Execution of Memorandum of Understanding regarding Business Integration

December 3, 2015

JX Holdings, Inc. (“JXHD”) and TonenGeneral Sekiyu K.K. (“TonenGeneral”) announce that the companies have signed a Memorandum of Understanding (the “MOU”) today regarding a business
integration of their groups and have agreed on a target date of April 2017 for the business integration.
The two companies plan to conduct detailed examinations of and discussions on the integration, based
on mutual trust and in the spirit of equal partnership, in order to execute a definitive agreement concerning
the business integration (the “Business Integration Agreement”) with a target date of August 2016.

 Refineries

JX Holdings, Inc.

TonenGeneral Sekiyu K.K.

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