Summary of Consolidated Financial Results for the 2nd Quarter Ended Sep. 30, 2021

Japan Asia Investment Co., Ltd.

Fund Consolidation

This document has been translated from a part of the 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.

Consolidated Financial Results

for the Second Quarter Ended September 30, 2021

[Japanese Standards]

(Summary of Japanese announcement)

		November 12, 2021
Company name:	Japan Asia Investment Co., Ltd.
Listed on:	First Section of the Tokyo Stock Exchange (Stock code: 8518)	URL: https://www.jaic-vc.co.jp/
Head office:	Tokyo
Representative:	Tetsuro Shimomura, President and CEO
Contact:	Kenji Kishimoto, Executive Officer

Tel: [phone] (main)

Scheduled date for submission of quarterly report: November 12, 2021

Scheduled date for start of payment of dividends: -

The additional materials of the Financial Results: Yes

The briefing session of the Financial Results: None *We will distribute a video explaining financial results in Japanese on our website.

(Throughout this report, fractional amounts have been rounded down to the nearest one million yen.)

1. Consolidated business results for the second quarter ended September 30, 2021 (April 1, 2021 to September 30, 2021)

(1) Consolidated results of operations (cumulative total)

(Percentages indicate year-on-year increase or decrease)

	Operating revenue	Operating income	Ordinary income		Profit attributable to
		owners of parent
	Millions of yen	% change	Millions of yen % change	Millions of yen % change	Millions of yen % change
For six months ended	1,018	(19.0)	(413)	－	(529)	－	(651)	－
September 30, 2021
For six months ended	1,257	(7.1)	(179)	－	(300)	－	(342)	－
September 30, 2020
(Note) Comprehensive Income
For six months ended September 30, 2021: (640) millions of yen (－%)
For six months ended September 30, 2020: (459) millions of yen (－%)
	Net income per share	Diluted net income
	per share
For six months ended		Yen		Yen
	(36.77)		－
September 30, 2021
For six months ended		(19.36)		－
September 30, 2020
(2) Consolidated financial position
	Total assets	Net assets	Equity ratio		Net assets per share
	Millions of yen	Millions of yen	%			Yen
As of September 30, 2021		23,743		8,377	28.0			375.67
As of March 31, 2021		25,165		9,106	29.1			413.98

(Reference) Total shareholders' equity As of September 30, 2021: 6,650 millions of yen/As of March 31, 2021: 7,328 millions of yen

1

Japan Asia Investment Co., Ltd.

Fund Consolidation

2. Dividends

					Dividends per share
(Base date)	End of first quarter	End of second quarter		End of third quarter	End of year	Year
Year ended March 31,	Yen	Yen		Yen	Yen	Yen
－	0.00			－	0.00		0.00
2021
Year ending March 31,	－	0.00
2022
Year ending March 31,					－	0.00		0.00
2022(forecast)

(Note) Revision of dividends forecast during the current quarterly period: None

3. Outlook for the fiscal year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

The overall private equity investment business conducted by the Group (including investment partnerships) is significantly affected by changing factors such as stock markets, given the characteristics of the business. In addition, it has been difficult to forecast results reasonably in the rapidly changing environment. Therefore we do not disclose the results forecast. For the convenience of investors and shareholders, however, we disclose "result forecast consolidated under the Previous Accounting Standard" even though it doesn't have enough rationality. For details, please refer to "2. Outlook for the fiscal year ending March 31, 2022 (April 1, 2021 to March 31, 2022)" on page 18 in this report, "3. Business Performance and Financial Condition (4) Result forecast consolidated under the Previous Accounting Standard" on page 24 in "Consolidated Financial Results for the Year Ended March 31, 2021 [Japanese Standards]" disclosed on May 14, 2021 and "Differences between the "Result Forecast Consolidated under the Previous Accounting Standard" and the Results for the First Half of the Fiscal Year Mar. 2022" disclosed on November 12, 2021. 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 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.

4. Other matters

1. Changes among significant subsidiaries (Changes among specific subsidiaries resulting in changes in the scope of consolidation): None

[New - company (company name: -) Excluded - company (company name: -)]

1. Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements: None
2. Changes in accounting principles, accounting estimates and correction of prior period errors
3. 1. Changes in accounting principles due to revisions to accounting standards: Yes
   2. Changes other than shown in (i) above: None
   3. Changes in accounting estimates: None
   4. Correction of prior period errors: None
4. No. of shares issued and outstanding (common stock)

(i) Shares issued and outstanding at	Six months ended Se	17,884,392	Year	ended	March	17,884,392
the end of each period (including
ptember 30,2021:	shares	31, 2021:		shares
treasury stock)
(ii) Shares of treasury stock at the	Six months ended Se	181,009	Year ended	March	181,009
end of each period	ptember 30,2021:	shares	31, 2021:		shares
(ii) Average number of shares	Six months ended Se	17,703,383	Six	months	ended	17,703,383
during the period (cumulative
ptember 30,2021:	shares	September 30,2021:	shares
quarterly consolidated period)

*The above quarterly financial results are not subject to a quarterly review required under the Financial Instruments and Exchange Act.

*Cautionary Statements with Respect to Forward-looking Statements and Other Notes

The additional materials of the financial results for the the second quarter ended September 30, 2021 will be released on our website on November 12, 2021.

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 the Group at the time of writing and certain

2

Japan Asia Investment Co., Ltd.

Fund Consolidation

assumptions. The achievement is not promised. Various factors could cause actual results to differ materially from these result forecasts. 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 the Group 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. For details, please refer to "2. Outlook for the fiscal year ending March 31, 2022 (April 1, 2021 to March 31, 2022)" on page 18 in this report, "3. Business Performance and Financial Condition (4) Result forecast consolidated under the Previous Accounting Standard" on page 24 in "Consolidated Financial Results for the Year Ended March 31, 2021 [Japanese Standards]" disclosed on May 14, 2021 and "Differences between the "Result Forecast Consolidated under the Previous Accounting Standard" and the Results for the First Half of the Fiscal Year Mar. 2022" disclosed on November 12, 2021.

3

					Japan Asia Investment Co., Ltd.
						Fund Consolidation
1. Business Performance and Financial Condition
(1) Breakdown of operating revenue and operating cost
						(Millions of yen)
				For six months ended	For six months ended	For the year ended
				September 30, 2020	September 30, 2021	March 31, 2021
				(from April 1, 2020	(from April 1, 2021	(from April 1, 2020
				to September 30, 2020)	to September 30, 2021)	to March 31, 2021)
	Total operating revenue		1,257	1,018	3,709
	Management fees		58	59	122
	Proceeds of	sales of	operational	253	213	2,112
	investment securities
	Fund interests	income	and Income	932	730	1,450
	gains etc.
	Other operating revenue		13	14	24
	Total operating cost		724	724	2,516
	Cost of securities sold		94	168	1,199
	Investment write-offs & Provision
	for allowance for possible	(57)	152	199
	investment losses
	Fund interests losses etc.	683	398	1,109
	Other operating cost		3	4	7
	Operating gross profit		533	293	1,192
(2) Cash flows
						(Millions of yen)
				For six months ended	For six months ended	For the year ended
				September 30, 2020	September 30, 2021	March 31, 2021
				(from April 1, 2020	(from April 1, 2021	(from April 1, 2020
				to September 30, 2020)	to September 30, 2021)	to March 31, 2021)
	Cash flow from operating activities	326	(1,232)	1,728
	Cash flow from investing activities	(13)	55	61
	Cash flow from financing activities	(697)	(697)	(1,216)
	Cash and cash equivalents at the end	2,326	1,445	3,301
	of period

4

								Japan Asia Investment Co., Ltd.
									Fund Consolidation
(3) Breakdown of total assets
									(Millions of yen)
			As of September 30, 2020	As of September 30,		As of March 31, 2021
					2021
			Amount	(B)/(A)	Amount		(B)/(A)		Amount		(B)/(A)
			(%)		(%)			(%)
	Total assets		28,250	－	23,743		－	25,165		－
	Cash and deposits		5,103	－	5,035		－	6,486		－
	Property, plant and equipment		10,959	－	8,184		－	7,852		－
	Operational Investment		9,789	－	9,070		－	9,379		－
	Securities (A)
	Allowance for Possible		(1,502)	15.3	(1,439)		15.9	(1,349)		14.4
	Investment Loss (B)
(4) Breakdown of Loans payable and bonds
									(Millions	of yen）
			As of September 30, 2020	As of September 30, 2021		As of March 31, 2021
	Total of loans payable and bonds		19,185			14,155				14,990
	Loans payable;		7,469			6,253				6,950
	Non-consolidated base
	Loans payable by project finance
	and bonds ;		11,715			7,902				8,039
	Consolidated projects

5