Japan Radio : Notice of Changes to Representative Directors

28 April 2016

The Company has decided informally to make changes to its representative directors, as detailed below. These changes will decided officially at the Ordinary General Meeting of Shareholders and the subsequent meeting of the Board of Directors, both scheduled for the end of June 2016.

New Representative Director Candidates

President and Representative Director:

Kenji Ara (currently Director; Executive Officer; and Chief Executive, Corporate Headquarters)

Representative Director and Senior Managing Executive Officer:

Atsunori Sasaki (currently Director; Managing Executive Officer; Chief Executive, Management Strategy, and Supervisor, General Affairs)

Retiring Representative Directors

Chairman and Representative Director:

Yoshihito Onda (to be appointed Advisor)

President and Representative Director:

Takayoshi Tsuchida (to be appointed Chairman)