Murata Manufacturing Co., Ltd. announced that, at the Board of Directors meeting held on March 17, 2023, a resolution was passed to conclude a joint venture agreement with Ishihara Sangyo Kaisha, Ltd. and Fuji Titanium Industry Co., Ltd., a wholly owned subsidiary of Ishihara Sangyo, following the basic agreement entered into by the three companies on September 16, 2022, to establish a joint venture company to manufacture barium titanate for use in multilayer ceramic capacitors and other products. Purpose of Establishment of a Joint Venture Company: Subsequent to the signing of the basic agreement on September 16, 2022, the Company, Ishihara Sangyo, and Fuji Titanium have been engaged in discussions to establish a joint venture company with the primary objective of increasing the production capacity of barium titanate and, as a result of the discussions, have agreed to enter into a joint venture agreement. 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.

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. Outline of the Joint Venture Company: Name: MF Material Co., Ltd. Address: Nobeoka City, Miyazaki Prefecture. Name and title of representative: Representative Director Hideo Nogi.

Business: Manufacturing and sale of barium titanate, procurement of related raw materials, quality assurance, and quality and productivity improvement operation. Capital: JPY 0.1 billion. Date of establishment (scheduled): June 1, 2023.

Fiscal year-end: March.