This document has been translated from Japanese original forreference 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 orfor direct, indirect or any other forms of damages arising from thetranslation.
February 14, 2024
Company name:

Japan Asia Investment Co., Ltd. (JAIC)

Listed on:

Tokyo Stock Exchange Standard Market (Stock code: 8518)

Representative:

Tetsuro Shimomura, President and CEO

Contact:

Kenji Kishimoto, Senior Executive OfficerTel:+81-3-3221-8518Notice of Revision on “Result Forecast Consolidated under
the Previous Accounting Standard”

Japan Asia Investment Co., Ltd. (JAIC) hereby announces that, based on therecent business performance etc., JAIC has revised its “Result Forecast
Consolidated under the Previous Accounting Standard” for fiscal year ending
March 31, 2024 (from April 1, 2023 to March 31, 2024), previously announced
on May 15, 2023.
The “Result Forecast Consolidated under the Previous Accounting Standard”
and any other forward-looking statements in this document are based upon theinformation currently available to JAIC at the time of writing and certain
assumptions. The achievement is not promised. Numerous factors could cause
actual results to differ materially from these forward-looking statements.

11. Revision on the “ Result Forecast Consolidated under the Previous
Accounting Standard” for fiscal year ending March 31, 2024 (from April 1,2023 to March 31, 2024)
Consolidated

Consolidated

Consolidated

operatingoperatingrevenueincome（Millions ofyen）

Net profit

Consolidated

ordinary

attributablenet income

incometo owners ofper share（Millions of（Millions of（Millions of（*Note）

yen）

yen）

yen）

（Yen）

parentPrevious forecast（A）

Revised forecast (B)2,300

200120120

6.78

950

△1,450△1,500△1,500△84.7～～～～～

2,300

△400

△450

△450

△25.4

△1,350△1,650△1,620△1,620Change（B-A）

～～～～

0

△600

△５7０

△５7０－－－

△185

△224

△269

△58.７
Percentage Change (％)～0.0（Reference） Actual
results under thePrevious Accounting

3,017△15.22Standards for FY Mar.
2023
*Note: Consolidated net income per share in the above table is calculated based on the number ofshares issued and outstanding (excluding treasury stock) as of December 31, 2023 as the average
number of shares during the period.

2. Reasons for revision
In the previous forecast which JAIC announced at the beginning of this fiscal
year, JAIC estimated to sell project-oriented investments such as the logistic
warehouse and the group homes for disabled people in the second half of thefiscal year.
However, negotiation and process of selling these projects took longer thanexpected. Now JAIC estimates capital gains from these projects in FY Mar. 2025.
As for private equity investments, JAIC estimates sales of listed shares to exceed
the previous forecast. On the other hand, JAIC estimates sales of unlisted sharesare uncertain. In the previous forecast, JAIC expected to sell domestic unlisted
shares with relatively large investment amount in the second half of the fiscalyear. Now JAIC are negotiating for the sale of the unlisted shares. It is not yet
clear whether JAIC will reach an agreement on the sale of the shares during thecurrent fiscal year. The details of the terms of the sale have not yet been
determined.
If JAIC will sell the unlisted shares on the best terms JAIC currently envisioned,consolidated operating revenue is expected to remain unchanged from theprevious forecast. On the other hand, if JAIC will end up selling the shares onlower terms, if JAIC can sell only a part of the shares, or if JAIC can not sell the2shares during the current fiscal year, consolidated operating revenue isexpected to decrease accordingly. As a result, consolidated operating revenue isexpected to be up to 58.7% lower than the previous forecast.
As for consolidated operating income, consolidated ordinary income and net
profit attributable to owners of the parent, they are estimated dropping from theprevious forecast and they are estimated to fluctuate significantly depending on
the sale of the unlisted shares.
In addition to the possibility of a significant downturn in consolidated operating
revenue, capital loss, which JAIC did not estimate at the beginning of the fiscal
year, has been posted and provision for possible investment losses andinvestment write-off exceeded the previous forecast.
The “Result Forecast Consolidated under the Previous Accounting Standard” andany other forward-looking statements in this document are based upon theinformation currently available to JAIC at the time of writing and certain
assumptions. The achievement is not promised. Numerous factors could cause
actual results to differ materially from these result forecasts.

3. “Result Forecast Consolidated Under the Previous Accounting Standard”
5-1. Result forecast
The private equity investment business conducted by the JAIC Group issignificantly affected by changing factors such as stock markets, given thecharacteristics of the business. In addition, it has been difficult to forecast
results reasonably in the rapidly changing environment in recent years. Therefore,
JAIC does not disclose the results forecast. For the convenience of investors andshareholders, however, JAIC discloses “result forecast consolidated under thePrevious Accounting Standard” even though it does not have enough rationality.
5-2. “Result forecast consolidated under the Previous Accounting Standard”
There is a difference between current accounting standards and those applied
to the “Result forecast consolidated under the Previous Accounting Standard.”
As of fiscal year ended March 31, 2007 the JAIC Group has adopted “PracticalSolution 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 theoperational investment funds managed by the JAIC Group.
On the other hand, the operational investment funds managed by the JAIC Groupare excluded from the scope of consolidations in the financial statements etc.,
prepared in accordance with the previous accounting standards. Assets,
liabilities, revenues and expenses for investment funds are 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 fromthe scope of consolidations.
To enable investors and shareholders to have an accurate understanding of theJAIC Group’s business results and financial position, JAIC considers it essential
also to disclose financial statements, etc., prepared in accordance with theprevious accounting standards. Therefore, for reference purposes, JAIC will3

continue to disclose financial statements, etc., in accordance with the previous
accounting standards.
(End)4