ANA to revise FY2011 Forecast

TOKYO--(Marketwire - Jan 31, 2012) -

                                                        January 31, 2012

                              Company Name: ALL NIPPON AIRWAYS CO., LTD.
                                      President and CEO: Shinichiro Ito
          (Code Number: 9202, First Section of the Tokyo Stock Exchange
                                     and the Osaka Securities Exchange)
                 Contact: Director, General Administration, Yasuo Tanji
                                                 (TEL: 3-6735-1001)


  Notification of Revision to Full Financial Year Performance Forecast
                  and Draw-Down of Deferred Tax Assets

The Company hereby announces a revision to the full financial year
performance forecast for FY2011 (April 1, 2011 to March 31, 2012)
previously announced in its statement of consolidated financial results
dated October 28, 2011.

1. Revision to the Performance Forecast

(1) Revision to full financial year consolidated performance
    forecast for FY2011 (April 1, 2011-March 31, 2012)

                      Operating Operating Recurring     Net  Net Income
                       Revenues    Income    Profit  Income   per Share

                        Billion   Billion   Billion   Billion       Yen
Forecast as of October      yen       yen       yen       yen
28, 2011 (A)              1,400        70        36        20      7.97

New forecast (B)          1,400        90        56        20      7.96

Change (B-A)                  -        20        20        -

% Change                      -      28.6      55.6        -

Ref. FY2010 (Apri 1,    1,357.6      67.8      37.0      23.3      9.29
2010-March 31, 2011)


(2) Revision to full financial year non-consolidated performance
    forecast for FY2011 (April 1, 2011-March 31, 2012)

                        Billion   Billion   Billion   Billion       Yen
Forecast as of October      yen       yen       yen       yen
28, 2011 (A)              1,240        65        32        18      7.17

New forecast (B)          1,240        82        50        18      7.16

Change (B-A)                  -        17        18         -

% Change                      -      26.2      56.3         -

Ref. FY2010 (April 1,   1,191.5      60.0      31.6      23.0      9.17
2010-March 31, 2011)


(3) Reason for Revision

    While concerns remain about a downward swing in overseas economies
    due to the government bond crisis in Europe, and while the flooding
    in Thailand and other events have had an impact, operating revenues
    have come in at close to previously planned levels, boosted in part
    by the introduction of the Boeing 787 aircraft and the success of
    measures to stimulate demand on the sales and marketing side. The
    forecast for revenue has thus been left unchanged from the
    previously announced forecast.
    In operating expenditures, meanwhile, approximately 30.0 billion
    yen in mergency cost improvement measures for the full fiscal year
    are being implemented as planned in response to the sudden drop in
    demand caused by the earthquake. In addition, progress has been
    made in reducing expenses, as a portion of the cost restructuring
    that was due to take place beginning in the next fiscal year was
    moved up. As a result, both operating income and recurring profit
    are expected to increase by approximately 20.0 billion yen.
    Net income is expected to remain unchanged from the previous
    forecast, at 20.0 billion yen, due to a partial write-off of
    deferred tax assets etc., following the official announcement of
    the Act Related to a Reduction in Corporate Tax Rates.
    Note that these forecasts assume a US dollar/yen exchange rate of 80
    yen, a market price for Dubai Crude Oil, a key benchmark for
    aviation fuel prices, of USD 105/barrel, and a price for Singapore
    jet kerosene of USD 125/barrel.

2.  Write-off of Deferred Tax Assets
    As a result of the December 2, 2011 official announcement of the Act
    Related to a Reduction in Corporate Tax Rates, the Company writes
    off a portion of its deferred tax assets, with 10.0 billion yen for
    the full fiscal year on a consolidated basis (8.0 billion yenon a
    non-consolidated basis) to be booked as an adjustment for corporate
    taxes, etc.

Note: This forecast of business performance has been prepared based on
      all information available at the time of publication.Final
      performance may differ from forecast figures due to a variety of
      factors going forward.



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