Q: Please summarize the business environment and your performance in fiscal 2012.

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1 Annual Report President s Message In April 2012, we completed the integration of overseas logistics businesses with Nippon Yusen Kabushiki Kaisha by consolidating as subsidiaries local companies in China and Malaysia. In fiscal 2012, we also established local subsidiaries in Bangladesh and Turkey, and took other actions that expanded Yusen Logistics global logistics network to 440 locations in 38 countries worldwide. Now we intend to take full advantage of integration synergies to bolster our sales and marketing capabilities and continue expanding our bases. In tandem, we will focus on building our corporate platform, including the fusion of human resources and organizations, as we strive to become a world-class international forwarder. Reflections on Fiscal 2012 Q: Please summarize the business environment and your performance in fiscal A: Our earnings declined even though sales increased year on year thanks to sales expansion and the integration. The international logistics market in fiscal 2012 lacked strength as a whole, as highlighted by persistent sluggishness in the European economy and slowing growth in Asia. Most notable was a 14% year-on-year drop in air freight cargo originating from Japan, which reflected a combination of industry structural changes, including the off-shore transfer of production bases and a modal shift for cutting logistics costs. Under these conditions, consolidated net sales were 339,049 million, up 30,045 million year on year on the back of expanded sales and the business integration. However, consolidated operating income dropped 4,613 million year on year to 1,659 million on account of a decline in volumes handled in air freight forwarding and lower profitability in ocean freight forwarding.

2 2 Yusen Logistics Co., Ltd. Q: Looking back at fiscal 2012, what went well and not so well? A: We saw the benefits of the business integration steadily show through and we increased our international presence. Having completed the integration of overseas logistics businesses early in the year, we worked hard in fiscal 2012 to link our ocean freight forwarding, air freight forwarding and logistics businesses, to expand sales through base expansion, to fuse human resources more and to accomplish other goals. In terms of linking ocean freight forwarding, air freight forwarding and logistics businesses, we worked on many fronts to capitalize on the integration rather than respond as individual businesses. We focused on PLUS ONE sales activities where we offer comprehensive services to customers spanning our various businesses as the name might suggest. We also supported customers by harnessing our collective strengths across countries, thereby leveraging our global network to good effect; we worked on marketing in a bid to win more business from non-japanese customers; and we made efforts to develop cross-trade business between Europe and the U.S. to Asia, and off-shore business. Going forward, we plan to continue to step up these activities. I feel that our international presence has been increasing recently. Through our businesses we have many opportunities to make proposals for total logistics solutions to customers around the world. Another noteworthy development for us in fiscal 2012 was our aggressive base development in emerging economies in Asia. We established a local subsidiary in Bangladesh, and expanded and enhanced warehouse facilities in India and Indonesia. And that s in addition to base expansion in East Asia, and South Asia & Oceania that we achieved through the business integration. We now have approximately 16,000 employees in the YLK Group. As an international forwarder, we are pushing ahead with programs to develop global human resources, including training for local staff, in order to ensure that all staff work from a shared perspective. Medium-term Business Plan Progress Q: Please explain the revisions to your medium-term business plan targets. A: We initially made 1,000,000 TEU for ocean freight exports and 500,000 tons for air freight exports medium-term business plan handling targets. However, because we subsequently expected to have difficulty achieving these targets, we extended them into medium- to long-term targets. We announced revisions to our medium-term business plan numerical targets on April 27, Furthermore, on April 30, 2013, we made the following revisions for fiscal 2013, the final year of the plan, because market conditions are vastly different from the ones we initially expected. We recognize that achieving the revised targets is a major management challenge, and to this end, we are implementing the Project Re-engineering Yusen Logistics program.

3 Annual Report Feature: FY2011 Integration FY2012 Fusion FY2013 Driving Dramatic Progress Q: What progress have you made with your business and sales strategies? A: We have stepped up approaches to strategic customers through industry-based marketing, and expanded the off-shore business. Under our business strategy, we have expanded the handling of off-shore business, which doesn t come through Japan, and European and U.S. business in both air freight and ocean freight. Furthermore, we have worked to enhance service quality, which is underscored by certification under the Authorized Economic Operator (AEO) program. In terms of our sales strategy, we have identified our strong fields and the industries we should focus on, and developed strategic marketing approaches for each field, and associated sales activities. The eight fields we are focusing on are health care/medical equipment, automobile-related, aircraft-related, project-related including plant export, environmental energy, retail, chemical, and technology.

4 4 Yusen Logistics Co., Ltd. In fiscal 2012, we concentrated on certain marketing activities. These included the international pharmaceuticals trade show INTERPHEX JAPAN in the health care/medical equipment field, and the Japan International Aerospace Exhibition in the aircraft-related field. In the automobile-related field, we entered into a business alliance with a major Mexican trucking company to expand land transport services in Mexico. Furthermore, we promoted our Corporate Account Program (CAP), which strategically targets approximately 30 customers. Thanks to this initiative to provide strategic support across the group beyond the frameworks of individual businesses and regions, we were able to expand our business domains in fiscal 2012, including winning new business. Our logistics business is working on expanding sales through warehouse facility expansion, and has developed one of the largest warehouse networks of any Japanese logistics company in Australia and India. Q: Please explain your area strategy, including developments in emerging markets. A: We are actively expanding bases with the view to making inroads in emerging markets. We continue to strategically develop our operations in emerging markets. In fiscal 2012 we established local subsidiaries in Bangladesh and Turkey. In the same vein, we are looking at establishing local subsidiaries in Cambodia and Myanmar, where growth potential is huge, in the summer of To support these developments, we held well-attended logistics seminars targeting Cambodia, Myanmar and Bangladesh at three locations in Japan in fiscal In Russia, we opened a branch as a stepping stone into the Far East. We have also opened a new branch in China. In another strategic move, we opened a representative office in South Africa as part of our efforts to develop the African market, which is expected to witness strong growth going forward. In South America, we are making progress expanding bases in countries like Brazil. The YLK Group s base network has increased with the opening of bases in China and warehouse expansion in South Asia & Oceania.

5 Annual Report Q: What are the main initiatives you have planned for fiscal 2013? A: We intend to make even more progress with our existing strategies. We plan to build on our existing strategies (business, sales, area and basic management) through greater cooperation between Japan and each region around the world. Under our business strategy, we plan to work actively in all businesses ocean freight forwarding, air freight forwarding and logistics. Specifically, we aim to handle 650,000 TEU in ocean freight forwarding by strengthening relations with core carriers globally. A concurrent goal is to improve operational efficiency to secure earnings. In air freight forwarding, we will strengthen cooperation within the YLK Group network to expand off-shore cargo transportation, which doesn t come through Japan. In the logistics business, as we aim to increase earnings at all bases, we plan to continue expanding bases, especially in South Asia & Oceania, as well as further raise service quality by continuing the No. 1 Kaizen Company program. Corporate Platform Strengthening Q: Please discuss the development of the people who will be key to strengthening the business platform. A: We are continuing to run training programs and take other steps to fuse and develop people with a global outlook. People are our greatest asset. Indeed, in order for us to grow as an international forwarder, it is crucial that we develop people with a broad outlook who can provide total logistics solutions. Global human resources (GHR) is a key aspect of our management plan. True to this positioning, we are promoting local employees to management positions at overseas subsidiaries and exchanging personnel within the group. To promote this, we held various training programs in fiscal These included the Senior Management Program (SMAP) for employees who are candidates for senior positions in the future, and the Global Sales Enrichment Program (GSEP) for mid-level sales employees. In the second program after being launched in fiscal 2011, GSEP aims to develop people who can make proposals for total logistics solutions and to build a network among employees. Fiscal 2011 program participants have quickly demonstrated the benefits through their activities around the world and cooperation with fellow participants. Q: What is your stance on CSR? A: I view this as an extremely important theme in our drive to raise our value as a global logistics company. Only by earning the trust of the global community can a company continuously raise its value as a corporation. I see CSR activities as an extremely important theme for this. That is why we are working to increase quality, safety and satisfaction, as we run the company in a way that is mindful of corporate ethics, the protection of human rights and service to regional communities.

6 6 Yusen Logistics Co., Ltd. Compliance is an issue that each and every employee must make their own respons bility. We are instilling this awareness in employees and creating frameworks for that so employees practice rigorous compliance in their daily business. Governance is an equally important issue. We have established a system according to regional needs, built on close cooperation between Head Office in Japan and each region around the world. Another important theme is environmental protection. One of our main initiatives here is a forest adoption program in Japan that seeks to reduce CO 2 emissions and protect biodiversity, among other aims. Additionally, in a recent move in fiscal 2012, Yusen Logistics (Americas) Inc. installed a solar power generation system at one of its warehouse facilities. Message for Fiscal 2013 Q: What is your outlook for fiscal 2013? And what expectations do you have for it? A: We will work to reform our structures and improve our operational efficiency to equip us with top-class international competitiveness. In fall 2013, we will mark the third year since our business integration. Up to now, we have prioritized the expansion of volumes handled. In fiscal 2013, in addition to these initiatives, we intend to strengthen our cost competitiveness. For this, in April 2013, we launched the Project Re-engineering Yusen Logistics program. This is not simply a costreduction project, as we also intend to fundamentally reform our operational and organizational approaches over the next two years. First of all, during the course of fiscal 2013, we aim to reduce administration division costs by 1.0 billion. By the end of fiscal 2014, meanwhile, we aim to improve the efficiency of sales and business divisions, as well as revamp our organizational structure. Q: Finally, do you have a message for shareholders? A: We will strive to harness the strengths of all the YLK Group s employees to raise our corporate value and in this way meet the expectations of all stakeholders. Our operating environment remains challenging, as underscored by protracted malaise in the international logistics market. However, we are gradually seeing the benefits of the integration show through in increased volumes handled and other areas. We are also making steady progress with the fusion of human resources and other measures toward achieving our next stage of growth. So that we continue to meet the expectations of all stakeholders, we aim to raise our corporate value by achieving growth as a group. We also see the return of profits to shareholders as the highest priority of management. In line with this, we are committed to paying stable dividends, as long as we generate sufficient profit. Harnessing the passion and strengths of all the group s employees, we aim to become a world-class international forwarder.

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