On March 3, 2017, AVX Corporation was notified of Mr. Tetsuo Kubas intent to retire and resign as a member of the board of directors of the company, effective as of the company's next annual meeting of shareholders, which is scheduled to be held in August 2017. Also on March 3, 2017, the company was notified that Mr. Tatsumi Maeda would retire from the Board and not stand for re-election at the 2017 Annual Meeting. The Company's Board of Directors will nominate Mr. Hideo Tanimoto and Mr. Hiroshi Fure to fill the vacancies created by Mr. Kubas resignation and Mr. Maedas decision not to stand for re-election. Mr. Tanimoto will be nominated to serve as a Class I director, with a term expiring at the 2019 annual meeting of shareholders, and Mr. Fure will be nominated to serve as a Class III director, with a term expiring at the 2020 annual meeting of shareholders.