Part 1

VALUE CREATION BY THE YAMATO GROUPVALUE CREATION BY THE YAMATO GROUPCONTENTS

The Yamato Group’s Important Role as a Part of Social Infrastructure
Since its founding in 1919 as Yamato Transport Co., Ltd., theYamato Group has created a large number of services that wereunprecedented at the time, starting with TA-Q-BIN. By doing so,
the Group has established itself as a corporate group thatserves as a crucial part of social infrastructure. Recently, there
have been major changes in the business environment surrounding Yamato and changes to consumption behavior and logistics
structures have accelerated. Accordingly, the active participation of corporations in resolving social and environmental issues
is becoming increasingly important to the achievement of a sustainable society.

Under such circumstances, the Yamato Group aims to realize
sustainable business growth by expanding the value we provide
to the “End to End” of our customers’ supply chains. We willachieve this by promoting business structure reform centeredon the structural reform of network operations and expanding
the corporate business domain based on the One YAMATO
management structure, which centralizes the management
resources of all Group companies.
Through these efforts, we will contribute to the creation of anenriched society, a goal laid out in our Management Philosophy,
and improve medium- to long-term corporate value.

Group Summary*

Operatingrevenues¥1,800.6 billion

Operation facilities forcorporate clients*1

Approx.

400

Overseasdevelopment

24 countries and regions
Domestic parcel
delivery market share*2

No. 1(47.5%)* The fiscal year ended March 31, 2023, or as of March 2023

Operatingprofit¥ 60.0 billion

TA-Q-BIN sales offices

3,331

Annual parcel deliveryamount(TA-Q-BIN, TA-Q-BIN Compact, EAZY, andNekopos)

billionparcels

VALUE CREATION BY THE YAMATO GROUP

Network coverage ofTA-Q-BIN in JapanApprox.

02Approx.

56 million*1 Warehouses, pickup and delivery facilities for corporate clients, and other locations*2 Source: “Survey and Calculation Method for Parcel Delivery Amount” (provisional translation) compiled by Japan’s Ministry of Land,
Infrastructure, Transport and Tourism

Forward-Looking Statements Editorial Policy Guidelines Referenced This integrated report contains forward-lookingstatements concerning Yamato Holdings’ futureplans, strategies, and performance. Thesestatements represent assumptions and beliefs
based on information available at the time thisreport was created. Furthermore, forward-looking statements are subject to a number of risks
and uncertainties that include, but are not limited to, economic conditions, customer
demand, foreign currency exchange rates, tax
laws, and other regulations. Yamato Holdings
therefore cautions readers that actual results
may differ materially from these predictions.

Having built up long-standing relationships oftrust with all of its many and varied stakeholders,the Yamato Group discloses not only informationof a legal nature but also information considerednecessary for those stakeholders. The YamatoGroup adopted the policy that such information
shall be conveyed promptly and accurately aswell as fairly and equitably. Conveying information, including that of a non-financial nature, onsuch aspects as management strategies, business overviews, and environmental, social, andgovernance (ESG) activities, this integrated
report is intended to deepen the reader’s comprehensive understanding of the Yamato Group.
Please visit our website for more detailedinformation.

• Guidance for Integrated
Corporate Disclosure andCompany-Investor Dialogue forCollaborative Value Creation
2.0,
Ministry of Economy, Trade and Industry• Integrated Reporting Framework, International
Financial Reporting Standards Foundation(IFRS Foundation)

CORPORATE GOVERNANCE
44	Outside Director Roundtablea Part of Social Infrastructure / Editorial

50

Policy58 	Directors / Audit & Supervisory

Group Corporate Philosophy

Corporate Governance
Board Members / Management
System04	History of Expanding the Value We

Provide (100 Years of Progress)
06 	Expanding Value Provision to the“End to End”

60,000

Number of KuronekoMembers

4401	The Yamato Group’s Important Role as

Sales drivers

Approx. 210,000

2.33

01

100 %

Number ofemployees

Approx.

Part 108

Value Creation Process

10

Performance Highlights

62

FINANCIAL SECTION
62	Ten-Year Summary and BusinessHighlights
64 	Consolidated Financial

12Statements

DESTINATION OF ONE YAMATO
12

Message from the President

16	Message from the Chief Financial Officer

96

COMPANY INFORMATION

18	Structural Reform of Network Operations

96

Global Network

22

Expansion of Corporate Business Domain

97

Corporate Data / Stock Information

26

Human Resource Strategy

32

Digital Strategy

34

Environmental Strategy

38

Sustainable Management
38 Strengthening of SustainableManagement
40 Sustainable Medium-Term Plans

2023
42 Measures That Support Sustainable

GrowthYAMATO HOLDINGS CO., LTD.
Integrated Report 202301