November 29, 2023
GS Yuasa Corporation
President: Osamu Murao(TSE code: 6674, Prime Market)
Inquiries: Hiroaki Matsushima,
Director and CFO
Tel: +81-75-312-1211

Notice Regarding Determination of Issue Price and Selling
Price and Other Matters relating to Issuance of New Shares andSecondary Offering of Shares
GS Yuasa Corporation (Tokyo Stock Exchange: 6674 “the Company”) announces today that it
has determined the issue price and the selling price and other matters as set forth below in relation
to the issuance of new shares by way of public offering and third-party allotment and secondaryoffering of shares of the Company, which were resolved by the Board of Directors of the Company
dated November 20, 2023.
1. Issuance of New Shares by way of Public Offering (public offering)
(1)
(2)
(3)
(4)
(5)

Issue Price(Offer Price)
Total Amount of theIssue Price
Amount to be Paid
Total Amount to bePaid
Amount of Capitaland Capital Reserve
to be Increased

2,072.0 yen per share
31,534,596,800 yen
1,986.54 yen per share
30,233,946,876 yen
The amount of capital to be

15,116,973,438 yen

increased
The amount of the capital

15,116,973,438 yen

reserve to be increased
(6)
Note:

Payment Date

December 5, 2023 (Tuesday)

The underwriters shall purchase the shares at the amount to be paid and offer
them at the issue price (offer price).

Note: This press release does not constitute an investment solicitation for any securities for sale. This press release has
been prepared for the purpose of publicly announcing that the Company has resolved matters relating to the issuance of
new shares, the secondary offering of its shares and the issuance of new shares by way of third-party allotment, and notfor the purpose of soliciting investment or engaging in any other similar activities within or outside Japan. This press
release does not constitute an offer of investment in nor solicitation for purchase securities within the United States orelsewhere. The securities referred to in this press release have not been, and will not, registered under the U.S. Securities
Act of 1933 or any relevant securities law of any state. The securities may not be offered or sold in the United States
absent registration or an exemption from registration requirements under the U.S. Securities Act of 1933. No offer ofsecurities for sale in the United States will be made in connection with the above-mentioned transactions.

2. Issuance of New Shares by way of Third-Party Allotment that Sets Honda Motor Co., Ltd. asan Allottee(1)

Amount to be Paid

2,072.0 yen per share(2)

Total Amount to be
Paid
Amount of Capital

5,175,234,400 yen(3)and Capital Reserve
to be Increased

The amount of capital to be

2,587,617,200 yen

increased
The amount of the capital

2,587,617,200 yen

reserve to be increased(4)

Payment Date

December 5, 2023 (Tuesday)

3. Secondary Offering of Shares by way of Overallotment(1)(2)

Class and Number ofShares to be Sold
Selling Price(3)

Total Amount of theSelling Price(4)

Delivery Date

2,282,900 shares of common stock of the Company
2,072.0 yen per share
4,730,168,800 yen
December 6, 2023 (Wednesday)

4. Issuance of New Shares by way of Third-Party Allotment that Sets the Designated Lead
Manager as an Allottee(1)

Amount to be Paid(2)

Total Amount to bePaid
Amount of Capital(3)

and Capital Reserve
to be Increased

1,986.54 yen per share(Maximum) 4,535,072,166 yen
The amount of capital to be (Maximum) 2,267,536,083 yen
increased
The amount of the capital (Maximum) 2,267,536,083 yen
reserve to be increased(4)

Payment Date

December 28, 2023 (Thursday)

Note: This press release does not constitute an investment solicitation for any securities for sale. This press release has
been prepared for the purpose of publicly announcing that the Company has resolved matters relating to the issuance of
new shares, the secondary offering of its shares and the issuance of new shares by way of third-party allotment, and notfor the purpose of soliciting investment or engaging in any other similar activities within or outside Japan. This press
release does not constitute an offer of investment in nor solicitation for purchase securities within the United States orelsewhere. The securities referred to in this press release have not been, and will not, registered under the U.S. Securities
Act of 1933 or any relevant securities law of any state. The securities may not be offered or sold in the United States
absent registration or an exemption from registration requirements under the U.S. Securities Act of 1933. No offer ofsecurities for sale in the United States will be made in connection with the above-mentioned transactions.

<References>
1. Calculation of Issue Price (offer price) and Selling Price
November 29, 2023
(1) Calculation Reference Date and Price(Wednesday)(2)2,136.5 yen

Discount Rate

3.02%

2. Number of New Shares to be Offered by way of Public Offering (public offering)
15,219,400 shares of common stock of the Company
Of the above shares offered, 7,001,000 shares will be sold to investors in overseas markets
such as Europe and Asia (excluding the United States and Canada).
3. Syndicate Cover Transaction Period
From December 2, 2023 (Saturday) through December 22, 2023 (Friday)
4. Use of Proceeds
With respect to the maximum net approximate total amount of JPY 39,684,253,442 from thepublic offering, the third-party allotment that sets Honda Motor Co., Ltd. as an allottee and thethird-party allotment that sets the designated lead manager as an allottee related to secondaryoffering of shares by way of overallotment, the Company intends to allocate the funds toinvestment towards further growth in business through investments and loans to consolidated
subsidiaries or equity-method affiliates. Furthermore, proceeds will be held and managed instable financial assets such as bank deposits of the Company's group until actual expenditures.
Given such background, specific use of the proceeds from the offering is as follows:(1) Capital expenditure in new plant for manufacturing Lithium-ion Batteries (LiBs) for Battery
Electric Vehicle (BEVs)
GS Yuasa International Ltd., Blue Energy Co., Ltd. and Honda Motor Co., Ltd., as business
partners, are planning the project of approximately JPY 434.1 billion which includes R&D forhigh-capacity and high-output storage batteries, manufacturing technology development for
mass-production and implementation of mass-production investment, which has been certified
by Ministry of Economy, Trade and Industry (METI) on April 28, 2023 as “Overview of Supply
Assurance Plan”. Under the project, GS Yuasa International Ltd., Blue Energy Co., Ltd. andHonda Motor Co., Ltd. will be allocated JPY 30 billion to capital expenditure in LiBs
manufacturing plant for BEVs and Energy Storage Systems (ESS) throughout the period ofthe Sixth Mid-Term Management Plan (FY2023-FY2025) (by the end of March 2026).
(2) R&D investment in development of high-capacity and high-output LiBs and Next-gen Batteries.
The Company intends to allocate JPY 8 billion to R&D investment in LiBs of “Honda·GS Yuasa
EV Battery R&D Co., Ltd.”, a joint venture with Honda Motor Co., Ltd. and started its businessactivities on August 1, 2023, and for Next-gen Batteries of the Company (by the end of March2027).
(3) Capital expenditure in facility expansion of plant for manufacturing LiBs for Hybrid ElectricVehicle (HEVs)
The Company intends to allocate the remaining balance of proceeds to the plan of enhancing
production capacity of LiBs for HEVs at Blue Energy Co., Ltd. (by the end of March 2025).
Note: This press release does not constitute an investment solicitation for any securities for sale. This press release has
been prepared for the purpose of publicly announcing that the Company has resolved matters relating to the issuance ofnew shares, the secondary offering of its shares and the issuance of new shares by way of third-party allotment, and notfor the purpose of soliciting investment or engaging in any other similar activities within or outside Japan. This press
release does not constitute an offer of investment in nor solicitation for purchase securities within the United States orelsewhere. The securities referred to in this press release have not been, and will not, registered under the U.S. Securities
Act of 1933 or any relevant securities law of any state. The securities may not be offered or sold in the United States
absent registration or an exemption from registration requirements under the U.S. Securities Act of 1933. No offer ofsecurities for sale in the United States will be made in connection with the above-mentioned transactions.