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Notification of Revision to the Dividend Forecasts and Business Forecasts

Based on recent business performance, DISCO Corporation ("the Company") has decided to revise the Company's business forecasts and to revise its dividend forecasts for April to September (the first-half) of the fiscal year ending March 31, 2018, which were announced on May 10, 2017. DISCO has also decided to disclose the Company's business forecasts for April to December (the accumulated 3rd quarter results) of the fiscal year ending March 31, 2018, which have not been disclosed before.

1. Business forecast revision
Revision of consolidated business forecasts
Revised consolidated forecast (accumulated) for the 2Q of the year ending March 31, 2018
(April 1, 2017 - September 30, 2017) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) 80,100 21,300 21,600 15,500 432.16
Revised forecast (B) 83,100 26,000 26,000 18,600 518.57
(B)-(A) 3,000 4,700 4,400 3,100
% change 3.7 22.1 20.4 20.0
(Reference)
Results for the 2Q of the previous fiscal year(2Q of the year ending March 31, 2017)
65,238 14,892 15,605 11,863 331.50

Revised consolidated forecast (accumulated) for the 3Q of the year ending March 31, 2018

(April 1, 2017 - December 31, 2017) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) - - - - -
Revised forecast (B) 115,600 34,300 34,500 24,600 685.85
(B)-(A) - - - -
% change - - - -
(Reference)
Results for the 3Q of the previous fiscal year (3Q of the year ending March 31, 2017)
95,437 21,000 20,866 15,474 432.26

Revision of non-consolidated business forecasts

Revised non-consolidated forecast (accumulated) for the 2Q of the year ending March 31, 2018

(April 1, 2017 - September 30, 2017) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) 69,100 16,400 18,100 13,300 370.83
Revised forecast (B) 70,700 19,600 21,500 15,600 434.93
(B)-(A) 1,600 3,200 3,400 2,300
% change 2.3 19.5 18.8 17.3
(Reference)
Results for the 2Q of the previous fiscal year(2Q of the year ending March 31, 2017)
55,736 10,433 11,910 9,388 262.33

Revised non-consolidated forecast (accumulated) for the 3Q of the year ending March 31, 2018

(April 1, 2017 - December 31, 2017) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) - - - - -
Revised forecast (B) 98,200 25,900 27,900 20,200 563.18
(B)-(A) - - - -
% change - - - -
(Reference)
Results for the 3Q of the previous fiscal year (3Q of the year ending March 31, 2017)
80,417 14,220 15,765 12,058 336.84

Reason for the revisions

The forecast for April to September (the first-half) of the fiscal year ending March 31, 2018, released on May 10 this year, was revised due to the market environment of the semiconductor and electronic components industry, and business results and trends in the company’s performance.
The Company has also decided to disclose the business forecasts for the April to December (the accumulated 3rd quarter results) of the fiscal year ending March 31, 2018, which have not been disclosed before.

Note: The above forecast of financial results is based on certain information available to the Company at the time of announcement, and actual operating results may differ from the forecast due to various factors.

2. Revised dividend forecasts
(yen) Dividend per share
1Q-end 2Q-end 3Q-end Year-end Annual
Previous forecast - 109.00 - - -
Revised forecast - 130.00 - - -
Results for this year - - -
(Reference)
Results for previous year
- 83.00 - 291.00 374.00

Reason

The dividend payment forecast has been revised as shown above, based on the new earnings forecast and the performance-linked dividend policy. As of this moment, the Company has not decided the dividend for the year-end.

DISCO's dividend policy
To improve the transparency of the Company’s stance prioritizing the return of profits to shareholders, the dividend payout ratio is set at 25% of the consolidated net income.

Note: The total amount of the interim dividend will consist of 25% of consolidated net income for the first half of the year (April-September), and that of the final dividend, of 25% of consolidated net income for the second half of the year (October-March).
However, notwithstanding this net income linked-benchmark, the Company will strive to maintain an reliable dividend of 10 yen per half-year.

Except when there is a loss, if the year-end balance of cash and deposits after payment of dividends and income taxes is greater than projected funding requirements for the acquisition of technology resources, one-third of that surplus will be added to dividends. The ¥20 payout stipulated in our stable dividend policy may be viewed if there are consolidated net losses in three consecutive years.
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