BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

WASHINGTON, D.C. 

Application of 

ALL NIPPON AIRWAYS CO., LTD. 

for an exemption pursuant to 49 U.S.C. § 40109 

and an amended foreign air carrier permit 

pursuant to 49 U.S.C. § 40301 

) 

) 

) 

) 

) Docket No. OST-2012- ()O 3~ 

) 

) 

) _______________________________________ ) 

APPLICATION OF ALL NIPPON AIRWAYS CO., LTD., 

FOR AN EXEMPTION AND 

AMENDED FOREIGN AIR CARRIER PERMIT 

Communications with respect to this document should be sent to: 

Charles J. Simpson, Jr. 

David M. Endersbee 

ZUCKERT, SCOUTT & RASENBERGER, L.L.P. 

888 Seventeenth Street, N.W. 

Washington, D.C. 20006 

Tel: (202) 298-8660 

Fax: (202) 342-0683 

cjsirnpson@zsrlaw.corn 

drnenders bee@zsrlaw. corn 

Counsel for All Nippon Airways Co., Ltd. 

NOTICE: Any person may support or oppose this application by filing an answer and serving 

a copy of the answer on the applicant and on all persons listed in the attached service list on before 

March 23, 2012. 

March 2, 2012 
Application of 

BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

WASHINGTON, D.C. 

ALL NIPPON AIRWAYS CO., LTD. 

) 

) 

) 

) 

for an exemption pursuant to 49 U.S.C. § 40109 

and an amended foreign air carrier permit 

pursuant to 49 U.S.C. § 40301 

Dated: March 2, 2012 

) Docket No. OST-2012-

) 

) 

) 

APPLICATION OF ALL NIPPON AIRWAYS CO., LTD., 

FOR AN EXEMPTION AND 

AMENDED FOREIGN AIR CARRIER PERMIT 

All Nippon Airways Co., Ltd. ("ANA"), pursuant to 49 U.S.C. §§ 40109, 41301, 

Subparts B and C of the Department's Rules of Practice, and the Department's 2005 Notice on 

Streamlining Regulatory Procedures (Docket OST-2005-22228) (the "2005 Notice"), hereby 

applies for an exemption and an amended foreign air carrier permit authorizing ANA to operate 

the following services, consistent with the provisions of the October 25, 2010 Memorandum of 

Understanding between Japan and the United States, including the Annex thereto: 

• Scheduled foreign air transportation of persons, property, and mail (separately or 

in combination) from points behind Japan via Japan and intermediate points to a 

point or points in the United States and beyond; 

• Charter foreign air transportation of persons, property, and mail (separately or in 

combination) between any point or points in Japan and any point or points in the 
Application of All Nippon Airways Co., Ltd. 

Page 2 

United States and between any point or points in the United States and any point 

or points in any third country; and, 

• Other charters pursuant to Part 212 of the Department's regulations. 

ANA respectfully requests that the Department issue a single order (1) granting ANA's 

exemption application for a two-year period or until after the requested permit amendment 

becomes effective, whichever occurs earlier, and (2) approving the corresponding amended 

foreign air carrier permit under the procedures set forth in the Department's 2005 Notice. 

In support of this application, ANA states as follows: 

1. On October 25, 2010, Japan and the United States signed the historic 

Memorandum of Understanding ("the 2010 MOU") that ushered in a new era of Open Skies 

between the two nations, creating important new service opportunities for carriers of both sides. 

The provisions of the 20 I 0 MOU were incorporated into an agreement by exchange of 

diplomatic notes on November 13,2010. The 2010 MOU and the Annex thereto define the 

broad traffic rights available to designated airlines of Japan and the United States. 

2. ANA currently holds a foreign air carrier permit, most recently amended in 2007, 

authorizing it to engage in scheduled foreign air transportation of (a) persons, property and mail 

(combination service only) between any point or points behind Japan, via any point or points in 

Japan, and any intermediate point or points, and any point or points in the United States, and any 

point or points beyond; and (b) property and mail (all-cargo) between any point or points in 
Application of All Nippon Airways Co., Ltd. 

Page 3 

Japan and Chicago, Los Angeles, San Francisco and New York, as well as to engage in charter 

trips in foreign air transportation. 1 Order 2007-4-29, Docket OST-2006-26649. 

3. ANA now seeks the full complement of rights available to airlines of Japan under 

the 2010 MOU and the Annex thereto, as set forth in paragraph 9 below. The expanded 

authority sought here will further ANA's ability to rapidly adjust to market needs and to provide 

shippers and consumers the greatest range of air transportation services possible. ANA has a 

demonstrated interest in expanding its services to the United States. On December 21, 2011, 

ANA, which is the launch customer for the Boeing 787 Dreamliner, announced that it would 

commence 787 combination service between Tokyo (Narita) and Seattle and San Jose during the 

fiscal year beginning April1, 2012? 

4. ANA is a corporation organized and existing under the laws of Japan 

(incorporated pursuant to the provisions of Book 11, Chapter IV of the Commercial Code 

of Japan) and is a citizen of Japan. Its full name and headquarters address is 

All Nippon Airways Co., Ltd. 

1-5-2, Higashi-Shimbashi, Minato-ku 

Tokyo 105-7133, Japan. 

5. ANA is a publicly traded company, and no single entity owns more than five 

percent (5%) of ANA's stock. ANA is substantially owned and effectively controlled by 

nationals of Japan. Per 14 CFR § 211.21(d), ownership and control of ANA are substantially 

unchanged. 

6. The competent air transport authority having regulatory jurisdiction over ANA is 

1 Pursuant to Order 87-11-10, ANA is required to obtain statements of authorization pursuant to 14 CFR Part 212 

for all Third and Fourth Freedom charters between Japan and the U.S. ANA respectfully submits that this broad 

requirement is inconsistent with the new Open Skies regime and requests that the requirement be terminated, 

consistent with the applicable provisions ofthe Annex to the 2010 MOU. 

2 These new services are encompassed by ANA's existing foreign air carrier permit. 
Application of All Nippon Airways Co., Ltd. 

Page 4 

the Ministry of Land, Infrastructure and Transport and Tourism (Civil Aviation Bureau) 

("MLIT"). MLIT is located at 2-1-3 Kasumigaseki, Chiyoda-ku, Tokyo I 00-8918, Japan. 

7. ANA's Air Operator Certificate issued by the MLIT on August 31, 2011, and 

authorizing ANA to engage in international air transportation services is attached as Exhibit 

ANA-l. ANA's Air Operator Certificate fully authorizes the services described herein and has 

no expiration date. 

8. As required by 14 CFR § 211.21 (c), financial summaries for the two most recent 

available fiscal years are attached as Exhibit ANA-2.3 

9. The authority requested herein is consistent with, and is provided for, in the 2010 

MOU. Section I of the Annex to the 2010 MOU provides that airlines designated by the 

Government of Japan are entitled to provide scheduled international air transportation (i.e., 

transportation of passengers, cargo and mail, separately or in combination): 4 

From a point or points behind Japan via Japan and intermediate points to a point or points 

in the United States and beyond. 

Similarly, Section 2 of the Annex provides, inter alia, that airlines of both countries have 

the right to provide charter international air transportation: 

(a) between any point or points in its homeland and any point or points in the territory of 

the other Party; and 

(b) between any point or points in the territory of the other party and any point in a third 

country or countries, provided that such service constitutes part of a continuous 

operation, with or without a change of aircraft, that includes service to or from the 

homeland for the purpose of carrying local traffic to or from the homeland. 5 

3 Because ANA is not at this time proposing any new services pursuant the requested new authority, ANA is not 

submitting estimated traffic and financial results or other information for proposed services, as contemplated by 

14 CFR § 211.2l(b). 

4 In addition, Part VII of the 2010 MOU permits airlines operating services under the MOU to engage in 

cooperative marketing arrangements and intermodal cargo services. 

5 See footnote I , supra. 
Application of All Nippon Airways Co., Ltd. 

Page 5 

10. ANA does not receive, nor does it expect to receive, any financial assistance from 

the Government of Japan. 

11. ANA has not been involved in any safety or tariff violations, or been involved in 

any fatal accidents, during the five years preceding this application. 

12. ANA's aircraft maintenance program continues to comply with ICAO Pilots and 

Airmen Annexes 1, 6 (Part 1) and 7. 

13. Grant of the authority sought by ANA will not constitute a major regulatory 

action under the Energy Policy and Conservation Act of 1975, as defined in Part 313 of the 

Department's Regulations. 

14. The public interest will be served by the grant ofthis authority to ANA. In 

announcing the U.S.- Japan agreement, Secretary LaHood noted that "American and Japanese 

consumers, airlines and economies will enjoy the benefits of competitive pricing and more 

convenient service" brought by open skies. 6 Japan has long been a major ally and trade and 

transportation partner of the U.S. Finally, as noted above, this authority will provide ANA with 

the maximum possible flexibility to respond to market conditions and needs with a minimum of 

regulatory delay. 

15. ANA remains fit, willing and able to perform the foreign air transportation 

services described in this application and will conform with the Department's statutory 

provisions, rules, regulations and other requirements. 

6 "U.S. Transportation Secretary LaHood Announces U.S.-Japan Agreement on Open Skies," Dec. II, 2009, 

available at http://www.dot.gov/affairs/2009/dot 19609.htm 
Application of All Nippon Airways Co., Ltd. 

Page 6 

WHEREFORE, for the foregoing reasons, All Nippon Airways Co., Ltd., respectfully 

requests that the Department grant the requested exemption and amended foreign air carrier 

permit as described more fully herein. ANA also requests such further, different and additional 

relief as the Department may deem to be appropriate. 

March 2, 2012 

Respectfully submitted, 

Charles J. Sim son, Jr. 

David M. Endersbee 

ZUCKERT, SCOUTT & RASENBERGER, L.L.P. 

888 Seventeenth Street, N.W. 

Washington, D.C. 20006 

Tel: (202) 298-8660 

Fax: (202) 342-0683 

cj simpson@zsrlaw.com 

dmendersbee@zsrlaw.com 

Counsel for All Nippon Airways Co., Ltd. 
Application of All Nippon Airways Co., Ltd. 

Page 7 

Index to Exhibits 

Exhibit ANA-l Air Operator Certificate 

Exhibit ANA-2 Financial Summaries 
Exhibit ANA-l 

Air Operator Certificate 
W~~~ B-~ $ ~ 

fi~~~1rs·Enr~--------- iEE~i~~91ity ________ · ________ ~#~Wkrtt~~Q.f- _o_nJ~Qt 

KOKUKUJI 880 Ministry of Land, Infrastructure, Contact details, at which 

Transport and Tourism operational management can 

be contacted without ondue delay, are listed in . attachment to 

thls document. 

m Q) n; Ju± ~:&. m (J) 

Expiry Date OperatorName,Address,Telephone, Type of aircraft authorized for use 

-::.Oi¥D"'iifmti:t~-·~t¥ ~a~~fa1f*~sf:ff ___________ *.:..::1'-s::V~747-4oo-jf:VJfNr ~f.iE(J)h:tJZl±fl},:c1ti6~ ~~Z:n.fifi 1 Tl§ 5:fi:2% #-.{ "!/~-:;t.1n *?llli!l 

t.( ~no~ -zt"(J)/'11'1, :flW1.!:: flttwiS.m:% : o3-673S-looo *--1 "!/~it 767 >U~J!rl 

T -5o 7r:J1~~- : 03-6735-1 oos #--1 ;:..r ~it 737 *?11~ 

This certificate is remain in ALL NIPPON AIRWAYS #-.{;:..r~it787*:7Uli!l 

effect until superseded by a CO.,LTD .:r.:rr>Ait;A320 -*?11!1'1 new Air Operator Certificate. 5-2, Higashishinbasbi 1-chome, Boeing 747-400 series 

Mlnato-ku,Tokyo,JAPAN Boeing 777 series 

lliEOOToo 

TEL;+Sl-3-6735-1000 Boeing 767 series 

FAX;+81-3-6735-1005 Boeing 737 series 

Boeing 787 series 

Airbus A320 series 

This certificate certifies that ALL NIPPON AIRWAYS CO.,LTD. has met the requirement of 

the Civil Aeronautics Law of JAPAN for the issuance of this cet1ificate and is hereby 

authorized to conduct commercial air transportation operations in accordance with said Law 

and he conditions and li 'ta ions rescribed he e. 
iiML tr tfl.l-t ~ '8JIW0>31Mst; r::-::> I.' -c 

Operational Points of Contact 

~1±:8 : ~Ef*~•*-*:it~-1± 

Operator Name : ALL NIPPON AJRWAYS CO.,LTD. 

:iifJta-~J]!-9~8Jl~O))Ij!$\; 

Operational Points of Gontact 

~s*~~~~~ti ~~v-Ya/Um~ 

fim: :~nit-tJt:tEal&jj::JfE~il3- 3-2 

-~-~:03-5757-6300 

77~?A-~:03-5767-5656 

ALL NIPPON AIRWAYS GO.,LTD. Operation & Airport Services 

Address : 3-3-2, Hanedakuko, Ota-ku, Tokyo, JAPAN 

TEL: +81-3-5757-5300 

FAX: +81-3-5757-5656 
Exhibit ANA-2 

Financial Summaries 
Consolidated Balance Sheets 

All Nippon Airways Co., ltd. and its consolidated subsidiaries 

As of March 31, 2010 and 2009 

ASSETS -----

Current assets: 

Cash on hand and in banks ............................................... . 

Marketable securities (Note 4) ....................................... . 

Accounts receivable, less allowance for doubtful accounts 

(¥746 million in 2010 and ¥471 million in 2009) ......... .. 

Accounts receivable from and advances to 

non-consolidated subsidiaries and affiliates ................ . 

Inventories .................................................................................. .. 

Deferred income taxes- current (Note 8) ...................................... . 

Prepaid expenses and other current assets .................................... .. 

Total current assets ........................................................ .. 

Investments and long-term receivables: 

Investments in securities (Note 4) ................................................. .. 

Investments in and advances to non-consolidated 

Yen (Millions) 

2010 2009 

¥ 13,246 ¥ 59,668 

180,576 84,483 

98,786 87,403 

1,285 1,764 

56,910 57,119 

24,715 73,296 

45,998 82,940 ------------- 421,516 446,673 

38,346 40,619 

subsidiaries and affiliates (Note 5) .... .. ... .. .... ...... ... .... .. .... .. .... ... .. 14,395 14,972 

Lease and guaranty deposits.......................................................... 12,451 12,617 

Housing loans to employees........................................................... 514 559 

Other long-term receivables........................................................... 23,565 20,650 --------------- Total investments and long-term receivables................ 89,271 89,417 -----------------

Property and equipment (Notes 6 and 9): 

Flight equipment ......................................................................... . 1,221,837 1,189,326 

Ground property and equipment. ................................................. . 465,322 450,817 

1,687,159 1,640,143 

Less accumulated depreciation .................................................... .. (841,552) (820,826) 

845,607 819,317 

Leased assets ............................................................................... .. 43,796 54,653 

Advance payments on aircraft purchase contracts ......................... . 250,212 184,065 

Construction in progress .............................................................. .. 12,739 22,233 

Net property and equipment ........................................ . 1,152,354 1,080,268 

Deferred income taxes- non-current (Note 8) ............................. .. 124,558 81,589 

Other assets ................................................................................... .. 71,386 63,118 

Total assets ......................................................... .. ¥1,859,085 ¥1,761,065 

See accompanying notes to consol'ldated fmancial statements. 

108 All Nippon Airways Co., ltd. 

-----·--

$ 

US. dollars 

(Thousands) 

(Note3) 

2010 

142,368 

1,940,842 

1,061,758 

13,811 

611,672 

265,638 

494,389 

4,530,481 

412,145 

154,718 

133,824 

5,524 

253,278 

959,490 

13,132,383 

5,001,311 

18,133,695 

(9,045,055) 

9,088,639 

470,722 

2,689,294 

136,919 

12,385,576 

1,338,757 

767,261 

$19,981,567 
----------

LIABILITIES AND NET ASSETS ---------------------

Current liabilities: 

Short-term loans, including current portion of long-term debt, 

and finance lease obligations (Note 6) ................................. .. 

Accounts and notes payable - trade ................................... . 

Accounts payable to non-consolidated subsidiaries and affiliates ... 

Advance ticket sales .................................................................... . 

Accrued expenses ........................................................................ . 

Accrued income taxes .................................................................. . 

Other current liabilities ................................................................ . 

Total current liabilities ................................................. . 

Long-term liabilities: 

Long-term debt, less current portion, 

and finance lease obligations (Note 6) ....................................... . 

Accrued employees' retirement benefits (Note 7) ......................... . 

Deferred income taxes - non-current (Note 8) ............................... . 

Other long-term liabilities ............................................................. . 

Totallong-term liabilities .............................................. . 

Commitments and contingent liabilities (Note 11) 

Net assets (Notes 8 and 1 0): 

Shareholders' equity .................................................................. . 

Common stock: 

Authorized- 3,900,000,000 shares 

Issued- 2,524,959,257 shares at March 31, 2010 

and 1,949,959,257 shares at March 31, 2009 ....... . 

Capital surplus ......................................................................... . 

Retained earnings .................................................................... . 

Less treasury common stock, at cost (18,528,413 shares at 

March 31,2010 and 16,778,017 shares at March 31, 2009)., 

Valuation, translation adjustments and others ........................ . 

Net unrealized holding gain on securities ................................ .. 

Deferred loss on hedging instruments ....................................... . 

Foreign currency translation adjustments ................................. .. 

Minority interests ...................................................................... .. 

Total net assets ............................................................... . 

Total liabilities and net assets ...................................... .. 

---------~------------ --------

US. dollars 

(Thousands) 

_____ Yen (Millions) (Note 3) " ______________ ------------

2010 2009 2010 --------

¥ 180,775 ¥ 169,462 $ 1,942,981 

155,929 158,259 1,675,935 

984 772 10,576 

53,033 45,104 570,002 

27,703 28,339 297,753 

2,670 1,349 28,697 

51,519 99,835 553,729 

472,613 503,120 5,079,675 

760,916 727,774 8,178,374 

119,425 116,917 1,283,587 

406 70 4,363 

25,636 87,387 275,537 ------~~----~~--- 906,383 932,148 9,741,863 -------------

485,510 403,157 5,218,293 

231,381 160,001 2,486,898 

196,635 125,720 2,113,445 

64,510 123,830 693,357 

(7,016) (6,394) (75,408) 

(11,958) (81,274) (128,525) 

1,516 1,391 16,294 

(13,212) (82,597) (142,003) 

(262) (68) (2,815) 

6,537 3,914 70,260 

480,089 325,797 5,160,027 

¥1,859,085 ¥1,761,065 $19,981,567 

Annual Report 2010 109 
Consolidated Statements of Income 

All Nippon Airways Co., ltd. and its consolrdated subsidiaries 

Years ended March 31, 2010, 2009 and 2008 

-~--- ---~~----~----~~-~-------------~~-------- ~~------

u.s. dollars 

(Thousands) 

Yen (Mrllions) (Note 3) 

Operating revenues: 

Passenger ........................................................ .. 

Cargo .................... . 

Incidental and other .......................................... .. 

Operating expenses: 

2010 

¥ 845,100 

87,579 

295,674 

1,228,353 

2009 

¥ 990,466 

102,166 

299,949 

1,392,581 

2008 

¥1,051,091 

102,758 

333,978 

1,487,827 

Aircraft and flight operations ......... ................................ 377,954 433,316 394,422 

Aircraft maintenance ...................................................... 110,433 114,796 112,528 

In-flight services .............................................................. 64,935 69,696 70,601 

Flight control and ground handling ................................. 252,057 268,020 282,125 

Reservations, sales and advertising .............. ............... ..... 172,390 204,762 232,696 

General and administrative.............................................. 46,994 42,575 42,743 

Depreciation and amortization .. ................................. ..... 113,806 112,881 116,787 

Other costs ..................................................................... _:..:.144~,0.=.::3::...:1 __ .:c13::.:::8'"",9::...:4c::c6 __ 1:...:5_._1!.:::,5'-=-3~6-

Operating (loss) income .................................................. . 

Non-operating income (expenses): 

Interest and dividend income ......................................... . 

Gain on sale of property and equipment ....................... .. 

Interest expenses ........................................................... . 

Loss on sale or disposal of property and equipment ....... .. 

Impairment loss (Note 16) ............................................. .. 

Valuation loss on investments in securities ...................... .. 

Valuation loss on other investments ............................... .. 

Equity in (loss) income of affiliates ................................. .. 

Gain on sale of investments in securities ....................... .. 

Gain on return of substituted portion of welfare pension fund .. . 

Amortization of net transitional retirement benefit obligation .. . 

Special retirement benefit expenses ................................ . 

Gain on insurance adjustment... ...................................... . 

Expenses related to antitrust proceedings ....................... .. 

1,282,600 1,384,992 1,403,438 

(54,247) 7,589 84,389 

2,672 

1,115 

(18, 160) 

(14, 182) 

{1,253) 

(644) 

(13) 

(204) 

18 

1,723 

(6,423) 

(4,467) 

2,868 

15,020 

(14,832) 

(8,213) 

(3,893) 

(25) 

271 

324 

(6,534) 

4,610 

5,184 

(15,049) 

(8,974) 

(14,111) 

(3,825) 

(9) 

385 

876 

(6,634) 

(1,217) 

Refurbishment expense for return of lease aircraft............ (4,086) 

(856) 

(1,899) 

(660) 

2,869 

(2, 105) 

(303) 

Gain on sale of hotel business assets................................. 132,992 

Loss on disposal of the parts for retired aircraft property 

and equipment............................................................ (11, 198) 

Provision for loss on antitrust proceedings (Note 2 @....... (648) (16, 198) 

Other, net ....................................................................... -~1:!..,8::..:7-=5~ _ __:',3,c.:.1:..:.79=-----"'(3::..:1:.!.:,9'-'1_._1)c._ 

(41 ,346) (12,034) 30,835 

(Loss) income before income taxes and minority interests ...... 

Income taxes (Note 8): 

(95,593) (4,445) 115,224 

Current ........................................................................... 2,796 1,334 84,886 

Deferred .. .. . .. .. .. . .. . .. . . .. . .. . .. . .. .. . .. .. . .. .. . . . .. .. . .. . .. .. . . . .. . . .. . . .. .. . --'(4-'-'0'-", 8::.:2_._1 !.....) _ ___,(~1 ,c=-2'-'77:..!...) -~(3::....4~, 6:=9~2)c._ 

(38,025) 57 50,194 

(Loss) income before minority interests ........................ .. (57,568) (4,502) 65,030 

Minority interests ............................................................. . (181) (242) 887 

Net (loss) income ............................................................... ¥ (57,387) ¥ (4,260) ¥ 64,143 

Yen 

Net (loss) income per share (Note 2 (p)) ............................... ¥ (24.67) ¥ (2.19) ¥ 32.93 

See accompanying notes to consolidated financial statements. 

110 All Nippon Airways Co., Ltd. 

2010 

$ 9,083,190 

941,304 

3,177,923 

13,202,418 

4,062,274 

1,186,941 

697,925 

2,709,125 

1,852,858 

505,094 

1,223,194 

1,548,054 

13,785,468 

(583,050) 

28,718 

11,984 

(195,184) 

(152,429) 

(13,467) 

(6,921) 

(139) 

(2, 192) 

193 

18,518 

(69,034) 

(48,011) 

(9,200) 

(20,410) 

(6,964) 

20,152 

(444,389) 

(1 ,027,439) 

30,051 

(438,746) 

(408,695) 

(618,744) 

(1,945) 

-Tl6f6J99fU.S. dollars 

(Note 3) 

$ (0.26) 
Consolidated Statements of Changes . 

Ill Net Assets 

All Nippon Airways Co., Ltd. and its consolidated subsidiaries 

Years ended March 31,2008,2009 and 2010 

-~~---~-------~----------- -------~~---------------

Yen (M!Itkms} 

________ - _____ _i_h?rehok!en.' egui!'L._ __ ~------ ~-~~.Lf01 transla~~~~ents and o!bt'_IL~ 

Net lOtal 

unreaftzed Deferred Foreign valuation, 

Common Caprtal Retamed LI'Ss treasury lOtal holding ga1n (loss) on tran-:.latiorl 

stock surplus eammgs common s.harehol®' gain on hedgmg adjustments Minonty lOtal 

(Note 10) (No!J' 10) (Note to) stock, at cost equ1ty 5€CUnties mstruments adjustments andothr:-rs interests net assets ·-------~- -------------------"-- Balance at March 31, 2007.... ¥160,001 ¥125,739 ¥ 79,530 ¥ (725) ¥364,545 ¥10,885 ¥ 23,155 ¥(362) ¥ 33,678 ¥ 7,689 ¥405,912 

Cash dividends paid .. (5,844) (5,844) (5,844) 

Net income. 64,143 64,143 64,143 

Decrease resulting from 

purchase of treasury stock .. (307) (307) (307) 

Disposition of treasury stock ... 11 109 120 120 

Net changes of items other 

than shareholder.;' equity 

during the period (3,027) (886) 550 (3,363) (4,715) (8,078) 

Total changes during the period .. 11 58,299 (198) 58,112 (3,027) (886) 550 (3,363) (4,715) 50,034 

Balance at March 31, 2008 .. 160,001 125,750 137,829 (923) 422,657 7,858 22,269 188 30,315 2,974 455,946 

Cash dividends paid .... (9,739) (9,739) (9,739) 

Net loss ...... ....................... (4,260) (4,260) (4,260) 

Decrease resulting from 

purchase of treasury stock .... (6, 121) (6, 121) (6, 121) 

Disposition of treasury stock.. .. (30) 650 620 620 

Net changes of items other 

than shareholders' equity 

during the period (6,467) (104,866) (256) (111,589) 940 (110,649) 

Total changes during the period .. (30) (13,999) (5,471) (19,500) (6,467) (104,866) (256) (111,589) 940 (130,149) 

Balance at March 31, 2009 .... 160,001 125,720 123,83() (6,394) 403,157 1,391 (82,597) (68) (81,274) 3,914 325,797 

Issuance of stock by public 

offering and allocation to 

third party ..... 71,380 71,380 142,760 142,760 

Cash dividends paid .. (1,933) (1,933) (1,933) 

Net loss ...... (57,387) (57,387) (57,387) 

Decrease resulting from 

purchase of treasury stock ... (2,463) (2,463) (2,463) 

Disposition of treasury stock ... (465) 1,841 1,376 1,376 

Net changes of items other 

than shareholders' equity 

during the period 125 69,385 (194) 69,316 2,623 71,939 

Total changes during the period 71,380 70,915 (59,320) (622) 82,353 125 69,385 (194) 69,316 2,623 154,292 

Balance at March 31, 2010 .......... ¥231,381 ¥196,635 ¥64,510 ¥(7,016) ¥485,510 ¥ 1,516 ¥ (13,212) ¥(262) ¥ (11,958) ¥ 6,537 ¥480,089 

unrealized Deferred foreign valuatKm, 

Common Capital Retaint'd less treasury lOtal holding gain(m)on currency translation 

stock surplus earnings common shareholders' gam on hedgng translation adjustments Minority lOtal 

(Note10) (Note 10) (Note 10) stock, at cost equity ~curities instruments adjustments and others interests net assets 

Balance at March 31, 2009 .. "" '""' $1,719,701 $1,351,246 $1,330,932 $(68,723) $4,333,157 s 14,950 $(887,757) $ (730) $ (873,538) $42,067 $3,501,687 

Issuance of stock by public 

offering and allocation to 

third party ........... 767,196 767,196 1,534,393 1,534,393 

Cash dividends paid .... (20,776) (20,776) (20,776) 

Net loss ....... (616,799) (616,799) (616,799) 

Decrease resulting from 

purchase of treasury stock (26,472) (26,472) (26,472) 

Disposition of treasury stock. (4,997) 19,787 14,789 14,789 

Net changes of ~ems other 

than shareholders' equity 

during the period ................ 1,343 745,754 (2,085) 745,012 28,192 773,205 

Total changes during the period .......... 767,1% 762,199 (637,575) (6,685) 885,135 1,343 745,754 (2,085) 745,012 28,192 1,658,340 

Balance at March 31, 2010 ... ""' " " $2,486,898 $2,113,445 $ 693,357 $(75,408) $5,218,293 $16,294 ${142,003) $(2,815) $(128,525) $70,260 $5,160,027 

See accompanying notes to consolidated financial statements. 

Annual Report 2010 111 
Consolidated Balance Sheets 

All Nippon Airways Co., ltd. and its consolidated subsidiaries 

As of March 31, 2011 and 2010 

ASSETS 

Current assets: 

Cash on hand and in banks .......................................................... . 

Marketable securities (Note 4) ....................................................... . 

Accounts receivable, less allowance for doubtful accounts 

(¥1,242 million in 2011 and ¥746 million in 201 0) ................... .. 

Accounts receivable from and advances to 

non-consolidated subsidiaries and affiliates .............................. .. 

Inventories .................................................................................... . 

Deferred income taxes- current (Note 9) ..................................... .. 

Prepaid expenses and other current assets ................................... .. 

Total current assets ....................................................... .. 

Investments and long-term receivables: 

Investments in securities (Note 4) .................................................. . 

Investments in and advances to non-consolidated 

subsidiaries and affiliates (Note 5) ............................................ . 

Lease and guaranty deposits ........................................................ .. 

other long-term receivables ......................................................... .. 

Total investments and long-term receivables .............. .. 

Property and equipment (Notes 6 and 11 ): 

Flight equipment. .......................................................................... . 

Ground property and equipment ................................................. .. 

Less accumulated depreciation ...................................................... . 

Leased assets ................................................................................ . 

Advance payments on aircraft purchase contracts ........................ .. 

Construction in progress .............................................................. .. 

Net property and equipment ....................................... .. 

Deferred income taxes- non-current (Note 9) .............................. . 

Other assets ................................................................................... .. 

Total assets ...................................................................... . 

See accompanying notes to consolidated financial statements. 

112 All Nippon Airways Co., Ltd. 

U.S. dollars 

(Thousands) 

Yen (Millions) (Note 3) --------- ·-·--------· 

2011 2010 2011 

¥ 36,956 ¥ 13,246 $ 444,449 

173,874 180,576 2,091,088 

95,855 98,786 1' 152,796 

2,959 1,285 35,586 

55,459 56,910 666,975 

38,618 24,715 464,437 

68,466 45,998 823,403 

472,187 421,516 5,678,737 

31,028 38,346 373,156 

23,494 14,395 282,549 

12,345 12,451 148,466 

31,732 24,079 381,623 ~--------------------

98,599 89,271 1' 185,796 -----------------------

1,344,806 1,221,837 16,173,253 

486,578 465,322 5,851,809 

1,831,384 1,687,159 22,025,063 

(904,815) (841 ,552) (10,881,719) 

926,569 845,607 11,143,343 

35,904 43,796 431,797 

219,974 250,212 2,645,508 

6,753 12,739 81,214 

1,189,200 1 '152,354 14,301,864 

93,116 124,558 1,119,855 

74,919 71,386 901,010 

¥1,928,021 ¥1,859,085 $ 23, 187,263 
U.S. dollars 

(Thousands) 

Yen (Millions) (Note 3) - ------ LIABILITIES AND NET ASSETS 2011 2010 2011 --------- ---~-~--

Current liabilities: 

Short-term loans, including current portion of long-term debt, 

and finance lease obligations (Note 6) ...................................... . ¥ 146,395 ¥ 180,775 $ 1,760,613 

Accounts and notes payable- trade ............................................. . 160,630 155,929 1,931,809 

Accounts payable to non-consolidated subsidiaries and affiliates ... 1,561 984 18,773 

Advance ticket sales ..................................................................... . 50,832 53,033 611,328 

Accrued expenses ........................................................................ . 46,383 27,703 557,823 

Accrued income taxes .................................................................. . 4,787 2,670 57,570 

Asset retirement obligations (Note 8) ........................................... .. 1,614 19,410 

Other current liabilities ................................................................. . 35,389 51,519 425,604 -------------- Total current liabilities .................................................. . 447,591 472,613 5,382,934 

Long-term liabilities: 

Long-term debt, less current portion, 

and finance lease obligations (Note 6) ....................................... . 792,424 760,916 9,530,054 

Accrued employees' retirement benefits (Note 7) .......................... . 123,400 119,425 1,484,064 

Deferred income taxes- non-current (Note 9) .............................. .. 1,951 406 23,463 

Asset retirement obligations (Note 8) ........................................... .. 977 11,749 

Other long-term liabilities ............................................................. . 35,324 25,636 424,822 

Totallong-term liabilities ............................................. .. -------------~--- 954,076 906,383 11,474,155 ---------------

Commitments and contingent liabilities (Note 13) 

Net assets (Notes 9 and 12): 

Shareholders' equity .................................................................. . 516,803 485,510 6,215,309 

Common stock: 

Authorized- 5,100,000,000 shares 

Issued- 2,524,959,257 shares at March 31, 2011 and 2010 .. 231,381 231,381 2,782,693 

Capital surplus ........................................................................ .. 196,330 196,635 2,361,154 

Retained earnings ................................................................... .. 94,892 64,510 1,141,214 ., Less treasury common stock, at cost (15,903,528 shares at :;· 

March '" 31, 2011 and 18,528,413 shares at March 31, 2010) .. (5,800) (7,016) (69,753) :> 

,., 

o;· 

Accumulated other comprehensive income ............................ .. 

Net unrealized holding (loss) gain on securities ........................ .. 

3,451 (11,958) 41,503 "' 

(810) 1,516 (9,741) a. 

0 

Deferred gain (loss) on hedging instruments ............................. .. 5,010 (13,212) ::> 60,252 

Foreign currency translation adjustments ................................. .. (749) (262) (9,007) 

Minority interests ....................................................................... . 6,100 6,537 73,361 

Total net assets ............................................................... . 526,354 480,089 6,330,174 

Total liabilities and net assets ...................................... .. ¥1,928,021 ¥1,859,085 $23,187,263 

Annual Report 2011 113 
Consolidated Statements of Income and Comprehensive Income 

All Nippon Airways Co., Ltd. and its consolidated subsidiaries 

Years ended March 31, 2011, 2010 and 2009 

Consolidated Statements of Income 

Yen (Millions) 

US. dollars (Thousands) 

(Note3) 

--~---- ___________ 2_0_1_1 ______ 2_0_1_0 ________ 2_0Q~--- ____ 2_0_1 ! __ _ Operating revenues: 

Passenger ...... . 

Cargo ...... . 

Incidental and other .. 

Operating expenses: 

Aircraft and flight operations .. . 

Aircraft maintenance .................. . 

In-flight services ............................ . 

Flight control and ground handling ........ .. 

Reservations, sales and advertising . 

General and administrative .. 

Depreciation and amortization .. 

Others...... . ...................... . 

Operating income (loss) ....... . 

Non-operating expenses: 

Interest and dividend income ........... .. 

Gain on sale of property and equipment ....... . 

Interest expenses ..... ........................ .. ......................... . 

Loss on sale or disposal of property and equipment .................. . 

Impairment loss (Note 18) .................................................... .. 

Valuation loss on investments in securities ...................... . 

Valuation loss on other investments ................. . 

Equity in income (loss) of affiliates .... . .............. .. 

Gain on sale of investments in securities ............. . 

Reversal of provision for loss on antitrust proceedings ...... 

Gain on return of substituted portion of welfare pension fund 

Amortization of net transitional retirement benefit obligation .... 

Special retirement benefit expenses .................... .. 

Gain on insurance adjustment... .............................................. .. 

Loss on antitrust settlement .................................. . 

loss on adjustment for changes of accounting standard for asset retirement obligations ... 

Expenses related to antitrust proceedings ..................................... .. 

Refurbishment expense for return of lease aircraft ....................... . 

Provision for loss on antitrust proceedings ..... .. 

Others .................................................................................... .. 

Income (loss) before income taxes and minority interests ............. .. 

I nco me taxes (Note 9): 

Current ................................................................................. . 

Deferred ........................................................ . 

Net income {Joss) before minority interests . 

Minority interests ............................... .. 

Net income (loss) .................................................................. . 

Net income (loss) per share (Note 2 (p}) ............................ . 

See accompanying notes to consolidated financial statements. 

Consolidated Statement of Comprehensive Income 

Income before minority interests .................... . 

Other comprehensive income: 

Net unrealized holding loss on securities ........................... . 

¥ 933,248 

118,470 

305,935 -D57:653~ 

389,091 

103,001 

68,367 

260,561 

160,225 

44,578 

118,440 

145,582 

1,289,845 

67,808 

2,597 

414 

(19,314) 

(12, 161) 

(315) 

(3,536) 

684 

16,729 

38 

(6,425) 

(192) 

(6,835) 

(2, 130) 

(693) 

(2,846) 

1,235 

(32,750) 

35,058 

4,657 

7,377 

12,034 

23,024 

(281) 

¥ 23,305 

¥ 9.29 

Deferred gain on hedging instruments ............................................................................... . 

Foreign currency translation adjustments ..................................................................... . 

¥ 845,100 

87,579 

295,674 

1,228,353 

377,954 

110,433 

64,935 

252,057 

172,390 

46,994 

113,806 

144,031 

1,282,600 

(54,247) 

2,672 

1,115 

(18,160) 

(14,182) 

(1,253) 

(644) 

(13) 

(204) 

18 

1,723 

(6,423) 

(4,467) 

(856) 

(1,899) 

(648) 

1,875 

(41,346) 

(95,593} 

2,796 

(40,821) 

(38,025} 

(57,568) 

(181) 

¥ (57,387} 

Yen 

¥ (24.67} 

Share of other comprehensive income of associates accounted for by the equity-method ....................... .. 

Total other comprehensive income (Note 1 0) ................................................................. . 

Comprehensive income ................................................................................................................................... .. 

Total comprehensive income attributable to: 

Owners of All Nippon Airways Co., Ltd ............................................... .. 

Minority interests........................................................ . .................... . 

See accompanying notes to consolidated financial statements. 

114 All Nippon Airways Co., Ltd. 

¥ 990,466 

102,166 

299,949 

1,392,581 

433,316 

114,796 

69,696 

268,020 

204,762 

42,575 

112,881 

138,946 

1,384,992 

7,589 

2,868 

15,020 

(14,832} 

(8,213) 

(3,893) 

(25} 

271 

324 

(6,534) 

(660) 

2,869 

(2, 105) 

(303) 

3,179 

(12,034) 

(4,445) 

1,334 

(1,277) 

57 

(4,502) 

(242) 

¥ (4,260) 

¥ (2.19) 

Yen (Millions) 

¥23,024 

(2,350) 

18,222 

(492) 

(27) 

¥15,353 

¥38,377 

¥38,662 

¥ (285) 

$11,223,668 

1,424,774 

3,679,314 

. 16,327,757 

4,679,386 

1 ,238, 737 

822,212 

3,133,625 

1,926,939 

536,115 

1,424,413 

1,750,835 

15,512,266 

815,490 

31,232 

4,978 

(232,279) 

(146,253) 

(3,788) 

(42,525) 

8,226 

201,190 

457 

(77,269) 

(2,309) 

(82,200) 

(25,616) 

(8,334) 

(34,227) 

14,852 

(393,866) 

421,623 

56,007 

88,719 

144,726 

276,897 

(3,379) 

$ 280,276 

u.s. dollars 

(Note 3) 

$ 0.11 

U.S. dollars (Thousands) 

(Note3) 

2011 

$276,897 

(28,262) 

219,146 

(5,917) 

(324) 

$184,642 

$461,539 

$464,966 

$ (3,427) 
Consolidated Statements of Changes in Net Assets 

All Nippon Airways Co., Ltd. and its consolidated subsidiaries 

Years ended March 31, 2009, 2010 and 2011 

-----------·---------------------- .. __ .. _ ....... --.... ---·------i'eiiTMinions) ... --.......... ---.... ----· ·--------~ 

Shareholders' i?QU1..!t.___ ____ ~. Accumulated other com~rehenSiV"e-income 

Net Total 

unrealized Deferred Foreign accumulated 

Common Capital Retained LI?Ss treasury Total holding gain (loss) on currency other 

stock surplus earnings common shareholders' ga1n on hedging translation comprehensive Minorrty Total 

(Note 12) (Note 12) (Note 12) stock, at cost equity securities instruments adjustments rncome interests net assets 

Balance at March 31, 2008 .. ¥160,001 ¥125.750 ¥137,829 ¥ (923) ¥422,657 ¥7,858 ¥ 22,269 ¥188 ¥ 30,315 ¥2,974 ¥455,946 

Cash dividends paid .. (9,739) (9.739) (9.739) 

Net loss ......... (4,260) (4,260) (4,260) 

Decrease resulting from 

purchase of treasury stock ... (6, 121) (6, 121) (6,121) 

Disposition of treasury stock ... (30) 650 620 620 

Net changes of items other 

than shareholders' equity 

during the period ..... (6,467) (104,866) (256) (111,589) 940 (110,649) 

Total changes during the period ... (30) (13,999) (5,471) (19,500) (6,467) (104,866) (256) (111,589) 940 (130,149) 

Balance at March 31, 2009 .. 160,001 125,720 123,830 (6,394) 403,157 1,391 (82,597) (68) (81,274) 3,914 325.797 

Issuance of stock by public offering 

and allocation to third party ......... 71,380 71,380 142,760 142,760 

Cash dividends paid . (1,933) (1,933) (1,933) 

Net loss .. (57,387) (57,387) (57,387) 

Decrease resulting from 

purchase of treasury stock .... (2,463) (2.463) (2.463) 

Disposition of treasury stock .. (465) 1,841 1,376 1,376 

Net changes of items other 

than shareholders' equity 

during the period. 125 69,385 (194) 69,316 2,623 71,939 

Total changes during the period ......... 71,380 70,915 (59,320) (622) 82,353 125 69,385 (194) 69,316 2,623 154,292 

Balance at March 31, 2010 ............... 231,381 196,635 64,510 (7,016) 485,510 1,516 (13,212) (262) (11,958) 6,537 480,089 

Net income ...... 23,305 23,305 23,305 

Decrease resulting from 

purchase of treasury stock .... (56) (56) (56) 

Disposition of treasury stock ..... (305) 1,373 1,068 1,068 

Changes in scope of 

consolidation and application 

of the equity method .... 7,077 (101) 6,976 52 52 7,028 

Net changes of items other 

than shareholders' equity 

during the period (2,378) 18,222 (487) 15,357 (437) 14,920 

Total changes during the period (305) 30,382 1,216 31,293 (2,326) 18,222 (487) 15,409 (437) 46,265 

Balance at March 31, 2011 .............. ¥231,381 ¥196,330 ¥ 94,892 ¥(5,800) ¥516,803 '( (810) ¥ 5,010 ¥(749) ¥ 3,451 ¥6,100 ¥ 526,354 

U.S. dollars 

Shareholders' ~ui!)' 

unrealized Deferred foreign Common Caprtal Retained LI?Ss treasury Total holdrng gain Ooss) on currency 

stock surplus earnings common shareholders' gain on hedging translation comprehensive Minority Total 

(Note 12) (Note 12) (Note 12) stock, at cost equity securities instruments adjustments income interests net assets 

Balance at March 31, 2010 ... ....... $2.782,693 $2,364,822 775,826 $(84,377) $5,838,965 $ 18,232 $(158,893) $(3,150) $(143,812) $78,616 $5,773.770 

Net income ....... ........................ 280,276 280,276 280,276 

Decrease resulting from 

purchase of treasury stock. (673) (673) (673) 

Disposition of treasury stock. (3,668) 16,512 12,844 12,844 

Changes in scope of 

consolidation and application 

of the equity method .. 85,111 (1,214) 83,896 625 625 84,521 

Net changes of items other 

than shareholders' equity 

during the period ............... (28,598) 219,146 (5,856) 184,690 (5,255) 179,434 

Total changes during the period ... (3,668) 365,387 14,624 376,343 (27,973) 219,146 (5,856) 185,315 (5,255) 556,404 

Balance at March 31, 2011.. ............ $2,782,693 $2,361,154 $1,141,214 $(69,753) $6,215,309 $ (9,741) $ 60,252 $(9,007) $ 41,503 $73,361 $6,330,174 

See accompanying notes to consolidated financial statements. 

Annual Report 2011 115 

..,., 

:::J 

"' 

~ o;· 

V> 

ro 

~ 

c;· 

:::J 
Statement 

The foregoing financial statements are complete and accurate to the best of my 

knowledge and belief 

Dated: February 17,2012 

c~'q<:__~:y "'~~ By: Eiji Kanazawa 

Title: Senior Vice President 

Finance & Accounting 

All Nippon Airways Co., Ltd. 
CERTIFICATE OF SERVICE 

I hereby certify that on this 2nd day of March 2012, a copy of the foregoing Application 

of All Nippon Airways Co., Ltd. was served by electronic mail and/or first-class mail, postage 

pre-paid, on the following: 

R. Bruce Keiner, Jr. 

Lorraine B. Halloway 

Gerald F. Murphy 

Counsel for ContinentaVUnited Airlines 

Crowell & Moring LLP 

1001 Pennsylvania Avenue, N.W. 

Washington, D.C. 20004-2595 

rbkeiner@crowell.com 

lhalloway@crowell.com 

gmurphy@crowell.com 

Dan Weiss 

Managing Director - International & 

Regulatory Affairs 

United Air Lines 

77 West Wacker Drive-HDQIZ 

Chicago, IL 60601 

dan. weiss@united.com 

Stephen J. Morrissey 

Managing Director, Regulatory and 

Policy 

United Air Lines, Inc. 

1225 New York Avenue, NW- DCAIZ 

Suite 1100 

Washington, DC 20005 

steve.morrissey@united.com 

Jonathan T. Linde 

Managing Director & Senior CounselRegulatory 

United Air Lines, Inc. 

77 West Wacker Drive-HDQLD 

16th Floor 

Chicago, IL 60601 

jonathan.linde@united.com 

Carl B. Nelson, Jr. 

Associate General Counsel 

Robert Wirick 

American Airlines, Inc. 

1101 Seventeenth Street, N.W. 

Suite 600 

Washington, D.C. 20036 

carl.nelson@aa.com 

robert. wirick@aa.com 

Alexander Van Der Bell en 

Jeff Morgan 

Delta Air Lines 

1212 New York Avenue, NW 

Suite 200 

Washington, D.C. 20005 

sascha. vanderbellen@delta. com 

jeff.morgan@delta.com 

Anita Mosner 

Jennifer Nowak 

Counsel for United Parcel Service 

Holland & Knight 

2099 Pennsylvania A venue, NW 

Suite 100 

Washington, D.C. 20006 

anita.mosner@hklaw.com 

jennifer.nowak@hklaw.com 

Kevin P. Montgomery 

Peter Beckett 

Polar Air Cargo, Inc. 

1747 Pennsylvania Avenue, N.W. 

Suite 875 

Washington, D.C 20006 

kevin.montgomery@polaraircargo.com 

peter. beckett@polaraircargo .com 
John M. Allen 

Director 

Flight Standards Service 

Federal Aviation Administration 

800 Independence Avenue, S.W. 

Room 821 

Washington, D.C. 20591 

john.allen@faa.gov 

Jonathan B. Hill 

Counsel for Hawaiian Airlines 

Dow, Lohnes & Albertson, PLLC 

1200 New Hampshire Avenue, N.W. 

Suite 800 

Washington, DC 20036-6802 

jhill@dlalaw.com 

G. Bailey Leopard 

Angeline Garbuzinski 

Legal and Regulatory Affairs 

Federal Express Corporation 

3620 Hacks Cross Road 

Building B, 3 rct Floor 

Memphis, TN 38125 

anbird@fedex.com 

gbleopard@fedex.com 

Kelli Bryan 

Ranjit Seth 

Blair Berselli 

Charter Sales 

Evergreen International Airlines, Inc. 

3850 Three Mile Lane 

McMinnville, OR 97128 

charters@evergreenairlines.com 

ranjit.seth@evergreenairlines.com 

blair.berselli@evergreenairlines.com 

Don H. Hainbach 

Counsel for Nippon Cargo Airlines 

Garofalo Goerlich Hainbach PC 

1200 New Hampshire A venue NW 

Suite 800 

Washington, D.C. 20036-6802 

dhainbach@ggh-airlaw.com 

Krishna "Kris" Urs 

Deputy Assistant Secretary for 

Transportation Affairs 

U.S. Department of State 

2201 C Street, N.W., Room 5830 

Washington, D.C. 20520 

urskr@state. gov 

William Karas 

Steptoe & Johnson 

Counsel for Japan Airlines Co, Ltd. 

1330 Connecticut Avenue., N.W. 

Suite 700 

Washington, D.C. 20036 

wkaras@steptoe.com 

Malcolm L. Benge 

Counsel for World Airways 

Zuckert, Scoutt & Rasenberger LLP 

888 1 ih Street, N,W. 

Suite 700 

Washington, DC 20006 

mlbenge@zsrlaw.com 

Russell E. Pommer 

Associate General Counsel and 

Director of Regulatory Affairs 

Atlas Air, Inc. 

1747 Pennsylvania Avenue, N.W. 

Suite 875 

Washington, D.C 20006 

rpommer@atlasair.com 

Howard Kass 

Managing Director & Associate General 

Counsel 

US Airways 

1401 H Street, N.W. 

Suite 1075 

Washington, D.C. 20006 

howard_ kass@usairways.com 
John L. Richardson 

Joan Canny 

Counsel for Amerijet International 

John L. Richardson, P.L.L.C. 

555 13th Street, N.W. 

Suite 420 West 

Washington, D.C. 20004 

jrichardson@johnlrichardson.com 

jcanny@amerijet.com 

Aaron Goerlich 

Counsel for Southern Air 

Garofalo Goerlich Hainbach PC 

1200 New Hampshire Avenue NW 

Suite 800 

Washington, D.C. 20036-6802 

agoerlich@ggh-airlaw.com