JAPAN EXPRESSWAY HOLDING AND DEBT REPAYMENT AGENCY

2018 President's Message

The Japan Expressway Holding and Debt Repayment Agency was established in October 2005 for the purpose of holding and leasing expressway assets as well as quickly and steadily repaying debts while facilitating the smooth execution of expressway projects by six privatized expressway companies within the privatization framework for the highway public corporations.

Our role is to hold expressway assets and lease them to expressway companies in order to collect leasing fees and use the funds to repay, steadily and within the legally-designated timeframes, inherited debts from highway public corporations as well as newly-incurred debts from new expressway construction. Interest rates are the most critical risk for long-term repayment schedules. We are managing this risk with diverse and effective liability management (such as issuing ultra-long-term bonds) during the recent low interest rate period. As a result, we have managed to steadily pay down our outstanding debt from 38.2 trillion yen at the start of privatization to 27.2 trillion yen at the end of FY 2017.

We also exert public authority on behalf of the original highway administrators in a timely and appropriate manner in order to take expressway safety to the next level and ensure that future generations can continue to enjoy safe, high-quality expressways. In addition, we work in conjunction with the national government and expressway companies to systematically implement measures to address aging highway infrastructure and seismic resistance while raising management standards.

Through our website we actively disclose business and operational information such as debt repayment Contents plans, performance comparison tables, annual maintenance reports, as well as the revenue and expenditure ■Agency Overview ■Comparison of Debt Repayment Plan and results of each route. Our conscientious disclosures exceed the statutory requirements to ensure the １ About the Agency ………………………………………… 2 Performance transparency and accountability of our operations. ２ Establishment of the Agency ……………………………… 2 １ Comparison of FY 2017 Debt Repayment Plan and ３ Operation of the Agency ………………………………… 3 Performance ………………………………………………… 14 In FY 2017, we opened the section along the Shin-Meishin Expressway between the Takatsuki 〈目次〉４ Agreements with Expressway Companies and ２ Transition of the Debt Repayment Plan and junction/interchange and the Kobe junction, creating a double network for the Chugoku/Meishin route. This Business Implementation Programs ……………………… 4 Performance (Since the Agency was established) ……… 17 ■機構の概要 ■債務返済計画と実績の対比 has proven to enhance traffic distribution and greatly reduce congestion; it was also a way to better predict ５ Expressway Management ………………………………… 5 travel times along the Chugoku Expressway/Meishin route. Going forward, we intend to branch out into ６ Mid-range１ 機構とは Targets………………………………………………… and Mid-term Plan … 1 ■１ 平Overview成 27 年度における債務返済計画と実績の対 of FY 2017 Financial Statements比 ……… 11 wayside facilities, enhance core distribution routes and make them more convenient, stimulate tourism, and (FY２ 設立の経 2018‒FY緯 2021)……………………………………………… …………………………………………… 61 １ Profit２ 債務返済計画と実績の推 and Loss Statement移（機構発足時以降………………………………）………………1814 ensure redundancy in the event of a disaster. ３ 機構の業務 ………………………………………………… 2 ２ Balance Sheet ……………………………………………… 19 ■４ 会社との協定及び業務実施計Status of Business Execution画 ……………………… in FY 2017… 3 ■平成 27 事業年度決算の概要 In June 2018, we also opened up the section along the Tokyo Outer Ring Road between the Misato-Minami １ Holding５ 協定締結・業務実施計画認可・事業許可の手続の and Leasing of Expressway Assets ……………… 7 ■Present１ 損益計算書 Condition……………………………………………… of Expressways … 15 interchange and the Koya junction, linking four radial roads (the Higashi-Kanto Expressway, Joban Expressway, ２ Status流れ及び記載事 of Debt Repaymen項 ………………………………………t …………………………………… 84 ２ 貸借対照………………………………………………………………表 ……………………………………………………2016 Tohoku Expressway, and the Kan-etsu Expressway), opening up access between the Tokyo Bay area in Chiba ３ Interest-free６ 高速道路の管 Loans理 …………………………………………to Companies ……………………………104 and various parts of northern Kanto without going through urban districts̶which in turn should greatly ４ Arrangements to Facilitate Reduction in Costs for ■Appendix■高速道路の状況 shorten travel times. In the future, we intend to help streamline urban transport and boost logistics ■平New成 Construction,27 年度の業務の実施状況 Reconstruction, Maintenance, ……………………………………………………………………………………………………………………………………2517 productivity, alleviate congestion in wayside areas (improving safety on everyday roads), and promote the １ 道路資産の保有及び貸付Repairs and other Expresswayけ Maintenanc……………………………e ………………115 flow of tourism throughout the region. ２ 債務返済の状況 …………………………………………… 6 ５ Exercise of Statutory Authority on Behalf of ■Expressway■参考資料 Network The various benefits brought by these and other expressway facilities are helping to further bolster ３ 会社に対する無利子貸付け ……………………………… 8 ………………………………………………………………… 20 Road Administrators ……………………………………… 12 ………………………………………………………………… 32 socioeconomic prosperity. ６ Management４ 高速道路の新設、改築、維持、修繕その他の管理に of Railway Facilities Connecting Honshu要する費用の縮減を助長するための仕組 and Shikoku ……………………………………み ………………138 ■全国路線図 ５ 道路管理権限の代行その他の業務 ……………………… 9 ………………………………………………………………… 27 We will do our utmost to realize a successful and efficient operation of ６ 本州と四国を連絡する鉄道施設の管理 ………………… 10 the expressway business to enrich everyone’s lives. With your continuous support and guidance, every efforts will be made to meet our commitments.

〈表紙写真説明〉Cover Photos ①New Akabuchi River Bridge (Shin-Tomei Expressway) Central Nippon Expressway Co., Ltd. ●①●① ●②●② ②Koya①港大 Junction橋（阪神高速 (Higashi-Kanto4号・ Expressway/5号湾岸線・16号大阪港線East Nippon） 阪神高速道路株式会社 Expressway Co., Ltd. Metropolitan②レインボーブリッ Expresswayジ（1 Bayshore1号台場線 Route/） 首都高速道路株式会社 Hiroki Watanabe Tokyo-Gaikan Expressway) ③新佐奈川橋（新東名高速道路 岡崎東IC～新城IC） 中日本高速道路株式会社 President, ●③●③ ●④●④ ③Minato Bridge (No. 4 Bayshore Route/ Hanshin Expressway Co., Ltd. No.④瀬戸大 16 Osaka橋（瀬戸中央自動車 Port Route) 道 児島IC～坂出IC） 本州四国連絡高速道路株式会社 Japan Expressway Holding and Debt Repayment Agency ④Kumiyama Interchange (Keiji Bypass) West Nippon Expressway Co., Ltd. ⑤関門橋（関門自動車道） 西日本高速道路株式会社 ⑤No. 10 Harumi Route Metropolitan Expressway Co., Ltd. October 2018 ●⑤●⑤ ●⑥●⑥ ⑥Great⑥メップ川 Seto Bridge橋（道央自動車道 登別 (Seto Chuo Expressway)東 IC～白 老ICHonshu-Shikoku） 東日本高速道路株式会社 Bridge Expressway Co., Ltd. President's Message

The Japan Expressway Holding and Debt Repayment Agency was established in October 2005 for the purpose of holding and leasing expressway assets as well as quickly and steadily repaying debts while facilitating the smooth execution of expressway projects by six privatized expressway companies within the privatization framework for the highway public corporations.

Our role is to hold expressway assets and lease them to expressway companies in order to collect leasing fees and use the funds to repay, steadily and within the legally-designated timeframes, inherited debts from highway public corporations as well as newly-incurred debts from new expressway construction. Interest rates are the most critical risk for long-term repayment schedules. We are managing this risk with diverse and effective liability management (such as issuing ultra-long-term bonds) during the recent low interest rate period. As a result, we have managed to steadily pay down our outstanding debt from 38.2 trillion yen at the start of privatization to 27.2 trillion yen at the end of FY 2017.

We also exert public authority on behalf of the original highway administrators in a timely and appropriate manner in order to take expressway safety to the next level and ensure that future generations can continue to enjoy safe, high-quality expressways. In addition, we work in conjunction with the national government and expressway companies to systematically implement measures to address aging highway infrastructure and seismic resistance while raising management standards.

Through our website we actively disclose business and operational information such as debt repayment Contents plans, performance comparison tables, annual maintenance reports, as well as the revenue and expenditure ■Agency Overview ■Comparison of Debt Repayment Plan and results of each route. Our conscientious disclosures exceed the statutory requirements to ensure the １ About the Agency ………………………………………… 2 Performance transparency and accountability of our operations. ２ Establishment of the Agency ……………………………… 2 １ Comparison of FY 2017 Debt Repayment Plan and ３ Operation of the Agency ………………………………… 3 Performance ………………………………………………… 14 In FY 2017, we opened the section along the Shin-Meishin Expressway between the Takatsuki 〈目次〉４ Agreements with Expressway Companies and ２ Transition of the Debt Repayment Plan and junction/interchange and the Kobe junction, creating a double network for the Chugoku/Meishin route. This Business Implementation Programs ……………………… 4 Performance (Since the Agency was established) ……… 17 ■機構の概要 ■債務返済計画と実績の対比 has proven to enhance traffic distribution and greatly reduce congestion; it was also a way to better predict ５ Expressway Management ………………………………… 5 travel times along the Chugoku Expressway/Meishin route. Going forward, we intend to branch out into ６ Mid-range１ 機構とは Targets………………………………………………… and Mid-term Plan … 1 ■１ 平Overview成 27 年度における債務返済計画と実績の対 of FY 2017 Financial Statements比 ……… 11 wayside facilities, enhance core distribution routes and make them more convenient, stimulate tourism, and (FY２ 設立の経 2018‒FY緯 2021)……………………………………………… …………………………………………… 61 １ Profit２ 債務返済計画と実績の推 and Loss Statement移（機構発足時以降………………………………）………………1814 ensure redundancy in the event of a disaster. ３ 機構の業務 ………………………………………………… 2 ２ Balance Sheet ……………………………………………… 19 ■４ 会社との協定及び業務実施計Status of Business Execution画 ……………………… in FY 2017… 3 ■平成 27 事業年度決算の概要 In June 2018, we also opened up the section along the Tokyo Outer Ring Road between the Misato-Minami １ Holding５ 協定締結・業務実施計画認可・事業許可の手続の and Leasing of Expressway Assets ……………… 7 ■Present１ 損益計算書 Condition……………………………………………… of Expressways … 15 interchange and the Koya junction, linking four radial roads (the Higashi-Kanto Expressway, Joban Expressway, ２ Status流れ及び記載事 of Debt Repaymen項 ………………………………………t …………………………………… 84 ２ 貸借対照………………………………………………………………表 ……………………………………………………2016 Tohoku Expressway, and the Kan-etsu Expressway), opening up access between the Tokyo Bay area in Chiba ３ Interest-free６ 高速道路の管 Loans理 …………………………………………to Companies ……………………………104 and various parts of northern Kanto without going through urban districts̶which in turn should greatly ４ Arrangements to Facilitate Reduction in Costs for ■Appendix■高速道路の状況 shorten travel times. In the future, we intend to help streamline urban transport and boost logistics ■平New成 Construction,27 年度の業務の実施状況 Reconstruction, Maintenance, ……………………………………………………………………………………………………………………………………2517 productivity, alleviate congestion in wayside areas (improving safety on everyday roads), and promote the １ 道路資産の保有及び貸付Repairs and other Expresswayけ Maintenanc……………………………e ………………115 flow of tourism throughout the region. ２ 債務返済の状況 …………………………………………… 6 ５ Exercise of Statutory Authority on Behalf of ■Expressway■参考資料 Network The various benefits brought by these and other expressway facilities are helping to further bolster ３ 会社に対する無利子貸付け ……………………………… 8 ………………………………………………………………… 20 Road Administrators ……………………………………… 12 ………………………………………………………………… 32 socioeconomic prosperity. ６ Management４ 高速道路の新設、改築、維持、修繕その他の管理に of Railway Facilities Connecting Honshu要する費用の縮減を助長するための仕組 and Shikoku ……………………………………み ………………138 ■全国路線図 ５ 道路管理権限の代行その他の業務 ……………………… 9 ………………………………………………………………… 27 We will do our utmost to realize a successful and efficient operation of ６ 本州と四国を連絡する鉄道施設の管理 ………………… 10 the expressway business to enrich everyone’s lives. With your continuous support and guidance, every efforts will be made to meet our commitments.

〈表紙写真説明〉Cover Photos ①New Akabuchi River Bridge (Shin-Tomei Expressway) Central Nippon Expressway Co., Ltd. ●①●① ●②●② ②Koya①港大 Junction橋（阪神高速 (Higashi-Kanto4号・ Expressway/5号湾岸線・16号大阪港線East Nippon） 阪神高速道路株式会社 Expressway Co., Ltd. Metropolitan②レインボーブリッ Expresswayジ（1 Bayshore1号台場線 Route/） 首都高速道路株式会社 Hiroki Watanabe Tokyo-Gaikan Expressway) ③新佐奈川橋（新東名高速道路 岡崎東IC～新城IC） 中日本高速道路株式会社 President, ●③●③ ●④●④ ③Minato Bridge (No. 4 Bayshore Route/ Hanshin Expressway Co., Ltd. No.④瀬戸大 16 Osaka橋（瀬戸中央自動車 Port Route) 道 児島IC～坂出IC） 本州四国連絡高速道路株式会社 Japan Expressway Holding and Debt Repayment Agency ④Kumiyama Interchange (Keiji Bypass) West Nippon Expressway Co., Ltd. ⑤関門橋（関門自動車道） 西日本高速道路株式会社 ⑤No. 10 Harumi Route Metropolitan Expressway Co., Ltd. October 2018 ●⑤●⑤ ●⑥●⑥ ⑥Great⑥メップ川 Seto Bridge橋（道央自動車道 登別 (Seto Chuo Expressway)東 IC～白 老ICHonshu-Shikoku） 東日本高速道路株式会社 Bridge Expressway Co., Ltd. Agency Overview Agency Overview

Agency Overview ３．Operation of the Agency The Agency must maintain highway assets in good condition, both those inherited from the highway public １．About the Agency corporations and those newly constructed after privatization, as well as committing to repaying inherited debts from corporations in full and incremental debts due to the new construction. The repayment scheme is based The objectives of the Agency include to reduce the burden of the general public relating to expressways and utilization of the fees paid by the expressway companies to lease the expressway assets by the date as stipulated support the successful implementations of the expressway business by the Companies, by holding and leasing by the Law concerning Special Measures for Highway Improvement. assets related to expressways and repaying debts reliably and rapidly. Conversely, the Agency plays a role in exercising public authorities, such as traffic prohibition and permission for road occupancy, that were delegated from the original administrators ((the Minister of Land, Infrastructure, Transport and Tourism and leaders of local authorities) as provided by the Law concerning Special Measures for ２．Establishment of the Agency Highway Improvement. The Japan Expressway Holding and Debt Repayment Agency (hereafter referred to as “the Agency”) was Once the debts have been repaid in full, the Agency shall be dissolved and the expressways transferred to the Companies, which are the original road administrators. established on October 1, 2005, along with six expressway companies (hereafter referred to as “the Companies”), under four laws regarding the privatization of four highway public corporations, which were enacted in accordance ◆ Scheme for the Implementation of Expressway Business Activities by Agency and Companies with the Japanese Government's policy of privatizing the four public corporations, as spelled out in the Reorganization and Rationalization Plan for Special Public Corporations (approved in a Cabinet meeting on December 19, 2001)

Funds ◆ Framework of the Privatization of Highway Public Corporations raised

Objective of Privatization

● To secure the repayment of interest-bearing debts amounting to about 40 trillion ● To promptly construct genuinely needed expressways while minimizing the fiscal burden imposed on the Authorization by the minister of MLIT general public and paying due respect to the autonomy of the Companies

● To offer diverse and flexible pricing and services to expressway users by exploiting private sector expertise *Paragraph 3, Article 23 of the Law concerning Special Measures for Highway Improvement provides that the expiration date for collection duration of expressway tolls by the Companies and the expiration date of road asset leasing period from the Agency to the Companies shall be before September 30, 2065.

◆ Scope of Business Activities (prescribed in Article 12 of the Japan Expressway Holding and Debt Repayment Agency Law)

1. Holding of expressway assets and their leasing to the Companies. 2. Repayment of inherited debts. 3. Acceptance of debts borne by any of the companies to cover the cost of newly constructing, reconstructing, repairing or restoring expressways following disasters under the Agreement and repaying such debts. 4. Providing interest-free loans, financed with subsidies from national government or local public entities as prescribed by Cabinet order, to Metropolitan Expressway Co., Ltd. and/or Hanshin Expressway Co., Ltd., to partially cover the cost of new construction or reconstruction of the Metropolitan Expressway and/or Hanshin Expressway. 5. Providing interest-free loans, financed with subsidies granted by the national government, to the Companies to partially cover the cost of restoring expressways damaged by disasters. 6. Providing interest-free loans, financed with subsidies granted by the national government, to the Companies to partially cover the cost of construction of junctions connecting said expressways and roads (excluding expressways) specified by the Ordinance of the Ministry of Land, Infrastructure and Transport and Tourism. 7. Providing interest-free loans, financed with subsidies granted by local public entities, as prescribed by Cabinet order, to Metropolitan Expressway Co., Ltd. and/or Hanshin Expressway Co., Ltd., to partially cover the cost of new construction, Companies: Construction, renewal and management reconstruction, repair or restoration of Metropolitan Expressway Co., Ltd. and/or Hanshin Expressway Co., Ltd., following of expressways and collection of tolls disasters. 8. Subsidization required to facilitate a reduction in the costs of the new construction, reconstruction, maintenance, repair and other management aspects of expressways through the Companies’ own efforts. 9. Where any of the Companies is to engage in new construction work, reconstruction, maintenance, or repair work or perform other aspects of expressway management, the Exercise of Statutory Powers on Behalf of Road Administrators under the Law concerning Special Measures for Highway Improvement. 10. Operations prescribed under the Law Concerning Special Measures regarding general marine passenger liner service operations, etc., relating to the construction of the Honshu-Shikoku Bridge. 11. Management of railway facilities linking Honshu and Shikoku. 12. Providing railway facilities under item 11 above for use by the railway service operator for the charging of fees.

－ 2 － －3－ Agency Overview Agency Overview

Agency Overview ３．Operation of the Agency The Agency must maintain highway assets in good condition, both those inherited from the highway public １．About the Agency corporations and those newly constructed after privatization, as well as committing to repaying inherited debts from corporations in full and incremental debts due to the new construction. The repayment scheme is based The objectives of the Agency include to reduce the burden of the general public relating to expressways and utilization of the fees paid by the expressway companies to lease the expressway assets by the date as stipulated support the successful implementations of the expressway business by the Companies, by holding and leasing by the Law concerning Special Measures for Highway Improvement. assets related to expressways and repaying debts reliably and rapidly. Conversely, the Agency plays a role in exercising public authorities, such as traffic prohibition and permission for road occupancy, that were delegated from the original administrators ((the Minister of Land, Infrastructure, Transport and Tourism and leaders of local authorities) as provided by the Law concerning Special Measures for ２．Establishment of the Agency Highway Improvement. The Japan Expressway Holding and Debt Repayment Agency (hereafter referred to as “the Agency”) was Once the debts have been repaid in full, the Agency shall be dissolved and the expressways transferred to the Companies, which are the original road administrators. established on October 1, 2005, along with six expressway companies (hereafter referred to as “the Companies”), under four laws regarding the privatization of four highway public corporations, which were enacted in accordance ◆ Scheme for the Implementation of Expressway Business Activities by Agency and Companies with the Japanese Government's policy of privatizing the four public corporations, as spelled out in the Reorganization and Rationalization Plan for Special Public Corporations (approved in a Cabinet meeting on December 19, 2001)

Funds ◆ Framework of the Privatization of Highway Public Corporations raised

Objective of Privatization

● To secure the repayment of interest-bearing debts amounting to about 40 trillion ● To promptly construct genuinely needed expressways while minimizing the fiscal burden imposed on the Authorization by the minister of MLIT general public and paying due respect to the autonomy of the Companies

● To offer diverse and flexible pricing and services to expressway users by exploiting private sector expertise *Paragraph 3, Article 23 of the Law concerning Special Measures for Highway Improvement provides that the expiration date for collection duration of expressway tolls by the Companies and the expiration date of road asset leasing period from the Agency to the Companies shall be before September 30, 2065.

◆ Scope of Business Activities (prescribed in Article 12 of the Japan Expressway Holding and Debt Repayment Agency Law)

1. Holding of expressway assets and their leasing to the Companies. 2. Repayment of inherited debts. 3. Acceptance of debts borne by any of the companies to cover the cost of newly constructing, reconstructing, repairing or restoring expressways following disasters under the Agreement and repaying such debts. 4. Providing interest-free loans, financed with subsidies from national government or local public entities as prescribed by Cabinet order, to Metropolitan Expressway Co., Ltd. and/or Hanshin Expressway Co., Ltd., to partially cover the cost of new construction or reconstruction of the Metropolitan Expressway and/or Hanshin Expressway. 5. Providing interest-free loans, financed with subsidies granted by the national government, to the Companies to partially cover the cost of restoring expressways damaged by disasters. 6. Providing interest-free loans, financed with subsidies granted by the national government, to the Companies to partially cover the cost of construction of junctions connecting said expressways and roads (excluding expressways) specified by the Ordinance of the Ministry of Land, Infrastructure and Transport and Tourism. 7. Providing interest-free loans, financed with subsidies granted by local public entities, as prescribed by Cabinet order, to Metropolitan Expressway Co., Ltd. and/or Hanshin Expressway Co., Ltd., to partially cover the cost of new construction, Companies: Construction, renewal and management reconstruction, repair or restoration of Metropolitan Expressway Co., Ltd. and/or Hanshin Expressway Co., Ltd., following of expressways and collection of tolls disasters. 8. Subsidization required to facilitate a reduction in the costs of the new construction, reconstruction, maintenance, repair and other management aspects of expressways through the Companies’ own efforts. 9. Where any of the Companies is to engage in new construction work, reconstruction, maintenance, or repair work or perform other aspects of expressway management, the Exercise of Statutory Powers on Behalf of Road Administrators under the Law concerning Special Measures for Highway Improvement. 10. Operations prescribed under the Law Concerning Special Measures regarding general marine passenger liner service operations, etc., relating to the construction of the Honshu-Shikoku Bridge. 11. Management of railway facilities linking Honshu and Shikoku. 12. Providing railway facilities under item 11 above for use by the railway service operator for the charging of fees.

－ 2 － －3－ Agency Overview Agency Overview

４．Agreements with Expressway Companies ◆ List of Agreements and Business Implementation Programs As of September 2018 Party to the Agreement with Name of Agreement When intending to undertake a business operation, the Agency must enter in advance into an agreement with the Agency Agreement Regarding the National Expressway Hokkaido Crossing Route, Hakodate-Nayoro Line East Nippon the Company concerned. * January 2, 2060

y Agreement Regarding the National Expressway Chuo Expressway Fuji-Yoshida Line

When concluding or amending the agreement, the Agency forecasts the duration until the statutory debt l a k a

r Central Nippon w n o s * Same as above s o i w e t t

repayment deadline and confirms and verifies the need to improve expressways, proper management of the r a e p n N Agreement Regarding the National Expressway Chuo Expressway Nishinomiya Line x

e West Nippon same and the feasibility of debt repayment within the statutory deadline by properly defining the ceiling of debt * Same as above

Agreement Regarding General National Road Route 28 to be newly accepted, toll amounts and their collection duration by the Company concerned, costs levied by the Honshu-Shikoku (Honshu-Shikoku Expressway (Kobe-Naruto Route)) * Same as above

Company concerned for appropriate road maintenance and management, lease fees to be paid by the Company Agreement Regarding the Metropolitan Expressway Line 1 Metropolitan * September 30, 2065

concerned, etc. y l s a a k w r n s

o Agreement Regarding the Osaka Prefectural Expressway Osaka-Ikeda Line o s i w e Hanshin Expressway Co.,Ltd g r The Agency amends the agreement promptly and appropriately following any significant change in t e e p * September 18, 2062 R x n e socioeconomic circumstances or road policy. Agreement Regarding the Kyoto City Expressway Line 1 Hanshin Expressway Co.,Ltd * March 31, 2019 When concluding or amending the agreement, the Agency must submit a business implementation program Agreement Regarding General National Road Route 45 (Sanriku Jukan Expressway East Nippon to the Minister of Land, Infrastructure, Transport and Tourism for his or her approval while any Company that (between Naruse-Okumatsushima and Ishinomaki-Kanan)) * January 23, 2008

Agreement Regarding General National Road Route 1 (Hakone Bypass) enters into the agreement must apply for approval of its business activities by the Minister of the same. Central Nippon * July 25, 2011

Agreement Regarding General National Road Route 16 (Hachioji Bypass) Central Nippon s * October 30, 2015 d a o

l r Agreement Regarding General National Road Route 139 (Nishi-Fuji Road) l

o Central Nippon

l t * March 31, 2012 a r e

n Agreement Regarding General National Road Route 158 (Chubu Crossing Route, Abotoge Road) e Central Nippon

t g * January 25, 2037 n e d

n Agreement Regarding General National Road Route 31 (Hiroshima-Kure Road)

e West Nippon p * November 28, 2020 e d n I Agreement Regarding General National Road Route 165 and 166 (Minami-Hanna Road) West Nippon * March 31, 2018

Agreement Regarding General National Road Route 201 (Yakiyama Bypass) West Nippon * September 30, 2014

Agreement Regarding General National Road Route 506 (Naha Airport Expressway (Haebaru Road) West Nippon * March 27, 2009

*Dates indicate the end of the toll collection period. Note that under the Agreement Regarding General National Road Route 165 and 166, National Road Route 165 was designated as part of the national expressway network starting March 31, 2018. It therefore falls under the Agreement Regarding the National Expressway Chuo Expressway Nishinomiya Line starting in FY 2018 and is subject to toll collection. Not also that the National Road Route 166 portion overlaps National Road Route 165 due to a district change. For information on individual agreements and business implementation programs, please see the Agency website (http://www.jehdra.go.jp/ kyouteigyoumujisshi.html)

5 ．Expressway Management

Fo r individual agreement and implementation programs, please refer to the Agency's website Agency and companies share management roles and closely communicate to manage the expressway system (http://www.jehdra.go.jp/kyouteigyoumujisshi.html) pursuant to the Special Measures Act on Road Preparation. ◆ Business Unit Companies play a role in maintaining and repairing roads and charging fees to keep the expressway’s function

As of September 2018 satisfactory at all times. Agreement / Approval for Business Activities Business Implementation Programs The Agency’s role is to exert public authority on behalf of the original administrators. More specifically, Expressways within the national expressway network for Expressways within the national expressway network ・East Nippon Expressway Co., Ltd. : 1 program administrative measures such as prohibiting and restricting traffic (mostly the former), providing special National ・Central Nippon Expressway Co., Ltd. expressway ・West Nippon Expressway Co., Ltd. network permissions (road occupancy/passage for special vehicles), and issuing orders (for actions taken in response to ・Honshu-Shikoku Bridge Expressway Co., Ltd. : 4 agreements violations on vehicle restrictions and the like). The Agency also receives reports on the implementation status of Regional ・Metropolitan Expressway ・Metropolitan Expressway expressway ・Hanshin Expressway (Hanshin area) ・Hanshin Expressway (Hanshin area) road management from the companies and checks on the employment implementation situation as necessary. networks ・Hanshin Expressway (Kyoto area) : 3 agreements ・Hanshin Expressway (Kyoto area) : 3 programs Independent Respective independent general toll roads outside the Respective independent general toll roads outside the The information collected regarding the implementation of expressway management will be shared to develop general toll national expressway network : 9 agreements national expressway network : 9 programs roads * the management system.

－ 4 － －5－ Agency Overview Agency Overview

４．Agreements with Expressway Companies ◆ List of Agreements and Business Implementation Programs As of September 2018 Party to the Agreement with Name of Agreement When intending to undertake a business operation, the Agency must enter in advance into an agreement with the Agency Agreement Regarding the National Expressway Hokkaido Crossing Route, Hakodate-Nayoro Line East Nippon the Company concerned. * January 2, 2060

y Agreement Regarding the National Expressway Chuo Expressway Fuji-Yoshida Line

When concluding or amending the agreement, the Agency forecasts the duration until the statutory debt l a k a

r Central Nippon w n o s * Same as above s o i w e t t repayment deadline and confirms and verifies the need to improve expressways, proper management of the r a e p n N Agreement Regarding the National Expressway Chuo Expressway Nishinomiya Line x

e West Nippon same and the feasibility of debt repayment within the statutory deadline by properly defining the ceiling of debt * Same as above

Agreement Regarding General National Road Route 28 to be newly accepted, toll amounts and their collection duration by the Company concerned, costs levied by the Honshu-Shikoku (Honshu-Shikoku Expressway (Kobe-Naruto Route)) * Same as above

Company concerned for appropriate road maintenance and management, lease fees to be paid by the Company Agreement Regarding the Metropolitan Expressway Line 1 Metropolitan * September 30, 2065 concerned, etc. y l s a a k w r n s

o Agreement Regarding the Osaka Prefectural Expressway Osaka-Ikeda Line o s i w e Hanshin Expressway Co.,Ltd g r The Agency amends the agreement promptly and appropriately following any significant change in t e e p * September 18, 2062 R x n e socioeconomic circumstances or road policy. Agreement Regarding the Kyoto City Expressway Line 1 Hanshin Expressway Co.,Ltd * March 31, 2019 When concluding or amending the agreement, the Agency must submit a business implementation program Agreement Regarding General National Road Route 45 (Sanriku Jukan Expressway East Nippon to the Minister of Land, Infrastructure, Transport and Tourism for his or her approval while any Company that (between Naruse-Okumatsushima and Ishinomaki-Kanan)) * January 23, 2008

Agreement Regarding General National Road Route 1 (Hakone Bypass) enters into the agreement must apply for approval of its business activities by the Minister of the same. Central Nippon * July 25, 2011

Agreement Regarding General National Road Route 16 (Hachioji Bypass) Central Nippon s * October 30, 2015 d a o

l r Agreement Regarding General National Road Route 139 (Nishi-Fuji Road) l

o Central Nippon

l t * March 31, 2012 a r e

n Agreement Regarding General National Road Route 158 (Chubu Crossing Route, Abotoge Road) e Central Nippon

t g * January 25, 2037 n e d

n Agreement Regarding General National Road Route 31 (Hiroshima-Kure Road)

e West Nippon p * November 28, 2020 e d n I Agreement Regarding General National Road Route 165 and 166 (Minami-Hanna Road) West Nippon * March 31, 2018

Agreement Regarding General National Road Route 201 (Yakiyama Bypass) West Nippon * September 30, 2014

Agreement Regarding General National Road Route 506 (Naha Airport Expressway (Haebaru Road) West Nippon * March 27, 2009

*Dates indicate the end of the toll collection period. Note that under the Agreement Regarding General National Road Route 165 and 166, National Road Route 165 was designated as part of the national expressway network starting March 31, 2018. It therefore falls under the Agreement Regarding the National Expressway Chuo Expressway Nishinomiya Line starting in FY 2018 and is subject to toll collection. Not also that the National Road Route 166 portion overlaps National Road Route 165 due to a district change. For information on individual agreements and business implementation programs, please see the Agency website (http://www.jehdra.go.jp/ kyouteigyoumujisshi.html)

5 ．Expressway Management

Fo r individual agreement and implementation programs, please refer to the Agency's website Agency and companies share management roles and closely communicate to manage the expressway system (http://www.jehdra.go.jp/kyouteigyoumujisshi.html) pursuant to the Special Measures Act on Road Preparation. ◆ Business Unit Companies play a role in maintaining and repairing roads and charging fees to keep the expressway’s function

As of September 2018 satisfactory at all times. Agreement / Approval for Business Activities Business Implementation Programs The Agency’s role is to exert public authority on behalf of the original administrators. More specifically, Expressways within the national expressway network for Expressways within the national expressway network ・East Nippon Expressway Co., Ltd. : 1 program administrative measures such as prohibiting and restricting traffic (mostly the former), providing special National ・Central Nippon Expressway Co., Ltd. expressway ・West Nippon Expressway Co., Ltd. network permissions (road occupancy/passage for special vehicles), and issuing orders (for actions taken in response to ・Honshu-Shikoku Bridge Expressway Co., Ltd. : 4 agreements violations on vehicle restrictions and the like). The Agency also receives reports on the implementation status of Regional ・Metropolitan Expressway ・Metropolitan Expressway expressway ・Hanshin Expressway (Hanshin area) ・Hanshin Expressway (Hanshin area) road management from the companies and checks on the employment implementation situation as necessary. networks ・Hanshin Expressway (Kyoto area) : 3 agreements ・Hanshin Expressway (Kyoto area) : 3 programs Independent Respective independent general toll roads outside the Respective independent general toll roads outside the The information collected regarding the implementation of expressway management will be shared to develop general toll national expressway network : 9 agreements national expressway network : 9 programs roads * the management system.

－ 4 － －5－ Agency Overview S t

平 a t

成 u s 6．Mid-range Targets and Mid-term Plan(FY 2018‒FY 2021) 27 Status of Business Execution in FY2017 of B 年 The Agency is considered an Agency Managed under the Medium-term Objectives as

度 u s stipulated in the Act on General Rules for Incorporated Administrative Agencies. We have １．Holding and Leasing of Expressway Assets

の in es s 業 therefore formulated our Fourth Medium-term Plan in order to achieve the Fourth Medium-term (1) Holding and Leasing of Expressway Assets 務 Objectives set forth by the national government. In FY 2017, there was a 59.3-km total increase in holding and leasing of expressway assets with Ex e の The Expressway Agency and Company Work Inspections conducted by the Ministry of Land, the newly-opened Shin-Meishin Expressway (from Joyo to Yawata-kyo Tanabe) and other

実 c 施 Infrastructure, Transport and Tourism in 2015 also resulted in the assessment that the basic projects. The total length of the opened section came in at 10,181 km, 10,241 counting new u t 状 frameworks for privatization, which were generating steady results, needed to continue for the sections. ion in F Y 況 foreseeable future. As a result, we decided to continue working on several themes carried over ◆ Status of Holding and Leasing of Expressway Assets As of March 31, 2018 from the Third Medium-term Plan (FY2013‒FY2017), among them holding and leasing (Unit: km)

expressway assets, ensuring rapid debt repayment, and supporting the smooth execution of 2017 expressway projects. Total East Nippon Central Nippon West Nippon Metropolitan Hanshin Expressway Co.,Ltd. Honshu-Shikoku Expressway Expressway Expressway Expressway Bridge Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd. Hanshin area Kyoto area Expressway Co., Ltd. Note: Three of the items issued by the Minister of Land, Infrastructure, Transport and Tourism under the Fourth Medium-term Objectives (outcome-based indicators Length of holding and leasing 10,241 ［31］ 3,900 ［9］ 2,056 ［3］ 3,516 ［17］ 323 ［1］ 263 ［0］ 10 ［0］ 173 ［0］ (see P20), managing outstanding debt (see P8), and fundraising (see P9)) were deemed of critical importance, while another three (utilizing ICT to boost productivity, improving user services, and taking information security measures) were newly added to the Fourth Medium-term Objectives. Of which are a length opened to traffic 10,181 ［59］ 3,878 ［9］ 2,050 ［5］ 3,499 ［43］ 320 ［1］ 251 ［0］ 10 ［0］ 173 ［0］

（484） ［-18］ （140） ［-9］ （190） ［-5］ （103） ［-2］ （18） ［-1］ （34） ［0］ Of which are a length under construction - - - - 60 ［-28］ 23 ［0］ 6 ［-2］ 17 ［-26］ 2 ［0］ 12 ［0］ ◆Japan Expressway Holding and Debt Repayment Agency: Policy Chart (Breakdown) National expressway network 9,612 ［30］ 3,900 ［9］ 2,051 ［3］ 3,488 ［17］ 173 ［0］ National expressways 8,359 ［42］ 3,385 ［9］ 1,844 ［0］ 3,130 ［33］ ------Highways other than national expressways 1,253 ［-13］ 515 ［0］ 207 ［3］ 358 ［-16］ 173 ［0］

Of which are a length opened to traffic 9,566 ［58］ 3,878 ［9］ 2,045 ［5］ 3,471 ［43］ ------173 ［0］

National expressways 8,320 ［70］ 3,369 ［9］ 1,838 ［2］ 3,113 ［59］ ------

Highways other than national expressways 1,246 ［-13］ 509 ［0］ 207 ［3］ 358 ［-16］ ------173 ［0］

（433） ［-16］ （140） ［-9］ （190） ［-5］ （103） ［-2］ Of which are a length under construction ------46 ［-28］ 23 ［0］ 6 ［-2］ 17 ［-26］

（274） ［-55］ （105） ［-9］ （118） ［-2］ （51） ［-44］ National expressways ------39 ［-28］ 16 ［0］ 6 ［-2］ 17 ［-26］

（159） ［39］ （35） ［0］ （72） ［-3］ （52） ［42］ Highways other than national expressways ------7 ［0］ 7 ［0］ 0 ［0］ 0 ［0］

Regional expressway networks 595 ［1］ ------323 ［1］ 263 ［0］ 10 ［0］ - -

Of which are a length opened to traffic 581 ［1］ ------320 ［1］ 251 ［0］ 10 ［0］ - -

（52） ［-1］ （18） ［-1］ （34） ［0］ Of which are a length under construction ------15 ［0］ 2 ［0］ 12 ［0］

Independent general toll roads 34 ［0］ - - 6 ［0］ 28 ［0］ ------

Of which are a length opened to traffic 34 ［0］ - - 6 ［0］ 28 ［0］ ------Of which are a length under construction ------Note1 : Figures in brackets denote the increase or decrease in value over figures for March 31, 2017. Note2 : Total length figures have been obtained by combining all the sections that contain assets held by the Agency with the distance between interchanges as the minimum unit. However, that figures in parentheses under “of which are a length under construction” are the total distance of length for expressway sections undergoing new construction by expressway companies under agreements with the Agency, including sections for which the Agency already holds assets. Note3 : There may be discrepancies in figure totals due to the treatment of fractions.

(2) New Opened Section The following Expressway sections newly opened in FY2017.

National Expressway Kinki Expressway Nagoya-Kobe Line Kinki Expressway Nagoya-Kobe Line Joyo IC‒ Yawata-kyo Tanabe IC 4.0km (Takatsuki JCT‒Kobe JCT) General National Road Route 45 (Tokyo-Kanjo Expressway) (Policy diagram for Term 4 mid-range targets) Yoro JCT‒Yoro IC 3.1km National Expressway No. 2 Tokai Expressway Yokohama-Nagoya Line Ebina-Minami JCT‒Atsugi-Minami IC 2.0km Higashi-Kanto Expressway Mito Line Hokota IC‒Ibaraki Kuko Kita IC 9.0km Metropolitan Expressway Harumi Route Harumi Access‒Toyosu Access 1.2km National Expressway Kinki Expressway Nagoya-Kobe Line Takatsuki JCT‒Kobe JCT 40.0km Total 59.3km

－ 6 － －7－ Agency Overview S t

平 a t

成 u s 6．Mid-range Targets and Mid-term Plan(FY 2018‒FY 2021) 27 Status of Business Execution in FY2017 of B 年 The Agency is considered an Agency Managed under the Medium-term Objectives as

度 u s stipulated in the Act on General Rules for Incorporated Administrative Agencies. We have １．Holding and Leasing of Expressway Assets

の in es s 業 therefore formulated our Fourth Medium-term Plan in order to achieve the Fourth Medium-term (1) Holding and Leasing of Expressway Assets 務 Objectives set forth by the national government. In FY 2017, there was a 59.3-km total increase in holding and leasing of expressway assets with Ex e の The Expressway Agency and Company Work Inspections conducted by the Ministry of Land, the newly-opened Shin-Meishin Expressway (from Joyo to Yawata-kyo Tanabe) and other

実 c 施 Infrastructure, Transport and Tourism in 2015 also resulted in the assessment that the basic projects. The total length of the opened section came in at 10,181 km, 10,241 counting new u t 状 frameworks for privatization, which were generating steady results, needed to continue for the sections. ion in F Y 況 foreseeable future. As a result, we decided to continue working on several themes carried over ◆ Status of Holding and Leasing of Expressway Assets As of March 31, 2018 from the Third Medium-term Plan (FY2013‒FY2017), among them holding and leasing (Unit: km)

expressway assets, ensuring rapid debt repayment, and supporting the smooth execution of 2017 expressway projects. Total East Nippon Central Nippon West Nippon Metropolitan Hanshin Expressway Co.,Ltd. Honshu-Shikoku Expressway Expressway Expressway Expressway Bridge Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd. Hanshin area Kyoto area Expressway Co., Ltd. Note: Three of the items issued by the Minister of Land, Infrastructure, Transport and Tourism under the Fourth Medium-term Objectives (outcome-based indicators Length of holding and leasing 10,241 ［31］ 3,900 ［9］ 2,056 ［3］ 3,516 ［17］ 323 ［1］ 263 ［0］ 10 ［0］ 173 ［0］ (see P20), managing outstanding debt (see P8), and fundraising (see P9)) were deemed of critical importance, while another three (utilizing ICT to boost productivity, improving user services, and taking information security measures) were newly added to the Fourth Medium-term Objectives. Of which are a length opened to traffic 10,181 ［59］ 3,878 ［9］ 2,050 ［5］ 3,499 ［43］ 320 ［1］ 251 ［0］ 10 ［0］ 173 ［0］

（484） ［-18］ （140） ［-9］ （190） ［-5］ （103） ［-2］ （18） ［-1］ （34） ［0］ Of which are a length under construction - - - - 60 ［-28］ 23 ［0］ 6 ［-2］ 17 ［-26］ 2 ［0］ 12 ［0］ ◆Japan Expressway Holding and Debt Repayment Agency: Policy Chart (Breakdown) National expressway network 9,612 ［30］ 3,900 ［9］ 2,051 ［3］ 3,488 ［17］ 173 ［0］ National expressways 8,359 ［42］ 3,385 ［9］ 1,844 ［0］ 3,130 ［33］ ------Highways other than national expressways 1,253 ［-13］ 515 ［0］ 207 ［3］ 358 ［-16］ 173 ［0］

Of which are a length opened to traffic 9,566 ［58］ 3,878 ［9］ 2,045 ［5］ 3,471 ［43］ ------173 ［0］

National expressways 8,320 ［70］ 3,369 ［9］ 1,838 ［2］ 3,113 ［59］ ------

Highways other than national expressways 1,246 ［-13］ 509 ［0］ 207 ［3］ 358 ［-16］ ------173 ［0］

（433） ［-16］ （140） ［-9］ （190） ［-5］ （103） ［-2］ Of which are a length under construction ------46 ［-28］ 23 ［0］ 6 ［-2］ 17 ［-26］

（274） ［-55］ （105） ［-9］ （118） ［-2］ （51） ［-44］ National expressways ------39 ［-28］ 16 ［0］ 6 ［-2］ 17 ［-26］

（159） ［39］ （35） ［0］ （72） ［-3］ （52） ［42］ Highways other than national expressways ------7 ［0］ 7 ［0］ 0 ［0］ 0 ［0］

Regional expressway networks 595 ［1］ ------323 ［1］ 263 ［0］ 10 ［0］ - -

Of which are a length opened to traffic 581 ［1］ ------320 ［1］ 251 ［0］ 10 ［0］ - -

（52） ［-1］ （18） ［-1］ （34） ［0］ Of which are a length under construction ------15 ［0］ 2 ［0］ 12 ［0］

Independent general toll roads 34 ［0］ - - 6 ［0］ 28 ［0］ ------

Of which are a length opened to traffic 34 ［0］ - - 6 ［0］ 28 ［0］ ------Of which are a length under construction ------Note1 : Figures in brackets denote the increase or decrease in value over figures for March 31, 2017. Note2 : Total length figures have been obtained by combining all the sections that contain assets held by the Agency with the distance between interchanges as the minimum unit. However, that figures in parentheses under “of which are a length under construction” are the total distance of length for expressway sections undergoing new construction by expressway companies under agreements with the Agency, including sections for which the Agency already holds assets. Note3 : There may be discrepancies in figure totals due to the treatment of fractions.

(2) New Opened Section The following Expressway sections newly opened in FY2017.

National Expressway Kinki Expressway Nagoya-Kobe Line Kinki Expressway Nagoya-Kobe Line Joyo IC‒ Yawata-kyo Tanabe IC 4.0km (Takatsuki JCT‒Kobe JCT) General National Road Route 45 (Tokyo-Kanjo Expressway) (Policy diagram for Term 4 mid-range targets) Yoro JCT‒Yoro IC 3.1km National Expressway No. 2 Tokai Expressway Yokohama-Nagoya Line Ebina-Minami JCT‒Atsugi-Minami IC 2.0km Higashi-Kanto Expressway Mito Line Hokota IC‒Ibaraki Kuko Kita IC 9.0km Metropolitan Expressway Harumi Route Harumi Access‒Toyosu Access 1.2km National Expressway Kinki Expressway Nagoya-Kobe Line Takatsuki JCT‒Kobe JCT 40.0km Total 59.3km

－ 6 － －7－ S t S t a t a t u s u s ２．Status of Debt Repayment of B of B （２）Status of Raised Funds （１）Changes in the Debt Balance(Financial Statement Basis) To reduce the risk of increased interest rates and to ensure debt repayment, the Agency has u s u s Changes to the Agency’ s debt balance during FY 2017 are indicated in the table below. decided to enhance its fundraising efforts by increasing the period of its ultra-long-term loans in in es s in es s The total debt as of the beginning of the term (April 1, 2017) was 27.8704 trillion yen, but line with the current climate of low-interest rates. Ex e Ex e decreased to 27.5163 trillion yen at the end of the term (March 31, 2018) after accepting While boosting demand from a wide range of investors through proactive IR, the Agency took 1.3720 trillion yen in debt (from expressway companies together with expressway assets), steps to lengthen bond periods, including issuing government-guaranteed, FILP agency bonds c c u t u t repaying 3.4021 trillion yen in debt and the issuance of 1.6690 trillion yen in bonds. worth 310.0 billion yen (compared to 210.0 billion yen the previous fiscal year). ion in F Y ion in F Y ◆ Changes in debt balance in FY2017 Consequently, the ratio of ultra-long-term debt was 63.8% of total fundraising (1.6690 trillion FY2017 (Reference)FY2016 yen), with the average procurement interest rate low and stable at 0.59%. Debt balance at start of the period Ａ 278,704 288,153 2017 2017 Meanwhile, the average interest rate for interest-bearing debt fell to 1.16% as of the end of the Debt accepted Ｂ 13,720 7,429 fiscal term. Debt repaid Ｃ 34,021 28,517 Fund raised Ｄ 16,690 11,560 Increase in book value from the amort ization of the 71 80 discount on bonds payable E ◆ Status of raised funds in FY 2017

Debt balance at end of the period Ａ＋Ｂ－Ｃ＋Ｄ＋Ｅ 275,163 278,704 Amount of fund raised Interest rate Category Term Number of issuance Note1: The above figures do not include capital and inherited accounts payable relating to roads (88.1 billion yen at the end of FY 2016, 83.0 billion yen (Unit: 100million yen) (average) at the end of FY 2017). 10years 12 6,050 0.15% Note2: There may be discrepancies in figure due to rounding of fractions. 20years 12 4,000 0.59% ◆ Changes According to Debt Category Government (100 million yen) guaranteed 30years 8 2,400 0.85% Loans payable and bonds (face value) bonds Balance in Book in 40years 4 700 1.03% Decrease (Reference) discount discount on Debt Category Increase during period during At time of Balance Balance on bonds bonds period establishment Total 36 13,150 0.46% at start of at end of payable payable period New loan Debt Repayment period accepted 20years 6 840 0.63% Government borrowing (interest-free) 2,568 － － 464 2,103 － 2,103 7,800 30years 3 FILP agency 300 0.90% Government borrowing bonds (Interest-bearing) 2,512 － － 522 1,990 － 1,990 87,693 40years 10 2,400 1.31%

payable Private borrowing 7,547 － 6,334 853 13,028 － 13,028 31,784 Total 19 3,540 1.11% Long-term loans Total 12,627 － 6,334 1,839 17,122 － 17,122 127,276 Total 55 16,690 0.59% Government guaranteed bonds 193,906 13,150 － 23,959 183,097 51 183,046 59,424 Average financing period 21.7 years Government subscribed bonds － － － － － － － 145,832 Average remaining period of outstanding debts 8.6 years（5.1years at the time of establishment） Government subscribed 52,319 3,540 － 3,700 52,159 706 51,453 23,925 Note1: Interest rate (average) is presented as the simple weighted average of funds raised and the average subscriber's yield at the time of bond issuance. Bonds FILP agency bonds － － － － － － － 18,080 Note2: There may be discrepancies in figure totals due to rounding of fractions.

Other bonds 15,925 － 7,386 4,500 18,811 － 18,811 －

Total 262,150 16,690 7,386 32,159 254,067 757 253,310 247,261

Long-term accounts payable (Long-term accounts payable relating to the construction of 4,754 － － 23 4,732 － 4,732 7,239 Tokyo Wan Aqua-Line)

Total debt 279,531 16,690 13,720 34,021 275,920 757 275,163 381,775

(Of which interest-bearing debts) 276,964 16,690 13,720 33,557 273,817 757 273,060 373,976

Capital 55,798 252 － 56,050 － 56,050 43,712

Total of debts and capital 335,329 30,662 34,021 331,970 757 331,213 425,487

Note1: The above fi gures do not include inherited accounts payable relating roads. Note2: Capital in terms of the expressway account is shown in the Capital section. Note3: There may be discrepancies in figure due to rounding of fractions. － 8 － －9－ S t S t a t a t u s u s ２．Status of Debt Repayment of B of B （２）Status of Raised Funds （１）Changes in the Debt Balance(Financial Statement Basis) To reduce the risk of increased interest rates and to ensure debt repayment, the Agency has u s u s Changes to the Agency’ s debt balance during FY 2017 are indicated in the table below. decided to enhance its fundraising efforts by increasing the period of its ultra-long-term loans in in es s in es s The total debt as of the beginning of the term (April 1, 2017) was 27.8704 trillion yen, but line with the current climate of low-interest rates. Ex e Ex e decreased to 27.5163 trillion yen at the end of the term (March 31, 2018) after accepting While boosting demand from a wide range of investors through proactive IR, the Agency took 1.3720 trillion yen in debt (from expressway companies together with expressway assets), steps to lengthen bond periods, including issuing government-guaranteed, FILP agency bonds c c u t u t repaying 3.4021 trillion yen in debt and the issuance of 1.6690 trillion yen in bonds. worth 310.0 billion yen (compared to 210.0 billion yen the previous fiscal year). ion in F Y ion in F Y ◆ Changes in debt balance in FY2017 Consequently, the ratio of ultra-long-term debt was 63.8% of total fundraising (1.6690 trillion FY2017 (Reference)FY2016 yen), with the average procurement interest rate low and stable at 0.59%. Debt balance at start of the period Ａ 278,704 288,153 2017 2017 Meanwhile, the average interest rate for interest-bearing debt fell to 1.16% as of the end of the Debt accepted Ｂ 13,720 7,429 fiscal term. Debt repaid Ｃ 34,021 28,517 Fund raised Ｄ 16,690 11,560 Increase in book value from the amort ization of the 71 80 discount on bonds payable E ◆ Status of raised funds in FY 2017

Debt balance at end of the period Ａ＋Ｂ－Ｃ＋Ｄ＋Ｅ 275,163 278,704 Amount of fund raised Interest rate Category Term Number of issuance Note1: The above figures do not include capital and inherited accounts payable relating to roads (88.1 billion yen at the end of FY 2016, 83.0 billion yen (Unit: 100million yen) (average) at the end of FY 2017). 10years 12 6,050 0.15% Note2: There may be discrepancies in figure due to rounding of fractions. 20years 12 4,000 0.59% ◆ Changes According to Debt Category Government (100 million yen) guaranteed 30years 8 2,400 0.85% Loans payable and bonds (face value) bonds Balance in Book in 40years 4 700 1.03% Decrease (Reference) discount discount on Debt Category Increase during period during At time of Balance Balance on bonds bonds period establishment Total 36 13,150 0.46% at start of at end of payable payable period New loan Debt Repayment period accepted 20years 6 840 0.63% Government borrowing (interest-free) 2,568 － － 464 2,103 － 2,103 7,800 30years 3 FILP agency 300 0.90% Government borrowing bonds (Interest-bearing) 2,512 － － 522 1,990 － 1,990 87,693 40years 10 2,400 1.31% payable Private borrowing 7,547 － 6,334 853 13,028 － 13,028 31,784 Total 19 3,540 1.11% Long-term loans Total 12,627 － 6,334 1,839 17,122 － 17,122 127,276 Total 55 16,690 0.59% Government guaranteed bonds 193,906 13,150 － 23,959 183,097 51 183,046 59,424 Average financing period 21.7 years Government subscribed bonds － － － － － － － 145,832 Average remaining period of outstanding debts 8.6 years（5.1years at the time of establishment） Government subscribed 52,319 3,540 － 3,700 52,159 706 51,453 23,925 Note1: Interest rate (average) is presented as the simple weighted average of funds raised and the average subscriber's yield at the time of bond issuance. Bonds FILP agency bonds － － － － － － － 18,080 Note2: There may be discrepancies in figure totals due to rounding of fractions.

Other bonds 15,925 － 7,386 4,500 18,811 － 18,811 －

Total 262,150 16,690 7,386 32,159 254,067 757 253,310 247,261

Long-term accounts payable (Long-term accounts payable relating to the construction of 4,754 － － 23 4,732 － 4,732 7,239 Tokyo Wan Aqua-Line)

Total debt 279,531 16,690 13,720 34,021 275,920 757 275,163 381,775

(Of which interest-bearing debts) 276,964 16,690 13,720 33,557 273,817 757 273,060 373,976

Capital 55,798 252 － 56,050 － 56,050 43,712

Total of debts and capital 335,329 30,662 34,021 331,970 757 331,213 425,487

Note1: The above fi gures do not include inherited accounts payable relating roads. Note2: Capital in terms of the expressway account is shown in the Capital section. Note3: There may be discrepancies in figure due to rounding of fractions. － 8 － －9－ S t S t a t a t u s ◆ Average fundraising costs for interest-bearing debt u s

of B ４． Arrangements to Facilitate Reduction in Costs for New Construction, of B Reconstruction, Maintenance, Repairs and other Expressway Maintenance Total amount

u s Cost u s (Unit: 100million yen) （１）Utilization of Subsidy Program in es s Balance of interest-bearing debt at time of Agency establishment in es s 373,976 1.80％ (October 1,2005) A Subsidization Program is established to encourage companies to reduce their expenses and Balance of interest-bearing debt at the start of FY 2017 276,136 1.28％ Ex e Ex e Debts accepted 13,720 0.17％ companies making enough effort in this area will benefit from subsidies. In FY2017, the Committee Debts redeemed or repaid －33,557 1.48％ c Changes on Subsidy Programs to Reduce Expenses for New Expressway Construction met on two occasions. c u t during the Raised funds 16,690 0.59％ u t

ion in F Y Ten projects were recognized for proper management effort. As a result of the seven projects that ion in F Y period Increase in book value from the amortization 71 － of the discount on bonds payable were completed in full with solid cost reductions, it was determined that approximately 500 million Balance of interest-bearing debt at the end of FY 2017 273,060 1.16％ yen in expenses had been reduced. Note1: The above figures do not include inherited accounts payable relating to roads. 2017 2017 Note2: Costs for loan financing shown in the above Balance of interest-bearing debt are presented as the simple weighted average of the loan amount and the loan interest rate, while the funding cost of bonds is presented as the simple weighted average subscriber's yield at the time of bond issuance (funding cost of bonds included in "Debts accepted" is indicated by the simple weighted average of accepted book value ○ Cost reduction achieved (2007 ～ 2017) and coupon rates.) Number of Projects subsidized Cost reduction Amount Note3: There may be discrepancies in figure totals due to rounding of fractions. 225 projects Approximately 14,000 million

Also, the recognized project including ones have new technics are publicized on Website so the ３．Interest-free Loans to Companies other companies can learn the method. Additionally, some of the methods are incorporated into We accepted 25.23 billion yen in subsidies from national government or local public entities to their standard and positively utilized to reduce the cost. partially cover the cost of newly constructing and/or reconstructing the Metropolitan Expressway and/or Hanshin Expressway and provided interest-free loans to both companies. We also accepted ◆ Subsidy Program Process

3.57 billion yen in subsidies from the national government to partially cover the cost of development Construction Cost Provision of Subsidy

of a Smart Interchange system, using it to provide interest-free loans to East Nippon Expressway Co., Case1 E.g..) Change of Case2 Limit on Debt Assumption Cost Reduction not soil and/or ground Breakdown of cost reduction resulting from Cost Reduction Ltd., Central Nippon Expressway Co., Ltd. and West Nippon Expressway Co., Ltd., and the Managing Effort condition not resulting Cost from Managing Subsidy Standard Amount Reduction Honshu-Shikoku Bridge Expressway Co., Ltd. The Agency also accepted 29.0 billion yen in subsidies Cost Reduction Effort by the Cost Reduction A from the national government to cover the cost of disaster recovery of toll roads (the Disaster Management １／２assisted by the X Debt Assumption Management Recovery Subsidy for Kumamoto Earthquake, issued under the second supplemental budget for e.g. resulted by new Provision of Subsidy FY2016). These funds were used to provide an interest-free loan to West Nippon Expressway Co., Ltd. technique applied The amount of subsidy to the companies shall be 1/2 the amount of reduction resulted by the management effort recognized out of the amount that is lower than the standard amount

X shall be the reduction resulted by the management effort (Case1) if X≧A Subsidy＝A ／ 2

≪Plan≫ ≪Outcome≫ (Case2) if X＜A Subsidy＝X ／ 2

（２） Improvement on Subsidy Program

For repair projects, since it is harder than with new/renovation projects to utilize the program, we revised the system, reconsidering the submission due of construction plan and its contents in FY 2015. Eventually, construction plans for five repair projects, were submitted in FY 2017; two of which were reviewed by the FY 2017 subsidy committee and recognized for proper management effort. We have also begun discussing a new evaluation method to make it easier to utilize subsidy programs as their scope of application broadens.

－ 10 － － 11 － S t S t a t a t u s ◆ Average fundraising costs for interest-bearing debt u s

of B ４． Arrangements to Facilitate Reduction in Costs for New Construction, of B Reconstruction, Maintenance, Repairs and other Expressway Maintenance Total amount

u s Cost u s (Unit: 100million yen) （１）Utilization of Subsidy Program in es s Balance of interest-bearing debt at time of Agency establishment in es s 373,976 1.80％ (October 1,2005) A Subsidization Program is established to encourage companies to reduce their expenses and Balance of interest-bearing debt at the start of FY 2017 276,136 1.28％ Ex e Ex e Debts accepted 13,720 0.17％ companies making enough effort in this area will benefit from subsidies. In FY2017, the Committee Debts redeemed or repaid －33,557 1.48％ c Changes on Subsidy Programs to Reduce Expenses for New Expressway Construction met on two occasions. c u t during the Raised funds 16,690 0.59％ u t

ion in F Y Ten projects were recognized for proper management effort. As a result of the seven projects that ion in F Y period Increase in book value from the amortization 71 － of the discount on bonds payable were completed in full with solid cost reductions, it was determined that approximately 500 million Balance of interest-bearing debt at the end of FY 2017 273,060 1.16％ yen in expenses had been reduced. Note1: The above figures do not include inherited accounts payable relating to roads. 2017 2017 Note2: Costs for loan financing shown in the above Balance of interest-bearing debt are presented as the simple weighted average of the loan amount and the loan interest rate, while the funding cost of bonds is presented as the simple weighted average subscriber's yield at the time of bond issuance (funding cost of bonds included in "Debts accepted" is indicated by the simple weighted average of accepted book value ○ Cost reduction achieved (2007 ～ 2017) and coupon rates.) Number of Projects subsidized Cost reduction Amount Note3: There may be discrepancies in figure totals due to rounding of fractions. 225 projects Approximately 14,000 million

Also, the recognized project including ones have new technics are publicized on Website so the ３．Interest-free Loans to Companies other companies can learn the method. Additionally, some of the methods are incorporated into We accepted 25.23 billion yen in subsidies from national government or local public entities to their standard and positively utilized to reduce the cost. partially cover the cost of newly constructing and/or reconstructing the Metropolitan Expressway and/or Hanshin Expressway and provided interest-free loans to both companies. We also accepted ◆ Subsidy Program Process

3.57 billion yen in subsidies from the national government to partially cover the cost of development Construction Cost Provision of Subsidy of a Smart Interchange system, using it to provide interest-free loans to East Nippon Expressway Co., Case1 E.g..) Change of Case2 Limit on Debt Assumption Cost Reduction not soil and/or ground Breakdown of cost reduction resulting from Cost Reduction Ltd., Central Nippon Expressway Co., Ltd. and West Nippon Expressway Co., Ltd., and the Managing Effort condition not resulting Cost from Managing Subsidy Standard Amount Reduction Honshu-Shikoku Bridge Expressway Co., Ltd. The Agency also accepted 29.0 billion yen in subsidies Cost Reduction Effort by the Cost Reduction A from the national government to cover the cost of disaster recovery of toll roads (the Disaster Management １／２assisted by the X Debt Assumption Management Recovery Subsidy for Kumamoto Earthquake, issued under the second supplemental budget for e.g. resulted by new Provision of Subsidy FY2016). These funds were used to provide an interest-free loan to West Nippon Expressway Co., Ltd. technique applied The amount of subsidy to the companies shall be 1/2 the amount of reduction resulted by the management effort recognized out of the amount that is lower than the standard amount

X shall be the reduction resulted by the management effort (Case1) if X≧A Subsidy＝A ／ 2

≪Plan≫ ≪Outcome≫ (Case2) if X＜A Subsidy＝X ／ 2

（２） Improvement on Subsidy Program

For repair projects, since it is harder than with new/renovation projects to utilize the program, we revised the system, reconsidering the submission due of construction plan and its contents in FY 2015. Eventually, construction plans for five repair projects, were submitted in FY 2017; two of which were reviewed by the FY 2017 subsidy committee and recognized for proper management effort. We have also begun discussing a new evaluation method to make it easier to utilize subsidy programs as their scope of application broadens.

－ 10 － － 11 － S t S t a t a t u s u s ５．Exercise of Statutory Authority on Behalf of Road Administrators of B of B （４）Permission for road occupancy (Road Act No. 32) （１）Prohibition and restriction of traffic (Road Act No. 46) Permission for road occupancy is provided to those ◆Examples of physical facilities occupied u s u s For expressways, a traffic prohibition standard is established based on regional characteristics and with physical facility within the expressway area. in es s in es s the road structure. In the event of an accident or disaster, The Agency imposes a ban on traffic after ①Bidding for occupancy receiving a traffic prohibition request from the company designated by the standard. Ex e Ex e In the event of earthquake or inclement weather, the traffic prohibition method and request For popular projects likely to be competitive, a c c bidding system for occupancy was established in FY u t u t procedure are determined beforehand, which allows the proper action to be implemented when a Tsunami evacuation Park ion in F Y ion in F Y certain point is reached. Furthermore, for areas at particular risk of secondary disaster, a stricter 2015 to select successful bidders according to facility (under the girders of an expressway) reference value will be set to prevent the damage expanding. occupancy fees and other factors. In FY 2017, the ◆ En trustment of administrative Agency implemented four bidding sessions for （２）Permission for passage of special vehicles (Road Act No. 47-2) affairs for occupancy 2017 2017 The Road Act (vehicle restriction) regulates limitations (standard limits) for the weight, length, occupancy permits.

Delivery of Delivery of the Agency Applicant width and height of vehicles. Vehicles exceeding the standard limit (special vehicles) must still meet Company ②Entrustment of administrative affairs for occupancy permission permission the requirements (e.g. specified time for passing) and obtain permission (for passage of special Entrustment of administrative affairs for occupancy vehicles) from the administrator to prevent any potential hazards to traffic and the road structure. has been started in 2015 and a local company familiar The companies are in charge of receiving applications and The Agency issues the relevant with road conditions is assigned to inspect the Application Application permission. adequacy. The Agency issues the permission based on （３） Regulations to control special vehicle violating restriction (Road Act No. 47-4) the inspection result, which helps streamline the Application Acceptance Permission Investigation, etc. The Agency works with companies to place controls on vehicles violating the regulations operation efficiently. (entrustment) Investigation, etc. Consignment and restrictions. The Agency also issues administrative orders to non-conforming vehicles (such as removing them from the expressway) and issues various instructions as necessary. ○ Main cases of exercise of statutory authority on behalf of road administrators Measures Number of cases Flow of regulation and instruction against persons who violate restrictions Prohibition and restriction of traffic Annual number : 3,206 Corrective orders issued by Instruction to those who violate Penalty and criminal prosecution the road administrator the restrictions Permission for passage of special vehicles Annual number : 5,797 Type of the order Corrective action Violation case Penal provisions ○ Issue a warning letter Leave from the place, such as an A fine not more Order for action against violation of the Cabinet Order on Annual number : 5,693 Leaving from corresponding to a violation Violation of designated place interchange, designated by the road standard limit than 1 million yen Vehicle Restriction administrator. case. Violation of Imprisonment not more Reduction Travel to a safe area and reduce the load ○ If a person repeats violating the by acceptable weight for running. administrative than six months or a fine Total number of permission outstanding at the of the load not more than 300,000 yen restrictions: orders Permission for road occupancy end of fiscal year : 17,524 Travel to a safe area and stop vehicle until -give such a person a corrective Prohibition action instruction via interview Passing without A fine not more of traffic the permission for passage of special the permission than 1 million yen Annual number of permissions given : 3,379 vehicles is issued. -publicize his/her name or company name on the website Enhancement of To meet the requirements designated by The penalty is imposed not only on those who passed permission the permission (passing time, allocation of (for a year) vehicle (driver) but also on the company he/she belongs requirements leading vehicles, etc.). -revoke his/her permission (dual punishment). ６．Management of Railway Facilities Connecting Honshu and Shikoku Those vicious cases overweighting the standard limit more than double are immediately prosecuted The Honshi-Bisan Line (Chayamachi Station ‒ Common-use facility of Honshi-Bisan Line ◆More than double of the standard limit・・・Total vehicle weight is more than [Standard Limit x 2] Utazu Station) connects Honshu and Shikoku, For special vehicle with passage permission, [Standard Limit x 2 (total weight permitted ‒ standard limit)] which comprises common-use space

①Issuance of administrative orders 【Regulating a violation case of the Road Act】 integrating its straight and Honshu-Shikoku Highway and the railway-use space. Regulations e.g. flowing from a designated point, reducing the load and limit of passage, were established. The Agency manages the railway facility while ② Enhanced instruction for frequent violators of regulations entrusting the administration of railway-use space with Shikoku Railway Company and West To enhance instructions with respect to frequent offenders violating regulations, the Agency issues warning letters for malicious cases, interviews Japan Railway Company (hereinafter each JR the parties concerned and applies corrective action after reviewing the Company) concluding the agreement with each Reducing the load in accordance violation records (numbers of violations and details thereof) with six with the order Company. The common-use space was properly companies. For those personnel who do not comply with instructions, their operated by collecting toll fees with the correction instructions/orders were publicized on the Agency’s website. cooperation of the Honshu-Shikoku Bridge ③Implement of immediate accusations Expressway Company. Expressway use Very challenging cases, the gravity of which was more than double In addition, to secure the seismic strength of JR use that covered under regulations, were reported immediately to the the facilities, a seismic reinforcing project was Common use police when the Agency confirmed the same. Damage to road structure is reduced by ordering to travel to a safe area and reduce the load. steadily rolled out based on the same division of * As a unique effort based on the above violation information, the Agency has Cross-section of the common-use space strengthened the penalty imposed for large/multi-frequency discount (ETC discount). roles; targeting completion in FY 2020. － 12 － － 13－ S t S t a t a t u s u s ５．Exercise of Statutory Authority on Behalf of Road Administrators of B of B （４）Permission for road occupancy (Road Act No. 32) （１）Prohibition and restriction of traffic (Road Act No. 46) Permission for road occupancy is provided to those ◆Examples of physical facilities occupied u s u s For expressways, a traffic prohibition standard is established based on regional characteristics and with physical facility within the expressway area. in es s in es s the road structure. In the event of an accident or disaster, The Agency imposes a ban on traffic after ①Bidding for occupancy receiving a traffic prohibition request from the company designated by the standard. Ex e Ex e In the event of earthquake or inclement weather, the traffic prohibition method and request For popular projects likely to be competitive, a c c bidding system for occupancy was established in FY u t u t procedure are determined beforehand, which allows the proper action to be implemented when a Tsunami evacuation Park ion in F Y ion in F Y certain point is reached. Furthermore, for areas at particular risk of secondary disaster, a stricter 2015 to select successful bidders according to facility (under the girders of an expressway) reference value will be set to prevent the damage expanding. occupancy fees and other factors. In FY 2017, the ◆ En trustment of administrative Agency implemented four bidding sessions for （２）Permission for passage of special vehicles (Road Act No. 47-2) affairs for occupancy 2017 2017 The Road Act (vehicle restriction) regulates limitations (standard limits) for the weight, length, occupancy permits.

Delivery of Delivery of the Agency Applicant width and height of vehicles. Vehicles exceeding the standard limit (special vehicles) must still meet Company ②Entrustment of administrative affairs for occupancy permission permission the requirements (e.g. specified time for passing) and obtain permission (for passage of special Entrustment of administrative affairs for occupancy vehicles) from the administrator to prevent any potential hazards to traffic and the road structure. has been started in 2015 and a local company familiar The companies are in charge of receiving applications and The Agency issues the relevant with road conditions is assigned to inspect the Application Application permission. adequacy. The Agency issues the permission based on （３） Regulations to control special vehicle violating restriction (Road Act No. 47-4) the inspection result, which helps streamline the Application Acceptance Permission Investigation, etc. The Agency works with companies to place controls on vehicles violating the regulations operation efficiently. (entrustment) Investigation, etc. Consignment and restrictions. The Agency also issues administrative orders to non-conforming vehicles (such as removing them from the expressway) and issues various instructions as necessary. ○ Main cases of exercise of statutory authority on behalf of road administrators Measures Number of cases Flow of regulation and instruction against persons who violate restrictions Prohibition and restriction of traffic Annual number : 3,206 Corrective orders issued by Instruction to those who violate Penalty and criminal prosecution the road administrator the restrictions Permission for passage of special vehicles Annual number : 5,797 Type of the order Corrective action Violation case Penal provisions ○ Issue a warning letter Leave from the place, such as an A fine not more Order for action against violation of the Cabinet Order on Annual number : 5,693 Leaving from corresponding to a violation Violation of designated place interchange, designated by the road standard limit than 1 million yen Vehicle Restriction administrator. case. Violation of Imprisonment not more Reduction Travel to a safe area and reduce the load ○ If a person repeats violating the by acceptable weight for running. administrative than six months or a fine Total number of permission outstanding at the of the load not more than 300,000 yen restrictions: orders Permission for road occupancy end of fiscal year : 17,524 Travel to a safe area and stop vehicle until -give such a person a corrective Prohibition action instruction via interview Passing without A fine not more of traffic the permission for passage of special the permission than 1 million yen Annual number of permissions given : 3,379 vehicles is issued. -publicize his/her name or company name on the website Enhancement of To meet the requirements designated by The penalty is imposed not only on those who passed permission the permission (passing time, allocation of (for a year) vehicle (driver) but also on the company he/she belongs requirements leading vehicles, etc.). -revoke his/her permission (dual punishment). ６．Management of Railway Facilities Connecting Honshu and Shikoku Those vicious cases overweighting the standard limit more than double are immediately prosecuted The Honshi-Bisan Line (Chayamachi Station ‒ Common-use facility of Honshi-Bisan Line ◆More than double of the standard limit・・・Total vehicle weight is more than [Standard Limit x 2] Utazu Station) connects Honshu and Shikoku, For special vehicle with passage permission, [Standard Limit x 2 (total weight permitted ‒ standard limit)] which comprises common-use space

①Issuance of administrative orders 【Regulating a violation case of the Road Act】 integrating its straight and Honshu-Shikoku Highway and the railway-use space. Regulations e.g. flowing from a designated point, reducing the load and limit of passage, were established. The Agency manages the railway facility while ② Enhanced instruction for frequent violators of regulations entrusting the administration of railway-use space with Shikoku Railway Company and West To enhance instructions with respect to frequent offenders violating regulations, the Agency issues warning letters for malicious cases, interviews Japan Railway Company (hereinafter each JR the parties concerned and applies corrective action after reviewing the Company) concluding the agreement with each Reducing the load in accordance violation records (numbers of violations and details thereof) with six with the order Company. The common-use space was properly companies. For those personnel who do not comply with instructions, their operated by collecting toll fees with the correction instructions/orders were publicized on the Agency’s website. cooperation of the Honshu-Shikoku Bridge ③Implement of immediate accusations Expressway Company. Expressway use Very challenging cases, the gravity of which was more than double In addition, to secure the seismic strength of JR use that covered under regulations, were reported immediately to the the facilities, a seismic reinforcing project was Common use police when the Agency confirmed the same. Damage to road structure is reduced by ordering to travel to a safe area and reduce the load. steadily rolled out based on the same division of * As a unique effort based on the above violation information, the Agency has Cross-section of the common-use space strengthened the penalty imposed for large/multi-frequency discount (ETC discount). roles; targeting completion in FY 2020. － 12 － － 13－ C C ompar i ompar i

〔Unit : 100 million yen 〕

National Metropolitan Hanshin Hanshin Independent s s Comparison of Debt Repayment Plan and Performance Total expressway Expressway Expressway Expressway general toll on of De bt R e on of De bt R e network (Hanshin area) (Kyoto area) roads Income Plan (A) 21,117 17,267 2,255 1,521 32 42 Performance (B) 22,580 18,696 2,256 1,539 33 56 １．Comparison of FY 2017 Debt Repayment Plan and Performance Difference (B) - (A) 1,463 1,430 1 17 2 14 Leasing fees ◆ Comparison of FY 2017 Debt Repayment Plan and Performance (General Overview) Plan (A) 20,471 16,886 2,028 1,482 32 42 Performance (B) 21,833 18,216 2,028 1,499 33 56 〔Agency〕 〔Unit : 100 million yen〕 Difference (B) - (A) 1,363 1,330 0 17 2 14 pa yme n pa yme n Charges for occupation* National Hanshin Hanshin Independent Plan (A) 47 34 10 4 0 0 Metropolitan Total expressway Expressway Expressway general toll Performance (B) 169 154 11 4 0 0 Expressway network (Hanshin area) (Kyoto area) roads Difference (B) - (A) 122 120 1 0 0 0 Outstanding balance (start of FY 2017) Capital* Plan (A) 599 347 217 35 0 0 t t Plan and P e Plan and P e Debts excluding construction such as specified renewal Performance (B) 578 326 217 35 0 0 Plan (A) 332,266 243,756 51,809 34,988 1,607 105 Difference (B) - (A) (21) (21) 0 0 0 0 Performance (B) 331,825 243,756 51,553 34,854 1,605 56 Expenditure Difference (B) - (A) (441) 0 (256) (134) (2) (49) Plan (A) 4,239 3,015 736 477 16 (5) Debt balance (start of FY 2017) Performance (B) 4,654 3,409 749 475 17 5 Difference (B) - (A) 415 394 13 (3) 0 10 Plan (A) 276,468 206,825 40,535 27,848 1,155 105 Performance (B) 276,027 206,825 40,279 27,713 1,154 56 Management expenses* Plan (A) 114 (17) 41 95 2 (8) Difference (B) - (A) (441) 0 (256) (134) (2) (49) rfor m rfor m Performance (B) 717 529 79 102 2 4 Interest-bearing debt Difference (B) - (A) 603 546 38 7 1 11 Plan (A) 273,912 205,868 38,961 27,822 1,155 105 Paid interest Performance (B) 273,471 205,868 38,705 27,688 1,154 56 Plan (A) 3,527 2,685 478 347 15 2 an c an c Difference (B) - (A) (441) 0 (256) (134) (2) (49) Performance (B) 3,359 2,554 453 337 14 1 Infrastructure debt Difference (B) - (A) (168) (131) (26) (10) 0 (1) e e Plan (A) 1,600 0 1,574 26 0 0 Interest-free debt 347 217 35 0 Performance (B) 1,600 0 1,574 26 0 0 Plan (A) 599 0 Performance (B) 578 326 217 35 0 0 Difference (B) - (A) 0 0 0 0 0 0 Difference (B) - (A) (21) (21) 0 0 0 0 Interest-free debt Income / expenditure difference Plan (A) 957 957 0 0 0 0 Plan (A) 16,877 14,252 1,518 1,044 15 48 Performance (B) 957 957 0 0 0 0 Performance (B) 17,926 15,287 1,507 1,064 17 52 Difference (B) - (A) 0 0 0 0 0 0 Difference (B) - (A) 1,049 1,035 (12) 20 1 4 Note1 Capital Outstanding balance (start of FY 2018) Plan (A) 55,798 36,931 11,274 7,140 452 0 Debts excluding construction such as specified renewal 337,155 249,180 51,959 34,213 1,600 202 Performance (B) 55,798 36,931 11,274 7,140 452 0 Plan (A) 326,909 240,202 51,127 33,981 1,590 10 0 0 Performance (B) Difference (B) - (A) 0 0 0 0 Difference (B) - (A) (10,245) (8,979) (833) (232) (10) (192) Debts related to construction such as specified renewal Debt balance (start of FY 2018) Plan (A) 550 141 353 57 - - Plan (A) 281,105 212,250 40,468 27,038 1,148 202 Performance (B) 276 141 129 6 - - Performance (B) 270,860 203,271 39,635 26,806 1,138 10 Difference (B) - (A) (274) 0 (224) (51) - - Difference (B) - (A) (10,245) (8,979) (833) (232) (10) (192) Debt balance (start of FY 2017) Interest-bearing debt Plan (A) 279,007 211,466 39,173 27,017 1,148 202 Plan (A) 550 141 353 57 - - Performance (B) 268,761 202,488 38,341 26,785 1,138 10 Performance (B) 276 141 129 6 - - Difference (B) - (A) (10,245) (8,979) (833) (232) (10) (192) (274) 0 (224) - Difference (B) - (A) (51) - Infrastructure debt Interest-bearing debt Plan (A) 1,315 0 1,294 21 0 0 Plan (A) 550 141 353 57 - - Performance (B) 1,315 0 1,294 21 0 0 Performance (B) 276 141 129 6 - - Difference (B) - (A) 0 0 0 0 0 0 Difference (B) - (A) (274) 0 (224) (51) - - Interest-free debt Plan (A) 783 783 0 0 0 0 Debt accepted from Companies Performance (B) 783 783 0 0 0 0 Debts excluding construction such as specified renewal Difference (B) - (A) 0 0 0 0 0 0 Plan (A) 22,081 20,030 1,664 235 8 144 Capital Performance (B) 13,297 12,087 1,047 156 1 5 Plan (A) 56,050 36,931 11,492 7,175 452 0 Difference (B) - (A) (8,784) (7,942) (617) (78) (7) (139) Performance (B) 56,050 36,931 11,492 7,175 452 0 Difference (B) - (A) 0 0 0 0 0 0 Interest-bearing debt Debts related to construction such as specified renewal Plan (A) 21,514 19,676 1,451 235 8 144 Plan (A) 4,327 2,649 1,106 572 - - Performance (B) 12,758 11,733 863 156 1 5 Performance (B) 1,113 447 602 64 - - Difference (B) - (A) (8,756) (7,943) (588) (78) (7) (139) Difference (B) - (A) (3,214) (2,202) (504) (508) - - Infrastructure debt Debt balance (start of FY 2018) 2,649 1,106 572 - Plan (A) 0 0 0 0 0 0 Plan (A) 4,327 - 1,113 447 602 64 - - Performance (B) 0 0 0 Performance (B) 0 0 0 Difference (B) - (A) (3,214) (2,202) (504) (508) - - Difference (B) - (A) 0 0 0 0 0 0 Interest-bearing debt Interest-free debt Plan (A) 4,327 2,649 1,106 572 - - Plan (A) 567 354 213 0 0 0 Performance (B) 1,113 447 602 64 - - Performance (B) 538 355 184 0 0 0 Difference (B) - (A) (3,214) (2,202) (504) (508) - - Difference (B) - (A) (29) 1 (29) 0 0 0 Total unpaid amount Plan (A) 341,482 251,829 53,065 34,785 1,600 202 Debts related to construction such as specified renewal Performance (B) 328,023 240,649 51,729 34,046 1,590 10 Plan (A) 4,057 2,690 812 556 - - Difference (B) - (A) (13,459) (11,181) (1,336) (740) (10) (192) Performance (B) 901 329 509 - 63 - Debt balance (start of FY 2018) Difference (B) - (A) (3,157) (2,361) (302) (493) - - Plan (A) 285,432 214,898 41,574 27,610 1,148 202 Interest-bearing debt Performance (B) 271,973 203,718 40,237 26,870 1,138 10 Plan (A) 4,057 2,690 812 556 - - Difference (B) - (A) (13,459) (11,181) (1,336) (740) (10) (192) Performance (B) 901 329 509 63 - - Interest-bearing debt Difference (B) - (A) (3,157) (2,361) (302) (493) - - Plan (A) 283,333 214,115 40,279 27,589 1,148 202 Performance (B) 269,874 202,934 38,943 26,849 1,138 10 Debts related to construction such as specified renewal Difference (B) - (A) (13,459) (11,181) (1,336) (740) (10) (192) Plan (A) 4,057 2,690 812 556 - - Infrastructure debt Performance (B) 901 329 509 63 - - Plan (A) 1,315 0 1,294 21 0 0 Difference (B) - (A) (3,157) (2,361) (302) (493) - - Performance (B) 1,315 0 1,294 21 0 0 Other debts Difference (B) - (A) 0 0 0 0 0 0 Plan (A) 0 0 0 0 - Interest-free debt - 783 783 0 0 0 0 Performance (B) - Plan (A) 0 0 0 0 - 783 783 0 0 0 0 Difference (B) - (A) Performance (B) 0 0 0 0 - - Difference (B) - (A) 0 0 0 0 0 0 Debts related to construction such as specified renewal Capital Amount of consumption tax pertaining to Plan (A) 56,050 36,931 11,492 7,175 452 0 obligated assumption before the repayment of debts Performance (B) 56,050 36,931 11,492 7,175 452 0 Difference (B) - (A) 0 0 0 0 0 0 Plan (A) (300) (199) (60) (41) - - Performance (B) (67) (24) (38) (5) - - Note1 : The outstanding balances at the beginning and end of FY 2018 include capital invested and fluctuation in infrastructure debt during the term. Difference (B) - (A) 234 175 22 37 - - Note that the values for outstanding balances at the beginning of FY 2018 for national expressway network and independent general toll roads Amount equivalent to interests before debt repayment started (General National Road Routes 165 and 166) are those at the end of FY 2017. Plan (A) 20 18 1 1 - - Performance (B) 3 2 1 0 - - Note2 : There may be discrepancies in figure totals due to rounding of fractions. Difference (B) - (A) (17) (16) 0 0 - - ※ "Charges for occupation" refer to charges for occupation consolidation fees, etc. as defined in Article 3 of the Order for Enforcement of the Japan Expressway Holding and Debt Repayment Agency Law (Agency Enforcement Order), while “Capital” refers to capital from the national government and subsidies for disaster recovery as defined in the Article 25 of the Japan Expressway Holding and Debt Repayment Agency Law (Agency Law). "Management expenses" refers to Agency management expenses and consumption tax.

－ 14 － － 15 － C C ompar i ompar i

〔Unit : 100 million yen 〕

National Metropolitan Hanshin Hanshin Independent s s Comparison of Debt Repayment Plan and Performance Total expressway Expressway Expressway Expressway general toll on of De bt R e on of De bt R e network (Hanshin area) (Kyoto area) roads Income Plan (A) 21,117 17,267 2,255 1,521 32 42 Performance (B) 22,580 18,696 2,256 1,539 33 56 １．Comparison of FY 2017 Debt Repayment Plan and Performance Difference (B) - (A) 1,463 1,430 1 17 2 14 Leasing fees ◆ Comparison of FY 2017 Debt Repayment Plan and Performance (General Overview) Plan (A) 20,471 16,886 2,028 1,482 32 42 Performance (B) 21,833 18,216 2,028 1,499 33 56 〔Agency〕 〔Unit : 100 million yen〕 Difference (B) - (A) 1,363 1,330 0 17 2 14 pa yme n pa yme n Charges for occupation* National Hanshin Hanshin Independent Plan (A) 47 34 10 4 0 0 Metropolitan Total expressway Expressway Expressway general toll Performance (B) 169 154 11 4 0 0 Expressway network (Hanshin area) (Kyoto area) roads Difference (B) - (A) 122 120 1 0 0 0 Outstanding balance (start of FY 2017) Capital* Plan (A) 599 347 217 35 0 0 t t Plan and P e Plan and P e Debts excluding construction such as specified renewal Performance (B) 578 326 217 35 0 0 Plan (A) 332,266 243,756 51,809 34,988 1,607 105 Difference (B) - (A) (21) (21) 0 0 0 0 Performance (B) 331,825 243,756 51,553 34,854 1,605 56 Expenditure Difference (B) - (A) (441) 0 (256) (134) (2) (49) Plan (A) 4,239 3,015 736 477 16 (5) Debt balance (start of FY 2017) Performance (B) 4,654 3,409 749 475 17 5 Difference (B) - (A) 415 394 13 (3) 0 10 Plan (A) 276,468 206,825 40,535 27,848 1,155 105 Performance (B) 276,027 206,825 40,279 27,713 1,154 56 Management expenses* Plan (A) 114 (17) 41 95 2 (8) Difference (B) - (A) (441) 0 (256) (134) (2) (49) rfor m rfor m Performance (B) 717 529 79 102 2 4 Interest-bearing debt Difference (B) - (A) 603 546 38 7 1 11 Plan (A) 273,912 205,868 38,961 27,822 1,155 105 Paid interest Performance (B) 273,471 205,868 38,705 27,688 1,154 56 Plan (A) 3,527 2,685 478 347 15 2 an c an c Difference (B) - (A) (441) 0 (256) (134) (2) (49) Performance (B) 3,359 2,554 453 337 14 1 Infrastructure debt Difference (B) - (A) (168) (131) (26) (10) 0 (1) e e Plan (A) 1,600 0 1,574 26 0 0 Interest-free debt 347 217 35 0 Performance (B) 1,600 0 1,574 26 0 0 Plan (A) 599 0 Performance (B) 578 326 217 35 0 0 Difference (B) - (A) 0 0 0 0 0 0 Difference (B) - (A) (21) (21) 0 0 0 0 Interest-free debt Income / expenditure difference Plan (A) 957 957 0 0 0 0 Plan (A) 16,877 14,252 1,518 1,044 15 48 Performance (B) 957 957 0 0 0 0 Performance (B) 17,926 15,287 1,507 1,064 17 52 Difference (B) - (A) 0 0 0 0 0 0 Difference (B) - (A) 1,049 1,035 (12) 20 1 4 Note1 Capital Outstanding balance (start of FY 2018) Plan (A) 55,798 36,931 11,274 7,140 452 0 Debts excluding construction such as specified renewal 337,155 249,180 51,959 34,213 1,600 202 Performance (B) 55,798 36,931 11,274 7,140 452 0 Plan (A) 326,909 240,202 51,127 33,981 1,590 10 0 0 Performance (B) Difference (B) - (A) 0 0 0 0 Difference (B) - (A) (10,245) (8,979) (833) (232) (10) (192) Debts related to construction such as specified renewal Debt balance (start of FY 2018) Plan (A) 550 141 353 57 - - Plan (A) 281,105 212,250 40,468 27,038 1,148 202 Performance (B) 276 141 129 6 - - Performance (B) 270,860 203,271 39,635 26,806 1,138 10 Difference (B) - (A) (274) 0 (224) (51) - - Difference (B) - (A) (10,245) (8,979) (833) (232) (10) (192) Debt balance (start of FY 2017) Interest-bearing debt Plan (A) 279,007 211,466 39,173 27,017 1,148 202 Plan (A) 550 141 353 57 - - Performance (B) 268,761 202,488 38,341 26,785 1,138 10 Performance (B) 276 141 129 6 - - Difference (B) - (A) (10,245) (8,979) (833) (232) (10) (192) (274) 0 (224) - Difference (B) - (A) (51) - Infrastructure debt Interest-bearing debt Plan (A) 1,315 0 1,294 21 0 0 Plan (A) 550 141 353 57 - - Performance (B) 1,315 0 1,294 21 0 0 Performance (B) 276 141 129 6 - - Difference (B) - (A) 0 0 0 0 0 0 Difference (B) - (A) (274) 0 (224) (51) - - Interest-free debt Plan (A) 783 783 0 0 0 0 Debt accepted from Companies Performance (B) 783 783 0 0 0 0 Debts excluding construction such as specified renewal Difference (B) - (A) 0 0 0 0 0 0 Plan (A) 22,081 20,030 1,664 235 8 144 Capital Performance (B) 13,297 12,087 1,047 156 1 5 Plan (A) 56,050 36,931 11,492 7,175 452 0 Difference (B) - (A) (8,784) (7,942) (617) (78) (7) (139) Performance (B) 56,050 36,931 11,492 7,175 452 0 Difference (B) - (A) 0 0 0 0 0 0 Interest-bearing debt Debts related to construction such as specified renewal Plan (A) 21,514 19,676 1,451 235 8 144 Plan (A) 4,327 2,649 1,106 572 - - Performance (B) 12,758 11,733 863 156 1 5 Performance (B) 1,113 447 602 64 - - Difference (B) - (A) (8,756) (7,943) (588) (78) (7) (139) Difference (B) - (A) (3,214) (2,202) (504) (508) - - Infrastructure debt Debt balance (start of FY 2018) 2,649 1,106 572 - Plan (A) 0 0 0 0 0 0 Plan (A) 4,327 - 1,113 447 602 64 - - Performance (B) 0 0 0 Performance (B) 0 0 0 Difference (B) - (A) (3,214) (2,202) (504) (508) - - Difference (B) - (A) 0 0 0 0 0 0 Interest-bearing debt Interest-free debt Plan (A) 4,327 2,649 1,106 572 - - Plan (A) 567 354 213 0 0 0 Performance (B) 1,113 447 602 64 - - Performance (B) 538 355 184 0 0 0 Difference (B) - (A) (3,214) (2,202) (504) (508) - - Difference (B) - (A) (29) 1 (29) 0 0 0 Total unpaid amount Plan (A) 341,482 251,829 53,065 34,785 1,600 202 Debts related to construction such as specified renewal Performance (B) 328,023 240,649 51,729 34,046 1,590 10 Plan (A) 4,057 2,690 812 556 - - Difference (B) - (A) (13,459) (11,181) (1,336) (740) (10) (192) Performance (B) 901 329 509 - 63 - Debt balance (start of FY 2018) Difference (B) - (A) (3,157) (2,361) (302) (493) - - Plan (A) 285,432 214,898 41,574 27,610 1,148 202 Interest-bearing debt Performance (B) 271,973 203,718 40,237 26,870 1,138 10 Plan (A) 4,057 2,690 812 556 - - Difference (B) - (A) (13,459) (11,181) (1,336) (740) (10) (192) Performance (B) 901 329 509 63 - - Interest-bearing debt Difference (B) - (A) (3,157) (2,361) (302) (493) - - Plan (A) 283,333 214,115 40,279 27,589 1,148 202 Performance (B) 269,874 202,934 38,943 26,849 1,138 10 Debts related to construction such as specified renewal Difference (B) - (A) (13,459) (11,181) (1,336) (740) (10) (192) Plan (A) 4,057 2,690 812 556 - - Infrastructure debt Performance (B) 901 329 509 63 - - Plan (A) 1,315 0 1,294 21 0 0 Difference (B) - (A) (3,157) (2,361) (302) (493) - - Performance (B) 1,315 0 1,294 21 0 0 Other debts Difference (B) - (A) 0 0 0 0 0 0 Plan (A) 0 0 0 0 - Interest-free debt - 783 783 0 0 0 0 Performance (B) - Plan (A) 0 0 0 0 - 783 783 0 0 0 0 Difference (B) - (A) Performance (B) 0 0 0 0 - - Difference (B) - (A) 0 0 0 0 0 0 Debts related to construction such as specified renewal Capital Amount of consumption tax pertaining to Plan (A) 56,050 36,931 11,492 7,175 452 0 obligated assumption before the repayment of debts Performance (B) 56,050 36,931 11,492 7,175 452 0 Difference (B) - (A) 0 0 0 0 0 0 Plan (A) (300) (199) (60) (41) - - Performance (B) (67) (24) (38) (5) - - Note1 : The outstanding balances at the beginning and end of FY 2018 include capital invested and fluctuation in infrastructure debt during the term. Difference (B) - (A) 234 175 22 37 - - Note that the values for outstanding balances at the beginning of FY 2018 for national expressway network and independent general toll roads Amount equivalent to interests before debt repayment started (General National Road Routes 165 and 166) are those at the end of FY 2017. Plan (A) 20 18 1 1 - - Performance (B) 3 2 1 0 - - Note2 : There may be discrepancies in figure totals due to rounding of fractions. Difference (B) - (A) (17) (16) 0 0 - - ※ "Charges for occupation" refer to charges for occupation consolidation fees, etc. as defined in Article 3 of the Order for Enforcement of the Japan Expressway Holding and Debt Repayment Agency Law (Agency Enforcement Order), while “Capital” refers to capital from the national government and subsidies for disaster recovery as defined in the Article 25 of the Japan Expressway Holding and Debt Repayment Agency Law (Agency Law). "Management expenses" refers to Agency management expenses and consumption tax.

－ 14 － － 15 － C C ompar i ompar i

（１）Debts excluding construction such as specified renewal ２. Transition of the Debt Repayment Plan and Performance s s on of on of De bt R e The debt balance at the beginning of FY 2017 was 27.6027 trillion yen. Given the 機構(S発in足ce時 tかhらe のAg債e務nc返y済 w計as画 eとs実ta績blのis推he移dは) 以下のとおりです。 income/expenditure difference of 1.7926 trillion yen and the debt accepted from expressway

companies of 1.2758 trillion yen in FY2017, the debt balance at the beginning of FY 2018 was The following is a comparison between planned and actual figures since the Agency was De bt R e 27.860 trillion yen, which was 516.7 billion yen lower than at the beginning of FY 2017 and 1.245 established. trillion yen less than planned. pa yme n pa yme n The total outstanding obligations was 27.2 trillion yen at the beginning of FY 2018 (the （Debt accepted from Companies） amount is as of the end of FY2017). The debt accepted from expressway companies (accepted upon attribution of road assets and t t excluding interest-free debt) was 1.2758 trillion yen, 875.6 billion yen less than planned. This was The debt repayment made by the balance of accounts since establishing the Agency scored Plan and P e Plan and P e due to revisions to opening and project completion plans as well as to repair projects. 17.6 trillion yen and the net reduction debt amount scored 8.1 trillion yen from an acceptance （Income） commitment of 9.5 trillion yen since establishing the Agency, after considering the debt Leasing fee income from major income-producing companies increased, with the total assumption to national government of 2.9 trillion yen for convenience improvement projects (note), rfor m rfor m income of 2.580 trillion yen, 146.3 billion yen higher than planned. the gross reduction debt amount since establishing the Agency resulted in 11.0 trillion yen. an c an c （Expenditure） Due to the low interest rate on funds raised, the interest paid was lower than planned; at the same e e time, because the debt accepted from expressway companies was lower and lease fee income was higher than planned, total expenditure was 465.4 billion yen, higher than the planned amount by 41.5 billion yen. ◆ Transition of the debt repayment plan and performance (outstanding obligations) （２）Debts related to construction such as specified renewal The debt balance at the beginning of FY 2017 was 27.6 billion yen. In FY 2017, inherited debt trillion yen from expressway companies amounted to 90.1 billion yen and the amount of associated consumption tax before debt repayment was minus 6.7 billion yen. Accordingly, total outstanding debt came in at 111.3 billion yen for FY 2018, which is 321.4 billion yen lower than the planned amount. Debt accepted （Debt accepted from Companies） from companies The debt taken on from expressway companies was 90.1 billion yen, which was 315.7 billion yen ＋9.5 trillion yen Net decrease in obligations lower than planned. This was due to revisions to the construction process based on factors like Debt repayment －8.1 trillion yen construction method discussions and adjusted construction implementation methods. －17.6 trillion yen Succession obligation to the National government due to － 11.0 trillion yen （３）The gross amount of debt the Project to Promote the Effective Utilization of Based on the above, gross debt came in at 27.1973 trillion yen, which is 1.3459 trillion yen lower Expressways than the planned amount. －2.9 trillion yen

Plan Performance

Conceptual diagram of floor slab replacement work ◆Specified Renewal Project Establishment the end the end the end the end the end the end the end the end the end the end the end the end the end of the Agency of 2005 of 2006 of 2007 of 2008 of 2009 of 2010 of 2011 of 2012 of 2013 of 2014 of 2015 of 2016 of 2017 October 2005 Specified renewal work is applied to hazardous

parts prone to serious damage, such as traffic * Some part of debt repayment plan has deferent calculating system than the others. Therefore when you compare with plan and performance value, prohibitions. The work includes large-scale you need to correct closing account value based on debt repayment plan. For example, cash, outstanding account, and outstanding unpaid account renewal and/or large-scale repairs. are treated differently. Also, consumption tax, and depreciation expense are treated differently for individual items. Large-scale renewal work involves (note) Expressway convenience improvement project is to encourage the development project such as conduction of additional function reconstructing bridges and earthen structures, construction for smart interchange and rate cutting of expressway basing on “the Act on Special Financial Measures for Expressway whereby the entire structure is developed. Convenience Improvement Project (revised on May 2008)” Large-scale repair involves repairing entire structures for damage, corrosion or any kind of

Temporary Repair construction degradation. operated in two lanes out of four lanes

－ 16 － － 17 － C C ompar i ompar i

（１）Debts excluding construction such as specified renewal ２. Transition of the Debt Repayment Plan and Performance s s on of on of De bt R e The debt balance at the beginning of FY 2017 was 27.6027 trillion yen. Given the 機構(S発in足ce時 tかhらe のAg債e務nc返y済 w計as画 eとs実ta績blのis推he移dは) 以下のとおりです。 income/expenditure difference of 1.7926 trillion yen and the debt accepted from expressway companies of 1.2758 trillion yen in FY2017, the debt balance at the beginning of FY 2018 was The following is a comparison between planned and actual figures since the Agency was De bt R e 27.860 trillion yen, which was 516.7 billion yen lower than at the beginning of FY 2017 and 1.245 established. trillion yen less than planned. pa yme n pa yme n The total outstanding obligations was 27.2 trillion yen at the beginning of FY 2018 (the （Debt accepted from Companies） amount is as of the end of FY2017). The debt accepted from expressway companies (accepted upon attribution of road assets and t t excluding interest-free debt) was 1.2758 trillion yen, 875.6 billion yen less than planned. This was The debt repayment made by the balance of accounts since establishing the Agency scored Plan and P e Plan and P e due to revisions to opening and project completion plans as well as to repair projects. 17.6 trillion yen and the net reduction debt amount scored 8.1 trillion yen from an acceptance （Income） commitment of 9.5 trillion yen since establishing the Agency, after considering the debt Leasing fee income from major income-producing companies increased, with the total assumption to national government of 2.9 trillion yen for convenience improvement projects (note), rfor m rfor m income of 2.580 trillion yen, 146.3 billion yen higher than planned. the gross reduction debt amount since establishing the Agency resulted in 11.0 trillion yen. an c an c （Expenditure） Due to the low interest rate on funds raised, the interest paid was lower than planned; at the same e e time, because the debt accepted from expressway companies was lower and lease fee income was higher than planned, total expenditure was 465.4 billion yen, higher than the planned amount by 41.5 billion yen. ◆ Transition of the debt repayment plan and performance (outstanding obligations) （２）Debts related to construction such as specified renewal The debt balance at the beginning of FY 2017 was 27.6 billion yen. In FY 2017, inherited debt trillion yen from expressway companies amounted to 90.1 billion yen and the amount of associated consumption tax before debt repayment was minus 6.7 billion yen. Accordingly, total outstanding debt came in at 111.3 billion yen for FY 2018, which is 321.4 billion yen lower than the planned amount. Debt accepted （Debt accepted from Companies） from companies The debt taken on from expressway companies was 90.1 billion yen, which was 315.7 billion yen ＋9.5 trillion yen Net decrease in obligations lower than planned. This was due to revisions to the construction process based on factors like Debt repayment －8.1 trillion yen construction method discussions and adjusted construction implementation methods. －17.6 trillion yen Succession obligation to the National government due to － 11.0 trillion yen （３）The gross amount of debt the Project to Promote the Effective Utilization of Based on the above, gross debt came in at 27.1973 trillion yen, which is 1.3459 trillion yen lower Expressways than the planned amount. －2.9 trillion yen

Plan Performance

Conceptual diagram of floor slab replacement work ◆Specified Renewal Project Establishment the end the end the end the end the end the end the end the end the end the end the end the end the end of the Agency of 2005 of 2006 of 2007 of 2008 of 2009 of 2010 of 2011 of 2012 of 2013 of 2014 of 2015 of 2016 of 2017 October 2005 Specified renewal work is applied to hazardous parts prone to serious damage, such as traffic * Some part of debt repayment plan has deferent calculating system than the others. Therefore when you compare with plan and performance value, prohibitions. The work includes large-scale you need to correct closing account value based on debt repayment plan. For example, cash, outstanding account, and outstanding unpaid account renewal and/or large-scale repairs. are treated differently. Also, consumption tax, and depreciation expense are treated differently for individual items. Large-scale renewal work involves (note) Expressway convenience improvement project is to encourage the development project such as conduction of additional function reconstructing bridges and earthen structures, construction for smart interchange and rate cutting of expressway basing on “the Act on Special Financial Measures for Expressway whereby the entire structure is developed. Convenience Improvement Project (revised on May 2008)” Large-scale repair involves repairing entire structures for damage, corrosion or any kind of

Temporary Repair construction degradation. operated in two lanes out of four lanes

－ 16 － － 17 － Overview of FY 2017 Financial Statements Overview of FY 2017 Financial Statements Overview of FY 2017 Financial Statements

１．Profit and Loss Statement ２．Balance Sheet Income from expressway asset lease fees was 2.0215 trillion yen. The interest bearing debt balance at the end of FY 2017 was 27.3059 trillion yen, a decrease of Financial expenses amounted to 336.0 billion yen, a decrease of 36.4 billion yen over the previous 307.6 billion yen from the previous fiscal year. fiscal year. 〔Unit : 100 million yen〕 〔Unit : 100 million yen〕

End of End of FY2016 FY 2017 Difference Account items FY 2016 FY 2017 Difference Account item details Account items (A) (B) (B)-(A) Account item details (A) (B) (B)-(A) Assets

Ⅰ Current assets 5,015 5,367 351 Ordinary expenditures 14,199 14,028 (171) Cash and deposits 1,589 1,359 (229) Depreciation expenses, fixed asset disposal expenses, and Accrued revenue including 3,081 3,559 477 9,957 10,042 84 expressway asset leasing Expressway asset leasing expenses taxes and dues etc. related to leased expressway assets Accounts receivable related to expressway assets and charges Other 344 448 104 for occupation Managerial effort support 4 1 (2) Subsidy expenses for managerial efforts to encourage Amounts receivable, short-term loans, inventory goods, and deposits activity expenses reduction of expressway construction costs Ⅱ Fixed assets 400,779 403,641 2,862 86 86 (0) Depreciation expenses, taxes and dues, and expenses for Tangible fixed assets 397,291 399,970 2,678 Buildings, structures and equipment, land, and construction Railway facility utilization expenses outsourcing payment management related to railway facilities suspense accounts related to expressway assets and railway facilities Intangible fixed assets 2,701 2,711 9 Leaseholds and utility rights General administrative expenses 13 14 0 Investments and other assets 786 960 173 Personal expenses (9) (9) (0) Long-term loans 786 959 173 Non-interest bearing loans provided from the national and/or Deposit 0 0 － local governments Other expenses (3) (4) 1 Other － 0 0 Long-term prepaid expenses Expenses required for procuring and repaying funds and interest Financial expenses 3,725 3,360 (364) Among personnel expenses, other expenses, and interest incurred Total assets 405,794 409,008 3,214 Expressway asset acquisition-related 402 518 115 by expressway companies during the construction of expressways, expenses the amount that is attributable to the Agency at the time of the transfer of assets Debts Sundry losses 9 4 (5) Ⅰ Current debts 36,166 36,175 9 Ordinary income 19,880 20,597 717 Agency bonds redeemable within 1 year 32,152 31,629 (523) Bond redeemable within a year Long-term debt payable within 1 year 1,836 2,711 875 Debt repayable within a year Expressway asset leasing income 19,566 20,215 649 Lease fee income related to Expressway assets Other 2,177 1,834 (342) Accounts payable, expenses payable, and amounts deposited 7 (0) Railway facility utilization income 7 Usage fee income related to railway facilities Ⅱ Fixed debts 247,852 244,235 (3,617) 221 68 Earnings such as occupation fee income, and SA/PA Other income 153 coupling fee income Agency bonds 229,169 221,680 (7,489) Bonds with a redemption period exceeding one year Long-term debts 10,790 14,409 3,619 Refunds of asset collateral debts 73 73 (0) Collateral debts equivalent to depreciation on collateralized Debt with a payment period exceeding one year highways that were withdrawn and accounted as income Long-term accrued expenses 4,731 4,709 (22) Outstanding balance on installment payment debt for the Tokyo Wan Aqua-Line Collateral debts for railway facility construction equivalent Reduction of debts as contra to 79 79 (0) to the depreciation on those facilities that were withdrawn Other 3,160 3,436 275 Asset collateral debts and debts collateralized by the construction railway facility construction and accounted as income of railway facilities Ⅲ Reserves, etc., required by law 6,372 6,110 (261) Financial income 0 0 0 Interest received Reserve for optimizing the Agency’s periodical accounting of Reserves for the Project to Promote 6,290 6,035 (255) profit and loss, toward the implementation of the Project to the Effective Utilization of Expressways Promote the Effective Utilization of Expressways Sundry income 0 0 0 Reserve for equalizing railway facility usage fees collected from Reserve for railway facilities management 81 75 (5) railway service operations in regard to the management fee for Ordinary profit 5,680 6,569 888 a railway facility ( Seto Ohashi Bridge ). Total debts 290,391 286,522 (3,869) Book value of interest-bearing debt 276,135 273,059 (3,076) Non-recurring losses 17 0 (16) Loss from the sale of fixed assets at the end of fiscal year

Non-recurring profit 277 267 (9) Return of reserves for “Project to Promote the Effective Equity Utilization of Expressways” Ⅰ Capital 56,124 56,376 252 Funds contributed by national and local governments Net income 5,940 6,836 895 Ⅱ Capital surplus 8,421 8,416 (5) Ⅲ Retained earnings 50,857 57,694 6,836 Reversal of carried-over provision from Equivalent to depreciation of fixed assets acquired through 0 0 0 previous mid-term target period self-acquisition during the previous mid-term target period Total shareholders’ equity 115,403 122,486 7,083

Total debts and shareholders’ equity 405,794 409,008 3,214 Gross Profit 5,941 6,837 895 Note : There may be discrepancies in total amounts because unit fractions have been disregarded. Note : There may be discrepancies in total amounts because unit fractions have been disregarded. ▶ Ordinary expenditures ▶ Assets The total amount for ordinary expenditures was 1.4028 trillion yen.The majority of this figure was comprised of (1) expressway asset leasing expenses of Total amount of assets was 40.9008 trillion yen, mostly comprised of road assets, railway facilities, and other tangible fixed assets totaling 39.9970 trillion yen 1.0042 trillion yen, which is mainly depreciation expenses on expressway assets, and (2) financial expenses of 336.0 billion yen, which is interest paid on (approximately 97% of the total). debentures and debts, amounting to 1.3402 trillion yen, approximately 95% of total ordinary expenditures. Assets increased by 321.4 billion yen over the previous fiscal year. The main reasons for this were an increase of 267.8 billion yen in tangible assets (includes ▶ Ordinary income ① a decrease of 958.0 billion yen due to depreciation and ② an increase of 1.2489 trillion yen in assets transferred from expressway companies) as well as an increase of 47.7 billion yen in accrued revenue including expressway asset leasing (accounts receivable due to the variable lease fee system). The total amount of ordinary income was 2.0597 trillion yen, most of which was comprised of expressway asset leasing income of 2.0215 trillion yen and amounts to approximately 98% of total ordinary income. This expressway asset leasing income corresponds to the amount projected in the agreements with ▶ Debt expressway companies (1.8954 trillion yen) plus the amount subject to the variable lease fee system (126.1 billion yen). Total debts were 28.6522 trillion yen, and were mostly comprised of Agency bonds worth 25.3309 trillion yen (including those redeemable within one year), and long-term debts of 1.7121 trillion yen (including those payable within one year), adding up to 27.0431 trillion yen, which is approximately 94% of the total. ▶ Ordinary profit or loss Debts decreased by 386.9 billion yen over the previous fiscal year, mainly owing to (1) a decrease of 3.3998 trillion yen due to the redemption of Agency As a result, we posted an ordinary profit of 656.9 billion yen. bonds and repayment of long-term loans, (2) a decrease of 25.5 billion yen due to the reversal of reserves under the Project to Promote Effective Utilization ▶ Non-recurring losses of Expressways, (3) an increase of 1.6690 trillion yen arising from issuance of new Agency bonds, and (4) an increase of 371.9 billion yen from the acceptance of debts from expressway companies. Non-recurring losses amounted to 50 million yen, which was essentially the 50 million yen in losses from the sale of land and other fixed assets. ▶Total equity ▶ Non-recurring profit The total amount of equity was 12.2486 trillion yen. Non-recurring profit amounted to 26.7 billion yen, most of which was comprised of a return of 25.5 billion yen from the disposal of reserves for the Project to This marks an increase of 708.3 billion yen over the previous fiscal year, and the key factors were (1) were an increase of 25.2 billion yen in capital from Promote the Effective Utilization of Expressways against planned leasing fee income under the project. subsidies granted by the national government and local public entities, (2) a reduction of 600 million yen in capital reserves due to depreciation and offloading of designated assets (railway facilities) under Article 87 of the Accounting Standards for Incorporated Administrative Agencies, and (3) and increase ▶ Gross profit of 683.6 billion yen in retained earnings via the accumulation of gross income. Gross profit amounted to 683.7 billion yen, which was an aggregate total of 656.9 billion yen in ordinary income, 50 million yen in nonrecurring losses, 26.7 Note that retained earnings, the accumulation of net income of each business year, and the cumulative total of depreciation are the resources for debt billion yen in nonrecurring profit, and 60 million yen in reversal of carried-over provisions from the previous mid-term target period. repayment. Retained earnings will therefore increase as the amount of debt repayment increases. This is shown on the Balance Sheet as though the expressway assets owed by debts are owed by retained earnings (capital) instead. － 18 － － 19 － Overview of FY 2017 Financial Statements Overview of FY 2017 Financial Statements Overview of FY 2017 Financial Statements

１．Profit and Loss Statement ２．Balance Sheet Income from expressway asset lease fees was 2.0215 trillion yen. The interest bearing debt balance at the end of FY 2017 was 27.3059 trillion yen, a decrease of Financial expenses amounted to 336.0 billion yen, a decrease of 36.4 billion yen over the previous 307.6 billion yen from the previous fiscal year. fiscal year. 〔Unit : 100 million yen〕 〔Unit : 100 million yen〕

End of End of FY2016 FY 2017 Difference Account items FY 2016 FY 2017 Difference Account item details Account items (A) (B) (B)-(A) Account item details (A) (B) (B)-(A) Assets

Ⅰ Current assets 5,015 5,367 351 Ordinary expenditures 14,199 14,028 (171) Cash and deposits 1,589 1,359 (229) Depreciation expenses, fixed asset disposal expenses, and Accrued revenue including 3,081 3,559 477 9,957 10,042 84 expressway asset leasing Expressway asset leasing expenses taxes and dues etc. related to leased expressway assets Accounts receivable related to expressway assets and charges Other 344 448 104 for occupation Managerial effort support 4 1 (2) Subsidy expenses for managerial efforts to encourage Amounts receivable, short-term loans, inventory goods, and deposits activity expenses reduction of expressway construction costs Ⅱ Fixed assets 400,779 403,641 2,862 86 86 (0) Depreciation expenses, taxes and dues, and expenses for Tangible fixed assets 397,291 399,970 2,678 Buildings, structures and equipment, land, and construction Railway facility utilization expenses outsourcing payment management related to railway facilities suspense accounts related to expressway assets and railway facilities Intangible fixed assets 2,701 2,711 9 Leaseholds and utility rights General administrative expenses 13 14 0 Investments and other assets 786 960 173 Personal expenses (9) (9) (0) Long-term loans 786 959 173 Non-interest bearing loans provided from the national and/or Deposit 0 0 － local governments Other expenses (3) (4) 1 Other － 0 0 Long-term prepaid expenses Expenses required for procuring and repaying funds and interest Financial expenses 3,725 3,360 (364) Among personnel expenses, other expenses, and interest incurred Total assets 405,794 409,008 3,214 Expressway asset acquisition-related 402 518 115 by expressway companies during the construction of expressways, expenses the amount that is attributable to the Agency at the time of the transfer of assets Debts Sundry losses 9 4 (5) Ⅰ Current debts 36,166 36,175 9 Ordinary income 19,880 20,597 717 Agency bonds redeemable within 1 year 32,152 31,629 (523) Bond redeemable within a year Long-term debt payable within 1 year 1,836 2,711 875 Debt repayable within a year Expressway asset leasing income 19,566 20,215 649 Lease fee income related to Expressway assets Other 2,177 1,834 (342) Accounts payable, expenses payable, and amounts deposited 7 (0) Railway facility utilization income 7 Usage fee income related to railway facilities Ⅱ Fixed debts 247,852 244,235 (3,617) 221 68 Earnings such as occupation fee income, and SA/PA Other income 153 coupling fee income Agency bonds 229,169 221,680 (7,489) Bonds with a redemption period exceeding one year Long-term debts 10,790 14,409 3,619 Refunds of asset collateral debts 73 73 (0) Collateral debts equivalent to depreciation on collateralized Debt with a payment period exceeding one year highways that were withdrawn and accounted as income Long-term accrued expenses 4,731 4,709 (22) Outstanding balance on installment payment debt for the Tokyo Wan Aqua-Line Collateral debts for railway facility construction equivalent Reduction of debts as contra to 79 79 (0) to the depreciation on those facilities that were withdrawn Other 3,160 3,436 275 Asset collateral debts and debts collateralized by the construction railway facility construction and accounted as income of railway facilities Ⅲ Reserves, etc., required by law 6,372 6,110 (261) Financial income 0 0 0 Interest received Reserve for optimizing the Agency’s periodical accounting of Reserves for the Project to Promote 6,290 6,035 (255) profit and loss, toward the implementation of the Project to the Effective Utilization of Expressways Promote the Effective Utilization of Expressways Sundry income 0 0 0 Reserve for equalizing railway facility usage fees collected from Reserve for railway facilities management 81 75 (5) railway service operations in regard to the management fee for Ordinary profit 5,680 6,569 888 a railway facility ( Seto Ohashi Bridge ). Total debts 290,391 286,522 (3,869) Book value of interest-bearing debt 276,135 273,059 (3,076) Non-recurring losses 17 0 (16) Loss from the sale of fixed assets at the end of fiscal year

Non-recurring profit 277 267 (9) Return of reserves for “Project to Promote the Effective Equity Utilization of Expressways” Ⅰ Capital 56,124 56,376 252 Funds contributed by national and local governments Net income 5,940 6,836 895 Ⅱ Capital surplus 8,421 8,416 (5) Ⅲ Retained earnings 50,857 57,694 6,836 Reversal of carried-over provision from Equivalent to depreciation of fixed assets acquired through 0 0 0 previous mid-term target period self-acquisition during the previous mid-term target period Total shareholders’ equity 115,403 122,486 7,083

Total debts and shareholders’ equity 405,794 409,008 3,214 Gross Profit 5,941 6,837 895 Note : There may be discrepancies in total amounts because unit fractions have been disregarded. Note : There may be discrepancies in total amounts because unit fractions have been disregarded. ▶ Ordinary expenditures ▶ Assets The total amount for ordinary expenditures was 1.4028 trillion yen.The majority of this figure was comprised of (1) expressway asset leasing expenses of Total amount of assets was 40.9008 trillion yen, mostly comprised of road assets, railway facilities, and other tangible fixed assets totaling 39.9970 trillion yen 1.0042 trillion yen, which is mainly depreciation expenses on expressway assets, and (2) financial expenses of 336.0 billion yen, which is interest paid on (approximately 97% of the total). debentures and debts, amounting to 1.3402 trillion yen, approximately 95% of total ordinary expenditures. Assets increased by 321.4 billion yen over the previous fiscal year. The main reasons for this were an increase of 267.8 billion yen in tangible assets (includes ▶ Ordinary income ① a decrease of 958.0 billion yen due to depreciation and ② an increase of 1.2489 trillion yen in assets transferred from expressway companies) as well as an increase of 47.7 billion yen in accrued revenue including expressway asset leasing (accounts receivable due to the variable lease fee system). The total amount of ordinary income was 2.0597 trillion yen, most of which was comprised of expressway asset leasing income of 2.0215 trillion yen and amounts to approximately 98% of total ordinary income. This expressway asset leasing income corresponds to the amount projected in the agreements with ▶ Debt expressway companies (1.8954 trillion yen) plus the amount subject to the variable lease fee system (126.1 billion yen). Total debts were 28.6522 trillion yen, and were mostly comprised of Agency bonds worth 25.3309 trillion yen (including those redeemable within one year), and long-term debts of 1.7121 trillion yen (including those payable within one year), adding up to 27.0431 trillion yen, which is approximately 94% of the total. ▶ Ordinary profit or loss Debts decreased by 386.9 billion yen over the previous fiscal year, mainly owing to (1) a decrease of 3.3998 trillion yen due to the redemption of Agency As a result, we posted an ordinary profit of 656.9 billion yen. bonds and repayment of long-term loans, (2) a decrease of 25.5 billion yen due to the reversal of reserves under the Project to Promote Effective Utilization ▶ Non-recurring losses of Expressways, (3) an increase of 1.6690 trillion yen arising from issuance of new Agency bonds, and (4) an increase of 371.9 billion yen from the acceptance of debts from expressway companies. Non-recurring losses amounted to 50 million yen, which was essentially the 50 million yen in losses from the sale of land and other fixed assets. ▶Total equity ▶ Non-recurring profit The total amount of equity was 12.2486 trillion yen. Non-recurring profit amounted to 26.7 billion yen, most of which was comprised of a return of 25.5 billion yen from the disposal of reserves for the Project to This marks an increase of 708.3 billion yen over the previous fiscal year, and the key factors were (1) were an increase of 25.2 billion yen in capital from Promote the Effective Utilization of Expressways against planned leasing fee income under the project. subsidies granted by the national government and local public entities, (2) a reduction of 600 million yen in capital reserves due to depreciation and offloading of designated assets (railway facilities) under Article 87 of the Accounting Standards for Incorporated Administrative Agencies, and (3) and increase ▶ Gross profit of 683.6 billion yen in retained earnings via the accumulation of gross income. Gross profit amounted to 683.7 billion yen, which was an aggregate total of 656.9 billion yen in ordinary income, 50 million yen in nonrecurring losses, 26.7 Note that retained earnings, the accumulation of net income of each business year, and the cumulative total of depreciation are the resources for debt billion yen in nonrecurring profit, and 60 million yen in reversal of carried-over provisions from the previous mid-term target period. repayment. Retained earnings will therefore increase as the amount of debt repayment increases. This is shown on the Balance Sheet as though the expressway assets owed by debts are owed by retained earnings (capital) instead. － 18 － － 19 － Present Condition of Expressways Present Condition of Expressways Present Condition of Expressways

The Agency collaborates with Companies to establish a common objective indicator between East Central West Honshu Indicator definitions Nippon Nippon Nippon -Shikoku Metropolitan Hanshin companies (Outcome indicator: comprehensive customer satisfaction, fatal and injury accident ratio FY 2016 Results 29 15 53 4 4 10 and etc.) for users and customers to view the management status of each of the companies; thereby boosting safety and convenience for the expressways operated by each company. Disaster/weather 5 2 22 2 0 0 Accident and the others 6 2 2 2 1 1 ◆Outcome Indicators of Plan and Performance ■Hours of closure Construction 18 11 29 0 3 9 ［Unit : Hours］ East Central West Honshu FY 2017 Results 53 26 57 10 30 3 Indicator definitions Nippon Nippon Nippon -Shikoku Metropolitan Hanshin Yearly number of hours of closure Disaster/weather 16 13 19 9 28 2 ■Degree of overall FY 2016 Results 3.5 3.6 3.5 4.1 3.4 3.6 due to rain, snow, accidents, constructions, etc.※6 customer satisfaction Accident and the others 6 3 2 1 1 0 ［[Unit : Points]］ FY 2017 Results 3.6 3.6 3.6 4.1 3.6 3.6 Degree of satisfaction indication FY 2018 Targets 3.6 3.6 3.6 4.1 3.5 3.7 Construction 31 10 36 0 1 1 by results of CS surveys, etc. ※1 Mid-range target 3.6 3.6 3.6 4.1 3.5 3.7 FY 2018 Targets 48 26 56 10 6 10 (5-level evaluation) （FY 2021） ※1 Mid-range target 48 26 56 14 6 15 ■Yearly number of users by FY 2016 Results 1,045 706 997 42 359 275 （Average values FY2018‒FY2021） vehicles FY 2017 Results 1,054 710 1,011 43 365 276 FY 2016 Results 11.6 12.9 11.7 13.8 15.0 12.0 ［Unit :10,000 vehicles hours per year］ ■Utilization rate of ETC２.０ ［Unit：％］ Number of vehicles which passed the FY 2018 Targets 1,072 710 1,011 43 373 280 FY 2017 Results 15.7 16.6 14.3 16.4 20.4 15.8 ※2 Percentage of ETC2.0 users to the tollgates. ※1 Mid-range target 1,086 715 1,004 44 394 290 FY 2018 Targets 19.1 19.4 17.0 18.4 23.6 20.0 （FY 2021） total number of vehicles passed ※1 Users’ Perspective (total number of tolled vehicles) Mid-range target 29.4 28.1 25.0 24.4 33.2 30.0 ■Mainline traffic congestion （FY 2021）

□Time lost due to FY 2016 Results 604 1,040 554 4 2,300 1,001 ■Scheme discount congestion FY 2017 Results 651 1,242 638 4 2,560 969 FY 2016 Results 108 33 268 - 0 71 ［Unit : Hours per km year］ □Numbers of sales Loss of time per year of highway FY 2018 Targets 593 1,222 573 4 1,550 963 ［Unit：1000 cases] FY 2017 Results 241 80 208 - 0 148 Number of enforcements of users due to traffic congestion.※3 ※1 Mid-range target 555 1,091 516 4 1,400 910 scheme discount sold with the （FY 2021） FY 2018 Targets 246 81 210 - 0 180 aim for regional development New conduction points ※1 3 3 0 - 0 0 and tourism promotion Mid-range target 1,071 330 356 - 0 720 FY 2016 Results （Cumulative values FY2018‒FY2021） FY 2017 Results 1 2 0 - 0 0 □Enforcement rate FY 2016 Results 7 9 7 1 0 3 ［Unit: cases］ FY 2018 Targets 0 1 1 - 1 1 FY 2017 Results 10 14 9 1 0 2 □Points where traffic Number of enforcements of ※1 Mid-range target 3 4 4 - 2 2 scheme discount cases aiming counterplan were （Cumulative values FY2018‒FY2021） FY 2018 Targets 10 12 9 1 0 2 conducted Conducted points for regional development and 5 6 0 - 4 1 Mid-range target※1

Users’ Perspective FY 2016 Results 40 48 27 1 0 8 ［Unit：Points］ tourism promotion （Cumulative values FY2018‒FY2021） Points where traffic counterplan FY 2017 Results 6 7 0 - 4 1 ■Rate of fatal and injurious FY 2016 Results 4.7 6.8 6.9 4.7 12.1 20.8 were conducted Completed points 【Cumulative value after FY 2015】 accidents ［Unit :Cases per 100 million vehicles km］ FY 2017 Results 4.5 6.4 6.6 4.0 10.9 20.7 FY 2016 Results 0 3 0 - 0 0 Number of cases of death or injury FY 2018 Targets 4.5 5.7 6.8 5.5 11.5 20.5 per 100 million vehicles per FY 2017 Results 1 6 0 - 2 0 ※1 ※7 Mid-range target 4.5 4.7 6.8 5.2 10.0 20.0 kilometer （FY 2021） ■Roadwork ■Control of offending vehicles for vehicle it regulation FY 2016 Results 14 173 104 2 147 21 □Congestion loss time FY 2016 Results 1,495 1,062 1,469 168 662 2,784 occurred by construction FY 2017 Results 23 207 97 1 152 39 □Rate of controls [unit：10,000 vehicles・per hour] implemented FY 2017 Results 1,585 982 1,522 154 625 2,797 ［Unit: Times］ Annual loss of time of highway users FY 2018 Targets 23 207 88 1 132 21 caused by congestion due to road Number of control of offending FY 2018 Targets 1,530 1,015 1,650 150 800 2,800 ※4 ※1 vehicles for vehicle limit regulation construction Mid-range target 23 207 88 1 132 25 （Average values FY2018‒FY2021） implemented on expressways Mid-range target※1 raffic Safety 1,530 1,015 1,740 150 900 2,800

Traffic restriction time T （Average values FY2018‒FY2021） FY 2016 Results 90 86 105 123 211 144 □Number of pull-overs FY 2016 Results 13,535 18,505 7,928 1,689 1,071 1,111 FY 2017 Results 111 99 126 126 215 153 ［Unit: Vehicles］ □Traffic restriction time Number of pull-overs during the FY 2017 Results 12,960 17,084 8,224 1,514 1,283 683 ［Unit : Cases per 100 million vehicles km］ crackdown for vehicle restriction violations FY 2018 Targets 99 99 112 126 220 144 Time per year of traffic restrictions □ Rate of Administrative Order ※1 FY 2016 Results 2,199 2,222 1,075 158 280 500 due to roadworks per kilometer of Mid-range target 99 102 112 126 220 145 ［Unit: Cases］ （Average values FY2018‒FY2021） Number of administrative ※5 FY 2017 Results 2,311 1,822 896 60 316 286 road. Excluding intensive construction orders implemented FY 2016 Results 90 79 83 123 210 138 □Rate of immediate prosecution FY 2016 Results 3 11 1 0 1 0 FY 2017 Targets 111 92 122 126 212 144 ［Unit: Cases］ Number of immediate FY 2017 Results 1 2 2 0 0 0 prosecution conducted ※1：In order to indicate mid-range service standards, these are reference figures calculated according to trends through FY2021 based on action plans within the period covered by the current Mid-range operational plan. They may be adjusted when companies formulate new mid-range operational ※ 1：In order to indicate mid-range service standards, these are reference figures calculated according to trends through FY2021 based on action plans plans, for example. within the period covered by the current Mid-range operational plan. They may be adjusted when companies formulate new mid-range operational ※ 2：For the Metropolitan Expressway Co., Ltd. and Hanshin Expressway Co., Ltd., vehicles were only counted once even if they went through the tollgate plans, for example. multiple times. ※ 6：Calculated by multiplying hours of closure for both tracks by the distance to get total yearly hours-distance. This figure was then divided by the ※3：Values for East Nippon, Central Nippon and West Nippon are annual figures from the period from January 1 to December 31. length of routes in service. ※4：Metropolitan and Hanshin figures calculated by multiplying time lost due to mainline traffic congestion by the congestion ratio resulting from road ※ 7：Annual figures from January 1 to December 31 construction, and then multiplying that figure by the total congestion volume (length multiplied by hours). ※5：Times shown as “excluding intensive construction” are calculated excluding the time for road construction publicized ahead of the project so that the customers could avoid going into construction areas or adjust their travel times or schedules.

－ 20－ － 21 － Present Condition of Expressways Present Condition of Expressways Present Condition of Expressways

The Agency collaborates with Companies to establish a common objective indicator between East Central West Honshu Indicator definitions Nippon Nippon Nippon -Shikoku Metropolitan Hanshin companies (Outcome indicator: comprehensive customer satisfaction, fatal and injury accident ratio FY 2016 Results 29 15 53 4 4 10 and etc.) for users and customers to view the management status of each of the companies; thereby boosting safety and convenience for the expressways operated by each company. Disaster/weather 5 2 22 2 0 0 Accident and the others 6 2 2 2 1 1 ◆Outcome Indicators of Plan and Performance ■Hours of closure Construction 18 11 29 0 3 9 ［Unit : Hours］ East Central West Honshu FY 2017 Results 53 26 57 10 30 3 Indicator definitions Nippon Nippon Nippon -Shikoku Metropolitan Hanshin Yearly number of hours of closure Disaster/weather 16 13 19 9 28 2 ■Degree of overall FY 2016 Results 3.5 3.6 3.5 4.1 3.4 3.6 due to rain, snow, accidents, constructions, etc.※6 customer satisfaction Accident and the others 6 3 2 1 1 0 ［[Unit : Points]］ FY 2017 Results 3.6 3.6 3.6 4.1 3.6 3.6 Degree of satisfaction indication FY 2018 Targets 3.6 3.6 3.6 4.1 3.5 3.7 Construction 31 10 36 0 1 1 by results of CS surveys, etc. ※1 Mid-range target 3.6 3.6 3.6 4.1 3.5 3.7 FY 2018 Targets 48 26 56 10 6 10 (5-level evaluation) （FY 2021） ※1 Mid-range target 48 26 56 14 6 15 ■Yearly number of users by FY 2016 Results 1,045 706 997 42 359 275 （Average values FY2018‒FY2021） vehicles FY 2017 Results 1,054 710 1,011 43 365 276 FY 2016 Results 11.6 12.9 11.7 13.8 15.0 12.0 ［Unit :10,000 vehicles hours per year］ ■Utilization rate of ETC２.０ ［Unit：％］ Number of vehicles which passed the FY 2018 Targets 1,072 710 1,011 43 373 280 FY 2017 Results 15.7 16.6 14.3 16.4 20.4 15.8 ※2 Percentage of ETC2.0 users to the tollgates. ※1 Mid-range target 1,086 715 1,004 44 394 290 FY 2018 Targets 19.1 19.4 17.0 18.4 23.6 20.0 （FY 2021） total number of vehicles passed ※1 Users’ Perspective (total number of tolled vehicles) Mid-range target 29.4 28.1 25.0 24.4 33.2 30.0 ■Mainline traffic congestion （FY 2021）

□Time lost due to FY 2016 Results 604 1,040 554 4 2,300 1,001 ■Scheme discount congestion FY 2017 Results 651 1,242 638 4 2,560 969 FY 2016 Results 108 33 268 - 0 71 ［Unit : Hours per km year］ □Numbers of sales Loss of time per year of highway FY 2018 Targets 593 1,222 573 4 1,550 963 ［Unit：1000 cases] FY 2017 Results 241 80 208 - 0 148 Number of enforcements of users due to traffic congestion.※3 ※1 Mid-range target 555 1,091 516 4 1,400 910 scheme discount sold with the （FY 2021） FY 2018 Targets 246 81 210 - 0 180 aim for regional development New conduction points ※1 3 3 0 - 0 0 and tourism promotion Mid-range target 1,071 330 356 - 0 720 FY 2016 Results （Cumulative values FY2018‒FY2021） FY 2017 Results 1 2 0 - 0 0 □Enforcement rate FY 2016 Results 7 9 7 1 0 3 ［Unit: cases］ FY 2018 Targets 0 1 1 - 1 1 FY 2017 Results 10 14 9 1 0 2 □Points where traffic Number of enforcements of ※1 Mid-range target 3 4 4 - 2 2 scheme discount cases aiming counterplan were （Cumulative values FY2018‒FY2021） FY 2018 Targets 10 12 9 1 0 2 conducted Conducted points for regional development and 5 6 0 - 4 1 Mid-range target※1

Users’ Perspective FY 2016 Results 40 48 27 1 0 8 ［Unit：Points］ tourism promotion （Cumulative values FY2018‒FY2021） Points where traffic counterplan FY 2017 Results 6 7 0 - 4 1 ■Rate of fatal and injurious FY 2016 Results 4.7 6.8 6.9 4.7 12.1 20.8 were conducted Completed points 【Cumulative value after FY 2015】 accidents ［Unit :Cases per 100 million vehicles km］ FY 2017 Results 4.5 6.4 6.6 4.0 10.9 20.7 FY 2016 Results 0 3 0 - 0 0 Number of cases of death or injury FY 2018 Targets 4.5 5.7 6.8 5.5 11.5 20.5 per 100 million vehicles per FY 2017 Results 1 6 0 - 2 0 ※1 ※7 Mid-range target 4.5 4.7 6.8 5.2 10.0 20.0 kilometer （FY 2021） ■Roadwork ■Control of offending vehicles for vehicle it regulation FY 2016 Results 14 173 104 2 147 21 □Congestion loss time FY 2016 Results 1,495 1,062 1,469 168 662 2,784 occurred by construction FY 2017 Results 23 207 97 1 152 39 □Rate of controls [unit：10,000 vehicles・per hour] implemented FY 2017 Results 1,585 982 1,522 154 625 2,797 ［Unit: Times］ Annual loss of time of highway users FY 2018 Targets 23 207 88 1 132 21 caused by congestion due to road Number of control of offending FY 2018 Targets 1,530 1,015 1,650 150 800 2,800 ※4 ※1 vehicles for vehicle limit regulation construction Mid-range target 23 207 88 1 132 25 （Average values FY2018‒FY2021） implemented on expressways Mid-range target※1 raffic Safety 1,530 1,015 1,740 150 900 2,800

Traffic restriction time T （Average values FY2018‒FY2021） FY 2016 Results 90 86 105 123 211 144 □Number of pull-overs FY 2016 Results 13,535 18,505 7,928 1,689 1,071 1,111 FY 2017 Results 111 99 126 126 215 153 ［Unit: Vehicles］ □Traffic restriction time Number of pull-overs during the FY 2017 Results 12,960 17,084 8,224 1,514 1,283 683 ［Unit : Cases per 100 million vehicles km］ crackdown for vehicle restriction violations FY 2018 Targets 99 99 112 126 220 144 Time per year of traffic restrictions □ Rate of Administrative Order ※1 FY 2016 Results 2,199 2,222 1,075 158 280 500 due to roadworks per kilometer of Mid-range target 99 102 112 126 220 145 ［Unit: Cases］ （Average values FY2018‒FY2021） Number of administrative ※5 FY 2017 Results 2,311 1,822 896 60 316 286 road. Excluding intensive construction orders implemented FY 2016 Results 90 79 83 123 210 138 □Rate of immediate prosecution FY 2016 Results 3 11 1 0 1 0 FY 2017 Targets 111 92 122 126 212 144 ［Unit: Cases］ Number of immediate FY 2017 Results 1 2 2 0 0 0 prosecution conducted ※1：In order to indicate mid-range service standards, these are reference figures calculated according to trends through FY2021 based on action plans within the period covered by the current Mid-range operational plan. They may be adjusted when companies formulate new mid-range operational ※ 1：In order to indicate mid-range service standards, these are reference figures calculated according to trends through FY2021 based on action plans plans, for example. within the period covered by the current Mid-range operational plan. They may be adjusted when companies formulate new mid-range operational ※ 2：For the Metropolitan Expressway Co., Ltd. and Hanshin Expressway Co., Ltd., vehicles were only counted once even if they went through the tollgate plans, for example. multiple times. ※ 6：Calculated by multiplying hours of closure for both tracks by the distance to get total yearly hours-distance. This figure was then divided by the ※3：Values for East Nippon, Central Nippon and West Nippon are annual figures from the period from January 1 to December 31. length of routes in service. ※4：Metropolitan and Hanshin figures calculated by multiplying time lost due to mainline traffic congestion by the congestion ratio resulting from road ※ 7：Annual figures from January 1 to December 31 construction, and then multiplying that figure by the total congestion volume (length multiplied by hours). ※5：Times shown as “excluding intensive construction” are calculated excluding the time for road construction publicized ahead of the project so that the customers could avoid going into construction areas or adjust their travel times or schedules.

－ 20－ － 21 － Present Condition of Expressways Present Condition of Expressways

◆Outcome Indicators of Plan and Performance

Indicator definitions East Central West Honshu Metropolitan Hanshin East Central West Honshu Nippon Nippon Nippon -Shikoku Indicator definitions Nippon Nippon Nippon -Shikoku Metropolitan Hanshin ■Wrong-way driving 24 32 109 2 6 9 FY 2016 Results FY 2016 Results 5 9 21 4 2 4 ■Rate of bridges under （154） （232） （256） （2） （13） （37） □ Rate of wrong-way driving repair FY 2017 Results 9 6 16 0 0 1 ［Unit: Cases］ ［Unit: Bridges or Spans］ 156 116 114 6 16 14 FY 2017 Results Number of traffic accidents Number of bridge repair works FY 2018 Targets 3 4 10 2 1 1 （332） （383） （381） （6） （23） （48） caused by wrong-way driving※7 (including design) already commenced out of those bridges Bridge Unit Mid-range target 0 0 0 0 0 0 （FY 2020） that fall within category III or IV 233 109 169 8 28 28 inspected between FY 2014 and FY 2018 Targets FY 2016 Results 76 33 91 5 5 11 the fiscal year prior to the （491） （256） （655） （8） （33） （63） □Rate of wrong-way driving surveyed year※12※13 FY 2017 Results 59 32 74 7 4 6 [Unit : Cases] - - - - 333 32 Figures in the parentheses shown Number of traffic accidents or FY 2016 Results FY 2018 Targets 55 26 70 3 3 5 in the lower column indicate the ※7 - - - - （451） （148） vehicles seizures number of bridge of which repair ※11 ※1 Mid-range target 50 17 55 0 1 2 work commenced by the （FY 2021） corresponding year (including - - - - 460 81 design) among those tunnels FY 2017 Results FY 2016 Results 934 833 1,028 101 492 317 ■Rate of trespassing with the category III/IV from FY - - - - （532） （212） 2014 to the previous fiscal year of Span Unit ［Unit : Cases］ FY 2017 Results 1,039 888 1,014 105 456 331 the surveyed year. Number of trespasses on - - - - 549 115 FY 2018 Targets expressway by pedestrians, bicycles, FY 2018 Targets 850 888 780 100 425 310 - - - - （567） （239） and small motor vehicles, etc. ※1 Mid-range target 770 809 660 97 380 300 （FY 2021） FY 2016 Results 62 57 72 59 44 70 ■Inspection rate of tunnel raffic Safety FY 2016 Results 7 4 4 - - - T ［Unit：％］ FY 2017 Results 84 84 83 81 67 95 （Number of area where Rate of inspection conducted based straddling the companies） （0） （4） （4） - - - on the ministerial order FY 2018 Targets 100 100 100 100 100 100 FY 2017 Results 6 0 0 - - - 【cumulative】※10 Mid-range target 100 100 100 100 100 100 （Number of area where （FY 2018） straddling the companies） （0） （0） （0） - - - ■Rate of tunnels under repair 7 10 167 0 2 0 ■Vacant space at gas area FY 2018 Targets 0 - 0 - - - ［Unit: Tunnels］ FY 2016 Results Number of tunnels repair works (including

stations Over 150km （92） （40） （239） （0） （2） （0） （Number of area where design) already commenced out of those ［Unit：Numbers of area］ straddling the companies） （0） - （0） - - - tunnels that fall within category III or IV inspected between FY 2014 and the fiscal

Road Safety 88 33 256 0 2 0 Number of sections with 100 year prior to the surveyed year.※12※13 Mid-range target 0 - 0 - - - FY 2017 Results km or longer vacant space （FY 2018） Figures in the parentheses shown in the （129） （57） （310） （0） （2） （0） ※8※9 between gas stations （Number of area where （0） - （0） - - - lower column indicate the number of straddling the companies） tunnels of which repair work commenced by the corresponding year (including 130 49 282 0 3 0 FY 2016 Results 36 8 33 12 - - design) among those tunnels with the FY 2018 Targets category III/IV from FY 2014 to the （178） （80） （354） （0） （3） （0） （Number of area where previous fiscal year of the surveyed year. straddling the companies） （0） （4） （16） （12） - - ■Inspection rate of accessories FY 2016 Results 72 59 66 73 63 92 area FY 2017 Results 34 4 14 12 - - to roads Over 100km （Number of area where ［Unit：％］ FY 2017 Results 85 79 83 88 76 99 straddling the companies） （0） （0） （12） （12） - - Rate of inspection conducted based FY 2018 Targets 100 100 100 100 100 100 FY 2016 Results 97 97 97 95 97 97 on the ministerial order ■Rate of comfortable travel 【cumulative】※10 Mid-range target 100 100 100 100 100 100 on roads FY 2017 Results 96 96 98 95 97 97 （FY 2018） ［Unit : %］ ■Rate of accessories to roads 20 7 79 2 5 0 FY 2018 Targets 96 95 98 95 97 97 Percentage of the road that is under repair FY 2016 Results suitable for comfortable traveling ※1 ［Unit: Facilities］ （76） （26） （116） （3） （7） （0） Mid-range target 96 95 98 95 97 97 Number of additional infrastructures repair works （Average values FY2018‒FY2021） (including design) already commenced out of those additional infrastructures that fall within 74 18 110 3 9 0 FY 2016 Results 52 52 64 67 50 66 category III or IV inspected between FY 2014 and the fiscal year prior to the surveyed year.※12※13 FY 2017 Results 76 83 （101） （47） （128） （3） （9） （0） FY 2017 Results 77 79 83 83 Figures in the parentheses shown in the lower column indicate the number of road FY 2018 Targets 100 100 100 100 100 100 accessories needing repair which is 81 27 123 3 10 0 ■ Inspection rate of bridge inspected from FY 2014 to the previous

Bridge Unit FY 2018 Targets Road Safety ［Unit: ％］ year of surveyed year and fall under the Mid-range target 100 100 100 100 100 100 category III/IV. （120） （64） （153） （3） （11） （12） Rate of inspection conducted （FY 2018） based on the ministerial order FY 2016 Results - - - - 68 73 ■Rate of bridge seismic FY 2016 Results 79 88 59 45 98 90 ※11 【cumulative】※10 reinforcement completed FY 2017 Results 79 88 59 45 98 91 FY 2017 Results - - - - 88 92 ［Unit: ％］ Percentage of bridges with seismic FY 2018 Targets - - - - 100 100 FY 2018 Targets 80 89 60 46 98 91

Span Unit performance 2 to those bridges ※15 Mid-range target - - - - 100 100 longer than 15 m※14 Mid-range target 86 98 73 70 100 100 （FY 2018） （FY 2021） ※ 1：In order to indicate mid-range service standards, these are reference figures calculated according to trends through FY2021 based on action plans ※10：The inspection rate from FY 2014 to present against the number of administrative facilities (as of December 31, 2014). within the period covered by the current Mid-range operational plan. They may be adjusted when companies formulate new mid-range ※11：The “span” refers to the distance between two points on the viaduct and/or bridge (bridge pier or abutment). operational plans, for example. ※12：Bridge, tunnel, and other road infrastructure diagnostics are based on comprehensive soundness evaluations carried out for each facility under ※ 7：Annual figures from January 1 to December 31 the public notice regarding soundness categories for tunnels and other infrastructure (Ministry of Land, Infrastructure, Transport and Tourism ※ 8：The number of areas is calculated separately for each direction of travel. Notice 426 of 2014) issued in July 2014. ※ 9：There are 12 areas straddling the West Nippon Expressway Co., Ltd. and Honshu-Shikoku Bridge Expressway Co., Ltd. across an area of over 100 km. ※13：Percentage of repair works (including design) started or finished. ※10：The inspection rate from FY 2014 to present against the number of administrative facilities (as of December 31, 2014). ※14：Percentage of bridges for which prompt seismic reinforcement measures that enable functional recovery and will reduce damage even in an ※11：The “span” refers to the distance between two points on the viaduct and/or bridge (bridge pier or abutment). event equivalent to the Great Hanshin Earthquake were taken.

※15：The mid-range target year is FY 2021, when all seismic reinforcement works will be completed in all priority areas※16. The target completion year for all seismic works nationwide is FY 2026. ※16：Areas with at least a 26% of probability of being hit by an earthquake measuring at least 6+ on the shindo scale (such as a Tokyo Inland Earthquake or Nankai Trough Earthquake) in the next 30 years as indicated in the National Seismic Hazard Maps issued by the Headquarters for Earthquake － 22 － Research Promotion. － 23 － Present Condition of Expressways Present Condition of Expressways

◆Outcome Indicators of Plan and Performance

Indicator definitions East Central West Honshu Metropolitan Hanshin East Central West Honshu Nippon Nippon Nippon -Shikoku Indicator definitions Nippon Nippon Nippon -Shikoku Metropolitan Hanshin ■Wrong-way driving 24 32 109 2 6 9 FY 2016 Results FY 2016 Results 5 9 21 4 2 4 ■Rate of bridges under （154） （232） （256） （2） （13） （37） □ Rate of wrong-way driving repair FY 2017 Results 9 6 16 0 0 1 ［Unit: Cases］ ［Unit: Bridges or Spans］ 156 116 114 6 16 14 FY 2017 Results Number of traffic accidents Number of bridge repair works FY 2018 Targets 3 4 10 2 1 1 （332） （383） （381） （6） （23） （48） caused by wrong-way driving※7 (including design) already commenced out of those bridges Bridge Unit Mid-range target 0 0 0 0 0 0 （FY 2020） that fall within category III or IV 233 109 169 8 28 28 inspected between FY 2014 and FY 2018 Targets FY 2016 Results 76 33 91 5 5 11 the fiscal year prior to the （491） （256） （655） （8） （33） （63） □Rate of wrong-way driving surveyed year※12※13 FY 2017 Results 59 32 74 7 4 6 [Unit : Cases] - - - - 333 32 Figures in the parentheses shown Number of traffic accidents or FY 2016 Results FY 2018 Targets 55 26 70 3 3 5 in the lower column indicate the ※7 - - - - （451） （148） vehicles seizures number of bridge of which repair ※11 ※1 Mid-range target 50 17 55 0 1 2 work commenced by the （FY 2021） corresponding year (including - - - - 460 81 design) among those tunnels FY 2017 Results FY 2016 Results 934 833 1,028 101 492 317 ■Rate of trespassing with the category III/IV from FY - - - - （532） （212） 2014 to the previous fiscal year of Span Unit ［Unit : Cases］ FY 2017 Results 1,039 888 1,014 105 456 331 the surveyed year. Number of trespasses on - - - - 549 115 FY 2018 Targets expressway by pedestrians, bicycles, FY 2018 Targets 850 888 780 100 425 310 - - - - （567） （239） and small motor vehicles, etc. ※1 Mid-range target 770 809 660 97 380 300 （FY 2021） FY 2016 Results 62 57 72 59 44 70 ■Inspection rate of tunnel raffic Safety FY 2016 Results 7 4 4 - - - T ［Unit：％］ FY 2017 Results 84 84 83 81 67 95 （Number of area where Rate of inspection conducted based straddling the companies） （0） （4） （4） - - - on the ministerial order FY 2018 Targets 100 100 100 100 100 100 FY 2017 Results 6 0 0 - - - 【cumulative】※10 Mid-range target 100 100 100 100 100 100 （Number of area where （FY 2018） straddling the companies） （0） （0） （0） - - - ■Rate of tunnels under repair 7 10 167 0 2 0 ■Vacant space at gas area FY 2018 Targets 0 - 0 - - - ［Unit: Tunnels］ FY 2016 Results Number of tunnels repair works (including stations Over 150km （92） （40） （239） （0） （2） （0） （Number of area where design) already commenced out of those ［Unit：Numbers of area］ straddling the companies） （0） - （0） - - - tunnels that fall within category III or IV inspected between FY 2014 and the fiscal

Road Safety 88 33 256 0 2 0 Number of sections with 100 year prior to the surveyed year.※12※13 Mid-range target 0 - 0 - - - FY 2017 Results km or longer vacant space （FY 2018） Figures in the parentheses shown in the （129） （57） （310） （0） （2） （0） ※8※9 between gas stations （Number of area where （0） - （0） - - - lower column indicate the number of straddling the companies） tunnels of which repair work commenced by the corresponding year (including 130 49 282 0 3 0 FY 2016 Results 36 8 33 12 - - design) among those tunnels with the FY 2018 Targets category III/IV from FY 2014 to the （178） （80） （354） （0） （3） （0） （Number of area where previous fiscal year of the surveyed year. straddling the companies） （0） （4） （16） （12） - - ■Inspection rate of accessories FY 2016 Results 72 59 66 73 63 92 area FY 2017 Results 34 4 14 12 - - to roads Over 100km （Number of area where ［Unit：％］ FY 2017 Results 85 79 83 88 76 99 straddling the companies） （0） （0） （12） （12） - - Rate of inspection conducted based FY 2018 Targets 100 100 100 100 100 100 FY 2016 Results 97 97 97 95 97 97 on the ministerial order ■Rate of comfortable travel 【cumulative】※10 Mid-range target 100 100 100 100 100 100 on roads FY 2017 Results 96 96 98 95 97 97 （FY 2018） ［Unit : %］ ■Rate of accessories to roads 20 7 79 2 5 0 FY 2018 Targets 96 95 98 95 97 97 Percentage of the road that is under repair FY 2016 Results suitable for comfortable traveling ※1 ［Unit: Facilities］ （76） （26） （116） （3） （7） （0） Mid-range target 96 95 98 95 97 97 Number of additional infrastructures repair works （Average values FY2018‒FY2021） (including design) already commenced out of those additional infrastructures that fall within 74 18 110 3 9 0 FY 2016 Results 52 52 64 67 50 66 category III or IV inspected between FY 2014 and the fiscal year prior to the surveyed year.※12※13 FY 2017 Results 76 83 （101） （47） （128） （3） （9） （0） FY 2017 Results 77 79 83 83 Figures in the parentheses shown in the lower column indicate the number of road FY 2018 Targets 100 100 100 100 100 100 accessories needing repair which is 81 27 123 3 10 0 ■ Inspection rate of bridge inspected from FY 2014 to the previous

Bridge Unit FY 2018 Targets Road Safety ［Unit: ％］ year of surveyed year and fall under the Mid-range target 100 100 100 100 100 100 category III/IV. （120） （64） （153） （3） （11） （12） Rate of inspection conducted （FY 2018） based on the ministerial order FY 2016 Results - - - - 68 73 ■Rate of bridge seismic FY 2016 Results 79 88 59 45 98 90 ※11 【cumulative】※10 reinforcement completed FY 2017 Results 79 88 59 45 98 91 FY 2017 Results - - - - 88 92 ［Unit: ％］ Percentage of bridges with seismic FY 2018 Targets - - - - 100 100 FY 2018 Targets 80 89 60 46 98 91

Span Unit performance 2 to those bridges ※15 Mid-range target - - - - 100 100 longer than 15 m※14 Mid-range target 86 98 73 70 100 100 （FY 2018） （FY 2021） ※ 1：In order to indicate mid-range service standards, these are reference figures calculated according to trends through FY2021 based on action plans ※10：The inspection rate from FY 2014 to present against the number of administrative facilities (as of December 31, 2014). within the period covered by the current Mid-range operational plan. They may be adjusted when companies formulate new mid-range ※11：The “span” refers to the distance between two points on the viaduct and/or bridge (bridge pier or abutment). operational plans, for example. ※12：Bridge, tunnel, and other road infrastructure diagnostics are based on comprehensive soundness evaluations carried out for each facility under ※ 7：Annual figures from January 1 to December 31 the public notice regarding soundness categories for tunnels and other infrastructure (Ministry of Land, Infrastructure, Transport and Tourism ※ 8：The number of areas is calculated separately for each direction of travel. Notice 426 of 2014) issued in July 2014. ※ 9：There are 12 areas straddling the West Nippon Expressway Co., Ltd. and Honshu-Shikoku Bridge Expressway Co., Ltd. across an area of over 100 km. ※13：Percentage of repair works (including design) started or finished. ※10：The inspection rate from FY 2014 to present against the number of administrative facilities (as of December 31, 2014). ※14：Percentage of bridges for which prompt seismic reinforcement measures that enable functional recovery and will reduce damage even in an ※11：The “span” refers to the distance between two points on the viaduct and/or bridge (bridge pier or abutment). event equivalent to the Great Hanshin Earthquake were taken.

※15：The mid-range target year is FY 2021, when all seismic reinforcement works will be completed in all priority areas※16. The target completion year for all seismic works nationwide is FY 2026. ※16：Areas with at least a 26% of probability of being hit by an earthquake measuring at least 6+ on the shindo scale (such as a Tokyo Inland Earthquake or Nankai Trough Earthquake) in the next 30 years as indicated in the National Seismic Hazard Maps issued by the Headquarters for Earthquake － 22 － Research Promotion. － 23 － Appendix Present Condition of Expressways

◆Outcome Indicators of Plan and Performance Appendix

East Central West Honshu Indicator definitions Nippon Nippon Nippon -Shikoku Metropolitan Hanshin ◆Subsidies Granted in 2017 FY 2016 Results 68 126 67 0 - - ■ Rate of welcome gates To encourage expressway companies to leverage their management capacity to reduce the installed at the point linking FY 2017 Results 83 127 70 0 - - general roads and SA, etc. cost of new construction and other highway projects, the Agency provides subsidies to those ［Unit：Installation points］ - Number of SA, etc. where a welcome FY 2018 Targets 94 129 71 0 - that have been recognized for proper management effort. Subsidies issued during FY 2017 are gate is installed ※1 Mid-range target 107 133 74 0 - - （FY 2021） listed below. ■Occupancy

FY 2016 Results 4,366 3,914 6,104 653 958 1,223 Company Sections Description of managerial effort Amount

□Occupancy rate FY 2017 Results 4,396 4,016 6,297 645 939 1,231 ［Unit: Cases］ Number of road occupancy FY 2018 Targets※17 4,362 3,920 6,125 648 950 1,226 Adopted a new ETC gantry structure cases ※1※17 Mid-range target 4,362 3,920 6,125 648 950 1,226 （Average values FY2018‒FY2021） East Nippon Kita-Kanto Expressway 51 Expressway Developed new lighting fixtures for tunnels million yen FY 2016 Results 328 173 262 80 999 382 Co.,Ltd. Ashikaga IC‒Iwafune JCT □Occupancy income FY 2017 Results 348 187 279 84 1,066 393 Quickly opened the Kita-Kanto Expressway ［Unit：Million yen］ (Ashikaga IC‒Iwafune JCT) to traffic Income from road occupancy FY 2018 Targets※17 334 180 266 81 1,020 384

※1※17 Central Nippon Mid-range target 334 180 266 81 1,020 384 No. 1 Tokai Expressway Reduced the cost of measures to alleviate traffic congestion by 38 （Average values FY2018‒FY2021） Expressway million yen Co.,Ltd. Shizuoka IC‒Yaizu IC using two lanes in either direction when open to two-way traffic 0 0 0 Solidarity with local community FY 2016 Results 0 0 1 □Conduction of bidding Worked with the local community to secure use of for occupancy 0 0 0 FY 2017 Results 2 2 0 adjacent sand ［Unit：Cases］ West Nippon Higashi-Kyushu Expressway 106 Expressway Number of occupancies under FY 2018 Targets 1 1 1 1 1 1 Yukuhashi IC‒Miyako-Toyotsu IC million yen Co.,Ltd. Developed an extended cast-in-place ground slab bidding for occupancy ※1 Mid-range target 4 4 4 4 4 4 method （Cumulative values FY2018‒FY2021）

FY 2016 Results 1,973 1,784 1,722 236 12 1 Hanshin Expressway Kobe Line Adopted a new method for linking reinforced concrete 0 ■Dates of local use of SA/PA Co.,Ltd. ground slab joints million yen 240 14 14 Loop junction‒Amagasaki-Higashi ［Unit: Days］ FY 2017 Results 2,215 2,083 2,527 Number of days SA/PA was used for FY 2018 Targets 1,960 2,100 3,000 240 13 10 195 local marketing/event, etc. Numbers of provision: 7 (New technologies employed in 4 cases) ※1 million yen Mid-range target 7,840 8,400 13,000 960 52 28 （Cumulative values FY2018‒FY2021） ■Provision of incentives※18 ： New technical resolution was applied FY 2016 Results 5 13 6 1 0 0 □Numbers of recognized ［Unit：Cases］ FY 2017 Results 2 5 1 1 0 1 * Subsidy figures may not add up exactly as they are rounded to the nearest million yen. Number of incentives recognized for expressway construction and FY 2018 Targets 6 1 3 1 2 1

management ※1 Mid-range target 24 4 12 4 6 4 （Cumulative values FY2018‒FY2021） Others □Numbers of provision FY 2016 Results 8 0 6 0 0 0 ［Unit：Cases］ Number of incentives provided for expressway construction and management FY 2017 Results 3 1 2 0 0 1

□Provided amount FY 2016 Results 243 0 203 0 0 0 ［Unit：Million yen］ Amount of incentives provided for expressway construction and management FY 2017 Results 51 38 106 0 0 0

※ 1：In order to indicate mid-range service standards, these are reference figures calculated according to trends through FY2021 based on action plans within the period covered by the current Mid-range operational plan. They may be adjusted when companies formulate new mid-range operational plans, for example. ※17：Since values are affected by occupancy needs, the target values show FY 2018 targets as well as averages for the past three years. ※18：Provision of incentives refers to a mechanism to help expressway companies construct and/or repair expressways at lower cost.

－ 24 － － 25 － Appendix Appendix

◆Subsidies Granted in 2017 To encourage expressway companies to leverage their management capacity to reduce the cost of new construction and other highway projects, the Agency provides subsidies to those that have been recognized for proper management effort. Subsidies issued during FY 2017 are listed below.

Company Sections Description of managerial effort Amount

Adopted a new ETC gantry structure

East Nippon Kita-Kanto Expressway 51 Expressway Developed new lighting fixtures for tunnels million yen Co.,Ltd. Ashikaga IC‒Iwafune JCT

Quickly opened the Kita-Kanto Expressway (Ashikaga IC‒Iwafune JCT) to traffic

Central Nippon No. 1 Tokai Expressway Reduced the cost of measures to alleviate traffic congestion by 38 Expressway million yen Co.,Ltd. Shizuoka IC‒Yaizu IC using two lanes in either direction when open to two-way traffic

Worked with the local community to secure use of adjacent sand West Nippon Higashi-Kyushu Expressway 106 Expressway Yukuhashi IC‒Miyako-Toyotsu IC million yen Co.,Ltd. Developed an extended cast-in-place ground slab method

Hanshin Expressway Kobe Line Adopted a new method for linking reinforced concrete 0 Co.,Ltd. Loop junction‒Amagasaki-Higashi ground slab joints million yen

195 Numbers of provision: 7 (New technologies employed in 4 cases) million yen

： New technical resolution was applied

* Subsidy figures may not add up exactly as they are rounded to the nearest million yen.

－ 25 － Appendix Appendix

◆Details of Income and Expenditure Budget (Debt Repayment Plan) （２）Changes in the Agency's Outstanding Balance (Combined Income and Expenditure Budget Statement Figures) The Agency utilizes the latest expertise at the time of formulation to formulate a highly reliable Changes in the Agency's outstanding balance (combined income and expenditure budget debt repayment plan. Details of the preconditions for debt repayment and changes in the Agency's statement figures for the national expressway network, regional expressway networks and outstanding balance are as follows: independent general toll roads) are as follows. For detailed figures on individual cash budgets, please refer to the Agency website. http://www.jehdra.go.jp/syuusiyosanmeisai.html （１）Preconditions ◆ Changes in the Agency's outstanding balance (total) ①Forecasts of vehicular traffic volume in the future (As of September 1,2018) Unit : trillion yen (consumption tax included) Future traffic volume estimates were calculated based on usage rates of each expressway, Outstanding balance on April 1 Debt balance＊2 Capital＊3 Total which in turn were based on total traffic projections prepared by the Ministry of Land, Interest-bearing debts Infrastructure debts Interest-free debts Infrastructure and Transport and Tourism. FY 2006 36.4 0.5 0.3 4.4 41.6 FY 2007 35.2 0.4 0.3 4.6 40.5 FY 2008 34.4 0.5 0.3 4.7 39.8 FY 2009 30.7 0.4 0.2 4.8 36.2 Please refer to the Agency's website (http://www.jehdra.go.jp/pdf/909.pdf) for the volume of total FY 2010 30.4 0.4 0.2 5.0 36.1 FY 2011 30.0 0.4 0.2 5.1 35.7 vehicular traffic in future in respective agreements. FY 2012 29.6 0.3 0.2 5.2 35.4 FY 2013 30.0 0.3 0.2 5.4 35.8 FY 2014 29.3 0.3 0.1 5.5 35.1 FY 2015 28.8 0.2 0.1 5.5 34.6 ②Future interest rates FY 2016 28.2 0.2 0.1 5.5 34.0 FY 2017 27.4 0.2 0.1 5.6 33.2 FY 2018 27.0 0.1 0.1 5.6 32.8 We have assumed future interest rates up to 4% as previously. FY 2019 28.9 0.1 0.1 5.6 34.7 FY 2020 28.8 0.1 0.0 5.6 34.6 FY 2021 31.2 0.1 0.0 5.6 36.9 The current interest rate situation in Japan is characterized by ongoing zero-interest-rate FY 2022 30.9 0.0 0.0 5.6 36.5 FY 2023 30.1 0.0 0.0 5.6 35.8 policies and quantitative/qualitative easy-money policies as well as a negative-interest-rate policy FY 2024 30.1 0.0 0.0 5.6 35.8 FY 2025 30.2 0.0 0.0 5.6 35.8 adopted in February 2016, all of which contribute to keeping interest rates low. FY 2026 29.4 0.0 0.0 5.6 35.1 FY 2027 28.8 0.0 0.0 5.6 34.4 Private thinktanks are projecting sluggish mid-to-long range returns on the ten-year FY 2028 28.2 0.0 0.0 5.6 33.8 government bonds that serve as long-term interest rate indicators; however, the mid-range FY 2029 27.7 0.0 0.0 5.6 33.3 FY 2030 26.9 0.0 0.0 5.6 32.6 economic and fiscal estimates put out by the Cabinet Office predict that they will increase by FY 2031 26.1 0.0 0.0 5.6 31.7 FY 2032 25.7 0.0 0.0 5.6 31.3 around 4%. FY 2033 24.8 0.0 0.0 5.6 30.5 FY 2034 23.9 0.0 0.0 5.6 29.5 The greatest risk to reliable debt repayment is rising interest rates. As an expressway agency, we FY 2035 22.9 0.0 0.0 5.6 28.5 FY 2036 21.9 0.0 0.0 5.6 27.5 are working to maximize fundraising by taking advantage of the current low interest rate FY 2037 20.9 0.0 0.0 5.6 26.5 FY 2038 19.9 0.0 0.0 5.6 25.6 conditions over the ultra-long term and implementing whatever measures we can to bolster the FY 2039 18.9 0.0 0.0 5.6 24.6 certainty of debt repayment̶even in small ways. When it comes to setting the future interest FY 2040 17.9 0.0 0.0 5.6 23.6 FY 2041 16.9 0.0 0.0 5.6 22.6 rates that will apply to new fundraising, then, we have kept the ceiling at 4%. FY 2042 15.9 0.0 0.0 5.6 21.6 FY 2043 14.9 0.0 0.0 5.6 20.5 Please refer to the Agency's website (http://www.jehdra.go.jp/pdf/909.pdf) for interest rates in FY 2044 13.8 0.0 0.0 5.6 19.5 FY 2045 12.9 0.0 0.0 5.5 18.4 future in respective agreements. FY 2046 12.0 0.0 0.0 5.3 17.3 FY 2047 11.1 0.0 0.0 5.1 16.3 FY 2048 10.3 0.0 0.0 4.9 15.2 FY 2049 9.9 0.0 0.0 4.2 14.1 FY 2050 10.1 0.0 0.0 3.0 13.1 FY 2051 9.6 0.0 0.0 2.5 12.0 FY 2052 8.5 0.0 0.0 2.5 11.0 FY 2053 7.5 0.0 0.0 2.5 10.0 FY 2054 6.4 0.0 0.0 2.5 8.9 FY 2055 5.4 0.0 0.0 2.5 7.8 FY 2056 4.3 0.0 0.0 2.5 6.8 FY 2057 3.3 0.0 0.0 2.4 5.7 FY 2058 2.4 0.0 0.0 2.3 4.6 FY 2059 1.4 0.0 0.0 2.2 3.5 FY 2060 0.8 0.0 0.0 2.0 2.8 FY 2061 0.6 0.0 0.0 1.9 2.6 FY 2062 0.5 0.0 0.0 1.8 2.3 FY 2063 0.4 0.0 0.0 1.7 2.1 FY 2064 0.2 0.0 0.0 1.7 2.0 FY 2065 0.1 0.0 0.0 1.7 1.8 FY 2066 0.0 0.0 0.0 1.7 1.7 Note1：The Agency's outstanding balance at the time of privatization Interest-bearing debts Infrastructure debts Interest-free debts Capital Total 37.4 trillion yen 0.5 trillion yen 0.3 trillion yen 4.4 trillion yen 42.6 trillion yen Note2： The debt balance shown in the table above reflects the Agency's debt succeeded to the general account in FY 2008 for the Project to Promote the Effective Utilization of Expressways based on the "Law Concerning Special Measures for National Financing of Road Construction (Law No.34 of 1958)". The debt balance is currently under review along with changes in plan for the Project in FY 2010, FY 2011, FY 2013, and FY 2016. Note3：The balance of capital in fiscal FY 2066 (1.7 trillion yen) is related to the Honshu-Shikoku Bridge Expressway. How it is to be settled will be decided by the time of the Agency's dissolution. Funds contributed by local governments to regional expressway networks for the Hanshin Expressway (Kyoto area) will be reduced based on the provision of Paragraph 1, Article 46-1 of the Act on General Rules for Incorporated Administrative Agencies (Act No. 101 of 1999). Note4：There may be discrepancies in figure totals due to the treatment of fractions. － 26 － － 27 － Appendix Appendix

◆Details of Income and Expenditure Budget (Debt Repayment Plan) （２）Changes in the Agency's Outstanding Balance (Combined Income and Expenditure Budget Statement Figures) The Agency utilizes the latest expertise at the time of formulation to formulate a highly reliable Changes in the Agency's outstanding balance (combined income and expenditure budget debt repayment plan. Details of the preconditions for debt repayment and changes in the Agency's statement figures for the national expressway network, regional expressway networks and outstanding balance are as follows: independent general toll roads) are as follows. For detailed figures on individual cash budgets, please refer to the Agency website. http://www.jehdra.go.jp/syuusiyosanmeisai.html （１）Preconditions ◆ Changes in the Agency's outstanding balance (total) ①Forecasts of vehicular traffic volume in the future (As of September 1,2018) Unit : trillion yen (consumption tax included) Future traffic volume estimates were calculated based on usage rates of each expressway, Outstanding balance on April 1 Debt balance＊2 Capital＊3 Total which in turn were based on total traffic projections prepared by the Ministry of Land, Interest-bearing debts Infrastructure debts Interest-free debts Infrastructure and Transport and Tourism. FY 2006 36.4 0.5 0.3 4.4 41.6 FY 2007 35.2 0.4 0.3 4.6 40.5 FY 2008 34.4 0.5 0.3 4.7 39.8 FY 2009 30.7 0.4 0.2 4.8 36.2 Please refer to the Agency's website (http://www.jehdra.go.jp/pdf/909.pdf) for the volume of total FY 2010 30.4 0.4 0.2 5.0 36.1 FY 2011 30.0 0.4 0.2 5.1 35.7 vehicular traffic in future in respective agreements. FY 2012 29.6 0.3 0.2 5.2 35.4 FY 2013 30.0 0.3 0.2 5.4 35.8 FY 2014 29.3 0.3 0.1 5.5 35.1 FY 2015 28.8 0.2 0.1 5.5 34.6 ②Future interest rates FY 2016 28.2 0.2 0.1 5.5 34.0 FY 2017 27.4 0.2 0.1 5.6 33.2 FY 2018 27.0 0.1 0.1 5.6 32.8 We have assumed future interest rates up to 4% as previously. FY 2019 28.9 0.1 0.1 5.6 34.7 FY 2020 28.8 0.1 0.0 5.6 34.6 FY 2021 31.2 0.1 0.0 5.6 36.9 The current interest rate situation in Japan is characterized by ongoing zero-interest-rate FY 2022 30.9 0.0 0.0 5.6 36.5 FY 2023 30.1 0.0 0.0 5.6 35.8 policies and quantitative/qualitative easy-money policies as well as a negative-interest-rate policy FY 2024 30.1 0.0 0.0 5.6 35.8 FY 2025 30.2 0.0 0.0 5.6 35.8 adopted in February 2016, all of which contribute to keeping interest rates low. FY 2026 29.4 0.0 0.0 5.6 35.1 FY 2027 28.8 0.0 0.0 5.6 34.4 Private thinktanks are projecting sluggish mid-to-long range returns on the ten-year FY 2028 28.2 0.0 0.0 5.6 33.8 government bonds that serve as long-term interest rate indicators; however, the mid-range FY 2029 27.7 0.0 0.0 5.6 33.3 FY 2030 26.9 0.0 0.0 5.6 32.6 economic and fiscal estimates put out by the Cabinet Office predict that they will increase by FY 2031 26.1 0.0 0.0 5.6 31.7 FY 2032 25.7 0.0 0.0 5.6 31.3 around 4%. FY 2033 24.8 0.0 0.0 5.6 30.5 FY 2034 23.9 0.0 0.0 5.6 29.5 The greatest risk to reliable debt repayment is rising interest rates. As an expressway agency, we FY 2035 22.9 0.0 0.0 5.6 28.5 FY 2036 21.9 0.0 0.0 5.6 27.5 are working to maximize fundraising by taking advantage of the current low interest rate FY 2037 20.9 0.0 0.0 5.6 26.5 FY 2038 19.9 0.0 0.0 5.6 25.6 conditions over the ultra-long term and implementing whatever measures we can to bolster the FY 2039 18.9 0.0 0.0 5.6 24.6 certainty of debt repayment̶even in small ways. When it comes to setting the future interest FY 2040 17.9 0.0 0.0 5.6 23.6 FY 2041 16.9 0.0 0.0 5.6 22.6 rates that will apply to new fundraising, then, we have kept the ceiling at 4%. FY 2042 15.9 0.0 0.0 5.6 21.6 FY 2043 14.9 0.0 0.0 5.6 20.5 Please refer to the Agency's website (http://www.jehdra.go.jp/pdf/909.pdf) for interest rates in FY 2044 13.8 0.0 0.0 5.6 19.5 FY 2045 12.9 0.0 0.0 5.5 18.4 future in respective agreements. FY 2046 12.0 0.0 0.0 5.3 17.3 FY 2047 11.1 0.0 0.0 5.1 16.3 FY 2048 10.3 0.0 0.0 4.9 15.2 FY 2049 9.9 0.0 0.0 4.2 14.1 FY 2050 10.1 0.0 0.0 3.0 13.1 FY 2051 9.6 0.0 0.0 2.5 12.0 FY 2052 8.5 0.0 0.0 2.5 11.0 FY 2053 7.5 0.0 0.0 2.5 10.0 FY 2054 6.4 0.0 0.0 2.5 8.9 FY 2055 5.4 0.0 0.0 2.5 7.8 FY 2056 4.3 0.0 0.0 2.5 6.8 FY 2057 3.3 0.0 0.0 2.4 5.7 FY 2058 2.4 0.0 0.0 2.3 4.6 FY 2059 1.4 0.0 0.0 2.2 3.5 FY 2060 0.8 0.0 0.0 2.0 2.8 FY 2061 0.6 0.0 0.0 1.9 2.6 FY 2062 0.5 0.0 0.0 1.8 2.3 FY 2063 0.4 0.0 0.0 1.7 2.1 FY 2064 0.2 0.0 0.0 1.7 2.0 FY 2065 0.1 0.0 0.0 1.7 1.8 FY 2066 0.0 0.0 0.0 1.7 1.7 Note1：The Agency's outstanding balance at the time of privatization Interest-bearing debts Infrastructure debts Interest-free debts Capital Total 37.4 trillion yen 0.5 trillion yen 0.3 trillion yen 4.4 trillion yen 42.6 trillion yen Note2： The debt balance shown in the table above reflects the Agency's debt succeeded to the general account in FY 2008 for the Project to Promote the Effective Utilization of Expressways based on the "Law Concerning Special Measures for National Financing of Road Construction (Law No.34 of 1958)". The debt balance is currently under review along with changes in plan for the Project in FY 2010, FY 2011, FY 2013, and FY 2016. Note3：The balance of capital in fiscal FY 2066 (1.7 trillion yen) is related to the Honshu-Shikoku Bridge Expressway. How it is to be settled will be decided by the time of the Agency's dissolution. Funds contributed by local governments to regional expressway networks for the Hanshin Expressway (Kyoto area) will be reduced based on the provision of Paragraph 1, Article 46-1 of the Act on General Rules for Incorporated Administrative Agencies (Act No. 101 of 1999). Note4：There may be discrepancies in figure totals due to the treatment of fractions. － 26 － － 27 － Appendix Appendix

◆ Income and Expenditure Budget Statement (Agency)

(As of September 1,2018) [Budget statement showing outstanding debts related to construction such as specified renewal] [Total outstanding balance] [Budget statement showing outstanding debts (excluding construction such as specified renewal] Unit : million yen (consumption tax included) Unit : million yen (consumption tax included) Unit : million yen (consumption tax included)

Debts accepted Outstanding from Income Expenditure Outstanding balance on April 1 Debts accepted from the balance Outstanding balance on April 1 companies Income Expenditure the Companies Consumption Debt Debt balance balance Interest-bearing tax on Interest Income debts accepted expenses Income Debt balance /expenditure debts prior prior /expenditure ＊ balance Debts to to debt Charges of Administrative Interest balance Capital Interest- Infrastructure Interest- Charges for Administrative Interest Interest- Rent Capital* bearing free Rent Capital free Interest- related to debt repayment occupation expenses paid Interest- Interest- debts occupation expenses paid bearing Infrastructure free Interest- Interest- debts debts debts bearing construction Other repayment debts bearing Infrastructure free debts such as debts debts debts debts debts debts specified renewal FY 2006 36,404,480 468,811 260,505 4,442,984 144,515 0 22,332 1,971,213 18,278 132,700 89,541 615,393 52,700 1,364,557 FY 2006 0 0 0 0 0 0 0 0 0 0 FY 2006 36,404,480 468,811 260,505 4,442,984 FY 2007 35,229,714 423,582 260,458 4,575,684 528,469 80,861 34,161 1,974,596 17,625 134,350 66,854 555,979 54,350 1,449,388 FY 2007 0 0 0 0 0 0 0 0 0 0 FY 2007 35,229,714 423,582 260,458 4,575,684 FY 2008 34,367,532 454,086 252,077 4,707,184 480,039 0 20,970 1,862,304 24,001 132,889 75,756 542,459 52,889 1,348,091 FY 2008 0 0 0 0 0 0 0 0 0 0 FY 2008 34,367,532 454,086 252,077 4,707,184 FY 2009 30,684,358 406,125 234,696 4,834,400 720,765 73,559 25,311 1,484,442 19,045 128,260 36,856 521,323 48,260 1,025,308 FY 2009 0 0 0 0 0 0 0 0 0 0 FY 2009 30,684,358 406,125 234,696 4,834,400 FY 2010 30,445,881 430,997 217,315 4,962,660 562,109 0 46,446 1,518,088 10,748 130,824 47,514 485,956 50,824 1,075,366 FY 2010 0 0 0 0 0 0 0 0 0 0 FY 2010 30,445,881 430,997 217,315 4,962,660 FY 2011 29,995,078 384,114 199,935 5,093,484 452,810 0 12,989 1,546,559 5,968 153,092 305,722 458,422 73,092 868,382 FY 2011 0 0 0 0 0 0 0 0 0 0 FY 2011 29,995,078 384,114 199,935 5,093,484 FY 2012 29,641,233 339,777 182,553 5,234,234 1,532,258 0 81,610 1,652,496 4,997 157,886 6,262 462,619 97,633 1,248,866 FY 2012 0 0 0 0 0 0 0 0 0 0 FY 2012 29,641,233 339,777 182,553 5,234,234 FY 2013 29,984,443 297,341 165,173 5,354,671 549,203 0 61,887 1,701,687 70,324 109,673 56,855 458,770 48,326 1,317,735 FY 2013 0 0 0 0 0 0 0 0 0 0 FY 2013 29,984,443 297,341 165,173 5,354,671 FY 2014 29,273,733 258,710 147,792 5,464,344 1,040,971 0 86,676 2,060,513 56,179 39,158 75,447 428,864 39,158 1,612,380 FY 2014 0 0 0 0 0 0 0 0 0 0 FY 2014 29,273,733 258,710 147,792 5,464,344 FY 2015 28,755,344 223,068 130,412 5,503,468 1,054,114 0 8,759 2,110,513 32,791 37,645 83,809 401,779 37,645 1,657,714 FY 2015 0 3,990 0 -296 0 0 0 0 0 0 FY 2015 28,755,344 223,068 130,412 5,503,468 FY 2016 28,201,736 190,456 113,031 5,540,666 754,604 0 149,442 2,112,921 15,662 45,544 100,069 372,705 45,544 1,655,809 FY 2016 3,696 25,793 0 -1,911 38 0 0 0 0 0 FY 2016 28,205,432 190,456 113,031 5,540,666 FY 2017 27,348,376 159,972 95,670 5,579,760 1,304,197 0 53,828 2,185,168 16,867 57,798 69,841 335,784 57,798 1,796,413 FY 2017 27,615 94,857 0 -7,027 308 0 0 0 0 0 FY 2017 27,375,992 159,972 95,670 5,579,760 FY 2018 26,888,100 131,498 78,333 5,604,988 3,082,729 0 6,842 2,075,737 4,857 19,262 -54,400 316,434 19,262 1,818,560 FY 2018 115,753 626,856 0 -46,391 2,991 0 0 0 0 0 FY 2018 27,003,854 131,498 78,333 5,604,988 FY 2019 28,195,849 105,252 61,000 5,596,582 1,217,272 0 92,154 1,997,066 4,857 23,027 68,756 317,985 23,027 1,615,182 FY 2019 699,210 305,837 0 -22,658 8,173 0 0 0 0 0 FY 2019 28,895,059 105,252 61,000 5,596,582 FY 2020 27,839,775 80,751 43,667 5,616,413 3,682,272 0 49,558 1,995,636 4,857 9,290 -96,527 330,312 9,290 1,766,707 FY 2020 990,561 399,698 0 -29,609 13,345 0 0 0 0 0 FY 2020 28,830,336 80,751 43,667 5,616,413 FY 2021 29,794,456 58,967 26,333 5,617,931 828,388 0 3,486 2,049,678 4,857 6,694 94,646 448,229 6,694 1,511,660 FY 2021 1,373,995 338,173 0 -25,052 24,342 0 0 0 0 0 FY 2021 31,168,451 58,967 26,333 5,617,931 FY 2022 29,146,757 40,726 9,000 5,620,177 304,112 0 5,989 2,062,995 4,857 6,001 134,891 517,754 6,001 1,415,206 FY 2022 1,711,459 329,762 0 -24,428 36,950 0 0 0 0 0 FY 2022 30,858,216 40,726 9,000 5,620,177 FY 2023 28,058,815 26,575 0 5,621,788 1,067,901 0 4,083 2,074,295 4,857 3,876 92,918 553,334 3,876 1,432,898 FY 2023 2,053,742 356,611 0 -26,419 50,302 0 0 0 0 0 FY 2023 30,112,557 26,575 0 5,621,788 FY 2024 27,705,414 14,978 0 5,623,726 1,053,696 0 1,550 2,101,094 4,857 2,277 81,666 608,559 2,277 1,415,725 FY 2024 2,434,236 356,868 0 -26,437 65,540 0 0 0 0 0 FY 2024 30,139,650 14,978 0 5,623,726 FY 2025 27,351,313 7,050 0 5,625,649 240,858 0 0 2,109,008 4,857 3,881 142,079 641,255 3,881 1,330,531 FY 2025 2,830,208 293,454 0 -21,740 79,546 0 0 0 0 0 FY 2025 30,181,521 7,050 0 5,625,649 FY 2026 26,266,577 2,112 0 5,629,530 249,205 0 16,363 2,139,485 18,125 5,332 141,913 628,478 5,332 1,387,219 FY 2026 3,181,468 389,446 0 -28,850 89,424 0 0 0 0 0 FY 2026 29,448,045 2,112 0 5,629,530 FY 2027 25,130,675 0 0 5,634,862 359,278 0 1,836 2,147,333 4,857 64 135,454 614,077 64 1,402,658 FY 2027 3,631,488 370,818 0 -27,472 107,123 0 0 0 0 0 FY 2027 28,762,163 0 0 5,634,862 FY 2028 24,087,295 0 0 5,634,926 220,131 0 0 2,149,353 4,857 0 145,999 656,243 0 1,351,968 FY 2028 4,081,957 581,957 0 -42,843 133,337 0 0 0 0 0 FY 2028 28,169,252 0 0 5,634,926 FY 2029 22,955,459 0 0 5,634,926 180,566 0 0 2,157,366 4,857 0 149,498 686,997 0 1,325,728 FY 2029 4,754,409 223,030 0 -16,522 165,220 0 0 0 0 0 FY 2029 27,709,868 0 0 5,634,926 FY 2030 21,810,296 0 0 5,634,926 321,966 0 0 2,154,492 4,857 0 138,803 674,361 0 1,346,185 FY 2030 5,126,136 0 0 0 182,643 0 0 0 0 0 FY 2030 26,936,432 0 0 5,634,926 FY 2031 20,786,077 0 0 5,634,926 800,841 0 0 2,133,302 4,857 0 102,158 649,372 0 1,386,627 FY 2031 5,308,779 0 0 0 190,609 0 0 0 0 0 FY 2031 26,094,856 0 0 5,634,926 FY 2032 20,200,290 0 0 5,634,926 290,395 0 0 2,123,993 4,857 0 139,375 638,035 0 1,351,440 FY 2032 5,499,388 0 0 0 198,661 0 0 0 0 0 FY 2032 25,699,678 0 0 5,634,926 FY 2033 19,139,245 0 0 5,634,926 187,955 0 0 2,107,620 4,857 0 145,255 598,443 0 1,368,781 FY 2033 5,698,049 0 0 0 205,044 0 0 0 0 0 FY 2033 24,837,294 0 0 5,634,926 FY 2034 17,958,420 0 0 5,634,926 191,096 0 0 2,088,764 4,857 0 143,628 563,812 0 1,386,180 FY 2034 5,903,092 0 0 0 212,753 0 0 0 0 0 FY 2034 23,861,512 0 0 5,634,926 FY 2035 16,763,336 0 0 5,634,926 186,989 0 0 2,068,957 4,857 0 142,461 530,027 0 1,401,326 FY 2035 6,115,846 0 0 0 219,898 0 0 0 0 0 FY 2035 22,879,182 0 0 5,634,926 FY 2036 15,548,999 0 0 5,634,926 187,933 0 0 2,037,325 4,857 0 140,049 497,244 0 1,404,888 FY 2036 6,335,743 0 0 0 229,049 0 0 0 0 0 FY 2036 21,884,742 0 0 5,634,926 FY 2037 14,332,044 0 0 5,634,926 190,316 0 0 2,008,057 4,857 0 137,705 464,683 0 1,410,525 FY 2037 6,564,792 0 0 0 239,469 0 0 0 0 0 FY 2037 20,896,836 0 0 5,634,926 FY 2038 13,111,835 0 0 5,634,926 189,900 0 0 1,979,714 4,857 0 135,636 427,471 0 1,421,463 FY 2038 6,804,261 0 0 0 253,783 0 0 0 0 0 FY 2038 19,916,096 0 0 5,634,926 FY 2039 11,880,271 0 0 5,634,926 190,413 0 0 1,958,377 4,857 0 134,019 383,128 0 1,446,086 FY 2039 7,058,044 0 0 0 261,557 0 0 0 0 0 FY 2039 18,938,315 0 0 5,634,926 FY 2040 10,624,598 0 0 5,634,926 191,209 0 0 1,924,734 4,857 0 131,466 339,850 0 1,458,275 FY 2040 7,319,602 0 0 0 269,305 0 0 0 0 0 FY 2040 17,944,200 0 0 5,634,926 FY 2041 9,357,532 0 0 5,634,926 191,288 0 0 1,899,968 4,857 0 129,625 294,979 0 1,480,221 FY 2041 7,588,907 0 0 0 274,866 0 0 0 0 0 FY 2041 16,946,439 0 0 5,634,926 FY 2042 8,068,599 0 0 5,634,926 191,377 0 0 1,875,552 4,857 0 127,809 249,894 0 1,502,706 FY 2042 7,863,773 0 0 0 282,431 0 0 0 0 0 FY 2042 15,932,372 0 0 5,634,926 FY 2043 6,757,271 0 0 5,634,926 191,884 0 0 1,856,523 4,857 0 126,364 199,724 0 1,535,292 FY 2043 8,146,204 0 0 0 285,501 0 0 0 0 0 FY 2043 14,903,475 0 0 5,634,926 FY 2044 5,413,863 0 0 5,634,926 190,358 0 0 1,826,360 4,857 0 124,245 155,585 0 1,551,387 FY 2044 8,431,705 0 0 0 293,058 0 0 0 0 0 FY 2044 13,845,568 0 0 5,634,926 FY 2045 4,169,013 0 0 5,518,747 172,987 0 0 1,649,175 4,506 0 112,181 118,613 0 1,422,886 FY 2045 8,724,763 0 15,474 0 270,238 148,784 351 10,097 31,204 107,834 FY 2045 12,893,776 0 0 5,518,747 FY 2046 3,119,270 0 0 5,318,591 171,573 0 0 1,654,848 4,465 0 112,679 85,393 0 1,461,241 FY 2046 8,902,641 0 17,285 0 279,260 121,549 392 7,972 31,666 82,303 FY 2046 12,021,911 0 0 5,318,591 FY 2047 2,027,860 0 0 5,120,333 172,589 0 0 1,637,325 4,465 0 111,305 40,610 0 1,489,875 FY 2047 9,116,883 0 17,499 0 302,623 121,247 392 7,933 29,024 84,682 FY 2047 11,144,743 0 0 5,120,333 FY 2048 907,544 0 0 4,923,363 175,636 0 0 1,607,369 4,465 0 108,861 11,166 0 1,491,806 FY 2048 9,352,323 0 17,498 0 311,127 121,115 392 7,924 26,288 87,295 FY 2048 10,259,867 0 0 4,923,363 FY 2049 268,753 0 0 4,245,984 171,380 0 0 1,580,063 4,465 0 107,158 9,610 0 1,467,759 FY 2049 9,593,653 0 17,495 0 315,226 120,204 392 7,856 23,462 89,278 FY 2049 9,862,406 0 0 4,245,984 FY 2050 231,877 0 0 2,986,481 73,556 0 0 684,900 1,922 0 46,491 8,218 0 632,113 FY 2050 9,837,096 0 120,392 0 136,865 988,270 2,935 66,142 202,414 722,649 FY 2050 10,068,973 0 0 2,986,481 FY 2051 194,913 0 0 2,464,888 1,379 0 0 48,593 0 0 3,497 6,808 0 38,288 FY 2051 9,371,704 0 196,019 0 0 1,605,011 4,857 107,432 311,130 1,191,305 FY 2051 9,566,617 0 0 2,464,888 FY 2052 158,004 0 0 2,464,888 2,111 0 0 47,069 0 0 3,330 5,396 0 38,343 FY 2052 8,376,418 0 199,406 0 0 1,575,021 4,857 104,959 275,500 1,199,418 FY 2052 8,534,422 0 0 2,464,888 FY 2053 121,772 0 0 2,464,888 2,111 0 0 45,212 0 0 3,193 4,014 0 38,005 FY 2053 7,376,406 0 196,193 0 0 1,549,242 4,857 103,290 237,233 1,213,576 FY 2053 7,498,178 0 0 2,464,888 FY 2054 85,878 0 0 2,464,888 2,111 0 0 43,221 0 0 3,045 2,653 0 37,523 FY 2054 6,359,023 0 195,384 0 0 1,524,657 4,857 101,532 205,215 1,222,766 FY 2054 6,444,901 0 0 2,464,888 FY 2055 50,466 0 0 2,464,888 2,111 0 0 40,538 0 0 2,847 1,316 0 36,375 FY 2055 5,331,642 0 194,557 0 0 1,504,722 4,857 100,111 184,711 1,224,757 FY 2055 5,382,108 0 0 2,464,888 FY 2056 16,202 0 0 2,464,888 9,929 0 0 85,253 184 0 5,781 36 0 79,620 FY 2056 4,301,443 0 185,417 0 0 1,430,159 4,673 95,065 175,546 1,164,221 FY 2056 4,317,645 0 0 2,464,888 FY 2057 0 0 0 2,411,399 19,605 0 0 158,680 392 0 10,550 0 0 148,522 FY 2057 3,322,639 0 177,186 0 0 1,330,033 4,465 88,210 109,780 1,136,507 FY 2057 3,322,639 0 0 2,411,399 FY 2058 0 0 0 2,282,483 19,605 0 0 157,230 392 0 10,443 0 0 147,179 FY 2058 2,363,319 0 176,209 0 0 1,305,256 4,465 86,449 73,675 1,149,597 FY 2058 2,363,319 0 0 2,282,483 FY 2059 0 0 0 2,154,910 19,605 0 0 155,814 392 0 10,338 0 0 145,868 FY 2059 1,389,932 0 138,774 0 0 831,007 3,629 53,555 36,808 744,274 FY 2059 1,389,932 0 0 2,154,910 FY 2060 0 0 0 2,028,647 19,605 0 0 155,203 392 0 10,293 0 0 145,302 FY 2060 784,432 0 26,716 0 0 204,830 1,067 13,812 28,431 163,654 FY 2060 784,432 0 0 2,028,647 FY 2061 0 0 0 1,902,950 19,605 0 0 153,133 392 0 10,140 0 0 143,385 FY 2061 647,494 0 26,716 0 0 202,908 1,067 13,670 22,886 167,419 FY 2061 647,494 0 0 1,902,950 FY 2062 0 0 0 1,779,170 9,131 0 0 53,280 183 0 3,387 0 0 50,076 FY 2062 506,791 0 26,716 0 0 200,882 1,067 13,520 17,189 171,240 FY 2062 506,791 0 0 1,779,170 FY 2063 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2063 362,267 0 26,716 0 0 199,456 1,067 13,414 11,326 175,783 FY 2063 362,267 0 0 1,738,225 FY 2064 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2064 213,200 0 28,679 0 0 196,802 1,067 13,073 5,296 179,500 FY 2064 213,200 0 0 1,738,225 FY 2065 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2065 62,379 0 14,377 0 0 82,706 535 5,372 1,113 76,756 FY 2065 62,379 0 0 1,738,225 FY 2066 0 0 0 1,738,225 FY 2066 0 FY 2066 0 0 0 1,738,225 Total 26,369,006 154,420 786,271 87,240,190 463,490 1,339,523 4,725,530 18,920,157 737,923 64,659,593 Total 4,697,150 2,014,711 -347,654 5,990,603 15,363,861 52,236 1,021,389 2,039,896 12,354,813 Total Note : The amount of capital after FY 2066(1.7 trillion yen) is related to Honshu-Shikoku Bridge Expressway Co., Ltd. It is a matter to be discussed before the dissolution of the Agency. Funds contributed by local governments to regional expressway networks for the Hanshin Expressway (Kyoto area) ＊T here may be discrepancies in figure totals due to the treatment of fractions. will be reduced based on the provision of Paragraph 1, Article 46-1 of the Act on General Rules for Incorporated Administrative Agencies (Act No. For detailed figures on individual cash budgets, please refer to the Agency website. 101 of 1999). http://www.jehdra.go.jp/syuusiyosanmeisai.html ＊ In order to distinguish debts related to construction such as specified renewal, we split it into two tables, [Budget statement showing outstanding debts (excluding construction such as specified renewal)] and [Budget statement showing outstanding debts related to construction such as specified renewal]. The total of "Outstanding balance" can be found at Total of outstanding balance]. ＊The majority of management expenses is consumption tax. － 28 － － 29 － Appendix Appendix

◆ Income and Expenditure Budget Statement (Agency)

(As of September 1,2018) [Budget statement showing outstanding debts related to construction such as specified renewal] [Total outstanding balance] [Budget statement showing outstanding debts (excluding construction such as specified renewal] Unit : million yen (consumption tax included) Unit : million yen (consumption tax included) Unit : million yen (consumption tax included)

Debts accepted Outstanding from Income Expenditure Outstanding balance on April 1 Debts accepted from the balance Outstanding balance on April 1 companies Income Expenditure the Companies Consumption Debt Debt balance balance Interest-bearing tax on Interest Income debts accepted expenses Income Debt balance /expenditure debts prior prior /expenditure ＊ balance Debts to to debt Charges of Administrative Interest balance Capital Interest- Infrastructure Interest- Charges for Administrative Interest Interest- Rent Capital* bearing free Rent Capital free Interest- related to debt repayment occupation expenses paid Interest- Interest- debts occupation expenses paid bearing Infrastructure free Interest- Interest- debts debts debts bearing construction Other repayment debts bearing Infrastructure free debts such as debts debts debts debts debts debts specified renewal FY 2006 36,404,480 468,811 260,505 4,442,984 144,515 0 22,332 1,971,213 18,278 132,700 89,541 615,393 52,700 1,364,557 FY 2006 0 0 0 0 0 0 0 0 0 0 FY 2006 36,404,480 468,811 260,505 4,442,984 FY 2007 35,229,714 423,582 260,458 4,575,684 528,469 80,861 34,161 1,974,596 17,625 134,350 66,854 555,979 54,350 1,449,388 FY 2007 0 0 0 0 0 0 0 0 0 0 FY 2007 35,229,714 423,582 260,458 4,575,684 FY 2008 34,367,532 454,086 252,077 4,707,184 480,039 0 20,970 1,862,304 24,001 132,889 75,756 542,459 52,889 1,348,091 FY 2008 0 0 0 0 0 0 0 0 0 0 FY 2008 34,367,532 454,086 252,077 4,707,184 FY 2009 30,684,358 406,125 234,696 4,834,400 720,765 73,559 25,311 1,484,442 19,045 128,260 36,856 521,323 48,260 1,025,308 FY 2009 0 0 0 0 0 0 0 0 0 0 FY 2009 30,684,358 406,125 234,696 4,834,400 FY 2010 30,445,881 430,997 217,315 4,962,660 562,109 0 46,446 1,518,088 10,748 130,824 47,514 485,956 50,824 1,075,366 FY 2010 0 0 0 0 0 0 0 0 0 0 FY 2010 30,445,881 430,997 217,315 4,962,660 FY 2011 29,995,078 384,114 199,935 5,093,484 452,810 0 12,989 1,546,559 5,968 153,092 305,722 458,422 73,092 868,382 FY 2011 0 0 0 0 0 0 0 0 0 0 FY 2011 29,995,078 384,114 199,935 5,093,484 FY 2012 29,641,233 339,777 182,553 5,234,234 1,532,258 0 81,610 1,652,496 4,997 157,886 6,262 462,619 97,633 1,248,866 FY 2012 0 0 0 0 0 0 0 0 0 0 FY 2012 29,641,233 339,777 182,553 5,234,234 FY 2013 29,984,443 297,341 165,173 5,354,671 549,203 0 61,887 1,701,687 70,324 109,673 56,855 458,770 48,326 1,317,735 FY 2013 0 0 0 0 0 0 0 0 0 0 FY 2013 29,984,443 297,341 165,173 5,354,671 FY 2014 29,273,733 258,710 147,792 5,464,344 1,040,971 0 86,676 2,060,513 56,179 39,158 75,447 428,864 39,158 1,612,380 FY 2014 0 0 0 0 0 0 0 0 0 0 FY 2014 29,273,733 258,710 147,792 5,464,344 FY 2015 28,755,344 223,068 130,412 5,503,468 1,054,114 0 8,759 2,110,513 32,791 37,645 83,809 401,779 37,645 1,657,714 FY 2015 0 3,990 0 -296 0 0 0 0 0 0 FY 2015 28,755,344 223,068 130,412 5,503,468 FY 2016 28,201,736 190,456 113,031 5,540,666 754,604 0 149,442 2,112,921 15,662 45,544 100,069 372,705 45,544 1,655,809 FY 2016 3,696 25,793 0 -1,911 38 0 0 0 0 0 FY 2016 28,205,432 190,456 113,031 5,540,666 FY 2017 27,348,376 159,972 95,670 5,579,760 1,304,197 0 53,828 2,185,168 16,867 57,798 69,841 335,784 57,798 1,796,413 FY 2017 27,615 94,857 0 -7,027 308 0 0 0 0 0 FY 2017 27,375,992 159,972 95,670 5,579,760 FY 2018 26,888,100 131,498 78,333 5,604,988 3,082,729 0 6,842 2,075,737 4,857 19,262 -54,400 316,434 19,262 1,818,560 FY 2018 115,753 626,856 0 -46,391 2,991 0 0 0 0 0 FY 2018 27,003,854 131,498 78,333 5,604,988 FY 2019 28,195,849 105,252 61,000 5,596,582 1,217,272 0 92,154 1,997,066 4,857 23,027 68,756 317,985 23,027 1,615,182 FY 2019 699,210 305,837 0 -22,658 8,173 0 0 0 0 0 FY 2019 28,895,059 105,252 61,000 5,596,582 FY 2020 27,839,775 80,751 43,667 5,616,413 3,682,272 0 49,558 1,995,636 4,857 9,290 -96,527 330,312 9,290 1,766,707 FY 2020 990,561 399,698 0 -29,609 13,345 0 0 0 0 0 FY 2020 28,830,336 80,751 43,667 5,616,413 FY 2021 29,794,456 58,967 26,333 5,617,931 828,388 0 3,486 2,049,678 4,857 6,694 94,646 448,229 6,694 1,511,660 FY 2021 1,373,995 338,173 0 -25,052 24,342 0 0 0 0 0 FY 2021 31,168,451 58,967 26,333 5,617,931 FY 2022 29,146,757 40,726 9,000 5,620,177 304,112 0 5,989 2,062,995 4,857 6,001 134,891 517,754 6,001 1,415,206 FY 2022 1,711,459 329,762 0 -24,428 36,950 0 0 0 0 0 FY 2022 30,858,216 40,726 9,000 5,620,177 FY 2023 28,058,815 26,575 0 5,621,788 1,067,901 0 4,083 2,074,295 4,857 3,876 92,918 553,334 3,876 1,432,898 FY 2023 2,053,742 356,611 0 -26,419 50,302 0 0 0 0 0 FY 2023 30,112,557 26,575 0 5,621,788 FY 2024 27,705,414 14,978 0 5,623,726 1,053,696 0 1,550 2,101,094 4,857 2,277 81,666 608,559 2,277 1,415,725 FY 2024 2,434,236 356,868 0 -26,437 65,540 0 0 0 0 0 FY 2024 30,139,650 14,978 0 5,623,726 FY 2025 27,351,313 7,050 0 5,625,649 240,858 0 0 2,109,008 4,857 3,881 142,079 641,255 3,881 1,330,531 FY 2025 2,830,208 293,454 0 -21,740 79,546 0 0 0 0 0 FY 2025 30,181,521 7,050 0 5,625,649 FY 2026 26,266,577 2,112 0 5,629,530 249,205 0 16,363 2,139,485 18,125 5,332 141,913 628,478 5,332 1,387,219 FY 2026 3,181,468 389,446 0 -28,850 89,424 0 0 0 0 0 FY 2026 29,448,045 2,112 0 5,629,530 FY 2027 25,130,675 0 0 5,634,862 359,278 0 1,836 2,147,333 4,857 64 135,454 614,077 64 1,402,658 FY 2027 3,631,488 370,818 0 -27,472 107,123 0 0 0 0 0 FY 2027 28,762,163 0 0 5,634,862 FY 2028 24,087,295 0 0 5,634,926 220,131 0 0 2,149,353 4,857 0 145,999 656,243 0 1,351,968 FY 2028 4,081,957 581,957 0 -42,843 133,337 0 0 0 0 0 FY 2028 28,169,252 0 0 5,634,926 FY 2029 22,955,459 0 0 5,634,926 180,566 0 0 2,157,366 4,857 0 149,498 686,997 0 1,325,728 FY 2029 4,754,409 223,030 0 -16,522 165,220 0 0 0 0 0 FY 2029 27,709,868 0 0 5,634,926 FY 2030 21,810,296 0 0 5,634,926 321,966 0 0 2,154,492 4,857 0 138,803 674,361 0 1,346,185 FY 2030 5,126,136 0 0 0 182,643 0 0 0 0 0 FY 2030 26,936,432 0 0 5,634,926 FY 2031 20,786,077 0 0 5,634,926 800,841 0 0 2,133,302 4,857 0 102,158 649,372 0 1,386,627 FY 2031 5,308,779 0 0 0 190,609 0 0 0 0 0 FY 2031 26,094,856 0 0 5,634,926 FY 2032 20,200,290 0 0 5,634,926 290,395 0 0 2,123,993 4,857 0 139,375 638,035 0 1,351,440 FY 2032 5,499,388 0 0 0 198,661 0 0 0 0 0 FY 2032 25,699,678 0 0 5,634,926 FY 2033 19,139,245 0 0 5,634,926 187,955 0 0 2,107,620 4,857 0 145,255 598,443 0 1,368,781 FY 2033 5,698,049 0 0 0 205,044 0 0 0 0 0 FY 2033 24,837,294 0 0 5,634,926 FY 2034 17,958,420 0 0 5,634,926 191,096 0 0 2,088,764 4,857 0 143,628 563,812 0 1,386,180 FY 2034 5,903,092 0 0 0 212,753 0 0 0 0 0 FY 2034 23,861,512 0 0 5,634,926 FY 2035 16,763,336 0 0 5,634,926 186,989 0 0 2,068,957 4,857 0 142,461 530,027 0 1,401,326 FY 2035 6,115,846 0 0 0 219,898 0 0 0 0 0 FY 2035 22,879,182 0 0 5,634,926 FY 2036 15,548,999 0 0 5,634,926 187,933 0 0 2,037,325 4,857 0 140,049 497,244 0 1,404,888 FY 2036 6,335,743 0 0 0 229,049 0 0 0 0 0 FY 2036 21,884,742 0 0 5,634,926 FY 2037 14,332,044 0 0 5,634,926 190,316 0 0 2,008,057 4,857 0 137,705 464,683 0 1,410,525 FY 2037 6,564,792 0 0 0 239,469 0 0 0 0 0 FY 2037 20,896,836 0 0 5,634,926 FY 2038 13,111,835 0 0 5,634,926 189,900 0 0 1,979,714 4,857 0 135,636 427,471 0 1,421,463 FY 2038 6,804,261 0 0 0 253,783 0 0 0 0 0 FY 2038 19,916,096 0 0 5,634,926 FY 2039 11,880,271 0 0 5,634,926 190,413 0 0 1,958,377 4,857 0 134,019 383,128 0 1,446,086 FY 2039 7,058,044 0 0 0 261,557 0 0 0 0 0 FY 2039 18,938,315 0 0 5,634,926 FY 2040 10,624,598 0 0 5,634,926 191,209 0 0 1,924,734 4,857 0 131,466 339,850 0 1,458,275 FY 2040 7,319,602 0 0 0 269,305 0 0 0 0 0 FY 2040 17,944,200 0 0 5,634,926 FY 2041 9,357,532 0 0 5,634,926 191,288 0 0 1,899,968 4,857 0 129,625 294,979 0 1,480,221 FY 2041 7,588,907 0 0 0 274,866 0 0 0 0 0 FY 2041 16,946,439 0 0 5,634,926 FY 2042 8,068,599 0 0 5,634,926 191,377 0 0 1,875,552 4,857 0 127,809 249,894 0 1,502,706 FY 2042 7,863,773 0 0 0 282,431 0 0 0 0 0 FY 2042 15,932,372 0 0 5,634,926 FY 2043 6,757,271 0 0 5,634,926 191,884 0 0 1,856,523 4,857 0 126,364 199,724 0 1,535,292 FY 2043 8,146,204 0 0 0 285,501 0 0 0 0 0 FY 2043 14,903,475 0 0 5,634,926 FY 2044 5,413,863 0 0 5,634,926 190,358 0 0 1,826,360 4,857 0 124,245 155,585 0 1,551,387 FY 2044 8,431,705 0 0 0 293,058 0 0 0 0 0 FY 2044 13,845,568 0 0 5,634,926 FY 2045 4,169,013 0 0 5,518,747 172,987 0 0 1,649,175 4,506 0 112,181 118,613 0 1,422,886 FY 2045 8,724,763 0 15,474 0 270,238 148,784 351 10,097 31,204 107,834 FY 2045 12,893,776 0 0 5,518,747 FY 2046 3,119,270 0 0 5,318,591 171,573 0 0 1,654,848 4,465 0 112,679 85,393 0 1,461,241 FY 2046 8,902,641 0 17,285 0 279,260 121,549 392 7,972 31,666 82,303 FY 2046 12,021,911 0 0 5,318,591 FY 2047 2,027,860 0 0 5,120,333 172,589 0 0 1,637,325 4,465 0 111,305 40,610 0 1,489,875 FY 2047 9,116,883 0 17,499 0 302,623 121,247 392 7,933 29,024 84,682 FY 2047 11,144,743 0 0 5,120,333 FY 2048 907,544 0 0 4,923,363 175,636 0 0 1,607,369 4,465 0 108,861 11,166 0 1,491,806 FY 2048 9,352,323 0 17,498 0 311,127 121,115 392 7,924 26,288 87,295 FY 2048 10,259,867 0 0 4,923,363 FY 2049 268,753 0 0 4,245,984 171,380 0 0 1,580,063 4,465 0 107,158 9,610 0 1,467,759 FY 2049 9,593,653 0 17,495 0 315,226 120,204 392 7,856 23,462 89,278 FY 2049 9,862,406 0 0 4,245,984 FY 2050 231,877 0 0 2,986,481 73,556 0 0 684,900 1,922 0 46,491 8,218 0 632,113 FY 2050 9,837,096 0 120,392 0 136,865 988,270 2,935 66,142 202,414 722,649 FY 2050 10,068,973 0 0 2,986,481 FY 2051 194,913 0 0 2,464,888 1,379 0 0 48,593 0 0 3,497 6,808 0 38,288 FY 2051 9,371,704 0 196,019 0 0 1,605,011 4,857 107,432 311,130 1,191,305 FY 2051 9,566,617 0 0 2,464,888 FY 2052 158,004 0 0 2,464,888 2,111 0 0 47,069 0 0 3,330 5,396 0 38,343 FY 2052 8,376,418 0 199,406 0 0 1,575,021 4,857 104,959 275,500 1,199,418 FY 2052 8,534,422 0 0 2,464,888 FY 2053 121,772 0 0 2,464,888 2,111 0 0 45,212 0 0 3,193 4,014 0 38,005 FY 2053 7,376,406 0 196,193 0 0 1,549,242 4,857 103,290 237,233 1,213,576 FY 2053 7,498,178 0 0 2,464,888 FY 2054 85,878 0 0 2,464,888 2,111 0 0 43,221 0 0 3,045 2,653 0 37,523 FY 2054 6,359,023 0 195,384 0 0 1,524,657 4,857 101,532 205,215 1,222,766 FY 2054 6,444,901 0 0 2,464,888 FY 2055 50,466 0 0 2,464,888 2,111 0 0 40,538 0 0 2,847 1,316 0 36,375 FY 2055 5,331,642 0 194,557 0 0 1,504,722 4,857 100,111 184,711 1,224,757 FY 2055 5,382,108 0 0 2,464,888 FY 2056 16,202 0 0 2,464,888 9,929 0 0 85,253 184 0 5,781 36 0 79,620 FY 2056 4,301,443 0 185,417 0 0 1,430,159 4,673 95,065 175,546 1,164,221 FY 2056 4,317,645 0 0 2,464,888 FY 2057 0 0 0 2,411,399 19,605 0 0 158,680 392 0 10,550 0 0 148,522 FY 2057 3,322,639 0 177,186 0 0 1,330,033 4,465 88,210 109,780 1,136,507 FY 2057 3,322,639 0 0 2,411,399 FY 2058 0 0 0 2,282,483 19,605 0 0 157,230 392 0 10,443 0 0 147,179 FY 2058 2,363,319 0 176,209 0 0 1,305,256 4,465 86,449 73,675 1,149,597 FY 2058 2,363,319 0 0 2,282,483 FY 2059 0 0 0 2,154,910 19,605 0 0 155,814 392 0 10,338 0 0 145,868 FY 2059 1,389,932 0 138,774 0 0 831,007 3,629 53,555 36,808 744,274 FY 2059 1,389,932 0 0 2,154,910 FY 2060 0 0 0 2,028,647 19,605 0 0 155,203 392 0 10,293 0 0 145,302 FY 2060 784,432 0 26,716 0 0 204,830 1,067 13,812 28,431 163,654 FY 2060 784,432 0 0 2,028,647 FY 2061 0 0 0 1,902,950 19,605 0 0 153,133 392 0 10,140 0 0 143,385 FY 2061 647,494 0 26,716 0 0 202,908 1,067 13,670 22,886 167,419 FY 2061 647,494 0 0 1,902,950 FY 2062 0 0 0 1,779,170 9,131 0 0 53,280 183 0 3,387 0 0 50,076 FY 2062 506,791 0 26,716 0 0 200,882 1,067 13,520 17,189 171,240 FY 2062 506,791 0 0 1,779,170 FY 2063 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2063 362,267 0 26,716 0 0 199,456 1,067 13,414 11,326 175,783 FY 2063 362,267 0 0 1,738,225 FY 2064 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2064 213,200 0 28,679 0 0 196,802 1,067 13,073 5,296 179,500 FY 2064 213,200 0 0 1,738,225 FY 2065 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2065 62,379 0 14,377 0 0 82,706 535 5,372 1,113 76,756 FY 2065 62,379 0 0 1,738,225 FY 2066 0 0 0 1,738,225 FY 2066 0 FY 2066 0 0 0 1,738,225 Total 26,369,006 154,420 786,271 87,240,190 463,490 1,339,523 4,725,530 18,920,157 737,923 64,659,593 Total 4,697,150 2,014,711 -347,654 5,990,603 15,363,861 52,236 1,021,389 2,039,896 12,354,813 Total Note : The amount of capital after FY 2066(1.7 trillion yen) is related to Honshu-Shikoku Bridge Expressway Co., Ltd. It is a matter to be discussed before the dissolution of the Agency. Funds contributed by local governments to regional expressway networks for the Hanshin Expressway (Kyoto area) ＊T here may be discrepancies in figure totals due to the treatment of fractions. will be reduced based on the provision of Paragraph 1, Article 46-1 of the Act on General Rules for Incorporated Administrative Agencies (Act No. For detailed figures on individual cash budgets, please refer to the Agency website. 101 of 1999). http://www.jehdra.go.jp/syuusiyosanmeisai.html ＊ In order to distinguish debts related to construction such as specified renewal, we split it into two tables, [Budget statement showing outstanding debts (excluding construction such as specified renewal)] and [Budget statement showing outstanding debts related to construction such as specified renewal]. The total of "Outstanding balance" can be found at Total of outstanding balance]. ＊The majority of management expenses is consumption tax. － 28 － － 29 － Appendix 参 考 ◆ Income and Expenditure Budget Statement (Companies) ◆About the Agency 資

（As of September 1,2018） Unit : million yen (consumption tax included) 料 Part unrelated to the We will continue to do our best to enhance the transparency of our business, reduce creation of new assets Part related to the creation of new assets Income the burden on the nation, and to securely pass on the next generation a safe and Income Expenditure /Expenditure Income Expenditures Debts balance excellent expressway network. Debts transferred to the Agency Interest-bearing debts Cost of new Debt Debts construction Cost of balance Toll Planned Rent Interestbearing interestfree Cost of Cost of post-disaster administrative and at the related to Infrastructure Interestfree ・Name Japan Expressway Holding and Debt Repayment Agency income payment debts debts reconstructi repairs renewal reconstructio start of construction expenses n Other debts debts on the term such as debts specified ・Corporate Status An independent administrative corporation based on Act on the renewal FY 2006 2,531,645 530,147 1,971,213 617,219 95,076 678,729 73,346 0 6,514 1,041,689 144,515 0 144,515 0 22,332 Japan Expressway Holding and Debt Repayment Agency, Independent FY 2007 2,530,010 537,740 1,974,596 777,780 85,938 740,337 89,907 0 7,770 1,587,135 528,469 0 528,469 80,861 34,161 FY 2008 2,400,361 529,217 1,862,304 799,100 52,889 649,684 104,460 0 12,210 1,807,364 480,040 0 480,040 0 20,970 Administrative Agency FY 2009 2,031,515 540,725 1,484,442 870,192 48,260 808,338 132,663 0 3,093 2,158,437 720,765 0 720,765 73,559 25,311 FY 2010 2,090,675 568,517 1,518,088 712,846 50,824 659,134 123,130 0 4,924 2,257,254 562,108 0 562,108 0 46,446 ・Establishment October 1, 2005 FY 2011 2,123,381 574,893 1,546,559 753,133 73,092 695,342 119,577 0 20,309 2,412,370 452,810 0 452,810 0 12,989 FY 2012 2,259,518 605,456 1,652,496 804,217 97,633 804,013 148,812 0 47,665 2,772,795 1,532,258 0 1,532,258 0 81,610 ・Representative Hiroki Watanabe, President FY 2013 2,308,925 615,625 1,701,688 844,238 48,326 670,552 216,254 0 4,067 2,060,779 549,203 0 549,203 0 61,887 FY 2014 2,689,996 632,508 2,060,513 999,383 39,158 818,338 257,830 2,695 8,754 2,342,253 1,040,970 0 1,040,970 0 86,676 ・Board members 6 FY 2015 2,780,146 652,034 2,110,513 1,156,212 37,645 834,976 363,748 21,558 3,895 2,253,149 1,058,104 3,990 1,054,114 0 8,759 FY 2016 2,832,301 710,069 2,112,921 1,499,418 45,544 929,072 296,605 55,380 9,803 2,380,144 780,396 25,792 754,604 0 149,442 ・Staff members 84 General Affairs Division General Affairs FY 2017 2,900,059 732,620 2,185,169 1,478,098 57,798 1,064,100 314,777 120,232 40,479 2,995,267 1,399,054 94,857 1,304,197 0 53,828 Department FY 2018 2,783,110 707,373 2,075,737 2,835,334 19,262 1,664,812 561,492 625,947 191,835 3,082,628 3,709,585 626,856 3,082,729 0 6,842 Management Division FY 2019 2,712,483 715,417 1,997,066 2,074,819 23,027 1,203,295 547,420 347,171 0 2,220,796 1,523,109 305,837 1,217,272 0 92,154 ・Organization Chart FY 2020 2,716,827 721,191 1,995,636 2,613,471 9,290 1,678,496 571,731 372,645 0 2,703,379 4,081,970 399,698 3,682,272 0 49,557 FY 2021 2,736,693 687,015 2,049,678 1,208,290 6,694 340,497 477,891 396,491 0 1,194,612 1,166,562 338,173 828,389 0 3,486 Accounting Division FY 2022 2,753,351 690,356 2,062,995 961,720 6,001 329,649 235,012 403,145 0 1,239,550 633,875 329,763 304,112 0 5,989 Finance Department FY 2023 2,762,323 688,028 2,074,295 1,015,396 3,876 371,057 237,197 411,132 0 1,567,409 1,424,512 356,611 1,067,901 0 4,083 FY 2024 2,789,000 687,906 2,101,094 894,512 2,277 276,655 226,284 393,938 0 1,158,086 1,410,564 356,868 1,053,696 0 1,550 Funding Division FY 2025 2,794,747 685,739 2,109,008 660,038 3,881 114,074 199,939 349,906 0 642,761 534,312 293,454 240,858 0 0 Board member Auditor FY 2026 2,823,435 683,950 2,139,485 650,320 5,332 108,048 194,432 353,173 0 772,369 638,651 389,446 249,205 0 16,363 Planning Division FY 2027 2,833,879 686,546 2,147,333 643,897 64 109,803 194,179 339,979 0 773,007 730,096 370,818 359,278 0 1,836 Planning Department FY 2028 2,835,042 685,689 2,149,353 611,627 0 102,638 194,372 314,617 0 685,037 802,086 581,957 220,129 0 0 FY 2029 2,840,365 682,999 2,157,366 484,408 0 98,931 196,334 189,143 0 494,577 403,594 223,030 180,564 0 0 Project Planning and Coordination Division FY 2030 2,837,489 682,997 2,154,492 299,691 0 88,365 211,326 0 0 575,389 321,965 0 321,965 0 0 FY 2031 2,814,085 680,783 2,133,302 331,843 0 147,571 184,272 0 0 553,116 800,840 0 800,840 0 0 FY 2032 2,807,032 683,039 2,123,993 206,276 0 17,064 189,212 0 0 84,119 290,395 0 290,395 0 0 Management Division FY 2033 2,790,426 682,806 2,107,620 187,955 0 0 187,955 0 0 0 187,955 0 187,955 0 0 Kansai Department FY 2034 2,769,616 680,852 2,088,764 191,096 0 0 191,096 0 0 0 191,096 0 191,096 0 0 Coordination Division FY 2035 2,749,448 680,491 2,068,957 186,989 0 0 186,989 0 0 0 186,989 0 186,989 0 0 ・Address FY 2036 2,716,410 679,085 2,037,325 187,933 0 0 187,933 0 0 0 187,933 0 187,933 0 0 FY 2037 2,688,274 680,217 2,008,057 190,316 0 0 190,316 0 0 0 190,316 0 190,316 0 0 FY 2038 2,660,559 680,845 1,979,714 189,900 0 0 189,900 0 0 0 189,900 0 189,900 0 0 Yokohama Mitsui Bldg. 5F, 1-1-2, Takashima, Nishi-ku, 681,527 1,958,377 190,413 0 190,413 0 0 0 190,413 190,413 0 0 FY 2039 2,639,904 0 0 East Exit Porta

Yokohama City, Kanagawa, Japan 220-0011 Shopping Bridge Ohashi Mirai Minato FY 2040 2,606,842 682,108 1,924,734 191,209 0 0 191,209 0 0 0 191,209 0 191,209 0 0 Mall 0 191,288 Yokohama Sta. Sogo Yokohama FY 2041 2,579,123 679,155 1,899,968 191,288 0 0 191,288 0 0 0 191,288 0 0 Port 191,377 TEL : 045-228-5977 FY 2042 2,552,124 676,572 1,875,552 191,377 0 0 191,377 0 0 0 0 191,377 0 0 LUMINE FY 2043 2,531,408 674,885 1,856,523 191,884 0 0 191,884 0 0 0 191,884 0 191,884 0 0 Yokohama FY 2044 2,498,910 672,550 1,826,360 190,358 0 0 190,358 0 0 0 190,358 0 190,358 0 0 Sky Building Hama-Mirai Walk 188,461 0 0 188,461 FY 2045 2,471,413 673,454 1,797,959 0 0 188,461 0 0 188,461 0 0 Exit G FY 2046 2,444,524 668,127 1,776,397 188,858 0 0 188,858 0 0 0 188,858 0 188,858 0 0

FY 2047 2,423,739 665,167 1,758,572 190,088 0 0 190,088 0 0 0 190,088 0 190,088 0 0 Nissan Marinos 2,391,601 663,117 1,728,484 193,134 0 0 193,134 0 0 0 193,134 0 193,134 0 0 Katabira River Global Town FY 2048 Yokohama Headquarters Fuji Xerox FY 2049 2,364,273 664,006 1,700,267 188,875 0 0 188,875 0 0 0 188,875 0 188,875 0 0 Mitsui Bldg. FY 2050 2,337,571 664,401 1,673,170 193,948 0 0 193,948 0 0 0 193,948 0 193,948 0 0 FY 2051 2,316,706 663,102 1,653,604 197,398 0 0 197,398 0 0 0 197,398 0 197,398 0 0 662,954 1,622,090 201,517 201,517 0 0 0 201,517 201,517 0 0 Shin-Takashima Sta. FY 2052 2,285,044 0 0 0 Minatomirai Line FY 2053 2,257,982 663,528 1,594,454 198,304 0 0 198,304 0 0 0 198,304 0 198,304 0 0 Exit 2 GENTO YOKOHAMA FY 2054 2,231,582 663,704 1,567,878 197,495 0 0 197,495 0 0 0 197,495 0 197,495 0 0 FY 2055 2,210,650 665,390 1,545,260 196,668 0 0 196,668 0 0 0 196,668 0 196,668 0 0 (Kansai Department) FY 2056 2,179,494 664,082 1,515,412 195,346 0 0 195,346 0 0 0 195,346 0 195,346 0 0 FY 2057 2,152,655 663,942 1,488,713 196,791 0 0 196,791 0 0 0 196,791 0 196,791 0 0 3-5-7, Hommachi, Chuo-ku, Osaka City, Osaka, Convenience store FY 2058 2,126,398 663,912 1,462,486 195,814 0 0 195,814 0 0 0 195,814 0 195,814 0 0 (Daily Yamazaki) Kitamido au shop FY 2059 1,707,567 720,746 986,821 158,379 0 0 158,379 0 0 0 158,379 0 158,379 0 0 Japan 541-0053 FY 2060 474,400 114,367 360,033 46,321 0 0 46,321 0 0 0 46,321 0 46,321 0 0 Osaka Municipal Subway Midosuji Line Hommachi Sta. Exit No. 2 Exit No. 1 FY 2061 470,101 114,060 356,041 46,321 0 0 46,321 0 0 0 46,321 0 46,321 0 0 TEL : 06-6265-9360 FY 2062 362,107 107,945 254,162 35,847 0 0 35,847 0 0 0 35,847 0 35,847 0 0

Takenaka Japan Expressway Holding FY 2063 268,639 69,183 199,456 26,716 0 0 26,716 0 0 0 26,716 0 26,716 0 0 and Debt Repayment Agency FY 2064 265,757 68,955 196,802 28,679 0 0 28,679 0 0 0 28,679 0 28,679 0 0 Exit No. 3 Kansai Department FY 2065 132,180 49,474 82,706 14,377 0 0 14,377 0 0 0 14,377 0 14,377 0 0 4f, Midosuji Honmachi Bldg. Total 138,975,818 36,303,273102,604,064 32,163,532 811,887 16,003,571 12,022,261 4,697,150 361,318 33,080,862 4,697,150 28,383,712 154,420 786,270 docomo shop

*There may be discrepancies in figure totals due to the treatment of fractions. Hommachi-dori For detailed figures on individual cash budgets, please refer to the Agency website. Tsuruya Golf http://www.jehdra.go.jp/syuusiyosanmeisai.html Starbucks Coffee St. Regis Osaka

Exit No. 8 Exit No. 7

－ 30－ － 31 － Appendix 参 考 ◆ Income and Expenditure Budget Statement (Companies) ◆About the Agency 資

（As of September 1,2018） Unit : million yen (consumption tax included) 料 Part unrelated to the We will continue to do our best to enhance the transparency of our business, reduce creation of new assets Part related to the creation of new assets Income the burden on the nation, and to securely pass on the next generation a safe and Income Expenditure /Expenditure Income Expenditures Debts balance excellent expressway network. Debts transferred to the Agency Interest-bearing debts Cost of new Debt Debts construction Cost of balance Toll Planned Rent Interestbearing interestfree Cost of Cost of post-disaster administrative and at the related to Infrastructure Interestfree ・Name Japan Expressway Holding and Debt Repayment Agency income payment debts debts reconstructi repairs renewal reconstructio start of construction expenses n Other debts debts on the term such as debts specified ・Corporate Status An independent administrative corporation based on Act on the renewal FY 2006 2,531,645 530,147 1,971,213 617,219 95,076 678,729 73,346 0 6,514 1,041,689 144,515 0 144,515 0 22,332 Japan Expressway Holding and Debt Repayment Agency, Independent FY 2007 2,530,010 537,740 1,974,596 777,780 85,938 740,337 89,907 0 7,770 1,587,135 528,469 0 528,469 80,861 34,161 FY 2008 2,400,361 529,217 1,862,304 799,100 52,889 649,684 104,460 0 12,210 1,807,364 480,040 0 480,040 0 20,970 Administrative Agency FY 2009 2,031,515 540,725 1,484,442 870,192 48,260 808,338 132,663 0 3,093 2,158,437 720,765 0 720,765 73,559 25,311 FY 2010 2,090,675 568,517 1,518,088 712,846 50,824 659,134 123,130 0 4,924 2,257,254 562,108 0 562,108 0 46,446 ・Establishment October 1, 2005 FY 2011 2,123,381 574,893 1,546,559 753,133 73,092 695,342 119,577 0 20,309 2,412,370 452,810 0 452,810 0 12,989 FY 2012 2,259,518 605,456 1,652,496 804,217 97,633 804,013 148,812 0 47,665 2,772,795 1,532,258 0 1,532,258 0 81,610 ・Representative Hiroki Watanabe, President FY 2013 2,308,925 615,625 1,701,688 844,238 48,326 670,552 216,254 0 4,067 2,060,779 549,203 0 549,203 0 61,887 FY 2014 2,689,996 632,508 2,060,513 999,383 39,158 818,338 257,830 2,695 8,754 2,342,253 1,040,970 0 1,040,970 0 86,676 ・Board members 6 FY 2015 2,780,146 652,034 2,110,513 1,156,212 37,645 834,976 363,748 21,558 3,895 2,253,149 1,058,104 3,990 1,054,114 0 8,759 FY 2016 2,832,301 710,069 2,112,921 1,499,418 45,544 929,072 296,605 55,380 9,803 2,380,144 780,396 25,792 754,604 0 149,442 ・Staff members 84 General Affairs Division General Affairs FY 2017 2,900,059 732,620 2,185,169 1,478,098 57,798 1,064,100 314,777 120,232 40,479 2,995,267 1,399,054 94,857 1,304,197 0 53,828 Department FY 2018 2,783,110 707,373 2,075,737 2,835,334 19,262 1,664,812 561,492 625,947 191,835 3,082,628 3,709,585 626,856 3,082,729 0 6,842 Management Division FY 2019 2,712,483 715,417 1,997,066 2,074,819 23,027 1,203,295 547,420 347,171 0 2,220,796 1,523,109 305,837 1,217,272 0 92,154 ・Organization Chart FY 2020 2,716,827 721,191 1,995,636 2,613,471 9,290 1,678,496 571,731 372,645 0 2,703,379 4,081,970 399,698 3,682,272 0 49,557 FY 2021 2,736,693 687,015 2,049,678 1,208,290 6,694 340,497 477,891 396,491 0 1,194,612 1,166,562 338,173 828,389 0 3,486 Accounting Division FY 2022 2,753,351 690,356 2,062,995 961,720 6,001 329,649 235,012 403,145 0 1,239,550 633,875 329,763 304,112 0 5,989 Finance Department FY 2023 2,762,323 688,028 2,074,295 1,015,396 3,876 371,057 237,197 411,132 0 1,567,409 1,424,512 356,611 1,067,901 0 4,083 FY 2024 2,789,000 687,906 2,101,094 894,512 2,277 276,655 226,284 393,938 0 1,158,086 1,410,564 356,868 1,053,696 0 1,550 Funding Division FY 2025 2,794,747 685,739 2,109,008 660,038 3,881 114,074 199,939 349,906 0 642,761 534,312 293,454 240,858 0 0 Board member Auditor FY 2026 2,823,435 683,950 2,139,485 650,320 5,332 108,048 194,432 353,173 0 772,369 638,651 389,446 249,205 0 16,363 Planning Division FY 2027 2,833,879 686,546 2,147,333 643,897 64 109,803 194,179 339,979 0 773,007 730,096 370,818 359,278 0 1,836 Planning Department FY 2028 2,835,042 685,689 2,149,353 611,627 0 102,638 194,372 314,617 0 685,037 802,086 581,957 220,129 0 0 FY 2029 2,840,365 682,999 2,157,366 484,408 0 98,931 196,334 189,143 0 494,577 403,594 223,030 180,564 0 0 Project Planning and Coordination Division FY 2030 2,837,489 682,997 2,154,492 299,691 0 88,365 211,326 0 0 575,389 321,965 0 321,965 0 0 FY 2031 2,814,085 680,783 2,133,302 331,843 0 147,571 184,272 0 0 553,116 800,840 0 800,840 0 0 FY 2032 2,807,032 683,039 2,123,993 206,276 0 17,064 189,212 0 0 84,119 290,395 0 290,395 0 0 Management Division FY 2033 2,790,426 682,806 2,107,620 187,955 0 0 187,955 0 0 0 187,955 0 187,955 0 0 Kansai Department FY 2034 2,769,616 680,852 2,088,764 191,096 0 0 191,096 0 0 0 191,096 0 191,096 0 0 Coordination Division FY 2035 2,749,448 680,491 2,068,957 186,989 0 0 186,989 0 0 0 186,989 0 186,989 0 0 ・Address FY 2036 2,716,410 679,085 2,037,325 187,933 0 0 187,933 0 0 0 187,933 0 187,933 0 0 FY 2037 2,688,274 680,217 2,008,057 190,316 0 0 190,316 0 0 0 190,316 0 190,316 0 0 FY 2038 2,660,559 680,845 1,979,714 189,900 0 0 189,900 0 0 0 189,900 0 189,900 0 0 Yokohama Mitsui Bldg. 5F, 1-1-2, Takashima, Nishi-ku, 681,527 1,958,377 190,413 0 190,413 0 0 0 190,413 190,413 0 0 FY 2039 2,639,904 0 0 East Exit Porta

Yokohama City, Kanagawa, Japan 220-0011 Shopping Bridge Ohashi Mirai Minato FY 2040 2,606,842 682,108 1,924,734 191,209 0 0 191,209 0 0 0 191,209 0 191,209 0 0 Mall 0 191,288 Yokohama Sta. Sogo Yokohama FY 2041 2,579,123 679,155 1,899,968 191,288 0 0 191,288 0 0 0 191,288 0 0 Port 191,377 TEL : 045-228-5977 FY 2042 2,552,124 676,572 1,875,552 191,377 0 0 191,377 0 0 0 0 191,377 0 0 LUMINE FY 2043 2,531,408 674,885 1,856,523 191,884 0 0 191,884 0 0 0 191,884 0 191,884 0 0 Yokohama FY 2044 2,498,910 672,550 1,826,360 190,358 0 0 190,358 0 0 0 190,358 0 190,358 0 0 Sky Building Hama-Mirai Walk 188,461 0 0 188,461 FY 2045 2,471,413 673,454 1,797,959 0 0 188,461 0 0 188,461 0 0 Exit G FY 2046 2,444,524 668,127 1,776,397 188,858 0 0 188,858 0 0 0 188,858 0 188,858 0 0

FY 2047 2,423,739 665,167 1,758,572 190,088 0 0 190,088 0 0 0 190,088 0 190,088 0 0 Nissan Marinos 2,391,601 663,117 1,728,484 193,134 0 0 193,134 0 0 0 193,134 0 193,134 0 0 Katabira River Global Town FY 2048 Yokohama Headquarters Fuji Xerox FY 2049 2,364,273 664,006 1,700,267 188,875 0 0 188,875 0 0 0 188,875 0 188,875 0 0 Mitsui Bldg. FY 2050 2,337,571 664,401 1,673,170 193,948 0 0 193,948 0 0 0 193,948 0 193,948 0 0 FY 2051 2,316,706 663,102 1,653,604 197,398 0 0 197,398 0 0 0 197,398 0 197,398 0 0 662,954 1,622,090 201,517 201,517 0 0 0 201,517 201,517 0 0 Shin-Takashima Sta. FY 2052 2,285,044 0 0 0 Minatomirai Line FY 2053 2,257,982 663,528 1,594,454 198,304 0 0 198,304 0 0 0 198,304 0 198,304 0 0 Exit 2 GENTO YOKOHAMA FY 2054 2,231,582 663,704 1,567,878 197,495 0 0 197,495 0 0 0 197,495 0 197,495 0 0 FY 2055 2,210,650 665,390 1,545,260 196,668 0 0 196,668 0 0 0 196,668 0 196,668 0 0 (Kansai Department) FY 2056 2,179,494 664,082 1,515,412 195,346 0 0 195,346 0 0 0 195,346 0 195,346 0 0 FY 2057 2,152,655 663,942 1,488,713 196,791 0 0 196,791 0 0 0 196,791 0 196,791 0 0 3-5-7, Hommachi, Chuo-ku, Osaka City, Osaka, Convenience store FY 2058 2,126,398 663,912 1,462,486 195,814 0 0 195,814 0 0 0 195,814 0 195,814 0 0 (Daily Yamazaki) Kitamido au shop FY 2059 1,707,567 720,746 986,821 158,379 0 0 158,379 0 0 0 158,379 0 158,379 0 0 Japan 541-0053 FY 2060 474,400 114,367 360,033 46,321 0 0 46,321 0 0 0 46,321 0 46,321 0 0 Osaka Municipal Subway Midosuji Line Hommachi Sta. Exit No. 2 Exit No. 1 FY 2061 470,101 114,060 356,041 46,321 0 0 46,321 0 0 0 46,321 0 46,321 0 0 TEL : 06-6265-9360 FY 2062 362,107 107,945 254,162 35,847 0 0 35,847 0 0 0 35,847 0 35,847 0 0

Takenaka Japan Expressway Holding FY 2063 268,639 69,183 199,456 26,716 0 0 26,716 0 0 0 26,716 0 26,716 0 0 and Debt Repayment Agency FY 2064 265,757 68,955 196,802 28,679 0 0 28,679 0 0 0 28,679 0 28,679 0 0 Exit No. 3 Kansai Department FY 2065 132,180 49,474 82,706 14,377 0 0 14,377 0 0 0 14,377 0 14,377 0 0 4f, Midosuji Honmachi Bldg. Total 138,975,818 36,303,273102,604,064 32,163,532 811,887 16,003,571 12,022,261 4,697,150 361,318 33,080,862 4,697,150 28,383,712 154,420 786,270 docomo shop

*There may be discrepancies in figure totals due to the treatment of fractions. Hommachi-dori For detailed figures on individual cash budgets, please refer to the Agency website. Tsuruya Golf http://www.jehdra.go.jp/syuusiyosanmeisai.html Starbucks Coffee St. Regis Osaka

Exit No. 8 Exit No. 7

－ 30－ － 31 － Expressway Network The Keihanshin district area The Metropolitan area

Saitama Kyoto Tokyo Chiba Kobe Osaka Aomori

Yokohama

Hanshin Metropolitan

East Nippon

Niigata West Nippon Sendai Naha

Fukuoka Hiroshima LEGEND East・Centra・l West Takamatsu Nippon Expressway Co., Ltd. Sections highlighted in blue have been made available.

Osaka 6 lanes 4 lanes 2 lanes Nagoya Section under construction Tokyo Honshu-Shikoku Bridge Expressway Co., Ltd. Sections highlighted in green have been made available.

6 lanes 4 lanes 2 lanes Metropolitan Expressway Co., Ltd. Section made available Honshu-Shikoku Section under construction Kagoshima Hanshin Expressway Co., Ltd. Central Nippon Section made available Section under construction Others Section made available IC・JCT names in sections under construction are temporary names. Section under construction or investigation

As of 1st Sep, 2018

－ 32 － － 33 － JAPAN EXPRESSWAY HOLDING AND DEBT REPAYMENT AGENCY

Japan Expressway Holding and Debt Repayment Agency

Yokohama Mitsui Bldg. 5F, 1-1-2, Takashima, Nishi-ku, Yokohama City, Japan 220-0011 TEL. +81-45-228-5977 http://www.jehdra.go.jp

October, 2018