Tokyo Chuo Auction Holdings Limited provided unaudited consolidated earnings guidance for the Group for the nine months ended December 31, 2018 and other information currently available to the board of directors of the company, the Board wishes to inform shareholders of the company and potential investors that, it is expected that the Group's adjusted net profit after tax (after adding back the one-off listing expenses and fair value change of convertible notes) for the year ending March 31, 2019 will record a substantial decline as compared to the adjusted net profit after tax (after adding back the one-off listing expenses) for the year ended March 31, 2018. The substantial decline of the financial results of the Group is mainly due to (i) the total hammer price for the Fiscal Year 2019 (including the estimated total hammer price for the upcoming auction of the Group as assessed by the management of the Group) is expected to be lower than that of the FY2018, which is mainly affected by the unpredictability in the market demand, value and conditions for artworks and development of art auction market in general; and (ii) the increase in operating costs including marketing expenses, rental expenses, staff expenses and additional costs incurred after the listing of the company.