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NCA announces Stage II of its Medium- to Long-term Business Plan "NCA Phoenix Project 2.0"

April 16, 2007

Nippon Cargo Airlines (NCA: 83.8% share owned by NYK, Headquartered in Minato-Ku, Tokyo. President: Tadamasa Ishida), a subsidiary of the NYK group, today announced Stage II of its medium- to long-term business plan, titled "NCA Phoenix Project 2.0."

NCA, which undertakes air cargo operations for the NYK group, reviewed its medium- to long-term business plan, announced on May 12, 2006 and known as the "NCA Phoenix Project." The review was carried out after taking into consideration the progress achieved toward the goal of independent flight and maintenance operations, as well as the construction of a global network, by factoring in the company's financial results for the 2006 business year and market climates.

By executing this business plan, NCA will have swiftly achieved becoming a full-fledged all-cargo airline while still paying the greatest attention to safety and the environment. Above all, NCA will provide high-quality services to all its clients in the rapidly growing air cargo market as a globally efficient common cargo airline.

"NCA Phoenix Project 2.0" is divided into three phases and can be summarized as follows:

The financial results for the 2006 to 2008 business years, during which independent flight operations are the aim, face great difficulties. But with the introduction of new aircraft and the establishment of a global business base, in addition to increased cost competitiveness, safe and independent flight systems can be secured. This will steadily improve the company's financial results, as well as enhance services, thereby bringing about balanced financial results in the latter half of the 2008 business year.

In Phase II, between the 2009 and 2012 business years, NCA will endeavor to achieve "take off." NCA will be the launch customer for the next generation of freighter aircraft, the Boeing 747-8F, ahead of our competitors and we will try to expand our global network. By taking advantage of the expanded capacities at both Narita and Haneda Airports in 2010 and making the most of 24-hour airport operations, as well as additional growth in the Asian air cargo market, NCA will further enhance the quality of its services and thereby significantly improve its financial performance. This will inevitably lift the company out of its present financial position by the end of 2012 business year.

In Phase III, between the 2013 and 2015 business years, NCA will achieve sustainable growth through a global business development centered on new equipment, such as the B747-8F. By the 2015 business year - the final year of the "NCA Phoenix Project 2.0" - NCA will aim to accomplish total sales of ¥300 billion and an ordinary profit of ¥35 billion. At the same time, NCA will become a leading cargo airline in the global market by operating new aircraft and providing high-quality services to its customers.