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 Ethical Pharmaceuticals

Antibacterial Generic drugs drugs Yogurt Drinking / milk Gummy Drugs for CNS Chocolate snacks disorders

Processed Food Biologicals Nutrition

Ice cream Cheese Blood Infant Enteral Sports nutrition Human Veterinary formula formula Vaccines Plasma Vaccines Products Consolidated Performance and Share Price in Recent Years

(JPY bn) Net sales Operating income (%) ROE Payout ratio / DOE Share price (June 2016 – September 2019) (JPY bn) 120 20 (%) (%) (JPY) 1,200 90 6 10,000 100 16

800 12 60 DOE (right) 4 7,500 80 8 5,000 400 60 30 2 2,500 4 Payout ratio (left)

0 40 0 0 0 0 '16/3 '17/3 '18/3 '19/3 '16/3 '17/3 '18/3 '19/3 '16/3 '17/3 '18/3 '19/3 '16/6 '16/9 '17/3 '17/6 '17/9 '18/3 '18/6 '18/9 '19/3 '19/6 '19/9 '16/3 '17/3 '18/3 '19/3 '20/3E '20/3E '20/3E '16/12 '17/12 '18/12 '20/3E

History Major Shareholders Number of Percentage of (as of September 30, 2019) 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, 13,921 9.11 was established. (Trust Account) Japan Trustee Services Bank, Ltd. 1917 Kyokuto Condensed Milk, the forerunner of Meiji Dairies, was 8,338 5.46 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 Nippon Life Insurance Company 3,348 2.19 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. Japan Trustee Services Bank, Ltd. 2,725 1.78 2018 KM Biologics joined the Group. (July) (Trust Account 5) Meiji Holdings Trading-Partner Shareholding 2,607 1.70 Corporate Governance (as of June 27, 2019) Association Company with audit & supervisory board members Meiji Holdings Employee Shareholding 2,468 1.61 Association Directors: 10 STATE STREET BANK WEST CLIENT- 2,383 1.56 Independent outside directors 3 (30.0%) TREATY 505234 Women 1 (10.0%) * In addition to the above-mentioned shares, the Company owns 7,611 thousands shares of treasury stock (a 4.98% shareholding).

●Inquiries● PR & IR Group, PR & IR Department, Meiji Holdings Co., Ltd. [email protected] Web https://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 2019] Growth Strategy and Financial Strategy ◆ 2026 Vision We will combine the strengths, the Meiji Group has cultivated over the past Use of Cash Flows 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: Target at 20% Investments ROE: Maintain 10% or more Invest in new growth drivers and improvement ◆ Medium-term Business Plan 2020 (FYE March 2019-2021) of productivity to achieve 2026 Vision [Concept] Address strategic issues continuously and challenge for the Returns to further growth shareholders (1) Expand share and achieve high revenues in core businesses (2) Stable and continued increases to dividends with a target consolidated payout ratio of 30% Expand aggressively in overseas markets and establish growth platform by considering medium- to long-term business (3) Propose new value in health care domain (4) Continue structural forecasts reforms and resolve specific business issues in each business (5) Enhance Meiji Group management platform and promote sustainability

Domestic business

Food segment※ Based on Meiji data Pharmaceutical segment as of March 2019 Domestic sales (JPY bn) Domestic sales 1,036.5 (JPY bn) 1,030.1 1,009.4 1,000 200 Systemic Drinking milk 176.0 Yogurt 157.7 antibacterial drugs 129.1 Share 22.3% [No.1] 500 Share 43.0% [No.1] 100 Share 16.8% [No.1] Market size: JPY241.9 bn Market size: JPY373.6 bn Source : INTAGE Inc., SRI Market size: JPY211.5 bn Source : INTAGE Inc., SRI Copyrightⓒ2019IQVIA. *Definition of Meiji 0 Calculated based on JPM 2019 Mar MAT 0 Reprinted with permission '18/3 '19/3 '18/3 '19/3 '20/3E Ice cream ※ '20/3E Chocolate Antidepressant + atypical Natural cheese ※ antipsychotic drug Share [No.6] Share [No.1] 9.1% 24.3% Market size: JPY505.0 bn Market size: JPY537.0 bn Share 7.4% [No.5] Share 11.3% [No.4] Source : INTAGE Inc., SRI Market size: JPY132.6 bn Market size: JPY286.0bn : ALL NIPPON KASHI ASSOCIATION Copyrightⓒ2019IQVIA. *Definition of Meiji Calculated based on JPM 2019 Mar MAT Reprinted with permission

Protein Generic drugs ※ Gummy Enteral formula ※ for sports use No.2 manufacturer Share 28.1% [No.1] Share 31.0% [No.2] Share 50.9% [No.1] of generic drugs by volume Market size: JPY67.4 bn Market size: JPY26.6 bn among brand-name drug Source : INTAGE Inc., SRI Market size: JPY101.3 bn : ALL NIPPON KASHI ASSOCIATION Source : Fuji Keizai Co., Ltd. companies

Overseas business

Food segment Pharmaceutical segment

Overseas sales [Main products] Overseas sales [Main products] (JPY bn) (Consolidated subsidiaries (JPY bn) (Consolidated subsidiaries and exports) and exports) MEIACT 60 CHINA ・Yogurt 60 53.4 ・Chilled milk (an antibacterial drug) 47.1 41.0 44.5 43.4 ・Chocolate 39.439.4 41.0 40 ・Chocolate snacks 40 ・Ice cream ADANT 20 20 ASIA ・Chocolate snacks (a treatment for reducing arthritic pain in the joints) 0 0 '18/3 '19/3 '20/3E '18/3 '19/3 '20/3E US ・Chocolate snacks [Overseas sales ratio] ・Crackers [Overseas sales ratio] [Production sites] In China, Thailand, India, 4.5％ 20.6％ Indonesia and Spain

*Overseas sales ratio is calculated based on consolidated sales as of March 31, 2019.