(Note)This document has been translated from the Japanese original for reference purposes only. In the eventof any discrepancy between this translated document and the Japanese original, the original shall prevail.

October 31, 2023

Company Name: Socionext Inc.
Representative: Masahiro Koezuka
Representative Director,
Chairman, President and CEO(Code No. 6526, TSE Prime Market)
Contact: Hiromasa Nakajima
General Manager,
Public Relations & Investor Relations Office(Tel: +81 45-568-1000)
Notice Regarding the Revision of Financial Forecasts and the Dividend Forecast,Distribution of Dividends of Surplus (Interim)and Stock Split and Partial Amendment of Articles of Incorporation
Socionext Inc. (the “Comapy”) hereby provides notification that, at a meeting of the Board of Directors held today, it hasrevised its consolidated financial forecasts and the dividends forecast for the fiscal year ending March 2024 (April 1, 2023
to March 31, 2024), which were announced on April 28, 2023. In addition, the Company announces that it has resolved todistribute dividends of surplus (interim dividend), stock split and corresponding partial amendments to the Articles ofIncorporation, as follows.

Ⅰ．Revision of Financial Forecasts and the Dividend Forecast, and Distribution of Dividends of Surplus (Interim)
1.

Revision of Financial Forecasts(1) Revision of consolidated financial result forecast for the fiscal year ending March, 2024 (April 1, 2023–March 31,2024)
Net sales

Operating

Ordinary

incomeincome

Profit attributable

Basic earnings per shareto(pre-Stock Split conversion)

ownersofparent*

Previously announced

Million Yen

Million Yen

Million Yen

Million Yen

forecast (A)200,000

22,50022,50017,500

Revised forecast (B)214,000

29,00029,00022,500Difference (B-A)+14,000+6,500+6,500+5,000

-

7.0%

28.9%

28.9%

28.6%

-

192,767

21,711

23,44019,763587.02

Increase/decrease ratio (%)

Yen

504.55127.90（639.52）(Reference)Previous record (fiscal year
ended March 31, 2023)
1

(Note)* The Company will implement a stock split on January 1, 2024 at a ratio of 1 common stock to 5 shares, as
described in “II. Stock split and partial amendments to the articles of incorporation”. Therefore, in "Basicearnings per share" of "Revised forecast (B)", the value after the split is calculated and listed, and the converted
value before the split is listed thereunder.
(2) Reasons for the revision of the financial forecasts
Despite the recent weakness in the Chinese and consumer markets, the Company has revised its net sales upwardfrom the previous forecast due to steady progress in the development and mass production of new products and theyen's depreciation (137.4 yen in Q1, 144.6 yen in Q2) against the expected exchange rate of 115 yen per dollar in thefirst half of the fiscal year. The Company also revised up its respective earnings.
The exchange rate for the second half of the fiscal year is assumed to be 125 yen per dollar.

2.

Dividends of Surplus (Interim) and Revision of the Dividend Forecast(1) Dividends of surplus (interim)
Results for the previous

Items decided

Latest dividend forecast(Fiscal year ending March(Announced on April 28,2024) （Interim Dividend）

2023)

September 30, 2023

September 30, 2023

September 30, 2022

115.00 yen

105.00 yen

0 yen

Total amount

4,090 million yen--

Effective dateNovember 28, 2023--Source

Retained earnings--

Record date
Dividend per sharefiscal year
(Interim dividend for Fiscalyear ended March 2023)(2) Revision of the dividend forecast
Dividend per share (yen)Previous forecast(Announced on April 28, 2023)
Revised forecast(pre-Stock Split conversion)(Reference)
Results for the year ended March 2023

2nd quarter-end

Year-end

Total

*1

*2

*3

105.00105.00210.0023.00-(115.00)(230.00)

210.00210.00115.00-(Notes)*1 The interim dividend for 2nd quarter-end of fiscal year ending March 2024, with a record date of September 30,2023, will be based on the number of shares before the stock split.
*2 The year-end dividend for the fiscal year ending March 2024, which has a record date of March 31, 2024, will bebased on the number of shares after the stock split.
*3 The annual dividend forecast per share has not been presented, as simple comparisons cannot be made due to the2

implementation of the stock split.
(3) Reasons for dividends of surplus (interim) and revision of the dividend forecast
The Company's basic policy is to pay a stable dividend while paying attention to the balance between the upfront
development investment necessary for future growth and maintaining a solid financial base as credit to customers.
Based on the above policy and the full-year consolidated earnings forecast for the fiscal year ending March 2024, theinterim dividend for the current fiscal year will be 115 yen, an increase of 10 yen per share from the previous
forecast, as a result of comprehensive consideration of the market environment, business conditions in the Companyand future financial risks. The year-end dividend for the current fiscal year is also expected to increase by 10 yen per
share from the previous forecast (increase of 2 yen per share after stock split), and the annual dividend is expected tototal 230 yen per share (46 yen per share after the stock split).

(Note)The Group's earnings forecasts and other forward-looking statements in this document are based on assumptions madeby the Company based on information available to it at the time this document was prepared, including market trends insemiconductors and finished products and other operating conditions. Actual results may differ from these forecasts due
to a variety of factors.

3

Ⅱ．Stock Split and Partial Amendment of Articles of Incorporation
1.

Stock Split(1) Purpose of stock split
The stock split will be undertaken with the aim of expanding the investor and increasing the liquidity of theCompany’s stock base through a reduction in the price of share-trading units.
(2) Outline of stock splitA) Method of stock split
The record date of the stock split will be Sunday, December 31, 2023; and it will consist of a split at the ratio of
5 for 1 of all common shares held by shareholders whose names appear or are recorded in the Registry ofShareholders as of the end of the record date. Since this day falls on a non-business day of the shareholder
registry administrator, the substantial record date will be Friday, December 29, 2023.
B) Increase in the number of shares resulting from stock split
Total issued shares before the stock split

35,566,766 shares

Increase in issued shares resulting from the stock split

142,267,064 shares

Total issued shares after the stock split

177,833,830 shares

Total authorized shares after the stock split

673,000,000 shares(Notes)“Total issued shares” and “Increase in issued shares” above are based on the total
number of issued shares as of September 30, 2023. The stock split may change
due to the exercise of stock acquisition rights, etc. up to the record date.
C) Schedule2.

Public notice date of record date (plan)

Friday, December 15, 2023

Record date

Sunday, December 31, 2023

Effective date

Monday, January 1, 2024

Partial Amendment to the Articles of Incorporation following the Stock Split(1) Reason for amendment
In conjunction with the stock split described above, the Company will amend the total number of shares authorizedto be issued described in Article 6 of its Articles of Incorporation in accordance with the split ratio with an effective
date of January 1, 2024, pursuant to the provisions of Article 184, Paragraph 2 of the Companies Act of Japan.
(2) Details of amendment
The details of the amendment are as follows.
(Amended portions are underlined.)
Current Articles of Incorporation

Articles of Incorporation After Amendment

Article 6.(Total Number of Shares Authorized

Article 6.(Total Number of Shares Authorized

to Be Issued)

to Be Issued)

The total number of shares authorized toThe total number of shares authorized to

be issued by the Company shall be

be issued by the Company shall be

134,600,000.

673,000,000.

(3) Schedule
Date of Board of Directors’ resolution

Tuesday, Octorber 31, 2023

Effective date

Monday, January 1, 20244