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MOL Group's Logistics Company in China Acquires First-Class International Freight Forwarding Agent License / Information by MLG/TYO

August 29, 2003

MOL Group's Logistics Company in China
Acquires First-Class International Freight Forwarding Agent License

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President: Kunio Suzuki) today announced that Shanghai Huajia International Freight Forwarding Co., Ltd., an affiliate of their group company MOL Logistics (Japan) Co., Ltd., has acquired a license as a first-class International Freight Forwarding Agent from the Civil Aviation Authority of China. The license took effect on August 1, and allows the company to enhance its services as part of an aggressive group-wide strategy to expand logistics activities in China.

MOL Logistics (Japan) has been developing a worldwide network to enhance its logistics services and competitiveness, as the MOL Group's core logistics company. In China, MOL Logistics (H.K.) Ltd. has aggressively promoted business mainly in Hong Kong and South China areas. As a first-class agent in Shanghai, Shanghai Huajia International will further help the group meet a wide range of logistics needs in whole China by taking advantage of continuing deregulation there.

Shanghai Huajia International was established in 1999 as a joint venture between MOL Logistics (Japan)'s partner, Hong Kong-based Best Air & Sea Service and a local company in Shanghai. The company serves as a core company for MOL Logistics (Japan) to develop its business in China.

International Freight Forwarding Agent and Civil Air Cargo Forwarding Agent licenses are required to do business in China. The acquisition of these licenses demonstrates that Shanghai Huajia International has the capabilities to implement these operations through established business structure. It can directly issue air waybills for airlines, for all cargo except dangerous goods. This allows them to handle cargo bookings, freight rate settlement, cargo consolidation, and so on.

Profile of Shanghai Huajia International Freight Forwarding Co., Ltd.

Company name:	Shanghai Huajia International Freight Forwarding Co., Ltd.
Representative:	Chief Executive Officer Lu Zhiqiang
Address:	Flat A-D, 13th Floor, Jiushi Fuxin Mansion, No.918 Huai Hai Road(M), Shanghai, China
Founded:	May 1999
Paid-in-capital:	US$1.12 million
Number of employees:	107 (as of August 2003)
Offices:	Headquarters in Shanghai, Beijing Branch, Tianjin Office, Quindao Office, Suzhou Office (opened in February 2003), and Hangzhou Office (Opening soon)
Business:	Air and ocean cargo freight forwarding, logistics (cargo consolidation service, 3PL, etc.)
Licenses:	Customs clearance, International Cargo Freight Forwarding Agent, and First Class International Freight Forwarding Agent

Profile of MOL Logistics (Japan) Co., Ltd.

Company name:	MOL Logistics (Japan) Co., Ltd.
Representative:	President Kazuki Mori
Founded:	May 1960
Paid-in-capital:	\756 million
Number of offices:	54
Number of employees:	290
Main business:	Air and ocean cargo forwarding, warehousing, domestic and overseas household moving, SCM underwriting

For further information, contact:

Ikuo Teranishi
Group Manager, Planning Group, Planning & Marketing Dept.
MOL Logistics (Japan) CO., Ltd.
Tel: 81-3-5295-1505 Fax: 81-3-5296-5760
E-mail: ikuo.teranishi@mol-logistics.co.jp

Masaya Yamada
Manager, Network Management Group, Logistics Business Division
Mitsui O.S.K. Lines, Ltd.
Tel: 81-3-3587-7101 Fax: 81-3587-7738
E-mail: LNMMO@mail.mol.co.jp

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