2023.06.29
Mitsui Chemicals, Inc.

Mitsui Chemicals to Split Mitsui Chemicals Tohcelloand Transfer a Portion of Its Shares
Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: HASHIMOTO Osamu) today announced that
it will be splitting off the Protective Films business and the Industrial Films & Sheets business – which
together comprise an ICT business – of its wholly owned subsidiary Mitsui Chemicals Tohcello, Inc.
(CEO: MATSUZAKA Shigeharu), and establishing a new wholly owned subsidiary to inherit this ICTbusiness. The new subsidiary will not inherit Mitsui Chemicals Tohcello’s Packaging Solution business.
Plans for the Packaging Solution business are to have Mitsui Chemicals Tohcello absorb SunTox Co.,
Ltd. (President: IIJIMA Yoshitaka) – a joint venture between Rengo Co., Ltd. (Tokyo: 3941; President& COO: KAWAMOTO Yosuke) and Tokuyama Corporation (Tokyo: 4043; President: YOKOTA
Hiroshi) – in a merger. This will serve to create an integrated company for the Packaging Solutionbusiness.
A portion of Mitsui Chemicals’ shares in Mitsui Chemicals Tohcello will then be transferred to Rengo
to implement an equity adjustment, making Mitsui Chemicals Tohcello a subsidiary of Rengo and an
equity-method affiliate of Mitsui Chemicals. As a shareholder, Mitsui Chemicals will continue to be
involved in managing the integrated company for the Packaging Solution business.

1. Background and objectives
Mitsui Chemicals is working to create and expand a unique ICT Solutions business in line with its
VISION 2030 Long-Term Business Plan. Aims are to grow operations here into a third pillar ofearnings as part of the company’s ongoing business portfolio transformation, which comes as partof its broader Basic Strategy. The business strategy for Mitsui Chemicals’ ICT Solutions businesssees this business split into four areas – semiconductor & assembly solutions, imaging solutions,battery material solutions and converting solutions – and aims to strengthen each of these areas. Asa specific effort for semiconductor & assembly solutions, the company is coordinating its strategy tomatch a roadmap for semiconductor technologies, and is aiming to leverage the combined strengthof the Mitsui Chemicals Group to create new businesses and products.
Now, in line with that approach – as well as the projections of both medium- to long-term growth andcontinuous technological innovation in the semiconductor market – Mitsui Chemicals has decided tosplit off Mitsui Chemicals Tohcello’s ICT business and operate it as an affiliate to help facilitate
speedy decision-making and pursue even greater synergies for the Mitsui Chemicals Group.
As for the Packaging Solution business, which accounts for the remainder of Mitsui Chemicals
Tohcello, Mitsui Chemicals gave consideration to the rapid change being seen in the businessenvironment surrounding the plastic packaging materials industry. Against this backdrop, Mitsui
Chemicals determined that the best way for Mitsui Chemicals Tohcello’s Packaging Solution

business to both respond flexibly to that business environment going forward and implement astrategy for continued growth would be to seek out a collaborative effort with Rengo – which hasbuilt up a strong business foundation for flexible packaging materials, including overseas, on theback of active efforts in the sector. Discussions were therefore pursued with both Rengo andTokuyama. These discussions led to the conclusion that the best course of action would be tointegrate Mitsui Chemicals Tohcello’s Packaging Solution business with the flexible packaging
materials business of Rengo subsidiary SunTox. This decision was informed by the prospects themove offers for turning Mitsui Chemicals Tohcello into a high-earning business, speeding up thedevelopment of new eco-friendly products and expanding overseas business.

2. Plan for the business split

① Mitsui Chemicals will establish a new wholly-owned subsidiary to serve as the inheriting
company in an absorption-type company split of Mitsui Chemicals Tohcello’s ICT business.
② Mitsui Chemicals Tohcello will absorb Rengo subsidiary SunTox in a merger to form an
integrated company for the Packaging Solution business.
③ A portion of Mitsui Chemicals’ shares in Mitsui Chemicals Tohcello will be transferred to Rengo
to implement an equity adjustment. (Stock transfer price: JPY 10.85 billion (Planned))④ Following the share transfer, Rengo will hold a 51 percent share in the integrated company for
the Packaging Solution business, while Mitsui Chemicals will hold a share of 34 percent ormore, making the company a subsidiary of Rengo and an equity-method affiliate of Mitsui
Chemicals. Mitsui Chemicals will continue to be involved in the management of the integratedcompany.
*The merger will take effect contingent on approval from competition law authorities in each country.

3．Overview of the new companies① New ICT company(1) New trading name(2) Business(3) Head office(4) Sales sites(5) Production sites(6) Employees(7) Date ofabsorption-typecompany split

Mitsui Chemicals ICT Materia, Inc.
The production and sale of protective films, films for the electronic
component manufacturing process, and other such industrial films andsheets used by the semiconductor, electronic materials and opticalsectors, as well as the production and sale of solar cell encapsulants
Yaesu, Chuo-ku, Tokyo
Tokyo (Yaesu, Chuo), Taiwan Tohcello Functional Sheet, Inc.
(Taiwan), MC TOHCELLO (MALAYSIA) SDN. BHD. (Malaysia)
Ibaraki Works (Koga, Ibaraki), Nagoya Works (Nagoya, Aichi) , Taiwan
Tohcello Functional Sheet, Inc. (Taiwan), MCTI SCIENTEX SOLAR
SDN. BHD. (Malaysia)
350 (approximate)
April 1, 2024 (planned)

② Integrated company for the Packaging Solution business(1) New trading name(2) Business(3) Head office(4) Sales sites(5) Production sites& other sites(6) Employees(7) Date of merger

RM TOHCELLO CO., LTD.
The production and sale of packaging films and foam sheets used as
packaging materials for food, drink, daily necessities and other goods
Kanda, Chiyoda-ku, Tokyo
Tokyo (Kanda, Chiyoda; Ueno, Taito), Nagoya (Nagoya), Osaka(Osaka), Shikoku (Takamatsu), Fukuoka (Fukuoka), Sapporo (Sapporo),
SIAM TOHCELLO CO., LTD. (Thailand)
Ibaraki Works (Koga, Ibaraki), Kanto Plant (Itako, Ibaraki), Hamamatsu
Works (Hamamatsu, Shizuoka), Anjo Works (Anjo, Aichi), Katsuta Works(Hitachinaka, Ibaraki), Tokuyama Plant (Shunan, Yamaguchi), Shikoku
Tohcello Co., Ltd. (Tokushima), Tohcello Slitter Co., Ltd. (Nogi, Tochigi),
Tohcello Logistics Co., Ltd. (Nogi, Tochigi), SIAM TOHCELLO CO., LTD.
(Thailand)
1,230 (approximate)
April 1, 2024 (planned)

4. Outlook
The impact of this deal on the financial performance of the Mitsui Chemicals Group is expected to beminor. However, the Mitsui Chemicals Group will promptly announce any matters that warrant
disclosure, should they appear.

■ Reference: Inheritance of Mitsui Chemicals Tohcello’s product lines
Products to be transferred to the new ICTcompany(Mitsui Chemicals ICT Materia, Inc.)■ Industrial Films & Sheets business▪ Opulent™ (heat-resistant release film)▪ Separator SP-PET™ (silicone-coated film)▪ SOLAR ASCE™ (photovoltaic encapsulants)■ Protective Films business▪ ICROS™ Tape (tape for semiconductor
manufacturing process)▪ Mitsui Masking Tape™ (surface protectiontape)▪ MintRow™ (heat-resistant release film forsemiconductor molding process)▪ Thermal Release Double Sided Tape(double-sided tape for temporary bonding)

Products to be inherited by the integrated
company for the Packaging Solution business(RM TOHCELLO CO., LTD.)■ Packaging Solution business▪ OP (biaxially-oriented polypropylene film)▪ ECONEIGE™ (milky-white BOPP film)▪ MAXBARRIER™ (transparent high-barrierfilm)▪ ML (aluminum-metallized film)▪ TL (transparent vapor deposition film)▪ CP (cast polypropylene film)▪ T.A.F.™ (cast coextruded multilayer film)▪ CMPS™, T.A.F.™, ABF (easy-peel film)▪ T.U.X.™ (L-LDPE film)▪ L-Smart™ (sustainable L-LDPE film)▪ Hi-Sheet™ (low-ration foamed PE sheet (capliners and seals))▪ Aobeni™ (PP foam sheet floor protections atmoving)▪ PAULOWNIA™ (foam-molded PP sheet,expanded 3 times)▪ PAULOWNIA™ Super (foam-molded PP
sheet, expanded 2 times)▪ PAULOWNIA™ V (foam-molded PP sheet,expanded 5 times)▪ PAULOWNIA™ Super HD (foam-molded PEsheet, expanded 2 times)▪ Happort™ (foam-molded PP sheet, expanded
1.3 times)*CMPS™ is a registered trademark of DOW-MITSUI POLYCHEMICALS CO.,LTD.