May 10, 2024
To Shareholders
Company name:Name of representative:(Securities code:
Inquiry:(Tel:MITSUBA Corporation
Katsuyoshi Kitada,
Representative Director, President
7280 Prime Market of Tokyo StockExchange)
Koji Ogino, General Manager,
Accounting and Finance Department
0277-52-0113)

Notice of Changes to Uses of Funds
MITSUBA Corporation hereby announces that the following changes were adopted at the meeting of the Board ofDirectors held today regarding the “specific uses of cash to be raised and scheduled spending period,” which waspublished in the “Notice on Issuance of Class Shares through Third-Party Allotment, Partial Amendments to theArticles of Incorporation, Reduction of Share Capital and Capital Reserve, and Appropriation of Surplus” dated July15, 2020.
Details1.

Reasons for the changes
Since the funds were raised, the impact of the COVID-19 pandemic and the semiconductor shortage, etc.
lingered for a long period of time, which led to successive events such as the suspension of production byautomotive and motorcycle factories, which are our main customers, and a decline in production capacity. As aresult, we saw significant delays in our production demand and in the schedule of the launch of new products.
However, as the post COVID-19 situation has changed due to the transition of COVID-19 to a Class 5 infectious
disease in May 2023, etc., production activities by customers are getting back to normal. Under thesecircumstances, we have extended the scheduled spending period for the uses of funds to May 2025.

2.

Details of the changes[Before change]

[1]

[2]

[3]

Specific use
Introduction of new machines and equipment
for launching new products for motorcycle;
introduction of new machines and equipment
for launching products for new motorcycle
customers;
maintenance/renewal/reinforcement
investments to expand sales to existing
motorcycle customers, etc.
Introduction of new machines and equipment
for launching products for new automobile
customers; construction of new production
facilities to improve productivity for fourwheel growth products, investments inmolds, maintenance/renewal investments,etc.
Investments in information systems etc. atfactories

AmountScheduled spending period

5.4 billion yen August 2021 - January 2023

13.8 billion yen November 2020 - January 2024

660 million yen January 2021 - March 2023

[After change]

[1]

[2]

[3]

3.

Specific use
Introduction of new machines and equipment
for launching new products for motorcycle;
introduction of new machines and equipment
for launching products for new motorcycle
customers;
maintenance/renewal/reinforcement
investments to expand sales to existing
motorcycle customers, etc.
Introduction of new machines and equipment
for launching products for new automobile
customers; construction of new production
facilities to improve productivity for fourwheel growth products, investments inmolds, maintenance/renewal investments,etc.
Investments in information systems etc. atfactories

AmountScheduled spending period

5.4 billion yen August 2021 - March 2025

13.8 billion yen November 2020 - May 2025

660 million yen January 2021 - March 2023

Future outlook
These changes are already factored in to our consolidated earnings forecasts for the fiscal year ending March
2025, which were released today, but any matters that may have an impact on future earnings that should be
disclosed will be promptly announced should they occur.