Concept Zensho Group Corporate Profile

Zensho Holdings Co., Ltd. JR Shinagawa East Bldg., 2-18-1 Konan, Minato-ku, Tokyo, 108-0075 Japan Tel: +81-3-6833-1600 Website: https://www.zensho.co.jp/en/

20200731-FL Providing the world with safe, delicious food at affordable prices

As the top food service enterprise in Japan, Zensho processes including ingredient procurement, plays a vital role in the nation’s food provision infra- manufacturing and logistics. To conduct this with structure. Both in Japan and overseas, Zensho serves a complete accountability, Zensho has created a unique diverse range of great-tasting meals at its restaurants in source-to-customer business model and promotes it for the gyudon (beef-rice bowl), family dining and fast continuous innovation in every process from design food categories. Fully committed to providing safe and planning to operation. Zensho’s mission is to provide delicious food, Zensho conducts meticulous food man- safe, delicious food to as many people as possible, agement not only in restaurants but also in all other throughout the world. Aiming to be the world’s top 4th Stage food company April 2014 to present Striving to make new dramatic progress to become the leader of the global food industry, while focusing Founded in 1982, over the last 38 years Zensho has at the top position among food service companies in on four priority areas for the 4th stage, namely, domes- tic food services, overseas food services, retail and grown into a corporate group with 9,824 restaurants Japan. Becoming the largest food service company in nursing care. Zensho achieved a consolidated 9,824 630.4 and other retail locations. Annual sales have reached Japan was a milestone in Zensho’s quest to realize its retail locations and 630.4 billion yen in consolidated net Billion sales in the fiscal year ending March 31, 2020. 630.4 billion yen. After being listed on the Second Sec- corporate mission, which is to help eradicate global 607.6 tion of the Tokyo Stock Exchange in 1999, Zensho’s hunger and poverty, and this dominant position serves sales grew by a factor of approximately 36 over the 20 as a foundation for further growth. Our real work has 579.1 years since 2000. Zensho has firmly established itself just begun. 3rd Stage From June 2006 544.0 9,824 Opened 2,200 directly managed retail locations, with 525.7 82% of the investment coming from operating cash 9,509 511.8 flow. As of March 31, 2014, the consolidated group had 4,792 stores and annual sales of 468.3 billion yen.

468.3 2nd Stage From September 1999 417.5

Achieved sales of 149.2 billion yen for the year ended 402.9 March 31, 2006, through acquisition of 14 companies including Coco’s Japan in July 2000. 370.7

1st Stage 334.1 Establishment 310.1 ZENSHO SUMMARY (as of March 31, 2020) Ever since its founding, Zensho has developed Suki- 282.4 5,065 ya restaurants across Japan and laid the foundation 4,881 4,792 4,812 for its mass-merchandising system (MMD). The in- 4,730 4,629 itial annual sales of 90 million yen grew by a factor Consolidated sales of about 200 to 17.4 billion yen by the year ended 4,314 March 31, 2000. 4,144 3,934 630.4 billion yen 204.5 3,648

3,120 Consolidated operating profit 2,861 149.2

20.9 billion yen 125.3 112.1 1,900

1,499 Number of retail locations 1,306 74.2

60.1 Number of 1,152 9,824 retail locations 34.6 261 2 194 222 704 15.2 17.4 Consolidated 0.09 13.5 620 sales Newly opened retail locations (billion yen) 1983 1998 19992000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142015 2016 2017 2018 2019 2020

(from April 1, 2019 – March 31, 2020) 419 1st Stage 2nd Stage 3rd Stage 4th Stage Establishment From Sep 1999 From Jun 2006 Apr 2014 to present 03 *Figures as of March 31 of the relevant fiscal year 04 “Our goal is to become the world’s

Achieving No. 1 in sales in which has grown by 900 billion yen over the last No. 1 company in the food industry Japan is just the beginning 18 years. Meanwhile, there has been a decline in traditional establishments such as ryokan inns and On March 31, 2020, the Zensho Group posted net izakaya pubs. Major restructuring is occurring in the a position from which we can sales of 630.4 billion yen and had 9,824 retail loca- industry. Many people have asked about the reason tions worldwide. While being the No. 1 food service behind Zensho’s remarkable growth. Let me answer company in Japan by sales, Zensho also ranks among that question without equivocation. Our growth is help eradicate hunger and the top-ten food service companies in the world. due to our unwavering founding vision to eradicate We are proud of these achievements, but our ultimate hunger and poverty from the world, which has poverty from the world.” goal will require more efforts. Although Zensho leads enabled us to attract various talented employees that the food service industry in Japan, it accounts for just truly share this vision and work with passion to 2% of total sales in the 26 trillion yen food market. materialize this every day. Zensho’s corporate mission to eradicate hunger the mission that has brought the Zensho Looking at other industries, top companies in the The world’s hungry are said to number 821 million, and poverty from the world may appear like a Group together to become the largest food automotive sector control about 30% or 40% of their approximately 1 in 9 people. However, this is not due markets. It is clear that the industrialization of Japan’s to an overall lack of food. The world produces lofty goal for a company that operates popular service company in Japan. Our next step is to food service sector is still far behind that of other sectors. enough food to sustain the global population of 7.7 restaurants serving delicious food. Yet this is become the top food company in the world. We would first like to change this structure and become billion. Unfortunately too much food ends up in the top food service company in the world, just as developed countries where it sells for higher prices. Japanese carmakers have risen to the top in their global This kind of uneven distribution is the biggest factor market. We believe this is exactly the step we need to in food insecurity and hunger in developing take to move closer to fulfilling our founding vision, countries. In order to eradicate hunger and poverty “to eradicate hunger and poverty from the world.” from the world, we need to eliminate food waste and While our sales have increased by a factor of 36 inefficiency. That is why Zensho was founded—to over the past twenty years, we still need more create a sustainable mechanism that will prevent food growth to realize our mission. With our JASDAQ shortages in all circumstances. listing in 1997, our creditworthiness increased, Most companies have some sort of management thereby supporting our rapid growth. The Zensho philosophy or mission, but frankly, they do not mean Group then expanded through acquisition of a variety much unless the founder believes in them. Everyone of businesses. Although many people see Zensho as a at Zensho truly believes that we can help eradicate group that grew through M&A, the driving force hunger and poverty from the world and in so doing, Kentaro Ogawa behind our growth has been more through the launch a new era in human history. It is due to our opening of new retail locations. Reflecting on people’s earnest efforts to achieve this ultimate goal Chairman of the Board and CEO Zensho’s investments since 2007, while M&A that we have been able to achieve such dramatic accounted for just over 10% of its investment, the growth, more than 36-fold, in just 20 years. opening of directly managed company outlets As we strive to achieve our goal, our employees accounted for the remaining almost 90%. grow stronger in the process of overcoming Opening new retail locations is similar to planting individual challenges. Even though we have seeds one by one by hand in a rice paddy. Thorough reached a large size, we have remained capable of investigation must be carried out for each new carrying out dynamic organizational changes with restaurant before it can be opened. In the 3rd stage, flexibility at each new stage of our development. which began in June 2006, a total of 2,200 directly Through this process, the organizational flexibility managed retail locations were opened. Instead of and the skills developed by individual employees using the franchise system to open new locations, have become great assets for our enterprise. That is Zensho believes in the direct management of its why we believe we can become the top food establishments. We believe this is the best way to company in the world. fulfill our responsibilities to customers for safety, The Zensho Group has created its own mass- reliability and quality of the food we serve. merchandising system (MMD) to perform management of everything from raw material procurement to processing, logistics and sales. The Management philosophy MMD system forms the foundation of our inspires our efforts management, and it has integrated our mission into actual daily operations. For instance, we strive to Although Japan’s food service market is said completely eliminate food waste and inefficiency to be shrinking, our main focus is fast food, and to provide customers with safe and reliable

05 06 every day for contaminants such as pesticide founding, the initial annual sales of 90 million yen residues, heavy metals and radiation. laid the foundation for Zensho’s MMD system, As an initiative with an even longer-term perspective, while expanding Sukiya across Japan. By the year Proportion of total population we directly operate a ranch called Zenshoen in Taiki- ending March 31, 2000, the company had grown by undernourished town in Hokkaido Prefecture. As a pilot farm of the a factor of about 200, achieving sales of 17.4 billion （2016-2018） Zensho Group, it conducts research on the best ways yen. Very low (2.5% or less) to feed and raise cattle as well as on vegetable and rice In the 2nd stage, which began in September 1999, Low (2.5% to 4.9%) varieties to best match them to growing locations and Zensho acquired 14 companies including Coco’s Moderately low (5% to 14.9%) improve quality. Japan in July 2000, and sales reached 149.2 billion yen

Moderately high (15% to 24.9%) In order to help producers in developing countries, by March 31, 2006.

High (25% to 34.9%) Zensho was early to adopt fair trade products. This In the 3rd stage, launched in June 2006, Zensho

Very high (35% or more) involves ongoing direct purchases from producers in opened 2,200 directly managed retail locations, and developing countries at reasonable prices. The aim 82% of the investment came from operating cash No data / insufficient data is to improve the livelihoods of disadvantaged flow. Sales reached 468.3 billion yen by March 31, Source: World Food farmers and laborers in these countries. Zensho 2014. Programme (WFP) www.wfp.org buys fair trade agricultural products such as coffee In the 4th stage, which started in April 2014, by beans at fair prices that include a social premium focusing on the four priority areas of domestic food surcharge, or what we call social development services, overseas food services, retail and nursing care, food at even more affordable prices. In order to Of course, our employees will need skills that are funds. The premium goes toward improving the Zensho has been aiming to make dramatic new achieve these goals, we decided that we had to different from those they have used in the past. We living conditions for people in the production area. progress and become the top company in the global design and create mechanisms to handle all the require even more human resources that can think The social development funds are used to support food industry. processes from ingredient procurement to food for themselves and take responsibility for their own health programs for mothers and young children in When a company grows and enters a new phase, sales, and to do the hard work of carrying out these decisions. We will also have to change from the Tanzania and for construction of drinking water issues which have been overlooked often come to operations ourselves. traditional top-down management style to one that infrastructure and a home economics classroom in light. At the Zensho Group, we are determined to This system has achieved great results in Japan, is more like a soccer team, where each member has primary schools in Rwanda. tackle issues like this head on, as we take the next step and our goal now is to take it worldwide. A global personal vision and imagination and is able to think Eventually, Zensho plans to set up its MMD toward providing all of our employees with a level of presence will bring us much closer to realizing our and take action independently. system in these developing countries and create a work and life satisfaction they can’t find anywhere vision of eradicating hunger and poverty from the Once employees are used to thinking and acting food infrastructure that can provide safe food for else. In fact, this is one of the keys to providing value world. We realize that we have a long way to go. independently, they can develop management skills everyone. Although there are challenges involved in to our shareholders and trading partners, and I am that work in any business area. By cultivating a big establishing agricultural and livestock businesses in confident that we will continue to do that. team of these human resources, we can ensure that developing countries, such as securing water Taking on the global market the company never wavers in its mission of resources, a solution can always be found by of 7.7 billion people eradicating hunger and poverty from the world. I thinking carefully and through diligent work. The believe that, with a group of spirited employees who most realistic approach is to develop crops that are As of March 31, 2020, Zensho has 577 Sukiya really believe in our mission, we can replicate ideally suited to each individual climate and to gyudon restaurant locations outside Japan, and the dedicated teams around the world who can, in turn, organize worldwide production accordingly, while company is accelerating its strategy to open more. set up the Zensho MMD system in 200 countries applying the best practices for agricultural and By expanding out of the Japanese market of 120 and regions worldwide. Ambitious goals like these livestock farming. If this kind of food infrastructure million people, Zensho is beginning full-scale make Zensho thrive. can be built around the world, it would create more development of a market that is about 60 times employment in many countries, and workers lives larger—the global market of 7.7 billion people. would be enriched through the added value of their By establishing our MMD system in 200 countries Starting with a labor. This initiative is part of our effort to and regions worldwide, we want to provide people rewarding purpose realize our vision of eradicating hunger and everywhere with safe, convenient, delicious food. poverty worldwide. With a strong global presence, we will be better In order to provide safe, reliable food, utmost care positioned to contribute to humanity by helping must be taken to ensure total purity from eradicate hunger and poverty. contaminants such as BSE, hazardous chemicals or 4th stage priority areas: The more the company expands globally, the more radioactive materials. Food safety management is domestic / overseas food its spirit and culture, as well as the character of its the highest priority for the Zensho Group. In 2005, services, retail and employees, are tested. Japan has grown rapidly by we established a Food Safety Pursuing Unit learning from Western technology and thinking. In (currently Group Food Safety Assurance Division) nursing care the 21st century, however, I believe we will have to followed by a Central Research Center in 2006 to create and export uniquely Japanese products and perform our own food inspection and analysis. In April 2014, Zensho entered the 4th stage, services, as well as our own work methods, division- Through the introduction of the industry’s most positioning it as a new period of growth. of-labor mechanisms and organizational forms. advanced analysis equipment, the center checks In the 1st stage, which began with the company’s

07 08 Expanding Zensho’s MMD System Worldwide

Zensho’s mass merchandising system (MMD) allows ents for the entire group, Zensho is able to eliminate the company to fulfill its mission to “provide safe, deli- intermediate steps, in turn offering customers delicious cious food to people around the world at affordable food at reasonable prices. !e MMD system forms the prices.” Zensho plans, designs and operates the MMD foundation of Zensho’s business, and it is the driving system to integrate everything from procurement of force behind the company’s breakthrough successes. Retail raw ingredients to manufacturing, processing, logis- Zensho is now expanding its MMD system beyond Nursing Care tics and retail sales. !e MMD system enables Zensho Japan with its sights set on the entire world, seeking to procure safe, high-quality raw ingredients at stable to provide an essential food infrastructure for all hu- and appropriate prices. By centrally procuring ingredi- manity.

Ingredients from Procurement Manufacturing Logistics around the world Zensho Tradings Co., Ltd. GFF Co., Ltd. Zenshoen Co., Ltd. Nippon Agri Network Co., Ltd. Sanbishi Co., Ltd. Global Fresh Supply Co., Ltd. Mizushita Farm Inc. Zensho Rice Co., Ltd. TR Factory Co., Ltd.

Zensho has built a very stable sup- A stable supply of fresh ingredi- Safe, fresh food is sent to restau- ply system by seeking out safe, ents is prepared and processed rants, 24 hours a day, 365 days a Food Service Crops high-quality ingredients worldwide at 27 Zensho Group plants across year, from 27 distribution centers and cultivating reliable procure- Japan. The plants practice just- across Japan. Only the amounts At the final stage of the MMD system, the restaurants serve safe, delicious meals ment channels. Zensho also sends in-time production based on needed are delivered to restau- to customers. Zensho creates the design for each chain by itself, selecting all the staff to visit actual production production plans and daily sales rants at optimal temperatures. This details such as interior and exterior decoration, tableware such as gyudon bowls, sites to check things in person to forecasts. This avoids surplus in- ensures thorough control of quality as well as fixtures and fittings. The Zensho Group spares no effort to provide cus- ensure full traceability. The com- ventory and ensures that custom- and freshness. tomers with sincere service and an enjoyable dining experience. pany’s efforts also include offering ers can always enjoy the freshest technical cooperation and making food. capital investments.

Seafood Livestock Restaurants （Japan / Overseas）

Techno Support Co., Ltd. Zensho Best Crew Co., Ltd. Retail location design and Personnel support Support construction management Zensho Business Service Co., Ltd. companies Global IT Service Co., Ltd. Human resources development and support IT services Zensho CooCa Co., Ltd. Global Table Supply Co., Ltd. Point program management Fixtures and fittings Kagayaki Nursery Facilities Co., Ltd. Management of company childcare facilities Tolona Japan Co., Ltd. ILA M N fe Sales of food a O Zensho Insurance Service Co., Ltd. C Non-life insurance agency services

09 10 Visit the website for Zensho’s Food Safety Initiatives more information Food Safety Zensho Search

Zensho’s Strict Safety Standards Japan Group Food Safety Assurance Division

Zensho regards food safety as its highest priority. It the center performs rigorous safety testing. It con- set up a Food Safety Pursuing Unit (now the Group firms that the farms and production factories meet Food Safety Assurance Division) in 2005, followed Zensho Group’s own food safety standards. Its staff by a Central Research Center in 2006. !e center is travel to the site to carry out inspections in person. equipped with state-of-the-art analysis devices like !ey perform independent food safety tests for ag- no other in Japan’s food service industry. The rochemical residues and other potential hazards and Central Research Center performs a range of analyze soil and water quality to ensure high safety inspections and analyses, including checks for standards are met. residual agrochemicals in agricultural, livestock and Further, when domestically produced agricultural fishery products, veterinary drugs, hazardous or marine products are used in Zensho Group’s out- substances such as heavy metals, genetically modi- lets, we carry out on-going tests for radioactive resi- fied crops and radioactive materials. When we newly due to ensure that they meet our own stringent safe- Scientific Management procure ingredients, whether from Japan or overseas, ty standards. of Food Safety Zensho Safe-feed Cattle Program World

There are various ongoing threats to food safety have not been given any feed that might cause BSE worldwide, such as incidents of “mad cow disease” infection. These healthy cattle are then certified as (bovine spongiform encephalopathy, or BSE), residual SFC. !e program is based on Zensho’s ability to as- agrochemicals and radioactive contamination. certain the history of livestock destined for Zensho at Zensho ensures the safety of its food using strict stan- a supplier’s ranch or processing plant. !is history in- dards so that customers can always enjoy delicious cludes each steer’s life history from its birthplace till food with peace of mind. its shipment. Under the company’s SFC program, One example of Zensho’s safety commitment in- Zensho employees inspect production sites in person volves U.S. beef. In order to procure BSE-free beef, to perform certification. !ey carefully check for legal Zensho has introduced its own beef management compliance at farms and processing plants including program called Zensho Safe-feed Cattle (SFC). !is inspection systems to ensure the removal of specific program involves documenting the dates and loca- risk material. Only beef checked for safety reaches tions of cattle births and ensuring that the animals our Zensho kitchens.

Zensho’s Own Food Safety Control Program

Breeding Farm Fattening Farm Processing Plant Transportation Zensho Plant

✓ Documentation of ✓ Reception of calves ✓ Confirmation of age in months ✓ Transportation ✓ Hygiene control and growing conditions and Birth record / safety feed certificate ✓ Check that the health of cattle temperature temperature control feed ✓ Ear tag is maintained ✓ Inspection for ✓ Calf production record ✓ Grain-heavy formula ✓ Removal of specified-risk harmful bacteria Cattle feed mill / ingredients of feed materials mix / history of feed given / inspection HACCP-based hygiene and (inspect whether the feed contains ✓ cattle protein, such as meat-and-bone temperature control meal) ✓ Inspection for harmful bacteria

11 Visit the website for more information Fair Trade Zensho Search Zensho’s Global Expansion To cater to Malaysia’s majority Muslim population, we serve halal-certified food, adhering to Islamic Thailand law and food preparation. In order to provide the world’s first and only halal-certified gyudon In China, Zensho operates 400 Sukiya restau- Rwanda beef-rice bowl , Sukiya Malaysia devised ways to rants. After starting in Shanghai, Sukiya began ( ) process its beef and procure seasonings such as a full-scale expansion in China in 2012 with new soy sauce that meet the certification criteria. We locations opening in Tianjin, Beijing and oth- received halal certification in November 2014. er cities. Zensho has positioned China as the launch pad for its worldwide expansion. Natu- rally, Zensho ensures that food safety, reliability, deli- Tanzania cious taste, speed and service levels In Tanzania, where Zensho began purchasing fair in China are just Countries where as high as those trade coffee in February 2009, social development funds* are used to train village health workers for a Zensho promotes in Japan. fair trade In Rwanda, where Zensho began purchasing fair Thailand and Japan have long shared certain program designed to improve the health of mothers trade coffee in April 2011, social development funds cultural similarities. In May 2011, the first Suki- and children. The workers give advice to expecting Kenya were used to build a communal water supply fa- Uganda ya restaurant in Thailand was opened in a large mothers to help them protect their own health and cility. This has freed the children from the task of Rwanda shopping center in suburban Bangkok. Thai peo- that of their babies. fetching water, which used to take them an hour or Burundi ple love Sukiya’s gyudon for its tender beef and more each day. The company also set up a home Tanzania delicious rice. Sukiya Thailand also has a strong economics classroom (in May 2017) and classroom Malawi reputation for speed and quality. libraries (July 2019) at the elementary school in the Malaysia Democratic Republic of the Congo district where the coffee producers are located. China India Nepal Sri Lanka Nepal East Timor Mexico Cuba U.S. Costa Rica Nicaragua Brazil Ecuador Peru Bolivia

In 2018, Advanced Fresh Sukiya has 28 restaurants in Concepts Corp. (AFC) In the wake of emergency recovery aid following the country, mainly located in joined the Zensho Group. AFC Bolivia the massive earthquake in 2015, Zensho launched Brazil’s largest city, São Paulo. operates 4,402 to-go sushi bars a fair trade deal for tea in Nepal, which faces large Zensho began purchasing coffee from indigenous Sukiya is a popular choice not just in supermarkets and other retail estab- numbers of people leaving the country as migrant coffee producers in Bolivia in July 2019. Social with the community of Japanese Bra- lishments in the U.S., Canada, and Australia. workers and other social issues. The Group in- development funds are used to install ovens with zilians, who number more than one million, but troduced a scholarship program in mountainous chimneys in houses scattered across the steep also among all the locals. Zensho aims to open areas where many children end up leaving school mountain faces of the Andes, reducing household restaurants that welcome every customer to for financial reasons. Over three years, this pro- work and damage caused by soot and smoke. come in and enjoy the Japanese cuisine. gram has awarded scholarships to a total of 351 This initiative also strengthens ties between cof- students. fee-producing areas. A Popular Japanese Comfort Food Fair Trade for Global Sustainable with Global Ambitions Development Zensho expands around the world Zensho practices fair trade

!e Zensho Group has been expanding the Sukiya Canada, and Australia, also joined the Zensho !e Zensho Group serves imported fair trade coffee stable production brings revenue and technology to gyudon chain globally. As of March 31, 2020, there Group. and tea at its restaurants and sells them at retail loca- producers, helping to make them economically inde- are a total of 577 Sukiya locations in China, Brazil, With new Sukiya locations overseas and the addi- tions. While fair trade products tend to have a higher pendent. Through these long-term supply relation- Thailand, Malaysia, Mexico, Taiwan, Indonesia, tion of AFC to the Group, Zensho is expanding final selling price, they are still chosen by consumers ships, Zensho also secures a stable supply of good Vietnam, and Hong Kong. The gyudon (beef-rice globally its MMD system, a mechanism being per- for their social contribution value. Zensho’s commit- quality raw materials, which it can offer to customers bowl), a favorite that the Japanese people love, has fected through day-to-day operations all over the ment to fair trade is not just about providing “aid,” at reasonable prices. !is is truly a business model of moved beyond Japan and is fast becoming a favor- world. !is creates a safe, efficient food infrastruc- but rather about developing a long-term relationship mutually beneficial long-term development. ite of people around the world. ture in the local areas concerned. Zensho’s aspira- with producers for the purpose of mutual growth and While expanding the number and diversifying In 2018, Advanced Fresh Concepts Corp. (AFC), tion is to help eradicate hunger and poverty around development. Zensho employees regularly travel to country sourcing of its fair trade items, Zensho will which operates 4,402 to-go sushi bars in the U.S., the world through a truly global MMD system. the production regions to meet directly with the also focus on human resources development in the grower groups. They check the growth of the crops countries and regions concerned, so that producers Note: All location numbers are current as of March 31, 2020. and provide technical guidance when needed on cul- can use their revenues to invest in and manage things tivation and production. Quality improvement and that the country or region needs.

*Social development funds: a portion of procurement price allotted for investment in projects for local communities to improve their living conditions 13 14 Family Dining Family Coco’s Family dining restaurants

Originating in the U.S., Coco’s restaurants are found across Japan, mainly in the Kanto and Kansai regions. It offers popular items such as Chopped Beef Steak, and Chopped Steak Foil Pack. There is also a “Premium Drink Bar” with an extensive selec- tion, and customers can count on friendly service provided with a smile. Locations:583 (including 504 directly managed locations) Restaurants, El Torito Stores and Delicious Foods Mexican cuisine restaurants Zensho made sure that El Torito offers authen- tic Mexican cuisine that also appeals to Japanese Offering the pleasure of choice to even more customers tastes. The specialty is fajitas with freshly grilled tor- tillas, as well as frozen margaritas, the most popular cocktail. This is the place to enjoy an extraordinary Starting with Sukiya, Japan’s leading chain of gyudon (beef-rice bowl) restau- food experience in a restaurant filled with the atmos- rants by number of locations, Zensho offers a great selection of dining options, phere of sunny Mexico. including family dining restaurants specializing in chopped steaks, pasta, Jap- Locations:4 anese cuisine and yakiniku barbecue, as well as fast food outlets such as coffee shops, udon and ramen noodle shops and sushi restaurants. Always prioritizing food safety, the Zensho Group’s network of dining establishments continues to expand both in and outside of Japan. Big Boy Steaks and hamburger steaks

Big Boy restaurants focus on grilled dishes like chopped steaks and steaks. The popular Big Boy Tender Chopped Steak is individually formed and grilled in-restaurant to be thick, juicy, and deli- cious. The Big Boy Otawara Chopped Steak is made from 100% minced beef and grilled on a spe- cial tabletop stove.

Locations:262 Gyudon

Sukiya Victoria Station Japan’s leading gyudon chain Steaks and hamburger steaks

Sukiya is Japan’s leading gyudon chain by number of Victoria Station, a restaurant chain whose strong- locations. Sukiya offers delicious gyudon (beef-rice est presence is in Hokkaido, offers a menu of bowl) dishes at affordable prices with great service. steaks, chopped steaks, and other grilled items. Customers can choose between casual counter The Victoria Otawara Chopped Steak is made of seating or tables for families and small groups. Su- 100% minced beef and grilled on a special tabletop kiya restaurants are open all day and operate year- stove. In addition to the safe, delicious meat dishes, round, every day, serving gyudon to order. Sukiya the popular salad bar offers an abundance of fresh will continue to open new restaurants to provide de- Locations:1,934 vegetables. licious food to even more people. (As of March 31, 2020; the date also applies for all data on restaurants listed hereafter ) Locations:39

Nakau Jolly Pasta Purely Japanese-style fast food chain Italian cuisine

The affordable Nakau chain of restaurants satisfies Jolly Pasta offers 40 kinds of authentic spaghetti customers with delicious rice bowl dishes and Kyo- dishes, and the pasta is cooked especially for each to-style udon dishes. The classic oyako rice bowl order. There are a wide variety of pastas at afforda- is made by hand in each restaurant using Nakau’s ble prices. Using original dried noodles made of a own broth and carefully selected eggs, with just the blend of several kinds of flour, Jolly Pasta serves right touch of seasoning. It is a dish that rivals those authentic pasta at its best. Fair trade coffee is also of specialty restaurants. It is especially delicious available at the drink bar. The popular take-out ser- with a bowl of Nakau’s exquisite udon noodles in a vice also allows customers to enjoy great ready-to- Kansai-style broth. Locations:464 eat pasta taste in their own homes. (including 454 directly managed locations) Locations:258 15 16 Family Dining Family Hanaya Yohei/Washoku Yohei Denmaru Service Food Fast Japanese cuisine Ramen restaurants

Hanaya Yohei is a Japanese-style restaurant chain Denmaru is a chain of Hokkaido-style ramen noodle located in Tokyo and four other prefectures, serving restaurants in the Kanto region. The restaurant’s pop- tasty Japanese dishes such as authentic Edo-style ularity derives from its distinct and delicious soup, sushi, shabu-shabu hotpot, tempura, soba noodles made from chicken stock and using several types of and other tasty Japanese dishes made with seasonal miso with vegetables and spices. In addition to the ingredients. The restaurant also features a party menu. safety and reliability of the ingredients, customers love Washoku Yohei offers a wide variety of Japanese com- the option of getting an extra portion of ramen noodles. bo and shabu-shabu meals served in a casual setting A variety of side menus including fried rice and gyoza where all customers are warmly welcomed, whether Hanaya Yohei:84 dumplings are also available. The restaurants feature they come alone or in a large family group. Washoku Yohei:13 booth seating, ideal for families with young children. Locations:57

Gyuan Kyubeiya Shabu-shabu, yakiniku and sukiyaki Udon, tempura and shabu-shabu

A restaurant chain specializing in meat dishes where This chain of specialty udon shops makes noodles customers can enjoy shabu-shabu hotpot, yakiniku in-house from a unique blend of flour and serves and sukiyaki made from choice beef and seasonal them in a slowly simmered broth flavored with care- ingredients, Gyuan serves beef specially selected fully selected kombu kelp and four kinds of fish. It for its flavor at a reasonable price. The party course also serves tempura, prepared fresh for every order. features an all-you-can-eat menu of your favorite Based on the concept of a “menu based on safe, re- dishes. Enjoy the variety of delicious flavors. liable ingredients with a taste that only Kyubeiya can create,” this chain serves udon with an emphasis on good ingredients. Locations:22 Locations:50

Ichiban Seto Udon Yakiniku restaurants Sanuki-style udon

Jukusei Yakiniku Ichiban is a restaurant that prides This Sanuki-style udon restaurant is popular for its itself on its aged beef and pot-cooked rice. The freshly prepared udon noodles that are crafted in the all-you-can-eat course also includes an extensive style developed in Sanuki, using good quality flour. dessert bar. Yakiniku Club Ichiban is the perfect Customers can select toppings such as crisp just- place for families and groups to enjoy yakiniku, fried tempura or a half-boiled egg to create their own Japanese-style barbecue, casually. While keeping personal styles. The affordable prices and quick prices reasonable, Ichiban is proud to offer quality service make Seto Udon great for a casual bite to meat that rivals those of an exclusive restaurant. eat, any time. Jukusei Yakiniku Ichiban: 31 Locations: Yakiniku Club Ichiban:10 14

Takarajima Tamon’an Yakiniku restaurants Self-service Sanuki-style udon

Takarajima is perfect for families and groups of Tamon’an is a self-service udon noodle chain that friends who want to enjoy delicious yakiniku at a is expanding mainly in the food courts of shop- reasonable price. There are a wide variety of combo ping centers. The restaurant uses ingredients such meals, an affordable all-you-can-eat course and a as natural salt containing bittern and a flour blend wealth of a la carte menu options. This restaurant made from high-quality wheat processed using its chain appeals to a diverse range of customers for its own milling method. Tamon’an serves authentic Sa- food safety and reliability, as well as value, portion nuki-style udon with an emphasis on glistening noo- size and delicious taste. dles that retain a firm, smooth texture. Locations:6 Locations:34 Fast Food Service Food Fast Hamazushi Moriva Coffee 100-yen sushi chain Fair-trade café

The motto of the 100-yen sushi chain Hamazushi is Moriva Coffee sends representatives to coffee-pro- “Serving safe and delicious sushi at an affordable ducing regions to meet with growers face-to-face price.” Using only high-quality ingredients that have and purchase fair trade coffee. We check the safety passed strict safety standards, it offers great value and quality of the coffee in person on-site to deliv- with sushi at 100 yen per plate, or only 90 yen on er the great taste of carefully cultivated coffee from weekdays. There are also 150-yen plates for spe- these regions. Moriva Coffee serves freshly brewed cial items (all prices exclude tax). By leveraging the coffee and handmade sandwiches in an environ- Zensho Group’s economies of scale, Hamazushi has ment evoking the tranquility of beech forests. been aggressively opening new locations with the goal of becoming Japan’s largest sushi chain of this Locations:514 Locations:14 type. 17 18 20 - - - - - IT Initiatives Establishing Foundations nsuringthe preservation of eel as part of Japan’s o orderonlinepayandseated,o aresoontheyasas s more comfortable than ever for our customers. Kagayaki Nursery Creating Employee-Friendly Workplaces childcare on-site first its opened Group Zensho The facility, Kagayaki Nursery Tsukuba, currently in operates 2015 six and Kagayaki Nursery for facilities employees working at Groupand offices. retail These locations facilities affordable provide prices childcare so that at employees with children are able to access childcare effortlessly. At these children the over company childcare facilities, age of three years and tax-exempt households receive childcare free of charge. We also take pride in the nurseries. our at served meals delicious Sukiya Launches Mobile Sukiya Launches Mobile Service Order Sukiya has launched Mobile Order, a service that allows customers to easily place and dersusing pay their smartphones. for or Customers are able t eliminating the need to wait in line at the followingregistertheir meal. Another feature theof service is the automatic application of coupons that offer thebest price. Moving forward, Sukiya will contin usetotechnologicalue innovation improveto cus tomer convenience so that the dining experiencei their continuing education. Eel Foundation and Eel Foundation Foundation Children's Established The Zensho Group has established tions two that founda will undertake cultural and tribution social activities. The con Eel Foundation focuses on e traditional food culture into the protection by of eel resources promoting and complete researcheel farming technology. Children’s The Foundation Zensho program executes Kagayaki and a hands-on scholarshipsupportchildren programsliving in social welfare facilities in designed to - - - - - delivered gyudon - - - ice Shop, a chain of chicken rice restaurants enshoGroupcontinuewill provide to warmmeals Expanding Overseas Social Contribution Through Food ffected areas and provided relief to victims of xpertise in restaurant management, the Zensho taurants for relief efforts, and other activities. The Z Malaysian Rice Chicken Group Chain Zensho Joins Res TCRS of shares acquired Group Zensho The taurants Sdn. Bhd., which operates The R Chicken in Malaysia. The restau first 100 some in operates chain Malaysia the rice, chicken to specialize in rants that serve Halal-certified meals. Utilizing itse Group will serve safe and delicious food to diners region. Muslim this in Relief EffortsRelief in DamagedHeavily East Japan Record-breaking rain during Typhoon 2019 Hagibisleft extensive in damage in its wake. The Zen sho Group quickly restored its restaurantsa in the the disaster with hot bowls of to local residents as part of its work to protect Ja pan’s food infrastructure. to people in shelters, fundraising in Zensho res - - - ZENSHO NEWS ZENSHO New initiativesNew the Group by Zensho are and provide respite care and other services. amilies, as well as seasonal outings, hobbies and Royalhouse / Ishioka Support Senior Bringing beautiful smiles to faces With the motto of “bright, healthy days and deli Ishioka and Senior Royalhouse Sup cious meals,” port operate private nursing homes with long-term c Fun and fulfillment is provided through companion able,warm communication withresidents and their f individualshelping committed to are activities. They best.them suit that lives the live Supporting International Studies International Supporting upports a student exchange program between n theNationaln Teaching Achievement Award from New Service onvenience by expanding options for cashless gether with other projects, earned the Firsti Prize 2018. Chinesegovernmentin the Fostering Human AssetsFostering to Japan-China Lead Friendly Relations and Japan-Vietnam supports a course financially Group The Zensho thatwas created by the University of Tokyo at the Vietnam Japan University (VJU) Vietnamattached National to the University, to Hanoi, foster which young aims and talented searchers Japan-related in re Vietnam. The Group alsos financially the University of Tokyo and Nanjing University, whose studies to program, This pro-Japan. and foster pro-China both well-rounded individuals Sukiya, Nakau, and Hamazushi Launch QR Code Payment CustomersSukiya,at Nakau, Hamazushi, BigBoy, Hanaya Yohei, and other Zensho restaurants can now pay with PayPay, LINE Pay, and Merpay QR code payments. This offers cashless the payment, convenience requiring of only and a eliminates theneed smartphone, carry to wallet.a TheZen sho Group aims to continually improve customerc payment beyond accepting QR code payment. ------8 29 Locations: Locations: culture Yamaguchi / elps individuals to live happily through compan Gold Label” soy sauce, which is made using the s well as opening and operating residential fa t low prices. evel of care. Based on the belief thatseasoning soy sauce is ever the to best created, develop itsprovides Sanbishi customers with safe and brewing reliable val continues ue-added techniques. products Sanbishi “ such as traditional the method long-sellingand hasthan 55been years, soldas well foras a market. low-salt sauce more soy low-salt the pioneered product that Sanbishi Supporting Japanese food with traditional seasonings Refining cutting-edge livestock and dairy technology A directly managed ranch in Zenshoen Tokachi, Hokkaido, raises 1,300 space. cows The in ranch is a a Zenshoadopting 650-hectare cutting-edge Group technology in breeding pilot and farm, raising cattle and in-house production of grasses. pasture Zenshoen aims to continuously improve productqualitydeliver reliableandsafe to beef and customers. to products dairy Zenshoen cilities with services for the elderly. The company h ionship while providing delicious meals and a high l The utmost respect for each individual’s dignity Beginning with in-home nursing and rehabilitation visits in August 2004, NYEREG has since expand provideto ed home-care support andrespite care, a NYEREG Supporting thelifestyles local of customers Operating a total of 29 supermarkets Saitama, primarily Chiba, in and Tochigi Prefectures, Maruya focuses on fresh groceries supermarkets and provide produce. safe, These good-quality reasonable food prices at and, in line with their “developing motto stores of that are loved and local trusted communities,” by are committed to creating an and hospitableinviting atmosphere where custom home. at feel ers Maruya Very Foods Owariya Foods Very Seeking the very best flavors Very Foods Owariya is a supermarketstores with across eight Chiba Prefecture. In the order to best offer products to products at their best its season as quickly customers, as possi it ble.The Zensho Group supports delivers regional custom ers by selling safe, reliable and delicious products a ------9 31 27 Locations: Locations: Locations: beef. gyudon rovides rovides a product selection and store opera roducts at a low price,” and it is committed to igh-value-added delicatessen dishes prepared dvanced years. With awareness as senior-care nd of dependably good quality, yet eminently nd pasta along with other prepared foods and kaido. The company helps seniors to live enjoyable, stress-free and comfortable lives during their a professionals, the employees of Kagayaki provide aim to peace of mind, comfort, respect and kindness, dignity to their clients. love, Kagayaki Supporting comfortable senior living Kagayakioperates private nursing homes andoth er seniors’ housing with services, mainly in Hok mainly in Gunma Prefecture, and a operates to Gunma in Prefecture, mainly It stores. Marche and Avance Mart, Fuji 27 of tal p tions that match local characteristicsdividual and the in needs of customers alongh with original, kitchens. own its in Fresh Corporation Fresh Delivering convenience with an extensive product range Established in steadily 1978, expanded locally-based Fresh supermarkets, Corporation has of fresh vegetables and seasonal fishcally. The caught company’s lo motto is, “We provide fresh p operating stores that are closely connected to the community and much loved over the years. Maruei Providing fresh products at affordable prices This supermarket has expandedIchihara, Chiba mainlyPrefecture. It aroundoffers a wide range in train station buildings, supermarkets, shopping centers and discount stores. The fruit and vegeta bles purchased by customers every day area safe affordable. United Veggies United Fruit andvegetable stores offering safety and reliability United Veggies operates greengrocer shops and from the floristKanto to the Sanyo region. These convenient fruit and vegetable stores are located Tolona Japan Tolona Distribution pizzas of and other food products a frozen desserts madeingredients. from The carefully company from Zensho selected Group also plants, such sells as ready-to- Sukiya-brand serve products As As a Ja Zensho Group Tolona sales company, pan sells wheat-based products such as pizza 19 Others History Company Profile

Jun 1982 Zensho Co., Ltd. incorporated. Head Office and Yokohama Oct 2011 Company name changed from Zensho Co., Ltd. to Zensho Zensho Holdings Co., Ltd. Plant established in Tsurumi-ku, Yokohama City, Kanagawa Holdings Co., Ltd. with shift from holding-operating Head Office: Minato-ku, Tokyo Established: June 1982 Prefecture. company to holding company on October 1, 2011. Stock Listing: Listed on the First Section of the Tokyo Stock Exchange Jul 1982 Namamugi location opened in Tsurumi-ku, Yokohama City, Zensho Food de Mexico, S.A. de C.V. established. Capital: ¥26,996 million Kanagawa Prefecture, as the first Lunchbox shop (a shop Dec 2011 GFF Co., Ltd. established to enhance central kitchen Number of Employees (consolidated, as of March 31, 2020): selling take-out boxed meals). functions. Full time: 14,402 Part time: 50,148 Tel: +81-3-6833-1600 Website: https://www.zensho.co.jp/en/ Nov 1982 Namamugi Ekimae location opened as the first Sukiya “inside Mar 2012 Zensho Foods Malaysia Sdn. Bhd. established. of a building” restaurant. Apr 2012 Zensho Business Service Co., Ltd. established to promote Aug 1986 Company Head Office moved to Higashi-kanagawa-cho (now employment and self-reliance support for people with Kanagawa-ku) in Kanagawa-ku, Yokohama City, Kanagawa disabilities. Food Service (Japan) Owariya Co., Ltd. Prefecture. Head Office: Kisarazu-shi, Chiba Prefecture Oct 2012 Zensho Clean Energy Co., Ltd. established to generate, Sukiya Co., Ltd. Apr 1987 Head Office moved to Kanagawa-ku (Tsuruya-cho), supply and sell electric power from clean energy. Head Office: Minato-ku, Tokyo Fresh Corporation Co., Ltd. Yokohama City, Kanagawa Prefecture. Head Offi ce: Ota-shi, Gunma Prefecture Nov 2012 Shares of Maruya Co., Ltd. acquired for retail business Nakau Co., Ltd. Jul 1987 Sukiya Mito location (in Mito City, Ibaraki Prefecture) expansion. Head Office: Minato-ku, Tokyo ATTACK Co., Ltd. opened as the first Sukiya freestanding type restaurant. Head Office: Edogawa-ku, Tokyo Apr 2013 Zensho Taiwan Co., Ltd and Pt. Zensho Indonesia established. Coco’s Japan Co., Ltd. Jan 1989 Head Office moved to Nishi-ku, Yokohama City, Kanagawa May 2013 Shares of U.S. Pocino Foods Company acquired for business Head Office: Minato-ku, Tokyo Prefecture. Nursing Care expansion and enhancing central kitchen functions. Big Boy Japan, Inc. Aug 1997 Zensho goes public on the OTC market. Sep 2013 Yamatomosuisan Co., Ltd. acquired. Head Office: Minato-ku, Tokyo Kagayaki Co., Ltd. Sep 1999 Listed on the second section of Tokyo Stock Exchange. Head Office: Sapporo-shi, Hokkaido Prefecture Oct 2013 Maruei Co., Ltd. acquired. Hanaya Yohei Co., Ltd. Increased capital by 4.8 billion yen through a public offering. Head Office: Minato-ku, Tokyo Nov 2013 Yamaguchi Supermarket acquired from Yamaguchi Honten Royalhouse Ishioka Co., Ltd. Jul 2000 Shares of Coco’s Japan Co., Ltd. acquired. Co., Ltd. through business transfer. Jolly-Pasta Co., Ltd. Head Offi ce: Ishioka-shi, Ibaraki Prefecture Oct 2000 Techno Support Co., Ltd. established to streamline Jan 2014 Kagayaki, a nursing care services company (now Kagayaki Head Office: Minato-ku, Tokyo Senior Support Co., Ltd. furnishing and maintenance. Co., Ltd.) acquired to expand business portfolio. TAG-1 Co., Ltd. Head Offi ce: Kawaguchi-shi, Saitama Prefecture Nov 2000 Global Foods, Ltd. (now Zensho Tradings Co., Ltd.) Mar 2014 Capital increased by 26.7 billion yen through public offering. Head Office: Minato-ku, Tokyo NYEREG Co., Ltd. established to streamline ingredients procurement. Maruya Co., Ltd. made into a wholly-owned subsidiary and Hamazushi Co., Ltd. Head Offi ce: Ama-shi, Aichi Prefecture May 2001 Shares of Gyuan Co., Ltd. acquired. delisted. Head Office: Minato-ku, Tokyo IMedicare Co., Ltd. Jul 2001 Head Office moved to Minato-ku, Tokyo. Jun 2014 Sukiya divided into seven regional operating companies: Kita- A・Dining Co., Ltd. Head Office: Matsudo-shi, Chiba Prefecture Sep 2001 Listed on the First Section of the Tokyo Stock Exchange. Nihon Sukiya, Kanto Sukiya, Tokyo Sukiya, Chubu Sukiya, Head Office: Minato-ku, Tokyo Kansai Sukiya, Chu-Shikoku Sukiya and Kyushu Sukiya. Jun 2002 Global Table Supply Co., Ltd. established to streamline Kyubeiya Co., Ltd. Support Companies Aug 2014 Shares of Owariya Co., Ltd. acquired. supplies and equipment procurement. Head Office: Minato-ku, Tokyo Techno Support Co., Ltd. Oct 2002 Hamazushi Co., Ltd. established to manage conveyor-belt Oct 2014 Name of Zensho Co., Ltd. changed to Sukiya Co., Ltd. Setoudon Co., Ltd. Head Office: Minato-ku, Tokyo sushi restaurant business. Apr 2015 ZENSHO CooCa Co., Ltd. established to introduce Head Office: Minato-ku, Tokyo Zensho Tradings Co., Ltd. proprietary prepaid card system for Group restaurants. Dec 2002 Coco’s Japan Co., Ltd. acquires shares of Big Boy Japan, Zensho Café Co., Ltd. Head Office: Minato-ku, Tokyo Inc. May 2015 Kagayaki Nursery Facilities Co., Ltd. established to operate Head Office: Minato-ku, Tokyo Global Table Supply Co., Ltd. on-site childcare facilities. Feb 2004 Company Head Office moved to current location (2-18-1 KATSUAN CO., LTD. Head Office: Minato-ku, Tokyo Konan, Minato-ku, Tokyo) to consolidate the headquarters Name of Global Foods, Ltd. changed to Zensho Tradings Head Office: Minato-ku, Tokyo function. Co., Ltd. Global Fresh Supply Co., Ltd. Head Office: Minato-ku, Tokyo Dec 2004 Zensho America Corporation established. Jul 2015 TAG-1 Co., Ltd. established to strengthen yakiniku business. Food Service (Overseas) Zensho Cafe Co., Ltd. established to strengthen cafe Global IT Service Co., Ltd. Jan 2005 Coco’s Japan Co., Ltd. (a Zensho consolidated subsidiary) Head Office: Minato-ku, Tokyo establishes Coco’s Shanghai Co., Ltd. (now Zensho business. Zensho (China) Holdings Co., Ltd. Head Office: Changning District, Shanghai Restaurant (Shanghai) Co., Ltd.) for business expansion. Jan 2016 Zensho Vietnam Co., Ltd. established. GFF Co., Ltd. Head Office: Minato-ku, Tokyo Mar 2005 Shares of Nakau Co., Ltd. acquired. Apr 2016 With the opening of the first Hamazushi restaurant in Kyoto Zensho Taiwan Co., Ltd. Head Office: Datong District, Taipei City Sanbishi Co., Ltd. Sep 2005 Food Safety Pursuing Unit (now Group Food Safety Prefecture (the 436th in the chain), Hamazushi establishes Head Of!ce: Toyokawa-shi, Aichi Prefecture Assurance Division) established to enhance the approach to presence in all 47 prefectures of Japan. Zensho do Brasil Comercio de Alimentos Ltda. food safety. Nov 2016 Shares of Royalhouse Ishioka Co., Ltd. and Senior Support Head Office: Liberdade, São Paulo Tolona Japan Co., Ltd. Apr 2006 UD Foods Co., Ltd. (a Zensho consolidated subsidiary, now Co., Ltd., which operate nursing care services businesses, Zensho (Thailand) Co., Ltd. Head Office: Minato-ku, Tokyo Sanbishi Co., Ltd.) takes over the business rights of Sanbishi acquired. Head Office: Khet Wattana, Bangkok TR Factory Co., Ltd. Co., Ltd. for business expansion. Zensho China Holdings Co., Ltd., which oversees the China Zensho Food de Mexico, S.A. de C.V. Head Office: Minato-ku, Tokyo business, established. Jun 2006 Capital increased by 14.1 billion yen through a public Head Office: Benito Juarez, Mexico City Zenshoen Co., Ltd. offering. Global Pizza System Co., Ltd. (now Tolona Japan Shares of Fujita Corporation (now Fresh Corporation Co., Zensho Foods Malaysia Sdn. Bhd. Head Office: Taiki-cho, Hiroo-gun, Hokkaido Prefecture Co., Ltd.) established for business expansion. Ltd.) acquired. Head Office: Cheras, Kuala Lumpur Mizushita Farm Inc. Aug 2006 Global Fresh Supply Co., Ltd. established with the goal of Apr 2017 Zensho Insurance Service Co., Ltd. established to operate PT. ZENSHO INDONESIA Head Office: Taiki-cho, Hiroo-gun, Hokkaido Prefecture streamlining logistics. non-life insurance agency services. Head Office: Bekasi, Jawa Barat Zensho Best Crew Co., Ltd. Feb 2007 Shares of greengrocer United Veggies Co., Inc. acquired to Part of the Sukiya business transferred from Tokyo Sukiya Zensho Vietnam Co., Ltd. Head Office: Minato-ku, Tokyo expand business portfolio. Co., Ltd. to Kanagawa Sukiya Co., Ltd. in an absorption-type Head Office: Ben Nghe Ward, District 1, Ho Chi Minh City Zensho Business Service Co., Ltd. Mar 2007 Shares of Sunday’s Sun Co., Ltd. ( now Jolly-Pasta Co., Ltd.) split. Head Office: Minato-ku, Tokyo acquired. Jul 2017 Part of the Sukiya business transferred from Chubu Sukiya Co., Zensho USA Corporation Head Office: Mission Viejo, California Pocino Foods Company Launches fair trade initiatives with East Timor. Ltd. to Chukyo Sukiya Co., Ltd. in an absorption-type split. ZENSHO HONG KONG CO., LTD. Head Office: City of Industry, CA Jul 2007 With the opening of the first Sukiya in Okinawa Prefecture, Shares of NYEREG Co., Ltd. acquired. Head Office: Tsuen Wan, N.T. Hong Kong Nippon Agri Network Co., Ltd. Sukiya establishes presence in all 47 prefectures of Japan. Sep 2017 With the opening of the first Coco’s restaurant in Kagoshima ZENSHO JAPANESE RESTAURANT COMPANY PTE. LTD. Head Office: Minato-ku, Tokyo Jan 2008 Zenshoen Co., Ltd. established to produce and sell Prefecture (the 581st in the chain), Coco’s establishes Head Office: Singapore agricultural and livestock products. presence in all 47 prefectures of Japan. Zensho Rice Co., Ltd. Advanced Fresh Concepts Corp. Head Office: Minato-ku, Tokyo Jun 2008 Global IT Service Co., Ltd. established to streamline Oct 2018 Zensho Hong Kong Co., Ltd. established. Head Office: Rancho Dominguez, California information system functions. Nov 2018 Shares of Advanced Fresh Concepts Corp. acquired. Kagayaki Nursery Facilities Co., Ltd. Head Office: Minato-ku, Tokyo Aug 2008 Zensho do Brasil Comercio de Alimentos Ltda. established. Jan 2019 Nihon Restaurant Holdings Co., Ltd. established to further TCRS Restaurants Sdn. Bhd. Head Office: Petaling Jaya, Selangor ZENSHO CooCa Co., Ltd. Oct 2008 Shares of Hanaya Yohei Co., Ltd. acquired. enhance the restaurant business. Head Office: Minato-ku, Tokyo Mar 2010 Full ownership of Nakau Co., Ltd. acquired through a share May 2019 Shares of TCRS Restaurants Sdn. Bhd. acquired. Retail Zensho Insurance Service Co., Ltd. exchange. Aug 2019 Full ownership of Jolly-Pasta Co., Ltd. acquired through a Head Office: Minato-ku, Tokyo Dec 2010 Zensho Best Crew Co., Ltd. established to streamline part- share exchange. United Veggies Co., Ltd. time job recruitment. Feb 2020 Full ownership of Coco’s Japan Co., Ltd. acquired through a Head Office: Minato-ku, Tokyo Feb 2011 Zensho (Thailand) Co., Ltd. established. share exchange. Maruya Co., Ltd. Head Office: Kasukabe-shi, Saitama Prefecture May 2011 Zensho Split Preparation Company (now Sukiya Co., Ltd.) Mar 2020 Sukiya business merged with Sukiya Co., Ltd. as the surviving established. company and nine regional Sukiya companies dissolved to Maruei Co., Ltd. streamline Sukiya management. Head Office: Ichihara-shi, Chiba Prefecture

*As of March 31, 2020 *As of March 31, 2020

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