Notice Concerning the Upward Revision of Dividend Forecasts for the Fiscal Year Ending February 29, 2012

To Whom It May Concern

January 6, 2012

Company Name:	F&A Aqua Holdings, Inc.
Representative:	Saishi Kimura President and Representative Director
Listing:	First Section, Tokyo Stock Exchange
Securities Code:	8008
Inquiries:	Masahiko Iwamori Executive Director in charge of operations
Telephone:	[phone]

Notice Concerning the Upward Revision of Dividend Forecasts for the Fiscal Year Ending February 29, 2012

F&A Aqua Holdings, Inc. (hereinafter referred to as "F&A Aqua Holdings" or "the Company") today announced details of its decision to revise its cash dividend per share forecasts. This decision was made at a Board of Directors meeting held on January 6, 2012. Brief details are as follows.

1. Rationale Behind the Revision of Dividend Forecasts

The F&A Aqua Holdings Group has positioned the adequate return of profits to shareholders as a key management priority. Guided by the fundamental policy of providing stable and continuous dividends, F&A Aqua Holdings strives to increase the level of profits returned to its shareholders while taking into consideration such factors as consolidated operating income and the Company's consolidated dividend payout ratio.
F&A Aqua Holdings had initially forecast a period-end cash dividend of ¥10 per share for the fiscal year ending February 29, 2012. The Company has now decided to pay an additional special cash dividend of ¥1 per share, bringing the period-end cash dividend to ¥11 per share. Despite a difficult operating environment throughout the period under review, this upward revision is largely attributable to firm business results as well as robust activity during the peak Christmas marketing period. As a result, F&A Aqua Holdings has secured a definitive increase in revenues and also expects ordinary income to reach a record high.
Taking the aforementioned into account, the annual cash dividend for the fiscal year ending
February 29, 2012 together with the interim cash dividend is projected at ¥21 per share.
Plans are in place to put forward a proposal regarding the payment of cash dividends at the
Company's 62nd Annual General Meeting of Shareholders scheduled for the middle of May 2012.

2. Details of the Upward Revision of Dividend Forecasts

Annual Cash Dividend per Share

Interim Period-End Annual

(Yen)

Previous Forecast 10 20

11

Revised Forecast

Actual Cash Dividend

Paid

Cash Dividend per Share

(Ordinary dividend 10) 21

(Special dividend 1)

for the Fiscal Year Ended

February 28, 2011

10 10 20