March 31, 2016
Company name: Tokuyama Corporation
Representative name: Hiroshi Yokota,President and Representative Director(Code No. 4043, First Section TSE)
Contact: Taro Kobayashi, General Manager
Corporate Communications & Investor Relations Dept.
TEL: +81-3-6205-4832
Notice concerning Resolution of Infringementsof Certain Loan Agreement Financial Covenants
Tokuyama Corporation (hereafter referred to as “Tokuyama” or “the Company”) has acknowledged thepossibility that it may infringe upon certain loan agreement financial covenants identified in “1. Qualitative
information on consolidated results for the quarter (2) Explanation concerning financial position” of its“Summary of Consolidated Financial Statements for the Third Quarter Fiscal 2015 (JPGAAP)” issued onJanuary 29, 2016. The Company has also taken certain steps in an effort to address this possibility ofinfringement. Brief details are presented as follows.
1. The possibility of infringing upon certain loan agreement financial covenants
As disclosed in the Company’s press release “Notice concerning the Posting of an Extraordinary Loss,
Revision of Performance Forecasts, and the Return of Executive Compensation” dated January 29,
2016, Tokuyama has acknowledged the possibility that it may infringe upon certain loan agreement
financial covenants. In specific terms, and in the context of its consolidated balance sheet, the Company
may fail to maintain the level of net assets prescribed as of March 31, 2016. This possibility ofinfringement is largely due to the Company’s decision to record an impairment loss on thepolycrystalline silicon manufacturing facilities and equipment of Tokuyama Malaysia Sdn. Bhd.
2. Status of steps taken with respect to financial institutionsa.

Tokuyama has received a notification of approval, exempting the Company from infringements offinancial covenants stipulated under the term-out medium-term commitment line agreement
executed on September 30, 2011, and consent to continuous transactions from The Bank ofTokyo-Mitsubishi UFJ, Ltd.

b. As the result of continuous negotiation, Tokuyama has received approval, exempting the Company
from infringements of financial covenants stipulated under the syndicated loan agreement executedon December 22, 2011 with seven lenders with the Development Bank of Japan Inc., serving as
lead manager, and the syndicated loan agreement executed on July 24, 2012 with six lenders withThe Bank of Tokyo-Mitsubishi UFJ, Ltd., serving as lead manager. Through ongoing requests,

Tokuyama has also executed revised loan agreements with each of the aforementioned financialinstitutions.
c. As the result of continuous negotiation, Tokuyama has today prepaid the principal amount in full
together with the settlement amount stipulated under the syndicated loan agreement executed on
September 26, 2012 with nine lenders with Sumitomo Mitsui Trust Bank, Limited, serving as leadmanager.
As a result of the actions taken, the Company has fully resolved all issues relating to infringements of loan
agreement financial covenants and concerns regarding future infringement.
There are no changes to the interest rate burden applicable to loan agreements following theaforementioned actions taken with only a limited increase in incidental expenses. Accordingly, there is nomaterial impact on the Company’s consolidated performance forecast for the full fiscal year ending March
31, 2016.