Financial Results Meeting: FY Ended March 2018 (April 1, 2017 March 31, 2018)

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1 Financial Results Meeting: FY Ended March 2018 (April 1, 2017 March 31, 2018) May 14, 2018

2 Contents Summary of Business Results for FY Ended March 2018, and Forecast for FY Ending March Financial Summary 03 Year over Year Comparisons of Net Sales, Cost of Sales, and SGA Expenses 04 Balance Sheets (1) 05 Balance Sheets (2) 06 Cash Flow Statements 07 Net Sales and Operating Income by Segment 08 Operating Margins by Segment Review of Operations 12 Net Sales by Business 13 Gross Margin by Transportation Mode 14 Performance Forecast for FY Ending March Performance Forecast by Business & Segment for FY Ending March 2019 Business Strategies and Measures 17 Outline of Medium-Term Management Plan (FY Ended March FY Ending March 2019) 18 Medium-Term Management Plan Results and Numerical Targets 19 Net Sales and Operating Income Targets by Segment (FY Ending March 2019) 20 Air and Sea/Volume Targets 21 Priority Measures KWE/APLL - Collaboration & Integration 23 Outlook 24 Dividends Supplemental Materials 26 Freight Volume by Segment (Air Freight) 27 Freight Volume by Segment (Sea Freight) 28 Air Freight Export Volume by Destination 29 Our Global Network 1

3 Financial Summary Shipments (thousands) Weight (1,000 tons) Volume (1,000 TEU) Amount ( million) Item FY ended March 2017 FY ended March 2018 YoY change (%) YoY change (%) Air freight exports (Weight) Air freight imports (Shipments) 1, , Sea freight exports (Volume) Sea freight imports (Shipments) Net sales 474, , Operating gross profit 85, , Operating income 13,075 (14.9) 17, Ordinary income 13,036 (27.2) 17, Income before income taxes 12,486 (30.0) 16, FY ended March 2018 Forecasts (Revised on November 9, 2017) 525,000 15,000 15,000 Net income attributable to owners of the parent (formerly Net income ) 4,487 (54.1) 7, ,500 Conversion Rate FY ended March st 6 months of FY ended March 2018 FY ended March 2018 US-Dollar EURO HK-Dollar Chinese Yuan Indicators FY ended March 2017 FY ended March 2018 EPS BPS 1, , ROE 3.7% 5.9% FOREX impacts (consolidated) Net sales: + 14,802 million Operating income: million 2

4 Year over Year Comparisons of Net Sales, Cost of Sales, and SGA Expenses 600, , , , , , , , , ,316 71,939 75,110 FY ended March 2017 FY ended March 2018 Net sales Cost of sales SGA expenses FY ended March 2017 Ratio to net sales FY ended March 2018 Ratio to net sales Net sales 474, % 553, % Cost of sales 389, % 460, % SGA expenses 71, % 75, % Operating income 13, % 17, % 3

5 Balance Sheets (1) March 2017 March 2018 Differences Assets Current assets 178, ,440 16,339 Non-current assets 201, ,832 (5,310) Property, plant and equipment 46,109 46, Intangible assets 128, ,328 (6,720) Total investments and other assets 26,983 27, Total assets 379, ,273 11,028 Liabilities Current liabilities 104, ,414 18,964 Non-current liabilities 148, ,869 (10,907) Total liabilities 253, ,284 8,056 Net assets Total net assets 126, ,988 2,972 Total liabilities and net assets 379, ,273 11,028 4

6 Balance Sheets (2) Interest-bearing debt FY ended March 2017 FY ended March 2018 Differences 165, ,676 (0) Capital investments FY ended March 2017 FY ended March 2018 Differences FY ending March 2019 (Forecast) 6,319 10,299 +3,980 6,104 Main capital investments (FY ended March 2018) IT/software, logistics facilities (Thailand, etc.), vehicles, etc. Main capital investment plan (FY ending March 2019) IT/software, logistics facilities (Japan, APLL, etc.), office, etc. Depreciation FY ended March 2017 FY ended March 2018 Differences 7,095 7,

Cash Flow Statements FY ended March 2017 FY ended March 2018 Differences Net cash provided by (used in) operating activities Net cash provided by (used in) investing activities Net cash provided by

7 Cash Flow Statements FY ended March 2017 FY ended March 2018 Differences Net cash provided by (used in) operating activities Net cash provided by (used in) investing activities Net cash provided by (used in) financing activities Effect of exchange rate change on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Increase (decrease) in cash and cash equivalents resulting from change in the fiscal period of consolidated subsidiaries Cash and cash equivalents at end of period 14,589 15, (5,342) (10,030) (4,687) (5,657) (2,754) 2,902 (1,418) 70 1,488 2,172 2, ,903 65,506 1,602 (569) ,506 67,856 2,349 6

1% Segment Net Sales YoY change Operating Income YoY change Japan 127,807 15.8% 6,189 39.4% The Americas 53,219 20.3% 3,582 44.1% Europe, Middle East & Africa 38,636 22.9% 623 (54.

8 Net Sales and Operating Income by Segment Composition by segment (FY ended March 2018) Japan 34.3% 0.4% 22.5% 17.6% 1.0% 26.1% The Americas Europe, Middle East & Africa East Asia & Oceania Southeast Asia APLL 9.4% 13.8% Other 6.8% 9.7 % 23.8% 2.6% 16.9% Net sales Operating income 15.1% Segment Net Sales YoY change Operating Income YoY change Japan 127, % 6, % The Americas 53, % 3, % Europe, Middle East & Africa 38, % 623 (54.0%) East Asia & Oceania 96, % 5, % Southeast Asia 54, % 3, % APLL 194, % 4, % Amortization of goodwill (6,145) Other 2, % % Adjustment (14,458) 4 Total 553, % 17, % * Other refers to business not included in reportable segments and provides incidental logistics related services within the Group. 7

9 Operating Margins by Segment FY ended March 2017 and % 6.0% 5.6% 6.7% 6.5% 5.9% 6.7% 6.0% 4.0% 4.0% 4.8% 4.3% 3.2% 2.8% 2.0% 1.6% 1.5% 2.1% 0.0% 17/3 18/3 17/3 18/3 17/3 18/3 17/3 18/3 17/3 18/3 17/3 18/3 Consolidated Japan The Americas Europe, Middle East & Africa * APLL s operating margin is calculated based on the amount before amortization of goodwill. East Asia & Oceania Southeast Asia 17/3 18/3 APLL 8

10 Review of Operations Japan FY ended March 2017 FY ended March 2018 YoY change Net Sales by Business 1.2% 6.9% Air Freight Sea Freight Logistics Other Net sales 110, ,807 17, % Operating income 4,440 6,189 1, % Favorable growth with volume increase and profitability improvement Subsidiaries in Japan had good results The Americas FY ended March 2017 FY ended March 2018 YoY change Net Sales by Business 6.2% 5.6% Air Freight Sea Freight Logistics Other Net sales 44,240 53,219 8,978 Operating income 2,486 3,582 1, % 61.2% Favorable in the U.S., Canada, and Mexico, experiencing air/sea freight increase FOREX impact Net sales: + 1,281 million Operating income: + 73 million 9

Germany) in the previous year. Sluggish in Germany, Russia, and Italy FOREX impact Net sales: + 2,686 million Operating income: + 101 million 19.0% 65.

11 Review of Operations Europe, Middle East & Africa FY ended March 2017 FY ended March 2018 YoY change Net Sales by Business 9.8% 5.7% Air Freight Sea Freight Logistics Other Net sales 31,442 38,636 7,194 Operating income 1, (733) Affected by increase in direct cost ratio and gap from profitable ad-hoc shipments (France, Germany) in the previous year. Sluggish in Germany, Russia, and Italy FOREX impact Net sales: + 2,686 million Operating income: million 19.0% 65.5% East Asia & Oceania FY ended March 2017 FY ended March 2018 YoY change Net Sales by Business 6.2% Air Freight Sea Freight Logistics Other Net sales 76,958 96,131 19, % Operating income 4,969 5, % Volume increased in Corporate Account but direct cost ratio also increased. Strong growth in logistics FOREX impact Net sales: + 3,260 million Operating income: million 22.2% 10

Review of Operations Southeast Asia FY ended March 2017 FY ended March 2018 YoY change Net sales 44,830 54,716 9,886 Operating income 2,985 3,257 271 Volume increased but direct cost ratio also

12 Review of Operations Southeast Asia FY ended March 2017 FY ended March 2018 YoY change Net sales 44,830 54,716 9,886 Operating income 2,985 3, Volume increased but direct cost ratio also increased. Favorable growth in Philippines and Vietnam FOREX impact Net sales: + 2,122 million Operating income: million APLL FY ended March 2017 FY ended March 2018 YoY change Net sales 175, ,860 19,200 Net Sales by Business 12.3% 6.3% 25.3% 56.1% Net Sales by Business 1.9% Air Freight Sea Freight Logistics Other Air Freight Sea Freight Logistics Operating income (3,353) (1,986) 1,367 Favorable growth in all industry verticals. Progress with curbing SG&A expenses Operating income of 4,159 million before amortization of goodwill FOREX impact Net sales: + 5,406 million Operating income: + 82 million 63.4% 34.7% 11

2018 (Results) Net sales Net sales YoY change Air Freight 155,486 193,354 24.

13 Net Sales by Business Composition by Business Air Freight Sea Freight Logistics Other FY ended March 2017 FY ended March 2018 Freight transportation Business FY ended March 2017 (Results) FY ended March 2018 (Results) Net sales Net sales YoY change Air Freight 155, , % Sea Freight 134, , % Logistics 151, , % Other 32,172 35, % Total 474, , % 12

14 Gross Margin by Transportation Mode * Gross profit=net sales-direct cost Six months ended September 2016 FY ended March 2017 Six months ended September 2017 FY ended March 2018 Air 30.2% 30.0% 27.8% 26.9% Sea 30.8% 31.0% 28.0% 28.4% 13

15 Performance Forecast for FY Ending March 2019 <Revised on May 11, 2018> Item FY ended March 2018 (Results) YoY change FY ending March 2019 (Forecasts) YoY change Net sales 553, % 585, % Operating gross profit 92, % 99, % Operating income 17, % 19, % Ordinary income 17, % 18, % Income before income taxes 16, % 18, % Net income attributable to owners of the parent 7, % 8, % 14

Performance Forecast by Business & Segment for FY Ending March 2019 Net Sales by Business Net Sales by Segment 30.1% 6.3% 34.5% Air Freight Sea Freight Logistics Other 34.0% 0.4% 23.

1% FY ending March 2019 (Forecast) Net sales Composition Air Freight 202,000 34.5% Sea Freight 170,000 29.1% Logistics 176,000 30.1% Other 37,000 6.3% Total 585,000 100.0% 10.0% 16.7% 6.

16 Performance Forecast by Business & Segment for FY Ending March 2019 Net Sales by Business Net Sales by Segment 30.1% 6.3% 34.5% Air Freight Sea Freight Logistics Other 34.0% 0.4% 23.1% Japan The Americas Europe, Middle East & Africa East Asia & Oceania Southeast Asia APLL 9.0% Other Freight transportation Business 29.1% FY ending March 2019 (Forecast) Net sales Composition Air Freight 202, % Sea Freight 170, % Logistics 176, % Other 37, % Total 585, % 10.0% 16.7% 6.8% FY ending March 2019 Segment (Forecast) Net sales Operating income Japan 138,500 6,100 The Americas 54,000 3,300 Europe, Middle East & Africa 41,000 1,200 East Asia & Oceania 100,000 5,400 Southeast Asia 60,000 3,300 APLL 204,000 5,800 Amortization of goodwill (6,200) Other 2, Adjustment (15,000) Total 585,000 19,200 15

17 Business Strategies and Measures 16

Outline of Medium-Term Management Plan (FY Ended March 2017 - FY Ending March 2019) Vision A superior business partner supporting customers

Toward Air Freight export 700,000 tons/sea Freight export 700,000 TEUs Target by March 2019 (Revised on May 11, 2018) Net Sales: 585 billion

2 billion yen <Key Strategies> Become an industry leader providing comprehensive services Actively respond to customers logistics needs at

18 Outline of Medium-Term Management Plan (FY Ended March FY Ending March 2019) Vision A superior business partner supporting customers strategic objectives and activities by providing comprehensive innovative supply chain solutions Slogan Going to the Next Phase! Toward Air Freight export 700,000 tons/sea Freight export 700,000 TEUs Target by March 2019 (Revised on May 11, 2018) Net Sales: 585 billion yen Operating Income: 19.2 billion yen <Key Strategies> Become an industry leader providing comprehensive services Actively respond to customers logistics needs at production locations and consumer markets Improve productivity by leveraging corporate capabilities <Core Competences> Maximize efficient utilization of corporate resources Strengthen corporate risk management capabilities Heighten quality of operational performance 17

19 Medium-Term Management Plan Results and Numerical Targets Net sales Operating income Ordinary income Net income attributable to owners of the parent (Billions of yen) (Billions of yen) 7, , Revised on November 9, billion billion billion Revised on May 11, billion , billion 250 4, billion 18.0 billion 19.2 billion 200 3, billion 15.0 billion 17.3 billion 17.6 billion 18.6 billion 150 2, , billion 4.4 billion ROE 3.7% 15.0 billion 5.5 billion ROE 4.7% 7.0 billion 7.2 billion ROE 5.9% ROE 5.5% 8.7 billion (Results) (Previous revised plan) (Results) (Previous revised plan) (Revised plan) 1st year (Mar 2017) 2nd year (Mar 2018) 3rd year (Mar 2019) ROE 7.1%

20 Net Sales and Operating Income Targets by Segment (FY Ending March 2019) Japan The Americas Europe, Middle East & Africa East Asia & Oceania Southeast Asia APLL Others (Billions of yen) 7, , , , , , , Others Others Mar 2017 (Results) Net Sales by Segment billion billion Mar 2018 (Results) billion Others 2.5 (Billions of yen) Consolidated 13.0 billion Operating Income by Segment billion billion % 36.6% (3.3) (1.9) (0.4) Mar 2019 (Revised plan) Mar 2017 Mar 2018 Mar (Results) (Results) (Revised plan) * Total amount of net sales includes inter-segment elimination. ( 11.1 billion in Mar 2017, 14.4 billion in Mar 2018, 15.0 billion in Mar 2019 Plan) 19

580,228 600,000 600,000 556,639 109,275 120,000 495,947 500,000 APLL 112,848 400,000 300,000 KWE 554,639 580,000 200,000

21 Air and Sea/Volume Targets Definite targets: 700,000 tons air freight/700,000 TEUs sea freight Weight (tons) Air Freight (Export) Volume (TEUs) 800,000 Sea Freight (Export) Aim to achieve in FY ending March , , , , , , , , , , , ,000 APLL 112, , ,000 KWE 554, , , , ,000 Mar 2017 (Results) Mar 2018 (Results) Mar 2019 (Plan) Target 0 Mar 2017 (Results) Mar 2018 (Results) Mar 2019 (Plan) Target 20

22 Priority Measures Volume expansion of TPEB (Trans-Pacific East Bound) business 2. Business expansion among Non-Japanese Corporate Accounts 3. Promotion of sales strategy by commodity (Electronics, Automotive, Healthcare, Retail/Consumer) 4. Corporate system optimization to achieve 700,000 tons/700,000 TEU (Personnel enhancement, Operations optimization) 5. Continued efforts to improve earnings 6. Strengthen group governance for optimal group management 7. Development of human resources and their optimal placement 21

23 KWE/APLL - Collaboration & Integration Collaboration Cooperative marketing KWE Retail customers base expanded Integration (Air freight from Asia, customs brokerage and delivery in Japan) Mutual use of existing facilities (Canada, Singapore) APLL 4PL in China for KWE's Corporate Accounts Group Procurement Center (GPC) started its operation (Nov. 2017, Hong Kong) Integration of data center (the U.S.) (Go live from June 2018) * System separation: To be completed by the end of May

24 Outlook Business Environment Positive Factors Active Demand Brisk electronics/semiconductor/ automotive-related markets with technological innovation Negative Factors Freight cost increase Geopolitical risks Fluctuations in foreign currency Our Countermeasures To freight cost increase: For volume growth: Minimize negative factors transferring increased cost to customers, tightening partnerships with carriers, improving consolidation efficiency Keep on promoting every possible strategies for volume growth to be a real "global player" in the market Operation system optimization Strong and flexible organization for further volume growth 23

25 Dividends Cash dividends per share, payout ratio Annual dividend per share (yen) Payout ratio 15.8% 19.2% Annual 23.0 Annual 26.0 Annual % Annual 26.0 Year-end 26.7% Annual (Plan) Interim Year-end Interim /3 2016/3 2017/3 2018/3 2019/3 (Plan) (Forecast) 21.5% *The company conducted a stock split at a ratio of 1:2 of common stock on October 1, Cash dividends per share is calculated based on the assumption that the stock split was conducted on April 1,

26 Supplemental Materials 25

27 Freight Volume by Segment (Air Freight) (Weight: tons) 600, ,000 Air Freight Exports 495, ,312 Y o Y 117.0% 112.8% 580, ,239 (Shipments) 1,500,000 1,200,000 Air Freight Imports 1,207, ,717 Y o Y 110.0% 108.0% 1,328, ,083 Southeast Asia 400, , , , ,476 53,261 84, % 119.0% 121.7% 146,100 63, , , % 153, , , , , , , , % 105.9% 120.6% 113.5% 498, , , ,370 East Asia & Oceania Europe, Middle East & Africa The Americas Japan 0 Mar 2017 Mar Mar 2017 Mar

Freight Volume by Segment (Sea Freight) (Volume: TEUs) 700,000 600,000 Sea Freight Exports 556,640 Y o Y 119.3% 96.

1% 277,966 500,000 400,000 300,000 200,000 100,000 112,848 102,975 153,319 19,113 42,909 125,476 138.3% 130.1% 105.6% 108.7% 116.

28 Freight Volume by Segment (Sea Freight) (Volume: TEUs) 700, ,000 Sea Freight Exports 556,640 Y o Y 119.3% 96.8% 663, ,275 APLL (Shipments) 350, ,000 Sea Freight Imports Y o Y 113.1% 277, , , , , , , , ,319 19,113 42, , % 130.1% 105.6% 108.7% 116.3% 142, ,402 20,189 46, , , , , ,000 50, ,742 45,445 54,550 13,007 30, , % 111.9% 118.3% 111.6% 111.6% 53,389 61,026 15,391 33, ,592 Southeast Asia East Asia & Oceania Europe, Middle East & Africa The Americas Japan 0 Mar 2017 Mar Mar 2017 Mar

29 Air Freight Export Volume by Destination (Composition ratio: %) To Southeast Asia To East Asia & Oceania To Europe, Middle East & Africa To the Americas To Japan 0 Mar 2017 Mar 2018 Mar 2017 Mar 2018 Mar 2017 Mar 2018 Mar 2017 Mar 2018 Mar 2017 Mar 2018 From Japan From The Americas From Europe, Middle East & Africa From East Asia & Oceania From Southeast Asia 28

Our Global Network 46 countries, 337 cities, 846 locations (as of March 31, 2018) Other

affiliates Europe, Middle East & Africa (16 companies) Includes 1 equity method affiliate

method affiliate APLL (72 companies) Includes 1 equity method affiliate East Asia &

30 Our Global Network 46 countries, 337 cities, 846 locations (as of March 31, 2018) Other business (2 companies) Japan (10 companies) Includes KWE Japan and 3 equity method affiliates Europe, Middle East & Africa (16 companies) Includes 1 equity method affiliate KWE Group The Americas (5 companies) Southeast Asia (17 companies) Includes 1 equity method affiliate APLL (72 companies) Includes 1 equity method affiliate East Asia & Oceania (25 companies) Includes 4 equity method affiliates Logistics facilities 413 locations/2,804,136m² 29

Kintetsu World Express, Inc. Website: https://www.kwe.co.

31 Kintetsu World Express, Inc. Website: * The information contained herein does not constitute an offer to solicit investment which can only be made by formal prospectus. The forward-looking statements contained herein are not intended to assure or guarantee future performance. Actual results may vary from that projected herein.

Financial Results Meeting: The 1st 6 Months of FY Ending March 2018 (April 1, 2017 September 30, 2017) November 10, 2017

Financial Results Meeting: The 1st 6 Months of FY Ending March 2018 (April 1, 2017 September 30, 2017) November 10, 2017 Contents Summary of Business Results for Six Months ended September 30, 2017, and