TRANSLATION FOR REFERENCE PURPOSE ONLYThis notice has been translated from the original Japanese text of the timely disclose statement and is forreference purpose only. In the event of any discrepancy between the original Japanese and this translation,
the Japanese text shall prevail.
October 25, 2018

To whom it may concern:

Company Name: Asahi Holdings, Inc.
Representative: Tomoya Higashiura, President(Code: 5857, First Section of the Tokyo Stock Exchange)
Contact:

Hisanobu Aoki, General Manager ofCorporate Planning & Communications Department(Phone: +81-3-6270-1833)

Notice on changes in the dividend policy, dividend of surplus, and revision of dividends
forecast (increase in dividends)
This is to notify that Asahi Holdings, Inc. (hereinafter the “Company”) resolved at its board of directors’ meeting
held on October 25, 2018 on changes in its dividend policy, dividend of surplus for which the record date is
September 30, 2018, and revision of dividends forecast for the fiscal year ending on March31, 2019, as shown below.
Details
1. Changes in the dividend policy and reasons for the changes

The Company has positioned the enhancement of shareholder returns as one of its top priority issues. To furtherexpand its profit distribution to its shareholders, the Company decided to raise the target level of dividend payout
ratio.
Regarding dividends that are paid out basically twice each fiscal year as an interim dividend and a year-end dividend,
the Company will seek a consolidated dividend payout ratio of “50% and above,” instead of “30% and above” in thepast.
(Before change) Targeting a dividend payout ratio of 30% and above of the consolidated net income(After change)

Targeting a dividend payout ratio of 50% and above of the consolidated net income

The aggregate operating cash flow for the three-year period of the 8th medium-term business plan is planned atapprox. 37 billion yen. The Company plans to allocate 18.5 billion yen of the above sum to growth strategy
investment focused on investment in new equipment, 3 billion yen to investment in maintenance and renewal ofexisting equipment, and distribute the remaining 15.5 billion yen primarily as dividends.
2. Dividend of surplus for which the record date is September 30, 2018 (interim dividend)

Determined value

Record date

September 30, 2018

Latest dividend forecast(Released on May 8, 2018)

Same as on the left

Results in the previous
fiscal year (Year endedMarch 2018)

September 30, 2017

Dividend per share

60.00 yen

37.00 yen

30.00 yen

Total dividends

2,389 million yen－

984 million yen

Effective dateNovember 26, 2018－

November 27, 2017

Dividend source

Retained earnings－

Retained earnings

3. Dividends forecast for the year ending on March 31, 2019

Annual dividends
End of the second quarter

Previous forecast(Released on May 8, 2018)

End of the fiscal year

37.00 yen

Recently revised forecast
Results for the current year

60.00 yen

Results of the previous year
(Year ended March 2018)

30.00 yenTotal

37.00 yen

74.00 yen

60.00 yen

120.00 yen

33.00 yen

63.00 yen

(Reference)
Financial indicators (forecast) for the period of the 8th medium-term business plan, after reflecting the impact ofchanges in dividend policy and revised dividends forecast, are as follows:Year ending March 2019 Year ending March 2020 Year ending March 2021
(forecast)(forecast)(forecast)

Dividend payout ratio

50.0％

50.2％

50.5％

Earnings per share(EPS)

239.90 yen

259.22 yen

277.01 yen

Return on equity
(ROE)

14.1％

14.2％

14.1％

Dividend on equity
(DOE)

7.1％

7.1％

7.1％

Return on assets
(ROA)

7.0％

7.3％

8.0％

Equity ratio

50.5％

51.8％

61.4％