NEWSLETTER

November 5, 2020
Notice on Revised Forecast of Financial Resultsfor Fiscal Year ending March 2021
and Dividend policy (No Interim Dividend)
Kawasaki Kisen Kaisha, Ltd. (hereinafter, “the Company”) announces that Revised forecastof Financial Results for Fiscal Year ending March 2021 from the previously announced
forecasts on August 5, 2020.
The Company also announces that it has been decided at Board of Directors meeting todaythat no interim dividend distribution on September 30, 2020 as record date.
1. Differences from Financial Forecasts
1) Content of the Differences
Differences from Consolidated Financial Forecasts for the fiscal year ending March 31,2021 (April 1, 2020 - March 31, 2021)
FY2020
ProfitProfitOperatingOperating

Ordinary

attributable torevenue

incomeincomeowners of the(million yen)(million yen)(million yen)

parent(million yen)

attributable toowners of theparent per
share(yen)Previous forecast
announced

600,000△ 27,000△ 28,00000

Latest Forecast (B)590,000△ 25,000

020,000

214.42

Change (B - A)

△ 10,000

2,000

28,00020,000Change (%)△ 1.7%---735,284

6,840

7,4075,269

on Aug 5, 2020 (A)Reference: Consolidated
results forprior fiscal year ended March
31st, 2019

※Assumption for forecast（2021FY）
Exchange rate (\/US$) （B）106 （A）107
Fuel oil price (US$/MT) （B）362 （A）368

KAWASAKI KISEN KAISHA, LTD.
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IR & PR Group

56.50

NEWSLETTER

2) Reason for Differences
The operating revenue and the operating income are in expected level in previous
announcement. However, the ordinary income and the profit attributable to owner of theparent are expected to be exceed our previous forecast mainly due to significant
business performance improvement of OCEAN NETWORK EXPRESS PTE. LTD., Thebackground is that robust cargo movement in east-west traffic and overall market rate
improvement. The Company revised estimation of 2021FY consolidated financial
forecast with above reason.

2. Decision of Dividend from Retained Earnings (Interim Dividend)1) Content of the Decision
Most recent dividend
Amount determined

forecast (announcedon August 5, 2020)

Actual dividend theprevious fiscal year

Record date

September 30, 2020

September 30, 2020

September 30, 2019

Dividend per share

0.00 yen

Undetermined

0.00 yen

Total amount of dividends---

Effective date---Source of funds for dividends---2) Reason for Decision
Company’s second quarter result exceeded previous estimation and recorded 9,629
million yen (consolidated Profit attributable to owner of the parent) significantly
improved

frompreviousannouncement.

However,theCompany’simportantmanagement task is to maximize returns to our shareholders by implementing stabledividend. However, the business environment remains critical toward achieving theconsolidated full-year business forecasts, even though the consolidated financial resultsin the second quarter of the current fiscal year were better than expected. The Company
will make a concerted effort to further improve its financial results, but it is with sincere
regret that the Company announces it has decided to pay no interim dividend. TheCompany strives to achieve a consolidated net profit that will put the Company in theblack, with a view to resuming dividend payment. The year-end dividend remains to beundetermined. Update will be made again in due course once further judgment has
been made as to year-end dividend payment forecast after comprehensively taking into
consideration the full-year forecasts and the Company’s financial conditions.

KAWASAKI KISEN KAISHA, LTD.
ＩＲ・広報グループ

IR & PR GroupNEWSLETTER

For further information, please contact:
Goro Kitamura

Masaya Futakuchi

General Manager, Corporate Planning Group General Manager, IR & PR Group
Tel: +81-3-3595-5594

Tel: +81-3-3595-5189

Kawasaki Kisen Kaisha, Ltd. (“K” LINE)

Kawasaki Kisen Kaisha, Ltd. (“K” LINE)“K” LINE’s website URL:

https://www.kline.co.jp/en/index.html

Note: The forecasts of financial results set forth in this document were calculated based onavailable information at the time of announcement. Actual results may differ from the forecast
depending on various factors such as future developments in the business environment.

KAWASAKI KISEN KAISHA, LTD.
ＩＲ・広報グループ

IR & PR Group