Notice of Convocation of the 44th Ordinary Shareholders’ Meeting

Securities Code: 8518

Date of dispatch: June 10, 2025 Commencement date of electronic provision measures: June 4, 2025

Shun Maruyama

Representative Director, President, CEO & CIO

You are hereby informed that the 44th ordinary shareholders’ meeting of Japan Asia Investment Co., Ltd. (the “Company”) will be held as described below.

When you exercise your voting rights via the Internet, please refer to “Procedure for Exercising Voting Rights via the internet” on page 4 and exercise your voting rights before 5:20 p.m., on Wednesday, June 25, 2025. When you exercise your voting rights in writing, please indicate your approval or disapproval on the enclosed Voting Rights Exercise Form herewith and return it by mail so that it arrives no later than 5:20 p.m., on Wednesday, June 25, 2025.

1. Date and Time: 1:30 p. m., Thursday, June 26, 2025
2. Place: Medical Friend Building 1st Floor, Meeting Room 3-2-4 Kudan-kita, Chiyoda-ku, Tokyo, Japan
3. Agenda of the Meeting:Matters to be reported: 1. Business Report, Consolidated Financial Statements, and Results of Audits of the Consolidated Financial Statements by the Accounting Auditor and the Audit and Supervisory Committee for the 44th Fiscal Term (from April 1, 2024 to March 31, 2025)

   2. Financial Statements for the 44th Fiscal Term (from April 1, 2024 to March 31, 2025)

   Proposal to be resolved:Proposal No. 1: Election of Two (2) Directors (Excluding Directors Who Are Members of the Audit and Supervisory Committee)Proposal No. 2: Election of Three (3) Directors Who Are Members of the Audit and Supervisory Committee
4. Items that have been determined upon this convocation

   1. If you exercise your voting rights in writing and do not indicate your approval or disapproval on the Voting Rights Exercise Form, it is deemed that you indicate your approval.

   2. If you exercise your voting rights multiple times via the Internet, the most recent vote shall be deemed valid.

   3. If you exercise your voting rights both via the Internet and in writing, the vote via the Internet shall be deemed valid.

When convening this shareholders’ meeting, the Company provides Reference Documents and other information (matters to be provided in electronic format) for this ordinary shareholders’ meeting in electronic format and posts them on the following websites (in Japanese only). Please access one of the websites and check the information.

The Company’s website: https://www.jaic-vc.co.jp/

• Please access the Company's website above and select "Materials for the 44th Ordinary Shareholders’ Meeting".

  Shareholders’ meeting material website: https://d.sokai.jp/8518/teiji/

  JPX website (Listed Company Search): https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show

• Please access the JPX website above, and search for the information by entering "Japan Asia Investment" in the "Issue name (company name)" or "8518" in the "Code", select "Basic information" and select "Documents for public inspection/PR Information" link.

  Please check the " Notice of General Shareholders Meeting /Informational Materials for a General Shareholders Meeting" column in the "Filed information available for public inspection".

• If you attend the meeting in person, please submit the enclosed Voting Rights Exercise Form at the reception desk on arrival at the meeting.

  *In the event of any amendment to the matters provided in electronic format, the Company will announce the amendment and post the amended version on each of above website.

• In accordance with the enforcement of the electronic provision system, the Company considered posting materials for the Shareholders' Meeting on the Company's website and delivering only a simple convocation notice to shareholders. However the Company delivers a document stating the matters to be provided in electronic format at this shareholders’ meeting, regardless of whether there is a request for delivery of documents in paper-based format. In the future, the Company will consider how to deliver the information to shareholders, considering the spread of the electronic provision system. In accordance with the relevant laws and regulations and the provisions of Article

  16 of the Article of Incorporation of the Company, the following matters are not stated in documents delivered to shareholders.

  1. The Systems to Ensure Properness of the Company’s Businesses

  2. The operation status of “The Systems to Ensure Properness of the Company’s Businesses”

  3. Notes to Consolidated Financial Statements

  4. Notes to Non-Consolidated Financial Statements

  Of the above, 1) and 2) are audited by the Audit and Supervisory Committee as a part of Business Report with each material provided in this document.

  Of the above, 3) and 4) are audited by the accounting auditor and the Audit and Supervisory Committee as a part of the Consolidated Financial Statements and Non-Consolidated Financial Statements with each material provided in this document.

• The outcomes of resolutions of this shareholders’ meeting will be posted on the Company’s website after the close of the meeting.

• In the event of any major alterations to the operation of the Shareholders’ Meeting, the Company will announce the details on the Company’s website.

When you exercise voting rights via the Internet, please review the following and exercise your voting rights accordingly.

1. Web Site for Exercising Voting Rights

   1. Voting rights may be exercised over the Internet via personal computer or smartphone only by accessing the Web Site the Company has designated for exercising voting rights (https://evote.tr.mufg.jp/). However, access to the Web Site is not available between 2:30

      a.m. and 4:30 a.m. Japan local time every day.

   2. Depending on the Internet connectivity environment and mobile devices, some shareholders may not be able to exercise their voting rights via a personal computer or smartphone.

2. Method of Exercising Voting Rights via the Internet

   1. Use the login ID and temporary password that are shown in the voting form on the Web Site for exercising voting rights (https://evote.tr.mufg.jp/) and follow the directions on the screen to enter your approval or disapproval of the proposals.

   2. Each notice of convocation for the Shareholders’ Meeting will contain a new login ID and temporary password.

3. Handling of Cases Involving the Overlapping Exercise of Voting Rights

   1. If voting rights are exercised both via the Internet and by mail, the vote via the Internet shall prevail.

   2. If voting rights are exercised multiple times via the Internet, the most recent vote shall prevail. In the event of the overlapping exercise of voting rights via personal computer and smartphone, the most recent vote shall prevail.

4. Fees Arising from Accessing the Site for Exercising Voting Rights

   Any fees that arise from accessing the site for exercising voting rights (e.g., internet connection charges etc.) shall be borne by the shareholder.

5. Electronic Voting Platform

Institutional investors can use the Electronic Voting Platform operated by ICJ Co., Ltd.

For Questions Concerning Systems and Other Matters: Mitsubishi UFJ Trust & Banking Co., Ltd.

Securities Agent Division (Help Desk) Tel.: 0120-173-027 (toll-free)

Hours of Operation: 9 a.m.–9 p.m. Japan local time

The term of office of all the four (4) directors (excluding directors who are members of the Audit and Supervisory Committee; the same applies hereafter in this Proposal) will expire at the conclusion of this ordinary shareholders’ meeting. In line with the scale of our business, we propose to reduce the number of Directors by two, the Company proposes to elect two (2) directors.

This proposal has been considered by the Audit and Supervisory Committee, and it has no objection to the election. Remuneration, etc. for directors who were not members of the Audit and Supervisory Committee in the 44th Fiscal Term (from April 1, 2024 to March 31, 2025) has also been considered by the Audit and Supervisory Committee, and it has no objection to the remuneration level and structure.

The candidates for directors are as follows:

Note: The attendance record for each candidate reflects the number of Meetings of the Board of Directors attended since their appointment. In addition to the meetings listed above, there were two instances where resolutions were deemed to have been adopted through written resolutions in accordance with Article 370 of the Companies Act and the provisions of the Articles of Incorporation.