Conducted on August 2, 2024
Yamato Holdings Co., Ltd.

Main Questions and Answers (summary)at Financial Results Briefing for the 1st Quarter of
the Fiscal Year Ending March 31, 2025

Q1. What are your thoughts on delivery volumes and unit prices on the three parcel
delivery products for the first quarter and the full-year forecast?
In the first quarter, the total delivery volume increased by 2.0% year -on-year due
to increases in the Corporate domain, despite a drop in the Retail domain asdelivery demand remains weak with sluggish consumption.

At the same time, the average unit price in the first quarter decreased by 1.0%
overall year-on-year due to changes in the volume mix between Retai l andCorporate domains, despite revisions to reported fares and tariffs leading toincreases in Retail domain unit price.

While we will continue to focus on building up Retail domain handling volumes,
demand recovery from the impact of consumption trends will take time. We will
also be strengthening our efforts to optimize pricing for existing accounts in theCorporate domain. Therefore, the volume forecast has been revised, but theaverage unit price forecast remains unchanged.

Q2. What progress has been made in optimizing pricing for corporate clients, and whatpoints are being valued by new customers?
Negotiations towards optimization are ongoing on applicable fares for corporate
customers, taking into account the status of contract renewals to date.

We are also working on bolstering both training for and strengthening theorganizational structure of our corporate sales staff to engage with the issue of"sophistication of sales force capabilities”.

Taking into account the situation in the first quarter for delivery volumes andaverage unit prices, Yamato will actively promote efforts to optimize pricing basedon the TA-Q-BIN network capacity and its operating costs.

Corporate clients requesting parcel deliveries to individuals highly value
improvements to the parcel-receiving experience, including "advance notification"
for Kuroneko Members. In addition, the carbon-neutral delivery of three parcel
delivery products has also led to the acquisition of environmentally conscious
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corporate customers.

Q3. Please explain the progress and outcomes of structural reforms to networkoperations.
In the first quarter, while hourly wage rates continued to rise and outsourcing unit
costs to partners increased due to changes in the external environment, we madeprogress in efforts to optimize operating costs linked to workload, particularly inthe last mile domain, and costs were kept within expectations.



As well as advancing initiatives to optimize operating costs in the last -mile domain,
we will progress on improving profitability by bolstering optimization of operating
costs in the transport domain through redefining terminal functions, automa tingwork instructions through the establishment of fully digital operations and optimal
allocation of management resources according to workload.

Q4. What is your future outlook on the use of freighters (dedicated cargo aircraft)?
We started freighter operations (dedicated cargo aircraft) in April 2024 to capture
new demand by providing stable and fast transport, revitalizing the regional
economy by expanding distribution, and maintaining and improving the quality oftransportation services. Our top priority in the first quarter was to establish stableoperations.

Currently, we are promoting sales to customers requiring speedy transportationsuch as fresh food, machinery, and apparel in order to acquire new demand, inaddition to utilizing our freighters for TA-Q-BIN transportation. Moving forward,
we will be responding to additional client needs by gradually expanding the numberof flights, making use of the new flights to and from Haneda Airport which started
August 1, 2024, and reviewing our operating zones and timetables.

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