To Accelerate Solar Energy Projects in Japan Anticipating New Feed-in-Tariff

TOKYO, March 29, 2012 – Solar Frontier announced today that it has signed a memorandum of understanding (MOU) with solar project developer Japan Asia Group Limited (JAG) to cooperate on promoting solar power businesses in Japan. By integrating project development, construction, sales and maintenance, the companies will work together with cooperating construction contractors to provide customers with value-added solar power plant solutions and services.

Solar Frontier plans to provide products and services including consultation on project planning, CIS solar modules supply, and sourcing of balance-of-systems equipment for JAG on projects it is handling that total over 100MW, which is enough to power 30,000 Japanese households. This agreement applies to an overall operation framework, and individual projects will be negotiated going forward.

"Japan Asia Group's subsidiary, Kokusai Kogyo Co. Ltd., worked with Solar Frontier to develop and operate the 1MW Tsuno No.2 Solar Power Plant in Miyazaki," said Tetsuo Yamashita, Chairman of Japan Asia Group. "Solar Frontier's CIS modules delivered much higher power output than expected at that installation. This MOU is in recognition of the excellent performance of Solar Frontier's CIS modules."

"We are delighted to be able to partner with Japan Asia Group, a company that has a wealth of experience in utility-scale projects in Japan and around the world and strong ties to local projects in Japan," said Shigeaki Kameda, President and CEO of Solar Frontier. "Solar Frontier's panels are manufactured entirely in Japan to the high standards that our customers should expect with confidence. Through cooperation with leading companies like this, we will be able to deliver our economically compelling CIS thin-film solar modules to customers in Japan and around the world."

Solar Frontier has proven its outstanding CIS technology in terms of overall output through "megasolar" installations around the world and in Japan, including the recently announced 100+ MW "Catalina" project in California, USA, the 10MW "Komekurayama" plant in Yamanashi, Japan, and the 1MW "Yukigunigata" project in Niigata, Japan.

About Japan Asia Group

Japan Asia Group Limited on April 1, 2012, will make Kokusai Kogyo Holdings Co., Ltd. a wholly owned subsidiary and transition to a new organizational system. By reorganizing into a group management system led by the Japan Asia Group, the three technical service fields—the Geospatial Information Consulting business, with an established track record that extends over 60 years, the Green Property business, which has evolved from a conventional real estate business to meet the needs of a new era and the Green Energy business, which works with an eye toward the next generation—will be closely integrated with the Financial Services business which provides capital to enable industry and society to grow. By further refining the expertise of each group company, the newly created business model will extend beyond existing service areas and together with the overall strength and cohesion of the entire group, Japan Asia Group aims to build low-carbon, sustainable green communities that are safe and friendly to people and the environment.

About Solar Frontier

Solar Frontier K.K., a 100% subsidiary of Showa Shell Sekiyu K.K. (TYO:5002) ("Solar Frontier"), has a mission to create the most economical, ecological solar energy solutions on Earth. Building on a legacy of work in solar energy since the 1970s, Solar Frontier today develops and manufactures CIS (denoting copper, indium, selenium) thin-film solar modules for customers in all sectors around the world. Solar Frontier's gigawatt-scale production facilities in Miyazaki, Japan, integrate compelling economical and ecological advantages into every module: from lower energy requirements in manufacturing to the higher overall output (kWh) of CIS in real operating conditions. Solar Frontier is headquartered in Tokyo, with offices in Europe, the U.S.A., and the Middle East. Visit www.solar-frontier.com for more information.

Showa Shell Sekiyu K.K.

Showa Shell Sekiyu K.K. is listed on the Tokyo Stock Exchange and has roots dating back more than 100 years in the downstream energy business.