News Release

NEWS RELEASE

Aug 04, 2020

R&I Affirms Ratings: 5 Expressway Companies

Rating and Investment Information, Inc. (R&I) has announced the following:

COMPANY NAME Central Nippon Expressway Co., Ltd. East Nippon Expressway Co., Ltd. West Nippon Expressway Co., Ltd. Metropolitan Expressway Co., Ltd. Hanshin Expressway Co., Ltd. * Please refer below for rated bonds, etc.

RATIONALE: Central Nippon Expressway Co., Ltd., East Nippon Expressway Co., Ltd., West Nippon Expressway Co., Ltd., Metropolitan Expressway Co., Ltd. and Hanshin Expressway Co., Ltd. are expressway companies established through the realignment of four public highway corporations. Along with Japan Expressway Holding and Debt Repayment Agency (JEHDRA), which almost completely monopolizes Japan's expressway network, they manage the Japanese expressway system. The expressway companies are therefore extremely important for government policy. Their ratings are the same as Japan's sovereign rating, strongly reflecting the government's creditworthiness. To ensure that large-scale expressway renewal and repair works can proceed, the government in 2014 established a new framework that allows expressway companies to fund the project through additional toll revenues generated from the extension of the toll-charge period. As a result, the construction and management/operation of expressways and the debt repayment scheme handled by JEHDRA and expressway companies have become more robust. Now that many expressways are aging, countermeasures for this problem are necessary. Expressway companies are working on a program called "Expressway Renewal Project" in earnest to implement large-scale renewal and repair works, while gaining users' understanding. Going forward, their focus will shift from the construction of new expressways to large-scale renewal and repair works. Furthermore, the government is accelerating the upgrading of expressways by utilizing fiscal investment and loan programs. In FY2020 (the year ending March 2021), fiscal loans were budgeted for some expressway companies, as well as for JEHDRA. In R&I's view, the government maintains its strong willingness to provide support for the upgrading of expressways, a task that contributes to greater productivity of Japan's entire economy. Debt repayment, one of the objectives of the privatization of the public highway corporations, is steadily underway thanks partly to low interest rates. Though susceptible to economic fluctuations, toll revenues have been solid on the whole. In 2020, the novel coronavirus-induced economic slowdown may dampen toll revenues, but R&I expects them to start to recover when the economy picks up. Changes in toll revenues will have only a limited impact on expressway companies' revenues and expenditures, because the lease fees for expressway assets they pay to JEHDRA will be adjusted if actual toll revenues deviate by more than 1% from planned toll revenues. Besides expressway operations, each company runs service areas, etc. in related operations. If any risk actualizes in an expressway company's related operations that are burdened with debt on investment, there will be effects on not only the rating for the expressway company but also the ratings for other expressway companies and JEHDRA because of the nature of debt. Even so, given that an investment policy on related operations at each company is basically conservative, the possibility of the risk materializing is low. The obligations under the bonds issued for expressway construction will be jointly and severally assumed by JEHDRA when the ownership of expressway assets is transferred to JEHDRA. R&I

■Contact : Sales and Marketing Division, Customer Service Dept. TEL. +81-(0)3-6273-7471 E-mail. [email protected] ■Media Contact : Corporate Planning Division (Public Relations) TEL. +81-(0)3-6273-7273 Rating and Investment Information, Inc. TERRACE SQUARE, 3-22 Kanda Nishikicho, Chiyoda-ku, Tokyo 101-0054, Japan https://www.r-i.co.jp Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are not statements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment. R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is not liable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details, please refer to https://www.r-i.co.jp/en/docs/policy/site.html. ©Rating and Investment Information, Inc.

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considers that the certainty of the debt assumption scheme is high.

[Summary of Evaluations for Individual Companies] Central Nippon Expressway Co., Ltd. (NEXCO-Central) NEXCO-Central manages and operates key expressways, including the Tomei Expressway and the Chuo Expressway, which connect the Greater Tokyo area to the Chubu and Kinki regions. The company's business base is solid. The size of its related operations is comparatively large. In the service area business, which forms the core of such operations, NEXCO-Central has been taking advantage of monopolistic operations along its expressways. While the company has relatively high earning capacity, attention should be paid to the tendency that adverse effects on consolidated earnings are amplified in periods of demand contraction resulting from such events as the novel coronavirus outbreak. Because related operations are financed with funds on hand, it is unlikely that the risk associated with related operations will affect expressway operations.

East Nippon Expressway Co., Ltd. (NEXCO-East) NEXCO-East manages and operates an extensive network of expressways covering the Kanto (including the Greater Tokyo area), Tohoku and Hokkaido regions. The company's business base is solid. In April 2019, NEXCO-East opened the section of the Tohoku-Chuo Expressway between the Nanyo Takahata interchange and the Yamagata Kaminoyama interchange. Some of its related operations, including the service area business, are suffering an impact from a decline in customer traffic caused by the coronavirus outbreak. Because related operations are financed with funds on hand, however, it is unlikely that the risk associated with related operations will affect expressway operations.

West Nippon Expressway Co., Ltd. (NEXCO-West) NEXCO-West manages and operates expressways that cover a wide area of western Japan, including the Meishin Expressway, the Chugoku Expressway and the Kyushu Expressway. The company's business base is solid. In June 2017, a distance-based new toll system was introduced in the Kinki region, and at the same time, a scheme was implemented to manage toll roads in an integrated manner. Consolidation of expressway management into NEXCO-West is underway. Integrated management helps enhance efficiency and realize a seamless toll system. With additional routes brought under its management, NEXCO-West's roles are expanding. Some of its related operations, including the service area and parking area business, are suffering an impact from a decline in customer traffic caused by the coronavirus outbreak. Because related operations are financed with funds on hand, however, it is unlikely that the risk associated with related operations will affect expressway operations.

Metropolitan Expressway Co., Ltd. Metropolitan Expressway manages and operates the Metropolitan Expressway, which plays an important role for social and economic activities in the Greater Tokyo area. The company's business base is solid. Metropolitan Expressway has embarked on large-scale renewal and repair works earlier than peers to address aging structures. While room for developing related operations is limited because of the nature of urban expressways, Metropolitan Expressway engages in the management of parking lots and commercial facilities/multi-purpose spaces, among others. Nevertheless, their description and scale suggest a very limited possibility that the company will be exposed to major risks. Since November 2017, a committee consisting of relevant parties has been discussing a project for moving a section of the Metropolitan Expressway that runs over the Nihonbashi bridge underground. With approval given to the urban planning project in April 2020, Metropolitan Expressway plans to start construction around the fall of 2020. Because the project is technically

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challenging, the project cost and scheme may change going forward.

Hanshin Expressway Co., Ltd. Hanshin Expressway manages and operates the Hanshin Expressway, which plays an important role for social and economic activities in the Kansai area. The company's business base is solid. Compared to the Greater Tokyo area, the expressway network in the Kansai area still has many challenges regarding its coverage. To close the missing links of its expressway, Hanshin Expressway is constructing the extension of the Yodogawa-Sagan Route and the western extension of the Osaka Wangan Route. With its expressway network, the company supports economic revitalization in the Kansai area. Room for developing related operations is limited because of the nature of urban expressways. While Hanshin Expressway engages in the parking lot and other businesses, their description and scale suggest a very limited possibility that the company will be exposed to major risks.

Note that Series 5 U.S.$500,000,000 Floating Rate Notes due 2020 issued by NEXCO-Central were redeemed on August 4, after the affirmation of the rating thereof together with the ratings for the existing bonds listed below.

The primary rating methodology applied to this rating is provided at "R&I's Analytical Approach to Government Agencies". The methodology is available at the web site listed below, together with other rating methodologies that are taken into consideration when assigning the rating. https://www.r-i.co.jp/en/rating/about/rating_method.html

R&I RATINGS: ISSUER: Central Nippon Expressway Co., Ltd. Issuer Rating RATING: AA+, Affirmed RATING OUTLOOK: Stable

Sec. Str. Bonds No.19* Issue Date Maturity Date Issue Amount (mn) Sep 14, 2010 Aug 28, 2020 JPY 35,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.22* Issue Date Maturity Date Issue Amount (mn) Nov 22, 2010 Sep 18, 2020 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.25* Issue Date Maturity Date Issue Amount (mn) Jan 21, 2011 Dec 18, 2020 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.29* Issue Date Maturity Date Issue Amount (mn) May 31, 2011 Mar 19, 2021 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.33* Issue Date Maturity Date Issue Amount (mn) Sep 27, 2011 Sep 17, 2021 JPY 25,000

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RATING: AA+, Affirmed

Sec. Str. Bonds No.36* Issue Date Maturity Date Issue Amount (mn) Nov 25, 2011 Sep 17, 2021 JPY 15,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.39* Issue Date Maturity Date Issue Amount (mn) Feb 28, 2012 Dec 20, 2021 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.42* Issue Date Maturity Date Issue Amount (mn) May 23, 2012 Mar 18, 2022 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.45* Issue Date Maturity Date Issue Amount (mn) Sep 20, 2012 Sep 20, 2022 JPY 35,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.48* Issue Date Maturity Date Issue Amount (mn) Mar 19, 2013 Mar 20, 2023 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.52* Issue Date Maturity Date Issue Amount (mn) Nov 08, 2013 Nov 06, 2020 JPY 15,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.55* Issue Date Maturity Date Issue Amount (mn) Feb 14, 2014 Dec 18, 2020 JPY 10,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.56* Issue Date Maturity Date Issue Amount (mn) Feb 14, 2014 Dec 20, 2023 JPY 10,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.59* Issue Date Maturity Date Issue Amount (mn) Feb 19, 2015 Dec 20, 2021 JPY 10,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.60* Issue Date Maturity Date Issue Amount (mn) Feb 19, 2015 Dec 20, 2024 JPY 10,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.62* Issue Date Maturity Date Issue Amount (mn)

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Nov 13, 2015 Sep 18, 2020 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.63* Issue Date Maturity Date Issue Amount (mn) Nov 13, 2015 Nov 13, 2025 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.64* Issue Date Maturity Date Issue Amount (mn) May 31, 2016 May 31, 2021 JPY 9,800 RATING: AA+, Affirmed

Sec. Str. Bonds No.65* Issue Date Maturity Date Issue Amount (mn) Jul 14, 2016 Jul 14, 2021 JPY 60,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.66* Issue Date Maturity Date Issue Amount (mn) Sep 28, 2016 Sep 28, 2021 JPY 34,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.67* Issue Date Maturity Date Issue Amount (mn) Nov 30, 2016 Sep 17, 2021 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.68* Issue Date Maturity Date Issue Amount (mn) Mar 03, 2017 Dec 20, 2021 JPY 18,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.69* Issue Date Maturity Date Issue Amount (mn) May 31, 2017 Mar 18, 2022 JPY 99,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.70* Issue Date Maturity Date Issue Amount (mn) Nov 15, 2017 Sep 20, 2022 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.71 Issue Date Maturity Date Issue Amount (mn) Feb 23, 2018 Dec 20, 2022 JPY 15,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.72 Issue Date Maturity Date Issue Amount (mn) May 30, 2018 May 30, 2022 JPY 50,000 RATING: AA+, Affirmed

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Sec. Str. Bonds No.73 Issue Date Maturity Date Issue Amount (mn) Jul 31, 2018 Jul 29, 2022 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.74 Issue Date Maturity Date Issue Amount (mn) Sep 27, 2018 Sep 20, 2022 JPY 70,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.75* Issue Date Maturity Date Issue Amount (mn) Nov 30, 2018 Nov 30, 2020 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.76* Issue Date Maturity Date Issue Amount (mn) Mar 12, 2019 Apr 12, 2021 JPY 80,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.77 Issue Date Maturity Date Issue Amount (mn) Mar 28, 2019 Mar 19, 2024 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.78 Issue Date Maturity Date Issue Amount (mn) May 29, 2019 May 29, 2024 JPY 80,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.79 Issue Date Maturity Date Issue Amount (mn) Aug 19, 2019 Aug 19, 2024 JPY 88,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.80 Issue Date Maturity Date Issue Amount (mn) Oct 30, 2019 Oct 30, 2024 JPY 55,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.81 Issue Date Maturity Date Issue Amount (mn) Jan 28, 2020 Jan 28, 2025 JPY 100,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.82 Issue Date Maturity Date Issue Amount (mn) Mar 18, 2020 Mar 17, 2023 JPY 80,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.83 Issue Date Maturity Date Issue Amount (mn) Apr 20, 2020 Apr 20, 2023 JPY 100,000 RATING: AA+, Affirmed

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Sec. Str. Bonds No.84 Issue Date Maturity Date Issue Amount (mn) Jul 10, 2020 Jul 10, 2025 JPY 100,000 RATING: AA+, Affirmed

U.S.$ 285,000,000 2.381 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2020* Sep 17, 2015 Sep 17, 2020 USD 285 RATING: AA+, Affirmed

U.S.$ 115,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2020* Sep 17, 2015 Sep 17, 2020 USD 115 RATING: AA+, Affirmed

U.S.$ 250,000,000 2.241 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2021* Feb 16, 2016 Feb 16, 2021 USD 250 RATING: AA+, Affirmed

U.S.$ 150,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2021* Feb 16, 2016 Feb 16, 2021 USD 150 RATING: AA+, Affirmed

U.S.$ 350,000,000 2.293 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2021* Apr 25, 2016 Apr 23, 2021 USD 350 RATING: AA+, Affirmed

U.S.$ 250,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2021* Apr 25, 2016 Apr 23, 2021 USD 250 RATING: AA+, Affirmed

U.S.$ 500,000,000 2.362 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2021* May 31, 2016 May 28, 2021 USD 500 RATING: AA+, Affirmed

U.S.$ 150,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2021* May 31, 2016 May 28, 2021 USD 150 RATING: AA+, Affirmed

Series 1 U.S.$400,000,000 Issue Date Maturity Date Issue Amount (mn) 2.091 per cent. Notes due 2021* Sep 14, 2016 Sep 14, 2021 USD 400 RATING: AA+, Affirmed

Series 2 U.S.$200,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2021* Sep 14, 2016 Sep 14, 2021 USD 200

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RATING: AA+, Affirmed

Series 3 U.S.$250,000,000 Issue Date Maturity Date Issue Amount (mn) 2.849 per cent. Notes due 2022* Mar 03, 2017 Mar 03, 2022 USD 250 RATING: AA+, Affirmed

Series 4 U.S.$300,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2022* Mar 03, 2017 Mar 03, 2022 USD 300 RATING: AA+, Affirmed

Series 6 U.S.$425,000,000 Issue Date Maturity Date Issue Amount (mn) 2.567 per cent. Notes due 2021 Nov 02, 2017 Nov 02, 2021 USD 425 RATING: AA+, Affirmed

Series 7 U.S.$375,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2021 Nov 02, 2017 Nov 02, 2021 USD 375 RATING: AA+, Affirmed

Series 9 U.S.$100,000,000 Issue Date Maturity Date Issue Amount (mn) 3.055 per cent. Notes due 2022 Feb 15, 2018 Feb 15, 2022 USD 100 RATING: AA+, Affirmed

Series 10 U.S.$350,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2022 Feb 15, 2018 Feb 15, 2022 USD 350 RATING: AA+, Affirmed

AUD 100,000,000 3.374 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2026* May 31, 2016 May 28, 2026 AUD 100 RATING: AA+, Affirmed

Series 11 AUD 200,000,000 Issue Date Maturity Date Issue Amount (mn) 2.91 per cent. Notes due 2021 May 11, 2018 May 11, 2021 AUD 200 RATING: AA+, Affirmed

Series 12 AUD 300,000,000 Issue Date Maturity Date Issue Amount (mn) 2.701 per cent. Notes due 2020* Nov 09, 2018 Nov 09, 2020 AUD 300 RATING: AA+, Affirmed

Series 20 AUD 350,000,000 Issue Date Maturity Date Issue Amount (mn) 1.873 per cent. Notes due 2024 Sep 26, 2019 Sep 26, 2024 AUD 350 RATING: AA+, Affirmed

Series 26 AUD 100,000,000 Issue Date Maturity Date Issue Amount (mn)

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1.06 per cent. Notes due 2025 Aug 04, 2020 Aug 01, 2025 AUD 100 RATING: AA+, Affirmed

Series 8 HK$1,000,000,000 Issue Date Maturity Date Issue Amount (mn) 2.463 per cent. Notes due 2022 Feb 09, 2018 Feb 09, 2022 HKD 1,000 RATING: AA+, Affirmed

ISSUER: East Nippon Expressway Co., Ltd. Issuer Rating RATING: AA+, Affirmed RATING OUTLOOK: Stable

Sec. Str. Bonds No.32* Issue Date Maturity Date Issue Amount (mn) Sep 17, 2015 Sep 18, 2020 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.33* Issue Date Maturity Date Issue Amount (mn) Nov 19, 2015 Dec 18, 2020 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.34* Issue Date Maturity Date Issue Amount (mn) Jan 28, 2016 Mar 19, 2021 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.35* Issue Date Maturity Date Issue Amount (mn) Mar 17, 2016 Mar 19, 2021 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.36* Issue Date Maturity Date Issue Amount (mn) May 27, 2016 Jun 18, 2021 JPY 70,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.37* Issue Date Maturity Date Issue Amount (mn) Jul 28, 2016 Jun 18, 2021 JPY 80,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.38* Issue Date Maturity Date Issue Amount (mn) Sep 26, 2016 Sep 17, 2021 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.39* Issue Date Maturity Date Issue Amount (mn) Nov 29, 2016 Dec 20, 2021 JPY 50,000 RATING: AA+, Affirmed

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Sec. Str. Bonds No.40* Issue Date Maturity Date Issue Amount (mn) Jan 31, 2017 Dec 20, 2021 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.42* Issue Date Maturity Date Issue Amount (mn) Apr 28, 2017 Jun 20, 2022 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.44* Issue Date Maturity Date Issue Amount (mn) Jul 28, 2017 Jun 20, 2022 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.46* Issue Date Maturity Date Issue Amount (mn) Nov 30, 2017 Dec 20, 2022 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.48* Issue Date Maturity Date Issue Amount (mn) Jan 31, 2018 Dec 20, 2022 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.50* Issue Date Maturity Date Issue Amount (mn) Apr 27, 2018 Jun 20, 2023 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.52* Issue Date Maturity Date Issue Amount (mn) Jun 19, 2018 Jun 20, 2023 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.53 Issue Date Maturity Date Issue Amount (mn) Nov 30, 2018 Dec 20, 2023 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.54 Issue Date Maturity Date Issue Amount (mn) Jan 31, 2019 Dec 20, 2023 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.55 Issue Date Maturity Date Issue Amount (mn) Mar 29, 2019 Mar 19, 2024 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.56 Issue Date Maturity Date Issue Amount (mn) Apr 26, 2019 Jun 20, 2024 JPY 40,000

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RATING: AA+, Affirmed

Sec. Str. Bonds No.57 Issue Date Maturity Date Issue Amount (mn) Apr 26, 2019 Jun 19, 2026 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.58 Issue Date Maturity Date Issue Amount (mn) Apr 26, 2019 Apr 26, 2029 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.59 Issue Date Maturity Date Issue Amount (mn) Jul 31, 2019 Jun 20, 2024 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.60 Issue Date Maturity Date Issue Amount (mn) Jul 31, 2019 Jun 19, 2026 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.61 Issue Date Maturity Date Issue Amount (mn) Jul 31, 2019 Jul 31, 2029 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.62 Issue Date Maturity Date Issue Amount (mn) Nov 29, 2019 Dec 20, 2024 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.63 Issue Date Maturity Date Issue Amount (mn) Nov 29, 2019 Dec 18, 2026 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.64 Issue Date Maturity Date Issue Amount (mn) Nov 29, 2019 Nov 29, 2029 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.65 Issue Date Maturity Date Issue Amount (mn) Jan 31, 2020 Dec 20, 2024 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.66 Issue Date Maturity Date Issue Amount (mn) Jan 31, 2020 Dec 18, 2026 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.67 Issue Date Maturity Date Issue Amount (mn)

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Jan 31, 2020 Jan 31, 2030 JPY 60,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.68 Issue Date Maturity Date Issue Amount (mn) Apr 24, 2020 Jun 18, 2027 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.69 Issue Date Maturity Date Issue Amount (mn) Apr 24, 2020 Apr 24, 2030 JPY 70,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.70 Issue Date Maturity Date Issue Amount (mn) Jul 17, 2020 Jul 20, 2021 JPY 10,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.71 Issue Date Maturity Date Issue Amount (mn) Jul 17, 2020 Jun 20, 2025 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.72 Issue Date Maturity Date Issue Amount (mn) Jul 17, 2020 Jun 18, 2027 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.73 Issue Date Maturity Date Issue Amount (mn) Jul 17, 2020 Jul 17, 2030 JPY 50,000 RATING: AA+, Affirmed

Commercial Paper ISSUE LIMIT (mn): JPY 75,000 SUPPORT: Secured by general assets RATING: a-1+, Affirmed

ISSUER: West Nippon Expressway Co., Ltd. Issuer Rating RATING: AA+, Affirmed RATING OUTLOOK: Stable

Sec. Str. Bonds No.18* Issue Date Maturity Date Issue Amount (mn) May 20, 2013 Mar 20, 2023 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.19* Issue Date Maturity Date Issue Amount (mn) Sep 05, 2013 Jun 20, 2023 JPY 25,000

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RATING: AA+, Affirmed

Sec. Str. Bonds No.20* Issue Date Maturity Date Issue Amount (mn) Nov 13, 2013 Sep 20, 2023 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.21 Issue Date Maturity Date Issue Amount (mn) Feb 13, 2014 Dec 20, 2023 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.22 Issue Date Maturity Date Issue Amount (mn) May 19, 2014 Mar 19, 2024 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.23 Issue Date Maturity Date Issue Amount (mn) Sep 03, 2014 Jun 20, 2024 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.24 Issue Date Maturity Date Issue Amount (mn) Nov 18, 2014 Sep 20, 2024 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.25 Issue Date Maturity Date Issue Amount (mn) Feb 10, 2015 Dec 20, 2024 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.26 Issue Date Maturity Date Issue Amount (mn) May 21, 2015 May 21, 2025 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.27 Issue Date Maturity Date Issue Amount (mn) Sep 02, 2015 Sep 02, 2025 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.28 Issue Date Maturity Date Issue Amount (mn) Nov 05, 2015 Nov 05, 2025 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.29 Issue Date Maturity Date Issue Amount (mn) Feb 12, 2016 Feb 12, 2026 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.30 Issue Date Maturity Date Issue Amount (mn)

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May 23, 2016 May 22, 2026 JPY 35,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.31 Issue Date Maturity Date Issue Amount (mn) Aug 29, 2016 Aug 28, 2026 JPY 60,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.32 Issue Date Maturity Date Issue Amount (mn) Oct 19, 2016 Oct 19, 2026 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.33 Issue Date Maturity Date Issue Amount (mn) Dec 14, 2016 Dec 14, 2026 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.34 Issue Date Maturity Date Issue Amount (mn) Feb 16, 2017 Feb 16, 2027 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.35* Issue Date Maturity Date Issue Amount (mn) May 22, 2017 Jun 20, 2022 JPY 60,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.36* Issue Date Maturity Date Issue Amount (mn) Aug 29, 2017 Jun 20, 2022 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.37* Issue Date Maturity Date Issue Amount (mn) Oct 19, 2017 Sep 20, 2022 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.38* Issue Date Maturity Date Issue Amount (mn) Dec 14, 2017 Sep 20, 2022 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.39* Issue Date Maturity Date Issue Amount (mn) Feb 15, 2018 Dec 20, 2022 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.41* Issue Date Maturity Date Issue Amount (mn) May 21, 2018 Mar 20, 2023 JPY 40,000 RATING: AA+, Affirmed

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Sec. Str. Bonds No.43* Issue Date Maturity Date Issue Amount (mn) Aug 29, 2018 Jun 20, 2023 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.44* Issue Date Maturity Date Issue Amount (mn) Oct 18, 2018 Sep 18, 2020 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.45 Issue Date Maturity Date Issue Amount (mn) Oct 18, 2018 Sep 20, 2023 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.46* Issue Date Maturity Date Issue Amount (mn) Feb 15, 2019 Feb 15, 2021 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.47 Issue Date Maturity Date Issue Amount (mn) Feb 15, 2019 Dec 20, 2023 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.49 Issue Date Maturity Date Issue Amount (mn) May 23, 2019 Mar 19, 2024 JPY 25,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.50 Issue Date Maturity Date Issue Amount (mn) Aug 29, 2019 Jun 20, 2024 JPY 55,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.51 Issue Date Maturity Date Issue Amount (mn) Oct 18, 2019 Sep 20, 2024 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.52 Issue Date Maturity Date Issue Amount (mn) Feb 14, 2020 Dec 20, 2024 JPY 10,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.53 Issue Date Maturity Date Issue Amount (mn) May 21, 2020 Mar 19, 2025 JPY 60,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.54 Issue Date Maturity Date Issue Amount (mn) Aug 04, 2020 Jun 20, 2025 JPY 80,000 RATING: AA+, Affirmed

NEWS RELEASE

ISSUER: Metropolitan Expressway Co., Ltd. Issuer Rating RATING: AA+, Affirmed RATING OUTLOOK: Stable

Sec. Str. Bonds No.15* Issue Date Maturity Date Issue Amount (mn) Oct 14, 2015 Sep 18, 2020 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.16* Issue Date Maturity Date Issue Amount (mn) Feb 25, 2016 Dec 18, 2020 JPY 15,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.17* Issue Date Maturity Date Issue Amount (mn) Jul 22, 2016 Jun 18, 2021 JPY 50,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.18* Issue Date Maturity Date Issue Amount (mn) Oct 14, 2016 Sep 17, 2021 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.19* Issue Date Maturity Date Issue Amount (mn) Feb 23, 2017 Dec 20, 2021 JPY 34,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.20* Issue Date Maturity Date Issue Amount (mn) Oct 13, 2017 Sep 20, 2022 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.21* Issue Date Maturity Date Issue Amount (mn) Feb 09, 2018 Dec 20, 2022 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.22* Issue Date Maturity Date Issue Amount (mn) Oct 12, 2018 Sep 20, 2023 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.23* Issue Date Maturity Date Issue Amount (mn) Feb 22, 2019 Feb 22, 2021 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.24 Issue Date Maturity Date Issue Amount (mn)

NEWS RELEASE

Feb 22, 2019 Dec 20, 2023 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.25 Issue Date Maturity Date Issue Amount (mn) Oct 10, 2019 Sep 20, 2024 JPY 40,000 RATING: AA+, Affirmed

ISSUER: Hanshin Expressway Co., Ltd. Issuer Rating RATING: AA+, Affirmed RATING OUTLOOK: Stable

Sec. Str. Bonds No.17* Issue Date Maturity Date Issue Amount (mn) Oct 12, 2017 Dec 18, 2020 JPY 20,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.18* Issue Date Maturity Date Issue Amount (mn) Feb 27, 2018 Mar 19, 2021 JPY 10,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.19 Issue Date Maturity Date Issue Amount (mn) Oct 12, 2018 Dec 20, 2021 JPY 40,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.20* Issue Date Maturity Date Issue Amount (mn) Feb 26, 2019 Feb 26, 2021 JPY 30,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.21* Issue Date Maturity Date Issue Amount (mn) Oct 09, 2019 Oct 09, 2020 JPY 55,000 RATING: AA+, Affirmed

Sec. Str. Bonds No.22 Issue Date Maturity Date Issue Amount (mn) Feb 27, 2020 Mar 20, 2023 JPY 25,000 RATING: AA+, Affirmed

(Note 1) All bonds listed above, excluding CP, carry a clause of debt assumption on a joint and several basis by Japan Expressway Holding and Debt Repayment Agency (JEHDRA). (Note 2) Under the Expressway Companies Act, all holders of bonds issued by an expressway company have a right to receive payments in priority to other classes of creditors over the assets of the expressway company, subject to the exception of the general statutory lien provided in the Civil Code. (Note 3) For foreign currency-denominated bonds issued by Central Nippon Expressway Co., Ltd., "TERMS AND CONDITIONS" in the Offering Circular stipulate that the bonds constitute unsecured obligations.

NEWS RELEASE

(Note 4) In respect of the bonds with an asterisk (*), JEHDRA jointly and severally assumed the obligations of the issuer. JEHDRA has become jointly and severally liable for these obligations with the issuer, and the obligations are fulfilled primarily by JEHDRA.