On March 20, 2023, Shuhei Komatsu resigned from his positions as Director and Chairman of the Board of AERWINS Technologies Inc. Mr. Komatsu previously served as the Company's Chief Executive Officer and a Director and Chairman of the Company since February 3, 2023. Mr. Komatsu's resignation was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. On March 22, 2023, the Company's Board of Directors appointed Daisuke Katano to fill the vacancy on its Board of Directors created upon Mr. Komatsu's resignation to serve as a Director of the Company, and on the same date also appointed Mr. Katano to serve as the Company's Chief Operating Officer.

On March 22, 2023, the Company's Board of Directors appointed Marehiko Yamada to serve as the Chairman of the Board of Directors. Mr. Yamada was appointed as an independent director of the Company on February 3, 2023. On March 22, 2023, the Company's Board of Directors also appointed Mike Sayama to serve as the Vice-Chair of the Board of Directors.

Dr. Sayama was appointed as an independent director of the Company on February 3, 2023. On March 22, 2023, the Company's Board of Directors also appointed Kensuke Okabe to serve as Secretary of the Company. Mr. Okabe was appointed as the Company's Chief Financial Officer on February 3, 2023.

On March 22, 2023, the Company's Board of Directors also appointed Mr. Yamada as the Chair of the Company's Compensation Committee and appointed Dr. Sayama as the Chair of the Company's Nominating and Corporate Governance Committee. Dr. Sayama previously served as the Chair of the Company's Compensation Committee from February 3, 2023 to March 22, 2023. Mr. Yamada previously served as the Chair of the Company's Nominating and Corporate Governance Committee from February 3, 2023 to March 22, 2023.

Mr. Ito, age 46, has served as the Global Markets - Investor Relations and a member of the Board of Directors of the Company's wholly owned subsidiary, AERWINS Inc. since June 15, 2022. Mr. Ito is also a member of the Board of Directors of AERWINS Inc.'s wholly owned subsidiary A. L. I. Technologies Inc. (A.L.I.") since April 2022. From August 2008 to April 2022, Mr. Ito served as a founder and CEO at Meta Capital.

From May 2002 to July 2008, Mr. Ito served as Vice President and thereafter Director at Credit Suisse in Japan and the United States. From April 1999 to 2002, Mr. Ito served as Associate at Deutsche Bank in Tokyo. Mr. Ito has extensive experience in the financial field.

Mr. Ito graduated with a bachelor's degree in Economics from Keio University, Japan. Mr. Ito has not previously held any directorships in any reporting companies. Mr. Katano, age 38, has been serving as the Chief Executive Officer of A.L.I. since March 2019.

Mr. Katano was also a member of the Board of Directors of AERWINS Inc. from June 15, 2022 to February 3, 2023. Mr. Katano was a member of the Board of Directors of A.L.I. from March 2018 to March 2019. Mr. Katano was a member of the Board of Directors of ASC Tech Agent from December 2019 to March 2022.

Mr. Katano was CEO of YCP International Ltd. in UK from 2016 to 2018. Mr. Katano was CEO of YCP Japan from 2014 to 2017. Mr. Katano served as Consultant at The Boston Consulting Group in Japan from 2010 to 2014.

Mr. Katano served as Business Producer at Dream incubator from 2007 to 2010. Mr. Katano has over 10 years' experience in the business consulting field and 5 years of experience in our group. Mr. Katano graduated with a bachelor's degree in Engineering from University of Tokyo, Japan.

Mr. Katano has not previously held any directorships in any reporting companies.