ENGLISH TRANSLATION OF JAPANESE- LANGUAGE DOCUMENT

This is a translation of the original Japanese- language document and is provided for convenience only. In all cases, the Japanese- language original shall take precedence.

Consolidated Financial Results for the Nine Months Ended September 30, 2022 (Japan GAAP)

(The fiscal year ending December 31, 2022) November 14, 2022 Stock Exchange: Tokyo Head Office: Tokyo Tel: +81 (3) 6733- 3000

Scheduled Filing Date of Quarterly Securities Report:

URL: https://www.dic- global.com/en/

Representative: Kaoru Ino, Representative Director, President and CEO

Contact Person: Jun Kaneko, General Manager, Accounting Department

Preparation of Supplemental Explanatory Materials: Yes

Holding of Quarterly Financial Results Meeting: Yes (for security analysts and institutional investors, etc.)

(Yen amounts are rounded to the nearest million, except for per share information)

1. Consolidated Financial Results for the Nine Months Ended September 30, 2022 (January 1, 2022 - September 30, 2022)

(Percentages indicate year- on- year changes)

Note: Comprehensive income (JPY million): Nine months ended September 30, 2022

Reference: Shareholders' equity (JPY million): As of September 30, 2022 412,656 As of December 31, 2021 345,927

Note: Revision of the forecasts for the dividends payment: None

3. Forecasts for Consolidated Operating Results for the Fiscal Year Ending December 31, 2022 (January 1, 2022 - December 31, 2022)

(Percentages indicate year- on- year changes)

Note: Revision of the forecasts for the consolidated operating results for the fiscal year ending December 31, 2022: Yes

For details, please refer to "Analysis of Results of Operations (3) Operating Results Forecasts for Fiscal Year 2022" on page 4.

ENGLISH TRANSLATION OF JAPANESE- LANGUAGE DOCUMENT

This is a translation of the original Japanese- language document and is provided for convenience only. In all cases, the Japanese- language original shall take precedence.

Changes in accounting policies other than 1):

Number of treasury shares at the end of the period

Average number of shares issued during the period, excluding treasury shares

For the nine months ended September 30, 2022

For the nine months ended September 30, 2021

Note: Quarterly consolidated financial results in this report are not subject to quarterly review procedures conducted by certified public accountants or audit firms.

Note: Explanation of the appropriate use of performance forecasts, and other special items

Caution concerning forward- looking statements

The above forecasts of future performance are based on information available to the Company at the present time and are subject to potential risks and uncertainty. Accordingly, the users should be aware that actual results may differ from any expressed future performance herein due to various factors.

For information regarding the assumptions used to prepare the forecasts, please refer to page 4.

ENGLISH TRANSLATION OF JAPANESE- LANGUAGE DOCUMENT

This is a translation of the original Japanese- language document and is provided for convenience only. In all cases, the Japanese- language original shall take precedence.

Analysis of Results of Operations

* EBITDA: Net income attributable to owners of the parent + Total income taxes + (Interest expenses - Interest income) + Depreciation and amortization

In the nine months ended September 30, 2022, consolidated net sales climbed 29.1%, to ¥795.2 billion. This sharp increase, coming amid global economic turmoil caused by such factors as rising inflationary pressure worldwide, the protracted crisis in Ukraine and restrictions on movement in the People's Republic of China (PRC) under a stringent "zero- COVID" policy, was attributable to ongoing efforts to adjust sales prices across all segments in response to elevated energy, logistics and raw materials costs, as well as to the influence of yen depreciation on results denominated in other currencies after translation. In the Color & Display segment, the margin of improvement in net sales was boosted by the addition of sales from the C&E pigments business, which was not included in the scope of consolidation in the first half of the previous fiscal year. Nonetheless, shipments of numerous products stalled in all regions, hindered by recent signs of an economic slowdown in Europe and a delay in the PRC's recovery from pandemic lockdowns, combined with a drop in demand for digital materials, used principally in electrical and electronics equipment and displays, in the third quarter (July- September 2022).

Operating income edged down 1.2%, to ¥32.9 billion. This decrease was due to dwindling shipments of a wide range of products and was despite continued efforts to pass on higher costs by modifying sales prices. The narrow margin of decline was thanks to the absence of ¥4.2 billion in one- time expenses recorded in the corresponding period of fiscal year 2021 in association with the integration of the C&E pigments business.

Ordinary income, at ¥35.6 billion, was up 5.0%. This reflected expanded foreign exchange gains, among others.

Net income attributable to owners of the parent increased 16.5%, to ¥17.8 billion.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 32.8%, to ¥68.1 billion.

ENGLISH TRANSLATION OF JAPANESE- LANGUAGE DOCUMENT

This is a translation of the original Japanese- language document and is provided for convenience only. In all cases, the Japanese- language original shall take precedence.

Segment sales advanced 23.3%, to ¥397.3 billion. In materials for packaging, used primarily to package food products, sales of packaging inks increased, supported by continued efforts to modify sales prices. Nonetheless, shipments in Asia were down from the corresponding period of the previous fiscal year, as those in the PRC remained listless, hampered by ongoing zero- COVID measures. In publication inks, which center on inks for commercial printing and news inks, demand in Japan failed to recover for use in pamphlets and event- related printed materials, while that in Europe fell due to waning economic conditions, causing shipments in both regions to slump, although sales increased thanks to assertive sales price adjustments worldwide. In jet inks for digital printing, demand was down for industrial applications, including outdoor signage (billboards and posters) and banners, as well as for commercial printing, but sales rose as yen depreciation boosted results denominated in other currencies after translation. The inclusion of the sales of Italian adhesives manufacturer Sapici S.p.A., the acquisition of which was completed in January 2022, also bolstered segment sales.

Segment operating income, at ¥13.8 billion, was down 14.1%. Despite seeking to counter higher energy, logistics and raw materials costs worldwide by modifying sales prices, such attempts struggled to keep pace, as a consequence of which operating income declined. Profits were further hindered by the depreciation of emerging market currencies, which pushed down results in those markets after translation into yen. Against this backdrop, moves by Sapici to expand its sales of adhesives in Europe led to steady growth in the Italian company's profits.

ENGLISH TRANSLATION OF JAPANESE- LANGUAGE DOCUMENT

This is a translation of the original Japanese- language document and is provided for convenience only. In all cases, the Japanese- language original shall take precedence.

Segment sales soared 78.9%, to ¥195.3 billion. Owing to the addition of sales from the C&E pigments business, sales of pigments for coatings, plastics and cosmetics increased significantly. Shipments of pigments for cosmetics rose as a recovery in demand was seen in the Americas and Europe, as well as in Asia. In display materials, sales of pigments for color filters fell markedly, as production cuts by display manufacturers, together with attendant inventory adjustments, depressed shipments. In pigments for specialty applications, which center on effect pigments, sales of pigments for agricultural uses remained firm, although sales of those for building materials, used in autoclaved aerated concrete, decreased in Europe, the principal market for these products.

Segment operating income, at ¥7.2 billion, was up 127.5%. This steep gain was due largely to the absence of ¥4.2 billion in one- time expenses recorded in the corresponding period of fiscal year 2021 in association with the integration of the C&E pigments business. If this factor was discounted, operating income would have been pushed down by, among others, flagging sales of high- value- added products, notably pigments for color filters and specialty applications, mounting energy costs in Europe and a significant decline in shipments of thin- film transistor liquid crystals (TFT LCs) in the third quarter (July- September 2022).

Segment sales rose 12.5%, to ¥234.5 billion. In digital materials, used principally in electrical and electronics equipment and displays, shipments of epoxy resins- the principal application for which is semiconductor devices- declined dramatically, particularly overseas, hampered by the PRC's strict zero- COVID measures and slowing growth in the market for electronic devices, but sales advanced thanks to efforts to modify sales prices in Japan and overseas. Sales of industrial- use tapes, used mainly in smartphones and other mobile devices, rose, bolstered by persistent moves to lock in demand. In industrial materials, used primarily in mobility solutions, demand tumbled, particularly in the PRC, but sales price adjustments pushed up sales of core products. Sales of polyphenylene sulfide (PPS) compounds also expanded, notwithstanding waning shipments for use in automobile production both in Japan and overseas, owing to ongoing efforts to modify sales prices, which boosted shipments for applications other than automobile production, including housing equipment.

Segment operating income decreased 7.8%, to ¥18.8 billion. This was despite steady efforts to adjust sales prices for numerous products to pass on energy, logistics and raw materials cost increases amid falling shipments, particularly of epoxy resins and other high- value- added products in the area of digital materials, which came up short.

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