News Release

Oct. 31, 2006

Notice of Change in Number of Shares per Stock Trading Unit

Tsumura & Co. (Headquarters: Tokyo, President: Junichi Yoshii) is pleased to announce that a meeting of its Board of Directors held on October 31, 2006 adopted a resolution to change the number of shares per stock trading unit. The details of the change are as follows.

1. Reason for the Change
The purposes of this change in the number of shares constituting one trading unit are to improve the liquidity of Tsumura's shares and to provide investment opportunities for a greater number of investors.

2. Details of the Change
The number of shares per stock trading unit shall change from one thousand (1,000) to one hundred (100).

3. Date of the Change
Thursday, February 1, 2007

1. In associated with the change described above, the stock trading unit for Tsumura's shares on the Tokyo Stock Exchange will change from 1,000 to 100 on February 1, 2007.
2. The Company will be issuing a 100-share certificate for every hundred registered odd-lot shares of the Company to any shareholder holding at least 100 such shares as of January 31, 2007.
3. Pursuant to the provisions set out in Paragraph 1, Article 195 of the Corporation Law, Tsumura will amend its Articles of Incorporation on February 1, 2007, changing the number of shares per stock trading unit from one thousand (1,000) to one hundred (100).