Hoosiers : Notice of Changes in (Addition of) Representative Director, Executive Officer System and Transition to a Company with An Audit & Supervisory Committee

March 10, 2022

To whom it may concern:

Company Name: Hoosiers Holdings

Representative: Tetsuya Hirooka, CEO and President

(Stock Code: 3284 Tokyo Stock Exchange First Section)

Contact: Yoshiro Narukami, Head of Business Planning Section

Telephone: [phone]

Notice of Changes in (Addition of) Representative Director, Executive Officer System

and Transition to a Company with An Audit & Supervisory Committee

At the Board of Directors meeting held on March 10, 2022, the Company resolved on the changes in representative director and the executive officer system effective April 1, 2022 and a plan to transition to a company with an Audit & Supervisory Committee subject to an approval at the 9th Annual Meeting of Shareholders to be held in June 2022.

We also announce new officers, including executive officers, to take office on April 1, 2022 and candidates for directors after the transition to a company with an Audit & Supervisory Committee (to be submitted as a proposal to the 9th Annual Meeting of Shareholders).

1. Change in (Addition of) Representative Director

(1) Reason for the change

As announced on May 13, 2021, we are implementing strategies in the five-yearMedium-Term Management Plan ("Plan") from the fiscal year ending March 31, 2022, and are so far mostly in line with the Plan. To aim at more successful results for the remainder of the Plan and achieve the targets for the final fiscal year, we will add another representative director to have two in total.

Mr. Eiichi Ogawa, who will become the new President and Representative Director (COO) will demonstrate leadership to promote the Plan more proactively with "Development" and "Housing" at our core segment by leveraging his abundant experience and extensive insight acquired while serving as the President of Hoosiers Corporation, a major operating company over the years.

Meanwhile, Mr. Tetsuya Hirooka, who will become the Chairman and Representative Director (Group CEO), will continue to take charge of business execution from a viewpoint of the founder. Taking advantage of his extensive insight into the real estate business, he will oversee the Group's business portfolio strategy for the sustainable growth from a medium- to long-term perspective, as well as creation of an organization including the succession plan to foster future leaders.

(2) Detail of changes

Name	New title	Current title
Tetsuya Hirooka	Chairman and Representative	CEO and President
Director, Group CEO
	President and Representative
Eiichi Ogawa	Director, Chief Operating	Managing Director
	Officer

1. Effective date April 1, 2022
2. Biography of the New Representative Director

Name	Eiichi Ogawa
Date of birth	December 6, 1964
Share ownership	53,900 shares of Hoosiers Holdings (As of September 30, 2021)
Apr. 1988	Joined Recruit Cosmos Co., Ltd. (currently Cosmos Initia Co., Ltd.)
July 2001	Joined Hoosiers Corporation
Feb. 2002	Director, Hoosiers Corporation
July 2009	Representative Director, A-one corporation co., Ltd.
Apr. 2016	Director, Hoosiers Corporation
Apr. 2017	President, Hoosiers Corporation (incumbent)
June 2019	Director
June 2021	Managing Director (incumbent)

2. Change of the Executive Officer System

(1) Reason for the change

We will change the executive officer system effective April 1, 2022 to promote separation of the managerial decision-making and supervisory functions and the business execution function, enhance the Board of Directors' function to supervise management and accelerate the management's decision making related to business execution.

Specifically, all internal directors will serve concurrently as executive officers to clarify business execution functions. We also appoint presidents, etc. of the Group's major subsidiaries as executive officers to enhance and accelerate the execution function.

With the creation of new positions of executive officers with titles, there will be executive officers who will concurrently serve as Chairman, President, Senior Managing Executive Officer, Managing Executive Officer, in addition to Executive Officer. They will be appointed through a combination of delegation-based system and employment-based system.

(2) New officers after April 1

New officers and executive officers after April 1, 2022 are as follows:

Name	New Position	Role	Significant concurrent
position
Tetsuya Hirooka	Chairman and Representative	Group CEO
Director, Executive Officer
Eiichi Ogawa	President and Representative	COO	CEO and President,
Director, Executive Officer	Hoosiers Corporation
	Director and Senior Managing		CEO and President,
Tsutomu Ikuma	CFO	Hoosiers Wellness &
Executive Officer
		Sports Co., Ltd.
Yoshinori Watanabe	Outside Director (Independent)
Masatoshi An	Outside Director (Independent)
Shoji Tsuboyama	Outside Director (Independent)
Atsuhiro Imai	Full-time Auditor
Yasue Kaneko	Auditor
Mieko Hayakawa	Outside Auditor (Independent)
Masatoshi Sakaki	Outside Auditor (Independent)
		In charge of Real	CEO and President,
Yukio Fujii	Managing Executive Officer	Estate Investment	Hoosiers Asset
		Business	Management
		In charge of Real	Senior Vice President ,
		Hoosiers Corporation
Toshiya Mori	Managing Executive Officer	Estate Development
CEO and President,
		Business
		IEA Co., Ltd.
Yutaka Higashino	Managing Executive Officer	In charge of
Administration
			CEO and President,
		In charge of	Hoosiers Care Design
Masaki Okubo	Executive Officer	Condominium	Co., Ltd.
Management and	CEO and President,
		Related Services	Hoosiers Living Service
			Co., Ltd.
Masashi Kinoshita	Executive Officer	In charge of Overseas
Business
		In charge of
Jin Seike	Executive Officer	Organization/HR
		Development
Yoshiro Narukami	Executive Officer	In charge of Business
Planning/IR

3. Transition to a Company with an Audit & Supervisory Committee and Candidates for Directors

(1) Purpose of transition

We have decided to transition to a company with an Audit & Supervisory Committee whereby we will set up an Audit & Supervisory Committee made up of a majority of outside directors and grant voting rights at the Board of Directors meetings to directors who are Audit & Supervisory Committee members, with an aim to enhance the Board of Directors' function to supervise executive persons, secure effective audit system, enable speedy business execution by management and further enhance corporate governance.

(2) Timing of transition

The Company will transition to a company with an Audit & Supervisory Committee once the approval for the transition and the necessary amendments to the Articles of Incorporation is obtained at the 9th Annual Meeting of Shareholders to be held in June 2022.

(3) Other

Details of amendments to the Articles of Incorporation associated with the transition will be announced as soon as they are decided.

1. Candidates for directors after the transition to a company with an Audit & Supervisory Committee
   (To be submitted as a proposal to the Company's 9th Annual Meeting of Shareholders to be held in June 2022)

Name	New title	Current title
(As of April 1, 2022)
Tetsuya Hirooka	Chairman and Representative Director,	No change
Executive Officer
Eiichi Ogawa	President and Representative Director,	No change
Executive Officer
Tsutomu Ikuma	Director and Senior Managing	No change
Executive Officer
Masatoshi An	Outside Director	No change
Shoji Tsuboyama	Outside Director	No change
Atsuhiro Imai	Director, Audit & Supervisory	Full-time Auditor
Committee Member
Mieko Hayakawa	Outside Director, Audit& Supervisory	Outside Auditor
Committee Member
Masatoshi Sakaki	Outside Director, Audit& Supervisory	Outside Auditor
Committee Member
Yoshinori Watanabe	Outside Director, Audit& Supervisory	Outside Director
Committee Member

*Ms. Yasue Kaneko, Auditor, will retire from office upon conclusion of the 9th Annual Meeting of Shareholders.

End