JAFCO : Summary of Financial Results For the None Months Ended December 31, 2016（PDF：435KB）

1

Index

1. Financial Performance ・・・・・・・・・・ ・ ・ ・ 03 - 13

2. Investment Activity ・・・・・・・・・・・・・・ 14 - 19

3. Assets under Management ・・・・・・・・・・・・ 20 - 22 4 .Appendix ・・・・・・・・・・・・・・・・・・・ 23- 31 5. Disclaimer ・・・・・・・・・・・・・・・・・・・ 32

Consolidated financial information reflects only JAFCO's interests.

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 advance notification. 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 JAFCO or JAFCO-operated funds.

JAFCO holds all rights to this document. With the exception of material taken from other sources, no part of the document may be used or reproduced for any purpose whatsoever without prior permission.

Summary for the nine months ended December 31, 2016

Operating Environment

► Financial markets continued to move sideways and remained uncertain ► Domestic IPOs fell 15% year-on-year; overheated pricing cooled down ► Expectations for start-ups remained high; abundant capital inflows

Performance

► IPO of a buyout portfolio company contributed to capital gains in the third quarter ► Success fees rose on distributions of proceeds from sale of SV3 portfolio companies

Funds

► Final closing of new flagship fund SV5 (¥65 billion in total fund size)

Investment/ Exits

► Investment: ¥15.3 billion on a global basis (¥18.0 billion a year earlier) ► First IPO by a China-based portfolio company on the Shanghai Stock Exchange

Financial results for the nine months ended December 31, 2016 (JAFCO's interests)

stockholders

(¥ Million)
Year ended	Nine months ended	Nine months ended	Annualized
March 31, 2016	Dec. 31, 2015	Dec. 31, 2016	comparison
Total A	1Q - 3Q	1Q - 3Q B	[B/3×4]/A
Total net sales	41,155	34,304	20,983	68%
Capital gains	15,689	14,483	6,919	59%
Income from fund management	8,688	7,580	5,073	78%
Management fees	3,812	3,049	2,501	87%
Success fees	4,875	4,531	2,572	70%
Additions to investment loss reserves	3,098	2,207	1,632	70%
Reversal of investment loss reserves	3,673	2,735	3,920	142%
SG&A expenses	5,689	4,162	3,874	91%
Operating income	19,226	18,613	9,566	66%
Ordinary income Profit attributable to JAFCO Co., Ltd.	19,808	19,446	11,033	74%

17,018 15,581 9,243 72%