MITSUI & CO., LTD. ("MITSUI") hereby announces that MITSUI decided to subscribe for shares of MODEC Inc. ("MODEC") through a third party allotment (the "Third Party Allotment") to be conducted by MODEC and entered into a business alliance agreement with MODEC.
Following the subscription for shares in the Third Party Allotment, the shareholding ratio of MITSUI in the total number of shares outstanding of MODEC will be 14.99%.

1. Reasons for Subscription for shares in the Third Party Allotment and Business Alliance

While the development and production activities of offshore oil and gas fields in deep sea area are expected to continue to be active in the future, MITSUI believes it is important to expand its business in these fields. Therefore, MITSUI decided to subscribe for shares of MODEC in the Third Party Allotment in order to further deepen its alliance and strengthen its cooperative relationship with MODEC, as well as to enhance MODEC's financial position.

2. Details of Subscription for shares in the Third Party Allotment and Business Alliance

(1) Outline of Subscription for shares in the Third Party Allotment

(2) Details of Business Alliance
MITSUI and MODEC regard each other as strategic partners, and will jointly promote business relating to floating production systems for oil and gas fields by each utilizing the management resources, know-how, brands, customer base etc. of both companies.
Followings are the details of the business alliance, and it is assumed that further details, terms and conditions, timing and other matters regarding the business alliance will be established through mutual consultations.

MITSUI has been dispatching a director to MODEC and intends to continue to dispatch a director to MODEC after the business alliance has been formed.

3. Outline of MODEC

4. Schedule

(1) Execution date of the business alliance agreement and share subscription agreement : February 26, 2010

(2) Payment date : April 6, 2010

5. Future Prospects

The impact on MITSUI's business in the current fiscal year of the subscription for shares of MODEC through the Third Party Allotment and the business alliance with MODEC will be insignificant.

Notice:
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release 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.