Ka Fung Utilizing Winged Trailers in Guangdong Province - February 2007

"K" Line Group Company, Ka Fung with headquarters in Macao, has started utilizing
Winged Trailers in the Guangdong Province.

"K" Line Logistics establishes "K" Line Logistics (Australia) Pty Ltd - Nov. 2006

"K" Line Logistics Ltd. (KLL) established "K" Line Logistics (Australia) Pty Ltd., a new
company in Melbourne which started operations as of September 1st, 2006.

Ka Fung starting Break Bulk Lorry services in Guangdong - June 2006

"K" Line Group Company, Ka Fung with headquarters in Macao, has recently added
Break Bulk Lorry services within the Pearl River Delta area in Guangdong Province.

Merger of "K" Line Air Service with "K" Logistics Corp - May 2006

Kawasaki Kisen Kaisha Ltd. ("K" Line) has approved the merger of "K" Line's two subsidiaries, "K" Line Air Service Ltd and "K" Logistics Corp, effective July 1, 2006.

Ka Fung (headquarters in Macao) has started Trucking Services - May 2006

"K" Line Group Company, Ka Fung with headquarters in Macao, has recently
started Trucking services for ocean containers in Guangdong Province, China.

"K" Line opens new warehouse in Tianjin , China - Dec. 2005

Kawasaki Kisen Kaisha, Ltd. ("K" Line) is pleased to announce the establishment of a
new logistics company named "K" Line Zhenhua Logistics ( Tianjin ) Co., Ltd. (KLZH).

Universal Warehouse Announces Expansion in Pacific Northwest - Nov. 2005

Universal Warehouse Co. has announced the opening of their newest location in
Auburn , WA , strategically located near the ports of Tacoma and Seattle.

"K" Line Total Logistics Strengthens Logistics Structure in Indonesia - Sep. 2005

Kawasaki Kisen Kaisha ("K" LINE) and its subsidiary PT. "K" Line (Indonesia) are pleased
to announce an aggressively established strengthened logistics structure in Indonesia.