New Joint Venture Cargo Airline Established

In February of this year All Nippon Express Airways ("ANA"; head office: Minato Ward, Tokyo; president: Mineo YAMAMOTO) will establish a new cargo airline company - ANA & JP Express ("AJV") - as part of its strategic international logistics partnership with Japan Post (head office: Chiyoda Ward, Tokyo; president: Masaharu IKUTA) announced last October.

Japan Post's investment in AJV is contingent upon authorization from the Ministry of Internal Affairs and Communications, expected in April of this year. Nippon Express Co., Ltd. (head office: Minato Ward, Tokyo; president: Masanori KAWAI), and Mitsui O.S.K. Co., Ltd. (head office: Minato Ward, Tokyo; president: Akimitsu ASHIDA), will also invest in AJV, bringing the number of shareholders in the new joint venture to four.

Utilizing its long experience in international air cargo logistics, Nippon Express will be involved in planning cargo flights and cooperating in cargo collection systems, while Mitsui O.S.K.'s interest is expected to lie in future co-operation with the new airline across the international logistics field in general. AJV will be completing all procedures required under the Aviation Law in anticipation of operating its own cargo aircraft from August 2006 (tentative).

The combined international logistics experience and know-how of the four investor companies will enable AJV to efficiently develop and expand its business, which in turn will build even closer ties among these shareholders.

Representative:	Kenkichi HONBO, President
Head office:	Higashi-shimbashi, Minato Ward, Tokyo
Date of establishment:	February 1, 2006 (tentative)
Start of operations:	August 2006 (tentative)
Paid-in capital:	30 million yen
Capital ratio:	ANA = 100%
Additional capitalization in April 2006 will result in the following capital ratios:	ANA 51.7% Japan Post 33.3% Nippon Express 10.0% Mitsui O.S.K 5.0%
Principal businesses:	(1) Scheduled air cargo transport (2) Non-scheduled air cargo transport and cargo aircraft operations (3) Air cargo agency services

• ANA & JP Express will be established as the air cargo arm of Air Japan Co., Ltd., an ANA Group airline.

Representative:	Mineo YAMAMOTO, President & CEO
Date of establishment:	December 27, 1952
Capital:	111.5 billion yen
Employees:	12,091*
Principal businesses:	(1) Scheduled air transportation (2) Non-scheduled air transportation (3) Other aircraft operations (4) Incidental operations
Passenger fleet:	188 aircraft
Cargo fleet:	3 aircraft
International flights:	488 flights per week on 35 routes*

Representative:	Masaharu IKUTA, President
Date of establishment:	April 1, 2003
Capital:	1.2688 trillion yen*
Employees:	261,937*
Principal businesses:	(1) Postal services (2) Postal savings services (3) Postal life insurance services
Post offices:	24,678*
EMS (priority international airmail):	Outbound: 9.355 million items (FY2004) Inbound: 5.506 million items (FY2004)

Representative:	Masanori KAWAI, President
Date of establishment:	October 1, 1937
Capital:	70.1 billion yen*
Employees:	65,321* (consolidated basis)
Principal businesses:	Motor freight transport Air freight forwarding Ocean freight forwarding Railway freight forwarding
Offices:	Japan: 1,087 overseas: 301 in 35 countries*
Vehicles:	Motor vehicles: 24,767 heavy haulage and construction: 5,822*

Representative:	Akimitsu ASHIDA, President
Date of establishment:	December 28, 1942
Capital:	64.9 billion yen
Employees:	7,385* (consolidated basis)
Principal businesses:	(1) International ocean freight transport operations (2) Logistics operations (3) Domestic ferry and coastal transport operations (4) Associated/incidental operations
Operating vessels:	646*

• As of March 31, 2005