Notice Regarding Change in Directors of Subsidiary (Tosei Singapore Pte. Ltd.)

[Translation]

To Whom It May Concern

November 25, 2013

Tosei Corporation

Toranomon Tosei Building, 4-2-3 Toranomon, Minato-ku, Tokyo

President and CEO: Seiichiro Yamaguchi

Securities code: 8923 (Tokyo Stock Exchange, First Section)

Securities code: S2D (Singapore Exchange, Main Board)

Contact: Noboru Hirano, Director and CFO

TEL: +81-3-3435-2864

Notice Regarding Change in Directors of Subsidiary (Tosei Singapore Pte. Ltd.)

Tosei Corporation (the "Company") hereby announces that Tosei Singapore Pte. Ltd., a wholly-owned subsidiary of the Company, will effect a change in its directors as follows:

Change in Directors (effective December 1, 2013)

Name
Nobuto Fujiwara	Appointed as Managing Director
Junko Takano	Appointed as Director
Tetsuji Komiyama	Resigned from Managing Director position

End

Reference： Background of the New Directors

Name	Nobuto Fujiwara
Work Experience	April 1984	Joined Mitsui Leasing & Development, Ltd. (current JA Mitsui Leasing, Ltd.)
	October 2000	Joined Fast Retailing Co., Ltd.
	April 2006	Joined Tosei Fudosan Co., Ltd. (current Tosei Corporation)
	April 2007	General Manager of Corporate Planning Department
	March 2013	Executive Officer in charge of Corporate Planning Department and General Manager of the same(present responsibility)

Name	Junko Takano
Work Experience	April 1991	Joined Recruit Cosmos Co., Ltd.
	September 2000	Joined Win Corporation
	October 2006	Joined Tosei Corporation (Seconded to Tosei Asset Advisors, Inc.)
	October 2013	Seconded to Tosei Singapore Pte. Ltd.