Z : Notification on Changes in Representative Director

March 1, 2021

To whom it may concern

Z Holdings Corporation

Kentaro Kawabe

President and Representative Director

Stock Code: 4689

Notification on Changes in Representative Director and Appointment of Directors/Officers

Z Holdings Corporation (hereinafter the "Company") hereby announces the change in representative director, which was resolved by the Board of Directors today, and the appointment of directors and officers as of March 1, 2021.

1.

Change in Representative Director

(1) Reason for change

As announced in "Announcement Regarding Definitive Agreement on Business Integration" dated December 23, 2019 and "Announcement Regarding Schedule for Implementation of the Business Integration" dated August 3, 2020, and based on the Definitive Agreement on Business Integration

concluded between the Company, A Holdings Corporation (former trade name: LINE Corporation; hereinafter "A Holdings"), SoftBank Corp., and NAVER Corporation on December 23, 2019, LINE

Corporation (former trade name: LINE Demerger Preparatory Company; hereinafter "LINE") and the Company have executed a share exchange as of today, in which the Company is the wholly owning parent company and LINE is the wholly owned subsidiary. As a result, the business integration between the Company and its subsidiaries, and LINE and its subsidiary (hereinafter "Business Integration") has been completed. The change in the representative director is due to the Board of Directors' resolution to add Takeshi Idezawa as the Company's representative director as of today, accompanying the completion of the Business Integration (Note).

(Note) As stated in "2. Board of directors and officers as of March 1, 2021" below, there will be two with the title, Representative Director, Co-CEO, and Kentaro Kawabe will be appointed as President and Representative Director, Co-CEO (Co-Chief Executive Officer) and Takeshi

Idezawa as Representative Director, Co-CEO (Co-Chief Executive Officer). The title of Kentaro Kawabe will change from the former President and Representative Director, CEO

(Chief Executive Officer).

Disclaimer

This is an English translation of the captioned release. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the release for complete information.

• (2) Name and title of newly appointed Representative Director (New appointment)

  Name: Takeshi Idezawa

  New title: Representative Director, Co-CEO (Co-Chief Executive Officer)

• (3) Profile, etc. of newly appointed Representative Director

Name/Date of birth	Profile	No. of shares held
Takeshi Idezawa June 9, 1973	April 2007 Jan. 2012 Jan. 2014 CEO, livedoor Co., Ltd. (currently NHN Techorus Corp.) Director, General Manager of Web Service Division, LINE Corporation (currently A Holdings Corporation) Director, COO, LINE Corporation (currently A Holdings Corporation) April 2014 Representative Director, COO, LINE Corporation (currently A Holdings Corporation) April 2015 Oct. 2017 Representative Director, President and CEO, LINE Corporation (currently A Holdings Corporation) Representative Director, LINE Book Distribution Corporation (to present) July 2018 Feb. 2021 Representative Director, LINE Digital Frontier Corporation Representative Director, President and CEO, LINE Corporation (former LINE Demerger Preparatory Company) (to present)	Zero shares

※ No. of shares as of September 30, 2020

(4) Date of appointment

March 1, 2021

2. Board of directors and officers as of March 1, 2021

New title	Name	Former title
President and Representative Director, Co-CEO (Co-Chief Executive Officer) ※Change in title	Kentaro Kawabe	President and Representative Director, CEO (Chief Executive Officer)
Representative Director, Co-CEO (Co-Chief Executive Officer)	Takeshi Idezawa	-

Disclaimer

This is an English translation of the captioned release. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the release for complete information.

※New appointment
Director, GCPO（Group Chief Product Officer） ※New appointment	Jungho Shin	-
Director, Senior Managing Corporate Officer ※No change	Takao Ozawa	Director, Senior Managing Corporate Officer
Director, Senior Managing Corporate Officer ※New appointment	Jun Masuda	-
Director, Senior Managing Corporate Officer, GCSO（Group Chief Synergy Officer） ※No change	Taku Oketani	Director, Senior Managing Corporate Officer, GCSO（Group Chief Synergy Officer）
Outside Director (Independent Director), Full-time Audit and Supervisory Committee Member ※No change	Yoshio Usumi	Outside Director (Independent Director), Full-time Audit and Supervisory Committee Member
Outside director (Independent director), Audit and Supervisory Committee Member ※New appointment	Maiko Hasumi	-
Outside Director (Independent Director), Audit and Supervisory Committee member ※New appointment	Tadashi Kunihiro	-
Outside Director (Independent Director), Audit and Supervisory Committee Member ※New appointment	Rehito Hatoyama	-

Title	Name	Former title
Senior Managing Corporate Officer, CGIO (Chief Global Investment Officer) ※New appointment	In Joon Hwang	-
Senior Managing Corporate Officer, GCFO (Group Chief Financial Officer) ※Change in title	Ryosuke Sakaue	Managing Corporate Officer Group Chief Financial (GCFO) Officer

Disclaimer

This is an English translation of the captioned release. This translation is prepared and provided for the purpose of the reader's convenience. All readers are recommended to refer to the original version in Japanese of the release for complete information.