Cosmo Oil Co., Ltd. (headquartered in Minato-ku, Tokyo, Japan; Paid-in Capital: JPY 107.2 billion; President & Representative Director: Yaichi Kimura) will implement organization changes, effective June 23, 2010, and announces the outline of these changes:

1. Outline of Organization Changes

   (1) To improve efficiency, the Sales Control Department and the Sales Support Department will be merged as Sales Department, integrating staff functions to improve efficiency.

   (2) The Tokyo Branch Office and the Kanto-Higashi Branch Office will be merged as Tokyo Branch Office, reducing the number of branches in the Tokyo and Kanto area from three to two, for improved efficiency.

   (3) The Energy Development Office will be separated from the Corporate Planning Department and renamed the Petroleum E & P Department to enhance the control function and improve the administrative system for businesses in the oil exploration and production business segment.

   (4) The Reform Promotion Department will be established to promote fundamental structural reforms of the businesses across the entire Cosmo Oil Group.