TRANSLATION FOR REFERENCE PURPOSE ONLYThis notice has been translated from the original Japanese text of the timely disclose statement and is forreference purpose only. In the event of any discrepancy between the original Japanese and this translation,
the Japanese text shall prevail.

To whom it may concern

July 29, 2020

Company Name: Asahi Holdings, Inc.
Representative: Tomoya Higashiura, Representative Director,President & CEO(Code: 5857, First Section of the Tokyo Stock Exchange)
Contact:
Kunihiko Chogo, General Manager,
Corporate Planning & Communications Department(Phone: +81-3-6270-1833)

Notice on the Revision of Financial Forecasts and Revision of Dividend Forecast (Dividend Increase)
This is to notify that the Company has revised its consolidated financial forecasts for the fiscal year ending March 31,2021 (April 1, 2020 - March 31, 2021) and the year-end dividend forecast, which were announced on April 30, 2020,
in view of the recent trends in its business performance, as shown in the sections below.
Details
1. Revision of the financial forecasts(1) Revision of the first half period consolidated financial forecasts for the fiscal year ending March 31, 2021 (April 1,2020 to September 30, 2020)(Unit: millions of yen, %)ProfitOperating
Profit before
attributable Basic earnings
Revenue
per share
incometax
to owners ofparent
Yen SenPrevious forecast (A)69,000
6,700
6,600
4,400
111 82(Announced on April 30, 2020)
Revised forecast (B)79,00010,80010,7007,300

185 52

Change (B-A)

10,000

4,100

4,100

2,900－

Change (%)

14.5

61.2

62.1

65.9

－

(Ref.) Results for the first half
period (FY ended March 31, 2020)

60,985

6,937

6,744

4,506

114 53(2) Revision of the full-term consolidated financial forecasts for the fiscal year ending March 31, 2021 (April 1, 2020
to March 31, 2021)(Unit: millions of yen, %)ProfitOperating
Profit before
attributable Basic earnings
Revenueincometax
per share
to owners ofparent
Yen SenPrevious forecast (A)150,000
16,00015,80010,600269 39(Announced on April 30, 2020)
Revised forecast (B)165,000

21,00020,80014,000355 79Change (B-A)

15,000

5,000

5,000

3,400－

Change (%)

10.0

31.3

31.6

32.1－

135,563

18,01017,6509,846

250 24(Ref.) Results for the full-term(FY ended March 31, 2020)1

(3) Reasons for the revision of financial forecasts
The consolidated financial performance for the fiscal year ending March 31, 2021 is expected to substantially exceed
our initial estimates since the volume of precious metals collected for recycling is steady and precious metal prices arerising in precious metal recycling business in Japan. Also, the sales of refined products and financial transactions are
increasing in precious metal refining business in North America. Therefore, the first half period consolidated financial
forecasts and the full-term consolidated financial forecasts were revised accordingly.
One of the major revenue transactions for the precious metal refining business in North America is a financial service
transaction that produces revenue from advance provision of metal to counterparties. Until the fiscal year ended March
31, 2020, the revenue from this transaction was recorded as revenue, while the corresponding interest payment wasrecorded as finance expenses. From the fiscal year ending March 31, 2021, the presentation method has been changed
by recording the corresponding interest payment in cost of sales, and the descriptions of the financial results for thefiscal year ended March 31, 2020 are also changed. As a result of this change, the description of the results of operating
income for the full-term of the fiscal year ended March 31, 2020 decreased by 2,108 million yen compared with theprevious method. There is no impact on profit before tax and profit attributable to owners of parent.
2. Revision of Dividend Forecast(1) Revision of dividend forecast for the fiscal year ending March 31, 2021
Annual Dividend
End of second quarter
Previous forecast(Announced on April 30, 2020)
Revised forecast

End of FY

Total

70 yen70 yen140 yen

80 yen80 yen160 yen

60 yen70 yen

130 yenResults for the current FY
Results for the previous FY(FY ended March 31, 2020)(2) Reasons for the revision of dividend forecast
In this revised full-term consolidated financial forecast, revenue, operating income, profit before tax and profit
attributable to owners of parent are all projected to be record high. Based on this judgment, the Company plans toincrease its dividend payment both at the end of second quarter and fiscal year by 10 yen each from 70 yen in theprevious forecast, and the total annual dividend of the year is planned to be 160 yen.
The above forecasts have been prepared based on the information available at the time of issuance of thisannouncement. Actual results may differ from the aforementioned forecasts due to a variety of factors including
domestic and international industrial activities, financial trends, transition of precious metal prices and others, which
are affected by the spread of COVID-19 infections.

2