(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

Financial Highlights: The Third Quarter Ended December 31, 2022
1. Consolidated Financial Highlights ( from April 1, 2022 to December 31, 2022 )(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)(1) Operating Results(¥Million)
Q3/FY2022
Revenues

Q3/FY2021

1,257,968

928,500

Operating profit

96,24442,412

Ordinary profit

739,254487,691

Profit attributable to owners of parent

723,245487,187(¥)

Net income per share

2,003.07

1,355.04

Diluted net income per share

1,995.50

1,349.07* The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.
Accordingly, net income per share and diluted net income per share is calculated on the assumption that the stock split was
conducted at the beginning of the previous fiscal year ended March 31, 2022.

(2) Financial Position(¥Million)
Q3/FY2022

FY2021

Total assets

3,522,800

2,686,701

Total net assets

1,917,992

1,334,866

54.1%

47.4%

Shareholders' equity / Total assets* Shareholders' Equity is defined as follows.

Shareholders' Equity = Total Net Assets - ( Share option + Non-controlling interests )2. Dividends（¥）
Dividend per share
Q1

Q2

Q3

Year -end

Total

FY2021―300.00―900.001,200.00

FY2022―300.00―――

FY2022 (Forecast)

―

―

―

260.00560.00* The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2022.
Accordingly, the dividends per share for the fiscal year ended March 31, 2022 represent the actual amount of dividends
before the stock split.

1

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

3. Forecast for the Fiscal Year Ending March 31, 2023(¥Million)
FY2022
Revenues

1,600,000

Operating profit

105,000

Ordinary profit

785,000

Profit attributable to owners of parent

800,000(¥)

Net income per share

2,215.35

2

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

4. Business Performance(1) Analysis of Operating Results(¥ Billion)
Nine months

Year-on-year comparison /Variance

From April 1, 2021 to
December 31, 2021

From April 1, 2022 to
December 31, 2022

Revenue

928.5

1,257.9

329.4

/

35.5%

Operating profit

42.4

96.2

53.8

/

126.9%

Ordinary profit

487.6

739.2

251.5

/

51.6%

Profit attributable toowners of parent

487.1

723.2

236.0

/

48.5%

Exchange rate

¥110.51/US$¥135.48/US$¥24.97/US$

Bunker price*

US$539/MT

US$787/MT

US$248/MT*Average price for all the major fuel grades

We recorded revenue of ¥1,257.9 billion, an operating profit of ¥96.2 billion, an ordinary profit of ¥739.2
billion and profit attributable to owners of parent of ¥723.2 billion.
We recorded ¥607.6 billion of equity in net earnings of affiliated companies in non-operating income,mainly due to a significant increase in earnings at OCEAN NETWORK EXPRESS PTE. LTD (ONE), an
equity method affiliate. The amount of equity in net earnings of affiliated companies we recorded which was
attributable to ONE was ¥567.1 billion.
The following is a summary of business conditions including revenue and ordinary profit/loss per businesssegment.
Upper: Segment Revenue, Lower: Segment Ordinary Profit (Loss)
Nine months(¥ Billion)
Year-on-year comparison /Variance

From April 1, 2021
to December 31, 2021

From April 1, 2022 to
December 31, 2022

267.8

344.4

76.6

/

28.6%

31.9

52.3

20.3

/

63.9%

217.8

297.4

79.5

/

36.5%

18.2

34.8

16.5

/

90.9%

369.3

528.8

159.5

/

43.2%

430.1

638.9

208.8

/

48.6%

43.0

40.9

(2.0)

/

(4.8%)

414.6

566.2

151.6

/

36.6%

29.1

29.9

0.7

/

2.7%

8.9

7.4

(1.4)

/

(16.7%)

32.8

42.3

9.4

/

28.8%

(1.7)

(0.4)

1.3

/

－%

11.4

14.9

3.4

/

30.1%

2.4

1.6

(0.8)

/

(33.0%)

Dry Bulk Business
Energy Business
Product Transport
Business
Containerships
Real Property Business
Associated Businesses
OthersNote: Revenue shows sales to external customers

3

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January 31, 2023

(A) Dry Bulk Business
After peaking in mid-May on the back of robust coal demand in India, Capesize bulker market rates
dropped sharply until the end of August, reflecting a less tight vessel supply-demand balance due toimproved vessel capacity utilization through the relaxation or removal of COVID-19 restrictions, in addition
to an uncertain global economic outlook. Subsequently, despite signs of a temporary tightening of the market
due to bad weather in China at the beginning of October, market rates lacked buoyancy in the absence of any
other supportive factors. Panamax bulker rates held firm from April despite the impact of decreased cargo
movements due to the COVID-19 pandemic and a less tight vessel supply and demand balance as mentioned
earlier; however, there was a noticeable downward trend from July due to global economic slowdown anddecreased China-bound cargo movements. Market remained weak from October, reflecting lackluster
shipments of grain and coal destined for China.
Despite these market conditions, the dry bulk business as a whole posted year-on-year improvement in profit
in the first nine months of the fiscal year due to the partial reversal of an allowance for doubtful accounts
recorded in the past in relation to a loan to GEARBULK HOLDING AG, an equity-method affiliate, as a resultof improvement in this company's financial position, in addition to the stable fulfilment of medium- and longterm contracts and steady efforts to tap into shipments of cargoes transported by open-hatch bulkers and twindecker multipurpose vessels.
(B) Energy Business<Tankers>
In the very large crude oil carrier (VLCC) market, conditions remained challenging during the first six
months due to the oversupply of vessels; however, from the summer, vessel demand grew and market
conditions recovered due to factors such as an increase in ton-miles associated with shifts in trading patterns
amid the Russia-Ukraine conflict, higher crude oil demand during the winter, and releases from the U.S.
strategic petroleum reserve. While there were times when both demand and supply decreased and the market
stagnated due to rising petroleum product prices and maintenance at refineries, product tanker market rates
remained at a high level, by factors such as the same higher ton-mile demand attributable to the RussiaUkraine conflict seen in the VLCC market.
In this market environment, by stably performing existing long-term contracts and endeavoring to reduce
costs, the tanker business as a whole posted a year-on-year increase in profits.
<Offshore>
The FPSO business secured stable profit through existing long-term charter contracts and reported a yearon-year increase in profit partly thanks to the newly commenced project.
<Liquefied Gas>
Whilst continuing to generate stable profit through existing long-term charter contracts, the LNG carrierbusiness posted a year-on-year decline in profit partially due to the effect of the expiration of some long-term
contracts. The FSRU business posted a year-on-year increase in profit, reflecting the additional operation
brought by the conclusion of a new short-term contract for an existing vessel.
(C) Product Transport Business<Containerships>
ONE, the Company’s equity-method affiliate, saw a sharp fall in spot freight rates from August due tofactors such as rising inflation in Europe and the U.S., weak shipping demand in the U.S. due to theaccumulated buildup of product inventories, and increased shipping capacity with the easing of port congestion.
As a result, the third quarter posted a profit decline year on year, as well as compared to the first and thesecond quarter of this fiscal year. However, the containerships business posted substantial year-on-year profit
growth in the first nine months of the fiscal year, largely due to the buildup of profit in the first six months.
<Car Carriers>
Despite the ongoing global semiconductor shortage and the continued automotive component shortages
attributable to the COVID-19 pandemic and other factors, we secured higher transportation volume than a year
earlier by flexibly reviewing vessel allocation plans. As a result the car carriers business achieved year-on-year
profit growth.

4

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

<Terminal and Logistics>
Container volumes in the terminal business held firm despite the ease of congestion at terminals in the U.S.
from the summer. Meanwhile, the logistics business was affected by the decline in market conditions. However,thanks to the contribution of profit accumulated in the first six months, the terminal and logistics business as awhole posted higher profit than a year earlier.
<Ferries and Coastal RoRo Ships>
The passenger transportation business saw a significant increase in the number of passengers year on year,
by successfully tapping into domestic travel demand stimulated through the national travel discount programand other campaigns run by the Japanese government, as well as demand to return home for the New Yearholidays. Similarly in the cargo transportation business, inland cargo movements maintained the firm tone seenin the same period a year earlier and underpinned profit growth. As a result, the ferries and coastal RoRo ships
business overall achieved improvement in profit year on year.
(D) Real Property Business
The real property business secured stable profit, despite a year-on-year drop in profits associated with thereconstruction of some buildings held by DAIBIRU CORPORATION, the core company in the Group’s real
property business.
(E) Associated Businesses
The cruise ship business achieved improved profitability year on year due to an increase in operations. The
tugboat business posted a year-on-year increase in profit due to a rise in the number of vessels requiring
tugboat services entering/leaving port and revision of tugboat service fees, though the situation varies
depending on each company and port.
(F) Others
Other businesses, which are mainly cost centers, include ship operations, ship management, ship charteringand financing. Ordinary profit in this segment decreased year on year.

5

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

(2) Outlook for FY2022(¥ Billion)
Previous outlook(As of announcement of
Q2 financial results)

Current outlook(As of announcement of
Q3 financial results)

Comparison / Variance1,600.01,600.0− /−%Operating profit

86.0

105.0

19.0 /

22.1%

Ordinary profit

800.0

785.0

(15.0) /(1.9%)

Profit attributable toowners of parent

790.0

800.0

10.0 /

1.3%

Revenue(Assumptions for the 2nd
half)(Assumptions for Q4)

Exchange rate

¥135.00/US$¥131.17/US$¥(3.83)/US$

Bunker price *1

US$420/MT

US$400/MT

US$(20)/MT

Compliant fuel price *2

US$710/MT

US$610/MT

US$(100)/MT*1 HSFO (High Sulfur Fuel Oil) average purchase price*2 VLSFO (Very Low Sulfur Fuel Oil) average purchase price(A) Dry Bulk Business
A continued lack of buoyancy in Capesize bulker market rates is forecasted on expectations for slow growthin iron ore exports due to the rainy season in Brazil and cyclones in Australia, coupled with maintenance atloading ports. Panamax bulker market rates are expected to remain weak with cargo movements remaining
sluggish, given that China’s economic recovery from the COVID-19 pandemic is likely to be slow. Due to the
expected recovery of cargo movements driven by the ending of Chinese New Year from February and the grain
harvesting season in South America from March, market conditions are expected to improve to some extent but
there is unlikely to be any big rebound.
However, the impact of the market fluctuations on our dry bulk business results will be limited because wehave reduced our market exposure to a certain level.
(B) Energy BusinessOn the very large crude oil carrier (VLCC), the supply and demand balance is expected to tighten and market
rates are likely to hold firm based on expectations for a rebound in demand with the end of China’s zero
COVID-19 policy and a continued increase in ton-miles due to sanctions against Russia. Product tanker rates
are expected to remain robust based also on the assumption of ton-mile-growth driven by a ban on the importof Russian petroleum products led by Europe and the U.S., prompting the procurement of alternatives fromfurther afield as well as an increase in export volumes after the issuance of additional export quotas by the
Chinese government.
The offshore business is projected to continue generating stable profit, with another new FPSO charter set tostart in FY2022.
In the liquefied gas business, the LNG carrier business will continue to maintain stable profit even thoughprofitability is expected to decrease year on year as a result of the expiry of an existing long-term contract. We
expect profit and loss of FSRU business to improve as a result of the acquisition of a short-term additional
contract for an existing vessel and its entry into operation.
(C) Product Transport BusinessIn the containerships business, we expect it to take a certain amount of time for the rapidly dropped spot
freight rates and shipment volumes to recover after the Chinese New Year, given rising inflation and the effectof inventory adjustments in the U.S.
In the car carrier business, as economic activity returns to normal, we forecast year-on-year growth intransportation volume and higher profit. We will continue striving for efficient vessel allocation in line withcargo movements while monitoring the impact of inflation and other factors on economies worldwide.
6

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

In the terminal and logistics business, demand is likely to weaken and we anticipate a decline in container
handling volumes.
In the ferries and coastal RoRo ships business, demand for the transportation of passengers and cargoes islikely to maintain its recovery trend. There are also expectations of an increase in passengers with the entry into
service of Japan’s first LNG-fueled ferry Sunflower Kurenai on the Osaka-Beppu route on January 13, and forrevenue growth in the cargo transportation business due to an increase in truck loading capacity.
(D) Real Property Business
The real property business is expected to report a decline in rental income as a result of the reconstruction ofa building owned but will continue to post solid profits due mainly to the rising occupancy rates of overseas
properties.
(E) Associated Businesses
The cruise ship business anticipates a recovery in demand as the restrictions on activity to prevent the spreadof COVID-19 are lifted, and profit and loss is expected to improve.

5. Financial Position
Total assets as of December 31, 2022 increased by ¥ 836.0 billion compared to the balance as of the end of the previous
fiscal year, to ¥ 3,522.8 billion. This was primarily due to the increase in investment securities.
Total liabilities as of December 31, 2022 increased by ¥ 252.9 billion compared to the balance as of the end of theprevious fiscal year, to ¥ 1,604.8 billion. This was primarily due to the increased in short-term bank loans.
Total net assets as of December 31, 2022 increased by ¥ 583.1 billion compared to the balance as of the end of theprevious fiscal year, to ¥ 1,917.9 billion. This was primarily due to the increase in retained earnings.
As a result, shareholders’ equity ratio increased by 6.6% compared to the ratio as of the end of the previous fiscal year, to54.1%.

7

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

6. Consolidated Financial Statements(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)(1) Consolidated Balance Sheets(¥Million)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Trade receivables
Contract assets
Marketable securities
Inventories
Deferred and prepaid expenses
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Vessels
Buildings and structures
Equipment and others
Furniture and fixtures
Land
Construction in progress
Other tangible fixed assets
Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term prepaid expenses
Net defined benefit assets
Deferred tax assets
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

8

As of December 31, 2022

99,878109,891
15,6011,000
46,085
21,54558,748(1,298)351,452

114,888
131,242
7,999
500
57,911
28,887
146,282(1,602)
486,109632,105
127,954
25,2905,529
254,594
59,9885,688
1,111,152
36,624

695,035
126,588
27,502
5,630
265,239
151,200
8,246
1,279,443
38,312

978,848
110,104
8,562
18,9571,217
93,343(23,562)
1,187,472
2,335,249
2,686,701

1,382,758
123,222
9,091
19,132
1,213
206,334(22,818)
1,718,934
3,036,690
3,522,800

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023(¥Million)
As of March 31, 2022
Liabilities
Current liabilities
Trade payables
Short-term bonds
Short-term bank loans
Commercial papers
Accrued income taxes
Advances received
Contract liabilities
Provision for bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds
Long-term bank loans
Lease liabilities
Deferred tax liabilities
Net defined benefit liabilities
Provision for directors' and corporate auditors'
retirement benefits
Provision for periodic drydocking
Other fixed liabilities
Total fixed liabilities
Total liabilities
Net assets
Owners' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total owners' equity
Accumulated other comprehensive income
Unrealized holding gains on available-for-salesecurities, net of tax
Unrealized gains on hedging derivatives, net oftax
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net oftax
Total accumulated other comprehensive income
Share option
Non-controlling interests
Total net assets
Total liabilities and net assets

9

As of December 31, 2022

96,03423,700
192,170
8,000
8,624
2,188
23,1259,433
50,726
414,002

121,063
25,000335,956
6,000
17,812
2,547
30,351
5,053
61,384605,169

189,500
575,101
10,80374,516
9,355

174,500
555,237
10,99386,923
9,675

1,485

956

15,836
61,233
937,832
1,351,835

18,002
143,347
999,638
1,604,807

65,40023,0901,091,250(2,267)
1,177,474

65,589－1,499,254(1,538)1,563,305

34,01029,975

27,161

82,16029,232224,016

6,691

5,927

97,095781
59,514
1,334,866
2,686,701

342,080
696
11,911
1,917,992
3,522,800

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

(2) Consolidated Statements of Income(¥Million)
FY2021(Apr. 1, 2021 - Dec. 31, 2021)

FY2022(Apr. 1, 2022 - Dec. 31, 2022)

928,500
818,557
109,942
67,52942,412

1,257,968
1,065,343
192,625
96,38096,244

5,132
6,871
430,435
12,6792,125
457,244

10,045
6,716
607,695
22,313
10,958657,729

8,763
3,201
11,965
487,691

12,5892,129
14,718739,254

8,220
8,470
16,69010,177
14,46824,646

582
3,808
4,390

219
4,421
4,640

499,992

759,260

7,803
492,1885,000
487,187

33,648725,6112,366
723,245

Shipping and other revenues
Shipping and other expenses
Gross operating income
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Equity in earnings of affiliated companies
Foreign exchange gains
OthersTotal non-operating income
Non-operating expenses
Interest expenses
OthersTotal non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of fixed assets
OthersTotal extraordinary income
Extraordinary losses
Loss on sale of fixed assets
OthersTotal extraordinary losses
Income before income taxes and non-controllinginterests
Income taxes
Net income
Profit attributable to non-controlling interests
Profit attributable to owners of parent

10

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January 31, 2023

(3) Consolidated Statements of Comprehensive Income(¥Million)
FY2021(Apr. 1, 2021 - Dec. 31, 2021)

FY2022(Apr. 1, 2022 - Dec. 31, 2022)

492,188725,611

1,736(4,036)

5,022
14,569(2,484)

14,512
71,449(764)

27,266

166,422

46,110538,298

247,584
973,195

530,995

968,229

7,303

4,965

Net income
Other comprehensive income
Unrealized holding gains on available-for-salesecurities, net of tax
Unrealized gains on hedging derivatives, net of tax
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

11(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

[NOTE](Notes in the Event of Significant Changes in Shareholders’ Capital)
Since the balance of capital surplus turned negative at the end of the third Quarter of the fiscal year due toadditional purchase of the shares of consolidated subsidiaries, capital surplus was reduced to nil whereby thenegative balance was deducted from retained earnings in accordance with “Accounting Standard for Consolidated
Financial Statements” (ASBJ Statement No.22, September 13, 2013.).
(Changes in Accounting Standards)(Adoption of Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Company has adopted “Implementation Guidance on Accounting Standard for Fair Value Measurement”(ASBJ Guidance No. 31, June 17, 2021.) from the beginning of the first Quarter of the fiscal year ending March 31,
2023, and in accordance with the transitional treatment prescribed in Paragraph 27-2 of “Implementation Guidanceon Accounting Standard for Fair Value Measurement”, the new accounting policy prescribed by “Implementation
Guidance on Accounting Standard for Fair Value Measurement” will be adopted prospectively. There is no impact
on the quarterly consolidated financial statements.
(Adoption of ASC 842, Lease Accounting)Some of consolidated foreign subsidiaries of the Company adopting Generally Accepted Accounting Principles
in the U.S. have adopted ASC 842, Lease Accounting, effective from the beginning of the first Quarter of the fiscal
year ending March 31, 2023. In accordance with the adoption of the standard, the Company decided to record leasingtransactions of the lessee of the subsidiaries, for all leases in principle, in assets and liabilities on the quarterly
Balance Sheet. In the adoption of the standard, the subsidiaries have adopted a method that recognizes the
cumulative effect on the date of initial application, which is permitted as a transitional treatment.
As a result, “Other investments and other assets” in investments and other assets increased by ¥ 82,761 million,“Other current liabilities” in current liabilities increased by ¥ 6,987 million, and “Other fixed liabilities” in fixedliabilities increased by ¥ 75,774 million at the beginning of the fiscal year. There is no impact on the quarterly
consolidated statements of income in the third Quarter of the fiscal year ending March 31, 2023.
(Changes in Method of Evaluating Inventories)
The MOL Group has mainly adopted the cost method based on the moving average method for evaluating raw
materials and supplies included in inventories. However, the Company and some of its consolidated subsidiaries
changed to the cost method based on first-in first-out method effective from the first Quarter of the fiscal year ending
March 31, 2023.
This change in the evaluation method resulted from our judgment that by taking the opportunity to change thecore system, the Company can more appropriately evaluate inventories and calculate periodic profit or loss withinventory valuation by using the first-in first-out method.
However, because it is impossible in practice to calculate inventories by the first-in first-out method due to thedifference in the recording method of inventory recipient and payment data for past fiscal years from the new coresystem and difficult to calculate the cumulative effect in case it is adopted retrospectively, the Company has adopted
the cost method based on the first-in first-out method effective from the beginning of the fiscal year to the future,recognizing book value at the end of the previous consolidated fiscal year as the beginning balance of the first
Quarter of the fiscal year.
As a result, inventories for the third Quarter of the fiscal year decreased by ¥ 1,544 million, and shipping andother expenses for the third Quarter of the fiscal year increased by the same amount. Consequently, operating profit,
ordinary profit, and income before income taxes and non-controlling interests for the third Quarter of the fiscal year
each decreased by the same amount.

12

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January 31, 2023

(Additional Information)(Change to Consolidated Subsidiary Company (Share Transfer))
With respect to Share Transfer of INTERNATIONAL TRANSPORTATION INC. (hereinafter referred to as“ITI”), which is our consolidated subsidiary company, reported as the Material Subsequent Events in Financial
Highlights of the Second Quarter Ended September 30, 2022, we have entered into share transfer agreements withthe recipients in accordance with the completion of internal approvals of recipients, which were not yet obtained.
In addition, the Share Transfer schedule has been changed.
1. Overview of recipients and transfer prices
The recipients of Share Transfer are two companies (hereinafter, one of such companies shall be referred to as“Recipient 1” and the other company shall be referred to as “Recipient 2”), and we have entered into share transfer
agreements with Recipient 1 and Recipient 2 respectively (hereinafter, the Share Transfer to Recipient 1 shall bereferred to as “Share Transfer 1” and the Share Transfer to Recipient 2 shall be referred to as “Share Transfer 2”).
For overview of Recipient 1 and the transfer price of Share Transfer 1, please see the Material Subsequent Eventsin Financial Highlights of the Second Quarter Ended September 30, 2022.
Overview of Recipient 2 and the transfer price of Share Transfer 2 are as follows:(1) Overview of Recipient 2
Ocean Network Express Pte. Ltd. (hereinafter referred to as
Name“ONE”) or an entity designated by ONE
Location
Name and title ofrepresentative person

7 Straits View, #16-01 Marina One East Tower, Singapore 018936
Jeremy Nixon, CEOContents of businessAmount of stated capital
Date of establishment
Net assets (as of fiscal year
ended March 31, 2022)

Container shipping business
US$3,000,000,000
July 7, 2017
US$15,909,000,000

Total assets (as of fiscal
year ended March 31, 2022)

US$24,613,000,000(1) Large shareholder andshareholding ratio(2) Relationship between
Recipient 2 and us

Ocean Network Express Holdings, Ltd.

100%

CapitalrelationshipWe own 31.0% of outstanding shares in
Ocean Network Express Holdings, Ltd.
which owns 100% of outstanding shares inONE.

Personal
relationshipTransactional
relationshipWe have dispatched 42 employees to ONE
as secondees.
We have entered into charter contracts on
container ships with ONE, under which wehave leased container ships to ONE.

* ONE falls under our related party.
(2) Transfer price of Share Transfer 2
Approximately US$212,500,000

13(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

2. Schedule(1) Execution date of share transfer agreement (Share

November 11, 2022

Transfer 1)(2) Execution date of share transfer agreement (Share

December 27, 2022

Transfer 2)(3) Implementation date of Share Transfer 1

March 2023 (*scheduled date)(4) Implementation date of Share Transfer 2 (Date ofMarch 2023 (*scheduled date)change to consolidated subsidiary company)* Due to the fact that the Share Transfer will be implemented after the approvals of competent government
authorities under relevant laws and regulations are obtained, if there is any change or delay in such approvals,
the schedule above may change.

14

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

(4) Segment Information
Business segment information:(￥Million)

Reportable Segment
Product Transport Business

Q3/ FY2021(Apr. 1 - Dec. 31, 2021)

Dry Bulk
Business

EnergyBusiness

Containerships

Car Carriers,
Terminal andLogistics,
Ferries andCoastal RoRo
ships

Real
Property
Business

AssociatedBusinesses

Sub Total

267,814217,892

43,037326,303

29,13732,851

917,036

Others*1

Total

11,463

928,500

Adjustment*2

Consolidated*4－928,500

Revenues
1.Revenues fromexternal customers
2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

143

6,653

210

2,825

2,312

16,30528,451

6,404

34,856(34,856)－

267,957
31,928

224,545
18,23643,248414,651

329,128
15,481

31,4498,949

49,157(1,789)945,487
487,458

17,8682,495

963,356
489,953(34,856)(2,262)928,500
487,691(￥Million)

Reportable Segment
Product Transport Business

Q3/ FY2022(Apr. 1 - Dec. 31, 2022)

Dry Bulk
Business

EnergyBusiness

344,497

297,421

Car Carriers,
Terminal andContainer Logistics,
Ferries andships
Coastal RoRo
ships

Real
Property
Business

AssociatedBusinesses

Sub Total

29,93542,314

1,243,050

Others*1

Total

14,9181,257,968

Adjustment*3

Consolidated*4－

1,257,968

Revenues
1.Revenues fromexternal customers
2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

40,972487,908764

10,798

222

2,803

2,243

19,52136,353

10,017

46,371(46,371)－345,261
52,319308,220
34,80841,194566,292

490,71172,69732,1797,453

61,836(403)

1,279,404
733,169

24,935
1,671

1,304,339
734,840(46,371)
4,414

1,257,968
739,254* 1. "Others" primarily consists of business segments that are not included in reportable segments, such as the ship operations
business, the ship management business, the ship chartering business and the financing business.
* 2. Adjustment in Segment profit (loss) of ¥ -2,262 million include the following:¥ -7,246 million of corporate profit which is not allocated to segments, ¥ 4,206 million of adjustment for
management accounting and ¥ 777 million of inter-segment transaction elimination.
* 3. Adjustment in Segment profit (loss) of ¥ 4,414 million include the following:¥ -1,202 million of corporate profit which is not allocated to segments, ¥ 4,203 million of adjustment for
management accounting and ¥ 1,412 million of inter-segment transaction elimination.
* 4. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income.
* 5. Notes to changes in reportable segments etc:(i)“Terminal and Logistics Business,” which was conventionally presented in “Containerships Business,”has been included in the conventional “Car Carriers, Ferries and Coastal RoRo Ships Businesses,”in order to clearly disclose the information related to “Containerships Business,”which has a big impact on the MOL Group’s operating results.
As a result, the name of the conventional segment “Car Carriers, Ferries and Coastal RoRo Ships Businesses,”
was changed to the “Car Carriers, Terminal and Logistics, Ferries and Coastal RoRo Ships Businesses.”(ii)“Real Property Business,” which was conventionally presented in “Associated Businesses,” has been disclosed independently as a reportable segment,
because the significance of “Real Property Business” increased as Daibiru Corporation became a wholly owned subsidiary of the Company.
(iii) The name of “Energy and Offshore Business” has been changed to “Energy Business.” This change has no impact on segment information.
In addition, Revenues and Segment profit (loss) during the third Quarter of the previous fiscal year are reclassified or adjusted
to conform to the presentation for the fiscal year.
* 6. As stated in (Changes in Method of Evaluating Inventories), the MOL Group has mainly adopted
the cost method based on the moving average method for evaluating raw materials and supplies included in inventories.
However, the Company and some of its consolidated subsidiaries changed to the cost method
based on the first-in first-out method effective from the first Quarter of the fiscal year ending March 31, 2023.
Since it is impossible in practice to calculate the cumulative effect in case it is adopted retrospectively,
the Company has adopted the cost method based on the first-in first-out method effective from the beginning of the fiscal year to the future,recognizing book value at the end of the previous consolidated fiscal year as the beginning balance of the first Quarter of the fiscal year.
Due to the change, compared with the previous method, Segment profit (loss) for the third Quarter under review decreased¥ 699 million in the Dry Bulk Business, ¥ 286 million in the Energy Business, ¥ 556 million in the Car Carriers,
Terminal and Logistics, Ferries and Coastal RoRo Ships Businesses, and ¥ 1 million in Others.
There is no impact on Segment profit (loss) in the Containerships Business, the Real Property Business and the Associated Businesses.

15

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

* 7. We have changed the allocation of general and administrative expenses to company-wide profit and loss
to appropriately reflect expenses in each segment. This new method of allocating general and administrative expenses has been usedfrom the first Quarter of the fiscal year ending March 31, 2023.
In comparison with the results based on the previous method, Segment profit (loss) for the third Quarter under review decreased¥ 735 million in the Dry Bulk Business, ¥ 839 million in the Energy Business, increased ¥ 2,267 million in the Containerships Business,¥ 765 million in the Car Carriers, Terminal and Logistics, Ferries and Coastal RoRo Ships Businesses,
decreased ¥ 778 million in the Real Property Business, ¥ 951 million in the Associated Businesses, ¥ 54 million in Others,
and increased ¥ 325 million in Adjustment in Segment profit (loss).

[REFERENCE PURPOSE ONLY]
Please note that this document has been translated from the Japanese original for reference purposes only and the financial statements
contained is unaudited.
In case of any discrepancy or inconsistency between this document and the Japanese original, the latter shall prevail.

16

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

[ Supplement ]1. Review of Quarterly Results<FY2022>
Q1
Apr-Jun, 2022

Q2
Jul-Sep, 2022

Q3
Oct-Dec, 2022

374,783

446,554436,631

Operating profit (loss)

23,59732,49040,157

Ordinary profit (loss)

284,191

315,604

139,459

Income (Loss) before income taxes

288,824

331,612

138,824

Profit (Loss) attributable to owners of parent

285,779

315,744

121,722

Net income (loss)* per share[￥]

791.96874.46336.91[￥ Millions]

3,134,568

3,588,441

3,522,800

1,465,448

1,879,559

1,917,992

Q1
Apr-Jun, 2021

Q2
Jul-Sep, 2021

Q3
Oct-Dec, 2021

Q4
Jan-Mar, 2022

288,874

308,213331,413

340,810

Operating profit (loss)

8,042

12,35022,02012,593

Ordinary profit (loss)

104,268

167,575

215,848

234,088

Income (Loss) before income taxes

106,423

173,650

219,919

233,001

Profit (Loss) attributable to owners of parent

104,147

170,701

212,339

221,632

Net income (loss)* per share[￥]

290.07474.79589.73614.82[￥ Millions]

2,217,926

2,415,856

2,556,362

2,686,701

827,605

997,357

1,185,367

1,334,866

Revenues

Total Assets[￥ Millions]

Total Net Assets

Q4
Jan-Mar, 2023

*Profit (Loss) attributable to owners of parent<FY2021>

Revenues

Total Assets[￥ Millions]

Total Net Assets*Profit (Loss) attributable to owners of parent

Note: The Company split its common stock on the basis of three (3) shares per share effective April 1, 2022.
Accordingly, net income per share is calculated on the assumption that the split of shares was conducted at the
beginning of the previous fiscal year ended March 31, 2022.

17

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

2. Depreciation and Amortization(￥ Millions)

Nine months ended
Dec.31, 2021

Nine months ended
Dec.31, 2022

Vessels

46,61252,494

5,881

62,902Others17,556

20,312

2,756

23,496

Total

64,16972,807

8,637

86,399

Increase / Decrease

FY2021

3. Interest-bearing Debt(￥ Millions)
As of Mar.31, 2022

As of Dec.31, 2022

Increase / Decrease

Bank loans

767,271

891,194

123,922758,397

Bonds

213,200

199,500(13,700)

213,200

Commercial paper

8,000

6,000

(2,000)38,000

Others12,226

12,459233

19,675Total

1,000,697

1,109,153

108,456

1,029,273

4. Fleet Capacity (MOL and consolidated subsidiaries)
Dry bulkers(No. of ships and deadweight ton)
Car carriersContainerships

LNG carriers*1

Tankers

As of Dec.31, 2021

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

Owned

47

4,995

65

8,620

22

1,440

49

875

16

1,290

Chartered274

24,965

79

4,028

21

1,374

46

759

27

3,081

Others

-

-

1

35

-

-

-

-

-

-

As of Dec.31, 2022

321

29,960145

12,683

43

2,814

95

1,634

43

4,372

As of Mar.31, 2022

319

28,800162

13,413

29

2,106

93

1,614

47

4,698

Ferries &Coastal RoRo ships

Passenger ships

Others*2

Total

No.of ships

1,000MT

No.of ships

1,000MT

No.of ships

1,000MT

Owned

10

54

1

4

7

47

No.of ships

217

1,000MT

17,324Chartered

6

39

-

-

24

74

477

34,321Others

-

-

-

-

1

1

2

36

As of Dec.31, 2022

16

93

1

4

32

121

696

51,680

As of Mar.31, 2022

15

85

1

4

32

121

698

50,842*1 In addition to LNGC, VLEC, LNG bunkering ships, and FSRU, including LPG/Ammonia ships from FY2022 1st quarter,
which were classified as tankers in the previous fiscal year.
*2 Coastal ships (excluding RoRo ships) and Cable-laying Ships

5. Exchange Rates
Nine months ended
Dec.31, 2021

Nine months ended
Dec.31, 2022

Average rates¥110.51¥135.48¥24.97[22.6%]JPY Depreciated¥111.52

Term-end rates¥115.02¥132.70¥17.68[15.4%]JPY Depreciated¥122.39

FY2021

ChangeRemark: "Average rates" are average of monthly corporate rates in each term, while "term-end rates" are TTM rates on the last day of each term.

<Overseas subsidiaries>
Term-end rates

As of Sep.30, 2021

As of Sep.30, 2022

¥111.92¥144.81¥32.89[29.4%]

6. Average Bunker Prices

Purchase Prices

As of Dec.31, 2021

ChangeNine months ended
Dec.31, 2021

Nine months ended
Dec.31, 2022

Increase / Decrease

US$539/MT

US$787/MT

US$248/MT

18

JPY Depreciated¥115.02

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31, 2023

7．Market Information(1) Dry Bulker Market (Baltic Dry Index)

Source : Clarkson Research(Index: January 1985 = 1,000)

6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2021/12021/4Monthly Average

2021
2022

Jan
1,658
1,761

2021/7

Feb
1,500
1,835

Mar
2,018
2,464

2021/10

Apr
2,475
2,220

May
2,965
2,943

2022/1

Jun
2,932
2,389

Jul
3,188
2,077

2022/4

Aug
3,720
1,412

Sep
4,288
1,487

2022/7

Oct
4,820
1,814

Nov
2,780
1,299

(2) Tanker Market (Daily Earnings) : VLCC AG/Japan trade (US$Charter Rate/day)

2022/10

Dec
2,832
1,453

Average
2,931
1,930

Source : Clarkson Research$120,000$100,000$80,000$60,000$40,000$20,000$0$-20,000
2021/12021/4Monthly Average

2021
2022

2021/7JanFeb
8,221 1,639-1,128 -5,587

Mar-1,229-6,8862021/102022/12022/4

Apr
May
Jun
Jul
Aug
Sep
4,243 4,131
92 -1,800-26 1,952
3,493 -7,435 -13,042 6,196 30,887 58,844

2022/7

Oct
Nov
6,201 5,259
68,153 92,660(3) Containership Market (China Containerized Freight Index) (Index: January 1st 1998 = 1,000)

2022/10Dec
4,024
51,181

Source : Clarkson Research

6,500

Europe Service

6,000

W/C North America Service

E/C North America Service

5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2021/12021/42021/72021/102022/12022/42022/72022/10

Note: CCFI reflects the freight rate trend for container exports from China only, which does not always match the overall trend for container exports from Asia.

19

Average
2,726
23,111