Basic Tripartite Agreement on Establishment of International Express Company

Nippon Express Co., Ltd. (Head Office: Minato-ku, Tokyo; President: Masanori Kawai; hereinafter, "Nippon Express"), Kintetsu World Express Inc. (Head Office: Chiyoda-ku, Tokyo; President: Hirokazu Tsujimoto; hereinafter, "Kintetsu World Express"), and All Nippon Airways Co., Ltd. (Head Office: Minato-ku, Tokyo; President: Mineo Yamamoto; hereinafter, "ANA"), have agreed on jointly establishing an international express company and accordingly have today concluded a Basic Agreement. The new company will be established in April 2008 and will seek to rapidly expand business operations throughout Asia, its target service region.

Demand for international business-to-business logistics has rapidly grown as economies become increasingly borderless, strategic logistics has increased in importance for business management, and customer need for high-quality door-to-door transport has risen. The production activities of companies continue to accelerate, especially in Asia, and high-capacity logistics services are required to support efficient supply chains.

Given these circumstances, Nippon Express and Kintetsu World Express have been studying the idea of developing high-quality competitive express air cargo service products unique to Japanese forwarders. At the same time, ANA recently announced plans to join with Okinawa Prefecture in establishing an international cargo hub at Naha Airport, and has been building a very efficient air route network within Asia as it considered entering the express business for business-to-business logistics.

With the same objectives in mind, these three companies came to an accord on cooperating in the establishment of a new company in the international express business. The parties have worked as equal partners in planning for this new company and, while working in concert with other forwarders interested in pursuing this venture, they have made available to the new start-up the full management resources of their respective companies. The new company will seek to improve the efficiency of logistics in Asia and to contribute to economic development both in Japan and internationally.

Inquiries:	Nippon Express (Public Relations & Advertising Division)
TEL:	03-6251-1454

Inquiries:	Kintetsu World Express (General Affairs Division)
TEL:	03-3201-2654

Inquiries:	ANA Public Relations Office
TEL:	03-6735-1111

Investment ratios:	ANA: 34%, Nippon Express: 28%, Kintetsu World Express: 28%, other forwarders: 10%
Classification of company:	company with a board of directors, company with auditors
Scope of business:	air cargo forwarding
Other:	details such as the new company's capitalization, business name, head office, articles of incorporation, etc., will be determined by the Establishment Preparations Office

December 18, 2007	Basic Agreement signed
January 1, 2008	Establishment Preparations Office created
April 1, 2008	Scheduled establishment date (founding)

Name:	Nippon Express Co., Ltd.
Representative:	Masanori Kawai, President
Date established:	October 1, 1937
Paid-in capital:	70,100,000,000 yen
Employees:	69,324 (consolidated basis, as of September 30, 2007)
Business locations:	overseas: 357 locations in 204 cities in 37 countries (as of September 30, 2007); Japan: approximately 1,100 locations
Principal business activities:	(1)Motor cargo transport (2)Air cargo forwarding (3)Ocean cargo forwarding (4)Coastal shipping (5)Railway cargo forwarding (6)Warehousing

Name:	Kintetsu World Express Inc.
Representative:	Hirokazu Tsujimoto, President
Date established:	January 10, 1970
Paid-in capital:	7,216,000,000 yen
Employees:	7,745 (consolidated basis, as of September 30, 2007)
Business locations:	overseas: 285 locations in 186 cities in 30 countries (as of September 30, 2007)
Principal business activities:	(1)Railway cargo forwarding (2)Customs clearance (3)Intermodal transport (4)Ocean cargo transport

Name:	All Nippon Airways Co., Ltd.
Representative:	Mineo Yamamoto, President
Date established:	December 27, 1952
Paid-in capital:	160,001,284,228 yen
Employees:	13,602 (as of September 30, 2007)
Principal business activities:	(1)Scheduled air cargo transport (2)Charter air cargo transport (3)Aircraft charter (4)Other incidental operations
Fleet:	210 passenger aircraft, 6 cargo aircraft
Domestic passenger flights:	812 flights/day on 118 routes serving 50 cities
Domestic cargo flights:	44 flights/week on 3 routes serving 4 cities
International passenger flights:	610 flights/week on 35 routes serving 27 cities
International cargo flights:	106 flights/week on 20 routes serving 15 cities