March 14, 2024
To whom it may concern

Company name: MITSUBA Corporation
Representative: Katsuyoshi Kitada, President and Representative Director
Code No.: 7280（Prime Market of Tokyo Stock Exchange）
Head office address: 2681, 1-chome, Hirosawa-chou, Kiryu-city, Gunma
Contact: Yoshiaki Takei, Corporate Planning Department. General Manager
Tel: 0277-52-0111

Notice Concerning the Transfer of Shares of SubsidiaryWe, MITSUBA Corporation (the "Company") hereby announce that, at the ordinary meeting of the Board ofDirectors held on March 14, 2024, the Board of Directors of the Company resolved to agree to sell all of the sharesof stock of MISTUBA LOGISTICS CO., LTD. ("MISTUBA LOGISTICS ") held by the Company to NIKKONHOLDINGS CO., LTD. ("NIKKON HOLDINGS ") (the "Share Transfer").
Upon execution of the Share Transfer, MISTUBA LOGISTICS will change its name to "NIKKON RYOMO CO.,LTD." as of April 1, 2024 (scheduled) and will be excluded from the scope of consolidation of the Company.

1. Background and reasons for the Share Transfer
Since its establishment in 1967, MISTUBA LOGISTICS has been meeting the domestic logistics demands of our group andother automotive parts suppliers.
On the other hand, in our medium-term management plan announced on May 10, 2023, we have set the policies of "shifting
management resources through selection and concentration" and "thorough structural reform," and as part of the structural reform,
we will outsource domestic logistics operations to NIKKON HOLDINGS, which operates a comprehensive integrated
logistics business including packing, transportation and warehousing mainly for automobile manufacturers, to improvethe capital efficiency of our group and to optimize domestic logistics by utilizing NIKKON HOLDINGS' extensive experienceand network in logistics.

Overview of the subsidiary which will be transferred by the Share Transfer

(1)

Name

MISTUBA LOGISTICS CO., LTD.

(2)

Address

19-161, Yoriai-chou, Ota-city, Gunma(3)

Representative

Representative Director(4)

Business ※1(5)

Date of incorporation(6)

Capital (as of the last
day of December,
2023

Fumimori Fukatsu

Comprehensive logistics services; andManufacturing small electrical equipment, electronic communication devices and parts
thereofSeptember 29, 1967

JPY 70 million
MITSUBA Corporation(7)

Major shareholders andpercentage of shares

100.00%held (as of the last dayof December, 2023)(8)

Relationship between

Capitalthe listed company andrelationshipthis company (as of thePersonnel

last day of December,relationship2023)
Businessrelationship(9)

The Company owns 100% of the outstanding shares ofMISTUBA LOGISTICS.
The Company has dispatched a person as Representative
Director of MISTUBA LOGISTICS and three (3) persons
as Directors of MISTUBA LOGISTICS, and has seconded
thirteen (13) employees to MISTUBA LOGISTICS.
The Company outsource transportation, delivery agency andstorage of products to MISTUBA LOGISTICS.

Operating results and financial position of the company for the most recent three years
Fiscal year

March 2021

March 2022

Net assets

JPY 1,201 million

JPY 1,212 million

JPY 1,269 million

Total assets

JPY 3,799 million

JPY 3,320 million

JPY 3,097 million

Sales revenue

JPY 6,245 million

JPY 6,895 million

JPY 7,263 million

JPY 177 million

JPY 50 million

JPY 83 million

JPY 186 million

JPY 42 million

JPY 106 million

JPY 24 million

JPY 65 million

Operating profit
Ordinary profit
Net income※1

JPY 43 million

March 2023

After the closing of the Share Transfer, manufacturing small electrical equipment, electronic communication devices
and parts thereof currently conducted by MISTUBA LOGISTICS will be reorganized to be conducted by theCompany.

2. Overview of the transferee for the Share Transfer
(1)

Name

NIKKON HOLDINGS CO., LTD.

(2)

Address

6-17, Akashi-chou, Chuo-ku, Tokyo(3)

Representative

Representative Director(4)

Business(5)

Capital (as of the last
day of December,
2023)

Masakatsu Kuroiwa

Comprehensive logistics services

JPY 11,316 million

(6)Date of incorporation

August 27, 1953

(7)

Capitalrelationshipwith our Corp.

There is no capital relationship with our corporation.

(8)

Human relationshipwith our Corp.

There is no human relationship with our corporation.

(9)

Business relationshipwith our Corp.

We have a logistics business transaction with the subsidiary of the transferee.

(10)

Applicability to relatedparties

There are no related parties.

3. Number and status of shares to be transferred before and after transfer(1) Number of shares owned
before transfer(2)

Number of shares to betransferred(3)

Number of shares owned
after transfer

132,500 shares(Number of voting rights: 132,500)(Voting right ownership ratio: 100.0%)
132,500 shares(Number of voting rights: 132,500)(Voting right ownership ratio: 100.0%)
0 shares(Number of voting rights: 0)(Voting right ownership ratio: 0.0%)

4. Schedule
Date of the closing of the Share Transfer is scheduled for April 1, 2024.
5. Purchase Price and method of payment thereof in respect of the Share Transfer
This information will not be disclosed based on the confidentiality agreement between the parties of the Share Transfer.
6. Future outlook
The impact of the Share Transfer on our consolidated financial results for the fiscal year ending March 31, 2024 is expected
to be immaterial.

End