August 8th, 2022
Junya Suzuki
Chairman of the Board, President and CEO
Nissha Co., Ltd.
Stock Listings: Tokyo Stock Exchange, Prime Market 7915
Contact: Hitoshi Koya
Senior Vice President, CFO
T +81 75 811 8111

Notice of Difference between Business Forecast and Actual Results for the First Half of FY2022
and Revision to the Business Forecast for FY2022
Nissha Co., Ltd. (“the Company”) hereby announces the difference between the business forecast announced on May 12,2022 and actual results for the first half of FY2022 (January 1, 2022 to June 30, 2022) and the revision to the business
forecast for FY2022 (January 1, 2022 to December 31, 2022), as follows.

1. Difference between consolidated business forecast and actual results in the first half of FY2022 (January 1, 2022 toJune 30, 2022)(Millions of yen, except basic earnings per share)

Net Sales

Operating

Profit before

profittax

ProfitBasic earnings

attributable toper shareowners of parent(Yen)(A) Previous Forecast

86,400

5,400

6,500

5,200

104.35(B) Actual results

88,217

6,267

9,549

7,903

158.62

Changes in Amount (B) - (A)

1,817

867

3,0492,703

Percentage of Change (%)

2.1%

16.1%

46.9%

52.0%

97,584

10,857

12,238

10,614

Reference: Results for the six
months ended June 30, 2021

213.00(Note) The Company finalized the provisional accounting treatment pertaining to business combinations and changed
the accounting policy for configuration or customization costs in cloud computing agreements in the fiscal year ended
December 31, 2021, and reflected the details of the finalization of the provisional accounting treatment and retrospective
adjustments due to the change in the accounting policy on figures related to the six months ended June 30, 2021.

1©2022 Nissha GroupReasons for the difference
Net sales progressed almost as estimated thanks to the stable demand for the Industrial Materials segment and theMedical Technologies segment and revision of sales prices, although some product demands have been weakened
due to the constrains on supply such as shortage of semiconductors.
Operating profit, profit before income taxes and profit attributable to owners of parent exceeded the forecast mainly
due to ¥4,041 million of the foreign exchange gains, which consisted of ¥930 million from operating transactionsand ¥3,111 million from non-operating transactions, recorded in the six months ended June 30, 2022.
2. Revision to consolidated business forecast for FY2022 (January 1, 2022 to December 31, 2022)(Millions of yen, except basic earnings per share)

Net Sales

Operating

Profit before

profittax

ProfitBasic earnings

attributable toper shareowners of parent(Yen)(A) Previous Forecast

178,400

12,50013,30010,000200.68(B) Revised Forecast

190,000

14,50017,50013,500270.82

Changes in Amount (B) - (A)11,600

2,000

4,200

3,500

Percentage of Change (%)

6.5%16.0%

31.6%

35.0%

189,285

17,363

19,49915,859Reference: Results for thefiscal year ended December

318.3531, 2021
Reasons for the Revision
For the consolidated business forecast for FY2022, the Company has reviewed the latest demand trends, sales
prices revision and trends in foreign currency exchange rate considering the results for the six months ended June 30,2022. Net sales are expected to increase compared to the previous forecast because demand for decorative film andmolded parts product and metallized paper in the Industrial Materials segment and medical devices (CDMO) in the
Medical Technologies segment are expected to progress more than previously forecasted.
Thanks to the increase in net sales, operating profit, profit before tax and profit attributable to owners of parent areexpected to exceed the prior forecast.
Figures are estimated on an exchange rate of US$1.00= ¥125, which was ¥113 in the previous forecast.
END2©2022 Nissha Group