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April 27, 2007

Mitsui O.S.K. Lines, Ltd. Announces
Revision of Dividend Payout

TOKYO - Mitsui O.S.K. Lines, Ltd. (the Company; President: Akimitsu Ashida) today announced a resolution to pay dividend of reserve which base date is March 31, 2007, as follows:

1. Details of dividend

Resolved amount Immediate dividend forecast
(announced on Feb. 8, 2007)
FY2005 dividend paid
(Ended on March 31, 2006)
Base date March 31, 2007 Same as left March 31, 2006
Dividend per share ¥11.00 ¥9.00 ¥9.00
Total amount of dividend ¥13,156 million -- ¥10,767 million
Date to start effective June 22, 2007 -- June 23, 2006
Dividend source Retained earnings -- Retained earnings

2. Reasons

The Company regards increasing corporate value with proactive capital investment and direct return of profits to shareholders through dividends as two key management policies. Based on the newly formulated midterm management plan MOL ADVANCE, the company continues to proactively invest mainly on vessels. We utilize internal capital reserves to cover investment funds while reinforcing corporate strength, so the Company will maintain a dividend payout ratio of around 20% in the foreseeable future. But we will work on increase of the payout ratio as a mid- and long-term management task.
Reflecting this dividend policy, the Company decided to revise the year-end dividend by increasing it 2yen from the current forecast of 9yen per share to 11yen, and the annual dividend to 20 yen per share (including an interim dividend of 9 yen already paid) for FY2006. Meanwhile, this matter is planned to be brought to the Annual General Meeting of Shareholders which is slated to hold on June 21, 2007, for discussion.

(reference) Details of annual dividend

Dividend per share (¥)
Base date Interim Year end Annual
FY2006 paid dividend 9.00 11.00 20.00
FY2005 dividend paid
(Ended on March 31, 2006)
9.00 9.00 18.00

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