March 12, 2021
To whom it may concern,
Company: Tamagawa Holdings, Co., Ltd.
Representative: President, Toru Masuzawa(JASDAQ Code: 6838)
Contact: Management Planning Division, Ryota Tanaka
Tel: 03-6435-6933

Notice on Revision of Performance Forecast
Please be informed that we have revised the consolidated performance forecast announced on May 20, 2020in consideration of the recent performance trend.

1. Revision of consolidated performance forecast
Revision of full-year consolidated performance forecast value of the year ending March 2021 (April1, 2020
to March 31, 2021)(Unit: mil. yen)Sales amountOperating profit

Ordinary profit

Current net
profit belonging
to the parent
company’sshareholders

Previous forecast (A)

6,937

850

713499109.54Current revision (B)

6,809

225

170

127

23.72

Change (B-A)

△127

△624

△543

△372－

Change rate

△1.8％

△73.5％△76.2％△74.6％－(Reference) Previous
term result (Yearending March 2020)

6,332805

672

439

96.42

Current net
profit per shareyen

Reason for revision
We basically expect the performance will be as the forecast.

For the electronic and communication device

business, order receipt, production and shipping are in a good state including better transition of 5G related
sales than expected at the beginning of the term, and both sales amount and operating profit are expected toexceed the forecast of the beginning of the term.

However, for the renewable energy plant business, although

sellout of the high-pressure solar power plant in Goto City, Nagasaki Pref. which we own has been agreed
upon, such sellout value fell below the expectation, and therefore, the profit is expected to decrease from theforecast of the beginning of the term.

We had expected to sell out a smaller solar power plant than Goto

Plant in the plan of the beginning of the term, but we decided to sell out Goto Plant first due to the impact ofdemands and supplies of the market.

Therefore, there was no major change in the sales amount.

As thereason why the sellout amount of Goto Plant fell below the expectation, the current term had a long period of
bad climate where solar insolation performance from June to July fell below normal years and power
generation amount was not good.

This gives a downward impact to the price appraisal for sellout of the1power plant, and also there is an impact of excessive supply as there are many solar power plants in Kyushu
region.
The background where we executed the sellout at the price of which profit was below the expectation isbased on the strategy of responding to demands from the society by securing risk dispersion, profitability andmobility, enhancing our financial nature through drastic reduction of the debt and accelerating development of
new renewable energy source by selling out the megasolar plant which is large scale per unit and accelerating
development of small wind power plants which are small scale per unit.
Under such circumstances, as a result of reviewing the order receipt status of each business segment andsuch accuracy, the full-year consolidated performance forecast of the term ending March 2021 was revised
downward from the initial plan by 127 mil. yen of sales amount, 624 mil. yen of operating profit and 372 mil.
yen of the current net profit belonging to the shareholders of the parent company.
Since the current net profit belonging to the shareholders of the parent company may possibly change dueto the impact, etc. of estimate regarding the tax effect accounting, we will immediately announce when any
new event occurs which may give a significant impact.
Our group will continue to make effort to further expand our corporate value and maximize the profit.
(Note) The above performance forecast has been created based on the information currently available, and the actual
performance may hereafter differ from the forecast value due to various factors.

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