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Revision of Forecast Dividend for Fiscal Year Ended March 31, 2005

April 25, 2005

 Nippon Yusen Kaisha (NYK) has resolved to make a revision in its forecast year-end dividend per share for the fiscal year April 1, 2004 to March 31, 2005.

  1. Reason for revision of forecast dividend

     NYK considers the return of profits to its shareholders as one of its most significant management issues. Therefore, the Company's basic policy is the consistent distribution of stable dividends. To make decisions on the distribution of dividends, the Company takes its forecast business results, dividend payout ratio and other relevant issues into consideration in a comprehensive manner. Additionally, the Company pays attention to its business development with an eye on the expansion of the maritime industry and other logistics-related businesses. Moreover, the Company carefully observes the standard of retained earnings to flexibly accommodate fluctuations in market conditions in the maritime industry.

     Based on this fundamental policy, the Company formerly scheduled to distribute 7.50 yen for its year-end dividend per share for the fiscal year ended March 31, 2005; however, in commemoration of the 120th anniversary of the foundation of the Company and in response to its shareholders' continual support, the Company has decided to increase its year-end dividend per share for the fiscal year ended March 31, 2005 by 3.00 yen to 10.50 yen, including a commemorative dividend of 2.00 yen. Consequently, the annual dividend per share will amount to 18.00 yen, including the commemorative dividend of 2.00 yen.

  2. Specific revisions
      Actual interim dividend Forecast year-end dividend Forecast annual dividend
    Previous forecast
    (announced on February 9, 2005)
    7.50 yen 7.50 yen 15.00 yen
    Revised forecast
    (commemorative dividend)
    7.50 yen 10.50 yen
    (2.00 yen)
    18.00 yen
    (2.00 yen)
    Reference: Actual dividend for the previous fiscal year 5.00 yen 5.00 yen 10.00 yen