FOR IMMEDIATE RELEASE
April 16, 2004

Governor Bredesen Announces Mitsui USA Scholarships in Tennessee Program

NASHVILLE - Governor Phil Bredesen today joined Hiroshi Tada, President & CEO of Mitsui & Co. (U.S.A.), Inc. (also referred to as Mitsui USA), to announce a new college scholarship program sponsored by the New York-based company.

The Mitsui USA Scholarships in Tennessee Program will award annual scholarships of $2500 to two Middle Tennessee high school seniors planning to attend four-year institutions within the State of Tennessee's Board of Regents or University of Tennessee systems.

The scholarships are funded through The Mitsui USA Foundation in New York and administered by the Japan-America Society of Tennessee, Inc. (JAST). Mitsui USA is represented locally by Mitsui USA Nashville, an active member of the Board of Directors of the Japan-America Society of Tennessee.

"This program is an excellent example of the many beneficial partnerships between Japan and Tennessee," Bredesen said. "We are grateful to Mitsui USA and The Mitsui USA Foundation for their generous support of educational opportunities for Middle Tennessee's college-bound students through these annual scholarships."

"Mitsui USA has enjoyed a long-term business relationship with Tennessee as a host state," said H. Tada. "Through the inauguration of a scholarship program here, our intention is to promote good corporate citizenship and to deepen our friendship with Tennessee."

Scholarship applications have been distributed directly to public and private high schools in the 40-county Middle Tennessee region. Prospective applicants may obtain copies of the eligibility requirements and application forms through their high school guidance officer or principal's office.

Applications must be completed and postmarked by May 1, 2004 for consideration. The Japan-America Society of Tennessee's Scholarship Review Committee will notify all applicants of award decisions by June 15.

Mitsui & Co. (U.S.A.), Inc. is the largest wholly owned subsidiary of Mitsui & Co., Ltd., Japan, which is one of the largest Sogo Shosha (general trading companies) in the world.

Incorporated in the state of New York in 1966, Mitsui USA now maintains 11 offices, with approximately 425 employees. The Company operates more than 90 consolidated subsidiaries in various industries across the country. Mitsui USA's total trade transactions amounted to over $8.7 billion for the fiscal year ended March 31, 2003.

Mitsui USA has its head office in New York City. Other offices are located in Chicago, Cleveland, Detroit, Houston, Los Angeles, Nashville, Portland, San Francisco, Seattle, and Washington, D.C.

Since 1989, The Mitsui USA Foundation, New York, has been serving as the charitable arm of Mitsui USA. The Foundation's programs are developed for the Company's active, good corporate citizenship, and focus on education, arts & culture, community & welfare, and employee volunteerism and matching.

The development of a Mitsui USA Scholarships in Tennessee Program with the Japan-America Society of Tennessee will mark the ninth U.S. state to have Mitsui USA support.

Established in 2000 to promote friendly relations and cultural understanding between the people of the state of Tennessee and Japan, The Japan-America Society of Tennessee, Inc. (JAST) is a non-profit, 501(c)3 corporation, funded by individual and corporate membership fees. Serving as Honorary Co-chairs of the Society are The Honorable Phil Bredesen, Governor of Tennessee, and The Honorable Howard H. Baker, Jr., U.S. Ambassador to Japan.

For more information about The Mitsui USA Scholarships in Tennessee Program or the Japan-America Society of Tennessee, contact Leigh Wieland, JAST executive director, at 615-532-8901 or visit the Society's website: www.jastn.com.

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Note: 40-County Region is designated by the map which follows this page. Additional background on Mitsui USA, The Mitsui USA Foundation and the Japan-America Society of Tennessee also follows.

MIDDLE TENNESSEE REGION
40 Counties

Background Notes - JAST/MUSA Scholarships

Mitsui & Co. (U.S.A.), Inc.

Since the opening of its office in New York City, Mitsui USA has played an important role in the American business community. For example, the Company puts special emphasis on promoting the export of American products throughout the world, and prides itself on being consistently among the leading U.S. exporters and positively contributing to the country's trade balance.

As an international trading company, Mitsui USA is engaged in such core businesses as import, export, off-shore trade and domestic wholesale. Additionally, the Company is active in business investments, project development and management, capital goods leasing and technology transfer. The Company's 11 operating divisions are: Steel Product; Iron & Steel Raw Materials and Non-Ferrous Metals; Power, Transportation & Plant Projects; Machinery; Information Business; Chemicals; Energy; Foods & Retail; Life Commerce; Transportation Logistics; Financial Markets Business.

Mitsui USA's core businesses are bolstered and facilitated by its wide-range service capabilities in information and research, financial arrangement, risk management, SCM (Supply Chain Management), and logistics planning and execution, among others.

To succeed in the age of the IT revolution, Mitsui USA is committed to transform beyond a traditional Sogo Shosha to be a global business creator with distinct strength of Comprehensive Business Engineering (CBE) in solving problems and creating value for clients. The Company's strategy is to reinforce the core businesses while expanding its discriminating service capabilities by innovative combination of cutting-edge IT, Financial Technologies (FT), and Logistic Technologies (LT).

The Mitsui USA Foundation

The Foundation annually supports about 50 programs across the U.S., with 60% of the budget targeted for education, most in support of Mitsui USA "named" programs.

Currently, "Mitsui USA" education programs are impacting: 93 international exchange, college and graduate students on 38 campuses; audiences of nearly 2,000 through 14 forums; and more than 3,100 New York City public school students through two musical education programs and the Company's Pen Pal Campaign with a local 5th grade class.

The JAST/MUSA Program is among the newest programs to be established in the U.S. and will impact two graduating high school seniors in Middle Tennessee as its first recipients.

Japan-America Society of Tennessee, Inc. (JAST)

Headquartered in Nashville, JAST is overseen by a volunteer Board of Directors from leading businesses, institutions and organizations throughout the state.

The organization's goals include 1) providing to the citizens of Tennessee accurate information about the people of Japan and their culture; 2) promoting social, cultural, scientific and educational interchange between Tennessee and Japan; and 3) encouraging appreciation and respect for the differences and similarities of the cultures of the peoples of Japan and Tennessee.

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