Financial Results Overview
stfor 1 Quarter Ended
June 30, 2023
Japan Asia Investment Co., Ltd.
(JAIC) (TSE 8518)
Announcement date : Aug. 14, 2023

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

-1-

Contents
1

Summary

P3

2 Results for the current quarter (year-on-year)

P4

3

Progress of the Medium-Term Management Plan
(Numerical Plan)

P9

4

Progress of the Medium-Term Management Plan
(Action Plan)

P12

5 Appendix

P19

The figures in this document are based on consolidated financial statements prepared inaccordance with the previous accounting standards.
Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

-2-

1. Summary

Results for the current quarter (year-on-year)•

Operating revenue was ¥ 339 million (up, 54.5 %)•Quarterly net loss attributable to owners of parent was ¥ (95) million (up, ¥166 million).

•

Sales of listed stocks and unlisted stocks progressed in Japan. Strong sales of stocks and capital gains compensated for losses
due to provisions.

•





Sales of vegetable plant project increased and reduced the deficit.

Progress of the Medium-Term Management Plan (Numerical Plan)•

No revision on the result forecast•

Most of the profits are expected to be generated in the 2nd half. A cumulative deficit is expected until the third quarter.

•

Part of the planned sale of stocks in the 1st half progressed ahead of schedule.

Progress of the Medium-Term Management Plan (Action Plan)•

JAPAN SYSTEMBANK CORPORATION achieved IPO on the NSE Main Market.

•

The second fund, which supporting business succession needs, increased commitment amount to ¥ 4.2 billion•

2 group homes for disabled people were built up in Kawagoe City, Saitama Prefecture and Iwaki City, Fukushima Prefecture.

•

The 1st perpetual memorial tree burial project, "Shiba Atago Forest TM“, started at Koenji Temple in Minato-ku, Tokyo.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

-3-

2. Results for the current quarter
Outline of results

P5

Break down of operating revenue & operating cost

P8

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

-4-

2. Results for the current quarter- Outline of results - I/S(million yen)

FY 2023 FY 2024
Change(1Q)(1Q)

Operating revenue

219

339

Operating cost185

149 (19.5%)

Operating gross profit

34

190

451.7%

SG&A expenses

262

278

6.2%

Operating income

(227)

(87)

-

Ordinary income

(248)

(94)

-

Profit attributable toowners of parent

(262)

(95)

-



54.5%

Factors for increased operating revenue• Proceeds of sales of securities increased.
• Sales of high-margin listed stocks and unlisted stocks progressed in Japan.

Factors for reduced deficit• Operating cost reduced.
• Strong capital gains from securities compensated losses from provisions.
• Sales of vegetable plant project increased and reduced the fund interest losses.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

-5-

2. Results for the current quarter- Outline of results - B/S(million yen)

FY 2023

Total assets

Cash and deposits

Project oriented investment securities & loans
after deducting allowance for possible
investment loss
Strategic investment securities in partnercompanies after deducting allowance forpossible investment loss

FY 2024(1Q)

13,413

12,771

Changefluctuation factors(billion yen)

(4.8%)

2,378

repayments of loan (0.3),
execution of investments & loans(3.5%) (0.4), expenses etc.(0.3),
collection +1.0

6,053

5,815

execution of investments & loans(3.9%) +0.3, distribution & collection
(0.5)

782

812

3.9% execution of investments +0.03
execution of investments +0.1,
distribution &(10.9%) collection (0.2), unrealized gain
(0.1), allowance (0.1)

2,464

Financial investment securities after
deducting allowance for possible investment
loss

3,301

2,940

Loans payable

5,142

4,825

(6.2%) repayments of loan (0.3)

Total shareholders' equity

7,518

7,277

(3.2%) loss (0.1), unrealized gain (0.1)



Total assets decreased due to investment collection.

The balance of project-oriented investment and financial investment decreased. Amounts of investment collection
exceeded amounts of investment execution.

The balance of loans payable decreased. After securing investment funds for future growth, JAIC will repay loans payable.



Total shareholders’ equity decreased due to loss and decrease of unrealized gains.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

-6-

2. Results for the current quarter- Outline of results - C/F(JPY million)

FY 2023(1Q)

FY 2024(1Q)

Operating cash flow

(265)

349

Investing cash flow

（0）

1

Financing cash flow

(309)

(316)

Change in net cash flow

(561)

36

Cash & cash equivalents at end of period

1,836

1,799



Operating cash flow; net cash turned profitable due to strong investment collection

Financing cash flow; net cash used in repayments of long-term borrowings

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

-7-

2. Results for the current quarter- Break down of operating revenue & operating cost
Total

（JPY million）

FY 2024(1Q)

Project oriented investment

FY 2023(1Q)

FY 2023(1Q)

FY 2024(1Q)

FY 2024
(1Q)

219

339

207

318

12

21

Fund management fees etc.

35

45

34

43

1

1

Proceeds of sales of securities

171

266

171

266

-

0

Fund interests income etc.

1

13

0

3

1

9

Other operating reveue

11

14

1

4

9

9

185

149

124

130

60

18

Cost of securities sold

113

47

113

46

-

0

Investment write-offs and Provision
for allowance for possible investment
losses

1

80

1

80

-

-

Fund interests losses etc.

66

17

8

2

58

15

Other operating costs

3

3

0

0

2

2

34

190

82

187

(48)

2

Operating revenue

Operating cost

Operating gross profit

FY 2023(1Q)

Private equity investment

Private equity investment – Revenue increased, and operating gross profit increased• Of operating revenue, proceeds of sales of securities increased. Sales of listed stocks and unlisted stocks increased inJapan.
• Of operating cost, cost of securities sold decreased due to high profit margin of stocks sold.
• Of operating cost, provisions were posted for portfolio companies with lower expected recoveries.

Project oriented investment – Revenue increased, and operating gross profit turned profitable• Of operating cost, fund interests losses etc. decreased because sales of vegetable plant project increased along withincrease in production volume.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

-8-

3. Progress of the Medium-Term Management Plan
(Numerical Plan)
Progress for the current quarter

P10

Cautionary statements

P11

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

-9-

3. Progress of the Medium-Term Management Plan
(Numerical Plan)- Progress in the current quarter(million yen)

Actual
FY 2024 (1Q)

Result forecast
FY2024 1st Half(disclosed in May
2023)

Result forecast
FY2024(disclosed in
May 2023)

Progression
ratio

Progression
ratio

Operating revenue

339

525

64.7%

2,300

14.8%

Operating cost

149

325

45.9%

1,000

14.9%

Operating gross profit

190

200

95.3%

1,300

14.7%

SG&A expenses

278

570

48.9%

1,100

25.3%

Operating income

(87)

(370)

-

200

-

Ordinary income

(94)

(410)

-

120

-

Profit attributable toowners of parent

(95)

(410)

-

120

-



Part of the planned sale of stocks in the 1st half progressed ahead of schedule.



Most of the profits are expected to be generated in the 2nd half.



A cumulative deficit is expected until the third quarter.



In the 2nd half, we expect capital gains from unlisted stocks which relatively large investment amount andcapital gains from project-oriented investments.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 10 -

3. Progress of the Medium-Term Management Plan
(Numerical Plan)- Cautionary statements
 The private equity investment business conducted by theGroup will be significantly affected by changing factors suchas stock markets, given the characteristics of the business. In
addition, it has been difficult to forecast results reasonably inthe rapidly changing environment.
 For the convenience of investors and shareholders, however,
we disclose “result forecast consolidated under the Previous
Accounting Standard” even though it doesn’t have enoughrationality.
 The “result forecast consolidated under the Previous
Accounting Standard” and any other forward-looking
statements in this document are based upon the information
currently available to JAIC and certain assumptions. The
achievement is not promised. Various factors could cause
actual results to differ materially from these result forecasts.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 11 -

4. Progress of the Medium-Term Management Plan
(Action Plan)
Business policy

P13

Progress in the current quarter

P14

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 12 -

4. Progress of the Medium-Term Management Plan
(Action Plan) - Business policy
Business
Policy

Secure profits and funds by selling existing financial investment assetsIncrease the balance of project investment based on the new investment policyEstablish a hands-on investment style through collaboration in project investment andincrease capital gains from strategic investees

Basic
policyIncrease capitalgains fromstrategic
investees

Liquidatefinancialinvestment
assets early

Priority
measures

Basic
policy• Increase thebalance of project
investment• Diversify
investment target
projects

Financial Results Overview for 1st Quarter of FY Mar. 2024

Priority
measures•

Keep the balance of financial investment within therange of equity capital•

Increase capital gains by providing hands-on
support to strategic investees•

Liquidate financial investment assets in maturity
venture funds early•

Forming investment funds in collaboration withpartners and, in principle, investing in financial
investment assets from these funds•

Provide hands-on support to strategic investees andrealize their IPO early•

Increase the balance of project investment•

Diversify investment target projects and invest in
the partner companies of new investment area•

Accelerate investment in logistics warehouses andgroup homes for the handicapped as the next pillarof earnings for the Mega Solar Project•

Realize the sale of existing logistics warehouses.

•

Aiming for early profitability of the vegetable plant•

Diversify investment target projects and invest in
the partner companies of new investment area

© Japan Asia Investment Co., Ltd. 2023

- 13 -

4. Progress of the Medium-Term Management Plan
(Action Plan) - Progress in the current quarter
Action plan for 3 years

Private equity
investment

Progress in FY 2024 1Q (3 months)

 Liquidate existing assets and complete asset
replacement.
 Originate three new funds.
 Support strategic partners to go on public.
Cultivate new investment areas and promotestrategic investment.

 JAPAN SYSTEMBANK CORPORATION achieved IPO.
 “Succession Investment Limited Partnership, Ⅱ”
increased the commitment amount by ¥500 million.

Healthcare (grouphome for disabled
people)Invest in 50 projects by originating funds from majorbanks and leasing companies

Built up 2 group homes and established a total of 12group homes

New investment area

Develop new investment area that will become a core
revenue generator from businesses related toexisting investment themes and other businessthemes which may arise from corona crisis

The 1st perpetual memorial tree burial project, "Shiba
Atago Forest TM“, started at Koenji Temple in Minato-ku,
Tokyo.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 14 -

4. Progress of the Medium-Term Management Plan
(Action Plan) - Progress in the current quarter
JAPAN SYSTEMBANK CORPORATION
achieved IPO on the NSE Main Market

Ticker symbol

5530

Stock market

NSE Main

IPO date

Apr. 14, 2023

Business

Operation of coin-operated parking lots, sales andmaintenance of parking equipment

Representative

President & CEO Nobuyoshi Nosaka

Head office

Fukui：Fukui City, Fukui Prefecture
Tokyo：Shibuya ku, Tokyo

URL

https://www.syb.co.jp/

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 15 -

4. Progress of the Medium-Term Management Plan
(Action Plan) - Progress in the current quarter
Succession Investment Limited Partnership, Ⅱ
increased its commitment amount to ¥4.2 billion
Name

Succession Investment Limited Partnership, Ⅱ

Date of establishment

16, August 2022

General Partner

AJ Capital Co., Ltd. [JV as a 50% stake in JAIC and Aozora Bank, Ltd.]

Total commitment amount

4,201 million yen [as of June 2023]
Aozora Bank, Awa Bank, Ehime Bank, Kagoshima Bank, Gifu Shoko Credit Union, Keiyo

Limited Partners

Bank, Shonai Bank, Towa Bank, Tottori Bank, Japan Asia Investment, Hokuto Bank,Japan Post Bank

Investment target

SMEs in Japan with business succession needs

AJ Capital, JV as a 50% stake in JAIC and Aozora Bank, manages the fund which supporting the businesssuccession needs.



The Fund increased the commitment amount by 0.9 billion yen in Dec. 2022, by 1.0 billion yen in Feb. 2023
and 0.5 billion yen in June 2023 from regional financial institutions.



Size of the fund is expected to be about ¥ 5.0 billion at final close.

The Fund mainly invests in small cap zone (enterprise value is less than 1 billion yen).

The Fund collaborates with regional financial institutions nationwide to ensure smooth business successionof SMEs.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 16 -

4. Progress of the Medium-Term Management Plan
(Action Plan) - Progress in the current quarter
Built up 2 group homes for the disabled people
and established a total of 12 group homes
Social Inclu Home Kawagoe Imafuku（Kawagoe City, Saitama Prefecture）
April 2023 : built up
August 2023 : Scheduled to start theoperation

Social Inclu Home Iwaki Kashima（Iwaki City, Fukushima Prefecture）
April 2023 : built up
August 2023 : Scheduled to start
the operation

Partner:Social Inclu Inc.
Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 17 -

4. Progress of the Medium-Term Management Plan
(Action Plan) - Progress in the current quarter
The 1st perpetual memorial tree burial project,"Shiba Atago Forest TM“, started at Koenji Temple in
Minato-ku, Tokyo.

Partner:
366 Co., Ltd.
A tree burial garden has opened near Toranomon Kamiyacho Station, Minato-ku,
Tokyo. A peaceful garden away from the hustle and bustle of the city.



URL： https://366jumokuso.jp/jiin/shibaatagonomori/Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 18 -

5. Appendix
Renewable energy projects

P20

List of project oriented investments

P21

Strategic investment

P25

Asia network

P26

Funds & investment activities

P27

Business results & financial position

P28

Break down of operating revenue & operating cost

P29

Business field

P30

Profit structure

P31Core competence

P33

Efforts for SDGs

P34

Company data

P35

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 19 -

5. Appendix - Renewable energy projects(as of June 2023)
Mega solar projects
Started electricity sales 10 projects (12 power plants) 24.7 MW
Under construction or under planning
3 projects
6.0 MWTotal
13 projects (15 power plants) 30.7 MW
attributable to JAIC
13.1 MWTransfers to buyers other than the funds operated by the JAIC Group

33 projects

Aomori, Bio gas,
1project 0.03MW

189.0 MW

*1: Underlined projects are invested from JAIC Solar Fund L.P., Ⅱ*2: solar power systems with storage batteries installed on the rooftops
Fukuoka, Mega Solar
1 project, 3 power
plants 3.0 MW
in total

Hokkaido, Mega Solar,
1 project 2.3MW

Saitama, Solar Power System*2,
1 project 0.2 MW
1 project 0.3 MW

Iwate, Mega Solar,
1 project 2.4MW
Fukushima, Mega Solar,
1 project 2.7MW
Tochigi, Mega Solar,
3 projects 6.0MW
Tokyo, Bio gas,
1 project 1.1MW

Kumamoto, Mega Solar
1 project 3.1MW

Kagawa, Mega Solar Mie,
4 projects 8.7MW Biomass, 1 project 2.0MW / 1 project 2.0MW
Wind power, 1 project at most 25.2MW

Kanagawa, Mega Solar,
1 project 2.5MW
Solar Power System*2,
1 project 0.7MW* 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 not necessarily linked
to the MW figure of the project.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 20 -

5. Appendix - List of project-oriented investments(as of June 2023)
Type ofproject
Solar

No.

Name of power plant or Location

Generation
Capacity [MW]Current status

FIT[tax excluded,¥]1

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

3.1

Started electricity sales in Dec. 2015

40

2

Nomaike solar power plant(*)

2.4

Started electricity sales in May. 201736

3

Mitakabeike solar power plant(*)

1.5

Started electricity sales in Sep. 201732

4

Iwate Ichinoseki solar park(*)

2.4

Started electricity sales in Jan. 2018

36

5

Nakaoudaike solar power plant(*)

2.4

Started electricity sales in Apr. 201836

6

Higashioudaike solar power plant(*)

2.4

Started electricity sales in Jul. 201836

7

Hirono solar park

2.7

Started electricity sales in Feb. 2020

40

8

Akkeshi Luke Supor Solar Power Plant

2.3

Started electricity sales in May 2020

40

9

Akada solar power plant

2.5

Started electricity sales in March 2023

32

10

Ukiha-shi, Shirakabe Solar Power Plant
Ukiha-shi, Mizunosato Solar Power Plant
Ukiha-shi, Minou Alps Solar Power Plant

Started electricity sales in Mar.-May
2020

36

11

Tochigi

2.0

Under planning36

12

Tochigi

2.0

Under planning32

13

Tochigi

2.0

Under planning32

3.0 in total

Total 30.7MW [attributable to JAIC 13.1MW]*Projects that are invested from JAIC Solar Fund L.P., Ⅱ

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 21 -

5. Appendix - List of project-oriented investments(as of June 2023)
Type ofproject

No.

Location

solar powersystems withstoragebatteries
installed on
the rooftops

1

Koshigaya City, Saitama

0.2

Started electricity sales in Dec. 2022－

2

Hidaka City, Saitama

0.3

Started electricity sales in Feb. 2023－

3

Atsugi City, Kanagawa

0.7

Started electricity sales in Feb. 2023－

Biomass1

Matsusaka City, Mie

2.0Started electricity sales in Jan. 2018－2

Matsusaka City, Mie

2.0

Under planning－

1

Hamura City, Tokyo

1.1

Started electricity sales in Mar. 2021

39

Food recycle company that generates
biogas for power generation[operator of Hamura biogas power
generation]－

Started electricity sales in Nov. 201839

Under planning

22

Bio gasGeneration
Capacity [MW]23Wind power

Touhoku Town, Aomori
MieFinancial Results Overview for 1st Quarter of FY Mar. 2024

0.03
At most 25.2

Current status© Japan Asia Investment Co., Ltd. 2023

FIT
[tax excluded,¥]- 22 -

5. Appendix - List of project-oriented investments(as of June 2023)
Type ofproject

No.

Facility forthe elderly

1

Shinonome, Koto-ku, Tokyo1

Hamamatsu City, Shizuoka

Started operation in Aug. 2020

2

Hiroshima City, Hiroshima

Started operation in Aug. 20203

Utsunomiya City, Tochigi

Started operation in Sep. 2021

4

Kazo City, Saitama

Started operation in May. 2023

5

Sano City, Tochigi

Started operation in Sep. 2022

6

Koga City, Ibaragi

Started operation in Oct. 2022

7

Tatebayashi City, Gunma

Started operation in June 2023

8

Takamatsu City, Kagawa

9Oota City, Gunma

10

Kiryu City, Gunma

Started operation in Mar. 2023

11

Kawagoe City, Saitama

Built up in Apr. 2023

12

Konosu City, Saitama

Under construction

13

Iwaki City, Fukushima

Built up in Apr. 2023

14

Higashikagawa City, Kagawa

Under construction

15

Takamatsu City, Kagawa

Under construction

16

Kumamoto City, Kumamoto

Under construction

Group homefor disabled
peopleLocation

Project scale

Current status

8-story complex facility with a capacity of
100 people

Started operation in Apr. 2023

20-21 rooms for residents, 2-3 rooms for
short stayFinancial Results Overview for 1st Quarter of FY Mar. 2024

Started operation in Sep. 2022
Started operation in Oct. 2022

© Japan Asia Investment Co., Ltd. 2023

- 23 -

5. Appendix - List of project-oriented investments(as of June 2023)
Type ofproject

No.

Type ofproject

Project scale

Current status

Tamba Sasayama City, Hyogo

Annual production: 470 tons in total

Existing part: started operation in
Mar. 2019
Expansion part: full-scale operation
started in Aug. 2022

1

Atsugi City, Kanagawa

Total floor area 10,370 m², 3 stories above
groundPreparing for operation (Built up in
Oct. 2022)

2

Ebina City, Kanagawa

Undecided

Under construction or Under
planning

3

Akiruno City, Tokyo

Total floor area 25,804 m² (scheduled), 4
stories above ground

Under construction or Under
planning

4

Non-disclosed

Non-disclosed

Under construction or Under
planning

5

Non-disclosed

Non-disclosed

Under construction or Under
planning

No.

Location

Vegetable
plant

Logistics
warehouse

Location

Details of projectCurrent status

1

Kanagawa

Shared facility for creative activities "KIKI BASE FUJISAWA"

Started operation in Apr. 2023

2-

Electric assisted bicycle subscription service “NORUDE”

Executed first investment in Aug.
2022

3

Non-disclosed

Non-disclosed

Non-disclosed

4Non-disclosed

Non-disclosed

Non-disclosed

5

Tokyo

Tree burial project, "Shiba Atago Forest TM“Started operation in May. 2023

6

Korea

Exhibition of Japanese animation, “Attack on Titan FINAL in
SEOUL”

Held on from July 15th to October
15th, 2023

OhtersFinancial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 24 -

5. Appendix – Strategic investment

Renewable Japan Co., Ltd.
Partner company in mega solar
projects
IPO date : 22 Dec. 2021
Stock market : TSE Mothers

Morihisa Engineering Co., Ltd.
Morvel Farm (subsidiary of Morihisa
Engineering)Partner company in smart
agriculture projects (vegetables)

Smart Solar Corporationsocial inclu CO., LTD.

Partner company in mega solar
projects

Partner company in projects forgroup homes for the handicapped
Investment Exit: Nov. 2022

MD-Farm

KIC Holdings Inc.

Partner company in smart
agriculture projects (strawberries)

Partner company in distribution
warehouse projects

366 Co., Ltd.

cycloop Co., Ltd.

Partner company in perpetual
memorial tree burial project

Partner company in electric assisted
bicycle subscription service

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 25 -

5. Appendix - Asia network

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 26 -

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

FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

FY 2023(1Q)

FY 2024(1Q)

New & increased funds

2,000

1,359

151

1,001

3,701

-

500

AUM of funds - total *1

16,494

17,39016,45016,46315,85016,952

16,397

AUM of funds - JAIC *1

5,344

5,163

5,434

4,953

3,389

5,113

3,404

Execution of investnemts (Total)*2

3,749

3,374

1,767

3,420

3,561

93

493

Balance of investments (Total)*2

13,951

15,101

12,855

13,784

14,133

13,12813,252

Execution of investnemts (project oriented investment)*2

3,612

2,150

1,445

1,938

2,152

81

319

Balance of investments (project oriented investment)*2

5,514

6,696

6,088

6,344

7,123

5,879

6,854

Execution of investnemts (private equity)*2

136

1,224

322

1,482

1,408

11

173

Balance of investments (private Equity)*2

8,437

8,405

6,767

7,440

7,010

7,248

6,398

Note 1: Since the number of funds in the course of being wound up while possessing investment assets has increased, funds
during the liquidation procedure are included in the scope of disclosure from FY March 2021.
Note 2: Due to an increase in loan execution for the projects by the JAIC Group, the aggregation method has been changed
from FY March 2021 to include loans extended to the projects (excluding distressed receivables) in the scope of aggregation.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 27 -

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

FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

FY 2023(1Q)

FY 2024(1Q)

Business results
Operating revenues

2,475

2,760

3,089

2,409

3,017

219

339

Operating gross profit

1,286

1,359

1,301

1,276

961

34

190

SG&A expenses

1,109

1,094

1,086

1,189

1,147

262

278

Operating income

177

265

214

86

(185)

(227)

(87)

Ordinary income

83

140

173

61

(224)

(248)

(94)

578

302

144

49

(269)

(262)

(95)

Cash and deposits

5,564

3,920

3,699

2,740

2,464

2,217

2,378

Operational investment securities and operatingloans of project oriented investment after
deducting allowance for possible investment loss

5,514

5,437

5,583

6,781

6,053

6,801

5,815

Operational investment securities of strategic
investment in partner companies after deducting
allowance for possible investment loss

373

1,005

1,155

1,783

782

1,622

812

Operational investment securities of financial
investment after deducting allowance for possible
investment loss

4,765

4,282

3,111

3,029

3,301

3,016

2,940

Loans payable, bonds & bonds with subscription
rights to shares

9,784

8,166

6,950

5,943

5,142

5,633

4,825

Total shareholders' equity

6,840

7,223

7,338

7,779

7,518

7,515

7,277

Total assets

17,30515,80014,657

14,972

13,413

14,294

12,771

Net income
Financial position

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 28 -

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

FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

FY2023(1Q)

FY2024(1Q)

Change(%)

１． Fund management operation
Operating revenue

241

199

169

154

134

35

45

27.4%

-

-

-

-

-

-

-

-

241

199

169

154

134

35

45

27.4%

1,746

2,349

2,221

1,573

2,057

171

266

55.9%

429

172

648

631

781

1

13

719.6%

2,176

2,521

2,870

2,204

2,839

172

280

62.0%

554

965

1,249

810

1,311

113

47

(58.6%)

579

245

194

145

304

1

80

5472.9%

49

184

336

167

426

66

17

(73.4%)

1,182

1,395

1,780

1,123

2,043

182

145

(19.9%)

993

1,125

1,090

1,081

796

(9)

134

-

57

40

49

50

44

11

14

25.5%

Operating cost

6

5

7

10

12

3

3

4.9%

Operating gross profit

51

34

41

40

31

8

10

33.6%

Operating revenues

2,475

2,760

3,089

2,409

3,017

219

339

54.5%

Operating cost

1,188

1,401

1,788

1,133

2,056

185

149

(19.5%)

Operating gross profit

1,286

1,359

1,301

1,276

961

34

190

451.7%

Operating cost
Operating gross profit
２． Investment operation
Proceeds of sales of securities
Fund interests income etc.
Operating revenue
Cost of securities soldInvestment write-offs and Provision forallowance for possible investment losses
Fund interests losses etc.
Operating cost
Operating gross profit
３． Others
Operating revenue

Total

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 29 -

5. Appendix - Business field

Private equity investment
JAIC provides growth capital in venturecompanies and small and medium sizedenterprise (“SME”) with high growthpotential, as well as to SMEs withsuccession 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

Project oriented investment

Strategic investment in partnercompanies that correspond toselected themes of JAIC.

JAIC has been investing to renewable energy
industries represented by solar energy as well as
to healthcare industry such as nursing facilities
and facilities for persons with disabilities.

JAIC provides “hands-on”
support to partner companies
to improve its businesspromotion and financing
activities, etc.

Financial Results Overview for 1st Quarter of FY Mar. 2024

In addition to above, JAIC is determined toinvest to new areas such as smart-agri business
represented by vegetable plant and logistic
industry such as distribution center where
JAIC’s accumulated expertise can be leveraged.

© Japan Asia Investment Co., Ltd. 2023

- 30 -

5. Appendix - Profit structure – Private equity investment•

Private equity investment is an investment in promising companies centered on venture companies and small and mediumsized enterprises in the Asian region including Japan. We support investee companies to increase their corporate value andobtain capital gains.

•

We also perform intermediary business as an FA based on the needs of M & A obtained through our investment activities.

•

There are two types of private equity investments. One is "strategic investments" in partners of project-oriented investment
and the other is "financial investments".

•

For investees of strategic investments, we not only support them as shareholders, but also manage projects together aspartners and support their growth.

•

For investees of financial investment, we provide not only the listing support but also provide overseas expansion support andsales support. We utilize our experience and wide network which we have built up through many years of investment activities
when we support our investees. To that end, we are building a network in Asia by forming business alliances with government
agencies in China and partner companies in Asian countries.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 31 -

5. Appendix - Profit structure – Project oriented investment•

We invest in SPCs (special purpose companies) that own facilities such as power plants, factories, residential facilities andwarehouses. We construct these facilities and receive the profits generated by the operation of the facilities in proportion to
the investment. In some cases, these facilities are sold for profits after completion.

•

We invest in projects such as renewable energy, healthcare (facility for the elderly, group homes for the disabled), smart
agriculture (vegetable plant), and distribution center (logistics warehouse).

•

We are pursuing high profitability with a small amount of investment funds by procuring non-recourse loans from financial
institutions. Most of the funds for the construction and operation of the project is procured by these loans.

•

In addition, in order to flexibly invest in projects in various fields, we collaborate with venture companies that are familiar withproject planning and development.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 32 -

5. Appendix - Core competence
Historical background in Asian region
Since its establishment in 1981 by the Japan
Association of Corporate Executives (Keizai

Capability to capture up-to-datebusiness information

Doyukai), JAIC has contributed to economic
exchange between Japan and Asian countries
over 35 years which led to high nameThrough the activity of exploring promising

recognition.

companies and investment opportunities,
JAIC has capability to capture highly
professional and cutting-edge information
on various corporates.

Expertise to structure sophisticatedfinance scheme
JAIC’s accumulated invested volume inside andoutside of Japan is Japanese Yen 330 billion.

Wide range of network with venture companies

For the project oriented investment, in addition
JAIC has track record of leading more than 300 invested venture

to providing direct equity investment, JAIC has

companies to “Going Public”. Through the long time investment

been arranging various financing scheme

activities, JAIC enjoys close relationship with wide range of venture

utilizing project-finance approach and leveragecompanies. Based on this intangible asset, JAIC is utilizing thefinancing together with financial institutions.

network to create value for invested companies through businessmatching and cultivating new business theme for JAIC’s own.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 33 -

5. Appendix – Efforts for SDGs
Becoming an SDGs investment company as our core value, we will thoroughly carry out
investment activities with a strong awareness of SDGs based on our management policy.

Environment
SocialRenewableenergySmartagriculture(vegetable
plant)

We will provide solutions for the decline and aging of farming population,
climate change and food safety through investments in vegetable plants.

Distribution
center(logistics
warehouse)

Facilities forthe elderlyManagement
system

We will contribute to achieve a productive society, revitalizing
regional industries and creating employment through investments inthe distribution center projects (logistics warehouse).

Group
homes forthehandicappedＰＥ
investment

GovernanceWe contribute to reducing the burden on the environment byinvesting in renewable energy projects and partner companies of the
projects.

We will provide solutions for realizing an inclusive, safe andcomfortable society through investments in healthcare
projects (facilities for the elderly, group homes for thehandicapped).

We will improve productivity and complement labor throughinnovations by supporting investee companies which revitalize
existing businesses. We will also support to sustain basic industry byproviding funds for SMEs with succession problem.

2 out of 5 directors are independent outside directors. / A voluntary ”Evaluation
Committee” evaluates personnel matters and compensation of executive directors./ Selfassessment of the effectiveness of the Board of Directors is conducted and its results areproperly disclosed. / Audit & Supervisory Committee audits and internal audits are properly
conducted.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 34 -

5. Appendix - Company data (as of June 30, 2023)
Company name

Japan Asia Investment Co., Ltd.

Abbreviation; JAIC

Head office

2F Medical Friend Building, 3-2-4 Kudn-kita, Chiyoda-ku, Tokyo 1020073, Japan

Established

July 10, 1981

Paid-in capital

5,426 million yen

Listed market

Tokyo Stock Exchange, Standard Market (Securities code 8518)

Employees

42 (Consolidated) / 21 (Non-consolidated)

Main businessPrivate equity investment / Project oriented investment
President & CEO

Tetsuro Shimomura

Managing Executive Officer

Masafumi Hatta

Chairman of Audit & Supervisory Committee

Kazunori Omori

Directors

Harumi Katagiri[Outside/Independent]
Member of Audit & Supervisory Committee
Ken Kudo[Outside/Independent]

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 35 -

Disclaimer

The information in this document is for presentational purposes only and is not an
inducement to invest in securities issued by JAIC.



Any forward-looking statements in this document are based on materials available at thetime of its compilation and no guarantee can be made as to the continued accuracy andreliability of the material. The contents may be changed without prior notice. Risks anduncertainties including changes to economic circumstances may cause results andprojections to differ materially from those presented in the document.



JAIC owns all copyrights and other rights to all information contained in this material,and it is prohibited to copy or divert it without the permission of JAIC.



The figures in this document are based on consolidated financial statements prepared inaccordance with the previous accounting standards.

This document has been translated from the Japanese original for reference purposes
only. In the event of any discrepancy between this translated document and theJapanese original, the original shall prevail. JAIC assumes no responsibility for thistranslation or for direct, indirect or any other forms of damages arising from thetranslation.

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 36 -

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

Financial Results Overview for 1st Quarter of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2023

- 37 -