TOKYO—Mitsui O.S.K. Lines, Ltd. (the “Company”) hereby announces differences between the consolidated
business outlook for fiscal year (FY) 2018 (April 1, 2018 – March 31, 2019) announced on January 31, 2019
and the financial results announced today. In addition, the Company announces the board of directors
approved a resolution at the meeting held today to revise the year-end dividend forecast for FY2018 as
follows.

(1)Differences between consolidated business outlook and financial results for FY2018 (April 1, 2018 –
March 31, 2019)

  Revenue Operating Profit Ordinary Profit Net

Income/Loss*

Net Income

per Share

Previous Outlook (A) ¥ million

1,210,000

¥ million

35,000

¥ million

28,000

¥ million

21,000

      ¥

175.60

Financial Results (B) 1,234,077 37,718 38,574 26,875 224.72
Change (B-A) 24,077 2,719 10,575 5,875  
Change (%) 2.0% 7.8% 37.8% 37.8% 28.0%  
(Ref) FY2017 (ended in

March 2018)

1,652,393 22,684 31,473 -47,380 -396.16

(Note) The Company consolidated its common shares on the basis of one (1) unit for every ten (10) shares effective October 1, 2017. “Net income per share” for the previous year is the value in consideration of the impact of the share consolidation.

[Reason for revisions]

Consolidated ordinary profit ended with an upturn from the previous announcement because of improved equity in earnings of affiliates resulted from a re-evaluation of tax effect accounting due to the tax system revision for some equity-method affiliated companies, as well as an increased number of FPSO (Floating Production Storage and Offloading System) operating days for the Offshore Business, steady performance of the tanker market, and decreased temporary transitional costs related to the integration of the containership business.

  Amount Most recent dividend

forecast

(Announced on January

31, 2019)

Year Ended March

31, 2018

Record date March 31, 2019 March 31, 2019 March 31, 2018
Year-end dividend per

share of common stock

25.00 yen 20.00 yen 10.00 yen
Total dividend 2,989 million yen   1,195 million yen
Effective Date June 25, 2019   June 26, 2018
Source of funds for

dividend

Retained Earnings   Retained Earnings

[Reason for revision]

We use 20% as a guideline for the dividend payout ratio, and pay dividends in conjunction with

Consolidated performance. Based on the full-year business results for FY2018, we consider the overall situations such as shareholder return and our internal capital reserves and plan to pay a year-end dividend of ¥25 per share, which was ¥20 per share at the previous announcement. As a result, we plan to pay ¥45 per share for the full year.

[REFERENCE PURPOSE ONLY]

This document has been translated from the Japanese original for reference purposes only.

In case of any discrepancy or inconsistency between this document and the Japanese original, the latter shall prevail.