JOINT VENTURE ANNOUNCED IN POLYMER OLED MATERIAL SUPPLYTokyo, Japan, 25th May 2005
Sumitomo Chemical and Cambridge Display Technology (CDT) have announced thesigning of a memorandum of understanding to form a new joint venture company todevelop and supply advanced polymer OLED (P-OLED) materials and formulated inks
for use in commercial P-OLED display and lighting applications.

The new company, to be based in Tokyo, Japan, will be owned equally by the twoparent companies, and will have the largest concentration of P-OLED material

development expertise and intellectual property (IP) in the OLED industry. Researchactivities will continue in both the UK and in Japan, while chemicals manufacture will
ultimately be based in Japan.

The parent companies will channel existing P-OLED materials research anddevelopment activities into the new JV company, which will have access to theP-OLED material IP of the parent companies. Sumitomo has recently completed theacquisition of the Lumation™ business from The Dow Chemical Company, and will
make available, on an exclusive basis, the polyfluorenes technology and IP of theLumation business to the joint venture.

To ensure a smooth transfer of technology and to avoid disruption to customers,
Sumitomo and Dow have agreed to cooperate in transitional period activities.

The joint venture will have access to the strongest materials set in the polymer OLED
sector, including the current best-performing full colour P-OLED materials based onpolyfluorene chemistry which CDT and Dow have developed over the last ten years.
It also has exclusive access to ‘next generation’ high efficiency materials based on
dendrimer chemistry which CDT gained through the acquisition of Opsys in 2002.

Sumitomo and CDT have been working together since that time on the dendrimer
class of materials and have made great progress.

The existing range of Sumitomo materials will now be manufactured and suppliedby the joint venture, while for CDT, this is the first time that the company has been

directly involved in the materials supply business. Materials supply by Covion is
not affected by this new arrangement; Covion remains a materials licensee of CDT.

This new joint venture company combines the high quality chemicals manufacturingexperience of Sumitomo with the leading edge P-OLED development know-how ofCDT and Sumitomo, and ensures that display and lighting producers have access tothe very best performing materials. The synergies which flow from combining theexperiences of the companies should increase the pace of development of P-OLED

materials, and in turn this is expected to accelerate the adoption of the technology
in the next generation of consumer products such as mobile phones, portable DVD
players and ultimately televisions.

For Sumitomo Chemical, Mr. Satoshi Kawachi, Executive Vice President said:“Sumitomo Chemical has been committed to the development of P-OLED materials

since 1989 and has accumulated a substantial technology base which includes
technology relating to design and product manufacture.

CDT has been a leader ofthe industry and owns advanced technology regarding P-OLED devices andmaterials. Combining the strengths of the two companies, along with former Dow

technology, the joint venture will accelerate significantly the development ofinnovative materials and be able to respond to our customers’ requirements.“

For CDT, Dr David Fyfe, CEO said: “Sumitomo is one of the world’s leading
companies. Since 2001, CDT has been developing a deepening relationship with

Sumitomo Chemical. Sumitomo became an investor in CDT in 2001, and this joint
venture is the culmination of that relationship.

Sumitomo has shown great visionand boldness of action, first in acquiring the Lumation business and now in joining

with us in the joint venture. We believe that this combination will have very
substantial synergies, and should be seen as very positive for CDT investors and thedisplay industry alike.”

About CDT
Cambridge Display Technology is a pioneer in the development of light emitting
polymers (P-OLEDs) and their use in a wide range of electronic display productsused for information management, communications and entertainment. P-OLEDs
are part of the family of organic light emitting diodes, or OLEDs, which are thin,lightweight and power efficient devices that emit light when an electric current flows.
P-OLEDs offer an enhanced visual experience and superior performance
characteristics compared with other flat panel display technologies such as liquid
crystal displays, and have the key advantage that they can be applied in solution
using printing processes. Founded in 1992, the company is headquartered in
Cambridge, UK and listed on the US Nasdaq stock exchange under the symbol‘OLED’.
More information on CDT can be found at: www.cdtltd.co.uk

About Sumitomo Chemical
Sumitomo Chemical Company, Limited is one of Japan’s leading chemical
manufacturers, offering a diverse range of products, including basic chemicals,
petrochemicals, fine chemicals, IT-related chemicals, agricultural chemicals, andpharmaceuticals. Established in 1913, its products are now sold in more than 100countries. Sumitomo Chemical’s strong basic and applied research programs haveyielded numerous products that have gained top market shares in global markets.
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