Subsidiaries and Affiliates - DOWA

1 Subsidiaries and Affiliates78 Consolidated Subsidiaries and 17 Affiliates Accounted for by the Equity Method (As of March 31, 2017) NameIssued Share Capital (Millions of Yen)Percentage Owned Directly or Indirectly by the Company (%)*1 Principal BusinessEnvironmental Management & RecyclingDOWA ECO-SYSTEM CO., , treatment, soil remediation, and recyclingECO-SYSTEM HANAOKA CO., remediation and waste treatmentECO-SYSTEM RECYCLING CO., of precious and nonferrous metalsAct-B Recycling Co., of discarded household appliances, personal computers, and other itemsECO-RECYCLE CO., of discarded household appliances, personal computers, and other itemsGREEN FILL KOSAKA CO., treatmentECO-SYSTEM OKAYAMA CO., waste treatment; recycling of ferrous and nonferrous metalsECO-SYSTEM SANYO CO., treatment and resources recyclingE&E Solutions technological consulting in environmental manage-ment and energyGEOTECHNOS CO.

2 , surveys and remediation projects, environmental consulting, KOYU CO., waste intermediate treatment, sales of recycled oil, real estate leasingAUTO RECYCLE AKITA CO., , scrapping, and recycling of used carsBIODIESEL OKAYAMA CO., of biodieselECO-SYSTEM CHIBA CO., treatmentMELTEC CO., and resource recycling of wasteECO-SYSTEM AKITA CO., treatment and resources recyclingECO-SYSTEM KOSAKA CO., treatment; recycling of ferrous and nonferrous metalsECO-SYSTEM JAPAN CO., of waste and resources recycling; collection and transpor-tation of industrial wasteDOWA TSUUN CO., transportation, forwarding, and warehousingMODERN ASIA ENVIRONMENTAL HOLDINGS, ,392 thousand company of waste treatment businessesEASTERN SEABOARD ENVIRONMENTAL COMPLEX CO., million Thai disposal of non-hazardousBANGPOO ENVIRONMENTAL COMPLEX million Thai of non-hazardous wasteTECHNOCHEM ENVIRONMENTAL COMPLEX PTE.

3 ,500 thousand Singapore of hazardous wastePT. PRASADHA PAMUNAH LIMBAH INDUSTRI49,578 million Indonesia disposal of hazardous and non-hazardous wasteDOWA ENVIRONMENTAL MANAGEMENT CO., ,200 thousand of precious and nonferrous metals, recycling of discarded household appliances and electronic devicesDOWA ECO-SYSTEM SINGAPORE PTE. million Singapore of precious and nonferrous metalsJIANGXI DOWA ENVIRONMENTAL MANAGEMENT CO., million Chinese of discarded household appliances and electronic devicesNonferrous MetalsDOWA METALS & MINING CO., , and sales of nonferrous, precious, and rare metalsAKITA ZINC CO., , of zinc; manufacturing of sulfuric acidKOSAKA SMELTING & REFINING CO., , and refining of copper and lead; recovery of precious metalsDMM Palmer Co., , metal resource developmentAKITA ZINC SOLUTIONS CO., of zinc alloy, zinc wire, and other productsNIPPON PGM CO.

4 , of platinum group metals from disposable catalystsZINC EXCEL CO., of zinc, cadmium, zinc alloy, zinc wire, and other productsAKITA ZINC RECYCLING CO., of zinc from iron and steel dust, and other byproducts; outsourcing of zinc secondaries processingAKITA RECYCLE & FINEPACK CO., of nonferrousAKITA RARE METALS CO., of indium and other productsDOWA METALS & MINING ALASKA ,650 thousand metal resource developmentNIPPON PGM AMERICA, million catalyst shredding and samplingDOWA METALS & MINING (THAILAND) CO., million Thai and sales of zinc productsNippon PGM Europe ,825 thousand Czech catalyst shredding and samplingElectronic MaterialsDOWA ELECTRONICS MATERIALS CO., , and sales of semiconductors, and electronic and advanced fine materialsDOWA HIGHTECH CO., LTD. (Chemical) of metal compounds, chemical and other productsDOWA SEMICONDUCTOR AKITA CO.

5 , of high-purity metal materials, compound semicon-ductor wafers and light-emitting diodesDOWA IP CREATION CO., of iron and carrier powdersDOWA F-TEC CO., of ferrite powdersDOWA ELECTRONICS MATERIALS OKAYAMA CO., of metal powders, copper powders, and other materialsNameIssued Share Capital (Millions of Yen)Percentage Owned Directly or Indirectly by the Company (%)*1 Principal BusinessMetal ProcessingDOWA METALTECH CO., , processing and metal platingDOWA HIGHTECH CO., LTD. (Electroplating) electroplatingDOWA METAL CO., of copper strip and other productsDOWA METANIX CO., of nickel alloys, copper alloys, and electronics partsHOEI SHOJI CO., and sales of copper strip and aluminum productsDOWA POWER DEVICE CO., substrates manufacturingNEW NIPPON BRASS CO., of brass bars and forged productsDOWA ADVANCED MATERIALS SHANGHAI CO.

6 , ,500 thousand and sales of copper strip productsDOWA METALTEC (THAILAND) CO., million Thai and sales of copper strip productsDOWA NEW MATERIALS (SHANGHAI) CO., million Chinese of copper strip productsHeat TreatmentDOWA THERMOTECH CO., , treatment processingDOWA THERMOENGINEERING CO., , manufacturing, maintenance, and improvement of heat treat-ment equipment, heat treatment processing, surface processing, surface improvementCEMM CO., treatment processing and surface processingTONETSU KOHSAN CO., treatment processingKUNSHAN DOWA THERMO FURNACE CO., million , manufacturing, maintenance, and improvement of heat treat-ment equipment, heat treatment processing, surface processingDOWA THT AMERICA, million treatment processing, surface processing, maintenance of heat treatment equipmentDOWA Thermotech (Thailand) Co.

7 , million Thai treatment processing, surface processing, maintenance of heat treatment equipmentPT. DOWA THERMOTECH INDONESIA279,573 million Indonesia treatment processing and surface processingPT. DOWA THERMOTECH FURNACES11,666 million Indonesia , maintenance, and maintenance of heat treatment equipmentHIGHTEMP FURNACES million Indian , manufacturing, maintenance, and improvement of heat treat-ment equipment, heat treatment processing, surface processing, processing of machine componentsOthersDOWA TECHNO ENGINEERING CO., constructionDOWA KOHSAN CO., and management of golf courses and real estate, brokerageDOWA MANAGEMENT SERVICE CO., of general indirect business servicesAKITA ENGINEERING CO., of machinery and electronics, maintenance of plantsYOWA ENGINEERING CO., , maintenance of machinery and electronics, heavy con-crete works businessDOWA TECHNOLOGY CO.

8 , development support; outsourcing of analysis and evaluation servicesDOWA TECHNO RESEARCH CO., of analysis and evaluation services, environmental measurementFive other companiesAffiliates Accounted for by the Equity MethodKOWA SEIKO CO., , treatment, recovery of ferrous and nonferrous materialsAkagi Kouyu Co., treatmentOkayama Rinko Co., Smelting & Refining Co., , smelting and refining, waste treatmentAcids Co., of sulfuric acidCariboo Copper Corporation91 million Canadian and sales of products from minesMINERA TIZAPA, DE ,285 Thousand Mexican pesos* metal resource miningARRENDADORA MINERA ZACAZONAPAN, DE million Mexican pesos* metal resource miningEXPLORACIONES Y DESARROLLOS MINEROS TIZAPA, DE Thousand Mexican pesos* metal resource miningMINERA PLATA REAL, S. DE DE ,657 thousand metal resource developmentOPERACIONES SAN JOS DE PLATA, S.

9 DE DE thousand metal resource developmentSERVICIOS SAN JOS DE PLATA, S. DE DE thousand metal resource developmentKyoto Elex Co., and sales of conductive pastesTOKUYAMA-DOWA POWER MATERIAL CO., substrates manufacturingJapan Copper Casting Co., types of copper manufacturing and productionFujita Kanko Inc.*212, and hotel management; real estate agentNIPPON ANFO MANUFACTURING Co., and marketing of industrial explosives* 1 The figures for the percentage owned by the Company include indirect ownership by the Company.* 2 The shares of this company are listed on the Tokyo Stock Exchange.* 3 The amount of capital stated includes the adjusted amounts that resulted from inflation accounting. 30 DOWA HOLDINGS CO., REPORT 201731