News Release Dated September 23, 2020
Company: AOKI Holdings Inc.
Representative: Akihiro Aoki, President
Stock code: 8214, TSE First Section
Contact: Haruo Tamura, Executive Vice President
Tel: +81-45-941-1388

Notice of Forecasts for Consolidated Results of Operations and Dividendfor the Fiscal Year Ending March 31, 2021
AOKI Holdings Inc. has established the following forecasts for consolidated results of operations and thedividend for the fiscal year ending on March 31, 2021. These forecasts were undecided when AOKIHoldings announced first quarter results of operations on August 7, 2020.
1. Consolidated forecasts(1) Consolidated forecasts for the fiscal year ending March 31, 2021
(April 1, 2020 – March 31, 2021)
OperatingprofitSales

Ordinary
profitProfit attributable Net income
to owners of parent per share(Million yen)

(Million yen)

(Million yen)

(Million yen)

(Yen)

-----

151,300(2,000)(3,000)(5,350)(63.12)

Change (B - A)----

Percentage change (%)----

180,220

6,649

5,501

447

Previous forecast (A)Forecast (B)(Reference) Previous fiscal year
(ended March 31, 2020)

5.23(2) Reasons for announcing forecasts
There was no forecast in the first quarter earnings announcement because COVID-19 made it difficult todetermine a reliable forecast. The business climate remains extremely challenging. The COVID-19 crisis
continues to hold down sales in all of the AOKI Group’s business units because of the negative effects on
consumer spending and economic activity. As a result, AOKI Holdings forecasts lower sales in the firsthalf of the current fiscal year and an operating loss of over 12 billion yen.
The forecasts for the fiscal year ending March 31, 2021 are based on the assumptions that COVID-19 willcontinue to affect results of operations to some degree and that there will be a slow recovery of economic
activity. Assumptions include the outlook for the resumption of ceremonies for new students and new
employees and other events while exercising care to prevent COVID-19 infections. In addition, theforecasts incorporate revisions to store opening plans, expenses and other items by using information thatis currently available.
Actual performance may differ significantly from these forecasts because of the risk of the widespreadsuspension of economic activity if there is a rapid upturn in COVID-19 infections in Japan. An
announcement will be made promptly if there is any significant new information concerning theseforecasts.

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2. Dividend forecasts(1) Summary
Dividend per share
2Q-endYear-end

Total

Previous forecast(Yen)-(Yen)-(Yen)-Forecast

10.00

13.00

23.00

(Reference) Previous fiscal year
(ended March 31, 2020)

23.00

23.00

46.00

(2) Reasons for the dividend forecasts
The basic policy for determining dividends is to pay a dividend that is at least as high as the dividend forthe previous fiscal year and to maintain a payout ratio of at least 30%. However, significant declines insales and earnings are forecast for the fiscal year ending in March 2021, including the outlook for a large
loss in the fiscal year’s first half. As a result, the forecast for the fiscal year dividend is 23 yen per share,
the sum of a 10 yen interim dividend and a 13 yen year-end dividend. This forecast reflects the outlook forsales and earnings, the need to preserve financial soundness, the current financial position, and otherfactors.

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