Mitsui & Co Ltd: Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation to Participate in Ultra-Deepwater FPSO

  Mitsui & Co Ltd: Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. and Marubeni
  Corporation to Participate in Ultra-Deepwater FPSO Chartering Project for
  Iracema Norte Area of Brazilian Offshore Pre-Salt Oil Field

UK Regulatory Announcement

LONDON

This announcement is for our U.S. $5,000,000,000 Euro Medium Term Note
Programme

MODEC, Inc. (“MODEC,” head office: Chuo-ku, Tokyo; president: Toshiro
Miyazaki), Mitsui & Co., Ltd. (“Mitsui,” head office: Chiyoda-ku, Tokyo;
president: Masami Iijima), Mitsui O.S.K. Lines, Ltd. (“MOL,” head office:
Minato-ku, Tokyo; president: Koichi Muto) and Marubeni Corporation
(“Marubeni,” head office: Chiyoda-ku, Tokyo; president: Teruo Asada) have
agreed that Mitsui, MOL and Marubeni will invest in a long-term charter
business (“Project”) operated by MODEC for the purpose of providing a floating
production, storage, and offloading system (“the FPSO,”) for use in the
Iracema Norte area of a pre-salt oil field off the coast of Brazil. The above
4 companies (“Companies”) have entered into definitive agreements today.

This Project is subsequent to the long-term charter business for the purpose
of providing an FPSO for the use in the Iracema Sul area (*) in which the
Companies invested through Cernambi Sul MV24 B.V. For this Project, Mitsui,
MOL and Marubeni will invest in Cernambi Norte MV26 B.V. (“MV26”), a Dutch
company established by MODEC. MV26 has signed a long-term chartering agreement
with Tupi B.V., a Dutch company owned by Petrobras Netherlands B.V. (65%), BG
Overseas Holding Ltd. (25%), and Galp Sinopec Brazil Services B.V. (10%). The
FPSO will be chartered to Tupi B.V. for 20 years under this chartering
agreement signed in February 2013.

Construction of the FPSO will involve the conversion of a VLCC (very large
crude oil carrier), which will be renamed “FPSO Cidade de ITAGUAÍ MV26” upon
its completion. It will be deployed to the Iracema Norte area of the BM-S-11
block off the coast of Brazil in the fourth quarter of 2015. The area is part
of a deepwater oil field located approximately 300 km south of Rio de Janeiro,
Brazil. The oil is contained in the pre-salt layer approximately 5,000 m
beneath the seabed.

MODEC and Mitsui have already provided three FPSOs for pre-salt oil fields,
and this will be their fourth pre-salt related FPSO chartering project. It is
the third project of its type for MOL and the second for Marubeni.

The Schahin Group, the joint bidder with MODEC for this Project as the local
partner in Brazil, plans to invest up to 15% in MV26 by the commencement of
the FPSO charter.

(*) Iracema Sul area was changed its name from Cernambi Sul area which was
described in the news statement released by the Companies on March 22, 2012.

Outline of FPSO

Oil processing capacity    150,000 barrels per day
Gas processing capacity    280 million cubic feet per day
Oil storage capacity       1,600,000 barrels
Mooring type               Spread mooring (at a depth of 2,240 meters)

Controlling stake of MV26

                           Before the investment    After the investment
                              by                          by
                          the Schahin Group        the Schahin Group
MODEC, Inc.                29.4%                    25.0%
Mitsui & Co., Ltd.         32.4%                    27.5%
Mitsui O.S.K. Lines,       20.6%                    17.5%
Ltd.
Marubeni Corporation       17.6%                    15.0%
Schahin Group              -                       15.0%

  *Schahin will have a 15% stake at most in MV26. If under 15%, the ratio of
    the other shareholders will be increased on a pro-rata basis.

Contacts for further information:

MODEC, Inc.
General Affairs Department
Telephone: +81-3-5290-1200
Facsimile: +81-3-5290-1501

Mitsui & Co., Ltd.
Corporate Communications Division
Media Relations Department
Telephone: +81-3-3285-7596
Facsimile: +81-3-3285-9819

Mitsui O.S.K. Lines, Ltd.
LNG Carrier Division
Offshore Business Group
Telephone: +81-3-3587-6239
Facsimile: +81-3-3587-7748

Marubeni Corporation
Corporate Communications Department
Telephone: +81-3-3282-4260
Facsimile: +81-3-3282-2331

Notice:

This announcement contains forward-looking statements. These forward-looking
statements are based on Mitsui's current assumptions, expectations and beliefs
in light of the information currently possessed by it and involve known and
unknown risks, uncertainties and other factors. Such risks, uncertainties and
other factors may cause Mitsui's actual results, financial position or cash
flows to be materially different from any future results, financial position
or cash flows expressed or implied by these forward-looking statements. These
risks, uncertainties and other factors referred to above include, but are not
limited to, those contained in Mitsui's latest Annual Securities Report and
Quarterly Securities Report, and Mitsui undertakes no obligation to publicly
update or revise any forward-looking statements. This announcement is
published in order to publicly announce specific facts stated above, and does
not constitute a solicitation of investments or any similar act inside or
outside of Japan, regarding the shares, bonds or other securities issued by
us.

For diagrams omitted, please see our home page.
(http://www.mitsui.com/jp/en/release/2013/1200001_4686.html)

Contact:

Mitsui & Co Ltd