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 original shall prevail.

NEWS RELEASE
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May 10, 2022

TSUMURA & CO.
TSE Prime Market
4540
https://www.tsumura.co.jp
Terukazu Kato, President, Representative Director and CEO
Ritsuko Inukai, Head of Corporate Communications Dept.
+81-3-6361-7100

Notice Regarding Partial Amendment of the Articles of Incorporation
TSUMURA & CO. (Headquarters: Tokyo, Japan; President, Representative Director and CEO: Terukazu Kato;
hereinafter the “Company”) announces that, at a meeting held on May 10, 2022, the Board of Directors passed aresolution to propose “Partial Amendment of the Articles of Incorporation” at the 86th Ordinary General Meeting ofShareholders scheduled to be held on June 29, 2022. Details are as follows.
1. Reasons for amendments of the Articles of Incorporation(1) The amended provisions stipulated in the proviso of Article 1 of the Supplementary Provisions of the Act Partially
Amending the Companies Act (Act No.70 of 2019) are due to come into effect on September 1, 2022. Accordingly,
the Company proposes amending its Articles of Incorporation to prepare for adoption of a system for theelectronic provision of materials for the General Meeting of Shareholders. Details are as follows.
1) Article 15, Paragraph 1 in the proposed amendments stipulates to the effect that the Company shall take themeasure for electronic provision of materials with respect to information that constitutes the content ofReference Documents for the General Meeting of Shareholders, etc.
2) Article 15, Paragraph 2 in the proposed amendments shall establish provisions to limit the scope of matters tobe stated in the document that shall be issued to shareholders who request the issuance of the document.
3) The provisions “Disclosure via Internet of Reference Document for the General Meeting of Shareholders, etc.
and Deemed Provision” (Article 15 of the current Articles of Incorporation) will be made unnecessary, and theCompany proposes deleting these provisions.
4) With the establishment and deletion of provisions described above, supplementary provisions on effective date,etc. shall be established.
(2) Since the changes made to the Company’s corporate governance system as of June 26, 2015, an Executive Vice
President, Senior Executive Director, and Executive Director have not been elected.
In the proposed amendments, the above matter will be clearly stated and these positions will be deleted from theprovisions of Article 23 of the existing Articles of Incorporation for the purpose of improving the effectivenessof the Board of Directors.
(3) No Counselor has been appointed since June 29, 2016 and this position will also be deleted from the provisionsof Article 34 of the existing Articles of Incorporation.

2. Details of amendments to the Articles of IncorporationDetails of the proposed amendments are as shown in the table below.
Current Articles of Incorporation(Internet Disclosure and De Facto Provision ofReference Documents for the General Meeting ofShareholders, etc.)
Article 15
When convening the General Meeting of Shareholders,the Company may consider the information disclosed on
the matters that should be specified or displayed in
Reference Documents for the General Meeting ofShareholders, business reports, financial statements, andconsolidated financial statements via methods that use
the internet pursuant to the Ministry of Justice ordinanceas having been provided to the shareholders.

(The changes are underlined.)
Proposed Amendments[Delete](Electronic Provision Measure, etc.)
Article 15[Newly established]
1. The Company shall deliver information in Reference
Document for the General Meeting of Shareholders, etc.
in an electronic form.
2. The Company may omit all or part of information
specified in the Ordinance of the Ministry of Justice andprovided in an electronic form from documents delivered
to shareholders who have requested paper-form
documents before the record date of voting rights.
(Selection of Directors with Specific Titles)(Selection of Directors with Specific Titles)
Article 23
Article 23
The Board of Directors may appoint one (1) Director and The Board of Directors shall by resolution elect one (1)President, one (1) Director and Chairman, several Director from the Directors, excluding the Audit andDirectors and Vice Presidents, several Senior Managing Supervisory Committee members. In addition, one (1)Directors and several Managing Directors, from among Director and Chairman may be elected.
the Directors, excluding the Audit and Supervisory
Committee members.
(Consultants and Advisors)(Advisors)
Article 34
Article 34
The Company may appoint a Counselor and Advisor by The Company may appoint advisers by a resolution at theresolution of the Board of Directors.
Board of Directors meeting.
Supplementary provision
Supplementary provision(Transitional measures relating to agreements limiting (Transitional measures relating to agreements limiting
liability of Outside Audit & Supervisory Board liability of Outside Audit & Supervisory BoardMembers)
Members)
Agreements to limit liability for damages in Article 423, Article 1Paragraph 1 of the Companies Act in relation to acts of Agreements to limit liability for damages in Article 423,
Outside Audit & Supervisory Board Members (including Paragraph 1 of the Companies Act in relation to acts of
those who were Outside Audit & Supervisory Board Outside Audit & Supervisory Board Members (includingMembers) before the conclusion of the 81st Ordinary those who were Outside Audit & Supervisory Board
Shareholders’ Meeting shall still be as provided for in Members) before the conclusion of the 81st Ordinary
Article 44 of the Articles of Incorporation before the Shareholders’ Meeting shall still be as provided for inamendment by a resolution of the said Ordinary Article 44 of the Articles of Incorporation before theShareholders’ Meeting.
amendment by a resolution of the said Ordinary
Shareholders’ Meeting.

[Newly established](Transitional Measures Concerning Measures forElectronic Provision, etc. of Documents)
Article 2
1. The amendment of the Article 15 of the Articles ofIncorporation shall take effect on September 1, 2022, thedate of enforcement of the revised provision in theproviso of Article 1 of the Supplementary Provisions ofthe Act Partially Amending the Companies Act (Act No.
70, 2019) (hereinafter, the “Enforcement Date”).
2. Notwithstanding the provisions of the preceding
paragraph, Article 15 (Disclosure via Internet ofReference Document for the General Meeting ofShareholders, etc. and Deemed Provision) of the current
Articles of Incorporation shall remain valid for any
General Meeting of Shareholders the date of which is adate within six (6) months of the Enforcement Date.
3. These Supplementary provisions shall be deleted on
the date on which six (6) months have elapsed from theEnforcement Date or the date on which three (3) months
have elapsed from the date of the General Meeting ofShareholders under the preceding paragraph, whicheveris later.
3. Schedule
Date of the General Meeting of Shareholders for said amendments: June 29, 2022 (plan)
Effective date of the amendments: June 29, 2022 (plan)