More Will Travel within Japan and Overseas than Did Last Year.

For Immediate Release December 14, 2011 (Translation of Japanese Release No.97) Travel Trends for Year-End/New-Year (Dec. 23~Jan. 3) More Will Travel within Japan and Overseas than Did Last Year. The Three-Day Christmas Weekend (Dec.23~25) Will Boost Domestic Japanese Travel. --Hot-spring and other resorts join urban destinations and theme parks in popularity.-- Departure Dates Are Much More Evenly Distributed. --Dec.23 is popular for remote destinations and those returning within the year; Jan.3 and after for nearer destinations-- 12/22 23 24 25 26 27 28 29 30 31 1/1 2 3 4 5 6 Th NH Sa Su M Tu W Th F Sa NH NH Tu W Th F JTB Corp. has just published a survey of travel trends involving at least one overnight stay for the twelve days of the year-end/new-year season (from the national holiday on Dec. 23 through Tuesday Jan. 3 on a departure basis). The survey was based on airline reservations, industry trends, bookings with JTB and a questionnaire completed by 1,200 respondents. The results of this, the 43rd such survey since the first in 1969, are as follows. - Survey period (departure basis) Table 1: Estimates 2011/2012 season Change year on year 2010/2011 season Total no. of travelers 30.084 million +1.5% 29.650 million Domestic 29.488 million +1.4% 29.081 million Overseas 596,000 +4.7% 569,000 Average expenditure on domestic travel Average expenditure on overseas travel Total expenditure Domestic Overseas 31,800 JPY (413 USD) 204,700 JPY (2,658 USD) 1,056.8 billion JPY (13.725 billion USD) 934.8 billion JPY (12.140 billion USD) 122.0 billion JPY (1.584 billion USD) +1.8% +0.8% +3.5% +3.2% +5.6% 31,140 JPY (404 USD) 203,100JPY (2,638 USD) 1,021.1 billion JPY (13,261 billion USD) 905.6 billion JPY (11.761 billion USD) 115.5 billion JPY (1.500 billion USD) Average length (days) 3.6 +0.1 3.5-1-

Notes on the table on the previous page: 1. Numbers of travelers are cumulative totals; average expenditures are per person. 2. Numbers of domestic travelers are those making overnight stays (only for tourism and trips to the family home). 3. Numbers of overseas travelers are for all those departing Japan (including business travel). 4. Domestic travel average expenditures comprise all costs incurred during travel, including transport, accommodation, meals and souvenirs. 5. Overseas travel average expenditures include fuel surcharges, accommodation, transport and meals at the destination. 6. US dollar amounts are calculated, for information purposes only, at a nominal rate of 77 JPY/USD. Characteristics of Year-End/New-Year Travel (Note: Figures are percentages and/or percentage point changes from the previous year.) More Will Use the Three-Day Christmas Break to Travel. This year, the year-end/new-year period features shorter holiday sequences, making it unsuitable for long journeys. However, the Dec.23 national holiday falls on a Friday, making a three-day holiday weekend through Sunday Dec.25, and more travelers will take advantage of this break. The national holiday on Monday Jan.9 makes another long weekend from Saturday Jan.7, so more people will also be starting their journeys in the New Year. For domestic travel during the Christmas break, night-time city lights and illuminations will be popular, as will theme parks. Bookings are also strong this year for hot springs and resorts from Hokkaido in the north to Okinawa in the south, so it looks as if there will be many more traveling in this Christmas season than last year's. More overseas travelers will make for destinations in Asia and for Guam or Saipan, while many will depart for Europe on the Dec.23 national holiday or on Saturday Dec.24, returning by the end of the year. Family Trips and Visits to the Family Home Will Increase for Meetings With Long-Separated Loved Ones and Friends Our questionnaire showed a 4.4 percentage point increase over last year in those who intended to travel "to spend time at the family home" (totaling 40.4%, see Table 6), so many will apparently be celebrating the New Year with family and relatives. Many public elementary and junior high schools will be on holiday from the national holiday on Dec.23 to the one on Jan.9, a sequence that makes it easy for families to schedule travel together. When respondents were asked how their travel plans differed from last year's year-end/ New-Year season, 24.2% replied that they intended to travel further "to meet long-separated family and friends." Travel companions also showed a 3.3 percentage point rise to 41.9% in those who would be taking their children on a family trip (see Table 5). Including those who will be visiting the family home for the first time in a long while, many will clearly be traveling to more remote destinations to strengthen bonds with family and friends. Longing for a Calm and Peaceful Year... The proportion of questionnaire respondents who intended to visit shrines or temples at the year-end/new-year season to pray for future peace and happiness was 31.7%. Some 19.2% intend to visit family and relatives living in far-away places to strengthen the bonds between -2-

them, while another 13.0% intend to visit friends and acquaintances or attend class reunions to strengthen these bonds. Department stores, etc., report strong orders for the traditional New Year fare, so there also appear to be many who plan to spend the season enjoying a relaxing time at the family home or with family and friends at their travel destinations. Characteristics of Domestic Japanese Travel Trips Will Be Very Slightly Longer than Last Year, at an Average of 3.6 Days. Most people will only spend two days/one night away from home (34.9%, up 1.4 percentage points on the previous year). There will be slightly fewer journeys lasting three days/two nights (at 29.1%, down 2.2 points) and four days/three nights (15.9%, down 0.6 points), but some longer journeys will increase. Those lasting five days/four nights will account for 8.5%, up 3.0 points, and those with at least eight overnight stays for 3.7%, up 2.1 points, so the overall average shows a slight increase of 0.1 to 3.6 days (see Table 7). Travel to More Remote Destinations Means More Travel by Rail and Air As we have noted, much use will be made of the three-day Christmas break, and many will travel further than usual with their families and/or to visit remote family members. This is reflected in the increase of those who will be traveling long distances by air (up 4.8 percentage points to 10.1%), Shinkansen "bullet" train (up 1.4 points to 18.2%), or bus (up 1.3 points to 6.6%). Destinations in northern Japan (Aomori and the Hiraizumi World Heritage site) and the southern island of Kyushu are popular, while many will choose to visit Tokyo's new "Sky Tree" tower and the perennial favorites, Disneyland or Osaka's Universal Studios. ACE JTB bookings are up 130% and show the growing popularity of trips that cater for pets traveling as members of the family. Characteristics of Overseas Travel More Will be Going Overseas this Year, with Departure Dates More Evenly Spread. With two, three-day weekends available, the first on Friday Dec.23 through Sunday Dec.25 and the second on Saturday Jan.7 through Monday Jan.9, 4.7% more people are planning overseas trips than the previous year, promising to take the total to 596,000. The peak dates for overseas departures are Thursday and Friday Dec.29 and 30, but it looks as if the departure rush will continue on through Tuesday Jan.3. And while arrivals will peak on Monday and Tuesday Jan.2 and 3, many will also be returning on Sunday and Monday Jan.8 and 9. Bookings for LOOK JTB indicate that departures for Europe will peak on Dec.23, with many planning to return in time to for a leisurely celebration of the New Year in Japan. On the other hand, while bookings show that many departures for destinations in Asia are spread out between Dec.23 and Jan.3, the largest number is on January 3, when travel costs drop. The Strong Yen Adds to the Attractions of Overseas Travel. The yen continues to maintain the strength it showed the previous year, and exchange rates have been rising against major currencies. Although fuel surcharges are much higher than the previous year, the strong yen benefits those who travel overseas. While fuel surcharges have boosted travel costs for all destinations, the fact that only short holiday sequences are available has led to more -3-

travel to closer destinations, so the rise in overall expenditures appears to be no more than 0.8% to 204,700 JPY (2,658 USD). Distinctive trends affecting destinations this year are strong interest in Singapore, which has featured in a number of TV commercials, and the popularity of Asian destinations including Hong Kong and Taiwan, and of Hawaii, due to increases in the number of scheduled flights. Table 2: Tokyo Foreign Exchange JPY Market/TTS rate, according to the Bank of Mitsubishi-Tokyo UFJ Date/Currency 100 KRW 1 HKD 1 TWD 1 CNY 1 USD 1 EUR Nov. 26 10 (Fri.) 7.55 11.23 2.73 12.99 84.77 113.23 Nov. 25 11 (Fri.) 6.90 10.35 2.54 12.57 78.36 104.54 Table 3: Fuel Surcharges (for JAL) Return Flights, in JPY. Ticket Issue Date /Destination Korea Hong Kong Taiwan China Guam Thailand Malaysia Singapore Hawaii USA Europe Oceania Oct, - Dec. 2010 1,000 5,000 5,000 6,000 9,000 12,000 21,000 Oct, - Dec. 2011 5,000 14,000 9,000 16,000 26,000 32,000 50,000 Survey Methodology Survey locations 200 locations throughout Japan. Stratified comparative distribution. Survey period Nov. 2 through 14, 2011. Respondents Males and females between the ages of 15 and 79. Sample size 1,200 individuals (six at each of the 200 locations ) Content Method Travel plans involving at least one night away from home departing between Dec. 23, 2011, and Jan. 3, 2012. Individual surveys conducted by specialist staff using a questionnaire (100% response) on personal visits. Issued by: Corporate Communication Division JTB Corp., 2-3-11 Higashi Shinagawa, Shinagawa-ku, Tokyo 140-8602 JAPAN Phone: 03-5796-5833, Fax: 03-5796-5848-4-

Table 4: Estimates of Overseas Travelers at the Year-End/New-Year Season (Dec. 23, 2011 through Jan. 3, 2012, Units; thousands) 2011/2012 2010/2011 % age Change Overall Total 596 569 + 4.7% Asian Total 366 344 + 6.4% Korea 111 107 + 3.7% China 88 78 + 12.8% Hong Kong 35 31 + 12.9% Taiwan 42 37 + 13.5% Thailand 20 24 16.8% Singapore 24 21 + 14.3% Indonesia 10 10 0.0% Malaysia 10 9 + 11.1% Others 26 27 3.7% North American Total 39 41 4.9% US Mainland 36 38 5.3% Canada 3 3 0.0% Hawaii 52 47 + 10.6% Guam, Saipan 41 39 + 5.1% European Total 72 70 + 2.9% Oceania Total 19 21 9.5% Australia 12 13 7.7% New Zealand 3 3 0.0% S. Pacific Islands 4 6 20.0% Other (Middle East, Africa, Latin America, etc.) 7 7 0.0% -5-

The Results of the Survey (Tables 5 to 11) Note: In the following tables, the lack of replies from some respondents means that the totals do not add up to 100% even for single answers. Table 5: Travel Companions (single answers) % Change (%pt.) Family 72.3 + 3.5 Children (through Junior Hi) 41.9 + 3.3 Married couple only 15.7 + 3.5 Others (mothers & daughters, three generations, etc.) 14.7 3.3 Family, friends & acquaintances 6.6 1.3 Friends & acquaintances 11.1 + 2.1 Group (fellow workers, etc.) 0.0 1.1 Alone 8.1 1.4 Table 6: Reasons for Travel (multiple answers) Table 7: Length of Trip (single answers) % Change (%pt.) % Change (%pt.) 1 Because I do every year 50.5 + 1.3 2 days 1 night 34.9 + 1.4 2 To spend time at the family home 40.4 + 4.4 3 days 2 nights 29.1 2.2 3 To spend time with the family 26.7 2.4 4 days 3 nights 15.9 0.6 4 To relax at a resort or hot springs, etc. 13.6 3.3 5 days 4 nights 8.5 + 3.0 5 It s the only time we can travel together. 9.1 2.5 6 days 5 nights 4.8 0.2 6 To eat good food 9.1 + 2.2 7 days 6 nights 1.6 1.2 7 To enjoy Nature and scenery 8.6 + 0.1 8 days 7 nights 1.6 1.7 8 It s the only time for long journeys 8.1 + 1.8 8 nights or more 3.7 + 2.1 9 To enjoy the New Year mood 7.1 0.3 Note: This is for trips within Japan 10 It s no fun just staying at home 6.1 + 0.3 Note: For those planning two or more trips, the questions concerned the remotest destination. -6-

Table 8: Reasons for Not Traveling (multiple answers) % Change 1 Prefer to relax with the family. 52.5 0.9 2 It s too crowded. 27.7 + 2.7 3 Travel is expensive. 20.6 + 2.3 4 Can t take time off work, etc. 18.5 1.3 5 Our relatives live not far away. 14.4 2.3 6 Family budget limitations. 10.9 + 1.6 7 No particular reason. 10.7 + 1.8 8 Companions holiday dates, etc., clashed. 7.4 + 1.1 9 Domestic situation prevents leaving home. 7.1 1.5 10 Concerns over future livelihood. 5.1 + 0.7 11 On health grounds. 4.2 + 0.1 12 I have other things to do than travel. 3.3 0.0 13 Lower bonus. 1.9 0.1 14 Fuel surcharge is expensive. 0.7 New 15 Self or relatives affected by the disaster. 0.5 New Table 9: Changes in Motivation to Travel (in the survey month, changes in parentheses) This Year 2011/2012 Last Year 2010/2011 Year Before 2009/2010 Would like to spend more 13.4 ( 1.7) 15.1 (+ 2.3) 12.8 (+ 2.0) Would like to spend about the same More trips at lower unit cost 9.3 (+ 1.7) 7.6 ( 0.9) 8.5 ( 1.8) Fewer trips at higher unit cost 3.3 ( 0.1) 3.4 ( 0.6) 4.0 ( 2.1) Same cost and frequency of trips 41.2 (+ 0.1) 41.1 ( 0.3) 41.4 (+ 5.6) Would like to spend less 26.0 (+ 1.8) 24.2 ( 2.5) 26.7 (+ 5.1) -7-

Table 10: If the Yen Remained Strong for Another Year, What Influence Would it Have? (multiple answers.) % Change 1 Would be concerned over future livelihood 29.6 + 3.6 2 Would be concerned over work and company results 21.0 + 5.3 3 Would be concerned over reduced value of investments and assets 9.8 + 2.6 4 Would take advantage of high yen to travel overseas 7.9 + 2.2 5 Would be concerned over inability to remain in present job or company 6.6 + 1.1 6 Would enjoy bargain sales (in Japan) 6.5 + 0.4 7 Would buy more wine, foodstuffs, accessories, etc., from overseas 5.3 + 1.5 8 Would have more opportunities to buy foreign branded goods 3.6 + 1.0 9 Would go overseas for bargains or shopping, etc. 1.9 0.6 10 Would make savings in foreign currencies 1.7 + 0.1 11 Work and company results would improve 1.1 + 0.7 12 Would take advantage of high yen to buy imported car or furniture, etc. 0.7 + 0.3 13 Would go overseas to acquire celebrity goods (actors' or singers') 0.5 New 14 Would go overseas to attend performances or events by actors/singers 0.4 New 15 Others 1.2 + 0.3 16 It has nothing much to do with me 40.8 6.0 Table 11: Which Day Will You Set Out (on your longest trip, excluding overseas travel, single answers) % Change 12/22 (Thu.) or earlier 2.6 0.6 12/23 (NH) 3.7 + 0.5 12/24 (Sat.) 1.1 1.6 12/25 (Sun.) 3.2 0.0 12/26 (Mon.) 1.6 1.0 12/27 (Tue.) 3.7 + 1.1 12/28 (Wed.) 4.2 5.3 12/29 (Thu.) 11.6 + 1.5 12/30 (Fri.) 18.5 + 2.1 12/31 (Sat.) 22.8 + 6.9 1/1 (NH) 9.0 3.7 1/2 (NH) 11.1 + 0.5 1/3 (Tue.) 5.8 0.0-8-

Table 12: Trends in Published Numbers for Year-End/NY Travel 1994~2011 Year Travelers (thousands) (and % of previous year) Average Expenditure (per person, Yen) Total Domestic Overseas Domestic Overseas Total Expenditure (billions of Yen) and % change No. of Days (& change from previous year) 1994/1995 1995/1996 1996/1997 1997/1998 1998/1999 1999/2000 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 26,755 26,200 555 37,458 229,000 1,108.5 3.8 +5.3% +5.3% +4.1% -7.2% -4.2% -2.0% - 0.4 27,227 26,620 607 35,666 225,800 1,086.5 4.0 +1.8% +1.6% +9.4% -4.8% -1.4% -2.0% + 0.2 28,754 28,070 684 36,370 242,120 1,186.5 4.5 +5.6% +5.4% +2.7% +2.0% +7.2% +9.2% + 0.5 28,931 28,295 636 35,820 243,570 1,168.4 3.9 +0.6% +0.8% -7.0% -1.5% +0.6% -1.5% - 0.6 28,332 27,701 631 34,750 224,550 1,104.3 3.8-2.1% -2.1% -0.8% -3.0% -7.8% -5.5% - 0.1 27,567 27,106 461 33,986 222,152 1,023.6 3.7-2.7% -2.1% -26.9% -2.2% -1.1% -7.3% - 0.1 29,885 29,230 655 36,766 223,284 1,220.8 3.5 +8.4% +7.8% +42.1% +8.2% +0.5% +19.3% - 0.2 30,227 29,727 500 37,216 216,927 1,214.8 3.7 +1.1% +1.7% -23.7% +1.2% -2.8% -0.5% + 0.2 29,254 28,653 601 35,390 225,170 1,149.4 3.9-3.2% -3.6% +20.2% -4.9% +3.8% -5.4% + 0.2 29,296 28,710 586 34,576 224,940 1,124.5 3.7 +0.1% +0.2% -2.5% -2.3% -0.1% -2.2% - 0.2 29,358 28,739 619 34,472 195,923 1,112.0 3.6 +0.2% +0.1% +5.6% -0.3% -12.9% -1.1% - 0.1 29,931 29,303 628 34,093 199,449 1,124.3 3.8 +2.0% +2.0% +1.5% -1.1% +1.8% +1.1% + 0.2 30,048 29,400 643 34,160 210,510 1,140.7 3.8 +0.4% +0.3% +2.4% +0.2% +5.5% +1.5% 0.0 29,911 29,303 608 34,210 217,700 1,134.8 3.9-0.5% -0.3% -6.2% +0.1% +3.4% -0.5% + 0.1 29,823 29,234 589 33,610 227,400 1,116.5 3.7-0.3% -0.2% -3.1% -1.8% +4.5% -1.6% - 0.2 29,155 28,592 563 32,330 194,400 1,033.8 3.6-2.2% -2.2% -4.4% -3.8% -14.5% -7.4% - 0.1 29,650 29,081 569 31,140 203,100 1,021.1 3.5 +1.7% +1.7% +1.1% -3.7% +4.5% -1.2% - 0.1 30,084 29,488 596 31,700 204,700 1,056.8 3.6 +1.5% +1.4% +4.7% +1.8% +0.8% +3.5% + 0.1 Note: The figures for 2011-2012 are provisional estimates. -9-