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MTI Established

April 6, 2004

NYK established a new wholly-owned subsidiary - MTI (acronym of Monohakobi Technology Institute) - on April 1 in order to promote the global training of personnel on an even more concentrated and efficient basis, and facilitate the development of highly competitive technology with greater rapidity. (The Japanese word "Monohakobi" means the carriage of goods.)

Personnel training has so far been undertaken primarily by NYK's Human Resources Group. However, NYK's global business has rapidly developed in diverse ways, obviously outgrowing this training system, which consequently cannot necessarily train and provide sufficient able personnel to fully meet the needs of NYK's expanded business.

Moreover, although NYK's technology headquarters and other bodies, including the NYK Logistics Technology Institute, have so far been charged with technological development in various fields, this system can hardly make timely responses to customers' wishes any more. As a result, a more integrated research and development system has become necessary.

It is for these reasons that NYK decided to set up MTI.

Especially regarding technological development, not only technical experts, but also several young persons in their thirties, including three clerical workers who have so far been charged with front-line sales business in the liner and car carrier sectors, have been assigned to MIT's technological strategy group in order to achieve speedy results based on on-site business needs. This new system will be able to have customers' needs promptly reflected in NYK's effort for technological development.

The medium-term management plan "NYK21 Forward 120" of the NYK Group, announced in May last year, envisaged, among other things, the establishment of MTI as one of four infrastructures for supporting the plan's three major strategies. In October last year, a new organization was formed within NYK proper to start activities to that end. Already, this organization has come up with a number of research results, including wind power generation, ballast water purification, soot/smoke removing device and ship security alarm system.

NYK's decision to transfer the above-mentioned activities to a separate company has three objectives - that is, (1) to speed up decision making, (2) to take an across-the-board and integrated look at various activities related to different divisions and (3) to clarify cost.

MTI represents a restructured evolution of the NYK Logistics Technology Institute. Its outline is as follows: