Transfer of Fixed As sets by a Subsidiary

All Nippon Airways (ANA), today announced the“Transfer of Fixed Assets by a Subsidiary”

1. Reason

(1) Existing operations will be separated for the purpose of restructuring the hotel business. A management organization specializing in operations will be established.

(2) Consolidated interest-bearing debt will be reduced and financial position strengthened.

2. Subsidiary transferring assets

ANA Enterprises, Ltd.

Head office: Minato-ku, Tokyo

Date of establishment: January 1985

President and representative director: Hiroshi Tsukamoto

Paid-in capital: \30.0 billion

% owned by All Nippon Airways Co., Ltd.: 66.9%

3. Details of fixed assets to be transferred

(1) Assets

Minato-ku, Tokyo

ANA Hotel Tokyo, land and buildings



(2) Price of transfer

\50,778 million



(3) Net assets of company making transfer (as of March 2000)

\97,456 million



(4) Outline of transfer

a. The subsidiary will conclude a real estate trust agreement with the recipient and place the fixed assets in trust while retaining the right to receive a flow of income from the assets.

b. The subsidiary will transfer the right to receive income to a special purpose company (SPC).



4. Dates of transfer approval

March 11, 2001: By resolution of the board of directors of ANA Enterprises, Ltd.

March 28, 2001: By resolution of the board of directors of All Nippon Airways Co., Ltd.

5. Recipient of transfer

The Sumitomo Trust and Banking Co., Ltd.

After the transfer, the property will continue to be operated as the "ANA Hotel Tokyo" with no change. This transaction will positively reflect upon extraordinary profit for the Company’s consolidated results for the fiscal year ending March 2001.