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Transition of Resona Bank, Limited and Saitama Resona Bank, Limited into a Company with an Audit and Supervisory Committee

February 26, 2019

Resona Holdings, Inc.
Resona Bank, Limited
Saitama Resona Bank, Limited

In order to further strengthen the group governance system, Resona Bank, Limited (President: Kazuhiro Higashi) and Saitama Resona Bank, Limited (President: Kazuyoshi Ikeda), which are subsidiaries of Resona Holdings, Inc., (President: Kazuhiro Higashi) have decided to undergo transition from Companies with Board of Company Auditors to Companies with an Audit and Supervisory Committee subject to the approval at the annual shareholders meeting of each company to be held in June this year.

1.Purpose of Transition

(1) Improving the effectiveness of the Board of Directors

With the view to further improve the effectiveness of the Board of Directors, more decision-making authority related to the execution of operations will be delegated from the Board of Directors to the Representative Director in order to promote rapid decision-making, and discussions on management strategies at the Board of Directors will also be further enhanced.

(2) Strengthening corporate governance system

With the view to further strengthen the management governance function, the Audit and Supervisory Committee, the majority of which are outside directors, will conduct audits related to the execution of operations, and each member of Audit and Supervisory Committee will exercise voting rights in resolutions of the Board of Directors.

2.Timing of transition

Transition into Companies with an Audit and Supervisory Committee is scheduled to be carried out after the resolution on necessary amendments to articles of incorporation passed at the annual shareholders meeting of each company to be held in June this year.

Reference

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