Iino Kaiun Kaisha : Changes of Directors and Auditors and Organizational Changes

	April 25, 2024
Company Name	: IINO Kaiun Kaisha, Ltd. (IINO Lines)
Representative	: Yusuke Otani, President
Stock Code	: 9119 (shares listed on the Tokyo Stock
	Exchange Prime)
Contact	: Akiko Hayama, General Manager,
	Stakeholder Relations Department
Telephone	: [phone]

Changes of Directors and Auditors and Organizational Changes

IINO Kaiun Kaisha, Ltd. ("the Company") hereby announces that its meeting of the Board of Directors held today resolved to make following proposals to the Annual General Meeting of Shareholders (the "General Meeting of Shareholders") and the subsequent meeting of the Board of Directors scheduled to be held on June 26, 2024, regarding the appointment of directors and their duties, and the selection of Full-time Audit & Supervisory Board Member at the meeting of the Audit & Supervisory Board to be held after the General Meeting of Shareholders.

We would also like to announce the organizational changes effective from June 26, 2024.

1. Directors (Effective from June 26, 2024) ・New Appointment

	New Position		Name	Present Position, etc.
	Director			Seiichi Fujimura	Executive Officer
	Director			Yuji Yasuki	Executive Officer
	Director	(Independent	Outside	Takeshi Himeno	(Former President and CEO of Asahi
	Director)				Kasei Medical Co., Ltd.)
・Retirement
	Present Position		Name	Post-Retirement Appointment
	Representative Director		Akihiko Okada	Special Advisor
	Director			Ryuichi Osonoe	IINO LINES (U.S.A.) INC. President
			IINO UK LTD. Managing Director
	Director	(Independent	Outside	Kei Oe	-
	Director)
				- 1 -

2. Audit & Supervisory Board Member (Effective from June 26, 2024) ・New Appointment

	New Position		Name	Present Position
					(Former Member of the Board of
	Auditor	(Independent	Outside	Kenkichi Fukuda	Directors, Managing Executive Officer
	Auditor)			of Development Bank of Japan Inc.)
					President of Shin-Mutsu-Ogawara Inc.
	Auditor	(Independent	Outside	Yudai Miyake	Outside Director of SANYO DENKI Co.,
	Auditor)			Ltd.
・Retirement
	Present Position		Name	Post-Retirement Appointment
	Auditor	(Independent	Outside	Yoshio Yamada	-
	Auditor)
	Auditor	(Independent	Outside	Hiroshi Takahashi	-
	Auditor)

3. Structure of Directors and Auditors (Effective after June 26, 2024) Bolded text indicates changes in this issue.

President and Representative	Yusuke Otani
Director
Director	Osamu Fushida
Director	Seiichi Fujimura
Director	Yuji Yasuki
Director	Mari Miyoshi	(Independent Outside Director)
Director	Tomonori	(Independent Outside Director)
Nonomura
Director	Shizuyo	(Independent Outside Director)
Takahashi
Director	Takeshi Himeno	(Independent Outside Director)
Full-time Audit &	Yoshinori	(Full-time)
Supervisory Board Member	Hashimura
Full-time Audit &	Tomoshige Jingu	(Full-time)
Supervisory Board Member
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Audit & Supervisory	Kenkichi Fukuda	(Independent Outside Audit &
Board Member	Supervisory Board Member)
Audit & Supervisory	Yudai Miyake	(Independent Outside Audit &
Board Member	Supervisory Board Member）

Note: Toshiko Kuboki, a lawyer, will be appointed as a substitute Outside Audit & Supervisory Board Member as of June 26.

4. Executive Officers (Effective from June 26, 2024) ・Promotion

	New Position	Name	Present Position
	Managing Executive Officer	Osamu Fushida	Executive Officer
・New Appointment
	New Position	Name	Present Position
	Executive Officer	Atsushi Arai	General Manager, Human Resources
	Department
	Executive Officer	Tomohiro Inoue	Director of IINO Gas Transport Co., Ltd.
・Retirement
	Present Position	Name	Post-Retirement Appointment
	Senior Managing Executive	Akihiko Okada	Special Advisor
	Officer
	Senior Managing Executive	Ryuichi Osonoe	IINO LINES (U.S.A.) INC. President
	Officer	IINO UK LTD. Managing Director

5. Organizational Changes (Effective from June 26, 2024)

1. Contents
2. 1. Rename Gas Carrier Department to Gas Carrier Department No.1
   2. Establishment of Gas Carrier Department No.2
3. Purpose
   In our mid-term management plan "The Adventure to Our Sustainable Future," we have positioned the oceangoing gas carrier business as a growth and new business, and we are working to strengthen sales of small and mid-sized vessels, which is one of our main strategies. The newly established Gas Carrier Department No.2 will promote a synergy-driven sales strategy by strengthening cooperation among related organizations within the Group in the small and mid-sized vessel area, and will work to further diversify cargoes and customers as
4. • 3 -

well as further expand the fleet.

Gas Carrier Department will be renamed Gas Carrier Department No.1 and it will handle mainly large LPG and LNG carriers.

1. Corporate Organization Before and After Changes Bolded text indicates changes in this issue.

Before Change	After Change
Corporate Audit Office	Corporate Audit Office
Corporate Planning Department	Corporate Planning Department
Business Administration Department	Business Administration Department
Sustainability Promotion Department	Sustainability Promotion Department
Stakeholder Relations Department	Stakeholder Relations Department
Business Strategy Department	Business Strategy Department
DX Promotion Department	DX Promotion Department
Human Resources Department	Human Resources Department
Marine Department	Marine Department
Technical Department	Technical Department
Finance & Accounting Department	Finance & Accounting Department
Oil Tanker Department	Oil Tanker Department
Gas Carrier Department	Gas Carrier Department No.1
-	Gas Carrier Department No.2
Dry Bulk Carrier Department	Dry Bulk Carrier Department
Chemical Tanker Department No.1	Chemical Tanker Department No.1
Chemical Tanker Department No.2	Chemical Tanker Department No.2
Office Leasing & Operation Department	Office Leasing & Operation Department
Property Development Planning Department	Property Development Planning Department

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6. Assignment of Duties and Appointment of Executive Officers (Effective after June 26, 2024) Bolded text indicates changes in this issue.

President	Yusuke Otani
Executive Officer
		In charge of Corporate Planning Department and
Managing		Finance & Accounting Department, management of
Osamu Fushida	Human Resources Department, Business Administration
Executive Officer
	Department, Office Leasing & Operation Department
		and Property Development Planning Department
Managing	Norichika Inoue	In charge of Marine Department, IINO Marine Service
Executive Officer	Co., Ltd. President and Representative Director
		In charge of Chemical Tanker Department No. 1 and
		Chemical Tanker Department No. 2, management of Oil
Executive Officer	Seiichi Fujimura	Tanker Department, Gas Carrier Department No.1, Gas
Carrier Department No.2 and Dry Bulk Carrier
		Department, and IINO SINGAPORE PTE. LTD.
		Managing Director
		In charge of Sustainability Promotion Department and
		commission as General Manager, in charge of Business
Executive Officer	Yuji Yasuki	Strategy Department and commission as General
		Manager, in charge of DX Promotion Department and
		commission as General Manager
Executive Officer	Atsushi Takeda	In charge of Dry Bulk Carrier Department and
commission as General Manager
Executive Officer	Kiichi Iwai	Managing Director of IINO Building Technology Co., Ltd.
Executive Officer	Kunihiko Senoo	In charge of Oil Tanker Department and Gas Carrier
Department No.1
Executive Officer	Satoshi Hirao	IINO Gas Transport Co., Ltd. President and
Representative Director
Executive Officer	Akira Hoshi	In charge of Technical Department and commission as
General Manager
Executive Officer	Yasutaka Tsuneto	In charge of Stakeholder Relations Department and
Business Administration Department
		In charge of Office Leasing & Operation Department,
Executive Officer	Kazusuke Oshima	Property Development Planning Department and
		commission as General Manager
Executive Officer	Atsushi Arai	In charge of Human Resources Department and
commission as General Manager
		In charge of Gas Carrier Department No.2 and
Executive Officer	Tomohiro Inoue	commission as General Manager, and IINO Gas
		Transport Co., Ltd. Director
		- 5 -

Note:

• Norichika Inoue is scheduled to be reappointed as President and Representative Director of IINO Marine Service Co., Ltd. on June 7, 2024, upon resolution of the General Shareholders' Meeting and the subsequent Board of Directors' Meeting of IINO Marine Service Co., Ltd.
• Kiichi Iwai is scheduled to be promoted to Managing Director of IINO Building Technology Co., Ltd. on June 7, 2024, upon resolution of the General Shareholders' Meeting and the subsequent Board of Directors' Meeting of IINO Building Technology Co., Ltd.
• Satoshi Hirao is scheduled to be reappointed as President and Representative Director of IINO Gas Transport Co., Ltd. on June 7, 2024, upon resolution of the General Shareholders' Meeting and the subsequent Board of Directors' Meeting of IINO Gas Transport Co., Ltd.
• Tomohiro Inoue is scheduled to be reappointed as Director of IINO Gas Transport Co., Ltd. on June 7, 2024, upon resolution of the General Shareholders' Meeting and the subsequent Board of Directors' Meeting of IINO Gas Transport Co., Ltd.

7. Structure of Group Operating Officer (GOO) (Effective from June 2024) Bolded text indicates changes in this issue.

	Name	Planned Appointments (Scheduled)
GOO	Ryuichi Osonoe	IINO LINES (U.S.A.) INC. President
IINO UK LTD. Managing Director
GOO	Koichi Yoshikawa	IINO LINES GULF DMCC Director

Note:

• Ryuichi Osonoe is scheduled to be reappointed as President of IINO LINES (U.S.A.) INC. on June 26, 2024, upon resolution of the General Shareholders' Meeting and the subsequent Board of Directors' Meeting of IINO LINES (U.S.A.) INC., while being appointed as Managing Director of
  IINO UK LTD. following a resolution of the General Shareholders' Meeting and a subsequent Board of Directors' Meeting of IINO UK LTD. to be held on the same day.
• Koichi Yoshikawa is scheduled to be reappointed as Director of IINO LINES GULF DMCC on June 7, 2024, upon resolution of the General Shareholders' Meeting and the subsequent Board of Directors' Meeting of IINO LINES GULF DMCC.

End

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