1 Summary of Consolidated Financial Results

for the Year Ended March 31, 2022
For the year ended March 31, 2022

Summary of
Financial Results

2 Forecast of Consolidated Financial Results

for the Year Ending March 31, 2023
3 Medium-Term Business Plan
4 Efforts for Research and Development

May 27, 2022

4092

© Nippon Chemical Industrial Co., Ltd.

Notice: This document is an excerpt translation of the original Japanese document and is only forreference purposes. In the event of any discrepancy between this translated document and the original
Japanese document, the latter shall prevail.

1

Summary of Consolidated
Financial Results for the Year
Ended March 31, 2022

© Nippon Chemical Industrial Co., Ltd.

Points of the Full-year Financial Results for the Year
Ended March 31, 2022
Uncertain outlook has been unchanged because of infection resurgence caused by
the new variant strain, rising raw material prices, troubled logistics, and the effectof the international situation, despite a continuing gradual recovery trend fromCOVID-19 crisis.

◆Net sales increased 7.6% Y-o-Y while operating profit increased 40.9%.
・Demand was strong in relation to digitalization and energy saving. This contributed toan improvement in profitability.

・Development of new markets was actively advanced through tighter cooperation withoverseas sales bases. (Materials for next-generation display and paste for RFID tags)
・Because of rising raw material prices, related products were repriced.
・Business portfolio was reviewed for optimum allocation of managerial resources.
(Sales of air-conditioning business)
・The stable supply system was strengthened for growth areas where demand
expands. (Electronic ceramic materials, phosphine derivatives, and high-purity
electronic materials)
3
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Consolidated Financial Results for the Year Ended
March 31, 2022

Year ended(Millions of yen) March 31, 2021

Net sales
Operating profit

Year ended
March 31, 2022

ChangeChange rate

34,64237,275

2,632

7.6%

2,783

3,921

1,138

40.9%

Operating profit percentage

8.0%

10.5%

+2.5ptOrdinary profit
Profit
ROE

2,315

3,864

1,549

66.9%

2,182

3,735

1,552

71.2%

5.8%

9.2%

+3.4pt248.11424.47

-

-

70

85

-

-

Earnings per share(Yen)
Annual dividends per share(Yen)

4
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Earnings for the Year Ended March 31, 2022, by Business(Millions of yen)
Inorganic
Chemicals

Specialty
Chemicals

Leasing
Business

Air-conditioning
Business

Other

Total

Year ended
March 31, 2021

Year ended
March 31, 2022

ChangeChange rate

Net Sales

14,257

16,110

1,853

13.0%

Operating
Profit

434

950

516

118.9%Net Sales

15,151

17,426

2,274

15.0%

Operating
Profit

1,517

2,075

558

36.8%

Net Sales

913

913

0

0.0%

Operating
Profit

535

537

2

0.4%

Net Sales

3,399

1,926

(1,472)(43.3%)

Operating
Profit

182

258

76

41.8%

Net Sales

921

898

(23)

(2.5%)

Operating
Profit

68

95

27

39.7%

Net Sales

34,64237,275

2,632

7.6%

Operating
Profit

2,783

3,921

1,138

40.9%

5
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Net Sales in Inorganic Chemicals
for the Year Ended March 31, 2022
(Millions of yen)2021/32022/3

ChangeChangerate

Chromium Compounds

4,104

4,679

575

14.0%

Silicates and silica

2,606

2,078

(528)

(20.3%)

Inorganic Phosphorus
Compounds

4,529

6,222

1,693

37.4%

Other

3,017

3,131

114

3.8%

14,257

16,110

1,853

13.0%

Total

◆Chromium Compounds: Strong growth for plating and refractory

Net sales
16,11014,257＋13.0％
Y-o-Y

2021/32022/3Operating profit
950◆Silicates and Silica: Sharp decline as a result of a review of the supply chain◆Inorganic Phosphorus Compounds: Strong growth for the general industry
as well as for LCDs and semiconductors

434＋118.9％Y-o-Y

2021/32022/36
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Net Sales in Specialty Chemicals
for the Year Ended March 31, 2022

(Millions of yen)

Electronic CeramicMaterials
Organic Functional
Materials
Battery and Electronic
Device Materials
Other
Total

2021/32022/3

ChangeChange
rate

7,310

7,911

601

8.2%

2,466

3,349

883

35.8%

3,716

4,075

359

9.7%

1,655

2,089

434

26.2%

15,151

17,426

2,274

15.0%

Net sales
17,42615,151＋15.0％
Y-o-Y

2021/32022/3◆Electronic Ceramic Materials: Strongness for automobiles

Operating profit◆Organic Functional Materials- Phosphine Derivatives: Strong growth for overseas and Quantum Dot- Agrochemicals: Strongness

1,517

2,075

＋36.8.％
Y-o-Y◆Battery and Electronic Device Materials- Battery Materials: A sharp decline as a result of a decline in raw
material prices- Circuit Materials: Strongness for anisotropic conductive materials- High-Purity Electronic Materials: Strong growth for semiconductors

2021/32022/37

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Net Sales in Leasing Business and Others
for the Year Ended March 31, 2022

(Millions of yen)

Leasing Business

2021/32022/3

913

913

0

0.0%

Air-conditioning Business

3,399

1,926

(1,472)(43.3%)

Book Store Operation

662

619

(43)

(6.5%)

Other

260

281

21

8.1%

5,234

3,739

(1,495)(28.6%)Total

Net sales

Changerate

Change5,234▲28.6％

3,739

Y-o-Y

2021/32022/3◆Leasing Business: Solidness in major tenants

Operating profit◆Air-conditioning Business: The business was outside the scope of
consolidation from the 3Q of the year ended March 31, 2022, because of salesof the business.

785

890

＋13.4％
Y-o-Y◆Book Store Operation: Weakness
2021/32022/38
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Composition of Net Sales
Inorganic Chemicals

Other

Specialty Chemicals

Year ended
March 31,
2021

41%

15%

44%

Year ended
March 31,
2022

43%

10%

47%

Chromium
Compounds:
29%
Silicates
and Silica:
13%

Inorganic
Chemicals

Inorganic
Phosphorus
Compounds:
39%

Electronic
Ceramic
Materials:
45%
Battery andElectronic Device
Materials:
23%

Specialty
Chemicals

Organic Functional
Materials:
20%

9
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Consolidated Balance Sheets - Assets(Millions of yen)

[Assets]
Current assets
Cash and deposits
Notes and accounts receivable - trade
Inventories
Other
Non-current assets
Property, plant and equipment
Intangible assets
Investment securities
Other
Total assets

As ofMarch 31, 2021

As ofMarch 31, 2022

Change30,59810,004
11,297
8,788
509
39,59830,874
589
7,044
1,091
70,19630,718
9,012
10,9959,802
909
39,712
31,864
448
6,385
1,015
70,431

120
(991)
(302)
1,014
400
114
989
(141)
(658)
(76)
234

10
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Consolidated Balance Sheet - Liabilities & Net assets(Millions of yen)

As ofMarch 31, 2021

As ofMarch 31, 2022

ChangeDeferred tax liabilities

17,525
3,802
8,300
5,423
13,595
7,283
1,387
2,173

17,706
3,390
8,886
5,430
10,857
7,033
1,093
610

181
(412)
585
7
(2,738)(249)(293)(1,562)

Liabilities fromapplication of the equity method

424

-

(424)

Other

2,326
31,1202,118
28,563(208)(2,557)

Shareholders' equity

35,365
3,709
39,07570,19638,4993,368
41,86770,431

3,134
(341)
2,791
11
234

[Liabilities & Net assets]
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Other
Non-current liabilities
Long-term borrowings
Retirement benefit liability

Total liabilities[Net assets]

Accumulated other comprehensive income
Total net assets
Total liabilities and net assets

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Consolidated Statements of Income
Net sales
Cost of sales
Selling, general and administrative expenses
Operating profit
Non-operating income
Non-operating expenses
Share of loss of entities accounted for using
equity method
Other non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of shares of subsidiaries andassociates
Gain on sale of investment securities
Extraordinary losses
Loss on retirement of non-current assets
Loss on disaster
Profit before income taxes
Income taxes - current
Income taxes - deferred
Profit(Millions of yen)

Year ended
March 31, 2021

Year ended
March 31, 2022

34,642
26,799
5,060
2,783
288
755

37,27528,229
5,124
3,921
295
351

2,632
1,430
64
1,138
7
(404)

517

32

(485)

238
2,315
824

319
3,864
643

81
1,549
(181)

-

551

551

824
191
149
42
2,948
866
(100)
2,182

91
1,326
1,326

(733)
1,135
1,177
(42)
234
189
(1,508)
1,552

3,182
1,055
(1,608)3,735

Change Change rate

7.6%
5.3%
1.3%
40.9%

66.9%

7.9%

71.2%

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Consolidated Statements of Cash Flows
I Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (Gain) on sales of shares of subsidiaries and associates
Loss on retirement of non-current assets
Changes in inventories
Income taxes paid
Other
II Cash flows from investing activities
Capital expenditure
Other
III Cash flows from financing activities
Changes in loans payable
Dividends paid
Other
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Year ended
March 31, 2021

(Millions of yen)
Year ended
March 31, 2022

5,216
2,948
2,875
149
46
(512)
(290)
(3,539)(4,266)727(1,024)
(402)
(614)
(8)
(5)
647
9,315
9,962

1,975
3,182
3,061
(551)
1,326
(1,443)(1,333)(2,267)(3,082)(5,011)
1,929
120
739
(614)
(5)
26
(960)
9,962
13
9,002

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２

Forecast of Consolidated
Financial Results for the YearEnding March 31, 2022

© Nippon Chemical Industrial Co., Ltd.

Points of the Full-year Forecasts for the YearEnding March 31, 2023
The economy is expected to show a recovery due to an improvement in the global
economy while the assumed downside risks include a further increase in raw
material prices, lengthening of troubled logistics, and fluctuations in the financial
and capital markets.

◆Net sales will increase 2% Y-o-Y while operating profits will decrease 46%.
・Demand will be continuously strong in relation to digitalization and energy saving.

・Seek business opportunities in the overseas markets.
・Continue to actively promote growth investment.
・Focus on expansion of earnings base and creation of value in anticipation of
mid- and long-term growth despite a temporary and sharp decline in profitability.
・Allocate managerial resources mainly to growth areas, overseas expansion, and productdevelopment. Continuously optimize the business portfolio.

15
Any unauthorized reproduction or distribution of all or part of this material is prohibitedForecast of Consolidated Financial Results for the YearEnding March 31, 2023
(Millions of yen)

Net sales
Operating profit

Year ending
March 31, 2022
Actual results

Year ending
March 31, 2023
Forecast

ChangeChange rate

37,27538,000

725

1.9%

3,921

2,100

(1,821)(46.4%)

Operating profit percentage

10.5%

5.5%

(5.0pt)Ordinary profit
Profit
ROE

3,864

2,200

(1,664)(43.1%)

3,735

1,400

(2,335)(62.5%)

9.2%

3.3%

(5.9pt)424.47159.06--

Interim：35
Year-end：50
Annual：85

Interim：35
Year-end：35
Annual：70--

Capital expenditures

4,407

4,900

493

11.2%

Depreciation

3,061

3,500

439

14.3%

R & D expenses

1,326

1,400

74

5.6%
16

Earnings per share(Yen)
Annual dividends per share(Yen)

Any unauthorized reproduction or distribution of all or part of this material is prohibitedForecast of Earnings for the Year Ending March 31,
2023, by BusinessYear ending
March 31, 2022
(Millions of yen) Actual results

Year ending
March 31, 2023
Forecast

Net Sales

16,11019,255

3,145

19.5%

Operating
Profit

950

1,040

90

9.5%

Net Sales

17,426

16,985(441)(2.5%)

Operating
Profit2,075

480(1,595)(76.9%)Net Sales

913

913

0

0.0%

Operating
Profit

537

525

(12)

(2.2%)Net Sales

1,926

-

(1,926)-

Operating
Profit

258

-

(258)

-

Net Sales

898

847

(51)

(5.7%)

Operating
Profit

95

55

(40)

(42.1%)Net Sales

37,27538,000725

1.9%Operating
Profit

3,921

2,100

(1,821)(46.4%)

Inorganic
Chemicals

Specialty
Chemicals

Leasing
Business

Air-conditioning
Business

Other

Total

ChangeChange rate

17
Any unauthorized reproduction or distribution of all or part of this material is prohibitedForecast of Net Sales in Inorganic Chemicals
for the Year Ending March 31, 2023
2022/3(Millions of yen) Actual results

2023/3
Forecast

ChangeChangerate

Chromium Compounds

4,679

4,845

166

3.5%

Silicates and silica

2,078

2,225

147

7.1%

Inorganic Phosphorus
Compounds

6,222

8,510

2,288

36.8%

Other

3,131

3,675

544

17.4%

16,11019,255

3,145

19.5%

Total

Net sales
19,255
16,110＋19.5％
Y-o-Y

2022/32023/3◆Chromium Compounds: Repricing despite the effect of automobile
production cut

Operating profit◆Silicates and Silica: Demand recovery and repricing

950◆Inorganic Phosphorus Compounds: Strong growth for LCDs andsemiconductors as well as repricing

1,040
＋9.5％
Y-o-Y

2022/32023/318
Any unauthorized reproduction or distribution of all or part of this material is prohibitedForecast of Net Sales in Specialty Chemicals
for the Year Ending March 31, 2023
2022/3(Millions of yen) Actual results
Electronic Ceramic
7,911
Materials
Organic Functional
3,349
Materials
Battery and Electronic
4,075
Device Materials
Other
2,089
Total

17,4262023/3
Forecast

ChangeChange
rate

7,700

(211)

(2.7%)

3,195

(154)

(4.6%)

4,420

345

8.5%

1,670

(419)

(20.1%)

16,985(441)(2.5%)◆Electronic Ceramic Materials: Solidness for automobiles and communication
Weakness in high purity barium carbonate

Net sales
17,426(2.5%)
Y-o-Y

2022/32023/3Operating profit
2,075◆Organic Functional Materials- Phosphine Derivatives: Strong growth in Quantum Dot- Agrochemicals: A sharp decline as a result of the end of production insome grades◆Battery and Electronic Device Materials- Battery Materials：Solidness- Circuit materials: Strongness for anisotropic conductive materials- High-Purity Electronic Materials: Strong growth for semiconductors

16,985(76.9%)
Y-o-Y

2022/34802023/319

Any unauthorized reproduction or distribution of all or part of this material is prohibitedForecast of Net Sales in Leasing Business and Others
for the Year Ending March 31, 2023
2022/3(Millions of yen) Actual results

2023/3
Forecast

Net sales

Changerate

ChangeLeasing BusinessAir-conditioning
Business
Book Store Operation

913

913

0

0.0%

1,926

-

(1,926)

-

619

582

(37)

(6.0%)

Other

279

265

(14)

(5.0%)

3,739

1,760

(1,979)(52.9%)

Total◆Leasing business: Solidness for major tenants◆Air-conditioning Business: The business was outside the scope of
consolidation from the 3Q of the year ended March 31, 2022, because of salesof the business.

3,739(52.9%)
Y-o-Y

2022/31,760

2023/3Operating profit
890
580◆Book Store Operation: Weakness(34.8%)
Y-o-Y

2022/32023/320
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Return to Shareholders◆Focus on stable and continuous dividend◆Increase and effectively use internal reserve to increase
shareholder value
150

100

50

Interim （yen）
Year-end（yen）
Profit （hundred millions of yen）

22

37

24

21

18

17

35

35

35

14
50

35

30

30

30

30

35

35

35

35

35

17/3

18/3

19/3

20/3

21/3

22/3

23/3

0

(20)
Forecast

21
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3

Medium-Term Business Plan

© Nippon Chemical Industrial Co., Ltd.

Status of Achievement of Numerical Targets
Achieved revenues and profits exceeding those for the first year in the plan.

Achieved the target of operating profits for the final year in the plan early
80
70

60

400

Net sales (hundred millions of yen)
Operating profit (hundred millions of yen)

390

373

360

360
340

50

320

40

300

39

30
20

280
Achieved target early(operating profit)

26

30

260

240

10
0

380

220
Medium-term business plan
FY2021

Actual results

・・・

200
Final year in Medium-term business plan
FY202323

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Points of Review of Medium-term Business Plan(i) Updated the business plan in response to changes in the business portfolio
Implemented reviews of the business portfolio by selling subsidiaries(ii) Updated the business plan in response to changes in external environment
Reflected the effect of higher raw material prices
Corrected assumptions of demand for final products and our business results(iii) Adopted EBITDA and ROE as key management indicators(iv) Updated the period for medium-term business plan to three years from FY 2022

2021

2022

2023

2024

Period for medium-termbusiness plan

Announced May 2021

This update

Updated time axis and the numerical plan24
Any unauthorized reproduction or distribution of all or part of this material is prohibited

New Medium-Term Business Plan
(FY 2022 to FY 2024)“Promotion and Realization of Outcome of the Growth Strategy”

25
Any unauthorized reproduction or distribution of all or part of this material is prohibitedCorporate Philosophy System

Management
philosophy

We are Treating Humanity Treasuring
Technology With Good Care
Enrich society by balancing humanity and technology

Highly profitable company
Realize highly profitable company at any time of changing market environment

Basic policies

Value creation company
Provide high quality products and services through humanity and technology andcontinue to pursue the realization of a value creation company.

Medium-term business plan
GrowthstrategyOverseasstrategy

Reinforcementof foundation

Business strategy
Sustainability management26
Any unauthorized reproduction or distribution of all or part of this material is prohibitedPolicies and Priority Measures in the MediumTerm Business Plan
The previous medium-termbusiness plan
✔ Concentrated investment inpriority areas✔ Aggressive development ofoverseas strategies✔ Reinforcement of businessfoundation

The new medium-term business plan

2022-2024

Enhancing corporate value“Promotion and Realization of
Outcome of the Growth Strategy”

Priority measures(i)
Expansion of growth fields◆Basic fields: Focus on increasing profitability and earnings◆Growth fields: Continue strategic investment and follow the rapidly expanding market◆R&D: Conduct highly efficient development of new products responsive to changes in markets(ii)
Promotion of globalization◆Advance overseas expansion on the axis of differentiated products◆Strengthen cooperation among group companies◆Obtain business opportunities in the growth market of Southeast Asia(iii)
Reinforcement of business foundation◆Increase human resources and diversify working styles◆Effectively allocate managerial resources◆Establish the resilient system for raw material procurement27
Any unauthorized reproduction or distribution of all or part of this material is prohibitedNumerical Targets
Net sales
Targets for FY 2024

Operating profit
化学

40 billion yen

16 yen
3.5 billion％

Key performance indicators
Profitability
EBITDA ※1

7.5 billion yen

Shareholder value
ROE ※2

6.0%※1 Brief version of EBITDA (operating profit + depreciation) is used.
※2 ROE＝Net income / Average shareholders’ equity

28
Any unauthorized reproduction or distribution of all or part of this material is prohibitedNumerical Targets

100
90

362

346

373

380

385

400

70

70

50
40

51

57

30
20

10

25

28

400 Net sales
350

80

60

（hundred millions of yen）

70

75

57
39
21

300 EBITDA※

250

30

0

35

200
150

Operatingprofit

100

2019

2020

2021

2022

2023

2024 (fiscal year)※ Brief version of EBITDA (operating profit + depreciation) is used29

Any unauthorized reproduction or distribution of all or part of this material is prohibited

Sales Plan
Net sales had remained at a level below 40 billion yen since the year ended FY 2010.
We seek a return to a level of 40 billion yen by actively executing the growth strategy andstrengthening of highly profitable structure during the medium-term business plan.
500（hundred millions of yen）

Goal of net sales:
40 billion yen

400

300

Specialty
Chemicals

200

100
Inorganic
Chemicals02009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

（fiscal year）

30
Any unauthorized reproduction or distribution of all or part of this material is prohibitedExpansion of Growth Fields(i) Strengthening Basic Chemical Fields
Focus on increasing profitability and earnings

・Expand the lineup of differentiated products
・Increase earnings by improving production efficiency
・Increase profitability of less profitable products and business

Chromium Compounds

Silicates and Silica

Inorganic Phosphorus

Only manufacturer of
Chromium Compound in JapanFirst producer of Sodium Silicate
in Japan

Largest level of product lineup
in Japan31
Any unauthorized reproduction or distribution of all or part of this material is prohibitedExpansion of Growth Fields(ii) Expansion of Growth Areas
Increase above 40% by 2025of the percentage of net sales in growth areas＜Percentage of growth areas in total net sales＞
23%
FY201743%

34%
FY2021

FY2024

Products in Growth Areas◆Electronic ceramic materials◆Phosphoric acid for LCDs and semiconductors◆High-purity red phosphorus◆High-purity phosphine gas◆Phosphorus materials for Quantum Dot◆Organic electronic materials

32
Any unauthorized reproduction or distribution of all or part of this material is prohibitedExpansion of Growth Fields(iii) Capital Investment
Shift to the portfolio centering on growth fields
Breakdown of capital investment
Allocated 70% of capital investment to Specialty Chemicals

Breakdown of net sales
Increase the percentage of net sales of Specialty Chemicals
above 50% by 2025

Inorganic Chemicals

26%

Investments for
FY 2021:

47%

Specialty
Chemicals

54%

4,407
million yen

Inorganic
Chemicals

Specialty Chemicals

72%

2021

2024（fiscal year）

33
Any unauthorized reproduction or distribution of all or part of this material is prohibitedExpansion of Growth Fields(iv) Research and Development
高効率な研究開発に取り組む

Make highly efficient research and development

Trend in R&D expenses

Inorganic chemicals（millions of yen）

1,290
1,177

1,223

7%

1,326

1,033

R&D expenses for
FY 2021

1,326
millionSpecialty chemicals

92%
2017

2018

2019

2020

2021

（fiscal year）

34
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Promotion of Globalization

Obtain and expand growth opportunities in the global market

Obtain business opportunities in Southeast Asia
・Obtain business opportunities in the growth market of Southeast Asia
・Seek an alliance with overseas local companies and the possibility of overseas
expansion of the group companies

For semiconductors

Strengthen cooperation among group companies
・Optimize and maximize the value and build a new business model throughdomestic and overseas cooperation among group companies.

For the next-generation
display

For RFID tags

Increase overseas net sales
・Promote overseas expansion on the axis of differentiated functional products
・Expand sales in emerging countries where the growth is expected

U.S.A.
JAPAN
SHANGHAITHAILAND35

Any unauthorized reproduction or distribution of all or part of this material is prohibitedReinforcement of Business Foundation

Reinforce business foundation to support corporate management

Build the sustainable and robust
business structure
・Establish the procurement system of raw materials to deal with avariety of potential disasters, infections, and country risks
・Effectively allocate managerial resources

Increase human resources anddiversify working styles

Deepen and implement succession of
production technology

・Develop leaders building the future of the company
・Diversify recruiting and secure human resources with a variety of skills
・Execute flexible operational reform to maintain corporate activities
in the post-COVID-19 world・Clarify inherent technologies and implement succession of production
technologies and expertise
・Ensure the security in production sites and build a stable production
system・Realize stable operation by advancing digitalization of plants andvisualizing production data

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４

Research and Development© Nippon Chemical Industrial Co., Ltd.

Concept of Research and Development
New technologies and new materials
contributing to solving social issues in the 21st century

New value field platform
Materials supporting
the technology for
improvement of comfort

Materials supporting
the technology forenergy management

Materials supporting
the technology forprotection of health (life)

Present business field platform / functional material groups
Phosphine derivatives

Electro-conductive
materials

Secondary battery
cathode materials

Dielectric materials

Anisotropic
conductive paste

Highly selective
adsorbents

Oxide nanoparticles

Basic technologies

Lithium

SiliconPhosphorus

Intellectual property
Technical agreements

Chromium

BariumIndustrial-academic-government
collaboration
Open innovation

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Products Developed for the RFID Market
RFID
RFID is the automatic recognition technology that enables contactless reading and writingof IC information via radio waves. The technology enables batch reading of several targets
several meter distant and contributes to an increase in efficiency, a reduction in workers,
and unmanned operations.

Market
RFID is used mainly for logistic and inventory management of products, self-checkout,
and material management of production sites.
Increasing demand is also supported by the needs for contactless.
The increase in uses is expected, including logistic
and inventory management and self-checkout.

188

億個
18.8
billionunits

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Any unauthorized reproduction or distribution of all or part of this material is prohibitedSMERF ® Anisotropic Conductive Paste
Characteristics

General structure of RFID tag◆Fast curing
Curing one second at the earliest→ 90% time-saving compared to the conventional products
compared to our conventional products※◆High adhesion
Shortening curing time and maintaining the high performance◆Versatility for base materials
Contribution to needs for environmental friendliness(PET → paper)

Business Strategy◆Integrated production from conductive particles
Provide optimum solution at the earliest

Connection between antenna and IC chip
(picture of the cross section)

IC Chip

IC
Anisotropic conductive paste
SMERF®
(self-developed product)

Antenna
Base Material

Electro-conductive powders
BRIGHT®
（our product）◆Response to market demand for high quality
Focus on the fast and low-temperature curing◆Expansion to downstream products
Expand downstream products using production expertise of
BRIGHT®

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Any unauthorized reproduction or distribution of all or part of this material is prohibitedCurelight ® Copper Oxide Paste for Photo Sintering
Characteristics

Picture after photo sintering ofantenna with Curelight ®

◆Flash sintering under the air atmosphere
Photo sintering makes the high-temperature process unnecessary◆Cost reduction effectResponse to replacement demand from silver paste
PET films◆Versatility for base materials
Contribution to needs for environmental friendliness(PET → paper)

PapersTarget markets
Provide new value toprinted electronics market

Business Strategy◆Flexibly response to requests from customers
Possible to adjust the viscosity suitable to printing methods◆Contribution to low carbon society

Sensors

Automobile line

RFID

Energy reduction in the production process◆Expansion to downstream products
Expand downstream products using production expertise of
copper oxide

Printed electronics
Printing technology for building electronic
circuits and elements on the base material
including films.

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The forecasts of financial results and business plans included in the materials were based on currently available information available and certain
preconditions, and so the forecasts do not guarantee future financial results. Actual financial results may differ from the forecasts for to a varietyof reasons.
Please make your own decisions on investments.