Preliminary rating as of March 12, 2026* Preliminary rating Preliminary amount (bil. ¥) Coupon type Legal final maturity date Overcollateralization ratio (%) § AAA (sf) 22.7 Fixed rate April 10, 2061 26.3 Note: This presale report is based on information as of March 16, 2026. The ratings shown are preliminary. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed as evidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. *We announced the assignment of our preliminary rating to JHF's series 227 notes on March 12, 2026. This report reflects updated information regarding the receivables pool and the
