Itoham Yonekyu Holdings Inc.

Meat Overseas business
Briefing materials
Director, Managing Executive Officer, COO,
Meat Business Div.
Takamasa Wakaki
General Manager, Overseas Business Dept.,
Meat Process & Farm Div.,
Meat Business Div.
Natsuki Yoshii
September 09, 2022
ITOHAM YONEKYU HOLDINGS INC. 2022

Table of ContentsMeat Overseas Business Overview



ANZCO FOODS Overview

・ Features of New Zealand meat industry
・ Features and Initiatives of ANZCO FOODS

Appendix-1-

ITOHAM YONEKYU HOLDINGS INC. 2022

Meat Overseas Business
Overview-2-2-

ITOHAM YONEKYU HOLDINGS INC. 2022

Positioning and Base distribution
 We will have capture demand for animal protein, which is expected to increase
worldwide. It will works to strengthen the earnings base of our meat business.

ANZCO FOODS（UK）
ANZCO FOODS（EU）

Itoham Yonekyu Holdings
ANZCO FOODS（Japan）

Itoham America (IL, IA)
Indiana Packers Corp. (IN,MI,KY)

ANZCO FOODS（Taiwan）

ANZCO FOODS（Australia）

ANZCO FOOZ（NZ Headquarters）

Business base

Sales office-3-

ITOHAM YONEKYU HOLDINGS INC. 2022

Summary of Meat Overseas Subsidiaries and Affiliates
 Overseas sales ratio for 13% of Itoham Yonekyu Holdings' total sales.
 Mainly ANZCO FOODS has operated and expand globally.
Others2%Europe11%Overseas Sales

111

Oceaniabillion yen
24%Overseas Sales ratio

Asia
36%

13%

North
America27%* Fiscal 2021 results(including processed food business)）

ANZCO FOODSBusiness content
 Processing and Sales of Beef and Lamb
 Processing and Sales of Processed food
Investment
 Itoham Foods Inc. 100%
For details, See P.20 onwards.

Itoham America
Business content
Investment
 Export and Sales of Pork
 Itoham Foods Inc. 100%
 Import and Sales of WAGYU
The company acts as an intermediary for the export of pork from packers to
Itoham Yonekyu Holdings in the US, also sells ITOWAGYU in North America
and exports of Seasoned pork processed by NWIP to Japan.
*NWIP : Seasoned pork processing plant owned by Itoham America

Indiana Packers Corp. （IPC）
Business content
 Processing and Sales of Pork
 Processing and Sales of Processed food
Investment
 Mitsubishi Corp. 70%
 Mitsubishi Corp.
(Americas)
10% Itoham Foods Inc. 20%-4-The company processes pork andproducts processed food for domestic
and foreign markets. Processed foodare supplied to retailers and restaurants
nationwide in the US. Itoham Yonekyu
Holdings consistently purchases pork
from the company and sells it in Japan.
ITOHAM YONEKYU HOLDINGS INC. 2022

Future direction

We will expand the scale of ANZCO FOODS business and promotevalue-added activities such as the using of by-products from the company's
processing.

We will expand sales to overseas markets in cooperation with ANZCO FOODS.
(Sales of NZ beef/Lamb and WAGYU)

We will continue to consider M&A.
(Capital participation in meat packers, etc.)

We will strengthen the development of overseas human resources.
-5-

ITOHAM YONEKYU HOLDINGS INC. 2022

ANZCO FOODS Overview

Features of
New Zealand meat industry

Profile Meat industry is one of the primary industries in NZ, 14% of total export value.
 NZ exports 80% of Beef and 92% of Lamb. (Highly dependent on exports)

8.0 billion NZ$

Beef and Lamb export value

Exchange rate: ¥85.5/NZ$ (as of September 5, 2022)

Proportion of Beef and Lamb in total export value

14％

Export ratio of Beef production80％

NZ Beef export share in the world

6％

Export ratio of Lamb production

92％

NZ Lamb export share in the world

36％

-7-

ITOHAM YONEKYU HOLDINGS INC. 2022

Breed types of Beef and Lamb
 About 60% of the raising Bovine come from Dairy Cow and the other 40% are
Beef Cattle.
 Most of the Ovine raise for both Wool and Meat.
Dairy Cow

Beef Cattle

Wool and Meat

Wool

Holstein

Angus

RomneyMerinoMeat

JerseyHereford
Suffolk-8-

Number of Livestock- Beef Cattle： 388- Dairy Cow： 620- Ovine： 2,600(million heads)

ITOHAM YONEKYU HOLDINGS INC. 2022

Feeding style of Beef and Lamb Bovine and Ovine are grazing. = Grass-fed
 Farmers make effective use of farmland, which accounts for about 40% of thecountry's land, and achieve labor-saving and low-cost production.
 Many farmers combine Beef cattle and Lamb farming to make effective use of
pasture.
Image of Beef feeding form

Birth

Grass-fed【Grass-fed Beef】
Ship

Suckling

Main processing country

New ZealandAustralia【Grain-fed Beef】

Grain-fed

Main processing country

Ship

-9-

USA
AustraliaJapan

ITOHAM YONEKYU HOLDINGS INC. 2022

Changes in the number of Beef and Lamb raised Farmers use land according to the price of dairy products, beef and lamb markets.
 Dairy cows are increasing significantly in the long-term trend due to rising
dairy product prices and national policies (promoting dairy farming).
Bovine(thousand heads)

Ovine(thousand heads)

Number of Bovine and Ovine Livestock in NZ

7,000

肉牛
Beef Catlle

乳牛
Dairy Cow

6,500

Dairy Cow +80%

羊Ovine60,00055,0006,000

50,0005,500

45,0005,000

Beef Cattle -14% 40,000

4,500
4,000

35,0003,500

Ovine -56% 30,000

3,000

25,0002,500*Change rate is 1990/91 vs 2021/22-10-2021-222020-212019-20

2018-192017-18

2016-17

2015-16

2014-152013-142012-132011-122010-11

2009-10

2008-09

2007-08

2006-072005-06

2004-05

2003-04

2002-03

2001-02

2000-01

1999-00

1998-99

1997-98

1996-97

Source : Beef+Lamb New Zealand (BLNZ)

1995-96

1994-95

1993-94

1992-93

1991-92

20,0001990-91

2,000

ITOHAM YONEKYU HOLDINGS INC. 2022

Number of Beef raised and processed Number of processing per year Beef：2.8 Lamb：22.0 (million heads) *Calf not included Beef processing number is closely related to dairy farming.
Beef cattle
management
Livestocks

Number of Farms

Calf
960,000

9,170

Number of Livestocks 3,880,000

Number of Farms
10,900
Number of Livestocks 6,200,000
of which Dairy Cowof which Breeding Cow
1,070,000

4,840,000
220,000

120,000
810,000

460,000
Processing

Bull
550,000

Dairy farmmanagement

Steers680,000

Heifer580,000

Cow
1,030,000

Bobby Veal
1,890,000* Number of Farms and Livestocks are for 2020
* Number of processing is for fiscal 2020/21
Source : Beef+Lamb New Zealand (BLNZ)-11-

ITOHAM YONEKYU HOLDINGS INC. 2022

Climate (Temperature) In NZ, it is cool all year round, so reducing heat stress on livestock.
Monthly average temperature (2020)

Unit : ℃

Christchurch （NZ）
26.3

25.6

Brisbane （AUST）
25.6

24.4

23.7

17.7

16.7

11.6

-1.2
Jan

15.8

22.7

17.8

10.3
7.6

6.0

15.5

16.4

16.7

9.0

21.5
19.2

18.2

16.8

6.9

25.4
22.7

22.3

19.2

Lincoln, Nebraska （USA）

9.4

7.1

10.7
10.0

8.2

0.6

-0.5
Feb

16.0

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source : Japan Meteorological Agency-12-

ITOHAM YONEKYU HOLDINGS INC. 2022

Climate (Precipitation)
 Abundant rainfall provides enough water for livestock to drink and pastures to grow.
 New Zealand is considered to be at low Water Stress Risk country in the world.
2030 Water Stress Risk prediction

Annual Rainfall ranking
Rank

Country nameLong-term
average annual
precipitation（mm/year）

1 Columbia

3,240

2 Sao Tome and Principe

3,200

3 Papua New Guinea

3,142

45 New Zealand

1,732

48 Japan

1,668

112 USA

715

141 Australia

534

180 Saudi Arabia

59

181 Libya

56

182 Egypt18

Source : Food and Agriculture Organization of the United Nations 「AQUASTAT」

Source : WORLD RESOURCES INSTITUTE-13-

ITOHAM YONEKYU HOLDINGS INC. 2022

Pasture growth and changes in the number of Beef processed The Bovine make a cycle of calves being new born between July and
September in early spring, depending on pasture conditions.
 Dairy cows are processed more before they dry up in June.
Relationship between Pasture growth and number of Beef processing

100

Dairy Cow

Pasture growth transition

90

250 ,0 00

Steers & Heifer

80

200 ,0 00

70

60

150 ,0 00

50

40

100 ,0 00

30

20

50,00 0

10

0

0

1月

2月

3月

4月

5月

6月

7月

8月

9月

10月

11月

12月

Source 1 : Beef+Lamb New Zealand (BLNZ)
Source 2 : Dairy NZ-14-

ITOHAM YONEKYU HOLDINGS INC. 2022

Pasture growth and changes in the number of Lamb processed Spring Lamb season is from October to March NZ Lamb can get the demand in the off-season in Europe, which is amajor production area and major market, because summer and winterare opposite to Europe.
Relationship between Pasture growth and number of Lamb processing

100

羊Lamb

Pasture growth transition
牧草生育推移90

300 ,0 00

250 ,0 00

80

70

200 ,0 00

60

50

150 ,0 00

40

100 ,0 00

30

20

50,00 0

10

0

0

1月

2月

3月

4月

5月

6月

7月

8月

9月

10月

11月

12月

Source 1 : Beef+Lamb New Zealand (BLNZ)
Source 2 : Dairy NZ-15-

ITOHAM YONEKYU HOLDINGS INC. 2022

Meat export destination
 The US is a major export destination for beef. The main product isfrozen beef with a high lean meat from cows, used as a raw material for
hamburger patties.
 The UK and EU have historically been major export destinations for Lamb.
 Beef and Lamb exports to China have increased since the FTA with China
took effect in 2016
(%)
60

(%)

Composition ratio of NZ beef export
destinations (value basis)

50

2017

2018

2019

2020

60

Composition ratio of NZ Lamb export
destinations (value basis)

50

2021

40

40

30

30

20

20

10

10

0

2017

2018

2019

2020

2021

日本

北アジア

南アジア

中東

その他

0
EU及び英国

北米

中国

日本

北アジア

南アジア

中東

その他

EU及び英国Source : Beef+Lamb New Zealand (BLNZ)

北米

中国

Source : Beef+Lamb New Zealand (BLNZ)-16-

ITOHAM YONEKYU HOLDINGS INC. 2022

Summary
1Both Beef and Lamb are pastured in a labor-saving and low-costmanner.
Abundant pastures for fodder and a good feeding environment areprovided by a cool climate and steady rainfall all the year round.



There are seasonal trends in livestock shipments.



Most of the meat produce for export, and global market prices havea significant impact on profits.

-17-

ITOHAM YONEKYU HOLDINGS INC. 2022

ANZCO FOODS Overview

Features and Initiatives of
ANZCO FOODS-18-18-

ITOHAM YONEKYU HOLDINGS INC. 2022

Profile ANZCO FOODS operate the processing and sales of meat, the company also
develop the processed food and healthcare businesses.
 The company owns the only large-scale Beef Feedlot in NZ.
Amount of Sales
Total Assets
・Meat Processing Plant
・Processed food Plant
・Beef Feedlot
・Healthcare/Biochemical Company
・Joint Venture・Overseas Office1.64 billion NZ$*Sales include intra-group sales

0.77 billion NZ$
7 plants
3 plants
1 feedlot
2 companies
2 business5 offices
5th (among all industries in NZ)

Export scale
Exported to overNumber of Employees

80 countries and regions.

3,000 people-19-

ITOHAM YONEKYU HOLDINGS INC. 2022

History
ANZCO FOODS History

Itoham's investment and purpose

1984

Sir. Graeme Harrison Establishes Asian New Zealamd Meat Company
to Market Beef and Lamb in Japan.

1989

Established Five Star Beef Feedlot(started operation in 1991)

1993

Acquired Green Island Plant (Patty production)

1994

Acquired 80% stake in Canterbury Plant
Build a Beef processing plant in Canterbury

1995

Acquisition of Riverlands trademark

2001

Acquired 100% stake in Canterbury Plant

2003

Constructed and started operation of Rangitikei Plant

2004

Acquisition of Waitara Plant (Processed food production)

Invested in ANZCO FOODS (48%) to expand sales of NZ Beef and Lamb to
Japan(Sold Rockdale Beef, a packer business in Australia)
Integrate in-house processing of Grain-fed Beef into NZ

2010
2012

Invested in Five Star Beef to secure high-quality grain-fed beef for Japan(Investment ratio: ANZCO FOODS 50%, Itoham 50%)

Acquired Bovagen and entered Healthcare business

2015

Aiming to expand overseas processing and sales in overseas markets, we
increased our investment ratio (65%) and made ANZCO FOODS a subsidiary.

2018

Acquired 100% ownership of ANZCO FOODS in order to strengthen overseas
business and capture the growing global demand for fresh meat.
Aiming to strengthen governance by dispatching a chairman

2022

Acquisition of Moregate's blood products business to strengthen
Healthcare business-20-

ITOHAM YONEKYU HOLDINGS INC. 2022

Business portfolio
 The core business in Meat processing and it accounts for 80% of total sales.
 The company challenges to stabilize earnings by strengthening peripheralbusinesses such as Processed foods, Healthcare, and other businesses.
Business model

Sales composition ratio

Contract farmer

Others(Non-food)11%
Processed
food
10%MarketRaised by ANZCO's original program.

Five Star
Beef Feedlot

FY2021
Amount of Sales
1.64 billion NZ$

Processing/Cutting
Processed
food

Meat
79%

Healthcare/
OthersSales(including overseas)

Sales destination-21-

ITOHAM YONEKYU HOLDINGS INC. 2022

Meat business Number of processing per year Beef：150 Cow：290 Lamb：2,200 (thousand heads)
 Number of Meat processing plants in NZ : 7 (3 in North Island, 4 in South Island The company owns the only large-scale Beef feedlot in NZ.
(capacity of 20 thousand heads）① Eltham Plant

Beef② Manawatū Plant

Beef③ Rangitiki Plant

Lamb

Meat business bases in NZ

1④ Marlborough Plant Beef
⑤ Kokiri Plant

Beef

2

3

①Eltham Plant⑥Canterbury Plant⑧ Five Star Beef Feedlot

4

5⑥ Canterbury Plant

Beef/Lamb⑦ Rakaia Plant

Lamb/Veal⑧ Five Star Beef Feedlot* All plants are Halal Certified.

7 6
8

 Raising Grain-fed Beef. (Hormone Free and GMO Free) Exports mainly to Japan, and also to China and EU.
-22-

ITOHAM YONEKYU HOLDINGS INC. 2022

Processed food business Processing and Sales of Beef Patties for Fast food.
 Processing and Sales of Beef Jerky for the US.
 Processing and Sales of semi-heated Beef Patties for NZ and Australia.

* All products are Halal Certified.

Green Island Plant
product : Beef Patties

Waitara Plant
product : Beef Patties, Beef Jerky, etc.

 Supplying Beef Patties to the Oceania region of the
global hamburger chain.
 Supplying Beef Jerky to a major US manufacturer.
-23-

ITOHAM YONEKYU HOLDINGS INC. 2022

Healthcare business The company has built a vertically integrated value chain that makes effective
use of by-products such as bovine blood, pericardium, and Achilles tendon.
 The company takes a high global market share in bovine blood products (theworld's second largest market share) The company aims to realize a business portfolio with high market resilience
Other healthcare business2016 100% subsidiary2022 business acquisition

Bovine blood products business
Usage

MarketgrowthFrom
Oceania
Market share(according toour research)

Vaccine production, Cell culture media for research, Biochemistry, Clinicaldiagnostics, etc.
The market is expected to expand at anannual growth rateof 10% or more in the future.

Artificial heart valve
using bovine pericardium(stent graft)

Oceania products have a low risk of disease, and are highly evaluated bypharmaceutical manufacturers and have a high market share.

43%

Oceania's sharein the World

31%

ANZCO FOODS’sshare in Oceania

World market share

2 (13%)

43%

nd

-24-

Products made from bovine Achilles tendonsand bovine bones are also used in various
surgeries and treatments.
ITOHAM YONEKYU HOLDINGS INC. 2022

Performance trends
 FY2018, while the global market for fresh meat got down, the company
took unfavorite results due to rising procurement prices in NZ.
 Since 2019, the company has made a V-shaped recovery due to theglobal meat demand and internal improvement by restructuring.
 FY2021, the company achieved record of profits.
Changes in sales and profit before tax

Amount of Sales

Profit before tax

Unit : thousand NZ$

200

Sales
売上高

8

Profit before tax
税前利益

150

6

100

4

50

2

0

0
2016

2017

2018

2019

-50
-100
-150

2020

2021
-2

Started internal
structural reform

100%
Subsidiary-4-6*Sales include intra-group sales-25-

ITOHAM YONEKYU HOLDINGS INC. 2022

Volatility (Beef)
 The business format is susceptible to the impact of commodity prices
and has relatively high volatility.
 Export prices were sluggish from 2016 to 2018, while NZ domestic
procurement prices remained high.
Trends in NZ Cow Livestock price and Frozen Beef export price

Cow Livestock(NZ￠/kg)
550

NZ経産・雄牛価格
Cow LivestockNZC/kg
price
NZ

Frozen Beef
(NZ$/kg)

11

Frozen Beef exportNZD/Kg
price
冷凍牛肉輸出価格

10
500

9
450

8
7

400

6
350

5

4

-26-

May-22Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

Nov-20

Sep-20Jul-20May-20Mar-20Jan-20Nov-19Sep-19Jul-19

May-19Mar-19Jan-19

Nov-18

Sep-18

Jul-18May-18Mar-18Jan-18

Nov-17

Sep-17

Jul-17May-17Mar-17Jan-17

Nov-16

Sep-16

Jul-16May-16

Mar-16

Jan-16300

ITOHAM YONEKYU HOLDINGS INC. 2022

Volatility (Lamb) Demand for China increased significantly in 2018-19, and NZ Lamb
Livestock prices remained high.
Trends in NZ Lamb Livestock prices and Lamb meat export prices

Lamb Livestock(NZ＄/heads)
160

Lamb meat(NZ$/kg)14

NZ Lamb Livestock price ラム肉輸出価格Lamb meat export price
NZラム生体価格

150

13

140

12
130

11

120

10

110
100

9

90

8
80

7

70

6

-27-

May-22Mar-22

Jan-22

Nov-21

Sep-21

Jul-21

May-21

Mar-21

Jan-21

Nov-20

Sep-20Jul-20May-20Mar-20Jan-20Nov-19Sep-19Jul-19

May-19Mar-19Jan-19

Nov-18

Sep-18

Jul-18May-18Mar-18Jan-18

Nov-17

Sep-17

Jul-17May-17Mar-17Jan-17

Nov-16

Sep-16

Jul-16May-16

Mar-16

Jan-1660

ITOHAM YONEKYU HOLDINGS INC. 2022

Internal improvement
 The company improved its management system by implementing
structural reforms
 The business structure of the company has become able to withstandvolatility.
Before 2018

Expansion of production share2019 onwards

・Introduction of Sales & Operations Planning (S&OP) system
・Transforming to a production system that is linked to sales

・Withdraw from non-core businesses
Establishment of value-added division(processed meat, pet treats, etc.)
and its investment
・Value-added businesses focus on Processed foods and
Healthcare
Complicated organization

・Change to functional organization and reduction of
personnel
・Renewal of management execution system-28-

ITOHAM YONEKYU HOLDINGS INC. 2022

Initiatives for Sustainability
 In NZ, an environmentally advanced country, the company takes
proactive initiatives for Climate Change and Sustainability.
 The company has achieved Toitū Carbon Reduce certification* in 2021.
 The company plans to reduce CO2 emissions at each site by 25% byIntroduced high temperature heat pumps
2030 compared to 2020.
and reduced the use of coal boilers. This
* Independent certification in line with internationally recognized ISO 14064-1
and IPCC Fifth Assessment Report (2014) Greenhouse Gas Protocols.

capital investment is expected to reduce
CO2 emissions by 3,000 to 7,000 tons
annually.

From 2021 onwards, the company disclosed
details of its initiatives in its reports.

Collaborating with research institutes on
methane suppression in feedlot.

Recycling used packaging into raw materials
for farm fences.

etc.
with link-29-

Improving the water quality of rivers
through regional cooperation.
Tree-planting activities to protect theecosystem.
Recycling rubber boots used in plants.
ITOHAM YONEKYU HOLDINGS INC. 2022

Integration Synergy
 Sales of ANZCO FOODS products in Japan and establishment of our brand meat.
 Export sales of WAGYU utilizing ANZCO FOODS's overseas offices.
Itoham Yonekyu Holdings
WAGYU export sales to the EU(Handling by ANZCO FOODS EU)

120

Utilize the sales network of ANZCO FOODS

100

WAGYU
exportJapan

80

EuropeNorth
America

Asia

Latin
America60

Oceania
40

20

0

2013年

2014年

2015年

-30-

2016年

2017年

2018年

2019年

2020年

2021年

2022年1-6月

ITOHAM YONEKYU HOLDINGS INC. 2022

Appendix

31

ITOHAM YONEKYU HOLDINGS INC. 2022

Business portfolio of Itoham Yonekyu Holdings ANZCO FOODS performance and main Raw material costs in our Processed foodbusiness are both affected by the global meat market.
 There is an inverse correlation between the two entities, ANZCO FOODS hascontributed to the stability of Itoham Yonekyu HD's performance.
Relationship between ANZCO FOODS performance andmain Raw material costs in our Processed food business
Unit : billion yen+8.0

YoY change in ANZCO FOODS Performance

YoY change in Raw material costs in Processed food business

FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022（F'cast）

＋0.9

-1.2

-1.8

＋5.5

-1.2

-0.3

-0.6

+6.0

+5.4
+4.0

+4.0

+2.9
+2.0

+2.0

+1.4
+0.1

+0.0

+0.0

-0.2
-2.0

-4.0

-1.1

-1.0

-1.2

-3.2

-3.2
-4.6

-6.0

-32-

ITOHAM YONEKYU HOLDINGS INC. 2022

Share structure of the NZ meat industry

Company

Capitalstructure

Amount ofSales(billion NZ$)

Beef

Lamb

(Export share)(Export share)

Number of
PlantsCompany A

China : 50%
Agricultural
cooperatives :
50%

2.75

30%

19%

11

Company B

Agricultural
cooperatives :
100%

1.85

11%

27%

7

Japan : 100％

1.64

16%

10%

7

Company C

Private : 100%

non-disclosure

19%

16%

7

Others

-

-

24%

28%

-

-33-

ITOHAM YONEKYU HOLDINGS INC. 2022

Livestock farming comparison between NZ and Australia
Number ofLivestocks
Number ofProcessed*
Export volume
Type
Feeding

Beef Cattle:

New Zealand
3,880 thousand heads

Dairy Cow:

6,280 thousand heads

Dairy Cow:

1,380 thousand heads

Ovine
Beef

:
:

26,000 thousand heads
28,000 thousand heads

Ovine
Beef

:
:

70,600 thousand heads
6,300 thousand heads

Lamb
Beef

:
:

22,000 thousand heads
502 thousand meat ton

Lamb
Beef

:
:

26,900 thousand heads
888 thousand meat ton

LambBeef Cattle:
394 thousand meat ton: Angsu/Hereford

Lamb
Beef Cattle:
408 thousand meat ton: Cross (British × Tropical breeds)

Dairy Cow

: Hostein/Jersey

Dairy Cow

: Hostein/Jersey

Ovine: Romney/Suffolk

Ovine: Dorset/Border Leicester/Suffolk
Limited rainfall

Abundant rainfall throughout the year

environment

Cool and stable climate

Feeding style

Grass-fed

Processing style
Safety:The temperature is high in the coastal areas where theanimals are feeded
Beef: Grain-fed/Grass-fed

In many cases, farmers grow them themselves, andGrass type

Beef Cattle

Australia
26,110 thousand heads

they are highly nutritious and of high quality.
(Ryegrass, Cover, etc.)
Beef: Hot boning

Lamb: Grass-fed

Varieties that can grow even in drought conditions(Tropical ryegrass, Clover, etc.)
Cold boning

Lamb: Cold boning
Hormone Free

Use of growth-promoting hormones

GMO FreeUses GMO feed (except Victoria)*Excluding veal
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ITOHAM YONEKYU HOLDINGS INC. 2022

Contact Information
ALT ITO Bldg. 1-6-21, MITA, MEGURO-KU, TOKYO ,
153-8587, JAPANITOHAM YONEKYU HOLDINGS INC.
Public & Investor Relations Office
TEL : +81-3-5723-6889
You can also contact us from the company website.
https://www.itoham-yonekyu-holdings.com

The current plans, forecasts, strategies and other items contained in this presentation include our forecasts for business results.
These forecasts are not historical facts; they are our judgment based on currently available information.
We do not guarantee these forecast business results, and they contain elements of risk and uncertainty.
The purpose of this presentation is not to solicit investment, but to give all investors a deeper understanding of Itoham Yonekyu Holdings.
We have taken care over the content of this presentation, but we do not accept any responsibility for errors in the content, tampering by third parties, or errors that may
occur during downloading.

ITOHAM YONEKYU HOLDINGS INC. 2022