Summary of Q&A for Presentation on Mid-Term Business Plan held on April 21, 2022

We are planning to do so by building a new processing site and producing high-processed products, for example,
(Buri yellowtail) introducing large crawls, continuing breeding research, and expanding export
(Tuna) improving productivity by standardizing operations of two aquaculture companies
(Salmon/trout) improving productivity by breeding and starting operation of salmon/trout farming in Iwate prefecture.

At this point, we don't suffer immoderate influence, but we need to watch the situation carefully as it will affect all businesses when it changes radically.

We will make a reforming plan in the 1st half of this year and execute it after next year. We will undertake tasks in considering with the balance of production function.

We think almost all consumers accept it.

We're investigating the scale of cost up factors now, so it is not included in the price rise in February. We're going to correspond the customers' support in the product categories that our company is fond of.

The procurement ability of marine raw materials is our driving force. We will enhance the Asian food market in North America and will increase production capability to expand new markets in Europe.

Not only the increasing pharmaceutical raw materials business but on-line business will contribute to our company profits. We're preparing for an approval of High-purify EPA from the European authority in FY2024.

We are expecting a recovery of marine food processing business in the North America and expansions of food processing business in Europe by M&A.

We will improve the operation of the aquaculture business though the marine products business is susceptible to market price. As for the food products business, we will explore new product categories and shift to overseas business. We believe that we can establish a global position as an EPA global supplier. We will be able to be a company with more stable earnings by strengthening governance and risk-management.

We cannot specify the capital costs now, but we will discuss future business development based on growth potential (sales growth rate) and capital efficiency(ROIC).

We will strengthen the measures to improve the profit ratio by improving product quality and productivity in our strong categories.

At this point, annual depreciation costs are around 19 billion yen. 60 billion yen is expected in the 3 years of mid-term business plan.

We aim for a dividend payout ratio of more than 30%.