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July 1, 2019

Announcement of
Change in Consolidated Subsidiary with Partial Transfer of Shares

Hitachi Transport System, Ltd. (hereinafter "Hitachi Transport System") hereby announces that we have resolved to transfer 70% of the shares of Hitachi Travel Bureau (hereinafter "HTB"), a wholly owned subsidiary of Hitachi Transport System, to BCD Travel Asia B.V. (hereinafter "BCD") and today we have concluded a share transfer agreement.

1. Reason of the share transfer
As one of the priority measures of "LOGISTEED 2021," our mid-term management plan, we are committed to the implementation of our portfolio strategy to build a solid core domain. This share transfer was implemented as part of this strategy.
In line with the globalization that defines current economic trends, we see significant growth potential in overseas business travel by Japanese companies, as well as for foreign companies coming into Japan. As a result, HTB will expand its business by combining its own corporate travel expertise with the strength and global reach of BCD Travel, one of the world's largest corporate travel management companies.
Under the business concept "LOGISTEED," we aim to become the most preferred solution provider for all of our stakeholders. We strive to achieve new innovations by enhancing the core domain and expanding collaborative area across businesses and industries.

2. Outline of the company to be transferred
(1)　Name Hitachi Travel Bureau, Ltd.
(2)　Location Hatchobori center Bldg 9F, 6-1, Hatchobori 4-chome, Chuo-ku, Tokyo, Japan
(3)　Representative Kazuhiko Otani, President
(4)　Business description Overseas travel, domestic travel, travel for foreigners, overseas traveler's accident insurance
(5)　Capital 0.1 billion yen
(6)　Establishment August 15, 1967
(7)　Major shareholders and shareholdings Hitachi Transport System: 100%
(8)　Transaction volume 35.6 billion yen　(FY2018)
*As a breakdown of transaction volume, contribution to Hitachi Transport System's consolidated financial results (Sales revenues) in FY2018 is approx. ¥ 3.4 billion. It excludes the amount such as actual paid like transportation fees or accommodation fees from the transaction volume.
3. Outline of the counterparty of the share transfer
(1)　Name BCD Travel Asia B.V.
(2)　Location Europalaan 400 3526 KS Utrecht, the Netherlands
(3)　Representative Greg O'Neil
(4)　Business description Business Travel, etc.
4. Condition before and after the share transfer
(1)　Before transfer Our ownership ratio　:　100%
(2)　After transfer Our ownership ratio　:　30%
5. Timeline
(1)　Date of share transfer agreement July 1, 2019
(2)　Date of share transfer July 1, 2019

Contact Information

Hitachi Transport System: Public Relations Department, Corporate Strategy Office
TEL：+81-3-6263-2803

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