A1: Most of that will come from the LNG carrier and offshore businesses. Dry bulkers and tankers will also contribute to our stable profits.

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1 [Overviews] Q1: The plan says you will accumulate an additional 25 billion in stable profits, from the current 50 billion to 75 billion in FY2019. Can you break that down by segment? A1: Most of that will come from the LNG carrier and offshore businesses. Dry bulkers and tankers will also contribute to our stable profits. Q2: Are you flexible in changing your investment plan according to future market trends? In other words, can you revise the plan and reduce the amount? A2: 1 trillion of the total amount of 1,130 billion is for accumulating stable profits. Speaking of the 500 billion we have already ordered, about 70% of that amount is going toward LNG carrier, offshore projects, and others, which will be launched within the coming three years. All of these are related to projects we have already secured, and are absolutely certain to generate stable profits. In addition, the vessels funded by the remaining 30% will be launched in or after FY2017, and this investment is also certain to generate stable profits. We will use the remaining 500 billion to place orders for newbuilding vessels when we first conclude long term contracts. Therefore, we can say that 1 trillion is not subject to review according to market fluctuations, as it is certain to build long term stable profits. Meanwhile, we project 150 billion in operating cash flow (CF) for FY2016. Free CF will be in the red for about three years to come due to up front expenditures, but we anticipate it will increase to a level at which the investment burden can be covered by operating CF from then on. Q3: I have the impression that the proportion of net income to ordinary income is higher than usual in the profit plan. Please explain the reasons for that. A3: As we already announced, we expect to post about 20 billion in extraordinary profit (a gain on sales of shares in a subsidiary in the container terminal business). Therefore, we anticipate that our net income will be larger than ordinary income. We will not include such extraordinary profits from sales of assets in FY2016 and 2019, and the tax burden is lower, which is the major factor. We can carry forward the loss due to the Business Structural Reforms we executed in FY2012 within nine years at the maximum, so we anticipate that our taxes will be kept low and net income will remain

2 higher than the generally expected level based on ordinary income during that period. [By segment] Bulkships (Dry bulkers) Q1: Please explain the transition in the scale of the dry bulker fleet by ship type. A1: With Capesize vessels, we will limit new orders to ships that will contribute to long term stable profits, under the policy of reducing our fleet s market exposure. At the same time, high priced charter in contracts, which we signed for about five years at the time of skyrocketing market rates, will expire one after another, so we will return those vessels when the contracts end. Therefore, the fleet will be reduced slightly. Speaking of mid and small size vessels, we will return them one after another at maturity of the charter contracts, and anticipate that the fleet scale will be reduced. At the same time, we will increase the fleet based on multiple year contracts of affreightment (COAs) that will contribute to long term stable profits, with the goal of reducing our market exposure. However, downsizing the fleet will not lead directly to lower profits. We think we can utilize our know how in improving vessel operational profitability such as slow steaming and more efficient ship allocation, and even if we must charter vessels from a market to do business in that market, we believe that we can still acquire plus alpha profits. (Tankers) Q1: Please tell us about the transition in the scale of the tanker fleet by ship type. A1: We will reduce our tanker fleet to limit our market exposure. We have decreased the fleet by 12 VLCCs in the past two years, and plan to scale it back by another four or five vessels by FY2016. The scale of the product tanker fleet will not change significantly, but we will increase market tolerability by utilizing short term charters and market linked charter vessels. Turning to methanol carriers, we recently announced a contract for replacement of 10 vessels. As this is a source of long term stable profits, we aim to further increase the number of ships. We will reduce the chemical tanker fleet by several ships, but improve profitability by replacing them with large scale vessels.

3 (LNG carriers) Q1: You explained that the company will take a proactive stance in the LNG carrier business. Do you think there is a risk that profitability will worsen if other companies follow a similar strategy and competition intensifies? A1: Your question brings up two points. First, the situation is different from one time in the past, and not all of the companies will compete for a small market. That s because shipping companies can barely keep up with the demands of financing LNG carriers and finding crews for them, while demand for LNG transport is booming. This is one of the major reasons we are shifting our axis to the LNG carrier business in our new midterm management plan. We see this approach as a way to avoid fierce competition and accumulate profits while the market pie is growing significantly. The second point is the increase in the number of projects that are especially challenging from a technical standpoint. For example, we have concluded contracts with conditions to build LNG carriers at Chinese shipyards, and in some cases our carriers will be required to sail on the North Pole sea route. So we are taking on more and more projects that other companies cannot do because they don t have our accumulated technical expertise. In addition, import and export nations and customers are diversifying, and more projects are demanding complex financing solutions. Under this situation, we have increased the number of projects that offer relatively high returns compared to conventional ones. We believe we can move ahead with a balance of high return projects, even though we carry a certain level of risks, and conventional low risk projects. Q2) If there is a risk factor in this midterm plan, what is it? For example, if gas prices were to fall, shale gas projects might come to a standstill because the gas extracted could not cover development costs. Is that not a risk? A2) We do not think there is much risk involved with the LNG carrier projects. That said, we do think it is important to carefully assess information regarding the viability of LNG projects themselves. We position our LNG carrier business as a long term stable business, but this main premise depends on charterers, who are engaged in long term, healthy LNG projects. If a project ceases to be viable, the LNG carrier involved would become unused tonnage. So assessing the credibility of the charterers is important. Of

4 course, in projects that MOL is involved in, there is no credit risk involved, so we are not worried. Concerning changes in cargo trade due to the risk that gas may lose its competitiveness vis a vis other sources of energy because of price fluctuations, we believe the trade volume of LNG should increase with falling prices on the one hand, while there is not much risk of trade slowing with rising prices. Besides LNG projects and offshore business, where energy prices are concerned, new projects now under way are estimated to have a break even point of US$40 60 per barrel. For our part, we don t think we need to participate in every possible transport project. In fact, if the break even point is too high, we may decide to pass if we think that is best. Today s oil prices exceed US$100 per barrel, and we think it is safe to get involved in projects with break even points of about US$50 per barrel. (Car Carriers) Q1) Your plan shows no reduction in the car carrier fleet. Seaborne trades from Japan are expected to decrease, and if they decrease more than you assume, do you have room to reduce fixed costs by cutting back vessels? Or, even if car trade from Japan decreases more than your assumption, can those decreases be offset by increases in cross trades? A1) As you pointed out, Japan outbound trades are expected to decrease, and cross trades are expected to increase. As a result, the number of transported cars will increase, but because distances in cross trades are shorter, total ton miles will probably decrease. If ton miles go down, demand for vessels will decrease, but with short distance shipping, vessels will be pressed to sail more frequently. In those cases, vessel assignment efficiency and profitability may suffer. Still, we feel it s necessary to maintain a certain overall fleet size to meet customer needs. If we face a drastic fall in cargo trade, we will be able to scrap our oldest vessels to reduce our fleet to the proper level. Containership Business Q1) Your plan calls for an improvement in profitability by 42.5 billion in the coming three years, but how great is the possibility that this plan will actually be achieved? You say that your costs will be reduced by launching larger scale vessels, but the expected impact may differ depending on how you project the utilization.

5 A1): Please look at page 22 of the reference material. We expect to reduce slot costs by a total of some 30 billion between FY2013 and FY2016, and a major portion of the effect will come from the addition of large scale vessels. And, although we are adding larger vessels, we do not plan to significantly increase the total tonnage of the fleet (due to a reduced number of smaller vessels). So there is little risk that we will be unable to fill available space and thus fail to meet our cost reduction goals. What s more, the larger vessels slated to join the fleet are those that have already been announced by our company, or by owners. We expect to achieve an increase in terminal and logistics income of 9 billion, much of which will come from the automation of North American terminal, which will significantly lower costs. Construction associated with the automation is completed, and we will increase the handling of third party cargos, which we did not have the capacity to handle before, and that will increase our income as well. Further, the new terminal in Rotterdam, in which we have a 20%stake, will be ready to operate by late Besides what we have talked about, we posted a loss of 4.5 billion. But even on the assumption that the dip in shipping rates will cause this much of a drop in profitability, our plan is to achieve black ink totaling some 30 billion in FY2016. Q2) If there are risk factors involved in your profitability improvement scenario, could you please point them out? A2) Movement in the container freight rate situation is what we must keep our eye on. That said, there are only a few ocean shipping companies in the world that can make a profit at current shipping rate levels. All other containership companies are drowning in deficits. While the entire industry is in that kind of condition, you might ask how much more companies can afford to lower their rates. We cannot see rates going down like they did over the past year or two. Therefore, with the buffer built into our plan, we can say there is not much risk that our plan will be undermined by a further decline in freight rates. Launching of many large scale vessels is one major reason for the past drop in shipping rates. Now, however, containerships have become large enough for us to see no marginal benefit from development of larger ones. The costs of operating large vessels are lowest when the routes are long and the ports of call few. Therefore, large vessels are often assigned to routes serving Europe. Then, those vessels are subject to the

6 restriction of the Suez Canal. Today, the largest containership is a nominal 18,000 TEU, but if you consider economic rationale, that vessel is just about Suezmax size, and not only MOL, but also other shipping companies all agree that larger vessels do not necessarily result in economic advantages. We believe the move to larger vessels will not continue at the same rate it did over the past 10 years.

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