Statement re Revised Forecast

RNS Number:8509H
All Nippon Airways Co Ld
24 February 2003


                                            ANA Revised Forecast for FY2002
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TOKYO, February 24, 2003 - ANA (All Nippon Airways Co., Ltd., TSE9202) today issued revisions to its consolidated and
non-consolidated forecasts for FY2002 (April 1, 2002 - March 31, 2003). The revised forecasts replace those originally
announced when the results for the first half of FY2002 were reported on November 22,2002.

Due to the decrease in domestic passenger revenue caused by severe fare competition and the cost of increased sales
promotion to raise demand, ANAfs consolidated operating revenues are expected to be /1,225 billion (previously
forecasted / 1,230 billion, as of November 22. 2002), and its operating loss will deteriorate to / 4 billion (previously
forecasted operating income / 15billion).

Losses are expected to increase with consolidated recurring loss at / 21 billion (previously forecasted / 3 billion
loss) and consolidated net loss at / 35 billion (previously forecasted / 18 billion loss).

ANAfs consolidated results for the previous year (FY2001) were as follows.
Operating Revenue    /1,204.5 billion
Operating Income          /22.9 billion
Recurring Income            /1.4 billion
Net Loss                         /9.4 billion

                                                           



                                          ANA Three-Year Cost Reduction Plan
                                                   (FY2003 - FY2005)
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Concurrent with the issue of its revised FY2002 forecasts, ANA today announced its cost reduction plan for FY2003 -
FY2005 (April 2003 - March 2006).

gWe should focus on tackling cost reduction, rather than expecting increased revenue in the recent financial environment
of decreased demand and continued deflation,h Executive Vice President Yasushi Morohashi, in charge of both finance and
public relations, said.  gWe should be able to cut annual operating expenses by /30 billion over the next three yearsh.
gWe will aim at decreasing personnel costs by /20 billion, and should realize a further decrease of /10 billion by
downsizing aircraft and cutting airport handling costsh he continued.

Based on this three-year cost reduction plan, ANA will cut its retirement and pension benefits by around 10%. Agreement
already has been reached on the cut with the ANA Workers Union, representing ground personnel and cabin attendants, and
talks are now underway with the ANA Crew Association (cockpit crew union).

ANA also plans to decrease the number of employees by 1,200 mainly through further improvement of productivity.


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