November 6, 2014
Company name: Nitta Gelatin Inc.
Representative: Norimichi Soga, Representative Director and President(Stock code: 4977; First Section of Tokyo Stock Exchange)
Contact: Tsuneo Sasaki, Director and Senior Managing Executive Officer
General Manager of General Administration Division
Tel: +81-72-949-5381

Notice Concerning Difference in Consolidated Business Forecasts and Results
for the Six Months Ended September 30, 2014 and Revision of Consolidated
Business Forecasts for the Fiscal Year Ending March 31, 2015
Nitta Gelatin Inc. hereby announces that, in light of the difference in business forecasts disclosed on
May 9, 2014 for the six months ended September 30, 2014 and the results disclosed today for thatperiod (from April 1, 2014 to September 30, 2014), and the recent performance trends, the Board ofDirectors resolved at a meeting on November 6, 2014 to revise the Group’s consolidated business
forecasts for the fiscal year ending March 31, 2015 (from April 1, 2014 to March 31, 2015). Details
are as follows.

1. Difference in business forecasts and results
Difference in consolidated business forecasts and results for the six months ended September 30,
2014 (from April 1, 2014 to September 30, 2014)
Net sales

Operatingincome

Ordinary
incomeNet income

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Net income
per sharePrevious forecast (A)18,000800

800500¥27.21Result (B)16,146270

533372¥20.27

Amount change (B - A)

(1,854)

(530)

(267)

(128)

―% change(10.3%)(66.3%)(33.4%)(25.6%)―(Reference)Previous consolidated results(Six months ended September 30, 2013)16,035

545

630

460

¥27.34-1-2. Revision of business forecasts
Revision of consolidated business forecasts for the fiscal year ending March 31, 2015 (from April 1,2014 to March 31, 2015)
Net income
per share

Net sales

OperatingincomeOrdinary
incomeNet income

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Previous forecast (A)36,500

1,800

1,900

1,200

¥65.31

Revised forecast (B)32,400

600

700

500

¥27.21

Amount change (B - A)

(4,100)(1,200)(1,200)(700)―% change(11.2%)(66.7%)(63.2%)(58.3%)―(Reference)Previous consolidated results(Year ended March 31, 2014)

32,814955

1,115665¥37.903. Reasons for the difference and revision
In Japan, markups in the sales price of gelatin are expected to be implemented almost as planned,
although timing for the implementation of the markups had been delayed. However, demand has
declined for collagen peptide, food materials, and hot-melt adhesives in Japan. This is due in part toa prolonged fallback in the demand after it surged prior to a consumption tax increase, and sluggish
consumption owing to unseasonable weather. Meanwhile, the start of operations at a peptide plantin the U.S. was delayed. Also, sales of new sealants (high-performance gaskets) developed by NittaGelatin have yet to reach the anticipated level. This is because efforts to gain procurement approval
from customers have fallen behind schedule. In addition, procedures for liquidating Aibis Inc., ajoint venture, were begun in September 2014 in order to reorganize the Group’s domestic salescompanies. Consequently, sales are expected to decline for the three months ending December 31,
2014 and beyond.
Overseas, collagen peptide sales have remained strong, but demand for capsule-use gelatin in theU.S. has diminished as a result of negative information on fish oil triggering a shrinkage in themarket for nutritional supplements. Consequently, demand overseas for gelatin has softened, withsales volume falling more than planned and unit prices also in decline.
In addition to profits being down from sales plans going unmet as mentioned above, the earnings
environment is expected to worsen with the price of raw materials for bovine gelatin remaining high,and as a result of rising energy costs in Japan.
The Group has done everything within its power to implement countermeasures under thesecircumstances. Nevertheless, Nitta Gelatin has decided to revise its consolidated business forecasts
for the fiscal year ending March 31, 2015, in view of the gap between its forecasts and results forthe six months ended September 30, 2014.

-2-* The business forecasts above were formulated based on information obtainable as of theannouncement date of this press release. Various factors going forward may cause actual results
to differ from the forecasts.

-3-