On October 29, 2009, Nippon Cargo Airlines (“NCA E headquartered in Narita, Chiba Prefecture; President Tadamasa Ishida) received the “Examiner’s Report Efrom the Korean Fair Trade Commission (the “KFTC E on a suspect of violating the Monopoly Regulation and Fair Trade Law (the “FTL E, the primary law governing antitrust matters in Korea, regarding its air freight surcharges.

NCA and its corporate legal representatives will review the Examiner’s Report carefully and take appropriate measures to deal with the issues.

For reference, the effects of the “Examiner’s Report Eare as follows.

In the event the KFTC examiners deem that there is a valid case to pursue, it notifies the company concerned and provides the examiner’s report which summarizes its findings. However, this report is not a final decision on the allegation and the company which receives the examiner’s report can submit it written opinion to the KFTC Commission. Thereafter, the hearing will be held and if a violation is in fact identified, the Commission may impose sanctions on the company. In the event the company does not agree to the KFTC’s decision, it may appeal either to the KFTC for reconsideration or to an appellate court in Korea for revocation of the KFTC’s decision.