Changes in Top Management (Including Representative Directors)

February 23, 2006

Nippon Yusen Kaisha (NYK) reached an agreement in a board meeting held today on changes to its lineup of directors, corporate officers, (currently indicated as directors which are not regulated by the Commercial Code of Japan) and a partial change in management committee systems (including the introduction of new position classifications), effective April 1, 2006. The company also approved a new lineup of corporate officers (effective April 1, 2006), and same of directors that will be referred to the 119th ordinary general meeting of shareholders and ensuing meeting of the board of directors, both scheduled for late June. Names of the directors are listed below.

1. Directors to retire on March 31, 2006

Name	Present Post	New Post
Yoshiharu Murata	Director*	To become an NYK advisor after retirement

Note:	Yoshiharu Murata will retire at the expiration of his term of service.
*	He is not regulated by the Commercial Code of Japan.

2. Changes to the lineup of directors, scheduled for April 1, 2006 (agreed on February 23)

New position classifications are provided in replacement of position classifications used for some directors, effective April 1, 2006.

Name	Present Post	New Post
Takao Kusakari	Chairman	Chairman, Chairman Corporate Officer
Koji Miyahara	President	President, President Corporate Officer
Tadamasa Ishida	Vice President	Representative Director, Executive Vice-President Corporate Officer
Yasushi Yamawaki	Senior Managing Director	Representative Director, Executive Vice-President Corporate Officer
Takao Manji	Senior Managing Director	Representative Director, Senior Managing Corporate Officer
Hiromitsu Kuramoto	Managing Director	Representative Director, Senior Managing Corporate Officer
Minoru Sato	Managing Director	Director, Senior Managing Corporate Officer
Yasumi Kudo	Managing Director	Representative Director, Senior Managing Corporate Officer
Hiroshi Sugiura	Managing Director	Representative Director, Senior Managing Corporate Officer
Hiroyuki Shimizu	Managing Director	Director, Managing Corporate Officer
Motoo Igawa	Managing Director	Director, Managing Corporate Officer
Masamichi Morooka	Managing Director	Director, Managing Corporate Officer
Susumu Kikuchi	Director	Director, Managing Corporate Officer
Yukio Ozawa	Executive Vice-President	Director
Michio Tamiya	Senior Managing Director	Director
Takahiro Ota	Managing Director	Director
Koichi Inoue	Managing Director	Director
Shinji Kobayashi	Director*	Managing Corporate Officer
Naoki Takahata	Director*	Managing Corporate Officer
Makoto Igarashi	Director*	Managing Corporate Officer
Masahiro Kato	Director*	Managing Corporate Officer
Hidenori Hono	Director*	Managing Corporate Officer

Note:	On March 31, 2006, Yukio Ozawa, Michio Tamiya, and Takahiro Ota will resign as directors with the right to represent NYK, and retire as corporate officers at the expiration of their terms of service. Koichi Inoue will also resign from the position of corporate officer.
*	These directors are not regulated by the Commercial Code of Japan.

3. New corporate officers to be named on April 1, 2006 (agreed on February 23)

Name	Present Post	New Post
Tsutomu Kikuchi	Managing Director of NYK Group Oceania Pty. Ltd.	Corporate Officer, Managing Director of NYK Group Oceania Pty. Ltd.
Toshiaki Takeda	Managing Director of NYK Logistics (Europe) Ltd.	Corporate Officer, Managing Director of NYK Logistics (Europe) Ltd.
Tomoyuki Matsubara	General Manager, Technical Group	Corporate Officer, General Manager of the Technical Group
Hiroshi Sekine	General Manager, Safety and Environmental Management Group	Corporate Officer, (Tanker and Gas Carrier Management Group, Manager of the Fleet Management Group, ) General Manager of the Safety and Environmental Management Group
Masahiko Fukatsu	General Manager, Logistics Group	Corporate Officer, General Manager, Logistics Group, General Manager, Logistics Integrator Group
Hiroshi Hiramatsu	General Manager, Corporate Planning Group	Corporate Officer, (Corporate Planning Group, Global Management Strategy Group)

4. Changes to the lineup of directors expected after the 119th ordinary general meeting of shareholders, to be held in late June 2006
1. Retiring Directors

Name	Present Post
Yukio Ozawa	Executive Vice- President,	Will serve as a director from April 1, 2006. Scheduled to serve as an NYK special advisor after retirement.
Michio Tamiya	Senior Managing Director	Will serve as a director from April 1, 2006. Scheduled to serve as an NYK advisor after retirement.
Takahiro Ota	Managing Director	Will serve as a director from April 1, 2006. Scheduled to serve as an NYK advisor after retirement.
Koichi Inoue	Managing Director	Will serve as a director from April 1, 2006. Scheduled to serve as an NYK advisor after retirement.

Note:

Yukio Ozawa will resign from his present post. Michio Tamiya, Takahiro Ota, and Koichi Inoue will retire at the expiration of their terms of service.

2. New director (on February 23, candidate nominations for the post of director were approved)

Name	Present Post	New Post
Shinji Kobayashi	Corporate Officer	Director, Will serve as Managing Corporate Officer from April 1, 2006.

The news on this website is as of the date announced and may change without notice.