July 30, 2019
For Immediate Release:
MTI Ltd.
Toshihiro Maeta,President and Chief Executive Officer
Listing: Tokyo Stock Exchange(First Section) [9438]
Contact: Hiroshi Matsumoto, Senior Managing Director
Tel: +81-3-5333-6323

Notice of Revision of Consolidated Results Forecastfor Fiscal Year Ending September 2019
MTI Ltd. hereby announces that it has revised its forecast for consolidated financial results (announced onOctober 30, 2018) for the fiscal year ending September 30, 2019. Details are as follows.

1. Revision details
Revision to consolidated results forecast for fiscal year ending September 2019
(October 1, 2018 – September 30, 2019)
Net sales

Operatingincome

Ordinaryincome

Profitattributable toowners ofparent

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

28,000

2,400

2,300

1,400

25.60*

Forecast revised this time (B)27,000

2,900

3,500

2,000

36.56

Change (B - A)

(1,000)+500+1,200+600

Rate of change (%)(Reference) Actual results(Fiscal year ended September
30, 2018）(3.6%)+20.8%+52.2%+42.9%

29,075

3,218

3,116

1,629

Forecast previously
announced (A)Net income
per share* Net income per share as in the previously announced forecast remains the same as the one described in Summary of financial
Results for Q2 FY 2019 (announced in April 26, 2019), which was recalculated with the number of shares outstanding(excluding treasury shares) as of March 31, 2019.

2. Reasons for change
Net sales forecast has been revised downward from the initial forecast, because the number of paying
subscribers has seen a worse-than-expected decline compared with the corresponding period of thepreceding fiscal year, while average revenue per user (ARPU) remains on an upward trend.
Operating income outperforms the initial forecast, reflecting efficient acquisitions of smartphone paying
subscribers through mobile phone shops, which has restrained advertising expenses and it has also resulted
in lower SG&A than the initial SG&A forecast.
Ordinary income is expected to be significantly higher than the original forecast, reflecting non-operating

129.85

income resulting from the negative goodwill associated with Shobunsha Publications Inc. which became an
equity method affiliate.
Accordingly, profit attributable to owners of parent is expected to be significantly higher than the initialforecast.

Disclaimer Regarding Forecast and Projections
This report contains forward-looking statements on business performance based on the judgments, assumptions
and beliefs of management using the information available at the time. Actual results may differ materially due tochanges in domestic or overseas economic conditions, changes in internal or external business environments, oraspects of uncertainty contained in the forecasts, latent risks or a variety of other factors. In addition, factors ofrisk and uncertainty include unpredictable elements that could arise from future events.

Note: This document has been translated from a part of the Japanese original for reference purposes only. Inthe event of any discrepancy between this translated document and the Japanese original, the original shallprevail. The Company assumes no responsibility for this translation or for direct, indirect or any other formsof damages arising from the translation.
Contact information for inquiries
Futaki, Investor Relations OfficeTel: +81-3-5333-6323
Fax: +81-3-3320-0189
E-mail: ir@mti.co.jp
URL： https://www.mti.co.jp/eng

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