Corporate Value Maximization

NISSIN FOODS HOLDINGS CO., LTD. Stock Code: TSE 2897

May 2019 1 Contents

 Section 1 Mid-Term Business Plan FY2021  Section 3 Overseas Business Strategy Interim Review and Future Outlook - Global Demand Trend of Instant Noodles・・・45 - Review of FY2021 Targets・・・4 - Cup Composition Rates and GDP/Capita・・・46 - Review of Targets by Segment ・・・5 - CUP NOODLES Strategy・・・47 - Regarding Market Capitalization of JPY 1 Trillion・・・ 6 - Overseas Expansion(wholly-owned/equity-method/investing)・・・ - Review of Five Key Themes・・・7 49 - Review of Investment, etc. and Future Policy・・・8 - Relationship with Premier Foods plc・・・50 - Issues and Policies by Region/Business・・・9 - Growth Drivers by Geographical Area・・・51 - Other Initiatives: For Realization of a Sturdier Management - Brazil: Overview of Business・・・52 Structure・・・10 - China: Overview of Business ・・・54 - Initiatives to Enhance Corporate Value・・・11 - China: Production Capacity Enhancement and Sales Achievements of the 3rd year of the MTBP FY2021 Offices・・・55 - Sales/Revenue, Operating Income/Profit & OPM-Consolidated・・・14 - India: Overview of Business・・・56 - Sales/Revenue, Operating Income –By Segment・・・15 - Promote local personnel to senior executives in major overseas - Growth Trend of Instant Noodles Business・・・18 areas・・・57 - Investment Plan, and Financial and Capital Policies・・・19 - Developing and Strengthening Human Resources for Global - Market Capitalization・・・21 Management・・・58 Essence of Mid-Term Business Plan FY2021(Initial)  Section 4 Corporate Governance for Sustainable Growth  Section 2 Domestic Business Strategy - Management centered on Corporate Governance・・・60 - NISSIN’s Position in Instant Noodles Industry in Japan・・・36 - Major Achievements of the effective Board of Directors・・・61 - Power of NISSIN’s Brands in Japan・・・39 - Growth Strategy of Instant Noodles Business・・・40  Section5 Overview of NISSIN - Core Brands of NISSIN FOOD PRODUCTS・・・42 - Growth Strategy of NISSIN’s Domestic Other Businesses・・・43 Section 1 Mid-Term Business Plan FY2021 MTPB2021 Interim Review and Future Outlook Review of FY2021 Targets 4

• Mainly revision to reflect actual situation of overseas business and went outside the M&A budget.

Revised Mid-term Plan KPIs

Before review After review

Earning Revenue 550.0 bil. Yen 480.0 bil. Yen power through operations Operating profit 47.5 bil. Yen 42.5 bil. Yen

Profit* 33.0 bil. Yen 30.0 bil. Yen

Capital ROE 8 % 8 % market value Adjusted EPS** 330 Yen 284 Yen

Market capitalization*** 1 tri. Yen See page 5

* ”Profit attributable to owners of parent” under IFRS ** (Operating profit ±Other income, expenses ‐Income tax expenses - Profit attributable to non-controlling interests)/ Average number of shares outstanding during the fiscal year (excluding treasury shares) *** Market capitalization = Stock price x Number of shares outstanding at the end of the fiscal year (excluding treasury shares) Review of Targets by Segment 5

• In light of changes in the business environment and the issues of each region/business, we have revised segment targets.

FY2021 Targets for Domestic Business FY2021 Targets for Overseas Business

(bil. Yen) Before review After review (bil. Yen) Before review After review

Revenue 243.0 238.0 Revenue 80.8 67.5

Instant Operating The Operating 29.1 29.5 6.4 3.7 Noodles profit Americas profit

% 12.0% 12.4% % 7.9% 5.5%

Chilled and Revenue 111.6 103.0 Revenue 53.7 47.0 frozen foods, Operating China Operating 5.2 5.2 5.1 4.7 confec- profit (incl. H.K.) profit tionery and beverages % 4.7% 5.0% % 9.5% 10.0%

Revenue 24.1 13.0

Foreign exchange Current Operating Asia 2.0 2.7 rate assumptions: Initial plan assumption profit USD 112.68 110.00 % 8.3% 20.8% BRL 28.00 28.00 Revenue 8.3 7.5 HKD 14.53 14.00 Operating EMEA 2.4 1.3 EUR 131.77 125.00 profit

% 28.9% 17.3% Regarding Market Capitalization of JPY 1 Trillion 6

• The Group will steadily aim for market capitalization of JPY 1 trillion as a target to be achieved along the way regardless of timing. • The Group will aim for improvement of corporate value by focusing on initiatives from a CSV perspective.

Stock market trend: Changes in PER Initiatives to improve corporate value

The PER of Japanese stocks has generally been in Initiatives and achievements from CSV perspective a downward trend since 2018 and market (1) Achievements conditions make our initial forecast of PER ≥ 30 unlikely. ✓ Selected as a component of the Asia/Pacific Index of the Dow Jones Sustainability Indices ✓ Certified as an organization recognized under the 2019 35.0x Downward Certified Health & Productivity Management Outstanding trend Organizations Recognition Program (White 500) Nissin HD 30.0x ✓ Selected as a semi Nadeshiko Brand company for fiscal 2019

25.0x (2) Environment-Friendly Management ✓ Introduction of ECO cups (paper-made containers) 20.0x ✓ Commenced the application of certified palm oil (RSPO) at TOPIX domestic plant 15.0x (3) Initiatives for new Earth Foods Nikkei 225 ✓ Launch of basefood (All-in PASTA) 10.0x ✓ Research on “cultured steak”

5.0x ▲ ▲ → We will endeavour to further At time of Most recently accelerate and expand such initiatives Mid-term Plan in April 2019 to increase corporate value. announcement in May 2016 Review of Five Key Themes 7

Initial FY2021 Strategic Theme Target FY2019 Results FY2021 Forecast Comments ✓ Overall progress was slightly slow partly due to 1 the impact of price revisions in U.S. business. Promoting Up 50% ✓ Growth in Brazil and Asia is expected. global branding for compared to FY2016 Up 20% Up around 30% ✓ Depending on market conditions, we will not just CUP NOODLES (units) focus on “CUP NOODLES” and will look out for growth opportunities for premium products.

2 ✓ Target is expected to be reached. Operating profit generated Focusing on in priority overseas - Around % priority locations locations accounts for 70 (BRICs) 70%

✓ Operation of Kansai Plant (improvement of 3 NISSIN FOOD Laying stronger PRODUCTS production efficiency, safety and security) + MYOJO FOODS ✓ Stabilization of earnings base through price revision foundations for 25.7 bil. yen 29.5 bil. yen domestic profit base 29.1 bil. yen (in response to unexpectedly high costs) Operating profit target ✓ Further enhancement of value of core brands

✓ The Confectionary business grew steadily. 4 Establishing a second We went outside the budget for ✓ The Cereal business increased its market presence As well as growing primary revenue source M&A deals. and value. brands organically, (confectionary, cereals, ✓ In particular, revenue in the Chilled and Frozen make the most of M&A We will continue to examine chilled and frozen foods) favourable M&A proposals. Foods business grew due to market growth and increased demand for single-serving food products. ✓ Shift to more profitable business is necessary.

5 Pool of management ✓ The list is becoming more satisfactory. Human resources for human resources ✓ A plan for systematic personnel changes needed global management X 2 X 1.8 X 2 to be created. (200 people) (Around 180 people) (200 people) Review of Investment, etc. and Future Policy 8

Bil. yen Initial plan FY2019 FY2021

Business 100.0 bil. yen 23.5 bil. Yen (Major investments) – investment over 5 years over 3 years Investment in Premier Foods, investment in Thai President Foods

(Reasons for extra investment) NISSIN FOOD PRODUCTS (increased investment in Kansai Plant, Capital 150.0 bil. yen 146.0 bil. Yen 215.0 bil. Yen shift to in-house manufacturing of materials, chilled and frozen food investment over 5 years over 3 years over 5 years plant, etc.) BonChi Yamagata Plant, Nissin Brazil, expansion of overseas lines, etc. Depreciation Around Around * The FY2021 forecast includes impact of application of IFRS 16 of and 19.0 bil. yen 20.3 bil. yen 24.5 bil. Yen* around 3.0 bil. yen. amortization (FY2021)

Review of business investment

✓ We are still examining M&A deals.

Review of capital investment Although our operating profit target on an organic basis ✓ Expansion of investment in safety/security remains the same, improvement in terms of ROI is needed. ✓ Expansion of investment aimed at improving production efficiency and saving labor ✓ Expansion of facilities for growing categories

The total amount of investment, including M&A, needs to be controlled. We will manage expenditure by putting investments in order of priority based on factors such as ROI. Issues and Policies by Region/Business 9

• Moving forward, we will continue to implement the policy of promoting global branding. At the same time, we will address specific issues according to the competition environment and market characteristics and make sure that we establish an order of priority for investment. Instant Respond to higher costs with price revisions. Respond to labor saving and labor population issue in noodles ● the medium and long-term through operation of Kansai Plant. Be sure to tap into growth opportunities for noodles with ingredients and fresh pasta. Strengthen Frozen food proposals to growing channels. Domestic Chilled food Focus on high added value domains and pursue profitability. Confectionery Maximize revenue and profit by brushing up core brands and new value products. Beverages Expand a stable source of earnings through strengthen channels. Strengthen earnings base through price increases and cost reductions, etc. and develop premium U.S. ● products. The Brazil Develop CUP NOODLES brand and strengthen sales of bag-type noodles, which are base of earnings. Americas ● Utilize strengths of local production and focus on priority regions. Strengthen profitability through Mexico development of premium products. Expand business opportunities through diversification. Strengthen marketing activities in mature H.K. instant noodles market. China Mainland Expand market and maximize revenue and profits through high-grade noodles, rather than focusing China only on CUP NOODLES. Determine priority regions/channels/segments and improve profit margins. Utilize as production base Indonesia ● for HALAL products. Overseas India ● Determine priority regions/channels/segments and improve profit margins. Expand cup-type noodles focusing on urban areas and move plant operations and production Vietnam departments into profit through OEM within Group. Asia Maintain current high growth for CUP NOODLES through continuous investment. Also look for multi- Philippines ● branding opportunities. Thailand ● Expand and enhance 10-baht bag-type noodles. Continue to invest in CUP NOODLES. Take advantage of position as market leader to strongly leverage “CUP NOODLES”, revitalize bag- Singapore type noodles and develop multiple categories. Increase sales of major brands and strengthen earning base especially in priority areas, such as Europe EMEA Germany and the UK. Liquidation of Turkish business. Russia As market leader, activate Russia’s stagnating market through sales and marketing. Other Initiatives: 10 For Realization of a Sturdier Management Structure

• Shift to sturdier management structure that will allow us to focus on our core operations, through initiatives in response to DX

Initiatives already implemented New future initiatives

Achievement of Smartwork 2000 Steering toward DX • Improvement of productivity through workstyle • Review of business processes reforms and reduction of labor costs • Utilization of RPA and AI to save labor in simple • Expansion of scope for creative work tasks • Expansion of scope for creative work

Reduction of expenses Power BI • Review of expenses on a groupwide basis • Unite operating system • Elimination of waste and improvement of work Reduce documentation process, visualize action efficiency assignments, and improve portability in working environment

Smart Factory Initiatives to reduce distribution expenses • Manufacturing Execution System (MES) • Improvement of transport efficiency through Aim automation in various manufacturing processes pallet transportation • Nissin Automated Surveillance Administration (NASA) • Improvement of delivery efficiency through two Enable monitoring whole manufacturing process day delivery service from central controlling room

DX＝Digital Transformation RPA = Robotic Process Automation BI = Business Innovation Initiatives to Enhance Corporate Value (1) 11

• Initiatives to enhance corporate value for sustainable growth

International reputation Evaluation of empowerment of women Selected as “Semi-Nadeshiko Brand” in the Selected as a component of the “Nadeshiko” initiative run by the Ministry of Economy, Asia/Pacific Index of the Dow Trade and Industry (METI) and the Jones Sustainability Indices, Tokyo Stock Exchange to recognize a group of global stock price enterprises that are outstanding in terms indices of ESG investments of encouraging the empowerment of women in the workplace.

₋ Evaluation of health management Environment-Friendly Management Certified as 2019's White 500 for Outstanding Health and ◼ Introduction of ECO cups Productivity Management Using eco-friendly containers over the last 11 years NISSIN FOODS HOLDINGS, NISSIN FOOD PRODUCTS, NISSIN CHILLED FOODS and NISSIN FROZEN FOODS were Introduced ECO cups (paper-made containers) certified by METI and Nippon Kenko Kaigi as 2019's White 500 in 2008. Reduced CO2 emissions by 22% for Outstanding Health and Productivity Management. compared and also contributes to reduced consumption of plastics

₋ Initiatives for new Earth Food * CO2 emissions are estimated through life-cycle assessment (LCA). ◼ Launch of basefood (All-in PASTA) ◼ First Japanese instant noodles manufacturer to use RSPO ✓ New “simple nutritious meal” that facilitates Certified Palm Oil (at domestic plant) daily intake of essential nutrients NISSIN FOOD PRODUCTS ✓ Manufacturing by the newly developed began using sustainable “nutrient retention press manufacturing “Certified Palm Oil*” at its method” (patent pending) Kansai Plant (from March 2019). ◼ Step towards commercialization of “cultured steak” with the texture of real meat * RSPO-certified palm oil is a type of palm oil that is produced and processed by considering the prevention of deforestation, ✓ Successfully created the world’s first beef sinews in a preservation of biodiversity, and protection of human rights. diced steak form Initiatives to Enhance Corporate Value (2) 12

• Set value creation process to realize NISSIN Group philosophy • Connect our value creation process with SDGs

Our impacts on society (examples)

We help give people equal access to safe food and reduce poverty in disaster-stricken areas by Eradication of supporting food security and donating part of poverty revenues through organizations such as WINA and WFP. We help prevent non-infectious diseases by Promotion of improving consumers’ quality of life through the prevention of provision of products that meet social needs such non-infectious as products with zero sugar, reduced salt or diseases products for the elderly. We will help enhance the nutritional value we provide to consumers by providing products such Enhancement of as the “All-in Series” of basefood, meat protein nutritional value substitute (Soy meat), lactic acid bacteria, and nutritional supplements. We are a member and a managing enterprise of CLOMA (Clean Ocean Material Alliance), which Measures tackles the problem of marine plastic waste, and we against marine are promoting the development of eco-friendly plastic pollution packaging materials in collaboration with government and other enterprises. We help our suppliers engage in sustainable Promotion of agriculture by using raw materials, such as palm oil, sustainable that have been produced and processed with agriculture consideration for protection of forests and biodiversity and respect for human rights. Achievements of the 3rd year of the MTBP FY2021 (Fiscal Year Ended March 31, 2019) 14 Sales/Revenue, Operating Income/Profit & OPM - Consolidated

Sales/ Revenue Bill. yen J-GAAP IFRS 540 516.4 520 495.7 500 480.0 480 468.1 465.0 460 451.0 440.9 440 420 400 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 Forecast Plan Operating income/Operating profit/Adjusted operating income/OPM/Adjusted OPM

Bill. yen J-GAAP IFRS ％ 60 8.0 9 7.9 ◆8% or higher 8 50 6.6 6.6 42.5 7 5.6 40 5.8 6.5 35.2 5.9 37.0 6 32.9 34.1 33.4 5.3 29.0 5 30 26.4 28.6 24.7 4 20 3 2 10 1 0 0 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 Forecast Plan Operating income/ Operating profit Adjusted operating income OPM Adjusted OPM

*Adjusted Operating income= Operating income-Impact from retirement benefit accounting * Due to the introduction of IFRS, Adjusted Operating income as KPI was abolished and (IFRS) Operating Profit is KPI. 15 Sales/Revenue & Operating Income – by Segment-1 Domestic

◼ Instant Noodles (NISSIN FOOD PRODUCTS&MYOJYO FOODS) Sales/ Revenue Operating income/profit & OPM Bill. yen ％ Bill. yen J-GAAP IFRS 60 14 300 274.4 J-GAAP IFRS 11.6 265.2 269.2 10.9 12.4 50 11.1 12 234.0 238.0 9.6 11.6 11.4 250 222.2 226.1 10 40 200 29.5 30.3 29.5 8 30 25.3 25.5 25.7 27.1 150 6 20 100 4 50 10 2

0 0 0 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 Forecast Plan Forecast Plan Operating income/ Operating profit OPM ◼ Chilled and Frozen, Confectionery and Beverages Sales/ Revenue Operating income/profit & OPM Bill. yen ％ Bill. yen J-GAAP IFRS 8 J-GAAP IFRS 6 120 115.6 7 115 112.8 5.0 5 4.6 6 4.0 3.9 5.2 110 4.1 4 5 4.6 4.5 4.5 4.0 105 103.0 100.0 4 3 98.4 2.0 100 96.9 97.6 3 2 2.0 95 2 1.6 1.5 1 90 1 85 0 0 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 Forecast Plan Forecast Plan Operating income/ Operating profit OPM 16 Sales/Revenue & Operating Income – by Segment-2 Overseas

◼ The Americas (Instant noodles in the U.S., Brazil, and Mexico) Sales/ Revenue Operating income/profit & OPM Bill. yen ％ Bill. yen J-GAAP IFRS 80 10 J-GAAP IFRS 8 67.5 5.5 70 64.5 64.0 6 60.4 62.5 63.4 8 60 3.8 3.1 3.9 4.2 4 48.3 6 50 2.2 3.7 2 4 2.4 2.7 40 2.3 2.0 0 2 1.1 30 -2 20 0 -4 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 10 -2 Forecast Plan -6 0 -4 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 -8.3 -8 Forecast Plan -6 -5.2 -10 ◼ China Operating income/ Operating profit OPM (Instant noodles in Hong Kong and Mainland China) Sales/ Revenue Operating income/profit & OPM Bill. yen ％ Bill. yen J-GAAP IFRS 10 12 J-GAAP IFRS 10.0 50 47.0 9 44.5 10.1 10.2 9.2 10 40.9 42.6 41.4 8 9.5 40.1 8.4 8.5 40 36.0 7 8 6 4.7 30 5 6 4.1 4.1 3.8 3.8 4 3.4 3.6 20 3 4 10 2 2 1 0 0 0 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 Forecast Plan Forecast Plan Operating income/ Operating profit OPM 17 Sales/Revenue & Operating Income – by Segment-3 Overseas

◼ Asia (Instant noodles in India, Thailand, Indonesia, Viet Nam, and Singapore)

Sales/ Revenue Operating income/profit & OPM ％ Bill. yen 25 Bill. yen J-GAAP IFRS 9 J-GAAP IFRS 14 13.0 21.4 20.8 11.7 20 12 11.4 7 10 9.0 9.4 9.2 16.0 5 15 7.2 8 2.7 3 2.5 6 1.8 10 1 4 -2.0 -1.4 -1.4 -0.4 2 5 -1 0 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 -3 Forecast Plan 0 Forecast Plan Operating income/ Operating profit OPM ◼ EMEA (Instant noodles in Europe and Turkey) Sales/ Revenue Operating income/profit & OPM Bill. yen ％ Bill. yen J-GAAP IFRS 20 8 7.5 9 J-GAAP IFRS 6.8 7.0 17.3 7 7 5.9 5.9 14.3 15 6 5 5 4.6 4.6 3 9.3 10 4 1.3 0.6 1.0 3 1 -0.4 0.0 -0.5 0.2 5 2 -1 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 1 Forecast Plan -3 0.4 2.7 0 0 2016/3 2017/3 2018/3 2018/3 2019/3 2020/3 2021/3 Operating income/ Operating profit OPM Forecast Plan 18 Growth Trend of Instant Noodles Business

Consolidated Sales Trend

(bil. Yen)

600 Overseas Businesses CAGR (FY2010-FY2019) Domestic Businesses excl. Instant Noodles +9.8% CAGR 500 Domestic Instant Noodles Business 496 468 (FY2015-FY2019) 451 +10.3% 432 440 418 110 101 400 381 383 83 16% CAGR 301 375 74 118 123 (FY2010-FY2019) 51 54 53 52 +2.5% 117 102 CAGR 300 94 93 (FY2015-FY2019) 84 89 89 102 26% 83 101 +2.0%

200 CAGR 269 (FY2010-FY2019) 250 255 265 58% 235 239 241 240 226 -0.4% 100 222 CAGR (FY2015-FY2019) -2.0%

0 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 IFRS IFRS Investment Plan, and Financial and Capital Policies (1) 19

Capital Investment FY2017 FY2018 FY2019 FY2020 (bil. Yen) 5-Year Plan Results Results Results Plan ◼ Domestic Capital 150.0 36.3 52.0 57.6 49.2 - Investment aimed at saving labor and strengthening Investment safety/security management in the instant noodle business, in the interests of sustained growth, etc. ◼ FY2019 Results ◼ FY2020 Plan ◼ Overseas - NISSIN FOOD PRODUCTS: - NISSIN FOOD PRODUCTS: Kansai Kansai Plant Phase I and Plant Phase III - Investment in strengthening production systems in Phase II promising growth areas, etc. - NISSIN FOOD PRODUCTS: Ingredients - BonChi: New Yamagata Plant plant ◼ Group-wide - NISSIN FOOD PRODUCTS: Frozen - Investment in improvements/upgrades foods Shizuoka plant - Overseas : Production line enhancement Depreciation and Amortization through production increase

◼ FY2019 Reasons for YoY ◼ FY2020 Reasons for YoY increase increase - Increase depreciation due to - NISSIN FOOD PRODUCTS: impacts of application of IFRS 16 Operation of Kansai Plant Phase I (+3.2) FY2017 FY2018 FY2019 FY2020 (bil. Yen) - BonChi: New Yamagata Plant - NISSIN FOOD PRODUCTS: Results Results Results Plan Operation of Kansai Plant Phase I, J-GAAP 15.4 17.9 - - II and III - NISSIN FOOD PRODUCTS: IFRS - 17.8 20.3 26.3 Ingredients plant Cash Flow - NISSIN FOOD PRODUCTS: Chilled and frozen foods Shizuoka plant Shareholder Returns CF provided by operating activities Expected dividend payment: 11.4 bil. yen Dividend per share (plan): 110 yen (1H: 55 yen, Year-end: 55 yen) Approx. 48.0 bil. yen Cash Flow Budget for investment In the event of a shortfall in capital, usage of cash and deposits, redemption of Capital investment: 49.2 bil. yen investment securities and various type of Business investment: Depends on deals finance will be considered Investment Plan, and Financial and Capital Policies (2) 20

Shareholder Returns

(Dividends) ⚫ Dividend increase reflecting favorable financial performance, with an aim for achieving average payout ratio of 40% or above.

☝ FY2018 1H: 45 yen, Year-end: 45 yen, Total: 90 yen 5-Year FY2017 FY2018 FY2019 FY2020 ☝ FY2019 1H: 55 yen (10 yen Increase), Year-end: 55 yen Plan Results Results Results Plan (10 yen Increase), Total 110 yen (20 yen Dividend per Stable 85 yen 90 yen 110 yen 110 yen Increase) share dividend Average ☝ FY2020 1H: 55 yen, Year-end: 55 yen, Total 110 yen Payout ratio 38.4%*1 32.2%*1 59.2%*2 44.1%*2 (Plan) 40% or above *1 Based on J-GAAP *2 Based on IFRS

(Treasury stock)

⚫ Consider stock repurchase with agility according to changes in management and business environments

☝ FY2017 Executed stock repurchase in Nov.: 4,088,300 shares/ 22,935 mil. yen ☝ FY2018: Not executed ☝ FY2019: Cancelled 10% of the number of shares outstanding (May 24, 2018, 11,763,685 shares). ☝ FY2019: Consider the timing of stock repurchase, taking the market environment and business environment into consideration.

Strategic shareholdings

☝ Plan to reduce the number of shares held in view of increasing capital efficiency, and sold some of the shares in FY2017, FY2018 and FY2019 ☝ In FY2020, the Group will continue to consider the sale of strategic shareholdings in view of the market and business environment. In accordance with internal investment rules, the Board of Directors is consulted over whether to continue to hold the individual stocks. 21 Market Capitalization

（bil. yen）

1,000

900 Market capitalization: Market base 866.9 Market capitalization: After deduction of treasury shares 800 803.3 724.8 694.2 791.6 700 621.4 768.5 600 546.8 515.1 642.2 500 428.3

400 369.6 369.4 363.6 344.4 651.5 571.5 300 483.1 513.1 410.8 200 354.5 341.0 348.0 324.5

100

0 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3 2018/3 2019/3 Essence of the MTBP FY2021(Initial) 23 Medium-Term Business Plan FY2021 : Target Figures 24

Shift towards “profitability” from the current medium-term plan onwards Becoming an Toward FY2016 Toward FY2021 “EARTH “Evolution” “Recognition” as FOOD towards a global a global company CREATOR” company Overseas operating Overseas operating 50% or higher Overseas operating 30% or higher income ratio 11% income ratio income ratio FY2016 FY2021 Results ( Reference ) Targets J-GAAP ( J-GAAP ) IFRS

Earning Sales/ Revenue 468.1 bil. yen ( 600.0 bil. yen ) 550.0 bil. yen power Adjusted Operating Income*1 bil. yen ( bil. yen ) bil. yen through 24.7 40.0 - operations (IFRS) Operating Profit 47.5 bil. yen

Market Capitalization*2 570.0 bil. yen 1 tri. yen Net Income/ Net Profit*3 26.9 bil. yen bil. yen Value in 33.0 % % or capital ROE 7.4 8 higher markets (J-GAAP) Adjusted EPS*4 196 yen - yen (IFRS) Adjusted EPS*5 189 yen CAGR 10% or higher 330 yen Payout ratio: 40% or higher on the average for the five-year period *1: Only under the J-GAAP: Adjusted operating income = Operating income under the J-GAAP - Impact of retirement benefit expenses *2: Market capitalization = Share price × Shares outstanding at end of year (excluding treasury stocks) *3: “Net income attributable to owners of parent” under the Japanese GAAP, “Profit attributable to owners of the parent” under IFRS *4: Adjusted EPS(J-GAAP)=Adjusted Operating income after tax + Equity earnings of affiliate companies + Amortization of goodwill (Including those contained in the equity method subsidiaries) - Net income attributable to non-controlling interests /Average number of shares outstanding (excluding treasury stocks) *5: Adjusted EPS = (IFRS Operating profit ± Other income, expenses ‐Tax expense - Profit attributable to non-controlling interests) / Average number of shares outstanding (excluding treasury stocks) The FY2016 values were estimated because there is no individual data. Medium-Term Business Plan FY2021: Change in KPIs 25 (Segment Information) ⚫ Changes to Segment Targets Associated with the Shift to the International Financial Reporting Standards (IFRS) from Q1, FY2019 FY2021 (IFRS) Revenue 550.0 bil. yen Earning power (IFRS) Operating Profit 47.5 bil. yen through % or higher operations OP margin 8 Ratio of operating profit from overseas business 30 % or higher

(Domestic) (Overseas)

FY2021 FY2021 FY2021 FY2021 （bil. yen） J-GAAP IFRS （bil. yen） J-GAAP IFRS Plan Plan Plan Plan Revenue 297.6 243.0 Revenue 80.8 80.8 Instant The Operating Profit 29.5 29.1 Operating Profit 6.4 6.4 Noodles Americas OP margin 9.9% 12.0％ OP margin 7.9% 7.9％ Revenue 132.3 111.6 Revenue 53.7 53.7 Chilled/ Frozen, China Confectionery, Operating Profit 5.2 5.2 Operating Profit 5.1 5.1 Beverages (incl. H.K.) OP margin 3.9% 4.7％ OP margin 9.5% 9.5％ Key currency exchange rates assumed in the plan Revenue 24.1 24.1 Exchange rate (yen per unit of currency) Currency Asia Operating Profit 0.5 2.0 FY2016 FY2021 OP margin 2.2% 8.3％ US$ 120.14 112.68 Revenue 8.3 8.3 BRL 30.60 28.00 EMEA Operating Profit 0.8 2.4 CNY 18.85 17.39 HK$ 15.49 14.53 OP margin 9.4% 28.9％ EURO 134.31 131.77 * Based on exchange rates as of the date of the creation of the mid-term plan * The values for targets for the China segment are those expected by NISSIN FOODS HOLDINGS. Medium-Term Business Plan FY2021: Investment 26

Investment Use capex and business investment by controlling them within the total amount of 250.0 billion yen for the five-year period of the medium-term plan Capital Investment Business Investment (M&A)

FY2017-FY2021 (Plan) 150.0 bn yen FY2017-FY2021 (Plan) 100.0 bn yen

(Policy) • Domestic: Investment aimed at saving labor and strengthening safety/security management in the instant noodle business, in the interests of sustained growth, etc.

• Overseas: Investment in strengthening production systems in promising growth areas

• General: Maintenance and upgrades Medium-Term Business Plan FY2021:Key Strategy Themes to Achieve Targets 27

◼ Focusing on five key themes in pursuit of business profitability

Domestic Overseas

Instant Next Promoting

stage Global Branding noodles

Business 3 2 Focusing on priority Laying stronger overseas locations foundations for our

domestic profit base products

Other Other 4 Establishing a second pillar that generates revenue and profits

5 Developing and strengthening Platforms human resources for global management 28 Strategic Theme 1 Promoting Global Branding ＞ Globalize CUP NOODLES

Actively rolling out CUP NOODLES, as a high value-added product that makes the most of our strengths, to young people with a certain standard of living, in order to improve overseas profitability Sales price trends in Margin trends in each country each country

x1.5 – 4 Approx. x2

Bag- CUP Bag- CUP type NOODLEs type NOODLEs

[High margin] Worldwide population Middle-income population CUP NOODLES > Bag-type instant noodles of young people in emerging countries

No decline in Increase number of of 40% in [Expanding target market] young people 10 years Young people with a certain standard of living 2015 2020 2025 2030 2010 2015 2020 Rolling out global flavors (examples)

Seafood Tom Yum Goong [NISSIN’s strengths] Production technology and quality control capabilities, based on expertise in noodles, soup, ingredients, containers, etc. Japan Hong Kong Thailand Japan 29 Strategic Theme 1 Promoting Global Branding ＞ Approach

• Approaching clearly defined target markets with initiatives including design, flavor and promotion with the aim of expanding more efficiently and effectively, and increasing overseas CUP NOODLES sales (units) by 50% Overseas CUP NOODLES sales (units) in FY2021: Up 50% (Compared to FY2016) 30 Strategic Theme 2 Focusing on Priority Locations: BRICs

• As markets continue to grow in scale and standards of living continue to improve, we have earmarked BRICs as priority locations where we expect to achieve growth by harnessing NISSIN’s strengths in each area. Income*1 to be generated in the priority overseas locations accounts for: Approx. 70% in FY2021 (in income from overseas business)

Total demand for instant Middle-income population noodles (unit basis)*2 in emerging countries*3

BRICs Approx. 50% increase in 10 years

Others Total global BRICs BRICs demand 47% Approx. 102.7 billion 53% 70% units

2010 2015 2020 BRICｓ Others

*1 Income = Operating income + Equity method income *2 Source: WINA/2014 *3 Source: NISSIN estimates based on data from various sources 31 Strategic Theme 2 Focusing on Priority Locations: BRICs – China and India

✓ China: Making the most of our leading share of the growing market for upright cup-type noodle products to expand our sales area ✓ India: Stepping up promotion of CUP NOODLES to rapidly growing population of middle-income earners, as well as tapping into growth in bag-type instant noodle products China India

Scale of market for Indo Nissin sales (units) Market environment upright cup-type Market environment year on year*2 1 noodle products* (Jan-March)

◼ Thriving market for upright cup- Average annual ◼ Underlying recovery following a type instant noodle products, growth rate one-off significant contraction with significant growth year on 39% Up approx. due to market turmoil last year 100% year ◼ Anticipated growth in cup-type ◼ Continuing trend towards noodle market in the future due growth in middle-income to increase of middle-income earners, particularly in urban earners areas Opportunities for NISSIN Opportunities for NISSIN 2013 2014 2015 2015 2016

◼ Holding approx. 60% share of ◼ Our sales up 100% year on the upright cup-type noodle year even after the market comeback of the leading ◼ Still room for growth through manufacturer expansion of sales area ◼ Growth being backed up by food safety initiatives nd Most popular: 2 most popular: ◼ Still small scale, but NISSIN TOP CUP Seafood Five-spice beef has a leading share of the RAMEN NOODLES cup-type noodle market

*1 Source: Nielsen 2015 *2 Source: Internal data 32 Strategic Theme 2 Focusing on Priority Locations: BRICs – Brazil and Russia

• Establishing strong foundations as market leader in both Brazil and Russia ✓ Brazil: Building on strong foundations to reinforce CUP NOODLES and establish a base of operations for expansion into South America ✓ Russia: Strengthening support structure in order to secure an even greater market share and increase income Brazil Russia

Market share* Market share* Market environment Market environment

◼ Total demand of 2.4 billion units ◼ Total demand of 2.0 billion (10th place worldwide) Others units (11th place worldwide) ◼ Cup-type noodle market still 36% NISSIN ◼ Cup-type noodle market Others Mareven accounts for around 4% - 64% accounts for around 25% 54% 46% plenty of room for further growth

Opportunities for NISSIN Opportunities for NISSIN

◼ Mareven Food (JV) has ◼ Capitalizing on Brazil NISSIN’s excellent brand recognition overwhelming market share to develop cup-type noodle market Nissin Lamen ◼ Powerful nationwide sales and Rollton (bag) delivery network ◼ Plans to launch a new CUP NOODLES promotion project in fall ◼ Still scope for growth through 2016 increased cooperation on technology, product development, etc. CUP NOODLES Rollton (tray)

*Source: Nielsen 2015 33 Strategic Theme 3 Laying Stronger Foundations for our Domestic Profit Base

Developing the domestic instant noodle market further, investing in sophisticating plants to improve food safety and production efficiency, and achieving stable profit over the long term

Operating income from domestic JPY 25.3 bn JPY 29.5 bn* instant noodle business (FY2016 Actual) (FY2021 Plan)

Develop the domestic instant noodle market further Investing in sophisticating plants Product proposals/communication aimed at specific Rebuilding aging facilities, with an eye to restructuring target market domestic plants ◼ Encouraging the “next generation” ◼ Further improving food safety and security Successful communication with young generation: ◼ Cutting costs by saving labor, conserving energy and trend towards more experience of and interest in manufacturing in-house eating noodles amongst target market

Kanto Plant 45 years old

Shiga Plant ◼ Encouraging female ◼ Tapping active seniors 43 years old consumers

Shizuoka Plant Shimonoseki Plant 20 years old Using robots to put 41 years old … etc. deep-fried tofu in bowl Creating a “Century Brand Company”

*Operating income for FY2021 Plan is based on J-GAAP. IFRS will be adopted from 1Q of FY2019. So, based on IFRS, operating profit for FY2021 Plan is JPY 29.1 bn. • Strategic Strategic Theme increasing sales to JPY 100.0 billion, billion, JPY100.0 including partners. to sales increasing of aim the with M&A, of most the and make operations overseas expand synergy,greater achieve to cooperation strengthen to weintend organically, brands well As growingas No.1 No.1 best selling years history Brand Brand with cornflakes Bonchi (unit (unit base) over 50 4 Confectionary/CerealBusiness Establishing a SecondPrimary RevenueSource: major major brand spicy flavors growing Rapidly NISSIN NISSIN CISCO No.1 for No.1 for KOIKE years history Brand Brand with over 50 over 50 sour sour flavors No. 1 for No. for 1 - YA Inc. JPY JPY 100 Approx. (Sales) ◼ ◼ ◼ 65.0 65.0 further Making the most M&Aof expand to strong brands even Launching overseas expansion initiatives Stepping up cooperation between existingthree companies - - - - bn bn Strengthening import and export business expand confectionery operations Building on NISSIN’s overseas business foundations to procurement, procurement, etc. Promoting groupwide cooperation on sales, marketing, confectionery business Appointing outside executives to oversee the Organic growth centered around around Japan FY2016

Consolidation Alliances FY2021

Vision exports, etc. Additional initiatives imports, M&A, 34 Strategic Theme 4 Establishing a Second Primary Revenue Source: 35 Chilled and Frozen Food Business/Beverage Business • Building on efforts to establish brands throughout the previous medium-term period in order to increase profit growth domestically

NISSIN CHILLED FOODS NISSIN YORK

No.1 value- No.1 in Tsukemen No.1 two-serving added ramen (dipping noodles) yakisoba noodles category (fried noodles) No.1 in convenience store channel

NISSIN FROZEN FOODS

No.1 in regular No.1 in fresh No.1 in spicy Japan’s first category pasta category category drinking yoghurt Strategic Theme 5 Developing and Strengthening Human Resources for Global 36 Management Having established a platform-based support structure, we intend to increase management human resources and accelerate global management in the future, based on both human resource development measures within the group and recruiting externally. Expanding our pool of management human resources Key posts 100 people 200 people (FY2016) x2 (FY2021) 43 • Selection-based in-house (FY2021) university program • Promoting diversity • Overseas trainee schemes Posts in FY2016 etc. 2016 2016 Posts added under current medium- 19 6 term plan Chief representatives/ Business Business companies companies Strengthening human resources for global management 2021 2021 • Recruiting external 24 7 Chief Support Business management representatives/ human resources Business companies companies familiar with local 12 markets Platforms • Developing local executive employees • Strengthening global capabilities amongst management human Having established a global support structure resources built on NISSIN’s expertise Section 2 Domestic Business Strategy NISSIN’s Position in Instant Noodles Industry in Japan 38

Market Share of NISSIN’s Domestic Instant Noodles Biz NISSIN FOODS GROUP: 52% Twice as much as 2nd player’s

Sales base, (JPY bn) Sales (Instant Noodles in Japan) the year ended March 31, 2018 300 NISSIN’s Instant Noodles Sales in Japan 2nd player’s Instant Noodles Sales in Japan FY2018 250 Acecook 200 8.0% 150 100 Sanyo 15.0% 50 NISSIN FOOD 0 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Toyo Suisan PRODUCTS 43.5% (JPY bn)OP and OPM (Instant Noodles in Japan) (％) 24.8% NISSIN’s OP in Japan nd MYOJO 35 NISSIN’s OPM in Japan 2 player’s OP in Japan 12.0 FOODS 30 10.0 8.0% 25 FY2013 8.0 20 2nd player’s OPM in Japan 6.0 15 4.0 Total NISSIN FOODS 10 ％ 2.0 24％ 48 Group Total 5 51.5％ 0 0.0 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Note: MYOJO FOODS is a 100% subsidiary of NISSIN FOODS (Sources: NISSIN: NFP+MYOJO, 2nd Player: Domestic instant noodles segment ) (Source: Nikkei Value Search ) Fiscal Year (FY) ended at March 31 of each year, J-GAAP bases Annual demand in volume: 5.78 billion, Annual consumption in Japan : 45.7 servings/person (Population of Japan: 126.5 mil Source: WINA (January 2018 - December 2018) ,IMF(population) Power of NISSIN’s Brands in Japan 39

NISSIN is ranked No. 3 in Japan Brand Recognition Ranking Consumer Market (B to C), appraised by general consumers in 2019 2010: 11th TV Commercial 2011: 5th Success Brand ranking 2012: 8th 2013: 9th TV Commercial Likability 1 Amazon 2014: 17th Rating in FY2019 2015: 3rd (April 2018 - March 2019) 2 YouTube 2016: 25th Corporate 3 NISSIN 2017: 6th 1 KDDI 2018:7th 2 4 MUJI 2019:3rd SoftBank 3 5 Google NTT docomo 2010: 30th 4 Coca –Cola 6 TOYOTA 2011: 27th 2012: 14th 5 Kao 7 NITORI 2013: 15th 6 NISSIN FOODS 8 DAISO 2014: 21st 7 P&G 2015: 24th 9 SUNTORY 2016: 7th 8 Recruit 2017: 5th 9 10 Rakuten Hazuki Company 2018:52th 10 Kirin Source: Brand Japan, 2019:22nd NIKKEI BP Consulting Among 1,000 brand names, “Brand Japan,” a renowned survey company, makes a ranking list by Source: CM Soken Consulting using four indicators: Friendliness, Convenience, Uniqueness and Innovativeness Growth Strategy of Instant Noodles Business-1 40

Solid growth opportunities Population Pyramid in Japan Years old Male Female ✓ Increase core target pool and 95- approach to new customer 90-94 85-89 targets of cup-type noodles 80-84 75-79 NewCore Generation Target 70-74 Ages from 10-19 65-69 60-64 “Active Senior” 55-59 Senior gen. enjoying an 50-54 economically affluent active life 45-49 40-44 35-39 30-34 Current Core Female 25-29 Target 20-24 15-19 10-14 “Next Generation” 5-9 Young gen. which is expected to 0-4 expand our core target pool -10% -5%5% 0%0% 5% 10% %: Population of each bracket / Population total Communication tailored to next generation Source: Bureau of Statistics, Ministry of Internal Affairs and Communications. Figures in Oct. 1st, 2014 -TV commercials -SNS -Web ads Growth Strategy of Instant Noodles Business-2 41

“Active Senior” Female Senior gen. enjoying an economically affluent active life

Featuring ethnic flavor Targeting for active senior and health conscious consumers targeting at female

“Next Generation” Young gen. which is expected to NewCore Generation Target expand our core target pool Ages from 10-19

Communication tailored to next generation -TV commercials -SNS -Web ads

Brand extension Core Brands of NISSIN FOOD PRODUCTS 42

CHICKEN RAMEN, CUP NOODLE and DONBEI achieved Record-high revenue for FY2019.

Since 1958 Since 1971 Since 1976 Growth Strategy of NISSIN’s Domestic Other Businesses 43

◼ Confectionery and Cereal ◼ Chilled and Frozen Noodles

Granola Focusing on high value-added products in competitive markets by leveraging our accumulated . 50.0 43.3 noodle-related expertise. 40.0 36.9 39.3 30.0 24.5 20.0 . 14.6 37.0 10.0 4.9 6.1 9.4 0.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 Chilled and frozen noodles are businesses operated by Source：Japan Snack Cereal Foods Association NISSIN CHILLED and NISSSIN FROZEN, respectively. Biscuit (sablé) Long-seller product since 1965 with ◼ Beverages renewed brand image. Lactobacillus and yogurt drink Granola and biscuit businesses are operated by NISSIN CISCO Co., Ltd. Cultivate value strategy to add Deep-fried rice cakes an appeal with “Food for Specified Health Uses” . Making “BonChi Co., ” one of the major The first drink rice cracker companies, a consolidated yogurt launched in company since the 1st quarter of this fiscal Japan and still year. ended March 31, 2017 growing

Potato chips Owning 34.53% of “KOIKE-YA Inc. ” a second largest potato chips player and Beverage business is operated by NISSIN YORK Co., Ltd. joining forces to expand its business. Section 3 Overseas Business Strategy 45 Global Demand Trend of Instant Noodles

Unit: Billion servings

120.0 Worldwide: Approx. 103.6 bil. servings 106.0 98.2 101.8 104.0 97.5 97.5 100.1 103.6 100.0 92.1 94.7 91.3 92.2 95.9 86.0

80.0 80.0 69.8

60.0

40.0

20.0

0.0 CY2003 CY2004 CY2005 CY2006 CY2007 CY2008 CY2009 CY2010 CY2011 CY2012 CY2013 CY2014 CY2015 CY2016 CY2017 CY2018

(Source: World Instant Noodles Association) (Jan.- Dec.) Figures up to CY2013 might not be exactly correct since WINA restates and endorses only past five years including the latest year. Cup Composition Rates and GDP/Capita 46

U.K. Mainland China H.K. Worldwide Average Russia Cup-type 16% 22% 47% 26% 53% 27% Bag-type 73% 78% 74% 84% Korea US$ 42,558 US$ 11,327 GDP/capita - US$ 9,608 US$ 48,514 34％ 33% U.S.A. 67% 34% India US$ 31,346 66% 1% Mexico US$ 62,606 4% 99% Japan

US$ 2,036 96% 31% 69% US$ 9,807

US$ 39,306

Thailand Philippines Brazil Vietnam 15% Singapore Indonesia 3% 5% 11% 85% 15% 7% 95% 97% US$ 7,187 85% 93% 89% US$ 2,551 US$ 8,968 US$ 64,038 US$ 3,871 US$ 3,104 (Volume Base, Source: World Instant Noodles Association in CY2018) (Jan.- Dec.) 47 CUP NOODLES Strategy- 1

x1.5 – 4 Approx. x2

Bag- CUP Bag- CUP type NOODLEs type NOODLEs

[High margin] Worldwide population Middle-income population CUP NOODLES > Bag-type instant noodles of young people in emerging countries

• Approaching clearly defined target markets with initiatives including design, flavor and promotion with the aim of expanding more efficiently and effectively, and increasing overseas CUP NOODLES sales (units) by 50% Overseas CUP NOODLES sales (units) in FY2021: Up 50% (Compared to FY2016) Overseas Expansion(wholly-owned/equity-method/investing) 49

As of April 1, 2019 The Americas The U.S. Mexico Brazil China Hong Kong Main Land China

EMEA Europe Asia Russia Singapore (equity-method) India Thailand Viet Nam Philippines (equity-method) Thailand (equity-method)

Due to the adaption of IFRS from Q1 FY2019, operating profit includes non-amortization of goodwill (including affiliates accounted for using equity method), ｇain (loss) on investments accounted for using the equity method, and extraordinary gains and losses. Relationship with Premier Foods plc 50

⚫ March 24, 2016 Entered into a conditional co-operation agreement with Premier Foods plc : on utilization by both parties of their respective distribution networks, joint development of products, cooperation in research and development, manufacture by one party of the other party's products and others.

⚫ Pursuant to the terms of the conditional co-operation agreement, NISSIN FOODS HOLDINGS has the right to appoint a non-executive director to the Board of Premier for so long as it holds an interest in shares representing 15 percent or more of the ordinary issued share capital of Premier. - As of March 23, 2018, Shinji Honda is appointed as a non-executive director and as NISSIN’s managing executive officer(CSO). - Percentage of shares acquired: 19.6% (As of March, 2019)

⚫ February 2017 Super Noodle in Pots is one of the first successes of NISSIN’s collaboration with Premier Foods. They are available in the classic Super Noodles flavors - Chicken, Curry, Bacon and BBQ Beef.

Outline of Premier Foods

Name: Premier Foods plc Location: Hertfordshire, UK Business: Production and distribution of processed foods, cooking source and confectionary Growth Drivers by Geographical Area 51

(JPY bn) Fiscal March March March March March March March Year 2016 2017 2018 2018 2019 2020 2021 (Actual) (Actual) (Actual) (Actual) (Actual) (Forecast) (Mid-term Growth Drivers J-GAAP J-GAAP J-GAAP IFRS IFRS IFRS Plan)IFRS

Sales/ 48.3 60.4 64.5 62.5 63.4 64.0 67.5 Brazil: Revenue The ✓ Significant growth by Americas expanding cup-type OP/OI 1.1 2.3 2.0 2.4 -5.2 27 3.7 noodle market through CUP NOODLES strategy

Sales/ 40.9 36.0 42.6 40.1 41.4 44.5 47.0 Mainland China: CUP Revenue NOODLES ✓ Secure dominant market China Strategy (incl. H.K.) share in the growing OP/OI 4.1 3.4 3.6 4.1 3.8 3.8 4.7 premium instant noodle market

Sales/ India: Growth potential 7.2 9.0 9.4 9.2 11.4 11.7 13.0 Revenue backed up by vast population and middle- income earners at 8 Asia metropolitan cities OP/OI (2.0) (1.4) (1.4) (0.4) 1.8 2.5 2.7 Thailand: CUP NOODLES sales grow thanks to the change of retail industry

Sales/ 4.6 4.6 5.9 5.9 6.8 7.0 7.5 ✓ Under the transition Revenue period from stable profit EMEA base to expansion of OP/OI (0.4) 0.0 (0.5) 0.2 0.6 1.0 1.3 sales and profit

In light of changes in the business environment and the issues of each region/business, we have revised segment targets for March 2021. Brazil: Overview of Business 52

History of Brazil Business

1965 Local instant noodles company was established by Taiwanese (Named “MIOJO AIMENTOS”) 1972 Capital injection from Ajinomoto Co., Ltd. 1975 Capital injection from NISSIN FOODS HOLDINGS →JV btw. Ajinomoto & NISSIN (55:45) 1983 Change in ownership (50:50) and name: NISSIN AJINOMOTO ALIMENTOS LTDA. 2002 Started to manufacture cup-type instant noodles 2013 Started operation of new factory, “Gloria do Goita” 2015 (October) Became a 100% subsidiary of NISSIN by acquiring 50% for 32.5 billion yen

Financial Performances of NFB*1 Instant Noodles Market Transition

(Million Brazilian Real) (Source: World Instant Noodles Association) (Jan.- Dec.)

Dec. March Billion serving Serving per capita FY 2014 2019 (bar chart) (line chart) (J-GAAP) (IFRS) 2.5 14.0 12.0 2 Approx. Approx. Sales 10.0 700.0 ×1.2 1.5 8.0

1 6.0 *1: NFB =NISSIN FOODS DO BRASIL LTDA. Market size: 11.4 servings 4.0 0.5 2.37 bil. per capita The operating income margin is expected to be 2.0 above 9% in the fiscal year ended March 2020. 0 0.0 We target to achieve 10% for the medium term.

Note: Up until FY2015, fiscal years of NFB had been from Jan. to Dec. From FY2016, its fiscal term has been changed to “from April to March” Brazil: Overview of Business 53

NISSIN’s market share (unit base） Cup/Bag instant noodle composition (unit base） Worldwide average Brazil market ◼ BRAZIL NISSIN CY2016 CY2020 ◼ Others Cup type 3% 28% 21% Cup type US$9,895 62% 10% Bag type 79%

Overwhelming share Bag typeGrowth potential Relatively high GDP per capita Source: NISSIN CY2018 97% [ Average of world market CY2016 ] [ Brazil market CY2016→CY2020 ] Source: NISSIN Source: NISSIN Source: Calculated by NISSIN Economy seemed to hit the bottom

Contributed by CUP NOODLES sales expansion New CUP NOODLES was launched in Sept. 2016 BRAZIL NISSIN Approx. Sales (BRL) • High name recognition as No. 1 player +40％ • Offer food sampling to have consumers realize its quality and value • Have consumers feel a sense of familiarity to the product by leveraging social media

Gain a good response and confidence mainly in cities in southeast and south areas Capabilities in technology and Enhance marketing product development 14/3 15/3 16/3 17/3 18/3 19/3 China: Overview of Business 54

Instant noodle market (unit base） Instant noodle market of tall cup-type 100 million servings (unit base） 444 450 404.3 385.2 389.6 402.5 400 350 300 1.4 bil. people 250 200 Large population 150 100 40.3 bil. 50 0 servings/year CY2014 CY2015 CY2016 CY2017 CY2018 ◼ Source: WINA/2018 Source: WINA/2018 3/15 3/16 3/17 Expanding tall cup-type Large demand Getting Shrinking-instant instant noodles market size （Instant noodles） noodles market moving again

Increased 70％◼ inSource: 2 years NISSIN Hong Kong Mainland China ◼ Source: NISSIN • Further improvement of business base • Brand development in the rapidly growing through business diversification premium market • Further penetration of CUP NOODLES brand • Expansion of sales and distribution networks • Business diversification (manufacture and Instant noodles Frozen Foods Potato chips sale of potato chips) Joint venture with Kagome, a fruit beverage • Quality control that is characteristic of a manufacturer(from July Japanese company 2018) Listed on the Hong Kong Stock Exchange Main Board (December 11, 2017)

＊The management policy of the China segment is a role expected by NISSIN FOODS HOLDINGS. China: Production Capacity Enhancement and Sales Offices 55

⚫ 35 sales offices and 6 admin. offices in distributor’s offices as of March 2019

Large portion of each amount below is to be appropriated for capital investment.

Zhejiang Plant Manufacture instant noodles （浙江日清） Completed in May 2017 Approx. 5.7 bil. yen Fujian Plant Manufacture instant noodles （福建日清） In operation from April 2016 Approx. 4.0 bil. yen Guangdong Plant （広東日清）

Manufacture packaging materials Dongguan Plant In operation from May 2015 （東莞日清） Approx. 2.4 bil. yen Zhuhai Plant （珠海永南） Winner Plant （永南食品） NISSIN Plant in H.K. NISSIN Plant in H.K. (Cup) （香港日清グラノーラ) （香港日清カップ麺） Manufacture granola with NISSIN Plant in H.K. (Bag) Manufacture instant noodles products sales having （香港日清袋） In operation from April 2017 commenced in January 2019 Approx. 6.0 bil. yen HK$30.0 million ＊The management policy of the China segment is a role expected by NISSIN FOODS HOLDINGS. India: Overview of Business 56

8 metropolitans Population Instant noodle market size (unit base） 2011 Extended UA （000’ people） 100 million servings Industry-wide 1.3 bil. Delhi 21,753 70.0 voluntary recall 60.0 people Greater Mumbai 20,748 50.0 Kolkata 14,618 40.0 Large population 30.0 Chennai 8,918 20.0 10.0 Bangalore 8,729 0.0 Growth rate Hyderabad 7,749 ７.2％ Ahmedabad 6,352

High rate of economic growth Pune 5,050 Recovery from industry-wide voluntary recall Source：“INDIA STATS : Million plus cities in India as per Census 2011 Expected growth rate: more than 10% Population concentration in metropolitans Source: WINA/2018

Expand sales of bag-type noodles • Increased coverage ratio after the industry-wide Cup Noodles with Japanese quality voluntary recall launched • Sales growth supported by the large population 10INR 20INR • Introduction of “SEAFOOD”, which is a • Growth potential seen in the low eating rate global flavor, in October 2017

Further penetration of the CUP NOODLES 50INR • Expansion in large cities where high and middle Seafood income households are concentrated 50INR • Development in public facilities such as airports • An increase in brand recognition and repeat 40INR customers Promote local personnel to senior executives in major overseas areas 57

Build local area-based strategies based on management familiar with culture and business customs, etc.

INDO NISSIN FOODS PRIVATE LTD. President: Gautam Sharma Since Jan. 2014

He has worked for several global consumer goods manufacturers and until recently served as the president of a local Indian subsidiary of a leading U.S. manufacturer. He has enormous connections in India and developing more attractive new products tailored to local tastes.

NISSIN FOODS (U.S.A.) CO., INC. President: Michael J. Price Since Oct. 2018

He worked for a leading food company in the U.S. for many years. Served as the general manager of divisions for the beauty and restaurant businesses. Joined NISSIN FOODS (U.S.A.) in 2015. Served as Vice President in charge of the sales division. Took office as president.

NISSIN FOODS DE MEXICO S.A. DE C.V. President: Luis Javier Gomez Martinez Since Sep. 2017

He worked in sales, logistics and marketing for many years at a food and consumer goods manufacturer in Mexico. He also has extensive management experience. Developing and Strengthening Human Resources for Global Management 58

◼ “Future Leader Session (FLS)” course (July 12 – 14, 2017) • Hold selective training in Japan for the purpose of cultivating global managers, for 8 executives at overseas companies.

◼ Global training, etc. of the NISSIN FOODS Group “Brand marketing in the digital age” (2016 - ) • It consists of three parts: “What is CUP NOODLE?” “Mechanism of brand marketing in the digital age” and “Workshop.” • We provide the training by visiting Brazil, the United States, India, Mexico and Asia. “Global IT meeting 2018” (July 10-11, 2018) • Seven overseas employees including those in charge at overseas companies discuss their activities and issues in sessions related to IT vision, IT strategy, and security. “Survival training on a deserted island” for new management level employees (Aug.30-Sep.1, 2018) • 21 new management-level employees of Group companies in Japan, and 5 management-level employees in local subsidiaries in the China/Hong Kong segment participated in the training on a deserted island. “Global Finance meeting 2018” (Nov. 12 – 15, 2018) • Financial training for 15 employees including those in charge of accounting overseas. Section 4 Corporate Governance for Sustainable Growth Management centered on Corporate Governance 60

Enhancement of Corporate Governance ➢ Clearly segregate management oversight from business execution and enhance supervisory function by the board of directors ➢ Reflect opinions from outside directors at the board of directors, and verify the validness of management strategies and check if the strategies are properly executed from stakeholders’ point of view New structure New structure Board of Directors Audit & Supervisory Board ３８ members members １２３２１２３ Audit & Independent Outside Representative Director Outside Independent Supervisory Audit & Supervisory Directors Directors Outside Directors Board Board Members Member Previous structure These structures will be effective upon approval at the Ordinary Board of Directors 13 General Meeting of Shareholders to be held on June 28, 2016. ３６２２ members Representative Directors Outside Independent Effective Nov. 2015 Directors Directors Outside Directors Management Advisory Committee Members • Representative Directors Effective Nov. 2015 • Independent Directors Liaison conference of Independent Outside Directors • Independent Audit & Supervisory Board Members and Audit & Supervisory Board Members The Company newly established an advisory organ of the Board of To supplement the lack of information of Independent Outside Directors, the majority of which were Independent Outside Directors Directors, Audit & Supervisory Board established “Liaison and Independent Outside Audit & Supervisory Board Members, to conference of Independent Outside Directors and Audit & ensure transparency and fairness in nomination, remuneration, and Supervisory Member” (New conference body） governance Major Achievements of the effective Board of Directors 61

◼ Abolition of the Takeover Defense Measures: December 6, 2017 The resolution was passed at the meeting of the Board of Directors after deliberations by the Management Advisory Committee, the majority of which are Independent Directors/Audit & Supervisory Board Members, and the measures were abolished on the day. ◼ Set up “Risk Management Committee” : February, 2008 Strengthen of the function: April, 2018 ⚫ The Company set up a “Risk Management Committee” with Executive Vice President &Representative Director, COO serving as chairperson to prevent, identify, manage, and address against various risks in regard to NISSIN FOODS Group; Especially, it focusses on 4 crucial risks of the group:1) Product accident, 2) BCP, 3) Compliance, 4) Information security. It covers not only domestic, but also overseas subsidiary companies. ⚫ 4 committees of the above crucial risks are required to report incidents and countermeasures to the Board of Directors once a year respectively. ⚫ The committee makes a report and submits to the Boards of Directors once a year.

Board of Directors Structure of Risk Management (revised on April 4, 2018) Report / Direction Risk Management Committee Management Committee

Report / Direction Audit Internal Auditing Head of group Risk Management Product Accident Countermeasure Committee Office BCP Committee Report / Direction Compliance Committee Chief Officers Risk Management Office Information Security Committee Collecting Liaison Info. Collecting info./ Direction Collecting info. Direction

Heads of Business Divisions (including Associates in Japan and Overseas) Section 5 Overview of NISSIN 63 Origin of NISSIN FOODS

✓ In 1958, the world’s first instant noodles, CHICKEN RAMEN, was invented by Momofuku Ando, the founder of

NISSIN FOODS. It is reasonably priced and tasty noodles that can be prepared simply by pouring boiled water.

✓ In 1971, the world’s first cup-type instant noodles, CUP NOODLE, was introduced.

✓ Domestic instant noodle industry size has grown to be 5.8 billion servings and NISSIN Group has No.1 market share: approximately 50%.

✓ Instant noodles, which we had invented, penetrated throughout the globe and worldwide market size reached 100.0 billion servings. Business Portfolio of NISSIN FOODS Group - 1 64

Chicken Ramen is the origin of NISSIN ✓ Founder’s Spirit “Peace will come to the world when there is enough food” “Create foods to serve society” ◼ Food Safety “Eat wisely for beauty and health” ◼ Research of health foods “Food related job is a sacred profession” & lactobacillus

CUP NOODLE is the symbol of innovation ✓ Product Development Technology 1: Noodle Making ◼ Chilled and Frozen Noodles 2: Frying ◼ Confectionery 3: Drying ◼ Cereal 4: Baking ✓ Marketing and Branding Business Portfolio of NISSIN FOODS Group- 2 65

Domestic Overseas

◼ NISSIN FOOD PRODUCTS CO.,LTD. ◼ The Americas Instant Noodles Instant Rice Health Foods Soup Headquarters U.S.A. Brazil ◼ MYOJO FOODS CO., LTD. Mexico • Management Instant Noodles • Strategy development ◼ China ◼ NISSIN CHILLED FOODS CO., LTD. • Supporting operations Chilled Noodles & Soup by 12 platforms Mainland China Hong Kong ◼ NISSIN FROZEN FOODS CO., LTD. ◼ Asia Frozen Noodles, Rice and Snack ◼ NISSIN CISCO CO., LTD. Singapore India Confectionery Cereal R&D center Thailand Vietnam ◼ BonChi CO., LTD. Indonesia Rice cracker Note: Equity interest held by NISSIN in is 51% ◼ EMEA ◼ NISSIN YORK CO., LTD. Europe Health foods & Lactobacillus Drinks • Innovation • Product Development 7 operating companies Technology 4 operating areas • Food Safety Structured Above the Holding Company（Platform Management） 6666

As of March 31, 2019 Singapore NISSIN Europe 66％ NISSIN Thailand NISSIN *Equity method 66％ * Indonesia NISSIN MAREVEN Food **Non-consolidated 56％ Russia/Ukraine 33.5％ Vietnam NISSIN

* NURC NISSIN FOOD PRODUCTS Philippines 49%

India NISSN 66% MYOJO FOODS 4 overseas areas NISSIN CHILLED FOODS PRC and H.K.

Asia EMEA NISSIN FROZEN FOODS Brazil NISSIN China NISSIN CISCO Koikeya* 34.53％ Mexico NISSIN Bonchi 50.1％ The Americas Domestic U.S. NISSIN NISSIN YORK

Food Procure‐ Productio Brand Information Corporate General R&D Strategy Finance Legal HR Safety ment n & Distri. Comm. System Comm. Affairs CDO CQO CRO CPO CMO CSO CFO CIO CCO CLO CHO CAO

12 platforms NISSIN FOODS HOLDINGS CO., LTD. Domestic (Japan) Demands of Instant Noodles in Volume 67

Instant noodles’ history started with Chicken Ramen in 1958

( Unit: mil. servings ) 6,500 Total market size has been stable Cup typeCup-typeBag type at around 5.5 bil. servings for recent years 6,000 instant noodles started with 5,500 Cup Noodle 1992 5,000 1976 4,500 1971 Cup type 4,000 Cup-type market gained momentum market size in volume 3,500 by our products 3,000 Instant noodles 2,500 started with 2,000 Chicken Ramen Bag type 1,500 1958 market size in volume 2012 1,000 In 1989 Cup-type market overtook bag-type market 500

'82 '92 '02 '12 '59 '60 '61 '62 '63 '64 '65 '66 '67 '68 '69 '70 '71 '72 '73 '74 '75 '76 '77 '78 '79 '80 '81 '83 '84 '85 '86 '87 '88 '89 '90 '91 '93 '94 '95 '96 '97 '98 '99 '01 '03 '04 '05 '06 '07 '08 '09 '10 '11 '13 '14 '15 '16 '17 '18

1,958 2,000 （Source）JCFIA=Japan Convenience Foods Industry Association （http://www.instantramen.or.jp ） Domestic Market Share of Instant Noodles 68

Market Share (Bag + Cup) FY2019

FY2017 Cup-type NISSIN has No.1 market share NISSIN FOODS Volume Amount Group Total NISSIN 44% (1st) 47%(1st) 51.5％ Acecook MYOJO 6% (4th) 6% (4th) 8.0% Others 50% 47% Sanyo 15.0% NISSIN FOOD PRODUCTS Bag-type NISSIN has No.1 market share 43.5% Toyo Suisan Volume Amount 24.8% MYOJO NISSIN 24% (1st) 24% (1st)

FOODS th th 8.0% MYOJO 6% (4 ) 6% (4 ) Others 70% 70% Sales base, the year ended March 31, 2018

(Source: Nikkei Value Serach ) (Source: NISSIN, From April 2018 to March 2019) Global Demands of Instant Noodles in Volume- by Country 69 Europe, 5.6 (Billion servings) America, Total: 103.6 bn 5.5 In Descending Order Jan. 2018- Dec. 2018 Categorized by Four Areas

Rank Country Volume Per capita Per capita Nigeria, 1.8 Others, 1.1 (bil. serving) (serving) (GDP) Russia, 1.9 China Brazil, 2.4 1 40.3 28.7 China: 9,608 H.K. H.K: 48,514 U.S.A., 4.4 2 Indonesia 12.5 47.5 3,871 EMEA 5.9 3 India 6.1 4.5 2,036 Americas 4 Japan 5.8 45.7 39,306 Malaysia, 1.4 8.6 Nepal, 1.6 Japan China 5 Vietnam 5.2 55.0 2,551 5.8 Thailand, 3.5 Inc.HK, 6 U.S.A. 4.4 13.4 62,606 40.2 7 Philippines 4.0 37.3 3,104 Korea, 3.8 8 Korea 3.8 73.9 31,346 Asia, Philippines, 4.0 9 Thailand 3.5 51.0 7,187 41.5 10 Brazil 2.4 11.4 8,968 Vietnam, 5.2 11 Russia 1.9 12.9 11,327 Japan, 5.8 Indonesia, 12.5 12 Nigeria 1.8 9.4 2,049 India, 6.1 13 Nepal 1.6 53.0 972 14 Malaysia 1.4 42.4 10,942

15 Mexico 1.2 9.5 9,807 (Source: World Instant Noodles Association in CY2018) (Jan.- Dec.) 70 Major Players by Country

Russia Germany Mainland China Mainland China U.S.A. Mareven Premium (Upright cup Nestle Tingyi type) market only Toyosuisan Others NISSIN Uni-President NISSIN NISSIN Others Uni-President ・・・ Others Others NISSIN Others 34％ Hong Mexico Kong Toyosuisan NISSIN NISSIN Others Others India Brazil Nestle Japan NISSIN ITC NISSIN M Dias Blanco C G Toyosuisan Foods Nestle Sanyo ・・・ Selmi Myojo Others NISSIN Aceook Others Thailand Others Thai President Vietnam Thai Preserved Food Acecook Ajinomoto Singapore Indonesia Masan ・・・ Myojo Indofood Philippines Asia Foods NISSIN Nestle Wing’s Food Monde Nissin ・・・ Others NISSIN ・・・ N-URC NISSIN Others NISSIN Others Others Others (Volume base, Source: Estimation by NISSIN in CY2018(Jan.-Dec.） For Sustainable Growth： Innovation and Food Safety 71

71 We centralized and strengthened the product development and food safety research capabilities of the Group to enhance our ability to be innovative in quality.

INNOVATION FOOD SAFETY

◼ NISSIN Global Innovation Center ◼ NISSIN Global Food Safety Institute ✓ Providing technical support for ✓ Ensuring the food safety essential to innovation for product development a food product company ◼ Realizing group-wide synergy with an ◼ Global center for the transmission integration of instant noodles, chilled of information about instant and frozen foods, confectioneries and noodles and quality control tower beverages, to be more innovative. of the entire instant noodle industry.

Outline of “the WAVE”, the NISSIN FOODS Group’s R&D center

◼ Operation started: March 2014 ◼ Commonly called: “the WAVE” ◼ Site area: 86,768 m2 (site owned by the Company) ◼ Total floor space: 19,708 m2 Investor Information of NISSIN FOODS HOLDINGS 72

Information Principal Shareholders ＃of Shares % of Total As of September 30, 2018 As of September 30, 2018 Held Shares (Hundred) Outstanding NISSIN FOODS HOLDINGS CO., Ando Foundation 79,043 7.59 Name LTD. Mitsubishi Corp. 78,000 7.49 Date of Establishment September 1948 ITOCHU Corp. 54,000 5.19 # of Employee 12,525 on a consolidated basis Ando International Y.K. 39,455 3.79 Authorized: 500,000,000 shares The Master Trust Bank of 38,003 3.65 Common Stock Issued: 105,700,000 Japan, Ltd. (Account in Trust) Number of shareholders: 51,441 Mizuho Bank, Ltd. 33,750 3.24 Paid-in Capital JPY 25,122 million Japan Trustee Services Bank, 29,785 2.86 Tokyo Stock Exchange Ltd. (Account in Trust) Stock Listings 1st section (Ticker Code: 2897) The Bank of Tokyo-Mitsubishi 22,735 2.18 UFJ, Ltd. Independent Auditors Deloitte Touche Tohmatsu LLC JPMorgan Chase Bank 20,432 1.96 Transfer Agent Mizuho Trust & Banking Co., Ltd. STATE STREET BANK WEST 18,091 1.74 Distribution of ownership among shareholders CLIENT - TREATY As of September 30, 2018

Financial Other Institutions Corporations 28.48 36.99

Treasury Foreign StockIndividual Corporation 1.46and others 19.06 14.01 73 73

Note: The fiscal terms on this material indicate as follows: FY2016: from April 1, 2015 to March 31, 2016 FY2017: from April 1, 2016 to March 31, 2017 FY2018: from April 1, 2017 to March 31, 2018 FY2019: from April 1, 2018 to March 31, 2019 FY2020: from April 1, 2019 to March 31, 2020

Information in this material is not intended to solicit sales or purchase of NISSIN FOODS HOLDINGS stock shares. The comments and estimates in this document are based on the company’s judgment at the time of publication and their accuracy is not guaranteed. They are subject to change without notice in the future. The company and its officers and representatives hold no responsibility for any damage or inconvenience that may be caused by any part of this material.

Contact: IR Office (Tokyo Head Office) Tel: +81-3-3205-5027 E-mail: [email protected] 20190521ver.