March 30, 2023
Hitachi, Ltd.
Honda Motor Co., Ltd.
JIC Capital, Ltd.
Hitachi Astemo, Ltd.
Notice of Change in Capital Structure of Hitachi Astemo including Capital
Participation of JIC Capital
Hitachi, Ltd. (“Hitachi”), Honda Motor Co., Ltd (“Honda”), JICC-01 Limited Partnership (“JICC01”) managed by JICC-01 G.K., which is a wholly owned subsidiary of JIC Capital, Ltd.
(“JICC”) and Hitachi Astemo, Ltd. (“Hitachi Astemo”) have today agreed capital participationof JICC on Hitachi Astemo and change in its capital structure. Based on this agreement, theownership ratio of voting rights for Hitachi Astemo will be changed from Hitachi : Honda =66.6% : 33.4% to Hitachi : Honda : JICC-01 = 40.0% : 40.0% : 20.0% in September 2023.
For this change in Hitachi Astemo’s capital structure, Hitachi Astemo plans to issue classshares to JICC-01 and purchases a certain number of shares of its common stock held byHitachi, using a portion of the funds raised through the issuance of class shares. In themeantime, Honda plans to purchase a certain number of shares of Hitachi Astemo’s common
stock from Hitachi and also plans to transfer all of its common shares of Hitachi Astemo
Electric Motor Systems, Ltd. (“Hitachi Astemo EMS”) to Hitachi Astemo, and in exchange
Honda will acquire common shares of Hitachi Astemo which will be newly issued. As a resultof the share transfer from Honda, Hitachi Astemo will make Hitachi Astemo EMS a wholly
owned subsidiary to integrate Hitachi EMS strategically and optimize and strengthen further
the strategy for electric powertrain.
■Purpose and Background
After the management integration of Hitachi Automotive Systems, Ltd., Keihin Corporation,Showa Corporation, and Nissin Kogyo Co., Ltd., Hitachi Astemo has established its position
as a global mega supplier which provides competitive mobility solutions in the CASE field bycombining the strengths of each supplier and leveraging the relationships with existing
shareholders Hitachi and Honda.
As the automobile and motorcycle industries are currently facing a revolution, Hitachi Astemo
aims to realize sustainable growth and consolidate its position as a global mega supplier byleveraging its competitive software development technology with accelerating investment inadvanced technologies such as electric powertrains for automobiles, autonomous
driving/advanced driver assistance systems, advanced chassis and next-generation
motorcycles.
For achieving the above purpose, Hitachi Astemo and its shareholders, Hitachi and Honda,
came to the conclusion that, taking IPO into consideration, it would be desirable that Hitachiand Honda, as existing shareholders, support Hitachi Astemo’s growth on an equal position
and invite JICC as a new joint partner to utilize its extensive track record of investment andsupport, including in the automotive industry, as well as its knowledge and information
network based on that experience in order to realize Hitachi Astemo’s sustained growth.
Based on the above, Hitachi, Honda, JICC and Hitachi Astemo determined change in capital
structure of Hitachi Astemo including capital participation of JICC as follows.
■Outline＜Current＞＜After a series of transactions＞

【Contacts】
Hitachi, Ltd.
Yuki Isaka
Corporate Public Relations Department
Global Brand and Communication Division
6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo, 100-8280 Japan
TEL: 03-5208-9324
Honda Motor Co.,Ltd.
Corporate PR Department, Corporate Communications Division
2-1-1, Minami-Aoyama, Minato-ku, Tokyo, 107-8556 Japan
TEL: 03-5412-1512
JIC Capital, Ltd.
Okumura, Nonomiya
Communications GroupTokyo Toranomon Global Square
1-3-1 Toranomon, Minato-ku, Tokyo 105-0001, Japan
TEL: 03-5532-7086
Hitachi Astemo, Ltd.
Tadashi Hisanaga, Hiroki Hashimoto
External Relations Department, Corporate Communications Group
Corporate Strategy & Planning Functional Division
Shin-Otemachi Building 2-2-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004 Japan
TEL: 080-8420-1890