May 20, 2004

MOL to Participate in Qianhaiwan Logistics Park Project
in Western Shenzhen


TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Kunio Suzuki) today announced the signing of a letter of intent to cooperate in the Qianhaiwan Logistics Park project in western Shenzhen, China. Shenzhen West Logistics Co., Ltd., a subsidiary of Shenzhen Investment Holding Corporation (SIHC), is developing the park. The facility will be the largest logistics center in Shenzhen, the busiest port in southern China, and will feature bonded warehouses, container depots, and distribution centers..

The letter of intent was signed at a ceremony held on May 18 in Shenzhen. On hand for the event were Vice Secretary of Shenzhen Municipality Mr. Mao Bing, Director of Shenzhen Municipal Bureau of Communications Dr. Gao Xumin , Shenzhen West Logistics President Chen Lixiang, and MOL Deputy President Tokinao Hojo.

Note: Shenzhen Investment Holding Corporation (SIHC) is a blue-chip company in China, with activities centered on logistics, electric power and energy, finance, and port and harbor facilities. It has total assets of about \1.5 trillion billion yen and 60,000 employees, including those in group companies. The company has invested in terminal operators in Yantian, Chiwan, and Mawan.

Outline of Qianhaiwan Logistics Park project

Start : Fourth quarter of 2004
Primary
developer		 : Shenzhen West Logistics Co., Ltd.
Location : Qianhaiwan Logistics Park, Mawan, Shenzhen city, China
Business : Logistics services included bonded warehouses, container depots, distribution center, etc.
President :Chen Lixiang (now President of Shenzhen West Logistics Co., Ltd.)
Total site area : About 600,000 m2 in the Qianhaiwan Logistics Park
Scope of cooperation : Personnel exchanges (training of Western Logistics employees at MOL, dispatching specialists from MOL, etc.), targeting fourth quarter of 2004 as the first phase. In the second phase, the companies will discuss business and capital tie-ups for operation of warehouses, container yards, and so on.


Background of MOLfs cooperation and its future approach
While the entire Chinese market is growing rapidly, expansion has been especially dramatic in the Shenzhen area, designated as a special economic zone. The western part of the city has drawn particular attention as a gateway to the Pearl River Delta areas of Guangzhou, Zhongshan, and Zhuhai.
By teaming up with SIHC in this expanding area, MOL will promote continued growth and develop a structure to meet the logistics needs of a wider range of customers in southern China.