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

April 25, 2008

TOKYO - Mitsui O.S.K. Lines, Ltd. (the Company; President: Akimitsu Ashida) today announced a resolution on dividend payments from retained earnings, with a base date of March 31, 2008, at the Board of Directors meeting held on April 25, 2008.

1. Details of dividend

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 midterm management plan MOL ADVANCE announced on March 22, 2007, the company continues to invest proactively, mainly on vessels. MOL plans to utilize internal capital reserves to cover investment funds and to increase corporate value per share while reinforcing corporate strength. In line with those policies, the Company will maintain a dividend payout ratio of around 20% for the time being. It will also work on increasing the payout ratio as a mid- and long-term management task.

Reflecting this dividend policy, the Company resolved to increase the year-end dividend by ¥1 from ¥16 per share in the latest forecast to ¥17, and the annual dividend to ¥31 per share (including an interim dividend ¥14 already paid) for FY 2007. Meanwhile, this matter is planned to be submitted to the Annual General Meeting of Shareholders slated for June 24, 2008, for discussion.