Lumber-Related Products

N&E Co., ltd.

Production of MDF (medium-density fiberboard) Neo Board 395-6 Wadatsubiraki-cho Aza Kita, Komatsushima-shi, Tokushima 773-0020 Japan Tel: +81-855-37-1153 / Fax: +81-885-37-3180 Investment ratio：70%

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Nichimoku Fancy Materials Co., ltd.

Production and sale of interior and exterior decoration materials that wrap sliced veneer and decorative sheets 17-1 Nekoda, Hino-cho, Gamo-gun, Shiga 529-1646 Japan Tel: +81-748-52-0333 / Fax: +81-748-52-4713 Investment ratio：100%

Website

Nichimoku Pallet Co., ltd.

Production and repair of wood pallets 798 Hina, Fuji-shi, Shizuoka 417-0847 Japan Tel: +81-545-34-7150 / Fax: +81-545-39-0551 Investment ratio：100%

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Iwaki Lumber Industry Co., ltd.

Made-to-order residential insulation materials and heat insulation work 2-34 Izumimachitakijiri Aza Kameishi-cho, Iwaki-shi, Fukushima 971-8182 Japan Tel: +81-246-56-5335 / Fax: +81-246-56-6941 Investment ratio：100%

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Forest Management, Material Production, and Chip Production

Nichimoku Rinsan Hokkaido Co., ltd.

Commissioned business of forest management and made-to-order wood chips 505-1 Pulp-cho, Asahikawa-shi, Hokkaido 070-0013 Japan Tel: +81-166-25-3681 / Fax: +81-166-25-6526 Investment ratio：27.7%

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Nanei Co., ltd.

Commissioned business of forest management, material production, wood chip production, and industrial waste disposal business 677-1 Hioki-machi, Yatsushiro-shi, Kumamoto 866-0896 Japan Tel: +81-965-34-5185 / Fax: +81-965-32-6970 Investment ratio：100%

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Coastal Shipping Business

Iwakuni Kaiun Co., ltd.

Maritime transport business, coastal shipping business, and shipping agency business 2-6-2 Shinminato-machi, Iwakuni-shi, Yamaguchi 740-0002 Japan Tel: +81-827-21-6167 / Fax: +81-827-22-1120 Investment ratio：100%

Papermaking Material,Fuel Business

Refine Rubber Co., ltd.

Manufacture and sale of recycled tire chips for fuel 798 Hina, Fuji City, Shizuoka Prefecture 417-8520, Japan Investment ratio：60%

NPL RESOURCES ASIA CO., LTD.

Procurement of wood chips and wood pellets 180-192 Nguyen Cong Tru, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City ,Vietnam Investment ratio：100%

TFA FUEL SDN. BHD.

Collection and sorting of PKS (Palm Kernel Shell) No.22768,Jalan Suasa, Kawasan Perindustrian Pasir Gudang, 81700 Pasir Gudang, Johor, Malaysia Investment ratio：92.8%

Other investment companies

Green Power Fuel Corporation

Procurement and sales of fuel for power generation from domestic timber 5-11, Doshomachi 3-chome, Chuo-ku, Osaka-shi, Osaka 541-0045, Japan

Abashiri Biomass limited liability company No.2 Power Plant

Biomass power generation business 4 Notoro-minatomachi, Abashiri, Hokkaido, 093-0131, Japan (in Notoro Industrial Park)

Abashiri Biomass limited liability company No.3 Power Plant

Biomass power generation business 4 Notoro-minatomachi, Abashiri, Hokkaido, 093-0131, Japan (in Notoro Industrial Park)