Futaba Corporation announced as follows the adoption of a resolution at the meeting of the board of directors on October 21, 2022 to enter into a business partnership agreement with RiTdisplay Corporation. Purposes of the business partnership: RiT is an Organic Light-Emitting Diode (OLED) display manufacturer established in 2000 for the first time in Taiwan to engage in the major business activities of the research, development, manufacturing, and sale of OLED displays. On the other hand, the company made TDK Micro Device Corporation (the present Futaba Mobile Display Corporation) a subsidiary for the manufacture of OLED displays in April 2012, and then has developed and sold in-car OLED displays and film-type OLED displays.

Though the company had already sought profit maximization by consigning part of the production process to RiT, this time, the company made the decision to form a business partnership and strengthen the relationship with RiT to handle the cost competition with overseas manufacturers, which has become more severe in an environment where the raw material cost and energy expenses have sharply risen. The company thinks that this business partnership could contribute to the development of business and increase the enterprise value of both companies. Profile of the counterparty to the business partnership: Company name: RiTdisplay Corporation; Location: No.

12, Kuanfu N. Road, Hsin Chu Industrial Park, Taiwan 30351 R.O.C; Representative: President & CEO: Ding-Chan Wang; Business activities: Manufacture and sales of OLED displays; Capital: TWD 747 million; Established: March 13, 2000; Major shareholders and stockholding ratio: Ritek Corporation: 33.05%; U-Tech Media Corporation: 6.67%; Prorit Corporation: 5.08%. Date of the agreement: October 28, 2022.