This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between the translated version and the Japanese original, the original version shall prevail. The Company assumes noresponsibility for this translation or for any direct, indirect or any other form of damage arising from the translation.

August 21, 2024
MODEC, INC.
Hirohiko Miyata, President & CEO
CodeContact
TEL

TSE 6269
Ryo Suzuki
Executive Managing Officer+81-3-5290-1200

Notice Regarding Change of Other Affiliated Companies
and the Largest Shareholder (which is also a Principal Shareholder)
MODEC, INC. (“the Company”) hereby announces changes in its affiliated companies and its largest
shareholder (which is also a principal shareholder).
I.

Reason for the changes
On August 20, 2024, the Company received a notification from its shareholder, Mitsui O.S.K. Lines, Ltd.,stating that they had purchased 89,500 shares of the Company’s common stock on the market. As a result,
there had been changes in the Company’s affiliated companies and its largest shareholder (which is also aprincipal shareholder).
Please note that the Company has not been able to confirm the number of shares beneficially owned under
the name of the shareholder concerned regarding this change.

II. Date of change
August 20, 2024
III. Overview of shareholders subject to change
1.

Overview of the shareholder that will become an affiliated company(1) Name

Mitsui O.S.K. Lines, Ltd.

(2) Address

1-1 Toranomon 2-chome, Minato-ku, Tokyo(3) Name and title ofrepresentative

Takeshi Hashimoto, President and Chief Executive Officer(4) Content of businesses

Shipping Industry(5) Paid-in capital(As of March 31, 2024)

66,001 million Japanese Yen(6) Date of establishment

December 28, 1942

(7) Consolidated net assets (asof March 31, 2024)

2,369,682 million Yen(8) Consolidated total assets(as of March 31, 2024)

4,120,552 million Yen(9) Major shareholders and

The Master Trust Bank of Japan, Ltd. (Trust Account)18.64％

Custody Bank of Japan, Ltd. (Trust Account)

4.74％

Sumitomo Mitsui Banking Corporation

2.48％

STATE STREET BANK WEST CLIENT - TREATY

1.92％

ownership ratios (as ofMarch 31, 2024)

505234

STATE STREET BANK AND TRUST COMPANY

1.49％505103
Mitsui Sumitomo Insurance Co., Ltd.

1.37％

The Nomura Trust and Banking Co., Ltd. (Investment

1.21％

Trust Account)
Mizuho Bank, Ltd.

1.16％

SSBTC CLIENT OMNIBUS ACCOUNT

1.11％

Sumitomo Mitsui Trust Bank, Limited

0.96％

Capital

As of June 30, 2024, Mitsui O.S.K. Lines, Ltd. hold 14.87% ofrelationship

the Company's common stock.
One of the Company directors concurrently serves as an

Relationship between thePersonnel

executive officer of Mitsui O.S.K. Lines, Ltd., and therelationship

Company has accepted three secondees from Mitsui O.S.K.

(10) Company and MitsuiLines, Ltd.
Jointly with the Company, Mitsui O.S.K. Lines, Ltd. has madeO.S.K. Lines, Ltd.

equity contributions to the special purpose companies
Business

established by the Company for the purpose of holding,relationshipleasing, operating and chartering FPSO, etc. in the lease,
operation and charter business of FPSO, etc. for oilfielddevelopment promoted by the Company.

2.

Overview of the shareholder that will no longer be the largest shareholder(1) Name

MITSUI & CO., LTD.

(2) Address

2-1, Otemachi 1-chome, Chiyoda-ku, Tokyo(3) Name and title ofKenichi Hori, President and Chief Executive Officer

representative(4) Content of businesses

Utilizing global operating locations, network and information resources,
MITSUI & CO., LTD. multilaterally pursuing business that ranges fromproduct sales, worldwide logistics and financing, through to thedevelopment of major international infrastructure and other projects in thefollowing fields: Mineral & Metal Resources, Energy, Infrastructure
Projects, Mobility, Chemicals, Iron & Steel Products, Food, Retail,Wellness, IT & Communication and Corporate Development Business.

(5) Paid-in capital

343,062 million Japanese Yen(as of March 31, 2024)
IV. Number of voting rights held by the shareholders (number of shares held) and percentage of total voting
rights before and after change
1.

Mitsui O.S.K. Lines, Ltd.

-2-Status

Before change

After change
Notes:

Largest shareholder(which is also a principalshareholder)
Largest shareholder(which is also a principalshareholder) and affiliatedcompany

Number of voting rights(Number of shares held)
101,623(10,162,300 shares)
102,518(10,251,800 shares)% of total
voting rights

Rankingamongshareholders

14.87%

First

15.00%First①The percentage of total shareholder voting rights before change is calculated based on
683,240 of total shareholder voting rights, as of June 30, 2024 less 21,300 shareswith no voting rights from the total number of issued shares. The percentage of total voting
rights is rounded to three decimal places.
②The ranking among shareholders is estimated based on the register of shareholders asof June 30, 2024.

2.

MITSUI & CO., LTD.
Status

Before change

Largest shareholder(which is also a principalshareholder)

After change

Principal shareholder

Notes:Number of voting rights(Number of shares held)
101,623(10,162,300 shares)
101,623(10,162,300 shares)% of total
voting rights

Rankingamongshareholders

14.87%

First

14.87%

Second①The percentage of total shareholder voting rights before change is calculated based on
683,240 of total shareholder voting rights, as of June 30, 2024 less 21,300 shareswith no voting rights from the total number of issued shares. The percentage of total voting
rights is rounded to three decimal places.
②The ranking among shareholders is estimated based on the register of shareholders asof June 30, 2024.

V.

Any changes in the unlisted parent companies subject to disclosure
Not applicable.

VI. Outlook
No particular matters to be reported.

-3-