September 11, 2017
To whom it may concern:
Company name:OSAKA SODA CO, LTD.

Securities code:

4046 First Section, Tokyo Stock Exchange

Representative:

Kenshi Terada
Representative Director, Chief Operating Officer

For inquiry:

Takuya Kajino
General Manager, Administration Division
Tel: +81-(0)6-6110-1560

Determination of Terms and Conditions ofthe Issuance of the 6th Series Unsecured Convertible Bonds
and Adjustment to Conversion PriceOSAKA SODA CO., LTD. (the “Company”) has determined the terms and conditions of the issuanceof the 6th Series Unsecured Convertible Bond-type Bonds with Stock Acquisition Rights (“Bonds”),
which has been resolved at a meeting of its Board of Directors held on September 4, 2017. Inaddition, the Company adjusts to conversion price of Bonds resulted from common shareconsolidation at the ratio of 5 to 1, effective on October 1, 2017, which has been approved byshareholders at the 162nd Ordinary Meeting held on June 29, 2017.
Ⅰ. Determination of term and conditions of the issuance
1. Stock acquisition rights(1)

Conversion Price
Conversion Pricing Date-¥688 per share
Monday, September 11, 2017

Closing price of shares of the Company’s common¥529

stock on the Tokyo Stock Exchange on conversion
pricing date-Conversion premium

30.06%[{(Conversion price) / (Share price(Closing price))-1}X100](2)

Specified Dividend Threshold *¥10,171

Note 1: Refer to “Item (8) ② of Paragraph 13” of press release dated September 4, 2017 titled “Issuanceof the 6th Unsecured Convertible Bon-type Bonds with Stock Acquisition Rights”.
Note: This press release is intended as general information regarding the Company’s issuance of the 6th Series Unsecured
Convertible Bond-type Bonds with Stock Acquisition Rights. Investors should carefully review a prospectus andsupplements or amendments thereto (if any) prepared by the Company and undertake any investment decision at theirown judgement and responsibility.

Note 2: The threshold calculation is as follows.
The amount of each bond (¥1,000,000) divide by the conversion price, which is calculated to thefirst decimal place and round down to any decimal place. Then multiply the result of 1. by 7.

2. Bonds
Redemption amount as a result of reorganization *Note: Refer to “Item (3) ② of Paragraph 12” of press release dated September 4, 2017 titled“Issuance of the 6th Unsecured Convertible Bon-type Bonds with Stock Acquisition Rights”.

Conversion Parity
Redemption date

60

7080

90

100

110120130140150

Sep 19, 2017

99.17

100.82103.40107.00111.66117.36124.08131.78140.43150.00

Sep 19, 2018

99.47

100.81103.13106.55111.12116.83123.63131.46140.27150.00

Sep 19, 2019

99.58

100.50102.45105.66110.17115.96122.93131.00140.09150.00

Sep 18, 2020

100.00100.00101.42104.49108.96114.86122.09130.51140.00150.00

Sep 19, 2020

98.74

99.60101.42

104.48108.96114.86122.08130.50140.00150.00

Sep 19, 2021

99.21

99.49

100.50102.85107.02113.10120.88130.03140.00150.00

Sep 15, 2022

100.00100.00100.00100.00100.00110.00120.00130.00140.00150.003. Subscription Period

From Tuesday, September 12, 2017 to Wednesday, September 13, 2017

4. Payment Date

Tuesday, September 19, 2017

(Reference)

Outline of Bonds (announced on September 4, 2017)(1)

Face Value¥10,000,000,000(2)Exercise Period

From November 1, 2017 to September 14, 2022

(3)

Coupon Rates

Zero

(4)

Redemption Date

September 16, 2022

Note: This press release is intended as general information regarding the Company’s issuance of the 6th Series Unsecured
Convertible Bond-type Bonds with Stock Acquisition Rights. Investors should carefully review a prospectus andsupplements or amendments thereto (if any) prepared by the Company and undertake any investment decision at theirown judgement and responsibility.

Ⅱ．Adjustment to Conversion Price resulted from Share Consolidation
1. Adjustment to conversion price
Name of Bonds
OSAKA SODA CO., LTD.

Before adjustment toAfter adjustment toconversion priceconversion price¥688¥3,440The 6th Series Unsecured Convertible Bond-type Bonds
with Stock Acquisition Rights(Early Redemption Request and Convertible Bond withStock Acquisition Rights with Limited Inter-bond Pari
Passu Clause)

2. Date of application
After October 1, 2017
3. Reason for change
In accordance with the provisions of Bonds specified thereon, the Company adjust toconversion price resulted from common share consolidation at the ratio of 5 to 1, effective on
October 1, 2017, which has been approved by shareholders at the 162nd Ordinary Meeting
held on June 29, 2017.
With regard to the share consolidation, please refer to the press release dated May 9, 2017
titled “Changes in the Number of Shares per Share Unit, Share Consolidation, and Partial
Amendment to the Articles of Incorporation”.

Note: This press release is intended as general information regarding the Company’s issuance of the 6th Series Unsecured
Convertible Bond-type Bonds with Stock Acquisition Rights. Investors should carefully review a prospectus andsupplements or amendments thereto (if any) prepared by the Company and undertake any investment decision at theirown judgement and responsibility.