FY2021 Consolidated 2Q

These consolidated financial results are an English translation of excerpts from the Japanese "Kessan Tanshin" including attachments filed with the Tokyo Stock Exchange, solely for the convenience of readers outside Japan.

This report has been prepared in accordance with accounting principles and practices generally accepted in Japan. Amounts less than ¥1 million have been omitted unless otherwise stated.

Consolidated Financial Results (Kessan Tanshin)

for the Six Months of Fiscal Year Ending March 31, 2022

[Japan GAAP]

November 8, 2021

Name of Listed Company: Tokyo Century Corporation

Stock Exchange Listing: Tokyo

Securities Code: 8439

(URL: https://www.tokyocentury.co.jp/en/)

Representative: Makoto Nogami, President & CEO, Representative Director

Contact: Tatsuya Hirasaki, Director and Managing Executive Officer

Phone: [phone]

Scheduled Reportable Date of Quarterly Securities Report: November 8, 2021

Scheduled Payment Date of Dividends: December 7, 2021

Preparation of Supplementary Reference Documents: Yes

Holding of Quarterly Earnings Announcement: Yes (for institutional investors and analysts)

(Amounts less than one million yen are omitted.)

1. Consolidated Performance

Six Months Ended

Six Months Ended

YoY

September 30, 2020

September 30, 2021

(Millions of yen)

(Percentage change)

(1) Consolidated business results:

Revenues

592,208

618,757

4.5%

Operating income

42,186

49,797

18.0%

Ordinary income

42,841

54,677

27.6%

Net income attributable to owners of

27,521

33,193

20.6%

parent

Basic earnings per share (Yen)

225.44

271.66

Diluted earnings per share (Yen)

224.45

270.51

Notes:

Total comprehensive income

For the six months ended September 30, 2021:

¥83,588 million

241.4%

For the six months ended September 30, 2020:

¥24,486 million

6.8%

As of March 31, 2021 As of September 30, 2021

(Millions of yen)

(2) Consolidated financial condition:

Total assets

5,602,897

5,664,147

Net assets

688,345

760,929

Shareholders' equity ratio

10.2%

11.3%

Reference:

Shareholders' equity

As of September 30, 2021:

¥639,941 million

As of March 31, 2021:

¥570,172 million

2.

Dividends

Dividends per Share (Yen)

First

Second

Third

Year-End

Total

Quarter

Quarter

Quarter

Fiscal 2020

－

68.00

－

70.00

138.00

Fiscal 2021

－

71.00

Fiscal 2021 (Forecast)

－

72.00

143.00

Note: Revisions to the most recently announced forecast of dividends: None - 1 -

3. Consolidated Results Forecast for the Fiscal Year Ending March 31, 2022 (As of November 8, 2021)

		Full year	YoY
		(Millions of yen)	(Percentage change)
	Ordinary income	100,000	28.0%
	Net income attributable to owners	60,000	22.1%
	of parent
	Basic earnings per share (Yen)	491.48

Note: Revisions to the most recently announced forecast of consolidated results: None

Notes

1. Changes in status of significant subsidiaries during the period under review (changes in status of specified subsidiaries resulting in change in scope of consolidation): None
2. Adoption of special accounting treatments for quarterly consolidated financial statements: Yes
3. Changes in accounting policies, changes in accounting estimates, and retrospective restatements
4. 1. Changes in accounting policies due to reforms of accounting standards: Yes
   2. Changes in accounting policies other than item 1) above: None
   3. Changes in accounting estimates: None
   4. Retrospective restatements: None

Note: For details, please refer to "2. Consolidated Financial Statements and Primary Notes, (3) Notes to the Consolidated Financial Statements, Changes in Accounting Policies" on page 9 of the Attachment.

(4) Number of shares of common stock issued

1) Number of shares issued at the end of the period (including treasury stock)

As of March 31, 2021:	123,028,320 shares
As of September 30, 2021:	123,028,320 shares

2) Number of shares of treasury stock at the end of the period

As of March 31, 2021:	947,379 shares
As of September 30, 2021:	826,569 shares

1. Average number of shares during the period (cumulative from the beginning of the fiscal year) Six months ended September 30, 2020: 122,079,578 shares
   Six months ended September 30, 2021: 122,187,859 shares

These quarterly financial results are outside the scope of quarterly review by certified public accountant or audit firm.

Explanation related to forward-lookingstatements and other items warranting special mention(Regarding forward-looking statements)

The statements concerning future performance presented in this document are prepared based on currently available information and certain preconditions that Tokyo Century Corporation and its Group companies believe to be reasonable at the publication of this document. Actual results may be substantially different from any projections presented herein due to various factors.

(Methods for obtaining supplementary reference documents for quarterly financial statements)

The supplementary reference documents were disclosed on the TDnet on the same date as this document (Japanese only) and were also posted on the Company's website. The Company holds an earnings announcement (audio conference) for institutional investors and analysts on Tuesday, November 9, 2021.

- 2 -

1. Qualitative Information Concerning Financial Results for the Six Months of Fiscal Year Ending March 31, 2022

• In this section 1 "Qualitative Information Concerning Financial Results for the Six Months of Fiscal Year Ending March 31, 2022," the amounts expressed in units of millions have been rounded off to the nearest hundred million.

(1) Explanation of Results of Operations

During the six months ended September 30, 2021, revenues increased ¥26,500 million, or 4.5%, to ¥618,800 million, and gross profit increased ¥3,300 million, or 3.3%, to ¥105,300 million respectively from the same period of the previous consolidated fiscal year. This was because increases in the Mobility & Fleet Management segment and the real estate business despite a decrease in the aviation business.

Selling, general and administrative expenses decreased ¥4,300 million, or 7.2%, to ¥55,500 million from the same period of the previous consolidated fiscal year. This was mainly because credit costs on receivables mainly in the aviation business decreased and reversed, as well as reduced operation costs including personnel costs in the car rental business.

Non-operating income and loss increased ¥4,200 million, or 644.6%, to an income of ¥4,900 million from the same period of the previous consolidated fiscal year. This was mainly caused by an increase in equity in earnings of affiliates.

Due to the factors mentioned above, ordinary income increased ¥11,800 million, or 27.6%, to ¥54,700 million from the same period of the previous consolidated fiscal year.

Extraordinary income and loss improved ¥400 million, to a loss of ¥400 million from the same period of the previous consolidated fiscal year, mainly as a result of a decrease in loss on valuation of investment securities. Income taxes increased ¥5,200 million, or 48.4%, to ¥16,000 million, and net income attributable to non-controlling interests increased ¥1,300 million, or 34.2%, to ¥5,100 million, respectively from the same period of the previous consolidated fiscal year.

As a result, net income attributable to owners of parent increased ¥5,700 million, or 20.6%, to ¥33,200 million from the same period of the previous consolidated fiscal year.

Average exchange rate during the period for the preparation of consolidated financial statements for the major overseas subsidiaries and affiliates closing accounts in December is ¥107.82/US$ for the first six months of the fiscal year ending December 31, 2021 (January to June 2021), ¥108.24/US$ for the first six months of the fiscal year ended December 31, 2020 (January to June 2020).

(Overview of Business Results by Segment) Business results by segment were as follows.

Revenues for each segment represent "revenues from customers," and segment income represents the amount for the reportable segment.

1. Equipment Leasing
   Revenues decreased ¥4,300 million, or 1.6%, to ¥258,000 million, but segment income increased ¥2,000 million, or 14.2%, to ¥16,300 million, respectively from the same period of the previous consolidated fiscal year. The increase in segment income was mainly due to an increase in equity in earnings of affiliates of NTT TC Leasing Co., Ltd. and NITTSU Lease & Finance Co., Ltd. The balance of segment assets decreased ¥68,200 million, or 4.6%, to ¥1,420,900 million from the end of the previous consolidated fiscal year.
2. Mobility & Fleet Management
   Revenues increased ¥3,100 million, or 1.8%, to ¥168,800 million, and segment income increased ¥6,300 million, or 236.4%, to ¥9,000 million, respectively from the same period of the previous consolidated fiscal year. The increase in segment income was mainly due to an improvement in profitability resulting from reduced operation costs in the car rental business as well as expanded gains on sales of lease and rental vehicles resulting from a flexible response to the used vehicle market situation. The balance of segment assets decreased ¥5,300 million, or 0.8%, to ¥624,200 million from the end of the previous consolidated fiscal year.
3. Specialty Financing
   Revenues increased ¥29,400 million, or 26.5%, to ¥140,500 million, and segment income increased ¥800 million, or 3.2%, to ¥27,100 million, respectively from the same period of the previous consolidated fiscal year. The
4. • 3 -

increase in segment income was mainly caused by increased income resulting from gains on the sale of real estate and ships, etc., offsetting the decrease in income resulting from recording an impairment loss in the aviation business. The balance of segment assets increased ¥115,200 million, or 5.3%, to ¥2,299,900 million due mainly to foreign exchange fluctuations from the end of the previous consolidated fiscal year.

1. International Business
   Revenues decreased ¥100 million, or 0.2%, to ¥51,100 million, and segment income increased ¥1,800 million, or 31.4%, to ¥7,600 million, respectively from the same period of the previous consolidated fiscal year. The increase in segment income was mainly caused by increases in income at CSI Leasing, Inc., which is a consolidated subsidiary that operates worldwide primarily in North America and affiliated companies in Asia. The balance of segment assets increased ¥32,200 million, or 6.7%, to ¥515,300 million due mainly to foreign exchange fluctuations from the end of the previous consolidated fiscal year.

(2) Explanation of Financial Conditions

Total assets at the end of the six months under review increased ¥61,200 million, or 1.1%, to ¥5,664,100 million, and due mainly to foreign exchange fluctuations segment assets increased ¥76,200 million, or 1.6%, to ¥4,876,600 million from the end of the previous consolidated fiscal year. Total liabilities decreased ¥11,300 million, or 0.2%, to ¥4,903,200 million, and interest-bearing debts increased ¥40,500 million, or 0.9%, to ¥4,321,400 million due mainly to foreign exchange fluctuations, respectively from the end of the previous consolidated fiscal year.

Total net assets increased ¥72,600 million, or 10.5%, to ¥760,900 million from the end of the previous consolidated fiscal year. This was mainly caused by an increase in retained earnings of ¥24,600 million, an increase in translation adjustments of ¥43,700 million due mainly to foreign exchange fluctuations, and an increase in non- controlling interests of ¥2,900 million.

As a result, the shareholders' equity ratio increased 1.1 points compared with the end of the previous consolidated fiscal year to 11.3%.

Exchange rate at the end of the period for the preparation of consolidated financial statements for the major overseas subsidiaries and affiliates closing accounts in December is ¥110.61/US$ at the end of the second quarter of the fiscal year ending December 31, 2021 (June 30, 2021), ¥103.52/US$ at the end of the previous consolidated fiscal year (December 31, 2020).

(3) Explanation of Future Forecast Information such as Consolidated Results Forecast

We have made no revision to the consolidated results forecast which was announced on May 13, 2021.

- 4 -

2. Consolidated Financial Statements and Primary Notes

1. Consolidated Balance Sheets

		(Millions of yen)
	As of March 31, 2021 As of September 30, 2021
Assets
Current assets
Cash on hand and in banks	217,522	178,488
Accounts receivable - installment sales	159,801	154,027
Lease receivables and investment assets	1,632,014	1,592,215
Loans	467,125	471,416
Operational investment securities	312,693	325,527
Accounts receivable - leases	70,617	72,589
Short-term investment securities	450	450
Inventories	10,472	11,695
Other current assets	148,276	146,498
Allowance for doubtful accounts	(7,269)	(7,368)
Total current assets	3,011,703	2,945,541
Non-current assets
Property and equipment
Leased assets	1,879,266	1,971,379
Advances for purchases of property for lease	107,843	115,349
Other operating assets	100,681	98,670
Construction in progress	72,958	79,125
Own assets in use	28,722	31,903
Total property and equipment	2,189,472	2,296,427
Intangible assets
Computer programs leased to customers	2,279	2,153
Goodwill	51,543	52,037
Other intangible assets	42,247	36,620
Total intangible assets	96,070	90,810
Investments and other assets
Investments in securities	204,523	219,564
Claims provable in bankruptcy or rehabilitation	13,481	18,246
Deferred tax assets	25,987	27,917
Retirement benefit asset	39	56
Other investments	64,415	68,701
Allowance for doubtful accounts	(4,835)	(5,247)
Total investments and other assets	303,611	329,238
Total non-current assets	2,589,155	2,716,476
Deferred assets	2,039	2,128
Total assets	5,602,897	5,664,147

- 5 -