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 Third Quarter
Ended December 31, 2023 [Japanese GAAP] (Consolidated)
February 5, 2024
Company name：Japan Securities Finance Co., Ltd.
Listing：Tokyo Stock Exchange
Securities code：8511
URL: https://www.jsf.co.jp
Representative: (Title) Representative Executive Officer & President(Name) Shigeki Kushida
Contact Person: (Title) General Manager of Corporate Planning Dept.
(Name) Hiroshi Sagawa
Tel. +81-03-3666-3184
Scheduled filing date of quarterly financial statements: February 9, 2024
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 Third Quarter of Fiscal 2023 (April 1, 2023 - December 31, 2023)(1) Consolidated Operating Results(% change from year-on-year for those items)

Operating revenues
3rd Quarterof Fiscal 2023
r d

3
Quarterof Fiscal 2022

Operating profit

Profit attributableto owners of parent

Ordinary profit(Millions of Yen)(% change)(Millions of Yen)(% change)(Millions of Yen)(% change)(Millions of Yen)(% change)

37,041

17.1

8,945

33.4

9,735

28.4

7,060

19.4

31,638

41.5

6,704

33.3

7,584

34.8

5,911

46.6

(Note) Comprehensive income: Fiscal 2023 3Q : ¥11,023 million (317.3%)

Net income per share

Net income per share- diluted

(Yen)

(Yen)

3rd Quarterof Fiscal 2023

82.25

―

3rd Quarterof Fiscal 2022

66.71

―

Fiscal 2022 3Q : ¥2,641 million (△20.5%)(2) Consolidated Financial Position
Total assets

Net assets

Shareholders’ equity ratio(Millions of Yen)

(Millions of Yen)(%)

of Fiscal 2023

16,802,503

141,231

0.8

Fiscal 2022

14,056,217

135,728

1.0

3rd Quarter(Reference) Net worth Fiscal 2023 3Q : ¥141,231 million Fiscal 2022 : ¥135,728 million

2. Dividends
1st Quarter

2nd Quarter

Dividends per Share
3rd Quarter
Year-end

Annual

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

Fiscal 2022

-

16.00

-

16.00

32.00

Fiscal 2023

-

17.00

30.00

47.00

Fiscal 2023 (Forecast)(Notes) Revision to most recently published dividend forecast: Yes

Consolidated Performance Forecast for Fiscal 2023 (April 1, 2023－March 31, 2024)(% 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

9,800

54.2

10,800

42.1

7,800

30.7

91.30

(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 : None
② Changes in accounting policies other than ① : None
③ Changes in accounting estimates : None
④ Restatements : None
(4) Number of issued and outstanding shares (common stock)① Number of issued and outstanding shares (including treasury stock)
as of Dec. 31, 2023 : 88,000,000 as of Mar. 31, 2023 : 96,000,000② Number of treasury stock shares
as of Dec. 31, 2023 : 3,528,970
as of Mar. 31, 2023 : 9,803,815③ Average number of shares (quarter-to-date)
for nine months ended Dec. 31, 2023 :
85,843,168
for nine months ended Dec. 31, 2022 :
88,626,661(Note) The number of treasury stock shares deducted in the calculation of the number of treasury stock sharesat 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).

Note: Summary of quarterly financial results is not subject to quarterly review by a certified public
accountant or auditing firm.
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.

21. Qualitative Information on the Current Quarter Results(1) Review of Operating Results(Financial and Economic Environment)
During the current third quarter consolidated cumulative period (from April 1, 2023 to December 31,2023), the economic environment was characterized by downside risks due to the impact of monetary
tightening in various countries in the United States and European countries, concerns over a rapid
slowdown in the Chinese economy and other factors. However, the economy continued to recover,supported by improvements in corporate earnings and inbound demand.
Looking at the stock market, the Nikkei 225 (closing price) started at 28,188 yen at the beginning of
the period, and fell to its lowest point of the period at 27,472 yen on April 6th due to concerns over rapid
economic slowdown leading to a decline in US stocks. However, thereafter buyers prevailed, and themarket rose, driven by a sense of relief over the Bank of Japan's continued monetary easing policy andexpectations over the various initiatives by listed companies to realize capital costs and stock priceconscious management, reaching its highest point of the period at 33,753 yen on July 3rd. Subsequently,
the market softened due to tensions in the Middle East, but rallied again in November on speculation of
the end of US interest rate hikes and strong corporate performance, to close at 33,464 yen at the end of
December.
Looking at the standardized margin trading purchase balance on the Tokyo market and markets (TSE,
NSE, and PTS) during this period, as stock prices rose, the balance gradually decreased from the 2.17
trillion yen range at the beginning of the period, to in the 1.96 trillion yen range on May 19th, its bottom
for the period. However, the balance subsequently increased due to expectations for a rise in stock
prices, reaching its peak for the period in the 2.59 trillion yen range at the end of October, but with therise in stock prices, profit-taking prevailed and the balance settled at the 2.29 trillion yen range at theend of December. Meanwhile, the standardized margin trading sales balance increased from the 530
billion yen range at the beginning of the period to reach its peak for the period in the 780 billion yen
range on May 19th. However, the balance subsequently decreased, reaching its bottom for the period in
the 510 billion yen range on October 6th, and settled at the 550 billion yen range at the end of December.
(Results in Third Quarter of Fiscal Year Ending March 2024)
Under this market environment, in the current third quarter consolidated cumulative period our Group
posted an increase in consolidated operating revenue to 37.041 million yen (up 17.1% year-on-year),and an increase in consolidated operating profits to 8,945 million yen (up 33.4% year-on-year), and anincrease in consolidated ordinary profits to 9,735 million yen (up 28.4% year-on-year), due to anincrease in margin transaction balances for both loans and securities lending, and continued strong
performance in securities financing business, mainly in Bond repo and gensaki transactions and equity
repo transactions. Although the profit attributable to owners of parent for the quarter did not include thespecial profit that accompanied a change to the retirement benefit system recorded in the previous
period, it increased to 7,060 million yen (up 19.4% year-on-year).
An overview of business conditions in each segment during the current third quarter consolidated
cumulative period is as follows.
- Securities Finance Business
Operating revenue for securities financing services reached 34,134 million yen (up 18.3% year-onyear).
Looking at operating revenues by business segment, operating revenue for margin transactions
business reached 8,672 million yen (up 64.5% year-on-year). With an increase in margin transaction
balances, with loan balances averaging 269.1 billion yen during the period (an increase of 16.4 billion
yen year-on-year) and securities lending balances, averaging 255.0 billion yen during the period (anincrease of 69.8 billion yen year-on-year), both interest on loans and securities lending fees increased,
resulting in increased revenues.
Operating revenue for the securities financing business reached 21,755 million yen (up 38.3% yearon-year). Among these, bond repo and gensaki transactions (19,016 million yen, up 40.7% year-onyear) increased significantly due to continued strong transaction needs due to tight supply and demand3for government bonds. Equity repo transactions and the like (1,320 million yen, up 17.2% year-on-year)
increased as balances remained at high levels. General stock lending (771 million yen, up 31.9% yearon-year) and loans for negotiable margin transactions (185 million yen, up 94.8% year-on-year)
increased due to a high level of outstanding balances accompanying the robust stock market. Retailloans (461 million yen, up 14.1% year-on-year) increased due to the robust stock market and increased
balances as the result of successful improvements in product quality.
Other revenue came in at 3,706 million yen (down 52.8% year-on-year). This was due to a decline inprofits from the sale of government bonds held as part of the portfolio replacement carried out in theprevious period in our securities investment business, which is conducted from a standpoint of securingliquidity and strengthening the revenue base for our margin transaction business and securities financing
business. However, operating expenses also decreased due to a decline in losses from the sale of foreign
bonds held.
- Trust and Banking Business
Operating revenue for our trust banking business came in at 2,288 million yen (up 5.3% year-onyear). Custodian type trust services continued to perform well and trust fees increased.
- Real Estate Leasing Business
Operating revenue for our real estate leasing business reached 619 million yen (up 1.7% year-onyear).
(2) Overview of Financial Status(Status of Assets, Liabilities, and Net Assets)
As of the end of the third quarter of the consolidated accounting period (December 31, 2023), total
assets amounted to 16,802.5 billion yen (an increase of 2,746.2 billion yen year-on-year), total liabilities
amounted to 16,661.2 billion yen (an increase of 2,740.7 billion yen year-on-year), and total net assets
amounted to 141.2 billion yen (an increase of 5.5 billion yen year-on-year).
The main factors for this are as follows.
- Assets:
Cash and deposits decreased by 96.2 billion yen, year-on-year, due to a decrease in deposits to thecurrent account at the Bank of Japan.
Operating loans increased by 117.6 billion yen, year-on-year, due to an increase in loans at JSF Trustand Banking Co., Ltd.
Securities purchased under resale agreements increased by 2,641.4 billion yen, year-on-year, due to anincrease in bond gensaki transactions.
Cash collateral provided for securities borrowed decreased by 55.9 billion yen, year-on-year, due to adecrease in the term end balance for equity repo transactions.
- Liabilities:
Call money and commercial paper decreased respectively by 589.0 billion yen and 35.9 billion yen,
year-on-year, as the result of flexible funding conducted in line with changes in loans and other assets
on the asset side.
Securities sold under repurchase agreements increased by 3,736.6 billion yen, year-on-year, due to anincrease in bond gensaki transactions.
Cash collateral received for securities loaned decreased by 668.8 billion yen, year-on-year, due to adecrease in bond repo transactions.
Borrowed money from trust accounts increased by 143.2 billion yen, year-on-year, due to an increase instandby funds in the trust accounts at JSF Trust and Banking Co., Ltd.
- Net assets:
Shareholders' equity increased by 1.5 billion yen, year-on-year, due to the recognition of quarterly net
income and other factors.
Other accumulated comprehensive income increased by 3.9 billion yen year-on-year, as a result of an
improvement in deferred gains or losses on hedges and unrealized gains or losses on available-for-salesecurities incidental to price fluctuations in securities and other assets held.
4

[Reference]
Status of the Group's Operating Revenues by Business Sector
Previous 3rd Quarter
Current 3rd Quarter
Consolidated Cumulative
period(from April 1, 2022 to
December 31, 2022)
AmountConsolidated Cumulative
period(from April 1, 2023 to
December 31, 2023)(from April 1, 2022 toMarch 31, 2023)(Millions of yen)

Composition
ratio
(%)

(Millions of yen)

Composition
ratio
(%)

(Millions of yen)

Composition
ratio
(%)

28,855

91.2

34,134

92.2

38,594

90.8

5,271

16.7

8,672

23.4

8,003

18.8

1,211

3.8

1,289

3.5

1,619

3.8

Interest on collateralmoney for securities
borrowed

408

1.3

645

1.7

565

1.3

Premium charges

2,852

9.0

5,706

15.4

4,711

11.1

Lending fees

597

1.9

819

2.2

808

1.9

Securities financing

15,72949.7

21,755

58.7

21,952

51.6

95

0.3

185

0.5

149

0.4

1,126

3.6

1,320

3.6

1,529

3.6

Retail loans

404

1.3

461

1.2

544

1.3

General stock lending

584

1.8

771

2.1

799

1.9

Bond repo andgensaki transactions

13,51842.7

19,01651.3

18,929

44.5

7,854

24.8

3,706

10.0

8,638

20.3

Trust and Banking
Business

2,173

6.9

2,288

6.2

3,115

7.3

Interest on loans

20

0.1

26

0.1

32

0.1

Trust fees

1,011

3.2

1,129

3.1

1,347

3.2

Other

1,142

3.6

1,131

3.1

1,734

4.1

608

1.9

619

1.7

808

1.9

31,638100.0

37,041

100.0

42,518100.0

Securities FinanceBusiness
Loans for margintransactions
Interest on loans

Loans for negotiablemargin transactions
Equity repo
transactions

Other

Real Estate Leasing
Business
Total

5

AmountPrevious Consolidated
Fiscal Year (Full Year)
AmountStatus of the Group's Transaction Balances by Business Sector (Average Balance)
Previous 3rd Quarter
Current 3rd Quarter
Previous Consolidated
Consolidated Cumulative Consolidated Cumulative Fiscal Year (Full Year)
periodperiodApril 1, 2022 to(from April 1, 2022 to (from April 1, 2023 to (fromMarch
31, 2023)
December 31, 2022)
December 31, 2023)(billions of yen)(billions of yen)(billions of yen)
Loans for margin
252.6
269.1
254.7
transactions
Securities loaned for
185.2
255.0
188.9
margin transactions
Securities financing

11,634.9

12,787.7

11,473.9

Loans for negotiablemargin transactions

17.1

34.6

18.8

Equity repo transactions

687.6

764.3

697.7

Retail loans

16.4

19.7

16.7

General stock lending

52.1

125.2

63.3

Bond repo andgensaki transactions

10,861.5

11,843.7

10,677.2

546.8

597.0

539.9

Trust Bank Loans6(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.
As the margin transactions business and securities financing business for the current third quarter
cumulative period are performing at levels exceeding our expectations, we have revised our estimatesfor operating profits, ordinary profits, and profits attributable to owners of parent upwards from thepreviously announced estimates (announced in November 2023).
<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)

8,900

9,800

7,000

81.48

Revised Estimate (B)9,800

10,800

7,800

91.30

900

1,000

800

10.1

10.2

11.4

6,354

7,601

5,966

3,445

3,198

1,833

54.2

42.1

30.7

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 270 billion yen (+10 billion yen),
Securities lending 250 billion yen (+10 billion yen)Margin transaction interest rates, etc. : Loan interest rate 0.6% per annum,
Securities borrowing fees 0% per annum,
Securities lending fees 0.4% per annum(Note: Figures in parentheses are compared to the balances serving as the premise in the previously
announced estimates.)

7

67.76

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

Fiscal 2022
as of M ar. 31, 2023

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
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total Assets
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

8(millions of yen)
Current 3Q
as of Dec. 31, 2023

1,598,274－
71,013
955,550
3,561,406
6,669,821
405,951△ 165
13,261,853

1,502,000
5,000
271,317
1,073,159
6,202,851
6,613,887
486,338△ 108
16,154,445

5,997
916

5,838
736

745,62181
1,180
40,648△ 81
787,450
794,364
14,056,217

598,692
74
1,300
41,489△ 74
641,483
648,057
16,802,503

2,190,400
92,0101,000
451,000
4,781,801
5,073,776
750
495
107
871,335
219,774
13,682,448

1,601,400
82,010－415,066
8,518,461
4,404,948
814
284－
1,014,540
169,802
16,207,328

Fiscal 2022
as of M ar. 31, 2023

Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision 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

9(millions of yen)
Current 3Q
as of Dec. 31, 2023

232,700
2,196
74
240
217
56
2,013
542
238,040
13,920,489

447,900
4,115
74
186
237
57
802
568
453,942
16,661,271

10,0008,878
118,702△ 7,655
129,925

10,0005,181
120,066△ 3,781
131,467△ 4,300
9,782
168
152
5,802
135,728
14,056,217△ 4,036
13,494
168
138
9,764
141,231
16,802,503

(2) Quarterly Consolidated Income Statement and Quarterly Consolidated Comprehensive Income
Statement(Quarterly Consolidated Income Statement)(Nine Months Ended December 31, 2023)
Previous 3Q

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
Interest 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
Commission for purchase of treasury shares
Loss on investments in investment partnerships
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investments in securities
Gain on revision of retirement benefit plan
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

10(millions of yen)
Current 3Q

Apr.1,2022-

Apr.1,2023-

Dec. 31, 2022

Dec. 31, 2023

1,844
7,573
1,890
8,729
11,59931,6382,079
11,2772,274
13,4407,969
37,041

753
4,553
8,935
5,341
19,582
12,055
5,350
6,704

1,335
5,740
14,736799
22,612
14,429
5,483
8,945

192
198
232
156
109
888

170
234
348
19
35
809

6
1
－
8
7,584

7
11
－
19
9,735

－
671
671
8,256
1,883
460
2,344
5,911
－
5,911

18
－
18
9,754
2,535
158
2,693
7,060
－
7,060

(Quarterly Consolidated Comprehensive Income Statement)(Nine Months Ended December 31, 2023)
Previous 3Q

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

11(millions of yen)
Current 3Q

Apr.1,2022-

Apr.1,2023-

Dec. 31, 2022

Dec. 31, 2023

5,911

7,060

△ 27,034
23,751
16△3△ 3,270
2,641
2,641
－

240
3,712
△ 12
22
3,962
11,023
11,023－

(3) Notes Regarding Quarterly Consolidated Financial Statements(Notes Regarding Going Concern Assumptions)Not applicable.
(Notes in the Event of Significant Changes in Shareholders’ Equity)
Pursuant to a resolution of the Board of Directors adopted at a meeting held on March 20, 2023, theCompany cancelled 8,000,000 shares of treasury stock on April 20, 2023, resulting in a decrease in capitalsurplus of 6,532 million yen and a decrease in treasury stock of 6,532 million yen.
Furthermore, pursuant to a resolution of the Board of Directors adopted at a meeting held on May 9,2023, the Company disposed of 48,600 shares of treasury stock through third-party allocation to JSF
Employees Stock Ownership Plan, with June 30, 2023 as the payment deadline, resulting in an increasein capital surplus of 9 million yen and a decrease in treasury stock of 39 million yen.
In addition, at the Board of Directors meeting held on May 9, 2023, the Company resolved to acquirea total of 3,300,000 shares of treasury stock for a total maximum acquisition cost of 3.3 billion yen,
between May 10, 2023 and March 31, 2024, and acquired 1,851,200 shares for 2,733 million yen between
May and December 2023.
As a result of these actions and other matters, the Company's capital surplus amounted to 5,181 million
yen, its retained earnings amounted to 120,066 million yen, and its treasury stock amounted to 3,781
million yen at the end of the third quarter of the current fiscal year.

12

(Segment Information)
I. Nine Months Ended December 31, 2022 (from April 1, 2022 to December 31, 2022)
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

28,855

2,173

608

31,638

29

200

291

521

28,885
8,566

2,374
1,143

900
514

32,160
10,224

2. Difference between the total amount of profits or losses for each reporting segment and amount recordedin 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

10,224△2,872232－
7,584

II. Nine Months Ended December 31, 2023 (from April 1, 2023 to December 31, 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 revenue orbalance of transfers among
segments
Total
Segment profit (ordinary profit)

Trust andBanking
Business

Real Estate
Leasing
Business

Total

34,1342,288

619

37,041

15

110

293

420

34,149
9,503

2,399
1,504

912
550

37,461
11,55713

2. Difference between the total amount of profit or loss for each reporting segment and the amount recordedin 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

11,557△2,170348－
9,735(Significant Subsequent Events)(Own share repurchase)
The Company, at a meeting of its Board of Directors held on February 5, 2024, adopted a resolution, as
follows, regarding matters pertaining to its share repurchase plan, pursuant to Article 156 of the Companies
Act, as applied following the replacement of terminology, pursuant to Paragraph 3, Article 165 of that Act.
1. Reason for share repurchase
Based on its shareholder return policy (under which it seeks to achieve a total payout ratio of 100% on a
cumulative basis in the period from Fiscal 2023 through Fiscal 2025, through the flexible implementationof share buybacks and dividends), and with the upward revision of its estimated performance for the fiscal
year ending March 2024, the Company established an additional share repurchase quota.
2. Details of repurchase1) Stock to be repurchased
JSF common stock2) Aggregate shares to be repurchased
330,000 shares (maximum)(0.4% of total issued and outstanding shares (excluding treasury stock))3) Aggregate amount of repurchase price
JPY 0.5 billion (maximum)
4) Repurchase period
February 6, 2024 through March 31, 202414