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April 28, 2005
Kawasaki Kisen Kaisha, Ltd.

Amendments to Prospects for Dividend Payment for Fiscal 2004

At today's Board of Directors meeting Kawasaki Kisen Kaisha, Ltd. ("K" LINE) has revised prospects for dividend payment for Fiscal 2004 ending March 31, 2005.

1. Background for the revision

We prospected previously that we were going to pay ¥7.5 dividend per share at the close of Fiscal 2004. In consideration of a little more steady financial prospects being realized than originally planned, we are determined to increase payment of dividend at the close of Fiscal 2004 by 1.5 to 9.0 per share and eventually an annual dividend of 16.5 per share.

Procedurally, the above dividend payment must be approved at the annual shareholders' meeting taking place on June 29, 2005.

"K" LINE recognizes "return of profit to shareholders" as a very important assignment of management. It is our fundamental policy to execute stable and continuous payment of dividends. Stable payment of 10.0 dividend per share, and payment of dividend equivalent to 20% of non-consolidated net income should be our basic concept. Along this line efforts are being redoubled to further increase the proportion of dividend payment towards the final fiscal year of "K" LINE Vision 2008, the Company's interim management plan and to increase the return of profit to shareholders.

2.Content of Amendment

  Interim dividend
per share as of
September 30, 2004
Dividend per share
as of March 31, 2005
Dividend per share for
Fiscal 2004
Previous prospects
as of November 11, 2004
7.5 7.5 15.0
Revised prospects 7.5 9.0 16.5
(for guidance)
Actual results of Fiscal 2003
5.0 5.0 10.0

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