November 5, 2021
Company Name: TOPY INDUSTRIES, LIMITED
Representative: Nobuhiko Takamatsu, President and CEO(Code: 7231 Tokyo and Nagoya Stock Exchange; firstsection)
Contact: Tetsuya Sakai, Operating Officer andGeneral Manager, General Affairs Department(TEL: 03-3493-0777)

Announcement Regarding the Adjustment of Financial Forecasts and Dividends Forecast
Topy Industries Limited hereby gives notice regarding the decision made at the Board of Directors held on
November 5, 2021, to adjust the consolidated financial forecasts and dividends forecasts for the fiscal year ending
March 31, 2022 (April 1, 2021 to March 31, 2022) announced on May 11, 2021, taking into account the recent
earnings trends. Details are as follows.

1. Adjustment to the Financial Forecasts(1) Adjustment to the values of the consolidated financial forecasts for the fiscal year ending March 31, 2022 (April
1, 2021 – March 31, 2022)
ProfitOperating
Ordinary
attributable to Basic earnings
Net sales
profitprofitowners ofper shareparentMillion yen

Million yen

Million yen

Million yen

Yen

Previous Forecast (A)(Announced May 11,2021)

235,000

3,500

4,000

3,000128.78

Revised Forecast (B)266,000

1,500

1,000

1,500

64.37

Difference (B-A)

31,000(2,000)(3,000)(1,500)－13.2(57.1)(75.0)(50.0)－

225,121(2,943)

(575)

578

24.70

Percentage ofIncrease/Decrease (%)(Ref.) Previous Results(FY ended March 2021)(2) Reasons for Adjustment
Net sales are expected to exceed the initial assumptions because the increase in raw material prices etc. will bepassed on to products' sales prices, although the volume of automotive-related sales will decrease mainly due to theimpact of declining automobile production attributable to the supply shortages of semiconductors, among otherparts. Operating profit, ordinary profit and profit attributable to owners of parent are expected to fall short of initialexpectations, respectively, largely reflecting increase in prices of energy and subsidiary materials, decrease in thevolume of sales due chiefly to declining automobile production, and the deterioration in the profitability of thepower business attributable to surging coal fuel prices.

-1-2. Regarding the Adjustment of Dividends(1) Adjustment
Annual dividend per share (yen)End of secondquarter
Previous Forecast(Announced May 11, 2021)

End of fiscal year

0.00

Revised Forecast
Result for the fiscal year
under review
Result for the previous year
(FY ended March 31,2021)

Full fiscal year

40.00

40.00

20.00

20.00

20.00

20.00

0.00

0.00

(2) Reasons for Adjustment
Our basic policy regarding profit distribution is to return profits to shareholders in proportion to the consolidated
business results while building up retained earnings for future business development and for strengthening corporate
structure. We determine the dividend of surplus by fully considering a stable and continuous payment of dividends.
In view of this policy and the consolidated financial forecasts for this fiscal year, year-end dividend is expected
to be ¥20 per share.
The above estimate has been compiled based on information available at the time this disclosure was made. The
actual earnings are subject to change from the estimated values due to various factors.

Note: This document has been translated from the original Japanese version for reference purposes only. In theevent of any discrepancy between this translated document and the original Japanese version, the original shallprevail.
The original disclosure in Japanese was released on November 5, 2021 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 the translation.

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