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.

January 29, 2021

To whom it may concern
Company Name: Asahi Holdings, Inc.
Representative: Tomoya Higashiura, President(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 Forecast and Revision of Dividend Forecast (Dividend Increase)
This is to notify that the Company has revised its consolidated financial forecast and the year-end dividend forecast forthe year ending March 31, 2021 (April 1, 2020 - March 31, 2021), which were announced on July 29, 2020, in view of
the recent trends in its business performance, as shown in the section below.
1. Revision of Financial Forecast(1) Revision of the consolidated financial forecast for the year ending March 31, 2021 (April 1, 2020 to March 31,2021)(Unit: millions of yen, %)ProfitRevenue

Operating

Profit before

attributable

Basic earnings

profittax

to owners ofper shareparentYen SenPrevious forecast (A)165,000

21,00020,80014,000355 79165,000

24,00024,90025,000635 35

Change (B-A)

－

3,000

4,100

11,000－Change (%)

－

14.3

19.7

78.6

－

135,563

18,01017,6509,846

250 24(Announced on July 29, 2020)
Revised forecast (B)(Ref.) Results for the previous FY(FY ended March 31, 2020)(2) Reasons for the revision of financial forecast
In addition to precious metal prices trending above forecasts, in the precious metal recycling business, a stable volume
of precious metal collection has been realized. In the precious metal refining business in North America, the increasein product processing, sales, and financial transactions led to operating profit and profit before tax that are expected toexceed the previously announced forecasts.
Additionally, following the introduction of a consolidated taxation system and organizational restructuring of the Group
as well as a detailed evaluation of the recoverability of deferred tax assets for tax losses carried forward, we decided torecord deferred tax assets. As a result, in the fourth quarter of the fiscal year ending March 31, 2021, we expect torecord income taxes-deferred (profit) of 8,200 million yen and to see a large increase in profit attributable to owners ofparent.

12. Revision of Dividend Forecast(1) Revision of dividend forecast for the year ending March 31, 2021
Annual Dividend
End of second quarter
Previous forecast(Announced on July 29, 2020)

80 yen

Revised forecast
Results for the current FY
Results for the previous FY(FY ended March 31, 2020)

End of FYTotal80 yen

160 yen

90 yen

170 yen70 yen

130 yen

80 yen60 yen(Note) As described in the “Notice on Stock Split, Partial Amendment of Articles of Incorporation, andAbolishment of Shareholder Special Benefit Plan,” separately made public today, the Company plans toinstitute a 2-for-1 stock split for common shares which will become effective on April 1, 2021. The year-end
dividend for the fiscal year ending March 31, 2021, which has the record date of March 31, 2021, will bebased on the number of shares prior to the stock split.
(2) Reasons for the revision of dividend forecast
In our current revisions to the financial forecast for the fiscal year, revenue, operating profit, profit before tax, and profit
attributable to owners of parent all recorded all-time highs. Based on this decision, the Company plans to increase its
dividend payment at the end of fiscal year by 10 yen from 80 yen in the previous forecast, and the total annual dividendof the year is planned to be 170 yen.
The above forecasts have been prepared based on the information available at the time of issuance of this announcement.
Actual results may differ from the aforementioned forecasts due to a variety of factors including domestic andinternational industrial activities, financial trends, transition of precious metal prices and others, which are affected by
the spread of COVID-19 infections.

2