March 30, 2018
Company name: Tamagawa Holdings, Co., Ltd.
Representative’s name: President, Toru Masuzawa(JASDAQ Code: 6838)
Contact: Management Planning Division, Junya Tokumoto
Tel: 03-6435-6933

Notice on Revision of Performance Forecast
In consideration of the recent performance trend, the consolidate performance forecast released on
November 28, 2017 has been revised as follows.

1. Revision of the consolidated performance forecast
Revision of the consolidated performance forecast figure of the full business year ending March2018 (April 1, 2017 through March 31, 2018)(Unit: million yen)
SalesamountOperatingprofit

Currentprofit

Current net profit
attributable to theparent company’sshareholders

Currentnet profit
per share

3,727

126

32

9yen
0.23

Current division (B)

3,311

33

△67

△86

△1.99

Change (B-A)

△416

△92

△100

△95－

Percentage change△11.2％△73.3％(Ref.) Previous
period achievement(Business yearending March 2017)

4,443

189

Former forecast (A)－－106－
44

1.06

Reason for revision
In consideration of status of the existing procedure period, the period for certification proceduresin renewable energy system sales business under the amended FIT Act instituted in April 2017
was estimated as about four months at the point of disclosure of revision of the former
performance forecast released as of November 28, 2017.

In fact, however, due to incomplete

certification procedures even at the present moment after seven months have passed,commencement and completion of the construction have been greatly affected, andprocurement and sales activities could not be conducted as scheduled by influence of
unpredicted amount of snow coverage in Tohoku area this winter.

These reasons resulted inestimate of the lower figures than the initial forecast in the sales amount, operating profit, currentprofit and the current net profit attributable to the parent company’s shareholders.
Under such circumstances, we are working as one on the performance recovery in the following
period in the renewable energy business including the renewable energy system sales business,such as full-scale running of our first special high voltage case, Kojindake Photovoltaic Power
Plant in Goto City, Nagasaki Pref. (5.3MW) and the photovoltaic power plant in Noboribetsu City,
Hokkaido (2.0MW), and acquirement of the electric power selling right of small wind powerbusiness with the fixed purchase value of 55 yen/kWh for 50 places as stated in “Notice onAcquirement of Electric Power Selling Right for Small Wind Power Business” for the following
period.
Furthermore, we are currently under aggregation of the closing figure for the electronic
communication device business, and therefore the plan value is contained in the above figure as
initially scheduled. We will later release this when the details are identified and the event to bedisclosed occurs.
The current net profit attributable to the parent company’s shareholders may fluctuate due to theinfluence, etc. of the estimate concerning the tax effect accounting.

Therefore, we will

immediately release any new event which may give material influence.
(Note) The above performance forecast has been prepared based on the information currently
available and the actual performance may differ from the forecast figures due to variousfactors hereafter.

<Reference>
In accordance with the amended FIT Act instituted in April 2017, the power producers certified by theFIT before March 2017 are required to in principle submit the business plan between April 1, 2017 andSeptember 30, 2017, and such certification period is about three to four months.

Application forincrease of the solar panels and for change of name, etc. must be done after the above certification ofbusiness plan, which requires seven months at this point.

Existing flow

After amended FIT: Right holder, etc.

1.

1.

2.

3.

4.

Acquirement of facility certificationfrom Ministry of Economy, Trade andIndustry↓
Application to electric company →Approval of electric interconnection↓
Application for increase of solar panel(period: 1~2 months)↓
Building construction andcommencement of business2.

3.

4.

5.

Application to electric company →Approval of electric interconnection↓
Acquirement of facility certification from
Ministry of Economy, Trade and Industry↓
Certification of business plan (period:3~4 months)↓
Application for increase of solar panel(period: 7 months or more)↓Building construction andcommencement of business