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January 13, 2009
Kawasaki Kisen Kaisha, Ltd.

Impairment of Investments in Securities and Investments in Unconsolidated Affiliates

Since the market prices of investments in both securities and unconsolidated affiliates have dropped remarkably from their original cost, we decided to reflect such impairment of their values as follows:

< CONSOLIDATED >

(Unit: Millions of JPY)

(A) Impairment of investments in securities and investments in unconsolidated affiliates 16,328
(B) Net assets as of Mar 31, 2008 (A/B x 100) 376,277 (4.3%)
(C) Net income before extraordinary items at the end of accounting as of Mar 31, 2008 (A/C x 100) 125,867 (13.0%)
(D) Net income at the end of accounting as of Mar 31, 2008 (A/D x 100) 83,011 (19.7%)

< NON-CONSOLIDATED >

(Unit: Millions of JPY)

(A) Impairment of investments in securities and investments in unconsolidated affiliates 16,328
(B) Net assets as of Mar 31, 2008 (A/B x 100) 258,075 (6.3%)
(C) Net income before extraordinary items at the end of accounting as of Mar 31, 2008 (A/C x 100) 88,422 (18.5%)
(D) Net income at the end of accounting as of Mar 31, 2008 (A/D x 100) 58,938 (27.7%)

We are now reviewing full-year financial prospects (from April 1, 2008 to March 31, 2009). In case of amendment, we will inform you accordingly.

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