Japan Airport Terminal Co., Ltd.
Financial Results Briefing for the Fiscal Year Ended March 2022
May 18, 2022

Event Summary[Company Name]Japan Airport Terminal Co., Ltd.

[Company ID]

9706-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Financial Results Briefing for the Fiscal Year Ended March 2022

[Fiscal Period]

FY2021 Annual[Date]

May 18, 2022

[Number of Pages]

30[Time]

14:00 – 14:30(Total: 30 minutes, Presentation: 30 minutes)[Venue]Dial-in[Venue Size][Participants][Number of Speakers]

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5Isao Takashiro
Nobuaki Yokota
Masatoshi Akahori
Hiroshi Onishi
Kazuhito Tanaka

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Chairman and CEO
President and COO
Executive Vice President
Executive Vice President
Senior Managing Director

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Presentation
Moderator: We are sorry for keeping you waiting for a long time. Now, we will begin the briefing.
Thank you very much for taking time out of your busy schedule to participate in Japan Airport Terminal Co.,
Ltd.’s conference call today. This conference call will be conducted using materials posted on our website. If
you do not have the materials at hand, please visit our website.
I would like to introduce today’s speakers from the Company.
Isao Takashiro, Chairman and CEO of Japan Airport Terminal Co., Ltd.
Takashiro: I’m Takashiro. Thank you.
Moderator: Nobuaki Yokota, President and COO.
Yokota: I’m Yokota. Thank you.
Moderator: Masatoshi Akahori, Executive Vice President.
Akahori: I am Akahori. Thank you.
Moderator: Hiroshi Onishi, Executive Vice President.
Onishi: I’m Onishi. Thank you.
Moderator: Kazuhito Tanaka, Senior Managing Director.
Tanaka: I am Tanaka. Thank you.
Moderator: Now, President Yokota will give an explanation for about 30 minutes, and then we will move on
to your questions. The meeting is scheduled to end at 15:00. Well then, let’s begin. President Yokota, pleasego ahead.

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Yokota: I am Nobuaki Yokota, President and COO. Thank you very much for your continued understanding
and support of our business operations.
Today, I would like to present a summary of the consolidated financial results for the previous fiscal year, theconsolidated earnings forecast for the current fiscal year, and the new medium-term management plan.
Please see page two.
First, I would like to explain our situation of the previous fiscal year. The business environment continued to
be severely affected by the coronavirus crisis, and the pace of recovery in economic and social activities was
slower than expected due to several successive outbreaks. Passenger volume at Haneda Airport also increased
significantly from the previous fiscal year, but was significantly lower than before the impact of thecoronavirus crisis.
For domestic flights, recovery was seen from fall to winter when the infection situation was calm, but the
number of passengers was 20% lower than the revised forecast due to the issuance of priority measures toprevent the spread of the disease in January this year. In addition, demand for international flights hasremained sluggish due to restrictions on entry and exit based on infection status.

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Please see page three.
As shown in the red box in the document, consolidated results for the fiscal year ending March 2022 are as
follows: net sales of JPY57 billion, operating loss of JPY41.2 billion, ordinary loss of JPY43.8 billion, and net
loss of JPY25.2 billion. In line with the recovery in passenger volume from the previous year, facility user
charges and trading revenues increased, resulting in higher revenues in all segments.
In addition to this, various cost reductions have led to a significant improvement in profit and loss from theprevious year, but for the second consecutive fiscal year, the Company has been significantly in the red.
Compared to the revised forecast, sales profit/loss, etc., fell short of the forecast due to a slowdown inpassenger traffic recovery in the fourth quarter, despite steady growth in the third quarter.
In light of these circumstances, we regret to inform you that we have decided to pay no dividend.

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Please turn to page four. Next, we will explain our forecast for the current fiscal year.
The business environment continues to be severely affected by the coronavirus crisis, but the economy is on
the road to recovery as economic and social activities move toward normalization. In terms of passenger
volume, we expect an early recovery in domestic routes, driven by tourism demand, and a recovery to 85% of
the pre-coronavirus level. On the other hand, for international flights, although immigration restrictions will
be gradually eased, it will take time for tourism demand to recover, and we expect it to recover to 18% of theplanned level after the expansion of arrival and departure slots.

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Please turn to page five.
For the current fiscal year, we expect revenues to increase in all segments due to a recovery in passenger
volume, particularly on domestic routes. However, since we do not expect a significant recovery ininternational flights, we believe that the difficult situation will continue for some time, and while JATCO on its
own is assured of returning to profitability, it is expected to post a loss for the third consecutive fiscal year on
a consolidated basis.
As a result, as shown in the red box, we expect net sales of JPY105.6 billion, operating loss of JPY16.6 billion,
ordinary loss of JPY18.1 billion, and net loss of JPY5.7 billion.
The dividend is undecided at this time. There is no change in our basic policy of returning profits toshareholders, which is to continue to pay stable dividends, but we would like to focus first on improving our
income and expenditures.

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On page six, we present graphs showing quarterly trends in operating income and EBITDA, selling, general andadministrative expenses, and projected cash flows.
We expect EBITDA to turn positive in the second quarter, but we will continue to manage costs well and takecare of our cash situation.

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I would now like to explain our newly announced medium-term management plan for FY2022 through FY2025,"To Be a World Best Airport 2025 - towards becoming one of the most advanced, human-and-eco-friendly
airports by 2030 -”.

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Please turn to page eight.
First of all, to summarize the previous medium-term management plan, we have expanded the functions ofinternational flight facilities and made TIAT a consolidated subsidiary, mainly in light of the increase in thenumber of international flights to and from Tokyo of 39,000 scheduled for March 2020 and the Tokyo
Olympics and Paralympics to be held in the summer of the same year.
In addition, we have continued to receive high acclaim worldwide, including being awarded a five-star airport
by SKYTRAX for six consecutive years, and we recognize that we have been able to proceed as planned withthe measures we should have taken until the major change in the market environment of the coronavirus
crisis.
After the coronavirus crisis, we increased our capital to secure funds for terminal development and tostrengthen our financial base, and at the same time, we have been pursuing stronger cost management anddiversification of earnings.

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Please turn to page nine. The target indicators set forth in the previous medium-term management plan are
shown in the table below.
We reviewed our target indicators following the consolidation of TIAT in 2018, but the business environmentchanged dramatically with the coronavirus crisis, and we fell short on many items.

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10Please see page 10. In formulating the new medium-term management plan, we have first organized thechanges in the environment.
On the administrative side, the future issues to be tackled include measures to address the period of demand
recovery and expansion, and the promotion of decarbonization at airports. Above all, we recognize thatstrengthening the functions of metropolitan area airports is an important issue in our strategy.
The premise is that while we can expect tailwinds from the government's target of 60 million foreign visitors
to Japan, global population growth, and development in emerging countries, we also expect difficult
conditions to persist for some time, including a decline in the number of passengers in the coronavirus crisisand structural reforms at airlines.
In the business environment, new values and lifestyles born from the coronavirus crisis and oversupply in theoffice market must be addressed. In the social environment, we must also look ahead to changes in global
conditions, responses to disaster risk, growing sustainability awareness, and a declining domestic population.

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Please turn to page 11.
Our group’s long-term vision is To Be a World Best Airport, and in order to realize this vision, we have set ourgoal for 2030 with the awareness of becoming a leading airport company.
To create the best model as Japan’s representative airport and Japan’s main gateway, and to be recognizedaround the world, we will focus on the keyword of "advanced airport 2030, which is friendly to people andthe environment," including the world’s best hospitality, safe and secure airport, stress-free and comfortable
travel, and eco-airport. As a company, we aim to be an airport terminal company that is trusted by all of our
stakeholders.
And we will respond to the real changes in the environment with our basic philosophy, harmony between
public and corporate nature, and sustainability, at the core of our management.

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Please turn to page 12. In order to clarify the strategies and measures in this medium-term management plan,
we are concretizing the image we are aiming for in 2030 as mentioned earlier.
In light of the requirements for a leading airport company, we believe that an airport terminal company thatis trusted by all stakeholders must have sustainability permeating its management and business operations;establish operational excellence; establish airport functions that anticipate future increases in airline demand;
establish a stable revenue stream and financial base; and further enhance its organizational strength andgovernance.
Based on such conditions, we believe that the Group’s realization of these goals will lead to an advanced
airport that is friendly to both people and the environment.

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Please turn to page 13.
As explained on the previous page, this medium-term business plan sets 2030 as a milestone, when thenumber of foreign visitors to Japan is expected to reach 60 million, which is an important point in the businessenvironment, and the government target for CO2 reduction, and 2025, when the number of passengers is
expected to recover to the pre-coronavirus level. The plan is back-cast to 2025 from the target year of 2030.

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Please turn to page 14.
[inaudible] The strategic direction of this medium-term business plan, from the perspective of areas that needto change, areas that need to grow, and areas that need to expand, we have set the 3 pillars of ourmanagement strategy as follows: establish a re-growth foundation that will demonstrate the results of thefundamental review of the coronavirus crisis, grow the airport business to capture future aviation demand,and expand the earnings base through new business development.
We have also clarified the direction of our digital transformation, organization, human resources, governance,
and financial strategies as the management foundation to promote the above strategies in a sophisticatedand efficient manner, and have positioned sustainability, which is deeply related to the strategic foundation,
as a core concept of our business operations.
The following is an explanation of the specific direction of each business segment by the director in charge ofeach business.

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Akahori: I am Akahori, Vice President. I will explain facility management operations, sales of goods, and foodand beverage operations.
Regarding the facility management operation business on page 15, please first look at the top row, where we
aim to be in 2025.
In order to achieve both high quality and increased profits, we will review terminal operations, reduce
maintenance and management costs, increase rents and other revenues, and promote the enhancement of
the airport’s functions as an airport infrastructure in preparation for an increase in the number of foreign
visitors to Japan by 2030.
Next, from the viewpoint of operation management in the middle, the first point is to improve services andreduce manpower through the use of robots and other technologies. At the current Haneda Airport, we haveintroduced a catering robot at restaurants, cleaning inside the building, and a robot at the information center.
With the future development of technology, we will strive to realize better service quality than ever before
by combining the advantages of humans and robots, and to reduce costs through labor savings.
The second item, which is rebound control of operating cost reduction, will be based on the cost reduction
structure reviewed in the coronavirus crisis to ensure efficient terminal operations. We will also consider
terminal operations based on off-airport operations and other measures that can strengthen our systemagainst pandemics, such as check-in in advance of arrival at the airport, and also prepare for new infectious
disease risks, in cooperation with relevant ministries and airlines.

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Next, the third perspective of increasing revenue, the development of advertising media using digital signage,
can also be used to provide timely information in times of disaster, so development will be done while focusing
on this perspective. In addition, we will strive to increase tenant revenues through commercial renewal,
address vacancies, and acquire new partners for lounges.
From the perspective of facility infrastructure, we will improve facilities in anticipation of future increases inairline demand, such as connecting the Terminal 2 satellite to the main building and building a new Terminal
1 satellite.
From a sustainability perspective, we will consider installing more solar panels to meet our 2030 CO2emissions target, and we will reduce CO2 emissions by switching to LED lighting and updating air conditioning
equipment.
In disaster response, we will consider all possible measures to prevent the unexpected from occurring amid
unprecedented heavy rains and sudden power outages due to climate change and other factors. In addition,
the Company will also promote the enhancement of universal design and the reduction of waste.

Please skip to page 16 of the document. For the goods and food service industry, the upper section shows thegoal for 2025.
While reviewing the product mix, services, operations, cost ratio, and other aspects of the business, we aim
to achieve sales of JPY156 billion in the goods sales business and JPY18 billion in the restaurant business by
2025 by using digital marketing to uncover customer needs with changing consumption trends.

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Middle section, specific measures. The second point of view on profit structure is to develop Haneda’s original
products and reduce the cost of sales ratio by increasing the sales share. Currently, we are holding an event
called Haneda Selection, which is a collection of Haneda original products. Sales have been good, and lastSunday, the 15th, sales were nearly JPY1.2 million.
In the future, we will develop products under branding to increase the share of original products and reducethe cost ratio. In addition, we will improve the efficiency of store operations through the introduction of selfcheckout systems and the development of showroom stores.
The first of our perspectives on sales expansion is the development of the direct sales business in cooperation
with local regions. Currently, the Hokkaido Dosanko Plaza on the P1 departure floor and the nationwide
product exhibition in cooperation with airline companies are doing well. We are proud that Haneda Airport isa hub airport for the entire country, and we believe that by selling products from all over the country, we can
expand sales by meeting the needs of passengers and employees, especially fresh produce, and also
contribute to regional development, albeit in a small way.
The second item, which is duty free kiosk, will introduce top brands and develop branded and original products
to differentiate products and increase sales. In addition, the P2 duty free store will utilize a virtual store.
From the perspective of a new revenue base, the second purchasing experience will incorporate an
entertainment element, developing retail entertainment that provides customers with experiences that can
only be experienced in real stores, and that will motivate consumers to make purchases.
The development and expansion of ethical products, as described in Sustainability, is also described in theperspective of sales expansion explained earlier. Ethical is an English word meaning ethical and refers to
products that are considerate to the global environment, people, and society.
According to a survey by the Consumer Affairs Agency, a total of 81% of respondents want to purchase ethicalproducts, which is considered to have a significant impact on consumption, so our company’s continued firm
commitment to sustainability will also lead to increased sales. In addition, we will steadily implement othermeasures such as changing the materials used for shopping bags, charging for them, and reducing waste
disposal.
That is all from me.

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Onishi: This is Onishi, Vice President. I will briefly explain the concept of new business. Please see page 17.
As for the scale of sales, we aim to reach JPY10 billion by 2025, as shown in the materials. As for the future,
we hope to grow to a size that will be a part of our group’s portfolio by 2030. In order to achieve this, wewould like to present the following three ideas.
First, we will envision new businesses based on the Haneda location. For example, we are considering robotics
projects, art projects, next-generation mobility, and other collaborations between Haneda and other regions
using DX.
Secondly, as a new business outside of Haneda, in addition to utilizing our know-how, we envision consulting
services related to regional creation and development.
Thirdly, we will create a new business model with the keywords of solving social issues, which are essential as
infrastructure from various angles, such as SDGs, decarbonization, DX, Metaverse, and NFT, which are the
keywords from the present to the future.
Based on the above ideas, we will materialize them as soon as possible and grow them to the point where
they become a part of our portfolio.
That is all.

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Tanaka: I am Tanaka, Senior Managing Director. I would like to explain the details of our management base.
Please see page 18.
With regard to the DX strategy, we will establish a system to enhance the sophistication and efficiency ofoperations by linking the information data possessed by the Group, which will lead to the creation of new
businesses.
For this reason, we have recently made organizational changes and placed the digital business promotion
office under the direct control of the President. At the same time, we will also strongly promote the marketingstrategy department with a structure that will lead to passenger terminal operations [inaudible], revenue
growth and evolution into a smart airport.
In the area of human resources, we are still striving to develop human resources through industry-industry
collaboration with other companies, as well as through industry-academia partnerships, including with the
University of Tokyo. In addition, we would like to promote the active participation of women, the employmentof people with disabilities and foreigners, and establish a corporate culture in which diverse human resources
can work in a variety of ways and take on challenges on their own initiative, in preparation for the year 2030.
With regard to financial strategy, we will aim to quickly restore the financial soundness damaged by thecoronavirus crisis, and at the same time, we will consider diversifying fund procurement in preparation forinvestments in growth and the environment.

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We also recognize the importance of marketing in order to achieve customer-oriented terminal operations,which is at the core of our management. We would like to reinforce this once again and firmly [inaudible] into
each business strategy and sustainability. That is all.

Yokota: Okay, from this point on, Yokota will explain again.
Please turn to page 19. In conjunction with the new medium-term management plan, we have established a
new basic sustainability policy. Based on this basic policy, we will promote group-wide sustainability
management in cooperation with each stakeholder.
In addition, we believe that the realization of the four items of our vision for the airport in 2030, as explainedon the previous page, will lead to the realization of the social vision shown at the bottom right, and we will
make every effort to realize these goals.

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Please turn to page 20.
In addition, the sustainability committee chaired by the Chairman and CEO, and the sustainability promotion
office under the direct control of the President Going forward, we will continue to formulate a sustainability
medium-term plan based on materiality analysis and information disclosure based on TCFD recommendations.

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On page 21, we present specific sustainability initiatives.
As a public infrastructure that plays an important role in society, we have been promoting universal designthat assumes a diverse range of customers, as well as crime prevention and disaster prevention initiatives, inharmony with our public and corporate natures. In addition, the Tokyo Metropolitan Government is also
addressing global environmental issues by imposing CO2 reductions on large business establishments[inaudible], and by switching to LED lighting.
As we formulate our sustainability mid-term management plan, we will clarify the risks and opportunities
surrounding our company and pursue the sustainable development of society and our group by creating
business opportunities, such as the development of ethical consumption, in addition to promoting initiatives
toward an eco-airport.

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On page 22, we present a roadmap to 2030, which we have highlighted as a milestone.
We will work on the promotion of sustainability, the promotion of each business, and the strengthening of
the management base in phases along with this medium-term management plan period, and flexibly revise
the strategic direction and various measures as necessary, while responding to changes in the environment.

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Please turn to page 23. This section describes the quantitative targets.
The target profit level for the final year of this medium-term management plan is higher than that targeted in
the final year of the current medium-term management plan. As described in the upper part of the guideline,
we have established the necessary indicators based on the items we have explained so far that are important
to us.
We have set new targets for net income of JPY16 billion and cost reductions of JPY2.5 billion, and havefollowed the approach of the previous medium-term plan with respect to ROA, equity ratio, dividend payout
ratio, and SKYTRAX.

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Please turn to page 24. The total amount of investment during the period of this medium-term management
plan is planned to be JPY105 billion.
The main focus will be on domestic flight satellite maintenance work, which will amount to about JPY50 billion,
but other projects include facility upgrades and store renovations. In addition, we anticipate a capital plan of
JPY8 billion, including 1-time costs related to the reduction of CO2.

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Please see page 25. Finally, the forecast for passenger volume is shown.
The plan is based on the forecasts by International Air Transport Association (IATA) and takes into accountrecent trends at Haneda Airport. We expect domestic flights to reach the pre-coronavirus impact level in early2023 and international flights to reach the planned level after the expansion of slots within FY2024, and these
are the assumptions used in this medium-term plan.
This is the end of my explanation, but this medium-term plan through FY2025 has been formulated as a phasein which we will look ahead to 2030 and establish a path for renewed growth while making use of the lessons
learned at Coronavirus Disaster Relief.
The Japanese economy continues to face difficult conditions due to changes in the global situation and theforeign exchange market, and for this reason, increasing the number of foreign visitors to Japan is expected
to be one of the most effective measures.
We hope to establish a virtuous cycle during this medium-term management plan period, in which our efforts
contribute to Japanese society and, as a result, lead to our company’s growth.
We will steadily fulfill the measures that need to be taken to achieve this goal, one by one.
We would like to ask for your continued understanding and support. Thank you very much.
Moderator: Thank you.

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[END]______________
Document Notes
1.
2.
3.
4.

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TollfreePortions of the document where the audio is unclear are marked with [Inaudible].
Portions of the document where the audio is obscured by technical difficulty are marked with [TD].
Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides ananswer from the Company, or [M] neither asks nor answers a question.
This document has been translated by SCRIPTS Asia.

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