Commentary & Deal Flow

Tranche 1 (4yr): Final Books in excess of €5.6bn (incl. €200m JLM). Peak book in excess of €5.6bn (incl. €200m JLM)

Launched: 4yr: €550m @ MS+23bp - Books closed in excess of €5.3bn (incl. €200m JLM)
Spread set at: 4yr: MS+23bp
Rev Guidance: 4yr: MS+25a - Books are in excess of €4.30bn (incl. €200m JLM)
Guidance: 4yr: MS+28a

• Issuer: Development Bank of Japan Inc. ("DBJ")
• Issuer Ratings: A1 (stable) (Moody's) / A (stable) (S&P)
• Format: Reg S (Registered form)
• Size: €550m
• Ranking: Senior Unsecured
• Coupon: Fixed, Annual (Act/Act ICMA)
• Spread: MS+23bp
• Bookrunners: Daiwa / Barclays / BNP Paribas / Mizuho
• Billing & Delivery: Mizuho
• Maturity Date: 9-Sep-30 (4yr)
• Settlement: 9-Sep-26 (T+5)
• Listing: Luxembourg (Euro MTF)
• Governing Law: English law
• Denominations: €100k x €1k
• Target Market: Eligible counterparties and professional investors only (all distribution channels), No PRIIPs or UK PRIIPs KID (key information document) has been prepared
• Documentation: Global Medium Term Note Programme
• ECB Eligibility: The Notes are intended to be held in a manner which would allow Eurosystem eligibility
• Sales into Canada: YES (Ontario, British Columbia and Alberta)
• Timing: Books now closed, allocations and pricing to follow later today
• Books Closing: 10:15am UKT
• Use of Proceeds: The net proceeds will be allocated to finance or refinance existing and/or future projects or businesses which meet the Eligibility Criteria as defined in the Final Terms.
• Sustainability Bond: The DBJ Sustainability Bond Framework and related Second Party Opinion are available on DBJ's website.
• Allocations: available on E-book
• Hedge deadline: 3:40pm UKT / 4:40pm CET
• HR: 110% vs OBL 2.4 18-Apr-30 #191
• B&D/DM: Mizuho
• Pricing: later today