This document has been translated from the Japanese original for reference purposes only. Although Japan Securities
Finance intends this to serve as a faithful translation of the Japanese original, it does not guarantee the accuracy andcorrectness of the translation, and encourages you to refer to the Japanese original.

Summary of Financial Results for the First Quarter
Ended June 30, 2024 [Japanese GAAP] (Consolidated)
August 2, 2024
Listing：Tokyo Stock Exchange

Company name：Japan Securities Finance Co., Ltd.
Securities code：8511
URL: https://www.jsf.co.jp
Representative: (Title) Representative Executive Officer & President
Contact Person: (Title) General Manager of Corporate Planning Dept.

(Name) Shigeki Kushida(Name) Katsuhiko Yamamoto
Tel. +81-03-3666-3184

Scheduled date for commencement of dividend payments: Preparation of supplementary explanatory materials on quarterly financial statements: Yes
Convening of quarterly financial results briefing: None
(Millions of yen, rounded down to nearest million)

1. Consolidated Financial Results
for the First Quarter of Fiscal 2024 (April 1, 2024 - June 30, 2024)(1) Consolidated Operating Results(% change from year-on-year for those items)

Operating revenues

Operating profit

Ordinary profit

Profit attributableto owners of parent(Millions of Yen)(% change)(Millions of Yen)(% change)(Millions of Yen)(% change)(Millions of Yen)(% change)

1st Quartero f F i sc al 202 4

12,397

△9.8

3,379

8.0

3,681

9.4

3,380

37.8

1st Quarterof Fiscal 2023

13,742

23.1

3,129

68.6

3,364

53.0

2,453

18.9

(Note) Comprehensive income: Fiscal 2024 1Q : △2,771 millions of yen (-%) Fiscal 2023 1Q : 4,825 millions of yen (794.8%)

1st Quartero f Fi s cal 20 24
s t

1Quarterof Fiscal 2023

Net income per share

Net income per share- diluted

(Yen)

(Yen)

40.34

―

28.46

―

(Note) Due to changes in the presentation method during this 1st quarter consolidated cumulative period, theoperating revenue, operating income, and respective growth rates for 1st Quarter of Fiscal 2023 have beenrevised to reflect the changes in presentation.

(2) Consolidated Financial Position
Total assets

Net assets

Shareholders’ equity ratio(Millions of Yen)

(Millions of Yen)(%)

of Fiscal 2024

15,784,468

139,391

0.9

Fiscal 2023

13,744,765

144,606

1.1

1st Quarter(Reference) Net worth Fiscal 2024 1Q : 139,391 millions of yen

Fiscal 2023 : 144,606 millions of yen

2. Dividends
Dividends per Share
2 Quarter
3rd Quarter
Year-endstnd

1 Quarter

Annual

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

Fiscal 2023

-

17.00

-

30.00

47.00

Fiscal 2024

42.00

-

42.00

84.00

Fiscal 2024 (Forecast)(Note 1) Revision to most recently published dividend forecast: Yes(Note 2) Fiscal 2024 (Forecast) 2nd quarter: Ordinary dividend 34.00 yen Special dividend 8.00 yen
Fiscal 2024 (Forecast) End of the period: Ordinary dividend 34.00 yen Special dividend 8.00 yen

3. Consolidated Performance Forecast for Fiscal 2024 (April 1, 2024－March 31, 2025)(% change from the previous fiscal year)

Operating profit

Full Ye ar

Net income
per share

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Yen

11,60013.9

12,40012.5

10,10025.8

120.44(Notes) Revision to most recently published performance forecast: Yes
See section “1. (3) Future Outlook” in the attached materials regarding the details.

* Notes(1) Changes in scope of significant consolidated subsidiaries (changes in the case of specified
subsidiaries accompanying change in the scope of consolidation) : None
(2) Adoption of specified accounting methods for quarterly consolidated financial statements : None
(3) Changes in accounting policies and changes or restatement of accounting estimates① Changes in accounting policies caused by revision of accounting standards : Yes② Changes in accounting policies other than ① : None
③ Changes in accounting estimates : None
④ Restatements : None
(Note) See section “2. Quarterly Consolidated Financial Statements and Notes (3) Notes Regarding
Quarterly Consolidated Financial Statements(Note on Changes to Accounting Policies)”in the attached materials regarding the details.
(4) Number of issued and outstanding shares (common stock)① Number of issued and outstanding shares (including treasury stock)
as of Jun. 30, 2024 : 88,000,000
as of Mar. 31, 2024 : 88,000,000② Number of treasury stock shares
as of Jun. 30, 2024 : 4,119,975
as of Mar. 31, 2024 : 4,199,877③ Average number of shares (quarter-to-date)
for three months ended Jun. 30, 2024 : 83,804,665
for three months ended Jun. 30, 2023 : 86,203,358(Note) The number of treasury stock shares deducted in the calculation of the number of treasury
stock shares at the end of the period and the average number of issued and outstanding shares
during the period (quarter-to-date ) includes the shares of the Company held by the Share
Benefit Trust (BBT).

2

Note: Review of the Japanese-language originals of the attached consolidated quarterly financial
statements by certified public accountants or an audit firm: Yes (voluntary)
Note: Explanation on proper use of business performance forecasts and other notes
The Company does not disclose earnings forecasts due to the fact that the performance of its
securities finance business, the Group's core business, is significantly affected by trends in the stock
market, interest rates, and other factors. Instead, for the purpose of disclosing information
appropriate for the Group’s type of business, we provide estimates calculated based the outstandingbalance of margin loans business and other assumptions.
Furthermore, financial results are disclosed as soon as reasonable estimates can be made for eachquarter.
See section “1. (3) Future Outlook” in the attached materials regarding the details.

31. Qualitative Information on the Current Quarter Results(1) Review of Operating Results(Financial and Economic Environment)
During the first quarter of the consolidated cumulative period (from April 1, 2024, to June 30, 2024),
the economic environment continued to recover at a moderate pace against a backdrop of improved
corporate earnings and inbound demand, despite continued concerns over downside risks to theeconomy due to the impact of financial policies in western countries and concerns over a slowdown in
the Chinese economy.
Looking at the stock market, the Nikkei Stock Average (closing price) began the period at 39,803 yen
and reached the highest value for the period of 39,838 yen on April 2nd, before falling to its lowest value
for the period of 37,068 yen on April 19th, due to retreating expectations for an interest rate cut by the
FRB amid persistent inflation in the US, which particularly affected interest rate-sensitive
semiconductor-related stocks. However, the market subsequently recovered, ending the period at 39,583
yen at the end of June, driven by strong corporate earnings.
Looking at the outstanding balance of standardized margin transactions on the Tokyo and othermarkets (Tokyo Stock Exchange, Nagoya Stock Exchange, and PTS), the outstanding balance of margin
buying increased from 2.91 trillion yen at the beginning of the period to peak at 3.13 trillion yen during
the stock price decline in April, then remained around 3 trillion yen to end at 2.97 trillion yen at the endof June. Meanwhile, the outstanding balance of margin selling decreased from 610 billion yen at the
beginning of the period to bottom out at 520 billion yen during the stock price decline in April, due tobuybacks, and then gradually increased with the rise in stock prices to end at 590 billion yen at the endof June.
(Results for the First Quarter of Fiscal Year Ending March 2025)
In the first quarter cumulative period, our group posted an increase in consolidated operating profit to¥3,379 million (up 8.0% year-on-year), exceeding the forecast announced in May of this year. This wasdue to robust performance in security finance operations, such as loans for margin transactions andequity repo transactions, driven by a buoyant stock market and changes in interest rate conditions
leading to increased demand for financing. Furthermore, in trust banking business, managed trust
services, centered on asset-backed loan trusts, continued to perform strongly. As a result thereof,
consolidated ordinary profit also increased to ¥3,681 million (up 9.4% year-on-year).
In addition, due to the recording of a gain on the sale of real estate held by the consolidated
subsidiary as extraordinary income, the quarterly profit attributable to owners of the parent increased
significantly to ¥3,380 million (up 37.8% year-on-year).

Operating revenues
Excluding premium charges
Operating expenses
Excluding premium charges
Operating gross profit
General and administrative expenses
Operating profit
Non-operating income
Ordinary profit
Extraordinary income
Profit before income taxes etc.
Profit attributable to owners of the parent

Consolidated
profits & losses
12,397
11,351
7,089
6,052
5,308
1,929
3,379
302
3,681
1,163
4,845
3,380

4

Year-on-yearcomparison▲1,344
1,174▲1,614
915
269
19
250
66
316
1,163
1,480
926

(millions of yen)
Rate ofincrease/decrease
▲9.8%
11.5%
▲18.5%
17.8%
5.4%
1.0%
8.0%
28.0%
9.4%
-%
44.0%
37.8%

(2) Overview of Financial Status(Status of Assets, Liabilities, and Net Assets)
As of the end of the first quarter of the consolidated accounting period (June 30, 2024), total assets
amounted to 15,784.4 billion yen (an increase of 2,039.7 billion yen from the previous fiscal year-end),
total liabilities amounted to 15,645 billion yen (an increase of 2,044.9 billion yen from the previous
fiscal year-end), and total net assets amounted to 139.3 billion yen (a decrease of 5.2 billion yen fromthe previous fiscal year-end).
The main factors for this are as follows.
- Assets:
Operating Loans decreased by 274 billion yen from the previous fiscal year-end, due to a reduction in
lending at JSF Trust and Banking Co., Ltd.
Securities purchased under resale agreements increased by 1,592 billion yen from the previous fiscal
year-end, due to an increase in bond gensaki transactions.
Cash collateral provided for securities borrowed increased by 746.9 billion yen from the previous fiscal
year-end, due to an increase in bond repo transactions.
- Liabilities:
Securities sold under repurchase agreements increased by 2,309.8 billion yen from the previous fiscal
year-end, due to an increase in bond gensaki transactions.
Cash collateral received for securities loaned decreased by 185.1 billion yen from the previous fiscal
year-end, due to a decrease in securities lent for margin transactions in spite of an increase in bond repo
transactions.
Borrowed money from trust accounts decreased by 80.5 billion yen from the previous fiscal year-end,
due to a decrease in standby funds in the trust accounts at JSF Trust and Banking Co., Ltd.
- Net assets:
Shareholders' equity increased by 0.9 billion yen from the previous fiscal year-end, due to therecognition of quarterly net income and the dividend payout.
Accumulated other comprehensive income decreased by 6.1 billion yen from the previous fiscal yearend, as a result of a decrease in an unrealized gains or losses on available-for-sale securities incidental
to price fluctuations in securities held.

5

[Reference]
Status of the Group's Operating Revenues by Business Sector
Previous 1st Quarter
Current 1st Quarter
Consolidated Cumulative
period(from April 1, 2023
to June 30, 2023)
AmountConsolidated Cumulative
period(from April 1, 2024
to June 30, 2024)(from April 1, 2023
to March 31, 2024)(Millions of yen)

Composition
ratio (%)

(Millions of yen)

Composition
ratio (%)

(Millions of yen)

Composition
ratio (%)

12,856

93.6

11,24090.7

46,300

92.1

4,687

34.1

2,233

18.0

11,581

23.0

Interest on loans

442

3.2

839

6.8

1,831

3.6

Interest on collateralmoney for securities
borrowed

264

1.9

106

0.9

844

1.7

Premium charges

3,565

25.9

1,046

8.4

7,508

14.9

Lending fees

318

2.3

179

1.4

1,080

2.2

Securities financing

6,630

48.2

5,013

40.4

28,360

56.4

58

0.4

88

0.7

250

0.5

422

3.1

746

6.0

1,799

3.6

Retail loans

146

1.1

183

1.5

633

1.3

General stock lending

266

1.9

388

3.1

1,083

2.2

Bond repo andgensaki transactions

5,737

41.7

3,606

29.1

24,593

48.9

1,538

11.2

3,993

32.2

6,358

12.7

Trust and Banking
Business

683

5.0

943

7.6

3,127

6.2

Interest on loans

10

0.1

16

0.1

36

0.1

Trust fees

364

2.7

412

3.3

1,530

3.0

Other

308

2.2

514

4.1

1,560

3.1

203

1.5

214

1.7

831

1.7

13,742100.0

12,397100.0

50,259100.0

Securities FinanceBusiness
Loans for margintransactions

Loans for negotiablemargin transactions
Equity repo
transactions

Other

Real Estate Leasing
Business
Total

6

AmountPrevious Consolidated
Fiscal Year (Full Year)
AmountStatus of the Group's Transaction Balances by Business Sector (Average Balance)
Previous 1st Quarter
Current 1st Quarter
Previous Consolidated
Consolidated Cumulative Consolidated Cumulative Fiscal Year (Full Year)
periodperiod(from April 1, 2023
(from April 1, 2023
(from April 1, 2024
to March 31, 2024)
to June 30, 2023)
to June 30, 2024)(billions of yen)(billions of yen)(billions of yen)
Loans for margin
279.8
432.8
286.9
transactions
Securities loaned for
301.2
167.0
252.4
margin transactions
Securities financing

11,540.9

12,668.0

12,976.8

33.0

40.9

34.7

796.3

831.4

775.3

Retail loans

18.5

23.1

20.4

General stock lending

125.6

77.5

121.0

Bond repo andgensaki transactions

10,567.3

11,694.8

12,025.3

503.1

289.0

591.3

Loans for negotiablemargin transactions
Equity repo transactions,etc.

Trust Bank Loans7(3) Future Outlook
The Company does not disclose earnings forecasts due to the fact that the performance of its
securities finance business, the Group's core business, is significantly affected by trends in the stock
market, interest rates, and other factors. Instead, for the purpose of disclosing information appropriate
for the Group’s type of business, we provide estimates calculated based the outstanding balance ofmargin loans business and other assumptions.
Our loans for margin transactions business and our securities financing business performed at levels
that exceeded our expectations in the cumulative first quarter period, and in the second quarter we willrecord extraordinary income from the sale of unlisted stock held by our company. Accordingly, we haverevised our estimates upwards from the previously announced estimates (announced in May 2024).
<Estimates, etc.>(Note) Revision of consolidated performance estimates, etc. in the current quarter: Yes[Estimates for Consolidated Performance](Full Year)
Operating profit(millions of yen)

Profit attributableto owners of parent(millions of yen) (millions of yen)
Ordinary profit

Net income per
share
(yen)

Previous Estimate (A)9,300

11,0008,500

101.44

Revised Estimate (B)11,60012,40010,100120.44

2,300

1,400

1,600

24.7

12.7

18.8

10,18011,024

8,030

1,419

1,375

2,069

13.9

12.5

25.8

Increase/Decrease(B-A)
Increase/Decrease
Rate (%)(Reference)
Actual Results in
Previous Period (C)Increase/Decrease(B-C)
Increase/Decrease
Rate (%)[Balances for Margin Transaction Business Serving as Premise for Estimates]
Average balance of margin transactions: Loans 420 billion yen (+90 billion yen),
Securities lending 180 billion yen
Margin transaction interest rates, etc. : Loan interest rate 0.81% per annum (+0.03%),
Securities borrowing fees 0% per annum,
Securities lending fees 0.4% per annum(Note: Figures in parentheses are compared to the premise in the previously announced estimates.)

8

94.04

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet

AssetsCurrent assets
Cash and deposits
Call loans
Securites
Operating loans
Securities purchased under resale agreements
Cash collateral provided for securities borrowed
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Bad debts
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total Assets

9

Fiscal 2023
as of Mar. 31, 2024

(millions of yen)
Current 1Q
as of Jun. 30, 2024

1,977,638
20,000185,801
1,058,630
4,753,614
4,953,081
164,699△ 83
13,113,382

1,983,277
5,000
176,583
784,574
6,345,651
5,699,996
135,570△ 156
15,130,498

5,769
677

5,691
621

583,146
72
3,226－
38,563△ 72
624,936
631,383
13,744,765

600,268
70
3,293
168
43,925△ 70
647,656
653,969
15,784,468

Liabilities
Current liabilities
Call money
Short-term borrowings
Current portion of long-term borrowings
Commercial papers
Securities sold under repurchase agreements
Cash collateral received for securities lent
Income taxes payable
Provision for bonuses
Provision for bonuses for directors and other officers

Borrowed money from trust account
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Allowance for share awards for directors and other officers

Retirement benefit liability
Asset retirement obligations
Derivatives liabilities
Other
Total non-current liabilities
Total Liabilities
Net Assets
Shareholders’equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for landRemeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

10

Fiscal 2023
as of Mar. 31, 2024

(millions of yen)
Current 1Q
as of Jun. 30, 2024

1,864,800
92,010149,800
589,066
5,949,364
3,762,412
1,197
562
116
740,130
126,345
13,275,805

1,875,100
92,010149,800
576,686
8,259,246
3,577,286
877
274－
659,591
132,831
15,323,703

316,600
5,416
74
218
243
57
1,160
581
324,353
13,600,158

316,600
3,129
74
201
255
58
486
568
321,373
15,645,077

10,0005,181
121,036△ 4,847
131,369

10,0005,194
121,874△ 4,762
132,306

1,214
10,369168
1,484
13,236
144,606
13,744,765△ 5,978
11,461
168
1,433
7,084
139,391
15,784,468

(2) Quarterly Consolidated Income Statement and Quarterly Consolidated Comprehensive Income
Statement(Quarterly Consolidated Income Statement)(Three Months Ended June 30, 2024)

Operating revenue
Interest on loans receivable
Interest income on securities purchased under resale agreements
Interest income on cash collateral provided for securities borrowed

Securities lending fees
Other operating revenue
Total operating revenue
Operating expenses
Interest expenses
Interest expenses on securities sold under repurchase agreements

Securities borrowing fees
Other operating expenses
Total operating expenses
Operating gross profit
General and administrative expenses
Operating profit
Non-operating income
Dividend income
Share of profit of entities accounted for using equity method

Gain on investments in investment partnerships
Other
Total non-operating income
Non-operating expenses
Loss on investments in investment partnerships
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Total extraordinary income
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

11

Previous 1Q(millions of yen)
Current 1Q

Apr.1,2023-

Apr.1,2024-

Jun.30,2023

Jun.30,2024

698
3,230
774
6,199
2,839
13,742

1,217
1,591
1,646
2,319
5,623
12,397

248
1,564
6,441
448
8,703
5,039
1,910
3,129

2,460
761
2,369
1,497
7,089
5,308
1,929
3,379

143
76
9
7
236

168
102
41
7
319

0
0
0
3,364

17
0
17
3,681

－
－
3,364
765
145
911
2,453
－
2,453

1,163
1,163
4,845
1,208
256
1,464
3,380
－
3,380

(Quarterly Consolidated Comprehensive Income Statement)(Three Months Ended June 30, 2024)
Previous 1Q
Apr.1,2023Jun.30,2023
2,453

ProfitOther comprehensive income
Net unrealized valuation difference on available-for-sale securities

Deferred gains or losses on hedges
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity method

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

12

6,552
△ 4,195
△4
18
2,371
4,825
4,825
－

(millions of yen)
Current 1Q
Apr.1,2024Jun.30,2024
3,380△ 7,208
1,091
△ 49
14
△ 6,152△ 2,771△ 2,771－(3) Notes Regarding Quarterly Consolidated Financial Statements(Note on Changes to Accounting Policies)(Application of "Accounting Standards for Corporate, Inhabitant and Enterprise Taxes, etc.")
We have applied the "Accounting Standards for Corporate, Inhabitant and Enterprise Taxes, etc."(Business Accounting Standard No. 27 of October 28, 2022; hereinafter referred to as "Revised
Accounting Standards of 2022") from the beginning of this first quarter consolidated accounting period.
Regarding the amendments related to the classification of corporate tax accounting (taxation on othercomprehensive income), we have followed the transitional treatment specified in the proviso to Paragraph20-3 of the Revised Accounting Standards of 2022 and the transitional treatment specified in the proviso
to Paragraph 65-2(2) of the "Guidance on the Application of Accounting Standards for Tax EffectAccounting" (Guidance on Business Accounting Standard Application No. 28 of October 28, 2022;
hereinafter referred to as "Revised Application Guidance of 2022"). This has had no impact on thequarterly consolidated financial statements.
Furthermore, regarding the amendments related to the review of treatment in consolidated financial
statements when deferring taxes on gains and losses arising from the sale of subsidiary shares among
consolidated companies for tax purposes, the Revised Application Guidance of 2022 has been applied
since the beginning of the first quarter consolidated accounting period. This change in the accounting
policy has been retroactively applied, and the quarterly consolidated financial statements for the previous
quarter and the consolidated financial statements for the previous fiscal year have been restatedaccordingly. This change had no impact on the quarterly consolidated financial statements of the previous
year or the consolidated financial statements of the previous fiscal year.
(Segment Information)
As set out in the Note on Changes to Presentation Method, from this first quarter consolidated
cumulative period, we have reclassified "interest received" from deposits to banks and others as "operating
revenue." Accordingly, we retroactively reclassified this as "operating revenue" in the prior first quarter
cumulative period as well. This increased "operating revenue" by 60 million yen over the previous method,
but had no impact on segment income (ordinary income).
I. Three Months Ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
1. Information on the amount of operating revenue and profits or losses for each reporting segment(millions of yen)
Securities
FinanceBusiness
Operating Revenue
Revenue from sales to outside
customers
Internal operating revenues orbalance of transfers among
segments
Total
Segment profit (ordinary profit)

Trust andBanking
Business

Real Estate
Leasing
Business

Total

12,856683

203

13,742

6

39

97

142

12,862
4,259

722
414

300
193

13,8844,867

13

2. Difference between the total amount of profits or losses for each reporting segment and amountrecorded in the quarterly consolidated income statement, and the main content of this difference(matters related to difference adjustments)(millions of yen)
Profits
AmountTotal for reporting segments
Elimination of inter-segment transactions
Equity in gains of affiliates
Other adjustments
Ordinary profit in the quarterly consolidated income statement

4,867△1,57876
3,364

3. Information on impairment losses on fixed assets or goodwill, etc., for each reporting segment
Not applicable.
II. Three Months Ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
1. Information on the amount of operating revenue and profits or losses for each reporting segment(millions of yen)
Securities
FinanceBusiness
Operating Revenue
Revenue from sales to outside
customers
Internal operating revenue orbalance of transfers among
segments
Total
Segment profit (ordinary profit)

Trust andBanking
Business

Real Estate
Leasing
Business

Total

11,240943

214

12,397

22

28

98

149

11,262
4,243

972
444

312
237

12,547
4,925

2. Difference between the total amount of profit or loss for each reporting segment and the amountrecorded in the quarterly consolidated income statement, and the main content of the difference(matters related to difference adjustments)(millions of yen)
ProfitAmountTotal for reporting segments
Elimination of inter-segment transactions
Equity in gains of affiliates
Other adjustments
Ordinary profit in the quarterly consolidated income statement

4,925△1,347102－
3,681

3. Information on impairment losses on fixed assets or goodwill, etc., for each reporting segment
Not applicable.
(Notes Regarding Going Concern Assumptions)Not applicable.
(Notes in the Event of Significant Changes in Shareholders’ Equity)
Not applicable.

14

(Note on the Quarterly Consolidated Statement of Cash Flows)
No quarterly consolidated statement of cash flows has been prepared for the cumulative first quarter
consolidated period. However, the depreciation expense for the cumulative first quarter consolidated
period (including the amortization of intangible fixed assets excluding goodwill) is as follows.
Previous 1Q
Current 1Q
Apr.1,2023Apr.1,2024Jun.30,2023
Jun.30,2024
Depreciation
162million of yen
128million of yen(Note on Changes to Presentation Method)
In the past, our company has classified "interest received" from deposits to banks and other financial
institutions as "non-operating revenue," and in the consolidated statement of income for the previous 1stquarter consolidated cumulative period, 60 million yen in "interest received" was classified as "nonoperating revenue." .
Since, however, the depositing of funds is also part of our ordinary business activities in ALM (AssetLiability Management), and since the monetary importance of interest income has increased with the risein deposit interest rates, from this 1st quarter consolidated cumulative period, we have reclassified "interest
received" as "operating revenue," similarly to revenues from other transactions based on ALM.

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(Significant Subsequent Events)(Sale of investment securities)
At the Board of Directors meeting held on July 17, 2024, we resolved to sell one unlisted stock holding,and the sale was completed on July 23, 2024.
As a result thereof, we anticipate recording a gain on the sale of investment securities in the amount of
664 million yen as extraordinary income for the cumulative second quarter of the fiscal year ending March
2025.
(Expansion of share repurchase limit)
The Company, at a meeting of its Board of Directors convened on August 2, 2024, approved the
expansion of its share repurchase limit as set out below, pursuant to the provisions of Article 156 of theCompanies Act, as applied by reading in accordance with the provisions of Article 165, Paragraph 3 ofthat Act.
1. Reason for expansion of share repurchase limit
Based on the estimated full-year consolidated financial results for the first quarter of FY 2024 asreleased today in the summary of the financial results, the Board of Directors has decided to expand therepurchase limit under the shareholder return policy (which targets a total payout ratio of 100% on a
cumulative basis from FY 2023 to FY 2025, through the payment of dividends and the flexible
implementation of share repurchases, whereby dividends will be aggressively paid out at a targeted
dividend payout ratio of 70%).
2. Modified repurchase plan (changes are underlined)
1) Stock to be repurchased
JSF common stock2) Aggregate shares to be repurchased
1.9 million shares (maximum, increased by 200,000 shares)(2.2% of total shares outstanding, excl. treasury stock)3) Aggregate amount of repurchase price
JPY3.0 billion (maximum, increased by JPY400 million)4) Repurchase period
May 8, 2024 – March 31, 2025
Reference:
1. Repurchase plan as resolved at Board of Directors meeting on May 7, 2024
1) Stock to be repurchased
JSF common stock2) Aggregate shares to be repurchased
1.7 million shares (maximum)(2.0% of total shares outstanding, excl. treasury stock)3) Aggregate amount of repurchase price
JPY2.6 billion (maximum)
4) Repurchase period
May 8, 2024 – March 31, 2025
2. Cumulative progress on stock repurchase as of August 2, 2024, pursuant to the above resolution
1) Accumulated shares repurchased
0 shares2) Accumulated amount of repurchase price0 yen

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