ANA & JP Express Announce the Third Party Allotment of New Shares.

Tokyo, Japan, Apr 27, 2006 - (JCN Newswire) - ANA & JP Express (AJV), a new joint-venture cargo airline, announced today that investment by All Nippon Airways (ANA), Japan Post, Nippon Express and Mitsui O.S.K. Lines  (MOL) was completed and shares allotted at an extraordinary shareholders meeting convened on April 25, 2006.

Details are as follows:

1. Outline of newly issued shares

 (1) No. of shares:  1,770 common stock

 (2) Issuing price:  50,000 yen

 (3) Allottee and no. of shares allocated:

                        ANA   Japan Post   Nippon Express    MOL     total
     No. of shares      552          840              252    126     1,770

2. Details of AJV after allocation

 (1) No of shares:      2,370 common stock

 (2) Capital:           74,250,000 yen
     Capital reserve:   44,250,000 yen

 (3) Shareholding after new share issue

                        ANA   Japan Post   Nippon Express    MOL     total
     No. of shares    1,152          840              252    126     2,370
     Shareholding    48.61%       35.44%           10.63%  5.32%   100.00%

3. Going forward

   From August 1 this year, Air Japan (a wholly owned subsidiary of ANA) will
   spin off its freighter operations to AJV.  To reflect this, the
   composition of AJV will change as follows:

 (1) No. of issued shares: 2,520 common stock

 (2) Capital:           80,000,000 yen
     Capital reserve:   46,000,000 yen

 (3) Shareholding after spin off:

                        ANA   Japan Post   Nippon Express    MOL     total
     No. of shares    1,302          840              252    126     2,520
     Shareholding    51.67%       33.33%           10.00%  5.00%   100.00%

4. Planned operations in outline

   Subject to completing legal formalities, AJV plans to commence operations
   in August 2006.  AJV will operate ANA's fleet of cargo freighter
   aircraft, in accordance with an agreement between AJV and ANA, mainly to
   Shanghai and the rest of China.  In addition, AJV will also commence
   services to Chicago in the autumn of this year.

   ANA's freighter fleet currently comprises three Boeing 767-300F
   aircraft.  It will take delivery of a fourth 767-300F in the autumn.

About All Nippon Airways Co., Ltd.

All Nippon Airways, or ANA, came into existence in 1952, and over 50 years later is now one of the 10 largest airlines in the world, carrying with its sister companies almost 50 million passengers every year to 49 destinations in Japan, and to 22 overseas cities in Asia, Europe and the United States. As a member of Star Alliance, the world's foremost airline alliance, ANA passengers enjoy access to a network of over 790 airport destinations in 138 countries, and reciprocal benefits such as mileage accrual and redemption, and lounge access.

Source: All Nippon Airways Co., Ltd.

Contact:

ANA Public Relations: [phone]
Japan Post Public Relations: [phone]
Nippon Express Public Relations: [phone]
Mitsui O.S.K. Lines Public Relations: [phone]

Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K.