(Translation)
April 28, 2022

To whom it may concern
Company name: The Sumitomo Warehouse Co., Ltd.
Representative:

Takanori Ono, President(Code: 9303 Tokyo Stock Exchange Prime Market)
Contact:

Shinji Hirota, General Manager ofBusiness Promotion Dept.
(TEL.+81-6-6444-1189)

Notice of Transfer of Shares, etc. by our Subsidiary which results in Transfer of ourSub-subsidiary

J-WeSco Ltd. ("J-WeSco"), a subsidiary of The Sumitomo Warehouse Co., Ltd. (Kita-ku, Osaka,President Takanori Ono; "Sumitomo Warehouse"), resolved at a meeting of its Board of Directors
held today to transfer all of the issued and outstanding shares of its subsidiary (sub-subsidiary ofSumitomo Warehouse), the U.S. shipping company Westwood Shipping Lines, Inc. ("Westwood") toSSPL US Inc., a U.S. affiliate of the Singapore -based shipping company Swire Shipping Pte. Ltd.
(“Swire”) (Swire and SSPL US Inc. collectively referred to as “Swire Group”) (“Transfer of Shares”).
Also, SW Maritime 1, Inc., SW Maritime 2, Inc., SW Maritime 3, Inc. and SW Maritime 4, Inc.
(collectively "SW Maritime companies"), which are subsidiaries of Sumitomo Warehouse, resolved
at their respective meetings of Board of Dir ectors held today to transfer the vessel each of themown, and leased and operated by Westwood (in total four vessels), to Swire (“Transfer of Vessels”)(Transfer of Shares and Transfer of Vessels will be collectively referred to as "Transfer of Shares,etc.").
Notes

1. Reason for Transfer of Shares, etc.
(1) Business conditions of Westwood after acquisition by Sumitomo Warehouse
Westwood is a shipping company established in 1980 as shipping division of a U.S. forestry
company group, and currently provides services between Japan, South Korea, China, and the West
Coast of North America (i.e., a market also known as the Pacific Northwest or “PNW”).
Sumitomo Warehouse acquired Westwood through our subsidiary J -WeSco in June 2011, for the1purpose of maintaining and expanding harbor transportation business, which is one of our corebusinesses. At the same time, the special-purpose companies newly established by Sumitomo
Warehouse acquired the four open-hatch multipurpose vessels with gantry cranes (2,000 TEU load)
which used to be under long-term charter by Westwood.
After joining our group, Westwood continued to provide service s between Japan, South Korea,
China, and the United States and Canada with the four owned vessels and three geared semicontainer vessels (2,200-2,500 TEU load) newly chartered by Westwood, for a total of sevenvessels. The company’s performance was stable during fiscal year 2012 to 2015 focusing ontransportation of forest products from North America, project cargo such as machinery from Japan,and container cargo. However, due to a decrease in the transportation of forest products such as
newsprint rolls, Westwood’s reliance on eastbound container cargo has gradually increased and theperformance could not be efficiently managed in face of a sluggish container freight market
between 2016 and 2020.

(2) Consideration of transfer
Due to the evolution of Westwood's revenue distribution, the company, which operates vessels
independently on a single route (PNW route), was directly affected by the fluctuation in container
freight rates. Such fluctuation came in contrast with the long-term stability of our core businessin Japan, and that contrast has grown to the point where it did no longer fit with our management
policy for the future of Sumitomo Warehouse.
After reviewing our group's business portfolio in light of these circumstances, we decided that it
would be desirable to concentrate our management resources on our core businesses of logistics
and real estate and to transfer shipping business to a company with greater expertise in the shipping
industry. Sumitomo Warehouse started to look for the best candidate while having in mind theimportance of maintaining the status quo for Westwood’s customers and employees.
Even after considering the recent development in the container freight rates and its positive
impact on Westwood's business performance from fiscal year 2021, Sumitomo Warehouse hascontinued to consider the transfer of Westwood also taking into account new environmental
regulatory requirements from the IMO (International Maritime Organization)(3) Decision of transfer
Sumitomo Warehouse has determined that the current situation in which Westwood's performanceis improving would be the best timing to move forward with the transfer of Westwood . Potential
impact on Westwood's customers and employees has also been carefully considered when looking
into the transfer of Westwood on the assumption that business will continue as is.
Swire is a major shipping group with a long history, founded in 1872. Like Westwood, Swire
operates a large number of multi-purpose vessels that transport both project cargoes and containers2

on various routes, and thus is able to operate Westwood's business taking advantage of synergies
with their own services. We believe that Swire Group has the suitable conditions to become theshareholder of Westwood.
Based on the foregoing, we have determined that Swire Group is the best transferee for theTransfer of Shares, etc.

2. Outline of Transfer of Shares(1) Outline of Subsidiary (J-WeSco)
Name

J-WeSco Ltd.

Address

11-1, Shibakoen 2-chome, Minato-ku, Tokyo

Job Title/Name ofPresident Katsunori So

RepresentativeBusiness Activities

Ownership and management of shipping business companies

Paid-in Capital

10 million yen

Major shareholders andThe Sumitomo Warehouse Co., Ltd. 70.45%

percentage of shares

Suzuyo & Co., Ltd. 19.57%
FUJITRANS CORPORATION 9.78%(2) Outline of the Sub-subsidiary to be transferred and its subsidiaries(i) Names of the Sub-subsidiary to be transferred and its subsidiaries
Name

Westwood Shipping Lines, Inc.

Address

1019 39 th Avenue SE Suite 210 Puyallup, WA 98374, U.S.A．

Job Title/Name ofPresident & CEO John C. Mahoney

Representative
Business Activities

Shipping business, etc.

Paid-in Capital

1,000 U.S. dollar

Date of Incorporation

September 9, 1980

Major shareholders andJ-WeSco Ltd. 100%

percentage of shares
Relationship with us

CapitalSumitomo Warehouse owns 100% of the issued

relationshipand outstanding shares of the Company through
J-WeSco.

Personal

One of our employees is a Part-time director ofrelationships

the Company.

Business

The Company has certain transactions withrelationship

Sumitomo Warehouse and its group companies.

3NameWestwood Shipping Lines Canada, Inc.

Address

355 Burrard Street, Suite 980 Vancouver B.C. V6C 2G8, Canada

Job Title/Name ofPresident & CEO John C. Mahoney

Representative
Business Activities

Shipping agents, etc.

Paid-in Capital

1 Canadian dollar

Date of Incorporation

August 4, 2011

Major

shareholders

andWestwood Shipping Lines, Inc. 100%

percentage of shares
Relationship with us

CapitalSumitomo Warehouse owns 100% of the issued

relationshipand outstanding shares of the Company through
J-WeSco and Westwood.

PersonalNot applicable

relationships
BusinessNot applicable

relationship

NameWestwood Shipping Lines Japan, Inc.

Address

3-1, Shibakoen 1-chome, Minato-ku, Tokyo

Job Title/Name ofPresident John C. Mahoney

Representative
Business Activities

Shipping agents, etc.

Paid-in Capital2 million yen

Date of Incorporation

August 15, 2011

Major shareholders andWestwood Shipping Lines, Inc. 100%

percentage of shares
Relationship with us

CapitalSumitomo Warehouse owns 100% of the issued

relationshipand outstanding shares of the Company through
J-WeSco and Westwood.

Personal

One of our employees is a Part-time director of

relationships

the Company.

Business

The Company has certain transactions withrelationship

Sumitomo Warehouse and its group companies.

4

(ii) Consolidated Financial Position and Co nsolidated Results of Operations for the Last Three Years(Westwood Group's Three Companies) (Millions of yen)
Fiscal Year-End

Year ended

Year ended

Year ended

December 31, 2018

December 31, 2019

December 31, 2020

Consolidated net assets(1,954)(2,675)(3,120)Consolidated total assets

3,414

3,164

4,265

Consolidated operating

25,28525,20222,009(3,722)

(767)

(593)

(4,700)

(769)

(594)

revenue
Consolidate income before
income taxes
Profit attributable to theparent company(3) Outline of the Transferee
Name

SSPL US Inc.

Address

251 Little Falls Drive, Wilmington, Delaware 19808, County of
New Castle U.S.A.

Job Title/Name ofPresident and Chief Executive Officer

Representative

James Hugh Woodrow

Business Activities

Investment holding company

Paid-in Capital

100 U.S. dollar

Date of Incorporation

April 20, 2022

Major shareholders andpercentage of shares

The China Navigation Company Limited 100%

Relationship between a

Capital relationship

Not applicable.

listed company and that

Personal relationships

Not applicable.

company

Business relationship

Not applicable.

Whether it is a Relevant Party

Not applicable.

5(4) Number of shares transferred, transfer price and status of shares held before and after transfer
Shares owned prior to theJ-WeSco Ltd. ownership: 1,000 sharestransaction(Percentage of voting rights: 100%)

Number of the Transferred

1,000 shares

SharesTransfer price

The transfer price will be determined after implementation ofTransfer of Shares based on Westwood's fiscal year 2022
performance. (NOTE)

Shares owned after the0 shares (Percentage of voting rights: 0%)transaction(NOTE) The parties have agreed that the transfer price for the shares of Westwoodwould resultin a maximum amount of 145 million U.S. dollars, out of which 100 million U.S. dollars will bepaid on the date of Transfer of Shares, and that the remaining amount will be paid after
Westwood’s financial results for fiscal year 2022 are finalized.

3. Outline of Transfer of Vessels(1) Outline of subsidiaries (SW Maritime companies)
Name

SW Maritime 1, Inc. SW Maritime 2, Inc.
SW Maritime 3, Inc. SW Maritime 4, Inc.

Address

Aquilino De La Guardia Street, Marbella, Panama City, Republicof Panama

Job Title/Name ofPresident Nobuo Nakajima

Representative
Business Activities

Ownership and lease of vessels

Paid-in Capital

1,000 U.S. dollar each

Major shareholders andpercentage of shares

The Sumitomo Warehouse Co., Ltd. 100%(2) Outline of the vessels to be transferred
Vessel name

Vessel type

Year of

Number ofconstruction

containers that canbe loaded

Westwood RainierOpen hatch type

2002

2,048

Westwood Columbia

multi-purpose

2002

2,048

Westwood Victoria

ship with gantry

2003

2,048

Westwood Olympia

crane2004

2,048

6(3) Outline of Transferee
NameSwire Shipping Pte. Ltd.

Address300 Beach Road No.27-01 The Concourse, Singapore 199555

Job Title/Name ofManaging Director James Hugh Woodrow

Representative
Business Activities

Owning and operating liner vessels, as well as providing
specialist shipping services to the energy, resource andinfrastructure sector.

Paid-in Capital

420 million U.S. dollar

Date of Incorporation

September 14, 2009

Major shareholders andpercentage of shares

Swire Marine Holdings Pte Ltd 100%

Relationship between a

Capital relationship

Not applicable.

listed company and that

Personal relationships

Not applicable.

company

Business relationship

Not applicable.

Whether it is a Relevant Party

Not applicable.

(4) Transfer price: 31.3 million U.S. dollars in total

4. Schedule for Transfer of Shares, etc.
Execution of Transfer Agreement

April 28, 2022

Implementation of Transfer

June 2022 (planned)

5. Impact on business performance
The effects of Transfer of Shares, etc. on our consolidated results for the year ending March 2023
are currently being examined and will be released together with the results for the year ending
March 2022. The release is scheduled on May 13, 2022.
In addition, we and Swire have agreed to build a strategic partnership taking this transaction as
an opportunity.

-END-7(Attachment) Structure ChartJapan

Sumitomo

100%

100%

Warehouse

Senwa Maritime Agency

Warehouse70.45%
Co., Ltd.

Suzuyo& Co., Ltd.

FUJITRANSCORPORATION

19.57%

0.20%

9.78%

J-WeSco100%

U.S.A.

PanamaWestwood
Shipping lines
Lease ofVessels
100%

100%

Westwood
Shipping
Lines JapanSW Maritime 1
1Maritime 1
SW Maritime 2
SW Maritime 3
SW Maritime 4

Westwood
Shipping
Lines Canada

Transfer shares

Transfer vessels

owned by J-WeSco

owned by
SW Maritime 1~4
SSPL US

Swire Shipping8