Mitsui invests in North America-based Penske Truck Leasing Co., L.P.

Mar. 19, 2015

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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President & CEO: Masami Iijima), has reached an agreement to invest in Penske Truck Leasing Co., L.P. ("PTL"), a full-service truck leasing, truck rental and logistics Business ("Business") that mainly operates in the United States, and executed relevant transaction documents as of March 18, U.S. time.

Through its newly established two holding companies, Mitsui has acquired a 20.0% limited partnership interest in PTL from General Electric Capital Corporation ("GECC") at an amount of approximately USD 750 million (JPY 91.0 billion). PTL is now owned by subsidiaries of Penske Corporation ("Penske"), GECC, and Mitsui. Following Mitsui's investment, Penske subsidiaries own 50.1% of PTL (including a 9.0% interest owned by Penske Automotive Group, Inc. ("PAG")), GECC owns 29.9%, and Mitsui owns 20.0%. Penske will continue to control PTL's General Partner and will be responsible for the management of the business and affairs of the company.

PTL operates one of the leading full-service truck leasing, truck rental and contract maintenance businesses in the United States and Canada, and it recently expanded its commercial truck rental and leasing business to Australia. Through PTL's subsidiary, Penske Logistics, it also operates an international logistics business in North America, South America, Europe, and Asia. PTL operates a vehicle fleet in North America of approximately 216,000 trucks, semi-tractors and trailers and operates a vast network of locations.

Mitsui has long been engaged in truck manufacturing and assembly, distribution, and retail businesses mainly in South-Eastern Asia and South America. Further, Mitsui owns and operates various automotive-related logistics businesses globally, and more specifically automotive production parts logistics businesses in North America, India, China and Western Europe.

In addition to the accumulation of such business knowledge and experience, by newly participating in this Business, Mitsui will become capable of broadly providing integrated inland transportation services by trucks to various clients. In particular, the United States, where PTL has its largest business footprint, is expected to have sustainable population growth and incremental cargo transportation needs. By entering into the Business, Mitsui seeks to design and implement optimized transportation networks for Mitsui's affiliated companies and partners, through reduction of transportation costs and enhanced transportation infrastructure efficiency.

Mitsui has long been a strategic investor in PAG, an international transportation services company, and the second largest automotive retailer headquartered in the United States. PAG is controlled by Penske. By this new investment in PTL, Mitsui shall further strengthen its partnership with Penske and enhance its business presence in North America.

Through the participation in both PTL and PAG, Mitsui shall play an important role in transportation infrastructure through passenger vehicles and trucks. Mitsui shall utilize the newly acquired knowledge of the Business to further expand and support the global expansion initiative of PTL.

Corporate Profile of PTL

Company Name Penske Truck Leasing Co., L.P.
Principal Place of Business Pennsylvania, USA
Establishment 1969
Representative Brian Hard, President & CEO
Line of Business Truck Leasing, Rental & Logistics

Corporate Profile of Penske

Company Name Penske Corporation
Principal Place of Business Michigan, USA
Establishment 1969
Representative Roger S. Penske, Chairman and CEO
Line of Business Privately Held Holding Company for PTL and PAG

Corporate Profile of PAG (NYSE: PAG)

Company Name Penske Automotive Group, Inc.
Principal Place of Business Michigan, USA
Establishment 1990
Line of Business Transportation services
Consumers in North America rely on PTL's rental trucks for moving Consumers in North America rely on PTL's rental trucks for moving
A typical PTL branch location A typical PTL branch location

PTL North America Network

PTL North America Network

This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.


For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Investor Relations Division
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