Kawasaki Kisen, Ltd. (“Kawasaki Kisen”) and its consolidated subsidiary Kawasaki Kinkai Kisen, Ltd. (“Kawasaki Kinkai Kisen”; collectively with Kawasaki Kisen, the “Companies”) hereby announce that the Companies, at their respective Boards of Directors meetings held this day, adopted a resolution for a share exchange (the “Share Exchange”) whereby Kawasaki Kisen and Kawasaki Kinkai Kisen will .