As Suzuki has reached a settlement regarding the arbitration that Suzuki filed with the International Court of Arbitration of the International Chamber of Commerce on 24 November 2011, Suzuki informs you of the following:
As announced in the “Notification Concerning Arbitration Award” dated 30 August 2015, the Tribunal indicated that it would address the issue of alleged damages arising from Suzuki’s breach of the agreement claimed by Volkswagen AG (“VW”) in a further stage of the arbitration proceedings. Suzuki reached a settlement with VW in regard to such arbitration proceedings on 10 February 2016. Accordingly, the arbitration proceedings have been concluded.
|(1)||Company name||Volkswagen Aktiengesellschaft|
|(2)||Address||Berliner Ring 2, 38440 Wolfsburg, Bundesrepublik Deutschland|
|(3)||Position and name of representative||Matthias Müller, Chairman of the Board of Management|
The terms of the settlement provide for the withdrawal by VW of its claims for damages and the payment by Suzuki to VW of a certain amount of money as the settlement amount.
(Note: Suzuki refrains from disclosing details of the terms of the settlement, including the settlement amount, due to an agreement with VW.)
Suzuki is planning to pay the settlement amount during this fiscal year (ending 31 March 2016), but this settlement will not have any significant impact on Suzuki’s consolidated results for this fiscal year.