On July 25, 2022, We have reached an agreement with JFE Shoji Corporation (President: Toshifumi Kobayashi, Location: Chiyoda-ku, Tokyo), a core trading company of the JFE Group, to jointly engage in business related to refined oil derived from waste tires, and have concluded a memorandum of understanding regarding business alliance.

Purpose of the business alliance
The purpose of the business alliance is to establish a mutually cooperative relationship in operations related to waste tire-derived refined oil in order to expand the business areas of both parties.

2. Details of the business alliance
The two companies will jointly work on matters(*) related to waste tire-derived refined oil .

*The details are omitted as a release.
*At this time, JFE Shoji Corporation has not decided to invest in our company.

3. Outline of Business Alliance Partner
Company name : JFE Shoji Corporation
Location: 1-9-5 Otemachi, Chiyoda-ku, Tokyo
Representative: Toshifumi Kobayashi, President and Representative Director
Business activities: Domestic trading, import/export, and offshore trading of steel products, steel raw materials, materials and equipment, real estate, etc.