Export-Import Bank of India

Introduction to the Cross-border JPY

Market
February 25, 2021

Mizuho Securities

Private and confidential

1. Mizuho Fixed Income
Credentials
Mizuho Introduction: A Leading Origination and Distribution Franchise
Tokyo HK / Singapore New York London Frankfurt Dubai

• #1 for JPY Corporate

Bonds for the last 4yrs
#1 • Bond House of the
Year and Samurai
Bond House of the
Year 2018
• Historical access since
1980
• Consistently amongst
Top banks for the last
#3
3yrs
• #7 in 2019, #5 in 2018,
from #6 in 2017, from
#7 in 2016
• #9 in 2019, #8 in • #20 in 2019, #20 in Fully functioning Entity for • Top #9 GCC bond
#8 2018, from #8 in 2017, #11 2018, from #13 in 2017,
Since
the Coverage of EU 27 #9
‘20 house 2018-2020
from #10 in 2016 from #22 in 2016 Corporates

Japan Exp Asia Exp United States Exp MHI Europe Exp MHI Continental Europe Exp MHI Middle East Exp
Yasuto Global Head Head of Senior
25+ Ken Lee Head of DCM 25+ James Shepard Head of DCM 20+ Guy Reid 15+ Christoph Seibel CEO MHEU 25+ William Mils
Hamanishi of Inv. Banking Primary Debt Executive 15+
Masaya Head of Officer
Global Head Head of Global
25+ Head of Victor Forte 20+ Asif Godall 20+ Peter Kraft CFO MHEU 15+
Mizobuchi of DCM Malcolm Mui 20+ Syndicate Markets Jeremie Levrat Director 10+
Syndicate
Norifumi Global Head Head of FID Head of Wolfgang
25+ Head of Sales Tom Hartnett 20+ Guy Reid 15+ CRO MHEU 25+
Akiyama of Syndication Damian Rowe 20+ S&T Syndicate Koehler
Global Head & Trading
Head of FID Head FID
Daishi Sasaki of Pan Asian 25+ Roy Martins 25+
Sales Sales
FI Andrew Lothian 20+
Head of Credit
Trading

▪ DCM Banking: 49 professionals
- 9 Syndicate
- 21 Global Capital
Markets
- 9 EMTN
- 10 Documentation
/ Due Diligence
▪ Sales, Trading and Research:
223 professionals
- 200 Traders and
Salespeople
- 23 Research
Tokyo
Japan: Mizuho Financial Group is
the result of the merger of The Dai-
Ichi Kangyo Bank, The Industrial
Bank of Japan and Fuji Bank in year
2000. Mizuho Financial Group is
one of the largest groups in the
world, with total assets of $2.05
trillion and is one of the best rated
institutions globally (A1/A-)
3 | Private and confidential Source: Mizuho, as of 10th September 2020
▪ DCM Banking: 48 professionals ▪ DCM Banking: 48 professionals ▪ DCM Banking: 49 professionals ▪ DCM Banking: 27 professionals ▪ DCM Banking: 2 professionals
- 5 Syndicate - 7 Syndicate - 6 Syndicate & 25 - 8 Primary Debt - 2 Primary Debt
- 22 DCM (4 Singapore, 4 - 24 (NY) + 1 (Sao DCM - 19 Support ▪ Sales, Trading and Research:
Sydney, 10 HK and 4 Korea) Paulo) DCM - 9 Derivatives Functions 5 professionals (based in
- 3 Transaction Management - 4 EM - 9 Legal ▪ Sales, Trading and Research: London)
▪ Sales & Trading and Research: 45 - 4 CP, 4 USPP ▪ Sales, Trading and Research: 13 professionals
professionals - 4 legal 77 professionals
- 12 Traders (10 in HK and 2 in ▪ Sales, Trading and Research: - 26 Traders
Singapore) 160 professionals - 30 Salespeople
- 1 Management - 77 Salespeople - 6 Research
- 20 Salespeople (6 in Singapore, - 76 Traders - 11 Special Solutions
1 in Korea and 13 in HK) - 7 Fixed Income - 4 MTN
- 3 Research
San Francisco
Research
Chicago
Frankfurt
London
Seoul
Hong- New-York Dubai
Kong
Los
Singapore Angeles
Atlanta
Asia/ Pacific: Mizuho’s principal sales United States: In 2015 Mizuho Europe non EU27: Mizuho’s EMEA EU27: In April 2019 Mizuho opened its Middle East: In January 2018 Mizuho
hub in Hong Kong is complemented by acquired RBS’s North American business is based in London, the key Continental Europe headquarters established its branch in Dubai. The
the Singapore office. The regional business, including USD 36.5 billion of hub for Mizuho’s global cross border based in Frankfurt in the wake of the on-the-ground presence in the region
distribution network enjoys strong loans and all syndicate and DCM fixed income origination and Brexit referendum. The fully-operating is critical in terms of better serving
relationships with Asian insurance personnel. This transformed Mizuho distribution business. The London entity is entirely responsible for the Middle Eastern clients and signifies
companies, asset managers, securities from a strong US Dollar underwriter to office is the key centre for execution of underwriting process of EU27 clients Mizuho’s commitment to further
companies and private banks that a Top 10 Dollar house, with one of global sovereign, supranational and as well as EU27 branches of non EU deepening its presence in the Middle
have shown an increased focus on Wall Street’s most experienced agency issuers in US Dollars and clients. East
CEEMEA risk since the beginning of Euros, as well as being a core hub for
syndicate desks
2016 global corporate names issuing in
Euros
Slide prepared by Mizuho International plc
 Mizuho – Your One-Stop Shop for Japanese Markets
Cross-border JPY League Table (FY2018-2020 YTD) Market leader for debt capital markets in JPY
Mizuho retained #1 Japanese
FY2018-20 YTD Cross-border JPY League Table IFR Awards 2019 (CY2019) Bond House status and
Rank Underwriter JPY bn Share (%) • Yen Bond House of the Year (for 2 consecutive years)
• Yen Bond expands our global DCM
1 Mizuho 1,425.9 20.6% ➢ Berkshire Hathaway Japanese Yen Bond (September 2019) capabilities
2 SMBC Nikko 1,262.9 18.2% • Mizuho has retained our
CMDportal Awards 2021 (CY2020)
status of #1 bookrunner in
3 Nomura 958.3 13.8% • Best Samurai Bond Dealer (for 3 consecutive years)
cross-border JPY bonds
4 Daiwa 954.4 13.8% league table for 4
5 Mitsubishi UFJ MS 689.4 9.9% Deal Watch Awards 2019 (FY2019) consecutive years (FY2016-
• Cross-border Yen Bond House of the Year (for 4 consecutive years) 19), as well as in all Public
Total 6,934.6 - • Cross-border Yen Bond of the Year (Mizuho Active Bookrunner) JPY space including
➢ Indonesia ¥177bn 6-tranche Samurai (May 19)
domestic Japanese issuers.
FY2020 YTD Cross-border JPY League Table Capital Eye Awards 2019 (FY2019)
Rank Underwriter JPY bn Share (%) • Also, Mizuho has received
• Best Deals of 2019 (Mizuho Active Bookrunner)
1 Mizuho 151.2 17.5% ➢ Indonesia ¥177bn 6-tranche Samurai (May 19)
most of awards relating
2 Nomura 146.8 17.0% • Special Award (Mizuho Active Bookrunner) cross-border JPY bond
3 SMBC Nikko 134.9 15.6% ➢ Metlife ¥151.7bn 5-tranche Global Yen (May 19) space in recent years.
4 Daiwa 102.2 11.8%
5 Mitsubishi UFJ MS 66.8 7.7%
Total 865.6 - Domestic JPY League Table JPY SDGs League Table

FY2019 Cross-border JPY League Table FY2020 YTD Domestic JPY League Table FY2020 YTD JPY ESG Bond League Table
Rank Underwriter JPY bn Share (%) Rank Underwriter JPY bn Share (%) Rank Underwriter JPY bn Share (%)
1 Mizuho 493.1 23.0% 1 Mizuho 4,877.5 22.3% 1 Mizuho 571.6 26.2%
2 SMBC Nikko 426.1 19.9% 2 Nomura 4,053.0 18.6% 2 Mitsubishi UFJ MS 493.1 22.6%
3 Nomura 261.2 12.2% 3 SMBC Nikko 3,953.6 18.1% 3 SMBC Nikko 365.9 16.8%
4 Daiwa 253.9 11.8% 4 Mitsubishi UFJ MS 3,886.6 17.8% 4 Nomura 364.7 16.7%
5 Goldman Sachs 116.4 5.4% 5 Daiwa 3,765.5 17.2% 5 Daiwa 324.0 14.9%
Total 2,143.5 - Total 21,834.3 - Total 2,181.8 -

FY2018 Cross-border JPY League Table FY2019 Domestic JPY League Table FY2019 JPY ESG Bond League Table
Rank Underwriter JPY bn Share (%) Rank Underwriter JPY bn Share (%) Rank Underwriter JPY bn Share (%)
1 Mizuho 781.6 19.9% 1 Mizuho 4,580.7 21.0% 1 Mizuho 311.4 23.3%
2 SMBC Nikko 701.9 17.9% 2 SMBC Nikko 4,078.9 18.7% 2 SMBC 269.9 20.5%
3 Daiwa 598.3 15.2% 3 Mitsubishi UFJ MS 3,987.3 18.3% 3 Mitsubishi UFJ MS 250.2 18.4%
4 Nomura 550.3 14.0% 4 Daiwa 3,839.9 17.6% 4 Nomura 233.5 17.4%
5 Mitsubishi UFJ MS 522.1 13.3% 5 Nomura 3,804.6 17.5% 5 Daiwa 227.3 17.0%
Total 3,925.5 - Total 21,789.4 - Total 1,338.0 -

4 | Private and confidential Sources: Bloomberg & Mizuho analysis; As of 22 February 2021
Mizuho – Selected Yen Bookrunner Roles
JPY 50,000,000,000 JPY 15,400,000,000 JPY 44,700,000,000 JPY 63,600,000,000 JPY 64,700,000,000 JPY 21,000,000,000

Societe Generale GLP(CGIF guaranteed) BPCE BFCM Societe Generale Swedbank

Senior Non-Preferred Senior Preferred Senior Non Preferred
Senior Non Preferred Senior Preferred
Senior Unsecured 6NC5 (Social) 5 Year Fixed 4NC3
5 Year Fixed 3 Year Fixed
9 Year Fixed Senior Non-Preffered 7 Year Fixed 6NC5
10 Year Fixed 5 Year Fixed
10NC9 10 Year Fixed 10NC9
Euroyen Tokyo Pro-Bond Samurai Bond Samurai Euroyen Euroyen

Joint Lead M anager Sole Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager
February 2021 December 2020 December 2020 October 2020 September 2020 June 2020

JPY 41,200,000,000 JPY 35,900,000,000 JPY 195,500,000,000 JPY 57,000,000,000 JPY 50,000,000,000 JPY 38,000,000,000

Prologis Credit Agricole Berkshire Hathawaz Aflac Societe Generale Aflac

Senior Non-Preferred 5.5 Year Fixed 10 Year Fixed
7 Year Fixed
6NC5, 10NC9 3 year, 5 year, 7 year, 10 year, 10 Year Fixed Senior Non Preferred 12 Year Fixed
10 Year Fixed 12 Year Fixed
Subordinated 20 year, 30 year, 40 year 12 Year Fixed 5 Year Fixed 15 Year Fixed
15 Year Fixed 30 Year Fixed
10NC5 15 Year Fixed 20 Year Fixed

Global Yen Samurai Global Yen Global Yen Euroyen Global Yen

Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager
June 2020 May 2020 April 2020 March 2020 February 2020 December 2019

JPY 73,200,000,000 JPY 50,000,000,000 JPY 55,000,000,000 JPY 130,000,000,000 JPY 42,900,000,000 JPY 23,200,000,000

BPCE Banco Santander CIBC BFCM BNP Paribas PLN

Senior Preferred Senior Preferred
3 Year Fixed
5 Year, 10 Year Senior Preferred Bail-inable Senior 5 Year Fixed 6NC5 (SNP)
5 Year Fixed
Senior Non-Preffered 5 Year Fixed 5 Year Fixed 7 Year Fixed 15NC10 (Tier 2)
10 Year Fixed
5 Year, 10 Year 10 Year Fixed
Samurai Bond Samurai Bond Euroyen Samurai Euroyen Samurai

Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager
December 2019 November 2019 October 2019 October 2019 September 2019 September 2019

JPY 430,000,000,000 JPY 32,000,000,000 JPY 92,000,000,000 JPY 50,000,000,000 JPY 35,900,000,000 JPY 165,000,000,000

Berkshire Hathaway EXIM India Republic of Philippines Santander Consumer Finance Credit Agricole Mexico
3 Year Fixed 3 Year Fixed
Senior Non-Preffered
5 Year, 7 Year, 10 Year, 3 Year Fixed 5 Year Fixed 3 Year Fixed 5 Year Fixed
5 Year Fixed
15 Year, 20 Year, 30 Year 5 Year Fixed 7 Year Fixed 5 Year Fixed 7 Year Fixed
10 Year Fixed
10 Year Fixed 10 Year Fixed
Global Yen Samurai Samurai Euroyen Samurai Samurai

Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager Joint Lead M anager
September 2019 August 2019 August 2019 July 2019 June 2019 June 2019

5 | Private and confidential Sources: Bloomberg & Mizuho analysis; As of 22 February 2021
Export-Import Bank of India JPY 32.0bn Samurai Transaction
Summary of Terms Offering Highlights

• On 29 May, 2019, Export Import Bank of India (“EXIM”) successfully returned to Samurai
market since their last standalone issuance in 2006, with a two tranche JPY 32bn Samurai
Active Bookrunner Bond transaction at a yield of 0.59% and 0.66% for 3 and 5 yrs respectively. This marks the
largest deal size achieved by an Indian issuer in the Samurai Bond market and an
Issuer Export-Import Bank of India unprecedented oversubscription level achieved by any Samurai Bond transaction out of
India. Mizuho acted as an Active Bookrunner on this transaction.
Pricing Date 29 August, 2019 • EXIM engaged with Japanese investors through an intensive 3-days roadshow in December 2018,
Settlement Date 5 September, 2019 meeting close to 12 investors and has been tracking markets since early 2019 for an opportune
issuance window.
Issuer Rating Baa2 (MDY) / BBB- (S&P) / BBB- (Fitch) / BBB+ (JCR)
• After the announcement of strong year end results and to test the appetite of investors, EXIM
Format Samurai decided to commence a 2-day soft-sounding exercise at YOS+75area for the 3-year tranche and
Ranking Senior Unsecured YOS+85 area for the 5-year tranche. On the back of an overwhelming investor response, EXIM
decided to commence an official marketing exercise with a tight pricing range of YOS+70-75 on
Bond Rating Baa2 (MDY) / BBB+ (JCR) the 3-year tranche and YOS+78-85 for the 5-year tranche, with the objective of pricing a
Total Size JPY 32.0 bn US$200mm equivalent transaction skewed towards the 3-year tranche.
• As investor orders kept pouring in over the official marketing period, EXIM priced the transaction at
Tenor 3 year 5 year
the tight end of the official marketing range and upsized the transaction to US$300mm equivalent
Maturity 5 September, 2022 5 September, 2024 in order to achieve the highest investor diversification and also capitalize on the strong momentum.
Amount JPY 25.0 bn JPY 7.0 bn • The final orderbook stood at JPY91bn, representing a 2.8x oversubscription, with the final pricing
fully meeting the company objectives.
Re-offer Spread YOS+70bps YOS+78bps Marketing Range Development
Coupon 0.59% 0.66% Date Marketing Process 3 yr 5 yr
August 23 (Fri) Soft Sounding YOS+ 75a YOS+ 85a
Active Bookrunners Daiwa, MUMSS, Mizuho, SMBC Nikko August 26 (Mon) Official Marketing Day 1 YOS+ 70~75bps YOS+ 78~85bps
August 27 (Tue) Official Marketing Day 2 YOS+ 70bps YOS+ 78bps
Investor Allocation by Investor Type* August 28 (Wed) Official Marketing Day 3 YOS+ 70bps YOS+ 78bps
YOS+ 70bps YOS+ 78bps
3 year 5 year August 29 (Thu) Pricing
CPN 0.59% CPN 0.66%
Japan Demand Evolution
49% 44% 6% 86% 14% Ex-Japan Asia
Other (JPY bn)
100
Min Max
8% 80
2% 14% Central Public Fund
7%
Life Insurance 60
6% 32%
Asset Management
40 JPY
21% Regional Bank 32.0bn
63% 20
Shinkin, etc.
47% Others 0
26-Aug 27-Aug 28-Aug

6 | Private and confidential *At the time of allocation

 Mizuho’s Cross-border JPY Primary Debt Markets Team
Global Debt Capital Markets
Masaya Mizobuchi Global Head of DCM MIZUHO INTERNATIONAL PLC MIZUHO SECURITIES*
Shinichiro Nagashima Head of International JPY DCM
Guy Reid, Head of Primary Debt / Syndicate Yasuto Hamanishi, Global Head of Inv. Banking
Shoko Horiuchi * Director Asif Godall, Head of Global Markets Masaya Mizobuchi, Global Head of DCM
Takashi Fujiwara Director Norifumi Akiyama, Global Head of Syndication
Noriko Inamura Vice President
40 members: MHI Continental Europe
Yuling Chang Vice President 49 members:
• 6 Syndicate • 8 DCM members
Fumiya Hosaka * Vice President • 25 DCM • 9 Syndicate
Yusuke Tsuchiya Vice President • 9 legal • 21 Global Capital Markets
MHI Middle East • 9 EMTN
Lu Manni Assistant Vice President • 2 DCM members • 10 Documentation / Due Diligence
Manon Inomata Analyst
Jeffrey Okamura Analyst * = Does not include the domestic coverage team

Anju Kobayashi * Analyst

Syndicate
Kazuhiko Hayashi General Manager
Shinsuke Ichikawa Head of Strategic Promotion Office
Kaneyoshi Muramatsu * Head of International JPY
Yosuke Takahashi * Director
Yuko Katagiri Vice President
Masaya Sakamoto Associate
Akari Suzuki Associate

Transaction Management Team

Nariaki Inoue Head of Corporate Finance Dept MIZUHO SECURITIES USA MIZUHO SECURITIES ASIA
Midori Ioki Deputy General Manager
James Shepard, Head of DCM Ken Lee, Head of DCM
Yuko Hara Vice President Victor Forte, Head of Syndicate Malcolm Mui, Head of Syndicate
Naoki Hotani Vice President
Shunsuke Yasaka Lawyer 36 members: 26 members:
• 7 Syndicate • 5 Syndicate
• 24 (NY) + 1 (Sao Paulo) DCM • 22 DCM: 4 (Singapore) + 4 (Sydney)
• 4 legal + 10 (HK) + 4 (Korea)
Due Diligence Department • 3 legal
Kanako Tomiyama Director
+ 3 persons

Prepared by Mizuho Securities

7 | Private and confidential *Key contacts
Section 1 – Cross-border
JPY Bond Market Overview
 Cross-Border JPY Market | Overview
New Issue Volume in JPY Market Breakdown of Recent Cross-Border JPY Issuance by Sector & Region
(JPY bn)
JPY Domestic Issuance Volume Cross-border JPY Issuance Volume 100% 7% 8%
25,000 90% 16% 19% 22% 19%
80%
969
70% SSA
3,143 61%
60%
20,000 76% 55% FIG
50% 72% 69% 58%
40% Corporate
2,032 3,111 30%
1,764
1,573 20%
15,000 2,242 31% 26%
10% 17% 20%
2,312 1,795 2,775 12% 12%
2,196 2,133 0%
2,686 CY2015 CY2016 CY2017 CY2018 CY2019 CY2020
22,641
10,000 20,099 100% 8% 5% 6% 4%
1% 11% 5%
16,169 90% 14% 5% 18%
9% 10% Oceania
15,553 15,546 80% 19% 23%
14,065 12,642 12,545 14,979 70% 16%
12,259 22% 22% 8% 30% Latin America
12,141 12,886 11,096
5,000 60% 15% 26% Asia
50%
40% North America
30% 59% 58% 63%
50% 51%
0 20% 42% Europe
10%
0%
CY2015 CY2016 CY2017 CY2018 CY2019 CY2020
 Average JPY bond issuance per year Outstanding Volume By Issuers In The Cross-border JPY Bond Market
is approximately JPY 15-20 trillion 1,200 1yr+ Sub 1yr
988
(USD 140-190bn) but we have seen 1,000
the increased volume over the last two 795
800 665 626
years. 590 571
600 454 415
 Out of the new issue volume in the 388 369 347 342
400 302 291 268 246
JPY market, about 10-20% (JPY 2tn) 237 200 196 181 176 170
was issued from cross-border JPY 200
issuers. Most of the regular issuers are 0
either FIG or SSA. Large global (JPY bn)
corporates also issues in JPY market,
but less frequently.
Sources: Bloomberg & Mizuho analysis; As of 18 February 2021

9 | Private and confidential

Cross-Border JPY Market | Overview
Volumes
Historical JPY Volumes Historical Quarterly Volumes Trends by Tenor
– The total cross-border Yen issuance volumes in
(JPY bn) CY16 CY17 CY18 CY19 CY20 1-2yrs 3yrs 5yrs 6yrs-9yrs 10yrs 10yrs+
CY2020 ended at JPY969bn via 15 transactions, (JPY bn)
3,500 1,200 100% 1% 3%
which was a c.70% decrease year-on-year 4% 8%
3,111 3,138 11%
– In April 2020, Japan declared its first ever “state of 90%
3,000 21% 17%
emergency” due to the COVID-19 pandemic, 1,000 27%
21%
6%
80%
which restricted investor activities due to 6% 14%
operational issues but most of investors returned 2,500 70%
800 19% 7%
to the market late May onwards. Meanwhile, 2,032
60%
supply has been limited as global issuers have 2,000
32%
been able to enjoy competitive funding in their 1,573 600 50%
54% 44%
core markets supported by central banks 1,500
40% 48%
Tenors 43% 67%
969 400
– While 3-5 years ha been the sweet spot for 1,000 30%
Japanese investors, they have become more 27%
20%
flexible to consider longer tenors to secure yield 500
200
15% 23%
– However, uncertainty of the global economy 10%
15% 16%
11%
impacted by COVID-19 have resulted in increase 0 0 4%
0% 1%
of appetite towards shorter tenors CY16 CY17 CY18 CY19 CY20 1Q 2Q 3Q 4Q CY16 CY17 CY18 CY19 CY20
(Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec)
Deal Size Per Transaction Issue Amount per Transaction Breakdown by Format Breakdown by Ratings
– The depth of the investor base in Japan has <30 30-50 50-100 100-150 150+ Samurai Pro-bond EuroYen Global Yen Shibosai AAA AA A BBB BB or Below
grown over the years and issuers have been able 100% 100% 3% 2% 100%
5% 7% 6%
to achieve jumbo JPY100bn+ transactions under 8%
13% 11% 7% 12% 15% 15% 12% 15%
90% 16% 90% 90%
challenging markets, while smaller transactions 13% 3% 22% 8%
23% 21% 30%
are also recognized as benchmark transactions 80% 80% 80%
25% 11% 15%
Format 14%
2%
30% 70% 4% 70%
70%
– Issuance under Euro Yen / Global Yen format has
been growing, while the traditional Samurai format 60% 23% 19% 60% 52% 57%
60% 52%
47%
has been decreasing 36% 41% 72% 64%
50% 50% 2% 50%
– Japanese investors are getting more receptive to 5%
28%
Euro Yen / Global Yen format, while issuers are 40% 50% 40% 40%
71% 68% 69%
enjoying flexible issuance windows 9%
30% 30% 30%
Rating 13% 49%
15% 19% 45%
– Cross border JPY market is a IG-focused market, 20% 20% 20%
33% 31% 33%
while JBIC guaranteed transactions giving 27% 4%
10% 20% 10% 10% 21%
15% 16%
opportunities to non-IG issuers to access the JPY 13% 14%
market 0% 0% 0%
CY16 CY17 CY18 CY19 CY20 CY16 CY17 CY18 CY19 CY20 CY16 CY17 CY18 CY19 CY20

Sources: Mizuho, Bloomberg as of December 31, 2020

10 | Private and confidential
Characteristics in the JPY market (1/2)
Buy-and-hold with preference on shorter tenors:
• Most of Japanese investors are “buy-and-hold” (with some exceptions such as pension fund managers), and consistent buyer once they
open the credit line
• Japanese investors in general have preference in shorter tenors, especially for BBB rated credits. 3/5yr has been sweet spot for Japanese
investors while some investors can take longer tenors and we have seen tenors being extended due to prolonged ultra-low yield
circumstances
Keen to diversify its portfolio into non-Japanese credits:
• Japanese investors are willing to buy non-Japanese credits as a diversification purpose and/or to get higher return due to the persistent
ultra-low interest rate conditions in Japan
• According to Mizuho Quarterly Investor Survey, Samurai Bonds maintained one of the highest ranked investment products for many
Investor’s years due to its relatively higher yields, with most recently marked fifth highest score in December
Characteristics
JPY to maximize cover Japanese investors:
• While some large institutional investors participate in USD primary transactions, most of Japanese investors focus on JPY denominated
deals for credit investments
• The issuance of JPY denominated bonds is the way to maximize the coverage of Japanese investors base
Japanese investors’ growing appetite in ESG investment:
• ESG investment is rapidly growing in Japan as well as globally. While there’s only limited impact on pricing and/or size, adding ESG flavor
would help the deal profile higher and may incentivize some investors to look at the transaction.
Pricing mechanism :
• Japanese investors tend to gauge relative value vs. issuers’ most liquid curve (i.e. USD/EUR) as well as absolute JPY yield / spread for
JPY pricing
Example of Major Investors by Category in the JPY market

City Bank Central Pension Funds Life Insurances Non-Life Regional Other typed Offshore
Cooperatives (Trust Bank & AMs) Insurances Investors Investors Investors

• Japan Post Bank • Norinchukin • AM One • Nippon Life • Mitsui • Iwate Bank • Foundations • GIC
• Rokinren • SMTAM • Dai-ichi Life Sumitomo Life • Kochi Bank • Religious • Central Banks
• Zenshinkumiren • MUTB • Nippon Wealth • Toa • 105 Bank Organizations etc.
• Zenkyoren etc. • MYAM Life etc. Reinsurance etc. • Numazu Shinkin • Schools etc.
• PIMCO Japan • Seiwa Shinkumi
• Amundi etc. • Mie Shinren

11 | Private and confidential

Characteristics in the JPY market (2/2)
Non-deal Roadshows:
• We normally recommend to conduct roadshow on a non-deal basis ahead of the transaction to gauge potential demand for the upcoming
transaction. Also, periodical roadshows are well received by investors for the regular credit update
• While Japanese investors historically had preference on face-to-face meeting, their preference have shifted towards remote meetings via
telephone / video conference after the Covid-19 pandemic
• For the meeting arrangement, we begin 2-3 weeks in advance -we note that this is longer than in other markets, but is normal practice in Japan
• Also, We recommend to conduct a virtual roadshow minimum 2-3 weeks prior to a potential transaction to provide sufficient time to get investors
ready
Marketing Process:
• The marketing process for JPY issuance takes approx. 1 week consisted of 1-2 days Soft Sounding and 2-3 days Official Marketing
Marketing followed by Pricing
Process in the • Soft Sounding is a price-discovery process by showing a price (range) with “area” language to gauge the potential investors’ appetite
JPY market
➢ Can move outside of the range when revising or proceeding with official marketing.
➢ The deal is very “soft” at this stage and issuers has an option to pull the deal if demand should be weak, with no negative impact.
• Official Marketing is carried out with a “Hard Range”.
➢ Final landing point is expected to stay within the range set on the first day of official marketing.
➢ Narrow down to launch spread (“the number”) over a few days, single number typically on the last day of marketing
➢ No negative impression even if the final landing level is not at tight-end of the marketing range
➢ The deal is expected to be priced and issued at this stage; issuers can pull out but may have negative impact.
• Pricing is implemented at around 9:30am Tokyo time following the final day of Official Marketing
• Most of Japanese investors’ orders are “not inflated” but “real demand”. Hence, usually orderbook is not necessarily swelled to 2-3 times unlike
USD/EUR transactions and Japanese investors are happy to be fully allocated.

1-2 days SS + 2-3 days OM + 1day Pricing

Commence Take 2-3 weeks to 2-3 weeks to provide sufficient time

Virtual Execution T+5 for closing
Roadshow arrange 1-on-1 calls to investors for credit work Closing
Roadshow Investor marketing
Arrangement (Settlement)
(2-3 days) (c. 1 week)

Documentation work runs concurrently

12 | Private and confidential

Mizuho’s Track Record of Roadshow in Japan for Non-Japanese Borrowers
FY2016 FY2017 FY2018 FY2019 FY2020 YTD
48 roadshows 55 roadshows 70 roadshows 66 roadshows 19 roadshows

Aviation Capital, CITIC Bank, China

Indonesia, Jemena, ADNOC, Beijing
Indonesia, SPGAA, CASA, Nordea, Indonesia, Enbridge, Beijing Gas, ICO, Vanke, CDB Lease, NWS, Downer,
April Water, SPPA, Aviation Capital, CDB,
BFCM, CDB SGSPAA, Hon Hai Maybank, New Development Bank,
CASA
Indonesia

CITIC, Rabobank, Intesa Sanpaolo, KEXIM, UMS, Renault, BFCM, BCI,

Rabobank, Aflac, SG, Intesa, CITIC Iberdrola, SCF, Danske, Natwest, CLP
May HSBC, ElectraNet, Ascendas India Santander, BPCE, SCF, Ascendas Credit Agricole
Bank, Valeo Power, AT&T, JIC, Huadian
Trust India Trust

BFCM, Maybank, Engie, SCF,

Latin America Forum, ABN Amro, BPCE, HBAP, Swedbank, QNB, ICBC,
Latin America Forum, Rabobank, CAF, Prologis, Hyundai Capital, Philippines, Natwest, Prologis
June KDB, Kookmin, Aflac, Rabobank, BFCM, Philippine, Slovenia, CCB,
Bancomext, Suez Gecina, Danske Bank, Dongfeng
Telenor, BMW, PEMEX Telenor
Nissan, Statnett
COAMI, HSBC, Jinmao, Rabobank,
July CITIC Turkey, Aflac, KDB, QNB PTTEP, ADCB, PLN, Prologis, Zurich SCF, BPCE
CITIC, CDB Aviation
GLP, Poland, Aflac, BPCE, Santander,
Aug VW, Ford, CITIC SAPN, Singapore Power, Shinhan
KDB

KEXIM, Deutsche Bahn, GIB, Olam, BPCE, Deustche Bahn, Maybank, AKZO, KBN, Deustche Bahn, Thermo Deustche Bahn, CASA, SocGen,
Sep Endeavour Energy, Rabobank
CITIC KBN, Aflac Fisher Scientific, UBS, Aflac ADBC, Klepierre, SGSPAA

BPCE, Fairfax, CLP, Aviation Capital,

Oct Santander, BPCE Alexandria, Santander, CS, Ausgrid Gazprom, Santander, Cantor Red Electrica, State Grid, Wesfarmers, Singapore Power, Hyundai Capital
Astra Sedaya Finance, AFLAC, KDB

ICBC SG, Banco Santander, Dongxing

Banco Santander, Sustainable
KDB, UBS, BPCE, Huawei, SAPN / Telstra, AGIG, MassMutual, UOB, VW, BoC, Sinopec, Vicinity Centres, KNOC, Securities, CNPC, Singapore Power,
Nov Finance Seminar(BPCE, Rabo), GLP,
VPN Gazprom RBS, BPCE Russian Railways, Protective, SAPN,
HSBC, ANZ, BPCE, BASF
APMM, BOI, BPCE

Singapore Power, Exim India, KAL, Exim India, CDB HK, BAIC, American
Dec Teva, Rabobank Rabobank, Amgen, Turk Exim, BPCE Zurich
State Grid, American Honda Finance Honda Finance

Jan Latvia, Investec Hon Hai Medtronic Cantor

CEA, KKR, KEXIM, JSW, Champion Malaysia, Philipines, KEXIM, Turkey,

Feb Asciano Aurizon Slovenia
Reit Aflac, Chanpipon's REIT

CLP Power HK, Teva, CASA, BPCE, BBVA, ADNOC, Bladex, Consolidated
Mar UMS, Olam, VPN, Downer China Cinda
Handelsbanken, EDC Edison, Ford, PEG

Sources: Mizuho analysis; As of February 2021 *Blue Letters: non-JPY Roadshow

13 | Private and confidential

 JPY 2020 Review | Issuance Record
Cross-Border Yen Issuance List in CY2020 FIG Corp SSA JPY Issuance Volume (CY)
Bond Ratings Term Size Previous Coupon Spread JPY Domestic Issuance Volume Cross-border JPY Issuance Volume
Date Type Issuer
(M / S / F / R&I / JCR) (yr) (JPY bn) deal (%) YOS+
25,000
18-Dec-20 Pro-bond GLP (CGIF guaranteed) - / AA / - / - 9 15.4 15.4 - 0.55 - 969
3,143
6NC5 32.0 0.530 52 20,000
03-Dec-20 Samurai BPCE (SNP) Baa2 / A- / A / A 44.7 73.2
10NC9 12.7 0.700 (63) 2,032 3,111
5 40.0 0.267 25 15,000 1,573
08-Oct-20 Samurai BFCM (SP) Aa3 / A / AA- / - / - 7 21.6 63.6 130.0 0.342 30
10 2.0 0.424 32 22,641
10,000 20,099
4NC3 36.1 0.768 77 14,979 16,169 15,546
18-Sep-20 Euroyen Societe Generale (SNP) Baa2 / BBB / A- / - / - 6NC5 21.1 64.7 50.0 0.922 92 5,000
10NC9 7.5 1.075 102
3 22.7 0.520 51
0
5 20.0 0.740 73 CY2016 CY2017 CY2018 CY2019 CY2020
11-Sep-20 Samurai Hungary - / BBB / - / - / A- 62.7 30.0
7 15.5 1.030 100
10 4.5 1.290 120
16-July-20 Samurai CDC Aa2 / AA / - / - / -
2 10.0
20.0 15.0
0.050 (4) Issuance Volume by Sector
4 10.0 0.070 (7)
3 50.7 1.130 110
Corporate FIG SSA
5 24.3 1.350 130 2,500
2-July-20 Samurai Indonesia Baa2 / BBB / BBB / - / - 7 10.1 100.0 177.0 1.480 140 2,145
10 13.4 1.590 145 1,834
2,000
20 1.5 1.800 143
3 10.3 0.369 35
26-Jun-20 Euroyen Swedbank (SP) Aa3 / A+ / AA- / - / - 21.0 - 1,500
5 10.7 0.423 40 1,242
1,134
7 9.3 0.589 55
10 5.3 0.850 75 1,000
630 620 688
18-Jun-20 Global Yen Prologis Yen Finance A3 / A- / - / A+ / - 12 11.6 41.2 55.1 85 589 534
1.003
500 376
15 13.0 1.222 100 192 248 252
160 183
30 2.0 1.600 120
6NC5 105.5 1.248 125 0
(SNP) Baa1 / A- / A+ / - / - CY2016 CY2017 CY2018 CY2019 CY2020
28-May-20 Samurai Credit Agricole 10NC9 10.8 122.1 35.9 1.334 128
(Sub) Baa1 / BBB+ / A- / - / - 10NC5 5.8 1.678 168 ESG Bond Issuance Volume in JPY Market
21-May-20 Euroyen BNP Paribas (SNP) Baa1 / A- / A+ / - / - 6NC5 50.0 50.0 42.9 1.302 130
3 56.3 65* (JPY bn)
0.674 Green Social Sustainability Sustainability-Linked
5 41.6 0.879 85* 2,400 2,154
7 29.0 1.002 95* 2,200 20
9-Apr-20 Global Yen Berkshire Hathaway Aa2 / AA / A+ / - / - 10 18.3 195.5 430.0 1.110 100* 2,000
20 25.8 134* 1,800 444
1.585
1,600
30 18.5 1.779 148* 1,214
1,400
40 6.0 2.000 (170)* 1,200 915
147
5.5 12.4 0.300 (32) 1,000
10 13.3 0.550 (61) 800 502
6-Mar-20 Global Yen Aflac A3 / A- / - / A+(JCR) / - 57.0 38.0 475
12 20.7 0.750 (75) 600
15 10.6 0.830 (77) 400 189 775
45 252 565
20-Feb-20 Euroyen Societe Generale (SNP) Baa2 / BBB+ / A 5 50.0 50.0 96.2 0.472 48 200
35 123 223
3 46.7 0.224 20 0 10 66
6-Feb-20 Samurai Maybank A3 / - / - / - / A 5 13.3 60.9 54.8 0.280 25 CY2016 CY2017 CY2018 CY2019 CY2020
10 0.9 0.472 35
Mizuho Active Bookrunner Sources: Mizuho, Bloomberg as of December 31, 2020
14 | Private and confidential
*The issue spread of Berkshire Hathaway is over Yen Mid Swap
JPY 2019 Review | Issuance Record
FIG Corp SSA

Ratings Term Size Coupon Spread

Date Type Issuer Previous deal
(M / S / F / R&I / JCR) (yr) (JPY bn) (%) YOS+
10 12.6 0.500 (36)
12 9.3 0.843 63
11-Dec-19 Global Yen Aflac A3 / A- / - / A / - 38.0 53.4
15 9.8 0.934 65
20 6.3 1.122 75
5 14.0 0.229 20
(SP) A1 / A+ / A+ / A+ / -
10 5.6 0.325 30
5-Dec-19 Samurai BPCE 73.2 62.1
5 46.5 0.499 47
(SNP) Baa2 / A- / A+ / A / -
10 7.1 0.683 54
29-Nov-19 Samurai Banco Santander (SP) A2 / A / A / - / A+ 5 50.0 50.0 95.9 0.463 45
11-Oct-19 Euroyen CIBC A2 / - / AA- / - / - 5 55.0 55.0 - 0.295 39
5 76.8 0.250 36
3-Oct-19 Samurai BFCM (SP) Aa3 / A / A+ / - / - 7 33.2 130.0 107.9 0.317 38
10 20.0 0.423 39
(SNP) Baa1 / A- / A+ / - / - 6NC5 34.4 0.492 55
13-Sep-19 Euroyen BNP Paribas 42.9 135.4
(Sub) Baa2 / BBB+ / A / - / - 15NC10 8.5 1.058 100
3 3.7 0.430 50
12-Sep-19 Samurai PLN Baa2 / BBB / BBB / - / BBB 5 18.5 23.2 - 0.870 93
10 1.0 1.050 100
5 108.5 0.170 (32*)
7 61.0 0.270 (40*)
10 146.5 0.440 50*
6-Sep-19 Global Yen Berkshire Hathaway Aa2 / AA / - / - / - 430.0 -
15 19.0 0.787 75*
20 59.0 0.965 87*
30 36.0 1.108 95*
3 25.0 0.590 70
29-Aug-19 Samurai EXIM India Baa2 / BBB- / BBB- / - / BBB+ 32.0 20.0
5 7.0 0.660 78
12 31.3 1.153 115*
6-Aug-19 Global Yen Corning Baa1 / BBB+ / - / - / - 37.2 65.5
20 5.9 1.513 133*
3 30.4 0.180 23
5 21.0 0.280 33
1-Aug-19 Samurai Philippines Baa2 / BBB+ / BBB / BBB / BBB+ 92.0 154.2
7 17.9 0.430 45
10 22.7 0.590 53
19-Jul-19 Samurai CDC Aa2 / AA / AA / - / - 3 15.0 15.0 20.0 0.060 (11)
3 29.6 0.220 27
11-Jul-19 Samurai KT Corporation A3 / A- / A / - / - 30.0 20.0
5 0.4 0.330 37
3 31.5 0.325 40
4-Jul-19 Euroyen Santander CF A2 / A- / A- / - / - 50.0 20.8
5 18.5 0.482 55

Mizuho Active Bookrunner Sources: Mizuho, Bloomberg as of December 31, 2020

15 | Private and confidential
*The issue spread of Berkshire Hathaway is over Yen Mid Swap
JPY 2019 Review | Issuance Record
FIG Corp SSA

Ratings Term Size Coupon Spread

Date Type Issuer Previous deal
(M / S / F / R&I / JCR) (yr) (JPY bn) (%) YOS+
5 22.4 0.440 50
28-Jun-19 Samurai Credit Agricole (SNP) Baa2 / A- / A+ / - / - 35.9 60.7
10 13.5 0.684 60
3 65.5 0.620 68
5 41.2 0.830 88
27-Jun-19 Samurai Mexico A3 / BBB+ / BBB / BBB+ / A- 165.0 135.0
7 27.3 1.050 105
10 31.0 1.300 120
3 41.7 0.737 80
27-Jun-19 Euroyen NatWest Baa2 / A- / A / - / A 50.0 -
5 8.3 0.848 90
21-Jun-19 Euroyen Bladex Baa2 / BBB / BBB+ / - / - 3 7.4 7.4 8.0 0.520 60
20-Jun-19 Euroyen China Construction Bank A1 / A / A / - / - 3 20.0 20.0 - 0.210 29
18-Jun-19 Samurai HBAP Aa3 / AA- / AA- / - / - 5 60.0 60.0 75.0 0.204 24
5 1.5 0.192 23
(SP) A1 / A+ / A+ / A / - 7 1.0 0.304 30
10 4.0 0.444 35
13-Jun-19 Euroyen BPCE 62.1 163.6
5 36.0 0.562 60
(SNP) Baa2 / A- / A+ / A- / - 7 4.5 0.634 63
10 15.1 0.794 70
24-May-19 Samurai Lloyds Banking Group A3 / BBB+ / A+ / A- / - / - 6NC5 93.2 93.2 169.0 0.824 80
3 75.7 0.540 52
5 80.2 0.830 80
7 4.5 0.960 88
16-May-19 Samurai Indonesia Baa2 / BBB- / BBB / BBB / BBB 177.0 100.0
10 7.6 1.170 100
15 4.0 1.550 120
20 5.0 1.790 130
7 25.2 0.495 42
10 64.9 0.769 60
16-May-19 Global Yen MetLife A3 / A- / A- / - / - 12 10.7 151.7 - 0.898 65
15 26.5 1.189 84
20 24.4 1.385 90
3 39.8 0.270 25
15-May-19 Samurai Maybank A3 / A- / A- / - / A 5 9.0 54.8 31.3 0.340 30
10 6.0 0.580 40

Mizuho Active Bookrunner Sources: Mizuho, Bloomberg as of December 31, 2020

16 | Private and confidential
2021 JPY Outlook | Cross border JPY Redemptions
Amount Coupon
Month Issuer Country Launch Date Maturity Cross border JPY Redemption Volume in CY2021
(yen bn) (%)
Westpac Banking Corp Australia 2016/1/15 2021/1/22 85.0 0.300 CY2021 Monthly Redemption Volume: Total ¥1,646.4bn
Jan Panama Panama 2011/1/18 2021/1/25 41.5 1.810 (JPY bn)
Rabobank Netherlands 2011/1/21 2021/1/28 18.4 1.810
350.0
HSBC Finance USA 2006/2/3 2021/2/16 15.0 2.540
310.6
Feb Citigroup USA 2016/2/5 2021/2/18 81.5 0.457
Poland Poland 2005/11/18 2021/2/18 50.0 2.240 300.0
Intesa Sanpaolo Italy 2018/2/22 2021/3/1 30.6 0.380
Export-Import Bank of India India 2011/3/4 2021/3/11 20.0 1.880 250.0
China Eastern Airlines China 2018/3/9 2021/3/16 10.0 0.330 214.9
Mar China Eastern Airlines China 2018/3/9 2021/3/16 20.0 0.640 200.0 183.6
China Eastern Airlines China 2018/3/9 2021/3/16 20.0 0.640 159.0 153.1
Turkey Turkey 2011/3/11 2021/3/18 180.0 1.870 144.9 146.5
150.0
Hungary Hungary 2018/3/14 2021/3/22 30.0 0.370 112.7
Bank of America USA 2016/5/12 2021/5/19 110.0 0.390 97.6
May 100.0 85.4
Indonesia Indonesia 2018/5/24 2021/5/31 49.0 0.670
Societe Generale France 2016/5/27 2021/6/3 19.5 0.150
50.0 38.1
Uruguay Uruguay 2011/5/27 2021/6/3 40.0 1.640
Rabobank Netherlands 2011/5/27 2021/6/9 8.0 1.610 0.0
Mexico Mexico 2016/6/9 2021/6/16 50.9 0.700 0.0
Jun Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
BPCE France 2016/6/10 2021/6/17 1.5 0.125
Indonesia Indonesia 2016/6/15 2021/6/21 38.0 1.160
Barclays Bank UK 2014/6/17 2021/6/24 7.0 0.749
KEXIM Korea 2018/6/21 2021/6/28 50.0 0.270 Cross border JPY Redemption Volume in CY2020
Renault France 2018/6/26 2021/7/2 39.1 0.360
KT Corporation Korea 2018/6/29 2021/7/6 16.0 0.380 CY2020 Monthly Redemption Volume: Total ¥2,600.1bn
Jul National Australia Bank Australia 2011/7/1 2021/7/8 10.0 2.030
(JPY bn)
Crédit Agricole France 2016/6/3 2021/7/9 28.2 0.150
CDC France 2014/7/23 2021/7/30 4.3 0.454 800.0
Hyundai Capital Services Korea 2018/7/26 2021/8/2 5.5 0.400 691.5
Aug 700.0
Philippines Philippines 2018/8/8 2021/8/13 107.2 0.380
KDB Korea 2018/8/28 2021/9/3 50.0 0.230
600.0
Sep Standard Chartered UK 2016/9/8 2021/9/15 45.0 0.523
HSBC Holdings plc UK 2016/9/15 2021/9/24 58.1 0.450 500.0
BFCM France 2016/10/7 2021/10/14 36.6 0.160 404.8
Oct BFCM France 2014/10/9 2021/10/15 2.0 0.563 400.0 357.4
CITIC China 2016/10/20 2021/10/27 46.8 0.670 298.1
Crédit Agricole France 2014/11/20 2021/11/26 7.1 0.614 300.0
Nov Bank of China China 2018/11/22 2021/11/29 30.0 0.420 208.7 200.9
Santander Consumer Finance Spain 2016/11/18 2021/11/30 1.0 0.707 200.0 143.7
CPI Property Group Luxembourg 2018/11/30 2021/12/10 8.0 1.414 112.8 112.0
ING Groep Netherlands 2018/12/7 2021/12/13 107.5 0.848 100.0
16.8 30.9 22.5
Lloyds Banking Group UK 2016/12/8 2021/12/15 41.9 0.615
Dec 0.0
ICICI Bank India 2016/12/9 2021/12/16 10.0 0.678
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Credit Suisse AG Switzerland 2014/12/9 2021/12/16 6.2 0.570
Goldman Sachs USA 2006/12/20 2021/12/28 10.0 2.450

Sources: Mizuho, as of December 31, 2020

17 | Private and confidential
Key Market Indicators & Fiscal and Monetary Policy response to COVID-19
Date Summary
13-Feb-20 The Government released its 1st set of emergency measures to fight against COVID-19 including ¥15.3bn of fiscal measures and ¥500bn of financial measures
10-Mar-20 The Government released its 2nd set of emergency measures to fight against COVID-19 including ¥430.8bn of fiscal measures and ¥1.6 trillion of financial measures

The BOJ enhanced its monetary easing measures to stabilize financial markets amid COVID-19 turmoil through;
(1) providing further ample supply of funds by conducting various operations including purchases of JGBs and the USD funds-supplying operations, (2) measures to facilitate corporate financing, including the increase in
16-Mar-20
purchases of CP and corporate bonds and introduction of a new operation (Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus (COVID-19)) , and (3) active purchases of ETFs
and J-REITs

The Government declared the first-ever state of emergency for 7 prefectures including Tokyo (expanded it nationwide on 16-Apr).
7-Apr-20
The Government approved a record ¥108.2 trillion (project scale) emergency economic stimulus package to cushion the economic impact of the pandemic (scaled up to ¥117.1 trillion on 20-Apr)

The BOJ further enhanced its monetary easing through; (1) an increase in purchases of CP and corporate bonds (the maximum remaining maturity of corporate bonds to be purchased was extended to 5
27-Apr-20
years from 3 years), (2) strengthening of the Special Funds Operations, and (3) further active purchases of JGBs and T-Bills
The BOJ held an unscheduled meeting and introduced a new fund-provisioning measure to further support SMEs and decided to extend the period of existing measures, including the purchases of CP and corporate bonds
22-May-20
and the Special Funds Operations, until the end of March 2021
25-May-20 The Government lifted the nationwide state of emergency
27-May-20 The Government approved its second ¥117.1 trillion (project scale) stimulus package to cushion the economic impact of pandemic
The BOJ increased the total size of its corporate financing support measures from its originally planned ¥75 trillion to ¥110 trillion (¥20 trillion for CP and corporate bonds purchasing and ¥90 trillion for Special Funds
16-Jun-20
Operation)
28-Aug-20 PM Abe announced to resign due to health concerns
16-Sep-20 Suga was elected as new prime minister to replace Abe. He mentioned he will carry on Abe administration's policies.
The first BOJ meeting under the new administration was held and the current ultra-easy monetary policy was kept unchanged. BOJ Governor Kuroda said the BOJ will extend its corporate financing support
29-Oct-20
measures related to the coronavirus "if deemed necessary."
10-Nov-20 The BOJ introduced a “Special Deposit Facility to Enhance the Resilience of the Regional Financial System” to ensure regional financial system stability
8-Dec-20 The Government approved its third ¥73.6 trillion (project scale) stimulus package to cushion the economic impact of pandemic
7-Jan-21 The government declared the second state of emergency including Tokyo and its 3 neighboring prefectures(expanded the area on 14-Jan). The restrictions would last until 7th Mar

Key Market Indicators

35,000 35,000 0.2 2.0 114 -10

112 -20
30,000 30,000 0.1 1.5
110 -30

108 -40
25,000 25,000 0.0 1.0
106 -50

104 -60
20,000 20,000 -0.1 0.5
Nikkei (LHS) JGB 10yr (LHS) 102 -70
Dow (RHS) JPY/USD basis swap 5yr
UST 10yr (RHS) USD/JPY JPY/EUR basis swap 5yr
15,000 15,000 -0.2 0.0 100 -80
Apr-20

Oct-20
Nov-20
Dec-20
Aug-20
Sep-20
Jan-20

Jun-20

Jan-21
May-20
Feb-20
Mar-20

Jul-20

Feb-21

Apr-20

Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-20

Jun-20

Jan-21
May-20
Mar-20

Jul-20
Apr-20

Feb-20

Feb-21
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-20

May-20
Jun-20

Jan-21
Mar-20
Feb-20

Jul-20

Feb-21
Apr-20

Oct-20
Nov-20
Dec-20
Aug-20
Sep-20
Jan-20

Jun-20

Jan-21
May-20
Feb-20
Mar-20

Jul-20

Feb-21

18 | Private and confidential Sources: Bloomberg & Mizuho analysis; As of 5th February 2021
Section 2 – Samurai
Issuance Procedure
Different Formats to access Cross-border JPY Market
There are different formats for international issuers to access JPY market. Key features are as in below.
 Samurai: Bond offering in Japanese public format and can access the widest range of investor base. Documentation will be in Japanese with continuous disclosure
filed through EDINET on a semi-annual basis
 TOKYO PRO-BOND: Listing the bond and/or issuing program (MTN) to the TOKYO PRO-BOND. In case of MTN format with program listing, the transaction is just
a drawdown from issuer’s existing Program, therefore the documentation timeline is similar to simple Euro bond transaction.
 Euroyen/Global-yen: Issuance off the EMTN Program or U.S. Shelf. Documentation is same as other Euro bond transactions
Samurai TOKYO PRO-BOND Market Euroyen / Global-yen
 Japanese Domestic Bond  Global (or Euro) Bond / Japanese Domestic Bond  Euro JPY Transaction – issuance off a Standard
Format Euro-market documentation
 Not required (usually unlisted)  TOKYO PRO-BOND Market  Typically at issuer’s request / as per issuer’s
Exchange
documentation
Public Offering in Japan Private Placements in Japan Private Placements in Japan
Offering in
 Japanese Institutional and / or Retail Investors  Japanese Professional Investors  Japanese Qualified Institutional Investors
Japan Investor
 Non-Japanese Residents (but limited participants due to  Non-Japanese Residents
Base
language problem)
＜Statutory disclosure via EDINET＞ ＜No statutory disclosure required under FIEL＞ ＜No statutory disclosure required under FIEL＞
 Securities Registration Statement (“SRS”)  Program Information (can be mirrored by US Shelf/  Prospectus (In line with Euro-market standard)
* SRS needs to be filed for public offering which includes EMTN pros)  Due Diligence : Management DD, Auditor DD and
Issuer’s information (Business Description, Financial  Due Diligence : Management DD, Auditor DD and Bring-down DD for Launch, Pricing and Closing
Information, etc), Terms and Conditions (T&C) etc. Bring-down DD for Launch, Pricing and Closing  Comfort Letter for non-SSA issuers
Documentation  Shelf Registration  Comfort Letter for non-SSA issuers  Legal Opinion (TBC)
(Programme * When the issuer have filed continuous disclosure for a  Legal Opinion (TBC)
Set-Up) year or longer, the issuer may utilise Shelf Registration (* can be issued under standalone docs as well)
system by meeting some shelf eligibility criteria.
 Due Diligence : Initial DD, Additional DD (if any), Bring-
down DD for Filing, Pricing and Closing
 Comfort Letter for non-SSA issuers
 Legal Opinion
 SRS: SRS (together with Amendment if any) itself is the  Specified Securities Information  Final Terms / Prospectus Supplement
Documentation transaction document *equiv. to Final Terms / Prospectus Supplement
(Drawdown)  Shelf Registration: Supplement to the Shelf (including T&C)
and several other Agreements
Language  Japanese  English (or Japanese)  English
Clearing  JASDEC (Japan Securities Depositary Center, Inc.)  Euro bond format : DTC / Euroclear, Clearstream etc  Euroclear, Clearstream etc
Institution  Domestic format: JASDEC
 Continuous Disclosure (Annual Securities Report, Semi-  Annually update the program information and issuer  Due Diligence (DDQ/DDA, DD Meeting, Comfort
Program
Annual Securities Report, etc) throughout the life of the filing information Letter)
Update
bonds  Due Diligence (DDQ/DDA, DD Meeting, Comfort Letter) * the process depends on the dealer’s internal
/Continuous
 Japanese or English with a summary in Japanese * the process depends on the dealer’s internal policy policy
Disclosure
 Legal Opinion
 J-GAAP / IFRS / US-GAAP / others accepted by FSA  J-GAAP / IFRS / US-GAAP /  IFRS / US GAAP etc. (in accordance with issuer’s
Accounting
others deemed equivalent to the above 3 by Tokyo program)
Standards
Stock Exchange
Index Eligibility  Nomura BPI / BPI Extended : Eligible  Nomura BPI: Not eligible  Nomura BPI : Not eligible

20 | Private and confidential

Timeline Overview (Shelf method)
• Exim is eligible to utilise Shelf Registration for its Samurai issuance as a quasi-sovereign issuer with continuous disclosure in place.
• Exim’s Samurai Shelf has just expired on 15 February, 2021, therefore filing of a new Shelf Registration Statement is necessary.
• Shelf should be set-up well in advance; particularly filing of the Shelf Registration Statement prior to the arrangement of non-deal
roadshow is highly recommended.

～3weeks for documentation 1 week 5-business days

Shelf Registration Statement needs to be

filed and be effective in advance. Shelf Marketing
becomes effective after 8 calendar days from (subject to syndicate’s comments)
the filing.
Day X-28 Day X-7 Day X Day X+5

Start Documentation Filing Amendment to the Shelf* Launch/Pricing/Signing of Payment

agreements
Filing Supplement to Shelf

➢ Filing of the Supplemental Documents to Shelf upon pricing is required

➢ Amendment to Shelf is optional for the issuer to file to further facilitate investors’ investment decision
Amendment method:
Supplement method:
 Filing of Amendment to Shelf is to provide basic bond terms for marketing purpose; based on the information in the Amendment to
Shelf, Prospectus would be prepared to be used during the bookbuilding period.
 Amendment to Shelf is to be filed at the start of official marketing with basic bond terms. It could be filed without specifying the number
of tranches nor the tenors to be marketed, and such information together with the final pricing terms (issue size and coupon) can be
filed in the Supplemental Documents.
 After the pricing, the issuer will file the Supplemental Documents to Shelf to show the details of the issue including pricing information.
 Marketing and bookbuilding could be conducted without filing of Amendment to Shelf; in such a case, the issuer will only file the
Supplemental Documents to Shelf upon pricing.
 Supplemental Prospectus will be prepared based on the Supplemental Documents to Shelf.
 This method is used by regular issuers whose basic bond terms are already known to investors. (Even for regular issuers, should
there be some modification to their bond terms, it is advisable to file Amendment to Shelf so that investors are informed of such
modification in advance of pricing.)

21 | Private and confidential

Samurai Documentation Overview (Shelf method)
Related Parties Abbr. Description In your last transaction
Issuer I The issuer. Export-Import Bank of India Exim India
Mizuho*, Daiwa, MUMSS, SMBC
Joint Lead Managers (JLM) JLM Lead managers who underwrite and sell the bonds *documentation manager
Prepares the issuer’s disclosure documents, review the contractual documents, and issue legal
opinions. Baker & McKenzie (Gaikokuho Joint
Issuer’s Japanese Legal Counsel (IJC) IJC
In most of the cases, the same legal firm that is in charge of the issuer’s continuous disclosure Enterprise)
would be appointed as IJC for the transaction
Issue opinions (i) for the filing of offering documents with Japanese FSA and (ii) for closing, and
Issuer’s Local Legal and Tax Counsel (ILC) ILC J. Sagar Associates
review the contractual documents and offering documents
MC mainly prepares contractual documents for the transaction, and review the Issuer’s disclosure
Joint Lead Managers’ Counsel (MC) MC TMI Associates
documents
Issuer’s fiscal agent who also acts as issuing and paying agent. Usually a large Japanese
Fiscal Agent (FA) FA Mizuho Bank
commercial bank will be appointed
FAC mainly prepares Fiscal, Issuing, and Paying Agency Agreement, and reviews other relevant
Fiscal Agent’s Counsel (FAC) FAC Nishimura & Asahi
documents
Rating Agencies RA Rating Agencies to assign bond ratings Moody’s, JCR

Main Documents Abbr. Description

Disclosure Documents
The issuer’s continuous disclosure in Japan, which will be incorporated by reference into the Shelf Registration Statement. JLM
Annual Securities Report ASR
needs to review as they constitute a part of transaction documents (by reference), and would request the issuer to file the
Semi-annual Securities Report SASR
amendment if important errors are found.
To be prepared by IJC. A simple statement to set a certain potential maximum issuance volume to be issued for the period of 2
Shelf Registration Statement Shelf years. ASR and SASR are incorporated by reference, therefore it reduces the documentation workload at the time of bond issuance
and it has shorter lock-out period, compared to full Securities Registration Statement filing
To incorporate indicative Terms and Conditions of the Bonds to be offered, so that it could be used as a base of Prospectus for
Amendment to Shelf -
marketing purpose
Supplemental Documents to Shelf Supple To incorporate the final terms of the bonds upon pricing.
Prospectus Pros Prospectus for marketing purpose
Transaction Documents
Conditions of Bonds COB Will be prepared based on your EMTN Programme as well as Samurai standard documentation. Annex to SA and FAA
Subscription Agreement SA To be entered into between the issuer and JLM
Fiscal, Issuing, and Paying Agency
FAA To be entered into between the issuer and FA
Agreement
Legal and Tax Opinions - To be issued by IJC, ILC, and MC
Closing Certificates - To be drafted by IJC and executed by the issuer’s authorised person to confirm there are no material changes until closing, etc.

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Sample Samurai Execution Timetable ~ Initial timetable for Exim 2019 Samurai
The timetable below was the initial timetable when Exim had planned Samurai issuance early 2019 (the transaction was eventually
executed in August 2019).
(as of 21 December, 2018)
December 2018
M T W T F S/S Week of Date Marketing / Documentation / Due Diligence Schedule Responsible Parties
3 4 5 6 7 8/9 24 Dec • Appointment of JLM, IJC, and MC I
Tokyo Roadshow • English version of ASR and SASR to be circulated to JLM for review IJC
10 11 12 13 14 15/16 • Documentation and Due-diligence (DD) process to commence I, IJC, JLM, MC
• Appointment of FA I
17 18 19 20 21 22/23 31 Dec New Year Holiday
7 Jan • Comments on English version of ASR and SASR to be sent to I and IJC if any JLM, MC
SASR filing
24 25 26 27 28 29/30 • Initial DDQ to be sent to I JLM
• 1st draft COB and SA to be circulated MC, JLM
• Start drafting Shelf Registration Statement (to be filed on 18th of January) IJC
January 2019 14 Jan • Comments on Japanese version of ASR and SASR to be sent to I and IJC if any JLM, MC
M T W T F S/S • 1st draft of Amendment to Shelf (incl. Securities Information) to be circulated I, IJC, JLM, MC
31-Dec 1 2 3 4 5/6 • 1st draft FAA to be circulated to I, IJC, and ILC FA
• 1st draft of Closing Opinions and Certificate to be circulated I, IJC, ILC, MC
th
7 8 9 10 11 12/13 17 • Answers to DDQ to be delivered to JLM (in written form) I
th
18 • Filing of Amendment to ASR and/or SASR, if necessary I, IJC
14 15 16 17 18 19/20 • Filing of Shelf Registration Statement I, IJC
• Bring-down DDQ for filing of Amendment to Shelf to be sent to I JLM
st
21 22 23 24 25 26/27 21 Jan 21 • Draft Supplemental Document to Shelf to be circulated I, IJC, JLM, MC
rd
Soft Sounding 23 • Go / No-Go Call for Soft Sounding I, JLM
th th
28 29 30 31 1-Feb 2/3 24 – 25 • Soft Sounding (1~2 days) JLM
th
Official Marketing Pricing 25 • Send indicative Term sheets & COB to RA for bond rating I / JLM
February 2019 • Answers to Bring-down DDQ for filing of Amendment to Shelf to be delivered to JLM (in written form) I
M T W T F S/S • Go / No-Go Call for Official Marketing I, JLM
4 5 6 7 8 9/10 • Bring-down DDQ for Pricing to be sent to I JLM
Closing • COB and SA to be in agreed format (except for pricing terms) I, IJC, JLM, MC
11 12 13 14 15 16/17 • Legal and Tax Opinions to be in agreed format I, IJC, JLM, MC, ILC
th
28 Jan 28 • Filing of Amendment to Shelf (with indicative T&C) / Printing and Distribution of Prospectus I, IJC, JLM, MC
th st
28 – 31 • Official Marketing / Book-building (3~4 days) JLM
18 19 20 21 22 23/24 st
31 • Answers to Bring-down DDQ for Pricing to be delivered to JLM (in written form) I
st
1 • Pricing (around 9:30am Tokyo) I, JLM
25 26 27 28
• Signing of SA and FAA I, JLM, IJC, MC, FA
• JCR to send Bond Rating Letter during Tokyo morning (Other ratings to be confirmed by Closing) JCR
Tokyo Roadshow • Filing of Supplemental Document with pricing terms / Offering / Printing Prospectus I, JLM, IC, MC
# Key Dates for Documentation • Bring-down DDQ for Closing to be sent to I JLM
th
Soft Sounding / Official Marketing 4 Feb 7 • Answers to Bring-down DDQ for Closing to be delivered to JLM (in written form) I
Pricing / Closing • Closing Opinions / Certificate (dated as of the Closing date) to be provided to IJC and be held in escrow I, IJC, CPA, ILC
th
Japan market inactive due to calendar events by 8 • Issuer to confirm Ratings from RA other than JCR (and to inform JLM) RA, I, IJC
th
Japan market closed 8 • All closing documents including legal opinions to be released to JLM (by 8:30am Tokyo) IJC, MC
# Indian Holiday • Closing / Settlement I, JLM, IJC, MC, FA
Please see next slide for abbreviations
N.B., Timetable is indicative only and subject to change after legal counsel and other relevant parties’ review Blue letters indicates due diligence schedules
Red letters indicates key schedules in terms of marketing, filing and execution

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Appendix 1 – JBIC’s GATE
Programme
Mizuho – Leading Bank in JBIC’s GATE Bonds
◼ JBIC started MASF (Market Access Support Facility) program in 2009 in response to the global financial crisis and they reformed the program into GATE
(Guarantee and Acquisition toward Tokyo market Enhancement) in 2010.
◼ Mizuho is a leading bank in JBIC guaranteed JPY bond issuance too, having been involved in all the recent transactions since Exim Bank of India in November
2014.

Term Amount Coupon Spread vs JPY

Pricing Date Issuer Rating JBIC’s Involvement
(yrs) (yen bn) (%) Swap Offer (bp)
8 Mar 2019 Government of Malaysia n.a. Guarantee 10.0 200.0 0.53 33*
7 Dec 2018 Gazprom n.a. Guarantee 10.0 65.0 1.01 74*
Baa2(Moody's), BBB-(S&P), BBB+(JCR) Acquisition 3.0 107.2 0.38 25
8 Aug 2018 Philippines Baa2(Moody's), BBB-(S&P), BBB+(JCR) Acquisition 5.0 6.2 0.54 35
Baa2(Moody's), BBB-(S&P), BBB+(JCR) Acquisition 10.0 40.8 0.99 60
1 Dec 2017 Turkey Ba1(Moody's), BB(S&P), BB+(Fitch), BBB- (JCR) Acquisition 3.0 60.0 1.81 170
15 Jul 2016 PEMEX n.a. Guarantee 10.0 80.0 0.54 55
Baa3(Moody’s), BBB-(Fitch), BBB-(R&I) Acquisition 3.0 62.0 0.83 95
15 Jun 2016 Indonesia
Baa3(Moody’s), BBB-(Fitch), BBB-(R&I) Acquisition 5.0 38.0 1.16 125
Baa3(Moody’s), BBB-(R&I), BBB-(JCR) Acquisition 3.0 22.5 1.08 87
4 Aug 2015 Indonesia Baa3(Moody’s), BBB-(R&I), BBB-(JCR) Acquisition 5.0 22.5 1.38 108
n.a. Guarantee 10.0 55.0 0.91 27
18 Nov 2014 Export-Import Bank of India n.a. Guarantee 10.0 20.0 0.97 27
1 Oct 2014 Banque Centrale de Tunisie n.a. Guarantee 10.0 50.0 1.61 90
17 Sep 2014 Turkey n.a. Guarantee 10.0 100.0 1.05 29
16 Dec 2013 Development Bank of Mongolia n.a. Guarantee 10.0 30.0 1.52 60
31 Jul 2013 Banque Centrale de Tunisie n.a. Guarantee 10.0 22.4 2.04 100
Baa1(Moodys), A-(S&P) Acquisition 3.0 48.6 1.16 80
30 Jul 2013 Mexico Baa1(Moodys), A-(S&P) Acquisition 5.0 15.0 1.39 88
Baa1(Moodys), A-(S&P) Acquisition 6.0 17.0 1.54 93
7 Dec 2012 Banque Centrale de Tunisie n.a. Guarantee 10.0 25.0 1.19 45
6 Nov 2012 Indonesia n.a. Guarantee 10.0 60.0 1.13 30
9 Aug 2012 Qatar Petroleum n.a. Guarantee 10.0 85.0 1.14 30
Baa1 (Moody's), A- (S&P) Acquisition 3.0 50.0 1.29 89
31 May 2012 Mexico
Baa1 (Moody's), A- (S&P) Acquisition 5.0 30.0 1.56 110
8 Mar 2012 Turkey n.a. Guarantee 10.0 90.0 1.47 40
27 May 2011 Uruguay n.a. Guarantee 10.0 40.0 1.64 43
11 Mar 2011 Turkey n.a. Guarantee 10.0 180.0 1.87 48
4 Mar 2011 Export-Import Bank of India n.a. Guarantee 10.0 20.0 1.88 47
18 Jan 2011 Panama n.a. Guarantee 10.0 41.5 1.81 48
4 Nov 2010 Indonesia n.a. Guarantee 10.0 60.0 1.60 55
20 Oct 2010 Mexico n.a. Guarantee 10.0 150.0 1.51 50
23 Feb 2010 Philippines n.a. Guarantee 10.0 100.0 2.32 85
*coupon pricing

Source: Bloomberg, Mizuho Analysis, As of 25 February 2021

Mizuho acted as Joint Lead Arranger for light blue-shaded transactions
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Basic Guarantee Scheme of JBIC’s GATE program
Overview of the Guarantee by JBIC

* The discount rate applied will be the “deposit rate for the fiscal loan
Principal 100% Guarantee fund” as determined by the Ministry of Finance Japan which is
periodically reviewed according to market conditions.

Interest Partial Guarantee Discount Rate (As of 1st Feb, 2021)

0.5yr 1.0000 5.5yr 0.9999
1.0yr 1.0000 6.0yr 0.9999
• JBIC guarantees (at most) 95% of the total present value of the cash flows (principle and
1.5yr 1.0000 6.5yr 0.9998
interest) accrued by the Samurai bonds.
• Guarantee percentage is, in principle, 95% for an inaugural Samurai issuance with JBIC’s
2.0yr 1.0000 7.0yr 0.9998

support and less than 95% for subsequent issuance. 2.5yr 1.0000 7.5yr 0.9997

• A “non–guaranteed period for the coupon” will be determined by (1) the guarantee percentage
3.0yr 1.0000 8.0yr 0.9996
by JBIC, (2) the coupon rate of the bonds and (3) the discount rate* used to calculate 3.5yr 1.0000 8.5yr 0.9994
present value of cash flow. 4.0yr 1.0000 9.0yr 0.9993
4.5yr 1.0000 9.5yr 0.9977
5.0yr 1.0000 10.0yr 0.9960

Example of a Non–Guaranteed Period for a Coupon

• Usually, investors look at both the coupon guaranteed period and coupon levels, and they influence each other.
• For the first time issuer, Lead Arrangers approach investors with indicative coupon range with showing the indicative coupon guaranteed period which is calculated based on 95%
(or less) guarantee coverage ratio during the marketing period.
• For example, if the coupon rate is fixed at 1.20%, the “non–guaranteed period for the coupon” will be calculated at 5–years (guarantee coverage ratio of 94.63%). In this case,
JBIC provides the guarantee for (1) all principal and (2) coupons after (and including) the 11th payment.

Non-guaranteed period for coupon Guaranteed period for coupon

20th coupon
1st coupon 2nd coupon 3rd coupon 4th coupon 5th coupon 6th coupon 7th coupon 8th coupon 9th coupon 10th coupon 11th coupon payment
payment payment payment payment payment payment payment payment payment payment payment ・・・・・・・・・・・・・・・・・ +
Redemption

1yr 2yr 3yr 4yr 5yr

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Appendix 2 – Additional
Information
Calendar for CY2021
January 2021 February 2021 March 2021 April 2021

M T W T F M T W T F M T W T F M T W T F
1 1 2 3 4 5 1 2 3 4 5 1 2

4 5 6 7 8 8 9 10 11 12 8 9 10 11 12 5 6 7 8 9
ECB
11 12 13 14 15 15 16 17 18 19 15 16 17 18 19 12 13 14 15 16
FOMC BOJ
18 19 20 21 22 22 23 24 25 26 22 23 24 25 26 19 20 21 22 23
BOJ/ECB ECB
25 26 27 28 29 29 30 31 26 27 28 29 30
FOMC BOJ FOMC

May 2021 June 2021 July 2021 August 2021

M T W T F M T W T F M T W T F M T W T F
3 4 5 6 7 1 2 3 4 1 2 2 3 4 5 6

10 11 12 13 14 7 8 9 10 11 5 6 7 8 9 9 10 11 12 13
ECB
17 18 19 20 21 14 15 16 17 18 12 13 14 15 16 16 17 18 19 20
FOMC BOJ BOJ

24 25 26 27 28 21 22 23 24 25 19 20 21 22 23 23 24 25 26 27
ECB

31 28 29 30 26 27 28 29 30 30 31
FOMC

September 2021 October 2021 November 2021 December 2021

M T W T F M T W T F M T W T F M T W T F
1 2 3 1 1 2 3 4 5 1 2 3
FOMC
6 7 8 9 10 4 5 6 7 8 8 9 10 11 12 6 7 8 9 10
ECB
13 14 15 16 17 11 12 13 14 15 15 16 17 18 19 13 14 15 16 17
FOMC/ECB BOJ
20 21 22 23 24 18 19 20 21 22 22 23 24 25 26 20 21 22 23 24
BOJ/FOMC

27 28 29 30 25 26 27 28 29 29 30 27 28 29 30 31
BOJ/ECB

India Holiday Japan Holiday Unsuited dates for roadshow & pricing

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Orderbook Analysis – Export-Import Bank of India JPY 32.0bn Samurai Transaction
Investor Name Location Investor Type Firm Order (US$ mm) Allocation (US$ mm) Allocation (%)
3-Year Tranche
GIC Private Limited Offshore SWF 31,000 8,100 26.1%
Sumitomo Mitsui Trust Asset Management Co., Ltd. Japan AM / FM 10,000 3,500 35.0%
Meiji Yasuda Asset Management Company Ltd. Japan AM / FM 8,500 3,000 35.3%
Capital International, Inc Offshore AM / FM 7,500 3,000 40.0%
SMBC Acct X1 N/A N/A 5,000 1,000 20.0%
Daiwa Acct X1 N/A N/A 3,000 600 20.0%
Amundi Japan Ltd. Japan AM / FM 2,000 800 40.0%
Nanto Investment Management Co., Ltd. Japan AM / FM 1,800 600 33.3%
PIMCO Japan AM / FM 1,700 600 35.3%
The Hyakugo Bank Ltd Japan Regional Banks 1,300 500 38.5%
The Bank of Iwate, LTD Japan Regional Banks 1,000 400 40.0%
Adachi Seiwa Shinkin Bank Japan Regional Banks 1,000 400 40.0%
The Bank of Kochi, LTD Japan Regional Banks 1,000 500 50.0%
BNP Paribas Asset Management Japan, LTD Japan AM / FM 600 200 33.3%
Yamato Shinkin Bank Japan Regional Banks 500 200 40.0%
Zenkoku Shiritsu Hoikuen Renmei Japan Others 500 200 40.0%
Mizusawa Shinkin Bank Japan Regional Banks 500 200 40.0%
Nara Shinkin Bank Japan Regional Banks 300 200 66.7%
JA Mie Shinren Japan Regional Banks 300 100 33.3%
AIG Asset Management (Japan) Company, K.K. Japan AM / FM 300 100 33.3%
Osaka-Kyoei Shinyokumiai Japan Regional Banks 300 100 33.3%
Numazu Shinkin Bank Ltd Japan Regional Banks 200 100 50.0%
Aichi Shinkin Bank Japan Regional Banks 100 100 100.0%
Tsuyama Shinkin Bank Japan Regional Banks 100 100 100.0%
Koto Shinkin Bank Japan Regional Banks 100 100 100.0%
Seiwa Shinyo Kumiai Japan Regional Banks 100 100 100.0%
Fuji Reien Cemetry Japan Others 100 100 100.0%
Tokachi Shinyo Kumiai Japan Regional Banks 100 100 100.0%
5-Year Tranche
SMBC Acct X1 N/A N/A 5,000 1,000 20.0%
Nippon Life Insurance Company Japan Life Insurance 5,000 4,400 88.0%
The Hokkoku Bank Ltd Japan Regional Banks 2,000 1,500 75.0%
Aichi Shinkin Bank Japan Regional Banks 100 100 100.0%
Total 91,000 32,000 57.9%

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Disclaimer and Confidentiality
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30 | Private and confidential