This document is an English translation of a news release on May 13, 2016, made initially in Japanese.
The Japanese original should be considered as the primary version.
Company:
Representative:
Stock code:
Contact:

Itochu Enex Co., Ltd.
Kenji Okada, Representative Director, President and CEO8133, Tokyo Stock Exchange, 1st Section
Shunsuke Oba
General Manager, Corporate Communications Department
Tel: +81-3-6327-8003
Investment and Participation of LPG Business in the Philippines

Itochu Enex Co., Ltd.(headquartered in Minato-ku, Tokyo; Kenji Okada, Representative Director;
hereinafter “ENEX”) announced that we established Creasia Energy Holdings, INC.(headquartered inMinato-ku, Tokyo; hereinafter “CREASIA”) together with ITOCHU Corporation (headquartered inMinato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”).
We have initiated a participation of LPG Business in the Philippines by acquiring ITOCHU’s shares in thePhilippines-based LPG sales business company, Isla Petroleum & Gas Corporation (headquartered inMakati, Philippines; hereinafter “IP&G”; 60% share by Isla Petroleum & Energy, 40% share by
ITOCHU). ITOCHU and ENEX have resolved to undertake further strengthening and expansion of theLPG business in the Philippines by harnessing the combined strength of the ITOCHU Group through
CREASIA.

IP&G is a joint venture company established in August 2011 between Isla Petroleum & Energy, the local
partner, and ITOCHU for the purpose to acquire Shell’s LPG business in the Philippines. IP&G creates its
own brand “Solane” and run the business from LPG import to wholesale and retail. The population in thePhilippines exceeded 100 million and the country represents a growth market with expected economicand population growth. Because the Philippines is a country comprising a lot of islands, transportable
LPG has an advantage over city gas, which requires laying of conduit pipes, and with favorable
conditions provided by the recent drop in resource prices, the acceleration of LPG penetration to eachhousehold is expected. As well as targeting households, IP&G is also active in promoting LPG forcommercial uses such as at shopping malls, fast food chains and hotel restaurants. They are also pitching
to industrial users including Japanese manufacturers.
Combining ITOCHU’s knowledge in overseas trading and management and ENEX’s familiarity with
LPG wholesaling and retailing, CREASIA will develop the corporate value of IP&G.

This project is a first participation of overseas LPG Business for us. We will advance this project applying
our know-how of the domestic LPG Business, cultivated in the past more than 50 years, such asdistribution, merchandising, security system. And along with ITOCHU’s network of overseas , we will try
to develop the foreign LPG Business not only in the Philippines but also in other growing Asian countries
at some stage.

＜Overview of CREASIA＞
Company Name

CREASIA Energy Co., Ltd.

Location

Minato-ku, Tokyo

EstablishedApril 2016

Shareholders

ITOCHU Corporation: 60%, ITOCHU ENEX: 40%

Activities

Investments associated with overseas oil and LPG businesses<Shape of Investment Before the Establishment of CREASIA><Shape of Investment After the Establishment of CREASIA>