Kawasaki Kisen Kaisha, Ltd. (''K'Line') informs that a consortium ('Consortium') composed of our equity method affiliate, Ocean Network Express Pte. Ltd. ('ONE') and three major shareholders of Atlas Corp.

('Atlas')1 have jointly proposed on August 4, 2022 in US (August 5, 2022 in Japan) to acquire all of the outstanding common shares of Atlas that the Consortium does not own or control.

1. Overview

ONE has jointly formed the Consortium together with three major shareholders of Atlas, and the Consortium has jointly proposed on August 4, 2022 to board of directors of Atlas to acquire all of the

outstanding common shares that the Consortium does not own or control, on non-binding basis. Three major shareholders control approximately 68% of the fully-diluted outstanding common shares of Atlas and would continue their ownership in Atlas.

2. Reason for proposal

The Consortium believes that the proposal will allow Atlas to focus on the long-term business growth, not on short-term business results, as a strategic partner to support its future growth.

3. Outlook

The Consortium will negotiate with a special committee composed of independent directors of Atlas, fully-empowered to review and accept or reject the proposed transaction and to consider and negotiate the terms of the proposed transaction on behalf of the Atlas's board of directors.

Since the acquisition of shares by the Consortium is currently at a proposal stage, it is not anticipated to have any impact on the consolidated results of 'K'Line.

Please refer to the press release by the Consortium.

1 About Atlas Corp.

Atlas is an asset management company, also known as the owner of Seaspan Corporation, the largest independent global containership lessor.

Website: https://atlascorporation.com/

https://www.kline.com/news-and-press/2022/08/220805%20Proposal%20to%20Acquisition%20of%20Shares%20in%20Atlas%20Corp.%20by%20a%20Consortium%20Including%20an%20Equity%20Method%20Affiliate.pdf

Contact Takamasa Soejima

General Manager, Containerships Business Group

(TEL. +81 3-3595-5539)

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