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August 13, 2016

Announcement of Appointment of New President of Sharp

At a meeting held today, Sharp Corporation's Board of Directors approved the appointment of J.W. Tai, Corporate Executive Vice President, Foxconn, as Sharp's President and Chief Executive Officer.

Mr. Tai expressed that he is honored to assume the significant responsibility of rebuilding Sharp, a world-class company with a rich 104-year history, and shared his commitment to putting in all of his efforts to achieve this goal.

At a joint press conference held on April 2, Foxconn and Sharp announced a strategic alliance between the two companies. Anti-trust reviews of that alliance by the relevant authorities have now been completed, and today marks the beginning of Sharp's transformation and a new chapter in its history. Sharp would like to express its gratitude to the authorities involved in the review for their open and sincere communications with the company throughout this process.

As part of the strategy to enhance Sharp's financial structure, the company reacquired Class B Shares on August 12. It plans to introduce a stock option incentive program to motivate employees and recognize strong performance. Mr. Tai is also scheduled to host a formal dialogue with Sharp employees on August 22.

From here on, Sharp will build on its strong DNA and business creed, "Sincerity and Creativity" - an unwavering commitment that has guided the company since its establishment - to further strengthen its brand and to enable Sharp to stand out as an iconic global brand.

In addition, Sharp will drive strategic cooperation with Foxconn and leverage the strengths of both companies to create synergies and reinforce its operations.

Through the concerted efforts of all employees across all levels of the company, Sharp is confident that it will overcome its challenges and achieve success in the near future.

Sharp sincerely hopes that the company's efforts will receive strong support from all stakeholders.

J.W. Tai
President and Chief Executive Officer
Sharp Corporation

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