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

February 22, 2022

Notice of Posting Extraordinary Income
Japan Asia Investment Co., Ltd. (JAIC) hereby announces that, a gain on sales of fixed
assets (extraordinary income) of approximately 760 million yen is expected to be recordedin the consolidated financial statements for the fiscal year ending March 2022. This
extraordinary profit will be recorded as a result of the sale of Mombetsu City Kodo Solar
Power Plant owned by a special purpose company in which the Group invests in a silent
partnership. The operator of the silent partnership has decided on this matter today.
Of this extraordinary income, the amount attributable to JAIC Group is approximately 450
million yen.
The accounting standards that are applied to the financial statements based on thePrevious Accounting Standards are different. Therefore, this approximately 450 million yen
is expected to be recorded in the operating income item, which is the partnership interest
income.
JAIC doesnʼt revise “result forecast consolidated under the Previous Accounting Standard”
because the sale of the mega solar power plant was a prerequisite. For details, pleaserefer to the "Financial Results for the Third Quarter of the Fiscal Year Ending March 2022
[Japanese Standards] (Consolidated)" disclosed on February 14, 2022.
JAIC discloses “result forecast consolidated under the Previous Accounting Standard” asreference information in place of the earnings forecast for the convenience of investors
and shareholders.

1. Outline of the Transaction
Recently social need for clean energy are growing toward the realization of a carbon-freesociety and future uncertainty caused by COVID-19 are increasing. This has led many
investors to interest in purchasing mega solar projects for which electricity is being sold.
Therefore, JAIC plans to sell the mega solar project in the current fiscal year. This time, wehave accomplished the concrete transaction (“Transaction”).

1Outline of mega solar projects to be soldName of power plant
Mombetsu City Kodo Solar Power Plant
Location
Mombetsu City, Hokkaido
Maximum output*
15.7MW*Solar cell panel system capacity basis
2. Schedule
Date of execution
Settlement day

February 22, 2022
March 10, 2022（scheduled date）

3. Forecast
Any forward-looking statements in this document are based upon the information
currently available to JAIC at the time of writing and certain assumptions. Various factors
could cause actual results to differ materially from these result forecasts. In case there
is a need for timely disclosure, we will disclose promptly.

(1) Impact on consolidated financial statements
The gain on sales of fixed assets (extraordinary income) of approximately 760 million
yen is expected to be recorded in the consolidated financial statements in the fiscal year
ending March 2022. Of this extraordinary income, the amount attributable to JAIC Group
is approximately 450 million yen.
Furthermore, the Company is expected to book 650 million yen of operating revenue and
10 million yen of profit attributable to owners of parent from electricity sales revenue ofthe solar power plant on the consolidated statements of income for the fiscal year ending
March 31, 2022.
Due to the Transaction, in the fiscal year ending March 31, 2023 and onward, operating
revenue and profit attributable to owners of parent are expected to decrease comparedto the fiscal year ending March 31, 2022.
The following amounts are also expected to decrease from the Companyʼs consolidatedbalance sheets as of March 31, 2022 due to the Transaction: 1) the total amount ofassets including property, plant and equipment by 4,800 million yen; and 2) the total
amount of liabilities including borrowings by 4,800 million yen.
(2) Impact on “result forecast consolidated under the Previous Accounting Standard”
The accounting standards that are applied to the financial statements based on thePrevious Accounting Standards are different. Therefore, the approximately 450 million
yen is expected to be recorded in the operating income item, which is the partnershipinterest income.
JAIC doesnʼt revise “result forecast consolidated under the Previous Accounting Standard”
because this transaction was a prerequisite. For details, please refer to the "FinancialResults for the Third Quarter of the Fiscal Year Ending March 2022 [Japanese Standards](Consolidated)" disclosed on February 14, 2022.

4. “Result Forecast Consolidated Under the Previous Accounting Standard”
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 changingenvironment in recent years. Therefore JAIC doesnʼt disclose the results forecast. For the2

convenience 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 accounting
standards. Therefore, for reference purposes, JAIC will continue to disclose financial
statements, 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)3