Aoki : Notice of Changes in Directors and Auditors

News Release Dated May 10, 2018

Company: AOKI Holdings Inc.

Representative: Akihiro Aoki, President

Stock code: 8214, TSE First Section

Contact: Haruo Tamura, Executive Vice President

Tel: [phone]

Notice of Changes in Directors and Auditors

The Board of Directors of AOKI Holdings Inc. approved a resolution on May 10, 2018 concerning the following changes in directors and auditors.

If approval for these changes is received at the 42nd Annual General Meeting of Shareholders scheduled for June 27, 2018, the appointments are to become official at the meeting of the Board of Directors following this shareholders meeting.

1. Changes in directors and auditors (effective June 27, 2018) (1) Candidate for directors

Director	Norio Terui	(Current Executive Officer, Deputy General
Manager, IT System Division)
Director	Masatake Hirai	(Current President of ANNIVERSAIRE Inc.)
Director	Shingo Tanii	(Current President of VALIC Co., Ltd.)
(2) Candidate for auditor
Standing Corporate Auditor	Masaya Enomoto	(Current Executive Officer, Facilitator, Group
Compliance and Risk Management, President Office)
(3) Retiring directors
Hachiro Hasegawa	(Current Executive Vice President Note 1)
Yusuke Nakabayashi	(Current Executive Vice President)
Noriaki Shimaya	(Current Managing Director Note 1)
Hiroshi Kurita	(Current Managing Director Note 2)
Tatsumi Noguchi	(Current Managing Director Note 2)
(4) Retiring auditor

Note 1: Scheduled to be appointed as Senior Managing Executive Officer after the retirement

Note 2: Scheduled to be appointed as Managing Executive Officer after the retirement

Michimasa Maki (Current Standing Corporate Auditor)

Note: Scheduled to be appointed as Managing Executive Officer after the retirement

2. New management structure (effective June 27, 2018) Directors

Chairman and Representative Director	Hironori Aoki
Vice Chairman and Representative Director	Takahisa Aoki
President and Representative Director	Akihiro Aoki
Executive Vice President	Haruo Tamura
Executive Vice President	Akira Shimizu
Executive Vice President (promoted)	Hiroaki Nakamura
Managing Director	Masamitsu Aoki
Managing Director	Wataru Araki
Managing Director (newly appointed)	Norio Terui
Director (newly appointed)	Masatake Hirai
Director (newly appointed)	Shingo Tanii
Director (external)	Minoru Inagaki
Director (external)	Yoko Ohara
Auditors
Standing Corporate Auditor (newly appointed)	Masaya Enomoto
Auditor	Kenji Nakamura
Auditor (external)	Kazumasa Watanabe
Auditor (external)	Toshio Hotchi
2/2

(in charge of Group Administration and Finance)

(in charge of Group Store Development)

(President of AOKI Inc.)

(Chairman of ANNIVERSAIRE Inc.) (in charge of Group Human Resources) (in charge of Group IT Systems) (President of ANNIVERSAIRE Inc.) (President of VALIC Co., Ltd.)