NEWS RELEASEAOI TYO Holdings Inc.
1-5-1, Osaki, Shinagawa-ku
Tokyo 141-8580

May 29, 2020

Notice Regarding Revision of Consolidated Results Forecasts for the Second Quarterof the Fiscal Year Ending December 2020, Revision of Dividends Forecasts,
and Cancellation of AOI TYO Experience for Shareholders
At a meeting held today, the AOI TYO Holdings board of directors resolved to revise consolidated results
forecasts and dividends forecasts for the fiscal year ending December 2020. The board also resolved tocancel the AOI TYO Experience for Shareholders portion of our shareholder benefit program having arecord date of June 30, 2020.

1. Revision of Consolidated Results Forecasts(1) Revised forecast of consolidated financial results for January 1 – June 30, 2020
Millions of yen, excepting net income per share
Net sales

OperatingincomeOrdinary
incomeNet income
attributable toowners of theparent

Net income pershare (¥)

Earlier forecast (A)

TBD

TBD

TBD

TBD

TBD

Revised forecast (B)24,500-1,000-1,100-1,200-51.1630,636

816

637

257

10.95

(B) – (A)Percentage of changes
Reference(Q2 FY2019 results)(2) Reasons for the revision
In light of the impact of the spread of COVID-19, AOI TYO Holdings published revised results forecasts
on April 28, 2020. We also announced that we continue to leave the status of our results forecasts forthe second quarter of the fiscal year ending December 2020 as undecided. Subsequent to thisannouncement, Japan declared a withdrawal of the state of emergency declaration for all prefectures
as of May 25. In response to this development, we tabulated and forecast the impact of AOI TYOGroup company, allowing the company to calculate consolidated results forecasts for the second
quarter of the fiscal year ending December 2020. Therefore, we have decided to make an updated
public announcement.

As much of the film production and editing processes for commercial production falls under the Three
C’s (avoid closed, crowded, close-contact spaces), we have adopted measures to prevent the spreadof infection and postpone many projects, including closing production studios falling under the state ofemergency declaration, asking clients to postpone projects that involve filming, and more. In addition tocanceling some projects, we have postponed a great number of other projects. The AOI TYO Group
believes that even after the withdrawal of the state of emergency declaration, measures to prevent
COVID-19 infection will be required for some time. We are writing guidelines for the safety of all
persons involved in filming and editing at consolidated subsidiaries under the direction of experts andtaking other measures to create a system that ensures safety while allowing us to proceed withoperations. We will recommence our operations in stages beginning in June. However, we do not
anticipate being able to catch up in delayed projects over the next month. Therefore, we expect asignificant negative impact on second quarter results, and those related to postponements orcancellations of projects due to COVID-19 amounts about ¥5 billion (of which 70% will be postponed tothe third quarter or later). Note that many future projects are subject to negotiation with clients as to
how to move forward in this time of COVID-19 and we cannot predict the future direction of theinfection. Accordingly, it is highly likely that our next results forecast will differ compared to our pastannouncement.
In addition to the impact of measures to prevent the spread of infection mentioned above, theslowdown in economic activity caused by COVID-19 has worsened economies and corporate earnings
in Japan and around the world. As a result, demand for advertising may decline. At this time, we find it
difficult to make rational calculation related to consolidated results forecasts for the current fiscal year.
We will announce our fiscal year results forecasts at a future date when we are able to makecalculations.

2. Revision of dividends forecasts(1) Revised dividend forecast for the fiscal year ending December 31, 2020
yen
End of Q2

Year end

AnnualEarlier forecast

8.00

12.00

20.00

Revised forecast

0.00

TBD

TBD

8.00

12.00

20.00

FY2020 results
Reference(FY2019 results)(2) Reasons for the revision
Given our inability to rationally calculate consolidated results forecasts for the second quarter and fiscal
year ending December 2020, we have decided to cancel interim dividends for the time being andmaintain forecasts of year-end dividends for the fiscal year ending December as undecided. We will
announce our consolidated forecasts for the fiscal year when we are able to make calculations. We
have not changed our basic policy to achieve a consolidated dividend payout ratio of 30% or more forfull-year dividends, while continuing a constant pursuit earnings improvements and appropriate
ongoing profit distributions.

3. Cancellation of AOI TYO experience for shareholders
AOI TYO Holdings offers a shareholder benefit program to express our appreciation to shareholders
for their support and to encourage shareholders to hold AOI TYO Holdings shares over the medium
and long term. On February 19, 2020, we announced shareholder gifts (original Quo Card or originalcatalog) and the AOI TYO Experience for Shareholders for fiscal 2020 based on a record date of June30, 2020. However, we have made the decision to cancel the AOI TYO Experience for Shareholders
for fiscal 2020 from the standpoint of preventing the spread of COVID-19. Our presentation ofshareholder gifts will remain as announced on February 19, 2020.

We regret the revision and cancellation places on our shareholders, investors, and others. Thank you foryour understanding.
*The forecasts above are based on information available at the time. Actual performance may vary fromforecasts due to various factors that may occur in the future.