June 18, 2021
Company name: FUNAI ELECTRIC CO., LTD.
Name of Representative: Hideaki Funakoshi,
Representative Director, President and Chief Executive Officer(Code: 6839 TSE First Section)
Contact Person: Kyo Otani, General Manager of Investor/Public Relations Office(TEL: +81-72-870-4395)

Notice of Change of Representative Director
FUNAI ELECTRIC CO., LTD. (the “Company”) hereby announces that the Board of Directors, at a meeting held on June18, 2021, determined the following changes in representative directors. Change of the representative director is scheduled tobe formally decided at the extraordinary general meeting of shareholders of the Company to be held on July 28, 2021 (the“Extraordinary General Meeting of Shareholders”) and at the meeting of the Board of Directors to be held after theExtraordinary General Meeting of Shareholders.
Description
1. Reason for Change
As announced in the press release “Announcement of Opinion on the Tender Offer for Shares, Etc. in FUNAI ELECTRIC
CO., LTD. by SHUWA SYSTEM HOLDINGS CO., LTD.” dated March 23, 2021, the Company, Shuwa System Holdings
Co., Ltd. (the “Tender Offeror”), Shuwa System Co., Ltd., and Mr. Tetsuo Funai executed the “Agreement on CapitalManagement Policy” (the “Agreement”) on March 23, 2021. The Agreement is effective upon completion of the Tender
Offer for the Company’s shares, etc. by the Tender Offeror (the “Tender Offer”). If the Tender Offeror is unable to acquire allof the Company’s shares (however, this excludes all of the Company’s shares owned by Mr. Tetsuo Funai and all of thetreasury shares owned by the Company) and Stock Acquisition Rights (Note 1) in the Tender Offer, the Company will submit
a proposal regarding the consolidation of shares to be conducted by the Company (the “Share Consolidation”), and a proposal
regarding a partial amendment to the Articles of Incorporation subject to the Share Consolidation becoming effective for thepurpose of abolishing the provision regarding the number of shares constituting one unit to the Extraordinary General Meetingof Shareholders. In addition, the Company will submit a proposal to elect Mr. Tomokazu Ueda and Mr. Koji Bando as
Directors of the Company as of the close of the said Extraordinary General Meeting of Shareholders. It is stipulated that theBoard of Directors shall be held promptly after the election of Mr. Tomokazu Ueda and Mr. Koji Bando, and that the person
designated by the Tender Offeror shall be appointed as the Chairman of the Board and President, or Representative Directorin accordance with the nomination of the Tender Offeror. In accordance with such provisions, the Board of Directors of theCompany resolved on June 18, 2021, to submit a proposal to elect Mr. Tomokazu Ueda and Mr. Koji Bando as Directors ofthe Company to the Extraordinary General Meeting of Shareholders (Note 2).
(Note 1) “Stock Acquisition Rights” refers to the following stock acquisition rights collectively.
(1) The first stock acquisition rights for the year ended March 2015 issued pursuant to the resolution approved at
the Ordinary General Meeting of Shareholders of the Company held on June 20, 2014 and at the meeting of
the Board of Directors of the Company held on September 18, 2014 (the exercise period for which is from
September 1, 2016 to August 31, 2023)(2) The first stock acquisition rights for the year ended March 2017 issued pursuant to the resolution approved at
the Ordinary General Meeting of Shareholders of the Company held on June 28, 2016 and at the meeting of
the Board of Directors of the Company held on January 11, 2017 (the exercise period for which is from1

September 1, 2018 to August 31, 2023)(3) The first stock acquisition rights for the year ended March 2018 issued pursuant to the resolution approved at
the Ordinary General Meeting of Shareholders of the Company held on June 28, 2017 and at the meeting of
the Board of Directors of the Company held on November 13, 2017 (the exercise period for which is from
September 1, 2019 to August 31, 2024)(4) The stock acquisition rights for the year ended March 2020 issued pursuant to the resolution approved at theOrdinary General Meeting of Shareholders of the Company held on June 26, 2019 and at the meeting of theBoard of Directors of the Company held on August 5, 2019 (the exercise period for which is from September
1, 2021 to August 31, 2026)(Note 2) As announced in “Notice of Extraordinary General Meeting of Shareholders Concerning Share Consolidation,
Abolition of the Number of Shares Constituting One Unit and Partial Amendment to the Articles of Incorporation”
released on June 18, 2021, the Company resolved at the Board of Directors meeting held on June 18, 2021, tosubmit a proposal regarding the Share Consolidation pertaining to the Company Shares, and a proposal regarding
a partial amendment to the Articles of Incorporation subject to the Share Consolidation becoming effective forthe purpose of abolishing the provision regarding the number of shares constituting one unit to the Extraordinary
General Meeting of Shareholders.
2. Name and Position of Representative Director to be Changed(Newly elected) Name: Tomokazu Ueda
New Position: Representative Director(Newly elected) Name: Koji Bando
New Position: Chairman of the Board and President
3. Biography of Newly Appointed Representative Director(1) Mr. Tomokazu Ueda
Date of Birth

Brief Personal HistoryNumber ofShares Held

May 1998

Joined Andersen Consulting (currently Accenture Ltd.)March 2015

Appointed as Representative Director of Ueno Group Co.,Ltd.

December 2015

Appointed as Chairman of the Board of Shuwa System
Co., Ltd.

November 2016

Appointed as Chairman of the Board and President ofShuwa System Co., Ltd. (current)

December 2017

Appointed as President and Representative Director ofKeiyashachu Co., Ltd. (current)

September 15, 1973
March 2018

Appointed as Representative Director of Shuwa Group(current)

June 2018

Appointed as Representative Director of Soken Group
Co., Ltd. and Shibata Soken YK (current)

July 2019

Appointed as President and Representative Director ofWing Corporation and Cradle Co., Ltd. (current)

September 2020

Appointed as Representative Director as Tender Offeror(Shuwa System Holdings Co., Ltd.) (current)

20 share(2) Mr. Koji Bando
Date of Birth

Brief Personal History

Number ofShares Held

April 1977

Joined Nippon Telegraph and Telephone Public
Corporation (currently NTT Corporation)

June 1998

Appointed as President and CEO of NTT Plala Inc.

June 2010

Appointed as President and CEO of I-Cast, Inc.

December 2015

Appointed as Director of Japan CableCast Inc. (current)

May 2018

Appointed as President and CEO of Japan Contents

March 2019

Appointed as Director of East Group Holdings Inc.

June 2019

Appointed as Audit & Supervisory Board Member ofFactory Inc.

November 23, 1953

TEC Information, Corp. (current)
July 2019

Appointed as Executive Principal of NTT Plala Inc.
Appointed as Executive Principal of I-Cast, Inc.
Appointed as Non-executive Director of NEXT BASE
Corp. (current)

August 2019

Appointed as Director of IG Port, Inc. (current)

January 2021

Appointed as Director of YOSHIDUMI HOLDINGS Inc.
(current)

May 2021

Appointed as Director of JNS HOLDINGS INC. (current)

4. Scheduled Date of Change
July 28, 2021 (scheduled)

30 share