News Release: AEON DELIGHT CO., LTD.

(9787 TSE1)
May 10, 2019

Notice of Partial Amendment to the Articles of Incorporation
At the Board of Directors meeting held today, AEON DELIGHT CO., LTD. resolved to submit a
resolution to the 46th Ordinary General Meeting of Shareholders scheduled to be held on May 30,
2019 regarding a "Partial Amendment to the Articles of Incorporation." Details are as follows.
1. Reasons for the change
We strive to realize sustainable growth through aggressive investment, increase shareholder
value over the medium to long term, and increase returns to shareholders in line withcorporate growth. Our basic capital policy is to maintain stable dividends to shareholders
based on a consolidated dividend payout ratio of 30%, while emphasizing return on equity(ROE) as an indicator of capital efficiency to achieve a balance between growth investments
and shareholder returns.
On the other hand, as described in "Notice of Discovery of Inappropriate Accounting at ourConsolidated Subsidiary and Postponement of Announcement of Financial Results for theFiscal Year Ended February 2019" dated April 5, 2019, it was found that that there is apossibility of inappropriate accounting made at our consolidated subsidiary KAJITAKU CO., Ltd.
As stated in the " Notice of Establishment of Special Investigation Committee" dated April 11,
2019, we have established a special investigation committee consisting of external experts who
do not have an interest in us and are conducting investigations. We are currently cooperating
fully with the investigation to clarify the situation, including the impact on the consolidated
financial position and consolidated results of operations for the fiscal year ended February
2019. At this time, the consolidated financial position and results of operations for the fiscalyear ending February 28, 2019 have yet to be determined. However, in accordance with theCompany's basic capital policy of maintaining a stable dividend to shareholders, we havedecided to pay a year-end dividend of 32 yen per share for the fiscal year ended February 2019,increased by 1 yen from the year-end dividend for the previous fiscal year in line with our recent
forecast, as an appropriation of retained earnings. Regardless of the results of the investigationby the Special Investigation Committee, the above amount is considered to be within the scopeof the amount available for distribution under the Companies Act. This matter will be discussed
at the 46th Ordinary General Meeting of Shareholders to be held on May 30, 2019.
2. Contents of Changes
Please refer to the attached sheet.
3. Schedule
Date of General Meeting of Shareholders for amendment of Articles of Incorporation: May 30,
2019 (planned)
Effective date of change to Articles of Incorporation: May 30, 2019 (planned)

1Attachment(Underlined indicates changes.)

Current article

Proposed amendments

Chapter 6 Accounting

Chapter 6 Accounting

Article 34 (Organs That Decide Dividends ofArticle 34 (Organs That Decide Dividends ofSurplus)

Surplus)

Except as otherwise provided by laws andExcept as otherwise provided by laws andregulations, the Company shall determine theregulations, the Company may determine thematters specified in the items of Article 459,

matters specified in the items of Article 459,

Paragraph 1 of the Companies Act, such as

Paragraph 1 of the Companies Act, such as

dividends of surplus, by resolution of the Board

dividends of surplus, by resolution of the Boardof Directors without resolution of the Generalof Directors.

Meeting of Shareholders.

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