August 12, 2021

To whom it may concern:
Company name: Nishimoto Co., Ltd
Representative: Yoshiro Susaki, Chairman & President(Code No.: 9260 First Section of the Tokyo Stock Exchange)
Contact: Yuji Sasa, Director CFO(Phone: 03-6870-2015)

Notification Regarding Variance between Consolidated Earnings Forecasts and Actual Results for the Cumulative
Second Quarter of the Fiscal Year Ending December 2021,
Revision of Consolidated Earnings Forecasts for the Fiscal Year Ending December 2021, and Revision ofDividend of Surplus (Interim Dividend) and Year-End Dividend Forecast

Nishimoto Co., Ltd. ("the Company") hereby notifies the occurrence of a variance between its consolidated earnings
forecasts and actual results announced on February 12, 2021 for the cumulative second quarter (from January 1, 2021 toJune 30, 2021) of the fiscal year ending December 2021 and the revision of the consolidated earnings forecasts for thefiscal year ending December 2021 as outlined below.
At the Board of Directors meeting held on August 12, 2021, the Company resolved to pay a dividend of surplus (interimdividend) with June 30, 2021 as the record date. Also, the Company has revised its year-end dividend forecast for thefiscal year ending December 2021 as outlined below.

1.

Variance between consolidated earnings forecasts and actual results and the revision of consolidated earnings
forecasts for the fiscal year ending December 2021

(1) Variance between consolidated earnings forecasts and actual results for the cumulative second quarter (fromJanuary 1, 2021 to June 30, 2021) of the fiscal year ending December 2021
(Unit: millions of yen, %)Quarterly profit
Quarterly net
attributable toincome perowners of parent
share (yen)Net sales

Operatingincome

Ordinaryincome(Announced on February 12,2021)

90,000

600

450

300

20.90

Results (B)99,917

3,275

3,334

2,587

180.26

Variance in Amount (B - A)

9,917

2,675

2,884

2,287

Variance in Percentage (%)

11.0

445.9

641.0

762.4

79,816(1,226)(1,510)(939)

Previous Forecasts (A)(Reference)Previous Second Quarter
Results(Second quarter of the fiscalyear ended December 2020)(65.43)

(2) Revision of consolidated earnings forecasts for the fiscal year ending December 2021 (from January 1, 2021 toDecember 31, 2021)(Unit: millions of yen, %)ProfitNet income
attributable toper share (yen)owners of parent

Net sales

Operatingincome

Ordinaryincome(Announced on February 12,2021)

187,000

2,000

1,700

1,000

69.67

Revised Forecasts (B)200,000

5,500

5,100

3,800

264.75

Variance in Amount (B - A)

13,000

3,500

3,400

2,800

Variance in Percentage (%)

7.0

175.0

200.0

280.0

168,449

1,982

1,715

1,016

Previous Forecasts (A)(Reference)Previous Year Results(Fiscal year ended December2020)

70.80(3) Reasons for the variance and revisionDuring the cumulative second quarter under review, restrictions have been eased as vaccination rates rise mainlyin Europe and the U.S., which resulted in a rebound in demand, and sales recovered more than initially expected.
Looking at profits, the Company recorded a significant increase in profits due to sales increase, expansion of
products for delivery and take-out services and grocery stores, implementation of measures such as proactive
price adjustments in anticipation of soaring raw material, sea freight, labor, and other costs, and reduction of
SG&A expenses.
For the earnings forecasts for the full fiscal year ending December 2021, we made revisions as above, taking into
account factors that require continued attention, such as sluggish growth due to the spread of mutant strains
mainly in Asia, appreciation in product procurement costs and delivery-related costs due to global logistics
disruptions and soaring sea freight rates, etc.
2.

Revision of the dividend of surplus (interim dividend) and year-end dividend forecast(1) Details of the dividend of surplus (interim dividend)

June 30, 2021
35.00 yen

Most recent dividendforecast(announced on February12, 2021)
Same as on the left
TBD

Results for the previous
term (interim dividend
for the fiscal year ended
December 2020)
June 30, 2020
0.00 yen

502 million yen--

September 16, 2021
Retained earnings--

Determined amount
Record date
Dividend per share
Total amount ofdividend
Effective date
Source of dividend

(2) Details of the revision of year-end dividend forecast
Annual dividends (yen)Secondquarter-end

Year-end

Total-

20.00

20.00

Revised Forecast-

45.00

80.00

Current Year Results

35.00

--

0.00

20.00

20.00

Previous Forecast(Announced on February 12, 2021)(Reference)Previous Year Results(Fiscal year ended December 2020)(3) 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
as an important indicator of how appropriate a dividend payment is, and targets to maintain an annual dividend
payout ratio of approximately 30% on a consolidated basis.
Regarding dividends for the fiscal year ending December 2021, by comprehensively taking into account thebusiness environment surrounding the Company Group, its future business outlook and other factors, the Company
will pay an interim dividend of 35 yen per share at the end of this second quarter as stated above, and has revised
its forecast for the year-end dividend per share to 45 yen per share. As a result, the annual dividend for the current
fiscal year will be 80 yen per share.

Note: The forecast above is prepared based on the information currently available to us as well as certain
assumptions that we consider are reasonable. Actual results may significantly deviate from the forecast
due to various factors.