October 31, 2014

Revision of Earnings Forecast for the Fiscal Year Ending March 31, 2015
SANIX Incorporated (Ticker:4651,TSE/FSE, President & CEO: Shin-ichi Munemasa) announces that in light ofrecent performance trends, it has revised the consolidated earnings forecast for the fiscal year ending March 31,2015,
which were announced August 5,2014.
Revision of consolidated forecast for the 1st half of the fiscal year ending March 31, 2015(From April 1 to
September 30, 2014)
Net
Net Sales

OperatingOrdinaryNet

IncomeIncomeIncomeIncome perShare(YEN)(Millions of Yen)

Previous Forecast(A)51,200(1,250)(1,140)(1,490)(31.21)

Revised Forecast(B)

43,400(3,230)(3,400)(3,730)(78.13)(B-A)(7,800)(1,980)(2,260)(2,240)(%)-15.2%---

ChangePrecet Change

Reference: results for the 1st half of thefiscal year ended March 31,2014

31,692

1,495

1,443

1,051

22.05

Revision of consolidated forecast for the full fiscal year ending March 31, 2015(From April 1, 2014 to March 31,2015)
NetNet Sales

Operating

OrdinaryNet

Income per

IncomeIncomeIncomeShare(YEN)(Millions of Yen)

Previous Forecast(A)

161,500

14,00013,8008,830

184.73

Revised Forecast(B)

118,000

3,640

3,200

1,300

27.23

(B-A)

(43,500)(10,360)(10,600)(7,530)(%)-26.9%-74.0%-76.8%-85.3%

84,221

4,508

4,309

2,964

ChangePrecet Change

Reference: results for the 1st half of thefiscal year ended March 31,2014

62.13

Reasons for the Revision
Regarding the earnings forecast for the first half of the fiscal year, the number of projects for a portion of solar
power facilities installations was fewer than expected due to electric power companies taking longer than expected toperform their investigation for connections compared with the time of the previous announcement (August 5, 2014).
In addition, as per separately announced today, the Company was impacted due to the inability to engage inconstruction projects, with some exceptions, in the Kyushu district due to Kyushu Electric Power’s decision tosuspend its response to applications.
Given such circumstances, the Company has revised its projected net sales as shown above.
With respect to income, operating income, ordinary income and net income are all expected to be lower than theprevious forecast mainly reflecting the fact that net sales will underperform the previous forecast.

Regarding the announcement of the operating results forecast for the full fiscal year ending in March 2015, Sanix
has determined that it would not be able to post sales of new projects it had expected to receive and install in thesecond half of the fiscal year before the end of the term due to the decision among utility companies to suspend theirresponse this time around and the inability to foresee when these responses to new applications would resume for
Kyushu and Shikoku regions, even though the Company is implementing a range of initiatives to reinforce its sales
as per disclosed separately today. In addition, the Company has determined that with some exceptions, intentional
low-voltage division on the same business premises (see note), which were incorporated in the initial forecast, will
not be posted as sales before the end of the current fiscal year.
Given these circumstances, net sales have been revised for the full fiscal year as shown above.
As for income, the Company forecasts a recovery in earnings on the expected increase in net sales and cost-cutting
measures in the second half of the fiscal year. However, operating income, ordinary income and net income are all
expected to be lower than the previous forecast due to net sales ending lower than the previous forecast.
In addition, please refer to “Sanix’s Response and Impact from the Suspension of Connection Application Replies
for Renewable Energy-based Power Generating Facilities” disclosed today.
(Note) One business premises is divided into small-scale facilities (facilities that are below 50kW that havelow-voltage interconnectivity) to create multiple connections
The projections and plans on this release are subject to change depending upon the changes of business environments and otherconditions.

For more information, please contact to;
Kozo INOUE, Director, Managing Corporate Officer
General Manager of Management & Planning Division