Financial Results Overview
for the 3rd Quarter Ended
December 31, 2018
Japan Asia Investment Co., Ltd. (JAIC)( TSE 8518 )Announcement: February 14, 2019
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.

http://www.jaic-vc.co.jp-1-

Contents

1 SummaryP3

2 Results for 3Q FY Mar 2019 (Previous accounting standard)

P4

3 Result forecast for FY Mar 2019 (Previous accounting standard)

P9

4 Business Report

P10

5 Appendix

P21

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1. Summary
9 Results for 3Q FY March 2019 (Previous accounting standard)• Revenues decreased by 61.5% year on year; final deficit ended at 0.19 billion yen.
• The decrease in revenues was a result of the sale of a large project in the same period
last year.
9 Result forecast FY Mar 2019 (Previous accounting standard)• On Dec. 25, 2018 we made a downward revision to the forecast at the start of the term.
Operating revenue forecast: reduced by 33.3%; final profit forecast: maintained forecast
at start of term
• Going forward, we plan to achieve the revised forecast by increasing gains on sale ofmega solar projects even if downward risk arises in the gain on sale of shares in 4Q.
9 Business report• IPO: VALUENEX Japan Inc. achieved IPO on Oct. 30, 2018.
• 3 Billion Yen of a total fund amount of the business succession-type buyout fund wasachieved on Oct. 31, 2018
• 6 projects worth 12.5MW commenced electricity sales from Apr. to Dec.
• Invested in JAIC’s 1st vegetable plant project
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2. Results for 3Q FY March 2019 (Previous accounting standard)

Business Result
Outline of results

P5

Break down of operating revenue & operating costP8

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2. Results for 3Q FY March 2019 – Outline of results (Previous accounting standard)
FY 2019 3Q(Actual)FY 2018 3Q(Actual)AmountComposition
AmountComposition(million yen)ratio
(million yen)ratio
Operating revenue

Result forcast FY2019(Revised on Dec 25, 2018)

AmountProgression(million yen)ratio

Change3,154

100.0%

1,214

100.0%(61.5%)

2,300

52.8%

1,773
1,381

56.2%
43.8%

857
356

70.6%
29.4%

(51.6%)(74.2%)

1,100
1,200

78.0%
29.7%

SG&A expenses

922

29.2%

816

67.2%

(11.5%)

1,100

74.2%

Operating income

458

14.5%

(459)

-

-

100

-

Profit attributable to owners of parent

334
240

10.6%
7.6%

(512)
(197)

-

-

0
470

-

Stable revenues (*)

290

-

304

-

4.7%

330

92.2%

31.5%

-

37.3%

-

-

30.0%

-

Operating cost
Operating gross profit

Ordinary Income

Percentage of stable revenues to SG&A

9 Year on year: 61.5% drop in revenues; final deficit of ¥197 million; the drop was a result of the saleof 4 projects worth 36.0 MW, including a large project, in the same period last year.
9 Versus full-year forecast: Operating revenue 52.8%;¥670 million difference in final profit; we plan toachieve result forecast by increasing gains on sale of mega solar projects
9 Stable revenues: Increased from the same period last year as proceeds from mega solar projects
compensated for the cost of projects under construction.
(*) Stable revenues: Management fees ＋ project oriented revenues except project oriented investment capital gain and subsidy income ＋ PE investment
income gain.
http://www.jaic-vc.co.jp-5-2. Results for 3Q FY March 2019 – Outline of results (Previous accounting standard)
FY 2019 3Q(Actual)FY Mar 2018
(Actual)AmountComposition
AmountComposition(million yen)ratio
(million yen)ratio
Total assets

Change19,220100.0%

16,646100.0%(13.4%)(a) Cash and deposits

7,308

38.0%

4,931

29.6%

(32.5%)(b) Operational investment securities(Project oriented investment)

3,582

18.6%

4,836

29.1%

35.0%

Operational investment securities after
deducting Allowance for possible
investment loss (Private equity)

6,030

31.4%

5,212

31.3%

(13.6%)（c） Loans payable

11,954

62.2%

9,784

58.8%

(18.2%)

Total shareholders' equity

6,545

34.1%

6,255

37.6%

(4.4%)(a) + (b) - （c）(1,063)

-

(16)

-

-

9 Project oriented investment assets increased due to progress of investment execution and control of thesale
9 Outstanding loans payable were ¥9.7 bn. 79％ was reduced from the peak (incl. bonds).
9 The balance between the total amount of cash & deposits and renewable energy projects andoutstanding borrowings improved from ¥(1,063) million on March 31, 2018 to ¥(16) million on December
31, 2018.
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2. Results for 3Q FY March 2019 – Cash Flows (Previous accounting standard)(JPY million)

Operating CF
Investing CF
Financing CF
Change in Net CF
Cash & Cash Equivalents
at End of Period

18/3
1,870
238
(2,173)(57)
4,757

18/3(3Q) 19/3(3Q)
(180)
994
197
703
(2,173)(2,173)(2,155)
(491)
2,659

4,265

9 Operating CF: Net cash provided was ¥994 million due to the receipt of
distributions from funds and tax refunds, despite the booking of losses
9 Financing CF: Net cash used was ¥2,173 million due to repayment of borrowings

http://www.jaic-vc.co.jp-7-

2. Results for 3Q FY March 2019 –Break down of operating revenue & operating cost (Previous accounting standard)
Total（JPY million）

FY 2018(3Q)(Actual)Private equity investment

FY 2019(3Q)(Actual)FY 2018(3Q)(Actual)FY 2019(3Q)(Actual)Project oriented investment
FY 2018(3Q)(Actual)FY 2019(3Q)(Actual)Cost of securities sold

1,219

1,214
187
602
381
10
32
857
272

Investment write-offs and Provision for allowancefor possible investment losses

534

540

534

540

-

-

Fund interests losses etc.

15

12

4

40
4
213

2

Other operating costs

40
4
356

142

Operating revenue

3,154

Fund management fees and others

208

Success Fees

86

Proceeds of sales of securities

1,457

Fund interests income etc.

1,339

Income gains

34

Other operating reveue

27

Operating Cost

1,773

Operating Gross Profit

1,381

2,199

400

1,055
186
579
267
9
13
841
255

818

158
1
23
113
1
19
16
16

954
206
86
627
13
11
9
951

4
2

2
830
1,325
23
18
821

1,378

9 In private equity investment, both revenue and profit increased year on year due tointerest income from funds operated by other companies
9 In project oriented investment, both revenue and profit decreased year on year as a resultof the sale of 4 projects, including a large project, of 36.0 MW in total and subsidy incomein the same period last year.
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3. Result forecast for FY Mar 2019 (Previous accounting standard)

Previous accounting standard

Operating revenue
Operating cost
Operating gross profit
SG&A expenses
Operating income
Ordinary Income
Profit attributable to owners of parent

9

9

A

B

C

Result forcast FY2019
at the start of FY2019

Result forcast FY2019
revised on 25 Dec. 2018

Actual 2019/3(3Q)

Amount(million yen)Amount(million yen)

3,450
1,650
1,800
1,100
700
550
470

2,300
1,100
1,200
1,100
100
0
470

Amount(million yen)

Progression
ratio (C/B)

1,214
857
356
816
(459)
(512)
(197)

52.8%
78.0%
29.7%
74.2%
-

On Dec. 25, 2018 we made a downward revision to the result forecast at the start of term.
Due to the decrease in proceeds on sale of shares, the operating revenue forecast decreased
by 33.3%, while the final profit forecast was unchanged from the start of term due to thegeneration of extraordinary profit.
We plan to achieve the revised forecast by increasing gain on sale of projects even if downward
risk arises in the gain on sale of shares in 4Q.

The result forecast are based upon the information currently available to JAIC at the time of writing and certain assumptions. The achievement is not promised.
Various factors could cause actual results to differ materially from these result forecasts.
http://www.jaic-vc.co.jp-9-

4. Business report

Private equity investment

P11

Project oriented investment

P15

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4. Business report - Private equity investment – investment funds

Business succession fund reached a total of ¥3 bn.
as of the final closing～Established with the aim of contributing to regional revitalization and providing
solutions to the business succession challenges facing SMEs in Japan～
Name

Succession Investment Limited Partnership, Ⅰ

Fund managementcompany

AJ Capital Co., Ltd.
* A 50:50 joint venture by JAIC and Aozora Bank, Ltd.

Investors

AJ Capital, Aozora Bank, Ehime Bank,
Financial Products Group, Kirayaka Bank, Towa Bank,
Tottori Bank, Bank of Toyama, Hokuto Bank,
Miyazaki Taiyo Bank, Japan Post Bank, JAIC, as well as otherfinancial institutions

Total commitment amount¥ 3 billion ( as of Oct 2018)

Main investment target

SMEs in Japan with business succession challenges

Date of establishment

June 26, 2017

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4. Business report - Private equity investment – IPO

VALUENEX Japan Inc.
Listed on TSE Mothers on Oct. 30, 2018
Business：
Providing ASP licensing services for big data analytics ofpatents (TechRadar) and documents (DocRadar), andoffering consulting services utilizing these tools and uniquemethodologies

First price Multiple: 10.8 times

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4. Business report - Private equity investment – Investment execution case

Investment execution : 4 companies, ¥0.13 bn.
LIGUA, Inc.
Top-class share in solution services fororthopedic and osteopathic clinics

Patient information
management system”LigooPOS&CRM”

Electric treatment device“EMS-indepth-”

瀋陽中元宜和生物科技有限公司
Start-up firm that develops and manufactures
artificial insemination medical device for
medical institutions

Egg cellcollector

Artificial
fertilization tube

Embryotransplant
conduitLast One Mile Co., Ltd.
Last one mile businesses that provide a onestop service for lifelines, IT services, IoT andinfrastructure.
http://www.jaic-vc.co.jp

1 IoT-relatedcompany- 13 -

4. Business report - Private equity investment – Investment balance

Investment balance : 112 companies, ¥8.6 bn.
【Breakdown by area】
OthersOthers;; 12co.

11co.
Service; 1.1bn.
15co.
1.2bn. Total

0.3bn.
China,HK &Taiwan;【Breakdown by industry】

Japan;

Total 3.1bn.
112 companies

42co.

¥8.6 bn.

5.2bn.

58co.

Precisionmachine;
6co.

QOL;
29co.
3.5bn.

112 companies
0.5bn.

¥8.6 bn.
2.2bn. IT;
51co.

Average investment amount per company (unit: ¥ million)：
Japan 53, China, HK & Taiwan 122 / QOL 122, IT 43
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4. Business report - Project oriented investment – Investment execution

Investment execution : 8 projects, ¥2.68 bn.
No.

Location

Project type

Generation
capacity

Notes

1

Mie

Wind power

At most 25.2MW

Existing project2

Hokkaido

Solar power

2.0MW

New project

3

Gifu

Solar power

20.0MW

Short-term recovery planned
project(Already recovered
during the term)

4

AomoriBio gas power

0.03MW

New project

5

Iwate

Solar power

2.7MW

Existing project

6

Hyogo

Plant factory-

1st project for JAIC

7

Kumamoto

Solar power

11.8MW

New project8

Fukushima

Solar power

2.7MW

New project

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4. Business report - Project oriented investment - Renewable energy projects
as of Dec. 31, 2018

Mega solar projects

Started electricity sales
Under construction or under planning
Total
attributable to JAIC
other than above

Transferred

14 projects
7 projects
21 projects

34.4 MW
61.4 MW95.8 MW
50.5MW

Hokkaido, Solar,
1 project 4.4MW
2projects 17.7MW

Aomori, Bio gas,
1project 0.03MW

19 projects 112.7 MW

Iwate, Solar,
4 projects 10.0MW

Other renewable energy projects

Woody biomass; Started electricity sales 1 project 2.0 MW
Bio gas; Started electricity sales
1 project 0.03 MW
Bio gas; Under construction
1 project 1.6 MW
Wind power; Under planning
1 project at most 25.2 MW

Miyagi, Solar,
1 project 2.4MW
Fukushima, Solar,
1 project 1.2MW
2 projects 5.1MW

Kumamoto, Solar
1 project 3.1MW
1project 11.8MW

Aichi, Solar,
1 project 2.3MW

Ibaragi, Solar,
1 project 2.3MW

Kagawa, Solar Mie,
4 projects 8.7MW Woody biomass, 1 project 2.0MW
Mega solar,
2 projects 26.8MW
Wind power,
1 project at most 25.2MW

Tokyo, Bio gas,
1project 1.6MW* 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- 16 -

4. Business report – Project oriented investment- Renewable energy projects – case study 1

Aquatic power plant in Nakaoudaike and Higashioudaike, Sanuki,
Kagawa Prefecture started electricity sales

Nakaoudaike solar power plant

Higashioudaike solar power plant

Started electricity sales in Apr. 2018

Started electricity sales in July. 2018

Maximum output

Maximum output：approx. 2.4MW*Solar cell panel system capacity basis

Feed-in tariff : 36/kWh [ex. Tax]999：approx. 2.4MW*Solar cell panel system capacity basis

Feed-in tariff : 36/kWh [ex. Tax]

By constructing the power plant on water, costs for reclamation work to flatten the ground for panel installation will
become unnecessary
Solar radiation conditions are good since there are no obstacles around
The temperature of the panels are kept low due to the cooling effect of the water‘s surface, enabling the power
plant to maintain power generation efficiency

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4. Business report – Project oriented investment- Renewable energy projects – case study 2

Mega solar sharing power plant

Ichinoseki-shi Yoshitaka solar power plant

Ichinoseki-shi Suzugasawa solar power plant

Started electricity sales in June 2018

Started electricity sales in October 2018

Maximum output: approx. 2.6MW

Maximum output: approx. 2.7MW*Solar cell panel system capacity basis*Solar cell panel system capacity basis

Joint investment with Renewable Japan Co., Ltd. and TOKYU LAND CORPORATION
Project finance from The Tohoku Bank, Ltd. and EPC by Mitsubishi Electric System & Service Co., Ltd.
Sharing sunlight between power generation and agriculture
Posts are planted on farmland and panels are installed at certain intervals, under the panels barley isgrown using large agricultural machines
9 Part of the income of the power generation business will be paid as farming support costs over twenty
years to contribute to regional re-creation

9
9
9
9

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4. Business report – Project oriented investment- Renewable energy projects – case study 3

machineryroom
Methanefermentation tankgas holder

waste watertank

Kami Solar Park
（Kami-cho, Miyagi）

Aomori Touhokumachi Solar Power Plant（Touhoku-machi, Kamikita-gun, Aomori）

Started electricity sales in Oct. 2018

Started electricity sales in Nov. 2018

Maximum output：approx. 2.4MW

Maximum output：approx. 30KW

Feed-in tariff : 36/kWh [ex. Tax]

Feed-in tariff : 39/kWh [ex. Tax]

Increased power generation by 20% by installing manysolar power panels at a mountain fold shape facing east
and west instead of the usual south.

A power generation plant driven by biogas, which is
generated by methane fermentation of the discarded
sections (residue) of ‘nagaimo’ yam.

*Solar cell panel system capacity basis

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4. Business report - Project oriented investment-Investment in a vegetable plant

October 2018 Invested in
JAIC’s first vegetable plant projectNote: The photo is a simulated image.

Construction site

Hyogo prefecture

Site area

Approx. 820 ㎡

Plant type

Completely closed

Planned crops

Frilled lettuce, etc.

Start of construction

October 2018

Scheduledcompletion

In mid-February
2019

Scheduled fulloperation

After April 20199

In cooperation with a venture firm with experience in the construction and operation ofvegetable plants.

9

The venture firm will be in charge of the operation while JAIC will invest part of theconstruction and operation costs.

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5. Appendix

AUM of Funds

P22

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

P23

Funds & investment activities

P24

Business results & financial position （Previous accounting standards)

P25

Statement of Income – break down (Previous accounting standard)

P26

Total project amountP27

Estimated cumulative revenue

P28

List of renewable energy projects

P29Core competence

P31

Profit structure

P32

Company data

P34

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5. Appendix – AUM of Funds
New & increased

New & Increased Funds

funds

AUM of funds

AUM of Funds - total

6,000

JPY million

100,000
JPY million

3,000

50,00019,15018,062

500

0
13/3

9
9

14/3

15/3

16/3

17/3

1,000

2,000
0

18/3

19/3(3Q)

Obtained investment of ¥2 billion through additional solicitation for subscription tobusiness succession-type buyout fund
AUM decreased, affected by funds that decreased its AUM and handed overmanagement to another firm

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5. Appendix – AUM of Funds, Investment balance & balance of operational
investment securities
Investment by fuds
5.0

AUM of Funds¥18.0 bn.

9.0

3.8

0.2

Investment balance¥13.4 bn.

Principal investment
by JAIC 8.4

1.9

Other
investors'
interests in
funds
3.1
Other than consolidated anonymous partnership
Consolidated anonymous partnership

Balance of
operational investment securities

5.4

3.0 ※

1.9

(Previous Accounting Standard)

Accounting Standard)¥9.4 bn.

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

Other investors' interests in consolidated funds
Cash etc. in Funds

Balance of(Fund Consolidated

JAIC's interests in funds
Others

¥11.0 bn.
operational investment securities

0.8

Accumulated profits, Losses & distributions
5.4

1.9

1.4 0.8

Uncalled commitments to Funds
Note:
Of the principal investment by JAIC, the investment portion inanonymous partnership, which is subject to consolidation, isdeemed investment in a subsidiary under the fund consolidated
accounting standards, and investment is offset by capital.
On the other hand, renewable energy power generation facilities
held by anonymous partnerships are booked as property, plantand equipment under the fund consolidated accounting standard.

- 23 -

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

13/3

14/3

15/3

16/3

17/3

18/3

19/3(3Q)

New & Increased Funds

4,548

-

-

5,201

500

1,000

2,000

AUM of Funds - total

85,87350,88843,89739,33528,753

19,15018,062

14,004

9,427

5,867

5,377

AUM of Funds - JAICNew Investnemts

4,746

4,189

2,728

4,093

4,315

3,887

2,819

Balance of Investments

33,88625,862

19,722

18,783

16,55813,981

13,394

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

13/3

14/3

15/3

16/3

17/3

18/3

19/3(3Q)

Business Results
Operating Revenues

3,784

6,155

4,532

4,043

3,926

5,403

1,214

Operating Gross Profit

176

2,474

882

1,554

2,176

2,328

356

SG&A Expenses

2,000

1,621

1,433

1,472

1,339

1,311

816

Operating Income(1,823)

852

(550)

82

836

1,017

(459)

Ordinary Income(2,612)

374

(610)

612

726

954

(512)

Net Income(2,575)

462

(850)

597

553

874

(197)

8,550

10,428

9,437

8,202

6,213

7,308

4,931

Financial Position
Cash and deposits
Operational investment securities of project related
investment
Operational investment securities after deducting
allowance for possible investment loss (Private equity)
Loans payable, bonds & bonds with subscription rights
to shares

-

608

1,337

3,722

4,081

3,582

4,836

15,452

12,38010,364

8,226

7,356

6,030

5,212

25,43324,01020,193

16,91014,128

11,954

9,784

Total shareholders' equity

1,565

2,573

3,373

4,976

5,686

6,545

6,255

Total assets

28,272

27,302

24,396

22,68020,305

19,22016,646

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

13/3

14/3

15/3

16/3

17/3

18/3

18/3(3Q)

19/3(3Q)

Change(%)

１． Fund management operation
Fund management fees and others
Success Fees

Operating Revenue
Operating Cost
Operating Gross Profit
２． Investment operation

Proceeds of sales of securities (A)Fund interests income etc.
Income gains

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
３． Others
Operating Revenue
Operating Cost
Operating Gross Profit

Total
Operating Revenues
Operating Cost
Operating Gross Profit

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

815
37

733
132

571
63

441
288

364
101

277
86

208
86

187
-

(10.2%)
-

852
852

865
865

634
634

729
729

466
466

364
364

294
294

187
187

(36.5%)(36.5%)

2,411
194
95

4,656
357
121

3,651
100
93

2,954
295
49

2,275
1,128
30

3,219
1,612
64

1,457
1,339
34

602
381
10

(58.7%)(71.5%)(70.2%)

2,701

5,134

3,844

3,300

3,434

4,897

2,831

994

(64.9%)

1,385

2,133

1,767

1,863

1,423

2,469

1,219

272

(77.7%)

2,038

1,480

1,704

569

274

562

534

540

1.1%

158

52

168

47

46

36

15

40

162.2%

3,582
(880)

3,666
1,468

3,640
203

2,481
818

1,744
1,690

3,069
1,827

1,768
1,062

852
141

(51.8%)(86.7%)

229
25
204

154
15
139

53
9
44

13
7
5

25
6
19

142
5
136

27
4
23

32
4
27

18.1%
17.4%
18.3%

3,784
3,607
176

6,155
3,681
2,474

4,532
3,650
882

4,043
2,488
1,554

3,926
1,750
2,176

5,403
3,074
2,328

3,154
1,773
1,381

1,214
857
356

(61.5%)(51.6%)(74.2%)- 26 -

5. Appendix – Project oriented investment - total project amount
Expected total amount of projects
planned to be long held(*1)(*1) The sum of the expected amounts to be longheld (incl. those are managed by another firm), in
which investment is carried out as of December
2018.
The breakdown of funds procured is the forecast
amount upon completion of the projects.

Total amount of projects¥37.4 bn.
[100％]

99
9Nonrecourse loan
¥30.6 bn.
[81.8％]
Invested by others¥3.7 bn.[9.9％]

Nonrecourse loan
Total amount of projects(*2) Off-balance
portion not bookedin the BS of theprevious accounting
standards
Invested by
JAIC ¥3.1
bn.[8.3％]¥84.3 bn.
[100％]*2¥69.0 bn.
[81.8％]

Invested by others¥8.3 bn.[9.9％]
Invested by JAIC
¥7.0 bn.[8.3％]

The expected total amount of project to be long held as of December 2018 is ¥37.4 billion.
Based on the previous accounting standards, other than ¥3.1 billion “invested by JAIC” (8.3%) of the total amount ofprojects are off-balance*2.
In the medium-term management plan,*3 JAIC aims to increase investment by JAIC to ¥7 billion by end of March 2021.
Assuming that the same percentage of funding will be carried out in projects invested in the future as in existing
projects to be long held, the total amount of projects that correspond to JAIC’s investment of ¥7 billion will increase to¥84.3 billion.

(*3) Medium-term business plan for March 2019 through March 2021. The medium-term business plan and the contents of this document are based on materials available atthe time of its compilation and no guarantee can be made as to the continued accuracy and reliability of the material. Various factors could cause actual results to differ
materially.
http://www.jaic-vc.co.jp- 27 -

5. Appendix – Project oriented investment – Estimated cumulative revenue

Estimation of cumulative revenue from electricity sales from projects
to be long held as of December 2018
Expected cumulative
revenue for 20 years

Amount ofinvestment
by JAIC

Under certain hypotheses
when assuming that theseprojects will continue to be
held;

¥ 3.1
bn.

The forecast
amount uponcompletion of all
projects.

¥ 10 bn.
Expected cumulative
revenue(*) based onelectricity sales fromthe start of electricity
sales until the end of
the FIT period(approx. 20 years)* Revenues from electricity sales minus depreciation, interest expenses, etc.
http://www.jaic-vc.co.jp- 28 -

5. Appendix – List of renewable energy projects as of December 31, 2018
EnergySourceSolar

No.

Name of power plant or Location

Generation
Capacity [MW]Current status

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

Nishiki-cho, Kuma-gun, Kumamoto

3.1

Started electricity sales in Dec. 201540

approx. 1.05

2

Aichi Tokoname A solar park

2.3

Started electricity sales in Aug. 201636

approx. 0.78

3

Ichinosekishi Fujisawacho solar power plant

2.3

Started electricity sales in Sep. 201636

approx. 0.73

4Solar park Tsukubamirai

2.3

Started electricity sales in Mar. 201736

approx. 0.85

5Nomaike solar power plant

2.4

Started electricity sales in May. 201736

approx. 0.8

6

Fukushima Inawashiro solar power plant

1.2

Started electricity sales in Sep. 201736

approx. 0.34

7

Mitakabeike solar power plant

1.5

Started electricity sales in Sep. 201732

approx. 0.5

8Iwate Ichinoseki solar park

2.4

Started electricity sales in Jan. 201836

approx. 0.8

9Obihiro solar park

4.4

Started electricity sales in Mar. 201840

approx. 2.2

10

Nakaoudaike solar power plant

2.4

Started electricity sales in Apr. 201836

approx. 0.86

11

Ichinoseki-shi Yoshitaka solar power plant

2.6

Started electricity sales in Jun. 2018

36

－

12

Higashioudaike solar power plant

2.4

Started electricity sales in Jul. 201836

approx. 0.86

13

Ichinosekishi Suzugasawa solar power plant

2.7

Started electricity sales in Oct.. 2018

36

－

14

Kami solar park

2.4

Started electricity sales in Oct. 201836

approx. 0.96

15

Mie

2.4

Under construction or Under planning

32

－

16

Mombetsu-shi Kodo solar power plant

15.7

Under construction or Under planning40

approx. 6.6

17

Hokkaido

2.0

Under construction or Under planning

36

－

18

Mie

24.4

Under construction or Under planning

24

－

19

Fukushima

2.4

Under construction or Under planning

32

－

20

Fukushima

2.7

Under construction or Under planning40

21

Kumamoto

11.8

Under construction or Under planning

38

Total 95.8MW [attributable to JAIC 50.5MW]

http://www.jaic-vc.co.jp- 29 -

5. Appendix - List of renewable energy projects as of December 31, 2018
Energy Source

No.

Location

Generation Capacity[MW]

Current status

FIT[tax excluded, ¥]Total amount of project[¥ bn.]

Woody biomass

Matsusaka-shi, Mie

2.0Started electricity sales in Jan. 2018－－

Bio gasHamura-shi, Tokyo

1.6

Under construction or Under planning

39－

Aomori Touhokumachi solar power plant

0.03

Started electricity sales in Nov. 201839－

At most 25.2

Under construction or Under planning

22－

Wind power

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

Mie- 30 -

5. Appendix – Core competence
Historical background in Asian region

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.

Since 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.

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

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.
- 31 -

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.

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

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

http://www.jaic-vc.co.jp- 33 -

5. Appendix - Company data (as of December 31, 2018)
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)

Abbreviation; JAIC

Number of employees 41 (Consolidated) /24 (Non-consolidated)
Main businessPrivate equity investment / Project oriented investment

Directors

Chairman:Yoshiaki Kawamata [Outside/Independent]; Chairman of the Board

President & CEO :Tetsuro Shimomura
Managing Director :Kazunori Omori; Chairman of Audit & Supervisory Committee

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

Director:Hitoshi Yasukawa [Outside/Independent]; Member of Audit & Supervisory Committee

Director:Tadashi Nunami [Outside/Independent]; Member of Audit & Supervisory Committee- 34 -

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.
http://www.jaic-vc.co.jp- 35 -