Messages from members of corporations in which JIS has invested

Mr. Hiroshi Yokota

Representative Director President (at the time) Tokuyama Corporation

Tokuyama Group had engaged in the polycrystalline silicon business in Malaysia to strengthen our strategic business growth. However, as a result of this, Tokuyama posted a large impairment loss for the second consecutive year and our business and the financial performance was deteriorated dramatically. For this reason, we decided to reconsider our strategy from a fundamental basis and formulated a new medium-term management plan, "Cornerstone of the Group's Revitalization", for the five years from the fiscal year 2016. In this medium-term plan, we set the goal of becoming a global leader in advanced materials through unique technologies across growth businesses including the Specialty Products and Life & Amenity segment together with the development of new products. In our traditional businesses such as the Cement and Chemicals segments, we will work to become a leader in Japan by enhancing the competitiveness.

Through this process, we received the strong support from Japan Industrial Solutions Co., Ltd., such as underwriting classified stock for the purpose of enriching the damaged capital. Also, the company gave us very fruitful advice and guidance at the board meetings and other occasions. With the cooperation of your company, we achieved the highest profit of in our history in the fiscal year 2016 and a stable cash flow is expected for the fiscal year 2017. As the result of these, we were able to repurchase and cancel entire issued classified stock earlier than planned. Although it was a short period, less than a year, we would like to extend our deepest appreciation for your thoughtful support during the period.

We would like to assure that Tokuyama Group will continue contributing in making people happy and developing a better society. Through chemistry, we aim to become a company that continues to create values useful for living.

Messages from members of corporations in which JIS has invested

Mr. Katsuaki Nomura

Executive Vice President, Member of the Board Sharp Corporation

Our company received preferred stock investments from two major financial institutions (applied to repayment of debt) in June of 2015, as well as growth investment funds from JIS, and started a business structure reform.

However, our business environment focused on the LCD business grew in severity more than expected, and eventually we accepted the strategic investment by Hon Hai group to take a step toward a new rebirth.

We would like to express our sincere appreciation to JIS for the support in financial aspects, as well as support from the corporate governance point of view, including physical support, during that time.

Hereafter, along with business expansion in cooperation with Hon Hai group, we will do our best to make drastic structural reforms and make a recovery in performance as soon as possible.

Messages from members of corporations in which JIS has invested

Mr. Hiroyuki Shime

Representative Director President, Chief Executive Officer UNITIKA LTD.

Since 2012, our business had significantly declined and which led to the deteriorating financial condition due to prolonged appreciation of the yen, weak domestic consumption, and rising raw material costs.

In consideration of those harsh business conditions, we formulated a fundamentally renewed medium-term management plan in May 2014. According to the plan, while we have implemented structural reform at an unprecedented level, we also have driven forward a growth strategy where we accelerated expansion and reinforcement of the highly profitable polymer business by actively investing the management resources. As a result, our revenues have been improved along with the plan, and the growth strategy progressed steadily. In FY 2016, our operating profit ratio almost reached a mile stone of 10%, and the interest-bearing liabilities were reduced ahead of schedule.

We deeply appreciate all the help from Japan Industrial Solutions Co., Ltd (JIS) during the difficult period. We received significant financial support from JIS to promote the growth strategy. They also provided us, through the business meetings with valuable advice and guidance in every aspect of the business planning, implementation, and operation.

We will keep working hard to accomplish the new medium-term management plan from FY 2017 so that we can contribute to the society through further growth of our business and enhancement of the corporate value, and we will be aiming to become a company that conforms the expectations of the related parties who support us.

Messages from members of corporations in which JIS has invested

Mr. Hiroaki Nakamura

President and CEO (at the time) TOKYO ROPE MFG. CO., LTD.

Our steel cord business experienced a substantial decline in earnings due to a global decrease in demand and declining sales prices in the solar-related sector, triggered by the European financial crisis. As a result of implementing structural reforms for this business and recording the associated costs as extraordinary losses, consolidated net assets at the end of the fiscal year ended March 2013 decreased significantly, severely damaging the financial foundation.However, we subsequently succeeded in accelerating the pace of reforms, achieving consecutive profits in fiscal years 2013 and 2014. Our capital ratio is also recovering at a faster pace than initially anticipated.

We would like to express our sincere appreciation to Japan Industrial Solutions for their financial support and valuable guidance, which has been customized to align with our business operations.

Moving forward, our entire group will unite to achieve the goals of our new five-year mid-term management plan, "TCT-Focus2020," announced earlier for the period starting fiscal year 2015. We are committed to ongoing growth and contribution to society, with the goal of meeting and exceeding your expectations as a company.

Messages from members of corporations in which JIS has invested

Mr. Hisaharu Obinata

President and CEO (at the time) ULVAC, Inc.

Due to a deterioration in our business conditions in 2012, including a decline in orders resulting from rapid changes in the business environment, securing profits became difficult. Consequently, we formulated a “Business Restructuring Plan” and decided to implement it promptly.

This plan aimed to build a profitable structure capable of withstanding significant waves of capital investment and to realize growth strategies. However, challenges persisted, including the need to replenish depleted equity capital and secure essential funding.

Japan Industrial Solutions has demonstrated a comprehensive understanding of the plan, officially endorsing it and subscribing to the preferred shares. In addition, they have provided us with numerous valuable instructions and advice for realizing the plan, considering our unique characteristics and actual circumstances. We would like to express our gratitude for their support, which has enabled us to achieve equity levels and cash flow that have surpassed our initial projections. This strategic decision enabled us to repurchase and cancel all preferred shares early in full with cash. We would like to express our sincerest gratitude for their support during this period. As we enter our growth phase, we will continue to leverage our core vacuum technology, leveraging our manufacturing capabilities along with the talent and organizational strength that support them. We are committed to the creation of new value and to contributing to the advancement of industry and science.

Messages from members of corporations in which JIS has invested

Mr. Gon-emon Kurihara

President and Representative Director JEOL Ltd.

Due to the Lehman shock in 2008 and the yen’s sharp appreciation, the JEOL Group has faced lots of challenges in the management of our businesses. However, as a result of the efforts of Management structure reforms made by the entire JEOL Group together as one, we have achieved a V-shaped earnings recovery in FY 2012 and the profit hit an all-time record in FY 2013.

We would like to express our sincere appreciation to JIS for the support and insightful advice JIS has given us that were very responsive to our management circumstances in the process of the recovery as above.

Based on the achievements of the Management structure reforms, we will continue to make best use of the scientific and measurement instruments in which JEOL has strengths, such as electron microscopes with the world’s highest level of resolution, and will continue to provide the optimal solutions to customers in the cutting-edge areas of research including material development, nanotechnology, green technology, life science and biotechnology.

Messages from members of corporations in which JIS has invested

Mr. Mayuki Hashimoto

President and CEO (at the time) SUMCO CORPORATION

After the Lehman Shock, our company encountered significant challenges, resulting in net losses for the next three fiscal years. Consequently, in February 2012, we unveiled a business revitalization plan. The company has transitioned to new management, and the "SUMCO Vision" has been formulated. This vision is comprised of four guiding principles: 1) A company with world-class technology, 2) a company that maintains profitability even during economic downturns, 3) a company where employees are dynamic and focused on profit, and 4) a company with a strong international presence.

We have been working to revitalize our business based on this vision. Over the past three years, we have achieved consecutive years of profitability and established a robust earnings structure. This was achieved by promoting cutting-edge technological development to enhance our customer presence while simultaneously striving to improve our break-even point through cost rationalization.

Throughout this process, we would like to express our gratitude to Japan Industrial Solutions for their financial support and thorough understanding of our business. We are also grateful for the valuable advice and guidance they provided during board meetings and other forums. As we move forward, we remain committed to pursuing further growth and enhancing corporate value.

SUMCO Vision, we will continue to respond flexibly and swiftly to change, striving to be a company that wins through technology.

Messages from members of corporations in which JIS has invested

Mr. Naomi Inoue

President & CEO Joban Kosan, Ltd.

Due to the East Japan Great Earthquake, Joban Kosan, Ltd. has suffered a serious blow to Spa Resort Hawaiians which is the core business facilities of the company, and the business conditions faced with a serious situation. However, we have received prompt and adequate support and guidance with regard to corporate turnarounds from Japan Industrial Solutions Co., Ltd. ("JIS").

We would like to express our sincere appreciation to JIS.

In February 2012, we opened the new hotel "Monolith Tower" and resumed full operation. Since then the business performance has continued to be very strong. As a result, in August 2013, the cumulative number of visitors reached 60 million people.

Going forward, taking the opportunity of the 50 years anniversary of foundation of the company, we would like to hold commemorative events to express our appreciation to people who have given a lot of support during the difficult period and continue to make efforts as a leading runner to revitalize Fukushima.

Messages from members of corporations in which JIS has invested

Mr. Hiromi Katoh

Representative Director, President NIHON DEMPA KOGYO CO., LTD.

We are a company that manufactures and sells quartz crystals and other critical components for automotive and mobile applications. Due to factors such as intensifying competition, our performance significantly deteriorated for three consecutive fiscal years through 2019. Consequently, we formulated a mid-term management plan in 2020. This plan focuses on avoiding excessive pursuit of sales volume, lowering our break-even point through fixed cost reductions, and increasing the sales mix ratio of high-value-added products where our technological advantages can be leveraged.

During this process, Japan Industrial Solutions not only underwrote preferred shares to bolster equity capital but also confirmed earnings and progress on the mid-term management plan through the Board of Directors, monthly monitoring meetings, and weekly staff meetings, thereby driving the PDCA cycle. Furthermore, they provided support for the expansion of our production system for high-value-added products, where we possess technological strength. They also provided various forms of human support, including assisting with negotiations during the transfer of business to overseas companies. We are grateful for their support, which contributed to our steady earnings progress during fiscal 2021. This progress enabled us to achieve our mid-term plan one year ahead of schedule and redeem all preferred shares for cash earlier than anticipated.

We express our deepest gratitude for your dedicated support over the past nearly two years in advancing our company's renewed growth.

Messages from members of corporations in which JIS has invested

Mr. Sadami Hino

Representative Director, President CEO MITSUBA Corporation

Our group develops, manufactures, and sells automotive and motorcycle electrical components as well as small mobility products based on the corporate philosophy of “providing pleasure and peace of mind to the people of the world.” Amid intensifying price competition in the automotive parts industry, our financial position has deteriorated due to an overemphasis on sales, expanded capital investment, and declining cost competitiveness. As a result, the consolidated equity ratio for the fiscal year ending March 2020 was 9.2%. Consequently, we formulated a medium-term management plan (FY2020-2024) in 2020, aiming to restore financial health and recover performance through fundamental structural reforms.

During this process, Japan Industrial Solutions provided not only the subscription of preferred shares to strengthen our depleted equity capital, but also human resources support through their advice and guidance in board meetings, management meetings, monitoring meetings, and other forums. We are deeply grateful for their hands-on support and active involvement in our management and operations. Due to their efforts, we are pleased to announce that we have achieved a record-high net income for the fiscal year 2023. This has enabled us to generate the planned cash flow, allowing us to fully redeem the preferred stock in cash as scheduled.

We would like to express our deepest gratitude for your dedicated support over the past four years in advancing our company's renewed growth. Our group remains committed to further enhancing corporate value.

Messages from members of corporations in which JIS has invested

Mr. Narihito Otake

President NSK Steering & Control, Inc.

Our company commenced operations in 2023 as a wholly owned subsidiary of NSK Ltd. and has been advancing business restructuring to restore profitability in the steering business. The automotive industry is experiencing a significant transformation, characterized as a once-in-a-century shift, that is requiring more agile responses than ever before. In this process, Japan Industrial Solutions has agreed to subscribe to our preferred shares, commencing in August 2023.

It has been approximately two years since the implementation of the new management structure. We have made significant progress on the improvement initiatives we have pursued together: The following initiatives have been proposed: "Advancing Further Structural Reforms to Enhance Profitability," "Promoting Stand-Alone Capability (Reviewing Governance Structure and Processes)," and "Strengthening the Monitoring System." Consequently, we attained profitability on a consolidated basis in fiscal 2024. Due to their efforts, we have successfully improved our earnings structure. We are also deeply grateful for their ongoing support in driving transformation, including your advice and guidance to the Board of Directors, management meetings, and our young reform team.

We remain committed to further enhancing our corporate value.