February 6, 2014
To whom it may concern:
JX Shipping Co., Ltd.
JX Tanker Co., Ltd.
Announcement relating to the newly Signing ofMerger Agreement
between JX Shipping Co., Ltd. and JX Tanker Co., Ltd.
We, JX Shipping Co., Ltd. (“JX Shipping”) and JX Tanker Co., Ltd. (“JX Tanker”), duly signed on
March 28, 2013 a Merger Agreement which specifies JX Tanker as the surviving company and comes intoeffect on July 1, 2013. In order to achieve the vessels’ safer operations after the merger, the merger
thereafter had been postponed which comes into effect on April 1, 2014 (scheduled). We have been
discussing Safety Manuals and Systems for the Vessels.
We are pleased to announce that on this February 6th, 2014, we duly and newly signed a Merger
Agreement which comes into effect on April 1, 2014 (scheduled). Meanwhile, there is no changes in themerger method and the merger ratio and to announce that the representative after merger will bechanged as below.

1.

Date of Merger :April 1, 2014 (scheduled)

2. Method of Merger :(1) Type of Merger
JX Tanker, as the surviving company, will absorb JX Shipping, adopting the method ofabsorption-type merger.
(2) Merger Ratio
JX Tanker

JX Shipping(Surviving Company)(Dissolving Company)

10.05

Merger Ratio(Note) 0.05 shares of JX Tanker shall be allotted to 1.00 share of JX Shipping.
3. New Status after Merger :1) Company Name

: JX Ocean Co., Ltd.

2) Head Office: 15-1, Akasaka 4-chome, Minato-ku, Tokyo

3) Representative: Representative Director, President
Michiyasu Kobayashi (scheduled , Currently, Executive Vice President ofJX Shipping)4) Capital: 4.0 billion yen5) Major Shareholder: JX Nippon Oil & Energy Corporation6) Business: International and Domestic marine transport services of crude oil andInternational marine transport services of LP gas, petroleum products anddry-bulk7) Fleet: 60 vessels*8) Employees: 384 ** all in all of both Companies, as the end of January, 2014
5.

Corporate Mark after Merger:

TM[Attachment]:

Corporate Profiles of JX Shipping and JX Tanker[Contact Information for inquiries]
JX Shipping : General Administration& Personnel Dept.
Mr. Masafumi Nabekura

Tel + 81-3-6441-0200

JX Tanker : General Administration Dept.
Mr. Satoshi Nasukawa

Tel +81-3-6441-3720

* Attachment
Corporate Profile : JX Shipping and JX Tanker
(1)

(2)

(3)

Company NameJX Shipping Co., Ltd.

JX Tanker Co., Ltd.

(established on April 1, 2012 merged by
Nissho Shipping and Yuyo SS)(changed its name on April 1, 201115-1, Akasaka 4-chome,

15-1, Akasaka 4-chome,

Minato-ku, Tokyo

Minato-ku, Tokyo

Representative Director, President

Representative Director, President

Masao Miyakawa

Satoru Katogi

from Nippon Oil Tanker Corp.)

Head OfficeRepresentative(4)

EstablishedMay, 1943

July, 1951

(5)

Capital4.0 Billion Yen

4.0 Billion Yen

JX Nippon Oil & Energy Corporation

JX Nippon Oil & Energy Corporation(59.15%)(100%)(at the end of Mar., 2013)

Major Shareholders(6)

and their shareholdings(7) Net Sales (consolidated)(at end of Mar., 2013)

JX Tanker Co., Ltd. (7.18%)

34.9 Billion Yen*all in both Nissho and Yuyo

17.1 Billion Yen

International and Domestic marinetransport services of crude oil, etc.

(8)BusinessInternational marine transport
services of crude oil, LP gas,petroleum products, dry-bulk, etc.

(9)

Fleet

51 vessels

9 vessels

163

221

(at end of Jan., 2014)(10)

Number of Employees(at end of Jan., 2014)