NSG Group: Disposal of joint venture in Russia

The NSG Group has announced that the Group’s Joint Venture, SP Glass Holdings B.V., a company registered in the Netherlands but owning operating subsidiaries in Russia, has completed the disposal of those subsidiaries, following the TSE disclosure on May 12, 2023.

The Group expects to recognize a profit as a consequence of this transaction, as set out below.

I. Disposal of Joint Venture in Russia

1. The reason for the disposal
   The Group has been reviewing and improving our business portfolio in line with “Transformation into more profitable business portfolio” under the Revival Plan 24 (RP24).

2. The companies which were disposed
   (i) Name: Pilkington Glass LLC – StiS Group of Companies LLC
   (ii) Location: Moscow, Russian Federation
   (iii) Principal business: Manufacturing and sales of glass and glass products

3. Purchaser
   (i) Name: Mr. Vladimir Voronin (Russian businessperson)
   (ii) Relation with the Group: None

4. Summary of disposal
   (i) All of the shares held by SP Glass Holdings B.V. disposed
   (ii) The Group realizes a full exit from Russia after the disposal

II. Impact on the Group’s results
The Group expects to recognize a net gain of approximately JPY 5 billion including the reversal of impairment of investments in Joint Ventures and Associates in the consolidated financial results of the first quarter for the year ending March 2024. Details will be disclosed as soon after they are confirmed.