This document has been translated from Japanese original for reference
purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail. JAIC
assumes no responsibility for this translation or for direct, indirect or any
other forms of damages arising from the translation.
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May 12, 2020

Japan Asia Investment Co., Ltd. (JAIC)Tokyo Stock Exchange Section 1 (Stock code: 8518)
Tetsuro Shimomura, President and CEOKenji Kishimoto, Executive Officer+81-3-3259-8518

Notice of Revision to “Result Forecast Consolidated Under thePrevious Accounting Standard”
Japan Asia Investment Co., Ltd. (JAIC) hereby announces that, based on the recent
business performance etc., JAIC has revised its “result forecast consolidated under thePrevious Accounting Standard” for the fiscal year ended March 31, 2020 (from April 1,
2019 to March 31, 2020), previously announced on February 14, 2020.
The “result forecast consolidated under the Previous Accounting Standard” is based
upon the information currently available to JAIC and certain assumptions. Therefore, theactual performance may differ from the stated figures due to various factors in the processof aggregating the results for account closing procedures.

1. Revision to the “ result forecast consolidated under the Previous AccountingStandard”
For the fiscal year ended March 31, 2020 (from April 1, 2019 to March 31, 2020)

Previous forecast（A）
Revised forecast（B）
Change（B-A）
Percentage Change(％)

ProfitConsolidated

ordinary

attributablenet income

incometo owners ofper share

parent（Note 1）

（Millions of（Millions of（Millions of（Yen）

yen）

yen）

yen）

Consolidated

Consolidated

Consolidated

operatingoperatingrevenueincome（Millions ofyen）2,600
2,760
160
6.2

70265
195
278.5(60)140200－100300
200
200.0

5.65
16.95

578

32.67

（Reference）
Consolidated financial
results under thePrevious AccountingStandards for the fiscal

2,475

177

year ended March 31,2019183

Note 1: Net income per share in above chart is calculated based on the number of shares issued andoutstanding excluding the number of shares of treasury stock as at December 31, 2019.

2．Reasons for revision
Operating revenue is expected to be 6.2% more than the previous forecast since several
mega solar projects are likely to see greater revenue from electricity sales compared to thepreviously announced forecast. With regard to costs, the expenses expected to be incurredat the completion of mega solar projects those were expected to be completed during theperiod were not incurred since the completion of the projects was pushed back to the next
period. In addition, investment write-offs and allowance for possible investment losses areexpected to be less than expected at the time of the previous announcement. As a result,operating income is expected to be 278.5% more than the previous forecast. Accordingly,
ordinary income and profit attributable to owners of parent are also expected to increase
from the previous forecast figures.
These “forecasts under the previous accounting standards” are based on information
currently available to the Company and certain assumptions. Therefore, the actual
performance may differ from the stated figures due to various factors in the process ofaggregating the results for account closing procedures.
3. “Result Forecast Consolidated Under the Previous Accounting Standard”
The private equity investment business conducted by the JAIC Group is significantly
affected by changing factors such as stock markets, given the characteristics of the business.
In addition, it has been difficult to forecast results reasonably in the rapidly changing
environment in recent years. Therefore JAIC doesnʼt disclose the results forecast. For theconvenience of investors and shareholders, however, JAIC discloses “ result forecast
consolidated under the Previous Accounting Standard” even though it doesnʼt have enoughrationality.
（Note）Previous Accounting Standard
As of Fiscal year ended March 31, 2007 the JAIC Group has adopted “Practical Solution on
Application of Control Criteria and Influence Criteria to Investment Associations ”(Accounting Standards Board of Japan Practical Issues Task Force No. 20 issued on
September 8, 2006), and consolidated financial statements, etc., are being prepared with
the inclusion in the consolidation of some of the operational investment funds managed by
the JAIC Group.
Nevertheless, to enable investors and shareholders to have an accurate understanding of
the JAIC Groupʼs business results and financial position, JAIC considers it essential also todisclose financial statements, etc., prepared in accordance with the previous accountingstandards. Therefore, for reference purposes, JAIC will continue to disclose financialstatements, etc., in accordance with the previous accounting standards.
In those financial statements etc., prepared in accordance with the previous accounting
standards, assets, liabilities, revenues and expenses for investment funds were reported
based on the investment portion by JAIC and its subsidiaries and by excluding the portion
held by external investors. In addition, company-type funds are excluded from thescope of consolidations in those financial statements.

(End)2