Notice on Executive Team for Integrated LPG Import and Wholesale Company

November 27th, 2014

Cosmo Oil Co., Ltd. (“Cosmo Oil”; Keizo Morikawa, President), Showa Shell Sekiyu K.K. (“Showa Shell”; Shigeya Kato, Chairman/Group CEO), Sumitomo Corporation (Kuniharu Nakamura, President), and TonenGeneral Sekiyu K.K. (“TonenGeneral”; Jun Mutoh, President) have concluded an integration agreement (see earlier notice dated August 5, 2014) under which the four corporate groups will carry out absorption-type spin-offs of their LPG import and wholesale operations and prepare to integrate these businesses on April 1, 2015, with Cosmo Petroleum Gas Co., Ltd.(a wholly-owned subsidiary of Cosmo Oil) as the receiving company. The four full-time directors of this integrated company have now been informally selected, and this notice provides their names as well as a list of the company’s principal business offices and the future schedule for integration.

It should be noted that this business integration is contingent on approval from the relevant authorities.

1. Full-time directors

Title Name Current position
President and Representative Director Kazunori Yamamoto President, Enessance Holdings Co., Ltd.
Executive Vice President and Director
(in charge of overseas/supply operations)		 Shigeki Nara Assistant to General Manager, Energy Division, Sumitomo Corporation
Executive Vice President and Director
(in charge of sales operations)		 Toshiyuki Yokota Executive Officer, Crude & Product Trading Manager, Supply & Trading, TonenGeneral Sekiyu K.K.
Executive Vice President and Director
(in charge of administrative operations)		 Yoshihiro Masuda Director and Head, Integration Task Force, Cosmo Petroleum Gas Co., Ltd.

In addition to the above directors, four other (part-time) directors, one full-time corporate auditor, and three other corporate auditors are to be appointed (these appointments will be announced at a later date).

2. Principal offices (planned)

Head office and sales locations Head Office : Tokyo
Sales locations : Sendai, Tokyo, Nagoya, Osaka, Takamatsu, Fukuoka, Naha
Seven LPG import terminals Kashima, Chiba, Kawasaki, Hekinan (Aichi Prefecture), Yokkaichi, Sakai, Oita
Four LPG secondary terminals Shimizu, Sakaide, Matsuyama, Hiroshima

3. Future schedule

Conclusion of agreements on absorption-type company splits Dec 2014 – Jan 2015 (tentative)

Effective date of business integration Apr 1, 2015 (tentative)

Appendix (1): Career summaries for four full-time directors

Kazunori Yamamoto
Age 63		 1974 Joined Shell Sekiyu K.K. (now Showa Shell Sekiyu K.K.)
2004 General Manager, Oil Tanker Division, Showa Shell Sekiyu K.K.
2006 Executive Officer for Maritime Shipping, General Manager, Oil Tanker Division, and General Manager, Product Trade Division, Showa Shell Sekiyu K.K.
2007 Managing Executive Officer for Maritime Shipping, General Manager, Oil Tanker Division, and General Manager, Product Trade Division, Showa Shell Sekiyu K.K.
2011 President, Enessance Holdings Co., Ltd.
Shigeki Nara
Age 60		 1978 Joined Sumitomo Corporation
2003 Director and General Manager, Corporate Management Division, Sumisho LPG Holdings Co., Ltd.
2006 Director and General Manager, Administration Division, LNG Japan Corporation
2008 General Manager, LPG Business Department, Energy Division, Sumitomo Corporation
2012 General Manager, Energy Trade Department, Energy Division, Sumitomo Corporation
2014 Assistant to General Manager, Energy Division, Sumitomo Corporation
Toshiyuki Yokota
Age 59		 1980 Joined Mobil Sekiyu K.K. (now EMG Marketing Godo Kaisha)
2001 Product Supply Coordination Division Manager, Product Coordination Dept., TonenGeneral Sekiyu K.K.
2004 Manager, Product Trading Dept., TonenGeneral Sekiyu K.K.
2005 Operations Manager, Industrial & Wholesales, Fuels Marketing, ExxonMobil Yugen Kaisha (now EMG Marketing Godo Kaisha)
2012 Executive Officer, Crude & Product Trading Manager, Supply & Trading, TonenGeneral Sekiyu K.K.
Yoshihiro Masuda
Age 54		 1983 Joined Daikyo Oil Co., Ltd. (now Cosmo Oil Co., Ltd.)
2011 General Manager, Planning Division, Cosmo Petroleum Gas Co., Ltd.
2013 Director and General Manager, Supply Division, Cosmo Petroleum Gas Co., Ltd.
2014 Director and Head, Integration Task Force, Cosmo Petroleum Gas Co., Ltd.

Appendix (2): Profile of integrated import and wholesale company (tentative)

Description of business Manufacture, storage, transport, sale and import/export of LPG
Capital 11 billion yen
Settlement period December
Shareholders and ownership Cosmo Oil Co., Ltd. (25%), Showa Shell Sekiyu K.K. (25%),
Sumitomo Corporation (25%), TonenGeneral Sekiyu K.K. (25%)
Sales revenue Approx. 450 billion yen
Domestic sales volume
(excluding LPG used as electric power 
and raw material)		 Approx. 3.7 million tons
Import volume Approx. 2.8 million tons
Overseas trading volume Approx. 1 million tons
Principal subsidiaries and affiliates Yokkaichi LPG Terminal Co., Ltd.
Kashima LPG Joint Stockpiling Co, Ltd.
Oita LPG Joint Stockpiling Co., Ltd.
Hiroshima LPG Terminal Co., Ltd.
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