Strengthening domestic-international hub integration through additional acquisition of TIAT

「At Haneda Airport, the Company operates in the aviation business by constructing, managing and operating domestic passenger terminal buildings. In April 2018, the Company made 東京国際空港ターミナル株式会社 a consolidated subsidiary and now operates the domestic and international terminals as an integrated unit, conducting business as an even more efficient terminal operator.」

「At Haneda Airport, the Company operates in the aviation business by constructing, managing and operating domestic passenger terminal buildings. In April 2018, the Company made 東京国際空港ターミナル株式会社 a consolidated subsidiary and now operates the domestic and international terminals as an integrated unit, conducting business as an even more efficient terminal operator.」

「As part of realizing the benefits of making 東京国際空港ターミナル株式会社 (hereinafter, “TIAT”), with which we have been working for some time, a consolidated subsidiary, we are establishing and further developing the cost savings achieved through integration of core business systems and other measures. In preparation for beginning integrated domestic and international operations at Terminal 2 from 2020 onward, we are also coordinating with TIAT and reviewing existing operations in order to establish a more efficient operating structure while ensuring passenger convenience.」

「As the Company completed the payment procedures and acquired additional shares in TIAT, its ownership interest increased to 51.00%, and TIAT changed from an affiliate accounted for under the equity method to a consolidated subsidiary.」

「During the first-quarter consolidated accounting period, the Company completed payment procedures associated with its subscription for the third-party allotment capital increase by 東京国際空港ターミナル株式会社 and made it a consolidated subsidiary.」

「During the first-quarter consolidated accounting period, the Company completed payment procedures associated with its subscription for the third-party allotment capital increase by 東京国際空港ターミナル株式会社 and made it a consolidated subsidiary.」

「On 27 April 2018, the Company completed payment procedures associated with its subscription for the third-party allotment capital increase by 東京国際空港ターミナル株式会社 (hereinafter, “TIAT”) and made TIAT a consolidated subsidiary.」

「Accordingly, in order to fulfill its responsibilities as TIAT's representative company and cooperate in ensuring the further execution of this business, the Company acquired additional shares issued by TIAT on 27 April of this year. As a result, the Company's ownership interest increased to 51%, and TIAT changed from an equity-method affiliate to a consolidated subsidiary.」

「At a meeting of the Board of Directors held on 15 September 2017, the Company decided on a basic policy of subscribing for a third-party allotment and acquiring additional shares in 東京国際空港ターミナル株式会社, subject to approval at the company's extraordinary general meeting of shareholders and completion of other necessary procedures. As these conditions were satisfied on 26 October 2017, the Company subscribed for the shares issued in the third-party allotment.」

「To fulfill our responsibilities as TIAT's representative company and cooperate toward the further reliable implementation of this business, we will additionally acquire shares issued by TIAT. Through this acquisition, our company, the operator of the domestic passenger terminal building, and TIAT, the operator of the international passenger terminal building, will work together to fully realize Haneda Airport's key domestic-international hub function and further improve user convenience. The additional acquisition is scheduled for 27 April 2018. As our shareholding will increase to 51.00% through the additional acquisition, TIAT will change from an equity-method affiliate to a consolidated subsidiary.」