NTN released Announcement on Assignment of Fixed Assets

Resource from: NTN Corporation Likes:161

Oct 24,2013

NTN Corporation (hereafter, NTN) announces that its Board of Directors approved on October 22, 2013, a resolution to assign part of our fixed assets as follows: 1. The reason for assignment For more efficient utilization of assets and a higher asset efficiency ratio we have been planning to sell the former site of now-defunct Takarazuka Works after its soil is ameliorated. Recently we have selected the assignee, with whom we have agreed on the terms of sale. 2. Specifics of the assets being assigned

Under the confidentiality obligation owed to the assignee we are required not to disclose the assets' assignment price or book value. * Profit from sale represents an estimated amount obtained by deducting estimated expenses to be incurred in the assignment from the price of assignment. 3. Outline of the assignee The assignees are the Municipality of Takarazuka and a business entity operating in Japan. We are required not to disclose the name of the business entity under our confidentiality obligation owed to the entity. There exists no capital-based, personal, or business relationship between NTN and the business entity. 4. Assignment schedule October 22, 2013: The Board of Director's resolution October 31, 2013: (Planned) Execution of an asset sale agreement with the business entity November 2013: (Planned) Execution of an asset sale agreement with the Municipality of Takarazuka August 2015: (Planned) Delivery of the assets 5. Earnings forecast for future years By the assignment of the subject assets we expect to have a special profit of some 6.5 billion yen as a gain on sales of fixed assets; however, such special profit will not affect our consolidated earnings for the fiscal year ending in March 2014 because the profit will be recorded in the fiscal year ending in March 2016 following the assets' delivery scheduled for August 2015.

(NTN Corporation)

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