May 17, 2016

Kawasaki Kisen Kaisha, Ltd. (“K” Line) announces that Moody’s has downgraded the issuer rating of the company from “Ba2” to “Ba3”, effective from May 6, 2016. Although we have continued constructive discussions with Moody’s based on a cyclical nature of shipping industry, it was regretful that downgrade implementation has been taken. Based on nonnecessity of continuous rating obtainment from business (operation) perspective, today, we have withdrawn issuer rating from Moody’s. Nevertheless, we will continue to keep our ratings from Japan Credit Rating Agency, Ltd and Rating and Investment Information, Inc.

https://www.kline.co.jp/en/ir/stock/rating.html

We hope our ratings to improve as we run our business steadily based on our Medium term Management Plan, released on April 28, 2016.