February 14, 2023
To whom it may concern,
Company: Tamagawa Holdings, Co., Ltd.
Representative: President, Toru Masuzawa(Standard Market: Code: 6838)
Contact: Management Planning Division, Kana Yamauchi
Tel: 03-6435-6933

Notice on correction of expected consolidated performancefor the full year ending March 2023
Based on the recent trend of performance, please be advised that the expected consolidated performance
published on May 16, 2022 has been corrected as follows:
1. Correction of expected consolidated performance
Correction of expected numbers of consolidated performance for the full year ending March 2023
(4/1/2022～3/31/2023)(Unit: million yen)

OperatingprofitOrdinary
profitCurrent net profit
attributable tostockholders of
the parentcompany

5,019～5,8132,896～3,236△2,122～△2,577△42.3％～△44.3％65～166△550～△490△615～△6573～104△605～△546
△609
～△651

2～73
△580～△521△583～△595

0.5～12.7△97.5～△87.5

－－－－

6,236

379

331

148

25.7

Sales

Current net
profit perstock(yen)Previous forecast (A)Correction at this time (B)Increase/decreaseamount (B – A)
Increase/decrease rate
(For reference) Actual
performance for theprevious period(ending March 2022)－2. Reasons for correction
The sales, operating profit, ordinary profit, and current net profit attributable to stockholders of the parent
company for the full year ending March 2023 are expected to be lower than the lowest limit of the range of
expected performance published on May 16, 2022.

Cases around the year-end in theelectronics/communications equipment business may take time for receiving inspection on the customers’ sideand timing of power plant sales to customers is unclear in the renewable energy business due to the unstableworld situation; therefore, disclosure of expected performance continues to be by the range.

In the electronics/communications equipment business, material procurement has been taking long due toinsufficient supply of various materials in the world including semiconductors.

Materials used for information

communications equipment were significantly influenced in particular, and we have been taking measures bymaking arrangements ahead of time or expanding procurement from multiple sources; however, the influenceof prolonged time to procure materials is significant and delay in production and sales resulted in expected
decrease in sales from 3,600 million yen to 2,600～2,700 million yen.
going well with an increase in larger cases.

However, orders received have been

Demand solidly continues to increase and is expected to grow in

the future, and we continue to promote sales expansion activities in existing markets.
We will also aggressively promote expansion of the business domain by entering new markets.

We beganto receive orders from new markets and will continue activities to expand profits for our Company group toestablish a solid business foundation for the overall electronics/communications equipment business.
Regarding the renewable energy business, electric power sales by the small-size wind power plants andlow-pressure solar power plants that we own in Hokkaido are going well.

During this period, we proceededwith development of small-size wind power plants in locations in good wind conditions of Hokkaido toaccumulate solid development results with sustainable financing, etc.

Financing by financial institutions fordevelopment of small-size wind power plants progressed, and we successfully developed a business modelthat does not rely on sales of a power plant; therefore, we decided to decrease the number of power plants forsales in comparison with the plan at the beginning of the period.

As a result, the sales decreased from 1,319～2,113 million yen to 296～536 million yen, and other sales decreased by 100 million yen.

Consequently,

the sales and segment profit are expected to be below the forecast at the beginning of the period.
We plan to reduce the business risk and continue EBITDA management by continuing to develop small-size
wind power plants with small per-unit size and ensuring risk diversification and profitability/mobility.

We willalso contribute to continuous reduction of greenhouse gases by accelerating the development of new
renewable power sources.
Under such circumstances, we downwardly corrected the expected consolidated performance for the fullyear ending March 2023 as a result of reviewing the order status and its certainty for each business segment.
The current net profit attributable to stockholders of the parent company might fluctuate due to the influenceof estimates relating to tax effect accounting; therefore, we will promptly make announcements if new eventsof significant influence occur.
It is the hope of our Company group to make efforts to continue to further expand the corporate value andmaximize profits.
(Note) The expected performance in the above was prepared in accordance with information available at present and theactual performance may be different from the expected numbers due to various future factors.