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Press Release

Strategic Comprehensive Cooperation with CEPSA
in Oil Related Business

January 21, 2014
Cosmo Oil Co., Ltd.
Public Relations Office

Cosmo Oil Co., Ltd. (Representative Director and President: Keizo Morikawa; hereinafter "COSMO") and Compania Espanola de Petroleos, S.A.U. (Director and Chief Executive Officer: Pedro Miro Roig; hereinafter "CEPSA"), Spanish integrated oil company, as members of the International Petroleum Investment Company Group, today have agreed and signed a Memorandum of Agreement in relation to Strategic Comprehensive Cooperation in Oil Related Business to establish a strategic comprehensive cooperation relationship for identifying and developing mutually beneficial opportunities concerning global oil related businesses, and, among others, for obtaining new oil and gas concessions and reinforcing and promoting their exploration and production (hereinafter "E&P") business.

The Comprehensive Cooperation is a step for "Further strengthening alliances with IPIC" which is one of the basic policies of the 5th Consolidated Medium-Term Management Plan of COSMO and it is expected to be a new cornerstone for COSMO's overseas strategy. COSMO and CEPSA (hereinafter "Parties") are determined to pursue discussions on the development of business opportunities in every field for enhancing its corporate values.

photo
MOA Signing Date January 21, 2014
Signatories
COSMO:
Representative Director and President
Keizo Morikawa
CEPSA:
Director and Chief Executive Officer
Pedro Miro Roig
Objectives and Contents
of MOA

The parties are determined to seek opportunities to obtain new oil and gas concessions and/or expand their E&P business by further promoting and enhancing potential oil and gas E&P business. COSMO group is one of the biggest Japanese E&P operators in the Middle East and has much experience in offshore oil fields for almost half a century. On the other hand, CEPSA has E&P operatorship in North Africa and South America, and has recently expanded its business area by starting deep sea exploration in Brazil. Through jointly looking for business development under this partnership, the Parties will challenge opportunities which are not accessible by sole party.

COSMO aims to become a "Vertically Integrated Global Energy Company" with business portfolio ranging from E&P business, refining & marketing, petrochemical business, etc. CEPSA is also an integrated oil company operating at every stage ranging from upstream including gas E&P business through to downstream business, and is one of the leading companies in Spain. Both Parties' business segments consist of E&P, oil refining and marketing, and petrochemical businesses and they are extremely similar. Nevertheless, there is not much geographical overlap in their operating area allowing for a mutually complementary relationship, to cover broader geographical areas.

The Parties will create an E&P Working Group and a Strategy Working Group as driving forces to achieve the objectives of this MOA.

(1) E&P Working Group
Development of new E&P business opportunities
Experience and know-how exchange
(2) Strategy Working Group
Joint business development in oil related businesses excluding E&P
(Example: Petrochemicals, Oil refining, Marketing etc.)
MOA term 2 years from Jan. 21, 2014 (with automatic annual extensions)
Others

This MOA is non-exclusive and the Parties do not expect that this will cause any negative effects to any of the other business partners of the Parties. Both parties may continue to explore new opportunities either solely or jointly.

Overview of COSMO and CEPSA

Company Name Cosmo Oil Co., Ltd. Compania Espanola de Petroleos, S.A.U.
Establishment Sep. 4, 1939 Sep. 26, 1929
Headquarters Minato-ku, Tokyo, Japan Madrid, Spain
Representative Representative Director and President
Keizo Morikawa
Director and Chief Executive Officer
Pedro Miro Roig
Share Capital 107 Billion Yen 266 Million Euros
Business Description Integrated Oil Business Integrated Oil Business
Major Share Holders
(as of Mar. 31, 2013)
Infinity Alliance Limited International Petroleum Investment Company
Japan Trustee Services Bank, Limited.(Trust Acc.)
Mizuho Corporate Bank, Limited.
The Master Trust Bank of Japan, Ltd.(Trust Acc.)
Number of Employees 1,899
(As of End/March 2013)
11,743
(As of End/December, 2012)
Consolidated Revenue 3.1667 Trillion Yen
(FY2012)
28,810 Million Euros
(FY2012)
Consolidated Ordinary Income 52.4 Billion Yen
(FY2012)
1,091 Million Euros
(FY2012)
CDU Capacity
(As of End/Dec. 2013)
Chiba Refinery: 240,000B/D

Yokkaichi Refinery: 155,000B/D

Sakai Refinery: 100,000B/D
Tenerife Refinery: 91,000B/D

La Rabida Refinery: 193,000B/D

Gibraltar-San Roque Refinery: 243,000B/D
Website http://www.cosmo-oil.co.jp/eng/ http://www.cepsa.com/
[E&P business Area in COSMO and CEPSA]
E&P business Area in COSMO and CEPSA
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