Development Bank Of Japan 18-K/A Annual report (foreign governments) (amended)

Exhibit 4

Development Bank of Japan

CONSOLIDATED STATEMENT OF CASH FLOWS

	Millions of yen						Thousands of U.S. dollars
For the Fiscal Years ended March 31	2008			2007			2008
Cash Flows from Operating Activities
Income before Income Taxes and Minority Interests	¥	51,835		¥	75,960		$	517,373
Depreciation		763			779			7,624
Amortization of Goodwill		91			(20	)		916
Equity in gains (losses) of affiliates		15,045						150,167
Increase (Decrease) in Allowance for Loan Losses		(34,797	)		(47,168	)		(347,312	)
Increase (Decrease) in Allowance for Investment Losses		27			(44	)		277
Increase (Decrease) in Reserve for Employee Retirement Benefits		1,874			(1,329	)		18,709
Interest Income-Accrual Basis		(313,618	)		(329,480	)		(3,130,238	)
Interest Expense-Accrual Basis		209,382			236,713			2,089,853
Losses (Gains) on Securities		(416	)		47,077			(4,157	)
Losses (Gains) on Money Held in Trust		15,656			(1,349	)		156,270
Foreign Exchanges Losses (Gains)		(0	)		(0	)		(2	)
Losses (Gains) on Sale of Fixed Assets		(55	)		56			(554	)
Compensation for Advance Redemption		(12,648	)					(126,246	)
Net Decrease (Increase) in Loans		619,356			773,633			6,181,816
Net Increase (Decrease) in Bonds and Notes		485,518			410,555			4,845,978
Net Increase (Decrease) in Borrowings		(945,389	)		(1,080,539	)		(9,435,963	)
Net Decrease (Increase) in Due from banks		(147,600	)					(1,473,201	)
Net Decrease (Increase) in Reverse Repurchase Agreements		86,903			(73,825	)		867,390
Net Decrease (Increase) in Corporate bonds, Equities and Other securities		(129,498	)					(1,292,526	)
Interest Income-Cash Basis		316,487			334,315			3,158,869
Interest Expense-Cash Basis		(209,417	)		(236,130	)		(2,090,204	)
Other – net		12,276			(80,619	)		122,531
Sub-total		21,778			28,583			217,369
Refund of (Payments for) Income Taxes		(1,241	)		294			(12,391	)
Net Cash provided by (used in) Operating Activities		20,536			28,877			204,978
Cash Flows from Investing Activities
Payments for Purchases of Securities		(100,577	)		(314,948	)		(1,003,865	)
Proceeds from Sale of Securities		60,901						607,856
Proceeds from Redemption of Securities		20,000			357,050			199,621
Payments for Increase Money Held in Trust		(8,781	)		(64,674	)		(87,649	)
Proceeds from Decrease Money Held in Trust		6,324			3,609			63,121
Payments for Purchases of Tangible Fixed Assets		(773	)		(445	)		(7,723	)
Proceeds from Sale of Tangible Fixed Assets		120			2			1,200
Payments for Purchases of Intangible Fixed Assets		(1,373	)					(13,709	)
Payments for Purchases of Subsidiaries (affecting the scope of consolidation)					90
Net Cash (used in) provided by Investing Activities		(24,160	)		(19,317	)		(241,147	)
Cash Flows from Financing Activities
Payment to National Treasury		(1,320	)		(1,179	)		(13,181	)
Net Cash provided by Financing Activities		(1,320	)		(1,179	)		(13,181	)
Foreign Currency Translation Adjustments on Cash and Cash Equivalents		0			0			2
Net Increase (Decrease) in Cash and Cash Equivalents		(4,944	)		8,381			(49,349	)
Cash and Cash Equivalents at the Beginning of the Fiscal Year		36,250			27,869			361,818
Cash and Cash Equivalents at the End of the Fiscal Year (Note 2(b))	¥	31,306		¥	36,250		$	312,470