Announcement of Revision of Result Forecasts

July 27, 2007

Mitsui O.S.K. Lines (MOL) has revised its forecast of results for the fiscal year ending March 31, 2008, previously announced on April 27, 2007.

I) Revision of forecasts for FY2007 interim results (April 1, 2007-September 30, 2007)

1) Consolidated results

2) Non -consolidated results

II) Revision of forecasts for FY2007 results (April 1, 2007-March 31, 2008)

1) Consolidated results

2) Non -consolidated results

III) Reasons for the revision

Though bunker prices remain at high levels and compress earnings, higher freight rates, mainly in the dry bulker market, are boosting profits. Under the projection that the ocean shipping market will remain firm after the second quarter of the fiscal year, the company made an upward revision in its previously announced forecasts for the interim and full year.