Basic Agreement of the Alliance on Alkaline Primary Battery business between FDK and Mitsubishi Electric Corporation

November 28, 2002

FDK has agreed to perform concrete examination and contract negotiation towards new cooperation and business alliance with Mitsubishi Electric Corporation in the alkaline primary battery business.

At present, the dry cell business of Mitsubishi Electric group was manufactured by the group company, Toyo Takasago Dry Battery Co., Ltd. ("TTK"), and The products were sold by TTK and Mitsubishi Electric Life Network Corporation.
FDK agrees to advance deliberation on concrete examination and contract towards new cooperation of business alliance between Mitsubishi Electric Corporation on the manufacturing of alkaline primary battery, while TTK withdraws from manufacture of dry cell, and Mitsubishi Electric group will purchase alkaline dry cell by OEM.

From now on, Mitsubishi Electric group will commission the production of alkaline primary battery, which was currently produced by TTK to FDK dry cell manufacturing subsidiary, FDK Energy Co., Ltd. ("FDKE"). According to the new cooperation and business alliance, the efficiency of the dry cell business of Mitsubishi Electric group is promoted, and rationalization is further promoted in FDK due to production efficiency is increased based on the increase in production scale.

In addition, along with the cooperation and business alliance, FDKE will purchase part of the alkaline dry cell production equipment of TTK, also part of the engineers will transfer to FDKE. Moreover, Mitsubishi Electric Corporation is deliberate on financing FDKE.

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