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April 23, 2002
Kawasaki Kisen Kaisha, Ltd.

Amendment to Prospects for Fiscal 2001 Financial Position
(Consolidated and Non-Consolidated)

Kawasaki Kisen Kaisha, Ltd. ("K" LINE) takes pleasure in announcing that following a review of financial prospects made public on February 15, 2002, upward amendments are being made to the Full-Year Financial Position of Fiscal 2001 as follows:

1. Prospect for Full-Year Financial Position as of April 23, 2002 (Consolidated)(from April 1, 2001 through March 31, 2002)

(Unit: Millions of Yen)

Operating Revenues Ordinary Income Net Income
Previously-announced prospect (A) 575,000 10,500 4,000
Present prospect (B) 580,000 11,500 5,000
Increased/decreased amount (B-A) 5,000 1,000 1,000
Ratio of Increase / decrease (%) 0.9% 9.5% 25.0%
Full-year financial position
as of March 31, 2001
557,869 26,804 1,948

2. Prospects for Full-Year Financial Position as of April 23, 2002 (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) 445,000 5,500 1,500 ¥3.00
Present prospect(B) 449,000 7,100 2,800 ¥3.00
Increased/decreased amount (B-A) 4,000 1,600 1,300 -
Ratio of Increase/decrease (%) 0.9% 29.1% 86.7% -
Full-year financial position
as of March 31, 2001
424,021 21,582 4,532 ¥5.00

3. Reasons for upward amendments to prospects for Full-Year Financial Position at the close of Fiscal 2001 on March 31, 2002 (consolidated and non-consolidated)

On February 15, 2002 we amended the financial status for Fiscal 2001, forecasting a drop in container cargo and freight rates and a turndown in tramper and tanker markets. Thereafter, however, we were successful in improving ordinary income and net income. The improvement is attributed to a better-than-expected recovery towards the end of Fiscal 2001 in container cargo movement centering on Europe and U.S.A.

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