[August 23, 2007]

The YAS Group is expanding in stages six warehouses and offices around the world to boost its business mainly in logistics field and the volume of ocean cargo it handles.

the Americas

U.S.A.

Yusen Air & Sea Service (U.S.A.) Inc. (President: Masatoshi Moriya) relocated the warehouse of its Boston Branch to a new facility that is about 80% larger on August 1st.

Canada

Yusen Air & Sea Service (CANADA) Inc. (President: Takashi Udagawa), increased its warehouse floor space at its Tronto Branch by 40% on August 7th.

Europe

Deutschland

In September, Yusen Air & Sea Service (DEUTSCHLAND) GmbH. (President: Yasuhiko Ueda) will be moving and enlarging its head office and the Duesseldorf Branch and integrating this Branch and five nearby warehouses into one site.

Asia

Suzhou

Yusen Shenda Air & Sea Service (SHANGHAI) Ltd. (President: Yukio Umeda) moved and enlarging its Suzhou office on July 28th.

Shenzhen

Yusen Air & Sea Service (GUANGDONG) Ltd. (President: Haruho Tanaka) moved and enlarging its Shenzhen branch on August 6th.

Malaysia

TASCO (Trans Asia Shipping Corporation Berhad.), a logistics firm in which the Company holds an equity stake, relocated the Yusen Air Department, Johor Bahru Branch (Branch Manager: Tetsuya Aoyama) on August 6th.

Overview of individual locations

U.S.A.

Name	Yusen Air & Sea Service (U.S.A.) Inc. Boston Branch
Address	80 Industrial Way, Bldg. C, Wilmington, MA 01887, U.S.A.
Phone	(1)978-657-4200
Fax	(1)978-657-5511
E-mail	yasbs-sales@yusenusa.com / yasbs-exp@yusenusa.com yasbs-imp@yusenusa.com * E-mail is same with previous.
Branch Manager	Mr. Tom Hegarty
Opening date	August 1, 2007
Warehouse space	approx.1,250㎡ (previous: approx.700㎡)

Boston boasts a robust high-tech sector with a large number of laboratories for semiconductors and medical equipment. Taking advantage of the proximity of the new warehouse to the airport and major roads, the Boston Branch aims to develop new markets in neighboring states. The new warehouse will in the future be equipped with a large refrigeration system and space for simplified packaging in a bid to bolster the warehousing business.

Canada

Name	Yusen Air & Sea Service (CANADA) Inc. Toronto Branch
Address	261 Parkhurst Square Brampton, Ontario L6T 5H5, Canada
Phone	(1)905-458-9622
Fax	(1)905-458-7120
E-mail	yca.yyz@yusen.ca * Address, Phone, Fax and E-mail are same with previous.
Representative	Mr. Takashi Udagawa
Opening date	August 7, 2007
Warehouse space	approx.11,000㎡ (bonded: approx.5,600㎡) (previous: approx.8,500㎡) * The bonded area remains unchanged.

Toronto has a vigorous automotive industry. We will be expanding our sales force in this city to boost orders from auto-related businesses. We'll also be redoubling our efforts in the warehousing business, and taking steps to acquire the TAPA^* Class A certification for the new larger warehouse.

• * The TAPA standards are security standards for preventing cargo from being lost or stolen. TheTAPA Class A standard is the highest standard in the series.

DEUTSCHLAND

Name	Yusen Air & Sea Service (DEUTSCHLAND) GmbH. Dusseldorf Head Office & Dusseldorf Branch
Address	Theodor Str. 299, D-40472, Duesseldorf, Germany
Phone	(49)211-418540
Fax	(49)211-41854100
E-mail	yasds@yuseneurope.com * Phone, Fax and E-mail are same with previous.
Representative	Mr. Yasuhiko Ueda
Opening date	September 3, 2007
Warehouse space	approx.12,000㎡ (previous: approx.7,400㎡)

The new warehouse is equipped with a state-of-the-art security system and is ready to directly accept cargo loaded ULDs^* transported by trucks fromFrankfurt, Amsterdam and other gateways. This enhances our distribution network for the emerging Central and Eastern Europe markets. Duesseldorf is home to numerous head offices of Japanese corporate affiliates. With our warehouse management system, we will respond to the needs these companies have to hold inventory in their vicinity.

• * ULD stands for Unit Load Device and refers to containers or pallets for loading large cargo. Cargo-loaded ULDs can be loaded on aircrafts.

Suzhou

Name	Yusen Shenda Air & Sea Service (SHANGHAI) Ltd. Suzhou Office
Address	Room No.703, Suzhou CIQ tower, 98 Suhui Road, Suzhou Industrial Park, Suzhou, Jiangsu Province 215021, People's Republic of China
Phone	(86)512-6761-3268
Fax	(86)512-6761-3278
E-mail	ycs-szv@yusen-china.cn * Phone, Fax and E-mail are same with previous.
Representative	Mr. Tony Fan
Opening date	July 28, 2007
Warehouse space	approx.200㎡ (previous: approx.110㎡)

We are bolstering human resources in the Suzhou district in response to business growth. The office manager has been dispatched from YAS (TAIWAN) and Japanese personnel are stationed onsite. The expanded team will be stepping up sales activities to Japanese and Taiwanese companies based in neighboring cities.

Shenzhen

Name	Yusen Air & Sea Service (GUANGDONG) Ltd. Shenzhen Branch
Address	Room 04-05, 30/F, Excellence Times Square, 4068 Yitian Road, Futian District, Shenzhen, Guangdong, China.
Phone	(86)755-2399-4929
Fax	(86)755-2399-4910
E-mail	yasszx@yusen-china.cn
Branch Manager	Mr. Masahiko Kaneko
Opening date	August 6, 2007
Warehouse space	approx.300㎡ (previous: approx.140㎡)

We have also doubled our workforce in the southern part of China to boost our ocean cargo, air cargo and warehousing operations and to increase sales. Most overseas shipments from the region havetraditionally passed through Hong Kong. Recently, however, an increasing volume of cargo is shipped directly through Yantian and Shekou ports to overseas destinations. In the future, we will seek to establish independent ocean cargo operations.

Malaysia

Name	Trans-Asia Shipping Corporation Berhad. Yusen Air Department, Johor Bahru Branch
Address	Lot No.CO9 & CW9, Senai Cargo Centre, Senai International Airport, 81250 Johor Bahru, Johor Darul Takzim, Malaysia
Phone	(60)7-598-7575
Fax	(60)7-598-9500/9700/1800
E-mail	yasszx@yusen-china.cn * Phone, Fax and E-mail are same with previous.
Branch Manager	Mr. Tetsuya Aoyama
Opening date	August 6, 2007
Warehouse space	approx.220㎡ (Exclusively for air cargo) (previous: approx.1,850㎡ , shared with the land transport segment)

The new office is located within the cargo area of the Johor Bahru International Airport, where air cargo flights have started this month, albeit to a limited number of destinations. The lead time will be shorter than in the past when cargo was transported by way of other airports. Given the increased convenience and the government policy of attracting foreign direct investment, we will upgrade our service framework to offer higher quality services to companies moving into the district as well as customers already operating locally.

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