Investor Presentaiton

1. Details of Consolidated Financial Results for FY19 [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 sales: millions of yen) Others 5,500 Taiwan 5,000 S. Korea Japan 4,500 (No. of travelers: thousands) Figures in ( ) are percent change 420 <<Narita >> 800 750 1,500 1,350 404 176 729 400 728 1,200 China 161 708 41 46 4,000 288 1,050 145 380 700 226 3,500 Japanese travelers 3,000 1,521 (Change) 187 1,493 (-1.9%) 900 367 (-9.2%) Foreign travelers (Change) 163 689 (-5.3%) 25 360 750 650 2,500 2,000 341 1,500 1,000 500 2,248 Foreign travelers (Change) 300 1,899 320 (-15.5%) 320 (-6.1%) 150 600 340 595 450 865 Japanese travelers (Change) 561 (-5.9%) 588 (-32.0%) 183 (-18.9%) 600 550 FY18 300 FY 19 FY18 FY 19 500 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. (4) Main factors in the fluctuation of sales of duty-free shops and purchasing trends <<Both Haneda and Narita>> ➤ Annual operating revenues decreased significantly as a result of a fall in the purchasing passenger volume after February due to the impact of the novel coronavirus infection (COVID-19). ➤ Per-unit purchases decreased after February, although they grew steadily until then. <<Haneda» > Although the operating revenue from Chinese passengers was trending weakly in terms of both purchasing passenger volume and per-unit purchases until the third quarter of the year, overall operating revenues increased due to a growth in the Japanese purchasing passenger volume and per-unit purchases. ➤ The operating revenue from Korean passengers decreased by approximately 35%, which has less impact because its ratio to total operating revenues is low. <<Narita» ➤ Partly as a consequence of the temporary closure of stores due to renovation, operating revenues decreased significantly due to the impact of a fall in the purchasing passenger volume, though per-unit purchases increased moderately. <Duty-free Store Per-unit Purchasing> (Rounded down to the nearest hundred yen) FY19 Amount per customer Y on Y comparison Rate of Change change Haneda 8,900 0 0.0% Narita 12,900 0 0.0% 27

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