Elliott Statement on Dai Nippon Printing

LONDON,Feb. 10,2023 --Elliott Advisors (UK) Limited ("Elliott"),which advises funds that together hold a significant investment in Dai Nippon Printing ("DNP" or "the Company"),notes yesterday's announcement regarding the Company's new Medium-term Management Plan.

Elliott Senior Portfolio Manager Nabeel Bhanji said the following about the announcement:

"We welcome DNP's commitment to announce the largest share buyback in the Company's history,accelerate the disposal of its cross-shareholdings,increase its ROE target to 10% and target a Price-to-Book multiple of above 1x. In our view,these measures represent an important initial step in addressing DNP's persistent and unwarranted undervaluation. We look forward to continuing our constructive engagement with the Company."

About Elliott

Elliott Investment Management L.P. manages approximately $55.7 billion of assets. Its flagship fund,Elliott Associates,L.P.,was founded in 1977,making it one of the oldest funds under continuous management. The Elliott funds' investors include pension plans,sovereign wealth funds,endowments,foundations,funds-of-funds,high net worth individuals and families,and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.

Media Contacts

London

Alice Best

Elliott Advisors (UK) Limited

T: +44 203 009 1715

abest@elliottadvisors.co.uk

Tokyo

Brett Wallbutton

Ashton Consulting

T: +81 (0) 3 5425-7220

b.wallbutton@ashton.jp