Balance Sheet(As of March 31, 2021)(Millions of yen)
AssetsLiabilities

Account title
Current assets

Account title

Amount
44,707

Current liabilities

35,272

Accounts payable – trade

Accounts receivable - trade

1,672

Current portion of long-term loans
payableMerchandise

4,395

Accounts receivable - other

3,017

Cash on hand and deposits(Senior loan)

Amount19,19818
9,928( 9,928)

Accounts payable - other

1,746

Prepaid expenses

29

Accrued expenses

5,277

Supplies

168

Income taxes payable

143

Other

196

Accrued interest expenses

738Allowance for doubtful
accounts (current)△44

Lease obligations (current)

12

Special suspense account for
reduction entry

915

Other

418

Noncurrent assets
Property, plant and equipment:

127,376

Noncurrent liabilities

144,914

124,609

Shareholder subordinated bonds

20,580

Building

104,734

Long-term loans payable

119,676

Structures

1,342(Senior loan)( 99,126)

11,745(Shareholder subordinatedloans)( 20,550)

Machinery and equipment
VehiclesTools, furniture and fixtures

65,805Long-term lease deposit received

467

Unearned revenue

4271
96

Leased assets

97

Provision for directors' retirement
benefits

Construction in progress

875

Deferred tax liabilities (non-current)

Intangible assets

1,758Interest-rate swap liabilities

Software

1,758

Lease obligations (non-current)

38

Asset retirement obligations (noncurrent)

341

Total liabilities
Investments and other assets
Separately managed penalty intrust
Other

164,113

1,008

Net assets

1,000

Shareholder's equity

11,571

Capitalization

13,265

Capital surplus

13,2658

Legal capital surplus
Retained earnings
Other retained earnings
Retained earnings brought
forwardValuation and translation
adjustments
Deferred gains or losses on hedges
Total equity
Total assets

3,600

172,084- 1 -Total liabilities and net assets

13,265△ 14,958△ 14,958△ 14,958△ 3,600△ 3,600
7,971
172,084

Income Statement
From April 1, 2020
To March 31, 2021
(Millions of yen)Account title

AmountOperating revenue
Rents

5,370

Facility rental income

1,052

Sales of goods

668

Restaurant sales

133

Other revenue

1,158

8,383

Cost of sales
Cost of goods sold468

Operating gross profit

7,914

Selling, general, and administrative expenses

37,497△ 29,582

Operating loss
Non-operating income
Interest income0

Miscellaneous income

368

368

Non-operating expenses
Interest expenses

3,595

Miscellaneous losses

100

3,695
△ 32,909

Ordinary loss
Extraordinary income
Gain on sales of property,
plant and equipment

11

Government subsidy

5,052

5,063

Extraordinary loss
Loss on retirement of noncurrent assets
Loss on reduction of noncurrent assets

575
4,987

5,563
△ 33,408

Loss before income taxes
Income taxes - current

157

Income taxes - deferred

782

939
△ 34,348

Net loss- 2 -Notes

I.

I. Notes on Matters Related to Important Accounting Policies

1.

Criteria and methods for evaluating assets（1）

Derivatives:

Market value method（2）

Inventory assets:

Based on cost method using retail method (balance sheet values are calculatedusing method of reducing book value when the contribution of inventories toprofitability declines)

2.

Method of depreciation of noncurrent assets（1）

Property, plant, and equipment (notincluding leased assets)

Straight line method（2）Intangible assets (not including leasedassets)

Straight line method

Leased assets

Straight-line method, using the term of the lease as theuseful life and a residual value of zero, is used.

（3）

3.

As for the software used in-house, the Company adopts
the straight-line method based on an expected usage
period of five years for internal use.

Criteria for recording reserves（1）

Allowance for doubtful
accounts

In preparation for losses from default on claims, the Company records
the anticipated unrecoverable amount for specific claims such as thoseconsidered at risk of default, considering the possibility of recovery foreach claim individually.

（2）

Provision for directors'
retirement benefits

The Company records the required allowance as of the end of the term inaccordance with internal rules on payment of directors' retirement
benefits to prepare for the payment of retirement benefits to directors.

4.

Treatment of consumption tax, etc.
The accounting treatment of consumption tax and local consumption tax is based on the tax exclusion method.

5.

Inclusion of interest payable, etc. in noncurrent assets acquisition cost
The interest payable and loan-related ancillary cost incurred during the construction of the passengerterminal building have been added to the acquisition cost (for the fiscal year under review: -- million yen;cumulative at the end of the fiscal year under review -- 4,517 million yen) and recorded as part ofnoncurrent assets.

6.

Hedge accounting method:(1)

Hedge accounting method:(2)

Hedge procedure and hedge target(3)

Deferred hedge treatment⚫

Hedge procedure:

Derivative trading (interest swap trading)⚫

Items hedged:

Borrowings based on variable interest rate

Hedge policy:

It is carried out with the aim of avoiding risks risingfrom future fluctuation of the interest rate and theCompany's policy not to carry out any speculativetransactions.

- 3 -Method to evaluate the hedge
effectiveness

(4)

7.

The assessment on the effectiveness is conducted bycomparing the cumulative amount of market
movements of hedge procedures and the cumulative
amount of market movements of hedge target.

Additional information
Impact of the COVID-19 pandemic
Regarding the determination, etc. of the recoverability of deferred tax assets, scenarios are plannedand evaluated in light of accessible information based on external sources of information when thefinancial statements are prepared. Based on certain assumptions, it is expected to take roughly three
years for passenger numbers, through which the COVID-19 pandemic has impacted operating revenue
and other results, to recover to their FY2019 level.

II.

Notes on Balance Sheet

1． Reported amounts are rounded down to the nearest million yen.
2.

Pledged assets

Assets pledged as collateral

Liabilities corresponding toOrdinary deposits

35,141 million yen

Accounts receivable - trade

23 million yen

Building

98,718 million yen

Structures

1,342 million yenMachinery and equipment

11,745 million yen

Software527 million yen

Separately managed penalty in trust

1,000 million yen

Current portion of long-term loans payable

9,928 million yen

Long-term loans payable

99,126 million yen

the above

3.

4.

5.

The amount of reduction entry that is directly reduced from the acquisition price
Building

82 million yen

Machinery and equipment

4,905
yen

Total depreciation of property, plant andequipment

90,122 million yen

Monetary claims and obligations to subsidiaries and affiliates

Monetary claims
Monetary obligations

Accounts receivable - trade

135 million yen

Accounts receivable - other247 million yen

Accounts payable – trade

18 million yen

Accounts payable - other344 million yen

Accrued expenses

860 million yen

Shareholder subordinated bonds

18,890 million yen

Long-term loans payable

15,170 million yen- 4 -million

Long-term lease deposit received

266 million yen

III. Notes on Income Statement
1． Reported amounts are rounded down to the nearest million yen.
2． Transactions with subsidiaries and affiliates
Operating transactions
17,869 million yen
Non-operating transactions

300 million yen

IV. Notes on Tax Effect Accounting
Breakdown of main causes for deferred tax assets and deferred tax liabilities(Deferred tax assets)
Accrued enterprise tax, etc.

323 million yen

Provision for directors' retirement
benefits

21 million yen

Deferred losses on hedges

1,102 million yen

Asset retirement obligations

104 million yen

Allowance for doubtful accounts

13 million yen

Retained loss

10,075 million yen

Other543 million yen

Deferred tax assets subtotal
Valuation reserve

12,184 million yen△12,184 million yen

Deferred tax assets total- million yen(Deferred tax liabilities)
Asset retirement obligations

V.

96 million yen

Deferred tax liabilities total

96 million yen

Subtraction: Net amount of deferred
tax liabilities

96 million yen

Notes on Related Party Transaction

1. Main corporate shareholders etc.
T y p eName of thecompany
e t c .

Ratio of Relationship Transactions
votingwith therights andp a r t yo t h e rownership- 5 -Transaction
amount(Millions of yen)Account Title

Balance at theend of theperiod(Millions of yen)

Financing

1,860(Note 1)

Parentcompany

Japan
AirportTerminalCo., Ltd.

51.00％(direct)

Borrowing offunds
Payments(Note 2)for goods,
consignme Business
nt ofconsignment
operation(Note 3)of shops
Procurementetc.,of goods
borrowing(Note 4)of funds,
Payment ofand rent oninterest
real estate
Rent expenses
on real estate

1,850

8,131

Shareholder
subordinated
bonds

8,520

Long-term loans
payable8,510

Accruedexpenses860

Accounts
payable – trade18△182300

9,270

Accrued interest
expenses299(Note 8)Financing

1,855

Shareholder
subordinated
bonds

5,185

150 Long-term loans
payable3,330

Accrued interest
expenses149

Shareholder
subordinated
bonds

5,185

150 Long-term loans
payable3,330(Note 1)Main
shareholderJapanAirlinesCo., Ltd.

16.87%(direct)

Borrowingof funds

Borrowing offunds(Note 2)

Payment ofinterest

Financing-1,855(Note 1)Main
ANA Holdings
shareholdeInc.
r16.87%(direct)

Borrowingof funds

Borrowing offunds(Note 2)

Payment ofinterest-149
Accrued interest
expenses

Akihiko
ShinaDirector

Director

NaritaInternational AirportCorporation
Representat
ive Director
SeniorExecutive
Vice
President

Borrowing offunds-Borrowingof funds

Long-term loans
payable1,620

36 Accrued interest

36-(Note 2)(Note 5)

Payment ofinterest

expenses

Terms and conditions of transactions and policy on determining them
Note 1

Financing terms and conditions are in accordance with the Shareholder Subordinated Bond Agreement
signed between the Company and its six shareholders including the above three companies on March
30, 2012, following the approval by the Board of Directors Meeting on February 23, 2012 (preparedbased on the loan terms of the Shareholders Agreement agreed among the shareholders as of theestablishment of the Company).

- 6 -As for the repayment of the principal, it has been agreed that the order of the settlement of claims isafter that of repayment of preferred loans from the loan syndication based on the Limited Loan
Contract Alteration Contract signed with the loan syndication.
Note 2

Loan terms and conditions are in accordance with the Shareholder Subordinated Loan Agreement signed
between the Company and its nine shareholders including the above three companies on March 27, 2008following the approval by the Board of Directors Meeting on March 18, 2008 (prepared based on theloan terms of the Shareholders Agreement agreed among the shareholders as of the establishment of theCompany).
As for the repayment of the principal, it has been agreed that the order of the settlement of claims isafter that of repayment of preferred loans from the loan syndication based on the Limited Loan
Contract Alteration Contract signed with the loan syndication.

Note 3

Prices, and other terms and conditions for business consignment are determined through negotiation
between both companies taking into consideration details of the businesses.

Note 4The prices, terms and conditions for procurement of goods are determined after negotiations with areference to market prices.

Note 5This transaction was conducted for a third party by Akihiko Shina, a director at our company, in thecapacity of a representative of Narita International Airport Corporation.

Note 6Among the amounts indicated in the table above, transaction amounts do not include consumption tax.

Note 7

The ratios of voting rights and other ownership are rounded down to the nearest two decimal places.

Note 8Rents on the international terminal facility in Terminal 2 are determined based on the facility's
maintenance and management costs, costs for use of state-owned property, etc. in addition to the amountinvested by Japan Airport Terminal Co., Ltd. and the amount of remodeling necessary for existingterminal facilities. In addition, the Company reports rents to the Japanese government and obtains its
approval, based on an agreement with the government concerning the facility.

VI. Notes on data per share
1．

Net asset per share:

1,343,433.13 yen

2．

Net loss per share△6,618,710.62 yenVII. Matters concerning important subsequent events
There are no applicable matters.

- 7 -