ARDEPRO : Notice Concerning Revision of Full Fiscal Year Financial Forecasts

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News Release: ARDEPRO Co., Ltd. (8925 TSE Second Section) -------------------------------------------------------------------------------------------------------------------------

June 12, 2020

Notice Concerning Revision of Full Fiscal Year

Financial Forecasts

At a Board of Directors meeting held on the date of this notice, ARDEPRO Co., Ltd.

("ARDEPRO" or the "Company") decided to conduct the following revisions to its full-year

financial forecast for the fiscal year ending July 31, 2020 based on factors such as recent business results:

1.

Revisions to consolidated forecasts for the fiscal year (August 1, 2019 to July 31, 2020)

(Unit: Millions of yen)

Sales	Operating income (loss)	Ordinary income (loss)	Net income (loss) attributable to owners of parent	Net income (loss) per share (JPY)
Previous forecast (A)	20,330	2,520	2,350	2,004	5.94
Revised forecast (B)	21,270	3,440	2,610	2,705	8.02
Amount of change (B-A)	940	920	260	701	―
Change (%)	4.6	36.5	11.1	35.0	―
(Reference) Financial results of the previous fiscal year (ended July 31, 2019)	15,953	(662)	(1,888)	(2,746)	(8.22)

2.

Reasons for revisionsForecasts for sales, operating income, and ordinary income have been calculated based primarily on consolidated business results for the third quarter ended April 30, 2020 that were released on the date of this notice; projected sales and gross profit from real estate properties expected to be sold by July 31, 2020; and estimations regarding selling, general,

and administrative expenses. The Company's projection concerning net income attributable

to owners of parent is based on considerations of the recoverability of deferred tax assets.

The spread of the novel coronavirus pandemic has caused uncertainty regarding factors such as future performance trends, but its impact on the Company was minimal at the time of this notice. ARDEPRO will continue to monitor trends and impact associated with the pandemic moving forward.

Note: The financial forecasts described in this notice are made based on information

available to management as of the date of its release and contain risks and uncertainties. Accordingly, actual financial results and other matters could differ materially from forecasts due to a range of factors in the future.