Privatization Begins

On October 1, 2008, DBJ became a joint-stock company, marking its first step on the road to privatization.
In the past, we have responded to the needs of the changing times as a policy-based financial institution, supporting projects that were desirable from the standpoint of Japan's economic and social policies. In line with our rebirth as a private-sector company, we have formulated a new corporate philosophy with the goal of “applying financial expertise to design the future.” We will keep this objective firmly in mind as we strive to build upon and remain deserving of the trust we have earned from our customers to date and work to realize a prosperous future.
Our focus on neutrality and a long-term perspective, rather than concentrating solely on short-term profits, remains unchanged. From this standpoint, we aim to continue helping our customers turn their visions for the future into reality.

Keeping in Step with Our Clients

In line with privatization, we have formulated a business model positioning us as a highly specialized financial institution that provides integrated loan and investment offerings.
In the past, DBJ's operations have centered on long-term senior loans. To meet a more diverse range of customer needs, in recent years we have begun applying our expertise in screening long-term projects and increasing our percentage involvement in structured financing and fund investment.
After privatization, we will enhance our investment and financing functions, providing a wide range of services that contain facets of both. In addition to providing M&A advisory services, consulting and other information services, we intend to mold ourselves into a financial institution that is unique both in Japan and overseas for conducting integrated investment and loan activities.
Our primary aim is to be the financial institution of choice for our clients, and one that they consider necessary. As we work to encompass the needs and gain the trust of a broader client base, DBJ's executives and regular employees will join together in facing various transformations. Ultimately, we want our clients to be pleased about our privatization.
I ask for your ongoing support of our upcoming endeavors.

October 1, 2008
Development Bank of Japan