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Overview of Borrowings and Bonds

(As of February 28, 2017)

  Aug.
2014
Feb.
2015
Aug.
2015
Feb.
2016
Aug.
2016
Feb.
2017
Total interest-bearing debt (million yen) 215,178 237,905 244,850 256,950 269,117 295,917
LTV(based on total assets) (%)(note2) 46.7 47.1 46.0 46.1 45.5 46.3
Fixed-interest debt ratio (%)(note3) 89.8 90.8 91.0 91.4 89.3 82.9
Duration of Interest-bearing debt (year)(note4) 3.7 3.7 4.4 4.2 4.4 3.8
Average interest rate on fund procurement (%)(note5) 1.19 1.13 1.03 0.98 0.87 0.80
Average Financing Cost(%)(note6) 1.47 1.38 1.31 1.20 1.09 1.03

Debt Outstanding by Repayment Term

(million yen)

Debts outstanding by repayment term (million yen)(note7)

(As of February 28, 2017)

Aug.
2017
Feb.
2018
Aug.
2018
Feb.
2019
Aug.
2019
Feb.
2020
Aug.
2020
Feb.
2021
Aug.
2021
Feb.
2022
37,800 22,050 17,500 15,260 17,900 18,530 17,100 15,000 14,390 18,040
Aug.
2022
Feb.
2023
Aug.
2023
Feb.
2024
Aug.
2024
Feb.
2025
Aug.
2025
Feb.
2026
Aug.
2026
Feb.
2027
16,430 14,500 16,250 13,800 13,770 10,000 6,000 3,000 5,597 3,000

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(note1) All figures for Interest-bearing debt is rounded down to the nearest whole number.
(note2) LTV (based on total assets) is calculated by dividing outstanding interest-bearing debt as of each period by total assets as of the same time. The figure is rounded to the nearest first decimal place.
(note3) "Fixed-interest debt ratio" is obtained by dividing Fixed-interest debts outstanding (including interest-bearing debts which were rate-fixed through interest rate swap) as of each period by interest-bearing debts outstanding as of the same period. Figures are rounded to the first decimal place.
(note4) "Duration of Interest-bearing debt" is based on the weighted average of the remaining period from the specified point of each interest-bearing debt to its repayment date or maturity date based on the balance of outstanding interest-bearing debt as of the specified point. Figures are rounded to the first decimal place.
(note5) "Average interest rate on fund procurement" represents the weighted-average interest rate(annual rate) at the end of each period. Figures are rounded to the second decimal place. With regard to the average interest rate on the portion of borrowings for which the company concluded interest-rate swap agreements to hedge against interest rate fiuctuation risk, the company used weighted-average interest rates adjusted for the effect of relevant interest-rate swaps.
(note6) “Average financing cost” is the annualized figure calculated by dividing “the sum of interest expenses, interest on investment corporation bonds, financing related expenses (excluding early repayment related expenses and commitment line agreement related expense) and depreciation of investment corporation bonds issuance costs,” in the statements of income, by “the average outstanding total interest-bearing debt” of the period, and is rounded to the nearest second decimal place.
(note7) "Debts outstanding by repayment term" indicates the distribution of OJR's interest-bearing debt that will become due at the end of each fiscal period listed above as of February 28, 2017 and is rounded down to the nearest whole number.

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