Ichiyoshi Securities : Business Result for Fiscal Year to March 31, 2022

Business Result for Fiscal Year to March 31, 2022

(Consolidated under Japanese GAAP)

Released on April 28, 2022

(English translation for reference purposes only)

Name of Company: Ichiyoshi Securities Co., Ltd.

Listed on: Prime Section of Tokyo Stock Exchange (Stock code: 8624)

Corporate representative: Mr. Hirofumi Tamada, President & Representative Executive Officer Date of annual shareholders' meeting: June 25, 2022 (scheduled)

Payment of final dividends starts: on May 31, 2022 (scheduled) Filing date of annual securities report: June 28, 2022 (scheduled) Supplemental information on business result: Provided.

Business result-reporting meeting: Planned for institutional investors and analysts. Inquiry to: Mr. Shoichi Yamazaki, Managing Executive Officer & Chief Supervisor for

Finance and Management

Tel: (03) 4346-4512 (URLhttps://www.ichiyoshi.co.jp)

1. Consolidated Business Result for Fiscal Year Ended March 31, 2022 (Figures less than 1 million yen discarded)

(1) Highlights of consolidated business result (in millions of yen except for per-share figures)

(% indicates year-to-year changes)

Notes: Comprehensive income for fiscal year ended March 31, 2022: 2,384 million yen (+69.7%)

Comprehensive income for fiscal year ended March 31, 2021: 1,405 million yen (---%)

9.7%

Notes: (i) Investment gains on equity method for fiscal year ended March 31, 2022: ---million yen

Investment gains on equity method for fiscal year ended March 31, 2021: --- million yen.

(ii) Effective as from the beginning of the first quarter of fiscal 2021, "Accounting Standards Concerning

Revenue Recognition" (Corporate Accounting Standards No. 29, dated March 31, 2020) has been applied. Figures relating to operating revenue for fiscal 2020 in the table above are retroactively adjusted in accordance with the said accounting standards. Hence, there are no year-to-year changes mentioned on those figures.

With respect to operating income as % of operating revenue, changes are based on figures adjusted for the said accounting standards.

(2) Consolidated financial condition (in millions of yen except for per-share figures)

Notes: Shareholders' equity as of March 31, 2022: 30,042 million yen

Shareholders' equity as of March 31, 2021: 29,030 million yen

(3) Consolidated cash flow (in millions of yen with figures)

2.Dividends

Note: (1) Dividend per share for 2nd quarter of fiscal year ended March 31, 2022 was calculated on the basis of the payout ratio measure and dividend per share for the end of the same fiscal year was calculated on the basis of the DOE measure (namely, as percent of the consolidated equity per share).

(2)Ichiyoshi Securities Co., Ltd. (the "Company" or "Ichiyoshi" as the case may be)

does not provide earnings forecast nor dividend forecast.

3.Forecast of Business Result for Fiscal 2022 (from April 1, 2022 to March 31, 2023)

Since the forecast of earnings of financial-instruments trading, the main-line business of the Company and its group companies, is hard to make due to volatile factors in the market, the Company does not provide such forecast prior to the end of quarterly and annual business term. Instead, the Company intends to release preliminary figures after the end of each quarterly and annual business term as and when such figures become available.

※Points to note:

• (1) Changes in material subsidiaries (changes in special subsidiaries resulting in a change in scope of consolidation): None.

• (2) Changes in accounting policies and estimates and restatements of modifications

  • (i) Changes in accounting policies resulting from revisions to accounting standards: Yes.

  • (ii) Changes in accounting policies other than those in (i) above: None.

  • (iii) Changes in accounting estimates: None.

  • (iv) Restatements of modifications: None.

• (3) Number of issued shares (common stock)

  • (i) Number of issued shares at the end of each fiscal year (including treasury shares):

    42,431,386 shares at March 31, 2022.

    42,431,386 shares at March 31, 2021.

  • (ii) Number of treasury shares at the end of each fiscal year:

    6,327,697 shares at March 31, 2022.

    6,327,577 shares at March 31, 2021.

  • (iii) Average number of shares outstanding during each fiscal year:

    36,103,743 shares for the fiscal year ended March 31, 2022.

    36,037,043 shares for the fiscal year ended March 31, 2021.

[Referential information]

1. Outline of Non-consolidated Business Result (parent company basis)

(1) Business result for fiscal year ended March 31, 2022 (in millions of yen except for per-share figures)

(% indicates year-over-year changes)

(2) Financial condition (in millions of yen except for per-share figures)

Notes: Shareholders' equity at the end of each fiscal year: 28,038 million yen as of March 31, 2022.

26,557 million yen as of March 31, 2021.

2. Forecast of Business Result for Fiscal 2022 (from April 1, 2022 to

March 31, 2023)

Since the forecast of earnings in financial-instruments trading is hard to make due to changes in securities market conditions, the Company does not provide such forecast prior to the end of each quarterly and annual business term.

Additional points to note:

1. The financial figures contained herein are released without being audited by certifiedpublic accountants as required by the Financial Instruments and Exchange Law.

• 2. For the same reason that the Company does not provide earnings forecast prior to the end of each quarterly and annual business term as stated in "3. Forecast of Business Result for Fiscal 2022 (from April 1, 2022 to March 31, 2023)" on page 3, the Company does not provide a dividend forecast.

• 3. The Company plans to hold a business result-reporting meeting for institutional investors and analysts on May 24, 2022, Tuesday, (at 3:30 pm). Supplementary documents for business result to be distributed at the meeting will be forthwith disclosed and posted on the Company's website.

I. Outline of Business Result, Etc.

1. Outline of Business Result for the Fiscal Year Ended March 31, 2022

During the fiscal year ended March 31, 2022, the Japanese economy showed signs of pick-up while the effects of spreading novel coronavirus were felt in some quarters. While consumer spending slightly weakened, there appeared signs of recovery in corporate production activities, which were reflected on generally better sustained business earnings. From the beginning of the year, the murky cloud of the Ukrainian situation hung over, causing caution over potential rises in raw materials. Amid such conditions, however, the global economy remained on an improving trend.

The Nikkei Stock Average on the Tokyo Stock Exchange (the "TSE") exceeded its 30,000yen mark in early April, but thereafter underwent corrective periods through mid-August due to various negative factors, including the re-declaration of the state of emergency and concerns over the monetary tightening in the U.S. The stock average then recorded 30,795yen on September 14, the highest in about 31 years, in expectation of changes in the Japanese political scene. Thereafter, however, the stock average went below the 28,000yen mark in early October on concerns over rises in U.S. interest rates and financial troubles at a major Chinese real estate company. Towards mid-November, the stock average recovered close to the 30,000yen mark supported by strong business earnings. Then, the infection spread of "Omicron" strain, a variant of the novel corona-virus, and the rising U.S. interest rates weighed on the market. As the new year started, the U.S. monetary tightening accelerated and the Ukrainian situation became further tense, pushing the stock average down to 24,681yen on March 9. Soon thereafter, however, the stock average recorded a reactionary gain as the excessive sense of caution receded. As the Fed decided its policy on interest rate hikes at its FOMC meeting on March 15-16 and indicated its intension of reducing the scale of its asset holdings at its next meeting, clearing the sense of uncertainty on U.S. monetary tightening policy, the stock average recovered to 27,821yen at the end of the fiscal year, or 1,357yen below the stock average recorded at the end of the previous fiscal year.

On the foreign currency market, the yen registered 107.47yen per 1 U.S. dollar on April 23, 2021, and thereafter weakened against the U.S. dollar. Towards the end of the fiscal year, U.S. interest rates rose in anticipation of further tightening of the U.S. monetary policy to ward off an inflationary pressure, accelerating the weakening of the yen against the U.S. dollar. Consequently, the yen closed the fiscal year at the 121yen per 1 U.S. dollar level.

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