Hakuhodo DY Holdings Inc. informally decided the following changes to its representative directors at a Meeting of the Board of Directors on February 28, 2019. The company's representative directors will be formally appointed at an Ordinary General Meeting of Shareholders and Meeting of the Board of Directors scheduled to be held in June 2019 on the same day. Further changes to directors of Hakuhodo DY Holdings will be announced separately in March. Changes to representative directors (effective June 2019): New representative director: Masayuki Mizushima, Director, Representative Director, President & CEO, Hakuhodo Inc. (concurrent): New roles: Representative Director & President, Representative Director, President & CEO, Hakuhodo Inc. (concurrent). Change to representative director roles: Hirokazu Toda, Representative Director, President & CEO, Director & Chairman, Hakuhodo Inc. (concurrent): New roles: Representative Director, Chairman & CEO, Director & Chairman, Hakuhodo Inc. (concurrent). Retirement of representative director: Kunihiko Sawada, Representative Director, Executive Vice President & CFO, Director, Hakuhodo Inc. (concurrent): New roles: Senior Advisor, Senior Advisor, Hakuhodo Inc. (concurrent). Change of director duties: Junji Narita, Director & Chairman, Director & Senior Advisor, Hakuhodo Inc. (concurrent): New roles: Director & Senior Advisor, Director & Senior Advisor, Hakuhodo Inc. (concurrent). From June 2017 to present, Masayuki Mizushima is Director, Hakuhodo DY Holdings Inc.