CORPORATE ANNOUNCEMENT

18 June, 2004

MOL Steps up Efforts on Corporate Social Responsibility

-- Establishes CSR and Environment Committee, CSR and Environment Office --

TOKYO – Mitsui O.S.K. Lines, Ltd. (MOL; President: Kunio Suzuki) today announced a restructuring to enhance the company’s approach to corporate social responsibility (CSR). The changes will take effect on June 24.

CSR and Environment Committee

First, the Environment Committee, which directly report to the MOL Board of Directors, will be renamed the CSR and Environment Committee. The committee oversees issues related to MOL Group CSR in addition to group environmental measures. The goal of this move is to enhance the group-wide approach to CSR. MOL Deputy President Hiroyuki Sato will serve as the committee chairman.

CSR and Environment Office

MOL also establishes the CSR and Environment Office in the Corporate Planning Division. The new office will operate as the secretariat of the CSR and Environment Committee to cover environment-related operations and functions and promote cognizance of a broad range of CSR issues related to management throughout the company. The Environment Group of the Technical Division has been dissolved.

MOL’s Approach to CSR

MOL advocates customer satisfaction, contribution to worldwide economic growth, highly transparent management in conformity with social norms and corporate ethics, and protection of the marine and global environment. The company recognizes that CSR is critical to its sustainable growth, and has taken an aggressive approach toward corporate governance issues such as appointment of outside directors, measures to ensure safe operation and environmental protection, disclosure including IR activities, and so on. MOL also established a CSR study subcommittee as an internal cross-sectional organization under the Environment Committee to determine the company’s CSR objectives. The company continues to strive for corporate management that meets the needs of various stakeholders by enhancing its CRS activities. (Reference)
• Research analysts ranked MOL second in the transport category, behind JR West Japan, in the excellence in corporate disclosure standings issued in September 2003 (survey sponsored by the Security Analysts Association of Japan, Corporate Disclosure Study Group).
• MOL was listed on the Dow Jones Sustainability Index and FTSE 4 Good Global Index in September 2003.
• MOL was selected as one of the "Green Top Runner" companies by the Sustainability Management Rating Institute in February 2004.

For further information, please contact:
Keiichi Tanosaki
    General Manager
    CSR and Environment Office, Corporate Planning Division
    (currently General Manager, Environment Group Technical Division)
    Mitsui O.S.K. Lines, Ltd.
    Tel: 81-3-3587-6273
    Fax: 81-3-3587-7722
    E-mail: plamo@mail.mol.co.jp