Notice regarding stock split and partial amendment of articles of incorporation

Euglena Co., Ltd.

　We are pleased to inform you that at the Board of Directors meeting held on March 15, 2013, we resolved to carry out a stock split and partial amendments to the Articles of Incorporation as follows.

Record

1. 1. Purpose of the stock split
　The purpose is to improve the liquidity of our shares and expand the investor base by reducing the amount per investment unit.

2. 2. Overview of stock split
(1) Method of division
　March 31, 2013 (Sunday) (Saturday, March 30, 2013) and Sunday, March 31, 2013 (Sunday) are practically March 2013 due to the holidays of the shareholder registry administrator. With Friday, 29th as the record date, the shares will be split at a ratio of 5 shares per common share held by the shareholders listed or recorded in the final shareholder registry on the same day.

(2) Number of shares to increase due to split
　(1) Total number of issued shares before the stock split: 2,735,500 shares
　(2) Number of shares to increase due to this split: 10,942,000 shares
　(3) Total number of issued shares after the stock split: 13,677,500 shares
④ Total number of issuable shares after the stock split: 30,000,000 shares
　* Due to the provisions of the stock acquisition rights allotment agreement, there are no stock acquisition rights to be exercised between the resolution date of the Board of Directors and the record date of the stock split.

(3) Adjustment of stock acquisition rights
　With this stock split, from April 1, 2013, the number of shares subject to stock acquisition rights and the exercise price per share will be adjusted as follows.

* The number of shares before adjustment and the number of shares after adjustment are based on the figures as of the resolution of the Board of Directors.

(4) Schedule of division
　(1) Resolution date of the Board of Directors March 15, 2013
　(2) Base date setting public notice date March 15, 2013
　③ Base date March 31, 2013
　* The actual reference date will be March 29, 2013.
　④ Effective date April 1, 2013
　⑤ New record date April 1, 2013

(5) Change in the amount of capital
　There will be no change in the amount of capital stock for this stock split.

3. 3. Partial amendment of articles of incorporation
(1) Reason for change
　With this stock split, Article 5 (total number of issuable shares) of the Company's Articles of Incorporation will be changed on April 1, 2013, based on the provisions of Article 184, Paragraph 2 of the Companies Act.

(2) Details of change
　(Underlined indicates the changed part.)

　■ Current
　(Total number of issuable shares) Article 5 The total number of issuable shares of the Company shall be 6 million shares.

　■ After change
　(Total number of issuable shares) Article 5 The total number of issuable shares of the Company shall be 30 million shares.

(3) Schedule
　(1) Amendment of Articles of Incorporation Date of resolution of the Board of Directors March 15, 2013
　② Effective date April 1, 2013

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Euglena Co., Ltd. Public Relations and IR Division