SEINO HOLDINGS CO., LTD.
Mitsubishi Electric Corporation

Mitsubishi Electric Logistics Corporation to Become Seino Subsidiary
TOKYO, Jun 18, 2024 – SEINO HOLDINGS CO., LTD. (TOKYO and NAGOYA: 9076) and Mitsubishi
Electric Corporation (TOKYO: 6503) have today concluded a stock purchase agreement under which Seino
will acquire 66.6 percent of the common shares of Mitsubishi Electric Logistics Corporation currently held by
Mitsubishi Electric, and a shareholder agreement governing arrangements among shareholders regarding thebusiness operations of the logistics company after the transaction.
Subject to regulatory approvals from relevant authorities, the share transfer is expected to be concluded around
October 1 this year and the company will become a subsidiary of Seino, which will hold 66.6 percent of theshares, and an equity-method affiliate of Mitsubishi Electric, which will hold the remaining 33.4 percent.
The importance of building a sustainable logistics supply chain is growing in Japan, where labor shortages are
weakening long-distance transportation capabilities, and emergencies such as pandemics and disasters havebeen shown to disrupt supply chains. Other pressures include the increasing diversity of goods being shipped
and the growing complexity of transportation due to the globalization of production bases and sales channels.
Under such circumstances, Seino has been promoting initiatives to streamline its entire logistics operations,such as through the establishment of new domestic bases and the expansion of logistics functions in various
areas, under its strategy focusing on transitioning from a “LTL trucking company” to a “logistics company”.
In Seino’s “Medium to Long-term Management Direction - Desired State and Roadmap 2028” formulated inJune 2023, Seino has positioned its Electronics Solutions Division, Automotive Battery Logistics Division,and Healthcare Solutions Division as the “three focus areas” in its logistics operations, supporting theoptimization of global companies’ supply chains by enhancing industry-specific solutions through improved
compatibility with Seino’s overseas networks.
Mitsubishi Electric, together with its subsidiary Mitsubishi Electric Logistics, has been working to optimize
the supply chain of the entire Mitsubishi Electric Group by addressing common business issues, such as thedriver shortage in Japan’s logistics industry (“2024 problem”) and consolidating international transport tenders.
Mitsubishi Electric Logistics has leveraged its understanding of Mitsubishi Electric’s businesses, products andrelated handling issues to increase the efficiency and overall strength of the group’s logistics operations.
This transaction will enable Seino to strengthen its logistics capabilities for electronics and help streamline
customer supply chains through Mitsubishi Electric Logistics’ expertise in the transportation of large
equipment and facilities, semiconductors and precision machinery as well as the new subsidiary’s existing
logistics centers and other assets, significantly strengthening Seino’s transformation into a logistics company.
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Additionally, Mitsubishi Electric Logistics aims to leverage Seino’s domestic and overseas transportation
infrastructure, networks, information systems and digital platforms to help Mitsubishi Electric further
streamline its logistics operations, from procurement to sales, as well as establish a more stable supply networkand provide better products and services to its customers.
Moreover, Mitsubishi Electric Logistics intends to leverage Seino’s domestic and international customer basefor increased corporate value by expanding its service offerings beyond the Mitsubishi Electric Group.

Media Inquiries
SEINO HOLDINGS CO., LTD.
Branding & Public Relations Strategy Office, Public Relations Division
kouhou@seino.co.jp
Mitsubishi Electric Corporation
Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp

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Appendix

Overview of transaction

I. Subsidiary to be transferred (as of March 31, 2024)(i)
Name
Mitsubishi Electric Logistics Corporation(ii)
Head Office
4-10-1 Nakano, Nakano-ku, Tokyo, Japan(iii)
President and CEO
Juichi Shikata
Logistics, transportation and delivery, relocation/moving for factories,
offices, etc., warehousing, logistics office operations (delivery centers, etc.),(iv)Businessinternational logistics, logistics consulting, and other incidental business
related to logistics(v)
Paid-in Capital
1,735 million yen(vi)
Establishment
July 1, 1958
Mitsubishi Electric Corporation
97.91%
Miyoshi Electronics Corporation
0.45%
RYODEN Corporation
0.23%
Mitsubishi Electric System & Service Co., Ltd
0.23%
Mitsubishi Electric Building Solutions Corporation
0.23%
Mitsubishi Electric Life Service Corporation
0.23%
Major Shareholders
iPLANET Inc.
0.14%
(vii)
and Shareholding
Mitsubishi Electric Home Appliance Co., Ltd
0.14%
Ratio
Kanaden Corporation
0.09%
TOKAN Co., Ltd.
0.09%
The Kodensha Co.,Ltd.
0.09%
Mitsubishi Electric Public Utility Equipment Corporation
0.09%
Mitsubishi Precision Co., Ltd
0.09%
CapitalNot applicableNot applicable
Relationship between Personnel(viii)
Seino and Mitsubishi
Seino and its subsidiaries have a business relationship withElectric Logistics
Business
Mitsubishi Electric Logistics and its subsidiaries, including
the provision of logistics services.
Mitsubishi Electric holds 21,540,000 shares (common stock)
Capitalof Mitsubishi Electric Logistics, making it a consolidated
subsidiary.
Relationship between
Mitsubishi Electric
13 of the 20 directors and all 4 auditors of Mitsubishi Electric(ix)
Personaland Mitsubishi
Logistics are from Mitsubishi Electric or its subsidiaries.
Electric Logistics
There is a business relationship between Mitsubishi ElectricBusinessand Mitsubishi Electric Logistics, including the entrustment
and provision of logistics services.
(x)
Business performance and financial condition over past three years.
FY2022
FY2023
FY2024
Fiscal Year(ended March 2022)(ended March 2023)(ended March 2024)
49,043 million yen
50,111 million yen
51,482 million yen
Total Equity(56,034 million yen)
(57,771 million yen)
(58,055 million yen)
68,385 million yen
69,405 million yen
68,066 million yen
Total Assets(81,799 million yen)
(83,907 million yen)
(81,840 million yen)
Equity per Share
2,229 yen
2,277 yen
2,340 yen
113,268 million yen
136,624 million yen
106,282 million yen
Revenue(143,451 million yen) (169,843 million yen) (135,383 million yen)
6,216 million yen
5,553 million yen
3,075 million yen
Operating Profit(7,044 million yen)
(6,670 million yen)
(3,984 million yen)
6,783 million yen
6,135 million yen
4,607 million yen
Ordinary Profit(7,939 million yen)
(7,291 million yen)
(5,576 million yen)
Net Profit Attributable to4,765 million yen
4,264 million yen
3,386 million yen
Shareholders(5,700 million yen)
(4,997 million yen)
(2,786 million yen)
Basic Earnings per Share
216 yen
193 yen
153 yenDividend per Share
104 yen
143 yen
87 yen(Note 1)As Mitsubishi Electric Logistics does not report consolidated financial results, the figures shown above are nonconsolidated, and a simple sum of the financial results of the company and its subsidiaries is shown inparentheses. Please note the financial year of the subsidiaries end in either January, March, or December, and thefigures from each subsidiary’s latest financial year are used in the figures above.

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II. Overview of relevant parties(1) SEINO HOLDINGS CO., LTD. (as of March 31, 2024)(i)
Name
SEINO HOLDINGS CO., LTD.
(ii)
Head Office
1 Taguchi-cho, Ogak, Gifu, Japan(iii)
President and CEO
Yoshitaka Taguchi
Freight truck transportation, freight utilization transportation,(iv)
Businesswarehousing, air transport agency, customs clearance, international
multimodal transportation, etc.
(v)
Paid-in Capital
42,481 million yen(vi)
Establishment
November 1, 1946
(vii)
Total Equity
435,577 million yen(viii)
Total Assets
689,525 million yen
Taguchi Fukujukai Foundation
15.05%The Master Trust Bank of Japan, Ltd.
10.15%
Custody Bank of Japan, Ltd.
9.56%
The Juroku Bank, Ltd.
3.79%
Aioi Nissay Dowa Insurance Co., Ltd.
3.08%
Major Shareholders and(ix)Hino Motors, Ltd.
2.52%
Shareholding Ratio
Ogaki Kyoritsu Bank
2.34%
Adonis Co., Ltd.
1.98%
Tokio Marine & Nichido Fire Insurance Co., Ltd.
1.75%
GIKEN Co., Ltd.
1.73%
CapitalNot applicable
Personal
Not applicable
Seino and its subsidiaries have a business relationship
Relationship between
Business
with Mitsubishi Electric and its subsidiaries, including(x)
Seino and Mitsubishi
the provision of logistics services.
ElectricApplicability
to related
Not applicableparties(2) Mitsubishi Electric Corporation (as of March 31, 2024)(i)
Name
Mitsubishi Electric Corporation(ii)
Head Office
2-7-3 Marunouchi, Chiyoda-ku, Tokyo
Representative(iii)
Executive Officer,Kei Uruma
President & CEO
Development, manufacturing, sales, and service of products in areas such(iv)
Business
as Infrastructure, Industry and Mobility, Life and Business Platform, etc.
(v)
Paid-in Capital
175,820 million yen(vi)
Establishment
January 15, 1921
(vii)
Total Equity
3,866,418 million yen(viii)
Total Assets
6,167,340 million yen
The Master Trust Bank of Japan, Ltd. (Trust Account)
16.15%SSBTC CLIENT OMNIBUS ACCOUNT
5.30%
Custody Bank of Japan, Ltd. (Trust Account)
5.19%
Meiji Yasuda Life Insurance Company
3.91%
2.49%
Major Shareholders and STATE STREET BANK AND TRUST COMPANY 505223(ix)
JP MORGAN CHASE BANK 380055
2.34%
Shareholding Ratio
Mitsubishi Electric Group Employees Shareholding Union
2.15%
JP MORGAN CHASE BANK 385632
2.03%
STATE STREET BANK WEST CLIENT - TREATY 505234
1.85%
Nippon Life Insurance Company
1.73%
CapitalNot applicable
Personal
Not applicable
Relationship between(x)
Mitsubishi Electric andMitsubishi Electric and its subsidiaries have a businessSeinoBusiness
relationship with Seino and its subsidiaries, including theentrustment of logistics services.
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Applicability
to relatedparties

Not applicable

III. Shares to be acquired by Seino and the status of owned shares before/after the transaction0
Number of shares(i)(Number of voting rights: 0)
owned before change(Percentage of voting rights owned: 0.0%)
Number of shares to be 14,652,000(ii)
acquired(Number of voting rights: 14,652)(iii)
Acquisition price57,276 million yen
14,652,000
Number of shares to be(iv)(Number of voting rights: 14,652)
owned after change(Percentage of voting rights to be owned: 66.6%)(Note 2)
(Note 3)

The final acquisition price is expected to be the amount adjusted for value as stipulated in the share transferagreement.
Mitsubishi Electric plans to acquire the shares of Mitsubishi Electric Logistics currently held by shareholders otherthan Mitsubishi Electric by the date of the share transfer execution. After the execution of the share transfer, theonly shareholders of Mitsubishi Electric Logistics are expected to be Seino and Mitsubishi Electric.

IV. Shares to be transferred from Mitsubishi Electric and the status of owned shares before/after the transaction
22,000,000
Number of shares(i)(Number of voting rights: 22,000)
owned before change(Percentage of voting rights owned: 100.0%)
Number of shares to be 14,652,000(ii)transferred(Number of voting rights: 14,652)
(iii)
Price
57,276 million yen
7,348,000
Number of shares to be(iv)(Number of voting rights: 7,348)
owned after change(Percentage of voting rights to be owned: 33.4%)(Note 4)(Note 5)V.

The final price is expected to be the amount adjusted for value as stipulated in the share transfer agreement.
Mitsubishi Electric plans to acquire the shares of Mitsubishi Electric Logistics currently held by shareholders otherthan Mitsubishi Electric by the date of the share transfer execution. After the execution of the share transfer, theonly shareholders of Mitsubishi Electric Logistics are expected to be Seino and Mitsubishi Electric.

Timeline(1)
Decided by Seino/ Mitsubishi Electric(2)Final contract conclusion(3)
Share transfer

June 18, 2024
June 18, 2024
October 1, 2024 (planned)

VI. Outlook
As a result of the transaction, Mitsubishi Electric Logistics will become a subsidiary of Seino, and an equitymethod affiliate of Mitsubishi Electric.
The impact of the transaction on the consolidated financial results of Seino is currently being reviewed, andhas not been included in its financial forecast for the fiscal year ending March 2025, announced on May 14,2024. If Seino finds it necessary to revise its financial forecast or identifies anything noticeable, it shall beannounced immediately as necessary. The profit-and-loss results will be incorporated into Seino’s consolidated
results starting from the third quarter of the current fiscal year ending March 2025.
The impact of the transaction on Mitsubishi Electric’s consolidated financial results has been included in its
financial forecast for the fiscal year ending March 2025, which was announced on April 26, 2024. In case thecompany identifies anything noticeable, updates shall be announced immediately as necessary.

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