This document is an English translation of a news release on May 27, 2014, made initially inJapanese. The Japanese original should be considered as the primary version.

FOR IMMEDIATE RELEASE

Itochu Enex Co., Ltd.
Representative: Kenji Okada, President
Stock code: 8133, Tokyo Stock Exchange, 1st Section
Contact: Masatsugu Takashima
General Manager for Investigation & Public Relations Department
Tel: +81-3-6327-8003

Notice of the Completion of the Share Transfer Regarding Acquisition of Shares of Osaka Car
Life Group Co., Ltd. (Conversion into a Subsidiary)
Itochu Enex Co., Ltd. (“Enex”) hereby announces that the share transfer of Osaka Car Life Group
Co., Ltd. (“OCG”) on May 27, 2014 regarding a resolution at a Board of Directors’ meeting held onApril 17, 2014 to acquire 200 issued shares (51.95% of the total number of issued shares) of OCG, tomake it into a subsidiary, has been completed, and that Enex has concluded a share transfer
agreement with NMC2007 Investment Limited Partnership (“NMC Fund”). Details of the shareacquisition are as follows.

1. Reasons for share acquisition
Since its establishment in 1961, Enex has grown strong roots in local communities throughout Japan,and based on the corporate philosophy of “partnering with society and ordinary people,” it has
served as an energy lifeline to these communities by delivering primarily petroleum products and LPgas. Energy is, of course, a critical part of social infrastructure. Enex also believes that energy
creates prosperous communities and nurtures people. This is an important part of Enex’s philosophy
which has sustained the Company over the years. In 2009 Enex commenced operations in theelectric power business, and today the Company is executing its growth strategies with the aim ofbecoming a new type of energy company centered on petroleum, gas, and electricity.
Enex’s Car-Life Division is an important business division alongside the Home-Life, Power &Utility, and Energy Trade Divisions. The division operates approximately 2,100 Car-Life Stations
selling gasoline, kerosene, diesel, and other products, making Enex the No.1 energy trading
company in Japan in terms of scale. Enex strives to adapt swiftly to changes in increasingly diverse1

customer needs through a basic approach of transforming ordinary service stations into the Car-Life
Station format. Enex works to enhance station operator earnings and create Car-Life Stations withstrong customer appeal by providing a comprehensive range of auto services.
OCG is a holding company, with subsidiaries including Nissan Osaka Sales Co., Ltd., the largest
Nissan Motor Co. Ltd.-affiliated dealer in Japan with net sales of approximately 100.0 billion yen
and the only Nissan dealer within Osaka Prefecture. OCG was established in November 2009 as a
joint venture between NMC Fund and Nissan Network Holdings Co., Ltd. (A consolidated
subsidiary of Nissan Motor Co., Ltd.).
With this acquisition of shares, Enex’s Car-Life Division will extend its reach beyond sales of fueland other products and operation of Car-Life Stations by making a full-scale entry into theautomobile-related business. In this way, the move will contribute to the division’s aims of“strengthening the Car-Life value chain” and “increasing added value across the entire value chain.”
Organically combining the business assets of OCG and Enex will further enhance the existing
business base of Enex, which primarily includes fuel sales. Moreover, Enex will also pursue
synergies to propose new value for customers’ motoring lifestyles.

22. Outline of the subsidiary transferred (Osaka Car Life Group Co., Ltd.)(As of May 27, 2014)(1)(2)

NameLocation

Osaka Car Life Group Co., Ltd.
3-14-22, Minamihorie, Nishi-ku, Osaka-shi, Osaka
Takahisa Shirato, Representative Director and President(3) Representative
Osamu Aiguchi, Representative Director and Vice President
Holding company owning all issued shares of Nissan Osaka Sales
Co., Ltd.
<Business activities of Nissan Osaka Sales Co., Ltd.>(4) Business activities
Sales and maintenance of Nissan vehicles (vehicle inspection, legal
inspection, repair), sales of components, agency business forvarious insurances, and sales of used cars
(5) Capital
310 million yen(6) Established
November 10, 2009
Itochu Enex Co., Ltd.:
51.95%
Major shareholder andNissan Network Holdings Co., Ltd.:46.75%(7)
shareholding ratio
Others:
1.30%
Capital relationships
Not applicable
Relationship between theTwo part-time officers dispatch from(8) listed company and the
Personnel relationships
Enex, etc.
subsidiary
Trade relationships
Not applicable
Consolidated financial results and consolidated financial position of the subsidiary(9)for the past three years(millions of yen unless otherwise indicated)
Fiscal year ended March 31,2011
2012
2013
Net assets
3,429
5,730
8,252
Total assets
43,08647,67745,296
Net assets per share
8,909,000 yen
14,884,000 yen
21,435,000 yen
Net sales
103,537
107,727
105,920
Operating income
2,425
3,861
2,792
Ordinary income
2,080
3,505
2,517
Net income
1,516
2,300
2,522
Net income per share
3,938,000 yen
5,976,000 yen
6,551,000 yen
Dividend per share- yen- yen- yen33. Outline of the partnership from which Enex acquired the shares of OCG
(1)
(2)
(3)
(4)
(5)
(6)
(7)

Name
Location
Basis forestablishment
Purpose ofestablishment
Date of establishment
Total amount ofinvestment
Investors, investment
ratio and outline ofinvestors

NMC2007 Investment Limited Partnership
1-3-3, Uchisaiwai-cho, Chiyoda-ku, Tokyo
Limited Partnership Act for Investment
Established mainly for the purpose of stock investments incorporations
March 31, 2008
Not disclosed
Insitututional investors in Japan, etc.
Name
Location(8)

Outline of operating
partner

NMC2007 Limited Liability Company
1-3-3, Uchisaiwai-cho, Chiyoda-ku, Tokyo
Partner: Nippon Mirai Capital Co., Ltd.

Representative

Executor of duties: Akira Yasujima

Business activities

(9)

(10)

Outline ofrepresentative inJapan

Relationship between
the listed company
and the fund

CapitalName
Location
Representative
Business activities
CapitalRelationshipbetween the listedcompany and thefund
Relationshipbetween the listedcompany andoperating partner
Relationshipbetween the listedcompany andrepresentative inJapan

4Operation of NMC2007 Investment LimitedPartnership
Not disclosed

Not applicableNot applicableNot applicableNot applicable4. Number of shares acquired, the acquisition price, and the status of shares held before andafter the acquisition of shares(1)

Number of shares held
before transfer

0 shares(Number of voting rights: 0)(Holding ratio of voting rights: 0.00%)(2)

Number of sharesacquired

200 shares(Number of voting rights: 200)

(3)

Acquisition priceCommon stock of Osaka Car Life Group Co., Ltd.
6,000 million yen
Advisory fee, etc. (Approximate amount)
100 million yen
Total (Approximate amount)
6,100 million yen(4)

Number of shares held
after transfer

200 shares(Number of voting rights: 200)
(Holding ratio of voting rights: 51.95%)

5. Schedule
(1)
(2)
(3)

Resolution by Board of Directors
Execution of agreement
Transfer of shares

April 17, 2014
April 17, 2014
May 27, 2014

6. Future outlook
Should any impact of this acquisition of the shares on the operating performance for the fiscal year
ending March 31, 2015 be recognized, Enex will disclose it in a timely manner.
<Reference> Consolidated earnings forecasts for the fiscal year ending March 31, 2015 (announcedon April 30, 2014) and consolidated results for the previous fiscal year
(Millions of yen)
ProfitOperating
Income before
attributable toNet sales
incomeincome taxes
owners of theCompany
Consolidated
earnings forecasts
1,600,000
13,80013,800
7,600(Fiscal year ending
March 31, 2015)(Millions of yen)
Net sales
Consolidated results forthe previous fiscal year
(Fiscal year ended
March 31, 2014)

Operatingincome1,506,606

13,439Ordinary
income13,940Net income

7,402(Note) Enex decided to apply International Financial Reporting Standards (IFRS) on a voluntarybasis, commencing with consolidated financial statements in annual securities report for thefiscal year ended March 31, 2014.

5Accordingly, please note that consolidated earnings forecasts for the fiscal year ending March31, 2015 were formulated in accordance with IFRS. Therefore, the figures presented for“Operating income” are calculated based on “Profit from operating activities” in theconsolidated statements of comprehensive income and the figures presented for “Basicearnings per share” are calculated based on “Profit attributable to owners of the Company.”
The figures presented for “Net sales,” however, are the aggregate amounts of transactions
carried out by the Itochu Enex Group as a party to the transactions and those carried out by
the Itochu Enex Group as an agent, in accordance with Japanese accounting practice.

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