Document:

ex10_4.htm

 

Exhibit 10.4

FORM OF AMENDED AND RESTATED INDEMNIFICATION AGREEMENT

This Amended and Restated Indemnification Agreement (this “Agreement”) is made the 5th day of October, 2016 by and between Endurance Specialty Holdings Ltd. (the “Company”), and [Executive Name], who serves as an officer of the Company on the date hereof (the “Indemnitee”).

WHEREAS, the Indemnitee serves as an officer of the Company; and

WHEREAS, the Company and the Executive previously entered into an Indemnification Agreement (the “Original Indemnification Agreement”) in order to induce the Indemnitee to continue to serve as an officer of the Company; and

WHEREAS, Sompo Holdings, Inc. (“Sompo”) and the Company has entered into an Agreement and Plan of Merger, dated October 5, 2016 (the “Merger Agreement”), providing for the merger of a subsidiary of Sompo with and into the Company (the “Merger”); and

WHEREAS, in connection with entering into the Merger Agreement, Sompo has required, among other things, that the Executive execute and deliver this Agreement;

WHEREAS, the closing of the Merger shall be a condition precedent to the effectiveness of this Agreement and the commencement of the Executive’s and the Company’s respective rights and obligations under this Agreement.

WHEREAS, the Company wishes the Indemnitee to continue to serve as an officer of the Company and the Indemnitee is willing, under certain circumstances, to continue in such capacity; and

WHEREAS, as an inducement to continued service as an officer by the Indemnitee, the Company has determined to provide additional protection to the Indemnitee as set forth herein; and

WHEREAS, the Company and the Executive desire to amend and restate the Original Indemnification Agreement and the Executive desires to enter into this Agreement  in order to revise the terms and provisions of the Original Indemnification Agreement.

NOW, THEREFORE, in consideration of the Indemnitee’s continued and future service to the Company, the parties agree as follows:

	
1.

	
Indemnification.  The Company agrees to indemnify the Indemnitee to the full extent permitted by Delaware law and the Company’s By-Laws, as each exists now and as each may be amended in the future to permit additional indemnification for the Indemnitee.

	
2.

	
Payment of Expenses.  Without limiting the indemnification provided in Section 1 and subject to the limitations, terms and conditions of this Agreement, including, but not limited to, the limitations in Section 9, the Company agrees, to the fullest extent permitted by

  

  

  

 

applicable law and the Company’s By-Laws as in effect at any time during the term of this Agreement, to pay all costs, charges and other expenses, including, but not limited to, attorneys’ fees, costs of appearance, attachment and similar bonds (hereinafter referred to as “Expenses”) incurred by the Indemnitee in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including, but not limited to, any action by or in the right of the Company), to which the Indemnitee is, was or at any time becomes a party, or is threatened to be made a party, by reason of the fact that the Indemnitee is, was or at any time becomes a director, officer, employee, agent or fiduciary of the Company, or is or was serving or at any time serves at the request of the Company as a director, officer, employee, agent, or fiduciary of another corporation, partnership, joint venture, trust or other enterprise or with respect to any employee benefit plan (or its participants or beneficiaries) of the Company or any such other enterprise as such Expenses accrue and, in any event, within twenty (20) days after the Company has received written request therefor from or on behalf of the Indemnitee.  The Company shall continue to make such payments unless and until there has been a final adjudication by a court of competent jurisdiction establishing that the Indemnitee is not entitled to payment of such Expenses in accordance with Section 10 of this Agreement.

	
3.

	
Maintenance of D&O Insurance.  An affiliate of the Company currently maintains directors’ and officers’ liability insurance with a limit of coverage in excess of $70,000,000 (the “D&O Policies”).

	
  

	
a.

	
So long as the Indemnitee shall continue to serve in any capacity described in Section 2 and thereafter so long as the Indemnitee shall be subject to any possible action, suit or proceeding by reason of the fact that the Indemnitee served in any of said capacities, an affiliate of the Company will purchase and maintain in effect for the benefit of the Indemnitee one or more valid, binding and enforceable policies of directors’ and officers’ liability insurance providing, in all respects, coverage and amounts at least comparable to that provided pursuant to the D&O Policies.

	
  

	
b.

	
Notwithstanding Section 3(a), neither the Company nor any affiliate thereof shall be required to maintain directors’ and officers’ liability insurance in effect if such insurance is not reasonably available or if, in the reasonable business judgment of the Company or its affiliate, either (i) the premium cost for such insurance is substantially disproportionate to the amount of insurance or (ii) the coverage is so limited by exclusions that there is insufficient benefit provided by such insurance.

	
  

	
c.

	
If the Company or its affiliate, acting under Section 3(b), does not purchase and maintain in effect directors’ and officers’ liability insurance, the Company shall indemnify and hold harmless the Indemnitee to the full extent of the coverage which would otherwise have been provided by the D&O Policies.

	
  

	
d.

	
The Company shall pay all Expenses incurred by the Indemnitee in connection with any action, suit or proceeding to enforce the Indemnitee’s rights under the D&O Policies.

  

2

  

 

	
4.

	
Procedure for Requesting Indemnification and Payment of Expenses.  To obtain indemnification and payment of Expenses under this Agreement, the Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification.  The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that the Indemnitee has requested indemnification.  Any determination as to the eligibility of an Indemnitee to indemnification and/or payment of Expenses shall be made:

	
  

	
a.

	
by the Board, by a majority vote at a meeting duly constituted by a quorum of directors not party to the proceedings or matter with regard to which the indemnification is, or would be claimed; or

	
  

	
b.

	
in the case such a meeting cannot be constituted by lack of a disinterested quorum, by independent legal counsel in a written opinion.

	
5.

	
Presumptions and Effect of Certain Proceedings.

	
  

	
a.

	
In making a determination with respect to entitlement to indemnification or payment of Expenses hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification or payment of Expenses under this Agreement if Indemnitee has submitted a request for indemnification or payment of Expenses in accordance with Section 4 of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.

	
  

	
b.

	
If the person, persons or entity empowered or selected pursuant to Section 4 to determine whether Indemnitee is entitled to indemnification or payment of Expenses hereunder shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement shall be deemed to have been made and Indemnitee shall be entitled to indemnification and/or payment of Expenses hereunder.

	
  

	
c.

	
The termination of any action, suit or proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee is not entitled to indemnification and/or payment of Expenses hereunder.

	
6.

	
Defense of Claims.  With respect to any action, suit or proceeding described in Section 2, the Company may elect to assume the investigation and defense of such action, suit or proceeding with counsel it selects with the consent of the Indemnitee, which consent shall not be unreasonably withheld.  After notice to the Indemnitee from the Company of its election to assume the investigation and defense of such action, suit or proceeding, the Company shall not be liable to the Indemnitee under this Agreement for any expenses subsequently incurred by the Indemnitee in connection with the investigation and defense of

  

3

  

 

such action, suit or proceeding other than for services requested by the Company or the counsel it selected.  The Indemnitee shall have the right to employ the Indemnitee’s own counsel, but the expenses incurred by the Indemnitee after notice from the Company of its assumption of the investigation and defense shall be at the expense of the Indemnitee.  Notwithstanding the foregoing, however, the Indemnitee shall be entitled to separate counsel in any action, suit or proceeding brought by or on behalf of the Company or as to which counsel for the Indemnitee reasonably concludes that there is a conflict of interest between the Company and the Indemnitee, provided that the Company shall not be required to pay the expenses of more than one such separate counsel for persons it is indemnifying in any one action, suit or proceeding unless the counsel originally chosen to represent such Indemnitees as a group reasonably concludes that substantial and material conflicts of interest prevent such counsel from acting for the Indemnitees as a single client.

	
7.

	
Indemnitee’s Reimbursement.  The Indemnitee agrees to reimburse the Company for all amounts paid by the Company pursuant to this Agreement in the event and to the extent, but only in the event and only to the extent, that there is a final adjudication by a court of competent jurisdiction establishing that the Indemnitee is not entitled to be so indemnified or to have such amounts paid by the Company.

	
8.

	
Contribution.  If the indemnification or payment of Expenses provided by this Agreement should be unavailable or insufficient to hold the Indemnitee harmless, then the Company agrees that, for purposes of this Section, the Company shall be treated as if it were a party to the threatened, pending or completed action, suit or proceeding in which the Indemnitee was involved and that the Company shall contribute to the amounts paid or payable by the Indemnitee as a result of Expenses, judgments for both compensatory and punitive damages, fines, penalties and amounts paid in settlement.  The amount of contribution provided by this Section shall be determined by (i) the relative benefits accruing to the Company on the one hand and the Indemnitee on the other which arose out of the acts or omissions underlying the threatened, pending or completed action, suit or proceeding in which the Indemnitee was involved, (ii) the relative fault of the Company on the one hand and the Indemnitee on the other in connection with such acts or omissions, and (iii) any other equitable considerations appropriate under the circumstances.  For purposes of this Section, the relative benefits of the Company shall be deemed to be the benefits accruing to it and the relative benefit of the Indemnitee shall be deemed to be an amount not greater than the Indemnitee’s annual base salary or Indemnitee’s compensation from the Company plus any personal benefit received from such acts or omissions.  The relative fault shall be determined by reference to, among other things, the fault of the Company and all of its directors, officers, employees and agents (other than the Indemnitee), as a group and treated as one entity, on the one hand, and the Indemnitee’s and such group’s relative intent, knowledge, access to information and opportunity to have altered or prevented the act or omission on the other hand.

	
9.

	
Limitations on Indemnification, Advancement and Contribution.  Notwithstanding anything in the foregoing to the contrary, the Company shall not be liable under this Agreement to make any indemnity payment, advancement of Expenses or contribution in connection with any action, suit or proceeding:

  

4

  

 

	
  

	
a.

	
to the extent that payment is actually made, or for which payment is available, to or on behalf of the Indemnitee under an insurance policy, except in respect of any amount in excess of the limits of liability of such policy or any applicable deductible for such policy;

	
  

	
b.

	
to the extent that payment has or will be made to the Indemnitee by the Company otherwise than pursuant to this Agreement;

	
  

	
c.

	
to the extent that there was a final adjudication by a court of competent jurisdiction that the Indemnitee is liable for fraud or dishonesty in relation to the Company;

	
  

	
d.

	
to the extent the application of such provision is prohibited under Delaware General Corporation Law, as amended from time to time; or

	
  

	
e.

	
To the extent of any “short swing profit” disgorgement or similar liability arising under Section 16(b) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

	
10.

	
Enforcement of Indemnitee’s Rights.  The Indemnitee shall have the right to enforce this Agreement in any court of competent jurisdiction if the Company either fails to indemnify the Indemnitee or fails to advance Expenses pursuant to the Company’s By-Laws or this Agreement.  The Company agrees to stipulate in any such suit that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary.  The burden of proof shall be on the Company in any such suit to demonstrate by the weight of the evidence that the Indemnitee is not entitled to indemnification or advance payment of Expenses.  The Indemnitee’s Expenses incurred in establishing the Indemnitee’s right to indemnification or advancement of Expenses, in whole or in part, in any such action (or settlement thereof) shall be paid by the Company as they accrue and, in any event within twenty (20) days after the Company has received written request therefore from or on behalf of the Indemnitee.  The Company shall continue to make such payments unless and until there has been a final adjudication by a court of competent jurisdiction establishing that the Indemnitee is not entitled to indemnification or advance payment of Expenses, in which event the Indemnitee agrees to reimburse the Company for all amounts paid under this Section 10.

	
11.

	
Settlement.  The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding without its written consent, which consent shall not be unreasonably withheld.  The Company shall not settle any action, suit or proceeding which would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent, which consent shall not be unreasonably withheld.  In the event that consent is not given and the parties hereto are unable to agree on a proposed settlement, independent legal counsel shall be retained by the Company, at its expense, with the consent of the Indemnitee, which consent shall not be unreasonably withheld, for the purpose of determining whether or not the proposed settlement is reasonable under all of the circumstances, and if independent legal counsel

 

  

5

  

 

determines the proposed settlement is reasonable, the settlement may be consummated without the consent of the other party.

 

	
12.

	
Company Subrogation Rights.  In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against any person or organization and the Indemnitee shall execute all papers required and shall do everything that may be reasonably necessary to secure such rights.

 

	
13.

	
Non-Exclusive.  Nothing in this Agreement shall diminish or otherwise restrict, and this Agreement shall not be deemed exclusive of, the Indemnitee’s rights to indemnification or advancement of Expenses under any provision of New York law or the By-Laws of the Company or otherwise.

 

	
14.

	
Notice to the Company.  The Indemnitee will promptly notify the Company of any threatened, pending or completed action, suit or proceeding against the Indemnitee described in Section 2.  The failure to notify or promptly notify the Company shall not relieve the Company from any liability which it may have to the Indemnitee otherwise than under this Agreement, and shall relieve the Company from liability hereunder only to the extent the Company has been prejudiced.

 

	
15.

	
Notices.  Any notice that is required or permitted to be given under this Agreement shall be in writing and shall be personally delivered or deposited in the United States mail, certified or registered mail with proper postage prepaid and addressed:

 

If to the Company, to:

 

Endurance Specialty Holdings Ltd.

Waterloo House

100 Pitts Bay Road

Pembroke HM08

Bermuda

Attention:  General Counsel

Facsimile:  (441) 278-0401

 

If to the Indemnitee, to the residence address or residence facsimile number of the Indemnitee set forth in the records of the Company.

 

Each party hereto may provide the other party hereto with notice of a new address for notices under this Section 15, in which event notices under this Agreement shall be delivered to such other address as the party may have furnished to the other party at least 10 calendar days prior to such notice.

 

	
16.

	
Effectiveness of Agreement.  The closing of the Merger shall be a condition precedent to the effectiveness of this Agreement and the commencement of the Executive’s and the

  

6

  

 

Company’s rights and obligations under this Agreement.  Prior to the Merger and in the event the Merger Agreement is terminated prior to the completion of the Merger, this Agreement shall be void and of no force or effect and the rights and obligations of the Executive and the Company shall be governed by the Original Indemnification Agreement.

	
17.

	
Entire Agreement.  This Agreement contains the entire agreement of the parties hereto with respect to the subject matter covered by this Agreement following the Merger and, upon this Agreement becoming effective, this Agreement replaces and supersedes any other agreement or agreements, oral or written, that the Company may have with Indemnitee with respect to the subject matter covered by this Agreement, including but not limited to the Original Indemnification Agreement.

 

	
18.

	
Separability. Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions.

 

	
19.

	
Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws.

 

	
20.

	
Duration of Agreement.  Unless otherwise terminated pursuant to a written instrument signed by both parties in accordance with Section 22 hereof, this Agreement shall continue in effect until and terminate upon the later of (a) ten (10) years after the Indemnitee has ceased to occupy any of the positions or have any of the relationships described in Section 2 of this Agreement and (b) the final termination of all pending or threatened actions, suits, proceedings or investigations with respect to Indemnitee.

 

	
21.

	
Binding Effect.  This Agreement shall be binding upon the Indemnitee and upon the Company, its successors and assigns, and shall inure to the benefit of the Indemnitee, the Indemnitee’s heirs, personal representatives and assigns and to the benefit of the Company, its successors and assigns.

 

	
22.

	
Amendment and Termination.  Except for any automatic termination pursuant to Section 20 hereof, no amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both parties.

 

	
23.

	
Headings.  The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

	
24.

	
Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.  Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

  

7

  

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

	  	
ENDURANCE SPECIALTY HOLDINGS LTD.

	  	  
	  	  
	  	  
	  	
By:  

	  
	  	  	
Name:  

	  
	  	  	
Title:

	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  
	  	  	
[Executive Name]

8EX-4.1

 EXHIBIT 4.1 

FISCAL AGENCY AGREEMENT 
 AMONG

 JAPAN INTERNATIONAL COOPERATION AGENCY 

JAPAN 
 THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD., LONDON BRANCH 
 Fiscal Agent, 

Principal Paying Agent 
 and
Transfer Agent 
 AND 
 MUFG
UNION BANK, N.A. 
 U.S. Representative of the Fiscal Agent, 

Principal Paying Agent and Transfer Agent 

Dated as of [●], [●] (New York City time) / 

[●], [●] (Tokyo time) 

[TITLE OF SECURITIES] 

 This FISCAL AGENCY AGREEMENT, is made as of [●], [●] (New York City
time) / [●], [●] (Tokyo time), among JAPAN INTERNATIONAL COOPERATION AGENCY, an incorporated administrative agency organized and existing under the laws of Japan (the “Issuer”), JAPAN, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
LONDON BRANCH, a corporation organized and existing under the laws of Japan, as Fiscal Agent, Principal Paying Agent and Transfer Agent, and MUFG UNION BANK, N.A., a banking corporation organized and existing under the laws of the United States of
America, as U.S. Representative of the Fiscal Agent, Principal Paying Agent and Transfer Agent]. 
 In this Agreement, unless
otherwise defined herein, “Business Day” means any day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in (a)
the relevant place of payment and (b) The City of New York, London and Tokyo. 
 1. FORMS AND
DENOMINATIONS. (a) The Issuer has agreed to issue [CURRENCY] [●] principal amount of [TITLE OF SECURITIES] (collectively, the “Securities”, or each a “Security”). The Securities are issuable only in fully
registered form, without coupons, in denominations of [CURRENCY] [●] and integral multiples of [CURRENCY] [●] in excess thereof, substantially in the form set forth in Exhibit A-1 or A-2 hereto. 

(b) Japan will unconditionally and irrevocably guarantee the payment of the principal of and interest on the Securities, such guarantee of
each Security to be evidenced by a guarantee in the form set forth in Exhibit B hereto, executed by the facsimile signature of the Minister of Finance of Japan or the official seal (or the facsimile thereof) of the Minister of Finance of Japan
or of another duly authorized representative of Japan. Japan agrees that each Security authenticated and delivered in accordance with the provisions hereof shall bear such guarantee. 

(c) The Securities shall initially be issued in the form of (1) one or more fully registered global securities registered in the name of Cede
& Co., as nominee of The Depository Trust Company, New York (“DTC”) (the “DTC Global Securities”), and (2) one or more fully registered global securities registered in the name of the nominee of the common depositary for
Euroclear Bank S.A. / N.V. (“Euroclear”) and Clearstream Banking S.A. (“Clearstream”) (the “International Global Securities”), and together with the DTC Global Securities, the “Global Securities” and
each a “Global Security”). The DTC Global Securities will be substantially in the form set forth in Exhibit A-1 hereto, and the International Global Securities will be substantially in the form set forth in Exhibit A-2 hereto, in either
case with such changes as may be agreed between the Issuer and the Fiscal Agent, as defined in Section 2(a) hereof. 
 (d) So long as
Cede & Co., as nominee of DTC, is the registered holder of the DTC Global Securities and subject to applicable law, DTC or its nominee, as the case may be, will be considered the sole owner or holder of the Securities represented by the DTC
Global Securities for all purposes under this Agreement and such Securities. Likewise, so long as the nominee of the common depositary for Euroclear and Clearstream is the registered holder of the Securities represented by the International Global
Securities and subject to applicable law, such nominee will be considered the sole owner or holder of the Securities represented by the International Global Securities for all purposes under this Agreement and such Securities. Except as set forth
below, owners of beneficial interests in the Global Securities will not, except in the limited circumstances described in Section 5 hereof, be entitled to have the Securities represented by the Global Securities registered in their names, will not
receive or be entitled to receive Securities in definitive registered form and will not be considered owners or holders thereof under this Agreement or such Securities. The Securities in definitive registered form, if any, will be substantially in
the form set forth in Exhibit A-1 or A-2 hereto, as applicable, with the appropriate changes thereto, consistent with the provisions of this Agreement, as may be agreed between the Issuer and the Fiscal Agent. Neither the Issuer nor the Fiscal Agent
will have any responsibility or liability for any aspect of the records relating to or payments made by DTC, Euroclear or Clearstream (together, the “Clearing Systems”) on account of beneficial ownership interests in the Global Securities
or for maintaining, supervising or reviewing any records of the Clearing Systems relating to such beneficial ownership interests. 

  
 Exh. 4.1-1 

 2. FISCAL AGENT; OTHER AGENTS. (a) The Issuer and Japan hereby appoint The Bank
of Tokyo-Mitsubishi UFJ, Ltd., London Branch, also acting through its U.S. Representative, MUFG Union Bank, N.A. (the “US representative”), at present having its office in London, as fiscal agent of the Issuer and Japan in respect of the
Securities upon the terms and subject to the conditions set forth herein, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, hereby accepts such appointment. The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, and MUFG Union Bank, N.A. in
its capacity as U.S. Representative, and their successors as qualified or appointed in accordance with Section 8 hereof, are herein called the “Fiscal Agent”. For so long as The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch is the
Fiscal Agent hereunder and MUFG Union Bank, N.A. is the U.S. Representative hereunder, (i) the Fiscal Agent shall notify the Issuer and Japan promptly upon acquiring actual knowledge that the U.S. Representative is not performing its obligations
hereunder and (ii) MUFG Union Bank, N.A. shall notify the Issuer and Japan promptly upon acquiring actual knowledge that The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, has ceased to own a majority of the shares in MUFG Union Bank, N.A.. The
Fiscal Agent shall have the powers and authority hereby granted to and conferred upon it in the Securities and such further powers and authority to act on behalf of the Issuer and Japan as the Issuer and Japan may hereafter grant to or confer upon
it. All of the terms and provisions with respect to such powers and authority contained in the Securities are subject to and governed by the terms and provisions hereof. The Issuer and Japan reserve the right to appoint, at their discretion, agents
(one or more “Agents”, or each, an “Agent”) for the payment of principal of and interest on the Securities (the “Principal Paying Agent”) or for the transfer and exchange of Securities (the “Transfer Agent”)
at such place or places as the Issuer may determine. The Issuer shall notify the Fiscal Agent of the appointment of any such Agent. For that purpose, the Issuer and Japan hereby appoint The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, at
Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AN (also acting through the U.S. Representative at 1251 Avenue of the Americas, 19th Floor, New York, New York 10020) as Principal Paying Agent and Transfer Agent, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, and the U.S. Representative hereby accept such appointment. 

(b) In compliance with Japanese tax laws and the practices of tax authorities in Japan, the Issuer hereby appoints the Fiscal Agent as
the Issuer’s agent for (i) arranging the preparation and submission of all necessary forms and claims (including the interest receipt confirmations and the claims for exemption to be submitted to the competent Japanese tax authority) in
relation to the Issuer’s Japanese withholding tax obligations and (ii) making the necessary payments to the Japanese tax authorities in accordance with operating procedures to be agreed between the Issuer and the Fiscal Agent (the
“Operating Procedures”). The Fiscal Agent shall be responsible only for performing such obligations as are expressly provided for in the Operating Procedures and the Manual (as defined in Section 4(c)) and no implied obligations on the
part of the Fiscal Agent shall be read into this Agreement or the Operating Procedures. The Operating Procedures may be amended from time to time to reflect any changes in Japanese tax laws and the practices of tax authorities in Japan. 

3. EXECUTION, AUTHENTICATION, DELIVERY AND DATING. (a) The Securities will be executed on behalf of the Issuer
with either the official seal, signature or facsimile signature of the President of the Issuer or a duly authorized agent of the Issuer. The guarantee of Japan will bear the facsimile signature of the Minister of Finance of Japan or the official
seal (or the facsimile thereof) of the Minister of Finance of Japan or of another duly authorized representative of Japan. The Issuer and Japan may, respectively, adopt and use either the official seal, signature or facsimile signature of any person
who shall have been such President or such agent of the Issuer or such Minister of Finance or such representative of Japan, notwithstanding the fact that when any Security shall be authenticated and delivered, he shall have ceased to be such
President or such agent of the Issuer or such Minister of Finance or such representative of Japan. 
 (b) The Fiscal Agent is authorized,
upon receipt of Securities duly executed on behalf of the Issuer and bearing the duly executed guarantee of Japan as herein provided, together with a written order or orders to authenticate and deliver Securities in a stated aggregate principal
amount, to authenticate such Securities, and to 

  
 Exh. 4.1-2 

 
deliver said Securities to or upon the order of the Issuer signed by the President of the Issuer or such person’s attorney-in-fact. Thereafter, the Fiscal Agent is authorized to authenticate
and deliver Securities in accordance with the provisions set forth therein or hereinafter. The aggregate principal amount of Securities to be issued and outstanding at any time, whether in the form of the Global Securities or Securities in
definitive registered form issued in exchange for a Global Security in accordance with Section 5 hereof, shall not exceed [CURRENCY] [●], plus the aggregate principal amount of any additional Securities issued by the Issuer in accordance with
Section 9 of this Agreement. 
 (c) The Securities shall be dated the date of their authentication by the Fiscal Agent, except as
otherwise provided in Sections 5(a), 5(c) and 5(h) hereof in connection with the Securities authenticated and delivered upon transfer or exchange or in lieu of the Global Securities. 

4. PAYMENT, REDEMPTION AND CANCELLATION. (a) Subject to the following provisions, the Issuer will pay to the
Fiscal Agent the amounts at the times, and for the purposes, set forth herein and in the Securities. The Issuer hereby authorizes and directs the Fiscal Agent from funds so paid to it, to make or cause to be made payment of principal of and interest
on the Securities as set forth herein and in accordance with the text of the Securities and the requirements of applicable law. 

(b) Subject to Sections 4(c), 4(d) and 4(k) hereof, as early as possible on each interest payment date and on the redemption or maturity
date, the Fiscal Agent will arrange directly or with any other Agent for the payment from funds furnished by the Issuer of the principal of and interest on the Securities in immediately available funds by [CURRENCY] check drawn on, or by transfer to
a [CURRENCY] account maintained by the payee, in such other manner as may be set forth or provided for in the text of the Securities. If the applicable due date for payment is not a Business Day, payment will be made on the next succeeding day which
is a Business Day. Notwithstanding the foregoing, the Issuer may pay to an Agent specifically designated for such purpose funds for the payment of principal of and interest on the Securities under an agreement with respect to such funds containing
substantially the same terms and conditions set forth in this Section 4(b) and in Sections 4(c), 4(d), 4(e), 4(f), 4(k) and 7(b) of this Agreement; and the Fiscal Agent shall have no responsibility with respect to any funds so paid by the Issuer to
any such Agent. 
 (c) In compliance with Japanese tax laws and the practices of tax authorities in Japan, in respect of any interest
payment on the DTC Global Securities hereunder, the Fiscal Agent shall act in accordance with the IPMA Operating Manual on “Japanese Withholding Tax on Certain International Issues Held Through DTC” (the “DTC Procedures”) dated
28th January, 2000, as amended or supplemented by notice from the relevant organization to the Issuer and the Fiscal Agent, and, in respect of any interest payment on the International Global Securities, the Fiscal Agent shall act in accordance with
the IPMA Operating Manual on “Japanese Withholding Tax on Certain Eurobond Issues” (the “Manual”) dated 24th June, 1998, as amended or supplemented by notice from the relevant organization to the Issuer and the Fiscal Agent, the
Operating Procedures and any other procedures established by the Issuer and Fiscal Agent. Except as otherwise provided in this Agreement, the Fiscal Agent shall be responsible only for performing such services as are specifically provided for in the
DTC Procedures, the Operating Procedures, the Manual, or such other procedures actually known by the Fiscal Agent, as applicable and as may be amended or modified and communicated to the Fiscal Agent from time to time. 

(d) If and so long as payments of interest may be made without deduction or withholding for or on account of Japanese tax only upon receipt of
duly executed certifications, claims for exemption, notifications or other documentation (“Tax Documentation”), the Fiscal Agent shall (i) receive the required Tax Documentation from holders or beneficial owners and clearing organizations,
(ii) review the Tax Documentation, and sign any required confirmations, and (iii) promptly deliver the Tax Documentation (directly or through the relevant Agent, in the case of Tax Documentation collected by such Agent) to the Issuer or, at the
Issuer’s request, the relevant Japanese District Tax Office. The Fiscal Agent may rely on the information provided in Tax Documentation (including, where relevant, supporting documentation) in the absence of actual knowledge that such
information is incorrect. The Fiscal Agent shall furnish forms of certifications to holders or beneficial owners of the Securities 

  
 Exh. 4.1-3 

 
upon request, and shall use reasonable endeavors to assist holders or beneficial owners in claiming available exemptions, but shall not be liable for a holder’s or a beneficial owner’s
failure to qualify for such an exemption. 
 (e) If a holder or a beneficial owner of the Securities satisfies the requirements for claiming
an exemption from Japanese withholding tax after the date on which an amount in respect of such tax is withheld and before the date on which the tax is actually paid to the Japanese tax authorities, then the Issuer and the Fiscal Agent (on the
Issuer’s behalf and out of funds paid to the Fiscal Agent from the Issuer) shall, to the extent it is possible to do so under Japanese law, pay the amount withheld (after the deduction of reasonable costs, including amounts in respect of
changes in foreign exchange rates) to the holder or the beneficial owner. 
 (f) Under procedures agreed with the Issuer, the Fiscal
Agent shall deliver tax certifications and related confirmations signed by or on behalf of the Issuer, together with payment of any applicable withholding taxes, to the relevant Japanese District Tax Office on or before the date on which such taxes
are required under Japanese law or administrative practice to be paid. 
 (g) The Fiscal Agent shall open or maintain a [CURRENCY] account
entitled “Japan International Cooperation Agency Fiscal Agency Account” in which all monies paid for the service of the Securities shall be carried. 

(h) The Fiscal Agent shall not be under any liability for interest on any monies at any time received by it pursuant to any of the
provisions of this Agreement or of the Securities except such as it pays on similar deposits or as may be agreed on by the Fiscal Agent and the Issuer and Japan. 

(i) In case the Issuer shall elect to redeem Securities, in whole but not in part, and the Issuer determines and certifies to the Fiscal Agent
immediately prior to the giving of the notice of the redemption that, as a result of any change in, or amendment to, the laws or treaties (or any regulations or rulings promulgated thereunder) of Japan (or any political subdivision or taxing
authority of Japan) affecting any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority therein or thereof having power to tax (“Taxes”), or any
change in official position regarding the application or interpretation of these laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), which change, amendment, application or
interpretation becomes effective on or after [●], [●], the Issuer is, or on the next interest payment date would be, required to pay any additional amounts as may be necessary in order that the net amounts received by any beneficial
owner of the Securities after withholding or deduction for or on account of any Taxes shall equal the respective amounts of principal and interest which would have been receivable by such beneficial owner in respect of the Securities in the absence
of such withholding or deduction, that cannot be avoided by measures reasonably available to the Issuer, the Fiscal Agent shall cause to be published on behalf of the Issuer at the Issuer’s cost irrevocable notice of intention to redeem the
Securities on the date therein designated, and stating that on said redemption date there will become and be due and payable upon each Security so to be redeemed the redemption price payable upon such redemption in [CURRENCY], to the person in whose
name the Security is registered at [●]:[●] [A.M./P.M.], [New York City] time on the fifteenth day before the redemption occurs, at the place or places specified in such notice, and that from and after such redemption date interest
thereon will cease to accrue; provided that no notice of redemption shall be given earlier than ninety (90) days prior to the earliest date on which the Issuer would be obligated to make the withholding if a payment in respect of the Securities were
then due. Prior to the publication and sending of any notice of redemption of the Securities pursuant to the foregoing, the Issuer will deliver to the Fiscal Agent an opinion of independent counsel of recognized standing or an opinion of a tax
consultant of recognized standing to the effect that the circumstances referred to above exist. The Fiscal Agent shall accept such opinion of counsel or tax consultant, as the case may be, as sufficient evidence of the satisfaction of the conditions
precedent described above and shall be entitled to rely on such opinion of counsel or tax consultant, and it shall be conclusive and binding on the registered holders of the Securities. Such notice shall be published in a daily newspaper in the
English language of general circulation in The City of New York and in a daily newspaper in the English language of general circulation in London, England, at least once prior to the redemption date, such publication to be not less than thirty (30)
days nor more than sixty (60) days prior to the 

  
 Exh. 4.1-4 

 
redemption date, provided that for so long as the Securities are held in book-entry form such notices may be given by delivery of the relevant notice to DTC, Euroclear, and Clearstream, for
communication by them to their respective participants in substitution for publication in any such newspaper. In case, by reason of the temporary or permanent suspension of the publication or general circulation of any newspaper or by reason of any
other cause, it shall be impossible or impracticable to publish such notice in the manner herein provided, then such method of publication in lieu thereof as shall be approved by the Fiscal Agent shall constitute a sufficient publication of such
notice. 
 (j) All Securities surrendered for payment, redemption, registration of transfer or exchange shall be promptly cancelled by
the Fiscal Agent or such other person as may be designated by the Issuer. All cancelled Securities which were surrendered to anyone other than the Fiscal Agent shall be delivered by such other person (including any transfer agent) to the Fiscal
Agent. All cancelled Securities held by the Fiscal Agent shall be destroyed by the Fiscal Agent, and the Fiscal Agent shall furnish to the Issuer and Japan a certificate with respect to such destruction. The Issuer and Japan shall be entitled to
have their representatives present at the time of any such destruction but no notice of such destruction need be furnished prior thereto. 

(k) In the event that Securities in definitive registered form are issued, the Fiscal Agent shall make or cause to be made payment of
interest on any such Securities directly to registered holders of such Securities in whose names such Securities were registered at the close of business on the record date for such payment (as defined in the Global Securities). Payment of principal
on any Security in definitive registered form will be made only upon surrender of such Security in definitive registered form at the office of the Fiscal Agent or any other duly appointed Agent. The Fiscal Agent shall provide notice of such final
payment to registered holders mailed not later than the fifteen (15) days before such final payment. Payments will be made on the due date therefor in immediately available funds by wire transfer or by check mailed to the addresses of such holders
as they appear on the register maintained by the Fiscal Agent. If the applicable due date for payment is not a Business Day, payment will be made on the next succeeding day which is a Business Day. 

5. EXCHANGE AND REPLACEMENT OF SECURITIES. (a) The Fiscal Agent is hereby authorized from time to time in
accordance with the provisions of the Securities and of this Section to authenticate and deliver to the registered holder thereof: 

(i) Global Securities or Securities in definitive registered form, as the case may be, in exchange for or in lieu of
Global Securities or Securities in definitive registered form, as the case may be, which become mutilated, destroyed, stolen or lost; and 

(ii) Global Securities or Securities in definitive registered form, as the case may be, of authorized denominations in
exchange for a like aggregate principal amount of Global Securities or Securities in definitive registered form, as the case may be, of other authorized denominations. 

All Securities so authenticated by the Fiscal Agent shall bear the guarantee of Japan in the form herein provided for. 

Each Security authenticated and delivered upon any transfer or in exchange for or in lieu of the whole or any part of any
Security shall carry all rights to interest accrued and unpaid and to accrue which were carried by the whole or such part of such Security and shall be so dated that neither gain nor loss of interest shall result from such transfer, exchange or
substitution. 
 (b) Subject to subsection (c) of this Section, no service charge shall be made for any such transfer, exchange or
registration of transfer or exchange of Securities, but the Issuer, Japan or the Fiscal Agent (and any other Agent appointed by the Issuer pursuant to Section 2 of this Agreement) may require payment of a sum sufficient to cover any transfer, stamp
or other tax or other governmental charge required to be paid in connection therewith. 
 (c) In case any Security certificate shall at
any time become mutilated or destroyed or stolen or lost then, provided that such Security, or evidence of the destruction, theft or loss thereof (together with the indemnity hereinafter referred to and such other documents as may be required in the
premises) shall be 

  
 Exh. 4.1-5 

 
delivered to the Fiscal Agent (which term, for the avoidance of doubt, includes the U.S. Representative) or in the case of a Security held in definitive registered form, delivered to either the
Fiscal Agent or any transfer agent, a replacement Security of like tenor and principal amount and bearing the guarantee of Japan in the form herein provided for, will be issued by the Issuer and, at its request, authenticated and delivered by the
Fiscal Agent, in exchange for the Security so mutilated, or in lieu of the Security destroyed or stolen or lost; and provided further that, in the case of destroyed, stolen or lost Securities, the Issuer, Japan, the Fiscal Agent and any transfer
agent shall have received evidence satisfactory to them that such Securities were destroyed, stolen or lost, and shall also have received an indemnity satisfactory to each of them. All expenses and reasonable charges associated with procuring
any indemnity and with the preparation, authentication and delivery of a replacement Security shall be borne by the holder of the Security mutilated, destroyed, stolen or lost. Upon the issuance of any replacement Security under this Section 5(c),
the Issuer, Japan, the Fiscal Agent or any transfer agent may require the payment of a sum sufficient to cover any transfer, stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Fiscal Agent) connected therewith. In case such mutilated, destroyed, stolen or lost Security has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Security,
pay or cause to be paid such Security. 
 Every replacement Security issued pursuant to this Section 5(c) in exchange for or in lieu of any
mutilated, destroyed, stolen or lost Security shall constitute a contractual obligation of the Issuer guaranteed by Japan, whether or not the mutilated, destroyed, stolen or lost Security shall be at any time enforceable by anyone (but, for the
avoidance of doubt, shall not constitute an issuance of Securities in excess of the maximum aggregate principal amount set forth in Section 3(b) of this Agreement). Any replacement Security delivered pursuant to this Section 5(c) shall be so dated
that neither gain nor loss of interest shall result from such replacement. 
 (d) The Issuer will promptly make available to the Fiscal
Agent a reasonable supply of Securities in definitive registered form and will issue or cause to be issued Securities in definitive registered form upon registration of transfer of, or exchange for, Securities represented by the DTC Global
Securities if DTC (a) notifies the Issuer that it is unwilling or unable to continue as depositary for such DTC Global Security or (b) ceases to be a clearing agency registered under the United States Securities Exchange Act of 1934, as amended, at
a time when it is required to be, and in either such case (a) or (b) a successor is not appointed by the Issuer within ninety (90) days after receiving such notice or becoming aware that DTC is no longer so registered. 

(e) The Issuer will promptly make available to the Fiscal Agent a reasonable supply of Securities in definitive registered form and will
issue or cause to be issued Securities in definitive registered form upon registration of transfer of, or exchange for, Securities represented by the International Global Securities if Euroclear or Clearstream is closed for business for a continuous
period of fourteen (14) days (other than by reason of legal holidays) or announces an intention permanently to cease business. 

(f) The Issuer may also at any time in its sole discretion determine not to have any of the Securities represented by the Global
Securities and, in such event, will issue or cause to be issued Securities in definitive registered form upon registration of transfer of, or in exchange for, Securities represented by Global Securities. 

(g) The Issuer shall bear the costs and expenses of printing or preparing any Securities in definitive registered form issued pursuant to
Section 5(d), 5(e) and 5(f) above. 
 (h) Upon any such issuance pursuant to Section 5(d), 5(e) and 5(f) above of Securities in
definitive registered form in exchange for all the Securities represented by any Global Security, the Fiscal Agent shall receive the relevant Global Securities from the custodian for DTC or the common depositary for Euroclear and Clearstream, as the
case may be, shall cancel such Global Securities and shall reduce the holdings of the registered holder of such Global Securities on the register to nil and shall receive Securities in definitive registered form from the Issuer. The Fiscal Agent
shall have at least thirty (30) days from the date of its receipt of Securities in definitive registered form, Global Securities submitted for exchange, registration information and 

  
 Exh. 4.1-6 

 
delivery information, whichever is latest, to authenticate and deliver such Securities in definitive registered form in an aggregate principal amount equal to and in exchange for the DTC,
Euroclear or Clearstream participants’ beneficial interests in the Securities represented by the relevant Global Securities as of the record date for such exchange established by the Issuer, as directed by DTC, Euroclear or Clearstream, as the
case may be. Such Securities in definitive registered form shall be registered in such names and in such denominations of [CURRENCY] [●] and integral multiples of [CURRENCY] [●] in excess thereof, and delivered as DTC, Euroclear or
Clearstream, pursuant to instructions from direct or indirect participants, shall direct. All Securities represented by Securities in definitive registered form issued in exchange for Securities represented by the relevant Global Securities shall be
valid obligations of the Issuer guaranteed by Japan, the holders of which shall be entitled to the same benefits under this Agreement as the holders of the Global Securities. Exchanges of Global Securities for Securities in definitive registered
form as described in this subsection (h) shall be made at the Issuer’s expense without charge to DTC, Euroclear, Clearstream or the common depositary. 

(i) Unless the DTC Global Securities are presented by an authorized representative of DTC to the Issuer, the Fiscal Agent or their
respective agents for registration of transfer, exchange or payment, and any replacement DTC Global Securities are registered in the name of a nominee of DTC, and any payment is made to such nominee, any transfer, pledge or other use of the DTC
Global Securities for value or otherwise shall be wrongful since the registered holders of the DTC Global Securities have an interest in the Securities evidenced by the DTC Global Securities. 

(j) Neither the Fiscal Agent nor any transfer agent will be required to (i) exchange or register the transfer of any Security selected for
redemption; or (ii) exchange or register the transfer of any Security for the period from the record date preceding the due date for any payment to the payment date with respect to such Security. 

6. REGISTRATION AND TRANSFER. (a) The Fiscal Agent shall maintain, as agent of the Issuer for the purpose, at the Fiscal
Agent’s office in [NAME OF CITY], a register for (i) registering and maintaining a record of the aggregate holdings of all DTC Global Securities and the International Global Securities, (ii) registering transfers between holders of the Global
Securities, (iii) registering and maintaining a record of the aggregate holdings of all definitive registered Securities, (iv) registering transfers between holders of the definitive registered Securities and (v) registering and maintaining a record
of any further issues of Securities pursuant to Section 9 of this Agreement and any subsequent transfers thereof. In addition, the Fiscal Agent will (i) maintain and promptly update the respective Schedules to the DTC Global Securities and the
International Global Securities, and (ii) ensure that the sum of the respective aggregate principal amounts shown by the latest entry in the respective Schedules to the DTC Global Securities and the International Global Securities does not exceed
[CURRENCY] [●], plus the aggregate principal amount of any additional Securities issued by the Issuer in accordance with Section 9 of this Agreement, at any one time. Upon presentation for the purpose at the said office of the Fiscal Agent of
any Security duly endorsed by, or accompanied by delivery of a written instrument of transfer in form approved by the Fiscal Agent duly executed by, the registered holder of the Security, or the registered holder’s attorney thereunto duly
authorized in writing, such Security shall be transferred upon such register and a new Security, bearing the guarantee of Japan in the form herein provided for, shall be authenticated and delivered in the name of the transferee. Transfers and
exchanges of Securities shall be subject to such reasonable regulations as may be prescribed by the Issuer. 
 Upon
presentation for transfer or exchange of any Security in definitive form at any office of any transfer agent accompanied by a written instrument of transfer in a form approved by the Fiscal Agent duly executed by the registered holder or such
registered holder’s attorney duly authorized in writing, such Security and written instrument shall be forwarded to the office of the Fiscal Agent. In addition, any transfer agent shall provide to the Fiscal Agent such information as the Fiscal
Agent may reasonably require in connection with the delivery by such transfer agent of Securities in the definitive form in exchange for other Securities. 

  
 Exh. 4.1-7 

 (b) When book-entry interests in Securities are to be transferred from the account of a DTC
participant holding a beneficial interest in a DTC Global Security to the account of a Euroclear or Clearstream accountholder wishing to purchase a beneficial interest in an International Global Security, on the settlement date, the custodian of the
DTC Global Security, initially MUFG Union Bank, N.A., will instruct the Fiscal Agent to: 
  

	 	•	 	decrease the amount of Securities registered in the name of the nominee of DTC and evidenced by the relevant DTC Global Security; and 

 

	 	•	 	increase the amount of Securities registered in the name of the nominee of the common depositary for Euroclear and Clearstream, and evidenced by the International Global Securities. Book-entry interests will be
delivered free of payment to Euroclear or Clearstream as the case may be, for credit to the relevant accountholder on the first Business Day following the settlement date. 

(c) When book-entry interests in the Securities are to be transferred from the account of a Euroclear or Clearstream accountholder to the
account of a DTC participant wishing to purchase a beneficial interest in a DTC Global Security, on the settlement date, the common depositary for Euroclear and Clearstream will: 

 

	 	•	 	transmit appropriate instructions to the custodian of the DTC Global Security, initially MUFG Union Bank, N.A., who will in turn deliver such book-entry interests free of payment to the relevant account of the DTC
participants; and 

  

	 	•	 	instruct the Fiscal Agent to: 

  

	 	•	 	decrease the amount of Securities registered in the name of the nominee of the common depositary for Euroclear and Clearstream, and evidenced by the International Global Securities; and 

 

	 	•	 	increase the amount of Securities registered in the name of the nominee of DTC and evidenced by the relevant DTC Global Security. 

7. CONDITIONS OF FISCAL AGENT’S OBLIGATIONS. Each of the Fiscal Agent and any other Agent appointed under Section 2 herein
accepts its obligations herein set forth, upon the terms and conditions hereof, including the following, to all of which the rights hereunder of the holders from time to time of the Securities shall be subject: 

(a) Compensation and Indemnification. The Issuer agrees promptly to pay the Fiscal Agent the compensation agreed upon with the
Issuer for all services rendered by the Fiscal Agent and to reimburse the Fiscal Agent for its reasonable out-of-pocket expenses (including reasonable counsel fees) incurred, after prior general consultation with the Issuer, in connection with the
services rendered hereunder. The Issuer also agrees to indemnify each of the Fiscal Agent (which term, for the avoidance of doubt, includes the U.S. Representative) and any other Agent appointed under Section 2 hereof for, and to hold each of them
harmless against, any loss, claim, liability or expense incurred without negligence, willful misconduct or bad faith, arising out of or in connection with its acting as such Fiscal Agent or such other Agent hereunder, as well as the reasonable costs
and expenses of defending against any such claim or liability. 
 (b) Agent for the Issuer and Japan. In acting under this
Agreement and in connection with the Securities, each of the Fiscal Agent and any other Agent is acting solely as agent of the Issuer and of Japan, and does not assume any obligation or relationship of agency or trust, for or with any of the owners
or holders of the Securities, except that all funds held by the Fiscal Agent or any other Agent for payment of principal of or interest on the Securities shall be held in trust, but need not be segregated from other funds except as required by law,
and shall be applied as set forth herein and in the Securities. 
 (c) Counsel. Each of the Fiscal Agent and any other
Agent may consult with counsel satisfactory to it and to the Issuer and to Japan, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or thing suffered by it hereunder in good faith
and in accordance with the opinion of such counsel. 

  
 Exh. 4.1-8 

 (d) Documents. Each of the Fiscal Agent and any other Agent shall be protected and
shall incur no liability for or in respect of any action taken or omitted or anything suffered by it in reliance without negligence, willful misconduct or bad faith upon any Security, instruction, notice, direction, consent, certificate, affidavit,
statement, cablegram or other paper or document reasonably believed by it to be genuine and to have been delivered or signed by the proper parties. 

(e) Certain Transactions. Each of the Fiscal Agent and any other Agent, or any officer, director or employee thereof, may become
the owner of, or acquire any interest in, any Securities, with the same rights as if it were not the Fiscal Agent or such other Agent or such officer, director or employee, as the case may be, and may engage or be interested in any financial or
other transaction with the Issuer or Japan, and may act for, or as depositary, trustee or agent for, any holders of the Securities or other obligations of the Issuer or Japan, or any committee or body of such holders, as freely as if it were not the
Fiscal Agent or such other Agent or such officer, director or employee, as the case may be. 
 (f) Instructions. Instructions
concerning the operation of the provisions of this Agreement and the duties to be carried out by the Fiscal Agent or any other Agent hereunder may from time to time be issued by the Issuer and Japan, and the Fiscal Agent or such other Agent shall at
all times comply with all such instructions as are for the time being in force. 
 (g) Reports and Inspection. The Fiscal Agent
shall furnish to the Issuer and Japan such reports as may be required by the instructions of the Issuer and Japan. Each of the Issuer and Japan may, whenever it deems it necessary, inspect any Securities held by the Fiscal Agent, any books of
registration and transfer, and any other books and records maintained by the Fiscal Agent hereunder. 
 (h) Forwarding of
Notices. If the Fiscal Agent shall receive any notice or demand addressed to the Issuer [or Japan] by the holder of a Security pursuant to the provisions of the Securities, the Fiscal Agent shall promptly forward copies of such notice or demand
to the Issuer and Japan. 
 (i) Statements. The recitals contained herein and in the Securities shall be taken as statements of
the Issuer or Japan, as the case may be, and neither the Fiscal Agent nor any other Agent assumes any responsibility for the correctness of the same, except that the Fiscal Agent and other Agents shall be responsible for the correctness of its
representations (if any) in the Certificate of Authentication on each Security. 
 8. RESIGNATION OR TERMINATION AND
APPOINTMENT OF SUCCESSOR. (a) The Issuer and Japan agree, for the benefit of the holders from time to time of the Securities, that there shall at all times be a Fiscal Agent hereunder which shall be or which shall have a representative which is a
bank or trust company organized and doing business under the laws of the United States of America or the State of New York, in good standing and having an established place of business in the Borough of Manhattan, The City of New York, and
authorized under such laws to exercise corporate trust powers, until all the Securities authenticated and delivered hereunder (i) shall have been delivered to the Fiscal Agent for cancellation or (ii) shall have become due and payable and monies
sufficient to pay the principal of and interest on the Securities shall have been made available for payment and either paid or returned to the Issuer or Japan as provided herein and in the Securities (such date being herein referred to as the
“Agency Maintenance Termination Date”). 
 (b) Subject to the provisions of this Section 8, the Issuer and Japan may at any
time and from time to time vary or terminate the appointment of the Fiscal Agent or any other Agent or appoint any additional Agents pursuant to Section 2 hereof for any or all of the purposes stated herein; provided, however, that
until the Agency Maintenance Termination Date, the Issuer and Japan will at all times maintain an office or agency in the Borough of Manhattan, The City of New York, where Securities may be surrendered for payment and where Securities may be
surrendered for registration of transfer or exchange, as provided in the Securities, and where notices and demands to or upon the Issuer and Japan in respect of Securities and this Agreement may be served. The Issuer

  
 Exh. 4.1-9 

 
and Japan will give prompt written notice to the Fiscal Agent of any change in the location of any such office or agency and shall give notice thereof to holders of Securities by prompt
publication at least once in a daily newspaper in the English language of general circulation in The City of New York (expected to be The Wall Street Journal) and in a daily newspaper in the English language of general circulation in London,
England (expected to be the Financial Times), provided that for so long as the Securities are held in book-entry form such notices may be given by delivery of the relevant notice to DTC, Euroclear and Clearstream, for communication by them to
their respective participants in substitution for publication in any such newspaper. Prior to appointing any replacement U.S. Representative of the Fiscal Agent, the Issuer and/or Japan shall consult the Fiscal Agent and the Fiscal Agent shall
recommend to the Issuer and Japan one or more financial institutions for the role of U.S. Representative of the Fiscal Agent, but for the avoidance of doubt, the Issuer and Japan shall appoint a replacement U.S. Representative of the Fiscal Agent at
their sole discretion. 
 (c) Subject to the provisions of this subsection (c), (i) the Fiscal Agent or any other Agent may at any time
resign as such agent by giving written notice, mailed to the Issuer and to Japan in accordance with Section 15 hereof, of such intention on its part, specifying the date on which its desired resignation shall become effective, provided
that the Issuer and Japan shall agree to such resignation (such agreement not to be unreasonably withheld or delayed), and (ii) the Fiscal Agent or any other Agent hereunder may be removed at any time by the filing with it of an instrument in
writing signed on behalf of the Issuer and Japan and specifying such removal and the date when it shall become effective. Any resignation or removal of the Fiscal Agent or any other Agent shall take effect upon the appointment by the Issuer and
Japan, by an instrument in writing, of a successor Fiscal Agent (which shall meet the qualifications prescribed in Section 8(a) hereof), successor U.S. Representative of the Fiscal Agent or successor of any other Agent and the acceptance of such
appointment by such successor. In the event the Fiscal Agent or any other Agent resigns its appointment hereunder and no successor Fiscal Agent or Agent is appointed within 60 days after such resignation in place of the resigning Fiscal Agent or
other Agent, the Fiscal Agent on behalf of the Issuer may appoint a successor Fiscal Agent or other Agent, which appointment shall be deemed to be an appointment by the Issuer under this Section 8 and the Fiscal Agent shall promptly notify the
Issuer in writing of such appointment. Upon its resignation or removal, the Fiscal Agent or such Agent shall be entitled to the payment by the Issuer of its compensation for the services theretofore rendered hereunder and to the reimbursement by the
Issuer of all reasonable out-of-pocket expenses theretofore incurred in connection with the performance of its duties hereunder. 

(d) In case at any time the Fiscal Agent or any other Agent shall resign, or shall be removed, or shall become incapable of acting, or
shall be adjudged a bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or make an assignment for the benefit of its creditors or consent to the appointment of a receiver of all or any substantial part of its property, or shall
admit in writing its inability to pay or meet its debts as they mature, or if an order of any court shall be entered approving any petition filed by or against it under the provisions of Chapter 7 or 11 of Title 11 of the United States Code or under
the provisions of any similar legislation, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed or if any public officer shall have taken charge or control of the Fiscal Agent or any other Agent or
of its property or affairs, for the purpose of rehabilitation, conservation or liquidation, a successor Fiscal Agent (qualified as aforesaid) or successor of any other Agent shall be appointed by the Issuer and Japan, by an instrument in writing,
filed with the successor Fiscal Agent or successor of such other Agent, as the case may be. Upon the appointment as aforesaid of a successor Fiscal Agent or successor of any other Agent and acceptance by such successor Fiscal Agent or successor
of such other Agent, as the case may be, of such appointment, the Fiscal Agent or such other Agent so superseded shall cease to be the Fiscal Agent or such other Agent hereunder. 

(e) Any successor Fiscal Agent or successor of any other Agent appointed hereunder shall execute, acknowledge and deliver to its
predecessor and to the Issuer and Japan an instrument accepting such appointment hereunder, and thereupon such successor Fiscal Agent or successor of any other Agent, without any further act, deed or conveyance, shall become vested with all the
authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Fiscal Agent or any other Agent, as the case may be, hereunder, and such predecessor, upon payment to it of its
charges and disbursements then unpaid, 

  
 Exh. 4.1-10 

 
shall thereupon become obligated to transfer, deliver and pay over, and such successor Fiscal Agent or successor of any other Agent shall be entitled to receive, all monies, securities or other
property on deposit with or held by such predecessor, as Fiscal Agent or any other Agent hereunder, as the case may be. The Issuer and Japan shall give notice of the appointment of a successor Fiscal Agent or successor of any other Agent to
holders of Securities by prompt publication at least once in a daily newspaper in the English language of general circulation in The City of New York (expected to be the Wall Street Journal) and in a daily newspaper in the English language of
general circulation in London, England (expected to be the Financial Times), provided that for so long as the Securities are held in book-entry form such notices may be given by delivery of the relevant notice to DTC, Euroclear and
Clearstream, for communication by them to their respective participants in substitution for publication in any such newspaper. 

(f) Any corporation or bank into which the Fiscal Agent or its U.S. Representative hereunder or any other Agent may be merged or
converted, or any corporation or bank with which the Fiscal Agent or its U.S. Representative or any other Agent may be consolidated, or any corporation or bank resulting from any merger, conversion or consolidation to which the Fiscal Agent or its
U.S. Representative or any other Agent shall be a party, or any corporation or bank to which the Fiscal Agent or its U.S. Representative or any other Agent shall sell or otherwise transfer all or substantially all of the assets and business of the
Fiscal Agent or its U.S. Representative or such Agent, as the case may be, provided that it shall be qualified as aforesaid, shall be the successor Fiscal Agent or its U.S. Representative or successor of any other Agent, as the case may be,
under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

9. FURTHER ISSUES. The Issuer may from time to time, without notice to or the consent of the registered holders of
the Securities, create and issue further securities ranking pari passu with the Securities in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such further securities or except for the
first payment of interest following the issue date of such further securities) and so that such further securities shall be consolidated and form a single series with the Securities and shall have the same terms as to status, redemption or otherwise
as the Securities. Any further securities shall be issued with the benefit of an agreement supplemental to this Agreement. 

10. PAYMENT OF STAMP TAXES AND OTHER DUTIES. The Issuer will pay all stamp taxes and other duties, if any, to which
this Agreement or the original issuance of the Securities shall be subject. 
 11. INFORMATION AVAILABLE TO HOLDERS OF
SECURITIES. The Fiscal Agent shall make available to the holder of any Security during the Fiscal Agent’s normal business hours upon request such information as may be contained in its records relating to the performance by the Issuer and Japan
of their obligations under the Securities and the guarantee thereof and hereunder. 
 12. AMENDMENT. This Agreement may
be modified or amended by the Issuer, Japan, the Fiscal Agent and any transfer agent, without the consent of the holder of any Security, for the purpose of adding to the covenants of the Issuer or Japan for the benefit of such holders, surrendering
any right or power conferred upon the Issuer or Japan, securing the Securities pursuant to the requirements of the Securities or otherwise, curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein, or in
any manner which the Issuer, Japan, the Fiscal Agent and any transfer agent may mutually deem necessary or desirable, which shall not be inconsistent with any Security and which shall not adversely affect in any material respect the interest of the
holders of the Securities. 
 13. GOVERNING LAW. This Agreement shall be governed by, and interpreted in accordance
with, the laws of the State of New York except with respect to its authorization and execution by the Issuer and Japan and any other matters required to be governed by the laws of Japan, which shall be governed by the laws of Japan. 

14. APPOINTMENT OF AGENT FOR SERVICE. The Issuer hereby appoints the U.S. Representative of the Fiscal Agent for the time being
as the Issuer’s authorized agent (the “Authorized Agent”) upon which process may be served in any action arising out of or based on this Agreement or 

  
 Exh. 4.1-11 

 
the Securities which may be instituted in any State or Federal court in The City of New York by the Fiscal Agent or the holder of any Security and the Issuer expressly accepts the jurisdiction of
any such court in respect of any such action. Such appointment, which is hereby accepted by such U.S. Representative, shall be irrevocable until the Agency Maintenance Termination Date unless and until a successor U.S. Representative of the Fiscal
Agent or successor Fiscal Agent has been appointed as the Issuer’s Authorized Agent for such purpose and such successor U.S. Representative of the Fiscal Agent or successor Fiscal Agent shall have accepted such appointment. The Issuer will take
any and all action, including the filing of any and all documents and instruments that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent at the address indicated in
Section 15 hereof, or at such other address in the Borough of Manhattan, the City of New York, as may be the main office of such U.S. Representative at the time of such service, and written notice of such service to the Issuer (mailed or delivered
to the Issuer at its address as provided in Section 15 hereof) shall be deemed in every respect effective service of process upon the Issuer. Notwithstanding the foregoing, any action arising out of or based on the Securities may also be instituted
by the holder of a Security in any competent court in Japan. The Issuer hereby waives irrevocably any immunity to which it might otherwise be entitled in any action arising out of or based on this Agreement or the Securities which may be instituted
as provided in this Section in any State or Federal court in The City of New York or in any competent court in Japan. This waiver is intended to be effective upon execution of this Agreement without any further act by the Issuer before any such
court, and introduction of this Agreement into evidence shall be final and conclusive evidence of such waiver. 
 15.
NOTICES. Any notices pursuant to, or communications with respect to, this Agreement shall be deemed to have been given when delivered in person, when deposited in the mail as first class registered or certified air mail, postage prepaid, or when
sent by telecopy or communicated by telephone (subject, in the case of communication by telephone, to confirmation dispatched within twenty-four hours by telecopy), to: in the case of the Issuer, Nibancho Center Building 5-25, Niban-cho, Chiyoda-ku,
Tokyo 102-8012, Japan, telephone no.: 03-5226-9279, telecopy no.: 03-5226-6387, in the case of Japan, 3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940, Japan, telephone no.: 03-3581-4111, telecopy no.: 03-3593-7494, Attention: Market Finance
Division, Finance Bureau, Ministry of Finance; in the case of the Fiscal Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, as Fiscal Agent, Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AN,
telecopy no.: 44-20-7577-1609, SWIFT code: BOTKGB2L, Attention: Securities Services, with a copy (if appropriate) to MUFG Union Bank, N.A., 1251 Avenue of the Americas, 19th Floor, New York, N.Y., 10020, telecopy no.: +1 (646) 452-2000, Attention
(mail or telecopy): Corporate Trust Administration; or such other address as shall be specified in writing by the party in question to the other parties hereto. 

16. SUCCESSORS AND ASSIGNS. This Agreement and the Securities and the guarantee and all covenants and agreements by the
Issuer and Japan herein and in the Securities and in the guarantee shall be binding upon any successors or assigns to the Issuer and upon Japan, regardless of any such succession or assignment. 

17. COUNTERPARTS. This Agreement may be executed in separate counterparts, and by each party separately on a separate
counterpart, each such counterpart, when so executed and delivered, to be an original. Such counterparts shall together constitute but one and the same instrument. 

  
 Exh. 4.1-12 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

 

			
	JAPAN INTERNATIONAL COOPERATION AGENCY
		
	By	 	  

		 	Name:
		 	Title:
	
	JAPAN
		
	By	 	  

		 	Name:
		 	Title:        
	
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., LONDON BRANCH

		
	By	 	  

		 	Name:
		 	Title:
	
	 MUFG UNION BANK, N.A.

		
	By	 	  

		 	Name:
		 	Title:

  
 Exh. 4.1-13 

 EXHIBIT A-1 

(FORM OF DTC GLOBAL SECURITY) 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO JAPAN INTERNATIONAL COOPERATION AGENCY (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CEDE & CO. OR SUCH OTHER ENTITY, HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL THIS GLOBAL SECURITY
IS EXCHANGED FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 INTEREST PAYMENTS ON THIS
SECURITY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THE SECURITY IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER (X) AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE
CORPORATION, NOR (Y) AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE ISSUER AS DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING
TAXATION OF JAPAN (A “SPECIALLY-RELATED PARTY OF THE ISSUER”), (II) A JAPANESE DESIGNATED FINANCIAL INSTITUTION DESCRIBED IN ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN WHICH COMPLIES WITH THE
REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH, OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF
JAPAN WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 
 INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN,
TO A JAPANESE CORPORATION (EXCEPT AS DESCRIBED IN THE PRECEDING PARAGRAPH), OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PARTY OF THE ISSUER WILL BE SUBJECT TO DEDUCTION IN
RESPECT OF JAPANESE INCOME TAX AT A RATE OF CURRENTLY 15.315 PER CENTUM OF THE AMOUNT OF SUCH INTEREST. 
  

					
	No. R-	 	  
	  	[CURRENCY]_

 CUSIP: 
 ISIN: 

Common Code: 

  
 Exh. 4.1-14 

 JAPAN INTERNATIONAL COOPERATION AGENCY 

[TITLE OF SECURITY] 
 1. JAPAN
INTERNATIONAL COOPERATION AGENCY (herein called the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __ [CURRENCY] or such other aggregate principal amount as may be shown
in the Schedule hereto on [●], [●] and to pay to the Registered Holder (as defined in paragraph 3) of this DTC Global Security interest on said principal sum from [●], [●] or from the most recent interest payment date to
which interest has been paid or duly provided for, semi-annually in arrears on [●] and [●] in each year, commencing [●], [●] at the rate of [●] per centum ([●]%) per annum until payment of said principal sum has
been made or duly provided for. The interest so payable on any [●] and [●], together with any Additional Amounts (as defined in paragraph 2) payable as set out herein, will be paid to the person in whose name this DTC Global Security is
registered at [●]:[●] [A.M./P.M.], [New York City] time, on the fifteenth day before such interest payment occurs (the “record date”), whether or not the record date is a business day. Whenever it is necessary to compute any
amount of interest in respect of the Securities (as defined in paragraph 3), that interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

Payments on this DTC Global Security will be made in accordance with any laws, regulations or administrative practices applicable to the
Issuer and the paying agent(s) in respect thereof, including the requirements applicable under Japanese tax law. Payment of the principal of and interest on this DTC Global Security shall be made in immediately available funds in the lawful money of
[NAME OF COUNTRY] (“[CURRENCY]”) as at the time of payment is legal tender for the payment of public and private debts. Payments of principal of this DTC Global Security shall be made upon surrender of this DTC Global Security at the
office of the Fiscal Agent (as defined in paragraph 3) in [NAME OF CITY], or, subject to applicable laws and regulations, at such other place or places as are designated by the Issuer, which, for the purposes of this DTC Global Security, shall
include the office of the U.S. Representative of the Fiscal Agent (as defined in paragraph 3) in [NAME OF CITY], by [CURRENCY] check, or by wire transfer to an account maintained by the payee, and payments of interest on this DTC Global Security
shall be made, in accordance with the foregoing and subject to the provisions hereof and to applicable laws and regulations, by check mailed on the due date for such payment to the Registered Holder hereof at the address of the Registered Holder
listed in the Security Register (as defined in paragraph 9) or, upon written notice to the Fiscal Agent by such Registered Holder no later than the record date for such payment, by wire transfer to an account of the Registered Holder. 

In the Fiscal Agency Agreement (as defined in paragraph 3), the Issuer and Japan have agreed that until the date on which the Securities (as
defined in paragraph 3) shall have been delivered to the Fiscal Agent for cancellation, or become due and payable and monies sufficient to pay the principal of and interest on all of the Securities shall have been made available for payment and
either paid or returned to the Issuer or Japan as provided herein (the “Agency Maintenance Termination Date”), the Issuer and Japan will at all times maintain an office or agency in the Borough of Manhattan, The City of New York, where
Securities may be presented or surrendered for payment. 
 2. (a) All payments of principal and interest by the Issuer in respect of this
DTC Global Security will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority therein
or thereof having power to tax (“Taxes”), unless the withholding or deduction of such Taxes is required by law. In that event, the Issuer will pay such additional amounts (“Additional Amounts”) as may be necessary in order that
the net amounts received by any beneficial owner of this DTC Global Security after such withholding or deduction shall equal the respective amounts of principal and interest which would have been receivable in respect of this DTC Global Security in
the absence of such withholding or deduction, except that no such Additional Amounts shall be payable with respect to this DTC Global Security; 

(i) to, or to a third party on behalf of, any beneficial owner of this DTC Global Security that is an individual
non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect 

  
 Exh. 4.1-15 

 
of this DTC Global Security by reason of such beneficial owner’s (a) having some connection with Japan other than the mere holding of, or the enforcement of its rights under, this DTC Global
Security or (b) being a person having a special relationship with the Issuer as described in Article 6, paragraph 4 of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended)(a “specially-related party of the
Issuer”); or 
 (ii) to, or to a third party on behalf of, any beneficial owner of this DTC Global Security that would
otherwise be exempt from any such withholding or deduction but that fails to comply with any applicable requirement to provide the Interest Recipient Information (as defined in paragraph 2(b)) or to submit the Written Application for Tax Exemption
(as defined in paragraph 2(b)) to the Fiscal Agent (as defined in paragraph 3), or whose Interest Recipient Information is not duly communicated through the Participant (as defined in paragraph 2(b)) and the relevant international clearing
organization to the Fiscal Agent; or 
 (iii) to, or to a third party on behalf of, any beneficial owner of this DTC
Global Security that is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined in paragraph 2(b)) that complies with the requirement to provide
the Interest Recipient Information or to submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies the Fiscal Agent of its status as not being subject to Taxes to be
withheld or deducted by the Issuer by reason of such resident or Japanese corporation receiving interest on this DTC Global Security through a payment handling agent in Japan appointed by it); or 

(iv) more than 30 days after the Relevant Date (as defined in this paragraph 2(a)), except to the extent that any
beneficial owner of this DTC Global Security would have been entitled to such Additional Amounts for payment at the expiration of such 30-day period. 

As used herein, the “Relevant Date” means the date on which such payment first becomes due, except that, if the amount of the monies
payable has not been received by the Fiscal Agent on or prior to such due date, it means the date on which, the full amount of such monies having been so received, notice to that effect shall have been duly published as set forth in paragraph 6.

 (b) For the purpose of sub-paragraphs (ii) and (iii) above: 

(i) where this DTC Global Security is held through a certain participant of an international clearing organization or a certain
financial intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Issuer for, or on account of Taxes, if the relevant beneficial owner of this DTC Global Security is (A) an individual
non-resident of Japan or a non-Japanese corporation (other than a specially-related party of the Issuer) or (B) a Japanese financial institution falling under certain categories prescribed by the Act on Special Measures Concerning Taxation of Japan,
and the cabinet order (Cabinet Order No. 43 of March 31, 1957, as amended) thereunder (together with ministerial ordinances and other regulations thereunder, the “Act”) (a “Designated Financial Institution”), all in accordance
with the Act, such beneficial owner shall, at the time of entrusting a Participant with the custody of this DTC Global Security, provide certain information prescribed by the Act to enable the Participant to establish that such beneficial owner is
exempted from the requirement for Taxes to be withheld or deducted (the “Interest Recipient Information”) and advise the Participant if such beneficial owner ceases to be so exempted (including the case where the beneficial owner who is an
individual non-resident of Japan or a non-Japanese corporation became a specially-related party of the Issuer); and 
 (ii)
where this DTC Global Security is not held by a Participant, in order to receive payments free of withholding or deduction by the Issuer for, or on account of, Taxes, if the relevant beneficial owner of this DTC Global Security is (A) an individual
non-resident of Japan or a non-Japanese corporation (other than a specially-related party of the Issuer) or (B) a Designated Financial Institution, all in 

  
 Exh. 4.1-16 

 
accordance with the Act, such beneficial owner shall, prior to each time on which it receives interest, submit to the Fiscal Agent a written application for tax exemption from withholding tax
(Hikazei Tekiyo Shinkokusho) (a “Written Application for Tax Exemption”) in the form obtainable from the Fiscal Agent stating, among other things, the name and address (and, if applicable, the Japanese individual or corporation ID
number) of such beneficial owner, the title of this DTC Global Security, the relevant interest payment date, the amount of interest and the fact that such beneficial owner is qualified to submit the Written Application for Tax Exemption, together
with the documentary evidence regarding its identity and residence. 
 Any reference in this DTC Global Security or the guarantee of Japan
in the form provided in the Fiscal Agency Agreement to principal or interest shall be deemed also to refer to any Additional Amount which may be payable under this paragraph 2. 

3. This DTC Global Security is one of a duly authorized issue of securities of the Issuer (herein called the “Securities”), issued
in accordance with the Fiscal Agency Agreement (the “Fiscal Agency Agreement”), dated as of [●], [●] (New York City time) / [●], [●] (Tokyo time), entered into by and among the Issuer, Japan, The Bank of
Tokyo-Mitsubishi UFJ, Ltd., London Branch, as Fiscal Agent, Principal Paying Agent and Transfer Agent, and MUFG Union Bank, N.A., as the U.S. representative of the Fiscal Agent, Principal Paying Agent and Transfer Agent (the “U.S.
Representative”), with respect to the Securities, copies of which Fiscal Agency Agreement are on file and available for inspection at the office of the U.S. Representative of the Fiscal Agent at [ADDRESS OF U.S. REPRESENTATIVE]. The Bank of
Tokyo-Mitsubishi UFJ, Ltd., London Branch, and MUFG Union Bank, N.A., in its capacity as U.S. Representative, and their successors as Fiscal Agent are herein called the “Fiscal Agent”. This Security is one of the series designated on the
face hereof, limited in aggregate principal amount to [CURRENCY] [●] ([●] [CURRENCY]) outstanding at any one time (which amount may be increased as provided in the Fiscal Agency Agreement). The Securities are issuable only as fully
registered Securities without coupons in denominations of [CURRENCY] [●] and integral multiples of [CURRENCY] [●] in excess thereof. In acting under the Fiscal Agency Agreement, the Fiscal Agent is acting solely as agent for the Issuer
and Japan and does not assume any obligation or relationship of agency or trust for or with the Registered Holder of this DTC Global Security except as specifically described below. As used herein, the term “Registered Holder” of a
Security means the person in whose name such Security is registered in the Security Register (as defined in paragraph 9). 
 Notwithstanding
any other provision of the Fiscal Agency Agreement or this DTC Global Security, this DTC Global Security may be transferred to, or exchanged for Securities in definitive registered form registered in the name of, a person other than DTC, a nominee
of DTC or a successor of DTC or its nominee if (i) DTC (a) notifies the Issuer that it is unwilling or unable to continue as depositary for such DTC Global Security or (b) ceases to be a clearing agency registered under the United States
Securities Exchange Act of 1934 at a time when it is required to be, and in either such case (a) or (b) a successor depositary is not appointed by the Issuer within 90 days after receiving such notice or becoming aware that DTC is no longer so
registered or (ii) the Issuer in its sole discretion, instructs the Fiscal Agent in writing that a DTC Global Security shall be so transferable and exchangeable. Securities in definitive registered form issued in exchange for this DTC Global
Security will be registered in such names as an authorized representative of DTC, pursuant to instructions that direct or indirect Participants in DTC shall request, and issued in denominations of [CURRENCY] [●] and integral multiples of
[CURRENCY] [●] in excess thereof. 
 4. This DTC Global Security is subject to retirement or redemption as hereinafter provided.
Redemption of this DTC Global Security pursuant to this paragraph 4 shall be made upon the notice, in the manner and with the effect hereinafter set forth. 

  
 Exh. 4.1-17 

 5. In order to provide for the payment of principal of and interest on the Securities as the same
shall become due, the Issuer does hereby agree to pay to the Fiscal Agent at its office in [NAME OF CITY], in [CURRENCY], the amounts set forth below in this paragraph, to be applied by the Fiscal Agent as hereinafter set forth: 

(a) The Issuer shall pay to the Fiscal Agent semi-annually on a date not later than each interest payment date (or such other
date when interest is payable, as provided in paragraph 8(b)) an amount sufficient to pay the interest becoming due on all Securities on such interest payment date. 

(b) On a date not later than the redemption or maturity date (or such other date when principal is payable as provided in
paragraph 8(b)) of this DTC Global Security, the Issuer shall pay to the Fiscal Agent an amount which, together with any monies then held by the Fiscal Agent and available for the purpose, shall be equal to the entire amount of principal and
interest to be due on such redemption or maturity date on the Securities called for redemption or then outstanding. 

(c) As early as practicable on each interest payment date and on the redemption or maturity date (or on such other date on
which interest or principal is payable, as provided in paragraph 8(b)), the Fiscal Agent shall from funds paid to it by the Issuer pay, or procure the payment of, the [CURRENCY] amount due in respect of Securities represented by this DTC Global
Security by check or by wire transfer of same day funds for value on the due date for payment to DTC for payment pro rata to the relevant accountholders in accordance with DTC’s settlement procedures. 

6. The Securities (including this DTC Global Security) may be redeemed for cash at the option of the Issuer in whole, but not in part, on not
more than sixty (60) days’ and not less than thirty (30) days’ irrevocable notice to the Registered Holders of the Securities, at a redemption price for each Security equal to the principal amount thereof, together with accrued interest to
the date fixed by the Issuer for redemption and any Additional Amounts, if the Issuer determines and certifies to the Fiscal Agent immediately prior to the giving of the notice that, as a result of any change in, or amendment to, the laws or
treaties (or any regulations or rulings promulgated thereunder) of Japan (or any political subdivision or taxing authority of Japan) affecting any Taxes, or any change in official position regarding the application or interpretation of these laws,
treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after [●], [●], the Issuer is, or on the next
interest payment date would be, required to pay any Additional Amounts for the Securities that cannot be avoided by measures reasonably available to the Issuer; provided that no notice of redemption shall be given earlier than ninety (90) days prior
to the earliest date on which the Issuer would be obligated to make the withholding if a payment in respect of the Securities were then due. Prior to the publication and sending of any notice of redemption of the Securities pursuant to the
foregoing, the Issuer will deliver to the Fiscal Agent an opinion of independent counsel of recognized standing or an opinion of a tax consultant of recognized standing to the effect that the circumstances referred to above exist. The Fiscal Agent
shall accept such opinion of counsel or tax consultant, as the case may be, as sufficient evidence of the satisfaction of the conditions precedent described above, and it shall be conclusive and binding on the Registered Holders of the Securities.

 Notice of intention to redeem the Securities, specifying the redemption date and the place or places where the redemption price will be
paid, shall be given by publication in a daily newspaper in the English language, of general circulation in The City of New York (expected to be the Wall Street Journal) and in a daily newspaper in the English language of general circulation
in London, England (expected to be the Financial Times), at least once prior to the redemption date, such publication to be not less than thirty (30) days nor more than sixty (60) days prior to the redemption date, provided that for so long
as the Securities are held in book-entry form such notices may be given by delivery of the relevant notice to DTC, Euroclear Bank S.A./N.V. or Clearstream Banking S.A., for communication by them to their respective Participants in substitution for
publication in any such newspaper. In case, by reason of the temporary or permanent suspension of the publication or general circulation of any newspaper or by reason of any other cause, it shall be impossible or impracticable to publish such notice
in the manner herein provided, then such method of publication in lieu 

  
 Exh. 4.1-18 

 
thereof as shall be approved by the Fiscal Agent shall constitute a sufficient publication of such notice. Notice having been so given, the Securities so called for redemption shall become due
and payable on the redemption date so designated at the redemption price, and upon surrender thereof, the Securities will be paid at the redemption price together with all accrued interest (unless the redemption date is a date for the payment of
interest) in [CURRENCY], to the person in whose name the Security is registered at [●]:[●] [A.M./P.M.], [New York City] time on the fifteenth day before the redemption occurs at the place or places specified in such notice. From and
after the redemption date, if monies for the redemption of all the Securities to be redeemed shall have been available at the office of the Fiscal Agent for redemption on the redemption date, the Securities so called for redemption shall cease to
bear interest and the only right of the Registered Holders of the Securities shall be to receive payment of the redemption price in accordance with the terms of such Securities. 

7. This DTC Global Security will become void unless presented for payment within a period of ten years from the Relevant Date (as defined in
paragraph 2(a)). 
 8. (a) In the event of a default by the Issuer (i) in the payment when due of principal of or interest on any of the
Securities and the continuance of such default for a period of thirty (30) days, or (ii) in the performance of any other covenant contained in the Securities and the continuance of such default for a period of ninety (90) days after written notice
thereof to the Issuer from the Registered Holder of this DTC Global Security shall have been received by the Fiscal Agent, then in any such case the principal amount of this DTC Global Security shall, at the option of and upon written demand to the
Fiscal Agent at said office by the Registered Holder hereof, mature and become due and payable upon the date that such written demand is received by the Fiscal Agent, unless prior to such date the Issuer shall have cured all such defaults in respect
of all the Securities. Any amount of interest or principal so in default in respect of this DTC Global Security shall bear interest (if, and to the extent permitted by law) at the rate specified in the title of this DTC Global Security until such
default shall have been cured. 
 (b) If a date for payment of principal or interest on this DTC Global Security falls on a day that is not
a Business Day, the related payment of principal, premium, if any, or interest may be made on the next succeeding Business Day as if made on the date the payment was due and no interest will accrue in respect of such delay. For purposes of this
paragraph 8(b), “Business Day” means any day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in (a) the
relevant place of payment and (b) The City of New York, London and Tokyo. 
 9. The transfer of this DTC Global Security is registrable on
the Security Register (as herein defined) upon surrender of this DTC Global Security for registration at the office of the U.S. Representative of the Fiscal Agent in [NAME OF CITY] duly endorsed by, or accompanied by a written instrument of transfer
in a form approved by the Fiscal Agent duly executed by, the Registered Holder hereof or such Registered Holder’s attorney duly authorized in writing. The Issuer, Japan and the Fiscal Agent may deem and treat the Registered Holder hereof as the
absolute owner hereof (notwithstanding any notice of ownership or writing hereon made by anyone) for the purpose of receiving payment hereon and for all other purposes, whether or not this DTC Global Security shall be overdue. Upon surrender of this
DTC Global Security by an authorized representative of DTC, for registration of transfer, the Issuer shall execute, and the Fiscal Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Securities, of any authorized denominations and of a like aggregate principal amount, and registered in such name or names as may be requested by an authorized representative of DTC, dated the date of authentication thereof and bearing the guarantee
of Japan in the form provided in the Fiscal Agency Agreement. The Issuer covenants that, until the Agency Maintenance Termination Date, it will at all times maintain in the Borough of Manhattan, The City of New York, an office or agency for the
transfer and registration of transfers, as aforesaid, of Securities and where notices and demands to or upon the Issuer or Japan in respect of the Securities and the Fiscal Agency Agreement may be served. The Issuer has appointed the Fiscal Agent
[(acting through its U.S. Representative)] as its agent for such purpose. The Issuer has also agreed to cause to be kept at the office of the Fiscal Agent in [NAME OF CITY] a register (the 

  
 Exh. 4.1-19 

 
register maintained in such office being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall
provide for such registration of transfers. 
 In the manner and subject to the limitations provided in the Fiscal Agency Agreement,
Securities may be exchanged for a like aggregate principal amount of Securities of authorized denominations bearing the guarantee of Japan in the form provided in the Fiscal Agency Agreement. The Issuer covenants that until the Agency Maintenance
Termination Date, it will at all times maintain an office or agency in the Borough of Manhattan, The City of New York, where Securities may be surrendered in exchange for Securities in other authorized denominations in accordance with the terms
hereof and of the Fiscal Agency Agreement. The Issuer has appointed the Fiscal Agent (acting through its U.S. Representative) as its agent for such purpose. 

Neither the Fiscal Agent nor any transfer agent will be required to (i) exchange or register the transfer of any Security selected for
redemption; or (ii) exchange or register the transfer of any Security for the period from the record date preceding the due date for any payment to the payment date with respect to such Security. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Issuer guaranteed by
Japan evidencing the same debt, and entitled to the same benefits, as the Securities surrendered upon such registration of transfer or exchange. Any new DTC Global Security delivered pursuant to this paragraph 9 shall be so dated that neither gain
nor loss of interest shall result from such registration or exchange. 
 No service charge shall be made for any such transfer, exchange or
registration of transfer or exchange of Securities, but the Issuer, Japan or the Fiscal Agent (and any other agent appointed by the Issuer pursuant to Section 2 of the Fiscal Agency Agreement) may require payment of a sum sufficient to cover any
transfer, stamp or other tax or other governmental charge required to be paid in connection therewith. 
 10. In case this DTC Global
Security shall at any time become mutilated or destroyed or stolen or lost then, provided that this DTC Global Security, or evidence of the destruction, theft or loss thereof (together with the indemnity hereinafter referred to and such other
documents or proof as may be required in the premises) shall be delivered to the Fiscal Agent [or its U.S. Representative], a replacement DTC Global Security of like tenor and principal amount and bearing the guarantee of Japan in the form provided
in the Fiscal Agency Agreement will be issued by the Issuer and, at its request, authenticated and delivered by the Fiscal Agent in exchange for the DTC Global Security so mutilated, or in lieu of the DTC Global Security destroyed or stolen or lost;
and provided further that, in the case of destroyed, stolen or lost Securities, the Issuer, Japan and the Fiscal Agent shall have received evidence satisfactory to them that such Securities were destroyed, stolen or lost, and shall also have
received an indemnity satisfactory to each of them. All expenses and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a replacement DTC Global Security shall be borne by the
Registered Holder of the DTC Global Security mutilated, destroyed, stolen or lost. Upon the issuance of any replacement DTC Global Security under this paragraph 10, the Issuer, Japan or the Fiscal Agent may require the payment of a sum sufficient to
cover any transfer, stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Fiscal Agent) connected therewith. In case such mutilated, destroyed, stolen
or lost DTC Global Security has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new DTC Global Security, pay or cause to be paid such DTC Global Security. 

Every replacement DTC Global Security issued pursuant to this paragraph 10 in exchange for or in lieu of any mutilated, destroyed, stolen or
lost DTC Global Security shall constitute an original additional contractual obligation of the Issuer guaranteed by Japan, whether or not the mutilated, destroyed, stolen or lost DTC Global Security shall be at any time enforceable by anyone. Any
replacement DTC Global Security delivered pursuant to this paragraph 10 shall be so dated that neither gain nor loss of interest shall result from such replacement. 

  
 Exh. 4.1-20 

 The provisions of this paragraph 10 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, stolen or lost Securities. 
 11. Subject to
paragraph 13, the Issuer hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this DTC Global Security and its guarantee by Japan, and to
constitute the same the valid obligations of the Issuer and of Japan, respectively, in accordance with their terms, have been done and performed and have happened in due and strict compliance with the applicable laws of Japan. 

12. The Fiscal Agency Agreement may be modified or amended by the Issuer, Japan and the Fiscal Agent, and the terms and conditions of the
Securities may be modified or amended by the Issuer and Japan, without the consent of the Registered Holder of any DTC Global Security for the purpose of adding to the covenants of the Issuer or Japan for the benefit of the Registered Holders,
surrendering any right or power conferred upon the Issuer or Japan, securing the Securities pursuant to the requirements of the Securities or otherwise, curing any ambiguity, or curing, correcting or supplementing any defective provision therein, or
in any manner which the Issuer, Japan and the Fiscal Agent may mutually deem necessary or desirable, which, in the case of the Fiscal Agency Agreement, shall not be inconsistent with the Securities, and which shall not adversely affect the interests
of the Registered Holders of the Securities in any material respect, to all of which each Registered Holder of any DTC Global Security shall, by acceptance thereof, consent. 

13. This DTC Global Security shall not become valid or obligatory for any purpose unless and until this DTC Global Security has been
authenticated by The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, or its successor, as Fiscal Agent. 
 14. This DTC Global Security
shall be governed by, and interpreted in accordance with, the laws of the State of New York except with respect to its authorization and execution by the Issuer and any other matters required to be governed by the laws of Japan. 

15. As more fully set forth in the Fiscal Agency Agreement, the Issuer has appointed the U.S. Representative of the Fiscal Agent for the time
being as its authorized agent upon which process may be served in any action arising out of or based on the Securities or the Fiscal Agency Agreement which may be instituted in any State or Federal court in The City of New York by the Registered
Holder of this DTC Global Security, and the Issuer hereby expressly accepts the jurisdiction of any such court in respect of such action. Such appointment shall be irrevocable until the Agency Maintenance Termination Date, unless and until a
successor U.S. Representative of the Fiscal Agent or successor Fiscal Agent shall have been appointed by the Issuer as its authorized agent for such purpose and such successor U.S. Representative of the Fiscal Agent or successor Fiscal Agent shall
have accepted such appointment. Notwithstanding the foregoing, any action arising out of or based on the Securities may be instituted by the Registered Holder of this DTC Global Security in any competent court in Japan. The Issuer hereby waives
irrevocably any immunity to which it might otherwise be entitled in any action based on the Securities which may be instituted by the Registered Holder of this DTC Global Security in any State or Federal court in The City of New York or in any
competent court in Japan. This waiver is intended to be effective upon execution of this DTC Global Security without any further act by the Issuer before any such court, and introduction of this DTC Global Security into evidence shall be final and
conclusive evidence of such waiver. 

  
 Exh. 4.1-21 

 IN WITNESS WHEREOF, the Issuer has caused this DTC Global Security to be executed with the
official seal or the signature of the President or a duly authorized agent of the Issuer in Tokyo, Japan or the facsimile signature of the President or a duly authorized agent of the Issuer in The City of New York, State of New York, United States
of America. 
 Dated: [●], [●] 
  

			
	JAPAN INTERNATIONAL COOPERATION AGENCY
		
	By	 	  

		 	Name:
		 	President or Duly Authorized Agent of the Issuer

  
 Exh. 4.1-22 

 Form of Certificate of Authentication 

This is one of the Securities within referred to. The undersigned hereby represents that it has not authenticated Securities in excess of an
aggregate principal amount of [CURRENCY] [●] (other than Securities issued in exchange for and upon the cancellation of a like aggregate principal amount of other Securities, and Securities issued in lieu of destroyed, stolen or lost
Securities). 
  

			
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., LONDON BRANCH

	as Fiscal Agent
		
	By	 	  

		 	Authorized Signatory

  
 Exh. 4.1-23 

 SCHEDULE TO THE DTC GLOBAL SECURITY 

JAPAN INTERNATIONAL COOPERATION AGENCY 

[TITLE OF SECURITY] 
  

							
	 Initial Principal

Amount
	 	 Additional Principal

Amount
	 	 Aggregate Principal

Amount
	 	 Authorization

	 [CURRENCY]            
	 	[CURRENCY]                    	 	[CURRENCY]            	 	                                   
     
				
		 	[CURRENCY]                    	 	[CURRENCY]            	 	                                   
     
				
		 	[CURRENCY]                    	 	[CURRENCY]            	 	                                   
     

  
 Exh. 4.1-24 

 EXHIBIT A-2 

(FORM OF INTERNATIONAL GLOBAL SECURITY) 
 UNLESS
AND UNTIL THIS GLOBAL SECURITY IS EXCHANGED FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

INTEREST PAYMENTS ON THIS SECURITY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THE SECURITY IS HELD BY OR FOR THE ACCOUNT OF A
BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER (X) AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR (Y) AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL
RELATIONSHIP WITH THE ISSUER AS DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (A “SPECIALLY-RELATED PARTY OF THE ISSUER”), (II) A JAPANESE DESIGNATED FINANCIAL INSTITUTION DESCRIBED IN
ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH, OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS
BUSINESS OPERATOR DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION (EXCEPT AS DESCRIBED IN THE PRECEDING PARAGRAPH), OR TO AN
INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PARTY OF THE ISSUER WILL BE SUBJECT TO DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF CURRENTLY 15.315 PER CENTUM OF THE AMOUNT OF
SUCH INTEREST. 
  

			
	No. R-                    	  	[CURRENCY]                                  
      

 ISIN: 
 Common Code: 

  
 Exh. 4.1-25 

 JAPAN INTERNATIONAL COOPERATION AGENCY 

[TITLE OF SECURITY] 

1. JAPAN INTERNATIONAL COOPERATION AGENCY (herein called the “Issuer”), for value received, hereby promises to pay to
[●], or registered assigns, the principal sum of __ [CURRENCY] or such other aggregate principal amount as may be shown in the Schedule hereto on [●],[●], and to pay to the Registered Holder (as defined in paragraph 3) of this
International Global Security interest on said principal sum from [●], [●] or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually in arrears on [●] and [●] in each
year, commencing [●], [●] at the rate of [●] per centum ([●]%) per annum, until payment of said principal sum has been made or duly provided for. The interest so payable on any [●] and [●], together with any
Additional Amounts (as defined in paragraph 2) payable as set out herein, will be paid to the person in whose name this International Global Security is registered at [●]:[●] [A.M./P.M.], [New York City] time, on the fifteenth day before
such interest payment occurs (the “record date”), whether or not the record date is a business day. Whenever it is necessary to compute any amount of interest in respect of the Securities (as defined in paragraph 3), that interest will be
calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 Payments on this International Global Security will be made
in accordance with any laws, regulations or administrative practices applicable to the Issuer and the paying agent(s) in respect thereof, including the requirements applicable under Japanese tax law. Payment of the principal of and interest on this
International Global Security shall be made in immediately available funds in the lawful money of the [NAME OF COUNTRY] (“[CURRENCY]”) as at the time of payment is legal tender for the payment of public and private debts. Payments of
principal of this International Global Security shall be made upon surrender of this International Global Security at the office of the Fiscal Agent (as defined in paragraph 3) in [NAME OF CITY] or, subject to applicable laws and regulations, at
such other place or places as are designated by the Issuer, by [CURRENCY] check, or by wire transfer to an account maintained by the payee, and payments of interest on this International Global Security shall be made, in accordance with the
foregoing and subject to the provisions hereof and to applicable laws and regulations, by check mailed on the due date for such payment to the Registered Holder hereof at the address of the Registered Holder listed in the Security Register (as
defined in paragraph 9) or, upon written notice to the Fiscal Agent by such Registered Holder no later than the record date for such payment, by wire transfer to an account of the Registered Holder. 

In the Fiscal Agency Agreement (as defined in paragraph 3), the Issuer and Japan have agreed that until the date on which the Securities (as
defined in paragraph 3) shall have been delivered to the Fiscal Agent for cancellation, or become due and payable and monies sufficient to pay the principal of and interest on all of the Securities shall have been made available for payment and
either paid or returned to the Issuer or Japan as provided herein (the “Agency Maintenance Termination Date”), the Issuer and Japan will at all times maintain an office or agency in the Borough of Manhattan, The City of New York, where
Securities may be presented or surrendered for payment. 
 2. (a) All payments of principal and interest by the Issuer in respect of
this International Global Security will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any
authority therein or thereof having power to tax (“Taxes”), unless the withholding or deduction of such Taxes is required by law. In that event, the Issuer will pay such additional amounts (“Additional Amounts”) as may be
necessary in order that the net amounts received by any beneficial owner of this International Global Security after such withholding or deduction shall equal the respective amounts of principal and interest which would have been receivable in
respect of this International Global Security in the absence of such withholding or deduction, except that no such Additional Amounts shall be payable with respect to this International Global Security; 

(i) to, or to a third party on behalf of, any beneficial owner of this International Global Security that is an individual
non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in 

  
 Exh. 4.1-26 

 
respect of this International Global Security by reason of such beneficial owner’s (a) having some connection with Japan other than the mere holding of, or the enforcement of its rights
under, this International Global Security or (b) being a person having a special relationship with the Issuer as described in Article 6, paragraph 4 of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended)(a
“specially-related party of the Issuer”); or 
 (ii) to, or to a third party on behalf of, any beneficial owner of
this International Global Security that would otherwise be exempt from any such withholding or deduction but that fails to comply with any applicable requirement to provide the Interest Recipient Information (as defined in paragraph 2(b)) or to
submit the Written Application for Tax Exemption (as defined in paragraph 2(b)) to the Fiscal Agent (as defined in paragraph 3), or whose Interest Recipient Information is not duly communicated through the Participant (as defined in paragraph 2(b))
and Euroclear Bank S.A./N.V. (“Euroclear”) or Clearstream Banking S.A. (“Clearstream”) to the Fiscal Agent; or 

(iii) to, or to a third party on behalf of, any beneficial owner of this International Global Security that is for
Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined in paragraph 2(b)) that complies with the requirement to provide the Interest Recipient
Information or to submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies the Fiscal Agent of its status as not being subject to Taxes to be withheld or deducted by the
Issuer by reason of such resident or Japanese corporation receiving interest on this International Global Security through a payment handling agent in Japan appointed by it); or 

(iv) more than 30 days after the Relevant Date (as defined in this paragraph 2(a)), except to the extent that any
beneficial owner of this International Global Security would have been entitled to such Additional Amounts for payment at the expiration of such 30-day period. 

As used herein, the “Relevant Date” means the date on which such payment first becomes due, except that, if the amount of the monies
payable has not been received by the Fiscal Agent on or prior to such due date, it means the date on which, the full amount of such monies having been so received, notice to that effect shall have been duly published as set forth in paragraph 6.

 (b) For the purpose of sub-paragraphs (ii) and (iii) above: 

(i) where this International Global Security is held through a certain participant of Euroclear or Clearstream or a certain
financial intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Issuer for, or on account of Taxes, if the relevant beneficial owner of this International Global Security is (A) an
individual non-resident of Japan or a non-Japanese corporation (other than a specially-related party of the Issuer) or (B) a Japanese financial institution falling under certain categories prescribed by the Act on Special Measures Concerning
Taxation of Japan, and the cabinet order (Cabinet Order No. 43 of March 31, 1957, as amended) thereunder (together with ministerial ordinances and other regulations thereunder, the “Act”) (a “Designated Financial Institution”),
all in accordance with the Act, such beneficial owner shall, at the time of entrusting a Participant with the custody of this International Global Security, provide certain information prescribed by the Act to enable the Participant to establish
that such beneficial owner is exempted from the requirement for Taxes to be withheld or deducted (the “Interest Recipient Information”) and advise the Participant if such beneficial owner ceases to be so exempted (including the case where
the beneficial owner who is an individual non-resident of Japan or a non-Japanese corporation became a specially-related party of the Issuer); and 

(ii) where this International Global Security is not held by a Participant, in order to receive payments free of
withholding or deduction by the Issuer for, or on account of, Taxes, if the relevant beneficial owner of this International Global Security is (A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related
party of the Issuer) or (B) a Designated 

  
 Exh. 4.1-27 

 
Financial Institution, all in accordance with the Act, such beneficial owner shall, prior to each time on which it receives interest, submit to the Fiscal Agent a written application for tax
exemption from withholding tax (Hikazei Tekiyo Shinkokusho) (a “Written Application for Tax Exemption”) in the form obtainable from the Fiscal Agent stating, among other things, the name and address (and, if applicable, the Japanese
individual or corporation ID number) of such beneficial owner, the title of this International Global Security, the relevant interest payment date, the amount of interest and the fact that such beneficial owner is qualified to submit the Written
Application for Tax Exemption, together with the documentary evidence regarding its identity and residence. 
 Any reference in this
International Global Security or the guarantee of Japan in the form provided in the Fiscal Agency Agreement to principal or interest shall be deemed also to refer to any Additional Amount which may be payable under this paragraph 2. 

3. This International Global Security is one of a duly authorized issue of securities of the Issuer (herein called the
“Securities”), issued in accordance with the Fiscal Agency Agreement (the “Fiscal Agency Agreement”), dated as of [●], [●] (New York City time) / [●], [●] (Tokyo time), entered into by and among the
Issuer, Japan, The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, as Fiscal Agent, Principal Paying Agent and Transfer Agent, and MUFG Union Bank, N.A., as the U.S. representative of the Fiscal Agent, Principal Paying Agent and Transfer Agent
(the “U.S. Representative”), with respect to the Securities, copies of which Fiscal Agency Agreement are on file and available for inspection at the office of the Fiscal Agent at [FISCAL AGENT’S ADDRESS]. The Bank of Tokyo-Mitsubishi
UFJ, Ltd., London Branch, and MUFG Union Bank, N.A., in its capacity as U.S. Representative, and their successors as Fiscal Agent are herein called the “Fiscal Agent”. This Security is one of the series designated on the face hereof,
limited in aggregate principal amount to [CURRENCY] [●] ([●] [CURRENCY]) outstanding at any one time (which amount may be increased as provided in the Fiscal Agency Agreement). The Securities are issuable only as fully registered
Securities without coupons in denominations of [CURRENCY] [●] and integral multiples of [CURRENCY] [●] in excess thereof. In acting under the Fiscal Agency Agreement, the Fiscal Agent is acting solely as agent for the Issuer and Japan
and does not assume any obligation or relationship of agency or trust for or with the Registered Holder of this International Global Security except as specifically described below. As used herein, the term “Registered Holder” of a
Security means the person in whose name such Security is registered in the Security Register (as defined in paragraph 9). 
 Notwithstanding
any other provision of the Fiscal Agency Agreement or this International Global Security, this International Global Security may be transferred to, or exchanged for Securities in definitive registered form registered in the name of, a person other
than a common depositary for Euroclear and Clearstream, a nominee of a common depositary for Euroclear and Clearstream or successor of a common depositary for Euroclear and Clearstream or its nominee if (i) Euroclear or Clearstream notifies the
Issuer that it is unwilling or unable to continue as depositary for such International Global Security and a successor depositary is not appointed by the Issuer within 90 days after receiving such notice, or (ii) the Issuer, in its sole discretion,
instructs the Fiscal Agent in writing that the International Global Security shall be so transferable and exchangeable. Securities in definitive registered form issued in exchange for this International Global Security will be registered in such
names as an authorized representative of the common depositary for Euroclear and Clearstream, pursuant to instructions that direct or indirect Participants in Euroclear or Clearstream shall request, and issued in denominations of [CURRENCY]
[●] and integral multiples of [CURRENCY] [●] in excess thereof. 
 4. This International Global Security is subject to
retirement or redemption as hereinafter provided. Redemption of this International Global Security pursuant to this paragraph 4 shall be made upon the notice, in the manner and with the effect hereinafter set forth. 

  
 Exh. 4.1-28 

 5. In order to provide for the payment of principal of and interest on the Securities as the same
shall become due, the Issuer does hereby agree to pay to the Fiscal Agent at its office in [NAME OF CITY] in [CURRENCY], the amounts set forth below in this paragraph, to be applied by the Fiscal Agent as hereinafter set forth: 

(a) The Issuer shall pay to the Fiscal Agent semi-annually on a date not later than each interest payment date (or such
other date when interest is payable, as provided in paragraph 8(b)) an amount sufficient to pay the interest becoming due on all Securities on such interest payment date. 

(b) On a date not later than the redemption or maturity date (or such other date when principal is payable as provided in
paragraph 8(b)) of this International Global Security, the Issuer shall pay to the Fiscal Agent an amount which, together with any monies then held by the Fiscal Agent and available for the purpose, shall be equal to the entire amount of principal
and interest to be due on such redemption or maturity date on the Securities called for redemption or then outstanding. 

(c) As early as practicable on each interest payment date and on the redemption or maturity date (or on such other date on
which interest or principal is payable, as provided in paragraph 8(b)), the Fiscal Agent shall from funds paid to it by the Issuer pay, or procure the payment of, the [CURRENCY] amount due in respect of Securities represented by this International
Global Security by check or by wire transfer of same day funds for value on the due date for payment to the Registered Holder of this International Global Security for payment pro rata to the owners of beneficial ownership interests in the
Securities represented by this International Global Security in accordance with Euroclear and Clearstream’s settlement procedures. 

6. The Securities (including this International Global Security) may be redeemed for cash at the option of the Issuer in whole, but not in
part, on not more than sixty (60) days’ and not less than thirty (30) days’ irrevocable notice to the Registered Holders of the Securities, at a redemption price for each Security equal to the principal amount thereof, together with
accrued interest to the date fixed by the Issuer for redemption and any Additional Amounts, if the Issuer determines and certifies to the Fiscal Agent immediately prior to the giving of the notice that, as a result of any change in, or amendment to,
the laws or treaties (or any regulations or rulings promulgated thereunder) of Japan (or any political subdivision or taxing authority of Japan) affecting any Taxes, or any change in official position regarding the application or interpretation of
these laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), which change, amendment, application or interpretation becomes effective on or after [●], [●], the Issuer is, or
on the next interest payment date would be, required to pay any Additional Amounts for the Securities that cannot be avoided by measures reasonably available to the Issuer; provided that no notice of redemption shall be given earlier than ninety
(90) days prior to the earliest date on which the Issuer would be obligated to make the withholding if a payment in respect of the Securities were then due. Prior to the publication and sending of any notice of redemption of the Securities pursuant
to the foregoing, the Issuer will deliver to the Fiscal Agent an opinion of independent counsel of recognized standing or an opinion of a tax consultant of recognized standing to the effect that the circumstances referred to above exist. The Fiscal
Agent shall accept such opinion of counsel or tax consultant, as the case may be, as sufficient evidence of the satisfaction of the conditions precedent described above, and it shall be conclusive and binding on the Registered Holders of the
Securities. 
 Notice of intention to redeem the Securities, specifying the redemption date and the place or places where the redemption
price will be paid, shall be given by publication in a daily newspaper in the English language, of general circulation in The City of New York (expected to be the Wall Street Journal) and in a daily newspaper in the English language of
general circulation in London, England (expected to be the Financial Times), at least once prior to the redemption date, such publication to be not less than thirty (30) days nor more than sixty (60) days prior to the redemption date,
provided that for so long as the Securities are held in book-entry form such notices may be given by delivery of the relevant notice to The Depository Trust Company, Euroclear and Clearstream, for communication by them to their respective
Participants in substitution for publication in any such newspaper. In case, by reason of the temporary or permanent suspension of the 

  
 Exh. 4.1-29 

 
publication or general circulation of any newspaper or by reason of any other cause, it shall be impossible or impracticable to publish such notice in the manner herein provided, then such method
of publication in lieu thereof as shall be approved by the Fiscal Agent shall constitute a sufficient publication of such notice. Notice having been so given, the Securities so called for redemption shall become due and payable on the redemption
date so designated at the redemption price, and upon surrender thereof, the Securities will be paid at the redemption price together with all accrued interest (unless the redemption date is a date for the payment of interest) in [CURRENCY], to the
person in whose name the Security is registered at [●]:[●] [A.M./P.M.], [New York City] time on the fifteenth day before the redemption occurs at the place or places specified in such notice. From and after the redemption date, if monies
for the redemption of all the Securities to be redeemed shall have been available at the office of the Fiscal Agent for redemption on the redemption date, the Securities so called for redemption shall cease to bear interest and the only right of the
Registered Holders of the Securities shall be to receive payment of the redemption price in accordance with the terms of such Securities. 

7. This International Global Security will become void unless presented for payment within a period of ten years from the Relevant Date (as
defined in paragraph 2(a)). 
 8. (a) In the event of a default by the Issuer (i) in the payment when due of principal of or interest on any
of the Securities and the continuance of such default for a period of thirty (30) days, or (ii) in the performance of any other covenant contained in the Securities and the continuance of such default for a period of ninety (90) days after written
notice thereof to the Issuer from the Registered Holder of this International Global Security shall have been received by the Fiscal Agent, then in any such case the principal amount of this International Global Security shall, at the option of and
upon written demand to the Fiscal Agent at said office by the Registered Holder hereof, mature and become due and payable upon the date that such written demand is received by the Fiscal Agent, unless prior to such date the Issuer shall have cured
all such defaults in respect of all the Securities. Any amount of interest or principal so in default in respect of this International Global Security shall bear interest (if, and to the extent permitted by law) at the rate specified in the title of
this International Global Security until such default shall have been cured. 
 (b) If a date for payment of principal or interest on this
International Global Security falls on a day that is not a Business Day, the related payment of principal, premium, if any, or interest may be made on the next succeeding Business Day as if made on the date the payment was due and no interest will
accrue in respect of such delay. For purposes of this paragraph 8(b), “Business Day” means any day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign
exchange and foreign currency deposits) in (a) the relevant place of payment and (b) The City of New York, London and Tokyo. 
 9. The
transfer of this International Global Security is registrable on the Security Register (as herein defined) upon surrender of this International Global Security for registration at the office of the Fiscal Agent duly endorsed by, or accompanied by a
written instrument of transfer in a form approved by the Fiscal Agent duly executed by, the Registered Holder hereof or such Registered Holder’s attorney duly authorized in writing. Upon surrender of this International Global Security for
registration of transfer by the Registered Holder hereof, the Issuer shall execute, and the Fiscal Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities, of any authorized
denominations and of a like aggregate principal amount, and registered in such name or names as may be requested by the Registered Holder hereof, dated the date of authentication thereof and bearing the guarantee of Japan in the form provided in the
Fiscal Agency Agreement. The Issuer, Japan and the Fiscal Agent may deem and treat the Registered Holder hereof as the absolute owner hereof (notwithstanding any notice of ownership or writing hereon made by anyone) for the purpose of receiving
payment hereon and for all other purposes, whether or not this International Global Security shall be overdue. The Issuer covenants that, until the Agency Maintenance Termination Date, it will at all times maintain in [NAME OF CITY] an office or
agency for the transfer and registration of transfers, as aforesaid, of Securities and where notices and demands to or upon the Issuer or Japan in respect of the Securities and the Fiscal Agency Agreement may be served. The Issuer has appointed the
Fiscal Agent as its agent for such purpose. The Issuer has also agreed to cause to be kept at the office of the Fiscal Agent in [NAME OF CITY] a 

  
 Exh. 4.1-30 

 
register (the register maintained in such office being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the
Issuer shall provide for such registration of transfers. 
 In the manner and subject to the limitations provided in the Fiscal Agency
Agreement, Securities may be exchanged for a like aggregate principal amount of Securities of authorized denominations bearing the guarantee of Japan in the form provided in the Fiscal Agency Agreement. The Issuer covenants that until the Agency
Maintenance Termination Date, it will at all times maintain an office or agency in [NAME OF CITY] where Securities may be surrendered in exchange for Securities in other authorized denominations in accordance with the terms hereof and of the Fiscal
Agency Agreement. The Issuer has appointed the Fiscal Agent as its agent for such purpose. 
 Neither the Fiscal Agent nor any transfer
agent will be required to (i) exchange or register the transfer of any Security selected for redemption; or (ii) exchange or register the transfer of any Security for the period from the record date preceding the due date for any payment to the
payment date with respect to such Security. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be
the valid obligations of the Issuer guaranteed by Japan evidencing the same debt, and entitled to the same benefits, as the Securities surrendered upon such registration of transfer or exchange. Any new International Global Security delivered
pursuant to this paragraph 9 shall be so dated that neither gain nor loss of interest shall result from such registration or exchange. 
 No
service charge shall be made for any such transfer, exchange or registration of transfer or exchange of Securities, but the Issuer, Japan or the Fiscal Agent (and any other agent appointed by the Issuer pursuant to Section 2 of the Fiscal Agency
Agreement) may require payment of a sum sufficient to cover any transfer, stamp or other tax or other governmental charge required to be paid in connection therewith. 

10. In case this International Global Security shall at any time become mutilated or destroyed or stolen or lost then, provided that this
International Global Security, or evidence of the destruction, theft or loss thereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered to the Fiscal Agent
[or its U.S. Representative], a replacement International Global Security of like tenor and principal amount and bearing the guarantee of Japan in the form provided in the Fiscal Agency Agreement will be issued by the Issuer and, at its request,
authenticated and delivered by the Fiscal Agent in exchange for the International Global Security so mutilated, or in lieu of the International Global Security destroyed or stolen or lost; and provided further that, in the case of destroyed, stolen
or lost Securities, the Issuer, Japan and the Fiscal Agent shall have received evidence satisfactory to them that such Securities were destroyed, stolen or lost, and shall also have received an indemnity satisfactory to each of them. All expenses
and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a replacement International Global Security shall be borne by the Registered Holder of the International Global Security
mutilated, destroyed, stolen or lost. Upon the issuance of any replacement International Global Security under this paragraph 10, the Issuer, Japan or the Fiscal Agent may require the payment of a sum sufficient to cover any transfer, stamp or other
tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Fiscal Agent) connected therewith. In case such mutilated, destroyed, stolen or lost International Global
Security has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new International Global Security, pay or cause to be paid such International Global Security. 

Every replacement International Global Security issued pursuant to this paragraph 10 in exchange for or in lieu of any mutilated,
destroyed, stolen or lost International Global Security shall constitute an original additional contractual obligation of the Issuer guaranteed by Japan, whether or not the mutilated, destroyed, stolen or lost International Global Security shall be
at any time enforceable by anyone. Any replacement International Global Security delivered pursuant to this paragraph 10 shall be so dated that neither gain nor loss of interest shall result from such replacement. 

  
 Exh. 4.1-31 

 The provisions of this paragraph 10 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, stolen or lost Securities. 
 11. Subject to
paragraph 13, the Issuer hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this International Global Security and its guarantee by
Japan, and to constitute the same the valid obligations of the Issuer and of Japan, respectively, in accordance with their terms, have been done and performed and have happened in due and strict compliance with the applicable laws of Japan. 

12. The Fiscal Agency Agreement may be modified or amended by the Issuer, Japan and the Fiscal Agent, and the terms and conditions of the
Securities may be modified or amended by the Issuer and Japan, without the consent of the Registered Holder of any International Global Security for the purpose of adding to the covenants of the Issuer or Japan for the benefit of the Registered
Holders, surrendering any right or power conferred upon the Issuer or Japan, securing the Securities pursuant to the requirements of the Securities or otherwise, curing any ambiguity, or curing, correcting or supplementing any defective provision
therein, or in any manner which the Issuer, Japan and the Fiscal Agent may mutually deem necessary or desirable, which, in the case of the Fiscal Agency Agreement, shall not be inconsistent with the Securities, and which shall not adversely affect
the interests of the Registered Holders of the Securities in any material respect, to all of which each Registered Holder of any International Global Security shall, by acceptance thereof, consent. 

13. This International Global Security shall not become valid or obligatory for any purpose unless and until this International Global
Security has been authenticated by The Bank of Tokyo-Mitsubishi UFJ, Ltd., London Branch, or its successor, as Fiscal Agent. 
 14. This
International Global Security shall be governed by, and interpreted in accordance with, the laws of the State of New York except with respect to its authorization and execution by the Issuer and any other matters required to be governed by the laws
of Japan. 
 15. As more fully set forth in the Fiscal Agency Agreement, the Issuer has appointed the U.S. Representative of the Fiscal
Agent for the time being as its authorized agent upon which process may be served in any action arising out of or based on the Securities or the Fiscal Agency Agreement which may be instituted in any State or Federal court in The City of New York by
the Registered Holder of this International Global Security, and the Issuer hereby expressly accepts the jurisdiction of any such court in respect of such action. Such appointment shall be irrevocable until the Agency Maintenance Termination Date,
unless and until a successor U.S. Representative of the Fiscal Agent or successor Fiscal Agent shall have been appointed by the Issuer as its authorized agent for such purpose and such successor U.S. Representative of the Fiscal Agent or successor
Fiscal Agent shall have accepted such appointment. Notwithstanding the foregoing, any action arising out of or based on the Securities may be instituted by the Registered Holder of this International Global Security in any competent court in Japan.
The Issuer hereby waives irrevocably any immunity to which it might otherwise be entitled in any action based on the Securities which may be instituted by the Registered Holder of this International Global Security in any State or Federal court in
The City of New York or in any competent court in Japan. This waiver is intended to be effective upon execution of this International Global Security without any further act by the Issuer before any such court, and introduction of this International
Global Security into evidence shall be final and conclusive evidence of such waiver. 

  
 Exh. 4.1-32 

 IN WITNESS WHEREOF, the Issuer has caused this International Global Security to be executed with
the official seal or the signature of the President or a duly authorized agent of the Issuer in Tokyo, Japan or the facsimile signature of the President or a duly authorized agent of the Issuer in The City of New York, State of New York, United
States of America. 
 Dated: [●], [●] 
  

			
	JAPAN INTERNATIONAL COOPERATION AGENCY
		
	 By
	 	 
		 	 Name:

President or Duly Authorized Agent of the Issuer

  
 Exh. 4.1-33 

 Form of Certificate of Authentication 

This is one of the Securities within referred to. The undersigned hereby represents that it has not authenticated Securities in excess of an
aggregate principal amount of [CURRENCY] [●] (other than Securities issued in exchange for and upon the cancellation of a like aggregate principal amount of other Securities, and Securities issued in lieu of destroyed, stolen or lost
Securities). 
  

			
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., LONDON BRANCH

as Fiscal Agent

		
	 By
	 	 
		 	 Authorized Signatory

  
 Exh. 4.1-34 

 SCHEDULE TO THE INTERNATIONAL GLOBAL SECURITY 

JAPAN INTERNATIONAL COOPERATION AGENCY 

[TITLE OF SECURITY] 
  

							
	 Initial Principal Amount
	  	 Additional Principal

Amount
	 	 Aggregate Principal

Amount
	 	 Authorization

	
[CURRENCY]                 
   
	  	[CURRENCY]            	 	[CURRENCY]            	 	                                   
     
				
		  	[CURRENCY]            	 	[CURRENCY]            	 	                                   
     
				
		  	[CURRENCY]            	 	[CURRENCY]            	 	                                   
     

  
 Exh. 4.1-35 

 EXHIBIT B 

(FORM OF GUARANTEE FOR SECURITY) 

GUARANTEE BY JAPAN 
 Japan hereby
unconditionally and irrevocably guarantees to the holder of the within Security due and punctual payment of the principal of said Security, interest thereon and any Additional Amounts as defined in paragraph 2 of said Security, according to the
tenor of said Security, as and when the same shall become due and payable; waives any requirement that the holder of said Security, in the event of any default in such payment by Japan International Cooperation Agency, first make demand upon or seek
to enforce remedies against Japan International Cooperation Agency before demanding payment under, or seeking to enforce, this guarantee; covenants that this guarantee will not be discharged except by complete performance of the obligations
contained in said Security and this guarantee; and covenants that the guarantee herein contained shall be a general obligation of Japan, for the performance of which the full faith and credit of Japan is hereby pledged and shall rank pari passu
in right of payment with all other general obligations of Japan without any preference one above the other by reason of priority of date of issue, currency of payment or otherwise. 

This guarantee shall not be valid or obligatory for any purpose until the within Security has been authenticated by or on behalf of The Bank
of Tokyo-Mitsubishi UFJ, Ltd., London Branch, or its successor as Fiscal Agent duly appointed by Japan International Cooperation Agency and Japan for such purpose. 

This guarantee shall be governed by, and interpreted in accordance with, the laws of the State of New York except with respect to its
authorization and execution by Japan and any other matters required to be governed by the laws of Japan. 
 Dated: [●], [●] 

 

			
	 JAPAN

		
	 By
	 	  

		 	 [NAME OF MINISTER OF FINANCE]
 Minister of
Finance

  
 Exh. 4.1-36

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]