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Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024
Key Questions and Answers (Summary)
Q: How are the assumptions for unit purchase prices by nationality for Haneda duty freestores in the second half?
Unit price per item by country for the first half of the year was 25,000 yen for China,
21,000 yen for Taiwan, 12,000 yen for Southeast Asia and North America, 7,000 yenfor Europe, and 12,000 yen for the Japanese.

The rough sales composition of the Terminal 3 duty free store is 40% brand stores,
40% CENTRAL store in the center of the duty-free area, and 20% others. The weak
yen may have had some impact, but worldwide, luxury brands are selling well dueto the backlash after Covid.

The unit price for duty free stores as a whole in the first half was 15,000 yen, but inthe second half, it will decrease by 10% to about 13,500 yen, which should be viewed
as a risk.

Chinese customers still account for 12-13% of foreign passengers, but they make up
nearly 40% of sales. The unit price for Chinese passengers is remarkably high, but
those who are traveling now are considered wealthy, and if passenger numbers
increase in 2019, we expect the unit price to drop.

As the unit price decreases, the number of customers must be increased, but thenumber of Inbound customers will increase, as the number of inbound customers
reached more than 20 million this year and will exceed 30 million next year if thistrend continues.

The CENTRAL store, which is the main earner, is currently experiencing some
opportunity loss due to the rapid increase in the number of customers, so simply
improving traffic and eliminating opportunity loss will increase its potential.

Q: How is current business situation of the downtown duty-free store in Ginza
Mitsukoshi?
Two years ago, we made a decision as a management whether or not to continue inthe extremely difficult situation with the Covid disaster.

The situation was difficult, but we knew that there was a large inbound market

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given the government's target of 60 million foreign visitors to Japan by 2030 and theattractiveness of Japan, and that we were the first to fully implement the businessmodel of downtown duty-free shops, so we reduced the area by 40% and cut costs tocontinue.
We aim to return to become profitable in a single fiscal year. We are recognizing theissue of whether the current floor space will be sufficient when the number ofcustomers increases in the future. We are currently promoting the marketing of ourmerchandise in order to increase efficiency in a small area by providing full
attendant services to wealthy customers, especially those from China, and having
them select Haneda duty-free merchandise in the lounge of the Ginza store andpurchase it at the Haneda duty-free shop as an add-on to their purchases.

It is necessary to discuss as management how to consider the downtown duty-freebusiness in the future.

Q: How does the merchandise sales segment expect to grow beyond the recovery inpassenger volume?
Until now, the assortment at domestic terminals has been centered on souvenir
confections due to the characteristics of the airport.
From now on, we will manage not only confectioneries but also lifestyle and thematic
items in a unique way at Haneda, such as the Hawaii Fair in November and theHaneda Sanchoku Kan that opened in December, to create stores that attract
customers to Haneda for that purpose.

Q: How does the FY 23 operating profit forecast compare with the forecast at the timethe medium-term management plan was formulated?
Although the medium-term plan does not indicate a quantitative target for FY23,
both sales and profits are up due to the significant increase in international
passenger volume in FY23, which is expected to be 65% of the 2019 level and 47% of
the after-expansion plan, compared to this year's forecast of 19.37 million
passengers, 104% of the 2019 level, and 75% of the after-expansion plan.

SG&A expenses are down about 8.6 billion yen versus 2019 as we cut costs.
Operating income was higher this fiscal year because staffing numbers have not
returned to 2019 levels and some outsourcing and cleaning costs have not caught up
with the rapid recovery in this fiscal year.

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Q: Is it possible that the operating income target of 30 billion yen in the mid-term plan
will be exceeded?
In terms of costs, we are making the assumption that the construction of theTerminal 2 satellite connection will be completed next fiscal year, and theconstruction of the Terminal 1 north satellite will be completed in FY25. Both ofthese projects will involve connecting existing facilities, and a percentage of theinvestment will be repairing costs when construction is completed.

For national land use fees, a percentage portion is expected to be incurred by TIAT
in the next fiscal year.

Since the utility rates were assumed to be lower than current unit costs, werecognize that the impact of the increase will continue in FY24-25.

We will prepare a plan for the next fiscal year and beyond and will announce it in
the near future.

Q: How are costs being controlled through the use of robots, etc.?
How is the progress in reducing costs by 2.5 billion yen in the mid-term plan?
Robots are active in the passenger information service sector, and in the future, wewould like to introduce them to the security sector as well.

Regarding cost rebound, costs will rise in step with the increase in passenger volume,
but we will review the specifications and try to control the rebound so that it does
not return to 100% as much as possible.

We are aiming for a quantitative reduction of 2.5 billion yen for FY 25, and we areon track at this point, but we are not yet in a position to tell how far we have come.

Q: How will high construction costs affect satellite construction and other repair costs?
Although the cost of the Terminal 2 satellite was kept below the expected level, thecost of the Terminal 1 satellite expansion was considerably higher than expected.

As for other repair work, due to issues such as inflation and the revision of laborlaws next year, it is expected that the process will become longer, and the unit andtotal costs will increase.

Q: What is the outlook for security check staffing for future increases in the number offlights?
A further increase in flights is anticipated for the summer schedule in late Marchnext year.

We need to act from now on, because the security inspection personnel cannot be3

just anyone, and there is the issue of qualification. Since October, discussions havebeen held among concerned parties, and we are making arrangements to put in placea complete system.
Q: What are the possibilities of expanding Haneda international flight capacity byconverting from domestic flights and improving artificial ground?
Business travelers will be the remaining portion of domestic passenger volume toregain, but the growth rate will not be high due to the declining birthrate and aging
population. There is a possibility of shifting domestic flight slots to international
flights for inbound demand in the future.

As for the artificial ground, the government has just started the survey between
Terminal 1 and Terminal 2.

The survey is expected to be conducted in order to respond to the various
developments that are expected in the future.

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