Notices Concerning Our Subsidiaries in the Americas: Renaming of Our First-tier Subsidiary and Merger of Two of Our Second-tier Subsidiaries

February 14, 2023

For Immediate Release To whom it may concern:

Mitsubishi Logisnext Co., Ltd.

Yuichi Mano, President

Code No: 7105 Tokyo Stock Exchange, Standard Market

Contact: Masamichi Oyake

General Manager

General Affairs Division

Tel. +81‐75‐951‐7171

Notices Concerning Our Subsidiaries in the Americas: Renaming of Our First-tier

Subsidiary and Merger of Two of Our Second-tier Subsidiaries

As resolved at the Board of Directors of February 14, 2023, Mitsubishi Logisnext Co., Ltd. ("the Company") hereby announces its intention to rename our first-tier subsidiary Mitsubishi Logisnext Americas, Inc. (Headquartered in Houston, Texas) and to merge the operations of two of our associated second-tier subsidiaries.

This transaction is intended to enhance the efficiency of our businesses in the Americas while further consolidating our operations. As the various costs associated with this reorganization are minor, this step is not expected to affect the consolidated financial results and financial position of the Company.

1. Renaming of our first-tier subsidiary in the Americas and scheduled date of change
   As of April 1, 2023, Mitsubishi Logisnext Americas Inc. (currently abbreviated internally as "MLA") will be renamed Mitsubishi Logisnext Americas Group Inc. ("MLAG").
2. Merger of our second-tier subsidiaries and scheduled date of merger
   On April 1, 2023, Mitsubishi Logisnext Americas (Houston) Inc. ("MLAH") will absorb Mitsubishi Logisnext Americas (Marengo) Inc. ("MLAM"). The new entity will be renamed Mitsubishi Logisnext Americas Inc. ("New MLA"). Production operations will continue under the two-plant system currently being operated by MLAH and MLAM.

[Summary of Changes]

As of February 2023

Mitsubishi Logisnext

			Current MLA
			(Controlling entity)
MLAH		MLAM		EQD
(Manufacturing		(Manufacturing
		(Direct sales entity)
entity)		entity)

As of April 2023

Mitsubishi Logisnext

MLAG

(Controlling entity)

New MLA				EQD
(Manufacturing entity
		(Direct sales entity)
incorporating MLAM)

		As of February 2023
	Abbreviated
	Name (for	Full Name
	internal use)
Controlling	Current	Mitsubishi Logisnext Americas Inc.
entity	MLA
Manufacturing	MLAH	Mitsubishi Logisnext Americas (Houston) Inc.
entity	MLAM	Mitsubishi Logisnext Americas (Marengo) Inc.
Direct sales	EQD	Equipment Depot, Inc.
entity

		As of April 2023
	Abbreviated
	Name (for	Full Name
	internal use)
Controlling	MLAG	Mitsubishi Logisnext Americas Group Inc．
entity
Manufacturing	New MLA	Mitsubishi Logisnext Americas Inc.
entity
Direct sales	EQD	Equipment Depot, Inc. (Unchanged)
entity

1. Rationale for these changes
   In 2018, following the establishment of Mitsubishi Logisnext in 2017, we established the controlling entity in the Americas, currently abbreviated internally as MLA. We consolidated the structure and reporting lines of MLAH and MLAM, our manufacturing entities in the Americas, and integrated their operations. Since introducing that initiative as well as other efforts to reduce fixed costs, we took the additional steps of improving efficiency and reducing the costs, of sales, production, and procurement by facilitating intercompany communication to share the sales and production expertise of both companies; unifying the sales divisions to serve large customers; improving productivity; and integrating product lines.
   MLAH will absorb MLAM through a merger in order to further reduce administrative operations and costs while improving the efficiency of business operations.
   In conjunction with this consolidation effort, we are renaming MLA - the current internal abbreviation for the controlling entity - to MLAG. Through ongoing collaboration with the New MLA and EQD, our direct sales entity, we intend to pursue continued business growth.
2. Outline of the subsidiaries involved in the renaming

		Current MLA (current internal abbreviation)	MLAG (new internal abbreviation)
(1)	Business name	Mitsubishi Logisnext Americas Inc.	Mitsubishi Logisnext Americas Group Inc.
(2)	Address	2121 W. Sam Houston Pkwy. N.	2121 W. Sam Houston Pkwy. N.
		Houston, Texas 77043-2305, U.S.A.	Houston, Texas 77043-2305, U.S.A.
(3)	Representative	Kenneth J. Barina, President	Kenneth J. Barina, President
(4)	Outline of business	• Formulating group management strategies	• Formulating group management strategies
		and financial strategies related to the	and financial strategies related to the
		forklift and other businesses involved in the	forklift and other businesses involved in the
		logistics equipment segment ("target	logistics equipment segment ("target
		industry") in North, Central, and South	industry") in North, Central, and South
		America	America
		• Overseeing businesses and managing	• Managing businesses and affiliated
		affiliated companies involved in the target	companies involved in the target industry
		industry	• Managing and following up on the progress
		• Managing and following up on the progress	of creating synergies related to the target
		of creating synergies related to the target	industry
		industry	• Other operations incidental to the above
		• Other operations incidental to the above
(5)	Capital	US$400 million	US$400 million
(6)	Date established	April 1, 2018	April 1, 2023

5.	Outline of the second-tier subsidiaries involved in the merger and corporate renaming
		MLAH	MLAM	New MLA
		(current internal	(current internal	(internal abbreviation
		abbreviation)	abbreviation)	following the merger)
(1)	Business name	Mitsubishi Logisnext	Mitsubishi Logisnext	Mitsubishi Logisnext
		Americas (Houston) Inc.	Americas (Marengo) Inc.	Americas Inc.
(2)	Address	2121 W. Sam Houston	240 North Prospect Street	2121 W. Sam Houston
		Pkwy. N. Houston, Texas	Marengo, Illinois 60152,	Pkwy. N. Houston, Texas
		77043-2305, U.S.A.	U.S.A.	77043-2305, U.S.A.
(3)	Representative	Kenneth J. Barina, President	Kenneth J. Barina, President	Kenneth J. Barina, President
(4)	Outline of business	Manufacture and sale of	Manufacture and sale of	Manufacture and sale of
		forklift trucks and related	forklift trucks, engines and	forklift trucks, engines and
		parts	related parts	related parts
(5)	Capital	US$3,000	US$0	US$3,000
(6)	Date established	May 14, 1992	February 13, 1987	May 14, 1992