the contractual provisions of the financial instrument. The JBIC Group derecognizes a financial asset when contractual rights to cash flows from the financial asset expire, or it transfers substantially all the risks and rewards of ownership of the financial asset. In transactions in which substantially all the risks and rewards of ownership of a financial asset are neither retained nor transferred, the JBIC Group derecognizes a financial asset if control over that asset is not retained. If the terms of the financial asset are significantly modified, the existing financial asset is derecognized and a new asset is recognized, and difference in the respective carrying amounts is recognized in profit or loss.

Regular way purchases or sales of financial assets at amortized cost, FVOCI, and FVPL are recognized and derecognized using trade date accounting. Trade date accounting refers to the recognition of an asset to be received and the liability to pay for it on the trade date, derecognition of an asset that is sold, and recognition of a receivable from the buyer for payment on the trade date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Financial assets measured at amortized cost** 

Financial assets are measured at amortized cost if they are held within a business model whose objective is to hold the assets in order to collect contractual cash flows, and their contractual cash flows are SPPI. These financial assets are included in "Cash and due from banks," "Securities," "Loans and other receivables" and "Other assets" in the consolidated statement of financial position. They are initially recognized at fair value plus directly attributable transaction costs, and are subsequently measured at amortized cost using the effective interest method. Interest income on these financial assets is recognized in "Interest income" in the consolidated income statement using the effective interest method.

The JBIC Group engaged in a number of loan and borrowing transactions referencing LIBOR. If an interest rate benchmark used as the basis for determining the contractual cash flows is replaced, IFRS 9 requires entities to determine the effects on cash flows attributable to that change and consider whether to derecognize the financial instrument or to recognize any resulting gain or loss. The JBIC Group applies the reliefs provided in Interest Rate Benchmark Reform—Phase 2 from the fiscal year ended March 31, 2022. The reliefs permit a practical expedient to allow an entity to not recognize any modification gain or loss attributable to amendments to the contractual terms of the financial asset or financial liability if, and only if, the replacement of the interest rate benchmark is necessary as a direct consequence of interest rate benchmark reform and the new basis for determining the contractual cash flows is economically equivalent to the previous basis. The JBIC Group completed contract changes related to the replacement with alternative interest rates to the existing contracts for those transactions referencing LIBOR settings that ceased to be published at the end of December 2021 by the date. For the majority of transactions referencing U.S. dollar LIBOR settings that ceased to be published at the end of June 2023, the JBIC Group completed contract changes related to the replacement with alternative interest rates by that date. The JBIC Group has developed a policy on how to treat remaining transactions after the cessation of the relevant LIBOR reference rates, including referencing synthetic LIBOR settings, which have been officially published until the end of September 2024. The JBIC Group continues to monitor the progress of replacement with alternative interest rates for its remaining contracts. However, overall, compliance risk, conduct risk, and legal risk have been significantly reduced. The JBIC Group will continue to monitor all of the contracts until they are fully replaced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Financial assets measured at fair value through other comprehensive income** 

Financial assets are measured at FVOCI if they are held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and their contractual cash flows are SPPI. They are initially recognized at fair value plus directly attributable transaction costs and are subsequently measured at fair value. Gains and losses arising from changes in the fair value of these financial assets are recognized in other comprehensive income, until they are derecognized. When they are derecognized, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to profit or loss. However, interest income calculated using the effective interest method, foreign currency gains and losses, and impairment gains and losses are recognized in the consolidated income statement.

In addition, the JBIC Group has an option to make an irrevocable election, at initial recognition, for particular non-trading equity instruments that would otherwise be measured at FVPL, to present subsequent changes in fair value in other comprehensive income. They are initially recognized at fair value plus directly attributable transaction costs and are subsequently measured at fair value. Amounts presented in other comprehensive income shall not be subsequently reclassified to profit or loss. The JBIC Group does not make this designation.

As of March 31, 2025 and 2024, there were no financial assets measured at FVOCI.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Financial assets measured at fair value through profit or loss** 

Any financial assets that do not meet the criteria of amortized cost or FVOCI are classified as FVPL, unless an entity makes an irrevocable election for non-trading equity instruments to be measured at FVOCI. Derivatives are measured at FVPL and included in "Derivative financial instrument assets" in the consolidated statement of financial position. Financial assets measured at FVPL, other than derivatives, are included in "Financial assets at fair value through profit or loss" in the consolidated statement of financial position. Additionally, financial assets measured at amortized cost or FVOCI can be designated at initial recognition to be measured at FVPL in order to eliminate or significantly reduce an accounting mismatch. The JBIC Group does not make this designation.

Financial assets measured at FVPL are initially recognized at fair value with transaction costs being recognized in the consolidated income statement and are subsequently measured at fair value. Gains or losses arising from derivatives are included in "Net expense from derivative financial instruments", "Other income" or "Other expenses" in the consolidated income statement. Gains or losses arising from financial assets measured at FVPL are included in "Net gain (loss) from financial assets at fair value through profit or loss" in the consolidated income statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Financial liabilities** 

Financial liabilities are measured at fair value less directly attributable transaction costs at initial recognition and subsequently measured at amortized cost using the effective interest method, except for financial liabilities at FVPL and financial guarantee contracts. Amortization using the effective interest method and any gains or losses arising from the derecognition of a financial liability are recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Financial liabilities at fair value through profit or loss** 

Financial liabilities that the JBIC Group classifies as held for trading or designates as FVPL are classified as financial liabilities at FVPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Financial liabilities classified as held for trading** 

In the JBIC Group, financial liabilities classified as held for trading only include derivatives and are included in "Derivative financial instrument liabilities" in the consolidated statement of financial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Financial liabilities at fair value through profit or loss** 

Financial liabilities can be designated as financial liabilities at FVPL upon initial recognition, if they meet either of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a measurement or recognition inconsistency is eliminated or significantly reduced by the designation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a group of financial liabilities is managed and its performance is evaluated on a fair value basis, in
accordance with a documented risk management or investment strategy.

When the JBIC Group is required to separate an embedded derivative from its host contract but is unable to measure the embedded derivative separately either at acquisition or at a subsequent reporting date, the JBIC Group designates the entire hybrid contract as FVPL. Financial liabilities at FVPL are initially and subsequently measured at fair value for which changes in the liability's credit risk from initial recognition are recognized in other comprehensive income. Transaction costs are recognized in profit or loss.

As of March 31, 2025 and 2024, there were no financial liabilities that had been designated as FVPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Financial guarantee contracts** 

A financial guarantee contract requires its issuer to reimburse the contract holder for a loss caused by a specific debtor's failure to make payment on the due date pursuant to the original or modified terms of a debt instrument. Upon initial recognition, financial liabilities associated with financial guarantee contracts are measured at fair value. They are subsequently measured at the higher of (a) the amount of the loss allowance determined in accordance with IFRS 9 and (b) the amount initially recognized less, when appropriate, the cumulative amount of income recognized in accordance with the principles of IFRS 15 "Revenue from Contracts with Customers."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Offsetting financial instruments** 

Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position when, and only when, there is a currently enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Fair value measurement** 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair values of financial instruments traded in active markets are based on their quoted market prices. A financial instrument is regarded as quoted in an active market if transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis, for example, quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, or pricing service. If an active market for a financial instrument is not available, the JBIC Group determines the fair value using valuation techniques, such as using recent arm's-length market transactions between independent parties, discounted cash flow ("DCF") analyses, and other valuation techniques commonly used by market participants.

See a detailed discussion in Note 35 "Fair Value of Financial Assets and Liabilities" and Note 36 "Fair Value Hierarchy."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Hedge accounting** 

The JBIC Group applies fair value hedge accounting and hedge accounting of net investments in foreign operations in order to reflect the effect of risk management activities on its consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Fair value hedges** 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated income statement, together with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustments to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the period to maturity and recorded as interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Net investment hedges in foreign operations** 

The effective portion of the gain or loss on the hedging instruments is recognized in other comprehensive income, whereas the ineffective portion of the gain or loss on the hedging instruments is recognized in "Net income (expense) from derivative financial instruments" in the consolidated income statement. The cumulative gain or loss recognized in other comprehensive income is recognized in the profit or loss on the disposal or partial disposal of the foreign operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Interest rate benchmark reform** 

The JBIC Group applies Interest Rate Benchmark Reform—Phase 1 from the fiscal year ended March 31, 2020. In applying hedge accounting, IFRS 9 requires an assessment in a forward-looking manner, and that there is an economic relationship between the hedged item and the hedging instrument. Pursuant to the Phase 1 amendments, the JBIC Group assumes that hedged items, hedging instruments and interest rate benchmark-based cash flows, which are the hedged risk, are not affected by interest rate benchmark reform.

The JBIC Group applies Interest Rate Benchmark Reform—Phase 2 from the fiscal year ended March 31, 2022. IFRS 9 requires entities to consider discontinuing hedge accounting if the designation of a hedging relationship is amended as a result of the replacement of an interest rate benchmark. Given that the replacement of interest rate benchmarks is a direct consequence of interest rate benchmark reform and the new basis for determining the contractual cash flows is economically equivalent to the previous basis, the JBIC Group completed amendments to its hedge documentation by the cessation of interest rate benchmarks and considered that these amendments would not result in the discontinuation of hedge accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Impairment of financial assets** 

IFRS 9 applies the expected credit loss ("ECL") model, which is a model for the recognition of impairment losses. The impairment requirements apply to financial assets measured at amortized cost, and FVOCI debt instruments, certain loan commitments and financial guarantee contracts. Under the ECL model, an entity is required to account for expected credit losses from initial recognition of financial instruments and to recognize full lifetime expected losses on a timely basis.

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IFRS 9 outlines a "three-stage" model for impairment based on changes in credit quality since initial recognition. A financial asset that is not credit-impaired on initial recognition is classified in "Stage 1" and has its credit risk continuously monitored by the JBIC Group. If a significant increase in credit risk since initial recognition is identified, the financial asset is moved to "Stage 2" but is not yet deemed to be credit-impaired. If the financial asset is credit-impaired, the financial asset is then moved to "Stage 3." ECL of financial assets in Stage 1 is measured at an amount equal to the portion of lifetime expected credit losses that result from default events possible within the next 12 months. ECL of financial assets in Stages 2 or 3 is measured based on expected credit losses on a lifetime basis. A pervasive concept in measuring ECL in accordance with IFRS 9 is that it should consider forward looking information.

The assessment of significant increases in credit risk and the measurement of ECL are performed on an individual financial instrument basis. The JBIC Group considers asset type, credit risk ratings, collateral collectibility, past-due status and other relevant characteristics of financial instruments and assesses whether there have been significant increases in credit risk on an individual financial instrument basis.

The JBIC Group determines whether there has been a significant increase in credit risk by comparing the risk of a default occurring on a financial instrument at the reporting date with that at the date of initial recognition, based on quantitative and qualitative assessments. As for the quantitative assessment, the JBIC Group measures whether the probability of default ("PD") has increased since initial recognition. A significant increase in credit risk is recognized if the increase of PD exceeds the threshold defined by the JBIC Group. In addition, if a borrower has been downgraded to a certain degree, reflecting an increase in its PD, the assessment of whether there has been a significant increase in credit risk is performed for such a borrower. A borrower's grade is determined under the JBIC Group's internal credit rating system. As for the qualitative assessment, the JBIC Group evaluates credit risk characteristics in accordance with the JBIC Group's credit risk management practices and takes them into consideration for determining whether there has been a significant increase in credit risk. A backstop is applied, and a financial asset is considered to have experienced a significant increase in credit risk if the borrower is more than 30 days past due on its contractual payments.

A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The criteria that the JBIC Group uses to determine that a financial asset is credit-impaired include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) significant financial difficulty of the issuer or borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a breach of contract, such as a default or past due event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the lender, for economic or legal reasons relating to the borrower's financial difficulty, granting to the
borrower a concession that the lender would not otherwise consider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it becoming probable that the borrower will enter into bankruptcy or other financial reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the disappearance of an active market for that financial asset because of financial difficulties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.

A quantitative criterion that the borrower is more than 90 days past due on its contractual payments is also applied.

The JBIC Group's definition of "default" of a financial asset is consistent with the definition of credit-impaired described above that is used for ECL recognition and measurement and is also consistent with that used for internal credit risk management purposes. The JBIC Group manages credit risk with the internal credit rating system, whereby loans to substandard borrowers, potentially bankrupt borrowers, substantially bankrupt borrowers and bankrupt borrowers are defined as default for the purpose of the ECL model.

If the contractual cash flows on a financial asset have been renegotiated or modified, but the financial asset is not derecognized because the modification is not considered to be substantial, the JBIC Group assesses whether there has been a significant increase in the credit risk of the modified asset at the reporting date. Specifically, a risk of default of the modified asset is assessed by comparing with the risk under the original terms at initial recognition. In addition, the JBIC Group monitors the subsequent performance of modified assets, in particular for those that have been moved from Stage 3 or Stage 2 to Stage 1 as a result of being determined that the credit risk has significantly improved after restructuring. For such assets, the JBIC Group continues to monitor if there is a subsequent significant increase in credit risk using specific models for modified assets.

The JBIC Group measures ECL of a financial asset in a way that reflects an unbiased and probability-weighted amount, the time value of money, and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.

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ECL is measured on either a 12-month or lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. The ECL models have been built by using PD, loss given default ("LGD") and exposure at default ("EAD"). For financial assets at Stage 1 and Stage 2, the JBIC Group uses 12-month PDs and lifetime PDs developed to measure 12-month ECL and lifetime ECL, respectively, and considers forward looking macro-economic information. For financial assets at Stage 3, the JBIC Group applies the DCF method for individually significant impaired financial assets.

To incorporate forward looking information into the ECL models, an approach based on multiple scenarios is introduced. In this approach, three scenarios (upside, downside, and base scenarios) are modelled to ensure an unbiased ECL calculation. Under each scenario, the relationship between credit losses and macroeconomic factors such as world gross domestic product ("GDP") growth rates and West Texas Intermediate Crude Oil Prices ("WTI") growth rates are analyzed. The analysis is based on statistical calculations by using historical data and forecasts. The outcomes are utilized for ECL calculation on a probability-weighted basis.

The DCF method is used to measure ECL, which is the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate. If financial assets have a variable interest rate, the discount rate for measuring any impairment loss is the effective interest rate determined under the contract for the current period. The estimated future cash flows are individually calculated taking into account factors including historical loss information, the appropriateness of the borrower's business plan or operational improvement plan, the status of progress of its plan, the overall support from financial institutions, and the realizable value of any collateral held.

ECL is recognized through allowance accounts. Changes in the carrying amount of the allowance accounts are recognized as impairment gain or loss in "Impairment losses (reversals) on financial assets" in the consolidated income statement.

The JBIC Group writes off financial assets, in whole or in part, when it has implemented all practical recovery efforts and has concluded that there is no reasonable expectation of recovery after any collateral is foreclosed and the amount of the loss has been determined. Those assets primarily include loans for borrowers that have been legally or formally declared bankrupt and borrowers that may not have been legally or formally declared bankrupt but are essentially bankrupt.

The measurement of ECL allowance for financial instruments is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behavior. Management estimates and judgments may change from time to time as the economic environment changes or new information becomes available. Changes in these estimates and judgments may have a direct impact on impairment charges. For further information about estimates and assumptions for ECL models, refer to Note 4 "Material Accounting Judgments, Estimates, and Assumptions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Property and equipment** 

Property and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. The cost of an item of property and equipment includes costs directly attributable to the acquisition of the item.

Depreciation is generally calculated on a straight-line basis over the estimated useful lives of the assets as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buildings (including leasehold improvements): 3 to 50 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other: 2 to 75 years

An item of property and equipment and any significant part thereof initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset, which is calculated as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in profit or loss when the asset is derecognized.

The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each reporting date and adjusted prospectively, if appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Leases** 

Lease transactions entered into by the JBIC Group as a lessee primarily consist of rental offices. The lease liabilities are initially recognized at the discounted present value of the remaining lease payments in the lease term at the commencement date of the lease and are subsequently measured at amortized cost using the effective interest method. The lease liabilities are included in "Other liabilities" in the consolidated statement of financial position. The discount rate used to calculate the discounted present value is the lessor's interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the JBIC Group's incremental borrowing rate is used.

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The right-of-use assets are initially recognized at the amount of the initial measurement of the lease liabilities, plus any lease payments made at or before the commencement date, an estimate of costs to be incurred in, for example, restoring the underlying asset, and any initial direct costs. The right-of-use assets are subsequently measured at cost, less any accumulated depreciation and any accumulated impairment losses, and are included in "Other assets" in the consolidated statement of financial position.

The JBIC Group does not enter into lease transactions as a lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Impairment of non-financial assets** 

The JBIC Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, an impairment test is performed. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is written down to its recoverable amount and an impairment loss is recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Post-employment benefits** 

JBIC has defined benefit plans and defined contribution plans to secure funds to pay employees' retirement benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Defined benefit plans** 

JBIC determines the present value of its defined benefit obligations and the related current and past service costs for each plan using the projected unit credit method. Remeasurements of defined benefit plans are recognized in full in other comprehensive income in the year incurred, and immediately transferred to retained earnings. Past service costs are recognized in full in the year incurred.

The liability for retirement benefits is the present value of the defined benefit obligation less the fair value of the plan assets (the present value is determined using a discount rate based on market yields on high-quality corporate bonds. See the detailed discussion in Note 22 "Employee Benefits"). The plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. The plan assets are not used to repay JBIC's creditors and are not returned to JBIC, except under certain circumstances. The fair value of the plan assets is based on market price information. The recognition of the net defined benefit asset is limited to the total amount of the present value of any economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Defined contribution plans** 

JBIC recognizes contributions to the defined contribution plans as expenses in the periods in which employees render the related services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.** **Taxes** 

JBIC is a nontaxable entity according to Paragraph 2, Item 5 of the Corporate Tax Act of Japan (Act No. 34, 1965) and has no obligation to pay corporate taxes. JBIC IG Partners, a subsidiary of the JBIC Group, is a taxable entity and has an obligation to pay corporate taxes as applicable under relevant laws. The Russia-Japan Investment Fund, L.P. is a tax-exempt limited partnership established under Cayman Islands laws and has no obligation to pay corporate taxes. Also JB Nordic Fund I SCSp and NordicNinja Fund II SCSp are tax-exempt limited partnerships established under the Grand Duchy of Luxembourg laws and have no obligation to pay corporate taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.** **Interest income and interest expense** 

Interest income and expense for all financial instruments, except for financial assets and financial liabilities at FVPL, is recognized in "Interest income" and "Interest expense" using the effective interest rate method. For financial assets, the interest rate is applied to the gross carrying amount of financial assets, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchased or originated credit-impaired ("POCI") financial assets, for which the original
credit-adjusted effective interest rate is applied to their amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Financial assets that are not POCI but have subsequently become credit-impaired or Stage 3, for which interest
income is calculated by applying the effective interest rate to their amortized cost (i.e. net of the expected credit loss provision).

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The effective interest rate method is a method for calculating the amortized cost of a financial asset or a financial liability (or a group of financial assets or financial liabilities) and allocating the interest income or interest expense over the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O.** **Fee and commission income** 

Fee and commission income is mainly attributable to guarantee income arising from financial guarantee contracts. Guarantee income is recognized over the time period stipulated in the relevant contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**P.** **Fee and commission expense** 

Fee and commission expense is mainly attributable to outsourcing expenses. Outsourcing expenses are recognized as the services are rendered on an accrual basis in accordance with the terms of the relevant agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q.** **Net income (expense) from derivative financial instruments** 

Net income (expense) from derivative financial instruments comprises gains and losses arising from changes in the fair values of derivatives and interests on these derivatives, except for gains or losses arising from the foreign currency translation of notional amounts of the currency swap contracts by using the exchange rate at the reporting date. This account also includes adjustments of the carrying amounts of hedged items under fair value hedge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**R.** **Net gain (loss) from financial assets at fair value through profit or loss** 

Net gain (loss) from financial assets at fair value through profit or loss includes all gains and losses arising from changes in the fair value of these financial assets and sales of such assets, as well as interest and dividend income, and upfront and commitment fee on these financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**S.** **Net gain (loss) on derecognition of financial assets measured at amortized cost** 

Net gain (loss) on derecognition of financial assets measured at amortized cost comprises gains or losses on the sale, redemption or other events which resulted in the derecognition of financial assets measured at amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T.** **Cash and cash equivalents** 

Cash and cash equivalents as stated in the consolidated statement of cash flows consist of cash on hand and demand deposits included in "Cash and due from banks" in the consolidated statement of financial position.

**4. Material Accounting Judgments, Estimates, and Assumptions** 

The preparation of the consolidated financial statements requires the JBIC Group to make judgments, estimates, and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities, and the disclosure of contingent liabilities, at the reporting date.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year, are described below. The JBIC Group based its key assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the JBIC Group. Such changes are reflected in the assumptions when they occur.

***Fair value of financial instruments***

Where the fair value of financial assets and financial liabilities cannot be measured based on quoted prices in active markets, their fair value is determined using valuation techniques including DCF models. The JBIC Group uses its judgment in selecting valuation techniques and the inputs to these models are derived from observable markets, where possible. However, inputs that are not derived from observable markets are used for the estimation of the fair value for some financial instruments based on the JBIC Group's estimates and judgments.

The JBIC Group's estimates and judgments are continually evaluated and updated in line with market conditions, and these changes could directly affect the fair values of these financial instruments.

See a detailed discussion in Note 35 "Fair Value of Financial Assets and Liabilities" and Note 36 "Fair Value Hierarchy."

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***Expected Credit Losses***

ECL represents the JBIC Group's estimates of expected credit losses on financial instruments subject to impairment at the reporting date. The JBIC Group is required to exercise judgment in making assumptions and estimates.

Judgments in making assumptions and estimates made by the JBIC Group's include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Self-assessment of the quality of loans and other receivables, including the future prospects of borrowers'
financial condition and repayment abilities used in the borrowers' category determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future cash flows used in the DCF method for the impaired loans and other receivables assessed individually
classified as Stage 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selection of forward looking macro-economic indicators and the approach to making adjustments based on
statistical calculations using historical data and forecasts to incorporate forward looking information in the ECL measurement of loans and other receivables classified as Stage 1 or Stage 2.

The JBIC Group's estimates and judgments are continually evaluated and updated in response to changes in the economic environment and in the light of new information. These changes could lead to a revision of the amount of impairment losses.

ECL is disclosed in more detail in Note 11 "Loans and Other Receivables," Note 20 "Financial Guarantee Contracts" and Note 30 "Impairment Losses (Reversals) on Financial Assets." Credit risk is described in more detail in Note 38 "Maximum Exposure to Credit Risk", Note 39 "Collateral", Note 40 "Concentration of Credit Risk" and Note 41 "Exercise of Rights to Obtain Collateral or Other Credit Enhancements."

With respect to the international situation related to Russia and Ukraine, while the national governments have taken various measures, such as economic sanctions against Russia, the effects of the international situation related to Russia and Ukraine are reflected in the ECL in the fiscal year ended March 31, 2025 by assessing in detail the effects of such measures on Russia-related financial assets in the process of the ECL measurement and in assessing the effects on credit risk individually. In the future, the expansion of the scope, or extension, of economic sanctions may have direct and indirect effects on the financial assets.

In addition, with respect to climate-related risks, the JBIC Group recognizes climate-related risks as forward-looking risks that may materialize in different patterns and magnitudes, subject to future environmental and social circumstances, and which therefore need to be addressed through long-term comprehensive perspectives. While the effects of climate change represent a source of uncertainty, the JBIC Group does not consider there to be a material impact on its judgments, estimates, and assumptions from the physical, transition and other climate-related risks in the short term.

As the future outlook of these events is uncertain, if the developments in the international situation related to Russia and Ukraine and the effects of climate change differ significantly from the assumptions, the ECL as of the end of the fiscal year ending March 31, 2026 may change.

The amount of ECL as of March 31, 2025 is the current best estimate. However, given a high estimation uncertainty related to other factors in addition to the international situation related to Russia and Ukraine and the effects of climate change, there is a risk that the borrowers' results of operations, financial position or other items may change more than what was assumed at the time of estimation and such changes, if occurred, may have a significant effect on the consolidated financial statements for the next fiscal year.

***Post-employment benefits***

The present value of defined benefit obligations and related costs are determined using actuarial valuations. An actuarial valuation involves making various assumptions, which may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates, and future pension increases. Due to the complexity of the valuation, the underlying assumptions, and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

In determining the appropriate discount rate, the JBIC Group considers the market yield of high-quality corporate bonds in the respective currency, with extrapolated maturities corresponding to the expected duration of the defined benefit obligation.

See Note 22 "Employee Benefits" for further details about the assumptions used.

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**5. Standards Issued but Not Yet Effective** 

***Early application of standards and interpretations***

The JBIC Group has not applied any standards early.

***Standards and interpretations issued but not yet applied***

The following is a listing of standards and interpretations issued but not yet applied by the JBIC Group as of the date of the issuance of the consolidated financial statements. The JBIC Group intends to apply the standards and interpretations from the date they become effective.

***IFRS 18 Presentation and Disclosure in Financial Statements***

On April 9, 2024, the IASB issued IFRS 18 "Presentation and Disclosure in Financial Statements" that replaces IAS 1 "Presentation of Financial Statements" to improve the usefulness of information presented and disclosed in financial statements. IFRS 18 introduces three sets of new requirements that give investors more transparent and comparable information about entities' financial performance, and a better basis for analyzing and comparing entities by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring defined subtotals in the statement of profit or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring disclosure about management-defined performance measures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adding new principles for aggregation and disaggregation of information.

IFRS 18 carries forward many requirements from IAS 1 unchanged. IFRS 18 is effective for fiscal years beginning on or after January 1, 2027.

As of the date of the issuance of the consolidated financial statements, the JBIC Group is evaluating the potential impact that the adoption of IFRS 18 will have on the JBIC Group's consolidated financial statements.

***Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments***

On May 30, 2024, the IASB issued "Classification and Measurement of Financial Instruments (Amendments to IFRS 9, and IFRS 7)." These amendments address diversity in accounting practice by making the requirements more understandable and consistent. The IASB issued amendments to IFRS 9 and IFRS 7 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception
for some financial liabilities settled through an electronic cash transfer system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal
and interest (SPPI) criterion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• add new disclosures for certain instruments with contractual terms that can change cash flows (such as some
instruments with features linked to the achievement of environment, social and governance (ESG) targets); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• update the disclosures for equity instruments designated at fair value through other comprehensive income
(FVOCI).

These amendments are effective for fiscal years beginning on or after January 1, 2026.

As of the date of the issuance of the consolidated financial statements, the JBIC Group is evaluating the potential impact that the adoption of the amendments to IFRS 9 and IFRS 7 will have on the JBIC Group's consolidated financial statements.

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**6. Segment Information** 

The JBIC Group's operating segments are those for which discrete financial information is available, and whose operating results are regularly reviewed by the JBIC Group's management. Figures reported to management, including those used for purposes of budget management and performance evaluation, are prepared under Japanese GAAP. Therefore, Japanese GAAP-based figures are reported in operating segments. For business operations defined under the Act on Japan Bank for International Cooperation and other acts, the JBIC Group has two reporting segments: "Ordinary Operations" account and "Special Operations" account. Accounting operations are separately carried out for respective accounts.

The Special Operations account includes the businesses that offer financing services such as lending to overseas infrastructure business projects that have risks but generate a sufficient level of expected return. The Ordinary Operations account covers the businesses that are not included in the Special Operations account. The Ordinary Operations account also includes the investment business of the subsidiaries.

The reconciliation tables show differences between the amounts reported in the reportable segments and those reported in the IFRS Accounting Standards-based consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reportable segment information** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** |
|  | **Ordinary**<br>**operations** | **Special**<br>**operations** | **Sub-total for**<br>**reportable**<br>**segments** | **Adjustments\*** | **Amount**<br>**reported in the**<br>**Japanese**<br>**GAAP-based**<br>**consolidated**<br>**financial**<br>**statements** |
|  Ordinary income |  |  |  |  |  |
|  Ordinary income from customers | 1025022 | 3958 | 1028981 | (106) | 1028875 |
|  Intersegment ordinary income | 67 |  | 67 | (67) |  |
|  Total | 1025090 | 3958 | 1029049 | (174) | 1028875 |
|  Segment profit | 86685 | (379) | 86306 |  | 86306 |
|  Segment assets | 20129425 | 335366 | 20464792 | (38) | 20464753 |
|  Segment liabilities | 17212144 | 6725 | 17218869 | (38) | 17218831 |
|  Other items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 4359 |  | 4359 |  | 4359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 983148 | 1124 | 984272 |  | 984272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 866537 | 616 | 867154 |  | 867154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profits of equity method investments | 16 |  | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment losses on equity and other securities | 11911 | 2186 | 14098 |  | 14098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extraordinary income | 2575 |  | 2575 |  | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of noncurrent assets | 15 |  | 15 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on step acquisitions | 2558 |  | 2558 |  | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on bargain purchase | 1 |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expenses | 217 |  | 217 |  | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | 2073 |  | 2073 |  | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in property, equipment and intangible assets | 3889 |  | 3889 |  | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of allowance for loan losses |  | 106 | 106 | (106) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision of allowance for loan losses | 20631 |  | 20631 | (106) | 20524 |

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\* The "Adjustments" above represent elimination of intersegment transactions.

\* Adjustments to ordinary income from customers, which were ¥106 million, represent reclassification.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended March 31, 2024** | **For the year ended March 31, 2024** | **For the year ended March 31, 2024** | **For the year ended March 31, 2024** | **For the year ended March 31, 2024** |
|  | **Ordinary<br>operations** | **Special<br>operations** | **Sub total for<br>reportable<br>segments** | **Adjustments\*** | **Amount<br>reported in the<br>Japanese<br>GAAP-based<br>consolidated<br>financial<br>statements** |
|  Ordinary income |  |  |  |  |  |
|  Ordinary income from customers | 1131310 | 1796 | 1133107 | (45) | 1133061 |
|  Intersegment ordinary income | 55 |  | 55 | (55) |  |
|  Total | 1131366 | 1796 | 1133162 | (100) | 1133061 |
|  Segment profit | 62139 | 203 | 62342 |  | 62342 |
|  Segment assets | 21320106 | 337035 | 21657142 | (34) | 21657108 |
|  Segment liabilities | 18665506 | 6611 | 18672117 | (34) | 18672083 |
|  Other items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 3637 |  | 3637 |  | 3637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1020410 | 1648 | 1022058 |  | 1022058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 901853 | 895 | 902748 |  | 902748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses of equity method investments | 95 |  | 95 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extraordinary income | 5 |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of noncurrent assets | 5 |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extraordinary loss | 899 |  | 899 |  | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment Loss | 899 |  | 899 |  | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expenses | 54 |  | 54 |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | 27167 |  | 27167 |  | 27167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in property, equipment and intangible assets | 9596 |  | 9596 |  | 9596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of allowance for loan losses |  | 45 | 45 | (45) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision of allowance for loan losses | 125931 |  | 125931 | (45) | 125886 |

---

\* The "Adjustments" above represent elimination of intersegment transactions.

\* Adjustments to ordinary income from customers, which were ¥45 million, represent reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reconciliation of reportable segment information to consolidated statement of financial position and consolidated income statement** 

Reconciliation of ordinary income

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Ordinary income under Japanese GAAP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (3514) | 13142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and commission income | (9845) | (15555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from financial assets at fair value through profit or loss | (3066) | (5025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (expense) from derivative financial instruments<sup>\*2</sup>  | (789) | (178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment losses (reversals) on financial assets<sup>\*3</sup>  | (10823) | (10195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profits (losses) of equity method investments | (213) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 1590 | (9850) |
|  Ordinary income under IFRS Accounting Standards<sup>\*1</sup> | 1002212 | 1105397 |

---

------

Reconciliation of net profit attributable to shareholder of JBIC

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Segment profit under Japanese GAAP | 86306 | 62342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 3220 | 13142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and commission income | (9882) | (15555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (expense) from derivative financial instruments\*<sup>2</sup>  | (44121) | (36399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from financial assets at fair value through profit or loss | (42884) | 4056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment losses (reversals) on financial assets\*<sup>3</sup>  | (4531) | 56555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 1829 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | (242) | (12889) |
|  Net profit (loss) attributable to shareholder of JBIC under IFRS Accounting Standards | (10306) | 72284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of assets |  |  |
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2024** |
|  Segment assets under Japanese GAAP | 20464753 | 21657108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | 1764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument assets\*<sup>4</sup>  | 58534 | 65901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 11699 | 30454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 409 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables\*<sup>5</sup>  | (1253837) | (1432338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | 25801 | 30564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 1842 | 1421 |
|  Total assets under IFRS Accounting Standards | 19310969 | 20354834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of liabilities |  |  |
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2024** |
|  Segment liabilities under Japanese GAAP | 17218831 | 18672083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities\*<sup>4</sup>  | 58534 | 65901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable | (156131) | (283481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts\*<sup>5</sup>  | (1269916) | (1459914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 49909 | 23496 |
|  Total liabilities under IFRS Accounting Standards | 15901226 | 17018084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of interest income |  |  |
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Interest income under Japanese GAAP | 984272 | 1022058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables | 4305 | 13825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | (6734) | (6704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 738 | 712 |
|  Interest income under IFRS Accounting Standards | 982581 | 1029892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of interest expense |  |  |
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Interest expense under Japanese GAAP | 867154 | 902748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities | (343513) | (360427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 2316 | 1888 |
|  Interest expense under IFRS Accounting Standards | 525956 | 544209 |

---

------

Reconciliation of equity method investments

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2024** |
|  Equity method investments under Japanese GAAP | 2073 | 27167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Difference in the scope of the equity method | 83806 | 93241 |
|  Equity method investments under IFRS Accounting Standards | 85879 | 120408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of impairment losses (reversals) on financial assets |  |  |
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Provision (reversal) of allowance for loan losses under Japanese GAAP | 20524 | 125886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables\*<sup>3</sup>  | (4286) | (62751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts | (3543) | (3999) |
|  Impairment losses on financial assets under IFRS Accounting Standards | 12695 | 59135 |

---

---

| | |
|:---|:---|
| <sup>\*1</sup> | "Ordinary income under IFRS Accounting Standards" is an aggregate of "Interest income," "Fee and commission income," "Net gain from financial assets at fair value through profit or loss," "Other income," "Impairment reversals on financial assets," and "Profits of equity method investments" reported in the consolidated income statement.  |

---

<sup>\*2</sup> This primarily represents an impact of reversing "Deferred gains (losses) on hedges" recognized as a result of applying hedge accounting under Japanese GAAP.

<sup>\*3</sup> This primarily represents a difference between "Provision of allowance for loan losses" under Japanese GAAP and "Impairment losses (reversals) on financial assets" under IFRS Accounting Standards.

<sup>\*4</sup> This primarily represents a difference in presentation of derivative financial instrument assets and derivative financial instrument liabilities between a net basis under Japanese GAAP and a gross basis under IFRS Accounting Standards.

---

| | |
|:---|:---|
| <sup>\*5</sup> | This primarily represents a difference between the amounts of financial guarantee contracts recognized under Japanese GAAP and those recognized under IFRS Accounting Standards.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Information about geographical areas** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Interest income\*** 

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended**<br>**March 31, 2025** | **For the year ended**<br>**March 31, 2024** |
|  Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345716 |
|  United States | 101403 | 111895 |
|  Asia and Oceania (excluding Japan) | 253044 | 258887 |
|  Europe, the Middle East, and Africa | 219078 | 227359 |
|  North America and Latin America (excluding United States) | 89423 | 86033 |
|  Total interest income in the consolidated income statement | 982581 | 1029892 |

---

\* The above information is based on the locations of customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Noncurrent assets** 

Noncurrent assets mainly consist of property and equipment. The majority of the noncurrent assets on the consolidated statement of financial position are located in Japan and hence, further information is not presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Information about major customers** 

There are no transactions with a single external customer resulting in more than 10% of ordinary income.

------

**7. Cash and Due from Banks** 

Cash and due from banks as of March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2024** |
|  Cash and due from banks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565369 |
|  Total cash and due from banks | 2764212 | 2565369 |

---

Cash and cash equivalents in the consolidated statement of cash flows reconcile to cash and due from banks in the consolidated statement of financial position as of March 31, 2025 and 2024, respectively, as follows:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2024** |
|  Cash and due from banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks (excluding demand deposits) | (594836) | (757050) |
|  Cash and cash equivalents | 2169376 | 1808319 |

---

**8. Derivative Financial Instrument Assets and Liabilities** 

Derivative financial instrument assets and derivative financial instrument liabilities as of March 31, 2025 and 2024 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Notional**<br>**amounts** | **Derivative financial**<br>**instrument assets** | **Derivative financial**<br>**instrument liabilities** |
|  Interest rate-related transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 6371951 | 25857 | 226610 |
|  Currency-related transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps | 5126226 | 59972 | 668503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | 8793 | 21 |  |
|  Total |  | 85851 | 895114 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Notional**<br>**amounts** | **Derivative financial**<br>**instrument assets** | **Derivative financial**<br>**instrument liabilities** |
|  Interest rate-related transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | 6966531 | 30557 | 411711 |
|  Currency-related transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps | 5076131 | 73449 | 687077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts | 22983 | 1 | 12 |
|  Total |  | 104008 | 1098801 |

---

***Hedge Accounting***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Fair value hedge** 

The JBIC Group issues long-term fixed rate bonds and therefore is exposed to changes in fair value due to movements in market interest rates. The JBIC Group manages this risk exposure by entering into pay floating/receive fixed interest rate swaps. For more information about the benchmark interest rates to which the JBIC Group's hedging relationships are exposed, see "Interest Rate Benchmark Reform" in this note.

------

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The JBIC Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and therefore a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the JBIC Group uses the hypothetical derivative method to assess effectiveness.

The JBIC Group establishes the hedging ratio by matching the notional of the derivatives with the principal of the portfolio being hedged. Possible sources of ineffectiveness are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the JBIC Group or counterparty credit risk which impacts the fair value of interest rate swaps; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. tenor differences between the hedging instruments and the hedged items.

The JBIC Group held the following interest rate swaps to hedge its interest rate risk on bonds payable as of March 31, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Currency** | **Notional amounts** | **Maturity** |
|  Interest rate swap | USD | 3850140 | April 2025 to April 2034 |
|  | EUR | 162080 | June 2029 to October 2030 |
|  | GBP | 116292 | July 2026 to February 2030 |
|  | Total | 4128512 |  |
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Currency** | **Notional amounts** | **Maturity** |
|  Interest rate swap | USD | 4201627 | April 2024 to April 2031 |
|  | EUR | 81620 | June 2029 |
|  | GBP | 47805 | July 2026 |
|  | Total | 4331052 |  |

---

------

The amounts related to items designated as hedging instruments were as follows.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | | **Notional<br>amounts** | **Carrying amount of<br>hedging instruments** | **Carrying amount of<br>hedging instruments** | **Line item in the statement of financial position** |
|  |<br>**Currency** | **Notional<br>amounts** | **Assets** | **Liabilities** | **Line item in the statement of financial position** |
|  Interest rate swap | USD | 3850140 | 9962 | 155874 | Derivative financial instrument assets or liabilities |
|  | EUR | 162080 |  | 2690 | Derivative financial instrument liabilities |
|  | GBP | 116292 | 130 | 2754 | Derivative financial instrument assets or liabilities |
|  | Total | 4128512 | 10092 | 161319 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hedge ineffectiveness** | **Hedge ineffectiveness** | **Hedge ineffectiveness** | **Hedge ineffectiveness** |
|  | **Currency** | **Change in fair value of<br>hedging instruments for<br>ineffectiveness assessment** | **Hedge ineffectiveness<br>recognized in profit or<br>loss** | **Line item in profit or loss that includes hedge<br>ineffectiveness** |
|  Interest rate swap | USD | 120891 | 20 | Net income (expense) from<br> derivative financial instruments |
|  | EUR | 2030 | (1120) | Net income (expense) from<br> derivative financial instruments |
|  | GBP | 2083 | (438) | Net income (expense) from<br> derivative financial instruments |
|  | Total | 125004 | (1538) |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | | **Notional<br>amounts** | **Carrying amount of<br>hedging instruments** | **Carrying amount of<br>hedging instruments** | **Line item in the statement of financial position** |
|  |<br>**Currency** | **Notional<br>amounts** | **Assets** | **Liabilities** | **Line item in the statement of financial position** |
|  Interest rate swap | USD | 4201627 | 641 | 267444 | Derivative financial instrument assets or liabilities |
|  | EUR | 81620 |  | 4721 | Derivative financial instrument liabilities |
|  | GBP | 47805 |  | 4707 | Derivative financial instrument liabilities |
|  | Total | 4331052 | 641 | 276872 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hedge ineffectiveness** | **Hedge ineffectiveness** | **Hedge ineffectiveness** | **Hedge ineffectiveness** |
|  | **Currency** | **Change in fair value of<br>hedging instruments for<br>ineffectiveness assessment** | **Hedge ineffectiveness<br>recognized in profit or<br>loss** | **Line item in profit or loss that includes**<br> **hedge ineffectiveness** |
|  Interest rate swap | USD | (27625) | (126) | Net income (expense) from<br> derivative financial instruments |
|  | EUR | 1385 | 315 | Net income (expense) from<br> derivative financial instruments |
|  | GBP | 491 | (1) | Net income (expense) from<br> derivative financial instruments |
|  | Total | (25748) | 187 |  |

---

------

The amounts related to items designated as hedged items were as follows.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Carrying amount of<br>hedged items** | **Carrying amount of<br>hedged items** | **Accumulated amount<br>of fair value** | **Accumulated amount<br>of fair value** | **Line item in the**<br>**statement of**<br>**financial position** | **Change in<br>fair value of<br>hedged item<br>for**<br>**ineffectiveness**<br>**assessment** |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** | **Line item in the**<br>**statement of**<br>**financial position** | **Change in<br>fair value of<br>hedged item<br>for**<br>**ineffectiveness**<br>**assessment** |
|  Bonds payable in USD |  | 3729464 | 146108 |  | Bonds payable | 120870 |
|  Bonds payable in EUR |  | 241170 | 3564 |  | Bonds payable | 3151 |
|  Bonds payable in GBP |  | 114535 | 2186 |  | Bonds payable | 2521 |
|  Total |  | 4085170 | 151859 |  |  | 126542 |
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Carrying amount of<br>hedged items** | **Carrying amount of<br>hedged items** | **Accumulated amount<br>of fair value** | **Accumulated amount<br>of fair value** | **Line item in the<br>statement of**<br>**financial position** | **Change in<br>fair value of<br>hedged item<br>for<br>ineffectiveness**<br>**assessment** |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** | **Line item in the<br>statement of**<br>**financial position** | **Change in<br>fair value of<br>hedged item<br>for<br>ineffectiveness**<br>**assessment** |
|  Bonds payable in USD |  | 3958719 | 266979 |  | Bonds payable | (27498) |
|  Bonds payable in EUR |  | 157541 | 6715 |  | Bonds payable | 1070 |
|  Bonds payable in GBP |  | 43167 | 4707 |  | Bonds payable | 492 |
|  Total |  | 4159428 | 278402 |  |  | (25935) |

---

***Interest Rate Benchmark Reform***

The replacement with alternative interest rates is giving rise to uncertainties about interest rate benchmark-based cash flows of hedged items or of hedging instruments. The JBIC Group adopted the Phase 2 amendments. The Phase 2 amendments provide relief from applying specific requirements when the basis for determining the contractual cash flows or hedging relationships changes as a result of interest rate benchmark reform. The reliefs are intended to permit the use of a practical expedient for the effective interest rate method and the continuation of hedge accounting when interest rate benchmarks are replaced as a result of interest rate benchmark reform.

The JBIC Group engages in a number of loans, borrowings and derivatives transactions that reference LIBOR. In response to the permanent cessation of LIBOR, reference rates for these financial instruments are replaced, which may have an impact on elements such as profitability, liquidity, and fair value.

The JBIC Group has developed an internal policy on changes to contractual interest rates of financial instruments and is amending applicable contracts for replacement with alternative interest rates. The JBIC Group has modified its systems and is establishing a post-transition structure in order to engage in transactions for financial instruments referencing risk-free rates.

With respect to the JBIC Group's fair value hedges where interest-linked derivatives are designated as hedging instruments, the JBIC Group has monitored technical guidance issued by, and the progress of considerations made by, national authorities and industry associations in relation to the U.S. dollar and GBP LIBOR rates as they are significant interest rate benchmarks affecting hedging relationships. Regarding the two LIBOR rates above, the JBIC Group has recognized when the rates will no longer be representative (June 2023 and December 2021 for U.S. dollar LIBOR and GBP LIBOR, respectively) and the alternative reference rates announced by the respective national authorities. The actions taken by the JBIC Group included adherence to the IBOR Fallbacks Protocol published by the International Swaps and Derivatives Association, Inc. The JBIC Group has completed the replacement of GBP LIBOR at the end of December 2021 and U.S. dollar LIBOR at the end of June 2023 with alternative interest rates in accordance with the IBOR Fallbacks Protocol. Therefore, the uncertainties arising from interest rate benchmark reform for U.S. dollar LIBOR at the loss of representativeness of the LIBOR rates has been resolved.

------

The following table provides quantitative information on those financial instruments that have not transitioned to alternative benchmark rates as of March 31, 2025 and 2024, excluding the hedge transactions above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Nominal amount of transactions<br>that refer to LIBOR** | **Nominal amount of transactions<br>that refer to LIBOR** | **Nominal amount of transactions<br>that refer to LIBOR** | **Nominal amount of transactions<br>that refer to LIBOR** |
|  | **USD LIBOR** | **Others** | **USD LIBOR** | **Others** |
|  Non-derivative financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables | 115089 |  | 561196 |  |
|  Non-derivative financial Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  |  |  |  |
|  Derivatives |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Net investment hedges in foreign operations** 

The JBIC Group has investments in foreign operations which are equity method investments in its consolidated financial statements and whose functional currency is the U.S. dollar. The foreign exchange rate exposures arising from these investments were hedged through the use of forward foreign exchange contracts. These contracts were entered into to hedge designated layer components of the exposure arising from the net assets held in the foreign operations and were rolled forward on a periodic basis.

The JBIC Group designates the spot element of the foreign exchange forwards only as hedging instruments. Changes in the fair value of the hedging instruments attributable to changes in forward points are recognized directly in profit or loss, in principle, as "Net expense from derivative financial instruments" in the consolidated income statement. These amounts are, therefore, not included in the hedge ineffectiveness assessment.

The JBIC Group establishes the hedging ratio by matching the notional amounts of the forward foreign exchange contracts with designated layer component of the net assets of the foreign operation. Given that only the spot element of the forward foreign exchange contracts is designated in the hedge relationship and the amount of hedging instruments and hedged items are equivalent in U.S. dollars, no ineffectiveness is expected except for credit risk of the JBIC Group or counterparty of forward foreign exchange contracts, which is included in fair value of forward foreign exchange contracts.

The JBIC Group cancelled the net investment hedges in foreign operations in the fiscal year ended March 31, 2023.

Since the JBIC Group cancelled the net investment hedges in foreign operations in the fiscal year ended March 31, 2023, the JBIC Group did not hold the forward foreign exchange contracts to hedge its net investments in foreign operations as of March 31, 2025 and 2024.

------

The amounts related to items designated as hedging instruments were as follows.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Notional amounts** | **Carrying amount of hedging<br>instrument** | **Carrying amount of hedging<br>instrument** | **Line item in the<br>statement**<br>**of financial<br>position** | **Change in fair<br>value of<br>hedging<br>instrument<br>recognized in<br>other<br>comprehensive<br>income** |
|  | **Notional amounts** | **Assets** | **Liabilities** | **Line item in the<br>statement**<br>**of financial<br>position** | **Change in fair<br>value of<br>hedging<br>instrument<br>recognized in<br>other<br>comprehensive<br>income** |
|  Forward foreign exchange contracts |  |  |  |  |  |
|  | **Hedge ineffectiveness** | **Hedge ineffectiveness** | **Hedge ineffectiveness** | **Reclassification** | **Reclassification** |
|  | **Change in fair<br>value of hedging<br>instrument for<br>ineffectiveness<br>assessment** | **Hedge<br>ineffectiveness<br>recognized in<br>profit or loss** | **Line item in<br>profit or loss that<br>includes hedge<br>ineffectiveness** | **Amount<br>reclassified from<br>the hedge<br>reserve to profit<br>or loss** | **Line item<br>affects profit<br>or loss because<br>of<br>reclassification** |
|  Forward foreign exchange contracts |  |  |  | 1906 | Net expense<br>from derivative<br>financial<br>instruments |
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Notional amounts** | **Carrying amount of hedging<br>instrument** | **Carrying amount of hedging<br>instrument** | **Line item in the<br>statement**<br>**of financial<br>position** | **Change in fair<br>value of<br>hedging<br>instrument<br>recognized in<br>other<br>comprehensive<br>income** |
|  | **Notional amounts** | **Assets** | **Liabilities** | **Line item in the<br>statement**<br>**of financial<br>position** | **Change in fair<br>value of<br>hedging<br>instrument<br>recognized in<br>other<br>comprehensive<br>income** |
|  Forward foreign exchange contracts |  |  |  |  |  |
|  | **Hedge ineffectiveness** | **Hedge ineffectiveness** | **Hedge ineffectiveness** | **Reclassification** | **Reclassification** |
|  | **Change in fair<br>value of hedging<br>instrument for<br>ineffectiveness<br>assessment** | **Hedge<br>ineffectiveness<br>recognized in<br>profit or loss** | **Line item in<br>profit or loss that<br>includes hedge<br>ineffectiveness** | **Amount<br>reclassified from<br>the hedge<br>reserve to profit<br>or loss** | **Line item<br>affects profit<br>or loss because<br>of<br>reclassification** |
|  Forward foreign exchange contracts |  |  |  | 2550 | Net expense<br>from derivative<br>financial<br>instruments |

---

The amounts related to items designated at hedged items were as follows.

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Change in fair value of hedged items<br>for ineffectiveness assessment** | **Exchange differences on<br>translation of foreign operations** |
|  Net investments in USD |  |  |
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Change in fair value of hedged items<br>for ineffectiveness assessment** | **Exchange differences on<br>translation of foreign operations** |
|  Net investments in USD |  | (1906) |

---

The following table provides a reconciliation by risk category of components of equity and analysis of other comprehensive income items resulting from hedge accounting.

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Exchange differences on translation of foreign operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year | (1906) | (4457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustments | 1906 | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the year |  | (1906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discontinued hedges |  | (1906) |

---

------

**9. Financial Assets at Fair Value through Profit or Loss** 

Financial assets at fair value through profit or loss as of March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of<br>March 31, 2025** | **As of<br>March 31, 2024** |
|  Listed and unlisted equity securities | 208211 | 229294 |
|  Unlisted debt instruments | 227011 | 245257 |
|  Total | 435222 | 474551 |

---

**10. Securities** 

Securities as of March 31, 2025 and 2024, which were classified as amortized cost consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of<br>March 31, 2025** | **As of<br>March 31, 2025** | **As of<br>March 31, 2024** | **As of<br>March 31, 2024** |
|  Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted debt securities |  | 62198 |  | 53199 |
|  Securities, total |  | 62198 |  | 53199 |

---

**11. Loans and Other Receivables** 

Loans and other receivables as of March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of<br>March 31, 2025** | **As of<br>March 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign | 335005 | 425081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-sovereign | 15031465 | 15959359 |
|  Total sovereign and non-sovereign | 15366470 | 16384441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (440196) | (435339) |
|  Loans and other receivables, total | 14926274 | 15949101 |

---

The portfolio of loans and other receivables is disclosed in more detail in Note 40 "Concentration of Credit Risk."

Details of changes in the loss allowance for loans and other receivables for the year ended March 31, 2025 were as follows:

Loss allowance:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | | |
|  | **Stage 1<br>12-month<br>ECL** | **Stage 2<br>Lifetime ECL** | **Stage 3<br>Lifetime ECL** |<br>**POCI** |<br>**Total** |
|  As of April 1, 2024 | 6928 | 97083 | 307499 | 23827 | 435339 |
|  Transfers: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 1 | 11811 | (11811) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 2 | (180) | 180 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transferto Stage 3 |  | (315) | 315 |  |  |
|  Net remeasurement from stage changes | (11480) | 1717 | (23) |  | (9787) |
|  Modification of contractual cash flows |  |  | (10) |  | (10) |
|  Decrease in exposures | (1496) | (7131) | (4615) |  | (13244) |
|  Increase in exposures | 990 | 84 | 3175 |  | 4250 |
|  Write-offs |  |  |  | (22852) | (22852) |
|  Changes in risk parameters | 141 | (3697) | 55281 | (975) | 50750 |
|  Other changes | 17 | 857 | (5124) |  | (4249) |
|  As of March 31, 2025 | 6730 | 76966 | 356498 |  | 440196 |

---

------

The following table provides changes in the gross carrying amount of the loans and other receivables to show their impact on the changes in the loss allowance presented above.

Gross carrying amount:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | | |
|  | **Stage 1<br>12-month<br>ECL** | **Stage 2<br>Lifetime ECL** | **Stage 3<br>Lifetime ECL** |<br>**POCI** |<br>**Total** |
|  As of April 1, 2024 | 14078672 | 1657265 | 624112 | 24390 | 16384441 |
|  Transfers: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 1 | 258956 | (258845) | (111) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 2 | (518553) | 518553 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 3 | (124) | (16116) | 16240 |  |  |
|  Modification of contractual cash flows |  |  | 613 |  | 613 |
|  Decrease in exposures | (2283036) | (235283) | (64361) | (1537) | (2584219) |
|  Increase in exposures | 1729730 | 33 | 7806 |  | 1737570 |
|  Write-offs |  |  |  | (22852) | (22852) |
|  Other changes<sup>\*</sup> | (123633) | (20298) | (5150) |  | (149082) |
|  As of March 31, 2025 | 13142012 | 1645308 | 579149 |  | 15366470 |

---

\* "Other changes" mainly comprise foreign exchange translations.

Details of changes in the loss allowance for loans and other receivables for the year ended March 31, 2024 were as follows:

Loss allowance:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | | |
|  | **Stage 1<br>12-month<br>ECL** | **Stage 2<br>Lifetime ECL** | **Stage 3<br>Lifetime ECL** |<br>**POCI** |<br>**Total** |
|  As of April 1, 2023 | 7486 | 108011 | 247303 |  | 362802 |
|  Transfers: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 1 | 146 | (146) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 2 | (86) | 840 | (753) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 3 |  | (28925) | 28925 |  |  |
|  Net remeasurement from stage | (137) | 16657 | (9704) |  | 6815 |
|  Modification of contractual cash flows |  |  | 34 |  | 34 |
|  Decrease in exposures | (1681) | (6418) | (8860) |  | (16960) |
|  Increase in exposures \* | 1083 | 1359 | 4807 |  | 7249 |
|  Write-offs |  |  |  |  |  |
|  Changes in risk parameters | (782) | (6795) | (1666) |  | (9244) |
|  Other changes | 900 | 12500 | 47414 | 23827 | 84642 |
|  As of March 31, 2024 | 6928 | 97083 | 307499 | 23827 | 435339 |

---

------

The following table provides changes in the gross carrying amount of the loans and other receivables to show their impact on the changes in the loss allowance presented above.

Gross carrying amount:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | | |
|  | **Stage 1<br>12 month ECL** | **Stage 2<br>Lifetime ECL** | **Stage 3<br>Lifetime ECL** |<br>**POCI** |<br>**Total** |
|  As of April 1, 2023 | 13453702 | 1535832 | 494506 | 23137 | 15507179 |
|  Transfers: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 1 | 52181 | (52097) | (83) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 2 | (235063) | 257512 | (22448) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 3 | (412) | (129824) | 130237 |  |  |
|  Modification of contractual cash flows |  |  | 2260 |  | 2260 |
|  Decrease in exposures | (2044535) | (176799) | (56730) |  | (2278065) |
|  Increase in exposures | 1195397 | 15185 | 9865 | 330 | 1220779 |
|  Write offs |  |  |  |  |  |
|  Other changes \* | 1657402 | 207456 | 66505 | 922 | 1932287 |
|  As of March 31, 2024 | 14078672 | 1657265 | 624112 | 24390 | 16384441 |

---

\* "Other changes" mainly comprise foreign exchange translations.

The following table includes summary information for loans and other receivables with lifetime ECL whose cash flows were modified during the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** | **For the year ended**<br>**March 31, 2024** | **For the year ended**<br>**March 31, 2024** |
|  Loans and other receivables |  | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortized cost before modification |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192,119 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291,889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net modification gains\* |  | 613 |  | 2260 |

---

\* Net modification gains were included in "Impairment losses on financial assets" in the consolidated income statement.

There were no loans and other receivables with 12-month ECL whose cash flows were modified during the period and transferred from Stage 3 or Stage 2 to Stage 1 as of March 31, 2025 and 2024.

The policy for managing credit risk is disclosed in Note 37 "Financial Risk Management."

**12. Business Combinations** 

On June 18, 2024, JBIC IG Partners Co., Ltd. (hereinafter referred to as "JBIC IG Partners"), a consolidated subsidiary of JBIC, acquired additional 49.99% common shares of JB Nordic General Partner S.à r.l. (hereinafter referred to as "JB Nordic GP"), which was an affiliate of the JBIC Group, and JB Nordic GP became a consolidated subsidiary. The percentage of voting equity interests held immediately before the business combination was 50%, and therefore, the percentage of the voting equity interest in JB Nordic GP after the acquisition reached 99.99%. Additionally, on the same date, JB Nordic Fund I SCSp, for which JB Nordic GP has full executive authority and which was an affiliate of the JBIC Group, also became a consolidated subsidiary.

Furthermore, on August 2, 2024, JBIC IG Partners acquired additional 50% common shares of NordicNinja Fund II General Partner S.à r.l. (hereinafter referred to as "NordicNinja Fund II GP"), which was an affiliate of the JBIC Group, and NordicNinja Fund II GP became a consolidated subsidiary. The percentage of voting equity interests held immediately before the business combination was 50%, and therefore, the percentage of the voting equity interest in NordicNinja Fund II GP after the acquisition reached 100%. Additionally, on the same date, NordicNinja Fund II SCSp, for which NordicNinja Fund II GP has full executive authority and was an affiliate of the JBIC Group, also became a consolidated subsidiary.

JB Nordic Fund I SCSp, a venture capital fund that invests in startups in the Nordic and Baltic regions, and NordicNinja Fund II SCSp, a venture capital fund specializing in the "Sustainability x Digital" sectors in Northern Europe, were originally established by JBIC IG Partners. JB Nordic GP and NordicNinja Fund II GP serve as the general partners of these venture capital funds. By acquiring additional shares of JB Nordic GP and NordicNinja Fund II GP, the JBIC Group will further strengthen this investment business.

------

The following table summarizes the consideration transferred for the acquisitions and the amounts of the assets acquired and liabilities assumed at the respective acquisition dates, as well as the amount of the non-controlling interests recognized for JB Nordic Fund I SCSp and NordicNinja Fund II SCSp.

---

| | |
|:---|:---|
|  | **(Millions of yen)** |
|  | **Amount** |
|  Fair value of shares previously-held in acquirees | 1014 |
|  Cash consideration paid for the acquisitions  | 111 |
|  Fair value of capital contributions previously-held in the venture capital funds | 12599 |
|  Total consideration transferred | 13725 |

---

---

| | |
|:---|:---|
|  | **(Millions of yen)** |
|  | **Amount** |
|  Cash and due from banks | 2219 |
|  Financial assets at fair value through profit or loss | 30603 |
|  Other assets | 283 |
|  Total assets acquired | 33107 |
|  Other liabilities | (175) |
|  Total liabilities assumed | (175) |
|  Total identifiable net assets | 32931 |
|  Non-controlling interests | (19166) |
|  Negative goodwill | 39 |
|  Net assets acquired | 13725 |

---

The JBIC Group recognized gains of ¥483 million arising from the revaluation of the previously held equity interests in JB Nordic GP and losses of ¥6 million in NordicNinja Fund II GP, respectively, to their fair values as of their respective dates of acquisition. The gains were included in "Other income" and the losses were included in "Other expenses" in the consolidated income statement. The JBIC Group also recognized gains of ¥2,934 million arising from the revaluation of the previously held capital contributions in JB Nordic Fund I SCSp and NordicNinja Fund II SCSp to their fair values as of their respective dates of acquisition. The gains were included in "Other income" in the consolidated income statement.

The JBIC Group recognized non-controlling interests of ¥19,166 million, which were measured at the non-controlling interest's proportionate share of the acquirees' net identifiable assets. Also, the amount includes non-controlling interests of ¥18,263 million in limited partnerships that are consolidated subsidiaries and the JBIC Group presented the non-controlling interests in "Other liabilities" in the consolidated statement of financial position, in accordance with IAS 32.

In addition, the JBIC Group recognized negative goodwill in the amount of ¥39 million, which represents the excess of the net of the amounts of assets acquired and liabilities assumed, as well as the non-controlling interests recognized, over the fair value of consideration transferred. The negative goodwill was immediately recognized as a gain on bargain purchase and included in "Other income" in the consolidated income statement.

The amounts of total operating loss and net loss of the acquirees since the acquisition dates included in the consolidated income statement were ¥344 million and ¥1,929 million, respectively.

The total cash consideration transferred for the acquisition, cash and cash equivalents in the newly consolidated subsidiaries, and the aggregate cash flows arising from obtaining control of subsidiaries classified as investing activities in the consolidated statement of cash flows for the year ended March 31, 2025 are as follows:

---

| | |
|:---|:---|
|  | **(Millions of yen)** |
|  | **Amount** |
|  Cash consideration transferred for the acquisitions  | (111) |
|  Cash and cash equivalents in the newly consolidated subsidiaries | 2219 |
|  Aggregate cash flows arising from obtaining control of the subsidiaries | 2108 |

---

------

**13. Interests in Other Entities** 

The JBIC Group's principal subsidiaries as of March 31, 2025 are shown in the table below. The JBIC Group consolidates all entities over which the JBIC Group has control. See Note 3 "Material Accounting Policy Information" for additional information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of entity** | **Country of<br>incorporation** | **Ownership<br>interest held<br>by the JBIC<br>Group (%)** | **Voting<br>rights (%)** | **Principal activities** |
|  JBIC IG Partners | Japan | 51 | 51 | Management services<br> for investments |
|  Russia-Japan Investment Fund, L.P. <sup>\*</sup> | Cayman Islands | 100 |  | Investments |
|  JB Nordic Fund I SCSp | Grand Duchy<br>of Luxembourg | 40.59 | 100 | Investments |
|  NordicNinja Fund II SCSp | Grand Duchy<br>of Luxembourg | 46.27 | 100 | Investments |

---

<sup>\*</sup> Although JBIC does not have direct decision-making rights in the Russia-Japan Investment Fund, L.P., JBIC has determined that the Russia-Japan Investment Fund, L.P. is its subsidiary because another entity that is considered to be an agent of JBIC has all of the decision-making rights. 

**14. Equity Method Investments** 

***Investments in Associates***

Investments in associates are accounted for using the equity method. The JBIC Group does not have any investments in associates that are individually material. Investments in associates that were not individually material were as follows:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2024** |
|  Total carrying amount | 73940 | 100198 |

---

Financial information of associates that were not individually material was as follows (the amount presented is based on the JBIC Group's ownership interest):

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2024** |
|  Total comprehensive income | 2189 | 2626 |

---

Associates did not record other comprehensive income. Therefore, profits (or losses) of equity method investments were equal to the associates' total comprehensive income presented above.

***Investments in Joint Ventures***

Investments in joint ventures are accounted for using the equity method except for the investments made through the Russia-Japan Investment Fund L.P. The JBIC Group does not have any joint ventures that are individually material, and the aggregate balance of investments in joint ventures that are not individually material are not significant. Accordingly, the carrying amount of the investment and the financial information of the joint ventures are not presented.

------

**15. Unconsolidated Structured Entities** 

The JBIC Group has interests in structured entities formed by other entities ("unconsolidated structured entities") for the purpose of providing project financing, mainly to resources and infrastructure projects, aircraft leasing, ship leasing, and others. These unconsolidated structured entities obtain funds mainly through bank borrowings. The JBIC Group has interests in these unconsolidated structured entities in the form of loans, financial guarantees, or investments, and therefore the JBIC Group is exposed to credit risk and market risk of these unconsolidated structured entities.

The JBIC Group's maximum exposure to losses from its interests in these unconsolidated structured entities consists of the carrying amounts of its investments in equity securities, the amounts of loans and loan commitments, and the amount of financial guarantee obligations. The maximum exposure represents the possible amount of total losses the JBIC Group could ever incur without considering any collateral held and other credit enhancements, and does not represent the probability of loss occurrence. Income received from interests in unconsolidated structured entities is mainly interest income and guarantee fees.

The following table summarizes the carrying amounts of assets and liabilities recognized in the consolidated statement of financial position of the JBIC Group and its maximum exposure to losses from its interests in the unconsolidated structured entities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Carrying amount** | **Maximum exposure** | **Carrying amount** | **Maximum exposure** |
|  Financial assets at fair value through profit or loss | 586 | 586 | 764 | 764 |
|  Loans and other receivables | 6539494 | 7801600 | 7053983 | 8633374 |
|  Assets, total | 6540081 | 7802186 | 7054748 | 8634138 |
|  Financial guarantee contracts | 49407 | 448360 | 53949 | 481050 |
|  Liabilities, total | 49407 | 448360 | 53949 | 481050 |

---

------

**16. Property and Equipment** 

Changes in the carrying amounts of property and equipment for the years ended March 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **L and** | **Buildings** | **Others** | **Total** |
|  Cost |  |  |  |  |
|  As of April 1, 2023 | 24311 | 5752 | 5079 | 35143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions |  | 2330 | 4877 | 7208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposals |  | (9) | (114) | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other decreases |  |  | (4103) | (4103) |
|  As of March 31, 2024 | 24311 | 8074 | 5738 | 38125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions | 1 | 2877 | 5711 | 8591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposals |  | (160) | (1568) | (1729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other decreases |  |  | (5345) | (5345) |
|  As of March 31, 2025 | 24313 | 10791 | 4535 | 39640 |
|  Accumulated depreciation and impairment loss |  |  |  |  |
|  As of April 1, 2023 |  | 2069 | 2342 | 4412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 284 | 521 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposals |  | (9) | (111) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment losses |  | 112 | 117 | 230 |
|  As of March 31, 2024 |  | 2457 | 2871 | 5328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 418 | 782 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposals |  | (160) | (1563) | (1723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment losses |  |  |  |  |
|  As of March 31, 2025 |  | 2715 | 2090 | 4805 |
|  Carrying amount |  |  |  |  |
|  As of April 1, 2023 | 24311 | 3682 | 2736 | 30730 |
|  As of March 31, 2024 | 24311 | 5616 | 2867 | 32796 |
|  As of March 31, 2025 | 24313 | 8076 | 2445 | 34834 |

---

**17. Other Assets** 

Other assets as of March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2024** |
|  Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral paid for financial instruments | 896220 | 1033820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 8949 | 11462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets | 2709 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets related to retirement benefits | 321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 8295 | 8695 |
|  Other assets, total | 916496 | 1055399 |

---

**18. Borrowings** 

Borrowings, including the currency of denomination and maturity dates, as of March 31, 2025 and 2024 consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
| **Currency** | **Maturity dates** | **Carrying amount** | **Maturity dates** | **Carrying amount** |
|  USD | October 2025 to September 2029 | 5724789 | October 2024 to September 2028 | 6231694 |
|  EUR |  |  | October 2027 | 9794 |
|  JPY | May 2025 to February 2042 | 2995700 | May 2024 to February 2042 | 2952500 |
|  Borrowings, total | Borrowings, total | 8720489 |  | 9193988 |

---

------

Weighted-average contractual interest rates as of March 31, 2025 and 2024 were 3.27% and 4.04%, respectively.

The amounts of undiscounted contractual cash flows for borrowings by maturity date are disclosed in Note 43 "Maturity Analysis of Financial Liabilities."

**19. Bonds Payable** 

Bonds payable, including the currency of denomination, maturity dates and associated contractual interest rates, as of March 31, 2025 and 2024 consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
| **Currency** | **Maturity dates** | **Contractual**<br>**interest rates** | **Carrying<br>amount** | **Maturity dates** | **Contractual**<br>**interest rates** | **Carrying<br>amount** |
|  USD | April 2025 to April 2034 | (Fixed)<br> 0.625% – 4.875% | 5419596 | April 2024 to April 2031 | (Fixed)<br> 0.500% – 4.875% | 5971842 |
|  EUR | February 2028 to October 2030 | (Fixed)<br> 1.500% – 3.125% | 400016 | February 2028 to June 2029 | (Fixed)<br> 1.500% – 3.125% | 318401 |
|  GBP | July 2026 to January 2030 | (Fixed)<br> 0.375% – 4.625% | 113859 | July 2026 | (Fixed)<br> 0.375% | 43042 |
|  JPY | December 2025 to March 2029 | (Fixed)<br> 0.639% – 2.090% | 30046 | December 2025 | (Fixed)<br> 2.090% | 20089 |
|  Bonds payable, total | Bonds payable, total |  | 5963519 |  |  | 6353375 |

---

JBIC's bonds are secured by JBIC's assets in the form of general liens in accordance with Article 34 of the JBIC Act.

The amounts of undiscounted contractual cash flows for bonds payable by maturity date are disclosed in Note 43 "Maturity Analysis of Financial Liabilities."

**20. Financial Guarantee Contracts** 

Financial guarantee contracts as of March 31, 2025 and 2024 consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2024** |
|  Sovereign |  | 2197 |  | 6148 |
|  Non-sovereign |  | 59012 |  | 66306 |
|  Financial guarantee contracts, total |  | 61209 |  | 72454 |

---

Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of: (a) the amount initially recognized less accumulated amortization recognized in accordance with IFRS 15 and (b) the loss allowance determined in accordance with IFRS 9 required for settling the guarantee obligation at the reporting date.

Details of changes in the loss allowance for financial guarantee contracts for the year ended March 31, 2025 were as follows:

Loss allowance:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | |
|  | **Stage 1<br>12-month<br>ECL** | **Stage 2<br>Lifetime<br>ECL** | **Stage 3<br>Lifetime<br>ECL** |<br>**Total** |
|  As of April 1, 2024 | 2693 | 46084 | 299 | 49078 |
|  Transfers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 3 |  |  |  |  |
|  Decrease in exposures | (1224) | (4801) | (299) | (6325) |
|  Increase in exposures | 144 |  |  | 144 |
|  Net remeasurement | 108 | (1429) |  | (1321) |
|  Other changes | (8) | (397) |  | (405) |
|  As of March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;39455 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41169 |

---

------

The following table provides changes in the exposure amount of the financial guarantee contracts to show their impact on the changes in the loss allowance presented above.

Exposure amount:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** | **For the year ended of March 31, 2025** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | |
|  | **Stage 1<br>12-month<br>ECL** | **Stage 2<br>Lifetime<br>ECL** | **Stage 3<br>Lifetime<br>ECL** |<br>**Total** |
|  As of April 1, 2024 | 1181588 | 328956 | 11983 | 1522529 |
|  Transfers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 3 |  |  |  |  |
|  Decrease in exposures | (216029) | (64780) | (11983) | (292794) |
|  Increase in exposures | 100092 |  |  | 100092 |
|  Other changes | (1957) | (2486) |  | (4443) |
|  As of March 31, 2025 | 1063693 | 261689 |  | 1325383 |

---

Details of changes in the loss allowance for financial guarantee contracts for the year ended March 31, 2024 were as follows:

Loss allowance:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | |
|  | **Stage 1<br>12-month<br>ECL** | **Stage 2<br>Lifetime<br>ECL** | **Stage 3<br>Lifetime<br>ECL** |<br>**Total** |
|  As of April 1, 2023 | 3048 | 52092 | 353 | 55494 |
|  Transfers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 3 |  |  |  |  |
|  Decrease in exposures | (518) | (3184) |  | (3702) |
|  Increase in exposures | 501 |  |  | 501 |
|  Net remeasurement | (384) | (7265) | (100) | (7751) |
|  Other changes | 47 | 4441 | 47 | 4536 |
|  As of March 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693 | &nbsp;&nbsp;&nbsp;&nbsp;46084 | &nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;49078 |

---

The following table provides changes in the exposure amount of the financial guarantee contracts to show their impact on the changes in the loss allowance presented above.

Exposure amount:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** | **For the year ended of March 31, 2024** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | |
|  | **Stage 1<br>12·month<br>ECL** | **Stage 2<br>Lifetime<br>ECL** | **Stage 3<br>Lifetime<br>ECL** |<br>**Total** |
|  As of April 1, 2023 | 1185919 | 337768 | 10568 | 1534256 |
|  Transfers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Stage 3 |  |  |  |  |
|  Decrease in exposures | (191000) | (34078) |  | (225078) |
|  Increase in exposures | 169001 |  |  | 169001 |
|  Other changes | 17669 | 25266 | 1415 | 44350 |
|  As of March 3 1, 2024 | 1181588 | 328956 | 11983 | 1522529 |

---

------

**21 Other Liabilities** 

Other liabilities as of March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of<br>March 31, 2025** | **As of<br>March 31, 2024** |
|  Other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned revenue | 28025 | 25965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received for financial instruments | 26660 | 37350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for retirement benefits | 4406 | 4650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 3090 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests in limited partnerships that are consolidated subsidiaries | 18960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 55850 | 71535 |
|  Other liabilities, total | 260893 | 299464 |

---

**22. Employee Benefits** 

***Post-employment Benefits***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Defined benefit plans** 

JBIC has defined benefit pension plans composed of funded-type defined benefit corporate pension plans and unfunded-type lump-sum severance indemnity plans. Benefits provided under the plans are determined based on multiple factors, such as the employees' number of years of service and their salary levels.

In accordance with Japanese laws and regulations, JBIC's defined benefit corporate pension plans are operated by corporate pension funds that are legally separate from JBIC. The laws and regulations require that JBIC or the board of the corporate pension funds and pension-managing trustees act in the best interests of the plan members and are responsible for managing the plan assets based on the prescribed policy.

JBIC is responsible for contributing funds determined based on a prescribed proportion of the salaries stipulated in JBIC's pension rules. If the funded balance is below the minimum funding requirement at the annual close of the pension fund, JBIC is required to pay an additional contribution. Further, the contribution is calculated to maintain the balance in future periods and is recalculated every five years at the fiscal year-end of the pension fund.

JBIC's defined benefit corporate pension plans are multi·employer plans, which are different from single-employer plans from the following perspectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Assets contributed to multi-employer plans may be used to provide benefits to employees of other entities
participating in the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. When certain employers discontinue contributions, other employers may bear the unfunded obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. When multi-employer plans are wound up or when an entity withdraws from a multi-employer plan, the entity may
be required to pay for unfunded obligations as a special contribution.

------

The plans expose JBIC to the following actuarial risks, including investment risk, interest rate risk, and longevity risk:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Investment risk

The present value of defined benefit obligations is calculated using a discount rate, which is determined based on market yields on high-quality corporate bonds. Should the return on plan assets fall below this discount rate, a deficit in the defined benefit plan could arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Interest rate risk

A decline in market yields on high-quality corporate bonds leads to an increase in defined benefit obligations. The increase in obligations, however, is partly offset by an increase in the fair value of debt instruments (i.e., plan assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Longevity risk

JBIC's defined benefit plans include lifelong annuity plans, which require JBIC's guarantee at the time of the employees' retirement to pay retirement benefits to plan members over their lifetime. The present value of defined benefit obligations is determined based on JBIC's best estimate of the mortality of plan members both during and after their employment. An extended average longevity of plan members will cause an increase in defined benefit obligations.

------

***Changes in the present value of defined benefit obligations and the fair value of plan assets***

---

| | | | |
|:---|:---|:---|:---|
|  |  | **(Millions of yen)** | **(Millions of yen)** |
|  |  | **For the year<br>ended<br>March 31, 2025** | **For the year<br>ended<br>March 31, 2024** |
| (a) | Net defined benefit liability for funded and unfunded type plans (beginning) (b) - (d)+(g) | 4650 | 5675 |
|  Changes in the present value of defined benefit obligations for funded type plans: | Changes in the present value of defined benefit obligations for funded type plans: |  |  |
| (b) | Beginning balance | 5532 | 5832 |
|  | Current service cost | 102 | 111 |
|  | Interest expense | 77 | 64 |
|  | Remeasurements |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial gains and losses arising from changes in demographic assumptions |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial gains and losses arising from changes in financial assumptions | (603) | (294) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 40 | 41 |
|  | Payments by the plan | (223) | (223) |
| (c) | Ending balance | 4924 | 5532 |
|  Changes in the fair value of plan assets: | Changes in the fair value of plan assets: |  |  |
| (d) | Beginning balance | 5345 | 4873 |
|  | Interest income | 74 | 53 |
|  | Remeasurements |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on plan assets | (94) | 502 |
|  | Contributions by the employer | 144 | 138 |
|  | Payments by the plan | (223) | (223) |
| (e) | Ending balance | 5246 | 5345 |
| (f) | Net defined benefit liability for funded type plans (ending) (c)—(e) | (321) | 186 |
|  Changes in the present value of defined benefit obligations for unfunded type plans: | Changes in the present value of defined benefit obligations for unfunded type plans: |  |  |
| (g) | Beginning balance | 4463 | 4716 |
|  | Current service cost | 317 | 328 |
|  | Pastt service cost |  |  |
|  | Interest expense | 61 | 51 |
|  | Remeasurements |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial gains and losses arising from changes in demographic assumptions |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial gains and losses arising from changes in financial assumptions | (219) | (98) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 284 | 8 |
|  | Payments by the plan | (501) | (542) |
| (h) | Ending balance | 4406 | 4463 |
| (i) | Net defined benefit liability for funded and unfunded type plans (ending)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 |

---

***Significant actuarial assumptions used in determining the present value of defined benefit obligations***

---

| | | |
|:---|:---|:---|
| **Items** | **As of<br>March 31, 2025** | **As of<br>March 31, 2024** |
|  Discount rate (%) | 2.1% | 1.4% |
|  Salary increase rate (%) | 4.0% | 4.1% |

---

An assessment of defined benefit obligations requires judgments in respect of uncertain future events. The following table shows the impact in the form of a sensitivity analysis of changes in discount rates on the defined benefit obligations at each reporting date. The sensitivity analysis is prepared based on the assumption that other variables remain constant; however, in practice, variables do not necessarily change in isolation. Negative amounts represent a decrease, while positive amounts show an increase in the defined benefit obligations.

------

***Sensitivity analysis (discount rate)***

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **0.5% increase** | **0.5% decrease** |
|  Effect on defined benefit obligations as of March 31, 2025 | (538) | 578 |
|  Effect on defined benefit obligations as of March 31, 2024 | (617) | 666 |

---

***Fair value by plan asset category***

---

| | | | |
|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
| **Categories of plan assets** | **With quoted market<br>prices in an active<br>market** | **Without quoted market<br>prices in an active<br>market** | **Total** |
|  Equity securities (Japan) | 697 |  | 697 |
|  Equity securities (foreign countries) | 765 |  | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities | 1.462 |  | 1.462 |
|  Debt securities (Japan) | 2.135 |  | 2.135 |
|  Debt securities (foreign countries) | 1.050 |  | 1.050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt securities | 3.186 |  | 3.186 |
|  General accounts of life insurance companies |  | 557 | 557 |
|  Cash and due from banks | 18 |  | 18 |
|  Other |  | 21 | 21 |
|  Plan assets, total | 4667 | 578 | 5246 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
| **Categories of plan assets** | **With quoted market<br>prices in an active<br>market** | **Without quoted market<br>prices in an active<br>market** | **Total** |
|  Equity securities (Japan) | 721 |  | 721 |
|  Equity securities (foreign countries) | 737 |  | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities | 1.458 |  | 1.458 |
|  Debt securities (Japan) | 2.238 |  | 2.238 |
|  Debt securities (foreign countries) | 1057 |  | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt securities | 3.295 |  | 3.295 |
|  General accounts of life insurance companies |  | 551 | 551 |
|  Cash and due from banks | 17 |  | 17 |
|  Other |  | 22 | 22 |
|  Plan assets, total | 4771 | 573 | 5345 |

---

---

| | |
|:---|:---|
|  ***Expected contribution to plan assets for the fiscal year ending March 31, 2026:*** | ¥182 million |

---

---

| | |
|:---|:---|
| ***Weighted-average duration of defined benefit obligations*** |  |
|  As of March 31, 2025 | 13 years |
|  As of March 31, 2024 | 13 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Defined contribution plans** 

On October 1, 2014, JBIC introduced defined contribution plans. JBIC recognized costs of ¥30 million and ¥28 million related to the defined contribution plans for the years ended March 31, 2025 and 2024.

***Employee Benefit Expenses***

Total employee benefit expenses included in operating expenses in the consolidated income statement were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** | **For the year ended<br>March 31, 2024** |
|  Employee benefit expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,733 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8274 |

---

------

**23. Capital Stock and Other Reserves** 

***Total number of authorized shares***

---

| | | |
|:---|:---|:---|
|  | **(Thousands of shares)** | **(Thousands of shares)** |
|  | **As of**<br> **March 31, 2025** | **As of**<br> **March 31, 2024** |
|  Common stock with no stated value | 5164000000 | 5164000000 |

---

***Shares of common stock issued and fully paid (common stock with no stated value)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2024** | **For the year ended March 31, 2024** |
|  | **Thousands of<br>shares** | **Amount** | **Thousands of<br>shares** | **Amount** |
|  Beginning of the year | 2061800000 | 2061800 | 1958800000 | 1958800 |
|  Issuance of new shares | 121000000 | 121000 | 103000000 | 103000 |
|  End of the year | 2182800000 | 2182800 | 2061800000 | 2061800 |

---

***Total amount of capital stock***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of**<br> **March 31, 2025** | **As of**<br> **March 31, 2025** | **As of**<br> **March 31, 2024** | **As of**<br> **March 31, 2024** |
|  Capital stock |  | 2332800 |  | 2211800 |

---

***Other reserves presented in the consolidated statement of changes in equity***

*Remeasurement of defined benefit plans* 

Remeasurement of defined benefit plans represents the changes in actuarial gains and losses and the return on plan assets, excluding amounts included in interest income. Actuarial gains and losses represent experience adjustments to the defined benefit obligations (i.e., differences between the actuarial assumptions at the beginning of the year and what has actually occurred) and the effects of changes in actuarial assumptions. Actuarial gains and losses are recognized in other comprehensive income as incurred and are immediately transferred from other reserves to retained earnings.

*Exchange differences on translation of foreign operations* 

The amount represents the JBIC Group's share of the translation differences arising on translating the consolidated financial statements of foreign subsidiaries, associates and joint ventures into the functional currency of JBIC. The amount includes gains or losses on the hedging instruments that are determined to be effective hedges of the net investments in foreign operations.

***Capital controls***

JBIC is not subject to either the Banking Act or capital adequacy regulations; however, JBIC is subject to the JBIC Act, and it has the following agreements with the Japanese government:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The government, at all times, holds the total number of outstanding shares of JBIC (Article 3 of the JBIC Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The government may make contributions to JBIC, if necessary, limited to the amount appropriated in the budget
(Article 4 of the JBIC Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JBIC prepares a budget for revenues and expenditures and submits it to the Minister of Finance each fiscal year.
After the Cabinet's decision is made, the Cabinet submits the budget to the Diet together with the national budget (Article 16 and Article 19 of the JBIC Act). JBIC's business plans and financial plans (e.g., borrowings from the fiscal
loan funds and foreign exchange funds, corporate bonds, capital contribution from the general account, and loans) are attached to the above-mentioned budget and submitted to the Diet (Article 17 of the JBIC Act).

JBIC manages the equity presented in the consolidated statement of financial position as its capital. Capital stock as of March 31, 2025 and 2024 is as presented above.

**24. Dividend Distribution** 

JBIC is restricted in its ability to distribute dividends in accordance with Article 31 of the JBIC Act.

JBIC paid ¥79,945 million on June 29, 2023, for the year ended March 31, 2023, and ¥31,467 million on June 27, 2024, for the year ended March 31, 2024, and ¥42,041 million on June 27, 2025, for the year ended March 31, 2025 in accordance with the JBIC Act as noted below. These amounts are calculated based on the amount of the retained earnings under Japanese GAAP.

------

In the event that the amount of the retained earnings recorded at each year-end closing in respective accounts for operations defined in each item of Article 26-2 of the JBIC Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. exceeds zero, JBIC accumulates an amount calculated in accordance with the standards prescribed by the Cabinet
Order as a reserve, until it reaches a certain amount stipulated by the Cabinet Order; and if there is a surplus, JBIC pays such a surplus into the National Treasury within three months after the annual closing date (Paragraph 1 of Article 31 of the
JBIC Act); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. falls below zero, the reserve is transferred to the retained earnings to the extent that the amount of retained
earnings becomes zero (Paragraph 2 of Article 31 of the JBIC Act).

**25. Interest Income and Interest Expense** 

Interest income and interest expense for the years ended March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended**<br>**March 31, 2025** | **For the year ended**<br>**March 31, 2024** |
|  Interest income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from banks | 54253 | 42088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 8971 | 6931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables | 917308 | 980838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 2048 | 34 |
|  Interest income, total | 982581 | 1029892 |
|  Interest expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 337833 | 362856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable | 183713 | 176217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts | 738 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3670 | 4423 |
|  Interest expense, total | 525956 | 544209 |
|  Net interest income | 456625 | 485683 |

---

**26. Fee and Commission Income and Fee and Commission Expense** 

Fee and commission income, as well as fee and commission expense for the years ended March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended**<br>**March 31, 2025** | **For the year ended**<br>**March 31, 2024** |
|  Fee and commission income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee fees | 10172 | 11566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1132 | 2442 |
|  Fee and commission income, total | 11305 | 14009 |
|  Fee and commission expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outsourcing expenses | 3359 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1214 | 1378 |
|  Fee and commission expense, total | 4574 | 4319 |

---

------

**27. Net Expense from Derivative Financial Instruments** 

Net expense from derivative financial instruments for the years ended March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Net expense from derivative financial instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income from interest rate swaps | 343494 | 360406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss on valuation of derivative financial instruments | (82402) | 62356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other\* | 125753 | (26114) |
|  Net expense from derivative financial instruments, total | 386845 | 396647 |

---

\* The amount includes adjustments of the carrying amounts of hedged items under fair value hedge. 

**28. Net Gain (Loss) from Financial Assets at Fair Value through Profit or Loss** 

Net gain (loss) from financial assets at fair value through profit or loss for the years ended March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Net gain (loss) from financial assets at fair value through profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain(loss) from listed and unlisted equity securities | (46063) | 23898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) from unlisted debt instruments | (4701) | (4982) |
|  Net gain (loss) from financial assets at fair value through profit or loss, total | (50764) | 18915 |

---

**29. Other Income and Other Expenses** 

Other income and other expenses for the years ended March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended**<br> **March 31, 2025** | **For the year ended**<br> **March 31, 2024** |
|  Other income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on foreign exchange transactions\* | 2717 | 39224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains from revaluation of previously held interests in newly consolidated subsidiaries | 483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Negative goodwill | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 2917 | 730 |
|  Other income, total | 6137 | 39954 |
|  Other expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses from revaluation of previously held interests in newly consolidated subsidiary | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on property and equipment |  | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment loss on other assets |  | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1365 | 1214 |
|  Other expenses, total | 1371 | 2112 |

---

\* The amount includes gains or losses arising on the foreign currency translation of notional amounts of the currency swap contracts by using the exchange rate at the reporting date. 

------

**30. Impairment Losses (Reversals) on Financial Assets** 

Impairment losses (reversals) on financial assets for the years ended March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Impairment losses (reversals) on financial assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables\* | 16238 | 63135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts | (3543) | (3999) |
|  Impairment losses (reversals) on financial assets, total | 12695 | 59135 |

---

\* Impairment losses on loans and other receivables increased for the fiscal year ended March 31, 2024 due to factors including an increase in the allowance for loan losses from a deterioration in credit risk of a certain large-scale borrower and the impact of Russia-related borrowers on credit risk that were assessed individually with respect to the international situation related to Russia and Ukraine. 

**31. Operating Expenses** 

Operating expenses for the years ended March 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended<br>March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salaries and allowances | 7242 | 6820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement benefit costs | 514 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welfare expenses | 1034 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 4909 | 4171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel expenses | 2084 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other\* | 14350 | 12294 |
|  Operating expenses, total | 30135 | 26659 |

---

\* "Other" includes professional and other contractors costs, costs related to overseas secondments, transaction fees and taxes, supplies and communication costs.

**32. Income Taxes** 

JBIC is a nontaxable entity in accordance with Paragraph 2, Item 5 of the Corporate Tax Act of Japan (Act No. 34, 1965) and has no obligation to pay corporate taxes. JBIC IG Partners is a taxable entity and has an obligation to pay corporate taxes as applicable under relevant laws. The Russia-Japan Investment Fund, L.P. is a tax-exempt limited partnership established under Cayman Islands laws and has no obligation to pay corporate taxes. Also, JB Nordic Fund I SCSp and NordicNinja Fund II SCSp are tax-exempt limited partnerships established under Grand Duchy of Luxembourg laws and have no obligation to pay corporate taxes. As the balances of income taxes are immaterial, information on income taxes is not presented.

------

**33. Analysis of Financial Assets and Liabilities by Measurement Basis** 

Subsequent to initial recognition, financial assets and liabilities are measured either at fair value or amortized cost in accordance with the measurement classifications defined in IFRS 9. Note 3 "Material Accounting Policy Information" describes how these classifications of financial assets and liabilities are measured, and how income and expenses are recognized in profit or loss.

The following tables present the carrying amounts of the financial assets and liabilities in the consolidated statement of financial position, by category and by line item, as of March 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Financial assets<br>and liabilities<br>measured at<br>FVPL** | **Financial assets<br>measured at<br>amortized cost** | **Financial<br>liabilities<br>measured at<br>amortized cost** | **Total** |
|  Financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks |  | 2764212 |  | 2764212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument assets | 85851 |  |  | 85851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 435222 |  |  | 435222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities |  | 62198 |  | 62198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables |  | 14926274 |  | 14926274 |
|  Financial assets, total | 521074 | 17752684 |  | 18273758 |
|  Financial liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities | 895114 |  |  | 895114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  |  | 8720489 | 8720489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable |  |  | 5963519 | 5963519 |
|  Financial liabilities, total | 895114 |  | 14684008 | 15579123 |

---

In addition to the above, JBIC had ¥61,209 million of financial guarantee contracts measured in accordance with IFRS 9 as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Financial assets<br>and liabilities<br>measured at<br>FVPL** | **Financial assets<br>measured at<br>amortized cost** | **Financial<br>liabilities<br>measured at<br>amortized cost** | **Total** |
|  Financial assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks |  | 2565369 |  | 2565369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument assets | 104008 |  |  | 104008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 474551 |  |  | 474551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities |  | 53199 |  | 53199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables |  | 15949101 |  | 15949101 |
|  Financial assets, total | 578560 | 18567669 |  | 19146230 |
|  Financial liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities | 1098801 |  |  | 1098801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  |  | 9193088 | 9193988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable |  |  | 6353375 | 6353375 |
|  Financial liabilities, total | 1098801 |  | 15547364 | 16646165 |

---

In addition to the above, JBIC had ¥72,454 million of financial guarantee contracts measured in accordance with IFRS 9 as of March 31, 2024.

------

**34. Offsetting Financial Assets and Financial Liabilities** 

The following tables present quantitative information in respect of financial instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2025 and 2024. Of the financial assets held by the JBIC Group, amounts related to master netting agreements in respect of derivative transactions are disclosed in the following tables. The right to offset in accordance with these master netting agreements only becomes effective in the event of default or certain other events outside the normal course of business. The excess portion of the collateral received and collateral pledged is excluded.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
| | **Gross<br>amounts of<br>financial<br>assets and<br>liabilities<br>recognized<br>(a)** | **Amounts that<br>are offset**<br>**(b)** | **Net amounts<br>presented in<br>the consolidated<br>statement<br>of financial<br>position**<br>**(c)=(a)-(b)** | **Amounts subject to an<br>enforceable master netting<br>agreement or similar agreement<br>and not included in (b)<br>(d)** | **Amounts subject to an<br>enforceable master netting<br>agreement or similar agreement<br>and not included in (b)<br>(d)** | **Net amount<br>(e)=(c)-(d)** |
| | **Gross<br>amounts of<br>financial<br>assets and<br>liabilities<br>recognized<br>(a)** | **Amounts that<br>are offset**<br>**(b)** | **Net amounts<br>presented in<br>the consolidated<br>statement<br>of financial<br>position**<br>**(c)=(a)-(b)** | **Amounts<br>related to<br>financial<br>instruments<br>recognized that<br>do not meet the**<br>**offsetting<br>criteria** | **Amounts<br>related to<br>financial<br>collateral<br>(including cash<br>collateral)** | **Net amount<br>(e)=(c)-(d)** |
|  Financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument assets | 85830 |  | 85830 | (58534) | (26660) | 635 |
|  Financial assets, total | 85830 |  | 85830 | (58534) | (26660) | 635 |
|  Financial liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities | 895114 |  | 895114 | (58534) | (896220) |  |
|  Financial liabilities, total | 895114 |  | 895114 | (58534) | (896220) |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
| | **Gross<br>amounts of<br>financial<br>assets and<br>liabilities<br>recognized<br>(a)** | **Amounts that<br>are offset**<br>**(b)** | **Net amounts<br>presented in<br>the consolidated<br>statement<br>of financial<br>position**<br>**(c)=(a)-(b)** | **Amounts subject to an<br>enforceable master netting<br>agreement or similar agreement<br>and not included in (b)<br>(d)** | **Amounts subject to an<br>enforceable master netting<br>agreement or similar agreement<br>and not included in (b)<br>(d)** | **Net amount<br>(e)=(c)-(d)** |
| | **Gross<br>amounts of<br>financial<br>assets and<br>liabilities<br>recognized<br>(a)** | **Amounts that<br>are offset**<br>**(b)** | **Net amounts<br>presented in<br>the consolidated<br>statement<br>of financial<br>position**<br>**(c)=(a)-(b)** | **Amounts<br>related to<br>financial<br>instruments<br>recognized that<br>do not meet the**<br>**offsetting<br>criteria** | **Amounts<br>related to<br>financial<br>collateral<br>(including cash<br>collateral)** | **Net amount<br>(e)=(c)-(d)** |
|  Financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument assets | 104007 |  | 104007 | (65901) | (37350) | 756 |
|  Financial assets, total | 104007 |  | 104007 | (65901) | (37350) | 756 |
|  Financial liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities | 1098789 |  | 1098789 | (65901) | (1033820) |  |
|  Financial liabilities, total | 1098789 |  | 1098789 | (65901) | (1033820) |  |

---

------

**35. Fair Value of Financial Assets and Liabilities** 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair values stated below represent the best estimate determined using various valuation methods and assumptions, and the JBIC Group gives the highest priority to quoted prices in active markets. If such prices are not available, the fair values are determined using valuation techniques. The valuation techniques, if used, maximize the use of observable inputs and minimize the use of unobservable inputs.

The following table below sets forth the carrying amounts and fair values of major financial assets and liabilities as of March 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Carrying<br>amount** | **Fair value** | **Carrying<br>amount** | **Fair value** |
|  Financial Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument assets | 85851 | 85851 | 104008 | 104008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 435222 | 435222 | 474551 | 474551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 62198 | 59469 | 53199 | 51476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables | 14926274 | 15026512 | 15949101 | 16042447 |
|  Financial Assets, total | 15509546 | 15607055 | 16580861 | 16672484 |
|  Financial Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities | 895114 | 895114 | 1098801 | 1098801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 8720489 | 8608368 | 9193988 | 9138561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable | 5963519 | 5953944 | 6353375 | 6311260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts | 61209 | 5964 | 72454 | 8300 |
|  Financial Liabilities, total | 15640332 | 15463391 | 16718620 | 16556923 |

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***Valuation methods used in determining the fair values of financial assets and liabilities***

*Derivative financial instrument assets and liabilities* 

As derivative transactions by JBIC Group are OTC transactions whose quoted prices are not available, their fair value is determined by using the present value method and other valuation methodologies according to the transaction type and the term to maturity. Price adjustments are made based on the counterparty's credit risk and JBIC's credit risk. Main inputs used in these valuation methodologies include interest rates, exchange rates, and credit spreads. Such transactions include plain vanilla interest rate swaps, currency swaps, and forward foreign exchange contracts.

*Financial assets at fair value through profit or loss* 

Financial assets at fair value through profit or loss comprise listed and unlisted equity securities (i.e., some stocks, investments in partnerships, and investment trusts), which include financial assets classified as debt instruments in accordance with IAS 32 *Financial Instruments: Presentation*, and certain loans and other receivables.

Fair values of listed equity securities are determined using quoted market prices if the market prices are appropriate for valuation. Otherwise or as it pertains to stocks included in unlisted equity securities, their fair values are determined using valuation techniques, including the DCF method. The inputs used include unobservable inputs, such as the expected rate of return. For certain unlisted equity securities, the reported net asset values, market multiples, recent investment method or the recent transaction prices are considered to represent the fair values of these investments at the reporting date.

Since loans with variable interest rates reflect market interest rates in the short term, amounts calculated by applying the floating rate note method and a risk-free rate adjusted by unobservable inputs, such as the default ratio and collateral coverage ratio, represent the fair values of the loans.

The fair value of loans is determined by discounting at a risk-free rate the sum of principal and interest after adjusting for credit risk and other elements according to the classifications based on the type of loans, internal ratings and periods. Of which, the fair value of those loans with variable interest rates is their carrying amount as such loans reflect market interest rates over the short term and approximates the carrying mount if the borrower's credit conditions have not changed significantly since the issuance of loans.

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For claims on Bankrupt borrowers, Substantially bankrupt borrowers, and Potentially bankrupt borrowers, credit losses estimated on such claims are calculated based on the discounted present value of estimated future cash flows or the expected collectible amount from the collateral or guarantee. Since fair value approximates the amount on the consolidated balance sheets at the fiscal year end after deducting the allowance for loan losses, this amount is used for fair value.

*Securities* 

Securities held by JBIC Group are unlisted debt securities. Quoted prices that are made available by third parties, such as brokers, are used for measuring fair values of the securities.

*Loans and other receivables* 

The fair value of loans is determined by discounting at a risk-free rate the sum of principal and interest after adjusting for credit risk and other elements according to the classifications based on the type of loans, internal ratings and periods. Of which, the fair value of those loans with variable interest rates is their carrying amount as such loans reflect market interest rates over the short term and approximates the carrying mount if the borrower's credit conditions have not changed significantly since the issuance of loans.

For claims on Bankrupt borrowers, Substantially bankrupt borrowers, and Potentially bankrupt borrowers, credit losses estimated on such claims are calculated based on the discounted present value of estimated future cash flows or the expected collectible amount from the collateral or guarantee. Since fair value approximates the amount on the consolidated balance sheets at the fiscal year end after deducting the allowance for loan losses, this amount is used for fair value.

*Borrowings* 

As for borrowed money, the present value is calculated by discounting the sum of principal and interest of the borrowed money classified by certain periods at a rate adjusted by the remaining period and credit risk of borrowed money. Of which, borrowed money with variable interest rates reflect short-term market interest rates and the credit conditions of JBIC and its consolidated subsidiaries have not changed significantly since the execution of borrowings. Therefore, the carrying amount is used as fair value because it is considered that the carrying amount approximates the fair value.

*Bonds payable* 

Of bonds issued by JBIC Group, the Reference Statistical Prices [Yields] for OTC bond Transactions is used as fair value for the fiscal investment and loan program (FILP) agency bonds. As for government-guaranteed foreign currency bonds, the prices obtained from, among others, information vendors are used as fair value.

*Financial guarantee contracts* 

The fair value of financial guarantee contracts is determined by discounting the estimated future losses arising from guarantee obligations using a risk-free rate adjusted by the credit default swap spread of government bonds. Unobservable inputs, such as the default ratio and coverage ratio, are used to determine the estimated future losses associated with guarantee obligations. The fair value hierarchy of financial assets and liabilities is described in Note 36 "Fair Value Hierarchy."

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**36. Fair Value Hierarchy** 

The inputs used in the valuation techniques that measure the fair values of assets and liabilities are categorized into the following three-level hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: inputs other than quoted prices included within Level 1 that are observable for assets or
liabilities, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: unobservable inputs.

The fair value hierarchy of an asset or liability is determined based on the hierarchy of inputs used in the fair value measurement of that asset or liability. If the inputs used to measure the fair value of an asset or a liability are categorized within different levels of the fair value hierarchy, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The following tables show a breakdown of assets and liabilities measured at fair value by level of the fair value hierarchy as of March 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Assets |  |  |  |  |
|  Derivative financial instrument assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-related derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 25857 |  | 25857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency-related derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps |  | 59972 |  | 59972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  | 21 |  | 21 |
|  Derivative financial instrument assets, total |  | 85851 |  | 85851 |
|  Financial assets at fair value through profit or loss |  |  | 435222 | 435222 |
|  Liabilities |  |  |  |  |
|  Derivative financial instrument liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-related derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 226610 |  | 226610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency-related derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps |  | 668503 |  | 668503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  |  |  |  |
|  Derivative financial instrument liabilities, total |  | 895114 |  | 895114 |
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Assets |  |  |  |  |
|  Derivative financial instrument assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-related derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 30557 |  | 30557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency-related derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps |  | 73449 |  | 73449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  | 1 |  | 1 |
|  Derivative financial instrument assets, total |  | 104008 |  | 104008 |
|  Financial assets at fair value through profit or loss |  |  | 474551 | 474551 |
|  Liabilities |  |  |  |  |
|  Derivative financial instrument liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-related derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps |  | 411711 |  | 411711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency-related derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swaps |  | 687077 |  | 687077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign exchange contracts |  | 12 |  | 12 |
|  Derivative financial instrument liabilities, total |  | 1098801 |  | 1098801 |

---

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***Transfers between Level 1 and Level 2***

There were no transfers between Level 1 and Level 2 during the years ended March 31, 2025 and 2024.

***Quantitative Information about the Significant Unobservable Inputs Used in the Fair Value Measurement of Level 3 Financial Assets***

The following tables present the significant unobservable inputs used in the fair value measurement of Level 3 financial assets that are recorded in the consolidated statement of financial position at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Fair value<br>(Millions of yen)** | **Valuation method** | **Unobservable inputs** | **Range** |
|  Financial assets at fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listed equity securities (stocks) | 3187 | Adjusted market price | — <sup>\*3</sup> | — <sup>\*3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted equity securities (stocks) | 61822 | DCF method | Discount rates | 6.3%–20.2% |
|  |  |  | Expected cash flows | — <sup>\*1</sup> |
|  | 7677 | Book value multiple method | Price Book-value Ratio (PBR) | 1.00 |
|  | 712 | Net asset value | — <sup>\*2</sup> | — <sup>\*2</sup> |
|  | 28304 | Recent investment method | — <sup>\*3</sup> | — <sup>\*3</sup> |
|  | 1846 | EV/sales multiple method | EV/sales multiples | 8.86–9.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted equity securities (investments in partnerships) | 95384 | Net asset value | — <sup>\*2</sup> | — <sup>\*2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted equity securities (Investment trusts) | 9275 | Net asset value | — <sup>\*2</sup> | — <sup>\*2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted debt instruments<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loans) | 225526 | DCF method | Discount rates | 0.5%–2.1% |
|  |  |  | Expected cash flows | — <sup>\*1</sup> |
|  | 125 | Recent transaction price | — <sup>\*3</sup> | — <sup>\*3</sup> |
|  |  | Recent investment | — <sup>\*3</sup> | — <sup>\*3</sup> |
|  | 1359 | method |  |  |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Fair value<br>(Millions of yen)** | **Valuation method** | **Unobservable inputs** | **Range** |
|  Financial assets at fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listed equity securities (stocks) | 6277 | DCF method | Discount rates | 16.1% |
|  |  |  | Expected cash flows | — <sup>\*1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted equity securities (stocks) | 115504 | DCF method | Discount rates | 4.3%-25.4% |
|  |  |  | Expected cash flows | — <sup>\*1</sup> |
|  | 811 | Net asset value | — <sup>\*2</sup> | — <sup>\*2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted equity securities (investments in partnerships) | 104296 | Net asset value | — <sup>\*2</sup> | — <sup>\*2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted equity securities (Investment trusts) | 2404 | Net asset value | — <sup>\*2</sup> | — <sup>\*2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted debt instruments (loans) | 244960 | DCF method | Discount rates | 0.1%–5.3% |
|  |  |  | Expected cash flows | — <sup>\*1</sup> |
|  |  | Recent transaction | — <sup>\*3</sup> | — <sup>\*3</sup> |
|  | 297 | price |  |  |

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\*<sup>1</sup> Expected cash flows used in the valuation based on the DCF method are unobservable inputs, and accordingly, various scenarios reflecting the performance of the issuers are taken into account in performing the valuation.

\*<sup>2</sup> The net asset values reported by the investments are deemed to represent the fair value as of the reporting date.

\*<sup>3</sup> The fair value as of the reporting date is based on recent transaction prices.

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***Movements in the Fair Value of Level 3 Financial Assets***

The following table presents a reconciliation of the beginning and ending amounts of Level 3 financial assets that are recorded at fair value in the consolidated statement of financial position for the years ended March 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **Financial assets at fair value through profit or loss** | **Financial assets at fair value through profit or loss** | **Financial assets at fair value through profit or loss** | |
|  | **Listed equity<br>securities** | **Unlisted equity<br>securities** | **Unlisted debt<br>instruments** |<br>**Total** |
|  As of March 31, 2023 | 8921 | 206672 | 259666 | 475260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gains (losses) recorded in profit or loss | (5705) | 26032 | (10058) | 10268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 13849 | 27019 | 40868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and redemptions |  | (20475) | (31369) | (51845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3061 | (3061) |  |  |
|  As of March 31, 2024 | 6277 | 223016 | 245257 | 474551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gains (losses) recorded in profit or loss | (3090) | (46427) | (9881) | (59399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 48449 | 31218 | 79668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and redemptions |  | (20014) | (39583) | (59598) |
|  As of March 31, 2025 | 3187 | 205023 | 227011 | 435222 |

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***Sensitivity Analysis of Level 3 Instruments***

The fair value measurements of Level 3 financial assets are performed using valuation techniques based on inputs, such as prices and rates that are not observable in the market. The following sensitivity analysis provides the impact on the profit or loss and other comprehensive income when changing the unobservable inputs used in determining the fair value measurements of Level 3 financial assets recorded at fair value in the consolidated statement of financial position, to the extent reasonably possible.

The nature of the sensitivity analysis is determined based on the type of financial instrument and the market conditions at the time. As of March 31, 2024, the sensitivity analysis was performed by increasing or decreasing the discount rates used in the DCF method by 1%. As of March 31, 2025, in addition to the same sensitivity analysis on items that are measured using the DCF method, the sensitivity analysis was also performed on items measured using book value multiple method by increasing and decreasing the PBR by 10%.

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| | | | |
|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Total fair value<br>measured using<br>valuation<br>techniques** | <br> **Impact on profit or loss** | <br> **Impact on profit or loss** |
|  | **Total fair value<br>measured using<br>valuation<br>techniques** | **Favorable<br>change** | **Unfavorable<br>change** |
|  Financial assets at fair value through profit or loss |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted equity securities (stocks) | 69500 | 2733 | (2097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted debt instruments (loans) | 225526 | 9582 | (9106) |
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Total fair value<br>measured using<br>valuation<br>techniques** | <br> **Impact on profit or loss** | <br> **Impact on profit or loss** |
|  | **Total fair value<br>measured using<br>valuation<br>techniques** | **Favorable<br>change** | **Unfavorable<br>change** |
|  Financial assets at fair value through profit or loss |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listed equity securities (stocks) | 6277 | 256 | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted equity securities (stocks) | 115504 | 3084 | (2934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted debt instruments (loans) | 244960 | 10531 | (10001) |

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For the listed equity securities, certain unlisted equity securities (i.e., some stocks, investments in partnerships, and investment trusts) and debt securities, the sensitivity analysis was not performed since the effect of changing the unobservable inputs to reflect reasonably possible alternative assumptions did not change their fair values significantly.

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***Unrealized Gain (Loss) of Level 3 Instruments***

The following table presents changes in unrealized gain (loss) included in profit or loss for the years ended March 31, 2025 and March 31, 2024 related to Level 3 financial assets.

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| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended**<br>**March 31, 2025** | **For the year ended<br>March 31, 2024** |
|  Net gain (loss) from financial assets at fair value through profit or loss | (47504) | 11124 |

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***Fair Value Hierarchy of Assets and Liabilities that are Not Measured at Fair Value***

The breakdown by fair value hierarchy of assets and liabilities that were not measured at fair value in the consolidated statement of financial position as of March 31, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables |  |  | 15026512 | 15026512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities |  | 59469 |  | 59469 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 8608368 |  | 8608368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable |  | 5953944 |  | 5953944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts |  |  | 5964 | 5964 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables |  |  | 16042447 | 16042447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities |  | 51476 |  | 51476 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 9138561 |  | 9138561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable |  | 6311260 |  | 6311260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts |  |  | 8300 | 8300 |

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**37. Financial Risk Management** 

JBIC is a policy-based financial institution, conducting financial operations to achieve policy objectives, and its operations involve various risks, including credit risk, market risk (interest rate risk and exchange rate risk), liquidity risk, and operational risk. As such, JBIC has the following risk management policies in place.

***Risk Management Structure***

The types and magnitude of the risks associated with JBIC's financial operations and its risk mitigation measures are different from those of risks associated with private financial institutions' operations and their risk mitigation measures. Nonetheless, JBIC, as a financial institution, recognizes the importance of managing risk appropriately, and has built an organizational structure for risk management tailored to the types of risks and integrated risk management.

More specifically, JBIC identifies, measures, and monitors various risks to which JBIC is exposed in its operations, and defines ensuring the soundness and integrity of its operations and increasing transparency as the risk management objective. For this purpose, JBIC has designated staff responsible for managing various risks and established a department responsible for controlling the risk management efforts. In addition, the Corporate Risk Management Committee and the Asset Liability Management (ALM) Committee have also been set up to facilitate evaluations and discussions regarding successful risk management. JBIC has also established the Risk Advisory Committee, which mainly consists of external experts, to provide JBIC's board of directors with advice for matters requiring their review, such as a risk assessment and the management structure of large credit exposures and issues related to the risk of large-scale projects.

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***Credit Risk Management***

Credit risk refers to the potential loss from a decline or loss in the value of credit assets due to deterioration in the financial conditions of a debtor. This risk is inherent in JBIC's operations as it primarily engages in lending activities. The credit risk exposure of JBIC may be classified into the following categories: sovereign risk, which involves financing to foreign governments; corporate risk, which involves financing to business firms; project risk, which occurs when a project is financed by project financing—a financing structure in which a loan is primarily secured by the cash flows generated from the project—fails to generate the planned cash flows; and country risk, which involves financing to foreign firms as well as projects located in foreign countries (a risk arising from the country where the debtor resides and the project is located that adds to corporate risk and project risk). Given the very nature of the financial support the JBIC Group provides, including support for developing and securing strategically important resources for Japan overseas, for maintaining and improving the international competitiveness of Japanese industries, and for promoting overseas business in order to preserve the global environment, such as preventing global warming, the JBIC Group frequently extends loans to foreign governments, government agencies, and foreign companies. As such, sovereign and country risks account for a significant portion of the credit risk accompanying JBIC's lending activities.

***Credit risk management structure***

The cornerstone of credit risk management at JBIC is the evaluation of an individual borrower's creditworthiness in advance of credit approval. When a new credit application is processed, the relevant finance departments (sales promotion departments) and credit departments collect and analyze information on the borrower. JBIC's overseas representative offices also play a part in collecting information on foreign governments and corporations. Credit appraisal takes place based on the information that has been gathered and analyzed with the different departments ensuring appropriate checks throughout the process, leading to the final decision by the management. In providing credit to foreign governments and other governmental entities, JBIC takes maximum advantage of its unique position as a public financial institution. This includes exchanging views and information with the governments and relevant authorities in the recipient countries, multilateral institutions such as the IMF and the World Bank, other regional development banks such as export credit agencies, and private financial institutions in developed countries. Using all these channels to exchange views and information, JBIC evaluates sovereign and country risks based on the broad range of information collected on the borrowing governments, the government agencies, and the political and economic conditions in their countries.

In providing credit to domestic and foreign companies, JBIC evaluates their creditworthiness and the appropriateness of the collateral and guarantees they offer. In respect of the credit provision related to overseas projects, credit evaluation involves examining the certainty of transactions to be financed, feasibility studies of the projects, and the industry in which the borrower operates. The concentration of credit risk is managed by setting a certain ratio to capital. The relevant finance departments and credit departments conduct proper credit risk management based on the credit risk rating system for segmented risk categories and the asset self-assessment system. In addition, an Integrated Risk Management Committee is held regularly to report the status of credit management to the management. The credit management situation is also checked by an independent auditing department.

***Credit risk management methodology***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Credit risk assessment** 

*Internal credit rating* 

JBIC has established an internal credit rating system, which covers, in principle, all borrowers. Internal credit ratings are the cornerstone of credit risk management, being used for individual credit appraisals and quantifying credit risk as described below.

*Self-assessment of asset quality* 

JBIC performs a self-assessment of asset quality to ensure that the characteristics of its assets will be accurately reflected in its assessment results. In carrying out the self-assessment of the asset quality, the first-stage of the assessment is conducted by the finance departments, while the second-stage of the assessment is conducted by the credit department, and the internal inspection is performed by the internal audit department. The results of the self-assessment of the asset quality are used for determining the existence of evidence indicating that a financial asset or group of financial assets classified into loans and receivables is credit-impaired. In addition, they are used for the continuous reviews of the loan portfolio as well as actively used in the disclosures of assets to enhance the transparency of the JBIC Group's financial position.

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The "borrower category" is used to classify borrowers by their repayment abilities used in the self-assessment of asset quality, and borrowers are classified depending on their financial conditions as below:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Borrower Category** | **Borrowers' financial condition** |
| &nbsp;&nbsp;&nbsp;Normal borrowers | Borrowers with good business performances and no significant financial problems |
| &nbsp;&nbsp;&nbsp;Borrowers needing attention | Borrowers requiring close monitoring, excluding substandard borrowers |
| &nbsp;&nbsp;&nbsp;Substandard borrowers | Borrowers in the "borrowers needing attention category" with loans that are completely or partially more than three months past due or borrowers whose loans have been restructured |
| &nbsp;&nbsp;&nbsp;Potentially bankrupt borrowers | Borrowers perceived to have a high risk of becoming bankrupt |
| &nbsp;&nbsp;&nbsp; Substantially<br> bankrupt borrowers | Borrowers who may not have legally or formally declared bankruptcy but are essentially bankrupt |
| &nbsp;&nbsp;&nbsp;Bankrupt borrowers | Borrowers who have legally or formally declared bankruptcy |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Quantifying credit risk** 

In addition to the above credit risk management related to individual borrowers, JBIC quantifies credit risk with a view to evaluating the risk of the overall loan portfolio. To quantify credit risk, it is important to take into account the characteristics of JBIC's loan portfolio, which are not typically seen in other private financial institutions, namely that JBIC holds a significant portion of long-term loans that entail sovereign and country risks. Also to be taken into account are mechanisms for securing assets under an international supporting framework, such as the Paris Club\*, which is a unique framework of debt management by official creditors. JBIC's own credit risk quantification model, incorporating these factors, measures credit risk and is utilized for internal control purposes.

\* The Paris Club is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties encountered by debtor nations. Since the first meeting took place in 1956 to resolve the debt problem of Argentina, the meeting has been held in Paris, with the French Treasury (in Paris) acting as its secretariat. Hence, it is known as the Paris Club. 

***Credit Risk Management in Financial Markets***

Credit risk in financial markets is the risk that JBIC will suffer losses if a counterparty to a derivative financial instrument transaction is unable to execute the transactions in accordance with the terms of the contract due to its financial difficulties or bankruptcy. As such, JBIC continuously gathers information on the market value of derivative financial instruments, the credit risk amount in respect of each counterparty and counterparties' financial conditions. JBIC also monitors and utilizes such data in assessing the appropriateness of counterparties. JBIC mitigates credit risk in financial markets arising from derivatives transactions by entering into master netting agreements. Under IFRS Accounting Standards, JBIC's derivative financial instrument assets and liabilities do not meet the offsetting criteria and they are presented on a gross basis in the consolidated statement of financial position. In addition to the above, collateral is pledged by both parties to a transaction in accordance with market trends and risk levels.

**38. Maximum Exposure to Credit Risk** 

The following tables summarize the JBIC Group's maximum exposure to credit risk before recognizing risk mitigation by collateral or other credit enhancements as of March 31, 2025 and 2024:

***Financial instruments not subject to impairment***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Carrying amount** | **Maximum exposure** | **Carrying amount** | **Maximum exposure** |
|  Financial assets at fair value through profit or loss<sup>\*1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;435222 | &nbsp;&nbsp;&nbsp;&nbsp;593324 | &nbsp;&nbsp;&nbsp;&nbsp;474551 | &nbsp;&nbsp;&nbsp;&nbsp;677468 |

---

---

| | |
|:---|:---|
| <sup>\*1</sup> | Maximum exposure represents the total of investments, loans, equity participation commitments and loan commitments.  |

---

------

***Financial instruments subject to impairment***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Carrying amount** | **Maximum exposure** | **Carrying amount** | **Maximum exposure** |
|  Securities<sup>\*2</sup> | 62198 | 62198 | 53199 | 53199 |
|  Loans and other receivables<sup>\*3</sup> | 14926274 | 17468033 | 15949101 | 19006181 |
|  Financial guarantee contracts<sup>\*4</sup> | 61209 | 1493791 | 72454 | 1680577 |

---

---

| | |
|:---|:---|
| <sup>\*2</sup> | Maximum exposure represents the amounts of investments.  |

---

---

| | |
|:---|:---|
| <sup>\*3</sup> | Maximum exposure represents the total of loans and loan commitments.  |

---

---

| | |
|:---|:---|
| <sup>\*4</sup> | Maximum exposure represents the total of guarantee obligations and guarantee commitments.  |

---

The tables above exclude financial instruments whose carrying amounts best represent their maximum exposure to credit risk.

**39. Collateral** 

***Financial assets pledged as collateral***

JBIC held ¥896,220 million and ¥1,033,820 million in cash collateral for derivatives transactions as of March 31, 2025 and 2024, respectively, which was included in "Other assets" in the consolidated statement of financial position. The general collateral in respect of bonds payable is described in Note 19 "Bonds Payable."

***Collateral and other credit enhancements***

JBIC obtains collateral, such as financial assets and real estate, and utilizes guarantees to strengthen loan recovery and minimize the credit risk. JBIC also obtains collateral, such as movable property, for credit enhancement purposes in order to minimize the credit risk in relation to the financial guarantee contracts.

The JBIC's policies regarding collateral have not significantly changed during the reporting period and there has been no significant change in the overall quality of the collateral held by JBIC since the prior period.

A portion of the JBIC Group's financial assets are fully covered by collateral, which results in no loss allowance being recognized in accordance with the JBIC Group's expected credit loss model. The carrying amount of such financial assets was ¥3,472,168 million and ¥3,429,935 million as of March 31, 2025 and 2024, respectively.

The following tables present financial effects of collateral and other credit enhancements in respect of credit-impaired loans and loans measured at FVPL on which the impairment requirements in IFRS 9 are not applied as of March 31, 2025 and 2024. If the value of the collateral exceeds the carrying amount of the loan, the maximum amount of collateral is limited to the carrying amount of the corresponding loan.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2024** | **As of March 31, 2024** |
|  Credit-impaired loans and other receivables |  | 33495 |  | 29595 |
|  Loans and other receivables measured at FVPL |  | 178379 |  | 186627 |

---

------

**40. Concentration of Credit Risk** 

The following tables present the analysis of the concentration of credit risk in respect of loans and other receivables by borrowers' key characteristics as of March 31, 2025 and 2024:

Analysis of loans and other receivables by borrowers' grade of the internal credit rating system as of March 31, 2025;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | | |
|  | **Stage 1**<br>**12-month ECL** | **Stage 2**<br>**Lifetime ECL** | **Stage 3**<br>**Lifetime ECL** |<br>**POCI** |<br>**Total** |
|  Sovereign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S to BB3 | 75971 |  |  |  | 75971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B1 to C | 178678 | 6523 |  |  | 185202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D to F | 24521 |  | 49310 |  | 73831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total sovereign | 279171 | 6523 | 49310 |  | 335005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (2671) | (964) | (321) |  | (3956) |
|  Non-sovereign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S to BB3 | 11781941 |  |  |  | 11781941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B1 to C | 1080881 | 1638785 |  |  | 2719666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D to F | 17 |  | 529839 |  | 529857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-sovereign | 12862840 | 1638785 | 529839 |  | 15031465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (4059) | (76002) | (356177) |  | (436239) |
|  Total loans and other receivables | 13135281 | 1568341 | 222651 |  | 14926274 |

---

Analysis of loans and other receivables by borrowers' geographic area and industry as of March 31, 2025;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | | |
|  | **Stage 1**<br>**12-month ECL** | **Stage 2**<br>**Lifetime ECL** | **Stage 3**<br>**Lifetime ECL** |<br>**POCI** |<br>**Total** |
|  Sovereign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia and Oceania | 192276 | 3125 | 12772 |  | 208174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe, the Middle East, and Africa | 86894 |  | 16762 |  | 103656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America and Latin America |  | 3398 | 19775 |  | 23174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total sovereign | 279171 | 6523 | 49310 |  | 335005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (2671) | (964) | (321) |  | (3956) |
|  Non-sovereign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing industry | 1862918 | 558581 | 99604 |  | 2521104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining industry | 1604193 | 152330 | 154599 |  | 1911122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, gas, heat supply, and water industry | 3320229 | 544321 | 16782 |  | 3881333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport industry | 480141 | 1743 |  |  | 481884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail industry | 1107257 | 2182 | 17 |  | 1109456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and insurance industry | 2950434 | 361917 | 258681 |  | 3571034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1537666 | 17708 | 153 |  | 1555528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-sovereign | 12862840 | 1638785 | 529839 |  | 15031465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (4059) | (76002) | (356177) |  | (436239) |
|  Total loans and other receivables | 13135281 | 1568341 | 222651 |  | 14926274 |

---

------

Analysis of loans and other receivables by borrowers' grade of the internal credit rating system as of March 31, 2024;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | | |
|  | **Stage 1<br>12-month ECL** | **Stage 2<br>Lifetime ECL** | **Stage 3<br>Lifetime ECL** |<br>**POCI** |<br>**Total** |
|  Sovereign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S to BB3 | 91961 |  |  |  | 91961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B1 to C | 216742 | 7405 |  |  | 224, 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D to F | 27, 363 |  | 81608 |  | 108972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total sovereign | 336067 | 7405 | 81608 |  | 425081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (3312) | (1291) | (472) |  | (5075) |
|  Non-sovereign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S to BB3 | 13024261 |  |  |  | 13024261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B1 to C | 718320 | 1649859 |  |  | 2368, 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D to F | 23 |  | 542504 | 24, 390 | 566917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-sovereign | 13742605 | 1649859 | 542504 | 24, 390 | 15959359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (3616) | (95792) | (307027) | (23827) | (430, 264) |
|  Total loans and other receivables | 14071743 | 1560181 | 316612 | 562 | 15949101 |

---

Analysis of loans and other receivables by borrowers' geographic area and industry as of March 31, 2024;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | | |
|  | **Stage 1<br>12 month ECL** | **Stage 2<br>Lifetime ECL** | **Stage 3<br>Lifetime ECL** |<br>**POCI** |<br>**Total** |
|  Sovereign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia and Oceania | 242851 | 3438 | 22752 |  | 269042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe, the Middle East, and Africa | 93215 |  | 31628 |  | 124843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America and Latin America |  | 3967 | 27227 |  | 31194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total sovereign | 336067 | 7405 | 81608 |  | 425081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (3, 312) | (1291) | (472) |  | (5075) |
|  Non sovereign |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing industry | 1908851 | 641381 | 103909 | 24390 | 2678532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining industry | 1654031 | 252345 | 155009 |  | 2061386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, gas, heat supply, and water industry | 3088188 | 662023 | 17103 |  | 3767316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport industry | 455377 | 60944 |  |  | 516321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wholesale and retail industry | 1308508 | 3097 | 20 |  | 1311626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and insurance industry | 3831533 | 5001 | 259545 |  | 4096080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1496113 | 25065 | 6915 |  | 1528095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non sovereign | 13742605 | 1649859 | 542504 | 24390 | 15959359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (3616) | (95792) | (307027) | (23827) | (430264) |
|  Total loans and other receivables | 14071743 | 1560181 | 316612 | 562 | 15949101 |

---

------

The following tables present an analysis of the concentration of credit risk in respect of financial guarantee contracts by the guaranteed parties' key characteristics as of March 31, 2025 and 2024:

Analysis of financial guarantee contracts by guaranteed parties' grade of the internal credit rating system as of March 31, 2025;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | |
|  | **Stage 1**<br>**12-month ECL** | **Stage 2**<br>**Lifetime ECL** | **Stage 3**<br>**Lifetime ECL** |<br>**Total** |
|  Sovereign |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S to BB3 | 893 |  |  | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B1 to C | 1248 | 55 |  | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D to F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total sovereign | 2141 | 55 |  | 2197 |
|  Non-sovereign |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S to BB3 | 15477 |  |  | 15477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B1 to C | 4134 | 39399 |  | 43534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D to F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-sovereign | 19612 | 39399 |  | 59012 |
|  Total financial guarantee contracts | 21754 | 39455 |  | 61209 |

---

Analysis of financial guarantee contracts by guaranteed parties' geographic area and industry as of March 31, 2025;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | |
|  | **Stage 1<br>12-month ECL** | **Stage 2<br>Lifetime ECL** | **Stage 3<br>Lifetime ECL** |<br>**Total** |
|  Sovereign |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia and Oceania | 893 |  |  | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe, the Middle East, and Africa | 1248 |  |  | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America and Latin America |  | 55 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total sovereign | 2141 | 55 |  | 2197 |
|  Non-sovereign |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining industry | 2440 |  |  | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, gas, heat supply, and water industry | 8792 | 39399 |  | 48192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport industry | 2383 |  |  | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and insurance industry | 4337 |  |  | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1657 |  |  | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-sovereign | 19612 | 39399 |  | 59012 |
|  Total financial guarantee contracts | 21754 | 39455 |  | 61209 |

---

------

Analysis of financial guarantee contracts by guaranteed parties' grade of the internal credit rating system as of March 31, 2024;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | |
|  | **Stage 1**<br>**12-month ECL** | **Stage 2**<br>**Lifetime ECL** | **Stage 3**<br>**Lifetime ECL** |<br>**Total** |
|  Sovereign |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S to BB3 | 1443 |  |  | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B l to C | 2051 | 2653 |  | 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D to F |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total sovereign | 3495 | 2653 |  | 6148 |
|  Non-sovereign |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S to BB3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18853 |  |  | 18853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B l to C | 3539 | &nbsp;&nbsp;&nbsp;&nbsp;43431 |  | 46971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D to F |  |  | 481 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-sovereign | 22393 | 43431 | 481 | 66306 |
|  Total financial guarantee contracts | 25888 | 46084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72454 |

---

Analysis of financial guarantee contracts by guaranteed parties' geographic area and industry as of March 31, 2024;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **ECL staging** | **ECL staging** | **ECL staging** | |
|  | **Stage 1<br>12-month ECL** | **Stage 2<br>Lifetime ECL** | **Stage 3<br>Lifetime ECL** |<br>**Total** |
|  Sovereign |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia and Oceania | 1443 |  |  | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe, the Middle East, and Africa | 2051 | 2526 |  | 4578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America and Latin America |  | 126 |  | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total sovereign | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 | 2653 |  | 6148 |
|  Non-sovereign |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing industry |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining industry | 4295 |  |  | 4295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, gas, heat supply, and water industry | 8860 | &nbsp;&nbsp;&nbsp;&nbsp;43431 |  | 52291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport industry | 2925 |  |  | 2925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance and insurance industry | 4754 |  |  | 4754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1557 |  |  | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-sovereign | 22393 | 43431 | 481 | 66306 |
|  Total financial guarantee contracts | 25888 | 46084 | 481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72454 |

---

**41. Exercise of Rights to Obtain Collateral or Other Credit Enhancements** 

The JBIC Group did not obtain any material financial or non-financial assets through exercise of rights to collateral or other credit enhancements.

**42. Market Risk and Liquidity Risk** 

Market risk is the risk that the value of assets and liabilities (including off-balance-sheet items) will fluctuate and losses will be incurred, or profits derived from assets and liabilities (including off-balance-sheet items) will fluctuate and losses will be incurred, due to changes in various market risk factors, such as interest rates and foreign exchange rates.

The market risk borne by JBIC mainly consists of foreign exchange risk and interest rate risk, and JBIC may suffer losses from these risks due to fluctuations in the markets, such as market turmoil. These risks are hedged, in principle, by interest rate swaps, currency swaps, and forward foreign exchange contracts.

------

Liquidity risk is the risk that losses will be incurred as a result of difficulties in obtaining the funds necessary due to a maturity mismatch between financing and funding, or unexpected outflow of funds, or being forced to fund at an interest rate significantly higher than that under normal circumstances (funding risk). It is also the risk that losses will be incurred from being unable to conduct market transactions due to market turmoil or being forced to transact at far more unfavorable prices than those under normal circumstances (market liquidity risk).

Long-term and stable funds, such as fiscal loan funds, government-guaranteed bonds and the FILP agency bonds, are secured to finance JBIC. Deposits are not accepted. Therefore, JBIC considers liquidity risk to be limited. However, financing costs could increase due to market turmoil and unexpected events.

***Overview of market risk and liquidity risk management***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Market risk management** 

JBIC manages foreign exchange risk and interest rate risk through its ALM. Market risk management protocols contain detailed stipulations in respect of risk management methods and procedures, and JBIC established an ALM Committee to assess and confirm the execution of ALM, and to discuss future responses to market risk. In addition, JBIC assesses and monitors the interest rate and terms of financial assets and liabilities in detail through a gap analysis and an interest rate sensitivity analysis as well as Value at Risk ("VaR"). The results are reported to the ALM Committee on a regular basis.

The basic policy for managing foreign exchange risk and interest rate risk at JBIC is described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Foreign exchange risk** 

Foreign currency-denominated loans conducted in the JBIC Group involve risks related to exchange rate fluctuations. The JBIC Group has a consistent policy of managing this risk by fully hedging this risk exposure through the use of currency swaps and forward foreign exchange contracts. Furthermore, a portion of the foreign exchange risk arising from investments in affiliates denominated in foreign currencies is hedged using forward foreign exchange contracts as hedging instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Interest rate risk** 

Interest rate risk arises from exposure to market interest rate fluctuations for yen-denominated loan and foreign currency-denominated loan operations and the policy for managing interest rate risk is described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Yen-denominated loan operations** 

Yen-denominated loan operations are managed based on fixed interest rates by matching the maturities of the loans and funds. As a result, JBIC's exposure to interest rate risk is limited. For any loan operations that are significantly impacted by interest rate fluctuations, JBIC hedges the interest rate risk through hedging instruments, such as swaps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Foreign currency-denominated loan operations** 

For foreign currency-denominated loan operations, interest rate risk is hedged through the application of a consistent policy of using interest rate swaps and managing the funds with floating interest rates for both loans and related funding arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Status of market risk** 

JBIC only maintains a banking book and does not have financial instruments in a trading book. While in principle JBIC holds derivatives only for hedging purposes, as stated previously, market risk is measured in order to assess potential risk exposures. The following represents the market risk exposure (VaR) as of March 31, 2025 and 2024. JBIC measures market risk (VaR) by taking into account the degree of correlation between interest rate risk and foreign exchange risk.

*Risk management using VaR* 

VaR is a market risk measure that assesses the maximum possible fluctuation of gains or losses in fair values that could occur after a certain period of time ("holding period") based on historical market movements of interest rates or exchange rates, etc., over a specific period in the past (or observation period) within a given probability (confidence interval), that is derived statistically by employing the theory of probability distribution.

The measurement assumes historical market trends and the theory of probability distribution. However, bearing in mind that future market trends could deviate from these assumptions, JBIC validates the effectiveness of its market risk measurements using the VaR model by back-testing, which cross-checks the measured VaR against the actual gains or losses. In addition, a stress test, which goes beyond the probability distribution of historical market movements, is carried out in order to capture risks from various perspectives.

------

The following points should generally be noted in measuring VaR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VaR will differ depending on the choice of confidence interval, holding period, and observation period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VaR indicates the maximum fluctuation of gains or losses in fair values at the time of measurement. In practice,
the actual results at a point in the future may differ from the VaR calculation due to changes in the assumptions caused by market movements during the holding period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VaR indicates the maximum value based on specific assumptions. As such, when utilizing VaR as a risk management
measure, it is imperative to keep in mind that VaR may underestimate the potential losses.

The table below provides VaR calculated as of March 31, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Billions of yen)** | **(Billions of yen)** | **(Billions of yen)** | **(Billions of yen)** |
|  | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2025** | **As of**<br>**March 31, 2024** | **As of**<br>**March 31, 2024** |
|  VaR |  | 195.7 |  | 197.7 |

---

JBIC calculated VaR based on a historical model. The calculation is based on a 99% confidence interval, a one-year holding period and a five-year observations period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Liquidity risk management** 

Long-term and stable funds, such as fiscal loan funds, government-guaranteed bonds and FILP agency bonds, are used to finance JBIC's operations and deposits are not accepted.

Cash flows are assessed and proper measures, including establishing overdraft facility accounts with multiple private sector financial institutions, are taken to maintain daily cash flows for proper risk management.

**43. Maturity Analysis of Financial Liabilities** 

The following tables present the amounts of financial liabilities by contractual maturity based on undiscounted contractual cash flows as of March 31, 2025 and 2024.

The JBIC Group presents non-controlling interests in limited partnerships that are consolidated subsidiaries as "Other liabilities" in the liabilities section in accordance with IAS 32 and the following table presents the amount of the non-controlling interests by the remaining period of the limited partnerships.

For financial liabilities, payments related to financial guarantee contracts are made when all the relevant contractual requirements for payment are met. Accordingly, total guarantee amounts do not indicate the settlement amounts. Financial guarantee contracts represent the total of guarantee obligations and guarantee commitments.

For off-balance-sheet items, loan commitments and equity participation commitments are exercised based on the status of the corresponding businesses. Accordingly, total commitment amounts do not indicate the settlement amounts.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  |<br><br>**On**<br>**demand** |<br>**Not later**<br>**than one**<br>**year** | **Later than**<br>**one year**<br>**and not**<br>**later than**<br>**three years** | **Later than**<br>**three years**<br>**and not**<br>**later than**<br>**five years** | **Later than**<br>**five years**<br>**and not**<br>**later than**<br>**seven years** | **Later than**<br>**seven years**<br>**and not**<br>**later than**<br>**ten years** |<br><br>**Later than**<br>**ten years** |<br><br>**Total** |
|  Financial liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities |  | 278330 | 492695 | 309249 | 160490 | 165831 | 103650 | 1510247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 452131 | 5203273 | 2393003 | 532917 | 800714 | 182947 | 9564988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable |  | 1754996 | 2520756 | 1265676 | 941318 | 166808 |  | 6649555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts | 1493791 |  |  |  |  |  |  | 1493791 |
|  Other liabilities |  |  |  | 13177 |  | 5782 |  | 18960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Off-balance-sheet items |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan commitments | 2556199 |  |  |  |  |  |  | 2556199 |
|  Equity participation commitments | 143661 |  |  |  |  |  |  | 143661 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  |<br><br>**on**<br>**demand** |<br>**Not later**<br>**than one**<br>**year** | **Later than**<br>**one year**<br>**and not**<br>**later than**<br>**three years** | **Later than**<br>**three years**<br>**and not**<br>**later than**<br>**five years** | **Later<br>than**<br>**five<br>years**<br>**and not**<br>**later<br>than**<br>**seven<br>years** | **Later<br>than**<br>**seven<br>years**<br>**and not**<br>**Later<br>than**<br>**ten years** |<br><br>**Later<br>than**<br>**ten years** |<br><br>**Total** |
|  Financial liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities |  | 440420 | 627785 | 359749 | 244745 | 190730 | 136169 | 1999601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings |  | 786963 | 1106437 | 6645199 | 838662 | 759978 | 227593 | 10364835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable |  | 1153260 | 3081702 | 1794058 | 734611 | 458488 |  | 7222122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts | 1680577 |  |  |  |  |  |  | 1680577 |
|  Off-balance-sheet items |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan commitments | 3096208 |  |  |  |  |  |  | 3096208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity participation commitments | 163788 |  |  |  |  |  |  | 163788 |

---

**44. Related-Party Disclosures** 

***Shares held by the Government***

The total number of outstanding shares of JBIC is required to be held, at all times, by the Japanese government (Article 3 of JBIC Act). Accordingly, all the shares outstanding are wholly owned by the Japanese government (the Ministry of Finance). Transactions between JBIC and the Japanese government or entities controlled by the Japanese government were as follows:

***Transactions with the Japanese government, which controls JBIC***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  |  | **Transactions and transaction amounts** | **Transactions and transaction amounts** | **Transactions and transaction amounts** | **Transactions and transaction amounts** | **Transactions and transaction amounts** | **Balance** | **Balance** |
|  |  | **Underwriting<br>of capital<br>increase<sup>\*1</sup>** | **Receipt of**<br>**funds<sup>\*2</sup>** | **Repayment**<br>**of borrowings** | **Payment of<br>interest on<br>borrowings** | **Guarantee of<br>corporate<br>bonds<sup>\*3</sup>** | **Borrowings** | **Other<br>liabilities**<br>**(interest<br>payable)** |
|  Ministry of Finance (Minister of Finance) | Year ended March 31, 2025 | 121000 | 2068082 | 2484485 | 337833 | 6089651 | 8720489 | 68017 |
|  | Year ended March 31, 2024 | 103000 | 5632677 | 5728455 | 362856 | 6616856 | 9193988 | 101936 |

---

---

| | |
|:---|:---|
| <sup>\*1</sup> | The underwriting of capital increase represents the increase in capital through shareholder allocation by JBIC at an allocation amount of ¥1 per share.  |

---

---

| | |
|:---|:---|
| <sup>\*2</sup> | The receipt of funds represents borrowings from the FILP special account and the Foreign Exchange Funds Special Account (FEFSA). FILP interest rates are applied to the borrowings from the FILP, while the interest rates in accordance with the respective agreements related to the FEFSA are applied to the borrowings from the FEFSA.  |

---

<sup>\*3</sup> No guarantee fees have been paid in respect of the guarantee of bonds.

------

***Transactions with entities controlled by the Japanese government***

---

| | | | |
|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **Transactions** | **As of<br>March 31, 2025** | **As of<br>March 31, 2024** |
|  Japan International Cooperation Agency (JICA) | Joint obligations | 20000<sup>\*1,\*3</sup> | 20000<sup>\*1,\*3</sup> |
|  Japan Finance Corporation (JFC) | Joint obligations | 60000<sup>\*2,\*3</sup> | 60000<sup>\*2,\*3</sup> |

---

---

| | |
|:---|:---|
| \*<sup>1</sup> | JBIC assumed the obligations of the JBIC bonds in accordance with Article 12 (1) of the Supplementary Provisions of the JBIC Act, and JICA is jointly responsible for the obligations of these bonds in accordance with Article 4 (1) of Supplementary Provisions of the JICA Act. According to Article 4 (2) hereof, all of JICA's assets are pledged as general collateral for these joint obligations.  |

---

---

| | |
|:---|:---|
| \*<sup>2</sup> | JBIC is jointly responsible for the obligations of the JFC bonds in accordance with Article 17 (1) (ii) of Supplementary Provisions of the JBIC Act. In accordance with Article 17 (2) hereof, all of JBIC's assets are pledged as general collateral for these joint obligations. Accordingly, the creditors of the bonds are entitled to JBIC's assets prior to other creditors. The statutory lien is secondary to the general statutory lien under the Civil Code of Japan.  |

---

\*<sup>3</sup> No transactions are recognized in the consolidated income statement for these joint obligations.

***Remuneration of the JBIC Group's key management personnel***

---

| | | |
|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** |
|  | **For the year ended**<br>**March 31, 2025** | **For the year ended**<br>**March 31, 2024** |
|  Short-term employee benefits | 165 | 163 |
|  Post-employment benefits | 8 | 13 |
|  Total | 173 | 176 |

---

The above represents the remuneration expenses of the members of board of directors of JBIC recognized in the consolidated income statement.

**45. Current and Noncurrent Distinction** 

Carrying amounts expected to be recovered or settled in no more than and more than 12 months after March 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **No more than**<br>**12 months<sup>\*1</sup>** | **More than**<br>**12 months<sup>\*2</sup>** | **Total** |
|  Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | 2764212 |  | 2764212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument assets | 5788 | 80063 | 85851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 48311 | 386911 | 435222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities |  | 62198 | 62198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables | 2597276 | 12328998 | 14926274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments |  | 85879 | 85879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment |  | 34834 | 34834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 903986 | 12509 | 916496 |
|  Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities | 45258 | 849856 | 895114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 180026 | 8540462 | 8720489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable | 30714 | 5932805 | 5963519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts | 61209 |  | 61209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 234437 | 26456 | 260893 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **No more than**<br>**12 months<sup>\*1</sup>** | **More than<br>12 months<sup>\*2</sup>** | **Total** |
|  Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | 2565369 |  | 2565369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument assets | 553 | 103454 | 104008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss | 55679 | 418872 | 474551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities |  | 53199 | 53199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and other receivables | 2352308 | 13596792 | 15949101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments |  | 120408 | 120408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment |  | 32796 | 32796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1042001 | 13398 | 1055399 |
|  Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instrument liabilities | 71158 | 1027643 | 1098801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | 423380 | 8770607 | 9193988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds payable | 6544 | 6346831 | 6353375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial guarantee contracts | 72454 |  | 72454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 292888 | 6576 | 299464 |

---

\*<sup>1</sup> Includes demand deposits.

---

| | |
|:---|:---|
| \*<sup>2</sup> | Includes amounts with no fixed maturity dates.  |

---

**46. Events after the Reporting Period** 

There were no reportable events after the reporting period.

## Exhibit 99.8

**Exhibit 8** 

Consent of Independent Auditor

We consent to the incorporation by reference in the Registration Statement (No. 333-250107) of Japan Bank for International Cooperation of our report dated August 4, 2025, with respect to the consolidated financial statements of Japan Bank for International Cooperation prepared in accordance with IFRS Accounting Standards included in its Annual Report on Form 18-K for the year ended March 31, 2025.

/s/ Ernst & Young ShinNihon LLC

Tokyo, Japan

August 4, 2025

## Exhibit 99.9

**Exhibit 9** 

Reconciliation of assets, liabilities, and equity of Japan Bank for International Cooperation ("JBIC") and its subsidiaries (the "JBIC Group") as of March 31, 2025 and 2024, and reconciliation of net profit or loss of the JBIC Group for the fiscal years ended March 31, 2025 and 2024, between accounting principles generally accepted in Japan ("Japanese GAAP") and IFRS Accounting Standards as issued by the International Accounting Standards Board (the "Reconciliation").<sup>\*</sup> 

<sup>\*</sup> The JBIC Group has applied Japanese GAAP for reporting purposes in Exhibit 2. The audited consolidated financial statements prepared in accordance with IFRS Accounting Standards are included in Exhibit 7 for reference purposes in order to improve comparability with international issuers. 

------

**Reconciliation of assets, liabilities, and equity as of March 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
| **Japanese GAAP** | **Japanese GAAP** | **Reclassifications** | **Adjustments** | **IFRS Accounting Standards** | **IFRS Accounting Standards** | **Notes** |
|  **Assets** |  |  |  |  | **Assets** |  |
|  Cash and due from banks | 2762447 |  | 1764 | 2764212 | Cash and due from banks |  |
|  |  | 85851 |  | 85851 | Derivative financial instrument assets | A |
|  |  | 430613 | 4609 | 435222 | Financial assets at fair value through profit or loss | B, C |
|  Securities | 318317 | (263009) | 6889 | 62198 | Securities | B, C |
|  Loans and bills discounted | 15414487 | (546293) | 58080 | 14926274 | Loans and other receivables | B, D |
|  |  | 59467 | 26412 | 85879 | Equity method investments | C, E |
|  Property, plant and equipment | 34834 |  |  | 34834 | Property and equipment |  |
|  Intangible assets | 8949 | (8949) |  |  |  |  |
|  Net defined benefit asset | 418 | (418) |  |  |  |  |
|  Other assets | 1101662 | (187009) | 1842 | 916496 | Other assets | A, D, F |
|  Customers' liabilities for acceptances and guarantees | 1325383 |  | (1325383) |  |  | H |
|  Allowance for loan losses | (501749) | 501749 |  |  |  | D |
|  **Total assets** | 20464753 | 72000 | (1225784) | 19310969 | **Total assets** |  |
|  **Liabilities** |  |  |  |  | **Liabilities** |  |
|  |  | 895114 |  | 895114 | Derivative financial instrument liabilities | A |
|  Borrowed money | 8720489 |  |  | 8720489 | Borrowings |  |
|  Bonds payable | 6119651 |  | (156131) | 5963519 | Bonds payable | G |
|  |  | (15259) | 76468 | 61209 | Financial guarantee contracts | H |
|  Net defined benefit liability | 4476 | (4476) |  |  |  | I |
|  Provision for directors' retirement benefits | 51 | (51) |  |  |  |  |
|  Other liabilities | 1048118 | (802666) | 15442 | 260893 | Other liabilities | A, F, I, K |
|  Provision for bonuses | 649 | (649) |  |  |  |  |
|  Provision for directors' bonuses | 10 | (10) |  |  |  |  |
|  Acceptances and guarantees | 1325383 |  | (1325383) |  |  | H |
|  **Total liabilities** | 17218831 | 72000 | (1389604) | 15901226 | **Total liabilities** |  |
|  **Net assets** |  |  |  |  | **Equity** |  |
|  Capital stock | 2332800 |  |  | 2332800 | Capital stock |  |
|  Retained earnings | 1163445 |  | (121755) | 1041689 | Retained earnings |  |
|  |  | (269725) | 303408 | 33683 | Other reserves | E, I |
|  Valuation difference on available-for-sale securities | 28329 | (28329) |  |  |  | C |
|  Deferred gains (losses) on hedges | (298579) | 298579 |  |  |  | A |
|  Foreign currency translation adjustment | 524 | (524) |  |  |  | E |
|  Non-controlling interests | 19402 |  | (17832) | 1569 | Non-controlling interests | K |
|  **Total net assets** | 3245922 |  | 163820 | 3409742 | **Total equity** |  |
|  **Total liabilities and net assets** | 20464753 | 72000 | (1225784) | 19310969 | **Total liabilities and equity** |  |

---

------

**Reconciliation of assets, liabilities, and equity as of March 31, 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
| **Japanese GAAP** | **Japanese GAAP** | **Reclassifications** | **Adjustments** | **IFRS Accounting Standards** | **IFRS Accounting Standards** | **Notes** |
|  **Assets** |  |  |  |  | **Assets** |  |
|  Cash and due from banks | 2565369 |  |  | 2565369 | Cash and due from banks |  |
|  |  | 104008 |  | 104008 | Derivative financial instrument assets | A |
|  |  | 468416 | 6135 | 474551 | Financial assets at fair value through profit or loss | B, C |
|  Securities | 340203 | (306400) | 19395 | 53199 | Securities | B, C |
|  Loans and bills discounted | 16423476 | (564566) | 90191 | 15949101 | Loans and other receivables | B, D |
|  |  | 83197 | 37211 | 120408 | Equity method investments | C, E |
|  Property, plant and equipment | 32796 |  |  | 32796 | Property and equipment |  |
|  Intangible assets | 11462 | (11462) |  |  |  |  |
|  Other assets | 1297682 | (243704) | 1421 | 1055399 | Other assets | A, D, F |
|  Customers' liabilities for acceptances and guarantees | 1522529 |  | (1522529) |  |  | H |
|  Allowance for loan losses | (536412) | 536412 |  |  |  | D |
|  **Total assets** | 21657108 | 65901 | (1368174) | 20354834 | **Total assets** |  |
|  **Liabilities** |  |  |  |  | **Liabilities** |  |
|  |  | 1098801 |  | 1098801 | Derivative financial instrument liabilities | A |
|  Borrowed money | 9193988 |  |  | 9193988 | Borrowings |  |
|  Bonds payable | 6636856 |  | (283481) | 6353375 | Bonds payable | G |
|  |  |  | 72454 | 72454 | Financial guarantee contracts | H |
|  Net defined benefit liability | 4631 | (4631) |  |  |  | I |
|  Provision for directors' retirement benefits | 52 | (52) |  |  |  |  |
|  Other liabilities | 1313353 | (1027545) | 13657 | 299464 | Other liabilities | A, F, I |
|  Provision for bonuses | 660 | (660) |  |  |  |  |
|  Provision for directors' bonuses | 10 | (10) |  |  |  |  |
|  Acceptances and guarantees | 1522529 |  | (1522529) |  |  | H |
|  **Total liabilities** | 18672083 | 65901 | (1719899) | 17018084 | **Total liabilities** |  |
|  **Net assets** |  |  |  |  | **Equity** |  |
|  Capital stock | 2211800 |  |  | 2211800 | Capital stock |  |
|  Retained earnings | 1108607 |  | (25532) | 1083074 | Retained earnings |  |
|  |  | (335640) | 377257 | 41616 | Other reserves | E, I |
|  Valuation difference on available-for-sale securities | 41226 | (41226) |  |  |  | C |
|  Deferred gains (losses) on hedges | (382907) | 382907 |  |  |  | A |
|  Foreign currency translation adjustment | 6040 | (6040) |  |  |  | E |
|  Non-controlling interests | 258 |  |  | 258 | Non-controlling interests |  |
|  **Total net assets** | 2985025 |  | 351724 | 3336749 | **Total equity** |  |
|  **Total liabilities and net assets** | 21657108 | 65901 | (1368174) | 20354834 | **Total liabilities and equity** |  |

---

------

**Reconciliation of net profit or loss for the year ended March 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
| **Japanese GAAP** | **Japanese GAAP** | **Reclassifications** | **Adjustments** | **IFRS Accounting Standards** | **IFRS Accounting Standards** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes**  |
|  Interest income | 984272 | (4911) | 3220 | 982581 | Interest income | B, D |
|  Interest expense | 867154 | (343513) | 2316 | 525956 | Interest expense | A, G |
|  |  |  |  | 456625 | Net interest income |  |
|  Fees and commissions | 21150 | (14) | (9830) | 11305 | Fee and commission income | B |
|  Fees and commissions payments | 4522 |  | 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4574 | Fee and commission expense |  |
|  |  | 342723 | &nbsp;&nbsp;&nbsp;&nbsp;44121 | 386845 | Net expense from derivative financial instruments | A |
|  Gain on investments in partnerships <sup>\*1</sup> | 4943 | (4943) |  |  |  | B |
|  |  | 7597 | (58361) | (50764) | Net gain (loss) from financial assets at fair value through profit or loss | B |
|  Other ordinary income | 796 | (796) |  |  |  |  |
|  Other income <sup>\*1</sup> | 5048 | (5048) |  |  |  | B |
|  Gain on disposal of noncurrent asset | 15 | (15) |  |  |  |  |
|  Gain on step acquisitions | 2558 | (2558) |  |  |  |  |
|  Gain on bargain purchase | 1 | (1) |  |  |  |  |
|  |  | (13116) | 19253 | 6137 | Other income |  |
|  |  |  |  | 424742 | Net non-interest expense |  |
|  |  |  |  | 31882 | **Total operating income** |  |
|  Recoveries of written-off claims <sup>\*1</sup> | 12646 | (12646) |  |  |  | D |
|  Provision of allowance for loan losses <sup>\*2</sup> | 20524 | (20524) |  |  |  | D |
|  |  | 8163 | 4531 | 12695 | Impairment losses on financial assets | D |
|  |  |  |  | 19187 | **Net operating income** |  |
|  Other ordinary expenses | 4293 | (4293) |  |  |  |  |
|  General and administrative expenses | 29870 |  | 264 | 30135 | Operating expenses | I |
|  Other expenses <sup>\*2</sup> | 19826 | (19826) |  |  |  | B |
|  |  | 3200 | (1829) | 1371 | Other expenses |  |
|  |  |  |  | 31506 | Total operating expenses |  |
|  Profits on equity method investments <sup>\*1</sup> | 16 | 2386 | (213) | 2189 | Profits on equity method investments | E |
|  |  |  |  | (10128) | **Loss before income tax** |  |
|  Income tax expense | 217 |  | 1 | 218 | Income tax expense |  |
|  **Net income** | &nbsp;&nbsp;&nbsp;&nbsp;85042 |  | (95389) | (10347) | **Net loss** |  |

---

<sup>\*1</sup> These accounts are included in "Other income" under Japanese GAAP.

<sup>\*2</sup> These accounts are included in "Other expenses" under Japanese GAAP.

------

**Reconciliation of net profit or loss for the year ended March 31, 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** | **(Millions of yen)** |
| **Japanese GAAP** | **Japanese GAAP** | **Reclassifications** | **Adjustments** | **IFRS Accounting Standards** | **IFRS Accounting Standards** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notes**  |
|  Interest income | 1022058 | (5308) | 13142 | 1029892 | Interest income | B, D |
|  Interest expense | 902748 | (360427) | 1888 | 544209 | Interest expense | A, G |
|  |  |  |  | 485683 | Net interest income |  |
|  Fees and commissions | 29625 | (60) | (15555) | 14009 | Fee and commission income | B |
|  Fees and commissions payments | 4319 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319 | Fee and commission expense |  |
|  |  | 360248 | &nbsp;&nbsp;&nbsp;&nbsp;36399 | 396647 | Net expense from derivative financial instruments | A |
|  Gain on investments in partnerships <sup>\*1</sup> | 12749 | (12749) |  |  |  | B |
|  |  | 14858 | 4056 | 18915 | Net gain (loss) from financial assets at fair value through profit or loss | B |
|  Other ordinary income | 53663 | (53663) |  |  |  |  |
|  Other income <sup>\*1</sup> | 3373 | (3373) |  |  |  | B |
|  Gain on disposal of noncurrent asset | 5 | (5) |  |  |  |  |
|  |  | 50221 | (10266) | 39954 | Other income |  |
|  |  |  |  | 328087 | Net non-interest expense |  |
|  |  |  |  | 157595 | **Total operating income** |  |
|  Recoveries of written-off claims <sup>\*1</sup> | 11591 | (11591) |  |  |  | D |
|  Provision of allowance for loan losses <sup>\*2</sup> | 125886 | (125886) |  |  |  | D |
|  |  | 115691 | (56555) | 59135 | Impairment losses on financial assets | D |
|  |  |  |  | 98459 | **Net operating income** |  |
|  Other ordinary expenses | 1991 | (1991) |  |  |  |  |
|  General and administrative expenses | 25925 |  | 734 | 26659 | Operating expenses | I |
|  Other expenses <sup>\*2</sup> | 8829 | (8829) |  |  |  | B |
|  Extraordinary loss | 899 | (899) |  |  |  |  |
|  |  | 3143 | (1030) | 2112 | Other expenses |  |
|  |  |  |  | 28772 | Total operating expenses |  |
|  Losses on equity method investments <sup>\*2</sup> | 95 | (2721) |  | (2626) | Losses (profits) on equity method investments | E |
|  |  |  |  | 72313 | **Profit before income tax** |  |
|  Income tax expense | 54 |  |  | 54 | Income tax expense |  |
|  **Net income** | &nbsp;&nbsp;&nbsp;&nbsp;62316 |  | 9941 | 72258 | **Net profit** |  |

---

<sup>\*1</sup> These accounts are included in "Other income" under Japanese GAAP.

<sup>\*2</sup> These accounts are included in "Other expenses" under Japanese GAAP.

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**Notes to the reconciliation of assets, liabilities, and equity as of March 31, 2025 and 2024, and the reconciliation of net profit or loss for the fiscal years ended March 31, 2025 and 2024** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Derivative financial instrument assets and liabilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Hedge accounting** 

The JBIC Group uses derivative financial instruments in order to hedge interest rate risk and foreign exchange risk. The JBIC Group has been applying hedge accounting under Japanese GAAP, which mostly follows macro hedge accounting, for 99.9% or more of its derivative transactions on a fair value basis, in order to eliminate accounting mismatches in its consolidated financial statements.

From the adoption of IFRS Accounting Standards in 2012 to March 31, 2018, the JBIC Group had not applied hedge accounting under IAS 39 and did not present the effect of its risk management activities involving derivative financial instruments in its consolidated financial statements. Since the adoption of IFRS 9, the JBIC Group has applied hedge accounting mainly to fair value hedges of interest rate risk for bonds payable issued on or after April 1, 2018.

Refer to Notes 3.G and 8 to the consolidated financial statements for details on hedge accounting under IFRS Accounting Standards. In addition, refer to Note 27 to the consolidated financial statements for "Net Expense from Derivative Financial Instruments," which does not reflect profit or loss deferred by hedge accounting under Japanese GAAP, and adjustments to the carrying amounts of hedged items under fair value hedge accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Offsetting derivative financial instrument assets and liabilities** 

Derivative financial instrument assets and liabilities that meet the offset requirements under Japanese GAAP are presented on a net basis by counterparty and included in "Other assets" or "Other liabilities." Derivative financial instrument assets and liabilities that do not meet the offset requirements under IFRS Accounting Standards are presented on a gross basis as "Derivative financial instrument assets" and "Derivative financial instrument liabilities."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Financial assets at fair value through profit or loss** 

Under IFRS Accounting Standards, if contractual cash flows of financial assets are not solely payments of principal and interest, the JBIC Group measures such financial assets at fair value through profit or loss. If contractual cash flows of financial assets are solely payments of principal and interest, and financial assets are held within a business model whose objective is to hold the assets in order to collect contractual cash flows, financial assets are measured at amortized cost. Whereas, Japanese GAAP sets out the approach to measure financial assets according to their legal form and the entity's intention to hold the financial assets.

Stocks, investments in partnerships, an investment trust and certain loans, excluding investments held by the JBIC Group and accounted for using the equity method, are measured at fair value and presented as "Financial assets at fair value through profit or loss" under IFRS Accounting Standards, whereas they are measured at either cost or fair value according to their legal form and holding intention and presented as "Securities" or "Loans and bills discounted" under Japanese GAAP. Under Japanese GAAP, if the net asset value of shares has declined significantly due to a deterioration in the financial position of an issuer, the carrying amount is written down and such valuation difference is recognized as impairment loss for the current period.

Under IFRS Accounting Standards, the JBIC Group presents gains and losses arising from such assets as "Net gain (loss) from financial assets at fair value through profit or loss." Under Japanese GAAP, the JBIC Group presents interest income and dividend income as "Interest income," upfront and commitment fees as "Fee and commissions," and realized gains and losses arising from changes in fair value and sales of such assets as "Other income" (when it is a gain) or "Other expenses" (when it is a loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Securities** 

The JBIC Group presents investments in associates and joint ventures as "Securities" under Japanese GAAP and "Equity method investments" under IFRS Accounting Standards. For the differences in the measurement method between the accounting standards, see "E. Equity method investments."

Stocks, investments in partnerships and an investment trust other than investments in associates and joint ventures are presented as "Securities" under Japanese GAAP and "Financial assets at fair value through profit or loss" under IFRS Accounting Standards. For the differences in the measurement method between the accounting standards, see "B. Financial assets at fair value through profit or loss."

Debt securities included in "Securities" under Japanese GAAP are also presented as "Securities" under IFRS Accounting Standards. For the measurement method, debt securities are measured at fair value and valuation gains and losses are recognized as "Valuation difference on available-for-sale securities" under Japanese GAAP, whereas these debt securities are measured at amortized cost under IFRS Accounting Standards.

Under IFRS Accounting Standards, impairment losses are recognized for securities measured at amortized cost under the expected credit loss model. Impairment losses are estimated at the amount of the expected credit losses expected to occur within the next 12-months from the reporting date or on a lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition of the financial assets. Such impairment losses measured are deducted from securities using an allowance account, which represents such impairment losses and which is deducted from securities, resulting in net presentation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Loans and other receivables** 

"Loans and other receivables" under IFRS Accounting Standards include accrued interest income on loans in "Other assets" under Japanese GAAP, and also financial assets associated with financial guarantee contracts described in "H. Financial guarantee contracts," but do not include loans and other receivables measured at fair value through profit or loss.

Under IFRS Accounting Standards, the JBIC Group measures loans and other receivables initially at fair value plus transaction costs directly attributable to loan origination, and subsequently at amortized cost using the effective interest method. The JBIC Group amortizes loan origination fees, which are considered integral to the origination using the effective interest method. If contractual terms are amended after initial recognition of loans and other receivables, loans and other receivables are derecognized when, and only when, contractual rights to the cash flows from such loans and other receivables expire, or applicable requirements under the related accounting standard are met, and the difference between the carrying amount allocated to the part derecognized and a financial asset newly recognized is recognized in profit or loss.

Under Japanese GAAP, the JBIC Group recognizes a general allowance as well as a specific allowance for loan losses.

In accordance with the expected credit loss model under IFRS Accounting Standards, the JBIC Group recognizes impairment losses, and the carrying amount of loans and other receivables is reduced by the amount of impairment losses measured through the allowance for loan losses. See "C. Securities" for the method for recognizing expected credit losses. If certain conditions are met, amendments to contractual terms after initial recognition of loans and other receivables may be determined as not meeting the criteria for derecognizing financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Equity method investments** 

The JBIC Group's investments in associates and joint ventures are comprised mainly of investments in partnerships. Under Japanese GAAP, the JBIC Group applies the equity method to certain investments in partnerships. Under IFRS Accounting Standards, the JBIC Group adopts the equity method for all of its investments in partnerships that are determined as investments in associates and joint ventures, except for investments held through a subsidiary of JBIC for which the exemption in IAS 28 to measure such entities at fair value is applied. Gains or losses on investments in partnerships to which the equity method is not applied under Japanese GAAP but applied under IFRS Accounting Standards are recognized as "Profits (losses) of equity method investments" under IFRS Accounting Standards.

The JBIC Group presents exchange differences on translation of foreign operations from applying the equity method as "Other reserves" under IFRS Accounting Standards, whereas they are presented as "Foreign currency translation adjustment" under Japanese GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Leases** 

Lease transactions entered into by the JBIC Group as a lessee primarily consist of rental offices. Under Japanese GAAP, lease transactions are classified as either finance leases or operating leases based on the risk and economic value approach. The significant lease transactions entered into by the JBIC Group are classified as operating leases and are expensed when lease payments occur. Under IFRS Accounting Standards, on the other hand, right-of-use assets and lease liabilities are presented in "Other assets" and "Other liabilities," respectively, in the consolidated statement of financial position at the commencement date of the lease. Those assets and liabilities are subsequently measured at cost less any accumulated depreciation and any accumulated impairment losses, and amortized cost using the effective interest method, respectively.

The JBIC Group does not enter into lease transactions as a lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Bonds payable** 

Under Japanese GAAP, the JBIC Group expenses bond issuance costs as incurred.

Under IFRS Accounting Standards, the JBIC Group measures bonds payable initially at fair value less transaction costs directly attributable to bond issuance, such as fees paid to underwriters and discounts at issuance, and subsequently at amortized cost using the effective interest method. For bonds payable to which hedge accounting is applied in accordance with IFRS 9, their carrying amount is adjusted to reflect changes in fair value arising from the underlying hedged risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Financial guarantee contracts** 

Under Japanese GAAP, the JBIC Group records the same contractual amounts of financial guarantee obligations in both "Customers' liabilities for acceptances and guarantees" as assets and in "Acceptances and guarantees" as liabilities.

Under IFRS Accounting Standards, the JBIC Group initially measures financial liabilities associated with financial guarantee contracts at fair value as well as financial assets associated with financial guarantee contracts. They are subsequently measured at the higher of (a) the amount of the loss allowance determined in accordance with IFRS 9 and (b) the amount initially recognized less, when appropriate, the cumulative amount of income recognized in accordance with the principles of IFRS 15 *Revenue from Contracts with Customers*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Liability for retirement benefits** 

Under Japanese GAAP, the JBIC Group expenses actuarial gains or losses on defined benefit plans in profit or loss as incurred.

Under IFRS Accounting Standards, the JBIC Group recognizes the remeasurement of defined benefit plans directly in "Other reserves" as incurred and reclassifies them immediately to retained earnings. The JBIC Group remeasures retirement benefit obligations based on IFRS Accounting Standards, and charges for differences caused by the period allocation method of retirement benefit obligations, etc. as "Operating expenses." The JBIC Group includes a liability for retirement benefits in "Other liabilities."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Difference between the reporting date of consolidated financial statements and of subsidiaries** 

Under Japanese GAAP, if the difference between the reporting date of consolidated financial statements and of the subsidiary does not exceed three months, only material inter-company transactions made during that period need to be reflected in the financial statements of the subsidiary. Accordingly, the JBIC Group adjusts only material inter-company transactions in the consolidated financial statements under Japanese GAAP.

On the other hand, IFRS Accounting Standards requires that financial statements of consolidated subsidiaries be prepared on the reporting date of the parent company, except when it is impracticable. For this reason, the JBIC Group prepares the financial statements of the subsidiaries whose reporting dates are different from JBIC to conform to the reporting date of JBIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Presentation of non-controlling interests to financial liabilities** 

Under Japanese GAAP, non-controlling interests are presented in the equity section of the consolidated financial statements. On the other hand, under IFRS Accounting Standards, non-controlling interests in limited partnerships that are consolidated subsidiaries are presented in "Other liabilities" in the liabilities section, in accordance with IAS 32.