[Translation]

May 11, 2021
To Whom It May Concern:
Company Name:
Representative:

WACOAL HOLDINGS CORP.
Hironobu Yasuhara,
Representative Director, President andCorporate Officer(Code Number: 3591)(Tokyo Stock Exchange, First Section)
Katsuya Hirooka,
Corporate Officer, General Manager ofCorporate Planning(Telephone: +81(075)682-1010)

Contact:

Announcement of Revisions to the Forecast of Consolidated Business Results and Recognition ofImpairment Charges and Valuation Gain on Marketable Securities
We hereby announce that we have revised the forecast of our consolidated business results for thefiscal year ended March 31, 2021 (April 1, 2020 – March 31, 2021), which we announced on October 30,2020, as follows:
Details
1. Revised Forecast of Consolidated Business Results for the Fiscal Year Ended March 31, 2021
(U.S. GAAP)(Unit: Millions of Yen, unless otherwise indicated)

Net sales

OperatingincomePre-tax net
incomeNet income
attributable to
WacoalHoldings
Corp.
shareholders

Net income
attributable to
WacoalHoldings
Corp.
shareholders
per share(in Yen)

Previous Forecast (“A”)
Revised Forecast (“B”)
Variance (B - A)
Variance as Percentage (%)(Reference)
Results for the Previous
Fiscal Year ended March 31,2020

156,000
152,000(4,000)(2.6)(1,000)(1,100)(100)-300
10,80010,500
-

(500)
7,000
7,500
-

(8.01)
112.17

186,760

6,632

4,359

3,472

54.26

(Reason for Revisions)
We expect net sales to fall below the previous forecast due to more people staying home after another stateof emergency was declared during the current consolidated fourth quarter fiscal year in response to thespreading coronavirus pandemic (the “pandemic”), as well as the impact of the lockdown measures
implemented in overseas.
Despite our efforts to reduce costs at our group companies, we expect operating income to fall below theprevious forecast as a result of the recognition of impairment charges on goodwill with respect to oursubsidiary Wacoal Europe Co., Ltd. and its subsidiaries (“Wacoal Europe”) in light of the impact of thepandemic.
Pre-tax net income is expected to significantly exceed the previous forecast as a result of a recognition ofvaluation gain on marketable securities held by the Company and its consolidated subsidiaries.
Consolidated business results for the fiscal year ended March 31, 2021 will be announced on May 14, 2021.
2. Recognition of Impairment Charges
We examined potential impairment charges in connection with our consideration of the forecast of businessresults of our subsidiary Wacoal Europe, in light of the impact of the pandemic. As a result of ourreevaluation of fair value, we will record an impairment charge of 2,673 million yen in respect of goodwill,
which is recorded as intangible assets. As we use generally accepted accounting principles in the UnitedStates, the impairment charge will be recorded as an operating expense affecting our operating income.
3. Recognition of Valuation Gain on Marketable Securities
We will record a valuation gain of 10,390 million yen on marketable securities and investments (net) heldby the Company and its subsidiaries for the fiscal year ended March 31, 2021. The effect on our net income
will be an increase of 7,209 million yen.
We recorded a net valuation gain of 5,725 million yen on marketable securities and investments (net) during
the cumulative third quarter of the consolidated fiscal year ended March 31, 2021 (April 1, 2020 – December31, 2020). Therefore the valuation gain on marketable securities and investments (net) during the fourth
quarter of the fiscal year ended March 31, 2021 (January 1, 2021 – March 31, 2021) will be 4,665 millionyen.
4. Forecast on Dividend
There has been no revision to our year-end dividend forecast for the fiscal year ended March 31, 2021. We
are scheduled to distribute 20.00 yen per share as a year-end dividend in early June 2021, and the annual
cash dividend per share will be 40.00 yen, including the interim dividend per share of 20.00 yen, which has
been already distributed.
- End -