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MOL is expanding its associated business, mainly in the ocean shipping-related fields such as tug boats, cruise ships, and sale of ship supplies. In real estate, another core business, we made Daibiru Corporation a consolidated subsidiary in 2004. Daibiru Corporation contributes stable profits that enhance the MOL Group's overall performance.

<Business Performance during FY2008>
The real estate business showed the same level of profits as the previous year. The rental office market showed a rising vacancy rate overall, as a result of the recession. However, earnings of Daibiru Corporation, a core part of our real estate business, remained strong, thanks mainly to its office buildings in prime central Tokyo locations. Nevertheless, vacancy rates inched up in office buildings that have not been remodeled. The cruise ship business succeeded in attracting more passengers than in FY2007, but the steep rise in bunker prices kept profits down. In the trading business, earnings in the fuel sales business increased along with fuel prices, and ship supply and material sales remained favorable, resulting in higher profits compared to the previous year. Overall profits in the associated businesses showed an increase from FY2007.