Consolidated Financial Results for the Nine Months Ended December 31, 2020
(JPGAAP)
February 5, 2021
Stock Exchange: Tokyo
Name of listed company: Nissan Chemical Corporation
URL: http://www.nissanchem.co.jp/
Code number: 4021
Representative: KINOSHITA Kojiro, President
Inquiry to: DAIMON Hideki, Executive Officer and Director of Finance and Accounting Department Tel. +81 3 4463 8404
Scheduled submission date of quarterly report: February 12, 2021
Scheduled dividend payment date:
Supplemental information: Yes
Financial results meeting : Yes (For institutional investors and analysts)(Amounts rounded down to the nearest million yen)

1. Consolidated Financial Results for the Nine Months Ended December 31, 2020 (From April 1, 2020 to December 31, 2020)(1) Consolidated Operating Results(% indicates the rate of increase/decrease against the same period of the previous year)

OperatingincomeNet sales

Nine months ended December 31, 2020
Nine months ended December 31, 2019
(Note) Comprehensive income:Net income attributableto owners of parent

Ordinary
incomeMillion yen%

Million yen%

Million yen%

Million yen%

138,2280.1

23,561

9.5

23,966

6.3

18,353

4.3

138,042(2.7)

21,522(9.7)

22,555(11.2)

17,603(6.5)

Nine months ended December 31, 2020

: 21,948 million yen ,32.0%

Nine months ended December 31, 2019

: 16,624 million yen ,7.6%

Basic earnings
per share

Diluted net income
per share

Yen

Nine months ended December 31, 2020

126.93Nine months ended December 31, 2019119.93Yen(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Million yen

Million yen%

As of December 31, 2020

233,797

186,849

79.2

As of March 31, 2020

249,522

185,528

73.7(Reference) Shareholders' equity:

As of December 31, 2020

: 185,162 million yen

As of March 31, 2020

: 183,917 million yen

2. Cash Dividends
Cash dividends per shareFirst
quarter

SecondquarterYen

Thirdquarter

Yen

Year ended March 31, 2020

42.00

Year ending March 31, 2021

46.00

Year-end

Yen

Year ending March 31, 2021
(Outlook)

Annual

Yen

Yen

48.00

90.00

52.00

98.00

(Note) Revision of the latest released dividend outlook: None

3. Outlook of Consolidated Financial Results for the Fiscal Year Ending March 31, 2021 (From April 1, 2020 to March 31, 2021)(% indicates the rate of increase/decrease against the same period of the previous year)

Year ending March 31, 2021

Ordinary
incomeOperatingincomeNet sales

Net income attributableto owners of parent

Basic earnings
per share

Million yen%

Million yen%

Million yen%

Million yen%

Yen

209,500

1.3

40,300

4.3

41,1002.7

31,4002.0217.56(Note) Revision of the latest released outlook of financial results: None

4. Notes(1) Changes in significant consolidated subsidiaries(Changes in specified subsidiaries involving changes in scope of consolidation)(2) Application of special accounting treatment to preparation of quarterly financial statements: None: None(3) Changes of accounting policies and accounting estimates, and restatement
1. Changes of accounting policies due to revisions of accounting standards: None2. Changes of accounting policies other than the above: None3. Changes in accounting estimates: None4. Restatements: None(4) Number of shares outstanding (common shares)
1. Number of shares outstanding (including treasury shares)
As of December 31, 2020

: 145,000,000 shares

As of March 31, 2020

: 146,000,000 shares

2. Number of treasury shares
As of December 31, 2020

: 856,372 shares

As of March 31, 2020

: 522,578 shares

3. Average number of shares outstanding
As of December 31, 2020

: 144,598,450 shares

As of December 31, 2019

: 146,776,558 shares

The shares held by the Trust are included in the number of treasury shares at the end of the period, and they are includedin the number of treasury shares deducted in calculating the average number of shares outstanding over the period.
The number of shares held by the Trust (included in treasury shares) at the end of the period was 165,800 shares.
In addition, the average number of shares held by the Trust during the period was 165,922 shares.
This is not included in the average number of shares outstanding.
* Presentation regarding implementation status of quarterly review procedures
The financial release is not subject to quarterly review.
* Explanations regarding appropriate use of business outlook and other special notes
The business outlook contained in this report is based on information available at the time of disclosure.
Actual operating results may differ materially from the outlook due to various factors.
For supplemental information, please refer to our website.
The transcript of financial results audio webcast will be released on our website as well.

Table of Contents for Attached Materials
1. Qualitative Information on Quarterly Results(1) Business Performance(2) Financial Position........................................................................................................ 2.............................................................................................................................. 2..................................................................................................................................... 4(3) Outlook of Consolidated Financial Results and Other Forward-looking Information .................................................... 4(4) Basic Policy on Distribution of Earnings
2. Consolidated Financial Statements......................................................................................................... 4................................................................................................................... 5(1) Consolidated Balance Sheets ...................................................................................................................... 5(2) Consolidated Statements of Income / Consolidated Statements of Comprehensive Income ......................................... 7(3) Consolidated Statements of Cash Flows........................................................................................................ 9(4) Notes to Consolidated Financial Statements..................................................................................................10(Notes on Assumption of Going Concern).................................................................................................10(Notes on Significant Changes in Shareholders' Equity)(Segment Information)................................................................................ 10.........................................................................................................................10(Significant Subsequent Events)............................................................................................................. 111

1 Qualitative Information on Quarterly Results(1) Business Performance
During the third quarter of the current fiscal year (April 1, 2020 to December 31, 2020), the domestic economy was severely affected by the
spread of the COVID-19. As a result of a sharp drop in domestic demand and a decrease in exports due to the deterioration of the world
economy, a significant negative growth was recorded, surpassing that immediately after the global financial crisis. Afterwards, the stagnation
has been prolonged, particularly in consumer spending, though exports have been partically picked up. Under these circumstances,sales of Basic Chemicals decreased in the Chemicals Segment. In the Performance Materials Segment, Display Materials andSemiconductor Materials performed well. In the Agricultural Chemicals Segment, shipments declined. In the Pharmaceuticals Segment, sales
in the drug discovery business decreased, despite an increase in sales in Custom Chemicals (custom manufacturing and process
researching services for pharmaceutical companies).
As a result, business performance during the nine months of the current fiscal year was as follows. Sales and each income were above thesame period of previous fiscal year, also operating income, ordinary income and net income attributable to owners of parent exceeded theoutlook announced in November.
Consolidated Financial Results for the Third Quarter
3Q FY2019(Actual)(Million yen, amounts rounded down to the nearest million yen)

3Q FY2020(Actual)Year-on-Year

3Q FY2020

Change from

Change(Outlook)

OutlookNet sales

138,042

138,228+185

139,200(972)

Operating income

21,522

23,561+2,03822,200+1,361

Ordinary income

22,55523,966+1,41022,900+1,066

17,60318,353+750

17,600+753

Net income attributableto owners of parent(Note) The outlook is described on page 7 of the 2Q FY2020 Presentation Materials (announced on November 12, 2020)(Note) Regarding the acquisition of the Quinoxyfen Fungicide Product Line from Corteva, Inc. on November 29, 2019,provisional accounting was applied during the third quarter of previous consolidated fiscal year, though it was finalized at theend of the previous consolidated fiscal year. The determined amount is used for the comparison and analysis with the preceding
consolidated fiscal year. As a result, the figures of Operating income, Ordinary income and Income before income taxes andnon-controlling interests increased by 81 million yen, while Net income and Net income attributable to oweners of parent
increased by 64 million yen by the recalculation of the third quarter of previous consolidated fiscal year.
Explanations by segments are as below.
The Chemicals Segment
In the Basic Chemicals, although sales of high purity sulfuric acid (agent used for cleaning semiconductor) increased, shipmentsof melamine (adhesives agent for particle board) decreased. In the Fine Chemicals, sales of "TEPIC" (powder coating agent for
paint, sealants, etc.) and environmental chemicals (sterilizing and disinfecting agents for pools and septic tanks, etc.) decreased.
As a result, sales of this segment were 23,029 million yen (a decrease of 2,467 million yen) and operating income was 574 million
yen (a decrease of 269 million yen). Compared to the outlook (Note), net sales were above 0.2 billion yen and operating income
was the same.
(Note)The outlook is described on page 13 and 14 of the 2Q FY2020 Presentation Materials (announced on November 12, 2020).
The Performance Materials Segment
In the Display Materials, sales of "SUNEVER" (LCD alignment coating) for tablets and notebook PCs performed well. In the Semiconductor
Materials, sales of anti-reflection coating materials for semiconductors (ARC®*) and multilayer materials (OptiStack®*) increased, reflecting

2the strong operation of customers. In the Inorganic materials, sales of Organo / Monomer sol (various kinds of coating materials, resin additive)
decreased, while sales of "SNOWTEX" for polishes for electronic materials were firm.
As a result, sales of this segment were 53,817 million yen (an increase of 5,422 million yen) and operating income was 17,008 million yen(an increase of 3,903 million yen). Compared to the outlook (Note), net sales were above 1.7 billion yen and operating income was above 1.4
billion yen.
(Note)The outlook is described on page 13 and 14 of the 2Q FY2020 Presentation Materials (announced on November 12, 2020).
* ARC® and OptiStack® are registered trademarks of Brewer Science, Inc.
The Agricultural Chemicals Segment
Sales of Fluralaner (active ingredients for veterinary pharmaceuticals) decreased due to the impact of inventory adjustment bycustomers. In the domestic agrochemicals segment, sales of "ALTAIR" (paddy rice herbicide)(herbicide for households) were firm, but shipments of "GRACIA" (insecticide) declined due to moderate insect pests outbreaks. In
the overseas agrochemicals segment, sales of "QUINTEC" (fungicide), acquired in the third quarter of FY2019, and "GRACIA" wererobust.
As a result, sales of this segment were 31,951 million yen (a decrease of 1,492 million yen) and operating income was 6,496 million
yen (a decrease of 1,093 million yen). Compared to the outlook (Note), net sales were below 1.9 billion yen and operating income
was below 0.6 billion yen.
(Note)The outlook is described on page 13 and 14 of the 2Q FY2020 Presentation Materials (announced on November 12, 2020).
The Pharmaceuticals Segment
Sales of "LIVALO" (anti-cholesterol drug) declined due to increased sales of generic drugs. In "Custom Chemicals", sales of active
pharmaceutical ingredients (generics) increased.
As a result, sales of this segment were 4,420 million yen (a decrease of 539 million yen) and operating loss was 6 million yen (adecrease in profit of 555 million yen). Compared to the outlook (Note), net sales were below 0.2 billion yen and operating income
was below 0.1 billion yen.
(Note)The outlook is described on page 13 and 14 of the 2Q FY2020 Presentation Materials (announced on November 12, 2020).
Trading
Sales of this segment were 51,474 million yen (an increase of 693 million yen), and operating income was 1,911 million yen (anincrease of 277 million yen). Compared to the outlook (Note), net sales were below 0.1 billion yen and operating income was above
0.2 billion yen.
(Note)The outlook is described on page 13 and 14 of the 2Q FY2020 Presentation Materials (announced on November 12, 2020).
OthersSales of this segment were 16,150 million yen (an increase of 1,218 million yen) and operating income was 393 million yen (an increase of
243 million yen).
(Note) From FY2020, we have changed the method of totaling operating income by segments. Year-on-year comparisons arecalculated using figures compiled using the same method. Under the new method, consolidation adjustments (such as unrealized
gains on inventories and non-current assets) previously allocated to individual segments are collectively processed with theadjustments for the entire company. The impact of this change is minor.

3(2) Financial Position(Position of Assets, Liabilities and Net Assets)
Total assets as of December 31, 2020 was 233,797 million yen (a decrease of 15,724 million yen from March 31, 2020). It is mainly due tothe decrease of notes and accounts receivable - trade.
Also, total liabilities as of December 31, 2020 was 46,948 million yen (a decrease of 17,045 million yen). It is mainly due to the decrease ofloans payable.
Net assets as of December 31, 2020 was 186,849 million yen (an increase of 1,320 million yen).
As a result of these factors, equity ratio was 79.2% (an increase of 5.5% from March 31, 2020).
(Position of Cash Flow)
Deducting income taxes paid from income before income taxes and non-controlling interests, depreciation and gain and loss on working
capital, net cash provided by operating activities for the nine months ended December 31, 2020 was 34,617 million yen (34,859 million yen
for the same period of the previous year).
Due to the investment on plant and equipment, net cash used in investing activities for the nine months ended December 31, 2020 was
10,857 million yen (12,914 million yen).
Due to the decrease in loans payable, payment for dividends and share repurchase, net cash used in financing activities for the ninemonths ended December 31, 2020 was 33,835 million yen (39,960 million yen).
As a result of these factors, cash and cash equivalents at the end of this period was 20,575 million yen, reflecting exchange of 12 million
yen. It decreased by 10,063 million yen from March 31, 2020 (17,989 million yen).
(3) Outlook of Consolidated Financial Results and Other Forward-looking Information
There is no change in the outlook of consolidated business results for the fiscal year ending March 31, 2021 from the statement
announced on November 12, 2020.
(4) Basic Policy on Distribution of Earnings
allocation is returning to shareholders by improving company value through increasing revenue in themedium and long terms.
In medium-Stage II launched from April 2019, the company aims to realize dividend payout ratio to be 45%

and total payout ratio to be 75% after FY2019.

4

2. Consolidated Financial Statements(1) Consolidated Balance Sheets(Million yen)
As ofMarch 31, 2020

As ofDecember 31, 2020

AssetsCurrent assets
Cash and deposits

30,63920,575

Notes and accounts receivable - trade72,50947,257

Merchandise and finished goods

33,13140,896153

801

Raw materials and supplies

10,59013,087

Other

7,199

7,864

(26)

(26)

154,196

130,456

Buildings and structures, net

24,85024,606

Other, net

26,731

26,885

Total property, plant and equipment

51,58151,492

Goodwill

301

5,545

Software566

468

Work in process

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Intangible assets

Other

6,511

6,315

Total intangible assets

7,379

12,330Investment securities

30,87334,266

Other

Investments and other assets
5,575

5,336

Allowance for doubtful accounts

(84)

(84)

Total investments and other assets

36,36439,518

Total non-current assets
Total assets

595,325

103,340

249,522233,797(Million yen)
As ofMarch 31, 2020

As ofDecember 31, 2020

Liabilities
Current liabilities
Notes and accounts payable - trade16,876

17,319

Short-term loans payable

23,538

10,395

Income taxes payable

6,167

1,198

Provision for bonuses

2,151

703

26

11

Other

11,254

12,534

Total current liabilities

60,01542,162

Provision for directors' bonuses

Non-current liabilities
1,076

866

Provision for business structure improvement

Long-term loans payable

284

180

Provision for loss on business of subsidiaries and affiliates

309-

Provision for share-based remuneration for directors(and other o46

47

Net defined benefit liability

208

247

Other

2,053

3,444

Total non-current liabilities

3,978

4,786

63,993

46,94818,942

18,942

Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus

13,613

13,613Retained earnings

146,997

146,592

Treasury shares(2,470)(4,340)Total shareholders' equity

177,082

174,808

Valuation difference on available-for-sale securities

7,782

10,787

Foreign currency translation adjustment

(896)

(386)

Accumulated other comprehensive income

Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

(51)

(45)

6,834

10,354

1,610

1,686

185,528

186,849

249,522233,797

(2) Consolidated Statements of Income / Consolidated Statements of Comprehensive Income- Consolidated Statements of Income(Million yen)
Nine Months Ended
December 31, 2019

Nine Months Ended
December 31, 2020

Net sales

138,042

138,228

Cost of sales

83,29581,605Gross profit

54,74756,623

Selling, general and administrative expenses

33,22433,062

Operating income

21,522

23,561Non-operating income
Interest income

19

11

Dividend income

656

696

Equity in earnings of affiliates

523

432

Other
Total non-operating income

709

449

1,908

1,590

95

55

Non-operating expenses
Interest expenses
Loss on disposal of non-current assets

301

426

Plant stop losses

218

50

Foreign exchange losses

138

450

Other

120

201

Total non- operating expenses

874

1,185

22,55523,966

Ordinary income
Extraordinary income
Gain on sales of investment securities

1,727

1,057

Total extraordinary income

1,727

1,057

834

-

Extraordinary losses
Licensing arrangement fee

834-

Income before income taxes and non-controlling interests

Total extraordinary losses

23,44825,024

Income taxes - current

5,186

6,068

Income taxes - deferred

604

590

Total income taxes

5,791

6,659

Net income

17,65718,36553

11

17,60318,353

Net income attributable to non-controlling interests
Net income attributable to owners of parent

7

- Consolidated Statements of Comprehensive Income(Million yen)

Net income

Nine Months Ended
December 31, 2019

Nine Months Ended
December 31, 2020

17,65718,365

Other comprehensive income
Valuation difference on available-for-sale securities

(611)

3,003

Foreign currency translation adjustment

(395)

572

Remeasurements of defined benefit plans, net of tax

(25)

5

0

1

(1,032)

3,583

16,62421,94816,606

21,87317

74

Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)
Owners of parent
Non-controlling interests8(3) Consolidated Statements of Cash Flows(Million yen)
Nine Months Ended
December 31, 2019

Nine Months Ended
December 31, 2020

Income before income taxes and non-controlling interests

23,44825,024

Depreciation and amortization

7,501

7,428

10

139

(675)

(708)

(1,727)(1,058)Cash flows from operating activities

Amortization of goodwill
Interest and dividend income
Loss (gain) on sales of investment securities
Interest expenses

95

55

Loss (gain) on disposal of non-current assets

301

426

Decrease (increase) in notes and accounts receivable - trade21,23825,432

Decrease (increase) in inventories(9,033)(10,680)

Increase (decrease) in notes and accounts payable - trade

1,916

316

Other

(1,205)(2,211)

Subtotal

41,87044,164

Interest and dividend income received

1,249

1,268

(91)

(52)

Income taxes paid

(8,169)(10,763)

Net cash provided by (used in) operating activities

34,85934,617Purchase of investment securities

(326)

(115)

Proceeds from sales of investment securities

2,944

2,308

Interest expenses paid

Cash flows from investing activities

Purchase of shares of subsidiaries

-

(302)

(6,563)(6,048)

Payments for retirement of property, plant and equipment

(266)

(379)

Purchase of intangible assets

(146)

(388)

Payments for transfer of business(6,335)(5,384)

Net decrease (increase) in short-term loans receivable(1,983)

(390)

(433)

(214)

Purchase of property, plant and equipment

Purchase of long-term prepaid expenses
Other
Net cash provided by (used in) investing activities

195

59

(12,914)(10,857)(15,756)(12,884)

Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of long-term loans payable

(930)

(320)

(12,360)(13,629)(111)-

Share repurchase(9,076)(7,001)

Setting up the trust for share repurchase(1,724)-

Net cash provided by (used in) financing activities(39,960)(33,835)

(177)

12

Net increase (decrease) in cash and cash equivalents(18,193)(10,063)

Cash and cash equivalents at beginning of period

36,18330,639Cash and cash equivalents at end of period

17,98920,575

Cash dividends paid
Dividends paid to non-controlling interests

Effect of exchange rate change on cash and cash equivalents9(4) Notes to Consolidated Financial Statements(Notes on Assumption of Going Concern)

Not applicable.
(Notes on Significant Changes in Shareholders' Equity)

The Company made a stock payment of 100 shares to the eligible party on April 24, 2020 based on the trust agreement of the Board
Benefit Trust (BBT) resolved by the Board of Director's meeting on July 30, 2019. In addition, the Company made a stock payment of 300
shares to the eligible party on July 22, 2020. As a result, treasury shares decreased by 1 million yen during the third quarter of current
consolidated fiscal year. Also, the Company canceled 1,000,000 treasury shares on August 31, 2020 based on the resolution ofBoard of Directors' meeting held on August 18, 2020. As a result, retained earnings and treasury shares decreased by 5,130 million yen during
the third quarter of current consolidated fiscal year.
Also, the Company repurchased 1,333,900 treasury shares based on the resolution of Board of Directors' meeting held on May 15, 2020.
As a result, treasury shares increased by 6,999 million yen during the third quarter of current consolidated fiscal year.
(Segment Information)
1. For the Nine Months Ended December 31, 2019 (From April 1, 2019 to December 31, 2019)1) Information Regarding Sales, Income (Loss) of Reportable Segments
Chemicals

Performance
Materials

Agricultural
Chemicals(Million yen)Pharmaceuticals

Trading

Others

Total

Adjustment(1)

Consolidated
Total

Sales
Sales to outside customers

18,40142,93030,022

4,940

35,736

6,005

138,035

6

Intersegment Sales

7,095

5,464

3,420

20

15,0458,926

39,973(39,973)

25,497

48,39433,443

4,960

50,781

14,931

178,008(39,966)

138,042843

13,105

7,590

549

1,634

150

23,873(2,351)

21,522

Total Sales
Segment Income or Loss
(Operating Income or Loss)

138,042

Notes: (1) The (2,351) million yen adjustment in segment income includes (165) million yen in intersegment eliminations, 6 million yen sales
not attributable to any reporting segment, and (2,192) million yen corporate expenses not attributable to any reportable segment.
The corporate expenses are mainly group administrative expenses which do not belong to any segment.
2) Information on impairment loss, goodwill, etc. on non-current assets by reportable segment(Major change in goodwill)
With the acquisition of the Quinoxyfen Fungicide Product Line from Corteva, Inc. in the Agricultural Chemicals segment, provisional accounting
was applied during the third quarter of current consolidated fiscal year. However, it was finalized at the end of the current consolidated
fiscal year. As a result, goodwill of 6,335 million yen, which was provisionally calculated for this reason during the third quarter of current
consolidated fiscal year, decreased by 6,010 million yen to 325 million yen due to the finalization of this accounting treatment.
2. For the Nine Months Ended December 31, 2020 (From April 1, 2020 to December 31, 2020)
1) Information Regarding Sales, Income (Loss) of Reportable Segments
Chemicals

Performance
Materials

Agricultural
Chemicals(Million yen)Pharmaceuticals

Trading

Others

Total

Adjustment(1)

Consolidated
Total

Sales
Sales to outside customers

15,75347,16527,917

4,377

37,251

5,760

138,226

2

Intersegment Sales

7,276

6,651

4,033

43

14,223

10,38942,617(42,617)

23,02953,817

31,951

4,420

51,474

16,150180,843(42,614)138,228574

17,008

6,496

(6)

1,911

393

26,377(2,816)23,561

Total Sales
Segment Income or Loss
(Operating Income or Loss)

138,228

Notes: (1) The (2,816) million yen adjustment in segment income includes (321) million yen in intersegment eliminations, 2 million yen sales
not attributable to any reporting segment, and (2,498) million yen corporate expenses not attributable to any reportable segment.
The corporate expenses are mainly group administrative expenses which do not belong to any segment.
2) Matters related to changes in reportable segment, etc.

(Change of calculation method for profit (loss) by reportable segment)
In order to evaluate and manage the performance of each reportable segment more appropriately, the Company reviewed the method of adjusting
intersegment transactions and has changed the method of calculation for profit or loss of each reportable segment. Segment information for thethird quarter of the previous fiscal year is based on the revised method.
3) Information on impairment loss, goodwill, etc. on non-current assets by reportable segment(Major change in goodwill)
With the acquisition of the Mancozeb Fungicide Product Line from Corteva, Inc. in the Agricultural Chemicals segment, goodwill increased by
5,384 million yen. This is a tentative amount, since we could not identify the identifiable assets and liabilities, estimate the fair value,and complete the allocation of acquisition cost at the date of the acquisition.

10

(Significant Subsequent Events)
The Company, at the board of Director's meeting held on February 5, 2021, has decided to repurchase its shares in the market
under Article 156 of the Japanese Corporation Act, as applied pursuant to Article 165, Paragraph 3 of the same Act.
1. Purpose of repurchaseTo facilitate flexible implementation of capital policy in response to changes in the business environment.
2. Details of repurchase(1) Class of shares: Common shares of the company(2) Total number of shares: Up to 800,000 shares(3) Total amount: Up to 3,000,000,000 yen(4) Period of repurchase: From February 8, 2021 to April 30, 2021

(0.55% of total shares outstanding, excluding treasury shares)(For reference) Number of treasury shares as of December 31, 2020
Total number of shares issued (excluding treasury shares): 144,309,428 shares

Number of treasury shares:

690,572 shares* Not including 165,800 shares of treasury shares which the Board Benefit Trust (BBT) has hold.

11