Establishment of MOL (Korea) - Joint Venture Company with PANCON -

Tokyo - Mitsui O.S.K. Lines, Ltd. (MOL, President & CEO: Junichiro Ikeda), agreed with Pan Continental Shipping Co.,Ltd. (PANCON, President :Sangbok Lee) to establish Joint Venture company in Seoul / Korea which will mainly handle ship agency business.

MOL is now enhancing linkage of group resources under a common value slogan "One MOL" and this joint venture company is expected to contribute to reinforcement of such a valued customer service in Korea as strategic important market.

Further details announcement for business commencement will be made as soon as it is ready for release.

**[ Outline of the new Joint Venture Company ]**
Name	： MOL (Korea) Co.,Ltd.
Head office	： Seoul, Korea
Paid-in Capital	： KRW 800,000,000.-
Shareholders	： MOL 70％, PANCON 30％