GRAND VIEW DEVELOPMENT LTD. (GVC) ACQUIRES SHARES OF UNIT EQUIPMENT SERVICES AG (UES AG)

Container Lessors GVC and UES AG Will Operate Independently
With Improved Financial Structure

Hamburg, Germany (Jan. 16, 2006) - Grand View Development (HK) Ltd. (GVC), has acquired the shares of Unit Equipment Services AG (UES AG), the world's 11th largest container lessor.

The two companies will continue to operate independently of each other under the same names and same management. GVC headquarters will remain in Hong Kong and UES AG will remain headquartered in Hamburg.

Total up to date fleet managed by GVC and UES AG is well over 450,000 TEUS.

Following the share purchase, each company will enjoy the required financial stability and organizational structure to prepare for market challenges ahead.

With larger containerships coming into service and more on order, GVC and UES AG will invest significantly in new equipment to meet the needs of its customers. The new equity arrangement will give both companies the financial strength to continue growing in niche markets where UES AG is strong and in the ocean container segment where GVC is a recognized leader.

In the longer term, UES AG and GVC intend to explore joint administration of a global short-term master lease operation. The two companies also will look to leverage existing synergies in their EDP systems, depot networks and sales agent organization. The network combination of both companies offers excellent global coverage for customers.

About UES AG
Unit Equipment Services AG was incorporated in September of 1999, offering equipment leasing services to the entire maritime and intermodal transportation industry. The two core business segments of the Hamburg-based company are long-term operating rental and purchase and/or financing lease. providing the following equipment: standard ISO containers; special containers; reefers; tanks; 45-foot Euro-containers; swap bodies; trailers; container - chassis and offshore equipment. The customer portfolio of UES AG comprises many intermodal shipping market leaders.