Mitsubishi Chemical Holdings Corporation (MCHC) hereby announces that it was resolved at MCHC's Board of Directors meeting held today that (i) Mitsubishi Chemical Corporation (MCC; Head office: Chiyoda-ku, Tokyo; President: Masayuki Waga), MCHC's consolidated subsidiary, will establish a new company, MAFTEC Co., Ltd. (hereinafter, 'the New Company'), to succeed MCC's polycrystalline alumina fiber business by means of an absorption-type company split (hereinafter, 'the First Absorption-type Company Split'); and that (ii) Mitsubishi Chemical High-Technica Corporation (Mitsubishi Chemical High-Technica; Head office: Chiyoda-ku, Tokyo; President: Kazutaka Akai), MCC's consolidated subsidiary, will implement an absorption-type company split whereby a new subsidiary to be established by the New Company, MAFTEC Joetsu Co., Ltd. (hereinafter, 'the New Company's Subsidiary'), will succeed Mitsubishi Chemical High-Technica's polycrystalline alumina fiber business (together with MCC's polycrystalline alumina fiber business, collectively, 'the Business') by means of an absorption-type company split (hereinafter, 'the Second Absorption-type Company Split'; and together with the First Absorption-type Company Split, collectively, 'this Absorption-type Company Split'), and thereupon, MCC will transfer all shares of the New Company (hereinafter, 'the Share Transfer'; and together with this Absorptiontype Company Split, 'this Transaction') to a special-purpose company (hereinafter, the 'Apollo SPC') held by funds managed by affiliates of Apollo Global Management, Inc. (hereinafter, 'Apollo') .

Various matters for disclosure and details concerning this Absorption-type Company Split have been withheld, as the First Absorption-type Company Split is a simplified absorption-type company split between MCC and the New Company, which is MCC's wholly-owned subsidiary, and the Second Absorption-type Company Split is a simplified absorption-type company split between Mitsubishi Chemical High-Technica and the New Company's Subsidiary. The Share Transfer is conditional upon the acquisition of necessary clearance and permits under competition laws and other applicable laws in and outside Japan.

Mitsubishi Chemical Holdings Corporation Representative: Jean-Marc Gilson Representative Corporate Executive Officer, President & Chief Executive Officer Listed on the 1st section of the TSE (stock code: 4188)

Contact:

Osamu Shimizu

General Manager

Corporate Communications Office

Tel: [+81] (0)3-6748-7120

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