A joint venture company was scheduled to be established on June 1, 2023 by Murata Manufacturing Co., Ltd, Ishihara Sangyo Kaisha, Ltd., and Fuji Titanium Industry Co., Ltd., as per "Notice Regarding Establishment of a Joint Venture Company with Ishihara Sangyo Kaisha, Ltd. and Fuji Titanium Industry Co., Ltd." dated March 17, 2023. However, in the course of preparation and consultation for final arrangements, it was decided to push back the date of the establishment, so at a meeting of the Company's Board of Directors, another resolution was passed to conclude a new joint venture agreement with Ishihara Sangyo and Fuji Titanium. Details are as follows.

purpose of Establishment of a Joint Venture Company: Fuji Titanium is one of the Company's suppliers that manufactures barium titanate, a material used in multilayer ceramic capacitors. Barium titanate, a material used in multilayer ceramic capacitors, is becoming increasingly important in anticipation of further growth in demand for multilayer ceramic capacitors amidst the rapid development of IT devices and the electrification of automobiles. The joint venture company has a plan to construct a new plant in Nobeoka City, Miyazaki Prefecture, for enhancing the production capacity of barium titanate and will seek to achieve further improvement in quality and productivity by combining the respective manufacturing technologies and know-how that Fuji Titanium and the Company have cultivated.

Details of the Joint Venture Agreement and Outline of the Joint Venture Company: The joint venture company will be established whereby Fuji Titanium will execute a company split to separate main assets, liabilities, and other items related to the barium titanate manufacturing business, following which the Company and Ishihara Sangyo will take a 35% and 10% stake, respectively. In the course of preparation and consultation for final arrangements, it became necessary to change the joint venture agreement concluded on March 17, 2023, so it was decided to cancel the agreement and conclude another joint venture agreement with Ishihara Sangyo and Fuji Titanium. There is no change to the plan to build a new factory in Nobeoka City, Miyazaki Prefecture.