Official Announcement DALIAN IPO on 14th April 2006

"On 13th April, 2006, NYK Line (Hong Kong) Limited , a wholly-owned subsidiary of Nippon Yusen Kabushiki Kaisha, agreed to subscribe for H-shares of Dalian Port (PDA) Company Limited (hereafter "the Company") which are to be listed on The Hong Kong Stock Exchange (Main Board) on 28th April 2006. Immediately after the listing, NYK Group, as the only largest strategic investor of the Company, will hold 114,800,000 H-shares, which represents 4.1% of the Company's issued share capital at the completion of the Global Offering (assuming the over- allotment option is not exercised) for a cost up to approximately USD 38 million.

NYK Group has been keeping a keen eye on potential business opportunities in Dalian. This strategic investment into the Company represents a significant foothold into Dalian City, and NYK, as a global logistics integrator, is committed to seeking further business opportunities to develop in the region, such as container terminal, roro terminal, and logistics including air transportation.

Dalian Port (PDA) Company Limited - The Company, together with the members of its group, is the major port operator with a dominant market share in Dalian Port and one of the leading port operators in Northeastern China engaged in the provision of terminal and logistics services for oil products and liquefied chemicals, the provision of terminal and logistics services for containers, and the provision of port value-added services including tallying, pilotage, tugging and IT services."