[February 23, 2009]

The Fair Trade Commission conducted on April 16, 2008 an on-site inspection of Yusen Air & Sea Service Co., Ltd. to investigate suspected violations of the Anti-Monopoly Act with respect to the air fare and fuel oil surcharge of international air cargo transportation. The Company has cooperated fully with the Fair Trade Commission's inspection since then.

As some of the news media have reported, the Fair Trade Commission gave the Company on February 20, 2009 advance notice that the commission is planning to impose a cease-and-desist order and a surcharge for violations of Article 3 of the Anti-Monopoly Act (prohibition of undue restriction of business activities) in international air cargo transportation.

The Company will check and examine the details of the advance notice from the Fair Trade Commission and will carefully consider any future response.

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