Integration of HTS Group Subsidiaries in North America 

(To establish an autonomous decentralized global management structure)
1. Purpose of Integration
As HTS pursues its objective to be “a competitive logistics company that survives against the regional 
competition and wins the global competition”, HTS is moving toward further optimization of its regional global operations through restructuring.
This integration was carried out after the integration of Hong Kong and Taiwan companies in FY2013 and Singapore, Thailand, Malaysia
companies in FY2014.
Through this integration in North America, HTS will aim to establish an autonomous decentralized global management structure by
consolidating resources such as administrative sections and locations in North America, improve global profitability and strengthen
the Group management base.
2. Outline of Integration
(1)Outline VWA, the Surviving Corporation in this merger, and TSA, the Disappearing Corporation, were merged into one company.
(2) Effective Date of Merger
July 1, 2015
3. Outline of the Surviving Corporation after merger