On behalf of Innovation Factory Co., Ltd.,

I would like to inform you that effective December 25th. 2018,

Yoshiki Sasaki will be appointed as CEO, Representative Director of Innovation Factory Co., Ltd.

Furthermore, the management directors will be changed as shown below.

All directors will continue to make efforts to grow our company's business.

I would greatly appreciate it if we could have your continued support in the future.

Sincerely yours,

Yoshiki Sasaki
CEO, Representative Director of Innovation Factory Co., Ltd.

New Directors

Yoshiki Sasaki CEO, Representative Director (newly appointed)
(concurrently as Representative Director of Nippon Strategic Investment Co., Ltd.)

Hiroyuki Ohnishi CFO, Director (CEO, Representative Director of TSI Co., Ltd.)

Hironori Namiki Director (part-time)

Mika Yamaguchi Corporate Auditor (part-time)

Furthermore,

Hideki Suzuki, Makiko Narita and Yuki Ishigaki (who are currently our directors)

will resign from their positions at Innovation Factory Co., Ltd. on 25th December,

although Hideki Suzuki, President of Tsucrea Co., Ltd. (current position),

Makiko Narita, Director of TSII Co., Ltd.,

and Yuki Ishigaki, President of Ion Techno Center (current position)

will continue to be involved in the management of Innovation Factory Group.

Thank you.