Keikyu Group Integrated Management Plan

Keikyu Group Integrated Management Plan Keikyu Corporation (Securities code: 9006) May 11, 2016 http://www.keikyu.co.jp/

Contents Drawing up Keikyu Group Integrated Management Plan 2 Management Plan system 3 Long-Term Vision and Long-Term Management Strategy 4 Steps to be taken during the period of the long-term management strategy (a roadmap to the implementation of the long-term vision) 5 Targeted business portfolio for FY2035 6 Keikyu Group Medium-Term Management Plan (FY2016-2020) 7 -Critical issues -Investment plans -Target indicators -Initiatives based on the critical issues 1

Drawing up Keikyu Group Integrated Management Plan Our Perception of the Business Environment Business opportunities Development in the Shinagawa Station area Development of the Shinagawa Station area Opening of the Chuo Shinkansen Expansion of Haneda Airport Increase in the number of arrival and departure slots (additional future expansion) Increase in the number of foreign visitors to Japan Development of unused land at Haneda Airport Decrease in the population living along Keikyu Railway lines, fewer children, and the aging of the population Decreasing users of the railway leading to lower revenue Falling demand for retailing, condominiums Competitors for transport to/from Haneda Airport Business risks Development in the Keihin Coastal Area Development of Tonomachi International Strategic Zone Kawasaki KING SKYFRONT, Kawasaki/Yokohama Station areas, Yamashita Wharf Tokyo Olympics/Paralympics Decrease in working population Difficulties in securing employees Concerns that the large-scale investment in the development of the Shinagawa Station area may have a detrimental impact on the balance sheet Interest-rate volatility risk Planning a reinvention of the business structure to overcome the business risks such as those related to the decrease in the population along Keikyu Railway lines We view the development of the Shinagawa Station area, a project of major importance, as an opportunity to create a second founding of the Keikyu Group Drawing up the Keikyu Group's Long- Term Vision and Long-Term Management Strategy, as well as the Medium-Term Management Plan based on these 2

Management Plan system Keikyu Group's Reason for Existence / Mission (excerpt) Group Philosophy To contribute to the development of society by creating new value through businesses that support urban lifestyles Long-Term Vision The future of FY2035 as envisioned by Keikyu Group Recently drawn up Long-Term Management Strategy Medium-Term Management Plan Direction and method for realizing the long-term vision on the way to FY2035 5-year plan (FY2016-2020) based on the long-term vision and long-term management strategy 3

Long-Term Vision and Long-Term Management Strategy Long-Term Vision With Shinagawa and Haneda as gateways, we will realize in the districts along Keikyu Railway lines a rich and varied area where many native and nonnative people gather Long-Term Management Strategy Area Strategy Taking on the responsibility of the growth of Shinagawa and Haneda Airport, gateways to Tokyo and Japan, and working towards revitalizing the areas along the Keikyu Railway lines for their maximum potential Business Strategy Towards a business structure that takes a stand against a society of declining population Customer Strategy Towards being a corporate group more actively chosen by customers 4

Steps to be taken during the period of the long-term management strategy (a roadmap to the implementation of the long-term vision) Long-Term Vision [The future of FY2035 as envisioned by Keikyu Group] With Shinagawa and Haneda as gateways, we will realize in the districts along Keikyu Railway lines a rich and varied area where many native and nonnative people gather FY2016 ~ 2021 ~ 2026 ~ 2035 Period of Medium-Term Management Plan Period of Long-Term Management Strategy Period Reinventing the Structure period Preparing for Growth period Successful Conclusion of Long-Term Vision period Period during which the foundation is laid for the execution of the long-term vision Implement the profit expansion strategy prepared for the Shinagawa Station area development period Strengthen and continue the policy of concentration and focus Improving the balance sheet Period during which development projects in the area around Shinagawa Station ramp up and we respond to competition for access to Haneda Airport Implement large-scale investment Improvement in the earnings structure of the Transportation business Increase in profit for business in each area Period during which Long-Term Vision is successfully concluded Development projects in the area around Shinagawa Station are completed one by one Promote cooperation between Shinagawa and other area projects Long-term vision is achieved, leading to dramatic growth Shinagawa Station area development projects schedule External events Work commences on commercial areas adjoining station West Exit area work commences Increase in arrival and departure slots at Haneda Airport (scheduled) FY2020 Tokyo Olympics/Paralympics Convert Keikyu Shinagawa Station to ground-level station (two platforms and four lines), removing railway crossings Station building opens for business West Exit area West Exit area opens opens for for business business 2027 Opening of the Chuo Shinkansen from Tokyo and city of Nagoya (scheduled) 5

Targeted business portfolio for FY2035 Sustained growth for Keikyu Group and areas along Keikyu railway lines Conduct development linked to Shinagawa and Haneda and grow the real estate operations as the core of city planning activities. The activity created through improving the attraction of the areas along Keikyu railway lines will cause the other operations to expand further, building a portfolio that kick-starts a virtuous cycle, leading to substantial growth for Keikyu Group and areas along Keikyu railway lines. Retailing Leisure Services FY2015 Performance* Real Estate Other Transportation Investment in growth businesses, primarily real estate Development investment linked to Shinagawa and Haneda Bolster investment in peripheral businesses Generate buzz through improving the attraction of the areas along Keikyu railway lines Strengthen ability to generate CF through expanding the Transportation business and other businesses Sustained growth for Keikyu Group and areas along Keikyu railway lines Towards a business portfolio that kick-starts the virtuous cycle FY2035 targets Retailing Leisure Services Other Real Estate Transportation *Pie chart based on tentative figures *Operating income *Calculated based on FY2015 results and excluding one-off factors. 6

Keikyu Group Medium-Term Management Plan (FY2016-2020) 7

Medium-Term Management Plan / Critical issues Medium-Term Management Plan (FY2016-2020) On the back of favorable economic conditions before the Tokyo Olympics/Paralympics, aiming at the reinvention of our corporate constitution, we will take measures to restructure operations and thoroughly instill the importance of customer-focused business, strengthening the initiatives in each business area and laying the foundation for the execution of the long-term vision. Critical issues Area Strategy 1) Promote the creation of business and living spaces primarily around stations, with Shinagawa at the top of the list 2) Promote reinforcement of Haneda's base 3) Construction of Miura Urban Resort 4) Developing along with local communities Business Strategy 1) Reinforcing the operating base of the mainstay Transportation business 2) Strategic development of real estate leasing and condominium unit sales operations 3) Capture demand from foreign visitors to Japan 4) Reinvent businesses for a muscular structure Customer Strategy Routinely pursue and provide products and service levels that are more actively chosen by customers 8

Medium-Term Management Plan / Investment plans FY2013-2015 FY2016-2020 Maintenance and renewal investment 91.6 billion yen Investment for growth 19.7 billion yen Maintenance and renewal investment 177.0 billion yen Investment for growth 83.0 billion yen Investment for growth 83.0 billion yen Of which, real estate business (leasing) and leisure services business (hotels) account for approx. 50.0 billion yen, and M&A that contribute to growth or expansion will also be considered Maintenance and renewal investment 177.0 billion yen Of which, Railway approx. 100.0 billion yen FY2013-2015 FY2016-2020 Investment for growth as percentage of total investment 18% 32% (Average yearly investment for growth) 7.0 billion yen 17.0 billion yen 9

Medium-Term Management Plan / Target indicators Management Indicators Target indicators FY2015 (results) FY2020 (plan) Operating income (100 million yen) 148 330 FY2014 (reference figures) 267 EBITDA (100 million yen) 454 680 577 Net interest-bearing debt (100 million yen) Net interest-bearing debt / EBITDA (x) Reference figures 4,298 4,200 9.5 6.2 4,437 7.7 FY2015 (results) FY2020 (plan) FY2014 (reference figures) Profit attributable to owners of parent (100 million yen) (30) 170 107 ROE (%) (1.3) 5.2 4.7 *The above FY2015 results include loss on valuation of inventories. Dividend policy Will be conducted based on a continuation of the stable dividend, while taking into account business results and the financial position 10

Medium-Term Management Plan / Area Strategy (1) Promote the creation of business and living spaces primarily around stations, with Shinagawa at the top of the list Study and Promote Development Projects in the Area Around Shinagawa Station As the contractor with the responsibility for the development of the area around Shinagawa Station, we will promote development projects with a view to making it a center for international exchange. Leverage land replotting methods in commercial areas adjoining Shinagawa Station; aim to commence work in FY2019. Future Vision for Area Around Shinagawa Station "Shinagawa, a center for international exchange that will drive growth for the Japan to come" Shinagawa Station area development projects Development schedule FY2016 2020 2016 2020 2027 Determine a district plan for area around Shinagawa Station; consult with and coordinate relevant parties Work commences on commercial areas adjoining station 2027 Convert Keikyu Shinagawa Station to ground-level station (two platforms and four lines), removing railway crossings Station building opens for business West Exit area work commences West Exit area opens for business Keikyu Group owns approx. 60,000 m 2 of land in the area of Shinagawa Station Created in-house from the Shinagawa Station and Tamachi Station Area City Planning Guidelines 2014 Red letters indicate Keikyu Group initiatives 2020 JR new station Provisional operation (scheduled) 2027 Opening of the Chuo Shinkansen (scheduled) 11

Medium-Term Management Plan / Area Strategy (1) Promote the creation of business and living spaces primarily around stations, with Shinagawa at the top of the list Study and Promote Development Projects in the Area Around Shinagawa Station Measures for Commercial Areas Adjoining Shinagawa Station Convert Keikyu Shinagawa Station to ground-level station (two platforms and four lines) to improve access to Haneda Airport Reconfigure station for greater safety and for improved convenience when transferring trains Develop station buildings that take advantage of convenience of direct station access Measures for the West Exit Area Develop large-scale building complexes arranged to include office, commercial, hotel, residential, and other such spaces An integrated development concept that, while seeking to maintain the connection to the Shinagawa Station, provides a station-front square that can stand as a symbol of Shinagawa, together with a rich cityscape and a carefully formed environment that includes full facilities for international conferences and MICE functions Convert Keikyu Shinagawa Station to ground-level station (two platforms and four lines) Measures to eliminate grade-level crossings Improve and strengthen connectivity between areas to the east and west of Shinagawa station by smoothing road access on the south side of the station Facilitate the integrated creation of business and living spaces through improving the connectivity of the areas to the east and west of Shinagawa station Improve safety by eliminating grade-level crossings at 3 locations including Shinagawa Railway Crossing No. 1 (Yatsuyamabashi). Keikyu No. 7 Building Keikyu No. 1 Building Wing Takanawa West Wing Takanawa East Keikyu Shinagawa Station Keikyu No. 10 Building Currently SHINAGAWA GOOS Site area: approx. 25,000 m 2 Floor area: approx. 84,000 m 2 Floor-area ratio: approx. 330% Promoting intensive use and studying development of largescale complexes Extension of the west side of the East-West Free Passageway 12

Medium-Term Management Plan / Area Strategy (2) Promote reinforcement of Haneda's base Improve Convenience of Access to Haneda Airport By pursuing improvement of the convenience of bus and railway links, we will create an unshakable position with regard to access to Haneda Airport. We will enhance services for customers late at night and early in the morning and move forward to consider other preparations for increased customer numbers at Haneda Airport. (10 thousands of people) 7,500 5,000 Implement revisions so that the timetable better reflects demand Expand medium-distance bus routes to/from airport Promote use of flat-fare taxi service Move ahead with study of new lead tracks construction at Haneda Airport Domestic Terminal Station (Reference) Haneda Airport airline passenger numbers Domestic flights International flights 2010 2011 2012 2013 2014 2015 (Estimate) Further growth factors Autumn 2016 Daytime flights to/from USA - 2019 Considering increasing daytime international arrival and departure slots by up to 39,000 (60,000 to 99,000) Number of foreign visitors to Japan in 2020 Government target: 40 million 2020 (Forecast)(FY) Further enrichment of the services of Keikyu Tourist Information Center Enriched night transport options, including access buses late at night and early in the morning Enriched services such as multi-lingual support (10 thousands of people) 4,000 2,000 Number of Passenger Arrivals & Departures at Keikyu Haneda Airport (Domestic/International) Terminal Stations Domestic Terminal Station International Terminal Station 2010 2011 2012 2013 2014 2015 2020 (Forecast) Created in-house based on Ministry of Land, Infrastructure, Transport and Tourism and Japan Airport Terminal Co., Ltd materials 13

Medium-Term Management Plan / Area Strategy (2) Promote reinforcement of Haneda's base Expanding Haneda Airport-related operations We will actively invest in hotels, commercial facilities, and leasing accommodations around Haneda Airport, capturing every last bit of airport-related demand. Develop leasing condominiums for those working at Haneda Airport Opening of Wing Kitchen Keikyu Kamata Development plan for area under elevated tracks at Keikyu Kamata Station Kamata Ota Ward Tourist Information Center (experience Japanese culture) Keikyu Kamata Kojiya Heiwajima Opening of Heiwajima Distribution Center Package including meeting and dropping-off service late at night and early in the morning to and from Heiwajima natural hot springs Making even fuller use of the Heiwajima district by leveraging its accessibility from Haneda Airport Opening of Wing Airport Haneda Enhance the functions of Keikyu Tourist Information Center (Keikyu TIC) Keikyu EX Inn Haneda (tentative name) scheduled to open (Bus depot function to be retained) Study new lead tracks construction at Haneda Airport Domestic Terminal Strengthen cooperation with Japan Airport Terminal Co., Ltd Opening of Wing Kawasaki and Keikyu EX Inn Keikyu Kawasaki Station Zoshiki Development plan for area under elevated tracks at Kojiya Station Haneda Airport International Terminal Haneda Airport Domestic Terminal 4-language map of the Kawasaki area published (enticing customers in transit to venture along Keikyu Railway lines) Plan for development of Keikyu Kawasaki Station Area Kawasaki Keikyu Kawasaki Continuous elevated railway for Daishi Line Move the bus office and enhance transport capability by fully utilizing the old bus office [Airport Unused Land Zone 1] Area for Industrial Interchange Facilities, etc. Sangyodoro Sangyodoro Station-front square plan Haneda Airport Access Road (scheduled) Tonomachi International Strategic Zone King Skyfront Tamagawa tunnel (scheduled) [Airport Unused Land Zone 2] Area for Airport Hotels, etc. Red border: Keikyu Group initiatives (black text: existing; red text: new) Blue border: other external operations 14

Medium-Term Management Plan / Area Strategy (2) Promote reinforcement of Haneda's base Enhancement of Keikyu EX Inn Aiming to put in place a 3,000-room structure by FY2020 by continuing to open new locations in the Shinagawa - Haneda Airport area and in the city center. We will consider moving into major domestic cities and Asia, using Haneda Airport as the origin, working to enlarge both scale and earnings. Keikyu EX Inn Akihabara Opened in March 2016 Akihabara Station (5-minute walk) (146 rooms) Keikyu EX Inn Keikyu Kawasaki Station Opened in April 2016 Keikyu Kawasaki Stationfront (175 rooms) Keikyu EX Inn Shinagawa Sengakuji Station Scheduled to open in June 2016 Sengakuji Station (1-minute walk) (120 rooms) Keikyu EX Inn Higashi-Ginza Scheduled to open in FY2016 Higashi-Ginza Station (3-minute walk) (198 rooms) Keikyu EX Inn Haneda (tentative name) Scheduled to open in FY2017 Tenkubashi Station (3-minute walk) (313 rooms) Currently 9 hotels / 2,080 rooms 3,000-room structure by 2020 15

Medium-Term Management Plan / Area Strategy (3) Construction of Miura Urban Resort Increase the nonresident population through the revitalization of tourism Implement a fundamental rethink of the existing hotel and leisure operations, and create a new base for tourism. By linking railways, buses, and taxis, we will improve ease of movement and lay the foundation for a revitalization of tourism. In partnership with local government and tourism operators, we will work on unearthing, developing, and raising the profile of tourism resources. Leveraging the warm climate and abundant natural environment, we will aim to create an area in which senior citizens can enjoy an active life and work on establishing it as a center for living and for the promotion of health. Development as a tourist base and initiatives to improve ease of movement As well as improving the convenience of transferring to railways, buses, and taxis, we will implement tourism over a wide area by stronger links to cycling and marine transportation Propose model excursions on the Miura Peninsula using special tickets Develop local goods and bring new tourism content to light Initiatives taken in collaboration with local government bodies to raise profile Opening of Misakiguchi Station-front Tourism Information Center Take advantage of introduction of two-star tourist spot in Michelin Green Guide Japan to reinforce publicity aimed at foreigners visiting Japan Misaki Maguro Ticket Sales began in 2009 Hayama Ladies Travel Ticket Sales began in 2015 Keikyu Cycle Train Will be held in May 2016 Authorized Miura Peninsula Summit business Capturing senior demand Taking full advantage of the warm climate and the abundant natural environment, in order to implement a CCRC scheme for Miura, we will promote and study how best to attract medical, nursing, and residential facilities, etc. for the elderly, in partnership with specialized operators. 16

Medium-Term Management Plan / Area Strategy (4) Developing along with local communities Study and promote operations to improve the attraction of areas along Keikyu Railway lines Pursue possibilities for linking up with local communities and administration, tourist operators, and developers to perform urban development and develop projects that emphasize the unique characteristics of each region. Develop area around station and encourage productive use of space under elevated tracks Wing Kawasaki, Keikyu EX Inn-Keikyu Kawasaki Station Area under elevated tracks at Keikyu Kamata Station Area under elevated tracks at Kojiya Station Wing Kitchen Keikyu Kamata Shinagawa Heiwajima Wing Kitchen Keikyu Kamata Keikyu Kamata Development of Kanazawa Hakkei Station Opened April 2016 Total Floor Area: 9,112 m 2 1F - 4F: Commercial facilities 5F: Licensed daycare center 3F - 12F: Business hotel Development of Keikyu Kawasaki Station Area Wing Kawasaki, Keikyu EX Inn Keikyu Kawasaki Station Yokohama Tobe Minamiota Kamiooka Zoshiki Area under elevated tracks at Keikyu Tsurumi Station Headquarters relocation Development of Yokohama Station Area Kojiya Keikyu Kawasaki Area under elevated tracks between Tobe Station and Minamiota Station Haneda Airport Opened December 2015 Total Floor Area: 5,896 m 2 30 outlets, primarily food and drink Will also contain an Ota Ward tourist information center for foreign visitors to Japan Keikyu Group Headquarters Building (tentative name) Development plan Black text: existing; red text: new * This is an artist s impression and is subject to change Upgrade to station building Scheduled for completion at the end of FY2018 Station building Opening yet to be decided Excerpted from Kanazawa Hakkei Station Area City Planning (pamphlet published by Yokohama City) Development of Kanazawa Hakkei Station Development of area around Yokosuka-chuo Station Artist s impression of exterior of Keikyu Group Headquarters Building (tentative name) 17

Medium-Term Management Plan / Area Strategy (4) Developing along with local communities Considering participation in the IR (Integrated Resort) business As an opportunity for large-scale urban development, we will fully leverage the Keikyu Group s management resources. We will create new business opportunities and tie this into the revitalization of all areas along Keikyu Railway lines. Shibuya Sengakuji Shinagawa Keikyu Kamata Haneda Airport Keikyu Kawasaki Keikyu Airport Line Yokohama Keikyu Line Yokohama Kamiooka Revitalization of areas along the Keikyu railway lines and local economies Set up project team Taking full advantage of location's characteristics, study the operational base, Yokohama While monitoring the likely outcome of the IR Promotion Bill, we will make speedy preparations to enter the market Kamakurayama Enoshima Ofuna Station Kamakura Station Kanazawa-bunko Kanazawa-hakkei Shinzushi Yokosuka-chuo Hayama Keikyu Kurihama Uraga Keikyu Line [Reference] Integrated Resort (IR) A tourist complex integrating a hotel, commercial facilities, international conference hall, exhibition hall, and casino Misakiguchi 18

Medium-Term Management Plan / Business Strategy (1) Reinforcing the operating base of the mainstay Transportation business Offering transportation services with high customer satisfaction By pursuing improvement of the convenience of bus and railway links we will create an unshakable position with regard to access to Haneda Airport. As well as maintaining safe and stable transportation, we will work to secure stable profits through reinventing the structure of the business. By offering higher value-added transportation services, we will achieve more comfortable travel and aim to acquire new passengers. Providing services that meet passenger needs Enhanced comfort Study timetables to further improve the connectivity with central Tokyo Study increasing the number of trains with guaranteed seating, etc. Revitalizing the areas along the Keikyu Railway lines by enhancing transport capability Consider converting Keikyu Shinagawa Station to ground-level station (two platforms and four lines) in the development of the Shinagawa Station area Operating special trains to convey the attraction of the areas along Keikyu Railway lines Strengthen customer-attracting activities to link with special events in the areas along Keikyu Railway lines Stronger partnerships with local administration Enrich the local transport network by establishing buses with close links to local communities Further enhancing safety Study the installation of automatic platform gates Promote safety countermeasure work such as improving earthquake resistance 19

Medium-Term Management Plan / Business Strategy (2) Strategic development of real estate leasing and condominium unit sales operations Bolstering the profit potential of the real estate operations Develop the real estate leasing and condominium sales operations, primarily in the areas along Keikyu Railway lines and in the city center and grow it into an earnings pillar to match the transportation business. After the initial sales, strengthen the operations through leveraging the existing stock through management, renovation, etc. During redevelopment and the creation of new living spaces, make productive use of stations and spaces under elevated tracks. Acquisition and development of leasing offices Promote active acquisition of properties to establish a new profit base Strengthening of leasing condominium business Study leasing condominiums for workers at Haneda Airport Study leasing condominiums for the elderly By 2020, aiming for number of properties handled to be five times today's figure Stable supply of condominiums for sale Strategic acquisition of land for stable future supply Study participation in redevelopment operations Targeting stable supply of about 400 properties per year Strengthening stock operations Integrate post-sales management and renovation operations Strengthen capture of residential-related demand by providing a one-stop service Expand the deployment of the "Keikyu Smile Station" facilities, which function as advice centers Seek to revitalize the community by devising strategies to deal with empty dwellings and creating a virtuous cycle of stand-alone houses, while promoting the circulation of existing housing stock and conversion to for-lent properties Senior generation Inflow of retirement generation to areas along Keikyu Railway lines Becoming independent / moving house Proposals for condominium management / renovation, productive use of assets Moving house Child-rearing/ family households Inflow of child-rearing / family households to areas along Keikyu Railway lines Moving house Supplying homes (leasing, sales, orders) Person living alone Inflow from moving school / finding jobs to areas along Keikyu Railway lines 20

Medium-Term Management Plan / Business Strategy (3) Capture demand from foreign visitors to Japan Strengthening of measures to draw inbound customers We will make Haneda Airport International and Domestic Terminal Stations a base for conveying the hospitality of the Keikyu Group Enrich measures and facilities for attracting inbound passengers to areas along Keikyu Railway lines and to the Group s facilities. Establish a reception system Strengthening functions at Haneda Airport International Terminal Station, primarily the services of Keikyu Tourist Information Center (Keikyu TIC) Studying promotion of Hands-free travel without luggage, and use of accommodation in private homes Improved ability to deal with tax-free shopping Expand the range of inbound products Closer partnerships with airlines Capture passengers on flights late at night and early in the morning Do more to attract passengers in transit to the areas along Keikyu Railway lines Plan and develop tourism products for areas along Keikyu Railway lines Stronger promotions Enhance links with overseas railway operators Delegate PR activities to local companies (improve the speed with which information is transmitted) Overseas promotions in concert with local governments 4,000 (10 thousands of people) 3,000 2,000 1,000 Number of foreign visitors to Japan 200 (thousands of people) 150 100 50 Keikyu TIC Number of foreign customers Other Other Asia Hong Kong Taiwan South Korea China In order to firmly capture inbound demand, which is anticipated to increase going forward, we will give passengers a taste of Keikyu Group s hospitality and target repeat business when they visit Japan. 0 2010 2011 2012 2013 2014 2015 2020 (year) [From the Japan National Tourism Organization (JNTO)] * 2020 figure is government target 0 2013 2014 2015 (FY) Europe/US 21

Medium-Term Management Plan / Business Strategy (4) Reinvent businesses for a muscular structure Strengthen and continue the policy of concentration and focus In addition to continuously promoting the fundamental reorganization of low-profit operations, condensing book value of plots of land, reorganization and integration of overlapping operations and organizations. Plan the development of new operations that suit the changing times and changing environment. To prepare for the anticipated growth in investments, we will continue to work on improving our financial structure. (Net interest-bearing debt / EBITDA (x) FY2015 9.5x FY2020 6.2x (planned)) Existing operations Fundamental reorganization of low-profit operations Reorganization and integration of overlapping operations and organizations Demonstrate the integrated power of the Group Raise profit margins New projects Develop new projects that leverage our knowhow Invest in new businesses that will have synergistic effects with existing operations Enhance corporate value Use capital strategy to achieve optimum distribution of management resources Reduce interest-bearing debt Exercise control by means of financial policies Carefully discriminate among investments 22

<Note> With the exception of historical facts, the information in these materials consists of forward-looking statements, created based on various assumptions at the time they were announced. The posting of such information is no guarantee of future results and is subject to risks and uncertainties. Actual results may differ from forward-looking statements due to various factors. 23