Good afternoon. I am Nobuyoshi Fujisawa, President and CEO of J Trust.Thank you all for joining our briefing session despite the heat.Before starting my presentation, I would like to mention breaking news on our subsidiary ADORES released yesterday.They announced a business tie-up with GREE in the virtual reality field.

1

ADORES will open a GREE-produced amusement facility for virtual reality experience in the heart of downtown Shibuya.I had a chance to talk with GREE yesterday and they are so excited about this great project.Since the “Pokemon GO” craze impacts mobile content providers, GREE needs to develop competitive programs as a new pillar.ADORES has many amusement facilities in the Tokyo metropolitan area, but faces difficulty in operating game arcades.To cope with the problem, an amusement facility like this will become a breakthrough for ADORES.In conclusion, the alliance brings benefits to both parties.

2

3

4

Let me give an overview of J Trust.

6

I think there are existing investors and newcomers at this session, so let me explain our company history briefly.In 1977, the company was founded under the name of IKKO CORPORATION.In 2008, I made a TOB for the price of 21 yen and changed the company name to J Trust. Afterwards, the share price temporarily surged to about 4,000 yen thanks to the Abenomics.The initial share price of 21 yen saw a sharp rise to nearly 4,000 yen in a short period of time.

7

We implemented a rights offering with the exercise price of 1,800 yen at that time, less than half of the peak share price.The rights offering, which I think was the largest size in the securities market in Japan, enabled us to raise about 100 billion yen.We put all our energy into changing businesses to pursue a profit with the funds.The profit level is unsatisfactory to shareholders, and the current share price remains sluggish at about 800 yen.I think that share price was 21 yen, which rose to 800 yen. However, for those investors who purchased at 4,000 yen, the price plummeted to one-fifth.

8

Now, let me explain our domestic business.We proactively purchased failed or struggling consumer loan companies and credit card companies as well as receivables held by them from 2008 to 2013. A series of aggressive acquisitions led to J Trust’s rapid expansion.However, we knew that the type of business did not last long and thus needed to look ahead.We fully transferred consumer loan businesses to banking business.Then, we made a complete turnaround to credit guarantee service for banks’ loan assets.

9

These days, competition on interest rates becomes so fierce that consumer loans are no longer profitable for banks as well.Considering the circumstances, we decided to focus on guarantee service for Apartment Loans in major cities, such as Tokyo, Osaka, Nagoya and Fukuoka, which are likely to maintain the level of population.

10

11

Next is our business in South Korea.We operate 2 savings banks there subject to local restrictions on business districts.In this regard, a savings bank is equivalent to a credit union or a Shinkin bank in Japan.

12

Next is our business in Indonesia.We run a commercial bank in the name of Bank JTrust Indonesia, which has about 60 branches across the country.

13

In Singapore, J Trust Asia acts as an investment hub for the ASEAN region.The current paid-in capital is about 30 billion yen.

14

You may refer to our news releases for profitability or recent results.In 1Q FY2017, we posted a surplus in operating profit.However, unfavorable foreign exchange rates affected ordinary profit.I know that is no excuse, but we recorded a slight ordinary loss.Going forward, we will work toward achieving operating profit of slightly more than 10 billion yen as FY2017 targets.

15

We announced results for Q1 FY2017 on August 12, 2016.Then, we bought back our own shares by offering 6 million and 7 million shares for subscription on August 15 and 16, respectively.I believe that implementing share buyback for 2 consecutive days is a rare case.After the buyback, I purchased 1% or 1.1 million shares on the market and submitted the Report of Possession of Large Volume.Despite the buyback of about 10% of the outstanding shares within a week, the stock price remains weak.The size of buyback typically boosts share prices, but the theory does not apply here probably due to the market distortions.

16

For the share buyback, our second largest shareholder Taiyo Fund (hereinafter, “Taiyo”) offered to sell a part of the shares held by them.I did not talk with Taiyo about this matter, but I guess a large-lot investor of Taiyo may have requested.Anyway, Taiyo needed to sell those shares for some reasons. This reduced their shareholding ratio from about 16% to about 11%.

17

For our second subscription offer, investors sold about 3 million shares, which fell below the upper limit of 7 million shares.That means Taiyo, which may have taken the opportunity again, is unlikely to sell shares further.In my opinion, Taiyo will hold the remaining 11% portion for a long term.Taiyo informed us that they would believe our further growth.

18

Let me go back to our business.It consists of 3 pillars: Domestic Financial Business, Financial Business in South Korea and Financial Business in Southeast Asia.

19

In Domestic Financial Business, we provide credit guarantee business for bank loans and servicer business.Servicer business specializes in the purchase and collection of NPLs.Domestic Financial Business is likely to grow modestly in operating profit with an increase of 0.5 billion yen each year.This means operating profit will be 4 billion yen for FY2017, 4.5 billion yen for FY2018 and 5 billion yen for FY2019.

20

Next is Financial Business in South Korea.Our operations there started in 2012, when we assigned part of the assets and liabilities from a failed bank.Financial Business in South Korea is now capable of generating sustainable profits.Operating profit is estimated at 4-5 billion yen for FY2017, 7 billion yen for FY2018 and 10 billion yen for FY2019.2 years ago, when the segment was in the red, investors expressed concerns about our expansion into the South Korean market.Here, let me underline the fact that we have now grown into the level of targeting 5 billion yen in operating profit.

21

The third pillar of our business is Financial Business in Southeast Asia.It is Bank JTrust Indonesia (hereinafter, “BJI”) that plays a core part of this segment.The bank still records a deficit, but is expected to grow considerably in some years.A major key to the growth will be a business alliance between BJI and Group Lease (hereinafter, “GL”).

22

GL is a company listed on the Stock Exchange of Thailand (hereinafter, “SET”).It currently runs business in Thailand, Cambodia, Laos and Indonesia and is likely to gain a dominant share of the ASEAN market.The line of business is hire purchase financing of motorcycles, agricultural machinery, solar panels, white goods and others made by Japanese manufacturers such as Honda, Panasonic and Kubota.

23

GL is very popular on the strength of its outstanding performance.Despite a nonbank company, PER is estimated at 80x or 90x and PBR is at 10x.There are some days when GL’s stock dealing occupies 50% of the SET’s volume a day. I will explain later why it enjoys such a strong share price.I have heard that Japanese major trading firms are paying close attention to GL’s exclusive method of sales.

24

GL currently has a market cap of about 200 billion yen. J Trust has a 12.99% stake in GL.Oddly enough, J Trust’s market cap is 80 to 90 billion yen, but that of GL is nearly 200 billion yen.According to the official announcement, GL will make the market cap 10 times larger than the current level in 5 years.If so, our unrealized profit would be 250 billion yen, 12.99% of the GL’s market cap target of 2 trillion yen.Aside from the what-if scenario, it is true that GL is such a promising company.

25

Then, I will explain how a joint venture with GL will contribute to our profits.The joint company Group Lease Finance Indonesia (hereinafter, “GLFI”) is an equity method affiliate of J Trust.It enjoys a rocket start in leasing business under the initiative of GL, already handling Kubota’s agricultural machinery.GLFI seeks to expand its business aggressively by setting up many sales bases called “Point of Sales”.

26

This shows 3-year prospects for GLFI’s performance and BJI’s financing expected through the partnership.BJI’s loan balance through GLFI is expected to repeat a twofold increase, starting with 100 billion yen in 2018.Given the spread of 4%, BJI’s profit to be obtained is 4 billion yen, 8 billion yen and 16 billion yen in respective years.GLFI’s profit is estimated at 20 billion yen, 40 billion yen and 80 billion yen in its core Indonesian business alone.The planned growth is a sign of self-confidence, which makes their share very attractive.Actual profits could become a little higher because the cost of funds typically declines with an increase in the balance.

27

In my view, equity in earnings of GLFI would reach 4 billion yen, 8 billion yen and 16 billion yen.When combining (1) and (2), our Indonesian business will gain profits of 8 billion yen, 16 billion yen and 32 billion yen through the collaboration with GL.Then, what is the primary goal of GL?Fully licensed for non-bank financial services in Thailand, Cambodia, Laos and Indonesia, GL seeks to expand its presence there.I think no Japanese entities that run or will run a nonbank in ASEAN economies could beat GL’s exclusive expertise.

28

At a press briefing yesterday, GL announced its alliance with True Money, an e-commerce company with 4,500 stores in Cambodia.GL will capitalize on the True Money’s extensive network, using all the stores as the Point of Sales for hire purchase financing.True Money also provides e-money services with 20,000 stores in Indonesia.GL might use that distribution network of True Money and various functions of BJI to finance Kubota brand, Panasonic’s solar panels and other products in Indonesia.In my opinion, having 20,000 stores to finance equipment does not work in Japan.

29

In the ASEAN region including Indonesia, most people do not have a bank account, let alone a credit card.All Japanese e-commerce companies have already withdrawn from the Southeast Asian market, saying that providing e-commerce services is no better than running a physical store in Jakarta.This is a foregone conclusion, because no settlement system exists and credit cardholders make up only 10% of the population.

30

On the other hand, GL aims to develop community-based e-commerce services.A president I know says that the company provided e-commerce service in Japanese style but it was totally unacceptable there.In fact, success in e-commerce business requires community-oriented practices.GL is capable enough to develop ASEAN-focused e-commerce services as a financing company with a broad distribution network.This is a driving force for their growth, probably, and the reason why GL calls their financial business “Digital Finance”.

31

GL could have a dominant share in the ASEAN market in several years.GL’s owner always says he will not lose to Mr. Jack Ma. This makes everyone laugh, but not me.Believing what he said, we invested 30 million US dollars (10 Baht per share) in GL last year.When I visited GL and saw their operations, I thought GL’s business would surely grow.We accordingly subscribed for GL’s convertible bonds of 130 million US dollars in June or July this year.

32

GL’s successful growth would boost the profit of BJI and J Trust Group to a considerable level.In short, our Indonesian business is likely to achieve remarkable growth, far better than the levels of other segments.Our Domestic Financial Business will see a modest expansion.South Korean business will show an increase to 5 billion yen, 7 billion yen and 10 billion yen.

33

J Trust is a company full of future potential.We successfully raised 100 billion yen through the rights offering, which consequently reduced my ownership ratio.My stake in J Trust once lowered to 31-32%, but now recovers to about 40% in terms of voting rights.If J Trust ever keeps the same level of the share price in one year, I might buy up all the shares.This strong will is a key driver to our Financial Business in Southeast Asia, so I would like you to expect our performance.I know we need to raise the share price to win the confidence of investors. We will endeavor to make the dream come true.

34

Following the stagnant performance until fiscal 2016, we are now on the starting line for further growth.Please take some time to look into our financial statements every quarter going forward.Your continuing support for J Trust Group would be greatly appreciated.Lastly, I would like to say that J Trust is not fit for short-term trading (daily to monthly basis) in light of our company vision.It would be grateful if you would share time with us to watch our growth in the long run so as to reap huge fruits.

35

That is all for my presentation.Thank you very much indeed.

36

37

38

39