HAKUHODO DY INCORPORATED : (Correction)Announcement Concerning Correction of Notice of Commencement of Tender Offer for D.A.Consotium Holdings Inc. Share Certificates,etc.

[Translation]

August 29, 2018

To whom it may concern:

Company name: Representative:Hakuhodo DY Holdings Inc.

Hirokazu Toda

Representative Director & President (Code number: 2433; TSE First Section)

Inquiries:

Satoru Yagi

Executive Manager, Investor Relations Division

(Tel: [phone])

(Correction) Announcement Concerning Correction of

Notice of Commencement of Tender Offer for

D.A. Consortium Holdings Inc. Share Certificates, etc. (Securities Code 6534) and

Correction of Public Notice of Commencement of Tender Offer in Accordance with the Submission of the Amended Tender Offer Statement

On August 29, 2018, Hakuhodo DY Holdings Inc. (the "Tender Offeror" or the "Company") submitted to the Director General of the Kanto Finance Bureau an amended tender offer statement in accordance with Article 27-8 of the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended, the "Act") in relation to a tender offer for the share certificates, etc. of D.A. Consortium Holdings Inc. ; securities code 6534; the "Target") (that tender offer, the "Tender Offer").

Accordingly, the Company hereby announces the corrections stated below in relation to the contents of the "Notice of Commencement of Tender Offer for D.A. Consortium Holdings Inc. Share Certificates, etc. (Securities Code 6534)" dated August 6, 2018 and the public notice of commencement of tender offer dated August 7, 2018.

These corrections are being made because some of the matters stated in relation to the status of ownership of the Target's share certificates, etc. by specially related parties of the Company required correction, and there are no changes to the purchase conditions, etc. defined under Article 27-3(2)(i) of the Act.

Details

I. Contents of Correction in "Notice of Commencement of Tender Offer for D.A. Consortium Holdings Inc. Share Certificates, etc. (Securities Code 6534)" Dated August 6, 2018

The "Notice of Commencement of Tender Offer for D.A. Consortium Holdings Inc. Share Certificates, etc. (Securities

Code 6534)" is corrected as follows. Text subject to correction is underlined.

(Before correction)

2．Outline of the Purchase, etc.

(6) Change in Share Certificate, etc. Ownership Ratio due to the Purchase, etc.

Number of voting rights of share certificates, etc. owned by the Tender Offeror before the purchase, etc.	- units	(Share certificate, etc. ownership ratio before the purchase, etc. - %)
Number of voting rights of share certificates, etc. owned by specially related parties before the purchase, etc.	312,292 units	(Share certificate, etc. ownership ratio before the purchase, etc. 51.71%)
Number of voting rights of share certificates, etc. owned by the Tender Offeror after the purchase, etc.	308,201 units	(Share certificate, etc. ownership ratio after the purchase, etc. 51.03%)
Number of voting rights of share certificates, etc. owned by specially related parties after the purchase, etc.	295,747 units	(Share certificate, etc. ownership ratio after the purchase, etc. 48.97%)
Number of voting rights of all shareholders, etc. of the Target	584,477 units

(Note 1) "Number of voting rights of share certificates, etc. owned by the Tender Offeror after the purchase, etc." states the number of voting rights obtained by adding the "number of voting rights of share certificates, etc. owned by the Tender Offeror before the purchase, etc." (- units) to the number of voting rights (308,201 units) of share certificates, etc. of the planned purchase number (30,820,168) shares in the Tender Offer.

(Note 2) "Number of voting rights of share certificates, etc. owned by specially related parties before the purchase, etc." states the total number of voting rights of share certificates, etc. owned by each specially related party (however, excluding specially related parties that are parties excluded from specially related parties pursuant to Article 3(2)(i) of the Cabinet Office Order on Disclosure Required for Tender Offer for Share Certificates, etc. by Person Other Than Issuer (Ministry of Finance Order No. 38 of 1990; as amended; the "Cabinet Order") in the calculation of the share certificate, etc. ownership ratio under the subparagraphs of Article 27-2(1) of the Act). Furthermore, because share certificates, etc. owned by specially related parties (excluding Target Common Shares owned by Hakuhodo DY Media Partners and Hakuhodo and treasury shares owned by the Target) are also subject to the Tender Offer, the "number of voting rights of share certificates, etc. owned by specially related parties before the purchase, etc." (excluding the number of voting rights of the total of Target Common Shares owned by Hakuhodo DY Media Partners and Hakuhodo as of today (29,574,750 shares) are not added to the numerator in the calculation of the "share certificate, etc. ownership ratio after the purchase, etc." In addition, if it is necessary for the Company to revise the tender offer registration statement upon confirming the Target's share certificates, etc. owned by specially related parties after filing the tender offer registration statement, the Company will file an amendment registration statement for the tender offer registration statement.

(Note 3) "Number of voting rights of all shareholders, etc. of the Target" is the number (stated with the number of shares in one unit as 100 shares) of voting rights of all shareholders as of March 31, 2018 set forth in the Second Securities Report submitted by the Target on June 28, 2018. However, because shares less than one unit are also subject to the Tender Offer, in the calculation of the "share certificate, etc. ownership ratio before the purchase, etc." and the "share certificate, etc. ownership ratio after the purchase, etc." the "number of voting rights of all shareholders, etc. of the Target" is calculated as the number of voting rights (603,949 units) obtained by adding (i) the number of voting rights (585,176 units) of shares (58,517,618 shares) obtained by deducting the 12,963,804 shares of treasury shares owned by the Target from the total number of issued shares (71,481,422 shares) of the Target as of June 30, 2018 set forth in the Summary of Accounts, to (ii) the number of voting rights (18,526 units) of the number of Target Common Shares (1,852,600 shares) subject to of Share Options (excluding the Tenth Share Compensation-Type Share Option) as of June 30, 2018 and the number of voting rights (247 units) of the number of Target Common Shares (24,700 shares) that are the object of the Tenth Share Compensation-Type Share Option issued pursuant to the resolution of the board of directors of the Target on June 26, 2018.

(Note 4) The "share certificate, etc. ownership ratio before the purchase, etc." and the "share certificate, etc. ownership ratio after the purchase, etc." are rounded off to two decimal places.

(After correction)

2．Outline of the Purchase, etc.

(6) Change in Share Certificate, etc. Ownership Ratio due to the Purchase, etc.

Number of voting rights of share certificates, etc. owned by the Tender Offeror before the purchase, etc.	- units	(Share certificate, etc. ownership ratio before the purchase, etc. - %)
Number of voting rights of share certificates, etc. owned by specially related parties before the purchase, etc.	314,402 units	(Share certificate, etc. ownership ratio before the purchase, etc. 52.06%)
Number of voting rights of share certificates, etc. owned by the Tender Offeror after the purchase, etc.	308,201 units	(Share certificate, etc. ownership ratio after the purchase, etc. 51.03%)
Number of voting rights of share certificates, etc. owned by specially related parties after the purchase, etc.	295,747 units	(Share certificate, etc. ownership ratio after the purchase, etc. 48.97%)
Number of voting rights of all shareholders, etc. of the Target	584,477 units

(Note 1) "Number of voting rights of share certificates, etc. owned by the Tender Offeror after the purchase, etc." states the number of voting rights obtained by adding the "number of voting rights of share certificates, etc. owned by the Tender Offeror before the purchase, etc." (- units) to the number of voting rights (308,201 units) of share certificates, etc. of the planned purchase number (30,820,168) shares in the Tender Offer.

(Note 2) "Number of voting rights of share certificates, etc. owned by specially related parties before the purchase, etc." states the total

number of voting rights of share certificates, etc. owned by each specially related party (however, excluding specially related parties that are parties excluded from specially related parties pursuant to Article 3(2)(i) of the Cabinet Office Order on Disclosure Required for Tender Offer for Share Certificates, etc. by Person Other Than Issuer (Ministry of Finance Order No. 38 of 1990; as amended; the "Cabinet Order") in the calculation of the share certificate, etc. ownership ratio under the subparagraphs of Article 27-2(1) of the Act). Furthermore, because share certificates, etc. owned by specially related parties (excluding Target Common Shares owned by Hakuhodo DY Media Partners and Hakuhodo and treasury shares owned by the

Target) are also subject to the Tender Offer, the "number of voting rights of share certificates, etc. owned by specially related parties before the purchase, etc." (excluding the number of voting rights of the total of Target Common Shares owned by Hakuhodo DY Media Partners and Hakuhodo as of today (29,574,750 shares) are not added to the numerator in the calculation of the "share certificate, etc. ownership ratio after the purchase, etc."

(Note 3) "Number of voting rights of all shareholders, etc. of the Target" is the number (stated with the number of shares in one unit as 100 shares) of voting rights of all shareholders as of March 31, 2018 set forth in the Second Securities Report submitted by the

Target on June 28, 2018. However, because shares less than one unit are also subject to the Tender Offer, in the calculation of the "share certificate, etc. ownership ratio before the purchase, etc." and the "share certificate, etc. ownership ratio after the purchase, etc." the "number of voting rights of all shareholders, etc. of the Target" is calculated as the number of voting rights (603,949 units) obtained by adding (i) the number of voting rights (585,176 units) of shares (58,517,618 shares) obtained by deducting the 12,963,804 shares of treasury shares owned by the Target from the total number of issued shares (71,481,422 shares) of the Target as of June 30, 2018 set forth in the Summary of Accounts, to (ii) the number of voting rights (18,526 units)

of the number of Target Common Shares (1,852,600 shares) subject to of Share Options (excluding the Tenth Share Compensation-Type Share Option) as of June 30, 2018 and the number of voting rights (247 units) of the number of Target Common Shares (24,700 shares) that are the object of the Tenth Share Compensation-Type Share Option issued pursuant to the resolution of the board of directors of the Target on June 26, 2018.

(Note 4) The "share certificate, etc. ownership ratio before the purchase, etc." and the "share certificate, etc. ownership ratio after the purchase, etc." are rounded off to two decimal places.

II. Contents of Correction in Public Notice of Commencement of Tender Offer dated August 7, 2018

The public notice of commencement of tender offer is corrected as follows. Text subject to correction is underlined.

(Before correction)

2. Contents of the Tender Offer

(7) The Tender Offeror's share certificate, etc. ownership ratio as of the date of public notice, the share certificate, etc. ownership ratio of specially related parties as of the date of public notice, and the total of those ratios

Tender Offeror -% Specially related parties 51.71% Total 51.71%

(Note)

"Share certificate, etc. ownership ratio of specially related parties" is calculated based on the total number of voting rights of share certificates, etc. owned by each specially related party (however, excluding specially related parties that are parties excluded from specially related parties pursuant to Article 3(2)(i) of the Cabinet Office Order on Disclosure Required for Tender Offer for Share Certificates, etc. by Person Other Than Issuer (Ministry of Finance Order No. 38 of 1990; as amended; the "Cabinet Order") in the calculation of the share certificate, etc. ownership ratio under the subparagraphs of Article 27-2(1) of the Act). If it is necessary to correct this Public Notice upon confirming the Target's share certificates, etc. owned by specially related parties after conducting this Public Notice, the Company will make a correction.

(After correction)

2. Contents of the Tender Offer

(7) The Tender Offeror's share certificate, etc. ownership ratio as of the date of public notice, the share certificate, etc. ownership ratio of specially related parties as of the date of public notice, and the total of those ratios

Tender Offeror -% Specially related parties 52.06% Total 52.06%

(Note)

"Share certificate, etc. ownership ratio of specially related parties" is calculated based on the total number of voting rights of share certificates, etc. owned by each specially related party (however, excluding specially related parties that are parties excluded from specially related parties pursuant to Article 3(2)(i) of the Cabinet Office Order on Disclosure Required for Tender Offer for Share Certificates, etc. by Person Other Than Issuer (Ministry of Finance Order No. 38 of 1990; as amended; the "Cabinet Order") in the calculation of the share certificate, etc. ownership ratio under the subparagraphs of Article 27-2(1) of the Act).

End

[Solicitation Regulations]

This press release is a news statement to publicly announce the Tender Offer, and it was not prepared for the purpose of soliciting sales. When offering sales, shareholders should decide for themselves to make offers after being sure to view the tender offer explanation regarding the Tender Offer. This press release does not constitute, or constitute in part, an offer or solicitation for the sale of securities or a solicitation for offers to purchase securities, and the fact of this press release (or part thereof) or its distribution is neither grounds for any agreement pertaining to the Tender Offer, nor can they be relied on at the time of the execution of an agreement.

[Future Outlook]

This press release includes forward-looking statements. Actual results might be materially different from the express or implied predictions, etc. presented as forward-looking statements, due to known or unknown risks, uncertainties, or any other factors. Neither the Company nor the Target assures that such express or implied predictions, etc. presented as forward-looking statements will ultimately be correct. The forward-looking statements contained in this press release have been prepared based on the information possessed by the Tender Offeror as of the date hereof, and, unless otherwise required under applicable laws and regulations, neither the Company nor the Target assumes any obligation to update or revise such statements to reflect any future events or circumstances.

[US Regulations]

Although the Tender Offer will be conducted in compliance with the procedures and information disclosure standards prescribed in the Financial Instruments and Exchange Act of Japan, these procedures and information disclosure standards may differ from the procedures and information disclosure standards in the United States. In particular, Sections 13 (e) and 14 (d) of the U.S. Securities Exchange Act of 1934 (as amended) and the rules prescribed thereunder do not apply to the Tender Offer, and the Tender Offer does not conform to those procedures and standards. In addition, all procedures related to the Tender Offer will be conducted in the Japanese language, unless expressly stated otherwise. Although all or some of the documents related to the Tender Offer will be prepared in English, if there is any discrepancy between any such English-language document and a Japanese-language document, the Japanese-language document will take priority.

[Other Countries]

The announcement, issuance, or distribution of this press release may be restricted by law depending on the country or region. Please bear in mind and comply with those restrictions in that case. This press release is deemed to be simply the distribution of materials as information, and it has not made a solicitation for offers to purchase, etc. or offers to sell, etc. share certificates regarding the Tender Offer.