Exhibit (c) Confidential Project Tower Valuation Analysis th February 19 , 2020 DC Advisory Daiwa SecuritiesExhibit (c) Confidential Project Tower Valuation Analysis th February 19 , 2020 DC Advisory Daiwa Securities
Confidential Table of Contents 1. Valuation Summary 02 2. DCF (Discounted Cash Flow) Analysis 04 3. Market Price Analysis 07 4. Comparable Companies Analysis 10 1Confidential Table of Contents 1. Valuation Summary 02 2. DCF (Discounted Cash Flow) Analysis 04 3. Market Price Analysis 07 4. Comparable Companies Analysis 10 1
Confidential 1. Valuation Summary 2Confidential 1. Valuation Summary 2
Confidential Valuation Summary Equity Value Equity Value per share Methodology Key Assumptions (USD mil) (USD) DCF - Projection provided by Kyocera 2,845 4,584 ～ 16.82 17.76 24.58 27.10 Analysis WACC：8.0~9.0% Period: Base Date, 1 Month, 3 2,543 2,726 ～ Base Date: 15.04 16.12 Month, 6 Month, 52 week 2019/11/26 (1 day prior to the announcement date) Period: 52 week trading range 2,213 3,162 ～ 13.09 18.70 Market Price Analysis Period: Base Date, 1 Month, 3 2,872 3,471 ～ 16.98 20.52 Month, 6 Month, 52 week Base Date: 2020/02/14 Period: 52 week trading range 2,214 3,488 ～ 13.09 20.62 EV/EBITDA multiple: 6.1x~8.1x 2020/3E 2,244 2,742 ～ 13.27 16.21 *1 Comparable EBITDA : $249m Company Analysis EV/EBITDA multiple: 5.3x~7.3x 2021/3E 2,657 3,388 15.71 20.03 ～ *1 EBITDA : $366m Premia analysis conducted by Daiwa: Premia Base Date: 20~40% premium over 1 month 3,105 3,622 18.35 21.41 ～ 2019/11/26 Analysis average price Note: 10 15 20 25 30 *1: 2020/3E EBITDA: reflects actual results so far and AVX's management forecast through the end of 2020/3E / 2021/3E EBITDA: per the projection provided by Kyocera 1 month average price (Base Date:2019/11/26) 3 $15.30Confidential Valuation Summary Equity Value Equity Value per share Methodology Key Assumptions (USD mil) (USD) DCF - Projection provided by Kyocera 2,845 4,584 ～ 16.82 17.76 24.58 27.10 Analysis WACC：8.0~9.0% Period: Base Date, 1 Month, 3 2,543 2,726 ～ Base Date: 15.04 16.12 Month, 6 Month, 52 week 2019/11/26 (1 day prior to the announcement date) Period: 52 week trading range 2,213 3,162 ～ 13.09 18.70 Market Price Analysis Period: Base Date, 1 Month, 3 2,872 3,471 ～ 16.98 20.52 Month, 6 Month, 52 week Base Date: 2020/02/14 Period: 52 week trading range 2,214 3,488 ～ 13.09 20.62 EV/EBITDA multiple: 6.1x~8.1x 2020/3E 2,244 2,742 ～ 13.27 16.21 *1 Comparable EBITDA : $249m Company Analysis EV/EBITDA multiple: 5.3x~7.3x 2021/3E 2,657 3,388 15.71 20.03 ～ *1 EBITDA : $366m Premia analysis conducted by Daiwa: Premia Base Date: 20~40% premium over 1 month 3,105 3,622 18.35 21.41 ～ 2019/11/26 Analysis average price Note: 10 15 20 25 30 *1: 2020/3E EBITDA: reflects actual results so far and AVX's management forecast through the end of 2020/3E / 2021/3E EBITDA: per the projection provided by Kyocera 1 month average price (Base Date:2019/11/26) 3 $15.30
Confidential 2. DCF (Discounted Cash Flow) Analysis 4Confidential 2. DCF (Discounted Cash Flow) Analysis 4
Confidential DCF - Summary Enterprise Value (USD mil) DCF Model Summary Perpetual Growth Rate Historical Estimated 1.00% 1.50% 2.00% 2.50% 3.00% 9.50% 2,432 2,520 2,619 2,733 2,864 W *1 (USD mil) 2019/3A 2021/3E 2022/3E 2023/3E 2024/3E Terminal 2020/3E 9.00% 2,592 2,695 2,813 2,950 3,109 A 8.50% 2,773 2,896 3,038 3,203 3,398 Total Revenue 1,792 1,499 1,667 1,757 1,849 1,948 1,987 C 8.00% 2,981 3,128 3,300 3,503 3,747 % Growth 14.7% -16.3% 11.2% 5.4% 5.3% 5.3% 2.0% C 7.50% 3,221 3,400 3,610 3,863 4,172 Gross Profit 483 317 429 453 479 507 517 % of Total Revenue 26.9% 21.1% 25.7% 25.8% 25.9% 26.0% 26.0% EV / 2024E EBITDA (x) Operating Profit 320 149 273 289 306 324 330 % of Total Revenue 17.8% 9.9% 16.4% 16.5% 16.5% 16.6% 16.6% Perpetual Growth Rate -) Taxes 59 40 74 78 83 87 89 1.00% 1.50% 2.00% 2.50% 3.00% % Tax Rate 18.4% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 9.50% 5.6 5.8 6.1 6.3 6.6 NOPLAT 261 109 199 211 223 236 241 W 9.00% 6.0 6.2 6.5 6.8 7.2 +) Depreciation 90 100 92 97 103 108 110 A 8.50% 6.4 6.7 7.0 7.4 7.9 -) CAPEX 130 110 128 135 142 149 110 C 8.00% 6.9 7.2 7.6 8.1 8.7 -) Increase in Working Capital 96 39 7 46 48 51 20 C 7.50% 7.5 7.9 8.4 9.0 9.7 FCF (Free cash flow) - 156 128 136 144 221 TV (Terminal Value) 3,400 Discounted FCF 150 113 111 108 Equity Value (USD mil) Perpetual Growth Rate Key Assumptions Total Discounted FCF 482 ： 1.00% 1.50% 2.00% 2.50% 3.00% Financial statements as of 3/31/2020 Discounted TV 2,555 9.50% 2,845 2,933 3,032 3,146 3,277 Perpetual Growth Rate 2.00% Enterprise Value 3,038 W 9.00% 3,005 3,108 3,226 3,363 3,522 WACC 8.50% +) Excess cash 628 A 8.50% 3,186 3,309 3,450 3,616 3,811 -) Debt like items 216 C 8.00% 3,393 3,540 3,712 3,915 4,158 Equity Value 3,450 C 7.50% 3,633 3,811 4,022 4,275 4,584 Number of shares outstanding (in thousands) 169,171 Equity Value per share 20.40 Equity Value per share (USD) *1 2020/3E reflects actual results so far and AVX's management forecast through the end of 2020/3E Perpetual Growth Rate 1.00% 1.50% 2.00% 2.50% 3.00% 9.50% 16.82 17.34 17.92 18.60 19.37 W 9.00% 17.76 18.37 19.07 19.88 20.82 A 8.50% 18.83 19.56 20.40 21.37 22.53 C 8.00% 20.06 20.93 21.94 23.14 24.58 C 7.50% 21.47 22.53 23.77 25.27 27.10 Source:Kyocera 5Confidential DCF - Summary Enterprise Value (USD mil) DCF Model Summary Perpetual Growth Rate Historical Estimated 1.00% 1.50% 2.00% 2.50% 3.00% 9.50% 2,432 2,520 2,619 2,733 2,864 W *1 (USD mil) 2019/3A 2021/3E 2022/3E 2023/3E 2024/3E Terminal 2020/3E 9.00% 2,592 2,695 2,813 2,950 3,109 A 8.50% 2,773 2,896 3,038 3,203 3,398 Total Revenue 1,792 1,499 1,667 1,757 1,849 1,948 1,987 C 8.00% 2,981 3,128 3,300 3,503 3,747 % Growth 14.7% -16.3% 11.2% 5.4% 5.3% 5.3% 2.0% C 7.50% 3,221 3,400 3,610 3,863 4,172 Gross Profit 483 317 429 453 479 507 517 % of Total Revenue 26.9% 21.1% 25.7% 25.8% 25.9% 26.0% 26.0% EV / 2024E EBITDA (x) Operating Profit 320 149 273 289 306 324 330 % of Total Revenue 17.8% 9.9% 16.4% 16.5% 16.5% 16.6% 16.6% Perpetual Growth Rate -) Taxes 59 40 74 78 83 87 89 1.00% 1.50% 2.00% 2.50% 3.00% % Tax Rate 18.4% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0% 9.50% 5.6 5.8 6.1 6.3 6.6 NOPLAT 261 109 199 211 223 236 241 W 9.00% 6.0 6.2 6.5 6.8 7.2 +) Depreciation 90 100 92 97 103 108 110 A 8.50% 6.4 6.7 7.0 7.4 7.9 -) CAPEX 130 110 128 135 142 149 110 C 8.00% 6.9 7.2 7.6 8.1 8.7 -) Increase in Working Capital 96 39 7 46 48 51 20 C 7.50% 7.5 7.9 8.4 9.0 9.7 FCF (Free cash flow) - 156 128 136 144 221 TV (Terminal Value) 3,400 Discounted FCF 150 113 111 108 Equity Value (USD mil) Perpetual Growth Rate Key Assumptions Total Discounted FCF 482 ： 1.00% 1.50% 2.00% 2.50% 3.00% Financial statements as of 3/31/2020 Discounted TV 2,555 9.50% 2,845 2,933 3,032 3,146 3,277 Perpetual Growth Rate 2.00% Enterprise Value 3,038 W 9.00% 3,005 3,108 3,226 3,363 3,522 WACC 8.50% +) Excess cash 628 A 8.50% 3,186 3,309 3,450 3,616 3,811 -) Debt like items 216 C 8.00% 3,393 3,540 3,712 3,915 4,158 Equity Value 3,450 C 7.50% 3,633 3,811 4,022 4,275 4,584 Number of shares outstanding (in thousands) 169,171 Equity Value per share 20.40 Equity Value per share (USD) *1 2020/3E reflects actual results so far and AVX's management forecast through the end of 2020/3E Perpetual Growth Rate 1.00% 1.50% 2.00% 2.50% 3.00% 9.50% 16.82 17.34 17.92 18.60 19.37 W 9.00% 17.76 18.37 19.07 19.88 20.82 A 8.50% 18.83 19.56 20.40 21.37 22.53 C 8.00% 20.06 20.93 21.94 23.14 24.58 C 7.50% 21.47 22.53 23.77 25.27 27.10 Source:Kyocera 5
Confidential DCF - Key Assumptions Key Assumptions Key Assumptions Projection Projection provided by Kyocera Projection period 2021/3 2024/3 ～ Timing of generating FCF mid-year convention Effective tax rate 27.00% Discount rate 7.50% 9.50% ～ Perpetuity growth rate 1.0% 3.0% based on various industry resources and inflation rates in the U.S. ～ Basis of balance sheet Assumed that Balance sheet as of 2019/12 equals Balance sheet as of 2020/3 Shares outstanding Shares outstanding as of 2019/12 Terminal value Perpetuity growth model Excess cash Cash and cash equivalents as of 2019/12 excluding estimated necessary cash Debt-like items - Reserves for patent infringement Litigation reserves for patent infringement of Greatbatch and Presidio - Reserves for environmental matters Litigation reserves for environmental matters excluding accrued expense - Others -- 6Confidential DCF - Key Assumptions Key Assumptions Key Assumptions Projection Projection provided by Kyocera Projection period 2021/3 2024/3 ～ Timing of generating FCF mid-year convention Effective tax rate 27.00% Discount rate 7.50% 9.50% ～ Perpetuity growth rate 1.0% 3.0% based on various industry resources and inflation rates in the U.S. ～ Basis of balance sheet Assumed that Balance sheet as of 2019/12 equals Balance sheet as of 2020/3 Shares outstanding Shares outstanding as of 2019/12 Terminal value Perpetuity growth model Excess cash Cash and cash equivalents as of 2019/12 excluding estimated necessary cash Debt-like items - Reserves for patent infringement Litigation reserves for patent infringement of Greatbatch and Presidio - Reserves for environmental matters Litigation reserves for environmental matters excluding accrued expense - Others -- 6
Confidential 3. Market Price Analysis 7Confidential 3. Market Price Analysis 7
Confidential Market Price Analysis (Base Date: 2019/11/26) Equity Value AVX’s stock price changes in the last 1 year Equity Value Per Share (USD) (USD) (share) Equity Value Per Share 15.04 16.12 22 1,400,000 ～ Base Date 15.04 1 month average 15.30 1,200,000 20 3 month average 15.28 6 month average 15.35 1,000,000 52 w eeks average 16.12 18 ② ① 800,000 Equity Value (USD mil) ④ 16 Equity Value 2,543 2,726 ～ ③ 600,000 Base Date 2,543 1 month average 2,587 14 3 month average 2,583 400,000 6 month average 2,596 52 w eeks average 2,726 12 200,000 52 weeks trading range (closing price) 10 0 Equity Value Per Share High 18.70 (USD) Low 13.09 High Equity Value 3,162 (USD mil) Low 2,213 Volume Price 1 Month Average 3 Month Average Period 6 Month Average 52 Week Average 52 Week High 52 Week Low n Base Date: 2019/11/26 n 1 Month: 2019/10/28 ~ 2019/11/26 n Disclosure events n 3 Month: 2019/08/27 ~ 2019/11/26 –① 2019/01/24 Filing of preliminary unaudited results for 2019/3 3Q n 6 Month: 2019/05/28 ~ 2019/11/26 –② 2019/04/22 Filing of preliminary unaudited results for 2019/3 4Q n 52 week: 2018/11/28 ~ 2019/11/26 –③ 2019/07/26 Filing of preliminary unaudited results for 2020/3 1Q –④ 2019/10/28 Filing of preliminary unaudited results for 2020/3 2Q Source:Bloomberg 8Confidential Market Price Analysis (Base Date: 2019/11/26) Equity Value AVX’s stock price changes in the last 1 year Equity Value Per Share (USD) (USD) (share) Equity Value Per Share 15.04 16.12 22 1,400,000 ～ Base Date 15.04 1 month average 15.30 1,200,000 20 3 month average 15.28 6 month average 15.35 1,000,000 52 w eeks average 16.12 18 ② ① 800,000 Equity Value (USD mil) ④ 16 Equity Value 2,543 2,726 ～ ③ 600,000 Base Date 2,543 1 month average 2,587 14 3 month average 2,583 400,000 6 month average 2,596 52 w eeks average 2,726 12 200,000 52 weeks trading range (closing price) 10 0 Equity Value Per Share High 18.70 (USD) Low 13.09 High Equity Value 3,162 (USD mil) Low 2,213 Volume Price 1 Month Average 3 Month Average Period 6 Month Average 52 Week Average 52 Week High 52 Week Low n Base Date: 2019/11/26 n 1 Month: 2019/10/28 ~ 2019/11/26 n Disclosure events n 3 Month: 2019/08/27 ~ 2019/11/26 –① 2019/01/24 Filing of preliminary unaudited results for 2019/3 3Q n 6 Month: 2019/05/28 ~ 2019/11/26 –② 2019/04/22 Filing of preliminary unaudited results for 2019/3 4Q n 52 week: 2018/11/28 ~ 2019/11/26 –③ 2019/07/26 Filing of preliminary unaudited results for 2020/3 1Q –④ 2019/10/28 Filing of preliminary unaudited results for 2020/3 2Q Source:Bloomberg 8
Confidential Market Price Analysis (Base Date: 2020/02/14) Equity Value AVX’s stock price changes in the last 1 year Equity Value Per Share (USD) (USD) (share) Equity Value Per Share 16.98 20.52 22 1,400,000 ～ Base Date 20.52 ④ 1 month average 20.49 1,200,000 20 3 month average 19.70 6 month average 17.37 1,000,000 52 w eeks average 16.98 18 ① 800,000 Equity Value (USD mil) ③ 16② Equity Value 2,872 3,471 ～ 600,000 Base Date 3,471 1 month average 3,466 14 3 month average 3,333 400,000 6 month average 2,938 52 w eeks average 2,872 12 200,000 52 weeks trading range (closing price) 10 0 Equity Value Per Share High 20.62 (USD) Low 13.09 High Equity Value 3,488 (USD mil) Low 2,214 Volume Price 1 Month Average 3 Month Average Period 6 Month Average 52 Week Average 52 Week High 52 Week Low n Base Date: 2020/02/14 n 1 Month: 2020/01/15 ~ 2020/02/14 n Disclosure events n 3 Month: 2019/11/15 ~ 2020/02/14 –① 2019/04/22 Filing of preliminary unaudited results for 2019/3 4Q n 6 Month: 2019/08/15 ~ 2020/02/14 –② 2019/07/26 Filing of preliminary unaudited results for 2020/3 1Q n 52 week: 2019/02/19 ~ 2020/02/14 –③ 2019/10/28 Filing of preliminary unaudited results for 2020/3 2Q –④ 2020/01/24 Filing of preliminary unaudited results for 2020/3 3Q Source:Bloomberg 9Confidential Market Price Analysis (Base Date: 2020/02/14) Equity Value AVX’s stock price changes in the last 1 year Equity Value Per Share (USD) (USD) (share) Equity Value Per Share 16.98 20.52 22 1,400,000 ～ Base Date 20.52 ④ 1 month average 20.49 1,200,000 20 3 month average 19.70 6 month average 17.37 1,000,000 52 w eeks average 16.98 18 ① 800,000 Equity Value (USD mil) ③ 16② Equity Value 2,872 3,471 ～ 600,000 Base Date 3,471 1 month average 3,466 14 3 month average 3,333 400,000 6 month average 2,938 52 w eeks average 2,872 12 200,000 52 weeks trading range (closing price) 10 0 Equity Value Per Share High 20.62 (USD) Low 13.09 High Equity Value 3,488 (USD mil) Low 2,214 Volume Price 1 Month Average 3 Month Average Period 6 Month Average 52 Week Average 52 Week High 52 Week Low n Base Date: 2020/02/14 n 1 Month: 2020/01/15 ~ 2020/02/14 n Disclosure events n 3 Month: 2019/11/15 ~ 2020/02/14 –① 2019/04/22 Filing of preliminary unaudited results for 2019/3 4Q n 6 Month: 2019/08/15 ~ 2020/02/14 –② 2019/07/26 Filing of preliminary unaudited results for 2020/3 1Q n 52 week: 2019/02/19 ~ 2020/02/14 –③ 2019/10/28 Filing of preliminary unaudited results for 2020/3 2Q –④ 2020/01/24 Filing of preliminary unaudited results for 2020/3 3Q Source:Bloomberg 9
Confidential 4. Comparable Companies Analysis 10Confidential 4. Comparable Companies Analysis 10
Confidential Comparable Companies Analysis - Summary Excess Equity Value *1 (USD mil) EBITDA Multiple Enterprise Value Cash Debt Equity Value per share (USD) 249 6.1x 8.1x 1,512 2,010 753 20 2,244 2,742 13.27 16.21 2020/03E～～～～ EV/EBITDA Multiple 2021/03E 366 5.3x 7.3x 1,925 2,656 753 20 2,657 3,388 15.71 20.03 ～～～～ Note Source: Factset ： *1 2020/3E EBITDA: reflects actual results so far and AVX's management forecast through the end of 2020/3E / 2021/3E EBITDA: per the projection provided by Kyocera 11Confidential Comparable Companies Analysis - Summary Excess Equity Value *1 (USD mil) EBITDA Multiple Enterprise Value Cash Debt Equity Value per share (USD) 249 6.1x 8.1x 1,512 2,010 753 20 2,244 2,742 13.27 16.21 2020/03E～～～～ EV/EBITDA Multiple 2021/03E 366 5.3x 7.3x 1,925 2,656 753 20 2,657 3,388 15.71 20.03 ～～～～ Note Source: Factset ： *1 2020/3E EBITDA: reflects actual results so far and AVX's management forecast through the end of 2020/3E / 2021/3E EBITDA: per the projection provided by Kyocera 11
Confidential Comparable Companies Multiple Summary EV / EBITDA (FY1) 16.7x *1 10.4x 10.5x Median:7.1x 7.2x 6.9x 6.7x 6.4x n.a AVX Corporation Vishay Intertechnology, Inc. Murata Manufacturing TDK Taiyo Yuden Samsung Electro- Yageo Corporation Walsin Technology Mechanics Co., Ltd Corporation EV / EBITDA (FY2) 14.6x *1 10.0x 8.8x Median:6.3x 6.4x 6.1x 5.8x 5.6x n.a AVX Corporation Vishay Intertechnology, Inc. Murata Manufacturing TDK Taiyo Yuden Samsung Electro- Yageo Corporation Walsin Technology Mechanics Co., Ltd Corporation Note: Market data as of 2020/2/14 Source： Factset *1 When using the market price as of 2019/11/26(1 day prior to the announcement date), AVX’s multiples are 6.9x (FY1) and 6.6x(FY2) 12Confidential Comparable Companies Multiple Summary EV / EBITDA (FY1) 16.7x *1 10.4x 10.5x Median:7.1x 7.2x 6.9x 6.7x 6.4x n.a AVX Corporation Vishay Intertechnology, Inc. Murata Manufacturing TDK Taiyo Yuden Samsung Electro- Yageo Corporation Walsin Technology Mechanics Co., Ltd Corporation EV / EBITDA (FY2) 14.6x *1 10.0x 8.8x Median:6.3x 6.4x 6.1x 5.8x 5.6x n.a AVX Corporation Vishay Intertechnology, Inc. Murata Manufacturing TDK Taiyo Yuden Samsung Electro- Yageo Corporation Walsin Technology Mechanics Co., Ltd Corporation Note: Market data as of 2020/2/14 Source： Factset *1 When using the market price as of 2019/11/26(1 day prior to the announcement date), AVX’s multiples are 6.9x (FY1) and 6.6x(FY2) 12
Confidential Comparable Companies Multiple Calculation Multiple Calculation Equity EV / Sales EV / EBITDA EV / EBIT PER PBR Value EV Latest Latest Latest Latest Latest Company (USD mil) (USD mil) Period FY1 FY2 Period FY1 FY2 Period FY1 FY2 Period FY1 FY2 Period Target Company AVX Corporation 3,471 2,739 1.5x 1.9x 1.9x 6.7x 10.4x 10.0x 8.7x 16.0x 15.3x 12.8x 20.5x 22.8x 1.4x Comparable Companies Vishay Intertechnology, Inc. 2,965 2,763 1.0x 1.1x 1.0x 6.1x 6.7x 5.8x 9.6x 11.1x 8.8x 18.1x 19.1x 14.7x 2.0x Murata Manuf acturing Co.,Ltd. 37,772 36,581 2.6x 2.6x 2.4x 9.7x 10.5x 8.8x 13.9x 16.6x 14.0x 20.2x 22.6x 18.9x 2.5x TDK 13,660 14,782 1.2x 1.2x 1.1x 7.6x 6.4x 5.6x 15.1x 13.1x 11.1x 18.4x 17.2x 14.4x 1.7x Taiyo Yuden Co., Ltd 4,059 4,115 1.7x 1.6x 1.5x 7.3x 6.9x 6.1x 13.0x 12.1x 10.7x 19.0x 17.2x 15.0x 2.1x Samsung Electro-Mechanics Co., Ltd 9,101 10,204 1.5x 1.4x 1.3x n.a. 7.2x 6.4x 16.1x 14.4x 11.7x 19.9x 18.5x 14.8x 1.9x Yageo Corporation 6,474 6,357 2.5x 4.6x 4.1x 4.3x 16.7x 14.6x 5.2x 24.3x 21.3x 5.7x 26.1x 23.1x 4.3x Walsin Technology Corporation 3,911 3,894 2.5x 3.8x 3.9x 4.5x n.a. n.a. 4.7x 13.6x 14.6x 6.1x 17.7x 22.2x 3.7x Max 2.6x 4.6x 4.1x 9.7x 16.7x 14.6x 16.1x 24.3x 21.3x 20.2x 26.1x 23.1x 4.3x Min 1.0x 1.1x 1.0x 4.3x 6.4x 5.6x 4.7x 11.1x 8.8x 5.7x 17.2x 14.4x 1.7x Median 1.7x 1.6x 1.5x 6.7x 7.1x 6.3x 13.0x 13.6x 11.7x 18.4x 18.5x 15.0x 2.1x Average 1.8x 2.3x 2.2x 6.6x 9.1x 7.9x 11.1x 15.0x 13.2x 15.3x 19.8x 17.6x 2.6x Source FactSet Note: ： Market data as of 2020 / 2 / 14 Source： Factset 13Confidential Comparable Companies Multiple Calculation Multiple Calculation Equity EV / Sales EV / EBITDA EV / EBIT PER PBR Value EV Latest Latest Latest Latest Latest Company (USD mil) (USD mil) Period FY1 FY2 Period FY1 FY2 Period FY1 FY2 Period FY1 FY2 Period Target Company AVX Corporation 3,471 2,739 1.5x 1.9x 1.9x 6.7x 10.4x 10.0x 8.7x 16.0x 15.3x 12.8x 20.5x 22.8x 1.4x Comparable Companies Vishay Intertechnology, Inc. 2,965 2,763 1.0x 1.1x 1.0x 6.1x 6.7x 5.8x 9.6x 11.1x 8.8x 18.1x 19.1x 14.7x 2.0x Murata Manuf acturing Co.,Ltd. 37,772 36,581 2.6x 2.6x 2.4x 9.7x 10.5x 8.8x 13.9x 16.6x 14.0x 20.2x 22.6x 18.9x 2.5x TDK 13,660 14,782 1.2x 1.2x 1.1x 7.6x 6.4x 5.6x 15.1x 13.1x 11.1x 18.4x 17.2x 14.4x 1.7x Taiyo Yuden Co., Ltd 4,059 4,115 1.7x 1.6x 1.5x 7.3x 6.9x 6.1x 13.0x 12.1x 10.7x 19.0x 17.2x 15.0x 2.1x Samsung Electro-Mechanics Co., Ltd 9,101 10,204 1.5x 1.4x 1.3x n.a. 7.2x 6.4x 16.1x 14.4x 11.7x 19.9x 18.5x 14.8x 1.9x Yageo Corporation 6,474 6,357 2.5x 4.6x 4.1x 4.3x 16.7x 14.6x 5.2x 24.3x 21.3x 5.7x 26.1x 23.1x 4.3x Walsin Technology Corporation 3,911 3,894 2.5x 3.8x 3.9x 4.5x n.a. n.a. 4.7x 13.6x 14.6x 6.1x 17.7x 22.2x 3.7x Max 2.6x 4.6x 4.1x 9.7x 16.7x 14.6x 16.1x 24.3x 21.3x 20.2x 26.1x 23.1x 4.3x Min 1.0x 1.1x 1.0x 4.3x 6.4x 5.6x 4.7x 11.1x 8.8x 5.7x 17.2x 14.4x 1.7x Median 1.7x 1.6x 1.5x 6.7x 7.1x 6.3x 13.0x 13.6x 11.7x 18.4x 18.5x 15.0x 2.1x Average 1.8x 2.3x 2.2x 6.6x 9.1x 7.9x 11.1x 15.0x 13.2x 15.3x 19.8x 17.6x 2.6x Source FactSet Note: ： Market data as of 2020 / 2 / 14 Source： Factset 13
Confidential Comparable Companies Margin Summary Margin Summary Shareholder Sales Growth rate EBITDA Margin EBIT Margin Net Income Margin Equity Ratio Latest Latest Latest Latest Company FY1 FY2 Period FY1 FY2 Period FY1 FY2 Period FY1 FY2 Period Target Company AVX Corporation -17.8% 0.3% 22.7% 17.9% 18.5% 17.7% 11.6% 12.1% 15.2% 11.5% 10.3% 86.8% Comparable Companies Vishay Intertechnology, Inc. -2.3% 5.5% 16.9% 15.9% 17.4% 10.7% 9.6% 11.4% 6.1% 6.0% 7.3% 47.6% Murata Manuf acturing Co.,Ltd. -2.2% 8.2% 26.5% 25.0% 27.6% 18.6% 15.8% 17.4% 13.1% 12.0% 13.3% 74.7% TDK 1.6% 5.5% 15.6% 18.2% 19.8% 7.9% 8.9% 9.9% 5.9% 6.3% 7.1% 44.2% Taiyo Yuden Co., Ltd 4.1% 6.8% 22.6% 23.0% 24.5% 12.8% 13.2% 14.0% 8.6% 9.2% 9.8% 62.2% Samsung Electro-Mechanics Co., Ltd 5.4% 10.7% n.a. 19.3% 19.6% 9.1% 9.6% 10.8% 6.6% 6.7% 7.6% 62.6% Yageo Corporation -46.5% 13.5% 57.7% 27.7% 27.8% 47.8% 19.0% 19.1% 43.9% 18.0% 18.0% 40.7% Walsin Technology Corporation -34.8% -1.7% 56.1% n.a. n.a. 52.8% 28.4% 26.8% 41.3% 21.8% 17.7% 55.3% Max 5.4% 13.5% 57.7% 27.7% 27.8% 52.8% 28.4% 26.8% 43.9% 21.8% 18.0% 74.7% Min -46.5% -1.7% 15.6% 15.9% 17.4% 7.9% 8.9% 9.9% 5.9% 6.0% 7.1% 40.7% Median -2.2% 6.8% 24.5% 21.2% 22.1% 12.8% 13.2% 14.0% 8.6% 9.2% 9.8% 55.3% Average -10.7% 6.9% 32.5% 21.5% 22.8% 22.8% 14.9% 15.6% 17.9% 11.4% 11.5% 55.3% Source FactSet ： Source： Factset 14Confidential Comparable Companies Margin Summary Margin Summary Shareholder Sales Growth rate EBITDA Margin EBIT Margin Net Income Margin Equity Ratio Latest Latest Latest Latest Company FY1 FY2 Period FY1 FY2 Period FY1 FY2 Period FY1 FY2 Period Target Company AVX Corporation -17.8% 0.3% 22.7% 17.9% 18.5% 17.7% 11.6% 12.1% 15.2% 11.5% 10.3% 86.8% Comparable Companies Vishay Intertechnology, Inc. -2.3% 5.5% 16.9% 15.9% 17.4% 10.7% 9.6% 11.4% 6.1% 6.0% 7.3% 47.6% Murata Manuf acturing Co.,Ltd. -2.2% 8.2% 26.5% 25.0% 27.6% 18.6% 15.8% 17.4% 13.1% 12.0% 13.3% 74.7% TDK 1.6% 5.5% 15.6% 18.2% 19.8% 7.9% 8.9% 9.9% 5.9% 6.3% 7.1% 44.2% Taiyo Yuden Co., Ltd 4.1% 6.8% 22.6% 23.0% 24.5% 12.8% 13.2% 14.0% 8.6% 9.2% 9.8% 62.2% Samsung Electro-Mechanics Co., Ltd 5.4% 10.7% n.a. 19.3% 19.6% 9.1% 9.6% 10.8% 6.6% 6.7% 7.6% 62.6% Yageo Corporation -46.5% 13.5% 57.7% 27.7% 27.8% 47.8% 19.0% 19.1% 43.9% 18.0% 18.0% 40.7% Walsin Technology Corporation -34.8% -1.7% 56.1% n.a. n.a. 52.8% 28.4% 26.8% 41.3% 21.8% 17.7% 55.3% Max 5.4% 13.5% 57.7% 27.7% 27.8% 52.8% 28.4% 26.8% 43.9% 21.8% 18.0% 74.7% Min -46.5% -1.7% 15.6% 15.9% 17.4% 7.9% 8.9% 9.9% 5.9% 6.0% 7.1% 40.7% Median -2.2% 6.8% 24.5% 21.2% 22.1% 12.8% 13.2% 14.0% 8.6% 9.2% 9.8% 55.3% Average -10.7% 6.9% 32.5% 21.5% 22.8% 22.8% 14.9% 15.6% 17.9% 11.4% 11.5% 55.3% Source FactSet ： Source： Factset 14
Confidential Comparable Companies Financial Summary Financial Summary Share- Total holders' (USD mil) Sales EBITDA EBIT Net Income Assets Equity Net Debt Latest Latest Latest Latest Company FY1 FY2 FY1 FY2 FY1 FY2 FY1 FY2 Latest Period Period Period Period Period Target Company AVX Corporation 1,790 1,472 1,476 406 264 273 316 171 179 272 169 152 2,836 2,461 -733 Comparable Companies Vishay Intertechnology, Inc. 2,668 2,606 2,750 451 414 478 286 249 313 164 155 201 3,121 1,485 -205 Murata Manuf acturing Co.,Ltd. 14,230 13,910 15,050 3,765 3,484 4,148 2,641 2,202 2,618 1,870 1,669 2,004 20,266 15,147 -1,198 TDK 12,484 12,681 13,373 1,944 2,303 2,645 981 1,128 1,326 743 794 951 18,533 8,192 1,073 Taiyo Yuden Co., Ltd 2,479 2,581 2,757 561 595 675 317 341 385 214 237 270 3,149 1,959 56 Samsung Electro-Mechanics Co., Ltd 6,953 7,330 8,117 n.a. 1,413 1,587 635 706 875 457 492 615 7,501 4,695 980 Yageo Corporation 2,572 1,376 1,562 1,483 381 434 1,230 262 299 1,128 248 281 3,713 1,512 -124 Walsin Technology Corporation 1,554 1,013 996 871 n.a. n.a. 820 287 267 641 221 176 1,902 1,052 -103 Source: Factset Source： Factset 15Confidential Comparable Companies Financial Summary Financial Summary Share- Total holders' (USD mil) Sales EBITDA EBIT Net Income Assets Equity Net Debt Latest Latest Latest Latest Company FY1 FY2 FY1 FY2 FY1 FY2 FY1 FY2 Latest Period Period Period Period Period Target Company AVX Corporation 1,790 1,472 1,476 406 264 273 316 171 179 272 169 152 2,836 2,461 -733 Comparable Companies Vishay Intertechnology, Inc. 2,668 2,606 2,750 451 414 478 286 249 313 164 155 201 3,121 1,485 -205 Murata Manuf acturing Co.,Ltd. 14,230 13,910 15,050 3,765 3,484 4,148 2,641 2,202 2,618 1,870 1,669 2,004 20,266 15,147 -1,198 TDK 12,484 12,681 13,373 1,944 2,303 2,645 981 1,128 1,326 743 794 951 18,533 8,192 1,073 Taiyo Yuden Co., Ltd 2,479 2,581 2,757 561 595 675 317 341 385 214 237 270 3,149 1,959 56 Samsung Electro-Mechanics Co., Ltd 6,953 7,330 8,117 n.a. 1,413 1,587 635 706 875 457 492 615 7,501 4,695 980 Yageo Corporation 2,572 1,376 1,562 1,483 381 434 1,230 262 299 1,128 248 281 3,713 1,512 -124 Walsin Technology Corporation 1,554 1,013 996 871 n.a. n.a. 820 287 267 641 221 176 1,902 1,052 -103 Source: Factset Source： Factset 15
Confidential Disclaimer n These presentation materials (the “Materials”) have been prepared by Daiwa Securities Co. Ltd. (“Daiwa”) solely for the use of Kyocera Corporation (the “Company”) in connection with its consideration of a proposed transaction as described herein. The Materials are confidential, they may not be used for any other purpose, and other than the Company’s professional advisors who are under an obligation of confidentiality to the Company, they may not be disclosed to any other party without the prior written consent of Daiwa. n The Materials do not constitute an offer to buy or sell or a solicitation of an offer to buy or sell any securities in any jurisdiction. The Materials are not intended to be and shall not constitute a recommendation to any person or entity to acquire or dispose of or take any other action in respect of any securities. n The information and opinions contained in the Materials have been obtained from publicly available sources or other information provided to Daiwa by the Company and/or other potential transaction participants, and Daiwa has assumed the accuracy and completeness of all such information and to the extent such information contains estimates and forecasts of future financial performance, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the Company or other potential transaction participants or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates . No representation or warranty, express or implied, is made in relation to the accuracy, completeness or reliability of the information contained herein or that has been used as a basis for preparing the Materials, or the suitability of such information for any purpose. Certain assumptions may have been made for the purpose of preparing the information and any returns/results detailed herein. No representation or warranty, express or implied, is made regarding the likelihood that such returns/results will be achieved or that all relevant assumptions have been considered or stated in preparing such information and returns/results. Changes in any such assumptions may have a material impact on any results/returns detailed herein. The information contained herein or that has been used as a basis for preparing the Materials is subject to change, and Daiwa has no obligation to update the Materials as a result of any such change. n Daiwa has not conducted any independent evaluation or appraisal of any assets or liabilities of any person or entity referred to in the Materials. n Neither Daiwa nor any of its parent, holding company, subsidiaries or affiliates, nor any of its or their respective directors, officers, employees or representatives shall have any responsibility or liability whatsoever for any use of or reliance upon the Materials or any information contained in the Materials. Any view, recommendation, opinion or advice expressed in the Materials may not necessarily reflect those of Daiwa, except where the Materials state otherwise. These materials are not intended to provide the sole basis for evaluating any transaction or other matter. The Company shall be solely responsible for conducting its own assessment of the information and analyses set out in the Materials and for the underlying business decision to effect any transaction that is discussed in, or that arises out of, the Materials. n These materials have not been prepared with a view toward public disclosure and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without our prior written consent. 16Confidential Disclaimer n These presentation materials (the “Materials”) have been prepared by Daiwa Securities Co. Ltd. (“Daiwa”) solely for the use of Kyocera Corporation (the “Company”) in connection with its consideration of a proposed transaction as described herein. The Materials are confidential, they may not be used for any other purpose, and other than the Company’s professional advisors who are under an obligation of confidentiality to the Company, they may not be disclosed to any other party without the prior written consent of Daiwa. n The Materials do not constitute an offer to buy or sell or a solicitation of an offer to buy or sell any securities in any jurisdiction. The Materials are not intended to be and shall not constitute a recommendation to any person or entity to acquire or dispose of or take any other action in respect of any securities. n The information and opinions contained in the Materials have been obtained from publicly available sources or other information provided to Daiwa by the Company and/or other potential transaction participants, and Daiwa has assumed the accuracy and completeness of all such information and to the extent such information contains estimates and forecasts of future financial performance, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the Company or other potential transaction participants or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates . No representation or warranty, express or implied, is made in relation to the accuracy, completeness or reliability of the information contained herein or that has been used as a basis for preparing the Materials, or the suitability of such information for any purpose. Certain assumptions may have been made for the purpose of preparing the information and any returns/results detailed herein. No representation or warranty, express or implied, is made regarding the likelihood that such returns/results will be achieved or that all relevant assumptions have been considered or stated in preparing such information and returns/results. Changes in any such assumptions may have a material impact on any results/returns detailed herein. The information contained herein or that has been used as a basis for preparing the Materials is subject to change, and Daiwa has no obligation to update the Materials as a result of any such change. n Daiwa has not conducted any independent evaluation or appraisal of any assets or liabilities of any person or entity referred to in the Materials. n Neither Daiwa nor any of its parent, holding company, subsidiaries or affiliates, nor any of its or their respective directors, officers, employees or representatives shall have any responsibility or liability whatsoever for any use of or reliance upon the Materials or any information contained in the Materials. Any view, recommendation, opinion or advice expressed in the Materials may not necessarily reflect those of Daiwa, except where the Materials state otherwise. These materials are not intended to provide the sole basis for evaluating any transaction or other matter. The Company shall be solely responsible for conducting its own assessment of the information and analyses set out in the Materials and for the underlying business decision to effect any transaction that is discussed in, or that arises out of, the Materials. n These materials have not been prepared with a view toward public disclosure and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without our prior written consent. 16