Kintetsu World Express : Notice Regarding Transfer of Shares of the Affiliated Company

Kintetsu World Express, Inc. (KWE) hereby announces that, the Board of Directors at a meeting held today, November 9, 2022, approved to transfer all shares held by us in Gati-Kintetsu Express Private Limited (GKE) in India to one of our joint venture partner, Allcargo Logistics Limited (AGL) in India.

1.Reasons for the transfer of shares
Through the joint venture, we aimed to expand our services and customer base for core forwarding business. However, after careful consideration of future market trends and business environment, and after repeated discussions with the joint venture partners, we have now decided to sell all shares held.

2. Overview of the Joint Venture Company

(1) Name	Gati-Kintetsu Express Private Limited
(2) Address	4th Floor, A Wing, Allcargo House, CST Road, Kalina, Santacruz (East), Mumbai -400098, India.
(3) Title and Name of Representative	Managing Director: Adarsh Hegde
(4) Business Description	Logistics business & domestic express delivery business in India
(5) Capital	5,000,000 INR (approx. 9 million yen)
(6) Year of Incorporation	2012
(7) Share Holding Ratio	Gati Limited 70% KWE 30%

3. Overview of the Joint Venture Partner (buying entity)

(1) Name	Allcargo Logistics Limited
(2) Address	6th Floor, Allcargo House, CST Road, Santacruz (E), Mumbai - 400098, India
(3) Title and Name of Representative	Chairman & Managing Director: Shashi Kiran Shetty
(4) Business Description	Integrated logistics business
(5) Capital	491,400,000 INR (approx. 884 million yen)
(6) Year of Incorporation	1993

4. Date of the transfer of shares (currently contemplated)
Between November 2022 and March 2023.

5. Future outlook
After the dissolution of the joint venture, we will continue to work together as business partners to achieve business growth.
As a top priority after the dissolution of the joint venture, we will continue to provide services with continuity to customers who have been doing business with us through the joint venture.