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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Japan Asia Investment Co., Ltd. (JAIC)Tokyo Stock Exchange Section 1 (Stock code: 8518)
Tetsuro Shimomura, President and CEOKenji Kishimoto, Executive Officer+81-3-3221-8518

November 12, 2021Differences between the “Result Forecast Consolidated under thePrevious Accounting Standard” and the Results
for the First Half of the Fiscal Year Mar. 2022
Japan Asia Investment Co., Ltd. (JAIC) hereby announces differences between the “ResultForecast Consolidated under the Previous Accounting Standard” for the first half of thefiscal year Mar. 2022 (from April 1, 2021 to September 30, 2021) that the company
released on May 14, 2021 and the actual results disclosed today.
1. Differences between the “result forecast consolidated under the Previous
Accounting Standard” and the results for the First Half of the Fiscal Year Mar.
2022 (from April 1, 2021 to September 30, 2021)
Consolidated

Consolidated

Consolidated

ProfitConsolidated

operatingoperatingordinary

attributablenet income

revenueincomeincometo owners ofper share

parentPrevious forecast（A）
Actual results（B）
Change（B-A）
Percentage change(％)（Millions of（Millions of（Millions of（Millions ofyen）

yen）yen）

yen）

（Yen）

700
381
(319)
(45.6)

(220)
(496)
(276)
-

(250)
(538)
(288)
-(250)(643)(393)-(14.12)(36.36)

541

(316)

(335)

(336)

(18.99)（Reference）
Consolidated financial
results under thePrevious AccountingStandards for the First
Half of the FY Mar.
2021

2. Reasons for differences
Consolidated operating revenue fell down 45.6% from the previous forecast. The expectedsale of unlisted shares was delayed from the next fiscal year onward. Along with this,consolidated operating income and consolidated ordinary income were below the previous1

forecasts. Additionally, extraordinary losses from the fund operated by the third party wasincurred outside the forecast. As a result, profit attributable to owners of parent fell below
the previous forecast.

3. “Result Forecast Consolidated under the Previous Accounting Standard” for fullyear FY Mar. 2022
“Result Forecast Consolidated under the Previous Accounting Standard” for full-year FY Mar.
2022 remain unchanged from the previous announcement on May 14, 2021.
In the second half, capital gains are expected to increase due to IPOs of domestic investeesthat are not expected at the beginning of the term. The sale of projects such as mega solar
is also expected as planned at the beginning of the term. As a result, the downside from theplan in the first half is expected to be offset by the upside in the second half.
Please be noticed that the “result forecast consolidated under the Previous AccountingStandard” is based upon the information currently available to JAIC and certain
assumptions. The achievement is not promised. Various factors could cause actual results
to differ from this result forecasts.

4. Result forecast and “ Result Forecast Consolidated Under the Previous
Accounting Standard”
4-1. Result forecast
The private equity investment business conducted by the JAIC Group is significantly affectedby changing factors such as stock markets, given the characteristics of the business. Inaddition, 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.
4-2. “Result forecast consolidated under the Previous Accounting Standard”
There is a difference between current accounting standards and those applied to the “Resultforecast consolidated under the 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 ofJapan 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 someof the operational investment funds managed by the JAIC Group.
On the other hand, the operational investment funds managed by the JAIC Group areexcluded from the scope of consolidations in the financial statements etc., prepared inaccordance with the previous accounting standards. Assets, liabilities, revenues andexpenses for investment funds are reported based on the investment portion by JAIC andits subsidiaries and by excluding the portion held by external investors. In addition,company-type funds are excluded from the scope of consolidations.
To enable investors and shareholders to have an accurate understanding of the JAIC Groupʼsbusiness results and financial position, JAIC considers it essential also to disclose financial
statements, etc., prepared in accordance with the previous accounting standards. Therefore,
2for reference purposes, JAIC will continue to disclose financial statements, etc., inaccordance with the previous accounting standards.
(End)3