Ferrotec Holdings Corporation (Representative Director: He Xian Han; hereinafter "the Company") announces the progress of the disclosed item as follows, as we have received a decision of the Zhejiang Higher People's Court on July 3, 2023 regarding a lawsuit filed by China Construction First Group Construction & Development Co., Ltd. (hereinafter "China Construction First"), which was disclosed in "(Progress of a Disclosed Item) Notice of an Appeal against Our Equity-Method Affiliate in China and a Decision on our Counterclaim (China Construction First: Electrical Facility Work) dated January 17, 2023.