Summary of the Fiscal Loan Fund Management Report for FY 2005

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1 (Provisional Translation) July 26, 2006 Financial Bureau, Ministry of Finance Summary of the Fiscal Loan Fund Management Report for FY Allocation of the Fiscal Loan Fund in FY 2005 (1) Plan and of Long-Term Fund Allocation 1 Allocation of investment in JGB (Japanese Government Bonds) The Fiscal Loan Fund underwrote refunding (1,000.0 billion yen [the same amount as in FY 2004]) for redemption by purchase of JGB of the Government Debt Consolidation Fund (GDCF) in preparation for a redemption rush in FY 2008 (the so-called FY 2008 Problem of JGB). 2 Allocation of the (Fiscal Investment and Loan Program) Plan The total planned amount for long-term fund allocation was 13,825.9 billion yen (budgetary allocation [11,034.0 billion yen] with carry-over from FY 2004 [2,791.9 billion yen]). Of this, 9,475.8 billion yen were actually allocated, 2,758.1 billion yen were carried over (compared to 2,791.9 billion yen in FY 2004), and 1,592.0 billion yen were unused (1,626.2 billion yen in FY 2004). Reference 1: Total Planned and Actual Performance for Long-Term Fund Allocation in the Plan Budgetary carried Follow-Up Funding by Total Planned for Long-Term over from the Flexible for Fund Allocation FY 2003 Management Clause Long-Term Fund (A) (B) (C) Allocation (A+B+C) 11, , ,825.9 Total Planned for Actual Carried Unused Long-Term Fund Allocation Allocation Over 13, , , ,592.0

2 Reference 2: Institutions with Large s of Unused Funds (100 billion yen or more) Institution of Unused Funds (Reference) Unused in 2004 National Life Finance Corporation Japan Finance Corporation for Small and Medium Enterprise Local Governments Development Bank of Japan Japan Bank for International Cooperation s Total 1, ,626.2 (2 ) of Short-Term Fund Allocation The outstanding amount of short-term assets was 73,272.8 billion yen as of the end of FY 2005 (72,496.9 billion yen for FY 2004). Of this, accounted for 41,787.0 billion yen (compared to 41,058.9 billion yen in FY 2004), and loans accounted for 31,485.8 billion yen (31,438.1 billion yen in FY 2004). Reference: 1. The mentioned above (41,787.0 billion yen) consist of all government. 2. The two major borrowers of loans (31,485.8 billion yen) are as below Special Account Special Account for the Allotment of Local Allocation Tax and Local Transfer Tax Special Account for Employees' Insurance Outstanding of Loans at the End of FY , ,479.2 Outstanding of Loans at the End of FY , ,479.2

3 2. Change in Fiscal Loan Fund Assets in FY 2005 The outstanding amount of and loans (excluding portfolio investments) was 294,862.6 billion yen as of the end of FY 2005 (a decrease of 23,827.0 billion yen from the end of FY 2004 [318,689.6 billion yen]). Of this, accounted for 80,820.0 billion yen (a decrease of 2,748.1 billion yen from the end of FY 2004 [83,568.2 billion yen]), and loans accounted for 214,042.5 billion yen (a decrease of 21,078.9 billion yen from the end of FY 2004 [235,121.4 billion yen]). Reference: 1. The mentioned above (80,820.0 billion yen) consist of government (72,599.6 billion yen) and special corporation (7,659.5 billion yen). 2. The five major borrowers of loans (214,042.5 billion yen) are as below(eligible for ): Institution Local Governments The Government Housing Loan Corporation Urban Renaissance Agency Japan Bank for International Cooperation Development Bank of Japan Outstanding of Loans at the End of FY , , , , ,566.1 Outstanding of Loans at the End of FY , , , , , Fiscal Loan Fund Special Account Bonds ( Bonds) in FY 2005 The outstanding amount of was 139,353.2 billion yen as of the end of FY 2005 (compared to 121,553.2 billion yen as of the end of FY 2004). issued in FY 2005 totaled 28,235.8 billion yen, which was very close to the total budgetary amount for allocation of (after adjustment) (28,250.0 billion yen). Of this, issued in open market accounted for 11,999.3 billion yen, underwritten by the fund accounted for 11,191.5 billion yen, underwritten by the Reserves accounted for 3,696.6 billion yen, and underwritten by the Life Insurance fund accounted for 1,348.4 billion yen. redeemed in FY 2005 totaled 10,436.7 billion yen. Of this total, two-year accounted for 8,417.8 billion yen and five-year accounted for 2,018.9 billion yen.

4 Reference: of Issue Classified by Maturity Bond Type 2-year Bonds 5-year Bonds 10-year Bonds 10-year Bonds(Inflation-Indexed) 15-year Bonds (Variable) 20-year Bonds 30-year Bonds Issuance in FY , , , , (Reference) Issuance in FY , , , , Total 28, , Deposits into the Fiscal Loan Fund in FY 2005 The outstanding amount of deposits into the Fiscal Loan Fund was 173,573.7 billion yen as of the end of FY 2005 (a decrease of 53,198.8 billion yen from the end of FY 2004 [226,772.4 billion yen]). Of this, and Book-Transfer accounted for 79,896.9 billion yen (a decrease of 37,715.0 billion yen from the end of FY 2004 [117,611.9 billion yen]) and the Special Account for Employees' Insurance accounted for 51,621.8 billion yen (a decrease of 15,874.9 billion yen from the end of FY 2004 [67,496.7 billion yen]). Reference: Trends surrounding Outstanding of Deposits at End of Fiscal Year FY , , , , ,573.7 from the Previous Fiscal Year -56, , , , ,198.8

5 5. Profit and Loss Statement and Balance Sheet of the Fiscal Loan Fund Special Account for FY 2005 The profit side of the profit and loss statement totaled 3,610.7 billion yen for FY 2005 (compared to 3,346.7 billion yen for FY 2004). This profit is brought forward to the next fiscal year in accordance with Article 7 of the Law for the Fiscal Loan Fund Special Account. The surplus on account was 3,950.8 billion yen (compared to 3,678.1 billion yen for FY 2004) For FY 2005, advance redemptions from the Government Housing Loan Corporation, Urban Renaissance Agency, and Government Investment Fund were accepted based, respectively, on Clause 3 of Article 27-2 of the Government Housing Loan Corporation Law, Clause 8 of Article 12 of the Urban Renaissance Agency Law, and Clause 1 of Article 2 of the supplementary provisions of the Government Investment Fund Law. The amount of advance redemption and the amount equivalent to abandonment of profit that should be obtained in the future (amount equivalent to exemption of compensation) of each institution are as follows. Institution of Advance Redemption Equivalent to Exemption of Compensation The Government Housing Loan Corporation 1, Urban Renaissance Agency 3, Government Investment Fund 2, Note: Compensation is calculated as the difference between cash flow of principal and interest (present value by market interest rates) up to the period of redemption of a credit redeemed in advance and the principal of advance redemption. This calculation is made to eliminate relative advantages between institutions and the Fiscal Loan Fund. 6. Allocation of Funds in FY 2005 The total amount of funds was 21,290.5 billion yen (initial budgetary allocation [17,151.8 billion yen] with carry-over from FY 2004 [4,138.7 billion yen]). Of this, 15,320.9 billion yen were actually allocated, 3,500.8 billion yen were carried over (compared to 4,138.7 billion yen in FY 2004), and 2,468.8 billion yen were unused (2,185.0 billion yen in FY 2004).

6 Reference: Classification of funding status Classification Initial Budget Total following revision Actual Allocation Carried Over Unused Plan 17, , , , ,468.8 Fiscal Loan 12, , , , ,725.0 Fiscal Loan Fund 11, , , , ,592.0 Industrial Investment Government Guarantee 4, , , Note: For FY 2005, while the initial budget was not appended by a supplementary budget or follow-up funding through the flexible management clause, part of the initial budgetary allocations of four Expressway Public Corporations was reduced and transferred to Central Nippon Expressway Company Limited and others. As a result, the total amount of plan outstanding balances was 299,584.9 billion yen as of the end of FY 2005 (a decrease of 32,918.8 billion yen from the end of FY 2004 [332,503.7 billion yen]). This marked the first time in 13 years (since FY 1992) that the year-end plan balance fell below 300 trillion yen. Reference: Classification of plan outstanding balance FY Plan Fiscal Loan Fiscal Loan Fund Industrial Investment Government Guarantee End , , , , ,053.8 End , , , , , Chart of Utilization Categories of Projects Funded by the in FY 2005 Looking at allocation of the in 2005 by utilization type, a total of 15,320.9 billion yen was actually allocated from the budgetary allocation of 17,151.8 billion yen, of which 9,992.3 billion yen were mainly allocated to areas that directly contribute to improvement of people s living.

7 Annex 1 Changes of Unused Funds in the Plan FY of Unused Funds From the Previous Fiscal Year , , , , , , , , , , , , , Reference: The largest unused amount on record is 10,128.9 billion yen in FY 1995.

8 Annex 2 Major Institutions with Large s of Unused Funds in the Plan for FY 2005 Institution Budgetary Unused (Reference) Unused in FY 2004 National Life Finance Corporation 2, Local Governments 4, Japan Finance Corporation for Small and Medium Enterprise 1, Development Bank of Japan Central Nippon Expressway Company Limited East Nippon Expressway Company Limited West Nippon Expressway Company Limited Japan Bank for International Cooperation 1, Urban Renaissance Agency 1, Japan Finance Corporation for Municipal Enterprises 1, , Total 17, , ,185.0 Excluding expressway-related institutions 14, , ,179,9 Notes: 1. The unused amount (2,468.8 billion yen) consists of Fiscal Loans (1,725.0 billion yen), Industrial Investment (12.2 billion yen), and Government Guarantee (731.5 billion yen). 2. The budgetary amount of the Central Nippon Expressway, the East Nippon Expressway Company Limited, and the West Nippon Expressway Company Limited contains what was inherited by them from the Japan Highway Public Corporation. 3. The unused funds of expressway-related institutions totaled 380 billion yen in FY 2005, compared to 5.2 billion yen in FY Reference: The largest unused amount on record is 10,128.9 billion yen in FY 1995.

9 Annex 3 Changes in the Outstanding of Deposits to the Fiscal Loan Fund trillion yen trillion yen trillion yen trillion yen trillion yen trillion yen trillion yen 100 Fiscal Year trillion trillion trillion trillion trillion trillion (Reference) End of FY 2000 End of FY 2001 End of FY 2002 End of FY 2003 End of FY 2004 End of FY 2005 End of FY 2006 Plan (in trillions of yen) Total (FY ) Deposits Bonds Total

10 Annex 4 Changes in the Outstanding of the Plan Balance (trillion yen) 450 Government Guarantee Industrial Investment Fiscal Loan Government Guarantee 31.1 trillion yen Industrial Investment 3.3 trillion yen Fiscal Loan trillion yen (of this, Fiscal Loan Fund trillion yen) (Fiscal Year)

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