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Investor Presentaiton

Topic 1: Business and Regional Cooperation • 60 Russia's "ban" of the used car import shrank the passenger flow. The flight loss diminished various opportunities of cooperation. The used car business was not so negative as perceived (?). Used Car Export from Japan and Airline Passenger between Niigata and RFE 50 40 40 30 20 10 2005 2006 2007 600 500 Thous. Units (Right) Thous. passengers (Left) -400 1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Customs statistics of Japan and Niigata Prefecture ERINA Economic Research Institute for Northeast Asia -300 200 -100 4

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