[Translation]

July 31, 2020
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)
Hiroaki Miyake,
Corporate Officer, General Manager ofCorporate Planning(Telephone: +81(075)682-1010)

Contact:

Announcement of the Forecast of Consolidated Business Results and the Dividends for the Fiscal YearEnding March 31, 2021
We hereby announce as follows the forecast of our consolidated business results and dividends forthe fiscal year ending March 31, 2021 (April 1, 2020 – March 31, 2021), which was undetermined when theConsolidated Financial Statements for the Fiscal Year Ended March 31, 2020 (U.S. Accounting Standards)
were published on May 15, 2020:
Details
1. Forecast of Consolidated Business Results(1) Forecast of Consolidated Business Results for the Second Quarter of the Fiscal Year Ending March 31,2021 (April 1, 2020 – September 30, 2020)(U.S. GAAP)Net sales

Previous Forecast (“A”)
Revised Forecast (“B”)
Variance (B - A)
Variance as Percentage (%)(Reference)
Results for the Second
Quarter of the Previous
Fiscal Year ended March 31,2020(Unit: Millions of Yen, unless otherwise indicated)
Net(loss) income
Net
attributable to(loss) income
WacoalOperatingattributable toPre-tax net
Holdings(loss)
Wacoal(loss) income
Corp.
incomeHoldings
shareholders
Corp.
per shareshareholders(in Yen)70,500-(3,200)-(2,500)-(2,400)-(38.46)-

101,450

9,495

9,326

6,668

103.07(2) Forecast of Consolidated Business Results for the Fiscal Year Ending March 31, 2021 (April 1, 2020 –March 31, 2021)(U.S. GAAP)Net sales

Previous Forecast (“A”)
Forecast (“B”)
Variance (B - A)
Variance as Percentage (%)(Reference)
Results for the Previous
Fiscal Year ended March 31,2020(Unit: Millions of Yen, unless otherwise indicated)
Net(loss) income
Net
attributable to(loss) income
WacoalOperatingattributable toPre-tax net
Holdings(loss)
Wacoal(loss) income
Corp.
incomeHoldings
shareholders
Corp.
per shareshareholders(in Yen)

158,000-(5,000)-(3,700)-(3,700)-(59.29)-

186,760

6,632

4,359

3,472

54.26

(3) Reason for Forecast
As it was difficult to assess the impact of the coronavirus outbreak on our group and to reasonably
make any business forecast, we have previously not forecasted our consolidated results for the fiscal year
ending March 31, 2021 in the “Consolidated Financial Statements for the Fiscal Year ended March 31, 2020
(U.S. Accounting Standards)”. We hereby announce our forecast of our consolidated business results
calculated based on the consolidated business results for the first quarter ended June 30, 2020 and projection
available as of the date hereof, as well as the economic activities which has gradually resumed as a result oflifting of the declaration of state of emergency or easing the lockdown measures in Japan and globally. While
it is unpredictable when the coronavirus outbreak will end, economic activities are gradually being resuming
as described above, and we expect that consumer spending will likely show a sign of gradual recovery after
the current second quarter, despite differences by region.
As we have not assumed any further large-scale slowdown in economic activities from spread of
the outbreak, the actual business results may differ largely from the forecast due to various factors. We willannounce the impact on our business results immediately if important matters to be disclosed occur.
2. Forecast on Dividends(1) Forecast on Dividends
End of Second Quarter

Dividend per share (yen)Year-end

Total

Previous Forecast---

Forecast

20.00

20.00

40.00

Results for the Previous
Fiscal Year ended
March 31, 2020

40.00

20.00

60.00

(Note) Breakdown of the end of second quarter cash dividend per share for the fiscal year ended March 31,2020:
Ordinary dividend: 36.00 yen
Special anniversary dividend: 4.00 yen

Breakdown of the year-end cash dividend per share for the fiscal year ended March 31, 2020:
Ordinary dividend: 16.00 yen
Special anniversary dividend: 4.00 yen(2) Reason for Forecast
Our basic policy on profit distributions to shareholders is to make stable distributions based on
consideration of our consolidated performance, while seeking to increase our enterprise value through active
investments aimed at higher profitability and to increase net income per share.
With respect to retained earnings, we will actively invest in expanding our customer bases for ourdomestic business and our overseas businesses, with the aim of improving our corporate value. We also plan
to use our retained earnings for strategic investments for maintaining competitiveness and reinforcing growth.
With these efforts, we seek to benefit our shareholders by improving future profitability.
We also intend to acquire treasury stock in a flexible manner taking into account the level of free
cash flow as well as the market environment, and will make effort to improve capital efficiency and return
profits to our shareholders.
The coronavirus outbreak will, however, have a significant impact on our group’s business and as
uncertainty remains over the end of the coronavirus outbreak, our urgent priority is to ensure liquidity on
hand. In light of the business forecast based on information available as of the date hereof, financial stability
and stable distributions to our shareholders, we hereby announce our forecast on interim dividend per shareof 20.00 yen (a reduction of 20.00 yen from the previous fiscal year) and our forecast on year-end dividend
per share of 20.00 yen (same as previous fiscal year) (with the result that the annual cash dividend per sharewill be 40.00 yen).
* The forecast of business results in this document is based on information we obtained as of the date hereof
and assumption we regarded as reasonable and, due to various factors, actual results in the future may differ
largely from the estimates set out in this document.

End