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News Release

July 29, 2011

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Mitsui O.S.K. Lines, Ltd. Announces Revision of FY2011 Outlook

News Release MOL (Europe) B.V. (European Head Office) July 29, 2011
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN
style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Mitsui O.S.K. Lines, Ltd. (the
Company; President: Koichi Muto) today announced a revision of its consolidated
business outlook for FY2011, ending March 31, 2012 (April 1, 2011-March 31,
2012), issued on April 28, 2011, as follows:</SPAN></P>
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<P style="MARGIN: 0cm 0cm 0pt"><SPAN
style="FONT-FAMILY: Arial; COLOR: windowtext; FONT-SIZE: 10pt"
lang=EN-US>Revisions to the consolidated business outlook for the first half of
FY2011 (April 1, 2011 to September 30, 2011)</SPAN></P>
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align=center>&nbsp;</P>
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align=center><IMG border=0
src="attachment.ashx?id=RgAAAABTX%2fU3uxm5SZ7rQ%2bEwXkoiBwBdi6ig%2bDnbT497s6IkiEaWAPHI3%2bpIAABdi6ig%2bDnbT497s6IkiEaWAXG66oWLAAAJ&amp;attcnt=1&amp;attid0=EAB7aoHc9DBdRpoObbOjsGke"></P>
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<P style="MARGIN: 0cm 0cm 0pt"><SPAN
style="FONT-FAMILY: Arial; COLOR: windowtext; FONT-SIZE: 10pt"
lang=EN-US>Revisions to the consolidated business outlook for FY2011 (April 1,
2011 to March 31, 2012)</SPAN></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><SPAN
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lang=EN-US>Reasons for revision of outlook</SPAN></B></P>
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lang=EN-US></SPAN></B>&nbsp;</P><SPAN
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<P style="MARGIN: 0cm 0cm 0pt"><SPAN
style="FONT-FAMILY: Arial; COLOR: windowtext; FONT-SIZE: 10pt" lang=EN-US>In the
outlook for the first half, the Company anticipates a significant deterioration
in profits due to factors such as the current declining demand in the
containership segment, the current downturn of the dry bulker market, and
appreciation of the yen. Consequently, the Company decided to revise its earlier
announced consolidated business outlook for the first half of FY2011.</SPAN></P>
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style="FONT-FAMILY: Arial; COLOR: windowtext; FONT-SIZE: 10pt"
lang=EN-US></SPAN>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><SPAN
style="FONT-FAMILY: Arial; COLOR: windowtext; FONT-SIZE: 10pt" lang=EN-US>In
consideration of the anticipated business environment from the third quarter and
later, in addition to revising the consolidated business outlook for the first
half, the Company made a downward revision of its earlier announced consolidated
business outlook for FY2011.</SPAN></P>
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