JOIN is a Japanese government fund that invests $1.2 billion in overseas infrastructure projects to support Japanese companies expanding abroad. It has invested in 26 projects across 14 countries totaling $119.8 billion. JOIN works closely with the Japanese Ministry of Land, Infrastructure, Transport and Tourism to further government strategies of increasing overseas infrastructure investment and business opportunities for Japanese companies. JOIN focuses on sectors like railways, roads, ports, and urban development, and partners with foreign organizations to identify and develop new project opportunities.

1. December 15, 2020
CORPORATE PROFILE
Ver.201109-1

2. What is JOIN？
Corporate Data (as of October 2020)
【 Equity 】
US$ 1.2 bn (JPY 116 bn)
Owned 95% by Japanese Government,
5% by Japanese Private Companies
【 Annual budget for FY2020 】
US$ 1.1 bn (JPY 121 bn)
Industry Investment under the Fiscal Investment and
Loan Program: JPY 60.4 bn
Government guarantee: JPY 60.6 bn
【 Rating 】
A1／Stable by Moody’s
（as of March 2020, long term local currency basis）
Same rating as Japanese government bond
PPP Fund Specializing in Overseas
Infrastructure Investments
JOIN is an investment partner for Japanese
companies investing in overseas
infrastructure projects.
There is no legal restriction to the term of the
fund therefore enabling JOIN to invest in long-
term projects.
Encourage Overseas Expansion of
Japanese Companies through Equity
Providing with “Hands-On” Support
Since its establishment in Oct 2014, the total of
JOIN’s worldwide investment and loan in 26
projects is JPY 119.8 Billion (as of Nov. 2020).

3. What is JOIN？
Cooperation with Government
JOIN works closely with and reports to the Ministry of Land, Infrastructure, Transport, and Tourism
(MLIT) and other ministries.
It also works in accordance with the Japanese government’s strategy to increase the availability of
risk money to a wider range of infrastructure investment fields, to meet global infrastructure demands
as well as the needs of Japanese companies.
Policy of MLIT
The Expanded Partnership for
Quality Infrastructure Initiative
(G7 Ise-Shima Summit)
Strategy for Infrastructure
System Export (FY2020 revised
version)
Action Plan for
Overseas Development
of Infrastructure System
2020
JOIN
J-
Companies
Equity investment jointly by
JOIN and J-Companies,
based on the JOIN Act.
Japanese Government’s
Strategy
JOIN aims to contribute to the economic growth of Japan and abroad by expanding the overseas
business opportunities for Japanese companies in the global infrastructure markets

4. Focused Sectors
Geographical Diversity
NO criteria on country for
investment
Emerging
countries
Developed
countries
Project Stage
From planning stage to
M&A case
Green field (new) projects
Brown field (existing)
projects

5. Investment Performance Overview
Number of Projects Approved by Country/Region Annual Projects Approved and Annual New Investments
(JPY)
（As of Oct 2020）
1
1
2
1
1
1
1
1
5
5
7
Russia
Canada
USA
Brazil
Palau
Indonesia
India
Malaysia
Myanmar
Thailand
Vietnam
（billion yen)
45
40
35
30
25
20
15
10
5
0
（year）
11.7
8.8
32.3 32.1 34.9
2015 2016 2017 2018 2019
3 3
5
8
7
High-Speed Railways 1
Urban Railways/
Transport System 2
Toll Roads 2
Ports 3
Logistics 4
Aviation/Airports 3
Urban Dev. 11
Number of
Approved
Projects (by Sector)
Total 26
※
※Including loans
Total Investment
(by Sector)
Total 117.2
(All amounts in
JPY billion)
High-Speed Railways 25.3
Urban Railways/
Transport System 12.1
Toll Roads 14.3
Ports 3.0
Logistics 8.3
Aviation/Airports
1.3
Urban Dev.
55.5

6. Partnership with Overseas Partners
List of MOUs (As of October 2020)
JOIN proactively enters into MOUs with various foreign companies to develop partnerships.
MOU with Surbana Jurong in
the presence of Prime Minister
Lee and Former Prime
Minister Abe
MOU with Sinarsmas Land,
Indonesia
MOU with BDCA in the
presence of Mr.Ota.
Former Minister of MLIT
Surbana Jurong
September 2016
September 2018
Enterprise
Singapore
August 2019
Eastspring
Investments
May 2015
CFAO
Toyota Tsusho
August 2019
Ministry of
Economy and
Industry
November 2017
Infrastructure
Development
Finance Company
（ IDFC ）
May 2016
National
Investment and
Infrastructure Fund
（ NIIF ）
November 2016
Bases Conversion
and Development
Authority（ BCDA ）
August 2015
June 2018
AMATA
Corporation
March 2019
Sinarmas Land
March 2019
January 2020
Argentina
Investment &
Trade Promotion
Agency
November 2016