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Notice of Business and Capital Alliance with Toppan Printing Co. Ltd.

April 23, 2009

On April 23, 2009, the board of directors of TOMOEGAWA Co. approved the signing of the business alliance agreement with Toppan Printing. Co. Ltd. The main area of alliance is the optical film processing for liquid crystal display (LCD) products.

Purpose of Alliance

Tomoegawa have taken various cost reduction efforts to overcome current harsh business conditions. One of the most severe condition is found in the flat panel display related business fields, where we have been involved in the fierce competition of price cutting, while competition of capital investment is unavoidable.
The business alliance with Toppan Printing Co. will enable both parties to improve profitability of this business through sharing and supplementing product lines, technologies, production facilities, and distribution channels. Furthermore, we believe that this alliance give both parties the competitive edge in the future, through the improved products development capabilities resulted from intensified data source of customer request information.

In this alliance, we expect stable growth in the future by capitalizing on and fully utilizing both parties’ technologies, sales & marketing abilities. Therefore there is possibility of expanding this alliance into the business fields other than above-mentioned LCD business.

Alliance Details

1)Area of Business Alliance
- Optical film processing for liquid crystal display (LCD) products
- Other areas both parties will agree
2)Details of Capital Alliance
Toppan Printing Co. is one of the third party investors, to whom newly issued shares will be allocated. The amount of shares allocated to them will be 3,414,000.
 
* For detailed information about the Capital Increase approved by the board on April 23, 2009, please refer to “Notice of Capital Increase by Third Party Allocation and its Completion” released on May 19,2009.

Established in 1908, Toppan Printing Co. Ltd. is now the largest printing company in Japan, with nearly 50 thousand employees. Utilizing vast expertise in printing, the company has diversified into multiple areas of printing businesses, such as printing on securities and cards, commercial printing, publications printing, and printing on packages. Also they have expanded into internet related businesses as well as electronics, and semiconductor solutions.

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