This document has been translated from Japanese original for reference
purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail. JAIC
assumes no responsibility for this translation or for direct, indirect or any
other forms of damages arising from the translation.
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Japan Asia Investment Co., Ltd. (JAIC)Tokyo Stock Exchange Section 1 (Stock code: 8518)
Tetsuro Shimomura, President and CEOKenji Kishimoto, Executive Officer+81-3-3259-8518

August 14, 2020

Notice of Revision on “Result Forecast Consolidated under the Previous
Accounting Standard” for First Half of the FY March 2021
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, 2021 (fromApril 1, 2020 to September 30, 2020), previously announced on May 15, 2020.
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, 2021 (fromApril 1, 2020 to March 31, 2021).
The “result forecast consolidated under the Previous Accounting Standard” is based upon
the information currently available to JAIC and certain assumptions. Various factors could
cause actual results to differ from this result forecasts.

11. Revision on the “result forecast consolidated under the Previous AccountingStandard” for first half of the fiscal year ending March 31, 2021 (from April 1,2020 to September 30, 2020)

Previous forecast（A）
Revised forecast（B）
Change（B-A）
Percentage Change(％)

Consolidated

Consolidated

ConsolidatedProfit

Consolidated

operatingoperatingordinary

attributablenet income

revenueincomeincometo owners ofper shareparent（*Note）（Yen）（Millions of（Millions of（Millions of（Millions ofyen）yen）yen）

yen）

850
670
(180)
(21.2)

(120)
(390)
(270)
－

(190)
(420)
(230)
－

(210)
(440)
(230)
－

(11.86)(24.85)(481)(27.22)（Reference）
Consolidated financial
results under thePrevious AccountingStandards for first half

691

(421)

(483)

of the fiscal year ended
March 31, 2020
*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, 2020.

2. Reasons for revision
Operating revenue is expected to be 21.2% less than the previous forecast. The main reason
is that some sales of shares that were expected in the first half were delayed to the second
half. Operating income is expected to be 270 million yen less than the previous forecast.
This reflects the drop in operating revenue and a loss from a third-party fund incurring in
the first quarter. We had expected the loss to be incurred in the second half at a less amount.
This has led to forecasts for both ordinary income and profit attributable to owners of parent
dropping by 230 million yen from the previous forecast.

3. Full-year “result forecast consolidated under the Previous Accounting Standard”
for fiscal year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
There are no revisions on full-year “result forecast consolidated under the Previous
Accounting Standard” for the fiscal year ending March 31, 2021 (from April 1, 2020 to March31, 2021). Although the loss from a third-party fund that was incurred in the first quarter
was larger than had been expected, we expect to compensate for it with an increase in gainon sales of shares in the second half.

2(Reference)

Result forecast for FY
Mar 2021 (No revision)

Consolidated

Consolidated

Consolidated

ProfitConsolidated

operatingoperatingordinary

attributablenet income

revenueincomeincometo owners ofper shareparent（*Note）（Yen）（Millions of（Millions of（Millions of（Millions ofyen）

yen）

yen）

yen）

3,250

350

200

180

10.17

*Note: Net income per share in above chart is calculated based on the number of shares issued andoutstanding excluding the number of shares of treasury stock as at June 30, 2020.

For details, please refer to “2. Outlook for the fiscal year ending March 31, 2021 (April 1,2020 to March 31, 2021)” on page 21 in “Consolidated Financial Results for the Year Ended
March 31, 2020 [Japanese Standards] (Summary of Japanese announcement)” disclosed onMay 15, 2020.
These “forecasts under the previous accounting standards” are based on information
currently available to the Company and certain assumptions. Various factors could cause
actual results to differ from this result forecasts.

4. “Result Forecast Consolidated Under the Previous Accounting Standard”
The private equity investment business conducted by the JAIC Group is significantly affectedby changing factors such as stock markets, given the characteristics of the business. Inaddition, it has been difficult to forecast results reasonably in the rapidly 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.
（Note）Previous Accounting Standard
As of Fiscal year ended March 31, 2007 the JAIC Group has adopted “Practical Solution on
Application of Control Criteria and Influence Criteria to Investment Associations ”(Accounting Standards Board of Japan Practical Issues Task Force No. 20 issued on
September 8, 2006), and consolidated financial statements, etc., are being prepared with
the inclusion in the consolidation of some of the operational investment funds managed by
the JAIC Group.
Nevertheless, to enable investors and shareholders to have an accurate understanding ofthe JAIC Groupʼs business results and financial position, JAIC considers it essential also todisclose financial statements, etc., prepared in accordance with the previous accountingstandards. Therefore, for reference purposes, JAIC will continue to disclose financial
statements, etc., in accordance with the previous accounting standards.
In those financial statements etc., prepared in accordance with the previous accounting
standards, assets, liabilities, revenues and expenses for investment funds were reported
based on the investment portion by JAIC and its subsidiaries and by excluding the portion
held by external investors. In addition, company-type funds are excluded from thescope of consolidations in those financial statements.
(End)3