Verbal Ability - Grammar and Reading Comprehension

Directions: Which of the phrases (1), (2), (3) and (4) given below should replace the phrase printed in bold in the sentence to make it grammatically correct? If the sentence is correct as it is given and 'No correction is required', mark (5) as the answer.

Airline companies pay nearly 25 billion dollars for their right of fly over the countries other than their parent country.