Nippon Cargo Airlines Co. Ltd (NCA) has entered into the plea agreement concerning the alleged price-fixing cartel (Period covered: from April 2000 to February 2006) on international air transportation services for cargo on certain trans-Pacific routes to and from the United States, including pleading guilty and paying a $45 million fine.

The US Department of Justice (DOJ) has been conducting its investigation into the air transportation industry since February, 2006 and NCA has fully cooperated with DOJ on this investigation. Considering applicable rules and regulations as well as relevant facts, NCA has decided that entering into this plea agreement with DOJ is in the best interests for NCA as well as its shareholders. The fine has already been included in our updated estimate of our consolidated financial figures ending March, 2009.

We have been making our best efforts to conduct our business in compliance with relevant rules and regulations. It is regret that NCA enters into the plea agreement. We sincerely and seriously take this issue and continue to make on-going efforts for enhancing our compliance with rules and regulations, including anti-trust regulation.

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