Acquisition of Full Ownership of CHUGOKU-BOAT ITALY S.p.A.

CHUGOKU MARINE PAINTS, LTD. (“CMP”) hereby announces that it has recently acquired remaining shares held by a minority shareholder in its Italian sales subsidiary, CHUGOKU-BOAT ITALY S.p.A. (“CHUGOKU-BOAT”), through its core European subsidiary, CHUGOKU PAINTS B.V. (“CPBV”).

Since November 2012, CMP has owned a majority stake in BOAT S.p.A., through CPBV, which formed CHUGOKU-BOAT, with the aim of promoting the CMP brand and expanding sales in Italy and other related regions.

In 2025, CMP also acquired 100% of the shares of ITALO BELGE COLORI S.r.L., an Italian paint manufacturer, hereby establishing a new production system. Following this, CMP purchased the remaining minority shares in CHUGOKU-BOAT, making it a wholly-owned subsidiary of CMP.

Through this acquisition, CMP aims to further strengthen its production and sales systems in Italy and enhance its overall networks across the European region.

■ Overview of CHUGOKU-BOAT

Company name	CHUGOKU-BOAT ITALY S.p.A.
Address	Via Macaggi, 19, Genova, 16121, Italy
Establishment	May 23rd, 1989
Capital	EUR 2,600,000
Business	Production and sales of coatings in Italy and other related regions.