July 20, 2022

Joint News Release
BASF and TODA to further expand their Japanese joint venture’s
capacity for high nickel cathode active materials•

Expansion to increase the supply of high nickel cathode active materials
for up to 45 GWh cell capacity per year•

Investment targets to meet growing market demand and strengthen thelocal supply chain in Japan•

New capacity will start operation in second half of 2024

Ludwigshafen/Germany and Tokyo/Japan – BASF and TODA KOGYO CORP. (TODA)
announced that they will further expand the production capacity of BASF TODA BatteryMaterials LLC (BTBM) at the Onoda site in Japan.
BTBM is a BASF majority-owned joint venture with TODA formed in 2015 (BASF 66%;TODA 34%). Construction for the new capacity at the Onoda site will start in Q4 2022
and commercial production is planned for the second half of 2024. BTBM’s annualcapacity for high nickel cathode active materials (CAM) will achieve up to 60,000 tons
by 2025.
“BTBM today is a leader for high nickel CAM materials of superior quality and plays animportant role in BASF’s global production network for battery materials,” said Dr. Peter
Schuhmacher, President, Catalysts division at BASF. “This investment at the Onoda
site, already one of the world’s largest calcination facilities for CAM, will support ourcustomers’ ambitious growth plans in Japan and worldwide. We will introduce aninnovative and proprietary new production process allowing highest throughput rate
combined with consistent highest quality.”

Shigeru Takaragi, President of TODA KOGYO CORP., added, “With the further
expansion of the Onoda site, we are supporting the Japanese government’s goal ofstrengthening the local supply chain. Together with BASF, we are combining andmobilizing resources to take full advantage of our synergies to respond to the fastgrowing demand for lithium-ion batteries.”“BTBM combines manufacturing and technology expertise of BASF and Toda. Bothpartners are working closely together combining know-how and resources to support
BTBM’s growth.” said Dr. Michael Baier, Senior Vice President of BASF Battery
Materials. “BTBM also benefits from its close cooperation with innovative Japaneseengineering companies and equipment suppliers.”
The new expansion project has been selected by the Ministry of Economy, Trade andIndustry as a “Program for Promoting Investment in Japan to Strengthen SupplyChains” and has been granted subsidies.

Media contacts:TODAKoji Miyahara
Public Relations Group, Corporate Planning Department
TODA KOGYO CORP.
Phone: +81 82 577 0055

About BASF’s Catalysts Division
BASF’s Catalysts division is the world’s leading supplier of environmental and process catalysts. The
group offers exceptional expertise in the development of technologies that protect the air we breathe,produce the fuels that power our world, and ensure efficient production of a wide variety of chemicals,
plastics and other products, including advanced battery materials. By leveraging our industry-leading
R&D platforms, passion for innovation and deep knowledge of precious and base metals, BASF’s
Catalysts division develops unique, proprietary solutions that drive customer success. Further
information on BASF’s Catalysts division is available on the Internet at www.catalysts.basf.com.
About BASF
At BASF, we create chemistry for a sustainable future. We combine economic success withenvironmental protection and social responsibility. Around 111,000 employees in the BASF Groupcontribute to the success of our customers in nearly all sectors and almost every country in the world.

Our portfolio comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies,
Nutrition & Care and Agricultural Solutions. BASF generated sales of €78.6 billion in 2021. BASF sharesare traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) inthe U.S. Further information at www.basf.com.
About TODA KOGYO CORP
TODA KOGYO CORP. is specialized in the Wet Synthesis Technology of metal oxide, andmanufacturing coloring materials including pigments and toners, magnetic powder materials, ferrite
materials and other various magnetic materials. We aim to expand our business globally along with ourfundamental line to provide solutions to support society in the aspects of information, environment andenergy. TODA KOGYO CORP. had consolidated net sales of about 35.3 billion JPY in the fiscal year
2021, as well as about 1,303 employees at the end of 2021. More information on TODA KOGYO CORP.
is available at www.todakogyo.co.jp.