Maruha Nichiro Corporation

Consolidated Financial Result and Overview for the 2Q of the Year Ending March, 2015

Hiroshi Imamura, Managing Director November 11, 2014 １ Result by Strategic Business Unit

２ Consolidated Balance Sheet

３ Full Year Projection

－1－ 1. Result by Strategic Business Unit (Net Sales & Operating Income)

(Billions of Yen)

Net Sales Operating Income

Full year Sep,14 Sep,13 Change 2Q/FYp Sep,14 Sep,13 projection

Fisheries & Aquaculture Unit 16.4 16.9 (0.5)46% 0.7 35.6 0.5 0.239% 1.8

Marine Products Trading Unit 35.3 36.7 (1.4)55% 1.6 64.0 1.9 (0.3)76% 2.1

Marine Products Wholesaling Unit 121.6 127.445% (5.8)0.5 269.7 0.3Full year 0.283% 0.6 Change 2Q/FYp projection Meat & Products Trading Unit 25.7 22.0 3.756% 0.4 46.2 0.0 0.4133% 0.3

Strategic Sales Unit 36.2 33.4 2.955% 66.30.3 0.1 0.2150% 0.2

Overseas Business Unit 22.7 19.6 3.152% 43.81.4 (0.3) 1.8156% 0.9

North America Operations Unit 44.7 31.3 13.452% 0.9 85.7 0.2 0.664% 1.4 Frozen Foods Business Unit 71.9 79.2 (7.4)49% (0.3) 147.5 1.5 (1.8) 0.5- Processed Foods Business Unit 30.1 32.4 (2.3)46% (0.0) 66.1 0.3 (0.3) 1.2- Foods & Fine Chemicals Unit 2.3 2.0 0.351% 0.3 4.6 0.3 (0.0)60% 0.5

Logistics Unit 7.4 7.5 (0.0)48% 15.50.4 0.5 (0.1)40% 1.0

Others 2.4 3.2 (0.8)48% 5.00.4 0.4 0.180% 0.5 Common Cost --0.0 --(0.1) 0.2 (0.3)-- Total 416.6 411.4 5.349% 850.06.5 6.0 0.5 11.059% June,13 result is restated along with reformed units’ structure －2－ 1. Result by Strategic Business Unit

Fisheries & Aquaculture Unit （Billions of Yen） 18 1 16.9 16.4 Net Sales decreased but Operating Income increased. 12 0.7 While slump in far sea purse Net Sales 0.5 seine fishery, aquaculture has 0.5 Operating Income 6 been satisfactory due to buoyant amberjack & yellowtail price.

0 0 Sep/13 Sep/14 Marine Products Trading Unit （Billions of Yen）

40.0 36.7 2.0 35.3 1.9 Net Sales down due to depressed 30.0 demand in soar fish price. 1.6 Operating Income down as a 20.0 1.0 Net Sales result of cost increase brought by Operating Income weak yen & soaring int’l market. 10.0

0.0 0.0 Sep/13 Sep/14 －3－ 1. Result by Strategic Business Unit

Marine Products Wholesaling Unit （Billions of Yen） 150.0 0.6 127.4 121.6 0.5 Net Sales decreased due to shrinking wholesale trading and 100.0 spinning off shares of an 0.3 0.3 Net Sales affiliate. Operating Income Operating Income 50.0 increased as a result of curtailment of expenses.

0.0 0.0 Sep/13 Sep/14 Meat & Products Trading Unit （Billions of Yen） 30.0 0.4 0.4 25.7 22.0 20.0 Both Net Sales and Operating Income increased due to brisk 0.2 Net Sales Operating Income sales and raising sales price. 10.0

0.0 0.0 0.0 Sep/13 Sep/14 －4－ 1. Result by Strategic Business Unit

Strategic Sales Unit （Billions of Yen） 40.0 0.4 36.2 33.4 While sales amount down due 30.0 0.3 to cost hike, both Net Sales and Operating Income 20.0 0.2 Net Sales increased owing to value-add Operating Income process and reassessment of

10.0 0.1 unprofitable business.

0.0 0.0 Sep/13 Sep/14

Overseas Business Unit （Billions of Yen） 24.0 22.7 1.7 Increased export of seafood 19.6 material, brisk sales of pet food 1.4 1.2 from Thailand and precise 16.0 purchase of raw material for 0.7 Net Sales reprocessing are contributed to Operating Income 8.0 increase both Net Sales and 0.2 Operating Income

0.0 ‐0.3 ‐0.3 Sep/13 Sep/14 －5－ 1. Result by Strategic Business Unit

North America Operation Unit （Billions of Yen） 45.0 44.7 1.0 0.9 Both Net Sales & Operating 36.0 0.8 31.3 Income increased due to increase in sales of pollock roe, 27.0 0.6 precise purchase of salmon Net Sales 18.0 0.4 Operating Income and brisk sales of seafood trading subsidiary in Europe 9.0 0.2 0.2

0.0 0.0 Sep/13 Sep/14 Frozen Foods Business Unit （Billions of Yen） 80.0 79.2 1.7 71.9

1.5 1.2 While sales of new retail items are brisk, both net sales and 40.0 0.7 Net Sales operating income decreased Operating Income due to influence of recall and 0.2 cost hike of meat material

‐0.3 0.0 ‐0.3 Sep/13 Sep/14 －6－ 1. Result by Strategic Business Unit

Processed Foods Business Unit （Billions of Yen） 36.0 0.4 32.4 30.1 Canned food business 0.3 struggled with cost hike of 24.0 0.2 seafood material and slump in sales. So did dessert products Net Sales due to recall and fickle Operating Income 12.0 0.0 summer. Both Net Sales and Operating Income down. ‐0.1

0.0 ‐0.2 Sep/13 Sep/14 Foods & Fine Chemical Unit （Billions of Yen）

2.4 2.3 0.4 2.0 While Net Sales increased due 0.3 0.3 to brisk sales of pharmaceutical chondroitin sulfate, DHA and 1.2 0.2 Net Sales Operating Income EPA, Operating Income dropped due to hiking raw material.

0.0 0.0 Sep/13 Sep/14 －7－ 1. Result by Strategic Business Unit

Logistics Unit （Billions of Yen） 8.0 7.5 7.4 0.6 Net Sales down by reduced 0.5 cargo reception due to 0.4 0.4 customers’ curtailment of 4.0 Net Sales inventory. Operating Income Operating Income down due to hiking power cost 0.2 related to raised power rates.

0.0 0.0 Sep/13 Sep/14 Others （Billions of Yen） 4.0 0.6

3.2 3.0 0.42.4 0.4 0.4 Spinning off the beverage 2.0 Net Sales company (in June/2013) Operating Income 0.2 reduced net sales 1.0

0.0 0.0 Sep/13 Sep/14 －8－ 2. Consolidated Balance Sheets

(Billions of Yen) Sep'14 Mar '14 Change Sep'14 Mar '14 Change 287.5 259.9 27.5 258.5 244.1 14.5 Current assets Current liabilities Cash & deposit 12.6 14.0 (1.4) Trade notes & accounts payable 36.5 29.2 7.3 Trade notes & accounts receivable 106.9 98.2 8.7 Short-term loans payable 182.5 178.8 3.7 Marketable securities 0.0 0.0 (0.0) Other current liabilities 39.5 36.1 3.5 Inventories 151.0 134.3 16.7 152.5 140.3 12.2 Long-term liabilities Short-term loans receivable 0.9 0.9 (0.0) Long-term loans payable 120.5 111.6 8.9 Defferred income tax assets 3.4 3.1 0.3 Other fixed liabilities 32.0 28.7 3.3 Allowance for doubtful receivables (0.7) (0.7) (0.0) 411.0 384.4 26.7 Total liabilities Other current assets 13.5 10.2 3.3 Common stock 20.0 15.0 5.0 219.4 215.3 4.1 Capital surplus 57.3 60.9 (3.6) Tangible fixed assets 138.4 138.5 (0.1) Treasury stock (0.0) (0.1) 0.1 Intangible fixed assets 27.6 22.3 5.3 77.3 75.9 1.5 （goodwill） 14.9 15.1 (0.2) 0.6 1.2 (0.7) Investments & other fixedFixed assets assets 53.5 54.5 (1.0) 17.9 13.8 4.1 0.0 0.0 0.0Shareholders' equity 95.8 90.9 4.8 Total shareholders' equity 506.9 475.2 31.6Other cumulative comprehensive income 506.9 475.2 31.6 Minority inerests

Total Total －9－ 3. Full Year Forecast

(Billion of Yen) Net Sales Operating Income Progress Full year Progress Full year Sep/14 Sep/14 YTD forecast YTD forecast Fisheries & Aquaculture Unit 16.4 35.6 46% 0.7 1.8 39% Marine Products Trading Unit 35.3 64.0 55% 1.6 2.1 78% Marine Products Wholesaling Unit 121.6 269.7 45% 0.5 0.6 83% Meat & Products Trading Unit 25.7 46.2 56% 0.4 0.3 141% Strategic Sales Unit 36.2 66.3 55% 0.3 0.2 159% Overseas Business Unit 22.7 43.8 52% 1.4 0.9 159% North America Operations Unit 44.7 85.7 52% 0.9 1.4 61% Frozen Foods Business Unit 71.9 147.5 49% (0.3) 0.5 - Processed Foods Business Unit 30.1 66.1 46% (0.0) 1.2 - Foods & Fine Chemicals Unit 2.3 4.6 51% 0.3 0.5 59% Logistics Unit 7.4 15.5 48% 0.4 1.0 37% Others 2.4 5.0 47% 0.4 0.5 86% Common Cost - - - (0.1) - - Total 416.6 850.0 49% 6.5 11.0 59%

－10－ This material contains forward-looking statements, including projections, plans, policies, management strategies, targets, schedules, understandings and evaluations, about Maruha Nichiro and its group companies that are not historical facts. These forward-looking statements are based on current forecasts, estimates, assumptions, plans, beliefs and evaluations in light of information currently available to management.

In preparing forecasts and estimates, Maruha Nichiro and its group companies have used, as their basis, certain assumptions as necessary, in addition to confirmed historical facts. However, due to their nature, there is no guarantee that these statements and assumptions will prove to be accurate in the future. Maruha Nichiro therefore wishes to caution readers that these statements, facts and certain assumptions are subject to a number of risks and uncertainties and may prove to be inaccurate.

The markets in which Maruha Nichiro and its group companies operate are highly susceptible to rapid changes. Furthermore, Maruha Nichiro and its group companies operate not only in Japan, but in many other countries. As such, factors that can have significant effects on its results include, but are not limited to, shifts in technology, demand, prices, competition, economic environments and foreign exchange rated.

This material has been designed as part of Maruha Nichiro’ public relations and IR activities. It was not created with the purpose of soliciting investors to buy or sell Maruha Nichiro’ stock or any other securities.