September 8, 2004

FOR IMMEDIATE RELEASE
Mitsui O.S.K. Lines, Ltd.
Stock code: 9104
Listed on the First Section of the Tokyo Stock Exchange, the First Section of the Osaka Securities Exchange, the First Section of the Nagoya Stock Exchange, the Sapporo Stock Exchange and the Fukuoka Stock Exchange
President and Representative Director: Akimitsu Ashida


Mitsui O.S.K. Lines, Ltd. Announces the Notice of the Tender Offer
for Shares of Daibiru Corporation



Mitsui O.S.K. Lines, Ltd. (gthe Companyh) is pleased to announce that its Board of Directors has decided to acquire additional shares of Daibiru Corporation (gthe Target Companyh) through a Tender Offer.

1. Purpose of the Tender Offer

The Company has adopted the Mitsui O.S.K. Lines' Strategy Towards an Excellent and Powerful Group, or MOL STEP, a three-year mid-term business plan for the period through the fiscal year ending March 31, 2007, with the aim of achieving additional growth as a corporate group which is both excellent and resilient enough to be capable of leading the global shipping industry.

In accordance with the MOL STEP, the Company has reviewed strategies for each business segment in the group and studied various alternatives, including repositioning subsidiaries and affiliates within the group, so that it can strengthen the group based on its core overseas shipping business and improved group management. To this end, in order to effectively utilize total group assets, the Company decided to acquire additional shares of Daibiru Corporation, the Target Company, to attain majority ownership of all issued shares of the Target Company.

The Company has been the largest shareholder of the Target Company since its incorporation, and has a close and cooperative relationship which includes secondment of directors and corporate auditors. The Target Company avoided speculative activities during the years of Japan's bubble economy, instead focusing on sound management and, as a result, successfully expanded its business base. It currently owns superior lease properties, mainly in Tokyo and Osaka, the top two economic centers in Japan.

The Company plans to position the Target Company as the core entity in the group's real estate business. The Company plans to make active use of the unique experience and expertise the Target Company has built in the field of property management and property leasing, in managing the group's portfolio. Moreover, it will reduce the overall cost of property management and will aim for intensive use of the land it owns. Additionally, by clearly defining the Target Company as a group company through the acquisition of additional shares, the Company will consolidate the Target Company's relatively stable revenues which are less susceptible to the direct effects of currency fluctuation, leading to stable growth group-wide, thus maximizing corporate value as a whole.

In recent years, Japan's real estate industry has been experiencing a drastic diversification of financing methods as a result of the emergence of a wide range of real estate funds and real estate investment trusts, or REITs, as well as the segregation of portfolio holdings and property management operations. The Company believes that the reinforcement of its capital relationship with the Target Company through the Tender Offer will help the Target Company build a multifaceted business model positioning its office building leasing business at its core and creating new cooperative businesses such as managing the group's distribution facilities properties. This, as a result, will benefit the Target Company in the mid- to long-term with improved corporate earnings and will promote future growth to maximize the corporate value of the Target Company.

The Board of Directors of the Target Company has resolved that the Board supports the Tender Offer.

2. Outline of the Tender Offer
(1) The Tender Offeror: Mitsui O.S.K. Lines, Ltd.

(2) The outline of the Target Company
Name: Daibiru Corporation
Main Business: Property Leasing
Established: October, 1923
Head Office: 3-6-32 Nakanoshima, Kita-ku, Osaka
President: Tadakuni Hirose
Amount of paid-in Capital: 12,227 million yen
Major Shareholders (as of March 31, 2004)

Mitsui O.S.K. Lines, Ltd. 27.06%*
Sumitomo Mitsui Banking Corporation 4.97%
The Chase Manhattan Bank N.A. London 4.11%
The Sumitomo Trust & Banking Co., Ltd. 3.97%
Japan Trustee Service Bank, Ltd. 2.63%

The transaction between the Tender Offeror and Target Company

Capital resources: The offeror holds 27.06%* of the Target Companyfs shares
Human resources: The offeror seconds a director and a corporate auditor
Other Transaction: The offeror outsourced the property management of its head office building located at Minato-ku, Tokyo

* The 27.06 share percentage is calculated against the total number of issued shares of the Target Company as of August 31, 2004.
(Note 1) On April 13, 2004, a Report by Holders of a Large Number of Share Certificates, etc. was filed with the Kanto Local Finance Bureau by Morgan Stanley Japan Limited after it became subject to the requirement for such filing on March 31, 2004. However, the information provided under gMajor Shareholdersh does not include a portion of shares for which Daibiru was not able to confirm their holding as of March 2004. The summary of the filed report is as follows:

Name of holder of a large number
of share certificate		 umber of shares owned Ownership
Morgan Stanley Japan Limited 10,230 shares 8.75%

(Note 2) Daibiru owned 135 thousand shares of treasury stock as of March 31, 2004.
(Note 3) The above information (including in Notes 1 and 2) is derived from the Securities Report filed by Daibiru on June 30, 2004.

(3) Class of Shares to be purchased: Common Stock

(4) The Tender Offer Period: From September 15, 2004 through October 14, 2004 (30 days)

(5) The Tender Offer Price: \ 763 per share

(6) Basis of Calculation: The Tender Offer price of 763 yen per share represents a 4.38% premium on the average closing price of Daibiru's share on the Osaka Securities Exchange for the 1 month period ended September 7, 2004. The Tender Offer price was determined in consideration of various factors including the financial condition, business performance and projected income of Daibiru.

(7) Number of Shares sought in the Tender Offer: 27,300,000 shares

(8) Expected change in the number of shares owned by The Offeror through the Tender Offer
Before the Tender Offer: 31,621,766 shares 27.06%*
After the Tender Offer: 58,921,766 shares 50.42%
* The 27.06 share percentage is calculated against the total number of issued shares of the Target Company as of August 31, 2004.

(9) Date of Public Notice: September 15, 2004

(10) Tender Offer Agent: Nomura Securities Co., Ltd.

(11) Funds required for the Tender Offer: approximately 20,830 million yen

3. Agreement between the Tender Offeror and the Target Company regarding the Tender Offer
The Board of Directors of the Target Company has resolved that the Board supports the Tender Offer.

4. Effect of the Tender Offer on the Offeror
As a result of this Tender Offer, the Target Company will become a consolidated subsidiary. Information regarding the financial impact on the Offeror will be announced after the completion of the Tender Offer.

5. Others
The Target Company shall make payment of the interim dividend for the first half of the 133rd fiscal year ending March 31, 2005 to those shareholders and beneficial owners recorded on the shareholders register of the Target Company on the record date of September 30, 2004. Those who intend to accept the Tender Offer prior to the above date must complete the necessary procedures, including the transfer of shares, in order to be eligible to receive the interim dividend.