Q2 FY2017 Results

December 7, 2017

© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Company Profile

President and CEO, Takashi Mikogami© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

１．Message from the President
Meeting customer needs by leveraging of
the know-how and high technology
we have cultivated.
October 1, 2017, marked the launch of Mitsubishi Logisnext Co., Ltd., formed
through the business integration of Mitsubishi Nichiyu Forklift Co., Ltd., andUniCarriers Corporation. Through this integration, we expect to generatesynergies by combining the strengths of our individual companies, meetingcustomer needs through the provision of advanced distribution solutions. Goingforward, all employees throughout the Group will step up their efforts to meetstakeholders’ expectations. I ask for your continued support.
Takashi Mikogami
President and CEO© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

3

２．Company Profile
Company Name

Mitsubishi Logisnext Co., Ltd.

Head Office

1-1, 2-Chome, Higashikotari, Nagaokakyo-shi, Kyoto
617-8585 Japan

Established

August 1937

President and CEO Takashi Mikogami
Paid-in Capital

4,890 million yen (as of October 1, 2017)

Business Lines

Development, designing, production and sales of logistics systemproducts etc. such as battery forklifts, engine forklifts, robots fortransportation, automated warehouses, warehouse management
systems, construction machinery, engines for industrial equipment,
transmissions, etc.

Operation Centers【Japan】Kyoto, Shiga, Kanagawa and others【Overseas】United States, Europe, China, Asia and others

Number of
Employees
Production Capacity
per YearApprox. 11,000 persons
Approx. 115,000 units© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

4

３．History
Mitsubishi Nichiyu Forklift Co., Ltd have performed the integration of business with
UniCarriers Corporation and changed its name to Mitsubishi Logisnext Co., Ltd.
1937
Nippon Yusoki Co., Ltd.
The first reach truck developed in Japan（1958）

2013
Established Mitsubishi Nichiyu Forklift Co., Ltd.

1970
Mitsubishi Heavy Industries Ltd.
Forklift production commenced

Aim to become
the world’s top-classlogistics equipment
manufacturer

1930

1940

1950

1960

1970

1980

1990

2000

2010

2017

2011 Established UniCarriers Corporation
1957
The first Nissan Forklift rolls off
the assembly line at
Nissan Motor's Totsuka Plant.

1949
Founding of Toyo Carriers Manufacturing Co., Ltd.
Production of the first Japan-made forklift.
© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

2010
Founding of Nissan Forklift Co., Ltd., succeeding
Nissan Motor's industrial machinery business.
1999
Company renamed TCM Corporation

5

４．Corporate Logo
【Corporate Logo】“LOGISNEXT” is a newly created word which represents“Logistical Equipment & System Solutions Next.”
This encapsulates our strong commitment to providing customers with
optimal solutions utilizing both logistics devices and systems,
and to contributing to a brighter future.
Blue Gray was adopted as the logo color to convey
innovation, progress, sharpness and speed.

© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

6５．Japan Domestic Network
Production Bases: 5 Distributor Subsidiaries: 11②8 bases
Shiga Plant

Headquarters
Kyoto Plant

KonosuPlant（GlobalComponent
Technology）③15 bases【Mitsubishi Logisnext】
Headquarters（Kyoto）
Office（Tokyo, Kanagawa）【11 Direct Distributors】①Logisnext UniCarriers②Logisnext Hokkaido③Logisnext Tohoku④Logisnext Tokyo⑤Logisnext Shinetsu⑥Logisnext Shizuoka⑦Logisnext Chubu⑧Logisnext Kinki⑨Logisnext Chugoku⑩Logisnext Shikoku⑪Logisnext Kyushu⑤7 basesOnomichi Plant（UniCarriers Handling
Systems）⑨18 bases⑩7 bases⑪19 bases④39 bases⑦21 bases⑥5 bases①6 branch offices 137 bases nationwide⑧18 bases

Shin-Kawasaki
OfficeMitsubishi Logisnext Office & Plant
Sales Subsidiary Head Office

Azuchi Plant© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

7

６．Overseas Network

Mitsubishi
Caterpillar Forklift
Europe B.V.

Mitsubishi Heavy
Industries
Forklift Dalian Co., Ltd.

UniCarriers
Europe A.B

UniCarriers Americas
Corporation (USA)

Nichiyu Forklift (Shanghai) Co., Ltd.
Rapidparts Inc.

MF (Shanghai) Co., Ltd.

UniCarriers
Manufacturing
Spain S.A

Anhui Hecha
Forklift Co., Ltd.

UniCarriers China
Corporation

Shanghai Nichiyu
Forklift
ManufacturingCo., Ltd.

Mitsubishi
Caterpillar Forklift
America Inc.

Mitsubishi Logisnext
Asia Pacific Pte. Ltd.

Production Base
Mainly Sales Base© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

Nichiyu Forklift
Thailand Co., Ltd.

8

Q2 FY2017 Financial Results

President and CEO, Takashi Mikogami© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

１．Business environment

Economic
Trends Despite uncertainty in the economy of mature countries,
a gradual recovery trend continues due to an increase in capital
investment and improvement of the employment situation mainly
in Japan and the United States.
 Regarding the emerging countries, the Chinese economy
continues to grow steadily and the economies of Southeast
Asian nations are strong due to strong domestic demand andexports.

 Number of forklifts in global market in FY2017 (April - September)increased by 15.3% compared to the previous fiscal year.

Forklift Market
Trend The increase in demand in emerging nations particularly stands out.
(China: +40.2%, Asia (including Australia): +14.7%
compared to the same period last year )© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

10

２．Financial Highlights
Unit: Hundred million JPY

Profit and Loss
Statement
Sales
Operating profit

FY2016 1H―

Amortization of
goodwill―

Operating profit（Operating profit margin）

Ordinary profit（Ordinary profit margin）

Net income（Net income margin）

Balance Sheet

47.5（4.5％）―

7.6―（2.5％）（0.7％）FYE 31 March 2016

（Comparison with virtual
consolidation）

1,855

2,056

＋200.8＋10.8％

69.0

80.1

＋11.1

＋16.1％――（3.7％）（3.9％）

▲56.0

▲52.1

13.0

28.1

（0.7％）

25.8

YOY change

FY2017 1H（Virtual consolidation※）

1,049（Before amortization of goodwill）（Operating profit margin）

FY2016 1H+15.1（1.4％）

26.9

―

―

4.4

―

―

（1.3％）（0.2％）FY2017 1H＋116.0％Change compared to the previous term

Total assets

3,669

3,743

＋74

＋2.0％

Total liabilities

3,069

3,109

＋40

＋1.3％

600

634

＋34

＋5.7％

Net assets※ Virtual consolidation: Estimated numbers when FY2016 1H result of Mitsubishi Nichiyu and UniCarriers were to be consolidated.

FY2016 1H actual FX rates: USD = JPY105.29 EUR = JPY118.15 CNY = JPY18.85
FY2017 1H actual FX rates: USD = JPY111.06 EUR = JPY126.29 CNY = JPY16.42© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

11

３．Business results by segment
Sales： In Japan, electric forklift sales growth. In overseas, sales increase due to demand expansion.
Sales by region

国内事業
海外事業
Domestic Business

Unit: Hundred million JPY

2,500

Overseas Business

2,000
1,500

1,231

1,000

832

500

399

0

1,049

1,855
1,057

China
& Asia2,056

386

・Demand expansion indomestic battery-powered
forklifts
・Positive impact fromyen depreciation
・Sales increase in KD andrepair parts due tostrong sales overseas.

8%
1,200 +143

663
799

Domestic

856+57

Europe
17%

Japan
42%

Americas

Overseas

33%

・Sales increase bymarket growth

FY2017FY2015FY2016 1H
FY2016
2015年9月期 2016年9月期 2016年9月期 2017年9月期
1H
1H
consolidation)
1H (Virtual 仮想連結

Operating profit：In Japan, profit increased due to electric forklift sales growth and positive depreciation of yen.
In overseas, profit decreased due to temporary factors.
（in hundred million yen）

100.0
80.0

国内事業

※ FY2016 1H (adjusted consolidation) &FY2017 1H are actual values before
goodwill amortization.
Domestic Business

60.0

47.5

40.0

0.0

43.9

46.3

3.1

1.2

Operating profit by segment

Domestic

80.1
69.0

Overseas Business

47.0
20.0

海外事業

44.1 ▲6.4
50.5

18.5

36.0

55.1%
+17.5

FY2017FY2015FY2016 1H
FY2016
2015年9月期 2016年9月期 2016年9月期 2017年9月期
1H
1H(Virtual consolidation)
1H
仮想連結© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

Overseas
Business

Domestic
Business

44.9%

・Demand expansion of
the battery-powered
forklift market
・Profit improvement by
yen depreciation

Overseas・Impact of hurricanes in US
・Allowance for doubtful
accounts has been posted
at UC China

12

４．Inc./ Dec. factors of consolidated sales（FY2016 1H vs FY2017 1H）

Revenue increased due to the positive impact from yen depreciation andincreased sales in Japan and the US（Unit: Hundred million JPY）

EuropeChina & Asia

USA

10

4

2,056

Domestic

56
FX
impact51

Increased by 20.1 billion yen
1,855

80

FY2016 1H(Virtual consolidation)© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

FY2017 1H

13

５．Inc./ Dec. factors of consolidated
operating profit（Before amortization of goodwill）
Operating income increased due to sales expansion and cost reduction despite
the impact of material cost increase and allowance for doubtful accounts in China
Gross profit
increasedue tosales increase
/MIX

Cost
reduction

14.4
FX
impact

14.6

69.0
UC
21.5

MN
47.5

11.8

Soaring
material
cost

▲11.8

Expenseincreasedue tosales
increase▲2.7

Reclassification of lease income into
non-operating profit by applying IFRS(Europe) ▲2.6
Changes in depreciation method
associated with UC integration (decliningbalance method → straight-line
method)） ▲2.2

One-time（Unit: Hundred million JPY）
charge※1 UC：UniCarriers
Total ▲14.1※2 MN：Mitsubishi Nichiyu
Forklift
Loss
Accounting treatmentofchangeChina Business
Consolidation
adjustment
▲4.8
80.1
and others

▲9.3

▲1.1

UC
26.6

UC※1 Operation increased by 0.51 billion yen
MN＋UC Operation increased by 1.11 billion yen
MN
53.5

MN※2 Operation increased by 0.6 billion yen
FY2016 1H(Virtualconsolidation)© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

FY2017 1H
14

６．Inc./ Dec. factors of consolidated
operating profit（After amortization of goodwill）
FX
impactGross profit
Soaring
Costmaterialincrease
reduction
cost
due tosales increase
/MIX

▲9.7

Expense
Consolidation
increase Accounting adjustmentchangeand others

▲5.1

9.4

5.7

47.5

11.5

（Unit: Hundred million JPY）

▲2.2

Due toconsolidation
of UC

▲3.5

53.5

26.6

MN Operation increased by 0.6 billion yen

Goodwill
amortization
of UC

▲52.1

FY2016 1H

FY2017 1H

28.1

FY2017 1H(Before consolidationof UC)

Inc./ Dec. factors of operating profit of UC (FY2016 1H vs FY2017 1H)

FX
impact21.5

6.1

Gross profit
increasedue tosales increase
/MIX

Cost
reduction

2.9

Soaring
material
cost

▲2.1

Expensedecrease

2.4

Change inaccounting
standard

▲2.6

Loss
Consolidation
treatment
adjustmentofand others
China Business
2.5

▲9.3

5.2

26.6

UC Operation increased by 0.51 billion yen
FY2016 1H© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

FY2017 1H
15

７．Consolidated Balance Sheet
Total assets increased due to yen depreciation and inventories increased（Unit: Hundred million JPY）
due to higher sales
FYE 31 March
3,743

3,669

1,862

AssetsAssetsincreased by
7.4 billion yen（Tangible fixed
assets）（Intangible fixed
assets）（Investments andother assets）

Fixed assets in
total

Total assets

1,887

1,881

FYE 31March 20172017年3月期

FY2017 1H
2017年9月期

3,669

3,743

600

Liabilities
increased by
4.0 billion yen
Net assets
increased by
3.4 billion yen

FY ended
March, 20172017年3月期

3,109

Item

FY2017 1H
2017年9月期© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

1,782

1,862

+80

910

920

+10

860

840

▲20

117

121

+4

1,887

1,881

▲6

3,669

3,743

+74

FYE 31 March2017

FY2017 1H

Change

1,516

1,555

+39

1,553

1,554

+1

Total liabilities

3,069

3,109

+40

Total net assets

600

634

+34

3,669

3,743

+74

Total liabilities
and net assets

634

ChangeCurrent assets
Despite decrease in accounts receivable,
inventories increased due to higher sales in Japan and US
Fixed assets
Although tangible fixed assets increased,
intangible assets decreased due to amortization of goodwill.

Current
liabilities
Fixed liabilities

3,069

FY2017 1H

2017

Current assets

1,782

Liabilities/ Net assets

Item

Current liabilities
Accounts payable and short-term loans increased.
Borrowing increased by 2.8 billion yen
due to the sharp rise in the euro,
but substantially, decreased by 800 million yen.

16

８．Consolidated Cash Flow Statement
Free cash flow (FCF) was 3.24 billion yen, continued to secure profit（Unit: Hundred million JPY）
from previous term
Beginning balance of
cash equivalentEnding balance of
cash equivalent

194.2

210.2
Increase/ decrease in
cash equivalent+16.0

Cash used ininvesting activities

Cash generated byoperating activities▲74.7(▲63.0 in FY2016 1H)

Cash used infinancing activities+107.1▲23.8(+127.0 in FY2016 1H)(▲54.7 in FY2016 1H)

FCF +32.4( +64.0 in FY2016 1H )The main factor that FCF turned worse compared with the same period of the previous year was thedecrease of the operating capital(▲4.52 billion) by the increase of inventory assets.
The increase of inventory assets is due to the impact of hurricane in US and the stock for large orders.
These factors will be resolved by the end of the fiscal year, and stock will decrease to the same level as the previous year.
© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

17

９．Financial Forecast for FY2017
Taking into consideration the temporary and seasonal factors,
operating results for this fiscal year are in line with expectations.
（Unit: Hundred million JPY）

Item
Units sold
Sales
Operating profit

FY2017 1H（Results）

FY ending March,2018（Forecast）

54,000 units

115,000 units

2,056

4,100

(Before amortization of goodwill)(Operating profit margin)

80

190

（3.9％）（4.6％）

Amoritization of goodwill

▲ 52

▲ 100

28

90

（1.4％）（2.2％）

2780（1.3％）（2.0％）

435（0.2％）（0.9％）―

11 yenOperating profit(After amortization of goodwill)(Operating profit margin)

Ordinary profit(Ordinary profit margin)

Net income(Net income margin)

Dividend per share（Appendix）FY2016 1H units sold：50,500 unitsFYE 31 March 2018 FX rates forecast: USD = JPY105 EUR = JPY120 CNY = JPY16© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

18

Appendix (Main management indicators)
FY ended March, 2017

Indicator

Return-on-assets (ROA)
Return-on-equity (ROE)
Operating profit margin
Net income margin
Total asset turnover
Recievables turnover
Inventory turnover
Capital adequacy ratio
D/E ratio
Earnings per share
Price earnings ratio(PER)
Price book value ratio(PBR)（Beforeamortizationof goodwill）

FormulaNet income
Total assets
Net income
Shareholders' equity
Operaing profit
Sales
Net income
Sales
Sales
Total assets
Sales
Accounts recievable
Cost of sales
Inventories
Shareholders' equity
Total assets
Interest-bearing debt
Shareholders' equity
Net income
Shares outstanding
Share value
Earnings per share
Share value
Book value per share

FY2017 1H（Beforeamortizationof goodwill）

Comments

1.3%（2.2％）

0.2%

6.3%（10.7％）

1.5%

Net income declined due to the amortization of
goodwill associated with the acquisition of UC and（17.3％） the loss on disposition of Chinese subsidiary.

3.9%（4.8％）

1.4%（3.9％）

1.3%（2.2％）

0.2%（2.5％）

1.0 time

1.1 times

4.8 times

6.0 times

4.5 times

5.4 times

15.8%

16.4%

3.2 times

3.1 times

34.2 yen

8.3 yen（2.8％）Net income declined due to the amortization of
goodwill associated with the acquisition of UC andthe loss on disposition of Chinese subsidiary.

20.9 times (12.6 times) 96.6 times (15.6 times) Stock prices
1.3 times© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

1.4 times

End of FY2016 : JPY714
End of FY2017-1H: JPY804

19

Appendix（Transition of stock prices）
Closing price on
5 December

（yen）
1000

Nikkei Average
Logisnext share value

900

October 2017
Establishment of“Mitsubishi Logisnext Co., Ltd”

JPY926(JPY)
40,00035,000800
30,000700
25,000

600

500

400

20,000November 2012
Announced the businessintegration with Mitsubishi
Heavy Industries Ltd.

15,000

300

200

100

April 2013
Establishment of“Mitsubishi Nichiyu
Forklift Co., Ltd”

July 2015
Announced theacquisition ofshares of
UniCarriers
Corporation

10,000

May 2017
Determined the
management
integration
policy

0

5,000

0

Jan
2008 JanJan
2012 Jan2017
2013 Jan2009 Jan
2010
Jan
2011
2014 Jan2015 Jan2016 Jan2008年1月
2009年1月
2010年1月
2011年1月
2012年1月
2013年1月
2014年1月
2015年1月
2016年1月
2017年1月© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

20

Initiatives for business expansion

Takashi Mikogami
President and CEO© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

１．Building Business Fundamentals
Actions taken prior to business integration
January, 2017

May, 2017

October, 2017
Converted UniCarriers
into a wholly-owned
subsidiaries
Announce the integration strategyof Unicarriers’ business operation(except domestic sales)

Established Mitsubishi Logisnext Co., Ltd“Maximizing
synergies”“Challenging
growth areas”

Established “Logisnext UniCarriers”

Outline of business fundamentals
Consolidate Head Office
Function

Unification of human resourcesmanagement

 Consolidate head office function in
Kyoto for enhanced support
 Glocal/Multi-brand strategy

 We will focus on “Challenging Spirit”“Fairness, Simplicity, Transparency”“Diversity”

Integration of IT systems

Establishment of the
procurement organization

 Integrated account system and design
system (domestic only) Plan to system integration withoverseas system in the future Consolidation of suppliers Strengthening buying-power

Strengthening of the
R&D organization
 Creation of resources for the growthareas Establish design centers in Japan,
US, and Europe

Organizing our brands
 Plan to the best sales strategies
based on a multi-brand strategy

Building a company culture that can maximize synergies
and meet the various needs of customers© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

22

２．Business Environment
Environment surrounding our company
Automation andMechanization

Advancement of IT technologies
such as AI, IoT, etc.

Safety and Security

Long-term Operations

Awareness ofEnvironmental Issues

Intensification Increaseof Competition

FutureTechnologies

SolutionsRemoteOperation
Technology
Centralized
Control© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

Next-Generation
Forklifts
Safety, Security,
ComfortAutomation
Technology（AGV・AGF）

Strengthening ofAlliances23

３-1. Initiatives in the area of automation technologies－Logistics solution－※AGV：Auto Guided Vehicle

Expansion of AGV & AGF demand due to user requests AGF：Auto Guided Forklift
for automation, mechanization, safety and security.

Laser guided AGF with many advantages
is powerful.
Laser guided AGF “Platter Auto”

No need for floor construction
Reduction of construction cost,
shortening of construction period
Flexible layout
Collision avoidance and vehicle arrangement
control using independently developed drive
management software【 Collision avoidance control 】“Laser guided AGF”
This AGF can recognize own
position from the light reflector
which installed in the wall

Stop for prevention of collision
レーザー誘導AGF「Platter Auto」

No.3

No.1
Choose a bypass route

No.2
Emergency stop

After launching the laser-guided AGF "Platter Auto," we will greatly increase AGF inquiries
and orders, fortify our initiatives in growth areas such as automation technologies
to enable providing the best proposal to our customers.
© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

24

３-2. Initiatives in the area of automation technologies－Large scale AGVs－
Magnetic guided AGV for large conveyance vehicle
 On-board Lithium-ion battery 24-hour driverless operation by
non-contact automatic charging
 Conveyance facilitated with charge
coils installed underground

AGV housing charge pad
Housing
Ground charge pad（embedded）

Non-contact charge padcharge section© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

25

３-3. Initiatives in the area of automation technologies－Port cargo handling systems－
Automatic RTG systems that utilize remote control and image processing technology
Participating in the social experiment of a high sophisticated cargohandling system held by the Ministry of Land, Infrastructure
and Transport in order to increase the size of container
ships, decrease labor force and cope with the aging population.

【Outline of social experiment】
 Three year plan from FY2016
 Attempt remote operation in the first year
・Remote operation
・Guided by GPS・Container handling by remote control
 Starting demonstration of automationfrom FY2017

Realizing full automation of every fieldby utilizing technologies such as remotecontrol and image processing.
Providing one stop solutions with hardware
such as cargo handling machines andautomated software.

RemoteControl【Remote control experiment of RTG】

Reach Stacker

Straddle Carrier© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

※RTG: Rubber tire gantry crane

Top Lifter

Forkliftfor empty container

Transfer Crane【Port cargo handling equipment series】 26

４．Initiatives for Safety"Good Viewer" perimeter monitoring system
Driver’s screen shows you the situation of360゜ all around the truckby using four-camera image processing.

Wide-angle camera

Image of monitor screen

Outline of “Good Viewer”【Features】
 Checking the perimeter at a glance.
 Covering blind spots from the driver’s seatwith top view video.
 No blind spots by the original synthesis
technology.
→Realization of seamless images
 Improving display visibility by arranging
single images around the entire perimeter andfront and back.
→Forward motion displays forward image,neutral/reverse motion displays
backward image

ForwardFront camera image

Toggles when switchingof forward and reverse
Backward

The red line portion is thecomposite image area ofhorizontal and rear camera.

Rear camera image

Advancing safety technology, and providing “less accidents”“move reliability” and “higher work efficiency ”.
© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

27

５．Logistic Vehicle Systems
Providing suitable operating solutions through monitoring , dangerous zone checking,conductor analysis, etc.
3G routerCloud

3G lineEngineforklifts
RFID

FX

 CAN data Location information (GPS)
Onboard Accelerationequipment

Our company
Battery
forklifts

Customers
Dashboardfor customers

 Service history
 Failure prediction
 Operational
diagnosis

Business systems

Web FOCUS
Reach
forklifts

Third-party
forklifts© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

28

Mitsubishi Logisnext will always pursue the newest technologies
and provide customers with the most optimal solutions
leveraging logistics equipment and logistics systems.

© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

29

Disclaimer
 This material is prepared for the sole purpose of providing investors with information andnot aimed at solicitation of any buying or selling.
 Forward-looking statements in this material are based on targets or forecasts and we shall notprovide any commitment or guarantees with respect thereto.

 Please bear in mind when you use this material that the future business results of Mitsubishi Logisnex
may be different from our present forecast.
 The statements concerning the business results are based on various data that we believe
to be reliable but we do not guarantee the correctness or completeness of such data.

 This material is provided based on the premise that each investor should use it relying on his or her ow
judgment and responsibility, whatever the purpose of its use may be.
Mitsubishi Logisnext shall not be liable whatsoever in the event of any resulting from its use.

Please direct inquiries regarding this material to the following:
Mr. Saito or Mr. Tsuji
Direct line: +81-75-956-8610
Planning Division
Mitsubishi Logisnext Co., Ltd.
1-1, 2-chome, Higashikotari, Nagaokakyo-shi, Kyoto 617-8585
TEL：075-956-8610
FAX：075-951-4038
URL：www.logisnext.com© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

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© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.