Translation
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the Japanese original shall prevail.

September 12 2022
Company:

Roland Corporation

Representative:

Gordon Raison, CEO & Representative Director

Contact:(Securities Code: 7944; TSE Prime)
Shunsuke Sugiura, CFO & Director(Tel. +81-53-523-0230)

Notice Regarding the Acquisition of the Shares of Drum Workshop, Inc.
(Consolidation as a Wholly Owned Subsidiary)
Roland Corporation (“Roland”) hereby announces that our Board of Directors has resolved on September 12, 2022, that Roland
Drum Corporation, a consolidated subsidiary of Roland, will acquire all the outstanding shares of Drum Workshop, Inc.
(Headquartered in Oxnard, California, USA; “DW”) and make it a wholly owned subsidiary (making it Roland’s sub-subsidiary)
and that we have executed a stock purchase agreement as follows. DW is a company that designs, manufactures, and sells
drums and percussion products, hardware, and software.

1. Reason for the Acquisition of Shares
Building on the success of the recent V-Drums Acoustic Design (“VAD”) series launch, Roland aims to further expand our drum
business. To further advance our efforts to become the world leader in drums, we have determined that a partnership with DW
will greatly contribute to acquiring a dominant position in the drum market and further our development opportunities. Drum
Workshop has outstanding people, innovative product development capabilities, and world-class drum and percussion brands
including DW Drums and Hardware, Pacific Drums and Percussion (PDP), Latin Percussion (LP), Gretsch Drums, and Slingerland.
With the combination of the major brands in both electronic drums and acoustic drums, the partnership will endeavor to expand
the global drum market.

<About Roland and DW>•Roland is a global manufacturer of electronic musical instruments. We aim to spread the creative experience globally throughinnovative products and services based on our unchanged management philosophy since our founding: “1. Inspire theEnjoyment of Creativity,” “2. Be the BEST Rather Than the BIGGEST,” and “3. Cooperative Enthusiasm for All Stakeholders”.
In line with this philosophy, we will build a partnership with DW.

•DW is a 50-year-old manufacturer of drums and related hardware (drum stands, pedals, thrones, etc.) renowned forexcellence and authenticity. DW provides best-in-class solutions for drummers and percussionists across all genres, skill
levels, and price points inspiring creativity and musical passion around the world. With a strategy rooted in building products
and solutions that improve the experience of drumming and a DNA rooted in education, the company has developed strong
brands such as DW Drums and Hardware, PDP, LP, and Gretsch in more than 60 countries around the world and continues
to be widely loved by many drummers.

<The strategic significance of this partnership for Roland and DW>•For Roland:1.

Innovation: Develop Game Changing Products

Through joint development with DW, we aim to develop and globally launch innovative hybrid-drum products that combine
acoustic and electronic technologies that have never been seen before. We will also work to expand our development in theservice field through collaboration with DW’s software, content, and service offerings.

2.

Reach and Reputation: Expanding our customer base

The collaboration between the two companies is expected to significantly enhance our presence, brand awareness, andreputation in the drumming community and among acoustic drum users and artists that we have not been able to reach until
now.

3.

IP and Capabilities: Talent, technology, and other business resources

By integrating DW's talented human resources, expertise in hardware and technology, and operating resources such asproduction facilities and supply chain partnerships, we expect to significantly strengthen our product development andproduct deployment capabilities.

•For DW:
In Product Development, DW receives strong R&D and technical support in the development of innovative new products. InSales & Distribution, DW will be able to expand market share using our sales network. In Production, DW will have accessto greater production capacity and obtain stable buying power for the procurement of components amid the current supplychain challenges.

<Our business development policy behind this partnership>
Since its foundation, Roland in principle has developed its business as a manufacturer specializing in electronic musicalinstruments. This policy will remain unchanged in the future. As evidenced by the recent success of our VAD series of drums,
we predict that the acoustic and electronic drum markets will rapidly become more borderless in the future. This is due totechnological advances that have improved the status of electronic instruments and increased awareness of theireffectiveness, which we see as an irreversible trend.

With our dominant share of the electronic drum market, to further develop our drum business in this industry trend, we needto aggressively approach the acoustic drum and hybrid-drum market. By adding Drum Workshop and their respective brands
to our drum portfolio, integrating DW’s product design resources, and driving innovation by Game Changers for the benefitof our drummer customers, we believe that we can further expand our drum business.

Drum Workshop's corporate culture of constant innovation, commitment to product development, and quality-first approach tomanufacturing have much in common with ours. We are confident that this partnership will greatly contribute to the furtherdevelopment of both companies.

2. Outline of the subsidiary acquiring the shares
(1)

Name

Roland Drum Corporation(2)

Address

Delaware, United States(3)

Representative nameShunsuke Sugiura(4)

Principal businessHolding company(5)

Capital stock

To be determined(6)

Date Established

To be determined(7)

Major shareholders andshareholding ratios

Roland Corporation 100.0%(Note) Expected to be established in September 2022. All of the above items are current plans.

3. Outline of the sub-subsidiary to be transferred(1)

Trade Name

Drum Workshop, Inc.

(2)

Address

3450 Lunar Court, Oxnard, California 93030(3)

Representative name

Christopher D. Lombardi(4)

Principal business

Design, Manufacture, and Sale of Drum and Percussion products, hardware andsoftware(5)

Capital stock

USD 21,090(6)

Date Established

January 19, 1976

(7)

Major shareholders andshareholding ratios(8)

Relationships with thelisted company(9)Consolidated business results and financial condition of the company over the last three years (in USD)

Christopher D. Lombardi 59.51%
Donald G. Lombardi
35.23%
John Good
5.26%
CapitalNone in particular
Personnel
None in particularBusiness
None in particular

Fiscal Year (ended December)

20192020

2021

Consolidated net assets

6,185,610

7,229,762

12,612,691

Consolidated total assets

26,841,254

26,971,009

32,275,384

293

342

598

Consolidated net sales

62,234,728

49,824,057

63,416,189

Consolidated operating profit

1,745,303

48,221

3,139,003

Consolidated ordinary profit

1,234,988

1,969,555

6,634,578

Consolidated net income

1,223,520

1,946,032

6,588,538

58

92

312

36.48

42.76

57.16

Consolidated net assets pershare

Consolidated net income pershare
Dividends per share

4. Outline of the counterparty of the share acquisition(1)-aName

Christopher D. Lombardi(2)-aAddress

Camarillo, California U.S.A.

(3)-aRelationships with the individual

None in particular(1)-bName

Donald G. Lombardi

(2)-bAddress

Westlake Village, California U.S.A.

(3)-bRelationships with the individual

None in particular(1)-cNameJohn Good(2)-cAddress

Thousand Oaks, California U.S.A.

(3)-cRelationships with the individual

None in particular

5. Number of shares to be acquired, acquisition price and ownership of shares before and after the acquisition(1)(2)

Number of shares held
before the acquisition
Number of shares to beacquired

0 shares (number of voting rights: 0, equity ownership: 0.0%)
21,090 shares (number of voting rights: 21,090)(3)

Acquisition priceUSD 65 million (cash-free and debt-free basis)
Advisory Expenses or other (estimated): USD 1.8 million(4)

Number of shares to beheld after the acquisition

21,090 shares (number of voting rights: 21,090, equity ownership: 100%)(1)Resolution of theBoard of Directors

September 12, 2022

(2)

Contract date

September 12, 2022

(3)

Date of shareacquisition

October 3, 2022 (planned)

6. Schedule

7. Outlook
Drum Workshop, Inc. is scheduled to become a consolidated subsidiary of Roland on October 3, 2022, as a result of thisacquisition. The company's consolidation as a subsidiary is expected to be reflected in our consolidated results from the fourth
quarter of the current fiscal year. The impact on our consolidated business performance for the fiscal year ending December 31,2022, is currently under review and will be announced as soon as there are any matters to be disclosed, but as stated in theReason for the Acquisition of Shares, we believe that the acquisition will contribute to enhancing the corporate value of Roland
over the medium to long term.