20/27 - ANA International Passenger Operations(Trends of Yield)

◎ I will discuss our yield performance using this slide. ◎ In fiscal 2014, we began to expand the ANA international network, mainly through Tokyo Metropolitan area airports. Over the past five-and-a-half years, ASK rose 1.7 times, while RPK grew 1.8 times. We have captured demand as we have expanded our capacity. ◎ As we show in this graph, excluding the impact of fuel surcharges and foreign exchange, substantial yield has continued to grow over the medium term, despite changes in the business environment, which have included economic shifts and competition against other carriers. ◎ We plan to expand our international network from Haneda Airport further in fiscal 2020 and beyond. Our policy will be to continue to capture high-unit-price demand as we improve our products and services. We will pursue business growth, while improving yield levels over the medium term. ◎ Please turn to page 26.