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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August 12, 2022
Japan Asia Investment Co., Ltd. (JAIC)Tokyo Stock Exchange Standard Market (Stock code: 8518)
Tetsuro Shimomura, President and CEO
Kenji Kishimoto, Executive Officer+81-3-3221-8518

Notice of Revision on “Result Forecast Consolidated under the Previous
Accounting Standard” for First Half of the FY March 2023
Japan Asia Investment Co., Ltd. (JAIC) hereby announces that, based on the recent
business performance etc., JAIC has revised its “result forecast consolidated under thePrevious Accounting Standard” for first half of the fiscal year ending March 31, 2023 (fromApril 1, 2022 to September 30, 2022), previously announced on May 13, 2022.
Please be advised that there are no revisions on full-year “result forecast consolidated
under the Previous Accounting Standard” for the fiscal year ending March 31, 2023 (fromApril 1, 2022 to March 31, 2023).
The “result forecast consolidated under the Previous Accounting Standard” and any otherforward-looking statements in this document are based upon the information currently
available to JAIC at the time of writing and certain assumptions. The achievement is notpromised. Various factors could cause actual results to differ materially from these resultforecasts.

11. Revision on the “result forecast consolidated under the Previous AccountingStandard” for first half of the fiscal year ending March 31, 2023 (from April 1,2022 to September 30, 2022)
OperatingOperating

Ordinary

Quarterly net

Quarterly net

revenueincomeincomeincomeincome per

attributableshare

to owners ofPrevious forecast（A）
Revised forecast (B)Change（B-A）
Percentage Change (％)

the parent（*Note）（Millions of（Millions of（Millions of（Millions of（Yen）

yen）

yen）

yen）

yen）

1,950
1,330(620)(31.8)

780
50(730)(93.6)

730
0(730)(100.0)

600
(10)
(610)
(101.7)33.89(0.56)(643)(36.36)（Reference）Actual
results under thePrevious AccountingStandards for first half of381

(496)

(538)

FY Mar. 2022
*Note: Consolidated net income per share in above chart is calculated based on the number of sharesissued and outstanding excluding the number of shares of treasury stock as at June 30, 2022.

2. Reasons for revision
Expected sales of shares from IPO has been delayed from the second quarter to the thirdquarter. A project sold its asset in the fist quarter, however, the expected profit from theproject has been delayed from the second quarter to the third quarter.
As a result, operating revenue is expected to be 31.8% less than the previous forecast. This
leads to forecasts for operating income, ordinary income, and quarterly net income
attributable to owners of the parent dropping from the previous forecast.

3. Full-year “result forecast consolidated under the Previous Accounting Standard”
There are no revisions on full-year “result forecast consolidated under the Previous
Accounting Standard” for the fiscal year ending March 31, 2023 (from April 1, 2022 to March31, 2023). As for the sales and the profit mentioned in above “2 Reasons for revision”, only
the expected timing has been revised but the expected amount hasnʼt been revised.
Additionally, sales of assets of projects progress steadily. 2 assets, including the asset
mentioned above “2 Reasons for revision”, have been sold in the fist quarter and the profits
are expected to be posted in the third quarter.
Actual results of the first quarter were behind the forecast due to unexpected extraordinary
loss, less capital gain from shares and operating costs from projects those exceeded
expectations. On the other hand, 1 mega solar project has been sold in the second quarter.
This capital gain was not expected at the beginning of the term and is expected tocompensate for behinds in the first quarter.

2(Reference) full-year “Result forecast consolidated under the Previous AccountingStandard” for the fiscal year ending March 31, 2023 (from April 1, 2022 to March 31,2023)
OperatingOperating

Ordinary

Net income

Net income

revenueincomeincomeattributable

per share

to owners ofResult forecast for FY
Mar. 2023 (No revision)

the parent（*Note）（Yen）（Millions of（Millions of（Millions of（Millions ofyen）

yen）

yen）

yen）

3,000

750

650

550

31.07

2,409

86

61

49

2.78

(Reference) Actual
results under thePrevious AccountingStandards for FY Mar.
2022

The “result forecast consolidated under the Previous Accounting Standard” and any otherforward-looking statements in this document are based upon the information currently
available to JAIC at the time of writing and certain assumptions. The achievement is notpromised. Various factors could cause actual results to differ materially from these resultforecasts.

4. “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. In
addition, 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.
3-2. “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 Groupʼs3

business results and financial position, JAIC considers it essential also to disclose financial
statements, etc., prepared in accordance with the previous accounting standards. Therefore,
for reference purposes, JAIC will continue to disclose financial statements, etc., inaccordance with the previous accounting standards.
(End)4