Notice of Change of Evaluation Period for Inventory Assets

Idemitsu Kosan Co., Ltd. announces that starting from the accounting period that ends in March 2009, we will change the evaluation period for inventory assets as follows:

1. Details and reason for change
   We have been using the LIFO method on a yearly basis. However, quarterly accounting reporting officially started from this accounting period. As a result, we will change to the LIFO method on a quarterly basis.
2. Effect on operating results
   The effect on operating results is not certain at this time. We will inform you as soon as possible in case any modifications in earnings forecasts are necessary.

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