-- Yusen Delivers Beyond Your Expectations ---

Our Global Distribution and Information Network Moves Your Business to New Frontiers

The global financial crisis of 2009 negatively impacted economies around the world.  However, now we can see clearly signs of a self-sustaining, albeit fragile recovery.  Since the fall of 2009, and continuing through the early months of 2010, there has been a gradual increase in global trade.  In the United States, exports and imports in selected markets and industries have begun to increase slowly. This increase coincides with the official end of the great recession of 2009.

Now we are excited to announce that NYK Logistics (Japan) Co., Ltd., the logistics business of NYK (Nippon Kabushiki Kaisha) will be merged into Yusen Air & Sea Service Co., Ltd., (YAS) our parent company. Upon completion of this merger Yusen will change its trade name to Yusen Logistics Co., Ltd.  The YAS Group will continue to be listed on the First Section of the Tokyo Stock Exchange, and will continue to operate autonomously as a listed company.  The new company will remain a subsidiary of NYK.  On February 25, 2010, NYK and YAS signed a letter of intent to create this new company and approval from the government is expected in the fall. It is anticipated that the new company will begin operations around October 1, 2010 in Japan.   The two companiesí businesses outside Japan gradually will be integrated from around April,  2011 through March, 2012.  This integration will occur through the establishment of joint ventures that will lead the operations of these subsidiaries. Worldwide the new company will have over 15,000 employees.

 In this era of intense competition YAS, thru this merger, will all the more be in a position to offer world class quality, logistics services and freight forwarding. Our expanded business scale will result in increased cost competitiveness. In the Americas we will have 68 locations; in Europe 110; in East Asia, including China, Hong Kong, Taiwan and Korea, 79 locations; and in South Asia 101 locations. In addition, we have over 100 agents in 39 countries.

We will continue our culture of customer orientation that our clients have come to expect from Yusen. 

Our highly personalized care and attention is unique and continues to win over customers. Our combined IT teams around the world ensure that real time information networks provide both efficient logistics solutions and accurate tracking of cargo.

As a result of this merger Yusen is prepared to meet the growing demands of our global customers and business partners.  By combining the resources of YAS and NYK Logistics we continue our on going commitment to become a leading world class, total logistics provider. YAS is now entering a new era and we pledge to deliver the requirements of our clients beyond their expectations.

Masaki Tanaka

President

Yusen Air & Sea Service (USA) Inc.

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