as of December 31, 2023

• LTV (based on total assets) represents the ratio of interest-bearing debts to total assets and is calculated as follows:
• LTV = (balance of borrowings + balance of investment corporation bonds) / total assets
• Ratio of long-term debts = total long-term interest-bearing debts / total interest-bearing debts
• Ratio of fixed interest rate debts = total fixed interest-bearing debts / total interest-bearing debts
• Average debt costs = (sum total of interest expenses, interest expenses for investment corporation bonds, borrowing-related expenses (excluding expenses related to early repayment of debts and expenses related to the commitment line agreement), amortization of investment corporation bond issuance costs and investment corporation bond administration expenses incurred in each fiscal period), divided by the business days of the relevant fiscal period or the said period, and annualized by multiplying by 365 days) / average balance of debts and investment corporation bonds for each fiscal period or for the said period
• Average maturity = for all interest-bearing debts, this is calculated as the weighted average of the remaining period from the end of the current fiscal period to maturity in accordance with the balance of each interest-bearing debt.

JPR works to mitigate refinance risks while having repayment dates of debts more diversified.

as of December 31, 2023

*For details of the commitment line, please refer to Interest-Bearing Debts

as of December 31, 2023

Diversifying fund procurement sources with a lender formation comprising 39 financial institutions and through issuance of investment corporation bond