Information Disclosure Based on TCFD Recommendations

Introduction
The Japan Airport Terminal Group is a purely private enterprise engaged in construction,
management and operation of airport passenger terminals, which are public infrastructure withenormous importance. We are fully aware of the social responsibility associated with this role
and aim for management that benefits both public good and business success. To realize ourlong-term vision, “To Be a World Best Airport,” positioning response to climate change as oneof the most important management issues, the JAT Group has made various efforts to reduce
its environmental impact.

In September 2022, Japan Airport Terminal (JAT) announced its support for therecommendations of the Task Force on Climate-related Financial Disclosures (TCFD). JAT iscommitted to information disclosure based on the TCFD recommendations. (Information
updated in May 2024)

Going forward, we will continue to be conscious of our business environment surrounding theCompany and ensure deeper analysis of risks and opportunities, while implementing
countermeasures and endeavoring to disclose related information.

(Reference)
Medium-Term Sustainability Plan
https://www.tokyo-airport-bldg.co.jp/en/sustainability/medium_term_plan/
Environmental Policy
https://www.tokyo-airportbldg.co.jp/files/en/sustainability/JapanAirportTerminalGroupEnvironmentalPolicy.pdf

1GovernanceFor our sustainability promotion system, we have the Sustainability Committee and theSustainability Management Office. The former, chaired by the President and all executive officersof the Company, monitors progress in developing and implementing climate and other plans.
The latter, a dedicated organization that reports directly to the President, works together with
our departments in implementing concrete initiatives.

We regard climate change-related initiatives as an important management issue. We develop
the implementation policy and manage progress with the Sustainability Committee playing acentral role. Semiannually we review policy issues and progress in related initiatives and revises
these issues and initiatives as needed. They are put under review by the Sustainability
Committee, further reviewed by the Executive Committee in light of their relationship andconsistency with management strategies, and then reported to the Board of Directors forresolution..

Fig. 1 Overview of Sustainability Promotion System2Strategies

(Assumptions for scenario analysis) In order to assess the impact of climate change on theGroup's business, we conducted an analysis using the following two scenarios (the “1.5°Cscenario” and the“4.0°C scenario”). In setting the scenarios, we referred to the scenarios
published by the International Energy Agency (IEA) and the Intergovernmental Panel on Climate
Change (IPCC)ng scenarios.
Table 1 Assumptions for scenario analysis
Title

1.5°C scenario

4.0°C scenario

 As a result of drastic measures having been taken
effectively, a decarbonized society is achieved,Scenariooverview

taken, the average global temperature will rise

limiting the rise in the global temperature tofurther by approximately 4°C compared to the1.5°C from the pre-industrial levels.

pre-industrial levels.

 Major risks that turn into reality include those
associated with the transition to a decarbonized

As a result of additional measures being not

Major risks that turns into reality include physicalrisks arising from climate change.

society.
 As a result of carbon pricing and regulations on
the rate of SAF usage by airline operators, theaviation (including airport) industry is required toGovernmentsʼ policies and regulations totake appropriate measures such as the carbon

encourage the shift to a low-carbon society haveoffsetting and investments in renewable energy

only a limited effect.

and energy saving.
World-view In the medium-term, the aviation industry may

As climate change intensifies, changes in climate
patterns, rising sea levels, and increasingly

face decarbonization pressure, and there may be

severe and frequent extreme weather eventsa shift to alternative transportation means.

exert adverse impact on the airport operations.

However, as the use of SAF becomes more

This makes supply-chain risk management andwidespread, airport operators and their supply

BCP reviews more important.

chains gradually succeed in reducing GHGemissions.
Keyscenarios
referred to WEO*1: APS (Announced Pledge Scenario, Paris

Agreementʼs goal achievement scenario)*2*3

 SSP1-2.6

WEO: STEPS (Stated Environmental Policies
Scenario)SSP5-8.5*1 World Energy Outlook (investigative report issued by IEA)
*2 In the analysis, we mainly used the Announced Pledges Scenario (APS). In addition to APS, we partly
referred to the Net Zero Emissions Scenario (NZE) as another scenario in which the temperature rise islimited to 1.5°C or less from the pre-industrial levels.
*3 In the analysis, we mainly used the SSP1-2.6 scenario. In addition to this, we partly referred to theSSP1-1.9 scenario as another scenario in which the temperature rise is limited to 1.5°C or less from thepre-industrial levels.

3Fig. 2 Details of 1.5°C Scenarioʼs World-view** Bold letters denote items that are common to both scenarios, blue letters denote items that are unique to the scenario.

Fig. 3 Details of 4.0°C Scenarioʼs World-view** Bold letters denote items that are common to both scenarios, blue letters denote items that are unique to the scenario.

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(Risks, opportunities, impacts, and responses) The following analysis has identified risks andopportunities, assessed impacts, and defined our responses to the risks for each of the JAT Group'sbusiness segments: Facilities Management and Merchandise Sales, and Food and Beverage (asegment that combines Merchandise Sales and Food and Beverage). The analysis is based on thetwo scenarios mentioned above. The table below describes the time frames and impact levels

forassessing Climate-related risks and opportunities.
Table 2: Time Frame and Impact Level for Assessing Climate-related Risks and Opportunities
Short-

Until fiscal 2025 (the period of the Medium-term Business Plan)

term
Until fiscal 2030 (the period up to the target year for "human- and eco-friendlyTime

Medium-frame

termadvanced airport 2030")

Long-

Until fiscal 2050 (the period up to the target year for net zero)

termImpactlevel

Minor

Less than 100 million yen/year

Medium

100 million yen or more but less than 1 billion yen/year

Major

1 billion yen or more/year

Note: The impact assessment is made while taking account of the impact of each risk or opportunity
on our profits, losses, and assets.
Table 3: Risks Associated with Climate Change and Their Impacts
Segment
Type of risk

Summary

Facilities

MerchandiseTime

Sales/Foodframe& Beverage
Increased costs of terminal

Most
relevant
scenarios

Impactlevel

Short- tooperation, raw material
procurement, and logistics due to✓✓medium-1.5℃

Major

1.5℃

Major

1.5℃

Mediumterm

the introduction of carbon pricing*
Increased costs due to climatechange-related regulations(increased construction costs due

Short- to✓long-term

to environment-related
GHG Emission
TransitionRisk

regulations, etc.)

Reduction Measures(Policy andIncreased costs due to climate

law/technology)change-related laws andShort- toregulations (plastic and other✓resource recycling andmediumterm

procurement that takes into
consideration natural capital, etc.)
Increased investment costs forclimate change measures due tothe introduction of renewable andnew energy sources, etc.

5Short- to✓✓mediumterm

1.5℃
/4.0℃

Major

Slower growth in the number ofairport users due to policy
measures that adversely impact
Othersair travel demand(Market/Reputation)

Lower reputation among tenants,partners, customers, business
partners, and employees due to✓✓✓✓Short- totransportation access
Chronic

mediumterm

delayed environmental responses
Impact of sea level rise on airport

Short- tolong-term

1.5℃

1.5℃
/4.0℃

MediumMediumMedium✓✓to long-4℃

Minor4℃

Major4℃

Medium4℃

Medium

4℃

Major

term

Impact of infectious disease
outbreaks due to changes in✓✓Long-term✓✓

medium-climate patterns
Impact on user numbers due tofrequent and severe extreme

Physical

Short- toweather events

risks

term

Supply chain disruptions due to
Acute

Short- tosevere and frequent extreme✓weather events

mediumterm

Damage to facilities, flooding, andother impairments caused byfrequent and severe extreme

Medium✓✓to longterm

weather events* The impact associated with carbon pricing is assessed based both on the emissions projected for 2030 (57,000t-CO2) and on thefollowing assumptions:Emissions: 57,000t-CO2 (projected for 2030)

Carbon price: 21,000 yen (IEA WEO2023 1.5℃ scenario (NZE)), calculated based on two assumptions: (1) the priceprojected for 2030 is 140USD/t-CO2; and (2) the exchange rate is 150 yen to the dollar.

Impact: 57,000 x 21,000 = approx. 1.2 billion yen

Table 4: Opportunities Associated with Climate Change and Their Impact Levels
Segment
Type of opportunity

Merchandise

SummaryFacilities

Sales/Food

Most
Time framescenarios& Beverage
GHG

Reduced costs attained through more

Emissionefficient energy use, newReduction

technologies, etc.

Measures(Energysources)
OthersOpportunities(Resourceefficiency/products and✓Contributions to decarbonization, andnew sources of revenue
Enhanced brand value through✓decarbonization efforts
Usage of policy support for low-✓

carbon companies

services/

Creation of a recycling-orientedmarkets)

system centered on JAT✓1.5℃

long-term/4.0℃

Medium- tolong-term
Medium- tolong-term
mediumterm

collaboration with stakeholders andlocal communities

6✓

1.5℃

Medium- to

Short- to✓Enhanced resilience throughPhysical risksLong-term✓

relevant

Impactlevel

MediumMedium

1.5℃

Major

1.5℃

Medium

1.5℃/4.0℃

Medium-1.5℃

term

/4.0℃

MediumMediumTable 5 Countermeasures
Segment
Type of Risks/Opportunities

Summary

Merchandise
Facilities

Sales/Food& Beverage

Promotion of energy saving and decarbonization in cooperation with
airport business operators and the government
Energy-saving measures including switching to LED lighting, renewalof air conditioning equipment, and adoption of AI air conditioning
Introduction of renewable energy sources including mega-solar
GHG
Emission
Reduction
Measurespower, review of power source composition, and promotion ofefficient use of heat sources
Improvement of environmentally friendly performance by✓transforming existing facilities into net zero-energy buildings (ZEBs),
introduction of wooden structures and wooden interior decorations to
the airport buildings, and using Radi-cool, a radiant cooling material,

Transitionetc.

risk-related

Investigation and exploration for the use of new energies
Monitoring of consumer sentiment related to climate change andsurvey on infrastructure an airport should have
Effective use of resources (e.g., provision of materials and equipmentfrom Haneda Airport to regional airports and other commerciallypartnered airports) and commercialization of waste reduction
techniques (e.g., collection of waste oil and use of the oil as biofuel)OthersSale of ethical products and environmentally friendly products; a✓wider use of environmentally friendly materials in furniture andfixtures
Expansion of sales channels including the EC; research anddevelopment of other business seeds
Accurate and swift information collection and early response using
digital technologies and AI
Strengthening of response to the Tokyo International Airport A2-BCP✓✓✓

Development of new facility plans taking into consideration possible
impact of changing climate patterns on the airport facilities;✓

improvement and renovation of existing facilities
Physical risk-related

Thorough measures against infectious diseases; non-contact sales
using robots and digital technologies
Development of labor and work environments that correspond toclimate change
Establishment of a BCP structure and implementation of regular drills✓✓✓

Optimization of procurement, production, and logistics as a whole,including elimination of supply chain redundancy✓✓(Resilience) The Group is considering and implementing various measures to reduce climatechange-related risks and gain opportunities focusing on the measures to reduce GHGemissions. The Group also verifies its resilience in business operations based on the analysis ofmultiple scenarios. In the future, we plan to update and monitor information related to thisanalysis, while introducing more advanced analytical techniques including quantitative
measurement of impact on our business, with the aim of implementing measures in a more
effective way.

7Risk Management
The Sustainability Committee and its dedicated organization, the Sustainability Management
Office, are responsible for identifying and assessing climate change-related risks andopportunities, measuring the impact of climate change on our business, and discussing measures
to deal with it.

In addition to the above, the climate risks that have been identified by the Sustainability
Committee and have a major impact on our business or performance are reviewed by the Risk
Management Committee̶which manages all company-wide risks in an integrated manner̶aspriority risks. The Risk Management Committee semiannually verifies and assesses these risks
just like other priority risks and revises them as necessary.

The Board of Directors receives reports on the content of discussions at the Sustainability
Committee and the Risk Management Committee for the purpose of overseeing the managementof climate change-related risks.

Metrics and Targets


To date, we have worked with the Haneda Airport’s stakeholders to reduce environmental impact, within
the framework of the “Tokyo International Airport Eco-Airport Council” of the Civil Aviation Bureau of theMinistry of Land, Infrastructure, Transport and Tourism.

Furthermore, in order to enhance our efforts to address climate change and other social issues, weannounced our Medium-term Sustainability Plan on May 11, 2023, and defined corresponding KPIs tomeasure our progress in addressing materiality including “Anti-climate Change Measures.” As a KPI for“Anti-climate Change Measures,” we have set a long-term goal of reducing Scope 1 and Scope 2* GHGemissions by 46% by 2030 compared to the 2013 levels, and achieving carbon neutrality by 2050. As away to achieve this goal, we are considering the following concrete initiatives to reduce greenhouse gas(GHG) emissions:8

Figure 3 GHG Emission Reduction Targets and Concrete Measures under Consideration
CO2 emission (Scope1 , Scope2 ) reduction targets［Measures under Consideration］

12
11

106,000 tonnes

109
8

vs. 2013 level-46%

757,000 tonnes

65432Net zero

10

2013

2030

2050

(Actual emissions in fiscal 2022): 104,851t-CO₂



Scope in terms of emitters: CO2 emissions from the JAT Group in the premises of Haneda Airport(excluding those from airport vehicles owned by the JAT Group)

Scope in terms of types of emission source: CO2 emissions from the sources of energy that areself-consumed and from non-energy sources associated with waste incineration- We have revised the emission factor and the scope to ensure consistency with the Airport
Decarbonization Promotion Plan for Tokyo International Airport, developed by the East Japan
Civil Aviation Bureau of the Ministry of Land, Infrastructure, Transport and Tourism. As a result,the baseline year emissions and the target for fiscal 2030 have been increased.
- Our long-term net zero goal for 2050 covers CO2 emissions from the JAT Group's utility vehicles,properties outside the airport, and all other activities that emit non-energy sourced CO2emissions.

Currently feasible energy-saving measures have only limited effects on the reduction of GHG
emissions. This recognition prompted us to conduct studies in fiscal 2023 with a view to reducing
emissions mainly in the new energy field. These included the "Study of CO2-free Hydrogen
Utilization Model in Tokyo International Airport and the Surrounding Area," an initiative selectedby the New Energy and Industrial Technology Development Organization (NEDO) for its publicly
solicited commission-base project titled "Hydrogen Production and Utilization Potential Study."Based on the results of this study, we concluded a partnership agreement in March 2024 withENEOS Corporation for a collaborative study on realizing the utilization of CO2-free hydrogenwith the aim of decarbonizing Haneda Airport.

In view of the uncertainties lying in the path to the achievement of carbon neutrality, we intend
to consider various options of emission-reduction measures, including future innovativetechnologies. Going forward, we will work to share the aforementioned long-term goal more
widely in the Group. We will also strengthen cooperation and collaboration with all stakeholders
of Haneda Airport. Moreover, we will explore measures for effectively reducing emissions acrossthe airport.

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(Reference)Japan Airport Terminal Group Medium-Term Sustainability Plan
https://www.tokyo-airport-bldg.co.jp/en/sustainability/medium_term_plan/

Conclusion of Partnership Agreement for the Utilization of CO2-Free Hydrogen (pressrelease)https://www.tokyo-airport-bldg.co.jp/files/news_release/000014679.pdf

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