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Cargo Business Reform and Merger Negotiations

January 29, 2010

We hereby announce the status and prospects of the cargo business reform and merger
negotiations between NYK and Japan Airlines International (JALI), the key subsidiary
of Japan Airlines, involving the restructuring of cargo business operated by JALI and
our subsidiary, Nippon Cargo Airlines (NCA).


1. Status
Although we have been negotiating a potential merger between the cargo business of
JALI and NCA since August 2009, we have not yet reached an agreement concerning
conditions of the reform and merger, as well as some technical aspects of operational
matters in the potential new business structure.


2. Prospect
In August, we announced that the new business structure was targeted to start from
April 1, 2010. As stated above, we have not yet reached an agreement and we continue
to negotiate relevant issues, including the revised target date of commencement of the
new business structure.

The news on this website is as of the date announced and may change without notice.