[March 07, 2006]

YUSEN AIR & SEA SERVICE CO., LTD. announced on February 28, 2006 that the Board of Directors had approved that day a 2-for-1 stock split of the company's common shares.

Objective of the stock split

1. To provide greater liquidity of the company's common shares
2. To increase the number of individual investors through lowering the minimum investment amount for the company's common shares

Outline of stock split

1. The split will be effected by issuing one additional share of common stock for every one share of common stock held. The additional shares will be distributed to holders and beneficial holders of record at the close of business on March 31, 2006 (Friday).
2. To increase the number of individual investors through lowering the minimum investment amount for the company's common shares
   • number of issued shares of the company before the stock split 21,110,400
   • Increased number of shares resulting from the stock split 21,110,400
   • Aggregate number of issued shares of the company after the stock split 42,220,800

Schedule

• Record date : March 31, 2006 (Friday)
• Effective date : April 1, 2006 (Saturday)
• Mailing date of stock certificate : May 19, 2006 (Friday)

Reckoning date for the dividend

• April 1, 2006 (Saturday)

Increase in the number of authorized stock

At the board of directors' meeting held the same day, the Company determined to amend Article 5 in the Memorandum of Association for a stock split based on the provisions of Article 218, paragraph 2, of the Japanese Commercial Code, which increases the total number of authorized stock to 160,000,000 shares, up 80,000,000 shares from the current number of 80,000,000. The amendment will take effect on April 1, 2006.

Other necessary matters related to the stock split will be resolved by the Board of Directors meeting.

< References >

1. The Company is scheduled to send the issued stock certificates and notifications regarding shares held after the stock split to shareholders at the registered addresses on May 19, 2006. The custody of central securities and the book-entry transfer system allow beneficial shareholders to sell issued shares on and after April 1, 2006.
2. The stock split causes no increase in capital stock. Capital stock as of December 31, 2005: 4,301,000,000 yen
3. April 1, 2006, is the initial date of reckoning for the dividend period with respect to shares issued as a result of the stock split. For the fiscal year ending March 2006, dividends will be paid for shares before the split.

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