March 17, 2020

FOR IMMEDIATE RELEASE

Company name

Resorttrust, Inc.

Representative

Ariyoshi Fushimi, President

Code

4681, First Section of the Tokyo and

Nagoya Stock Exchanges

Notice of Revisions of Financial Results and Dividend Forecasts

Resorttrust, Inc. has made the following revisions to its financial results and dividend forecasts announced on May 15, 2019, in light of the recent business performance and the outlook for business performance.

1. Revision of the financial results forecast

Revision of consolidated financial results forecast (April 1, 2019 to March 31, 2020)

(Millions of yen)

Operating

Ordinary

Net Income

Net Income

Net Sales

Attributable to

per Share

Income

Income

Owners of

(Yen)

Parent

Previous Forecast (A)

171,400

16,000

16,000

10,000

93.42

Current Forecast (B)

160,000

12,000

12,500

7,100

66.33

Difference (B-A)

(11,400)

(4,000)

(3,500)

(2,900)

Change (%)

(6.7)

(25.0)

(21.9)

(29.0)

Results for Previous Fiscal Year

179,542

18,877

19,528

12,358

115.53

(ended March 31, 2019)

• Reasons for revision of the financial result forecast

Regarding the forecast of consolidated financial results for the full year of the fiscal year ending March 31, 2020, revenue from hotel management has been below expectations owing to the impact of Typhoon Faxai (No.15) and Typhoon Hagibis (No.19), and intensifying competition in the general hotel market in Japan.

Although hotel occupancy is expected to be on a recovery track from the fourth quarter of FY2019, spread of COVID-19 is resulting in a decrease in the number of users not only owing to a decrease in inbound demand, but also because people residing in Japan are refraining from nonessential and nonurgent activities or travel in the country. Therefore, regarding the forecast for the full year, net sales and each income item are expected to fall short of the initial forecast. As for the said impacts, although occupancy and reservation statuses for the period up to February 2020 and other information available are reflected in the current forecast, the forecast may change depending on the development of the situation from now on. The forecast of net income attributable to owners of parent also reflects the impact of the recording of loss on impairment of certain non-current assets in addition to the above-mentioned factors.

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2. Revision of the dividend forecast

Dividends per Share (Yen)

End of 1st

End of 2nd

End of 3rd

Year-End

Annual

Quarter

Quarter

Quarter

Previous Forecast

23.00

46.00

(Announced on May 15, 2019)

Revised Forecast

17.00

40.00

Results for Fiscal Year Under

23.00

Review

Results for Previous Fiscal Year

23.00

23.00

46.00

(ended March 31, 2019)

• Reasons for revision of the dividend forecast

In light of the downward revision of the forecast of consolidated financial results as stated above, the forecast of the year-end dividend for the fiscal year ending March 31, 2020 has been revised to 17 yen per share. The annual dividend per share is scheduled to amount to 40 yen, including the interim dividend of 23 yen.

Note: The above forecasts were made based on certain assumptions judged to be reasonable by the Company. Actual results may differ significantly from the above forecasts due to various factors.

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Resorttrust Inc. published this content on 17 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2020 07:20:05 UTC