May 13, 2022

To whom it may concern:
Corporate Name: Nishimoto Co., Ltd.
Representative: Yoshiro Susaki, Chairman, President & CEO(Code No.: 9260 Prime Market of the Tokyo Stock Exchange)
Contact: Yuji Sasa, Director, Managing Executive Officer, CFO(TEL. 03-6870-2015)

Notification Regarding Revision of Earnings Forecast and Dividend Forecast forthe Fiscal Year Ending December 2022
Nishimoto Co., Ltd. (“the Company”) hereby notifies the revision of the consolidated earnings forecast for thecumulative second quarter of the fiscal year ending December 2022 (from January 1, 2022, to December 31, 2022),
which was announced on February 14, 2022, as outlined below.
In addition, the Company has revised its year-end dividend forecast for the fiscal year ending December 2022 (fromJanuary 1, 2022, to December 31, 2022), which was announced on the same date, as outlined below.

1. Revision of consolidated earnings forecast for the fiscal year ending December 2022
(1) Revision of consolidated earnings forecast for the cumulative second quarter (from January 1, 2022, to June30, 2022) of the fiscal year ending December 2022
(Unit: millions of yen, %)Previous Forecast (A)(Announced on February 14, 2022)

Revised Forecast (B)Variance in Amount(B - A)
Variance in Percentage (%)(Reference)Previous Year Results

Net sales

Operatingincome

Ordinary
incomeProfitattributable toowners of parent

120,000

2,800

2,600

1,900

132.38130,000

5,000

5,000

3,500

243.85

10,000

2,200

2,400

1,600

8.3

78.6

92.3

84.2

99,917

3,275

3,334

2,587

Net income
per share (yen)180.26(Fiscal year ended December 2021)(2) Revision of consolidated earnings forecast for the fiscal year ending December 2022 (from January 1, 2022,to December 31, 2022)(Unit: millions of yen, %)Previous Forecast (A)(Announced on February 14, 2022)

Revised Forecast (B)Variance in Amount(B - A)
Variance in Percentage (%)(Reference)Previous Year Results(Fiscal year ended December 2021)

Net sales

OperatingincomeOrdinary
incomeProfitattributable toowners of parent

Net income
per share (yen)240,000

5,000

4,700

3,300

229.92254,000

9,000

9,000

6,000

418.0314,000

4,000

4,300

2,700

5.8

80.0

91.5

81.8

213,248

7,301

7,204

5,028

350.34(3) Reason for the revision
With respect to the previous forecast, while sales are expected to recover steadily in accordance with thegradual easing of regulations related to COVID-19 infection, in terms of profits, the Company had assumed
that, as global logistics regains stability and the supply-demand balance shifts towards normalization, inaddition to a price adjustment phase due to price competition, an increase in expenses, mainly from raw
material cost and ocean freight, will have material impact on gross profit.
Although the trend of rising costs and increasing expenses was as initially expected, current businessconditions, particularly in the core North American region, are such that prices adjustments reflecting the tightsupply-demand balance and other factors have enabled the Company to absorb a certain degree of cost increase
and maintain income levels. From the second quarter onward, a strong sense of uncertainty about the futureremains due to concerns such as the sharp rise in price of energy resources and raw materials worldwide dueto the situation in Ukraine, the rapid depreciation of the yen, and the impact of the lockdown in China. However,
the Company has decided to revise its cumulative second quarter and full-year forecasts in view of the current
business conditions.

2.

Revision of dividend forecast(1) Dividend forecast for the fiscal year ending December 2022 (from January 1, 2022, to December 31, 2022)

Previous Forecast(Announced on February 14, 2022)
Revised Forecast(Reference)Previous Year Results(Fiscal year ended December 2021)

Second-quarter end

Annual dividend (yen)Year-end

Total

35.00

35.00

70.00

65.00

60.00

125.00

35.00

70.00

105.00(2) Reason for the revision
The Company has a basic policy of maintaining stable dividends, while securing internal reserves for futurebusiness development and for bolstering its financial position. The Company considers the dividend payout
ratio an important indicator of how appropriate a dividend payment is, and targets a full-year dividend payout
ratio on a consolidated basis of approximately 30% for each fiscal year.
The Company’s previous dividend forecast for the fiscal year ending December 2022 was 35 yen per share forthe interim dividend (at the end of the second quarter) and 35 yen per share for the year-end dividend, resulting
in an annual dividend of 70 yen per share. However, based on the above policy and the full-year earnings
forecast announced today, the Company has decided to revise the forecast as described in (1) above.