01.12.2003 – 11:15

All Nippon Airways Co., Ltd

Issue of Yen 40 billion Zero Coupon Convertible Bonds due 2013

Tokio, Japan (ots)

ALL NIPPON AIRWAYS Co., Ltd. (the "Company")
has announced that on November 19, 2003, its Board of Directors
resolved to issue up to Yen 40 billion Zero Coupon Convertible Bonds
due 2013 (convertible bond type-bonds with stock acquisition rights,
tenkanshasaigata shinkabu yoyakuken-tsuki shasai). The total amount
of issue was determined on November 25, 2003 upon exercise of the
Manager's over-allotment option.

ISSUE SUMMARY

Name of the Bonds:

ALL NIPPON AIRWAYS Co., Ltd. Yen Denominated Convertible Bonds due
2013 (convertible bond type-bonds with stock acquisition rights,
tenkanshasaigata shinkabu yoyakuken-tsuki shasai) (the "Bonds")

Total Issue Amount of the Bonds:

Yen 40 billion (following the exercise of the Manager's option)
   Offer Price of the Bonds:
   102.5 per cent. of the principal amount of the Bonds.

Issue Price of the Bonds:
   100 per cent. of the principal amount of the Bonds.
   (The principal amount of each Bond is Yen 1,000,000.)

Status:
   The Bonds are direct, unconditional and unsecured obligations of
the Company.

Rate of Interest:
   The Bonds do not bear interest (other than default interest
payable in the limited circumstances detailed in the Conditions of
the Bonds).

Issue Date: December 8, 2003
   Maturity Date: December 6, 2013

Early Redemption Provisions:

(a) On and after February 1, 2005 and prior to maturity, and
provided that the closing price of the shares for each of the 30
consecutive trading days, the last of which occurs not more than 30
days prior to the date upon which the notice of redemption is first
published, is at least 120 per cent. of the Conversion Price then in
effect, the Company may redeem all of the Bonds.

(b) In the event that it is proposed that the Company becomes a
wholly-owned subsidiary of another corporation by way of a share
exchange and the Company is not able to make necessary amendments to
the transaction in the manner contemplated in the Conditions of the
Bonds, then the Company may prior to the effective date of such share
exchange, redeem all the Bonds.

(c) The Company may, at any time, redeem the Bonds on satisfaction
to the Trustee that it has or will become obliged to pay additional
amounts of taxes, duties, assessments or governmental charges as a
result of any change in, or amendment to, the laws or regulations of
Japan or any political subdivision or any authority thereof or
therein having power to tax, or any change in the application or
official interpretation of such laws or regulations.

(d) The Company may redeem all remaining Bonds if stock
acquisition rights shall have been exercised and/or purchases (and
corresponding cancellations) and/or redemptions effected in respect
of 90 per cent. or more in principal amount of the Bonds originally
issued.

(e) The holder of any Bond is entitled to require the Company to
redeem such Bonds on November 19, 2007 and on November 19, 2010.

Class and Number of Shares to be Acquired upon Exercise of the
Stock  Acquisition Right (Conversion):

The class of shares to be acquired upon exercise of the stock
acquisition right shall be the common stock of the Company. The
number of shares to be acquired upon exercise of the stock
acquisition rights shall be determined by dividing the aggregate
Issue Price of the Bonds deposited by the Conversion Price.

Conversion Price:

he Conversion Price shall initially be Yen 310 per share, subject
to adjustment in the manner provided in the Conditions to the Bonds.

Exercise Period:

The bonds will be convertible on and after December 22, 2003, up
to, and including, November 22, 2013, subject to the provisions
relating to early redemption indicated above.

Method of Offering:

The Bonds have only been offered and sold outside the United
States to non-U.S. persons in reliance on Regulation S, by Nikko
Citigroup (business trade name of Citigroup Global Markets Limited)
(Lead Manager and Sole Bookrunner).

Use of Proceeds:

The net proceeds of the issue of the Bonds will be applied towards
the redemption of the existing convertible bonds.

This information is provided by RNS
     The company news service from the London Stock Exchange

ots Originaltextservice: ALL NIPPON AIRWAYS CO.LD
Internet: www.presseportal.ch

Press contact:
Tetsuya Sudo
00 81 3 5756 5661