CORPORATE ANNOUNCEMENT

13 September, 2002

MOL Outlines Work Toward “Bluer Oceans & Cleaner Environment” in Environmental Report 2002

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Kunio Suzuki) today announced the publication of the company’s Environmental Report 2002. The 28-page A4-size report explains MOL’s efforts to ensure operational safety and environmental protection in every phase of the company’s operations.

MOL’s first Environmental Report, published in 2000, was the first such report ever issued by a Japanese shipping company. Operational safety and environmental protection are key elements of the MOL Group Principles, along with contributing to global economic growth and maximizing corporate value.

In addition, MOL introduced its own environment management system called MOL EMS21 in April 2001, focusing on its environmental protection efforts.

Environmental Report 2002, published in both English and Japanese, includes the following:

• Message from the President: “Challenges for Sustainable Development”
• The MOL Group’s Vision on Sustainability
• Assuring safe navigation
• Environmental targets for fiscal year 2002 and achievements for FY 2001
• Environmental accounting
• Protection of the marine environment
• Prevention of air pollution
  (Response to global warming, acid rain, and ozone layer depletion)
• Environmental protection initiatives at the head office
• Social contributions
• Voices from stakeholders

For more information, please contact:
 
    Mitsui O.S.K. Lines, Ltd.
    Keiichi Tanosaki
    Deputy General Manager of Technical Division and Group Leader
     of Environmental Protection and Technology Development
 
    Tel: 81-3-3587-7063Tel:  Fax: 81-3-3587-7798