April 25, 2016
Company name: Ashikaga Holdings Co., Ltd.
Representative: Masanao Matsushita, President
and Chief Executive Officer(Code number: 7167 FirstSection, Tokyo Stock Exchange)
Changes of Representative Directors of Mebuki Financial Group, Inc.
Mebuki Financial Group Inc. (“Mebuki FG”) will be established on October 1, 2016 by the business integration with The Joyo
Bank, Ltd. (“Joyo Bank”) and Ashikaga Holdings Co., Ltd. (”the Company”, and its trade name will change to “Mebuki
Financial Group Inc.” on that day), and its Representative Directors are nominated today as follows.
The Business Integration is subject to the approvals by both Joyo Bank and the Company’s shareholders at their respective
annual general meetings, and the approvals of the relevant authorities.
Description
1. Change of Representative Directors(1) Appointment (as of October 1, 2016)(Name)

Kazuyoshi Terakado(New Position)(Current Position)

President and Director

President and Director of Joyo Bank

Representative Director

Masanao Matsushita

Executive Vice President and Director

Director, President and Chief Executive Officer of the Company

Representative Director

Director, President and Chief Executive Officer of Ashikaga Bank

(2) Retirement (as of October 1, 2016)(Name)
Satoshi Fujisawa *(Current Position)
Director, Chairman and Chief Executive Officer of the Company*He will join the board of Ashikaga Bank and be nominated as its Chairman on June 28, 2016.
(3) Reason for the Change
The Company will change the trade name to “Mebuki Financial Group, Inc.” and transit to the company with audit andsupervisory committee on October 1, 2016 of the effective date of the share exchange, subject to obtaining approvals of theshare exchange agreement with Joyo Bank and of the necessary amendments in the Articles of Incorporation at the annual
general meeting of shareholders scheduled to be held on June 28, 2016. In accordance with the above, the Company willchange its representative directors.
It should be noted that the change of the representative directors is based on the assumption that, in addition to the approval at
the general meeting of shareholders, the board of directors of Mebuki FG composed of directors who are newly elected
appoints the representatives in accordance with the business integration agreement. In addition, when the Company transit tothe company with audit and supervisory committee, the term of office of directors and executive officers at that day shall1expire.
Board members of Mebuki FG as of October 1, 2016 are announced today in the publication ofNotice Regarding Definitive

Agreement Concerning the Business Integration of The Joyo Bank, Ltd. and Ashikaga Holdings Co., Ltd. through a Share
Exchange”.
2. Biographies of New Representative DirectorsName(Birth Date)

Past experience, positions, responsibilities
and significant concurrent positions

April, 1974
J u l y, 1 9 9 4June, 1996
J u l y, 1 9 9 8June, 1999
Kazuyoshi Terakado(January 28,1952)J u l y, 2 0 0 0June, 2001
June, 2002
June, 2003
June, 2005
June, 2009
June, 2011
April, 1979
June, 2002
August, 2004

Masanao Matsushita(February 8,1957 )Number ofshares of theCompany held
(Number ofshares of Joyo
held)

October, 2005
April, 2007
January, 2009
June, 2012

April, 2014
June, 2014

Joined Joyo
Deputy Director-General, Strategic Planning Division
General Manager, Taga Branch
Senior Deputy General Manager, Business Administration
Division
Senior Deputy General Manager, Retail Banking PlanningDivision
Senior Deputy General Manager, Retail BankingDivision
General Manager, Retail Banking Division, and General
Manager, Living and Business Consulting Center
General Manager, Corporate Planning Division
Executive Officer and General Manager, Corporate
Planning Division
Managing Director
Senior Managing Director
President and Director of Joyo (current position)
Joined Ashikaga Bank
General Manager, Government and Municipal BusinessDivision
Deputy General Manager, Credit Risk Management
Headquarters
General Manager, Isesaki Branch
General Manager, Moka Branch
Executive Officer, General Manage
Executive Officer of the Company, General Manager,
Corporate Planning Department
Managing Executive Officer of Company, GeneralManager, Management Planning Division
Executive Officer of the Company
Managing Executive Officer of Ashikaga BankDirector, President and Chief Executive Officer of theCompany (current position)
Director, President and Chief Executive Officer ofAshikaga Bank (current position)

0 shares(80,000 shares)

9,000shares(0 shares)

End<Contacts for inquiries regarding this notice>
Ashikaga HD
Ebihara and Yagi, Corporate Planning Department, Public Relations and IR Group2

Tel: 028-626-0401