3 4 5 ISG12 6 8 20 CSR 22 24 38 43 b

3

4 73,382 11,038 8,417 156,659 48,372 30.9 76.13 440.75 63,763 8,274 4,855 147,777 39,525 26.7 47.23 360.22 80,516 11,639 3,875 166,736 52,008 31.2 35.36 474.66 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 90,000 80,000 73,382 80,516 63,763 11,038 11,639 8,274 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 4,855 8,417 3,875 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000-20 20 40 60 80 100 0 0 10 20 30 50 40 156,659 48,372 166,736 52,008 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 130,000 140,000 150,000 160,000 170,000 147,777 39,525

5

ISG12 Iino's Strategic Growth Plan to 2012 6

$30,000 $22,000 $20,000 $20,000 $20,000 ROE DE 805 133 116 39 *15 7.7% 1.72 820 133 119 33 12 6.0% 1.92 831 123 112 73 12 12.2% 1.81 857 136 122 74 12 11.2% 1.64 886 134 114 70 12 9.7% 1.63 1,004 177 155 94 12 11.7% 1.20 1,065 209 195 119 12 11.9% 0.74 7

8 B USINESS R EPORT

9

Iino Singapore Pte. Ltd. Iino UK Ltd. Lodestar Navigation S.A. Nestor Lines S.A. Methane Navigation S.A. LPG Horizon Panama S.A. Green Island Sea Shipping S.A. Cobalt Blue Shipping S.A. Pharaoh Navigation S.A. Jipro Shipping S.A. 10

Oil Tanker Division 11

Chemical Tanker Division 12

Large Gas Tanker Division 13

Small Gas Tanker Division 14

15

Bulk Carrier Division 16

Real Estate and Leasing Division 17

Real estate-related business Retail Business Division 18

69,760 86.4 9,340 11.6 26,135 32.4 8,311 10.3 8,705 10.8 15,126 18.7 2,143 2.6 9,012 11.2 7,873 9.8 1,139 1.4 1,906 2.4 80,678 100.0 162 80,516 19

20

21

22

(03-3506-3868 E-mail srm-1@ex.iino.co.jp) 23

26 28 29 30 31 32 33 35 37 F INANCIAL S ECTION 24

25

I. (1) 6,694 6,970 (2) 3,768 4,790 (3) 1,701 1,991 (4) 1,675 1,427 (5) 2,434 (6) 4,532 2,237 (7) 74 45 18,296 11.7 19,804 11.9 II. 1 (1) 54,755 60,185 (2) 10,991 13,718 (3) 39,222 39,097 (4) 8,028 6,379 (5) 322 394 113,318 72.3 119,773 71.8 2 (1) 9 9 (2) 628 608 637 0.4 617 0.4 3 (1) 20,561 22,636 (2) 549 241 (3) 3,422 3,789 (4) 124 124 24,408 15.6 26,542 15.9 138,363 88.3 146,932 88.1 156,659 100.0 166,736 100.0 26

I. (1) 4,218 6,625 (2) 1,600 (3) 13,532 14,289 (4) 360 515 (5) 2,862 2,252 (6) 2,044 2,228 (7) 378 365 (8) 2,777 (9) 1,471 697 24,865 15.8 31,348 18.8 II. (1) 2,500 1,400 (2) 67,818 72,423 (3) 1,519 1,367 (4) 506 94 (5) 539 617 (6) 5,097 2,424 (7) 2,363 2,996 (8) 3,156 2,059 83,498 53.3 83,380 50.0 108,363 69.1 114,728 68.8 76 0.0 I. 13,092 8.4 II. 6,429 4.1 III. 25,058 16.0 IV. 4,244 2.7 V. 451 0.3 48,372 30.9 156,659 100.0 I. 1 13,092 7.9 2 6,430 3.9 3 27,291 16.4 4 458 0.3 46,355 27.9 II. 1 4,605 2.7 2 1,050 0.6 5,655 3.3 III. 2 0.0 52,008 31.2 166,736 100.0 27

I. 73,382 100.0 80,516 100.0 II. 55,728 75.9 61,278 76.1 17,654 24.1 19,238 23.9 III. 5,224 7.1 5,956 7.4 12,430 17.0 13,282 16.5 IV. (1,427) 1.9 (1,231) 1.5 (1) 122 194 (2) 254 285 (3) 40 (4) 693 593 (5) 166 61 (6) 113 87 (7) 39 11 V. (2,819) 3.8 (2,874) 3.5 (1) 2,672 2,731 (2) 74 (3) 147 69 11,038 15.1 11,639 14.5 VI. (3,784) 5.2 (268) 0.3 (1) 839 187 (2) 2 18 (3) 59 (4) 2,700 (5) 47 (6) 43 0 (7) 153 4 VII. (1,553) 2.1 (5,468) 6.8 (1) 3,475 (2) 1,940 (3) 18 7 (4) 1,495 (5) 40 46 13,269 18.2 6,439 8.0 4,723 6.4 4,576 5.7 84 0.1 2,009 2.5 () 45 0.1 3 0.0 8,417 11.6 3,875 4.8 28

13,092 6,429 25,058 451 44,128 1,644 1,644 78 78 3,875 3,875 1 1 7 7 80 80 1 2,233 7 2,227 13,092 6,430 27,291 458 46,355 4,244 4,244 76 48,296 1,644 78 3,875 1 361 1,050 1,411 74 1,485 7 80 361 1,050 1,411 74 3,712 4,605 1,050 5,655 2 52,008 29

I. 13,269 6,439 6,251 7,519 3,475 1,495 113 87 223 182 93 424 376 479 2,672 2,731 839 187 2,700 251 921 648 2,293 257 944 19,669 19,233 392 581 2,766 2,714 4,742 5,190 12,553 11,910 II. 14,048 19,332 2,844 2,094 2,705 2,379 1,882 115 33 400 300 2,945 68 619 7,350 18,168 III. 1,357 1,788 6,830 17,914 11,193 10,521 500 10 1 18 8 1,753 1,644 9 7,481 4,445 IV. 116 28 V. 2,162 1,841 VI. 10,831 8,669 VII. 62 VIII. 8,669 6,890 30

I. (1) 62,629 8,697 2,056 73,382 73,382 (2) 58 60 118 (118) 62,629 8,755 2,116 73,500 (118) 73,382 52,473 6,535 2,062 61,070 (118) 60,952 10,156 2,220 54 12,430 12,430 II. 73,555 54,799 688 129,042 27,617 156,659 5,316 889 46 6,251 6,251 1,495 1,495 1,495 6,307 7,731 10 14,048 14,048 I. (1) 69,760 8,906 1,850 80,516 80,516 (2) 106 56 162 (162) 69,760 9,012 1,906 80,678 (162) 80,516 58,978 6,502 1,916 67,396 (162) 67,234 10,782 2,510 10 13,282 13,282 II. 86,532 54,006 646 141,184 25,552 166,736 6,095 4,862 37 10,994 10,994 14,901 4,405 26 19,332 19,332 1 2 3 4 31

440.75 474.66 76.13 35.36 8,417 3,875 75 (75) ( ) 8,342 3,875 109,584 109,576 32

33

34

35

36

37

IINO KAIUN KAISHA,LTD K/T 2 ) 38

39

K/T) KOHO 1 301,045 2002 KIHO 300,866 2006 281,050 1999 STENA CONDUCTOR 107,198 2003 GLORY CRYSTAL 84,997 2002 PACIFIC BRAVERY 68,967 1999 FREJA SELANDIA 53,815 2007 PACIFIC SERENITY 47,999 2003 NORTHERN DAWN 47,994 2003 PETRO VENUS 45,887 2003 10 1,339,818 K/T) MAGELLAN ENDEAVOUR 47,931 2006 CARIBBEAN SPIRIT 46,383 2004 CHEMWAY GAIA 37,300 2007 CHEMROAD LILY 33,944 2006 CHEMROAD ECHO 33,944 2004 CHEMROAD HAYA 33,916 2004 CHEMROAD FUJI 33,888 2006 CHEMROAD ROSE 32,046 2005 CHEMROAD WING 32,000 2005 MADONNA 30,561 1999 CHEMROAD NOVA 30,407 2002 CHEMROAD VEGA 30,383 2003 CHEMROAD MEGA 30,364 2000 CHEMROAD LUNA 30,350 2000 CISNE BLANCO 29,999 1996 CHEMSTAR MOON 19,949 2002 CHEMSTAR BRAVE 19,884 2003 CHEMSTAR HERO 19,836 2002 CHEMSTAR SEVEN 19,700 2005 CHEMSTAR BELLE 19,662 2003 CHEMSTAR KING 19,508 1998 VICTORY OCEAN 19,481 1997 CHEMSTAR ACE 19,481 1997 JIPRO DREAM 19,477 1999 CHEMSTAR VENUS 19,455 1999 CHEMSTAR DUKE 19,441 2000 CHEMSTAR PRINCESS 19,430 1999 CHEMSTAR EAGLE 19,362 2000 SHINTOKU 18,523 1996 KIWI SPIRIT 18,200 2000 LODESTAR GRACE 14,298 2002 FAIRCHEM GENESIS 14,000 2005 32 833,103 40 LNG (m 3 ) SK SUNRISE 138,270 2003 135,509 1996 135,466 1998 135,420 1998 135,358 1997 135,310 1998 135,294 1997 135,279 1999 135,249 1997 135,202 1999 135,169 2000 127,547 1994 NORTH PIONEER 2,513 2005 13 1,621,586 LPG (m 3 ) ALTHEA GAS 82,557 2003 IRIS GAS 80,682 1995 78,462 1997 ALBANE 8,725 2002 WINCANTON 8,712 2006 ORIENTAL OKI 5,020 2006 NEW BREEZE 4,016 1996 PETRO MILLENNIUM 3,520 2000 ORIENTAL MIHO 3,519 2006 GAS ORCHIS 3,517 2000 GLOBAL EXPRESS No.2 3,512 2005 GAS PRUNUS 3,300 2003 ORIENTAL SKY 3,203 2003 2,522 1998 1,902 2005 1,830 2004 FORTUNE QUINTET 1,830 2004 1,830 2002 1,829 2007 1,826 1996 1,723 2003 1,721 1995 1,554 1996 1,524 1999 1,507 1990 1,498 1982 1,450 2002 1,429 1986 1,413 2006 1,310 1999 1,207 1987 1,159 1991 1,153 1988 785 1992 602 2002 35 322,349

K/T) BLUE ISLAND 152,398 2000 JP CORAL 81,887 2007 AMAKUSA ISLAND 81,887 2005 PEGASUS ISLAND 77,830 2002 DANNAN ISLAND 75,637 2006 HERMES ISLAND 75,615 2000 JUNO ISLAND 72,080 1997 JA ALADDIN RAINBOW 32,259 2001 PHOENIX ISLAND 28,655 2003 JA ALADDIN DREAM II 28,611 2003 LAUREL ISLAND 28,556 2005 11 735,415 K/T) SHINTONAMI 47,002 1997 SHIN CHUETSU 25,331 1998 RAISHU 12,913 1989 3 85,246 104 K/T) LPG 1,335 1999 1,307 1990 1,157 1996 3 3,799 107 (K/T) FREJA FIONIA 53,000 2007 1 53,000 (K/T) CHEMWAY ARROW 37,000 2007 CHEMWAY LARA 37,000 2007 25 25,300 2008 37 37,000 2008 37 37,000 2008 35 35,000 2008 19 19,500 2008 25 25,300 2009 33 33,500 2009 33 33,500 2009 19 19,900 2009 33 33,300 2010 47 47,000 2010 33 33,000 2011 33 33,000 2011 15 486,300 LNG (m 3 ) 145,000 2008 1 145,000 LPG (m 3 ) ROSE GAS 35,000 2007 KENTMERE 8,700 2007 1,250m 3 1,250 2008 1,400m 3 1,400 2008 VLGC 80,000 2009 1,500m 3 1,500 2011 6 127,850 (K/T) 75 75,500 2008 32 32,000 2008 28 28,000 2009 3 135,500 (K/T) 46 46,000 2007 1 46,000 41

IINO SINGAPORE PTE.LTD. IINO UK LTD. 42

http://www.iino.co.jp 43