For immediate release

Name of Listed Company:	Gurunavi, Inc.
Listed Stock Exchanges:	Tokyo Stock Exchange
Stock Code:	2440
Representative:	Akio Sugihara, President

Notice Regarding Full-Year Business Forecast, Determination of Interim Dividends from Retained Earnings

and Year-End Dividend Forecast for the Fiscal Year ending March 31, 2021,

and Voluntary Return of Executive Compensation

October 28, 2020 ̶Gurunavi, Inc. (the "Company") hereby announces its full-year business forecast for the fiscal year ending March 31, 2021, dividends from retained earnings which applies to the Company's shareholders of record on September 30, 2020 (resolved at the board of directors of the Company held today) and year-end dividend forecast which had been undecided in the "Consolidated Financial Results for the Fiscal Year Ended March 31, 2020 " dated May 8, 2020 as follows.

Furthermore, directors and corporate auditor of the Company will voluntarily return part of their compensation.

1. Consolidated business forecasts

1. Full-yearconsolidated business forecast for the fiscal year ended March 31, 2021 (April 1, 2020 to March 31, 2021)

				Net
		Operating	Ordinary	income/loss	Basic
	Net sales	attributable to	earnings per
	Income/loss	Income/loss
		owners of	share
				parent
Forecast previously	Million yen	Million yen	Million yen	Million yen	yen
announced (A)	―	―	―	―	―
New Forecast (B)	17,800	(9,200)	(9,200)	(9,500)	(202.54)
Difference (B-A)	―	―	―	―	―
Rate of difference (%)	―	―	―	―	―
(Reference)	30,927	1,821	1,894	949	20.26
Results for the fiscal year
ended March 31, 2020

(2) Reasons for earnings forecast

Our main customers, restaurants, saw a significant decline in sales especially in April-May by shortened business hours, temporary closures, and consumers' self-restraint from going out due to the spread of COVID-19. At the Company, net sales in the first half of this fiscal year decreased 61.6% year on year to JPY 5,824 million, resulting in operating loss of JPY 4,939 million, ordinary loss of JPY 4,927 million, and net loss attributable to owners of parent of JPY 5,446 million due to temporary suspension and exemption of membership fee payment to support the continuation of management of restaurants, and decrease in online reservation due to the decline in demand for eating out.

Currently, the number of people infected with COVID-19 has remained high, and the level of socio-economic activity is gradually being raised while taking measures to prevent the spread of infection. Based on the premise that this situation will continue until March 2021, the Company expects that the sluggish demand for

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situation, taking into consideration the maintenance of a sound financial structure and enhancement of internal reserves to prepare for aggressive business development. Base on a consolidated payout ratio of about 40%, we are working on continuous profit distribution in consideration of factors including consolidated business results and return on equity.

It is regrettable that the Company will not pay dividends for the current fiscal year because we believe that securing internal reserves in preparation for aggressive business development to contribute to the revival of the restaurant industry is the most important issue at this time, in light of our earnings forecasts mentioned above.

3. Voluntary return of executive compensation

In view of the harsh business environment due to the spread of COVID-19, directors and corporate auditor of the Company will voluntarily return part of their compensation as follows.

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