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November 26, 2004
Kawasaki Kisen Kaisha, Ltd.

Dissolution and Liquidation of a Subsidiary Company

On November 26, 2004, the Board of Directors of Kawasaki Kisen Kaisha, Ltd. ("K" LINE) resolved to dissolve and liquidate "K" Line Holding Luxembourg S.A. (the Subsidiary), one of our overseas subsidiary companies.


1. Background to the dissolution and liquidation

The Subsidiary was founded as our wholly-owned financial subsidiary in 1973 in Luxembourg with the principal operation of providing investments and loans of operating funds to our overseas group companies. In recent years, with the relaxation of financial regulations, we have reviewed and rationalized the financing function in our group companies, including overseas financial subsidiaries. As part of this effort, we decided to dissolve and liquidate the Subsidiary.


2. Outline of "K" Line Holding Luxembourg S.A.

Address:180, rue des Aubepines, L-1145, Luxembourg
Head of the Company:Isao Shintani, Chairman
Capital::US$ 42,500,000.-
Shareholder:Kawasaki Kisen Kaisha, Ltd. (100%)


3. Future outlook

In accordance with the dissolution and liquidation of the Subsidiary, we estimate about 2.8 billion yen (non-consolidated base) of liquidation loss. However, such loss has already been taken into account in both the consolidated and non-consolidated business forecasts of the current term, which we announced at the release of interim figures for the March 2005 term.


(Reference)

Consolidated business forecasts for the current term (announced as of November 11, 2004) and previous results

(Unit: Million Yen)

  Operating
revenue
Ordinary
income
Net income
Forecasts for the current term
(March 2005 term)
820,000 105,000 58,000
Previous results
(March 2004 term))
724,666 62,564 33,196

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