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Subaru Corporation Announces Organizational and Management Changes

(Effective March 31, 2021; April 1, 2021; and June 2021)

Tokyo, March 4, 2021 - Subaru Corporation announces organizational and management changes which will take effect on March 31, April 1, and June 2021.

In our mid-term management vision "STEP" announced in July 2018, Subaru set forth three key themes: corporate culture reforms, quality enhancement, and the "Subaru-zukuri" (make-a-Subaru) initiative. Over the course of nearly three years, we have advanced a variety of initiatives along these themes which resulted in the changes in employee mindset and behavior, and we are continuing to make steady progress.

In order to maintain our competitiveness toward 2030 and beyond in this era of drastic changes driven by environmental and digital technology advancements in the automotive industry, we need to cultivate, enhance and accumulate future technologies that will enable us to deliver distinctive Subaru products and services. At the same time, we need to build a corporate structure that allows us to manage and advance future technology development with a perspective more directly tied to business management.

With quality enhancement positioned as the top priority in STEP, we are now advancing to tie those efforts to company-wide initiatives. In addition, we will continue to position the sustainable growth of our North American business, the strengthening of Subaru's global Group governance, and risk management as our key management tasks.

To achieve these visions, Subaru will make the following organizational and management changes:

1.

Organizational changes (Effective April 1, 2021)

< Engineering Division >

The Engineering Management Division, Engineering Division 1 and Engineering Division 2 will be integrated to form the Engineering Division as a single organization more directly tied to business management with the goal of achieving more flexible, effective, speedy operations. The main objectives are as follows:

• - Build a structure directly tied to management for cultivating and enhancing future technology

  As the automotive industry is changing faster than ever with its future direction being uncertain, we need to accumulate our choices of technologies to be able to respond to the future needs and changes. At the same time, we need to execute engineering resource allocation with a strong sense of urgency.

  Particularly in the areas of future technologies that are key to our growth, such as next-generation energy solutions, ADAS for safety, connected car technology and AI-type of technology, we will make the CTO's Office*, which reports directly to the Chief Technology Officer, have functions for strategy development, management and resource allocation, and ensure that this leads to rapid, flexible decision-making from a management perspective.

  * Newly established with effect from January 1, 2021.

• - Transform day-to-day operations of engineering organization and build a structure to accelerate the Make-a-Subaru initiative

  In order to address the challenges of vehicle development that is becoming more complex and advanced, we will transform our current engineering organization made up of individual divisions (divided by function such as body, power units, etc.) into a one-team organization that will allow more flexible, speedy adoption of future technologies as well as vehicle development from a vehicle-total, company-wide perspective, rather than divisional optimization.

  In addition, by advancing to link those efforts to other operations such as purchasing, manufacturing and

after-sales service, we aim to build a structure that will accelerate the company-wide Make-a-Subaru initiative set forth in STEP.

< Risk Management Group >

To enhance the effectiveness of our risk management, we will bring the Risk Management & Compliance Office and the Legal Department together as the Risk Management Group to be overseen by the Chief Risk Management Officer (CRMO).

2.

Promoted Officers (Effective April 1, 2021)

Chairman

Kazuo Hosoya

(Current title: Deputy President, Chief General Manager of Manufacturing Div.)Executive Vice President

Takuji Dai

(Current title: Senior Vice President, Chief Information Officer (CIO) Chief General Manager of IT Strategy Div.

Senior General Manager of Corporate Planning Div.)

Senior Vice President

Osamu Eriguchi

(Current title: Vice President, Chief General Manager of Engineering Div. 2 Senior General Manager of Engineering Management Div.)

Senior Vice President

Tomoaki Emori

(Current title: Vice President, Chief General Manager of Corporate Planning Div.)Senior Vice President

Tetsuo Fujinuki

(Current title: Vice President, Chief Technology Officer (CTO) Chief General Manager of Engineering Management Div. Chief General Manager of Technical Research Center)

3.

Newly-appointed Officers (Effective April 1, 2021)

Vice President

Shinichi Murata

(Current title: General Manager of External Relations Dept.)Vice President

Kazuki Uejima

(Current title: General Manager of CTO's Office, Engineering Management Div. Project General Manager, Product Planning Div.)

4.

Retiring OfficersEffective March 31, 2021:

- Yasuyuki Yoshinaga (Current title: Chairman)

Note: The expiration of his term of office as Director of the Board is June 2021.

Effective June 2021:

- Toshiaki Okada (Current title: Executive Vice President)

Note: Appointed as President of Subaru Finance Co., Ltd. effective April 1, 2021.

- Yoichi Kato (Current title: Executive Vice President)

Note: Nominated as Corporate Auditor, subject to approval at the Company's 90th General Meeting of Shareholders scheduled for June 2021.

5.

Changes to areas of responsibility of Executive Officers (Effective April 1, 2021)

Name	Effective April 1, 2021	Current
Kazuo Hosoya Chairman	- Secretarial Office - Human Resources Dept.	- Manufacturing - China Project Office
-	Chief General Manager of Manufacturing Div.
Toshiaki Okada * Executive Vice President	-	- Chief Financial Officer (CFO) - Secretarial Office - Finance & Accounting Dept. - Human Resources Dept.
President of Subaru Finance Co., Ltd.	-
Yoichi Kato * Executive Vice President	-	- Chief Risk Management Officer (CRMO) - Risk Management Group - External Relations Dept. - Intellectual Property Dept.
-	-
Katsuyuki Mizuma Executive Vice President	- Chief Financial Officer (CFO) - Chief Risk Management Officer (CRMO) - Finance & Accounting Dept.	- Overseas Sales & Marketing Div. 2
-	Chief General Manager of Overseas Sales & Marketing Div. 2
Atsushi Osaki Executive Vice President	- Manufacturing - China Project Office	- Chief Quality Officer (CQO) - Quality Assurance Div.
Chief General Manager of Manufacturing Div.	Chief General Manager of Quality Assurance Div., General Manager of Quality Assurance Management Office
Jinya Shoji Senior Vice President	- Overseas Sales & Marketing Div. 2	- Overseas Sales & Marketing Div. 1 - Subaru Canada, Inc. - North American Subaru, Inc.
Chief General Manager of Overseas Sales & Marketing Div. 2	Senior General Manager of Overseas Sales & Marketing Div. 1, Executive Vice President of Subaru of America, Inc.
Osamu Eriguchi Senior Vice President	- Chief Quality Officer (CQO) - Quality Assurance Div.	- Engineering Div. 2 - Engineering Management Div.
Chief General Manager of Quality Assurance Div., General Manager of Quality Assurance Management Office	Chief General Manager of Engineering Div. 2, Senior General Manager of Engineering Management Div.
Tetsuo Fujinuki Senior Vice President	- Chief Technology Officer (CTO) - Engineering Div. - Technical Research Center	- Chief Technology Officer (CTO) - Engineering Management Div. - Technical Research Center
Chief General Manager of Engineering Div. and Technical Research Center	Chief General Manager of Engineering Management Div. and Technical Research Center
Yasushi Nagae Vice President	- Corporate Communications Dept. - Investor Relations Dept. - General Administration Dept. - Sustainability Promotion Dept.	- Corporate Communications Dept. - Investor Relations Dept. - General Administration Dept.
General Manager of Investor Relations Dept. and General Administration Dept.	General Manager of Investor Relations Dept. and General Administration Dept.
Tatsuya Okuno Vice President	- Customer Service Div.	- Engineering Div. 1 - Engineering Management Div.
Chief General Manager of Customer Service Div.	Chief General Manager of Engineering Div. 1, Senior General Manager of Engineering Management Div.
Hiroshi Watahiki Vice President	- Engineering Div.	- Engineering Management Div.
Senior General Manager of Engineering Div.	Senior General Manager of Engineering Management Div.
Tadashi Yoshida Vice President	- Overseas Sales & Marketing Div. 1 - Subaru Canada, Inc. - North American Subaru, Inc.	- Customer Service Div.
Senior General Manager of Overseas Sales & Marketing Div. 1, Executive Vice President of Subaru of America, Inc.	Chief General Manager of Customer Service Div.
Shinichi Murata Vice President (Newly-appointed)	- Risk Management Group - External Relations Dept. - Intellectual Property Dept.	General Manager of External Relations Dept.
General Manager of External Relations Dept.
Kazuki Uejima Vice President (Newly-appointed)	- Engineering Div.	General Manager of CTO's Office, Engineering Management Div. Project General Manager, Product Planning Div.
Senior General Manager of Engineering Div., General Manager of CTO's Office

* T. Okada and Y. Kato to retire as Executive Officer of Subaru Corporation effective June 2021

6.

Areas of responsibility of Executive Officers (Effective April 1, 2021)

Name	Effective April 1, 2021
Kazuo Hosoya Chairman	- Secretarial Office - Human Resources Dept.
-
Tomomi Nakamura President	- Chief Executive Officer (CEO) - Aerospace Company - Quality
-
Toshiaki Okada * Executive Vice President	-
President of Subaru Finance Co., Ltd.
Yoichi Kato * Executive Vice President	-
-
Katsuyuki Mizuma Executive Vice President	- Chief Financial Officer (CFO) - Chief Risk Management Officer (CRMO) - Finance & Accounting Dept.
-
Tetsuo Onuki Executive Vice President	- Purchasing Div. - Product Planning Div.
Chief General Manager of Purchasing Div.