JAL and NYK Commence Cargo Business Reform and Merger Negotiations
Tokyo, August 21, 2009: Japan Airlines (JAL) and Nippon Yusen Kaisha (NYK) jointly announced today thatJapan Airlines International (JALI) - the key subsidiary of JAL, and NYK, have reached an agreement tocommence negotiations involving the restructuring of their cargo business and a potential merger between thecargo business of JALI and Nippon Cargo Airlines (NCA) – a subsidiary of NYK.
Following the collapse of the economy in the United States last autumn, the financial crisis that spread worldwide
caused demand for air cargo transport to fall drastically and market situations to worsen. In view of this, as aprecondition for continued growth and development into the future, both companies are focusing on improving
profitability in the present situation. Through a major restructuring of the cargo business and by combining thestrengths of the two largest cargo operators in Japan to form the biggest solitary Japanese cargo transport provider,
JALI and NCA foresee being able to secure profitability and raise the value of both companies. In order to further
examine this prospect, JALI and NYK came to an agreement to formally commence discussions.

JALI and NCA started code-sharing flights for the first time in March this year which greatly expanded thenetwork offered by both carriers and which resulted in a step up in quality of service and convenience provided tothe customers. Further consolidation is expected to bring about more benefits such as allowing both companies tosignificantly reduce cost and to fortify their technical expertise through shared-knowledge in the areas of cargohandling, as well as improve the competitiveness of Japan’s air cargo transport provider in the international arenawhich in turn, is anticipated to greatly support various industries in Japan.

Under the agreement, both companies can begin consulting with the relevant authorities and parties concerned toexplore in greater depth, the feasibility and benefits of this reform and potential merger. The new business structure
is targeted to start from April 1, 2010.

About Japan Airlines
The JAL Group, Asia’s largest airline group by operating revenue, serves some 220 airports in 35 countries and territories, including
60 airports in Japan. Its international network covers over 250 passenger routes and 28 cargo routes, while its domestic operations
include flights on 143 routes.

Journalists with media enquiries, please contact the press office: sze_hunn.yap@jal.com / Tel: +81-3-5460-3109/
www.jal.com/en/corporate/

With around 23,000 employees in the air transport segment, JAL Group operates a fleet of some 270 aircraft including Boeing 747s
and 777s and is now in the process of a major fleet renewal, introducing more fuel-efficient small and medium aircraft such as theB737 New Generation series and in the future the new high-tech Boeing 787 "Dreamliner".

A member of the oneworld global alliance since April 2007, JAL offers customers many benefits, such as the JAL Mileage Bank
frequent flier program.
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Journalists with media enquiries, please contact the press office: sze_hunn.yap@jal.com / Tel: +81-3-5460-3109/
www.jal.com/en/corporate/