TOKYO December 18, 2007 - Tokyo based logistics companies Nippon Express, Kintetsu World Express and airline All Nippon Airways (ANA), today signed a memorandum of understanding to establish a new joint venture company to provide business to business international express delivery services in Asia. The new company will commence operations on April 1, 2008.

ANA will take a 34% share in the joint venture company - which has yet to be named - with Nippon Express and Kintetsu World Express both holding shares of 28%. The final 10% share will be taken by other forwarding companies.

The three companies cited the growth of international logistics and the increasing need for high quality, integrated, strategic distribution services as a driver behind their new joint venture. In particular, they pointed out the need in Asia for reliable and responsive logistics services to support the supply chains of businesses with rapidly expanding production bases.

To better compete in this changing environment, Nippon Express and Kintetsu World Express have been developing their own new products independently. ANA has also been working to create a cargo hub in Okinawa and highly efficient air network in Asia, with a move into the international express delivery market in its sights. The memorandum signed today will combine the expertise, experience and resources and of the three companies, allowing them to provide more effective and responsive services, and contribute to the growth of the domestic Japanese and regional Asian economies.