February 3, 2020
For Immediate Release:
MTI Ltd.
Toshihiro Maeta,President and Chief Executive Officer
Listing: Tokyo Stock Exchange(First Section) [9438]
Contact: Hiroshi Matsumoto, Managing Director
Tel: +81-3-5333-6323

Notice of Revision of First Half Earnings Forecasts
for the Fiscal Year Ending September 2020
MTI Ltd. hereby announces that it revised the first half earnings forecasts (announced on October 30,2019)
for the fiscal year ending September 30, 2020. Details are as follows.
1. Revision of earnings forecast
Revision of first half year earnings forecasts for the fiscal year ending September 30, 2020
（From October 1, 2019 to March 31, 2020）
ProfitOperatingOrdinary
attributable
Net income
Net sales
incomeincometo owners ofper shareparentForecast previously announced (A)Forecast revised this time(B)Millions of yen13,000Millions of yen

Millions of yen

Millions of yen

Yen

800

760

500

9.15*

13,0001,200

1,000700

Change (B-A)-+400+240+200

Rate of change (%)(Reference) Actual results(First half for the fiscal year ended
September 30, 2019)-+50.0%+31.6%+40.0%

13,932

1,635

1,577

860

12.8115.74* Net income per share as in the previously announced forecast remains the same as the one described in Summary offinancial Results for Q1 FY 2020 (announced in February 3, 2020), which was recalculated with the number of shares
outstanding (excluding treasury shares) as of December 31, 2019.

2.Reasons for the revision
Net sales are expected to be in line with the initial forecast, reflecting the effect of accepting the transfer ofbusinesses such as the “musico” music streaming website, although the number of paying subscribers
continues to be on a declining trend due to a fall in subscriptions by smartphone-based paying subscribers
through mobile phone shops as a result of large mobile phone carriers being obligated to separate
communication charges and handset prices.
Operating income, ordinary income and profit attributable to owners of parent are expected to exceed theinitial forecasts, taking into consideration the consolidated financial results for the first three months,
successfully controlled advertisements against the backdrop of a decline in subscriptions by smartphone-based
paying subscribers through mobile phone shops as a result of the separation of communications and terminal
devices, and the effect of accepting the transfer of businesses such as the “musico” music streaming website.
Forecasts for full-year consolidated financial results remain unchanged from the initial forecasts due todifficulties in establishing consolidated financial forecasts for the second half. The Company will disclose its
consolidated financial results forecasts when such forecasts can be established or if any events that may havea serious impact on consolidated results forecasts are identified.
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Disclaimer Regarding Forecast and Projections
This report contains forward-looking statements on business performance based on the judgments, assumptions
and beliefs of management using the information available at the time. Actual results may differ materially due tochanges in domestic or overseas economic conditions, changes in internal or external business environments, oraspects of uncertainty contained in the forecasts, latent risks or a variety of other factors. In addition, factors ofrisk and uncertainty include unpredictable elements that could arise from future events.

Note: This document has been translated from a part of the Japanese original for reference purposes only. In
the event of any discrepancy between this translated document and the Japanese original, the original shallprevail. The Company assumes no responsibility for this translation or for direct, indirect or any other formsof damages arising from the translation.
Contact information for inquiries
Investor Relations OfficeTel: +81-3-5333-6323
Fax: +81-3-3320-0189
E-mail: ir@mti.co.jp URL： https://www.mti.co.jp/eng

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