ANA Holdings: Notice of Cancellation of Equity Investment in Asia Wings Airways Limited

At today’s Board of Directors meeting, ANA HOLDINGS INC. (hereinafter ANAHD) decided not to proceed with its planned equity investment in the Myanmar-based airline Asian Wings Airways Limited (hereinafter, “AWA”), first announced on August 27, 2013. Details are as follows.

1. Reasons for canceling investment
The Board of Directors first decided, on August 27, 2013, to make an equity investment of US$25
million (about ¥2.5 billion) and to acquire a 49% stake in AWA during fiscal year 2013. Later, competition between new and old airlines in Myanmar has intensified, bringing rapid changes in the external environment, and calling into question the assumptions made at the time of the original decision. Ultimately, negotiations for the capital participation with AWA were unable to reach an agreement, and the investment plan was canceled as a result.

2. Outlook
ANAHD has abandoned its plan to make this investment. No change has been made to ANAHD’s
earnings forecast for FY2014, as published on April 30, 2014.