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February 15, 2002
Kawasaki Kisen Kaisha, Ltd.
Kawasaki Kisen Kaisha, Ltd. ("K" Line)
Code No. 9107

Announcement on Amendments to Prospect for Financial Position for Fiscal 2001
(Consolidated and Non-Consolidated)

Considering the trend of recent major factors, the contents herein reflect our review of the prospect for Financial Position of Fiscal 2001 that was publicized on November 15, 2001 when results of the closing of accounts for the first half of Fiscal 2001 were made public. Highlights of this announcement are as follows:


1. Present Information on Prospect for Financial Position (Consolidated) (from April 1, 2001 through March 31, 2002)

(Unit: Millions of Yen)

Operating Revenues Ordinary Income Net Income
Previously-announced prospect (A) 585,000 21,500 10,000
Present prospect (B) 575,000 10,500 4,000
Increased/decreased amount (B-A) -10,000 -11,000 -6,000
Ratio of Increase / decrease (%) -1.7% -51.2% -60.0%
Full-year financial position
as of March 31, 2001
557,869 26,804 1,948

2. Present Information on Prospect for Financial Position (Non-consolidated) (from April 1, 2001 through March 31, 2002)

(Unit: Millions of Yen)

Operating Revenues Ordinary Income Net Income Dividend per Share
Previously-announced prospect (A) 460,000 15,500 6,500 ¥5.00
Present prospect (B) 445,000 5,500 1,500 ¥3.00
Increased/decreased amount (B-A) -15,000 -10,000 -5,000 -
Ratio of Increase/decrease (%) -3.3% -64.5% -76.9% -
Full-year financial position as of March 31, 2001 424,021 21,582 4,532 ¥5.00

3. Reasons for amendments to prospects for consolidated and non-consolidated financial resulted at the close of Fiscal 2001, March 31, 2002

The global economy has continued in recession since the latter half of 2000 triggered by the IT depression in the U.S.A. In fact, the supply and demand of space of containerships has widened and the freight rates tended to be softer during the 1st half of Fiscal 2001. The September 11 terrorist attacks on America remarkably worsened shipping business conditions. The attacks had a strong negative impact on cargo movement that eventually plummeted a great deal during the 4th quarter (October/December 2001) as compared with the previous quarter and also caused freight rates to drop even more than expected. Furthermore, both tramp and tanker businesses are experiencing a soft market. A fall in operating revenues and worsening profitability for "K" Line as a whole are also being experienced due to these market recession conditions. Therefore, we are unable to expect a recovery during the remaining period of Fiscal 2001.

The content on this website is provided as a convenience for our investors for informational purpose only. This is not intended to solicit investors to buy our company's stock. This information may include forecasts, projections and strategies that are based on the assumptions. Number of risks and uncertainties may cause actual results to differ from the description in this website. The final decision and responsibility for investments rests solely with the user of this site.

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