Calbee, Inc. announced that at the board of directors' meeting held on April 23, 2018 on managerial changes and new management structure. These changes are scheduled to be confirmed following the board of directors' meeting to be held after the ordinary general meeting of shareholders scheduled for June 20, 2018. As announced on March 27, 2018, Akira Matsumoto will be retiring as Representative Director, Chairman of the Board and CEO as of this General Meeting of Shareholders.

He will continue to support the Calbee Group's external activities as the Senior Chairman, in a non-executive role. Date of change is on June 20, 2018. To achieve continued growth and a highly profitable structure while advancing Calbee's growth as a global food company, a decision has been made to transition the position of Shuji Ito from Representative Director, President and COO to the position of Representative Director, President and CEO.

Akira Matsumoto is to retire as Representative Director, Chairman of the Board and CEO and Isao Hirakawa to retire as Audit & Supervisory Board Member. These changes are scheduled to be confirmed following the board of directors' meeting to be held after the ordinary general meeting of shareholders scheduled for June 20, 2018.