• Notice of Adoption of a Holding Company Structure through a Corporate Split

Toyo Ink Mfg. Co., Ltd. (the “Company”) announces that a meeting of the Board of Directors held today resolved to begin preparing to adopt a holding company structure on April 1, 2011 (scheduled) by way of a corporate split, subject to the approval of the Company’s ordinary shareholders’ meeting.
The Toyo Ink Group has set out a new corporate vision towards fiscal 2017, and has taken steps to bolster its corporate value as a “corporate group evolving into a globally useful specialty chemical manufacturer.” The Toyo Ink Group has operated its mainstay operation, the printing inks business, since its establishment in 1907, and has also expanded its operations to a broad range of chemical businesses. As a measure to achieve the Group’s vision, the Company has decided to adopt a holding company structure, the most effective governance structure, in which the Group will evolve into a specialty chemical manufacturer and transform itself into a global company.
The details of the Group management structure after the adoption of the holding company structure, and the functions of the holding company will be announced as soon as they are determined.

1. Purpose of adopting a holding company structure
   The purpose of adopting a holding company structure, in light of the Toyo Ink Group’s growth strategies in the future, is as follows:
   1. Bolster the corporate value of the overall group companies, guided by the holding company;
      The Company will take steps to strengthen Group strategic functions by adopting strategic management that focuses on the balance of the overall Group and the balance among business divisions.
   2. Strengthen the value creating functions of each business company
      The Company aims to bolster management efficiency, optimize its cost structure, and strengthen the value-creating functions of each business division by ensuring that each division clarifies its responsibilities and authority, makes decisions rapidly, and achieves flexible operations geared to different business environments.
   3. Exert group synergy
      The Company seeks to strengthen the management system of the Toyo Ink Group and maximize synergies by ensuring the collaboration of each independent business division.
    
2. Method of corporate split
   The Company plans to adopt a method in which the Company becomes a holding company, and the existing operations, printing inks, graphic arts machinery and chemicals, polymer chemicals, chemicals and media materials and others, will be split into two new operating companies.
    
3. Schedule

   Mid-May 2010 (scheduled) :	A meeting of the Board of Directors to resolve the corporate split
   Second half of June 2010 (scheduled) :	An ordinary shareholders’ meeting to approve the corporate split
   April 1, 2011 (scheduled) :	Effective date of the corporate split and registration of the corporate split

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