Notice regarding stock split and partial changes to the articles of incorporation due to stock split

We would like to inform you that at the board of directors meeting held on April 26, 2017, we resolved to make a stock split and a partial amendment to our articles of incorporation in conjunction with the stock split.

Record

1. stock split

1. Purpose of stock split
   The purpose of the stock split is to improve the liquidity of our stock and further expand our investor base by reducing the amount per investment unit.
2. Overview of stock split
   ① How to divide
   With May 31, 2017 as the record date, the stock will be split at a ratio of 2 shares for each common stock held by shareholders listed or recorded in the shareholder register as of the end of the same day.
   ② Number of shares increased due to split
   Total number of issued shares of the company before stock split: 10,886,900 shares
   Number of shares increased by this split: 10,886,900 shares
   Total number of issued shares of the company after stock split: 21,773,800 shares
   Total number of authorized shares of the company after stock split: 85,121,600 shares
   (Note) The above total number of issued shares and increasing number of shares are stated based on the total number of issued shares as of April 26, 2017, and the record date for the stock split is from the date of this Board of Directors resolution. The amount may increase due to the exercise of stock acquisition rights until then.
3. Division schedule
   Reference date announcement date May 16, 2017 (Tuesday)
   Reference date Wednesday, May 31, 2017
   Effective date: Thursday, June 1, 2017
4. others
   There will be no change in the amount of capital as a result of this stock split.
5. Adjustment of exercise price of stock acquisition rights
   In line with this stock split, the exercise price of stock acquisition rights to be exercised after June 1, 2017 will be adjusted as follows.

name	Exercise price before adjustment	Adjusted exercise price
June 20, 2012 Stock acquisition rights	832 yen	416 yen
First stock acquisition rights in 2013	1,333 yen	667 yen
2nd stock acquisition rights in 2013	1,693 yen	847 yen
1st stock acquisition rights in 2016	2,080 yen	1,040 yen
2nd stock acquisition rights in 2016	2,090 yen	1,045 yen

2. Partial changes to the articles of incorporation

1. Reason for changing the articles of incorporation
   In conjunction with this stock split, the total number of authorized shares in Article 6 of the Company's Articles of Incorporation will be changed as of June 1, 2017, based on the provisions of Article 184, Paragraph 2 of the Companies Act.
2. Details of changes to the articles of incorporation (underlined parts indicate changed parts)
   Current articles of incorporation
   (Total number of authorized shares)
   Article 6 The total number of authorized shares of the Company shall be 42,560,800 shares.
   
   Articles of incorporation after amendment
   (Total number of authorized shares)
   Article 6 The total number of authorized shares of the Company shall be 85,121,600 shares.
3. Schedule for changes to the articles of incorporation
   Date of resolution of the Board of Directors to amend the Articles of Incorporation: April 26, 2017
   Effective date of changes to the articles of incorporation: June 1, 2017

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