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Notice on Revision of Forecast of Business Results for Fiscal 2001

April 26, 2002

Since we published our interim earnings report on November 16 last year, we have continued to be faced with a severe business environment as the tanker and tramp spot markets have stagnated and freight rates for containerships have decreased. Nevertheless, in spite of these factors which adversely affected our earnings position, our company-wide cost reduction drive, called Project "C," has produced favorable results. This, coupled with the yen's depreciation and low bunker oil prices, has now enabled our company to project a larger-than-expected ordinary profit of ?43 billion on an unconsolidated basis.

On the other hand, the projection of our unconsolidated net profit for fiscal 2001 has been revised sharply downward to ?13.2 billion compared with the previous projection owing to the adverse impact of an extraordinary loss of ?12.5 billion, which was caused by the depreciation of investment securities. Nonetheless, we will pay a term-end dividend of ?3.75 per share as scheduled (?7.5 for the whole term).

As for consolidated business projections, all of our sales, ordinary profit and net profit are now expected to exceed their previous projections as a result of our efforts for business improvement in various sectors of the NYK Group, including the restructuring and streamlining of the refrigerated and conventional transport services, even though the terrorist attacks in the U.S. in September last year adversely affected our earnings in such fields as passenger ships and airfreight. Accordingly, we hereby publish the revision of our business projections as follows:

1. Revision of Forecast of Consolidated Results for Fiscal 2001 (April 1, 2001-March 31, 2002) (In millions of yen)

   	Sales	Ordinary Profit	Net Profit
   Previously announced forecast (A) (Announced on November 16, 2001)	1,150,000	45,000	15,000
   Newly revised forecast (B)	1,158,000	50,500	18,100
   Increase/decrease (B-A)	8,000	5,500	3,100
   Increase/decrease rate (%)	0.7	12.2	20.7
   Business results in the previous term (ending in March 2001)	1,133,905	71,298	35,562

2. Revision of Forecast of Unconsolidated Results for Fiscal 2001 (April 1, 2001-March 31, 2002) (In millions of yen)

   	Sales	Ordinary Profit	Net Profit
   Previously announced forecast (A) (Announced on November 16, 2001)	744,000	41,800	18,700
   Newly revised forecast (B)	748,995	43,079	13,225
   Increase/decrease (B-A)	4,995	1,279	-5,475
   Increase/decrease rate (%)	0.7	3.1	-29.3
   Business results in the previous term (ending in March 2001)	728,129	46,093	19,347

3. Dividends

   Dividend per share	Mid-term	Term-end	Whole-term
   	3.75	3.75	7.50

   (No change from previous forecast)