ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that it has entered into a capital and business alliance (hereinafter the “Alliance”) with BUNKA SHUTTER CO., LTD. (headquartered in Bunkyo-ku, Tokyo; Hiroyuki Ogura, President and Representative Director; hereinafter “BUNKA SHUTTER”) pursuant to an agreement dated November 13, 2026. ITOCHU has also resolved to acquire all shares of BUNKA SHUTTER held by Dalton Investments, Inc., NIPPON ACTIVE VALUE FUND PLC and NAVF Select (Master) Fund LP, equivalent to 19.43% of its voting rights, through off-market negotiated transactions (hereinafter the “Share Acquisition”). ITOCHU intends to acquire additional shares to raise its percentage of voting rights in BUNKA SHUTTER to 20% or more and make BUNKA SHUTTER an equity-method affiliate.

BUNKA SHUTTER manufactures and sells a broad range of building products, including shutters, doors and partitions, and provides installation and maintenance services. Through the Alliance, the two companies will bring together BUNKA SHUTTER’s products and installation expertise and the ITOCHU Group’s customer base, products and networks to strengthen the value chain, expand into new business areas and develop high-value-added products.

In addition to its building materials distribution and procurement operations, the ITOCHU Group has extensive customer and business networks in Japan and overseas, along with expertise in business investment, M&A and digital transformation (DX). Through the Alliance, the two companies will draw on these resources and BUNKA SHUTTER’s manufacturing, installation and maintenance capabilities to strengthen their existing businesses and pursue new business opportunities in related areas, including non-residential interiors and civil infrastructure, as well as in overseas markets, particularly North America.

The two companies aim to enhance their respective corporate value by further strengthening collaboration through their long-term partnership and equity ties.

(1) Strengthening the value chain
The two companies will work together to optimize materials and equipment procurement through the ITOCHU Group’s networks, encourage wider adoption of related products across their respective customer bases, enter the civil infrastructure sector and expand business in public-private partnership projects.

(2) Expanding business areas
The two companies will explore joint business development and co-investment opportunities in non-residential interiors, strengthen overseas operations by leveraging ITOCHU’s building materials businesses and networks in North America, enhance IT and data infrastructure, and develop talent in AI and DX.

(3) Creating added value
Drawing on BUNKA SHUTTER’s products and installation expertise and the technologies and product offerings of ITOCHU Group companies, the two companies will pursue the joint development of new products combining metal and wood, as well as high-value-added products, including sound-insulating products.

The Share Acquisition is considered an acquisition equivalent to a tender offer as stipulated in paragraph (1) of Article 167 of the Financial Instruments and Exchange Act and in Article 31 of the Order for Enforcement of the Financial Instruments and Exchange Act, as the intention is to acquire 5% or more of the voting rights of BUNKA SHUTTER. Therefore, ITOCHU will publish an outline of the Share Acquisition below for the purposes of disclosure pursuant to paragraph (4) of Article 167 of the Financial Instruments and Exchange Act and item (i) of Article 30 of the Order for Enforcement of the Financial Instruments and Exchange Act.

Note: The percentage of voting rights held to total voting rights of all shareholders has been calculated based on the total number of voting rights of all shareholders (704,811) as of September 30, 2026, as stated in the semi-annual report for the 81st fiscal year of BUNKA SHUTTER, filed on November 5, 2026, and rounded to two decimal places. The number of shares per trading unit of BUNKA SHUTTER is 100.