[Translation]
November 1, 2016
Dear Sirs and Mesdames
Itoham Yonekyu Holdings Inc.
President and Representative Director: Isao Miyashita(Tokyo Stock Exchange Securities Code: 2296)
Inquiries: Akira Kotake
Manager Investor Relations Section
Tel: +81-5723-8619

Notice of the Revisions to the Forecast of Business Results and Dividends
In light of recent business result trends, Itoham Yonekyu Holdings today announced revisions to its
accumulated second quarter forecast previously released on July 27, 2016, and its fiscal year forecast andforecast of annual dividends for the year ending March 2017, previously released on May 12, 2016.

1. Revisions to the Forecast of Business Results(1) Revisions to the forecast of consolidated business results for the accumulated second quarter offiscal year ending March 31, 2017 (April 1, 2016 through September 30, 2016).
Net Income

Operating

Ordinary

IncomeIncomeMillion Yen

Million Yen

Million Yen

Million Yen

Yen

400,000

8,200

9,000

7,000

23.54

400,000

10,50011,900

9,500

31.95

Change (B-A)

-

2,300

2,900

2,500

Change (%)

-28.0

32.2

35.7

Net Sales

Previous Forecast (A)Current Forecast (B)Attributable toShareholders

Earnings per
Share(2) Revision to the forecast of consolidated business results for the fiscal year ending March 31,2017 (April 1, 2016 through March 31, 2017).
Net Income

Operating

Ordinary

incomeIncomeMillion Yen

Million Yen

Million Yen

Million Yen

Yen

830,000

18,00019,50012,00040.36

Current Forecast (B)800,000

20,00022,00015,00050.45

Change (B-A)-30,000

2,000

2,500

3,000

Change (%)

-3.6

11.1

12.8

25.0

Net sales

Previous Forecast (A)1

Attributable toShareholders

Earnings perShareReason for Revisions
With regards to the forecast of consolidated business results for the accumulated second quarter offiscal year ending March 31, 2017, it is expected that operating income and ordinary income will
exceed the previous forecasts through improved profitability in the processed foods division by cost
reductions and synergy effect of the management integration as well as strong sales in the meat
division pushed by strong sales in imported meat.
Net sales for the fiscal year forecast is expected to be below previous forecast as sales from overseas
subsidiary are reduced due to fluctuation in the exchange rate. Operating income, ordinary income andnet income attributable to shareholders for the fiscal year are revised upwards based on businessresult trends for the first half of the fiscal year.

2. Revisions to the Forecast of Dividends
Adjustment to the forecast of dividend for fiscal year ending March 31, 2017
Annual Dividend
End of first

End of second

End of third

quarterquarterquarterPrevious forecast(released May 12, 2016)

Yen

Yen

－

Adjusted forecast
Actual results for fiscal
year ending Mar. 31, 2016

Yen

Year end

Total

Yen

Yen

0.00

－

12.00

12.00

0.00

－

15.00

15.00

－

Reason for RevisionsThe company places return of profit to shareholders as an important business issue. The dividends
are determined based on consolidated results and state of finance with a fundamental policy ofcontinuation of constant dividend payout.
Based on the fundamental policy, a dividend of 12 yen per share was forecasted for the current fiscalyear. With the increase expected in net income attributable to shareholders for the fiscal year as statedabove, the annual dividend forecast is increased by 3 yen per share for a revised forecast of 15 yen pershare.

Note: The above forecasts are management’s current views and beliefs in accordance with data currently
available, and are subject to a number of risks, uncertainties and other factors that may cause actual
results to differ materially from those projected.

2