1©ANA2009

Jan 30, 2009

All Nippon AirwaysPerformance Review for the ３rd Quarter FY08and the Way Forward

2©ANA2009

ANA Group Corporate Philosophy

－ Our Commitments －

On a foundation of security and reliability,

the ANA Group will:

Create attractive surroundings for customers

Continue to be a familiar presence

Offer dreams and experiences to people around

the world

安全は経営の基盤であり社会への責務である。

私たちはお互いの理解と信頼の

確かなしくみで安全を高めていきます

私たちは一人ひとりの責任ある

誠実な行動により安全を追求します

ANA Group Safety PrinciplesANA Group Safety Principles

Number one in quality

Number one in customer satisfaction

Number one in value creation

Number one in quality

Number one in customer satisfaction

Number one in value creation

With passenger and cargo transportation in Japan, elsewhere in Asia, and around the world as its core field of business, the ANA Group aims to be one of the leading corporate groups in Asia.

With passenger and cargo transportation in Japan, elsewhere in Asia, and around the world as its core field of business, the ANA Group aims to be one of the leading corporate groups in Asia.

ANA Group Corporate Vision

ANA Group Corporate Philosophy

Being the leader in Asia means that we will become

Safety is our promise to the public and is the foundation of our business.

Safety is assured by an integrated management system and mutual respect

Safety is enhanced through individual performance and dedication

3©ANA2009

FY08 3Q Financial Results P5Outlook for FY08 P6The Way Forward P7Contingency Plan FY09 P8Plan for FY09 Air Transportation P9 - 11

(1) Domestic Passenger Operations P9(2) International Passenger Operations P10(3) Cargo Operations P11

Next Mid-term Corporate Strategy P12Looking Forward P13

Contents

4©ANA2009

Intentionally BlankIntentionally Blank

5©ANA2009

-25

-20

-15

-10

-5

0

5

10

15

20

25

N.America Europe China Asia-100

-50

0

50

FY08 3Q Financial Results

Revenue decreased due to unforeseen weakening demandRevenue decreased due to unforeseen weakening demand

Revenue and profit decreased in all segments due to rapidly weakening demand

Demand down on all international passenger routes

Implemented cost reduction plan for FY08 2H

-40.2123.8EBITDA

-108.59.4Net Income

-56.022.7Recurring Income

-49.637.6Air Transportation

-53.640.3Op. Income

-19.0978.2Air Transportation

-34.11,107.4Op. Revenue

vs. LYFY08 3Q 9 monthsFYFY0808 3Q Highlight3Q Highlightss

FYFY0808 3Q Results3Q Results

1 Q1 Q

FY08FY08

CargoCargo

FYFY0808 Air TransportationAir Transportation Revenues (vs. LY)Revenues (vs. LY)(JPY bil)2 Q2 Q 3 Q3 Q

1 Q1 Q 2 Q2 Q 3 Q3 Q

FYFY0808 International Passenger Revenue International Passenger Revenue ((vs. LYvs. LY))(JPY bil)

2.0

1.0

0

-1.0

-2.0

International International PassengerPassenger

5.0

0

-5.0

-10.0 Domestic Domestic PassengerPassenger

(JPY bil)

6©ANA2009

Outlook for FY08

Revised guidance reflecting weakening demandRevised guidance reflecting weakening demand

-26-917Net Income

N.D.

-10

5.5

8

1,237

1,400

CurrentRevision

-3Dividends (yen)

-3929Recurring Income

-46.552Air Transportation

-4755Op. Income

-651,302Air Transportation

-601,460Op. Revenue

ChangePreviousRevision

SupplySupply Reduction Reduction ((Feb Feb 09 ~)09 ~) Cost ReductionCost ReductionBoard members’compensationAdvertising and sales related costOther manageable costs

Reduce Narita-Mumbai (Daily to 3/W)Suspend Kansai-Dalian/ShenyangReduce Narita-Shanghai (3/D to 2/D)Downgauge Narita-Bangkok (B777 to B767)

(JPY Billion; N.D.: Not Determined)

FY08 Revised OutlookFY08 Revised Outlook

Revise business plan and further cut supply

Additional cost reduction for FY08 4Q on top of the existing FY08 2H cost reduction plan

Measures for FYMeasures for FY0808 4Q 4Q

Additional Additional pplan for FY08 4Qlan for FY08 4Q

++

2.0 2.0 bilbil yen improvementyen improvement

7©ANA2009

The Way Forward

ImplementImplement Contingency Plan FY09 in response to world recessionContingency Plan FY09 in response to world recession

World recession bitesGDP growth projection for 2009

Japan -1.4%; US -1.6％; Europe -1.2％; China +7.1%

Severe impact on air transportation service

Respond to crisis and get ready for Haneda and Narita airport expansion

Source: GDP: Blue Chip Economic Indicators 2009.1 Air Traffic Demand: IATA 2008.12

-6

-4

-2

0

2

4

6

8

2007 2008 2009 2010 2011RPKRTKUSEuropeJapan

Contingency Plan FYContingency Plan FY0909

Short-term Mid-termMeasuresMeasures

6.95.1-5.0-1.54.8RTK

5.20.9-3.02.06.7RPK

1.2

2.4

1.2

2010

--1.21.02.6Europe

--1.61.32.0US

--1.40.42.0Japan

2011200920082007

Air Traffic Demand Projection for 2009: RPK -3.0%; RTK -5.0%

GDP and Air Traffic Demand ProjectionGDP and Air Traffic Demand Projection

1010--13 13 MidMid--termtermCorporate StrategyCorporate Strategy **

* * Tentative name for next midTentative name for next mid--term corporate strategy term corporate strategy ((FYFY20102010--13)13)

GDP

8©ANA2009

Contingency Plan FY09

Transform business structure by revising network and enhancing pTransform business structure by revising network and enhancing profitabilityrofitability

Deal appropriately with changes in the operating environment, Deal appropriately with changes in the operating environment, weather the immediate crisis, and carry efforts forward into FY1weather the immediate crisis, and carry efforts forward into FY100

Pillars of the Contingency Plan FY09Pillars of the Contingency Plan FY09

Reduce supply to meet demandEnhance profitability through reallocation of resourcesPrepare for expansion of Haneda and Narita airports in FY10

Reduce scale of and postpone investment in line with the revised business planContinue to give priority to investmentin deploying fuel-saving aircraft and other innovations

Largest-ever cost reductions, centered on fixed costsPursue cost effectiveness through further innovation(Revamping of business structure, passenger service, and airport service)

Reduce capacity and revise networkReduce capacity and revise networkin response to reduced demandin response to reduced demand

Restrain capital expenditureRestrain capital expenditureStrengthen fundamental cost structureStrengthen fundamental cost structure

9©ANA2009

0

20

40

60

80

100

FY08 FY09

Plan for FY09 Domestic Passenger Operations

Better allocate resources to improve profitability and strengtheBetter allocate resources to improve profitability and strengthen competitivenessn competitiveness

Measures for FYMeasures for FY0909

FY08EFY08E FY09EFY09EFY07FY07

ASKASK

2007 = 100

08-11 Mid-term Corporate Plan

FY08 projection +Contingency Plan FY09

94

92

ASK ASK –– Domestic passenger operationsDomestic passenger operations

100100

9090

Enhancing network profitabilityEnhancing network profitability

HanedaHaneda--KobeKobeKansaiKansai--HanedaHaneda/Kochi/Kochi//Matsuyama/KagoshimaMatsuyama/KagoshimaChubuChubu--Fukuoka/AkitaFukuoka/Akita//YonagoYonago/Tokushima/TokushimaKobeKobe--OkinawaOkinawa

HanedaHaneda--SapporoSapporo

ItamiItami--NaritaNarita

KobeKobe--Sendai suspendedSendai suspended

FukuokaFukuoka--SendaiSendai

FukuokaFukuoka--IshigakiIshigaki

97ASK

FYFY0909 ASKASK (%(%vs. FYvs. FY08)08)

Revise network throughmore effective use of resources

Strengthen profitability and competitiveness on major routes

Utilize code sharing and seasonal flights on local routes

Narrowbody

Code share

100100 9999

Code share

No. of flights No. of flights -- Domestic passenger operationsDomestic passenger operations

93%93%

96%96%

129%129%

FY08FY08** FY09EFY09E*Initial plan (prior to reductions) FY08 initial plan = 100

SapporoSapporo--Niigata/FukuokaNiigata/Fukuoka--Okayama/HiroshimaOkayama/HiroshimaKansaiKansai--MemanbetsuMemanbetsu

NiigataNiigata--OkinawaOkinawa

ReducedReduced

Seasonally Seasonally reducedreduced

IncreasedIncreased

ReinstatedReinstated

Suspended/reduced routesSuspended/reduced routes Increased routesIncreased routes

Wide bodyMid-sized

Wide bodyMid-sized

Regional

Narrowbody

Regional

Year roundYear round

10©ANA2009

Reduce supply to meet demand and adjust use of aircraft to imprReduce supply to meet demand and adjust use of aircraft to improve profitabilityove profitability

FY08EFY08E FY09EFY09EFY07FY07

100100

9090

110110

ASKASK

2007 = 100

ASK ASK –– International Passenger OperationsInternational Passenger Operations

107

91

75Resort

91Asia

89China

91Europe

98N.America

92ASK

FYFY0909 ASKASK (%(% vs.FY08vs.FY08))

ChinaChinaNagoya-Tianjin (suspend)Nagoya- Guangzhou (suspend)Narita-Guangzhou (reduce)Narita-Shanghai (temporarily reduce)

Kansai-Dalian/Shenyang (seasonally suspend)Kansai-Beijing (downgauge)

N. AmericaN. AmericaNarita-Washington(downgauge ⇒ B777-200ER)

AsiaAsia

Narita-Mumbai(temporarily reduced)

Narita-Bangkok (downgauge)

EuropeEuropeNarita-ParisNarita-Frankfurt(downgauge⇒ B777-300ER)

FYFY0909 Route planRoute plan

Reduce supply to meet sudden drop in demand

Respond to changes in China marketwith reduced supply

Downgauge aircraft toimprove profitability

Measures for FYMeasures for FY0909

Plan for FY09 International Passenger Operations

08-11 Mid-term Corporate PlanFY08 projection +Contingency Plan FY09

11©ANA2009

Flexibly expand network from FY09 2H in line with trends in demaFlexibly expand network from FY09 2H in line with trends in demandnd

FY08EFY08E FY09EFY09EFY07FY07

ATKATK

FY07 = 100

FreighterFreighter ATK (Dom./ATK (Dom./intint.).)

266

146

121Asia

121China

－Europe

145N. America

138Freighter ATK

FYFY0909 ATKATK (%(%vs. FYvs. FY08)08)

100100

200200

150150

250250

Okinawa

Shanghai

Kansai

SeoulTianjin

Hong Kong

HanedaNarita

FYFY0909 Okinawa Hub NetworkOkinawa Hub Network

Taipei

20082008 20092009

Freighter introduction planFreighter introduction plan

Returned in FY09

131ATK

FY09 FY09 ATKATK (%(%vs. FY08vs. FY08))

* Tianjin expected start from Mar.09

1111

B767B767--300F300F

B767B767--300BCF300BCF ((convertedconverted))

B767B767--200F200F ((leasedleased))

widewide--body body ((leasedleased))

77

Introduced in 2H (plan)

No. of No. of aircraftaircraft

Measures for FYMeasures for FY0909

Slow supply in line with trends in demand

Delay introduction of wide-body aircraft by six months

Commence Okinawa hub model

Plan for FY09 Cargo Operations

08-11 Mid-term Corporate PlanFY08 projection +Contingency plan FY09

55

1010

12©ANA2009

Next Mid-term Corporate Strategy

Priorities for 10Priorities for 10--13 Mid13 Mid--term Corporate Strategyterm Corporate Strategy

Priority Management IssuesPriority Management Issues

1010--13 13 MidMid--term Corporate Strategyterm Corporate Strategy

Business StrategyBusiness StrategyEvolve domestic business model

Reevaluate international route network portfolioDevelop cargo operations as a third core business, in line with trends in demand

Marketing StrategyMarketing Strategy

Fundamental strengthening of Group business structureFundamental strengthening of Group business structure

Product StrategyProduct Strategy HR StrategyHR Strategy

InnovationInnovation GroupGroup SafetySafety CSRCSRGlobalizationGlobalization

Pursue value Pursue value orientedorientedmanagementmanagement

Strengths and growth opportunitiesStrengths and growth opportunities

Expansion of Expansion of HanedaHaneda and Naritaand Narita Maximum utilization of B787Maximum utilization of B787

Vision: Become No.1 in Asia in Quality, Customer Satisfaction anVision: Become No.1 in Asia in Quality, Customer Satisfaction and Value Creationd Value Creation

13©ANA2009

Looking Forward

Working on new 10Working on new 10--13 Mid13 Mid--term Corporate Strategy based on priority management issuesterm Corporate Strategy based on priority management issues

0808--1111MidMid--termtermCorporateCorporateStrategyStrategy

2008 2009 2010 2011 2012

Number 1 in Number 1 in Asia in terms Asia in terms of Quality, of Quality, Customer Customer

Satisfaction, Satisfaction, and Value and Value CreationCreation

2013

1010--13 13 MidMid--term Corporate Strategy term Corporate Strategy (Tentative name)(Tentative name)

ContingencyContingencyPlan FYPlan FY0909

Focus on Focus on

KeywordsKeywordsGroupGroup

Pursue Pursue vvalue alue orientedorientedmmanagementanagement

GlobalizationGlobalization InnovationInnovation

SafetySafety CSRCSR

priorityprioritymanagement issuesmanagement issues

14©ANA2009

Forward-Looking Statements. This material contains statements based on ANA’s current plans, estimates, strategies and beliefs; all statements that are not statements of historical fact are forward-looking statements. These statements represent the judgments andhypotheses of the Company’s managers based on currently available information.

Air transportation, the Company’s core business, involves government-mandated costs that are beyond the Company’s control, such as airport utilization fees and fuel taxes. In addition, conditions in the markets served by the Company are subject to significant fluctuations.

It is possible that these conditions will change dramatically due to a number of factors, such as trends in technologies, demand, prices and economic environments, foreign exchange rate fluctuations, and others. Due to these risks and uncertainties, it is possible that the Company’s future performance will differ significantly from the contents of this material. Accordingly, there is no assurance that the forward-looking statements in this material will prove to be accurate.

Cautionary Statement

15©ANA2009

Investor Relations Financial Information Presentation

http://www.ana.co.jp/eng

TEL: +81-(0)3-6735-1030 FAX: +81-(0)3-6735-1185 e-mail: ir@ana.co.jpInvestor Relations, All Nippon Airways Co., Ltd.

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