Establishing an EMTN Programme

The Development Bank of Japan (DBJ) established its EMTN programme of 100 billion yen for non-guaranteed bonds on August 14, 2008, as outlined below. DBJ's greater flexibility in bond issuance through this programme will enable it to diversify its financing methods and expand its investors base, increasing the stability of its fundraising ahead of its coming privatization.

Details are as follows:

(1) Issuer : Development Bank of Japan
(2) Size : \100,000,000,000
(3) Currencies : Japanese yen, U.S. dollar, euro, pound sterling, Australian dollar, etc.
(4) Market : Euromarket
(5) Governing law : English law
(6) Listing information : UKLA Official List / London Stock Exchange - PSM
(7) Arranger : BNP PARIBAS
(8) Dealers : Barclays Bank PLC; BNP PARIBAS; Citigroup Global Markets Limited;
Daiwa Securities SMBC Europe Limited;
Deutsche Bank AG, London Branch; Merrill Lynch International;
Morgan Stanley & Co. International plc



Note: Types, maturities, interest rates and so on of the issuing notes will be determined upon the actual issue of each individual note.

DISCLAIMER ? INTENDED ADDRESSEES
Please note that the information contained in the press release may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Offering Circular) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Offering Circular is not addressed. Prior to relying on the information contained in the Offering Circular you must ascertain from the Offering Circular whether or not you are one of the intended addressees of the information contained therein.