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Notice of Absorption-Type Merger of Taiyo Petrochemical

This is to announce the absorption-type merger by Taiyo Oil Co., Ltd. (“Taiyo Oil”) of its consolidated subsidiary, Taiyo Petrochemical Co., Ltd. (“Taiyo Petrochemical”).

Aim of Merger

To date, Taiyo Oil has assumed the operations of Taiyo Petrochemical and its Yamaguchi styrene plant, undertaking production of that company’s styrene monomer (“SM”). Furthermore, with Taiyo Petrochemical’s having become an assignee company in 2011, Taiyo Oil has undertaken sales of all SM apart from that excepted by the consignment contract.
The current business environment for oil and petrochemicals and projected demand and competition both domestically and overseas call for streamlining of the SM business, from raw materials procurement through to production and sales. This in turn requires further management integration, constituting the aim of this absorption-type merger with Taiyo Petrochemical.

Overview of Merger

Date of merger

The merger is due to take place and come into force on March 1, 2014.

Method of merger

Taiyo Petrochemical will dissolve upon absorption-type merger with the merging company, Taiyo Oil.

Overview of amalgamating companies (as of April 1, 2013)

(1) Name Taiyo Oil Co., Ltd.
(merging company)
Taiyo Petrochemical Co., Ltd.
(merged company)
(2) Place of business 2-chome, 2-3, Uchisaiwaicho, Chiyoda-ku, Tokyo 2-chome, 2-3, Uchisaiwaicho, Chiyoda-ku, Tokyo
(3) Representative’s name and title Yutaka Oka,
President and CEO
Kyong Jun, Kim,
President and CEO
(4) Type of business Manufacture and sale of oil products Manufacture and sale of styrene monomer
(5) Capital 5.6 billion yen 2 billion yen
(6) Established February 1941 October 2003
(7) Accounting period March 31 March 31

Post-merger

There will be no change to Taiyo Oil’s name, place of business, name and title of representative, type of business, capital or accounting period following the merger.