Kawasaki Kisen Kaisha : Changes of Directors and Audit & Supervisory Board Member

April 28, 2017

Kawasaki Kisen Kaisha, Ltd.

Kawasaki Kisen Kaisha, Ltd. ("K" Line) has decided during board meeting held today on changes of Directors and Audit & Supervisory Board Member.

1. Changes of Directors.

2. Retirement as of June 23, 2017

   Present Position	Name	New Position
   Outside Director	Mitoji Yabunaka	-

3. New Appointment as of June 23, 2017

4. New Position	Name	Present Position
   Outside Director	Kiyoshi Hosomizo	1),2),3)

5. Counselor, Mitsui & Co., Ltd.

6. Special Advisor, Iwata Godo Attorneys and Counsellors at Law

7. Audit & Supervisory Board Member, SEIREN, Co., Ltd

8. Change of Audit & Supervisory Board Member.

9. (1) Retirement as of June 23, 2017

   Present Position	Name	New Position
   Audit &Supervisory Board Member	Harusato Nihei	Senior Executive Officer

   Please see the attached sheet of Reason for Nomination of Newly -Elected Director.

   For more details, kindly contact as follows:

   Naoki Mishuku, General Manager, General Affairs Group Tel: +81-3-3595-6568 Fax: +81-3-3595-6076

   Reason for Nomination of Newly-Elected Director

   The reason for nomination of Director whom we propose for election at the 149th Ordinary General Meeting of Shareholders to be held on June 23, 2017 and his career summary are as follows:

   Kiyoshi Hosomizo

   Mr. Kiyoshi Hosomizo, a candidate for Outside Director, does not have prior experience of direct involvement in corporate management but has assumed important positions at Ministry of Finance and Financial Services Agency over his career. Accordingly, we request his election as an Outside Director because we judge that he will render proper advice to our management and perform appropriate monitoring of our business execution based on his high insight on finance, monetary affairs and other general economic issues accumulated in his career over many years and based on his broad knowledge and high insight on Corporate Governance as well. There is no special interest between Mr. Hosomizo and us. Mr. Hosomizo satisfies the criteria for independence of Outside Director provided by us, and if he is elected as a Director, we plan to designate him as an independent director pursuant to the regulations of the stock exchanges where our stock is listed.

   Career:

   Apr, 1978 Joined Ministry of Finance (MOF)

   Jul, 2002 Director, Legal Division, Budget Bureau, MOF Jul, 2003 Director, Financial System Stabilization Division,

   Minister's Secretariat, MOF

   Jul, 2004 Director, Planning Division, Planning and Coordination Bureau, MOF Aug, 2005 Tokyo Stock Exchange Administrator and Financial Futures Exchange

   Administrator, Kanto Local Finance Bureau, MOF,

   and Deputy Director-General of the Planning and Coordination Bureau (in charge of Market), and Secretary-General of the Executive Bureau, Certified Public Accountants and Auditing Oversight Board, Financial Services Agency (FSA)

   Jul, 2006 Tokyo Stock Exchange Administrator and Financial Futures Exchange Administrator, Kanto Local Finance Bureau, MOF, and Deputy Director-General of the Planning and Coordination Bureau (in charge of Market), FSA

   Jul, 2007 Deputy Director-General of the Planning and Coordination Bureau (in charge of Planning), FSA

   Jul, 2009 Vice Commissioner of the Planning and Coordination Bureau (in charge of Secretariat), FSA

   Jul, 2010 Director-General of the Inspection Bureau, FSA

   Aug, 2011 Director-General of the Supervisory Bureau, FSA Jul, 2014 Commissioner, FSA

   Jul, 2015 Retired

   Sep, 2015 Counselor to Mitsui & Co., (Current)

   Special Advisor to Iwata Godo Attorneys and Counsellors at Law (Current)

   Jun, 2016 Audit & Supervisory Board Member, SEIREN, Co., Ltd. (Current)