October 27, 2011

To whom it may concern:

Company Name: Asahi Holdings, Inc.
Representative: Mitsuharu Terayama, CEO and COO(Code No.: 5857, First Section of the Tokyo Stock Exchange)
Contact: Hirohisa Yamaguchi, Department Manager
Planning & Communications Department(Telephone: 03-6270-1833)

Notification of an Upward Revision of Earnings Forecast
Asahi Holdings, Inc.(“the Company”) announces that it has revised the first half of theconsolidated earnings forecast (April 1, 2011 to September 30, 2011) and its full-term
consolidated results forecast ending March 31, 2012 (April 1, 2011 to March 31, 2012)
announced on May 13, 2011 as follows:

１．Revision of the first half period consolidated earnings forecast and actual results (April 1,2011 to September 30, 2011)（Millions of YEN,％）Net Income Net Incomeper Share2Ｑ FY2011
2Q FY2011

Net Sales

Operating
IncomeOrdinary
IncomePrevious Forecast (A)(Announced on May 13,2011）

63,500

5,000

5,000

3,000

92.81

Actual Results (B)72,748

5,974

6,034

3,488

107.93

Change (B－A)

9,248

974

1,034

488

―

Change (%)

14.6％

19.5％

20.7％

16.3％

―

(Ref.) 2QFY2010 endedSeptember 30, 2010

52,486

5,597

5,475

3,202

99.32

２．Revision of consolidated earnings forecast for the fiscal year ending March 2012（April 1,2011 to March 31, 2012）（Millions of YEN, %）Operating
Ordinary
Net Income
Net Sales
Net Income
IncomeIncomeper SharePrevious Forecast (A)(Announced on May 13,2011）

130,000

11,00011,0006,500

200.97

Revised Forecast (B)135,000

11,00011,0006,500

200.93

Change (B－A）

5,000

000―

Change (%)

3.8％

0.0％

0.0％

0.0％―

（Ref.）the fiscal year
ended March 31, 2011

110,504

10,661

10,5086,144190.46

３．Reason for Upward Revision(1）Revision of the first half period for the year ended September 30, 2011 (April 1, 2011 to
September 30, 2011)
Benefitting from higher metal average unit sales prices of main metals than the initialprojections due to high level metal market prices change achieving the metal collection
volume as planned in the precious metal recycling business, performances of theenvironmental protection business were also in line with the forecast. Consequently theCompany’s consolidated net sales, operating income, ordinary income as well as net
income for the first half of the consolidated fiscal year ended September 30, 2011 is toexceed those previously forecasted(2）Revision for the consolidated results forecast for the fiscal year ending March 31, 2012
(April 1, 2011 to March 31,2012)
The metal collection volume in the precious metal recycling business and the performancesof the environment protection business are forecasted to be in line with the forecast
projected initially, while the future of the economic still remains uncertain. Meanwhile themetal prices have fluctuated widely and consequently the Company’s consolidated net
sales for the full-term year ending March 31, 2012 is expected to exceed the previous
forecast after reviewing the initial forecast reflecting current metal market price level.
There is no change in the forecast for dividend payment per share (term’s end dividend:￥30).
The above forecasts have been prepared based on the information available at the time ofissuance of this announcement. Actual results may differ from the aforementioned
forecasts due to a variety of factors including economic conditions, financial trends, metalmarket trends and others.