SERVICE ANNOUNCEMENT

24 June, 2002

MOL Offers New Middle East-India Container Service and Establishes MOL(India) Private Ltd.

Concord, CA – MOL is pleased to announce the commencement of a new container service between the Middle East and Asia. The new express service, CMI, provides coverage to and from the fast growing markets located in India and the Middle East.

MOL’s weekly, fixed-day CMI service port rotation is: Kaohsiung, Busan, Qingdao, Shanghai, Ningbo, Hong Kong, Singapore, Jebel Ali, Fujairah, Nhava Sheva, Singapore, before returning to Kaohsiung.

In addition to providing a direct connection between Asia and the Middle East, shipments bound for or departing from India or the Middle East can be relayed to or from one of MOL’s Trans-Pacific services calling at Singapore. Singapore serves as MOL’s hub for customers who wish to ship cargo between India, the Middle East and North America.

“We continue to broaden our service offerings to ensure we stay in line with our long-term strategy of providing global coverage to meet our customers’ transportation needs,” commented Ray Keene, EVP & COO, MOL (America) Inc. “We are very pleased to be able to extend our India/Middle East service to include North America based importers and exporters,” Keene concluded.

MOL’s North America - Middle East and India service offers the following service highlights:

• Eastbound (Middle East/India to North America) transit times
  • From Nhava Sheva to: Los Angeles in 22 days, Oakland in 26 days, Seattle in 22 days, and Vancouver in 24 days.
  • From Fujairah to: Los Angeles in 25 days, Oakland in 29 days, Seattle in 25 days, and Vancouver in 27 days.
  • From Jebel Ali to: Los Angeles in 26 days, Oakland in 30 days, Seattle in 26 days, and Vancouver in 28 days.
• Westbound (North America to Middle East/India) transit times:
  • From Los Angeles to: Jebel Ali in 29 days, Fujairah in 30 days, and Nhava Sheva in 33 days
  • From Oakland to: Jebel Ali in 31 days, Fujairah in 32 days, and Nhava Sheva in 35 days
  • From Vancouver to: Jebel Ali in 33 days, Fujairah in 34 days, and Nhava Sheva in 37 days
  • From Seattle to: Jebel Ali in 34 days, Fujairah in 35 days, and Nhava Sheva in 38 days
• Access to key markets located in Saudi Arabia and the United Arab Emirates, including Damman and Dubai.

Mitsui O.S.K. Lines (India) Private Ltd, a wholly owned subsidiary of MOL, Ltd., began operation earlier this month. MOL (India) Private Ltd. is headquartered in Mumbai and manages a branch office located in New Delhi. The company is the ocean-shipping agency for MOL and is responsible for all ocean shipments to and from India, including sales, marketing documentation, customer service, vessel husbanding and container inventory management.

“MOL has a long standing commitment and history of trade with India. MOL will continue to expand our global service network and organization to ensure that we maintain the high-quality service standards our customers expect and deserve from us,” said Keene.

MOL is one of the world’s largest multi-modal shipping companies, operating a diverse network of container shipping and logistics services around the globe. MOL is a founding carrier partner in GT Nexus, an e-logistics solutions company.

For additional information, please contact Ann Elleflot, Manager, Advertising/Communications, MOL (America) Inc. by telephone (925/688-2604) or e-mail (ann.elleflot@molamerica.com).