Social Impact BondPayment by Results

20130925HORBAL Inc.

Payment by ResultsPayment by Results(PbR)

Social impact BondSocial Impact Bond(SIB)SIB

PAYMENT BY RESULTS

Payment by Results(PbR)

NHS

PbR

18123 3

3400-600 (500)1,000-3,500 (2,250)42,200-9,600 (5,900/4)

(20116)13.111613%

(1,000-3,500 )2,2502.97425

143.16UFJ2013331(TTM)

2011660.41/4

2,200-9,6005,90036511

SOCIAL IMPACT BOND

Social Impact Bond(SIB)

PbROutcome

Outcome

SIB-PbR SIB

PbRPbR

PbR

SIB

Payment by result

Social Impact bond

SIB

SIB-~~

SIB-

1

2

3

4

x