Balance Sheet(As of March 31, 2020)(Millions of yen)

Assets
Account title
Current assets

Liabilities
Account title

Amount62,969AmountCurrent liabilities

36,645

Cash and deposits

46,132

Accounts payable - trade

1,121

Accounts receivable - trade

1,547

Current portion of long-term loans payable

7,701

Merchandise

5,046

Accounts receivable - other

9,199(Senior loan)( 7,701)

Accounts payable - other

20,420Prepaid expenses

730

Accrued expenses

1,464

Supplies

197

Income taxes payable

542

Other current assets

115

Accrued interest expenses5Lease obligations (current)0

Noncurrent assets
Tangible fixed assets

140,740

Special suspense account for reduction entry

136,170

Other current liabilities

4,890
499

Buildings

111,306

Structures

1,449

Shareholder subordinated bonds

14,580Machinery and equipment

13,535Long-term loans payable

104,355

VehiclesTools, furniture and fixtures
Lease assets
Construction in progress
Intangible fixed assets
SoftwareNoncurrent liabilities

8
6,773

124,171(Preferred loan)( 86,355)(Shareholder subordinated loans)( 18,000)

Long-term lease deposit received

471

3,092

Provision for directors' retirement benefits

55

1,542

Interest rate swap liabilities

1,542

Lease obligations (noncurrent)

3

4,364

Asset retirement obligations (noncurrent)
Total liabilities
Investments and other assets

2341
160,817

Net assets

3,026

Deferred tax assets

2,022

Shareholder's equity

45,920

Separately managed penalty in trust

1,000

Capital stock

13,265

Capital surplus

13,265

Other investments

4

Capital reserve

13,265Retained earnings

19,390

Other retained earnings
Retained earnings brought forward

Total assets

19,39019,390

Valuation and translation adjustments△ 3,028

Deferred gains or losses on hedges△ 3,028

203,709- 1 -Total equity

42,892

Total liabilities and net assets

203,709

Income Statement
From April 1, 2019
To March 31, 2020
(Millions of yen)Account title

AmountOperating revenue
Rents

4,966

Facility rental income

22,839

Sales of goods

53,177

Restaurant sales

2,915

Other revenue

4,761

88,660

Cost of sales
Cost of goods sold37,173Operating gross profit

51,486

Selling, general, and administrative expenses

42,269Operating income

9,217

Non-operating income
Interest income0

Miscellaneous income

473

474

Non-operating expenses
Interest expenses

3,306

Miscellaneous loss

40

3,346

Ordinary income

6,345

Extraordinary income
Gain on sales of fixed assets

109

Government subsidy

99

208

Extraordinary loss
Loss on retirement of fixed assets

727

Loss on reduction of fixed assets

44771

Income before income taxes

5,782

Income taxes - current

1,480

Income taxes – for prior periods

441△

Income taxes - deferred
Net income

207
4,068

- 2 -

NotesI. Notes on Matters Related to Important Accounting Policies

I.

1.

2.

Criteria and methods for evaluating assets(1)

Derivatives:

Market value method(2)

Inventory assets:

Based on cost method using the retail method (balance sheet values arecalculated using the method of reducing book value when the contributionof inventories to profitability declines)

Method of depreciation of noncurrent assets(1)

Property, plant, and equipment(not including leased assets)

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

Straight line method

Leased assets

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

(3)

3.

Criteria for recording reserves(1)

4.

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

Provisionfor
directors' retirement
benefits

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

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 passenger
terminal building have been added to the acquisition cost (for the fiscal year under review -- 217 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
method:(2)

Hedge procedure and hedge target(3)accounting

Deferred hedge treatment

Hedgeprocedure:

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 rising from futurefluctuation of the interest rate and the Company's policy not to carry out
any speculative transactions.

- 3 -(4)7.

Method to evaluate
thehedge
effectivenessThe assessment on the effectiveness is conducted by comparing thecumulative amount of market movements of hedge procedures and thecumulative amount of market movements of hedge target.

Additional information
Accounting estimates regarding the impact of the spread of the new coronavirus infection
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. As certain assumptions, assuming that the recovery of the number oftravelers which affects operating revenue, etc. due to the new coronavirus infection will take a period
of about four years, accounting estimates are reflected in the accounting treatment.
Notes on Balance SheetII.

(Millions of yen)1

The amounts are rounded down to the nearest million.

2

Pledged assets
Assets pledged as collateral

Ordinary deposits

45,997 million yen

Accounts receivable - trade

Liabilities corresponding to theabove

Buildings

105,051 million yen

Structures

1,449 million yen

Machinery and equipment

1,843 million yen

Separately managed penalty in trust

1,000 million yen

Current portion of long-term loans
payable7,701 million yen

Long-term loans payable

86,355 million yen

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

3Buildings
45

68 million yen

Total depreciation of property, plantand equipment

44 million yen
79,976 million yen

Monetary claims and obligations to subsidiaries and affiliates
Monetary claims
Monetary obligations

Accounts receivable - trade

733 million yen

Accounts receivable - other10 million yen

Accounts payable - trade

1,121 million yen

Accounts payable - other

3,808 million yen

Accrued expenses

647 million yen

Shareholder subordinated bonds

13,320 million yen

Long-term loans payable13,320 million yen

Long-term lease deposit received
III. Notes on Income Statement
1.

Reported amounts are rounded down to the nearest million yen.

2.

Transactions with subsidiaries and affiliates- 4 -259 million yen

Operating transactions

62,865 million yen

Non-operating transactions

601 million yen

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

121 million yen

directors'

16 million yenDeferred losses on hedges

1,336 million yen

Asset retirement obligations

104 million yen

Other586 million yen

Deferred tax assets subtotal

2,166 million yen

Valuation reserve△ 39 million yen

Deferred tax assets total

2,126 million yen(Deferred tax liabilities)
Asset retirement obligations

104 million yen

Deferred tax liabilities total

104 million yen

Subtraction: Net amount of deferred tax
assetsV.
1.

2,022 million yen

Notes on Related Party Transaction
Main corporate shareholders etc.
TypeName of thecompany etc.

(Millions of yen)

Ratio of Relationshipvotingwith therights andparty
otherownershipTransactions

Transaction
amountAccount Title(Millions of yen)

(Millions of yen)

Financing-(Note 1)

Parentcompany

Japan Airport
Terminal Co.,Ltd.

51.00％(direct)

Procureme
nt ofgoods,
consignme
nt of
operationof stores,etc. andborrowingof funds

Balance at theend of theperiod

Borrowing offunds(Note 2)Businessconsignment(Note 3)

Procurementof goods(Note 4)

Payment ofinterest－
19,86942,996601

Shareholder
subordinated
bonds

6,660

Long-term loans
payable646

Accruedexpenses
Accounts
payable – trade
Accrued interest
expenses

- 5 -

6,660

1,121-

Financing-

Shareholder
subordinated
bonds

3,330

300 Long-term loans
payable-(Note 1)Main
shareholderJapan Airlines
Co., Ltd.

16.87%(direct)

Borrowingof funds

Borrowing offunds(Note 2)

Payment ofinterest

－

3,330

Accrued interest
expensesFinancing

-

3,330

Borrowing offunds－

Shareholder
subordinatedbonds(Note 2)300 Long-term loans
payable-(Note 1)Main
shareholder

ANA HoldingsInc.

16.87%(direct)

Borrowingof funds

Payment ofinterest

3,330

Accrued interest
expenses
Akihiko Shiina
Director

Director

NaritaInternational
AirportCorporation
Representative
DirectorSenior
Executive Vice
President

Borrowing offunds-Borrowingof funds

Long-term loans
payable1,620

73 Accrued interest--(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 threecompanies on March 30, 2012, following the approval by the Board of Directors Meeting onFebruary 23, 2012 (prepared based on the loan terms of the Shareholders Agreement agreed
among the shareholders as of the establishment of the Company).
As for the repayment of the principal, it has been agreed that the order of the settlement ofclaims is after 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 LoanAgreement” signed between the Company and its nine shareholders including the above threecompanies on March 27, 2008, following the approval by the Board of Directors Meeting on
March 18, 2008 (prepared based on the loan terms of the Shareholders Agreement agreed among
the shareholders as of the establishment of the Company).
As for the repayment of the principal, it has been agreed that the order of the settlement ofclaims is after that of repayment of preferred loans from the loan syndication based on theLimited Loan Contract Alteration Contract signed with the loan syndication.

Note 3: Prices, other terms and conditions for business consignment are determined after consultations
between both companies while taking into consideration details of business with a reference togeneral terms and conditions, etc.

Note 4: The prices, terms and conditions for procurement of goods are determined after negotiations witha reference to market prices.

Note 5: This transaction was conducted for a third party by Akihiko Shiina, a director at our company, in- 6 -his capacity as a representative of Narita International Airport Corporation.

Note 6: Among 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.

VI. Notes on data per share
1.

Net asset per share:

2.

Current net profit per
share:

8,072,268.32 yen
772,489.56 yen

VII. Matters concerning important subsequent events
Borrowing of a large amount of funds

The Company decided to borrow funds as follows in the board of directors meeting held on August 24,
2017, and borrowed funds on April 28, 2020.

(1)

Purpose of the funds

Financial arrangements for construction costs, etc. (The 4th, final)(2)

Lenders(Lead arranger)

Mizuho Bank, Ltd.

(Lead arranger)

Development Bank of Japan Inc.

(Lead arranger)

MUFG Bank, Ltd. and others, 20 financial
institutions in total(3)

Amount ofborrowedmoney

25,452 million yen(4)

Borrowing rate

TIBOR (6 months) + spread(5)

Borrowing execution
dateApril 28, 2020

(6)

Final deadline

September 30, 2037

(7)

Pledged assets

Buildings, structures, machinery and equipment, and rent credits- 7 -