Investor Presentaiton

1. Details of Consolidated Financial Results for FY18 2Q [Reference] Purchasing Trends of Non-Japanese Passengers by Nationality (2) (3) Company duty-free store sales and number of departing passengers by airport and nationality (monthly average) <<Haneda>> (Net sale: millions of yen) (No. of travelers: thousands) Figures in ( ) are percent change <<Narita >> 5,500 700 1,500 Others Foreign travelers (Change) 800 757 (+14.0%) 5,000 1,350 171 700 Taiwan 600 708 4,500 665 1,200 S. Korea 44 50 175 600 4,000 151 Japan 642 309 500 1,050 Japanese 551 219 573 (+4.1%) 41 3,500 China 185 322 travelers (Change) 1,456 (+2.2%) 395 (+4.5%) 50 travelers Japanese (-15.3%) 500 900 400 (Change) 3,000 378 259 351 (+9.7%) 750 400 2,500 320 1,424 2,000 Foreign travelers (Change) 300 600 1,500 1,000 1,659 500 300 450 200 927 (+39.2%) 200 666 2,310 (+39.2%) 300 100 100 150 FY17 1H FY18 1H 0 FY17 1H FY18 1H 0 Notes: "Net sales" denote all store sales (excluding taxable stores). Haneda: all duty-free stores; Narita: directly managed stores and boutiques. Sales by nationality include estimates. Passengers numbers utilize April to August data from the first half of FY17 and FY18, respectively. (4) Main factors in the fluctuation of sales of duty free shops and purchasing trends <<Haneda» > Operating revenues continued to grow, with a high rate of growth particularly among Chinese passengers. ➤ Despite an increase in per-unit purchases, its growth rate fell after July this year as a consequence of distributed store space due to renovation of a comprehensive duty-free store, etc. > Could due to the effects of natural disasters, operating revenues and per-unit purchases in Korean passengers fell from the previous term. <Duty-free Store Per-unit Purchasing> (Rounded down to the nearest hundred yen) FY18 1H Amount per customer Change Y on Y comparison Rate of change <<Narita≫ ➤ Decrease in purchasing passenger volume among Japanese passengers and growth among Chinese passengers, with an increasing ratio of Chinese passengers. Haneda 8,900 541 6.5% > Continuation of not only purchasing passenger volume, but per-unit purchases among Chinese passengers. Narita 12,700 1,317 11.6% 28

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