In this presentation, I will explain items 1 through 4 listed here.
While JAIC discloses consolidated financial statements prepared inaccordance with the fund accounting standards and the previous
accounting standards, the figures in this document is based on those
prepared in accordance with the previous accounting standards.

Operating revenue increased 11.5% to 2.76 billion yen. This is
attributable to an increase in the number of sales of mega solar projects
from 4 to 7.
Meanwhile, profit attributable to owners of parent decreased 47.7% to302 million yen. A factor behind this was a decrease in profit
contributions from private equity funds operated by other companies.
There was a significant profit contribution from the funds operated byother companies in the previous fiscal year as a result of a progress ininvestment returns which happened earlier than expected. In the current
fiscal year under review, however, there was a reactionary decrease of a
total of 636 million yen in profit contributions from operating revenue
and extraordinary income.
While there were decreases in investment write-offs and provision forallowance and an increase in proceeds of sales of projects compared withthe previous fiscal year, a decrease in profit contributions from private
equity funds operated by other companies could not be offset.

Total assets decreased 8.7% from the previous fiscal year to 15.8 billion
yen. Cash and deposits dropped 1.6 billion yen as a result of therepayments of loan. The balance of project oriented investment slightly
declined year-on-year due to the sales of some projects in addition to
distribution and redemption, despite active investment execution.
Distribution herein refers to the distribution of funds to project investors
using proceeds from working projects and consumption tax refunds assources. Redemption herein means the return of some of JAICʼs invested
funds upon the successful procurement of funds from financial
institutions as a result of the progress in project development. Both ofthese indicate steady progress in project development and operations
following JAICʼs investment.
The balance of strategic investment increased as a result of theexecution of 5 projects.

As for the actual results for the fiscal year ended March 31, 2020, theprogression ratio of profit attributable to owners of parent was 60.5%
against the forecast.
As the decline in private equity investment was larger than expected andthe procedures for project sales took longer than expected, we could notincrease project sales to the sufficient level to cover all the decline inprivate equity investment.

The figures in the right-end column indicates KPI targets for the fiscal
year ending March 31, 2021, and actual results for the past two fiscal
years are listed for comparison.
Looking at the first three KPIs from the top, actual results for FY2020
either remained unchanged or deteriorated from actual results for
FY2019. As explained earlier, the factor behind this is the sales ofprojects.
As for the actual results of the fourth KPI “Promotion of early liquidizingof assets for private equity investment”, while the balance has been on adecreasing trend, there is a significant gap from the target. As explained
earlier, this reflected a decline in proceeds of sales of securities.
In terms of the fifth KPI for strategic investments, implementation of
investments has been progressing steadily, and the targets have beenachieved in the second year of the plan.

This chart shows more detailed classification of profit opportunities.
Please look at this from the left-top box clockwise.
In project oriented investment, vegetable plants, homes for persons withdisabilities and renewable energy excluding mega solar projects are
positioned as investments that are expected to make a stable earnings
contribution through long-term asset holding as in the past.
On the other hand, mega solar projects, nursing care facilities for elderly
persons, logistics facilities are positioned as investments that are
expected to make an earnings contribution with a significant impact
through high asset turnover by repeating the cycle of short-term asset
sales within 2-3 years after investment and new investments. JAIC has apolicy to focus on projects in this field going forward.
The right-bottom box features private equity investment and fee
businesses such as M&A. A variable but significant earnings contribution
can be expected for the businesses in this category.
The left-bottom box shows businesses that are expected to make astable earnings contribution. One of the examples is consignment of fundadministration carried out by JAICʼs subsidiary.

This page summarizes business policies for the aforementioned profit
opportunities by type.
Among renewable energy projects, the number of highly profitable mega
solar projects has been declining. Therefore, we have a policy to execute
future investments after examining profitability more carefully than
before.
Smart agriculture project aims to achieve profitability for No. 1 plant by
March 31, 2021. Investment in No. 2 plant is planned after gaining
prospects for achieving profitability of No. 1.
Distribution center project has a policy to make active investment inmedium- to large-scale logistics facilities. It aims for high returns bymaking investment in projects at early stages, such as by starting
investment at a stage prior to securing land for the project.
In health care project, JAIC will support partner companies by continuing
investment in facilities for persons with disabilities in the future. We willcontinue to carefully invest in projects for aged care facilities.
In private equity investment, as an achievement of its solicitation
activities, JAIC will establish a fund to support business expansion in Asia
by local companies in collaboration with regional financial institutions,which is an area where JAIC can leverage its strengths. We will also link
it to the acquisition of fees such as M&A intermediary services throughfund operation activities.
In addition, we will take actions aimed at growth support and earlyliquidizing and monetization of existing investee companies.
In M&A intermediary services, we will aim to conclude contracts as soon as
possible based on the M&A needs obtained in the process of cultivatingpromising companies for our investment.

Risks expected when selling listed shares;
The selling share price may drop due to a weak stock market or IPOs ofinvestee companies may be delayed.
Risks expected when selling unlisted shares;
Expected sale negotiations may not be completed or may be delayed or
selling prices may drop due to purchasers' financing difficulties ordeterioration of business performance of investee companies subject tothe sale, caused by a weaker economic environment.
Risks expected when selling projects;
Expected sale negotiations may not be completed or may be delayed or
selling prices may drop due to purchasers' financing difficulties caused bya weaker economic environment.
Risks expected when evaluating existing investee companies;
Loss on evaluation or allowance for loss may be incurred due todeterioration of business condition of the investee companies.
Risks expected in project investments;
Projects under construction may experience suspension of construction
work due to requests by the central or local governments to shut downbusiness. Renewable energy projects currently selling electricity may see

an increase in output restraints due to reduced electricity consumption. Smartagri projects may experience a decrease in sales to the restaurant industry
due to clients' suspension of business.
Risks expected in JAICʼs sales activities;
In its sales activities, JAIC is making efforts to reduce internal infection
risks introducing telework to reduce the number of employees coming to theoffice by about 80%. Meetings with external parties are also currently limited toonline meetings, as a rule. As a result, we expect that these may have anegative effect on cultivating new investments. There is also a risk that theefficiency in investment return activities may drop.

There has been a limited impact of the novel coronavirus (COVID-19)
pandemic at this stage. The figures on this page are based on theassumption that the impact of COVID-19 will remain limited in the
future. Regrettably, we are unlikely to achieve the target level set out inthe medium-term business plan. However, we have a policy to aim forfinal profit of 0.18 billion yen and ROE of 2.5% for FY2021 byimplementing the aforementioned business policies and endeavoring todeliver maximum results through the sales of investment assets.
As shown in the table below, it is likely that a decline in each of KPIs is
unavoidable. However, we will make our utmost efforts to get closer tothe plan.
Unrealized gain of project oriented assets has been excluded from KPIs
since we decided to shift our focus to project oriented investment subject
to short-term sale.

5. Business report

Private equity investment

P24

Project oriented investment

P27- 23 -

http://www.jaic-vc.co.jp

5. Business report - Private equity investment – Investment execution

Investment execution : 12 companies, ¥1.2 billion
5 strategic investments in partner companies
Smart Solar Corporation
Business:
Mega solar power generation related business,
Smart city related business for public facilities andindustrial facilities
Residential solar power generation related business

MDｰFarm
Business:
Development and sales of strawberry
cultivation system
Agriculture business support
consulting services, etc.
http://www.jaic-vc.co.jp

Morihisa Engineering Co., LTD.
Business:
Development, planning, construction and operation ofvegetable factories
Production of high-end vegetables under the brand name
“Morvel”.

KIC Holdings Inc.
Business:
Development of distribution centers(logistics facilities), finance,
formulation of management plan,
asset management

Social Inclu Co., LTD.
Business:
Operating “Social Inclue Home”,
group homes for persons withdisabilities- 24 -

5. Business report -Private equity investment – JAIC Backed IPOs

StemRim Inc.
Stock market: TSE Mothers (4599)
IPO date: 9 August 2019

Fangdd Network Group Ltd.
Stock market: NASDAQ Global (DUO)
IPO date: 1 November 2019

PBsystems, Inc.
Stock market: FSE Q-Board (4447)
IPO date: 12 September 2019

Ligua, Inc.
Stock market: TSE Mothers (7090)
IPO date: 13 March 2020- 25 -

http://www.jaic-vc.co.jp

5. Business report -Private equity investment - Asia business network Asia business network,
JAIC's strength, further
strengthened.
 To be used for the launchof M&A business andsupport of investee
companies.
 Cooperation agreement
signed with China's Xi'an
Hi-Tech Industries
Development Zone,
Yantai Investment
Development Board andWuhan Municipal
People’s Government,
respectively.
 Cooperative agreements
signed with local venture
capital and local security
company in Thailand,
respectively.

http://www.jaic-vc.co.jp- 26 -

5. Business report - Project oriented investment – Investment execution

Investment execution : 10 projects, ¥ 2.15 billion
Renewable energy- 4 mega solar projects with a ¥30-level FIT price- Investment in an operator of an intermediate treatment facility for waste that can beused as law materials for biogas power generation

Smart agriculture

Additional investment of the vegetable plant’s operation funds

Health care

A large-scale aged care facility located in Shinonome, Koto-ku, Tokyo

Distribution center

Investments in 2 logistics facility construction projects in Japan

Others

A medium-term project investment in income property (commercial building)In addition to those listed above, a loan was provided to a project on group home for disabled persons.
- 27 -

http://www.jaic-vc.co.jp

5. Business report - Project oriented investment – New fund

JAIC-Solar Fund, L.P.,Ⅱ
Fund managementcompany
Fund investors andinvestment ratio

JAIC Capital Partners Co., Ltd.(JAIC’s 100％ subsidiary)
General Partner
Limited Partners

JAIC Capital Partners Co., Ltd.(investment ratio: 0.07％)
JAIC(investment ratio:0.07％), other 2 companies(investment ratio:99.85％)

Fund total

1,359 million yen

Investment target

Mega solar projects in operation

Date of establishment
Project invested

March 4, 2020
JAIC Group transferred six mega solar projects (14.2 MW in total) to JAIC-Solar Fund, L.P., II following theexecution of investment of the Fund.

Higashioudaike solar power plant

Kumanishiki Ajioka Shizen Energy
solar power plant

Nakaoudaike solar power plant
Iwate Ichinoseki solar park
http://www.jaic-vc.co.jp

Nomaike solar power plant

Mitakabeike solar power plant- 28 -

5. Business report - Project oriented investment- Renewable energy projects as of March 31, 2020

Mega solar projects
Started electricity sales
Under construction or under planning
Total
attributable to JAIC

14 projects
11 projects
25 projects

47.9 MW
49.6 MW
97.5 MW
45.2MW

Transfers to buyers other than the funds operated by the JAIC Group

23 projects

122.0 MW

*Underlined projects that started electricity sales:
Investment by JAIC Solar Fund L.P., Ⅱ

Fukuoka, Solar
3 projects
2.9MW

Kumamoto, Solar
1 project 3.1MW
1project 11.8MW

Hokkaido, Solar,
3 projects 22.1MW
1 project 2.3MW
Aomori, Bio gas,
1project 0.03MW
Iwate, Solar,
1 project 2.4MW
2 projects 5.3MW
Miyagi, Solar,
1 project 2.4MW
Fukushima, Solar,
2 projects 3.9MW
1 project 2.4MW

Tokyo, Bio gas,
1project 1.6MW
Kagawa, Solar Mie,
4 projects 8.7MW Woody biomass, 1 project 2.0MW
Mega solar,
1 project 21.8MW
Wind power,
1 project at most 25.2MW

Tochigi, Solar,
3 projects 6.0MW
Kanagawa, Solar,
1 project 2.4MW* Since our investment ratio differs in each project, the amount of JAIC’s investment or revenues from mega solar projects that are attributable to JAIC are notnecessarily linked to the MW figure of the project.
http://www.jaic-vc.co.jp- 29 -

5. Business report - Project oriented investment- Health care project (Group home for persons with disabilities)

Commenced 3 projects with Social Inclu, JAIC’s partner company

Group home in Hamamatsu City, Shizuoka••

Projects commenced in Hamamatsu City (Shizuoka Prefecture), Utsunomiya City (Tochigi Prefecture)and Hiroshima City (Hiroshima Prefecture).
By investing in Social Inclu Co., LTD., we support its growth.

(Note) Group home;
In group homes, about 10 to 20 people with physical, intellectual, and mental disabilities live together with the support of thecaretakers stationed 24 hours a day. Since the facility is smaller than the existing facilities for persons with disability, it is possible toprovide support that meets the needs of each resident. The benefits of moving into group homes include prevention of isolation,
reduction of anxiety about life, and stabilization of physical and mental conditions through communal living.
http://www.jaic-vc.co.jp- 30 -

5. Business report - Project oriented investment- Distribution center project (logistic facility)

Developing 2 facilities with KIC Holdings, JAIC’s partner company
KIC Koshigaya Distribution Center

Rendering

KIC Atsugi Distribution Center

Rendering

Location

Koshigaya-shi, Saitama

Location

Atugi-shi, Kanagawa

Accessabout 6㎞ from TOHOKU
Expressway Urawa IC, about 1㎞ from TOBU SKYTREE Line
Oobukuro station

Accessabout 1.46km fro KEN-O
Expressway KEN-O Atsugi IC,
about 1.8㎞ from JR Sagami
Line Ebina station

Total floor
space

11,250m²、4 floors above
groundTotal floor
space

10,890㎡ (scheduled)、2
floors above ground

Completion

Sep. 2021 (scheduled)Completion

Feb. 2022 (scheduled)- 31 -

http://www.jaic-vc.co.jp

6. Appendix

List of project oriented investments

P33

Break down of private equity investment balance

P35

AUM of Funds, Investment balance & balance of operational
investment securities

P36

Funds & investment activities

P37

Business results & financial position

P38

Break down of operating revenue & operating cost

P39

Business field

P40

Core competence

P41

Profit structure

P42

Company data

P44

http://www.jaic-vc.co.jp- 32 -

6. Appendix – List of project oriented investments
Type ofproject
Solar

No.

FIT
[tax excluded, ¥]Total amount ofproject [¥ bn.]1

Nishiki-cho, Kuma-gun, Kumamoto(*)

Name of power plant or Location

3.1

Started electricity sales in Dec. 201540

approx. 1.05

2

Nomaike solar power plant(*)

2.4

Started electricity sales in May. 201736

approx. 0.8

3

Fukushima Inawashiro solar power plant

1.2

Started electricity sales in Sep. 201736

approx. 0.34

4Mitakabeike solar power plant(*)

1.5

Started electricity sales in Sep. 201732

approx. 0.5

5Iwate Ichinoseki solar park(*)

2.4

Started electricity sales in Jan. 201836

approx. 0.8

6

Obihiro solar park

4.4

Started electricity sales in Mar. 201840

approx. 2.2

7

Nakaoudaike solar power plant(*)

2.4

Started electricity sales in Apr. 201836

approx. 0.86

8

Ichinoseki-shi Yoshitaka solar power plant

2.6

Started electricity sales in Jun. 2018

36

－

9

Higashioudaike solar power plant(*)

2.4

Started electricity sales in Jul. 201836

approx. 0.86

10

Ichinosekishi Suzugasawa solar power plant

2.7

Started electricity sales in Oct.. 2018

36

－

11

Kami solar park

2.4

Started electricity sales in Oct. 201836

approx. 0.96

12

Mombetsu-shi Kodo solar power plant

15.7

Started electricity sales in Feb. 202040

approx. 6.6

13

Yokotsunooka solar power plant

2.0

Started electricity sales in Mar. 2020

36

－

14

Mie

21.8

Under construction or Under planning

24

－

15

Fukushima

2.4

Under construction or Under planning

32

－

16

Hirono solar park

2.7

Started electricity sales in Feb. 2020

40

－

17

Kumamoto

11.8

Under construction or Under planning

38

－

18

Hokkaido

2.3

Under construction or Under planning

40

－

19

Kanagawa

2.4

Under construction or Under planning

32－

Fukuoka (3 projects)

2.9

Under construction or Under planning

36

－

23

Tochigi

2.0

Under construction or Under planning

36

－

24

Tochigi

2.0

Under construction or Under planning

32

－

25

Tochigi

2.0

Under construction or Under planning

32

－

20-22

Generation
Capacity [MW]Current status

Total 97.5MW [attributable to JAIC 45.2MW]- 33 -

http://www.jaic-vc.co.jp

6. Appendix - List of project oriented investments
Type of project

No.

Woody biomass
Bio gas1

2Wind power

http://www.jaic-vc.co.jp

Total amount of project [¥
bn.]

2.0

Started electricity sales in Jan. 2018

－

－

Tokyo

1.6

Under construction or Under planning

39－

operator of adjoining waste processing
plants－－0.03

Started electricity sales in Nov. 201839－

At most 25.2

Under construction or Under planning

22－

Aomori Touhokumachi solar power plant

Generation Capacity[MW]

Current status

Tambasasayama-shi, Hyogo－

Started operation in Mar. 2019－

Approx. 0.7

1

Hamamatsu-shi, Shizuoka－

Under construction

－

－

2

Utsunomiya-shi, Tochigi－

Under construction

－

－

3

Hiroshima-shi, Hiroshima－

Under construction

－

－

Aichi

－

Opened*investment in building which has alreadystarted operation

－

－

1

Koshigaya-shi, Saitama－

Under planning

－

－

2

Atsugi-shi, Kanagawa－

Under planning－－

Commercial
building
Logistics
warehouse

Location

Mie

Vegetable plantGroup home

FIT
[tax excluded, ¥]Matsusaka-shi, Mie- 34 -

6. Appendix - Break down of private equity investment balance

Investment balance : 98 companies, ¥8.4 bn.
【Breakdown by area】【Breakdown by industry】
Others;
12co.

China,HK,
Taiwan&Japan;
52co.

Total
3.8bn.
98 companies
4.6bn. ¥8.4bn.

others ;
46co.

QOL;
24co.
3.1bn.

Service; 1.6bn.
15co.
Total
1.1bn. 98 companies

Precisionmachine;
7co.

¥8.4 bn.
0.7bn.
1.9bn. IT;
40co.

Average investment amount per company (unit: ¥ million):
Japan 73, China,HK&Taiwan etc. 99 / QOL 130, IT 46- 35 -

http://www.jaic-vc.co.jp

6. Appendix – AUM of Funds, Investment balance & balance of operational
investment securities
Investment by fuds
5.8

AUM of funds¥17.3 bn.

7.7

3.1

0.8

Investment balance¥15.1 bn.

Principal investment
by JAIC 9.3

1.6

Other
investors'
interests in
funds
4.2
Other than consolidated projects
Consolidated projects

Balance of
operational investment securities(previous accounting standard)

6.3

3.1 ※

1.6 0.8

Others¥11.7 bn.
Balance of
operational investment securities(fund consolidated
accounting standard)¥9.8 bn.

http://www.jaic-vc.co.jp

JAIC's interests in funds

Cash etc. in Funds
Accumulated profits, losses & distributions
6.3

1.6 1.2 0.9

Uncalled commitments to Funds
Note:
Of the principal investment by JAIC, the investment portion in aconsolidated project is deemed investment in a subsidiary under
the fund consolidated accounting standards, and the investment isoffset.
On the other hand, renewable energy power generation andvegetable plant facilities held by consolidated projects are booked
as property, plant and equipment under the fund consolidated
accounting standard.

- 36 -

6. Appendix - Funds & investment activities(JPY million)

15/3

New & increased funds
AUM of funds - total

16/3

17/3

18/3

19/3

20/3

-

5,201

500

1,000

2,000

1,359

43,89739,33528,753

19,15016,494

17,390

AUM of funds - JAIC

14,004

9,427

5,867

5,344

5,163

New investnemts (private equity)

1,470

1,304

1,131

1,205

136

1,224

Balance of investments (private Equity)

18,385

15,061

11,981

10,398

8,437

8,405

New investnemts (project oriented investment)

1,257

2,788

3,184

2,681

3,612

2,150

Balance of investments (project oriented investment)

1,337

3,722

4,576

3,582

5,514

6,696

- 37 -

http://www.jaic-vc.co.jp

6. Appendix - Business results, financial position (Previous accounting standards)(JPY million)

15/3

16/3

17/3

18/3

19/3

20/3

Business results
Operating revenues

4,532

4,043

3,926

5,403

2,475

2,760

Operating gross profit

882

1,554

2,176

2,328

1,286

1,359

SG&A expenses

1,433

1,472

1,339

1,311

1,109

1,094

Operating income

(550)

82

836

1,017

177

265

Ordinary income

(610)

612

726

954

83

140

Net income

(850)

597

553

874

578

302

9,437

8,202

6,213

7,308

5,564

3,920

1,337

3,722

4,081

3,582

5,514

5,437

-

100

100

373

373

1,005

10,364

8,126

7,256

5,657

4,765

4,282

8,166

Financial position
Cash and deposits
Operational investment securities and operatingloans of project oriented investment
Operational investment securities of strategic
investment in partner companies
Operational investment securities after
deducting allowance for possible investment loss
(Private equity except strategic investment in
partner companies)
Loans payable, bonds & bonds with subscription

20,193

16,91014,128

11,954

9,784

Total shareholders' equity

3,373

4,976

5,686

6,545

6,840

7,223

Total assets

24,396

22,68020,305

19,22017,30515,800rights to shares

http://www.jaic-vc.co.jp- 38 -

6. Appendix - Statement of Income - break down (Previous accounting standard)(JPY:million)

15/3

16/3

17/3

18/3

19/3

20/3

Change(%)

１． Fund management operation
Fund management fees and others

571

441

364

277

241

199

Success Fees

63

288

101

86

-

-

-

Operating revenue

634

729

466

364

241

199

(17.6%)

Operating cost
Operating gross profit(17.6%)

-

-

-

-

-

-

-

634

729

466

364

241

199

(17.6%)

3,651

2,954

2,275

3,219

1,746

2,349

34.5%

193

345

1,159

1,677

429

172

(60.0%)

3,844

3,300

3,434

4,897

2,176

2,521

15.9%

1,767

1,863

1,423

2,469

554

965

74.3%

1,704

569

274

562

579

245

(57.6%)
274.3%

２． Investment operation
Proceeds of sales of securities (A)Fund interests income etc.
Operating revenue
Cost of securities sold (B)Investment write-oﬀs and Provision for allowancefor possible investment losses ( C)Fund interests losses etc.
Operating cost
Operating gross profit

168

47

46

36

49

184

3,640

2,481

1,744

3,069

1,182

1,395

18.0%

203

818

1,690

1,827

993

1,125

13.3%

53

13

25

142

57

40

(30.2%)

３． Others
Operating revenue
Operating cost

9

7

6

5

6

5

(8.0%)

Operating gross profit

44

5

19

136

51

34

(32.9%)

Operating revenues

4,532

4,043

3,926

5,403

2,475

2,760

11.5%

Operating cost

3,650

2,488

1,750

3,074

1,188

1,401

17.9%

882

1,554

2,176

2,328

1,286

1,359

5.7%

Total

Operating gross profit- 39 -

http://www.jaic-vc.co.jp

6. Appendix – Business field

Private equity investment

Strategic investment

Project investment

JAIC provides growth capital in venturecompanies and small and medium sizedenterprise (“SME”) with high growth potential,
as well as to SMEs with succession problem.
After the investment, JAIC is committed toprovide various support to achieve growthstrategies of the company by utilizing
JAIC’s resources in Japan and elsewhere in
Asia.

Strategic investment in partnercompanies that correspond toselected themes of JAIC.
JAIC provides “hands-on” support topartner companies to improve its
business promotion and financing
activities, etc.

JAIC has been investing to renewable energy
industries represented by solar energy as well as tohealthcare industry such as nursing facilities andfacilities for persons with disabilities. In addition to
above, JAIC
is determined to invest to new areas such as smartagri business represented by vegetable plant andlogistic industry such as distribution center where
JAIC’s accumulated expertise can be leveraged.

http://www.jaic-vc.co.jp- 40 -

5. Appendix – Core competence
Historical background in Asian
regionSince its establishment in 1981 by the Japan
Association of Corporate Executives (Keizai
Doyukai), JAIC has contributed to economic
exchange between Japan and Asian
countries over 35 years which led to highname recognition.

Capability to capture up-to-datebusiness information
Through the activity of exploringpromising companies and investment
opportunities, JAIC has capability tocapture highly professional and cuttingedge information on various corporates.

Expertise to structure sophisticatedfinance scheme
Wide range of network with venture companies
JAIC has track record of leading more than 300 invested venturecompanies to “Going Public”. Through the long time investment
activities, JAIC enjoys close relationship with wide range ofventure companies. Based on this intangible asset, JAIC is
utilizing the network to create value for invested companies
through business matching and cultivating new business theme
for JAIC’s own.

JAIC’s accumulated invested volume insideand outside of Japan is Japanese Yen 330
billion.
For the project oriented investment, in
addition to providing direct equity investment,
JAIC has been arranging various financing
scheme utilizing project-finance approachand leverage financing together with financial
institutions.
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http://www.jaic-vc.co.jp

5. Appendix – Profit structure● Private equity investment

There are the following two types of investment
capital:・Contribution from JAIC’s cash reserves
・Capital that is entrusted for investment byfund investors in Japan and abroad throughthe fundJAIC also invests in the fund and acquires
capital gains according to its investment ratio.

● Renewable energy project investment

The power generation operator procures funds
for the construction of power plants by thefollowing two ways and owns the power plants:
・Investment by JAIC and other investors
・Loans from financial institutions
The generated power is purchased by powercompanies at FIT.
JAIC and other investors obtain stable revenue
from electricity sales according to theirinvestment ratios.

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5. Appendix – Profit structure● Fund management
In fund management, there are thefollowing two types of fees:
・Management fee received ascompensation for recurring
management and operation
・Success fees received according to thefund’s performance- 43 -

http://www.jaic-vc.co.jp

5. Appendix - Company data (as of March 31, 2020)
Company name

Japan Asia Investment Co., Ltd.

Head office

3-11 Kandanishiki-cho, Chiyoda-ku, Tokyo 101-8570, Japan

Established

July 10, 1981

Paid-in capital

5,426 million yen

Listed market

Tokyo Stock Exchange, 1st Section (Securities code 8518)

Employees

38 (Consolidated) /20 (Non-consolidated)

Main businessPrivate equity investment / Project oriented investment

Directors

Chairman of the Board :Yoshiaki Kawamata [Outside/Independent]
President & CEO:Tetsuro Shimomura
In charge of New Energy Investment Group:Masafumi Hatta
Chairman of Audit & Supervisory Committee:Kazunori Omori
Member of Audit & Supervisory Committee:Hitoshi Yasukawa [Outside/Independent]:Tadashi Nunami[Outside/Independent]:Harumi Katagiri[Outside/Independent]

http://www.jaic-vc.co.jp

Abbreviation; JAIC

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JAIC
Japan Asia Investment Co., Ltd.
Seiko-Takebashi-Kyodo Bldg., 3-11 Kandanishiki-cho, Chiyoda-ku, Tokyo 101-8570
TEL +81-3-3259-8518 Fax +81-3-3259-8511

http://www.jaic-vc.co.jp/
Contact to:
Kenji Kishimoto, Executive Officer
Miyuki Maruyama, Administration GroupIR e-mail : ir@jaic-vc.co.jp

The contents of this document are based on materials available at the time of its compilation and no guarantee can be made as to the continued
accuracy and reliability of the material. The contents may be changed without prior notice. Risks and uncertainties including changes to economic
circumstances may cause results and projections to differ materially from those presented in the document.
The information in this document is for presentational purposes only and is not an inducement to invest in securities issued by JAIC.
The figures in this document is based on consolidated financial statements.
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