Subsidiaries and Affiliates
San Nopco (Shanghai) Trading Co., Ltd.

| Established | 2003 |
|---|---|
| Head office | Shanghai, China |
| Business | Technical services and sales of products of SAN NOPCO LIMITED and San Nopco (Korea) Limited. (Environment & Energy, Resin & Rubber, Electronic materials, Metals, Inorganic,Pulp & Paper, Civil Engineering) |
| Capital | 400,000 USD (100% owned) |
| Contact | Room 02A, 19th Floor, Building T1, No. 899 Ruining Road, Xuhui District, Shanghai, 200032, China Tel: +86-21-5456-0520 |
DaXiang International Trading (Shanghai) Co., Ltd.

| Established | 2003 |
|---|---|
| Head office | Shanghai, China |
| Business | Sales of products of SAN NOPCO LIMITED and San Nopco (Korea) Limited. (Paints, Coatings, and Inks) |
| Capital | 200,000 USD (100% owned) |
| Contact | Room 02B, 19th Floor, Building T1, No. 899 Ruining Road, Xuhui District, Shanghai, 200032, China Tel: +86-21-6445-6920 Fax: +86-21-6445-9114 |
San Nopco (Korea) Limited

| Established | 1987 |
|---|---|
| Head office | Seoul, Korea |
| Business | Production and sales of chemicals for construction materials, cement, mortar, paper, and paint |
| Capital | 1.2 billion KRW (49% owned), Mr. Son (51%) |
Parent Company
Sanyo Chemical Industries, Ltd.

| Established | 1949 |
|---|---|
| Head office | Kyoto, Japan |
| Business | Production and sales of performance chemicals |
| Capital | 13, 051 million JPY |
| Stock Exchanges | Tokyo |