Kawasaki Kisen Kaisha, Ltd.
Code No. 9107
Registered Head Office: 8, Kaigan-dori, Chuo-ku, Kobe
Head Office: 2-9, Nishi-shinbashi 1-chome, Minato-ku, Tokyo
For detailed information feel free to contact Hiroyuki Maekawa, General Manager
Planning Group, Corporate Planning Department
Tel.03-3595-5178 (direct)

Regarding dividend for the current term, the decision has already been concluded to pay a fixed amount with comprehensive foresight to both the medium and long range future. Deep and careful consideration should be given to the past trend of the Company’s achievements, reinforcement of management fundamental structure considering the intensifying competition in the shipping industry, increase of interior reserves for development of future business and continuation of stable payment of dividends.
Net profit of the current term is going to result somewhere near the amount of our last prospect (Mid- Term Forecast made on Nov.6, 1998) , meanwhile despite rate levels related to the Container Business Sector expected to be restored, there is a worrisome outlook for a more harsh management environment where the bulk carrier markets will be more low-key due to delay in recovery of Japanese and Asian economies. In view of such prospects, we would like to increase internal reserves in this fiscal year to assure stable continuation of future dividend payments.
Consequently, we have concluded the mid-term forecast for a dividend at the close of fiscal 1998 be adjusted as follows:

Adjustment to Dividend Forecast

	Mid- Term Forecast for Annualized Dividend (made Nov.6,1998)	New Forecast	Differential
Dividend per Share	¥ 3.00 - ¥ 4.00	¥ 3.00	¥ 0.00 - ¥ 1.00