ITOCHU's Activities Faroe & U.K. NORTH SEA Anne Marie, Cardhu ITOCHU Corporation, through CIECO Exploration and Production (UK) Limited, a 100% owned subsidiary of CIECO North Sea Limited, which is a joint venture between ITOCHU and Taiyo Oil, acquired a partial interest in two offshore exploration licenses to the west of the Shetland Islands. In 2008, ITOCHU acquired a 12.5% stake in Faroese Continental Shelf Blocks 6004/1, 2, 3, 6, 7 and 8 (License 005; Anne Marie fields) and a 6.25% stake in UK Continental Shelf Blocks 213/20b, 214/16b and 213/25c (License P.1192; Cardhu fields). The first exploration well for the Anne Marie fields will be drilled in 2Q-3Q 2009.

Anne Marie Fields equity holders:

Eni Denmark	75.00%
CIECO Exploration and Production (UK) Limited	12.50%
Føroya Kolvetni	12.50%

Cardhu Fields equity holders:

BP Exploration Operating Company Limited	47.50%
Nexen Petroleum U.K. Limited	35.00%
CIECO Exploration and Production (UK) Limited	6.25%
Faroe Petroleum (U.K.) Limited	6.25%
Idemitsu E&P UK Ltd.	5.00%

go to U.K.North Sea Hudson, Hutton, N.W.Hutton, Alba, Caledonia