November 5, 2020
Company Name: TOPY INDUSTRIES, LIMITED
Representative: Nobuhiko Takamatsu, President and CEO(Code: 7231 Tokyo and Nagoya Stock Exchange; first section)
Contact: Shuichi Tachibana, Operating Officer andGeneral Manager, General Affairs Department(TEL: 03-3493-0777)

Announcement Regarding the Adjustment of the Consolidated Financial Forecastand Dividends Forecasts for Fiscal 2020

Topy Industries Limited hereby gives notice regarding the decision made at the Board of Directors meeting
held on November 5, 2020 to adjust the consolidated financial forecast the dividends forecast for Fiscal 2020(April 1, 2020 - March 31, 2021) originally announced on August 4, 2020.

1. Regarding the Adjustment of the Consolidated Financial Forecast for Fiscal 2020
(1) Adjustment of estimated values of the consolidated financial forecasts for the fiscal year ending March
31, 2021(April 1, 2020 - March 31, 2021)
Net Sales
Million Yen

Million Yen

Million Yen

Million Yen

Yen

225,000(4,000)(2,500)(4,000)(170.26)

217,000(2,500)(1,500)(2,500)(106.39)(8,000)

1,500

1,000

1,500

(3.6)

---

263,305

2,851

3,597

(4,497)

Previous Forecast(A)(Announced August 4, 2020)
Revised Forecast
Difference

ProfitBasic earnings
Operating Profit Ordinary Profit attributable toper shareowners of parent

(B)

(B-A)

Percentage ofIncrease/Decrease (%)(Ref.) Pervious Results(Fiscal 2019)(191.42)(2) Reason for the Adjustment
In terms of consolidated financial results for fiscal 2020, although a tough business environment is
expected to continue from the impact of COVID-19, sales volumes of automobile wheels, parts for theundercarriages of construction machinery, and steel materials remain at expected levels, and the effects ofcost cuts is expected to exceed that of what was initially predicted, resulting in the above adjustment.

2. Regarding the Adjustment of the Dividends Forecasts for Fiscal 2020
(1) Adjustment
Dividends per share(Yen)Previous Forecast(Announced August 4, 2020)

End of secondquarterEnd of fiscal year

Full fiscal year

0.00

PendingPending

20.00

20.00

0.00

40.00

Revised Forecast
Actual Result(Fiscal 2020)
Previous Year Results(Fiscal 2019)

0.00
40.00

(2) Reasons for Adjustment
Our basic policy regarding profit distribution is to return profits to shareholders in proportion to theconsolidated business results while building up retained earnings for future business development and forstrengthening corporate structure. We determine the dividend of surplus by fully considering a stable andcontinuous payment of dividends.
In view of this policy and the consolidated financial forecasts for the fiscal 2020, year-end dividend isexpected to be ¥20 per share.
*Please note that the outlook explained here is based upon currently available information, and the actual
performance could be influenced by various uncertainties.

Note: This document has been translated from the original Japanese version for reference purposes only. In the event of any
discrepancy between this translated document and the original Japanese version, the original shall prevail.
The original disclosure in Japanese was released on November 5, 2020 at 13:30 (GMT+9).
The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from thetranslation.