New Representative Directors, Executive Officers and Candidates for Directors

TOKYO (March 27, 2003) - Based on decisions made at a Board Meeting held today, Kawasaki Heavy Industries, Ltd. ("the Company"), announced that a) effective April 1, 2003, the following managing directors will be appointed representative directors and b) the following executive officers will be proposed as candidates for election to director positions at the Shareholders' General Meeting in late June 2003.

a) New Representative Directors

Mikihiko Nakayama

Masatoshi Terasaki

b) Candidates for the Managing Director and the Representative Director Positions

Takashi Yoshino

Tadaharu Ohashi

The Company also announced today that as listed below new executive officers will be appointed effective April 1, 2003, and certain executive officers will resign as of March 31, 2003.

New Executive Officers and New Titles

Kouyu Itoga

General Manager

System Technology Development Center

Corporate Technology Division

Fumiaki Amae

Vice President

Consumer Products & Machinery Company

Akio Watanabe

Vice President

Gas Turbine & Machinery Company

Kazuhiko Mishima

Vice President

Rolling Stock, Construction Machinery

   & Crushing Plant Company

Resigning Executive Officers

Toshio Atsuta

Yousuke Fujii

Chikahiro Ono