Directors and Executive Officers to Change

TOKYO (February 26, 2004) - Based on decisions made at the Board Meeting held today, Kawasaki Heavy Industries, Ltd. (the "Company") announced that effective April 1, 2004, the following representative directors will be appointed the following positions.

Takashi Sugoh, Director

(currently Senior Vice President *)

Mikihiko Nakayama, Director

(currently Senior Vice President *)

  * Representative Director

The Company also announced today that it will change the responsibilities and titles of the following executive officers effective April 1, 2004 as follows, and that the following executive officers will resign as of March 31, 2004.

New Titles

Akira Matsuzaki

Executive Officer

General Manager, Corporate Technology Division

(currently Vice President

Rolling Stock, Construction Machinery

  & Crushing Plant Company)

Chikashi Motoyama

Executive Officer

President, Aerospace Company

(currently Vice President

 Aerospace Company)

Retiring Executive Officers

Shiroh Ikeda

(will be appointed Advisor effective April 1, 2004)

Isao Shindo