The board of directors of Precision Tsugami (China) Corporation Limited announced that Mr. Kenji Yoneyama ("Mr. Yoneyama") has resigned from his position as a non-executive Director with effect from 29 April 2022 due to his desire to devote more time to other business commitments. The Board announced that Mr. Motoi Yamada ("Mr. Yamada") has been appointed as a non-executive Director with effect from 29 April 2022. Motoi Yamada was appointed as a non-executive Director and a member of the audit committee of the Company (the "Audit Committee") on 29 April 2022.

He joined Tsugami Corporation ("Tsugami Japan") in April 2022, and has served as a senior advisor and the general manager of administration of Tsugami Japan since April 2022. Prior to joining Tsugami Japan, Mr. Yamada held various positions at The Hokuetsu Bank Ltd., The Daishi Hokuetsu Bank Ltd., The Daishi JCB Card Co. Ltd. and The Daishi DC Card Co.

Ltd. from April 1985 to March 2022. Following Mr. Yoneyama's resignation as a non-executive Director with effect from 29 April 2022, Mr. Yoneyama ceased to be a member of the Audit Committee. Mr. Yamada has been appointed as a member of the Audit Committee with effect from 29 April 2022.