May 15, 2023

2023 © Japan Asia Investment Co., Ltd. 2023 - 1 - Progress of the Medium-Term Management Plan (Numerical Plan) Progress of the Medium-Term Management Plan (Action Plan) Appendix P19 The figures in this document are based on consolidated financial statements prepared in accordance with the previous accounting standards. 2023 © Japan Asia Investment Co., Ltd. 2023 - 2 - Results for the current fiscal year (year-on-year) Operating revenue was ¥ 3,017 million (up, 25.2 %) and net loss attributable to owners of parent was ¥ (269) million (compared to profit attributable to owners of parent of 49 million yen for the the previous fiscal year). Sales of unlisted shares progressed in Japan and overseas. Capital gains from 5 project-oriented investments, including 1 project which had been sold in the previous fiscal year, contributed. Capital loss, provisions and losses from projects increased operational cost and led the deficit. Progress of the Medium-Term Management Plan (Numerical Plan) As for the result for FY 2023, operating revenue achieved the plan, but profit fell short of the plan by ¥ 819 million. As for the result forecast FY 2024, operating revenue is expected ¥ 2,300 million and net profit attributable to owners of parent is expected ¥ 120 million. We expect recovery in profitability by capital gains from unlisted shares, distribution warehouse projects and projects of group home for disabled people. Compared to the plan, however, net profit attributable to owners of parent fell short of the plan by ¥ 730 million. The main reason for the failure to achieve the plan is the sluggish capital gains of shares. Provisions and losses from projects are also factors of the decline in profits. Though the number and value of sales of project-oriented investments will exceed the plan, they can not compensate for all other downsides. Progress of the Medium-Term Management Plan (Action Plan) The business policies of the plan are securing profits and funds by selling existing financial investment assets, investing the funds into project-oriented investment and strategic investment and increasing capital gains from strategic investees. In FY 2023, according to the plan we invested in project-oriented investments and strategic investees and acquired capital gains from strategic investees. In FY 2024, we plan to increase capital gains by enhancing hands-on support mainly to strategic investees, to improve profitability for under-monetized projects and to increase operating revenue from M&A advisory business. 2023 © Japan Asia Investment Co., Ltd. 2023 - 3 -