Net Sales:

Consolidated net sales decreased JPY393.2 billion versus the same period last year, reflecting lower product prices resulting from the drop in crude costs. Domestic sales volumes decreased with the downturn in demand for petroleum products, while export volumes increased slightly.

Operating Income:

Consolidated operating income decreased JPY49.7 billion versus the same period last year to 13.1 billion principally due to the following factors:

Operating income in the oil segment was JPY15.3 billion, down JPY38 billion versus the same period last year.

Operating income for the same period last year included JPY52.3 billion from the effects of inventory valuation resulting from a temporary reduction in crude inventory. Operating income for first quarter of 2009 includes about 1.8 billion in valuation gains resulting from similar effects. Petroleum margins in this period improved as compared to the same period last year, and operating income excluding these inventory valuation effects was JPY13.5 billion, up JPY12.5 billion versus the same period last year.

Chemical segment earnings:

Operating income in TonenGeneral’s chemical segment fell JPY11.6 billion versus the same period last year to a loss of JPY2.3 billion. This reflects reduced demand for basic chemical products beginning in the latter half of last year.

Ordinary Income:

Non-operating loss was JPY0.3 billion, down JPY6.4 billion from the same period last year, mainly due to the absence in this period of the large foreign exchange gains that occurred in 2008. Ordinary income was JPY12.7 billion, JPY56.1 billion less than the same period last year.

Net Income

Net income for the January-March 2009 period decreased JPY33 billion versus the same period last year to JPY7.7 billion.

— Consolidated Earnings Forecast Revision for the Full Year 2009

There is no change in TonenGeneral’s 2009 interim or full-year earnings forecasts announced on

February 13, 2009.

There is no change in the projected full-year dividends forecast of JPY38 per share announced on February 13, 2009.