Translation
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the Japanese original shall prevail.

May 7,2021

Company:

Roland Corporation

Representative:

Jun-ichi Miki, CEO & Representative Director

Contact:(Securities Code: 7944; TSE First Section)
Naoyuki Tamura, Senior Executive Officer(Tel. +81-53-523-3652)

Notice of Revisions of Financial Result Forecasts
Roland Corporation (the “Company”) hereby announces the revisions of the consolidated financial resultforecasts released on February 12,2021, in consideration of the recent trends in financial results, as follows.
1.Revisions of the consolidated financial result forecasts
Revisions of the consolidated financial result forecasts for the second quarter of the fiscal year ending
December 31, 2021 (January 1, 2021 to June 30, 2021)
Net sales

Operatingprofit

Ordinary profit

Profitattributable toowners ofparent

Basic earnings
per share

Million Yen

Million Yen

Million Yen

Million YenYen(Announced on Feb 12, 2021)

32,100

2,000

1,600

1,200

44.18

Revised Forecast (B)41,4006,3006,000

4,600

168.54

Change (B–A)

9,300

4,300

4,400

3,400

－

Change (%)

29.0%

215.0%

275.0％

283.3％－(Reference)Previous 2nd quarter results(Jan. 1, 2020 – Jun 30, 2020)

28,234

2,666

2,339

1,650

61.46

Previous forecast (A)Revisions of the consolidated financial result forecasts for the fiscal year ending December 31,2021(January 1, 2021 to December 31, 2021)
Net sales

Operatingprofit

Ordinary profit

Profitattributable toowners ofparent

Basic earnings
per share

Million Yen

Million Yen

Million Yen

Million Yen

Yen(Announced on Feb 12, 2021)

68,400

7,500

6,900

5,200

191.44

Revised Forecast (B)78,80010,80010,1007,700

282.13

Change (B–A)

10,400

3,300

3,200

2,500

－

Change (%)

15.2%

44.0%

46.4%

48.1%

－(Reference)Previous fiscal year results(Jan. 1, 2020 – Dec 31, 2020)

64,044

7,115

6,277

4,301

160.13

Previous forecast (A)2.Reasons for the Revision

Consolidated financial result forecasts for the second quarter of the fiscal year ending December 31,2021
The Group temporarily piled up inventory at the end of the previous fiscal year to prepare for a potentialfall in the capacity utilization of its mainstay factory in Malaysia and other partners’ factories amid theCOVID-19 pandemic. During the first quarter of the fiscal year ending December 31, 2021, however, theinventory piled up was absorbed more quickly than initially expected and the factory utilization did not
decline significantly on the back of persistently strong demand for electronic musical instruments. We
therefore have come to the conviction that sales during the six months ending June 30, 2021 will be far
better than our initial forecast. Based on this conviction, we have revised the financial result forecasts
for the second quarter of the fiscal year ending December 31, 2021 as follows:

Consolidated financial result forecasts for the fiscal year ending December 31,2021
We expect the demand for electronic musical instruments to remain strong also during the third andfourth quarters. On the supply side, the product supply could be constrained by the availability of raw
materials in the third quarter and beyond as the volume of supply during the six months ending June30, 2021 will likely exceed what was initially projected. In terms of profitability, we expect costs tocontinue rising in the third quarter onwards as raw materials and transportation costs are likely to keep
soaring for a longer period of time than assumed. To reflect these situations, we revise the financial
result forecasts for the fiscal year ending December 31,2021 as follows:

Note: The financial result forecasts contained in this document are prepared based the information
currently available to us. Going forward, actual results may differ significantly from these
forecasts due to a variety of factors.