Acquisition of the Shares of APL Logistics Ltd

Kintetsu World Express, Inc. February 2015 APL Logistics Profile

Company name APL Logistics Limited Employees 6,105 （Nov, 2014） Founded Aug 30, 1977 120 Bases（60 countries）, Bases Warehouses：218 Representative President / Beat Simon Total asset USD 645 million 9 North Buona Vista Drive #14-01, The Metropolis, Head office 138588 Major Neptune Orient Lines Limited : 100% shareholders Geographical Reach Net sales Gross profit Employees LatAm EMEA EMEA LatAm LatAm 10% 5% 12% 4% 21% NAM NAM EMEA 31% NAM 53% 4% 24% 61% Asia 31% Asia 44%

1 APL Logistics Revenue Split

2 KWE + APLL Net Sales by Line of Service

KWE + APLL Others KWE APLL Others 11% Air Freight Others 5% 7% 0% Logistics Sea Freight Air 11% 15% Logistics Freight & Value Logistics & 36% Sea add Air Freight Value add Freight service 54% service Sea 24% 36% 80% Freight 21% *KWE "Logistics" is Contract Logistics mainly. *The ratio of compositions of APL Logistics company will be our presumption.

3 KWE + APLL Net Sales by Geography

KWE APLL KWE + APLL Others Others 0% 0% Others 1% 0% Asia Asia Japan Asia Japan 24% 33% 23% 38% 36% Americas EMEA 66% Americas 10% 33%

EMEA Americas EMEA 12% 13% 11%

4 KWE + APLL Net Sales by Industries

APLL KWE + APLL Others KWE Auto Others Others 5% 9% 10% 7% Industrial 3% 11% Auto Auto 17% 31% Consumer Retail 24% Industrial 13% Industrial Consumer Retail 41% 59% 18% 30% Consumer 22%

5 Goal to Achieve

With its’ strength in logistics service for automotive and retail industries especially in and Asia, APL Logistics will reinforce KWE Group’s global freight forwarding business both in geographically and industry verticals. Combining APLL’s various high-value-added logistic services with KWE’s global networks for air and sea freight forwarding, we can create a new value and provide our customers with “full range” of optimized services.

Value-Added

Services and Air and Sea Supply Chain Forwarding Solutions Creation of new logistics service Geographies

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