Our car carrier segment offers higher quality and more competitive services with wealth of automobile transport experience and knowledge accumulated over the years, adding most advanced car carriers.

<Business Performance during FY2009>
In the car carrier business, weak demand in major markets such as North America in the first half of the fiscal year continued to push down production due to inventory adjustments, and seaborne trade of completed cars from the Far East dropped to approx. 50% of peak levels. Although a certain level of recovery was seen in the latter half, cargo trade stayed roughly at 60% of peak levels and transportation demand receded substantially throughout the fiscal year. Under such circumstances, we increased our ship assignment efficiency as a Group by greatly reducing the number of ships through disposal or return of aged surplus ships, working to reduce operating costs from slow steaming and other methods and, in September 2009, by making Nissan Motor Car Carrier Co., Ltd. a consolidated subsidiary. However, we posted a significant decrease in profits year on year that resulted in a deficit.