May 8, 2020
For Immediate Release
Company Name: EPS Holdings, Inc.
Representative Director: Yan Hao, Chairman & CEO(Code No.: 4282, TSE First Section)
Inquiries: Kazuki Sekitani, Vice President and CorporateOfficer(Tel: +81-3-5684-7873)

Notice of Revision to Earnings Forecast and Dividend Forecast

EPS Holdings, Inc. (the “Company”) hereby announces that based on its recent performance, the consolidated
earnings forecast and dividend forecast for the fiscal year ending September 30, 2020 (October 1, 2019 to September
30, 2020), originally announced on November 7, 2019, have been revised. Details are as follows.

Ⅰ．Revision to earnings forecast
1. Revision to consolidated earnings forecast for the fiscal year ending September 30, 2020 (October 1, 2019 toSeptember 30, 2020)(Figures indicated in millions of yen, unless stated otherwise)
Net sales

Operating income

Recurring profit

Profit attributableto owners ofparent

Previous forecast (A)72,500

6,170

6,320

3,540

Revised forecast (B)62,000 - 65,000

1,000 - 2,000

1,200 - 2,200

900 - 1,500(10,500) – (7,500)(5,170) – (4,170)(5,120) – (4,120)(2,640) – (2,040)(14.5) – (10.3)(83.8) – (67.6)(81.0) – (65.2)(74.6) – (57.6)

69,009

6,279

6,271

3,633

Change (B - A)
Change (%)(Reference)
Consolidated results
for the fiscal year
ended September 30,
2019

Basic net
income pershare(yen)77.39
19.72 - 32.86

81.02

2. Reason for revision
Performance for the first six months of the fiscal year ending September 30, 2020 is progressing in accordancewith the Company’s plan. However, amid the COVID-19 coronavirus pandemic, the Company is experiencing
a significant impact on its operating performance, such as voluntary restraint on visits to certain medicalinstitutions, suspension of the development of new clinical trials and decreases in trial subjects’ hospital visits.
On the other hand, support for clinical trials regarding the coronavirus is imperative. Based on revisions to
China’s Drug Administration Law promulgated in August 2019, simultaneous inspections and investigations ofexisting manufacturers were conducted. Accordingly, operation of the manufacturing lines for the Company’spharmaceutical manufacturing and sales operations was temporarily suspended in the first quarter of the fiscalyear under review. Subsequently, it is important to return the supply system to the originally planned level.
The impact from the coronavirus on the Company’s operating performance for the fiscal year ending September
30, 2020 is currently unknown and it is difficult to determine earnings for the fiscal year. Under the assumptionthat the state of emergency declared by the Japanese government will be lifted at the end of May 2020 andclinical trials will gradually start to normalize in June 2020, the Company expects consolidated net sales of
65,000 million yen and consolidated operating income of 2,000 million yen due to a decline in sales. In the casewhere the spread of the coronavirus is not contained, the state of emergency in Japan is maintained in June andthereafter, and it takes time to normalize clinical trials, consolidated net sales are assumed to be 62,000 million
yen, while consolidated operating income will likely be 1,000 million yen, reflecting a decline in sales.
3. Future initiatives
The Company considers the safety of employees, trial subjects, professionals associated with medical
institutions and clients requesting trials as the first priority when conducting its business. In order to secure its
business performance, the Company shall strengthen its commitment to (i) pursuing cost reduction, (ii)revitalizing the organization and promoting cost structure reform, and (iii) creating a new structure after thecontainment of the coronavirus.
(Note) The above forecasts were prepared based on information available as of the release of this report. Actual
results of operations may differ from the forecasts depending on a variety of factors.

Ⅱ．Revision to dividend forecast
1. Details of revision
Dividend per share (yen)Record datePrevious forecast(announced on November 7, 2019)

End of the first six months

Year end

13.00

Revised forecast
Actual results

10.00(Reference)
Actual results of the previous fiscal
year ended September 30, 2019

13.00

Full year
15.00

28.00

To be determined

―

15.00

28.00

2. Details of revision to dividend forecast
Regarding the distribution of profits, the Company has made it a fundamental policy to secure necessary internal
reserves for strengthening its business structure in light of future business development and profitability
improvement and to maintain and enhance shareholder returns.
With respect to the year-end dividend, the Company is currently withholding its year-end dividend forecast, inview of the uncertainties in assumptions that are the basis for such forecasts, as described in “Revision toearnings forecast” above. The dividend forecast will be disclosed as soon as the earnings forecast can be made.
The Company appreciates the understanding and support of shareholders.