June 1, 2020

Elephantech Inc.

Announcing the Appointment of a New Director of the Additive
Manufacturing Center From Mitsui Chemicals

Chuo-ku, Tokyo — Elephantech Inc. (represented by CEO Shinya Shimizu, hereinafter“Elephantech”) is pleased to announce that, as of June 1, 2020, the company has welcomed Mr
Kawamoto on a temporary transfer from Mitsui Chemicals Inc. ("Mitsui Chemicals") as the new

director of its Additive Manufacturing Center (“AMC”). Mr Kawamoto will be in charge of activities

that promote Additive Manufacturing ("AM").

(From left to right)

Mr Hideki Matsuo, Mitsui Chemicals EVP and CTO
Mr Shinya Shimizu, Elephantech CEOMr Satoshi Kawamoto, Director of Elephantech’s Additive Manufacturing CenterElephantech has succeeded in the inkjet printing technology based mass-production of electronic
circuits and, in October 2020, a large mass-production and research facility for the company's

single-sided flexible PCB P-Flex®, which is produced with the same manufacturing method, will start
operations from within the Mitsui Chemicals Nagoya Factory. Prior to this, Elephantech establishedits Additive Manufacturing Center ("AMC") in April 2020 to expand the AM technology, which uses

inkjet printing to print metal nano ink only where it is necessary, to a broader range of applicable
fields beyond electronics such as biotechnologies, textiles and optics. We welcome Mr Satoshi

Kawamoto from Mitsui Chemicals to join our company as director of the AMC and will, as well as

deepen the cooperation between Mitsui Chemicals and Elephantech, continue to promote theglobal societal implementation of AM technologies.

Mr Shimizu, the Elephantech CEO, made the following comment.

"I believe that building a sustainable world is a mission given to the current generation. As it

becomes clear through water shortages, depletion of metal resources and the like that our current
human civilization is unsustainable, I believe that we must fundamentally shift our focus from"thinking of ways to be eco-friendly where possible" to "thinking of ways that are founded uponsustainability". Under such circumstances, the AM technology which "prints only where it isnecessary and no more than is needed" represents a solution, and I am overjoyed that Mitsui

Chemicals, one of Japan's leading general chemical manufacturers, shares this belief and is taking

our cooperation a step further in the form of this secondment. We will continue to work along withMitsui Chemicals in order to turn AMC into a base for the world's most advanced AM technologies
and make the world sustainable."

Mr Hideki Matsuo, the Mitsui Chemicals EVP and CTO, commented as follows.

"Mitsui Chemicals aims to create new customer value and solve societal issues through its businessactivities. The innovative inkjet printing manufacturing process brings great environmental

contribution value and sets a great example for the future of manufacturing as well as expand thepossibilities in materials. By leveraging the advantage of Nagoya, where our processing technology

is concentrated, we will work with Elephantech to bring innovation to materials as we move toward
the expansion and societal implementation of AM using inkjet printing."

About Elephantech

With a mission to “Develop new manufacturing technologies to build a sustainable world”,

Elephantech manufactures P-Flex®, a single-sided flexible PCB that is produced using inkjet printing

technologies to significantly reduce its environmental impact.
Company Overview
NameElephantech Inc.

Headquarters

4-3-8 Hatchobori, Chuo-ku, Tokyo, Japan

Establishment
CapitalBusiness

Description
URLJanuary 2014

JPY 310 million

Development of printed electronics manufacturing technology andprovision of related services

https://www.elephantech.co.jp/en/

As of June 1, 2020

<Contact for inquiries regarding this matter> Elephantech Inc. Corporate Communications

pr@elephantech.co.jp