Municipal Bond Subdivision

Financial Affairs Department City of Kawasaki

City City of of KawasakiKawasakiyy

Investor Presentation October 2009

1. Overview of Kawasaki

Kawasaki Japan

652 388 52 320 000Households 652,388(08/01/2009)

52,320,000(03/31現在)

Area 144.35 km2 377,929.99 km2TokyoKawasaki

GDP43.1 billion dollars

（5 trillion yen）（FY2006）

4.37 trillion dollars（507 trillion yen）

（FY2006）

Manufacturing (steel, electronics,

Yokohama

Kawasaki City

Major industries

telecommunications, precision machinery, petrochemical)

information and service

D l iNew manufacturing technologies,

i f ti d t l i ti

Kawasaki Japan

Population 1,408,309 127,610,000Developing industries

information and telecommunications, environment, welfare and life sciences, life

culture

Foreign 31,555(f 120 t i ) 2,152,973

Population (08/01/2009) (02/01/2009)

Population growth rate

6.2%(FY2000→FY2005)

0.7% (FY2000→FY2005)

gpeople (from 120 countries)

(06/30/2008)

, ,(12/31/2007)

Foreign firms

115(83 headquarters：

5th in Japan)3,500

Average age 40.9(08/01/2009)

43.3(10/01/2005)

Labor force 737,210(FY2005)

65,400,000(FY2005)

1

5th in Japan)( ) ( )

2. Characteristics and Advantages of Kawasakig

Convenient access1

Top city for “industry and R&D”2

Protecting the environment3

Famous city for “art and culture”4

2

Potential 1. Convenient access Convenient access to airports

90 minutes to Narita, 15 minutes to Haneda

Kawasaki ⇔ Narita 90minKawasaki ⇔ Haneda 15min

Tokyo N iLots of railways and roads

Extension and internationalization of Haneda

18 minutes to Tokyo, 10minutes to Yokohama (via railways)Haneda

airport

Tokyo Narita

airport

(from October in 2010)

Increase of capacity (1.4 times larger than now)Operation of short-distance international regular flightsExpansion of international freightPl f K tKawasaki

Yokohama Kawasaki

port

Plan for Kanagawa gate(making a gate from the airport on the opposite side of the airport (Kawasaki side) to create a new exchange base)

Kawasaki

Haneda airport

KawasakiIncrease of capacity（1.4 times larger than now）by expansion

《111 000 flights in a year（152 flights in a day》

Kanagawa gate

Kawasaki

TokyoNow（2005/10/01～）

30 flights in an hour296,000 flights in a year

《405 flights in a day》

After expansion40 flights in an hour

407,000 flights in a year《557 flights in a day》

《111,000 flights in a year（152 flights in a day》

3

《405 flights in a day》 《557 flights in a day》

Potential 2. Top city for “industry and R&D”①

MITSUBISHI RAYON NEC（office、central research institute）

p y y

Global companies and major R&D institutions2 - 1

Dell（head office）

Toshiba Samsung Storage Technology（head office）

HOLLYWOOD COSMETICS（research institute、factory）

（technology・information center）

SUNTORY（product development center）

FUJITSU（head office、factory）

TOSHIBA（R&D center）

Mitsutoyo（head office）

TOSHIBA SEMICONDUCTOR（micro-electronics center）

Canon

TOKYO OHKA KOGYO（head office）

Canon（office）

g g gyNIHON Medtronic（head office）

MINIT・ASIA・PACIFIC（head office）

NIHIN IBM（office）

Aso ward

Tama ward

Miyamae ward

Takatsu ward

Nakahara wardNIPPON UNICAR

TONEN GENERAL SEKIYU（factory、 central research institute）

KAO（factory）

AJINOMOTO

Hanedaairport

Canon（office）

Saiwai ward

HITACHI（ h i tit t ）

C’BON（head office）

Tyco Electronics AMP（head office）

NIPPON UNICAR（factory、R&D department）（office、 research institute）

Kanagawa gate area

TUV SUD Ohtama（examination room）

MICIM CITY

Kawasaki ward（ research institute）

TOKYO ELECTRIC POWER COMP

HITACHI（office）

Pioneer（office）

TOYSRUS JAPAN（head office）

D&M holdings（head office）

Canon（office）

（examination room）

MITSUBISHIFUSO

TRUCK&BUS（head office）

KSP：Japanese company（thermal power plant）ASAHI KASEI（factory）

NIPPON OIL CORPORATION（head office）

SHOWA DENKO（office、R&D center）

ZEON（factory、 research institute ）

NISSHIN SEIFUN（f t ）

VTECHMATE（head office）

Ecotronix（head office）

g

JFE STEEL（ironwork）

Keio town campusKBIC

NIHON LOREAL（R&D center）FUJI XEROX（office）

THINK

KSP

Shin kawasaki science park

：Japanese company

：Foreign affiliated company

：Science park andR&D industrial housing

R&D institute：225（private firm:201、university and other R&D institute:24）

Source Innovation fundamental survey（2007/03）

4

NISSHIN SEIFUN（factory）（ironwork）Source：Innovation fundamental survey（2007/03）

Potential 2. Top city for “industry and R&D”②

K S i P k (KSP)

Three Science Parks Contributing to Create New Industry2 - 2

p y y

Kanagawa Science Park (KSP)http://www.ksp.or.jp/

The first (in1989) and one of the largest science park in JapanHome to 147 firms (March, 2009)

Shin-Kawasaki Science Park (KBIC、Ｋ2)http://www.kawasaki-net.ne.jp/kbic/

Home to 147 firms (March, 2009)

《Collaboration between academia and industry》

The Kawasaki Business Incubation Center (KBIC) Home to 21 firms and 6 university research projects(March 2009)

p jp

(March, 2009)Keio University Shin Kawasaki Town Campus (K2)

Techno Hub Innovation Kawasaki (THINK)

《Led by private organization》

Home to 60 firms (March, 2009)

http://www.techno-hub-innovation.com/

5

Potential 2. Top city for “industry and R&D”③

Plan for Asian entrepreneur community2 - 3

p y y

International contribution and regional revitalization in environment-related areas through business development in Asia by supporting entrepreneur in Asia

～People supported in an entrepreneur community become intermediaries of technology transfers in their homelands～

Support for entrepreneurs in AsiaInvitation of global firmsFormation of research community

Support

Management consulting, finance support, sales channel expansion, matching, publicity support etcSupport in daily life, such as solution of problems in language, custom and communication, introduction

Support

Reduction of office rent in THINK(Techno Hub Innovation Kawasaki)

Incentive

THINK (base of Asian entrepreneur community)

Increased investment in Japan

g g , ,of houses and medical institutions etc

( )Offer of various loan systems

Increased investment in JapanExpansion of business chanceRevitalization of regional economy and creation of employmentInternational contribution by transferring environmental technology abroad

6

Potential 3. Protecting the Environment ①

Promotion of environment measures making use of characteristics and

Experience in overcoming industrial pollution3 - 1 Carbon・challenge Kawasaki eco strategy

(ＣＣ Kawasaki)3 - 2

Ⅰ Promotion of environment measures making use of characteristics and advantages of Kawasaki

Promotion of international contribution through environmental technology

Promotion of CO2 reductions by collaboration among various entities

Sky of Kawasaki

(1967)

Ⅰ

Ⅱ

Ⅲ

HanedaThe city was covered by smoke emitted

from factories along the sea.

One of Japan’s largest mega-solar power

Kawasaki

Significant improvement by measures taken together by

firms, citizen and administration

li f t d i i fOne of Japan s largest mega-solar power plants will be constructed in collaboration with companies along the sea(scheduled to start operating in 2011)

Sky of K ki

recycling factory producing resin forpet bottle by using old pet bottle「PET REFINE TECHNOLOGY」

Kawasaki(now)

Air condition has been improved by various measures Source：electromobile research group of

Electromobile developed at Ｋ2 towncampus「Ｅｌｉ ｉｃａ」 → able to run 100 km byelectricity bill of about 1 dollar

7

Air condition has been improved by various measures. Source：electromobile research group of Keio university

y

Potential 3. Protecting the Environment ②

P ti i ti i E E A i 2008 (i H K )

International contribution through significant technologies3 - 3

g

Signing “ memorandum about industry･economy cooperation” with Fred Lam

Participation in Eco Expo Asia 2008 (in Hong Kong)

cooperation with Fred Lam, Executive Director of the Hong Kong Trade Development Council

Mr. Abe, mayor of Kawasaki

Kawasaki International ECO-Tech Fair 2009

Exhibitors 117 groups / 199 boothsExhibitors 117 groups / 199 booths Visitors 8,000

Visitors from abroad 150

① Consideration of intellectual KAWASAKI

Features

①property morals

② Exhibitions of advanced environmental technologies

③ Inspection of eco-town project along the sea

8

project along the sea

Potential 3. Protecting the Environment ③

K ki i t ll t l t t t (F b 2008)

Intellectual property strategy3 - 4

g

① We will become an area where new industries are created one after another bymaking use of regional resources and promoting creation preservation and the use

Main policies

Kawasaki intellectual property strategy (Feb, 2008)

Creation

making use of regional resources and promoting creation, preservation and the useof the intellectual property.

② In order to promote creation, preservation and the use of the intellectual property,we will become an advanced city to create and promote intellectual property morals. ApplicationProtection

Asia Intellectual Property Forum in Kawasaki04/19/2008

Asia Intellectual Property Forum in Hong Kong12/03/2009

HKCEC (:HONG KONG Convention & exhibition Centre)

Promotion and share of intellectual property morals (precondition for technology transfer)Declaration with Asian people there to understand “intellectual property” and realize a society of respect

9

HKCEC (:HONG KONG Convention & exhibition Centre)intellectual property and realize a society of respect

Potential 4. Famous city for “art and culture”yKawasaki : City of music

Fujiko・F・Fujio

C Fujiko-Pro

Museum

MUZA KAWASAKI SYMPHONY HALL(right)

MUZA KAWASAKI SYMPHONY HALL5th anniversary concert( g )

MUZA KAWASAKI CENTRAL TOWER(left) KAWASAKI MUTON

y

Wine-yard-style hall with one of Japan’s largest pipe organ and stage surrounded by seats

10

3. Reference data

Comparison of financial condition with other cities designated by government ordinance1

Ratio of independent source of revenue ・Financial indexAnalysis of tax revenue structureAnalysis of expenditure structurey pFour ratios of finance restructuring ・Primary balance

Kawasaki City General Account Balance TrendsKa asaki Cit O erall Balance Sheet

Financial data2

Kawasaki City Overall Balance SheetConsolidated balance sheet including Affiliated OrganizationsAdministrative cost statementFY2009 Kawasaki bond issue planp

11

1. Comparison of financial conditions with other major cities

Fi i l i d (FY2008) 1 080R ti f i d d t f 69 7％

Ratio of independent source of revenue (general account) Financial index

Financial index (FY2008) 1.080Ratio of independent source of revenue 69.7％

19.5%24 3%

100%

(％)

1 0801 1

1.2 1st

14.7%15.6%

10.0%9.6%

24.3%

0.8%

75%

0 85

0.996

0.9240.955

1.0471.032

0.931

1.080

1.022

0.9

1.0

1.1

55.0%44 7%

5.8%

25%

50%

0.691

0.85

0.712

0.813

0.722

0.803

0.706

0.842

0.750

0.7

0.8

0.9

44.7%

0%川崎市 政令指定都市平均

strong tax revenue base

Kawasaki cities designated by government ordinance

0.5

0.6

Sapp

Send

Saita

Chib

Kaw

a

Yoko

Niiga

Shiz

Ham

Nago

Kyot

Osak

Saka

Kobe

Hiros

Kitak

Fuku

* C i f iti d i t d b t di

government ordinance

local tax tax from nationrevenue from nation and prefectures

municipal bond

others

poroshi

daishi

amashi

bashi

asakishi

ohamashi

atashi

uokashi

mam

atsushi

oyashi

oshi

kashi

aishi

eshi

shimashi

kyushushi

uokashi

12

* Comparison of cities designated by government ordinance based on settlement of accounts (FY2007)

* Average score between FY2006～FY2008* Calculated by Kawasaki based on public data of each city

Analysis of Tax Revenue Structurey

State of tax revenue (increasing steadily)High percentage of individual municipal tax(100 million yen)

392 392 393

2,8902,8892,897

2,7022,6282 5482 5512,627

3,000

3,500

13.5% 14.4%

75%

100%

1 049

1,067 1,080 1,100

420404 396

395387

392 392 3932,5482,551

2,000

2,50036.9% 39.3%

50%

75%

165 187 213 247294

321 291 212

1,150 1,100 1,0961,096

1,049

1,000

1,50011.1%14.7%

25%

50%

892 860 843 9721,117 1,126 1,185

890

0

50038.5%

33.0%

0%

25%

令指定都iti d i t d b H14 H15 H16 H17 H18 H19 H20 H21

個人市民税 法人市民税 固定資産税 その他

川崎市 政令指定都市平均

個人市民税 法人市民税

固定資産税 その他

*I iti l b d t (FY2008 2009)* C i f iti d i t d b t di

Kawasaki cities designated by government ordinance

Individual municipal tax Corporate municipal tax

OthersFixed asset tax

Individual tax Corporate tax Fixed asset tax Others

13

*Initial budget (FY2008,2009)* Comparison of cities designated by government ordinance based on settlement of accounts (FY2007)

Analysis of Expenditure Structure (general account)y pComparison of obligatory expense with expenditure

Ratio of personnel expenses 17/17P l Aid ll b d t

60%

70%

54.1%53.9%54.5%52 0%52 6%49 6

p pRatio of aid allowance 10/17Ratio of bond cost 10/17Ratio of obligatory expense 14/17

Personal expenses Aid allowance bond cost

12.9%

17.1% 10.4% 13.8%

14.2%

14.3%11.5% 13.9% 14.3%

15.5%11.8%

13.2% 10.7%

18.4% 13.5%

14.5% 16.6%40%

50%50.7%

46.1%47.1% 45.7%

52.0%50.5%46.7%45.4%44.2%

52.6%

46.5%44.6%47.6%

49.6%

22.0%13.7%

14.2%14.7%

17.5%

17.2%14.0% 12.4% 12.9% 15.7%

21.1% 23.8% 25.8%17.5% 20.5%

16.6%17.6%20%

30%

14.7% 16.9%20.1% 20.9%

15.6%18.7% 19.2% 19.5% 19.2% 19.2% 17.5% 17.4% 18.1% 16.7% 14.5% 12.0%

18.0%

0%

10%

札仙さ千川横新静浜名京大堺神広北福

S S S C K Y N S H N K O S Ko H K F

札幌市

仙台市

さ

いたま

千葉市

川崎市

横浜市

新潟市

静岡市

浜松市

名古屋市

京都市

大阪市

堺市

神戸市

広島市

北九州市

福岡市

apporoshi

endaishi

aitamashi

Chibashi

Kaw

asakishi

okohamashi

iigatashi

hizuokashi

amam

atsushi

agoyashi

Kyotoshi

Osakashi

akaishi

obeshi

iroshimashi

Kitakyushushi

ukuokashi

14*Cities designated by government ordinance (FY2007)

4 Ratios of Finance Restructuring Law & Primary Balance

Percentages under the criteria of early P iti i FY2005

4 Ratios of Finance Restructuring Law Primary Balance

1200 6004 ratios of local finance

Kawasakisettlement of accounts

【reference】Criteria for

g yrestructuring organization Positive scores since FY2005

(100 million yen) (100 million yen)

307

136

236249

800

1000

200

400

local finance restructuring

law

settlement of accounts FY2007

(estimate )

Criteria for early

restructuring

Real deficit

1,0081,066

136104

-122-127600

800

0

200Real deficit ratio

－(not in the red) 11.25%

Consolidated － 16 25%

621701

791

493

655675559521 520

625553573

756808

-492200

400

-400

-200deficit ratio (not in the red) 16.25%

Real bond cost ratio 16.3% 25.0%

0H14 H15 H16 H17 H18 H19 H20 H21

-600

市債発行額 公債費 プライマリーバランス（右軸）

cost ratio

Future burden ratio 147.3% 400.0% bond

costbond issuance

primary balance (right axis)

2002 2003 2004 2005 2006 2007 2008 2009

15

*initial budget (FY2008, 2009)

Kawasaki City General Account Balance Sheet Trendsy

Classification FY03-end FY04-end FY05-end FY08-end FY07-end Balance Change

(Unit: 100 million yen; % )

A t

1. Tangible Fixed Assets 18,860 19,067 19,272 19,460 19,624 164 0.8

General administration expenditure 1,100 1,081 1,050 1,029 1,008 - 21 - 2.0

Public works expenditure 11,457 11,644 11,808 11,939 12,098 159 1.3

C & i d t dit 297 291 286 281 276 5 1 8Assets Commerce & industry expenditure 297 291 286 281 276 - 5 - 1.8

2. Investments, others 1,833 1,929 1,967 2,008 2,104 96 4.8

3. Liquid assets 322 337 371 276 298 22 8.1

Total 21 015 21 333 21 610 21 744 22 026 282 1 3Total 21,015 21,333 21,610 21,744 22,026 282 1.3

Liabilities

1. Fixed liabilities 8,940 9,102 9,051 8,887 8,486 - 401 - 4.5

Municipal bonds 8,133 8,306 8,259 8,119 7,763 - 356 - 4.4

2 Current liabilities 387 475 561 579 870 291 50 42. Current liabilities 387 475 561 579 870 291 50.4

Total 9,327 9,577 9,612 9,466 9,356 - 110 - 1.2

1. Treasury disbursements 2,260 2,299 2,360 2,373 2,416 43 1.8

2. Prefecture disbursements 252 248 243 238 233 - 5 - 2.1Net Assets

2. Prefecture disbursements 252 248 243 238 233 5 2.1

3. General revenue, others 9,176 9,209 9,395 9,667 10,021 354 3.7

Total 11,688 11,756 11,998 12,278 12,670 392 3.2

Indicator Net Asset Composition Ratio (%) 55.6 55.1 55.5 56.5 57.5 1.1 －

16

p ( )

Kawasaki City Overall Balance Sheet (FY07-end)y

Classification General Account

Special Account

Public Enterprise Account

Simple Total

All Accounts Classification General

AccountSpecial Account

Public Enterprise Account

Simple Total

All Accounts

(Unit: 100 million yen) (Unit: 100 million yen)

1. Tangible Fixed Assets 19,624 1,387 10,482 31,493 31,493

Public works expenditure 12,098

Education expenditure 3,927

Sanitation expenditure 1,603

1. Fixed Liabilities 8,486 229 5,241 13,956 13,956

Municipal bonds 7,763 205 5,033 13,001 13,001

Debt service 73 0 0 73 73

All 650 24 208 882 882

Assets

General administration expenditure 1,008

Others 988

(land) （10,498）

2. Investments, others 2,104 157 192 2,453 1,597

Liabilities

Allowances 650 24 208 882 882

2. Current liabilities 870 26 628 1,524 1,485

Planned municipal bond redemption amount for following year

870 26 381 1,276 1,276

Oth 0 247 247 209Investments, stakes 1,325 0 116 1,441 585

Loans 419 37 0 456 456

Funds, others 360 120 76 556 556

3. Liquid assets 298 170 448 916 844

C /

Others 0 247 247 209

Total 9,356 255 5,869 15,480 15,441

Net A

1. Treasury disbursements 2,416

2. Prefecture disbursements 233

In order to better clarify the overall financial conditions of Kawasaki City from the stock perspective from fiscal 2000 the city has been preparing a balance sheet based on

Cash / deposits 148 20 262 430 426

Accounts receivable 150 150 186 486 418

4. Deferred accounts 0 0 0 0

Total Assets 22,026 1,714 11,122 34,862 33,934

Assets 3. General revenue, others 10,021

Total 12,670 1,459 5,253 19,382 18,493

Total Liabilities / Net Assets 22,026 1,714 11,122 34,862 33,934

In order to better clarify the overall financial conditions of Kawasaki City from the stock perspective, from fiscal 2000 the city has been preparing a balance sheet based onnational standards that includes not only the general accounts, but also special accounts andWhen comparing this overall balance sheet to the previous year, assets increased 15.8 billion yen, liabilities decreased 26.8 billion yen and net assets (worth) increased 42.6billion yen.Furthermore, among the fixed tangible assets accumulated by the city, net assets now account for 53.4% of total assets (up 1 point from the previous year).When the balance sheet for all accounts is compared to the general account, the debt total becomes more apparent. The debt proportion in public enterprise accounts isbigger compared to general accounts as a higher proportion of municipal bonds are issued to provide funds for preparing fixed tangible assets used for normal and business

17

activities.

Consolidated Balance Sheet Including Affiliated Organizations (tentative) (as of FY07-end)

Classification General Account

Special Account

Public Enterprise Account

Tertiary Sector

Simple Total

All Accounts Classification General

AccountSpecial Account

Public Enterprise Account

Tertiary Sector

Simple Total

All Accounts

(Unit: 100 million yen) (Unit: 100 million yen)

1. Tangible fixed assets 19,624 1,387 10,482 662 32,155 32,155

Public works expenditures 12,098

Education 3 927

Account

1. Fixed liabilities 8,486 229 5,241 1,287 15,243 14,910

Municipal bonds 7,763 205 5,033 13,001 13,001

Debt service 73 0 0 0 73 73

Allowances 650 24 208 1,287 2,169 1,836expenditures 3,927

Sanitation expenditures 1,603

General administration expenditures

1,008

Liabilities

Allowances 650 24 208 1,287 2,169 1,836

2. Current liabilities 870 26 628 346 1,870 1,825

Planned municipal bond redemption amount for following year

870 26 381 71 1,348 1,346

Assets

expenditures

Others 988

(land) (10,498)

2. Investments, others 2,104 157 192 558 3,011 1,758

Others 0 247 275 522 479

Total 9,356 255 5,869 1,633 17,113 16,735

1. Treasury disbursements 2,416 0 2,416 4,920

Investments, stakes 1,325 0 116 0 1,441 522

Loans 419 37 0 277 733 399

Funds, others 360 120 76 281 837 837

3. Liquid assets 298 170 448 680 1,596 1,518

Net A

ssets

2. Prefecture disbursements 233 11 0 244 244

3. Financing between other organizations and private sector

71 71 71

Cash deposits 148 20 262 107 537 532

Accounts receivable 150 150 186 573 1,108 986

4. Deferred accounts 0 0 0 0 0

Total Assets 22 026 1 714 11 122 1 900 36 762 35 431

4.General revenue, others 10,021 1,459 5,253 196 16,929 13,461

Total 12,670 1,459 5,253 267 19,649 18,696

Total Liabilities / Net Assets 22,026 1,714 11,122 1,900 36,762 35,431

18

Total Assets 22,026 1,714 11,122 1,900 36,762 35,431 Net Assets

Administrative Cost Statement (general accounts)

[Administrative Cost] （Unit: million yen, %） [Revenue Items] （Unit: million yen, %）

Item / FY2006 2007

Amount Proportion Amount ProportionItem / FY 2006 2007

Amount Proportion Amount Proportionp p

Personnel Cost

（1）Personnel expense 95,598 24.1 93,320 23.5

（2）Retirement allowance 10,153 2.6 9,203 2.3

Subtotal 105,751 26.7 102,523 25.9

p p

1. User fees / commissions B 37,786 8.8 37,513 8.7

B / A 9.6% 9.5%

Non-personnel costs

（1）Equipment 50,837 12.9 53,026 12.9 （2）Maintenance 5,539 1.4 5,445 1.4 （3）Depreciation 47,958 12.1 48,708 12.3 Subtotal 104,334 26.3 107,179 27.0 （1）Aid 84,406 21.3 90,549 22.8 （ ）S b idi 42 964 10 8 42 351 10 7

2. Treasury （prefecture）disbursements C 59,519 13.8 65,173 15.1

Transfer Payments

（2）Subsidies 42,964 10.8 42,351 10.7 （3）Transfers 30,625 7.7 32,473 8.2

（4）Normal construction expense(assistance to th

7,503 1.9 5,302 1.3

C / A 15.1% 16.4%

3. General revenue D 314,776 72.9 320,796 74.3

other organizations)

Subtotal 165,498 41.7 170,675 43.1 （1）Disaster

recovery 0 0.0 0 0.0

（2）Public debt

D / A 80.1% 80.9%

4. Net asset Treasury （prefecture） expenditure 8 150 1 9 8 344 1 9

Other costs

（ ）expenditure （interest only）

16,049 4.0 15,049 3.8

（3）Loss through non-payment 1,409 0.4 977 0.4

Subtotal 17,458 4.5 16,026 4.5 Administrative costs A 393 041 99 2 396 403 100 0

（prefecture） expenditure depreciation E

8,150 1.9 8,344 1.9

Revenue （B+C+D+E) 420,231 97.3 431,826 100.0

19

Administrative costs A 393,041 99.2 396,403 100.0

FY2009 Kawasaki Bond Issue Plan

Of 184.3 billion yen of all accounts, private funds are 164.5 billion yen （89％）

The amount of public offering bonds is 120 billion yen （65％）, and the amount of Kawasaki individual bonds is 90 billion yen （49％）individual bonds is 90 billion yen （49％）

The amount of private placement bonds is 44.5 billion yen （24％）

Category Term (year) Sum 21年 5月 6月 7月 8月 9月 10月 11月 12月22年 2月 3月 5月

（billion yen）

Category Term (year) Sum 4月5月 6月 7月 8月 9月 10月 11月 12月 1月

2月 3月 5月

public o

individual b

public offerin

5 35 10 15 10

10 25 15 10

20 10 Issue through the yearoffering bond

bond

g bond

20 10 Issue in the first half of the year

20 or 30 10 Issue in the latter half of the year

Joint local government

bond10 30 5 5 5 5 5 5

private placem

ent bond

Securities issue

orCertificate

issue

5 20.8 0.9 19.9

10 13.7 7 6.7

Super long 10 10

mid-term(1/3), long-term(1/3), super long-term(1/3) The ratio of public offering bonds：private placement bonds is 7：3The ratio of private funds：public funds is 9：1

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p p

City of Kawasakiy

1, Miyamoto-cho, Kawasaki-ku, Kawasaki-shi, 210-8577

Address

E-mail

HP

23sikin@city.kawasaki.jp

HPhttp://www.city.kawasaki.jp/23/23sikin/home/ir/ir.htm

The purpose of this material is to explain the financial conditions of City of Kawasaki to investors who are considering the purchase of

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City of Kawasaki to investors who are considering the purchase of Kawasaki municipal bonds. The intent is not to sell a particular bond or to solicit buyers.