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.
May 13, 2022
Company name:

Japan Asia Investment Co., Ltd. (JAIC)

Listed on:

Tokyo Stock Exchange Standard Market (Securities code: 8518)

Representative:

Tetsuro Shimomura, President and CEO

Contact:

Kenji Kishimoto, Executive OfficerTel:+81-3-3221-8518Differences between the “Result Forecast Consolidated under thePrevious Accounting Standard” and the Results for the Fiscal Year
Mar. 2022
Japan Asia Investment Co., Ltd. (JAIC) hereby announces that, differences
between the “Result Forecast Consolidated under the Previous AccountingStandard” for the fiscal year Mar. 2022 (from April 1, 2021 to March 31, 2022)
that JAIC released on April 7, 2022 and the actual results disclosed today.

1. Differences between the “result forecast consolidated under the PreviousAccounting Standard” and the results for the Fiscal Year Mar. 2022 (fromApril 1, 2021 to March 31, 2022)

Previous
forecast（A）
Actual results（B）
Change（B-A）
Percentage
Change(％)

Consolidated

Consolidate

Consolidate

ProfitConsolidate

operatingd operating

d ordinary

attributabl

d net income

revenueincomeincomee to owners

per shareof parent（*Note）（Yen）（Millions of（Millions of（Millions of（Millions ofyen）yen）yen）

yen）

2,400

80

60

30

1.69

2,409

86

61

49

2.78

+9+6+1+19+0.3+7.5+1.6+63.3

3,089

214

173

144

（Reference）
Consolidated
financial results
under the Previous
Accounting Standards
for the fiscal year
ended March 31,
2021

1

8.18

2. Reasons for differences
Profit attributable to owners of parent increased by 63.3% from the previous
forecast because the effect of foreign exchange gains was higher than expectedin the calculation of extraordinary profits.

3. Consolidated result forecast and “Result Forecast Consolidated Under thePrevious Accounting Standard”
3-1. Result forecast
The private equity investment business conducted by the JAIC Group issignificantly affected by changing factors such as stock markets, given thecharacteristics of the business. In addition, it has been difficult to forecast
results reasonably in the rapidly changing environment in recent years. Therefore
JAIC doesn’t disclose the results forecast. For the convenience of investors andshareholders, however, JAIC discloses “result forecast consolidated under thePrevious Accounting Standard” even though it doesn’t have enough rationality.
3-2. “Result forecast consolidated under the Previous Accounting Standard”
There is a difference between current accounting standards and those applied
to the “Result forecast consolidated under the Previous Accounting Standard”.
As of Fiscal year ended March 31, 2007 the JAIC Group has adopted “PracticalSolution 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 theoperational investment funds managed by the JAIC Group.
On the other hand, the operational investment funds managed by the JAIC Groupare excluded from the scope of consolidations in the financial statements etc.,
prepared in accordance with the previous accounting standards. Assets,
liabilities, revenues and expenses for investment funds are 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 fromthe scope of consolidations.
To enable investors and shareholders to have an accurate understanding of theJAIC Group’s business results and financial position, JAIC considers it essential
also to disclose financial statements, etc., prepared in accordance with theprevious accounting standards. Therefore, for reference purposes, JAIC willcontinue to disclose financial statements, etc., in accordance with the previous
accounting standards.

(End)2