Investment Losses and External Environment Risks Facing the Airline Industry at 鈴与スカイ・パートナーズ Investment Limited Partnership

「The operating loss for the consolidated fiscal year resulted from the following rapid changes in the external environment surrounding the aviation industry, which were beyond the scope of our management control. ・Macroeconomic factors: Structural pressure on aviation fuel costs due to yen depreciation beyond expectations and soaring crude oil prices. ・Geopolitical factors: Restrictions on flight routes resulting from heightened international tensions and the associated increase in operating costs. ・Changes in demand structure: Difficult-to-predict changes in aviation demand resulting from shifts in inbound tourism and domestic business travel.」