IINO KAIUN KAISHA

IR News ( General Meeting )

Information on modification of earnings forcast

Apr. 24, 2003

Dear Sirs,

Company Name : Iino Kaiun Kaisha, Ltd.

Representative Name : President Takeo Ohta

(Code No. 9119 of First Section of Tokyo Stock Exchange)

Inquiries : Finance & Accounting group manager Kazuo Kawahara

(TEL +81-3-3506-3180)

Announcement of adjustment of expected business results

Based on recent results trends, our earnings projection (consolidated/segment) for the fiscal year 2002 ending in March, which was officially announced at the settlement of interim accounts on November 15, 2002, has been adjusted as follows:

Notice

1. Non-Consolidated:The adjustment of expected results for fiscal year 2002 ending in March ( April 1, 2002 - March 31, 2003)

(Unit:millions of yen)

	Sales	Recurring Profit	Net Income
Previous projection (A)	43,000	2,200	1,100
Revised projection (B)	44,500	2,930	1,420
Difference (B-A)	1,500	730	320
Increase ratio (%)	3.5%	33.2%	29.1%
(Reference) Actual results for previous fiscal year (ended March 2002)	47,844	2,757	915

2. Consolidated:The adjustment of expected results for fiscal year 2002 ending in March ( April 1, 2002 - March 31, 2003)

(Unit:millions of yen)

	Sales	Recurring Profit	Net Income
Previous projection (A)	56,000	2,000	2,000
Revised projection (B)	57,000	2,950	2,450
Difference (B-A)	1,000	950	450
Increase ratio (%)	1.8%	47.5%	22.5%
(Reference) Actual results for previous fiscal year (ended March 2002)	62,572	3,523	1,329

3. Reasons for the adjustment
In projected non-consolidated results, we have increased our projections for sales, recurring profit and net income because business in the marine transportation market turned mainly brisk for the bulk carrier department and the chemical tanker department for the second half of the fiscal year; in addition, we have intensified cost-reduction by disposing of uneconomical vessels. In projected consolidated results, results will be adjusted as indicated above mainly to reflect adjustments to projected non-consolidated results.