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2 October 2017

Notice Regarding Completion of Share Exchange with Nisshinbo Holdings Inc.

On May 15, 2017, Nisshinbo Holdings Inc. issued a news release entitled "Notice Regarding Simplified Share Exchange Making Consolidated Subsidiary Japan Radio Co., Ltd. a Wholly Owned Subsidiary." Japan Radio Co., Ltd. (JRC) hereby announces that the share exchange went into effect and was completed as of today, October 2, 2017.
As a result, JRC has become a wholly owned subsidiary of Nisshinbo Holdings Inc.

For further information: please contact

Japan Radio Co., Ltd.

Corporate Planning Department
Public Relations Section