Sumitomo Electric Industries, Ltd. (TSE:5802) made a tender offer to acquire remaining 49.08% stake in TECHNO ASSOCIE Co., Ltd. (TSE:8249) from group of shareholders for ¥15.5 billion on February 2, 2023. Under the terms of transaction, Sumitomo Electric Industries will purchase 9.15 million shares of TECHNO ASSOCIE at price of ¥1695 per share. Currently, the Tender Offeror owns a total of 9,495,226 shares of the Target Company Stock (ownership ratio: 50.92%). Through the Tender Offer and the scheduled subsequent procedures, TECHNO ASSOCIE will become the Company's wholly owned subsidiary. it is possible that they will be delisted through certain procedures depending on the results of the Tender Offer.

The Tender Offeror has set 2,938,074 shares (ownership ratio: 15.76%) as the minimum number of shares to be purchased under the Tender Offer. the Target Company established the Special Committee which comprises independent outside directors, independent outside audit & supervisory board members, and outside experts, to deliberate and negotiate the Transaction from a standpoint independent of the Tender Offeror. Target Company has resolved at its board of directors meeting held today to express its opinion in support of the Tender Offer and to recommend that the Target Company's shareholders tender in the Tender Offer and Tender Offeror resolved in favor of conducting the Tender Offer at its board of directors meeting held on February 2, 2023. If, as a result of completion of the Tender Offer, the Tender Offeror owns 90% or more of the number of voting rights of all shareholders of the Target Company then the Tender Offeror plans to make a demand to all shareholders of the Target Company who did not tender their shares in the Tender Offer (the “Shareholders Subject to Cash-Out”) to sell all the Target Company Stock they hold (the “Demand for Cash-Out”). The Target Company plans to hold the Extraordinary Shareholders Meeting at the request of the Tender Offeror, and the Extraordinary Shareholders Meeting is scheduled for around May 2023. The Tender Offeror plans to approve the above proposal at the Extraordinary Shareholders Meeting. The board of directors of the Target Company, at a meeting held today, unanimously resolved to endorse the Tender Offer and to recommend that the shareholders of the Target Company tender their shares in the Tender Offer. Tender offer commence from February 3, 2023 to March 22, 2023

the Tender Offeror appointed Nomura Securities Co., Ltd. (“Nomura Securities”) as a financial advisor and third-party valuation organization independent of the Tender Offeror and the Tender Offeror Group including the Target Company and Nishimura & Asahi as a legal advisor, and commenced concrete deliberations regarding the Transaction Nomura Securities Co., Ltd as Tender Offer Agent. The Target Company appointed City-Yuwa Partners as a legal advisor independent of the Target Company.Target Company appointed Mizuho Securities as a financial advisor and third-party valuation organization independent of the Target Company

Sumitomo Electric Industries, Ltd. (TSE:5802) completed the acquisition of an additional 45.29% stake in TECHNO ASSOCIE Co., Ltd. (TSE:8249) from group of shareholders for ¥14.3 billion on March 22, 2023.