CORPORATE ANNOUNCEMENT

20 December, 2004

MOL (China) Opens Changsha Representative Office

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President: Akimitsu Ashida) today announced that its subsidiary MOL (China) Co. Ltd. (Headquarters: Shanghai) has opened a representative office in Changsha, Hunan province. The office has started operations including PR activities, information gathering, and other liaison activities related to MOL services.

MOL (China) Co., Ltd. Changsha Representative Office

Start of operation: December 16, 2004
Territory: Changsha and major surrounding cities in Hunan Province.
Address: Unit 03, 16/F Cyber Times, No.456 Wu Yi Road,
Changsha, Hu Nan, China Post code: 410011
Tel: 0731-4585685
Fax: 0731-4585986

Background and future approach

MOL has promoted the expansion and enhancement of its network as part of a three-year plan for a new China strategy that began last year.

Changsha is a logistics center of Hunan Province, with convenient rail and highway access to major ports such as Hong Kong and Shenzhen, Guangdong Province, and water routes linking it to Shanghai. The opening of this new representative office allows MOL to offer more fine-tuned services and will promote further expansion of MOL business in inland China, which is experiencing robust growth in economic and market development.

MOL has already opened three offices in China this year, and the new office brings the total number of MOL offices in China to 23. The company will continue to open new representative offices and branches to expand its network and provide higher levels of service in China.

For further information, please contact:

    Emi Akaike
    Manager, Administration Group, Liner Division
    Mitsui O.S.K. Lines, Ltd.
    Tel: 81-3-3587-7131
    Fax: 81-3-3587-7728
    Email: ladmo@mail.mol.co.jp