Creating new value as “Food and Health” professionals (TSE Section 1: 2269)

To enrich the daily lives of customers of all ages by providing them with tastiness and enjoyment as well as products that contribute to their physical and emotional well-being Fresh and Fermented Dairy Pharmaceuticals

Antibacterial Generic drugs drugs Yogurt Drinking / Gummy snacks Drugs for CNS disorders Processed Food Nutrition

Ice cream Cheese Infant Enteral Sports nutrition formula formula Consolidated Performance and Share Price in Recent Years

Net sales Operating income (%) ROE Payout ratio / DOE Share price (July 2014 – October 2017) (JPY1 bn) (JPY1 bn) 20 (%) (%) (JPY) 90 1,200 90 6 16 10,000

7,500 800 60 12 60 4 DOE 8 5,000 400 30 30 2 2,500 4 Payout ratio

0 0 0 0 0 0 3 3 3 3 3 3 3 3 3 3 3 3 E E E 7 0 1 4 7 0 1 4 7 0 1 4 7 0 / / / / 3 3 3 3 / / / / / / / / E / / / / / / / / / / / / / / 3 3 3 1 1 1 1 4 5 6 7 4 5 6 7 4 5 6 7 / / 3 / 4 5 5 5 6 6 6 7 7 7 / / / / 4 5 6 7 / 1 1 1 1 1 1 1 1 1 1 1 1 8 8 8 ' ' ' ' 1 4 1 1 1 5 1 1 1 6 1 1 1 7 ' ' ' ' ' ' ' ' 1 1 1 1 ' ' ' ' ' ' ' ' ' ' 8 ' ' ' ' 1 1 1 1 1 1 1 ' ' ' ' ' ' ' 1 '

History Major Shareholders Number of Percentage of (as of September 30, 2017) shares held total shares Meiji Sugar Co., Ltd., the origin of the Meiji Group, was established. (Thousands) issued (%) The Master Trust Bank of , Ltd. 1916 Tokyo Confectionery Co., Ltd., the forerunner of Meiji Seika, 10,165 6.65 was established. (Trust Account) Japan Trustee Services Bank, Ltd. 1917 Kyokuto Condensed Milk, the forerunner of Meiji Dairies, was 7,245 4.74 established. (Trust Account) 1946 Meiji Seika started pharmaceutical business. Mizuho Bank, Ltd. 4,617 3.02

2009 Meiji Holdings Co., Ltd. was established as a joint holding JP MORGAN CHASE BANK 380055 3,102 2.03 company providing management integration of Meiji Seika Resona Bank, Limited 3,047 1.99 and Meiji Dairies.

2011 Meiji Holdings reorganized its operating companies into Meiji The Norinchukin Bank 2,892 1.89 Co., Ltd. and Meiji Seika Pharma Co., Ltd. Meiji Holdings Trading-Partner Shareholding 2,562 1.67 2016 The Group celebrates the 100th anniversary of our founding. Association The Master Trust Bank of Japan, Ltd. 2,506 1.64 Corporate Governance (as of June 29, 2017) (Trust Account 5) Company with audit & supervisory board members Meiji Holdings Employee Shareholding 2,484 1.62 Association Directors: 10 STATE STREET BANK WEST CLIENT-TREATY 505234 2,344 1.53 Independent outside directors 3 (30%) Women 1 (10%) * In addition to the above-mentioned shares, the Company owns 7,676 thousands shares of treasury stock (a 5.0% shareholding).

●Inquiries● PR & IR Group, PR & IR Department, Meiji Holdings Co., Ltd. E-mail [email protected] Web http://www.meiji.com/global/investors/

Forward-looking information such as the business forecasts shown in this document are based on information available to Meiji Holdings at present and certain assumptions determined to be reasonable, and may greatly differ from actual performance for a variety of reasons. [November 2017] Growth Strategy and Financial Strategy Improve profitability ◆ 2026 Vision (outline) Grow both margin and total income We will combine the strengths, the Meiji Group has cultivated over the past 100 years, with the latest technology and new findings. Thus we create innovative ways to meet our customers’ needs with food and health and Operating Generate stable cash flow by grow in Japan and around the world sustainably. cash flows increasing earnings [Target] Operating income CAGR: Mid to high single-digit growth Overseas sales ratio: 20% or more Investments ROE: Maintain 10% or more Invest for future growth and higher efficiency ◆ Medium-term Business Plan “STEP UP 17” Returns to [Core policy] Accelerate growth and achieve further improvement in shareholders profitability Stable and continued increases to dividends with a target consolidated Main points of the growth strategy; (1) Strengthen priority businesses and payout ratio of 30% by considering take on the challenge of new growth, (2) improve profitability to withstand medium- to long-term business forecasts harsh economic environment, (3) pursue global expansion and (4) evolve Interest the management system. bearing debt Stabilizing the financial base to invest Domestic business for future growth

Food segment ※ Based on Meiji data Pharmaceuticals segment as of March 2017 Domestic sales (JPY1 bn) 1023.0 1043.9 1,047.1 Domestic sales 1,000 (JPY1 bn) Systemic ※ 150 antibacterial drugs Drinking milk 132.5 Yogurt 122.5 122.8 Share 23.6% [No.1] 100 Share 14% [No.1] 500 Share 43.7% [No.1] Market size: JPY242.4 bn Market size: JPY274.6 bn Market size: JPY400.5 bn Source : INTAGE Inc., SRI Copyrightⓒ2017QuintilesIMS. 50 Calculated based on JPM 2017 Mar MAT 0 Reprinted with permission 3 3 E / /

3 0 6 7 / 1 1 3 3 8 E ' ' / / 1 3 Antidepressant ' 6 7 / 1 1 8 ※ ' ' 1

' drugs Ice cream Chocolate Natural cheese ※ Share 18% [No.2] Share 9.8% [No.5] Share [No.1] Market size: JPY146.5bn 24.7% Share 11.2% [No.3] Market size: JPY493.0 bn ※ Copyrightⓒ2017QuintilesIMS. Market size: JPY380.0 bn Market size: JPY100.0 bn Calculated based on JPM 2017 Mar MAT Source : INTAGE Inc., SRI Reprinted with permission

Generic drugs Protein Gummy for sports use No.1 manufacturer Enteral formula ※ of generic drugs by volume Share 27.6% [No.1] Share 52.3% [No.1] among brand-name drug ※ Share [No.1] companies Market size: JPY45.1bn 31.4% Market size: JPY22.6 bn Source : INTAGE Inc., SRI Market size: JPY79.1 bn Source : Fuji Keizai Co., Ltd., Source: CRECON RESEARCH & CONSULTING, INC., fiscal 2016

Overseas business

Food segment Pharmaceuticals segment

Overseas sales [Main products] Overseas sales [Main products] (JPY1 bn) (JPY1 bn) 100 CHINA ・Yogurt 60 MEIACT (an antibacterial drug) 69.9 75.7 ・Chilled milk 41.9 68.0 41.9 38.7 40.6 ・Chocolate 40 32.6 50 31.6 29.8 ・Chocolate snacks ・Ice cream 20 38.3 38.1 43.0 ADANT (a treatment for reducing 0 ASIA ・Yogurt 0 arthritic pain in the joints) 3 3 E 3 3 / / ・Chilled milk E / / 3 6 7 3 / 6 7 / 1 1 8 ' ' 1 1

・ 8

Chocolate snacks ' ' 1 ' 1 ' ■ Affiliates accounted for by equity method ■ Non-consolidated companies and non-consolidated companies ■ Consolidated subsidiaries and exports ■ Consolidated subsidiaries and exports US ・Chocolate snacks [Overseas sales ratio] [Overseas sales ratio] [Production sites] ・Crackers In China, Thailand, India, 4％ 24％ Indonesia and Spain

*Overseas sales ratio is calculated based on consolidated sales as of March 31, 2017.