J Trust Co., Ltd. 2 nd Quarter of FY 2017 Earnings Presentation Material. at Belle Salle Nihonbashi. 14 th November, 2016.

Organizer 2 nd Quarter of FY 2017 Earnings Presentation Material at Belle Salle Nihonbashi 14 th November, 2016 J Trust Co., Ltd. Copyright(C)2016 JTRUST Co.,Ltd. All Rights Reserved.

Table of contents 1. Key Point of the Quarter Result 2. Overview 3. Performance and Results by Segments 4. Progress Report on the Full-Year Target 5. Strategies for the Future Growth 6. Q&A sessions Representative Director Senior Managing Executive Officer Nobuiku Chiba Representative Director, President & Chief Executive Officer Nobuyoshi Fujisawa APPENDIX(IFRS-unaudited) 2

Disclaimer The information published in this material, including forecasts, is recognition, opinion, judgment or projection of the Company at the time of creation of this material and the Company does not guarantee its achievement. As such, please be aware that actual results may differ from the forecasts provided in this material as a result of various factors. The earnings presentation and this material are prepared to provide information to facilitate greater understanding of the Company. It is not intended for use in soliciting investments in the securities issued by the Company or its subsidiaries. There are three months difference between consolidated accounting period and accounting period of Financial Business in Southeast Asia. (For example, 1Q FY2017 reflects figures from January 2016 till March 2016 of Bank JTrust Indonesia, likewise 2Q reflects its figures from April till June, 3Q reflects its figures from July till September, and 4Q reflects its figures from October till December.) Please note that figures based on IFRS in this material are unaudited figures prepared by the Company as a reference. The exchange rate published in this material, for Financial Business in South Korea indicates the end of September 2016, and for Financial Business in Southeast Asia indicates the end of June 2016. This material is an English translation of the original Japanese document, prepared solely for the convenience of and reference by overseas investors. If there exist any discrepancies between the original Japanese language and English translation, the Japanese language will always prevail. The issuer shall not be liable for this translation or any loss or damage arising from this translation. 3

1. Key Point of the Quarter Result Representative Director Senior Managing Executive Officer Nobuiku Chiba 4

Key Point A sufficient amount of 4.6 billion yen is recorded as provision for bad debts by Bank JTrust Indonesia *Unrealized loss of 1.4 billion yen is recorded by convertible bonds issued by Group Lease *the unrealized profit was 2.4 billion yen as of 31 October, 2016 from 30 September, 2016 as the share price increased Operating loss is 3.9 billion yen Impacted by 6.0 billion yen of Unrealized Loss 5

Key Point / Segment summary Domestic Financial Business Stable growth: 2Q s operating profit is 2.2 billion yen Financial Business in South Korea Amortization is almost cleared and expect profits in second half 2Q s operating profits is 0.8 billion yen even after 1.0 billion yen of amortization and 0.4 billion yen of unrealized loss Financial Business in Southeast Asia Investment Business Restructuring is finishing and expect profits in second half Provision for bad debts: 4.6 billion yen Cost of restructuring:1.5 billion yen (extraordinary loss ) Unrealized loss of 1.4 billion yen from CB 6

Key Point / Revision of full year target Revised the full-year target and consolidated operating profit will be 4.2 billion yen Expect operating profit to recover by 8.3 billion yen from the loss of 4.1 billion yen in the last fiscal year Full-year target revision details Previous Target Revised Target Last fiscal year result (unit: in 100 million yen) Difference Operating revenue 982 889 754 +135 Operating profit 112 42-41 +83 Ordinary income 114 26-46 +72 Profit attributable to owners of parent 95 1-57 +58 7

Key Point / Revision of full year target (operating profit by segment) Financial Business in South Korea: Revised target is 3.1 billion yen due to amortization and unrealized losses Financial Business in Southeast Asia: Revised target is -6.5 billion yen due to allocation of sufficient amount of provision for bad debts Investment Business: Revised target is 5.5 billion yen due to CB with coupon payments and unrealized profit expected Difference between the initial and revised full-year target (operating profit by segment) (unit: in 100 million yen) Operating profit Previous Target Revised Target Difference Domestic Financial Business 39 42 3 Financial Business in South Korea 51 31-20 Financial Business in Southeast Asia 3-65 -68 Investment Business 30 55 25 Non-Financial Business 13 5-8 Cost of headquarters/others -23-26 -3 Consolidated operating profit 112 42-70 8

Key Point / Reference figures (approximation) Profitable after excluding unrealized profit and loss Apr.-June 2015 July-Sept. Oct.-Dec. Jan.-Mar. 2016 Apr.-June (unit: in 100 million yen) July-Sept. Operating profit(a) -19-3 2-20 11-51 Valuation Allowance (B) 44 18 30 23 34 78 Unrealized P&L on Investments(C) Reference figures (A+B - C) 0 8 18 1 13-14 25 7 15 2 32 41 25 7 15 2 32 41 2015/ 4~6 7~9 10~12 2016/ 1~3 4~6 7~9 Valuation Allowance(B) = Goodwill amortization + Provision for doubtful accounts + Depreciation expenses 9

Key Point / Outlook 1. Cleanup of negative legacy in Southeast Asia Financial Business in Southeast Asia: Newly allocated 4.6 billion yen of provision for bad debts recorded in a very conservative way Financial Business in Southeast Asia: Fixed cost reduction by restructuring 2. Near to complete amortization in Financial Business in South Korea Offsetting of negative goodwill balance reduced to 0.5 billion yen as of 30 September 2016, from 9.5 billion yen as of 31 March 2015 No more valuation loss leads to Recurring Surplus in Second Half 10

2. Overview 11

Overview / Progress of operating revenue and operating profit quarterly Quarterly operating revenue is increased Operating loss is 5.1 billion yen due to 4.6 billion yen of provision for bad debts and 1.4 billion yen of unrealized loss of CB from Group Lease J-GAAP Consolidated Summary (unit: in 100 million yen) Operating revenue Operating profit 800 754 20 700 600 175 10 0 11 500 400 300 200 183 201 196-10 -20-30 -19-4 2-20 -41 51 100 195 205-40 0 FY2016 2016/03 2017/03 FY2017 2016/03 FY2016 2017/03 FY2017 1Q 2Q 3Q 4Q TOTAL 1Q 2Q 1Q 2Q 3Q 4Q TOTAL 1Q -50 2Q *rounding off the number 12

Overview / Compared with the same period of FY2016 Operating revenue is 40.1 billion yen, increased 2.4 billion yen from the previous year Operating profit is -3.9 billion yen, decreased 1.6 billion yen Ordinary profit is -5.4 billion yen impacted by FOREX losses J-GAAP Consolidated Summary (unit: in 100 million yen) 1H FY2016 1H FY2017 Difference Operating revenue 377 401 +24 Operating profit -23-39 -16 Ordinary profit -22-54 -32 Profit attributable to owners of parent EBITDA after adjustment -23-76 -53 0.5-18 -18 EBITDA after adjustment: operating profit + amortization of goodwill + depreciation 13

Overview / Segment operating revenue Operating revenue of Financial Business in South Korea and Southeast Asia are increased Domestic Financial Business generates stable profits J-GAAP Operating revenue by segment (unit: in 100 million yen) 1H FY2016 1H FY2017 Difference Domestic Financial Business 53 51-2 Financial Business in South Korea Financial Business in Southeast Asia 133 139 +6 61 68 +7 Investment Business 8 21 +13 Non-Financial Business 112 106-6 Others 10 16 +6 Total 377 401 +24 *Non-Financial Business: real estate business and general entertainment business *Others: constructing commercial facilities business, IT system, etc 14

Overview / Segment operating profit Domestic Financial Business is constantly growing Financial Business in South Korea is steadily profitable Financial Business in Southeast Asia is decreased by provision for bad debts J-GAAP Operating profit by segment (unit: in 100 million yen) 1H FY2016 1H FY2017 Difference Domestic Financial Business 15 22 +7 Financial Business in South Korea Financial Business in Southeast Asia -1 8 +9-34 -60-26 Investment Business 7 6-1 Non-Financial Business 3 1-2 Others -13-16 -3 Total -23-39 -16 *Non-Financial Business: real estate business and general entertainment business *MISC: constructing commercial facilities business, IT system, etc 15

Overview / Net cash trend Net cash increased by 4.4 billion yen from 31 March, 2016 to 57.8 billion yen even after 7.3 billions yen of share buyback in 2Q 2016 Net cash trend (unit: in 100 million yen) 31 March 2016 30 September 2016 1,600 1,600 1,400 1,400 1,200 531 1,200 524 1,000 1,000 800 600 1,470 405 800 600 1,449 347 400 200 534 400 200 578 0 現預金および Cash and securities 有価証券 Total 有利子負債 interest bearing debt 総額 銀行業ネット Net cash banking キャッシュ ネットキャッシュ Net cash 0 現預金および Cash and securities 有価証券 Total 有利子負債 interest bearing debt 総額 銀行業ネット Net cash banking キャッシュ ネットキャッシュ Net cash 16

Overview / Net cash + Financial assets Net cash + Financial assets is 87.6 billion yen In addition, unrealized profit on investment securities and off-balanced receivables Net cash + Financial assets value (unit: in 100 million yen) 1,600 1,400 1,200 524 1,000 230 800 1,449 347 528 600 400 876 200 578 0 現預金および Cash and 有価証券 securities 有利子負債総額 Total interest 銀行業ネットキャッシュ Net cash banking ネットキャッシュ Net cash Financial 流動可能 assets bearing debt (Flowable 金融資産 *1) Provision 貸倒引当金 for doubtful accounts ネット現預金 Net cash deposit + 流動金融資産の価値 + Value of liquid financial assets loan receivables, hire purchasing, receivables purchased, right of indemnity which are not for bank s ordinary loan business 17

3. Performance and Results by Segments 3-1. Domestic Financial Business 18

Domestic Financial Business / operating revenue & profit Operating revenue and operating profit are both solid Due to the efforts of restructuring, fixed cost is decreased and operating profit increased by 0.7 billion yen J-GAAP Domestic Financial Business (unit: in 100 million yen) Operating revenue Operating profit 60 25 50 20 40 15 30 20 53 51 10 15 22 10 5 0 FY2016 2Q 1H FY2017 1H 2Q 0 FY2016 2Q 1H FY2017 1H 2Q 19

Domestic Financial Business / Credit guarantee business Credit guarantee for Apartment loan is constantly growing The approval is steadily increasing and in progress to achieve the fullyear target Amount of credit guarantee by Nihon Hoshou 700 600 500 400 300 Size of guarantees Apartment loans Total (unit: in 100 million yen) 549 558 570 533 502 453 466 424 435 391 398 407 597 625650 264 350 300 250 200 150 Approved Apartment Loan Amount (unit: in 100 million yen) 317 270 211 135 200 386 100 82 100 50 42 0 15/07 08 09 10 11 12 16/01 02 03 04 05 06 07 08 09 0 16/04 05 06 07 08 09 20

Domestic Financial Business / Servicer business The amount of receivables continued to increase because of successful purchased of NPLs FY2017 s target is 440.9 billion yen. The achievement rate is 165% (Also, already achieved FY2018 s target of 500.8 billion yen.) Amount of receivables (unit: in 100 million yen) 8,000 7,000 6,879 7,262 6,000 5,000 4,000 FY2018 targets: 5,008 FY2017 targets: 4,409 3,492 4,679 3,000 2,572 2,833 2,000 1,000 1,196 1,251 1,471 0 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 1Q FY2017 2Q FY2017 21

3-2. Financial Business in South Korea 22

Financial Business in South Korea / operating revenue & profit Operating revenue and profit of Financial Business in South Korea are growing well Operating profit is increased by 0.9 billion yen J-GAAP Financial Business in South Korea (unit: in 100 million yen) Operating revenue Operating profit 160 10 140 120 100 8 6 80 60 40 20 133 139 4 2 0-1 8 0 FY2016 1H 2Q FY2017 1H 2Q -2 FY2016 1H 2Q FY2017 1H 2Q 23

Financial Business in South Korea / In total *4x companies Operating profit of 24.5 billion KRW under K-GAAP Financial Business in South Korea (unit: in 100 million won) Operating revenue Operating profit 1,800 300 1,600 1,400 250 1,200 200 1,000 800 600 1,512 1,688 150 100 245 400 200 50 93 0 1H 2Q FY2016 J-GAAP 1H 2Q FY2017 K-GAAP 0 1H 2Q FY2016 J-GAAP 1H 2Q FY2017 K-GAAP reference rate:1won=0.0917yen *4x companies of South Korea=JT Chinae Savings Bank, JT Savings Bank, JT Capital, TA Asset 24

Financial Business in South Korea / quarterly transition Operating profit of 0.6 billion yen is recorded Amortization effects profitability J-GAAP Consolidated Summary (unit: in 100 million yen) Operating revenue Operating profit 300 10 250 55 254 8 200 150 65 6 4 6 100 60 68 2 2 3 2 50 74 71 0 0-1 2 0 2016/03 FY2016 2017/03 FY2017 2016/03 FY2016 2017/03 FY2017 1Q 2Q 3Q 4Q TOTAL 1Q 2Q 1Q 2Q 3Q 4Q TOTAL 1Q -2 2Q 25

Financial Business in South Korea / Negative goodwill Negative goodwill posted in FY2015 impacted consolidated operating profit As of September 2016, the amount of unamortized is 0.5 billion yen (which will be amortized by FY2017) J-GAAP Impact of negative goodwill on operating profit (as of the end of Sept. 2016) (unit: in 100 million yen) 95 80 Amortized FY2016 Amortized 1Q FY2017 Negative Negative goodwill goodwill as of Mar. as 2015 of FY2015 (JTCK and JTSB were acquired) 15 6 10 9 5 Actual Negative as of Mar. goodwill 2016 Actual as of 1Q FY2017 Actual as of 2Q FY2017 as of FY2016 26

Financial Business in South Korea / JT Chinae Savings Bank and JT Savings Bank Averaged lending interest is strategically limited due to increase in Real Estate backed loans and large corporate loans, and low interest financial products are put on the market in order to gain a new customer base Deposit interest rate steadily decreased Net interest income increased due to increase in loan asset Avg. lending interest rate Avg. deposit interest rate Net interest income (unit: in 100 million won) 18.06% 17.33% 2.71% 2.62% 2.59% 2.49% 476 16.08% 15.60%14.79% 14.65% 2.37% 2.36% 389 381 390 384 404 2015/ 4~6 7~9 10~12 2016/ 1~3 4~6 7~9 2015/ 4~6 7~9 10~12 2016/ 1~3 4~6 7~9 2015/ 4~6 7~9 10~12 2016/ 1~3 4~6 7~9 Reference rate: 1 won=0.0917yen 27

Financial Business in South Korea / New loan balance The amount of new loan disbursed per month recorded the highest (3-month average: 195.8 billion KRW) It is double the amount of avg. 97.9 billion KRW last year Amount of New loan disbursed per month (unit: in 100 million won) 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 JT Capital JT Savings Bank JT Chinae Savings Bank 1,022 1,008 906 avg 979 1,284 1,409 1,364 avg 1,352 1,166 1,508 1,493 1,585 avg 1,389 avg 1,708 1,645 1,893 1,805 2,058 avg 1,958 2,012 600 400 15/07 08 09 10 11 12 16/01 02 03 04 05 06 07 08 09 reference rate:1won=0.0917yen 28

Financial Business in South Korea / Loan balance The PR strategy was successful and the monthly net change in loan balance is about 64.7 billion KRW increase Loan balance (unit: in 100 million won) 24,000 23,000 22,000 21,000 20,000 19,000 18,000 17,000 16,000 New TV commercial of JT Group in Korea 17,376 17,340 17,175 17,212 17,267 17,296 17,801 18,291 18,480 avg 395 19,662 19,403 18,806 avg 394 21,376 20,622 20,148 avg 571 23,316 22,823 21,937 avg 647 15,0000 15/04 05 06 15/07 08 09 10 11 12 16/01 02 03 04 05 06 07 08 09 reference rate:1won=0.0917yen 29

Financial Business in South Korea / Operating assets Increasing excellent receivables, due to the credit screening by our group companies Delinquency ratio record at the lowest level Revenue base becoming solid Loan balance and NPLs* at savings banks/capital company (unit: in 100 million won) 25,000 20,000 34.50% Loan disbursed by group companies Purchased receivables Deliquency ratio 23,316 2,522 40.00% 35.00% 30.00% 15,000 25.00% 20.00% 10,000 5,000 6,156 20,794 5.54% 15.00% 10.00% 5.00% 0 14/ 04 05 06 07 08 09 10 11 12 15/ Jan. Feb. Mar. Apr. 05 06 07 08 09 10 11 12 16/ Jan. 02 03 04 05 06 07 08 09 0.00% reference rate:1won=0.0917yen * definition of NPL: loans that are delinquent for 30 days or more 30

Financial Business in South Korea / Revision In addition to the organic growth, generating profits from receivables purchased and acquisition of DH savings bank* Estimated operating profit is 3.1 billion yen for current fiscal year 35.0 The profit structure from 2Q to the end of the fiscal year First Half Second Half (unit: in 100 million yen) 30.0 25.0 Unrealized loss of TAA 6 20.0 4 15.0 10.0 22 10 Amount of amortization negative goodwill 17 31 5.0 8 0.0 1H 2Q operating profit Under K-GAAP 1H 2Q operating profit Under J-GAAP Organic growth Additional profit due to the purchase of receivables Operating profit at the end of the period Under J-GAAP Reference rate: 1 KRW=0.0917 yen *Approval by authorities is a prerequisite for DH Savings Bank 31

Financial Business in South Korea / DH Savings Bank Expansion of sales area due to the acquisition of DH Savings Bank Nearly all of South Korea is marketing target Not yet acquired 未獲得の営業エリア sales area JT Savings Bank area JT Chinae Savings Bank area Common sales area Based on JT Capital Plan for covered area by DH Savings Bank *Approval by authorities is a prerequisite for DH Savings Bank 32

3-3. Financial Business in Southeast Asia 33

Financial Business in Southeast Asia / Timing difference in account closing Under J-GAAP, 3-month timing difference in account closing arises when consolidating results of Financial Business in Southeast Asia Image of consolidating results of Financial Business in Southeast Asia (operating profit) (unit: in 100 million yen) FY2017 1Q 2Q 3Q 4Q Under J-GAAP Jan.-Mar. 2016 Apr.-June 2016 July-Sept. 2016 Oct.-Dec. 2016 Operating revenue 35 33 - - Operating profit -6-54 - - 34

Financial Business in Southeast Asia / Operating revenue & profit Operating revenue is increasing, and the performance is on upward trend towards the end of current fiscal year Earning power has improved Focusing on cost-effective management J-GAAP Financial Business in Southeast Asia (unit: in 100 million yen) 80 70 60 50 40 30 20 10 0 Operating revenue 61 68-10 -20-30 -40-50 -60-70 2016/03 FY2016 1H 2Q 1H 2017/03 FY2017 1H 2Q 2016/03 FY2016 2Q 1H 2017/03 FY2017 2Q 1H 0 Operating profit -34 Conservatively transferred provision for doubtful accounts -14-46 -60 35

Financial Business in Southeast Asia / Monthly operating income 5 profitable months Provision for bad debts impacted some months profitability will be improved Operating profit by month in Financial Business in Southeast Asia (unit: in IDR 100 million) 400 200 331 293 241 0-109 -49 37 42-200 -321-400 -621-600 -800 2016/ 01 02 03 04 05 06 07 08 09 *Provision for bad debts of 4.6 billion yen in 2Q not included. Reference rate: 1IDR = 0.0079 yen 36

Financial Business in Southeast Asia / Bank Indonesia: Other key indicators The average lending interest rate for restructured loans caused by NPLs decrease while for performing loans has been steadily increasing Average deposit interest rate decreased Avg. lending interest rate Avg. deposit interest rate Net interest income 12.33% (unit: in IDR 100 million) 940 11.22% 11.37% 8.43% 896 887 8.04% 10.55% 7.69% 7.84% 7.51% 683 9.99% 7.43% 9.89% 412 200 2015/ 4~6 7~9 10~12 2016/ 1~3 4~6 7~9 2015/ 4~6 7~9 10~12 2016/ 1~3 4~6 7~9 2015/ 4~6 7~9 10~12 2016/ 1~3 4~6 7~9 reference rate: 1 IDR=0.0079 yen 37

Financial Business in Southeast Asia / Bank JTrust Indonesia Operating assets accumulated steadily by strengthening sales force The NPL ratio temporarily increased due to the downgrade of large lot loans by Mutiara bank but we resolved at the end of September (4.5% at the end of June 2.7% at the end of September) 120,000 100,000 80,000 80,735 Operating assets and NPL ratio 7.50% 88,656 107,374 100,567 104,971 105,829 4.60% (unit: in IDR 100 million) 8.00% 7.00% 6.00% 5.00% 60,000 40,000 4.50% 1.90% 4.40% 2.70% 4.00% 3.00% 2.00% 20,000 1.00% 0 04 05 06 07 08 09 10 11 12 16/01 02 03 04 05 06 07 08 09 0.00% reference rate: 1 IDR=0.0079 yen 38

Financial Business in Southeast Asia / Bank JTrust Indonesia: COF and LDR Decreased COF (Cost of Funds) steadily Loan-To-Deposit ratio (LDR) increased due to our effort to reduce baseline costs COF and LDR 8.97% Cost of Funds 8.87% 8.42% 8.18% 8.15% 8.04% 8.15% 7.51% 8.30% 7.67% 7.42% 8.01% 7.43% 7.69% 7.84% 7.56% 7.59% 7.42% 76.29% 77.09% 81.99% 76.83% 75.51% LDR 預貸率 85.35% 85.15% 85.10% 82.35% 96.80% 94.00% 91.80% 88.34% 95.00% 85.30% 92.01% 89.90% 91.70% 15/ 16/ 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 15/ 16/ 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 39

Financial Business in Southeast Asia / Bank Jtrust Indonesia: restructuring 18 branches to be closed from 59 to 41 (more than half of the branches to be closed are in Jakarta City) Reducing the total employees by 50% to 700 (estimated monthly fixed cost to be saved is approximately 88 million yen) Bank Jtrust Indonesia location map As of November 2016 At the moment, branches are concentrated at Jakarta city 40

Financial Business in Southeast Asia / Bank JTrust: Loan portfolio Decrease large lot (1.0 billion yen or more) corporate loans Increase medium lot (0.1 0.5 billion yen) commercial loans Image of future receivable portfolio Consumer コンシューマー +Micro loans +マイクロ SAM* Commercial Loans SME Others Commercial Loans Corporate Loans Consumer + Micro Loans SME Multi- Finance Loans Current After 5 years Note GLFI:Group Lease Finance Indonesia, GLFI balance not included both in current and after 5 years * SAM: Special Asset Management to control under performing loans 41

Financial Business in Southeast Asia / Strategies 1 Two Japanese experts in receivables collection and corporate governance are dispatched from Nihon Hoshou and Partir Director from JTG closely monitor visiting every month Sales / Marketing Category Loan strategy Deposit products Insurance products Organizations Credit card products Description Expansion small-lot loans by GLFI Reduction corporate loans exceeding 1 billion yen Promotion medium loans from 0.1 billion yen to 0.5 billion yen Promoting saving accounts to corporates Promoting CASA products Promoting current accounts to corporates Partnership with major Indonesian insurance company (Sinar Mass insurance) Prepare for bancassurance Centralizing loan handlings 1. Centers for medium loans: currently 9 places to be increased to 13 within the year 2. Centers for Retail and SMEs: opening 5 places Preparing to issue Debit cards by partnership with internationally well known card company 42

Financial Business in Southeast Asia / Strategies 2 Bank JTrust and J Trust Investments Indonesia (JTII), concluded collection service agreement. JTII also cooperates in collecting debts for the bank Content Detail Credit screen/ Collection Introduce EWMS Improvement of the credit screening Subcontracting J Trust Investment Indonesia (JTII) Early Warning Monitoring System (EWMS) to discover credit risk at early state and enhance the credit screening Weekly loan monitoring by newly hired managements Improve operational efficiency Fundamental restructured credit screening process Both front offices and credit screening offices review the process Each offices record the reviewed details in credit files. Working together with JTII to prevent NPLs and reinforce receivable collection ability Experts from Nihon Hoshou joined JTII Subcontracting (Outside) Early liquidation of collateralized real estates 43

3-4. Investment Business 44

Investment Business: Operating revenue & profit 1.4 billion yen is unrealized loss from CB of Group Lease PCL J-GAAP Investment Business (unit: in 100 million yen) Operating revenue Operating profit 25 25 20 20 15 15 Unrealized loss from CB of Group Lease PCL 14 10 21 10 5 8 5 7 6 0 FY2016 2016/03 1H 2Q 2017/03 FY2017 1H2Q 0 2016/03 FY2016 1H 2Q 2017/03 FY2017 2Q 1H 45

Investment Business / overview of accounting for derivatives JTA applies IFRS IFRS: fair value of the derivative portion of CB is reviewed and gain or loss is recorded every quarter Accounting for Derivatives Certain portion of GL s CB is treated as derivatives as per IFRS and unrealized valuation gain or loss is recognized every quarter comparing the market price of GL share as of the quarter end and acquisition price of THB 41.8. valuation simulation Share price of Group Lease PCL Valuation 60.0 baht +45 50.0 baht +20 (unit: in 100 million yen) 31 October 46.0 baht +10 Upon underwriting 41.8 baht 0 +24 30 September 35.0 baht 14 30.0 baht 26 20.0 baht 45 *Monthly weighted average share price was used for the valuation simulation at 1 THB = 2.94 JPY 46

Investment Business / Accounting for derivatives Group Lease stock price as of 30 September : 35.0 Thai baht, recorded loss of -1.4 billion yen Group Lease stock price as of 31 October : 46.0 Thai baht, valuation gain of 1.0 billion yen (Estimation) 50 unit: in Thai baht 45 Share price of Group Lease October 1 st current Stock price: 46.0 Thai baht Difference from September 30 th : +2.4 billion yen 40 August 1 st current Underwriting amount: 13.5 billion yen Stock price at underwriting: 41.8 Thai baht 35 30 25 September 30 th current Stock price: 35.0 Thai baht valuation: -1.4 billion yen 20 2016/5/1 2016/6/1 2016/7/1 2016/8/1 2016/9/1 2016/10/1 47

Investment Business: Group Lease s share target price According to the report of DBS VICKERS Securities, Group Lease's share target price: 50 baht for 12 months (22% upside) In the case of a stock price of 50 baht, the valuation gains on derivatives are estimated at 2.0 billion yen (rate: 1 baht = 2.94 yen) 48

Investment business / Operating revenue & profit Converted GL's CBs on 30 December 2015 Number of convertible bond into shares: 98.1 million 1 shares=18 baht (5.3 billion 49 million yen) Stock price on September 30 th 2016 1 shares = 35 baht (9.9 billion 96 million yen) Difference: 4.6 billion yen (estimated) Unrealized profit *Actual unrealized gain recorded at balance sheet is 4.8 billion yen 49

3-5. Non-Financial Business 50

Non-Financial Business: operating revenue/operating profit Adores Group s consolidated operating profit is 0.5 billion yen proving its stable profitability Although Highlights Entertainment posted development costs of 0.5 billion yen in the first half, it will post sales by releasing products in the second half and aim to generate profits J-GAAP Non-Financial Business (unit: in 100 million yen) 120 Operating revenue 3 Operating profit 100 80 2 60 112 106 3 40 1 1 20 0 2016/03 FY2016 2Q 1H 2017/03 FY2017 2Q 1H 0 2016/03 FY2016 1H 2Q 2017/03 FY2017 2Q 1H *Non-Financial Business: real estate business and general entertainment business 51

4. Progress Report on the Full-Year Target 52

Progress Report on the Full-Year Target / Operating income by segment We will generate operating profit of 8.1 billion yen in the second half, and aim to achieve 4.2 billion yen of targeted consolidated operating profit after revision Second half of the full-year plan (Operating profit by segment) (unit: in 100 million yen) Revised Target First half total Second half estimate Domestic Financial Business 42 22 20 Financial Business in South Korea Financial Business in Southeast Asia 31 8 23-65 -60-5 Investment Business 55 6 49 Non-Financial Business 5 1 4 Cost of headquarters/others -26-16 -10 Consolidated operating profit 42-39 81 53

5.Strategies for the Future Growth Representative Director, President & Chief Executive Officer Nobuyoshi Fujisawa

Reasons for revision of full year forecast Financial Business in South Korea: Amortization impact 1.5 billion yen + Unrealized loss 0.5 billion yen = 2 billion yen in total Financial Business in Southeast Asia: Provision for bad debts 4.6 billion yen / Extraordinary loss 1.5 billion yen Comparison of previous and revised target (Operating profit by segment) Unit: in 100 million yen Operating profit Previous Target Revised Target Difference Domestic Financial Business 39 42 3 Financial Business in South Korea Financial Business in Southeast Asia 51 31-20 3-65 -68 Investment Business 30 55 25 Non-Financial Business 13 5-8 Cost of headquarters / Others -23-26 -3 Consolidated Operating Profit 112 42-70 55 54

Mark-to-Market valuation of Group Lease CB Group Lease stock price as of 30 September : 35.0 Thai baht, recorded loss of -1.4 billion yen Group Lease stock price as of 31 October : 46.0 Thai baht, valuation 50 45 35 30 Estimation gain of 1.0 billion yen Share Price of Group Lease Unit: in Thai baht August 1 st current Underwriting amount: 13.5 billion yen Stock price at underwriting: 41.8 Thai 40baht October 1 st current Stock price: 46.0 Thai baht Difference from September 30th: +2.4 billion yen Converted CB of Group Lease to stocks on 30 th December 2015 Number of shares converted to : 98.1 million 1 share=18 Thai baht (5,349 million yen) Stock price as of 30 th September 2016 1 share = 35 Thai baht(9,996 million yen) 25 20 September 30 th current Stock price: 35.0 Thai baht valuation: -1.4 billion yen Difference:approximately 4.6 billion yen Unrealized Gain 56 55

Drivers for Future Growth in Southeast Asia Business Development Expansion of POS focusing on rural areas rather than urban areas Duplicate GL s success in Cambodia achieved 10 billion yen in 2 years Profit vision in Indonesia based on GL s success in Cambodia Unit: in 100 million yen 2018 2019 2020 BJI Loan Balance through GLFI 1,000 2,000 4,000 BJI profit from the Loan Balance(4%)1 40 80 160 GLFI Profit 200 400 800 Equity income from GLFI(20%)2 40 80 160 1+2=Profit from the business with GL 80 160 320 56 57

Drivers for Future Growth in Southeast Asia Group Lease achieved 10 billion yen of loan balance in 2 years at Cambodia with population of 15 million Population in Indonesia is 17 times of Cambodia promising bigger growth potentials Population in Cambodia and Indonesia Unit: in 10 thousand Loan Balance vision based on population difference Unit: in 100 million yen x17! 25,500 1,700 1,500 100 Cambodia Indonesia Cambodia Indonesia 57 58

Drivers for Future Growth in Southeast Asia Group Lease is the only company capable in managing credit risk in Micro Finance and Hire Purchase in countries where Credit Information Center is not established yet Group Lease acquired top share in Laos and expanded its business to Myanmar and Sri Lanka Country Population 1 Indonesia 255,462,000 2 Philippines 102,965,000 3 Vietnam 91,812,000 4 Thailand 68,387,000 5 Myanmar 52,187,000 6 Malaysia 30,568,000 7 Cambodia 15,040,000 8 Laos 6,802,000 9 Singapore 5,541,000 10 Brunei 421,000 58 59

Drivers for Future Growth in Southeast Asia Business Development Plans Provide finance as banks from several countries to Group Lease Capital and Business alliance with Japanese Regional banks Expansion of POS 59 60

APPENDIX 61 60

Financial Results for 2Q FY2017 / Quarter consolidated summary IFRS(unaudited) 800 Operating Revenue 747 30 Operating Profit (unit: in 100 million yen) 700 600 174 20 10 28 22 22 18 500 203 0 400-10 -18 300 183 196-20 33 200-30 -21 100 187 191-40 0 2016/03 FY2016 2017/03 2016/03 FY2016 2017/03 FY2017 1Q 2Q 3Q 4Q TOTAL 1Q 2Q 1Q 2Q 3Q 4Q TOTAL 1Q -50 2Q 62 61

Financial Results for 2Q FY2017 / Consolidated summary (Y-O-Y) IFRS (unaudited) (unit: in 100 million yen) 1H FY2016 1H FY2017 Difference Operating revenue 370 387 +17 Operating profit -39 4 +43 Profit attributable to owners of parent -35-22 +13 63 62

Financial Results for 2Q FY2017 / Operating revenue by segment Y-O-Y IFRS(unaudited) Domestic Financial Business Financial Business in South Korea Financial Business in Southeast Asia (unit: in 100 million yen) 1H FY2016 1H FY2017 Difference 51 46-5 132 131-1 57 68 +11 Investment Business 8 21 +13 Non-Financial Business 112 106-6 Others 10 15 +5 Total 370 387 +17 *Non-Financial Business: real estate business and general entertainment business *Others: Headquarter, IT system, consolidate adjustments etc 64 63

Financial Results for 2Q FY2017 /Operating profit by segment Y-O-Y IFRS(unaudited) Domestic Financial Business Financial Business in South Korea Financial Business in Southeast Asia (unit: in 100 million yen) 1H FY2016 1H FY2017 Difference 19 26 +7-8 15 +23-35 -28 +7 Investment Business 8 6-2 Non-Financial Business 5 4-1 Others -28-19 +9 Total -39 4 +43 *Non-Financial Business: real estate business and general entertainment business *Others: Headquarter, IT system, consolidate adjustments etc 65 64

Monthly financial data from FY 2016 to FY 2017 <<Preliminary figures>> Domestic Financial Business Nihon Hoshou Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Size of credit guarantee Proportion of Apartment Loan in 100 million yen (rounded down to the nearest 100 million) FY 2016 367 374 384 392 398 407 424 435 453 466 502 533 FY 2017 548 558 569 597 624 649 683 FY 2016 6 7 14 20 21 28 38 48 63 77 92 121 FY 2017 145 156 186 212 240 264 287 Financial Business in South Korea Financial Business in South Korea Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Loans by banking business Total JT Chinae Savings Bank Total JT Savings Bank in 100 million won (rounded down to the nearest 100 million) FY 2016 17,376 17,340 17,175 17,212 17,267 17,296 17,801 18,291 18,480 18,806 19,403 19,662 FY 2017 20,148 20,622 21,376 21,936 22,823 23,315 24,234 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. FY 2016 11,027 10,814 10,674 10,762 10,723 10,705 11,049 11,434 11,524 11,715 12,085 12,143 FY 2017 12,265 12,49 4 11,815 13,215 13,806 14,232 14,919 FY 2016 2,310 2,426 2,588 2,595 2,696 2,796 2,956 3,069 3,138 3,169 3,278 3,399 FY 2017 3,681 3,868 1 5,243 5,626 5,754 5,725 5,783 FY 2016 13,338 13,241 13,262 13,357 13,420 13,502 14,006 14,504 14,662 14,884 15,364 15,542 FY 2017 15,946 16,362 117,059 18,842 19,560 19,957 20,703 *1 In June 2016, JT Chinae Savings Bank transferred its receivables of 130.8 billion won to JT Savings Bank to optimize capital efficiency within group companies in South Korea. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. FY 2016 4,038 4,099 3,912 3,854 3,847 3,793 3,794 3,787 3,818 3,922 4,039 4,119 Accounts receivable JT Capital 3,09 - operating loans FY 2017 4,202 4,259 4,317 3,262 3,358 3,531 2 4 *2 In July 2016, JT Capital transferred consumer credit loans receivable of 149.1 billion won to its group savings banks. The purpose was to comply with the lending criteria stipulated by the Specialized Credit Financial Business Act, which is to be revised and enforced in September 2016. Financial Business in Southeast Asia in 100 million rupiah (rounded down to the nearest 100 million) Bank JTrust Indonesia (BJI) Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. FY 2016 80,735 83,157 82,922 84,081 86,344 87,851 83,664 86,477 93,672 93,186 97,457 99,924 Loans by banking business* FY 2017 101,798 105,232 107,323 104,318 106,729 105,174 106,033 *Since a timing difference in account closing is corrected, the figures do not match those in the Consolidate Financial Results for the Supplementary Materials. For example, the March 2016 data in the Supplementary Materials is based on the balance sheet as of December 2015. PT Group Lease Finance Indonesia (GLFI) Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. GLFI s balance BJI s loan balance (related to GLFI) FY 2016 - - - - - - - - - - - - FY 2017 - - - - - 102 179 FY 2016 - - - - - - - - - - - - FY 2017 - - - - - 25 91 66 65

Key Point / Financial Business in South Korea: Vision on balance increase and profit generation Achieve bigger future profit by increasing balance rather than chasing short-term profit 6,000 5,000 4,000 Simulation of Loan & Investment Balance and Profit Loan & Investment Balance 1 Loan & Investment Balance 2 Accumulated Operating Profit 1 Accumulated Operating Profit 2 300 250 200 3,000 150 2,000One-off Profit from decrease in provision cost 1,000 More profit can be generated by increasing the balance 100 50 0 1 2 3 4 5 0 67 66