(Note) This document has been translated from the Japanese original for reference purposes only. In the eventof any discrepancy between this translated document and the Japanese original, the original shallprevail.

April 28, 2023
Company Name: Tokuyama Corporation
Representative Name: Hiroshi Yokota,
Representative Director, President and Executive Officer(Code No. 4043, Prime Market, TSE)
Contact: Tetsuya Nakano, General Manager
Corporate Communications & Investor Relations Dept.
TEL: +81-3-5207-2552

Notice Concerning Partial Revision ofthe Performance-linked Share-based Remuneration Plan for Directors, etc.
With the approval of shareholders at the 154th Ordinary General Meeting of Shareholders held on
June 22, 2018, Tokuyama Corporation (hereinafter referred to as referred to as “Tokuyama” or “theCompany”) introduced a performance-linked share-based remuneration plan (hereinafter referred toas “the Plan”) for Directors of the Company (excluding Directors who are Audit and Supervisory
Committee Members, Non-executive Directors, External Directors, and persons not resident in Japan)
and Executive Officers (excluding non-residents of Japan; hereinafter collectively referred to withDirectors subject to the Plan as “Directors, etc.”) under which shares of the Company will bedelivered in accordance with the level of achievement of business performance targets set out in theCompany’s Medium-term Management Plan.
Moreover, the Company obtained the approval of shareholders at the 157th Ordinary General
Meeting of Shareholders held on June 25, 2021 to review the evaluation indicators of the Plan andmake necessary changes for its continuation following the formulation of the new Medium-termManagement Plan 2025, which aims to achieve the goals of the plan and further increase themotivation of Directors to contribute to improving the Group’s medium- to long-term corporate
value, in 2021.
Tokuyama hereby announces details of revisions to the Plan that encompass a change in the target for
accumulated consolidated operating profit for the five fiscal years ending March 31, 2026. This change
coincides with a change in the Company’s accounting policies. Brief details are presented as follows.
1. About the Change in Accounting Policy
Tokuyama and the vast majority of its consolidated subsidiaries in Japan have to date largely
adopted the declining balance method when depreciating property, plant and equipment (excluding
leased assets). Effective from the fiscal year under review, the Company has changed its accounting
policy for depreciation, adopting the straight-line method.
In light of the increased monetary significance of depreciation expenses attributable to the capital1

investment undertaken under Medium-Term Management Plan 2025, Tokuyama reexamined themethod it had previously adopted when depreciating property, plant and equipment. As far as thecapital investment undertaken to minimize the environmental impact of its operations while
ensuring the long-term, stable use of existing equipment and facilities, including investments inimproving processes, promoting efficient energy consumption, and renewing facilities, and to build
the supply system necessary to expand vigorously into domestic and overseas markets in growing
businesses are concerned, the Company has determined that the equal allocation of acquisition
costs over the useful life of each asset using the straight-line method will more accurately reflect
the actual status of operations.

2. Change in the Target for Accumulated Consolidated Operating Profit for the Five Fiscal YearsEnding March 31, 2026
(Prior to the revision)¥162.0 billion(After the revision)¥179.0 billion〔End〕

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