November 26, 2018
To Whom It May Concern:
Company Name:
Representative:

Contact::

Taiyo Nippon Sanso Corporation
Yujiro Ichihara, Representative
Director, President-CEO(Code: 4091, 1 st Section of Tokyo
Stock Exchange)
Hisataka Ose, Managing Director,
Corporate Communications(TEL: 03-5788-8015)

Notice Regarding Changes in Specified Subsidiaries

Taiyo Nippon Sanso Corporation (TNSC) hereby announces that its subsidiaries TNSC EuroHolding S.L.U. and TNSC Germany GmbH have become specified subsidiaries, with details
as follows.
1. Reasons for Changes
In a news release titled “Notice of Acquisition (100% Ownership) of US Company,Praxair, Inc.’s European Businesses” dated July 5, 2018, TNSC had announced that itwould acquire the shares of corporations running a certain part of Praxair’s Europeanbusinesses. TNSC had established TNSC Euro-Holding S.L.U. in Spain, TNSC Germany
GmbH in Germany and certain other companies for the purpose of acquiring the shares andmanaging the target businesses. Upon acquiring the shares of the corporations running theEuropean businesses, TNSC today decided to increase the capital of each company, alongwith other matters. In accordance with this decision, the total assets of TNSC EuroHolding S.L.U. and TNSC Germany GmbH will amount to at least 30% of TNSC’sconsolidated net assets.
2. Overview of the Relevant Subsidiaries
(1)
Name:
TNSC Euro-Holding S.L.U.
(2)
Representative:
Tsutomu Moroishi, Managing Director(3)
Business:
Ownership and management of the target businesses
Head office(4)
Calle Zurbaran 9, Local Derecha, Madrid, Spain
location:(5)
Capital stock:150,003,500 euros (approx. ¥19.3 billion*)
Date ofJune 4, 2018 (became a 100%-owned subsidiary on September 12,(6)
establishment:2018)(7)
Fiscal year-end:
December 3
Shareholder(8)
Taiyo Nippon Sanso Corporation (100%)
composition:
CapitalTNSC Euro-Holding S.L.U. is a 100%-owned
relationship:
subsidiary of TNSC.
Relationshipbetween TNSC
Personnel
An employee of TNSC has been appointed as a(9)and the relevant
relationship:
director.
company
Trading
There are no notable trading relationships between
relationship:
TNSC and the relevant company.
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(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)

Name:
Representative:
Business:
Head officelocation:
Capital stock:
Date ofestablishment:
Fiscal year-end:
Shareholder
composition:
Relationshipbetween TNSC
and the relevant
company

TNSC Germany GmbH
Tsutomu Moroishi, Managing Director
Ownership and management of the target businesses
Cormoran GmbH, Am Zirkus 2, 10117 Berlin, Germany
25,000 euros (approx. ¥3.21 million*)
November 13, 2018
December 31
TNSC Euro-Holding S.L.U. 100%
Capitalrelationship:

Capital relationship: TNSC Germany GmbH is a
100%-owned subsidiary of TNSC Euro-HoldingS.L.U., which is a 100%-owned subsidiary ofTNSC.

Personnelrelationship:
Tradingrelationship:

An employee of TNSC has been appointed as adirector.
There are no notable trading relationships between
TNSC and the relevant company.

* Assuming an exchange rate of 1 euro = ¥128.78 (as of November 22)
3. Effective Date
Date of completion of acquisition procedures for the shares of the corporations running theEuropean businesses
4. Impact on Business Performance
TNSC is currently reviewing the impact of this change on its consolidated business
forecasts for the fiscal year ending March 31, 2019, and will promptly report its findings
as soon as they have been determined.

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