Feature 1 : Harmony in the DOWA group -Introducing the business of About DOWA group-

DOWA’s Resource Recycling Business Model

Our lines of business are all connected in the way metal resources are circulated: in the smelting and refining line of business, useful metals are extracted from natural resources; in the metal processing and thermal treatment, value is added to these extracted metals; in the electronic materials, advanced functions are further added to these metal materials.

Recently we have expanded our business activities to international markets, especially to Southeast Asia, aimed at contributing to building Resource Recycling Society on a global basis.

Five Business Areas of the DOWA group

Five Business Areas of the DOWA group Resource-recycling�@DOWA Eco-System Co., Ltd. Smelting and Refining�@DOWA Metals & Mining Co., Ltd. Electronic materials�@DOWA Electronics Materials. Co., Ltd. Metal Processing�@DOWA Metaltech Co., Ltd. Heat treatment�@DOWA Thermotech Co., Ltd. DOWA’s technology contributing to various products

History of DOWA

History of DOWADOWA’s history began, when Denzaburo Fujita bought the national Kosaka mine located in Akita Prefecture from the Japanese government in 1884. Although the black-ores mined there were rich with gold and silver, they contained various other elements intermingled making effective utilization of the mine difficult. Our company challenged the difficulties and now we are recognized as one of the world’s leading companies that are engaged in collection and refining of metal. Our proprietary technologies and know-how that we have cultivated through these challenges are the basis of our diversified business activities at present.

Capitalizing on these technologies and know-how that we cultivated from our smelting and refining lines of business, we now deploy a wide range of business activities, including environment, recycling, electronic materials, metal processing and thermal treatment. In October 2006, DOWA transformed its organizational structure into a holding company system, which manages DOWA’s five operating companies and two business support companies.

Organizational Structure of the DOWA Group

DOWA’s Global Business Activities

DOWA has 57 affiliated companies in Japan and 16 outside of Japan*.

DOWA started to expand internationally in 1950s, including mine development in 20 countries and is now committed to continued expansion, responding to the changing market conditions and user requirements. DOWA is now engaged in mining business in Canada and Mexico. We have been expanding our client bases and R&D activities in New York since 1989. Also we started thermal treatment of automotive parts in Ohio in 1997. Since 2000s, DOWA has been committed to expanding the sale of products with growth potential that cater for new energy sources and energy saving, by steadily promoting environmental and recycling, metal processing and thermal treatment business activities in rapidly growing China and South East Asian countries. We also opened offices in Europe.

*The figure shows the number of consolidated subsidiaries and affiliated companies accounted for using the equity method as of March 2011.