Leading position and brand recognition in the Japanese retail market Strong performance in shopping center development and financial services EBITDA margin at comparable level with major global retailers Sound debt-to-capital ratio (excluding financial services business) Conservative financial and investment strategies Low profitability in the general merchandising store (GMS) business Uncertain prospects for recovery in its specialty store business Low return on permanent capital despite its past M&A activities Consolidated sales at Aeon Co. Ltd. (A-/Stable/--) reached ¥5.1 trillion as of fiscal 2007 (ended Feb. 20, 2008). In addition to its core retail business, Aeon is engaged in financial services and shopping center development. On a three-year average from fiscal 2005 (ended Feb. 20, 2006) to fiscal 2007, the company's EBITDA
