Re: Dissolution and Liquidation of "K" Line Finance (Netherlands) B.V.

On September 24, 1999, the Board of Directors of Kawasaki Kisen Kaisha, Ltd. ("K" Line), passed a resolution to dissolve and liquidate the subject Company.

1. Description of Subsidiary
(1) Name: "K" Line Finance (Netherlands) B.V.
(2) Address: Officia I, 2nd Floor, De Boelelaan 7, 1083 HJ Amsterdam, The Netherlands
(3) Paid-in Capital: 45,000,000 Dutch Guilders

2. Contents
"K" Line Finance (Netherlands) B.V. is a finance subsidiary wholly owned by "K" Line. It was established in 1989 in Amsterdam, the Netherlands. It has principally been engaged in capital subscription and loan to foreign affiliates of "K" Line, primarily in Europe, flexibly responding to their demand for funds.

Pursuant to recent financial deregulation, it was resolved at “K”Line’s Board of Directors to break up and liquidate "K" Line Finance (Netherlands) as part of a plan to streamline, and eliminate duplication in, overseas financing operations within the "K" Line Group.

3. Effect on "K" Line
Pursuant to the subsidiary's dissolution, "K" Line will incur an estimated loss on liquidation of ¥2.3 billion. This loss will be recognized as an extraordinary loss in the interim financial statement of the fiscal year ending March 31, 2000. The dissolution will have no effect on the present outlook for the current fiscal year.