CORPORATE ANNOUNCEMENT

September 27, 2000

MOL ISSUES GROUP ENVIRONMENTAL POLICY STATEMENT

Mitsui O.S.K. Lines (MOL) regards the protection of the marine and global l environment as one the company's key corporate objectives, and has implemented appropriate measures in the methodologies of both its hardware and software. With our main business activities taking place on the oceans, we are firmly committed to the protection of the marine environment and we regard it as our social responsibility to prevent maritime incidents that pollute our oceans. We are expending a great deal of time and effort to ensure the safe navigation of our vessels and cargo operations.

In addition to our concern for the marine environment, we also direct our attention towards preventing air pollution and properly managing the disposal of our wastes. The 21st century, which is expected to be the age of the environment, we have initiated an MOL Group Environmental Policy Statement under the slogan of '"Bluer Oceans & Cleaner Environment", to act as a guide for all MOL group companies in their business activities. The policy expressly addresses our commitment to protection of the overall environment, not just the marine environment, and the positive steps we will take towards achieving this goal. For the MOL to continue to be a strong group, one that is focused on the well-being and preservation of the marine and global environment, we will make every effort to follow the guidelines laid down in our Statement.

Our first MOL Group Environmental Report will be issued in October, 2000. This report is intended to review our past actions towards the environment, to state our social commitments to the environment, and to state our environmental management system.

Mitsui O.S.K. Lines Group Environmental Policy Statement

As one of the world's leading transportation & logistics groups, the MOL group is committed to protecting the health of our marine and global environment and therefore the company promotes and supports policies which:

1. Protect all aspects of the marine and global environment and foster safe navigation;

2. Comply with all existing environmental regulations and, whenever possible, further reduce the burden on the environment by setting and achieving even tougher voluntary standards;

3. Conserve energy and materials through recycling and waste reduction programs;

4. Purchase and use environmentally safe goods and materials;

5. Promote the development and use of environmentally safe technology;

6. Educate and encourage group employees to increase their focus on protection of the environment through enhanced publicity; and

7. Always strive to ensure that our business activities contribute to and adequately support worthy environmental protection activities.

For further information, please contact Masaaki Yutani, Manager, Environment and Technology Team, Technical Division, Mitsui O.S.K. Lines, Tel: 03-3587-7206 / Fax: 03-3587-7798