EXPRESSWAY HOLDING AND DEBT REPAYMENT AGENCY

JAPAN EXPRESSWAY HOLDING AND DEBT REPAYMENT AGENCY

2016 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

November, 2016 Contents ■Agency Overview ■Comparison of Debt Repayment Plan and １ About the Agency ………………………………………… 1 Performance ２ Establishment of the Agency ……………………………… 1 １ Comparison of FY 2015 Debt Repayment Plan and ３ Operation of the Agency ………………………………… 2 Performance ………………………………………………… 11 ４ Agreements with Expressway Companies and ２ Transition of the Debt Repayment Plan and Business Implementation Programs ……………………… 3 Performance (Since the Agency was established) ……… 14 ５ Procedural Flow …………………………………………… 4 ６ Expressway Management ………………………………… 4 ■Overview of FY 2015 Financial Statements １ Profit and Loss Statement ………………………………… 15 ■Status of Business Execution in FY 2015 ２ Balance Sheet ……………………………………………… 16 １ Holding and Leasing of Expressway Assets ……………… 5 ２ Status of Debt Repayment ………………………………… 6 ■Present Condition of Expressways ３ Interest-free Loans to Companies ………………………… 8 ………………………………………………………………… 17 ４ Arrangements to Facilitate Reduction in Costs for New Construction, Reconstruction, Maintenance, ■Appendix Repairs and other Expressway Maintenance …………… 8 ………………………………………………………………… 20 ５ Exercise of Statutory Authority on Behalf of Road Administrators ……………………………………… 9 ■Expressway Network ６ Management of Railway Facilities Connecting ………………………………………………………………… 27 Honshu and Shikoku ……………………………………… 10

Cover Photos ①Minatooohashi（Route 4 & 5 Bayshore Line・ Expressway Co., Ltd. Route 16 Port Line） ●① ●② ②Rainbow Bridge（Route 11 Daiba Line） Metropolitan Expressway Co., Ltd. ③Shin-Sanagawa Bridge（Shi-Tomei Expressway Central Nippon Expressway Co., Ltd. ●③ ●④ Okazaki Higashi IC ～ Shijo IC） ④Seto Bridge（Seto-Chuo Expressway Kojima IC Honshu-Shikoku Bridge Expressway Co., Ltd. ～Sakaide IC） ●⑤ ●⑥ ⑤Moji-ko IC, （Kanmon Expressway） West Nippon Expressway Co., Ltd. ⑥Kuki-Shiraoka JCT（Ken-Ō Expressway） East Nippon Expressway Co., Ltd. President's Message

The Japan Expressway Holding and Debt Repayment Agency was established in October 2005 with six privatized expressway companies within the privatization framework of the highway public corporations.

The missions are to hold and maintain the expressway assets in a good condition and to repay inherited debts from the highway public corporations as well as incremental debts due to new construction of expressway assets. We commit to the steady and full repayment of the debts as well as maintaining the safety and high quality of expressway assets by working closely with the six expressway companies. The repayment scheme is based on utilization of the fees paid by the expressway companies for the lease of the expressway assets. Further, in cooperation with the expressway companies, we exercise our authority as road administrator in a timely and appropriate manner to ensure the safe and efficient operation of the expressways. For regional assets we also oversee the detailed maintenance and management works appropriate to local conditions thus ensuring that we hand over safe and high quality expressways to the next generation.

Interest rate rises are the most critical risk for long-term repayment schedules. We have dealt carefully with this risk by effective liability management such as issuing ultra-long-term bonds during the recent historically low interest rate period in Japan. As a result, we have been outperforming the debt repayment with the current balance well below the original forecast.

Through our website we actively disclose business and operational information such as debt repayment plans, performance comparison tables, annual maintenance reports, as well as the revenue and expenditure results of each route. Our conscientious disclosures exceed the statutory requirements to ensure the transparency and accountability of our operation.

The Shin Tomei Expressway between Hamamatsu-Inasa junction and Toyota-Higashi junction was opened in February, 2016. The opening made us to extend double expressway networks of Tomei Expressway and Shin Tomei Expressway by 200 km, and has significantly reduced the congestion of Tomei Expressway. New expressway toll system was established in metropolitan area in April, 2016. The system accompanying with the development of network in a beltway around greater Tokyo area have led to a decrease of the heavy traffic in central Tokyo. Additionally, these have led to a positive outcome such as an increase of many new distribution facilities built along the beltway.

We will do our utmost to realize a successful and efficient operation of the expressway business to enrich everyone's lives. With your continuous support and guidance, every efforts will be made to meet our commitments.

Hirotada Seyama President, Japan Expressway Holding and Debt Repayment Agency October 2016 Agency Overview Agency Overview

１．About the Agency

The objectives of the Agency are to reduce the burden of the general public relating to expressways and to support the successful implementations of the expressway business by the Companies, by holding and leasing expressway assets related to expressways and repaying debts in a reliable and swift manner.

２．Establishment of the Agency

The Japan Expressway Holding and Debt Repayment Agency (hereafter referred to as “the Agency”) was 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 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)

◆ Framework of the Privatization of Highway Public Corporations

Objective of Privatization

● To secure the repayment of interest-bearing debts amounting to about 40 trillion ● To construct, without delay, genuinely needed expressways with minimum fiscal burden on the general public, while paying due respect to the autonomy of the Companies ● To offer diverse and flexible prices and services to expressway users by utilizing the private sector’s know-how

Companies: Construction, renewal and management of expressways and collection of tolls

−1− −2− Agency Overview

３．Operation of the Agency

The Agency concludes agreements with each of the Companies, receives approval by the Minister of the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), and formulates business implementation plans that include lease fees and a debt repayment plan. On the basis of this agreement, the Agency will fully repay the debts inherited from the public corporations and new debts accepted from the Companies before the expiration date of toll collection duration*, with the lease fees paid by the Companies. Upon full repayment of the debts, the expressways will be transferred to the Companies, which are the original road administrators. Until the handover of expressway management, the Agency will exercise statutory rights on behalf of them.

◆ Scheme for the Implementation of Expressway Business Activities by Agency and Companies

Funds raised

Authorization by the minister of MLIT

*Partial revision of the Road Law, etc. that was executed on June 30, 2014 changed the expiration date of collection duration of expressway tolls leasedby the Agency to before September 30, 2065, to allow prompt and deliberate renewals(construction such as specified renewal)corresponding to the aging of expressways.

◆ 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 the companies to pay the cost of new construction, reconstruction, repair or restoration of expressways following disasters under the Agreement, and the repayment of such debts 4. Provision of interest-free loans, financed with subsidies granted by the national government or local public entities as prescribed by Cabinet order, to Metropolitan Expressway Co., Ltd., and/or Co.,Ltd., to partially cover funds to pay the cost of new construction or reconstruction of the Metropolitan Expressway and/or Hanshin Expressway 5. Provision of interest-free loans, financed with subsidies granted by the national government, to the Companies to partially cover funds to pay the cost of the restoration of expressways damaged by disasters 6. Provision of interest-free loans, financed with subsidies granted by the national government, to the Companies to partially cover funds to pay the cost of construction of junctions connecting the said expressways and roads(excluding expressways) specified by the Ordinance of the Ministry of Land, Infrastructure and Transport and Tourism. 7. Provision of 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 funds to pay the cost of new construction, reconstruction, repair or restoration of Metropolitan Expressway Co., Ltd., and/or Hanshin Expressway Co., Ltd., following disasters 8. Subsidization required to facilitate a reduction in costs of the new construction, reconstruction, maintenance, repair and other aspects of management of expressways through the Companies’ own effort 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., in relation to the construction of the Honshu-Shikoku Bridge 11. Management of railway facilities linking Honshu and Shikoku 12. Making available railway facilities under item 11 above for use by the railway service operator for the charging of fees

−1− −2− Agency Overview

４．Agreements with Expressway Companies and Business Implementation Programs

When intending to undertake a business operation, under Article 13, Item 1 of the Japan Expressway Holding and Debt Repayment Agency Law (hereafter referred to as the “Agency Law”), the Agency is required to enter in advance into an agreement with the Company concerned, prescribing the lease fees and other conditions of lease regarding the expressway assets the Agency is to lease to the Company for each expressway belonging to the national expressway network, the regional expressway networks or independent general toll roads. When an agreement has been entered into, under Article 14, Item 1 of the Agency Law, the Agency is required to formulate a business implementation program that specifies details of the income and expenditure budget(debt repayment plan)of the Agency, in addition to the item prescribed in the agreement(excluding the toll amounts to be collected by the Company and the duration of collection), and submit it to the Minister of Land, Infrastructure and Transport for his or her approval. A Company that enters into an agreement with the Agency is required to carry out its business activities under the agreement subject to approval by the Minister of Land, Infrastructure and Transport with regard to construction details, toll amounts, and other items.

◆ Business Unit

As of October 2016 Agreement / Approval for Business Activities Business Implementation Programs Expressways within the national expressway network for Expressways within the national expressway network ・East Nippon Expressway Co., Ltd., : 1 program National ・Central Nippon Expressway Co., Ltd., expressway ・West Nippon Expressway Co., Ltd., network ・Honshu-Shikoku Bridge Expressway Co., Ltd., : 4 agreements Regional ・Metropolitan Expressway, ・Metropolitan Expressway expressway ・Hanshin Expressway (Hanshin area) ・Hanshin Expressway (Hanshin area) networks ・Hanshin Expressway ( area) : 3 agreements ・Hanshin Expressway (Kyoto area) : 3 programs Independent Respective independent general toll roads outside the Respective independent general toll roads outside the general toll national expressway network : 9 agreements national expressway network : 9 programs roads *

◆ List of Agreements

As of October 2016 Party to the Agreement with Name of Agreement the Agency

expressway Agreement Regarding the National Expressway Hokkaido Crossing Route, Hakodate-Nayoro Line East Nippon National network Agreement Regarding the National Expressway Chuo Expressway Fuji-Yoshida Line Central Nippon Agreement Regarding the National Expressway Chuo Expressway Line West Nippon Agreement Regarding General National Road Route 28 (Honshu-Shikoku Expressway (-Naruto Route)) Honshu-Shikoku expressway networks Regional Agreement Regarding the Metropolitan Expressway Line 1 Metropolitan Agreement Regarding the Osaka Prefectural Expressway Osaka-Ikeda Line Hanshin Agreement Regarding the Kyoto City Expressway Line 1 Hanshin Agreement Regarding General National Road Route 158 (Chubu Crossing Route, Abotoge Road) Central Nippon Independent general toll roads * roads toll general Independent Agreement Regarding General National Road Route 31 (Hiroshima-Kure Road) West Nippon Agreement Regarding General National Road Route 165 and 166 (Minami-Hanna Road) West Nippon Agreement Regarding General National Road Route 45 East Nippon Made free of charge of free Made (Sanriku Jukan Expressway (between Naruse-Okumatsushima and Ishinomaki-Kanan)) * January 24, 2008 Agreement Regarding General National Road Route 1 (Hakone Bypass) * July 16, 2011 Central Nippon Agreement Regarding General National Road Route 16 (Hachioji Bypass) * October 31, 2015 Central Nippon Agreement Regarding General National Road Route 139 (Nishi-Fuji Road) * April 1, 2012 Central Nippon Agreement Regarding General National Road Route 201 (Yakiyama Bypass) * October 1, 2014 West Nippon Agreement Regarding General National Road Route 506 (Naha Airport Expressway (Haebaru Road) West Nippon * March 28, 2009 ・(*) indicates the start date of toll-free For information on individual agreements and business implementation programs, please see the Agency website (http://www.jehdra.go.jp/ kyouteigyoumujisshi.html)

−3− −4− Agency Overview

５．Procedural Flow

For individual agreement and implementation programs, please refer to the Agency's website (http://www.jehdra.go.jp/kyouteigyoumujisshi.html)

６．Expressway Management

Agency and companies share management roles and closely communicate with each other to manage the expressway system based on Special Measures Act on Road Preparation. Companies play a role in maintenance and repair of road condition, and charging fee to keep the expressway’s function satisfactory all the time. On the other hand, the Agency plays a role in exerting public authorities that were delegated from the original administrators (the Minister of Land, Infrastructure, Transport and Tourism, and leaders of local authorities), specifically, administrative measures such as prohibition and restriction of traffic (mostly prohibition), providing special permissions (road occupancy/passage permission of special vehicles), issuing orders (orders for action toward the violation of vehicle restriction and etc.,). Also the Agency receives reports on implementation status of road management from the companies, and checks on the employment implementation situation as necessary. The collected information regarding the implementation of expressway management will be shared to develop the management system.

−3− −4− Status of Business Execution in FY2015 Status of Business Execution in FY2015

１．Holding and Leasing of Expressway Assets (1) Holding and Leasing of Expressway Assets In FY2015, 74.5km of holding and leasing of expressway assets increased because the use of Shin- Tomei expressway was started, and 4.5km decreased because of expansion of fee-free area for Hachioji bypass. As a result, the holding and leasing of expressway assets became 10,061km for opened section and 10,159km for combined total length including new sections.

◆ Status of Holding and Leasing of Expressway Assets As of March 31, 2016 (Unit: km)

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.

Length of holding and leasing 10,159 ［10］ 3,863 ［14］ 2,037 ［-5］ 3,492 ［0］ 321 ［0］ 263 ［0］ 10 ［0］ 173 ［0］

Of which are a length opened to traffic 10,061 ［70］ 3,840 ［21］ 2,029 ［50］ 3,449 ［0］ 311 ［0］ 249 ［0］ 10［0］173

(492) ［-75］ (146) ［-21］ (211) ［-54］ (102) ［0］ (19) ［0］ (14) ［0］ Of which are a length under construction ---- 98 ［-60］ 23 ［-6］ 8 ［-54］ 43 ［0］ 11 ［-3］ 14 ［0］

(Breakdown)

National expressway netwotk 9,531 ［14］ 3,863 ［14］ 2,031 ［0］ 3,464 ［0］ 173 ［0］ National expressways 8,295 ［0］ 3,376 ［0］ 1,829 ［0］ 3,090 ［0］ ------Highways other than national expressways 1,236 ［14］ 487 ［14］ 202 ［0］ 374 ［0］ 173 ［0］

Of which are a length opened to traffic 9,457 ［75］ 3,840 ［21］ 2,023 ［54］ 3,421 ［0］ - - -173［0］

National expressways 8,228 ［54］ 3,360 ［0］ 1,821 ［54］ 3,047 ［0］ ------

Highways other than national expressways 1,229 ［21］ 480 ［21］ 202 ［0］ 374 ［0］ ------173 ［0］

(459) ［-75］ (146) ［-21］ (211) ［-54］ (102) ［0］ Of which are a length under construction ------74 ［-60］ 23 ［-6］ 8 ［-54］ 43 ［0］

(320) ［-54］ (83) ［0］ (135) ［-54］ (102) ［0］ National expressways ------67 ［-54］ 16 ［0］ 8 ［-54］ 43 ［0］

(139) ［-21］ (63) ［-21］ (76) ［0］ (0) ［0］ Highways other than national expressways ------7 ［-6］ 7 ［-6］ 0 ［0］ 0 ［0］

Regional expressway networks 594 ［0］ ------321 ［0］ 263 ［0］ 10 ［0］ - -

Of which are a length opened to traffic 570 ［0］ ------311 ［0］ 249 ［0］ 10 ［0］ - -

(33) ［0］ (19) ［0］ (14) ［0］ Of which are a length under construction ------25 ［0］ 11 ［0］ 14 ［0］

Independent general toll roads 34 ［-5］ - - 6 ［-5］ 28 ［0］ ------

Of which are a length opened to traffic 34 ［-5］ - - 6 ［-5］ 28 ［0］ ------Of which are a length under construction ------Note1 : Figures in parentheses denote the increase or decrease in value over figures for March 31, 2015 Note2 : Length figures have been obtained by totaling all the sections that contain assets held by the Agency with the distance between ICs as the minimum unit. However, figures in parenthesis for "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 February 13th, 2016 The following Expressway sections newly opened Shin-Tomei Expressway in FY2015. (between Hamamatsu-Inasa JCT and Toyota-Higashi JCT)

General National Road Route 468 (Ken-O-Expressway) Kanzaki IC - Daiei JCT 9.7km General National Road Route 468 (Ken-O-Expressway) Okegawa-Kitamoto IC – Shiraoka-Shobu IC 10.8km National Expressway Daini Tokai Expressway Yokohama- Line Hamamatsu-Inasa JCT – Toyota-Higashi JCT 54.0km Total 74.5km

−5− −6− Status of Business Execution in FY2015

２．Status of Debt Repayment (1) Changes in the Debt Balance(Financial Statement Basis) Changes in the debt balance of the Agency in FY2016 are shown in the table below. The total amount of debt as of the beginning of the term(April 1, 2015)was 29.3925 trillion yen, but decreased to 28.8153 trillion yen at the end of the term(March 31, 2016)as the result of acceptance of 1098.1 billion yen in debt(debt accepted from expressway companies together with expressway assets), repayment of 3.3050 trillion yen in debt and the issuance of 1.621 trillion yen in bonds.

◆ Changes in debt balance in FY2015 (100 million yen) FY2015 (Reference)FY2014 Debt balance at start of the period A 293,925 299,829 Debt accepted B 10,981 9,881 Debt repaid C 33,050 40,630 Fund raised D 16,210 24,750 Increase in book value from the amort ization of the discount on bonds payable E 86 95 Debt balance at end of the period A+B-C+D+E 288,153 293,925 Note1: The above figures do not include capital and inherited accounts payable relating roads (90.7 billion yen at the end of FY2014, 50.7 billion yen at the end of FY 2015). Note2: There may be discrepancies in figure due to rounding of fractions.

◆ Changes According to Debt Category (100 million yen) Loans payable and bonds (face value) Decrease Balance in Book in (Reference) Increase during period during discount discount on Debt Category Balance Balance At time of period on bonds bonds at start of at end of establishment payable payable period Debt Repayme period New loan accepted nt

Long-term loans Government borrowing 3,554 － － 504 3,050 － 3,050 7,800 (interest-free) payable Government borrowing 3,557 － － 522 3,035 － 3,035 87,693 (Interest-bearing) Private borrowing 5,795 350 2,646 3,494 5,298 － 5,298 31,784 Total 12,906 350 2,646 4,521 11,382 － 11,382 127,276 Government guaranteed 215,096 12,510 661 21,809 206,458 132 206,325 59,424 bonds Government subscribed －－－ － － － － 145,832 Bonds bonds FILP agency bonds 53,819 3,350 － 3,650 53,519 775 52,744 23,925 Privately offered bonds －－－ － － － － 18,080 Other bonds 8,300 － 7,675 3,050 12,925 － 12,925 － Total 277,215 15,860 8,336 28,509 272,902 907 271,995 247,261 Long-term accounts payable (Long-term accounts payable 4,796 － － 20 4,775 － 4,775 7,239 relating to the construction of Tokyo Wan Aqua-Line) Total debt 294,917 16,210 10,983 33,050 289,059 907 288,153 381,775 (Of which interest-bearing 291,362 16,210 10,983 32,545 286,010 907 285,103 373,976 debts) Capital 55,035 372 － 55,407 － 55,407 43,712 Total of debts and capital 349,952 27,565 33,050 344,466 907 343,559 425,487 Note1: The above figures 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.

−5− −6− Status of Business Execution in FY2015

(2)Status of Raised Funds The Agency's strategy for fund-raising is characterized as "long term and fixed" to reduce the risk of increased interest rates and to ensure debt repayment. In line with the current climate of low- interest rates, the Agency has also decided to increase the proportion of ultra-long-term loans (i.e. over 10 years) to its fund-raising measures. Implementing a large range of IR and exploring of new investors, several 40 years bonds were issued for the first time in six years. And the borrowing limit was extended for twenty years. As a result, though the ratio of long term debt is increased, average procurement interest rate for the total amount of 1,621,000 million yen stably scored at low interest, 0.88%. Moreover, the average fund-raising cost of interest-bearing debt at the end of that period decreased to 1.37%.

◆ Status of raised funds in FY 2015

Amount of fund Number of Interest rate Category Term raised issuance (average) (Unit: 100million yen) 10years 12 7,110 0.37% Government 20years 12 4,000 1.07% guaranteed 30years 4 1,200 1.41% bonds 40years 2 200 1.63% Total 30 12,510 0.71% Private 20years 3 350 1.08% borrowing 15years 2 200 0.90% 20years 10 1,300 1.20% FILP agency 30years 5 750 1.54% bonds 40years 3 1,100 1.89% Total 20 3,350 1.49% Total 53 16,210 0.88% Average financing period 18.4years Average remaining period of outstanding debts 7.8years (5.1years at the time of establishment) 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. Note2: There may be discrepancies in figure totals due to rounding of fractions.

◆ Average fundraising costs for interest-bearing debt

Total amount Cost (Unit: 100million yen) Balance of interest-bearing debt at time of Agency establishment 373,976 1.80％ (October 1,2005) Balance of interest-bearing debt at the start of FY 2015 290,371 1.40％ Debts accepted 10,981 0.51％ Changes Debts redeemed or repaid △ 32,545 1.05％ during the Raised funds 16,210 0.88％ period Increase in book value from the amortization 86 － of the discount on bonds payable Balance of interest-bearing debt at the end of FY 2015 285,103 1.37％ Note1: The above figures do not include inherited accounts payable relating to roads. Note2: C osts 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 and coupon rates.) Note3: There may be discrepancies in figure totals due to rounding of fractions.

−7− −8− Status of Business Execution in FY2015

３．Interest-free Loans to Companies We accepted 37,200 million yen of subsides from the national government or local public entities to partially cover funds to pay the cost of new construction and/or reconstruction of Metropolitan Expressway and/or Hanshin Expressway and provided interest-free loan to Metropolitan Expressway Co., Ltd., and/or Hanshin Expressway Co., Ltd. Also accepted 120 million yen of subsides from the national government to partially cover funds to pay the cost of development of Smart system to East Nippon Expressway Co., Ltd., Central Nippon Expressway Co., Ltd., and West Nippon Expressway Co., Ltd..

４． Arrangements to Facilitate Reduction in Costs for New Construction, Reconstruction, Maintenance, Repairs and other Expressway Maintenance (1) Utilization of Subsidy Program Subsidization Program is established to encourage the companies to reduce their expense. Subsidy is provided to the company that makes a great effort on reducing their expense. In FY2015, meeting called “Subsidy program for reducing expense on new construction of expressway” was held for three times.33 projects were recognized for their management effort, and 18 of those projects were completed its entire project and determined that approximately 940 million yen of the expense was reduced. (*see page 20 “Subsidies Granted in FY2015” for subsidy provision record)

○ Cost reduction achieved (2007 〜 2016) Number of Projects recognized Cost reduction Amount 204 projects Approximately 11,000 million

Also, the recognized project including ones have new technics are publicized on Website so the other companies can learn the method. Additionally, some of the methods are incorporated into their standard and positively utilized to reduce the cost.

◆ Subsidy Program Proccess

Construction Cost Provision of Subsidy

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 Managing Effort condition not resulting Cost from Managing Subsidy Standard Amount Reduction Cost Reduction Effort by the Cost Reduction A Management １／２assisted by the X Debt Assumption Management

e.g. resulted by new Provision of Subsidy 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 Regarding repair projects, it is harder than new/renovation projects to utilize the program, we revised the system, reconsidering submission due of plan and its contents at March, 2016. In addition, control measures for future maintenances are revised to encourage the utilization of the program for Special upgrade construction projects

−7− −8− Status of Business Execution in FY2015

５．Exercise of Statutory Authority on Behalf of Road Administrators (1) Prohibition and restriction of traffic (Road Act No.46) For expressway, traffic prohibition standard is established based on regional characteristics and the road structure. Upon occurrences of accident or disaster, The Agency exerts the prohibition of traffic after receiving of the traffic prohibition request from the company designated by the standard. In the event of earthquake or heavy weather, traffic prohibition method and request procedure are determined before head and this allows the proper action to be implemented when the condition reaches a certain point determined. Furthermore, for the area where the risk of secondary disaster is high, more strict reference value will be set to prevent expansion of damage.

(2) Permission for passage of special vehicles (Road Act No.47-2) Road Act (vehicle restriction) regulates limitation (standard limit) for weight, length, width, and height of vehicles. For those vehicles that exceed the standard limit need to meet the requirement (specified time for passing and etc.) and obtain permission (permission for passage of special vehicle)from the administrator to prevent any potential hazards to the traffic and the road structure. The companies are in charge of receiving application and The Agency issues the permission.

(3) Regulations for the control of special vehicle violating restriction (Road Act No. 47-4) The Agency implements a control of vehicles violating the regulation and restriction in cooperation with the companies. The Agency executes orders for non-conforming vehicles to leave the expressway and implements instructions as ◆Regulations for the control of necessary. special vehicle violating restriction ① Development and enhancement of administrativeorder Vehicle violating restriction In addition to the original regulation, new standards such as limit of passage and order to reduce their load Corrective order shall be issued ・Dismmision to establish much severe regulation. Control (on-site-spot) ・Reduction of the load ・Prehibition of passage ② Enhancement on instruction towards those who often violates the regulation Company (Regulatory Control team) In order to enhance the instruction towards those who often violated the regulation, The Agency issues Violation Corrective report order dispatch warning letters for malicious cases and implement interview and give them a corrective action instruction The Agency after reviewing of violation records (numbers of time violated, and its contents) with 6 companies. For those personnel who does not comply the instruction, the ◆Enhancement on instruction towards system which publicized the correction instruction/order those who often violates the regulation on the website is developed. Corrective order And also severer order that can cancel the passage (warning can be executed upon serious infraction)

permission for more vicious cases is established. ・Serious case such as overweight for more than twice ③ Implement of immediate accusation (for repeated violation) of the standard Accusation had only been implemented upon ・Corrective instruction ・Publication serious accident, however, it is revised to be ・Removal of passage implemented for very vicious case as weight exceeds permission more than double of the regulation. This case is reported to police when the Agency confirms this vicious violation. Prosecution

−9− −10− Status of Business Execution in FY2015

(4) Permission for road occupancy (Road Act No.32) ◆ Entrustment of administrative Permission for road occupancy is provided to those affairs for occupancy who have physical facility within the expressway area.

Delivery of Delivery of the Agency Applicant Entrustment of administrative affairs for occupancy permission Company permission has been started in 2015.Local company that is familiar with road condition is assigned to inspect the adequacy. The Agency issues the permission based on Application Application the inspection result. This system helps the operation Application Acceptance Permission efficiently. Additionally, for popular cases prospected Investigation, etc. (entrustment) Investigation, etc. to be competitive, bidding system is applied. Consignment

(5) Coupling permission (Road Act No.48- 4, National Expressway Law No. 11) Coupling permission is provided to private business personnel who operate rest station, gas service station, commercial facility and recreation facility at SA and/or PA at expressway. The fee for coupling has been revised based on national government and The Agency’s operating procedure in 2015.

○ Main cases of exercise of statutory authority on behalf of road administrators

Measures Number of cases Prohibition and restriction of traffic Annual number : 2,147

Permission for passage of special vehicles Annual number : 3,368

Order for action against violation of the Cabinet Order on Annual number : 6,059 Vehicle Restriction Total number of permission outstanding at the Permission for road occupancy end of fiscal year : 16,930 Annual number of permissions given : 3,254 Coupling permission Total number (as of the end of FY2015) : 710

６．Management of Railway Facilities Connecting Honshu and Shikoku

Honshu‐Shikoku Highway (Hayashima 〜 Honshu‐Shikoku Highway (Hayashima ～ Sakaide) strait Sakaide) straight is a road and railway bridge (hereinafter common-use space), and the operation of railway facility is managed by The Agency. The Agency charges administration fee from West Japan Railway Company and Shikoku Railway Company (hereinafter JR-Shikoku),to operate the facility within the common-use space with a cooperation from Honshu-Shikoku Bridge Expressway Company. Additionally, seismic strengthening project for railway leased facility and railway limited Expressway use JR use part within common-use space was steadily Common use conducted upon agreement between The Agency and JR-Shikoku. Section diagram of common-use space

−9− −10− Comparison of Debt Repayment Plan and Performance Comparison of Debt Repayment Plan and Performance

１．Compasrison of FY 2015 Debt Repayment Plan and Performance ◆ Comparison of FY 2015 Debt Repayment Plan and Performance (General Overview)

〔Agency〕 〔Unit : 100 million yen〕 National Hanshin Hanshin Independent Metropolitan Total expressway Expressway Expressway general toll Expressway network (Hanshin area) (Kyoto area) roads Outstanding balance (start of FY 2015) Debts excluding construction such as specified renewal Plan (A) 346,709 257,863 51,578 35,574 1,511 182 Performance (B) 346,114 257,863 51,089 35,457 1,575 130 Difference (B) - (A) △ 595 0 △ 489 △ 118 64 △ 52 Debt balance (start of FY 2015) Plan (A) 291,668 220,932 40,918 28,583 1,053 182 Performance (B) 291,080 220,932 40,429 28,465 1,123 130 Difference (B) - (A) △ 588 0 △ 489 △ 118 70 △ 52 Interest-bearing debt Plan (A) 288,133 219,628 38,730 28,540 1,053 182 Performance (B) 287,545 219,628 38,241 28,423 1,123 130 Difference (B) - (A) △ 588 0 △ 489 △ 118 70 △ 52 Infrastructure debt Plan (A) 2,231 0 2,188 43 0 0 Performance (B) 2,231 0 2,188 43 0 0 Difference (B) - (A) 0 0 0 0 0 0 Interest-free debt Plan (A) 1,304 1,304 0 0 0 0 Performance (B) 1,304 1,304 0 0 0 0 Difference (B) - (A) 0 0 0 0 0 0 Capital Plan (A) 55,041 36,931 10,660 6,992 458 0 Performance (B) 55,035 36,931 10,660 6,992 452 0 Difference (B) - (A) △ 6 0 0 0 △ 6 0 Debts related to construction such as specified renewal Plan (A) 0 0 0 0 - - Performance (B) 0 0 0 0 - - Difference (B) - (A) 0 0 0 0 - - Debt balance (start of FY 2015) Plan (A) 0 0 0 0 - - Performance (B) 0 0 0 0 - - Difference (B) - (A) 0 0 0 0 - - Interest-bearing debt Plan (A) 0 0 0 0 - - Performance (B) 0 0 0 0 - - Difference (B) - (A) 0 0 0 0 - - Debt accepted from Companies Debts excluding construction such as specified renewal Plan (A) 14,938 13,952 270 703 2 10 Performance (B) 10,630 9,519 342 763 1 4 Difference (B) - (A) △ 4,308 △ 4,433 72 60 0 △ 6 Interest-bearing debt Plan (A) 14,850 13,952 270 615 2 10 Performance (B) 10,542 9,519 342 675 1 4 Difference (B) - (A) △ 4,308 △ 4,433 72 60 0 △ 6 Infrastructure debt Plan (A) 0 0 0 0 0 0 Performance (B) 0 0 0 0 0 0 Difference (B) - (A) 0 0 0 0 0 0 Interest-free debt Plan (A) 88 0 0 88 0 0 Performance (B) 88 0 0 88 0 0 Difference (B) - (A) 0 0 0 0 0 0 Debts related to construction such as specified renewal Plan (A) 687 230 366 91 - - Performance (B) 40 17 19 4 - - Difference (B) - (A) △ 647 △ 213 △ 347 △ 87 - - Interest-bearing debt Plan (A) 687 230 366 91 - - Performance (B) 40 17 19 4 - - Difference (B) - (A) △ 647 △ 213 △ 347 △ 87 - - Debts related to construction such as specified renewal Plan (A) 687 230 366 91 - - Performance (B) 40 17 19 4 - - Difference (B) - (A) △ 647 △ 213 △ 347 △ 87 - - Other debts Plan (A) 0 0 0 0 - - Performance (B) 0 0 0 0 - - Difference (B) - (A) 0 0 0 0 - - Debts related to construction such as specified renewal Amount of consumption tax pertaining to obligated assumption before the repayment of debts Plan (A) △ 51 △ 17 △ 27 △ 7 - - Performance (B) △ 3 △ 1 △ 1 △ 0 - - Difference (B) - (A) 48 16 26 6 - - Amount equivalent to interests before debt repayment started Plan (A) 1 1 0 0 - - Performance (B) 0 0 0 0 - - Difference (B) - (A) △ 1 △ 1 0 0 - -

−11− −12− Comparison of Debt Repayment Plan and Performance

〔Unit : 100 million yen 〕

National Metropolitan Hanshin Hanshin Independent Total expressway Expressway Expressway Expressway general toll network (Hanshin area) (Kyoto area) roads Income Plan (A) 19,077 15,113 2,260 1,598 57 50 Performance (B) 21,810 17,971 2,261 1,488 27 63 Difference (B) - (A) 2,733 2,858 1 △ 110 △ 30 14 Leasing fees Plan (A) 18,532 15,064 1,988 1,374 57 50 Performance (B) 21,106 17,653 1,988 1,374 27 63 Difference (B) - (A) 2,573 2,589 0 0 △ 30 14 Charges for occupation* Plan (A) 156 32 10 114 0 0 Performance (B) 328 314 10 4 0 0 Difference (B) - (A) 172 282 1 △ 110 0 0 Capital* Plan (A) 389 17 262 110 0 0 Performance (B) 376 4 262 110 0 0 Difference (B) - (A) △ 13 △ 13 0 0 0 0 Expenditure Plan (A) 4,969 3,387 955 580 42 5 Performance (B) 5,232 3,727 915 566 18 6 Difference (B) - (A) 263 340 △ 41 △ 13 △ 23 1 Management expenses* Plan (A) 382 189 134 52 4 3 Performance (B) 838 655 128 48 2 4 Difference (B) - (A) 456 466 △ 5 △ 4 △ 2 2 Paid interest Plan (A) 4,198 3,181 560 417 37 2 Performance (B) 4,018 3,067 524 408 16 2 Difference (B) - (A) △ 180 △ 114 △ 35 △ 9 △ 21 △ 1 Interest-free debt Plan (A) 389 17 262 110 0 0 Performance (B) 376 4 262 110 0 0 Difference (B) - (A) △ 13 △ 13 0 0 0 0 Income / expenditure difference Plan (A) 14,108 11,726 1,305 1,018 15 44 Performance (B) 16,578 14,244 1,346 921 9 57 Difference (B) - (A) 2,470 2,519 41 △ 97 △ 6 13 Outstanding balance (start of FY 2016) Debts excluding construction such as specified renewal Plan (A) 347,823 260,090 50,805 35,282 1,498 148 Performance (B) 340,450 253,138 50,347 35,321 1,568 77 Difference (B) - (A) △ 7,373 △ 6,952 △ 459 39 70 △ 71 Debt balance (start of FY 2016) Plan (A) 292,410 223,159 39,883 28,180 1,040 148 Performance (B) 285,044 216,207 39,424 28,219 1,116 77 Difference (B) - (A) △ 7,366 △ 6,952 △ 459 39 76 △ 71 Interest-bearing debt Plan (A) 289,375 222,029 38,012 28,146 1,040 148 Performance (B) 282,009 215,077 37,554 28,185 1,116 77 Difference (B) - (A) △ 7,366 △ 6,952 △ 459 39 76 △ 71 Infrastructure debt Plan (A) 1,905 0 1,871 34 0 0 Performance (B) 1,905 0 1,871 34 0 0 Difference (B) - (A) 0 0 0 0 0 0 Interest-free debt Plan (A) 1,130 1,130 0 0 0 0 Performance (B) 1,130 1,130 0 0 0 0 Difference (B) - (A) 0 0 0 0 0 0 Capital Plan (A) 55,413 36,931 10,922 7,102 458 0 Performance (B) 55,407 36,931 10,922 7,102 452 0 Difference (B) - (A) △ 6 0 0 0 △ 6 0 Debts related to construction such as specified renewal Plan (A) 637 214 339 85 - - Performance (B) 37 15 18 4 - - Difference (B) - (A) △ 601 △ 199 △ 321 △ 81 - - Debt balance (start of FY 2016) Plan (A) 637 214 339 85 - - Performance (B) 37 15 18 4 - - Difference (B) - (A) △ 601 △ 199 △ 321 △ 81 - - Interest-bearing debt Plan (A) 637 214 339 85 - - Performance (B) 37 15 18 4 - - Difference (B) - (A) △ 601 △ 199 △ 321 △ 81 - - Total unpaid amount Plan (A) 348,461 260,304 51,144 35,366 1,498 148 Performance (B) 340,487 253,153 50,365 35,325 1,568 77 Difference (B) - (A) △ 7,973 △ 7,151 △ 780 △ 42 70 △ 71 Debt balance (start of FY 2016) Plan (A) 293,048 223,373 40,222 28,265 1,040 148 Performance (B) 285,081 216,222 39,442 28,223 1,116 77 Difference (B) - (A) △ 7,967 △ 7,151 △ 780 △ 42 76 △ 71 Interest-bearing debt Plan (A) 290,013 222,243 38,351 28,231 1,040 148 Performance (B) 282,046 215,092 37,572 28,189 1,116 77 Difference (B) - (A) △ 7,967 △ 7,151 △ 780 △ 42 76 △ 71 Infrastructure debt Plan (A) 1,905 0 1,871 34 0 0 Performance (B) 1,905 0 1,871 34 0 0 Difference (B) - (A) 0 0 0 0 0 0 Interest-free debt Plan (A) 1,130 1,130 0 0 0 0 Performance (B) 1,130 1,130 0 0 0 0 Difference (B) - (A) 0 0 0 0 0 0 Capital Plan (A) 55,413 36,931 10,922 7,102 458 0 Performance (B) 55,407 36,931 10,922 7,102 452 0 Difference (B) - (A) △ 6 0 0 0 △ 6 0 Note1 : The outstanding balance at the beginning of FY 2016 includes capital invested and fluctuation in infrastructure debt during the term. Note2 : There may be discrepancies in figure totals due to rounding of fractions. ※"Charges for occupation" refer to charges for occupation defined in Article 3 of the Order for Enforcement of the Agency Law,consolidation fees, income from selling land, etc., "Capital" refers to capital from the national government and subsidies for the disaster recovery defined in the Article 25 of the Agency Law, etc., and "Management expenses" refer to Agency's management expenses and consumption tax.

−11− −12− Comparison of Debt Repayment Plan and Performance

(1) Debts excluding construction such as specified renewal The debt balance at the beginning of FY 2015 was 29.108 trillion yen. As a result of the income/ expenditure difference of 1.6578 trillion yen and the debt accepted from expressway companies of 1.0542 trillion yen, the debt balance at the beginning of FY 2016 was 28.5044 trillion yen, which was 603.6 billion yen lower than at the beginning of FY 2015 and was 736.6 billion yen less than planned for FY 2014. A summary of income and expenditure in the debt repayment is as follows:

(Debt accepted from Companies) The debt accepted from expressway companies (debt accepted upon attribution of road assets excluding interest-free debt) was 1.0542 trillion yen, which was 430.8 billion yen less than planned. This was because the completion of the Shin- (between Yokkaichi JCT and Shin- Yokkaichi JCT) was changed from FY 2015 to FY 2016, and also because some projects in previously opened sections are still due.

(Income) With the gradual recovery of the economy, there was increase in leasing fee income due to the solid increase of expressway use, the total income was 2.181 trillion yen, which was 273.3 billion yen higher than planned.

(Expenditure) Due to the low interest rate of the fund raised, paid interest was lower than planned. On the other hand, management expenses, etc. were higher than planned, because debt accepted from expressway companies was lower and the lease fee income was higher than planned. As a result, the total expenditure was 523.2 billion yen, falling the plan by 26.3 billion yen.

(2) Debts related to construction such as specified renewal Assumption of obligation was newly started for specified renewal projects in FY 2015. In FY 2015, obligated assumption form the companies resulted 4 billion yen and amount of consumption tax pertaining to obligated assumption before the repayment of debts was minus 0.3 billion yen so the total amount of outstanding obligations resulted 3.7 billion yen for FY 2016 which is 6.01 billion yen lower than the plan.

(3) The gross amount of debt Results of the above, the gross amount of debt became 28,508.1 billion yen which is 796.7 billion yen lower than the plan.

Conceptual diagram of ◆ Specified Renewal Project floor slab replacement work Specified renewal work is performed for the hazardous part that can lead serious damages such as traffic prohibit. The work includes large-scale renewal and/or large-scale repair. Large-scale renewal is to reconstruct bridges and civil structure. It develops the entire structure. Large-scale repair is to repair entirestructure for damage, corrosion

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

−13− −14− Comparison of Debt Repayment Plan and Performance

2. Transition of the Debt Repayment Plan and Performance (Since the Agency was established) The following is a comparison between planned and actual figures since the Agency was established. Total amount of outstanding obligations was 28.5 trillion yen in 2016 (the amount is a result as of the end of FY2015). The debt repayment made by the balance of an account since the establishment of the Agency scored 14.1 trillion yen, and net reduction debt amount scored 6.8 trillion yen from the acceptance commitment of 7.3 trillion yen since the establishment of the Agency As a result of considering the debt assumption to the national government of 2.9 trillion yen for convenience improvement projects (note), the gross reduction debt amount since the establishment of the Agency resulted 9.7 trillion yen.

◆ Transition of the debt repayment plan and performance (outstanding obligations)

trillion yen 40.0

38.2

38.0 37.2 38.2 Debt accepted from companies 36.2 37.1 ＋7.3 trillion yen Net decrease in obligations 36.0 35.4 Debt repayment △6.8 trillion yen 35.9 △14.1 trillion yen Succession obligation to the △9.7 trillion yen 35.1 National government due to 34.0 the Project to Promote the Effective Utilization of Expressways 31.8 △2.9 trillion yen 31.7 32.0 31.5 31.1 30.9 30.7 30.5 31.3 31.1 30.0 30.6 29.3 Plan 30.2 30.4 29.7 Performance 29.1 28.0 28.5

26.0 Establishment 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 October 2005

* Some part of debt repayment plan has deferent calculating system than the others. Therefore when you compare with plan and performance value, you need to correct closing account value based on debt repayment plan. For example, cash, outstanding account, and outstanding unpaid account are treated differently. Also, consumption tax, and depreciation expense are treated differently for individual items.

(note) Expressway convenience improvement project is to encourage the development project such as conduction of additional function construction for smart interchange and rate cutting of expressway basing on “the Act on Special Financial Measures for Expressway Convinience Improvement Project (revised on May 2008)”

−13− −14− Overview of FY 2015 Financial Statements Overview of FY 2015 Financial Statements

１．Profit and Loss Statement Income from expressway asset lease fees was 1.9542 trillion yen. Financial expenses amounted to 401.8 billion yen, a decrease of 27.6 billion yen over the previous fiscal year. 〔Unit : 100 million yen〕 Increase Account items FY2014 FY 2015 /decrease Account item details (A) (B) (B)-(A) Ordinary expenditures 14,677 14,401 ▲ 275 Depreciation expenses, fixed asset disposal expenses, and taxes and Expressway asset leasing expenses 9,657 9,880 ＋222 dues etc. related to leased expressway assets Subsidy expenses for managerial efforts to encourage reduction of Managerial effort support activity expenses 11 3 ▲7 expressway construction costs Depreciation expenses, taxes and dues, and expenses for Railway facility utilization expenses 85 86 ＋0 outsourcing payment management related to railway facilities General administrative expenses 15 14 ▲ 0 (Personal expenses) (9) (9) (＋0) (Other expenses) (5) (5) (▲ 0) Financial expenses 4,294 4,018 ▲ 276 Expenses required for procuring and repaying funds and interest Among personnel expenses, other expenses, and interest incurred Expressway asset acquisition-related by expressway companies during the construction of expressways, expenses 610 395 ▲ 215 the amount that is attributable to the Agency at the time of the transfer of assets Sundry losses 1 3 ＋1 Ordinary income 19,845 20,034 ＋189 Expressway asset leasing income 19,079 19,542 ＋462 Lease fee income related to Expressway assets Railway facility utilization income 8 7 ▲ 1 Usage fee income related to railway facilities Earinings such as occupation fee income, and SA/PA coupling fee Other income 598 315 ▲ 282 income. Collateral debts equivalent to depreciation on collateralized Refunds of asset collateral debts 69 71 ＋1 highways that were withdrawn and accounted as income Collateral debts for railway facility construction equivalent to the Reduction of debts as contra to railway 79 79 ▲ 0 depreciation on those facilities that were withdrawn and accounted facility construction as income Financial income 9 2 ▲ 6 Interest received Sundry income 0 15 ＋15 Ordinary profit 5,167 5,632 ＋464 Non-recurring losses 201 240 ＋38 Losses from transferring fixed assets Return of reserves for “Project to Promote the Effective Utilization of Non-recurring profit 249 298 ＋49 Expressways” Net income 5,215 5,690 ＋475 Reversal of carried-over provision from previous mid-term target period 0 0 ＋0 Gross Profit 5,215 5,691 ＋475

Note : There may be discrepancies in total amounts because unit fractions have been disregarded.

▶ Ordinary expenditures The total amount for ordinary expenditures was 1.4401 trillion yen, most of which comprised (1) expressway asset leasing expenses of 988 billion yen, which are mainly depreciation expenses on expressway assets, and (2) financial expenses of 401.8 billion yen, which is interest paid on debentures and debts, amounting to 1.3898 trillion yen, approximately 96% of total ordinary expenditure. ▶ Ordinary income The total amount for ordinary income was 2.0034 trillion yen, most of which comprised expressway asset leasing income of 1.9542 trillion yen, approximately 97% of total ordinary income. This expressway asset leasing income corresponds to the amount projected in the agreements with expressway companies (1.7159 trillion yen) plus the amount subject to the variable lease fee system (238.2 billion yen). ▶ Ordinary profit or loss As a result, an ordinary profit of 563.2 billion yen was posted. ▶ Non-recurring losses Non-recurring losses amounted to 24 billion yen, mostly comprised of an 22.7 billion yen "Losses from transferring fixed assets" by delivering the complete product, “Hachioji Bypass” to the national government. ▶ Non-recurring profit Non-recurring profit amounted to 29.8 billion yen, most of which comprised a return of 29.1 billion yen of reserves for the Project to Promote the Effective Utilization of Expressways, which was intended to compensate for a reduction in leasing fee income under the project. ▶ Gross profit Gross profit amounted to 569.1 billion yen, which was an aggregate total of 563.2 billion yen in ordinary income, 24 billion yen in nonrecurring losses, 29.8 billion yen in nonrecurring profit and 60 million yen in reversal of carried-over provision from previous mid-term target period.

−15− −16− Overview of FY 2015 Financial Statements

２．Balance Sheet The interest bearing debt balance at the end of FY 2015 was 28.5102 trillion yen, a decrease of 526.8 billion yen from the previous fiscal year.

〔Unit : 100 million yen〕 End of End of Increase Account items FY 2014 FY 2015 /decrease Account item details (A) (B) (B)-(A) Assets Ⅰ Current assets 5,303 6,823 ＋1,519 Cash and deposits 521 807 ＋285 Marketable securities 999 - ▲ 999 Accrued revenue including Accounts receivable related to expressway assets and charges for 3,692 4,146 ＋454 expressway asset leasing occupation Amounts receivable, short-term loans, inventory goods, and Other 90 1,869 ＋1,778 deposits Ⅱ Fixed assets 403,971 401,946 ▲ 2,024 Buildings, structures and equipment, land, and construction Tangible fixed assets 399,630 399,074 ▲ 556 suspense accounts related to expressway assets and railway facilities Intangible fixed assets 2,624 2,624 ＋0 Leaseholds and utility rights Investments and other assets 1,716 247 ▲ 1,468 Non-interest bearing loans provided from the national and/or (Long-term loans) (1,714) (247) (▲ 1,467) local governments (Deposit) (1) (0) (▲ 1) Total assets 409,274 408,770 ▲ 504 Debts Ⅰ Current debts 34,682 30,085 ▲ 4,597 Agency bonds redeemable within 1 year 28,106 26,743 ▲ 1,363 Bond redeemable within a year Long-term debt payable within 1 year 4,520 1,748 ▲ 2,772 Debt repayable within a year Other 2,055 1,594 ▲ 461 Accounts payable, expenses payable, and amounts deposited Ⅱ Fixed debts 264,661 262,992 ▲ 1,669 Agency bonds 248,116 245,251 ▲ 2,864 Bonds with a redemption period exceeding one year Long-term debts 8,385 9,633 ＋1,247 Debt with a payment period exceeding one year Outstanding balance on installment payment debt for the Tokyo Long-term accrued expenses 4,775 4,754 ▲ 21 Wan Aqua-Line Asset collateral debts and debts collateralized by the construction Other 3,383 3,352 ▲ 31 of railway facilities Ⅲ Reserves, etc., required by law 6,931 6,635 ▲ 296 Reserve for optimizing the Agency’s periodical accounting of Reserves for the Project to Promote the 6,841 6,549 ▲ 291 profit and loss, toward the implementation of the Project to Effective Utilization of Expressways Promote the Effective Utilization of Expressways Reserve for equalizing railway facility usage fees collected from Reserve for railway facilities management 89 85 ▲ 4 railway service operations in regard to the management fee for a railway facility ( Seto Ohashi Bridge ). Total debts 306,275 299,713 ▲ 6,562 Equity Ⅰ Capital 55,340 55,713 ＋372 Funds contributed by national and local governments Ⅱ Capital surplus 8,432 8,426 ▲ 5 Ⅲ Retained earnings 39,226 44,916 ＋5,690 Total shareholders’ equity 102,999 109,057 ＋6,057 Total debts and shareholders’ equity 409,274 408,770 ▲ 504

Note : There may be discrepancies in total amounts because unit fractions have been disregarded.

▶ Assets Total amount of assets was 40.877 trillion yen, mostly comprised of tangible fixed assets of 39.9074 trillion yen (approximately 97% of the total). Assets decreased by 50.4 billion yen from the previous fiscal year. The main reasons for this were a decrease of 55.6 billion yen in tangible assets (including ① A 1.0008 trillion yen due to depreciation and ② An increase of 945.2 billion yen in assets transferred from the Companies). ▶ Debt Total debts were 29.9713 trillion yen mostly comprised of Agency bonds of 27.1994 trillion yen (including those redeemable within one year), and long term debts of 1.1381 trillion yen (including those payable within one year), adding up to 28.3375 trillion yen, which is approximately 94% of the total. Debts decreased by 656.2 billion yen from the previous fiscal year, mainly owing to (1) a decrease of 3.3029 trillion yen due to redemption of Agency bonds and repayment of long term loans, (2) a decrease of 291.0 billion yen by the reversal of reserves for "Project to Promote Effective Utilization of Expressways", (3) an increase of 1.6210 trillion yen arising from issuance of new Agency bonds, (4) an increase of 1.0981 trillion yen from the acceptance of debts from expressway companies. ▶Totale quity The total amount of equity was 10.9057 trillion yen, marking an increase of 605.7 billion yen over the previous fiscal year. The reasons for this were an increase billion yen in retained earnings via accumulation of gross income. Retained earnings, the accumulation of net income of each business year, and the cumulative total of depreciation are the resources for debt repayment. Therefore, along with the increase in the amount of debt repayment, retained earnings will also increase. This is shown on the Balance Sheet as though the expressway assets owed by debts are owed by retained earnings (capital) instead.

−15− −16− Present Condition of Expressways Present Condition of Expressways

The Agency establishes the common objective indicator between companies 機構は、(Outcome indicator: comprehensive customer satisfaction, fatal and injury accident ratio, and etc.) for users and customer to see the management status of each accompanies, and compares the results between companies and confirms and reviews the status to develop management standard and the convenience of the system they have.

◆ Outcome Indicators of Plan and Performance

East Central West Honshu Indicator definitions Metropolitan Hanshin Nippon Nippon Nippon -Shikoku

Degree of overall customer satisfaction FY 2014 Results 3.5 3.5 3.5 4.0 3.4 3.6 [Unit : Points] FY 2015 Targets 3.5 3.6 3.5 4.0 3.4 3.7 Degree of satisfaction indication by results of CS surveys, etc. (5-level (Mid-range target＊1) (3.7) (3.6) (3.5) ( - ) (3.5) (3.7) evaluation) FY 2015 Results 3.6 3.6 3.6 4.0 3.5 3.6 Yearly number of users by vehicles FY 2014 Results 998 670 957 40.3 344 268 [Unit : 10,000 vehicles hours per year] Number of vehcles which passed the FY 2015 Results 1,026 692 981 41.9 354 273 tollgates.＊2 Time lost due to mainline traffic FY 2014 Results 662 1,238 475 4 2,320 800 congestion [Unit : Hours per km year] Loss of time per year of highway users FY 2015 Results 618 1,057 526 4 2,190 919 due to traffic congestion.＊3 FY 2014 Results 77 94 104 107 234 144 Users’ Perspective (Excluding intensive Roadwork time (77) (83) (96) (107) (230) (107) construction＊4) [Unit : Cases per 100 million vehicles km] ＜ congestion loss time Time per year of traffic restrictions due ＜23＞ ＜225＞ ＜39＞ - - ＜26＞ occurred by construction ＞ to roadworks per kilometer of road. FY 2015 Results 83 118 105 115 214 170 congestion loss time occurred by construction [unit：10,000 vehicles・ (Excluding intensive ＊4 (83) (113) (90) (115) (212) (147) per hour] construction )

＜ congestion loss time ＜16＞ ＜188＞ ＜62＞ ＜ - ＞ ＜ - ＞ ＜24＞ occurred by construction ＞ FY 2014 Results 34 23 38 18 9 20 Disaster/ weather, 13 12 16 16 1 6

Accident and the others 5 3 2 1 6 1 Hours of closure [Unit : Hours] Construction 16 8 20 1 2 13 Yearly number of hours of closure due to rain, FY 2015 Results 30 22 59 13 5 25 snow, accidents, constructions, etc.＊5 Disaster/ weather, 6 6 33 12 2 4

Accident and the others 4 1 2 1 1 0

Construction 20 15 24 0 2 21 ※1：Fiscal year shown for mid-range target: FY 2016 for East Nippon Expressway Co., Ltd.; FY 2017 for Central Nippon Expressway Co., Ltd.; FY 2015 for West Nippon Expressway Co., Ltd.; FY 2017 for Metropolitan Expressway Co., Ltd.; FY 2016 Hanshin Expressway Co., Ltd. (only comprehensive customer satisfaction). ※2：The numbers of vehicle were counted as one time if the same vehicle go through the tollgate multiple times for Metropolitan Expressway Co., Ltd. and Hanshin Expressway Co., Ltd. ※3：As for East Nippon, Central Nippon and West Nippon, the data collection period was from January 1 to December 31. As for Honshu-Shikoku, Metropolitan, Hanshin, the data collection period was from April 1 to March 31. ※4：Shown times in “excluding intensive construction” are calculated excluding the time for road construction which had been publicized of its project before head so that the customers could avoid going into construction area. ※5：The numbers were calculated by the following formula. (Hours of closure for both tracks)×(Distance)＝Yearly total hours, distance (Yearly total hours, distance)÷(Length of routes in service)＝total hours of closure

−17− −18− Present Condition of Expressways

◆ Outcome Indicators of Plan and Performance

Central Honshu Indicator definitions East Nippon West Nippon Metropolitan Hanshin Nippon -Shikoku

Rate of fatal and injurious accidents FY 2014 Results 5.1 7.1 7.7 4.8 16.5 22.0 [Unit : FY 2015 Targets 5.1 6.7 7.4 5.7 16.0 21.9 Cases per 100 million vehicles kkm] Number of cases of death or injury per 100 （Mid-range target＊1) (6.7) (6.7) (7.4) ( - ) (15.0) ( - ) ＊6 million vehicles per kilometer FY 2015 Results 4.9 6.7 7.6 5.0 14.3 21.8

Rate of vehicle restriction violations FY 2014 Results 12,958 13,990 8,012 223 1,256 1,297 [Unit : Vehicles] Traffic Safety Number of pull-overs on the expressway during the FY 2015 Results 13,163 17,018 7,233 991 1,030 1,217 crackdown for vehicle restriction violations

Rate of wrong-way driving FY 2014 Results 67 37 81 6 2 5 [Unit : Cases] Number of traffic accidents or vehicles FY 2015 Results 74 47 99 6 11 5 seizures＊6

Rate of trespassing [Unit : Cases] FY 2014 Results 1,686 1,274 1,177 189 426 318 Number of trespasses on expressway by pedestrians, bicycles, and small motor vehicles, FY 2015 Results 1,753 1,297 1,348 183 440 307 etc.＊7 Rate of comfortable travel on roads FY 2014 Results 97 96 96 93 97 96 [Unit : %] FY 2015 Targets 97 95 97 90 97 96 Percentage of the road that is suitable for comfortable traveling FY 2015 Results 97 96 97 92 97 97 FY 2014 Results 87 80 94 2 8 27

[Numbers of bridge [0] [0] [0] [0] [0] [0] within category IV]

Bridge Unit Bridges inspected 968/8,389 507/5,567 1,965/8,215 137/470 14/118 45/318 Total numbers of bridge FY 2015 Results 154 233 256 2 13 37

[Numbers of bridge

Road Safety [0] [0] [0] [0] [0] [0] within category IV]

Rate of bridges needing repair Bridges inspected [Unit：Numbers of bridge or span] 2,342/8,573 1,598/5,577 3,911/8,282 229/470 25/120 167/318 Total numbers of bridge Numbers of bridge within soundness category III/ FY 2014 Results － － － － 277 72 IV out of bridges inspected on FY 2014 ～ FY 2015 ＊8＊9＊10 [Numbers of span within [0] [0] category IV]

Span Unit Spans inspected － － － － 2,985/11,896 2,460/9,955 Total numbers of Spans FY 2015 Results － － － － 451 148

[Numbers of span within [0] [0] category IV]

Spans inspected － － － － 5,752/11,917 4,766/9,955 Total numbers of Spans ※1： Fiscal year shown for mid-rang target: FY 2016 for East Nippon Expressway Co., Ltd.; FY 2017 for Central Nippon Expressway Co., Ltd.; FY 2015 for West Nippon Expressway Co., Ltd.; FY 2017 for Metropolitan Expressway Co., Ltd.; FY 2016 Hanshin Expressway Co., Ltd.（only comprehensive customer satisfaction). ※6：Annual data from January 1 to December 31. ※7：numbers of report received and action taken for East Nippon Expressway Co., Ltd., Central Nippon Expressway Co., Ltd., West Nippon Expressway Co., Ltd., West Nippon Expressway Co., Ltd., counted numbers of report received and action taken, and Metropolitan Expressway Co., Ltd., and Hanshin Expressway Co., Ltd. counted numbers of action taken for this item. ※8：The bridge is diagnosed based on the public notice regarding soundness result category for tunnel issued on July, 2014. ※9：”Span” means distance between two points on viaduct and/or bridge (bridge pier or abutment) ※10：The numbers of targeted bridge is counted as of December 31, 2014（Note: Bridges transferred by the end of FY 2015 are excluded)

−17− −18− Present Condition of Expressways

East Central West Honshu Indicator definitions Metropolitan Hanshin Nippon Nippon Nippon -Shikoku FY 2015 Results 0 5 0 0 2 0 New conduction points Points where traffic counterplan were conducted Users’ Perspective (Conducted points) (2) (5) (0) (0) (4) (1) [Unit：Points]

＜Completed points＞ ＜0＞ ＜2＞ ＜0＞ ＜0＞ ＜0＞ ＜0＞ Utilization rate of ETC２．０ Results as of April FY 1.5 1.7 1.0 1.1 2.5 1.5 [Unit：％] 2016 FY 2015 Results Numbers of enforcement of scheme 13 13 5 1 0 3 Numbers of conduction discount [Unit：Numbers of enforcement] Numbers of sales[Unit：1000 cases ] (Numbers of sales ) (76) (23) (39) ( - ) (0) (59) FY 2015 Results Numbers of 1,805 2,023 1,199 79 371 582 Control of offending vehicles for vehicle Administrative Order limit regulation [Unit：Cases] (Numbers of immidiate (2) (7) (4) (0) (0) (0) prosecution) Traffic Safety

Over 100km FY 2015 Results 42 10 29 12 - -

area Over 100km area

(area where straddling Vacant space at gas stations (0) (4) (16) (12) - - the companies) ※1※2※3

Over 150km FY 2015 Results [Unit：Numbers of area] 11 5 4 - - -

area Over 150km area

(area where straddling (0) (4) (4) - - - the companies) FY 2015 Results 28 29 48 49 21 53 Inspection rate of bridge※4 Each bridge Road Safety [Unit：％] (Each span) - - - - (48) (48) Inspection rate of tunnel※4 FY 2015 Results 40 27 58 37 31 27 [Unit：％] Inspection rate of accessories to roads※4 FY 2015 Results 57 37 50 51 40 78 [Unit：％] Solidarity with local Numbers of welcome board installed

community FY 2015 Results 53 124 66 0 - - [Unit：Installation points] Occupancy income FY 2015 Results 327 240 257 79 980 378 [Unit：Million yen] Conduction of bidding for occupancy FY 2015 Results 0 0 0 0 0 0 [Unit：Cases] FY 2015 Results Provision of incentives Numbers of 8 14 11 0 0 0

Others Numbers of recognization/ Numbers of recognization provision [Unit：Cases] Provided amount (Numbers of provision) 9 3 6 0 0 0 [Unit：Million yen] ＜Provided amount＞ ＜85＞ ＜52＞ ＜211＞ ＜0＞ ＜0＞ ＜0＞ ※1：Numbers of area are calculated for each directions (separated between up and down) ※2：There are 4 areas in total straddling Central Nippon Expressway Co., Ltd., and West Nippon Expressway Co., Ltd. in over100 km area and over 150 km area, and 12 areas in total straddling West Nippon Expressway Co., Ltd. and Honshu-Shikoku Bridge Expressway Co., Ltd. in over 100 km area ※3：Vacant space at gas stations in over 150km area is aimed to be zero by FY 2017. ※4：Inspection rate from FY 2014 to present to numbers of administrative facilities as of December 31, 2014 (Note: Bridges transferred by the end of FY 2015 are excluded）

−19− Appendix Appendix

◆ Subsidies Granted in 2015 In order to help the Companies construct and manage expressways with lower cost, the Agency grants subsidies for individual improvements if they satisfy the requirement for the Companies' managerial efforts. Subsidy provision record for FY 2016 is as follows

Company Sections Description of managerial effort Amount

Reviewing embankment shapes through discussions with 8 million yen local communities

Changing displacement measure of tunnel excavation 8 million yen

Reuse of plants by relocating of plants sprouted at site. 8 million yen

Development of a new installation method for porous 1 million yen HOKKAIDO JUKAN EXPRESSWAY Hakodate-Nayoro Line, ceramic pipes in tunnels Onumakoen IC - Otoshibe IC East Nippon Development of a new type of lightning equipment for 7 million yen Expressway tunnels Co., Ltd. Applying a new contracting system (cost-on system). 4 million yen

Direct procurement of materials (guard rail) 38 million yen

Early opening of HOKKAIDO EXPRESSWAY (Onumakoen IC - 11 million yen Otoshibe IC)

GENERAL NATIONAL ROAD ROUTE 468 (KEN-O- EXPRESSWAY), Adoption of a new gantry structure ETC 1 million yen Shiraoka-Shobu IC - Kuki-Shiraoka IC

TOKAI- Development of a new type of lightning equipment for 1 million yen -Yamato IC - Shiratori IC（ modify to 4 lanes ） tunnels Central GENERAL NATIONAL ROAD ROUTE 475 (TOKAI-KANJO Nippon EXPRESSWAY) Improved material procurement utilizing cost-on method 2 million yen Expressway Ogaki-nishi IC - Yoro JCT Co., Ltd. GENERAL NATIONAL ROAD ROUTE 1 (SEISHO BY-PASS ), Development of a new electrolytic protection method, with 48 million yen Seisho-Ninomiya IC - Kozu IC labor- saving works, such as ditching

Changing assembly method for bottom structure of bridge 34 million yen

Reducing transportation distance by securing adjusting land. 24 million yen HIGASHI- Kanda IC - Yukuhashi IC Changing transporting method of tunnel debris. 64 million yen West Nippon Developing tunnel support method with high standard Expressway 59 million yen Co., Ltd. materials.

Adoption of steel slags to paved roadbed materials 28 million yen HIGASHI-KYUSHU EXPRESSWAY Tsuno IC - Takanabe IC Early opening of HIGASHI-KYUSHU EXPRESSWAY (Tsuno IC - 2 million yen Takanabe IC)

Total Numbers of provision: 18 (New technologies employed in 6 cases) 348 million yen

New technical resolution was applied

−20− −20− Appendix

◆ Details of Income and Expenditure Budget (Debt Repayment Plan) The Agency has formulated a highly reliable debt repayment plan by utilizing the latest expertise and information available at the time of formulation to make reasonable and conservative forecasts of both the growth rate of the economy, which is a major precondition for lease income, and long- term interest rates, which significantly affect outlays. By doing so, it has formulated a highly reliable debt repayment plan. Details of the preconditions for debt repayment and changes in the Agency's outstanding balance are as follows.

(1) Preconditions ① Forecasts of vehicular traffic volume in the future In estimating the total volume of vehicular traffic in future, in association with the changed agreement, we calculated the use rate of each expressway using the estimation of Total Traffic Demand in Future prepared by the Ministry of Land, Infrastructure and Transport and Tourism.

Please refer to the Agency's website (http://www.jehdra.go.jp/pdf/909.pdf) for the volume of total vehicular traffic in future in respective agreements.

Reference : Estimation of the volume of total vehicular traffic in future used to change the agreement in June 2016 FY FY 2015 FY 2020 FY 2030 FY 2050 Item （actual figure） Total distance traveled by all vehicles 7,690 7,330 7,200 6,210 (in billion kilometers) (The growth rate of the Japanese economy and future population used for the estimation) ・Growth rate of the economy FY 2015 P rospected rate based on “Economic trend of FY 2015 (cabinet office midyear estimation)” After FY 2016 P rospected growth rate which Ministry of Land, Infrastructure and Transport premises based on “future traffic demand estimation method, November, 2010” FY2015 FY 2016 ～ FY2030 FY 2031 ～ Growth rate of the economy 2.9％ 0.9% ～ 0.8% 0％ ・Future population : "Population Projections for Japan" issued by the National Institute of Population and Social Security Research in December 2006 H17 H32 H42 Population Projections for Japan 127.8in millions 122.7in millions 115.2in millions

② Future interest rates We have assumed future interest rates up to 4% as previously. Regarding the yield rate of 10-year government bonds, an average of approximately 4% is estimated for FY 2020 in the "Mid-, Long-Term preliminary calculation of economy and finance (announced by the Cabinet Office)". On the other hand, lower percentage is estimated by a private think tank, with an average of 1.8% for FY 2020, and approximately 2% for mid-and long-term estimation. Regarding the prediction of traffic demand in future, the economic growth rate which has a positive co-relation to interest rates, will remain up to 1% in FY 2016 and onward. The Agency has deemed it appropriate for the future interest rate to not exceed 4%, from the perspective of correlation between economic growth and interest rates. Please refer to the Agency's website (http://www.jehdra.go.jp/pdf/909.pdf) for interest rates in future in respective agreements.

−21− −22− Appendix

(2) Changes in the Agency's Outstanding Balance (Combined Income and Expenditure Budget Statement Figures) Changes in the Agency's outstanding balance (combined income and expenditure budget statement figures for the national expressway network, regional expressway networks and independent general toll roads) are as follows.

◆ Changes in the Agency's outstanding balance (total)

(As of October 2016) Unit : trillion yen (consumption tax included) Outstanding balance on April 1 Debt balance＊2 Capital＊3 Total Interest-bearing debts Infrastructure debts Interest-free debts 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 FY 2010 30.4 0.4 0.2 5.0 36.1 FY 2011 30.0 0.4 0.2 5.1 35.7 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 FY 2016 28.3 0.2 0.1 5.5 34.2 FY 2017 28.5 0.2 0.1 5.6 34.3 FY 2018 29.0 0.1 0.1 5.6 34.9 FY 2019 30.1 0.1 0.1 5.6 35.9 FY 2020 29.4 0.1 0.0 5.6 35.2 FY 2021 31.3 0.1 0.0 5.6 37.0 FY 2022 30.7 0.0 0.0 5.6 36.4 FY 2023 30.0 0.0 0.0 5.6 35.7 FY 2024 30.0 0.0 0.0 5.6 35.7 FY 2025 29.4 0.0 0.0 5.6 35.0 FY 2026 28.6 0.0 0.0 5.6 34.3 FY 2027 28.1 0.0 0.0 5.6 33.7 FY 2028 27.5 0.0 0.0 5.6 33.1 FY 2029 27.2 0.0 0.0 5.6 32.8 FY 2030 26.6 0.0 0.0 5.6 32.2 FY 2031 25.9 0.0 0.0 5.6 31.5 FY 2032 25.0 0.0 0.0 5.6 30.7 FY 2033 24.2 0.0 0.0 5.6 29.8 FY 2034 23.4 0.0 0.0 5.6 29.0 FY 2035 22.5 0.0 0.0 5.6 28.1 FY 2036 21.6 0.0 0.0 5.6 27.3 FY 2037 20.8 0.0 0.0 5.6 26.4 FY 2038 19.9 0.0 0.0 5.6 25.5 FY 2039 19.0 0.0 0.0 5.6 24.6 FY 2040 18.1 0.0 0.0 5.6 23.7 FY 2041 17.2 0.0 0.0 5.6 22.8 FY 2042 16.2 0.0 0.0 5.6 21.9 FY 2043 15.3 0.0 0.0 5.6 20.9 FY 2044 14.3 0.0 0.0 5.6 19.9 FY 2045 13.3 0.0 0.0 5.6 18.9 FY 2046 12.6 0.0 0.0 5.2 17.9 FY 2047 12.0 0.0 0.0 4.9 16.8 FY 2048 11.3 0.0 0.0 4.5 15.8 FY 2049 10.9 0.0 0.0 3.8 14.8 FY 2050 11.4 0.0 0.0 2.4 13.7 FY 2051 11.0 0.0 0.0 1.7 12.7 FY 2052 10.0 0.0 0.0 1.7 11.7 FY 2053 9.0 0.0 0.0 1.7 10.7 FY 2054 7.9 0.0 0.0 1.7 9.6 FY 2055 6.8 0.0 0.0 1.7 8.6 FY 2056 5.7 0.0 0.0 1.7 7.5 FY 2057 4.6 0.0 0.0 1.7 6.3 FY 2058 3.4 0.0 0.0 1.7 5.2 FY 2059 2.2 0.0 0.0 1.7 4.0 FY 2060 1.1 0.0 0.0 1.7 2.8 FY 2061 0.8 0.0 0.0 1.7 2.6 FY 2062 0.6 0.0 0.0 1.7 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, FY2011, and FY 2013. Note3：The balance of capital in fiscal 2051 (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. Note4：There may be discrepancies in figure totals due to the treatment of fractions.

−21− −22− Appendix

◆ Income and Expenditure Budget Statement (Agency)

(As of October 2016) [Budget statement showing outstanding debts (excluding construction such as specified renewal] Unit : million yen (consumption tax included)

Debts accepted from the Outstanding balance on April 1 companies Income Expenditure

Income Debt balance /expenditure Interest- Interest- Interest- balance Capital Infrastructure Charges for Administrative Interest （注） bearing free Rrent Capital free Interest- Interest- debts debts debts occupation expenses paid debts bearing Infrastructure free debts debts debts

FY 2006 36,404,584 468,811 260,505 4,442,984 144,515 0 22,332 1,971,213 23,913 132,700 89,541 615,504 52,700 1,370,080 FY 2007 35,224,295 423,582 260,458 4,575,684 531,986 80,861 34,158 1,974,616 13,129 134,369 66,687 556,143 54,369 1,444,915 FY 2008 34,370,103 454,086 252,077 4,707,203 482,898 0 21,290 1,863,381 23,999 133,071 75,607 543,278 53,071 1,348,496 FY 2009 30,689,382 406,125 234,696 4,834,601 720,850 73,559 25,311 1,486,457 19,044 128,307 36,952 521,919 48,307 1,026,630 FY 2010 30,449,669 430,997 217,315 4,962,908 560,321 0 46,761 1,521,237 10,747 131,208 47,720 486,898 51,208 1,077,367 FY 2011 29,995,079 384,114 199,935 5,094,116 452,088 0 12,989 1,550,011 5,967 153,092 305,927 459,531 73,092 870,519 FY 2012 29,638,374 339,777 182,553 5,234,866 1,532,263 0 81,610 1,655,882 4,996 157,886 6,429 463,884 97,633 1,250,818 FY 2013 29,979,638 297,341 165,173 5,355,303 549,194 0 61,887 1,704,758 70,323 109,673 57,007 460,367 48,326 1,319,057 FY 2014 29,267,597 258,710 147,792 5,464,976 1,054,167 0 86,676 2,060,908 56,168 39,158 74,644 432,051 39,158 1,610,379 FY 2015 28,764,408 223,068 130,412 5,504,100 1,142,025 0 8,759 2,112,164 41,307 37,645 80,084 409,553 37,645 1,663,834 FY 2016 28,292,590 190,456 113,031 5,541,298 1,481,924 0 209,177 1,981,565 4,756 49,593 41,735 397,862 49,593 1,546,726 FY 2017 28,275,634 159,972 95,670 5,586,842 1,819,212 0 36,574 1,948,042 4,756 32,118 24,011 393,043 32,118 1,535,744 FY 2018 28,604,913 131,498 78,333 5,615,597 2,377,552 0 8,704 1,973,290 4,756 14,860 -7,264 406,016 14,860 1,579,294 FY 2019 29,446,752 105,252 61,000 5,623,419 392,804 0 17,005 1,979,089 4,756 9,049 122,242 434,791 9,049 1,426,814 FY 2020 28,454,578 80,751 43,667 5,627,647 3,088,522 0 11,832 1,978,662 4,756 7,118 -56,580 449,826 7,118 1,590,172 FY 2021 29,992,048 58,967 26,333 5,631,103 402,124 0 32,533 2,022,205 4,751 1,888 122,048 539,700 1,888 1,365,207 FY 2022 29,064,538 40,726 9,000 5,632,965 243,599 0 0 2,050,417 4,751 156 137,828 572,055 156 1,345,284 FY 2023 27,986,003 26,575 0 5,633,056 1,026,222 0 210 2,076,252 4,751 488 96,479 605,462 488 1,379,061 FY 2024 27,644,760 14,978 0 5,633,459 219,934 0 0 2,108,579 4,751 344 143,889 663,582 344 1,305,859 FY 2025 26,566,764 7,050 0 5,633,803 176,918 0 0 2,111,023 4,751 62 146,349 693,616 62 1,275,811 FY 2026 25,472,811 2,112 0 5,633,865 179,208 0 0 2,129,688 4,751 63 147,559 733,021 63 1,253,859 FY 2027 24,400,271 0 0 5,633,928 185,292 0 1,853 2,131,251 4,751 65 147,087 776,322 65 1,212,594 FY 2028 23,372,970 0 0 5,633,993 179,379 0 0 2,122,868 4,751 0 147,040 797,610 0 1,182,970 FY 2029 22,369,378 0 0 5,633,993 180,655 0 0 2,120,218 4,751 0 146,752 787,821 0 1,190,397 FY 2030 21,359,637 0 0 5,633,993 321,529 0 0 2,116,027 4,751 0 136,001 763,501 0 1,221,276 FY 2031 20,459,890 0 0 5,633,993 182,083 0 0 2,103,572 4,751 0 145,408 737,817 0 1,225,099 FY 2032 19,416,873 0 0 5,633,993 185,181 0 0 2,079,106 4,751 0 143,364 708,699 0 1,231,794 FY 2033 18,370,260 0 0 5,633,993 182,308 0 0 2,059,441 4,751 0 142,121 671,314 0 1,250,757 FY 2034 17,301,809 0 0 5,633,993 182,516 0 0 2,041,093 4,751 0 140,751 636,874 0 1,268,219 FY 2035 16,216,106 0 0 5,633,993 182,452 0 0 2,027,411 4,751 0 139,736 599,939 0 1,292,487 FY 2036 15,106,072 0 0 5,633,993 183,338 0 0 2,005,197 4,751 0 138,025 560,069 0 1,311,856 FY 2037 13,977,554 0 0 5,633,993 185,558 0 0 1,984,023 4,751 0 136,293 519,269 0 1,333,212 FY 2038 12,829,900 0 0 5,633,993 183,759 0 0 1,963,234 4,751 0 134,885 474,629 0 1,358,471 FY 2039 11,655,187 0 0 5,633,993 183,580 0 0 1,948,182 4,751 0 133,786 424,837 0 1,394,310 FY 2040 10,444,458 0 0 5,633,993 184,340 0 0 1,922,264 4,751 0 131,807 377,585 0 1,417,623 FY 2041 9,211,175 0 0 5,633,993 184,586 0 0 1,905,528 4,751 0 130,550 329,729 0 1,450,000 FY 2042 7,945,760 0 0 5,633,993 184,668 0 0 1,888,454 4,751 0 129,279 282,020 0 1,481,905 FY 2043 6,650,906 0 0 5,631,608 184,920 0 0 1,875,982 4,751 0 128,337 230,968 0 1,521,428 FY 2044 5,320,415 0 0 5,625,591 183,112 0 0 1,853,235 4,751 0 126,790 180,277 0 1,550,919 FY 2045 3,999,887 0 0 5,578,311 181,210 0 0 1,832,773 4,751 0 125,411 135,246 0 1,576,867 FY 2046 2,954,138 0 0 5,228,403 181,046 0 0 1,818,528 4,751 0 124,369 95,504 0 1,603,406 FY 2047 1,879,732 0 0 4,880,449 181,677 0 0 1,807,181 4,751 0 123,481 51,576 0 1,636,874 FY 2048 768,934 0 0 4,536,049 181,358 0 0 1,784,684 4,751 0 121,840 7,565 0 1,660,030 FY 2049 0 0 0 3,826,310 181,236 0 0 1,765,323 4,751 0 120,441 0 0 1,649,632 FY 2050 0 0 0 2,357,915 78,051 0 0 746,576 2,054 0 50,889 0 0 697,742 FY 2051 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2052 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2053 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2054 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2055 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2056 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2057 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2058 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2059 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2060 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2061 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2062 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2063 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2064 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2065 0 0 0 1,738,225 0 0 0 0 0 0 0 0 0 0 FY 2066 0 0 0 1,738,225 Total 23,002,159 154,420 719,662 86,161,590 433,204 1,272,913 4,903,334 20,987,272 671,313 61,305,788 Note : T he amount of capital after FY 2015 (1.7 trillion yen) is related to Honshu-Shikoku Bridge Expressway Company. It is a matter to be discussed before the dissolution of the Agency. ＊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].

−23− −24− Appendix

[Budget statement showing outstanding debts related to construction such as specified renewal] [Total outstanding balance] Unit : million yen (consumption tax included) Unit : million yen (consumption tax included) Debts accepted Outstanding from Income Expenditure Outstanding balance on April 1 balance the Companies Debt Consumption balance Interest-bearing tax on Interest Debt balance debts accepted expenses Income debts prior prior /expenditure Debts to to debt balance Rent Charges of Administrative Interest Interest- related to debt repayment occupation expenses paid Interest- Interest- Capital* bearing bearing Infrastructure construction Other repayment debts free debts such as debts debts debts specified renewal FY 2006 0 0 0 0 0 0 0 0 0 0 FY 2006 36,404,584 468,811 260,505 4,442,984 FY 2007 0 0 0 0 0 0 0 0 0 0 FY 2007 35,224,295 423,582 260,458 4,575,684 FY 2008 0 0 0 0 0 0 0 0 0 0 FY 2008 34,370,103 454,086 252,077 4,707,203 FY 2009 0 0 0 0 0 0 0 0 0 0 FY 2009 30,689,382 406,125 234,696 4,834,601 FY 2010 0 0 0 0 0 0 0 0 0 0 FY 2010 30,449,669 430,997 217,315 4,962,908 FY 2011 0 0 0 0 0 0 0 0 0 0 FY 2011 29,995,079 384,114 199,935 5,094,116 FY 2012 0 0 0 0 0 0 0 0 0 0 FY 2012 29,638,374 339,777 182,553 5,234,866 FY 2013 0 0 0 0 0 0 0 0 0 0 FY 2013 29,979,638 297,341 165,173 5,355,303 FY 2014 0 0 0 0 0 0 0 0 0 0 FY 2014 29,267,597 258,710 147,792 5,464,976 FY 2015 0 47,863 0 -3,549 30 0 0 0 0 0 FY 2015 28,764,408 223,068 130,412 5,504,100 FY 2016 44,344 160,204 0 -11,869 1,053 0 0 0 0 0 FY 2016 28,336,934 190,456 113,031 5,541,298 FY 2017 193,732 242,582 0 -17,971 3,232 0 0 0 0 0 FY 2017 28,469,366 159,972 95,670 5,586,842 FY 2018 421,576 284,497 0 -21,076 6,700 0 0 0 0 0 FY 2018 29,026,489 131,498 78,333 5,615,597 FY 2019 691,696 296,551 0 -21,969 10,856 0 0 0 0 0 FY 2019 30,138,448 105,252 61,000 5,623,419 FY 2020 977,134 350,878 0 -25,993 17,581 0 0 0 0 0 FY 2020 29,431,712 80,751 43,667 5,627,647 FY 2021 1,319,600 334,902 0 -24,809 26,840 0 0 0 0 0 FY 2021 31,311,648 58,967 26,333 5,631,103 FY 2022 1,656,534 335,494 0 -24,852 37,972 0 0 0 0 0 FY 2022 30,721,072 40,726 9,000 5,632,965 FY 2023 2,005,148 363,461 0 -26,926 50,487 0 0 0 0 0 FY 2023 29,991,151 26,575 0 5,633,056 FY 2024 2,392,170 363,442 0 -26,923 64,617 0 0 0 0 0 FY 2024 30,036,930 14,978 0 5,633,459 FY 2025 2,793,304 289,725 0 -21,463 80,936 0 0 0 0 0 FY 2025 29,360,068 7,050 0 5,633,803 FY 2026 3,142,502 444,576 0 -32,933 98,615 0 0 0 0 0 FY 2026 28,615,313 2,112 0 5,633,865 FY 2027 3,652,760 369,096 0 -27,343 125,859 0 0 0 0 0 FY 2027 28,053,031 0 0 5,633,928 FY 2028 4,120,372 579,210 0 -42,638 150,646 0 0 0 0 0 FY 2028 27,493,342 0 0 5,633,993 FY 2029 4,807,591 220,668 0 -16,347 181,984 0 0 0 0 0 FY 2029 27,176,969 0 0 5,633,993 FY 2030 5,193,897 0 0 0 199,374 0 0 0 0 0 FY 2030 26,553,534 0 0 5,633,993 FY 2031 5,393,271 0 0 0 208,943 0 0 0 0 0 FY 2031 25,853,161 0 0 5,633,993 FY 2032 5,602,214 0 0 0 219,396 0 0 0 0 0 FY 2032 25,019,087 0 0 5,633,993 FY 2033 5,821,610 0 0 0 228,950 0 0 0 0 0 FY 2033 24,191,870 0 0 5,633,993 FY 2034 6,050,560 0 0 0 239,642 0 0 0 0 0 FY 2034 23,352,369 0 0 5,633,993 FY 2035 6,290,202 0 0 0 250,531 0 0 0 0 0 FY 2035 22,506,308 0 0 5,633,993 FY 2036 6,540,732 0 0 0 261,381 0 0 0 0 0 FY 2036 21,646,804 0 0 5,633,993 FY 2037 6,802,113 0 0 0 272,539 0 0 0 0 0 FY 2037 20,779,667 0 0 5,633,993 FY 2038 7,074,651 0 0 0 283,800 0 0 0 0 0 FY 2038 19,904,551 0 0 5,633,993 FY 2039 7,358,452 0 0 0 294,852 0 0 0 0 0 FY 2039 19,013,639 0 0 5,633,993 FY 2040 7,653,304 0 0 0 305,430 0 0 0 0 0 FY 2040 18,097,762 0 0 5,633,993 FY 2041 7,958,733 0 0 0 317,468 0 0 0 0 0 FY 2041 17,169,908 0 0 5,633,993 FY 2042 8,276,202 0 0 0 332,701 0 0 0 0 0 FY 2042 16,221,962 0 0 5,633,993 FY 2043 8,608,903 0 0 0 343,213 0 0 0 0 0 FY 2043 15,259,809 0 0 5,631,608 FY 2044 8,952,117 0 0 0 357,052 0 0 0 0 0 FY 2044 14,272,532 0 0 5,625,591 FY 2045 9,309,168 0 0 0 372,551 0 0 0 0 0 FY 2045 13,309,055 0 0 5,578,311 FY 2046 9,681,719 0 0 0 394,601 0 0 0 0 0 FY 2046 12,635,857 0 0 5,228,403 FY 2047 10,076,321 0 0 0 417,222 0 0 0 0 0 FY 2047 11,956,053 0 0 4,880,449 FY 2048 10,493,543 0 0 0 441,661 0 0 0 0 0 FY 2048 11,262,477 0 0 4,536,049 FY 2049 10,935,203 0 0 0 447,159 0 0 0 0 0 FY 2049 10,935,203 0 0 3,826,310 FY 2050 11,382,363 0 104,254 0 191,802 996,898 2,697 67,858 251,686 680,051 FY 2050 11,382,363 0 0 2,357,915 FY 2051 10,998,370 0 183,047 0 0 1,723,833 4,751 117,202 416,278 1,195,104 FY 2051 10,998,370 0 0 1,738,225 FY 2052 9,986,312 0 183,445 0 0 1,699,682 4,751 115,382 375,691 1,213,360 FY 2052 9,986,312 0 0 1,738,225 FY 2053 8,956,397 0 184,194 0 0 1,680,042 4,751 113,872 334,317 1,236,604 FY 2053 8,956,397 0 0 1,738,225 FY 2054 7,903,987 0 183,377 0 0 1,660,994 4,751 112,526 292,024 1,261,194 FY 2054 7,903,987 0 0 1,738,225 FY 2055 6,826,169 0 182,543 0 0 1,645,558 4,751 111,440 248,658 1,290,211 FY 2055 6,826,169 0 0 1,738,225 FY 2056 5,718,500 0 182,634 0 0 1,623,444 4,751 109,794 204,185 1,314,216 FY 2056 5,718,500 0 0 1,738,225 FY 2057 4,586,918 0 182,108 0 0 1,605,230 4,751 108,485 158,672 1,342,823 FY 2057 4,586,918 0 0 1,738,225 FY 2058 3,426,202 0 182,106 0 0 1,586,972 4,751 107,134 111,972 1,372,617 FY 2058 3,426,202 0 0 1,738,225 FY 2059 2,235,691 0 182,183 0 0 1,470,835 4,751 98,528 65,710 1,311,348 FY 2059 2,235,691 0 0 1,738,225 FY 2060 1,106,526 0 53,117 0 0 388,979 1,635 25,973 38,249 326,393 FY 2060 1,106,526 0 0 1,738,225 FY 2061 833,250 0 40,270 0 0 350,810 1,326 23,906 27,930 300,300 FY 2061 833,250 0 0 1,738,225 FY 2062 573,219 0 30,921 0 0 256,421 1,136 17,467 18,965 221,125 FY 2062 573,219 0 0 1,738,225 FY 2063 383,015 0 22,775 0 0 203,764 970 14,048 12,106 178,580 FY 2063 383,015 0 0 1,738,225 FY 2064 227,210 0 22,775 0 0 201,490 970 13,881 5,798 182,781 FY 2064 227,210 0 0 1,738,225 FY 2065 67,204 0 11,420 0 0 85,197 486 5,786 1,273 78,624 FY 2065 67,204 0 0 1,738,225 FY 2066 0 FY 2066 0 0 0 1,738,225 Total 4,683,149 1,931,165 -346,660 7,237,677 17,180,149 51,979 1,163,283 2,563,513 13,505,331 Total ＊There may be discrepancies in figure totals due to the treatment of fractions. F or individual income and expenditure budget statement, please see the Japan Expressway Holding and Debt Repayment Agency website (http:// www.jehdra.go.jp/syusiyosanmeisai.html)

−23− −24− Appendix

◆ Income and Expenditure Budget Statement (Companies)

（As of October 2016） Unit : million yen (consumption tax included) Part unrelated to the creation of new assets Part related to the creation of new assets Income Income Expenditure /Expenditure Income Expenditures Debts balance Debts transferred to the Agency Interest-bearing debts Cost of new Debt Debts Planned construction Cost of balance Toll Rent Interestbearing interestfree Cost of Cost of post-disaster related to income administrative payment debts debts and repairs renewal reconstructio at the Infrastructure Interestfree expenses reconstructi start of construction Other debts debts on n the term such as specified debts renewal FY 2006 2,531,645 530,147 1,971,213 617,650 95,076 679,244 73,346 0 6,514 1,057,146 144,515 0 144,515 0 22,332 FY 2007 2,530,033 537,734 1,974,616 769,880 85,957 731,202 89,920 0 7,885 1,603,023 531,986 0 531,986 80,861 34,158 FY 2008 2,401,821 529,826 1,863,381 798,336 53,071 645,923 104,559 0 12,210 1,811,857 482,899 0 482,899 0 21,290 FY 2009 2,033,908 541,418 1,486,457 869,163 48,307 807,449 132,708 0 3,093 2,159,167 720,850 0 720,850 73,559 25,311 FY 2010 2,093,879 569,147 1,521,237 711,203 51,208 657,007 123,160 0 4,924 2,256,918 560,320 0 560,320 0 46,761 FY 2011 2,126,899 575,242 1,550,011 752,505 73,092 694,651 119,629 0 20,309 2,412,248 452,088 0 452,088 0 12,989 FY 2012 2,262,974 605,803 1,655,882 804,252 97,633 804,013 148,842 0 47,665 2,772,767 1,532,263 0 1,532,263 0 81,610 FY 2013 2,312,068 615,879 1,704,759 844,226 48,326 670,552 216,256 0 4,056 2,060,779 549,194 0 549,194 0 61,887 FY 2014 2,690,466 634,298 2,060,908 1,014,261 39,158 820,728 263,241 2,695 15,308 2,342,250 1,054,167 0 1,054,167 0 86,676 FY 2015 2,781,139 647,317 2,112,165 1,460,138 37,645 1,034,449 369,463 52,176 11,830 2,254,827 1,189,888 47,863 1,142,025 0 8,759 FY 2016 2,677,967 696,403 1,981,565 2,098,680 49,593 1,394,464 369,945 189,479 194,125 2,553,962 1,642,128 160,204 1,481,924 0 209,177 FY 2017 2,651,793 703,751 1,948,042 2,191,600 32,117 1,645,691 308,007 269,885 0 2,850,932 2,061,794 242,582 1,819,212 0 36,574 FY 2018 2,673,367 700,078 1,973,290 1,799,214 14,860 1,205,309 290,749 318,022 0 2,976,281 2,662,049 284,497 2,377,552 0 8,704 FY 2019 2,688,566 709,476 1,979,089 1,404,598 9,049 767,104 313,070 333,594 0 2,119,601 689,355 296,551 392,804 0 17,005 FY 2020 2,687,167 708,505 1,978,662 1,540,667 7,118 931,457 247,172 369,454 0 2,826,889 3,439,400 350,878 3,088,522 0 11,832 FY 2021 2,709,213 687,009 2,022,205 750,909 1,888 169,578 201,428 381,788 0 923,440 737,026 334,902 402,124 0 32,533 FY 2022 2,735,416 685,000 2,050,417 709,379 156 117,968 192,227 399,334 0 906,678 579,093 335,494 243,599 0 0 FY 2023 2,757,234 680,983 2,076,252 733,356 488 121,072 193,561 419,219 0 1,037,119 1,389,683 363,461 1,026,222 0 210 FY 2024 2,788,661 680,081 2,108,579 605,140 344 1,302 200,634 403,548 0 381,070 583,376 363,442 219,934 0 0 FY 2025 2,785,573 674,550 2,111,023 541,711 62 245 190,449 351,079 0 403,177 466,643 289,725 176,918 0 0 FY 2026 2,802,398 672,710 2,129,688 551,248 63 251 193,279 357,781 0 478,309 623,784 444,576 179,208 0 0 FY 2027 2,804,756 673,505 2,131,251 531,683 65 822 194,188 336,737 0 405,835 554,388 369,096 185,292 0 1,853 FY 2028 2,794,982 672,113 2,122,868 505,882 0 0 194,595 311,288 0 381,341 758,589 579,210 179,379 0 0 FY 2029 2,791,311 671,094 2,120,218 383,550 0 0 196,478 187,072 0 128,634 401,323 220,668 180,655 0 0 FY 2030 2,787,615 671,589 2,116,027 210,668 0 0 210,668 0 0 110,861 321,529 0 321,529 0 0 FY 2031 2,773,676 670,103 2,103,572 182,083 0 0 182,083 0 0 0 182,083 0 182,083 0 0 FY 2032 2,747,875 668,768 2,079,106 185,181 0 0 185,181 0 0 0 185,181 0 185,181 0 0 FY 2033 2,727,999 668,558 2,059,441 182,308 0 0 182,308 0 0 0 182,308 0 182,308 0 0 FY 2034 2,706,284 665,191 2,041,093 182,516 0 0 182,516 0 0 0 182,516 0 182,516 0 0 FY 2035 2,692,238 664,827 2,027,411 182,452 0 0 182,452 0 0 0 182,452 0 182,452 0 0 FY 2036 2,666,710 661,513 2,005,197 183,338 0 0 183,338 0 0 0 183,338 0 183,338 0 0 FY 2037 2,646,757 662,734 1,984,023 185,558 0 0 185,558 0 0 0 185,558 0 185,558 0 0 FY 2038 2,626,612 663,379 1,963,234 183,759 0 0 183,759 0 0 0 183,759 0 183,759 0 0 FY 2039 2,612,504 664,323 1,948,182 183,580 0 0 183,580 0 0 0 183,580 0 183,580 0 0 FY 2040 2,587,178 664,914 1,922,264 184,340 0 0 184,340 0 0 0 184,340 0 184,340 0 0 FY 2041 2,567,516 661,988 1,905,528 184,586 0 0 184,586 0 0 0 184,586 0 184,586 0 0 FY 2042 2,547,885 659,432 1,888,454 184,668 0 0 184,668 0 0 0 184,668 0 184,668 0 0 FY 2043 2,533,754 657,771 1,875,982 184,920 0 0 184,920 0 0 0 184,920 0 184,920 0 0 FY 2044 2,508,737 655,502 1,853,235 183,112 0 0 183,112 0 0 0 183,112 0 183,112 0 0 FY 2045 2,489,253 656,479 1,832,773 181,210 0 0 181,210 0 0 0 181,210 0 181,210 0 0 FY 2046 2,469,704 651,176 1,818,528 181,046 0 0 181,046 0 0 0 181,046 0 181,046 0 0 FY 2047 2,455,447 648,265 1,807,181 181,677 0 0 181,677 0 0 0 181,677 0 181,677 0 0 FY 2048 2,430,748 646,064 1,784,684 181,358 0 0 181,358 0 0 0 181,358 0 181,358 0 0 FY 2049 2,411,283 645,960 1,765,323 181,236 0 0 181,236 0 0 0 181,236 0 181,236 0 0 FY 2050 2,387,573 644,099 1,743,474 182,307 0 0 182,307 0 0 0 182,307 0 182,307 0 0 FY 2051 2,368,106 644,273 1,723,833 183,047 0 0 183,047 0 0 0 183,047 0 183,047 0 0 FY 2052 2,343,884 644,202 1,699,682 183,445 0 0 183,445 0 0 0 183,445 0 183,445 0 0 FY 2053 2,324,917 644,875 1,680,042 184,194 0 0 184,194 0 0 0 184,194 0 184,194 0 0 FY 2054 2,306,130 645,137 1,660,994 183,377 0 0 183,377 0 0 0 183,377 0 183,377 0 0 FY 2055 2,292,469 646,911 1,645,558 182,543 0 0 182,543 0 0 0 182,543 0 182,543 0 0 FY 2056 2,269,123 645,679 1,623,444 182,634 0 0 182,634 0 0 0 182,634 0 182,634 0 0 FY 2057 2,250,857 645,627 1,605,230 182,108 0 0 182,108 0 0 0 182,108 0 182,108 0 0 FY 2058 2,232,678 645,705 1,586,972 182,106 0 0 182,106 0 0 0 182,106 0 182,106 0 0 FY 2059 2,219,457 748,623 1,470,835 182,183 0 0 182,183 0 0 0 182,183 0 182,183 0 0 FY 2060 622,280 233,301 388,979 53,117 0 0 53,117 0 0 0 53,117 0 53,117 0 0 FY 2061 459,257 108,447 350,810 40,270 0 0 40,270 0 0 0 40,270 0 40,270 0 0 FY 2062 358,466 102,044 256,421 30,921 0 0 30,921 0 0 0 30,921 0 30,921 0 0 FY 2063 271,474 67,710 203,764 22,775 0 0 22,775 0 0 0 22,775 0 22,775 0 0 FY 2064 269,092 67,602 201,490 22,775 0 0 22,775 0 0 0 22,775 0 22,775 0 0 FY 2065 133,730 48,533 85,197 11,420 0 0 11,420 0 0 0 11,420 0 11,420 0 0 Total 139,212,519 35,793,386 103,341,741 28,688,039 745,277 13,900,482 10,625,719 4,683,149 327,918 29,616,473 4,683,149 24,933,324 154,420 719,662 *There may be discrepancies in figure totals due to the treatment of fractions. For individual income and expenditure budget statement, please see the Japan Expressway Holding and Debt Repayment Agency website (http:// www.jehdra.go.jp/syusiyosanmeisai.html)

−25− −26− Appendix

◆ About the Agency (1) Basic Management Policy

We will continue to do our best to enhance the transparency of our business, reduce the burden on the nation, and to securely pass on the next generation a safe and excellent expressway network.

(2) General Information of the Agency ・Name Japan Expressway Holding and Debt Repayment Agency ・Corporate Status A n independent administrative corporation based on Act on the Japan Expressway Holding and Debt Repayment Agency, Independent Administrative Agency ・Establishment October 1, 2005 ・Representative Hirotada Seyama, President ・Board members 6 ・Staff members 83 ・Organization Chart

General Affairs Division General Affairs Department Management Division

Accounting Division Finance Department

Funding Division Board member Auditor

Plannin Division Planning Department Project Planning and Coordination Division

Management Division Kansai Department Coordination Division

・Address Yokohama Mitsui Bldg. 5F, 1-1-2, Takashima, Nishi-ku, Yokohama City, Kanagawa, Japan 220-0011 TEL : 045-228-5977 (Kansai Department) 3-5-7, Hommachi, Chuo-ku, Osaka City, Osaka, Japan 541-0053 TEL : 06-6265-9360

(As of October 1, 2016)

−25− −26− Expressway Network The 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・Central・West Takamatsu Nippon Expressway Co., Ltd. Osaka Sections highlighted in blue have been made available. 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 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 −27− −28− As of 1st Oct, 2016 JAPAN EXPRESSWAY HOLDING AND DEBT REPAYMENT AGENCY

JAPAN EXPRESSWAY HOLDING AND DEBT REPAYMENT AGENCY

2016 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

November, 2016