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May 07, 2007

The Diamond Ferry Co., Ltd and Blue Highway Line West Japan Announce Merger

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that MOL Group companies The Diamond Ferry Co., Ltd. and Blue Highway Line West Japan have agreed to merge effective July 1. Both companies' shareholders have approved the merger. The companies will continue to develop their business as The Diamond Ferry Co., Ltd.

Profile of new company

Company name

: The Diamond Ferry Co., Ltd.

Headquarters

: Ikushi 5-3-1, Oita-shi, Kyushu

Paid-in capital

: ¥1 billion

President

: Shin-ichi Takemoto

Number of employees

: 318

Main business

: Hanshin-Nakakyushu ferry service (4 daily sailings of both in- and outbound lines, joint operation with Kansai Kisen)
Osaka-Minamikyushu ferry service (one daily sailing of both in- and outbound lines)

Objectives of merger

Since 2001, The Diamond Ferry Co. and Blue Highway Line West Japan have had common top management and a business tie-up, with positive effects through rationalization. With today's uncertain business environment such as bunker price trends, the companies must further reinforce their strength, so both companies agreed on a merger as the final stage of the tie-up, aiming to offer higher quality services to meet customer needs.

Corporate profiles (as of March 31st, 2007)

Company name The Diamond Ferry Co., Ltd. Blue Highway Line West Japan
Foundation May 20, 1968 December 22, 1999
Headquarters Ikushi 5-3-1, Oita-shi, Oita Kamoike-shinmachi 5-6, Kagoshima-shi,Kagoshima
Paid-in capital ¥900 million ¥100 million
Shareholders MOL (93% ownership) MOL (wholly owned)
Revenue (FY2005) About ¥6.5 billion About ¥4.5 billion
President Shin-ichi Takemoto Shin-ichi Takemoto
No. of employees 217 101

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