<Appendix(1)>Mid-Term Management Plan
KENKO Transformation Plan
(FY2021 to FY2023)©2024 KENKO Mayonnaise Co., Ltd.

1

Mid-Term Management Plan (April 2021 to March 2024)

B to B to C

Innovation

Structural reform

Globalbusiness

Appendix(1) Mid-Term Management Plan

Sustainability

Initial target Net sales: 80 billion yen Consolidated ordinary income: 4 billion yen

Top priority is recovering profit
Price Increases

Product consolidation

Greater efficiency

Net sales: 88.7 billion yen Consolidated Ordinary Income: 3 billion yen©2024 KENKO Mayonnaise Co., Ltd.

2KENKO Transformation Plan

Appendix(1) Mid-Term Management Plan

Four Themes

Main Initiatives

B to B to C

Increase opportunities for consumers
to know us directly

Innovation

Create a New KENKO based onawareness of environmental
conservation looking ahead tothe global environment of the future

Structural reform

For the growth of core businesses
implementing reforms to aim

Global business

Strengthen the foundationfor our global business©2024 KENKO Mayonnaise Co., Ltd.

Disseminating products
and know-how
Strengthening of
the EC sites
Consideration of New
KENKO
Plant base hood
Personnel program
reforms
Restructuring ofcore systemsExport sales
Sending Information
Overseas3

Results of KENKO Transformation Plan
B to B to C

Appendix(1) Mid-Term Management Plan

Increase opportunities for consumers to know us directly▼Enhancement of small-volume products▼Disseminating products and know-how

 Enhancement of 200ml・g size products Launch of simple cooked individual meal products

 New Salad Cafe store openings

Size (200ml・g)
Easy-to-prepareindividual meals

Nutritional products©2024 KENKO Mayonnaise Co., Ltd.

Have a taste of eating out
CANDISH®

(Tokyo Shinjuku, Kanagawa Aobadai) Cooking lessons “Kitchen Space 831”
Holding online and face-to-face lessons
 Shokuiku activities▼For EC sites
strengthening and sales up▼ Leveraging SNSFY2019

 Recognition of corporate activities and products＋12.2%(YOY)

FY2023

4

Results of KENKO Transformation Plan
Innovation

Appendix(1) Mid-Term Management Plan

Create a New KENKO based on awareness of environmental
conservation looking ahead to the global environmentof the future▼Development of plant base foodmainly from plant-based raw materials▼Launched 90-day best before period FDF Plus🄬🄬

Addition of food loss reduction national campaign characters▼Launched “Smile Table”▼Development of Japanese side disheswith emphasis on Japanese heritage

Products with a sense of fulfillment and satisfaction
while keeping down oil content▼Region Revitalization and Upcycle Initiatives©2024 KENKO Mayonnaise Co., Ltd.

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Results KENKO Transformation Plan
StructuralreformAppendix(1) Mid-Term Management Plan

For the growth of core businesses
implementing reforms to aim▼Reforming personnel system
 New personnel system(effective April 2024)▼Renovation of core systems
 IT strengthening of base

▼Strengthening corporate governance In cooperation with outside specialists
implementation of executive coaching▼Promote the accumulation, sharing, and recycling of product data
 Making possible the creation of product information databases
and analysis by company
 Evolution of the recipe search system
 Establishment and enforcement of intellectual property
management rules and flows
 Strengthen in-house branding▼Most advanced manufacturing system Introduction of robotics with prepared foods (Kanto DC)▼Activities to improve
 Through cross-divisional activities
55.4% of all issues solved

55.4%
49.0%
37.3%

FY2021©2024 KENKO Mayonnaise Co., Ltd.

FY2022

FY2023

6

Results KENKO Transformation Plan
Globalbusiness

Appendix(1) Mid-Term Management Plan

Strengthen the foundation for our global business▼Expansion of export products with extended season▼Growth in export sales
Changes by year

▼For ensuring and stable raw materials
selection of new production areas▼Strengthen dissemination of information
to foreign countries
 English-version HP renewal (2022)
 Opened an English-language Instagram (Aug.2023)
 English-language version of the Integrated Report▼ Acquisition of global standard certification
FSSC22000・ISO17025, etc.
©2024 KENKO Mayonnaise Co., Ltd.

+63% compared to FY2020

FY2023

FY2020+63% compared to FY2020 by area
EU +186%
East Asia+32%
Middle east and africa
Southeast Asia
+317%
+22%

NorthAmerica+39%

Oceania +134%
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Results KENKO Transformation PlanAppendix(1) Mid-Term Management Plan

Creation of a sustainable society
Sustainability Promotion Office Established in April 2022

Reduction ofwaste

Initial target ▲ 5%(Compared to FY2019 intensity)

Reduction ofgreenhouse gases Initial target ▲ 3%
Responding toexternalrequirements©2024 KENKO Mayonnaise Co., Ltd.

FY2023 ▲ 10.6%
FY2023 ▲ 8.3%(Compared to FY2019 intensity)• Disclosing environment-related information(in response to TCFD, CDP)
• “Scope3” calculation
8

<Appendix(2)>Trends in raw material prices©2024 KENKO Mayonnaise Co., Ltd.

9

Egg Market PriceAppendix(2) Trends in Raw Material Prices<JA ZEN-NOH, Eggs Size M, Tokyo (up to March 2024)>(Yen /kg)
400

4th quarter※Average price for per each month

2023

350

2021

300

200

2022

2024

250

180

211
190

150

2020

100

2019

50

0January

February

In 2019©2024 KENKO Mayonnaise Co., Ltd.

MarchIn 2020AprilMayIn 2021

JuneIn 2022

JulyAugust

In 2023

September

OctoberNovember

December

In 2024
10

Edible Oil Market Prices

Appendix(2) Trends in Raw Material Prices<Nikkei avg. prices of soybeans and rapeseed (incl. land transport)>(Yen /kg)※Average three - monthly price

500

437

450

400

349.5

350

300

250

239

200

150

100

500

2019

©2024 KENKO Mayonnaise Co., Ltd.

2020

2021

2022

2023

2024

※Figures for FY2024 are averages from January to March.

11Changes in Potato Production

Appendix(2) Trends in Raw Material Prices

Potato made in Hokkaido(Unit: tons)
1,950,000

1,900,000※Average annual value
1,844,300t

1,850,000

1,800,000

1,750,000

1,700,000

1,650,000

1,600,000

1,550,000

In 20152015

In2016
2016

In20172017

In20182018

In 2019
2019

In
2020
2020

In 20212021

In20222022

In20232023

In20242024※Average value: Average value excluding the maximum and minimum values in the past 2010 years©2024 KENKO Mayonnaise Co., Ltd.

※Forecast as of May 1, 2024

12

Exchange rate (USD/JPY)Appendix(2) Trends in Raw Material Prices(Unit: yen)160

3/29 Closing price151.33 yen

150

140

130

120

110

100

2019

2020

2021

20222023

2024※Change in closing price for each month refer to Kabutan©2024 KENKO Mayonnaise Co., Ltd.

13

National Consumer Price Index and PPI
125

Appendix(2) Trends in Raw Material Prices

Producer Price Index
Total Average

120

Consumer Price Index Oils, Fats and115

Seasonings

Consumer priceindex food

110

105

Overall consumer
price index

100

95

2021
Overall consumer price index©2024 KENKO Mayonnaise Co., Ltd.

2022
Consumer price index food2023
Consumer Price Index Oils, Fats and Seasonings

2024
Producer Price Index Total Average( FY2020=100)※Monthly trends※See Statistics Bureau, Ministry of Internal Affairs and Communications, 2020 Base Consumer Price Index Major Group Index (Nationwide) Monthly※Bank of Japan Time-Series Data Search Website Corporate Goods Price Index [PR01] Corporate Goods Price Index Based on 202014

<Appendix(3)>Corporate Overview©2024 KENKO Mayonnaise Co., Ltd.

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Corporate Overview

Appendix(3) Corporate Overview

Trade Name

KENKO Mayonnaise Co., Ltd.

Establishment inMarch 1958

Capital5,424.03 million yen

Address ofHead Office3-3-16, Tsutori, Nada-ku, Kobe-shi, Hyogo Prefecture(Tokyo Headquarters) 3-8-13, Takaido Higashi ,Suginami-ku, Tokyo

Representative

Kunikazu Shimamoto, President and Representative Director

Business details

Manufacture and sales of salads and delicatessen, mayonnaise, dressings and processed egg products

Net sales

88.724 billion yen (FY 3/2024) (Consolidated)

Ordinary profit

3.099 million yen (FY 3/2024) (Consolidated)

Number of employees

3,115 employees (consolidated) as of March 31, 2024 (including temporary staff)

Stock market

Prime Market (from 2022)©2024 KENKO Mayonnaise Co., Ltd.

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Group HistoryAppendix(3) Corporate Overview

1958

Company established1961Started production and sales of KENKO Mayonnaise AS for commercial-use salads

1966

Changes trade name to KENKO-Mayonnaise Co., Ltd.

1977

Industry-first long-life salad (LL salad)↑ KENKO Mayonnaise AS

Launched Fashion Delica Foods(FDF) ®
With the restaurant and HMR markets expanding, LL salads will be introduced to the market and a market created.

1986
2005
2012

Commercial burdock Salad Launched

As a pioneer in the fiber boom

Expand business into prepared and processed foods and Processed Egg products centered on salads↑ Fashion Delica Foods(FDF) ®

Establishes Salad Cafe Co., Ltd.
Listed shares on the First Section of the Tokyo Stock Exchange
Established a base in Indonesia (Jakarta)

2015

Opened Vancouver Research Office (Vancouver Canada)

2018

Completed construction of DIETCOOK SHIRAOI Factory of DIETCOOK Co., Ltd. and Kanto DIETCOOK Kanagawa Factory of Kanto Co., Ltd.
Investment in U.S. prepared meal manufacturer

2019

Completed the expansion of the second plant of the Shizuoka Fujisan Factory and Nishi-Nihon Factory

2022

Transitioned to the Tokyo Stock Exchange Prime Market©2024 KENKO Mayonnaise Co., Ltd.

17

Group Philosophy and Policies

Appendix(3) Corporate Overview● Corporate Philosophy (Mission + Purpose)

Purpose : Nurturing Mind, Health, Life, and Planet
Misson : Contributing to the world through food
● Vision (Target)

Aim to be the world's leading salad company©2024 KENKO Mayonnaise Co., Ltd.

18

Group Philosophy and Policies

Appendix(3) Corporate Overview● Guidelines of action“Teamwork"

We nurture “People" with care.

"Challenge"

We take on challenges with an eye on “The Future”.

"Professional"

We are No. 1 in terms of “Quality” and “Service”.

“Aggressive"

We continue to grow by enjoying “Change.""Pride"We are proud of "Our Value."©2024 KENKO Mayonnaise Co., Ltd.

19

KENKO Mayonnaise GroupAppendix(3) Corporate Overview[ KENKO Mayonnaise ][Consolidatedsubsidiaries]

Consolidatedsubsidiaries

Salad Cafe

[Salad Cafe]

In addition to the “manufacturer function” of KENKO Mayonnaise, which has expertise in developing and manufacturing Processed Egg
products and Mayonnaise and Dressings, including salads and delicatessen items, the “delicatessen function” of a consolidated
subsidiary that has expertise in manufacturing Fresh Delicatessen and also engages in menu development,with a Salad Cafe ofdistributing recipes through Web and SNS through shops centered on department stores and shopping malls in the Kansai and Kanto
regions of "Shop & Web Function." We are pursuing customer satisfaction by complementing each other and collecting anddisseminating information.
©2024 KENKO Mayonnaise Co., Ltd.

20

Industry Positioning
SaladsAppendix(3) Corporate Overview

Mayonnaise anddressings

Omelet products

46%

※1

Pioneer in the industry

Maintain top market share※1Market share 10%※2Market share 15%

Aim to expand market share in the industry in the future※1 Source: Prepared by Fuji Keizai's Food Marketing Handbook (2023 estimate) data
※2 Source: Prepared by us from data from the National Mayonnaise and Dressings Institute (2023 results)©2024 KENKO Mayonnaise Co., Ltd.

21

Product Line upAppendix(3) Corporate Overview

Over 1,300* products to match every dining setting

Salads and delicatessen

Processed egg products

Mayonnaise and dressingsLong-life salads,
fresh salads, Japanese side dishes, etc.

Kinshi egg(shredded egg) ,fresh eggs,
omelet products, etc.

Mayonnaise and dressingscooking sauces, etc.

Products (Items)

FDF®(Fashion Delica Foods)
FR&FR® (Fresh & Fresh)Frozen products, etc.

Japanese side dishes

SourcesMayonnaiseDressings

Processed egg products

Example Menu

RENJIDEOTEGARU
TORORITAMAGO ( Easymicrowave soft egg )Potato and minced meatcroquettes

Fragrant soba salad
BUTANOKAKUNI DON（Braised pork rice bowl）©2024 KENKO Mayonnaise Co., Ltd.

Fried potatoes and baconwith garlic butter

Egg and avocado green saladwith mayonnaise(*) Figures for KENKO Mayonnaise (non-consolidated)

22

What is a long-life salad?
1958

Appendix(3) Corporate Profile

Company established1977 Developed industry's first long-life saladNew launch!!

《Features of long-life salads》
Low
temperaturesterillzation

SealedPackaging

Refrigeration

 Can be used straight from the bag Hygienic, safe, and reliable
 Can be kept for 15-60 daysin the refrigerator※This term's new product "FDF Plus■" series is for 90 days!

 Wide variety of recipes

Developed the first “burdock salad” in Japan!
It was common to use it for boiled foods
Burdock root for salad!

1986Launch※Photos are examples of use©2024 KENKO Mayonnaise Co., Ltd.

23

Production Bases in Japan and Overseas

Appendix(3) Corporate Overview● Production bases nationwide(7 KENKO Mayonnaise factories,
9 factories of 7 consolidated subsidiaries)

DIET COOK SHIRAOI Co., LTD.

Aizu Wakamatsu Factory of
KANTOH DIET EGG Co., Ltd.

● Production system with close connections to local region● Supporting freshness

Higashi Murayama Factory of
KANTOH DIET EGG Co., Ltd.

●Various products, meeting customer needs and specifications

lilac FOODS Co., Ltd.

Tokorozawa Factory of KANTOHDIET COOK Co., Ltd.

<Overseas network>

KENKO Mayonnaise factories

Nishi-Nihon Factory▻ PT.Intan Kenkomayo Indonesia

Consolidated subsidiary basesKobe Factory▻ Vancouver Research Office (Canada)

Nishi-Kobe FactoryTokyo Headquarters

DIET COOK SUPPLY Co., Ltd.

Atsugi Factory
Gotenba Factory

KYUSHU DIET COOK Co., Ltd.
KANSAI DIET COOK Co., Ltd.

Yamanashi Factory

Shizuoka Fujisan Factory
Kanagawa Factory of KANTOHDIET COOK Co., Ltd.
©2024 KENKO Mayonnaise Co., Ltd.

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Online Shop Information

Appendix(3) Corporate Overview●Kenko Mayonnaise Online shop

Approximately 400 products
Handling

We offer a variety of products and recipes, including mayonnaise, dressings, salads, and egg baked.

<KENKO Mayonnaise product site>www.kenkomayo.com©2024 KENKO Mayonnaise Co., Ltd.

25

List of Salad Cafe StoresAppendix(3) Corporate Overview

Opened stores in department stores and shopping malls as a practice of trinity proposals (13 shops)
 Salad Cafe Kintetsu Abeno Harukas Store Salad Cafe SALA PARA Hankyu Department Store Umeda main store
 Salad Cafe SALA PARA Senri Hankyu
 Salad Cafe Tobu Department Store Ikebukuro
 Salad Cafe Keio Department Store Shinjuku
 Salad Cafe Odakyu Department Store Machida Salad Cafe Aobadai Tokyu Food Show
 Chef's DELI/WaSaRa Shibuya Square storeWORLD SALAD Chef's DELI Hankyu Umeda Main store

WaSaRa Kintetsu Abeno HarukasTadaya Ario YaoSaradaya Ito-Yokado Abeno Store

Saradaya Ito-Yokado Musashi-Sakai©2024 KENKO Mayonnaise Co., Ltd.

<Salad Cafe official app>
Make salad cafes more accessible!
Such as point functions and coupons,
Currently distributing valuable andconvenient information

Download ↑ here26

<Appendix(4)>Trends in Major Indicators©2024 KENKO Mayonnaise Co., Ltd.

27

Performance Trends:Main Management Indicators (Consolidated)Appendix(4) Trends in Major Indicators

FY 3/2018

FY 3/2019

FY 3/2020

FY 3/2021

FY 3/2022

FY 3/2023

FY 3/2024

FY 3/2025(Est.)Net sales

72,75973,98974,48068,50275,64782,36388,72490,000Operating profit

4,173

3,116

2,900

1,976

1,616

105

2,949

3,200

Ordinary profit

4,149

3,145

3,003

2,050

1,622

169

3,099

3,300

2,877

2,296

2,058

1,458

1,211

485

2,735

2,260

Earning per share (yen)174.65139.40124.94

88.51

74.32

29.86

169.90140.37

Net assets

30,98432,90034,10335,57736,53936,79438,978-

Total assets

64,877

70,10563,76762,32061,76062,22967,300

-

47.8

46.9

53.5

57.1

59.2

59.1

57.9

-

Seasoning and Processed Foods Business

60,13959,68959,09351,611

57,552

63,678

69,101-

Delicatessen-related Business

11,327

13,105

14,25016,057

17,232

17,73318,714

-

Other

1,292

1,194

1,136

832

861

951

908

-

(Millions of yen)

Profit attributable to owners ofparent

Equity ratio (%)

Net sales by Segment©2024 KENKO Mayonnaise Co., Ltd.

28

Net Sales and Operating Income (Consolidated)

Appendix(4) Trends in Major Indicators

Net sales「KENKOTransformationPlan」「KENKO
Value Action」(Unit: 100 million yen)887

「KENKO
Five Code」

900

823

"Medium-Term Management Plan IV"「KENKO
Victory ROAD」

800「DASH SALAD」+
C-08 development horizon

708「KRP520」700 Restructuring phase

600

573
530

500

16.1

500
25.6

739

531

503
26.1

545
511

506

518

27.7

39.8

Operating income
685

16.0

(Unit: 100 million yen)

45

41.7

34.3

31.1

30.0

29.0

29.4

24.2

27.7
29.5

756

744

669
603

498

727

19.7

21.4

16.1
159.7400301.003000FY2005©2024 KENKO Mayonnaise Co., Ltd.

FY2008FY2011FY2014FY2017

FY2020

FY202329

Dividend Trends and Shareholder Benefits

Appendix(4) Trends in Major Indicators● Dividends and Dividend Payout Ratio

(%)

(Yen)

4030

■Interim dividend■Year-endcash dividends●Payout ratio

30 yen2320131719.9

19.1

19.0

19011

FY 3/2015

FY 3/2016

14
FY 3/2017

50401521.5

21.2

10106056.9

1518

FY 3/2019

FY 3/2018

1624.815

FY 3/2020

22.6

122022.9

1017.79878FY 3/2021

FY 3/2022

FY 3/2023

10FY 3/2024

3020100● Shareholder benefits
Eligibility criteria

Gifts

Shareholders holding 1,000 shares or more
Selection system from 3 types

Products worth 2,500 yen

From 100 shares to less than 1000 shares
Uniformity of shareholders

Products worth 1,000 yen©2024 KENKO Mayonnaise Co., Ltd.

Holding 1000 or more shares of ↑Equivalent to 2.5 thousand yen for our products←100 shares or more
Holding less than 1000 shares
Equivalent to 1 thousand yen for our products※The photo shows examples of shareholder benefits.

30Inquiries• IR inquiries– Tokyo Head Office: 3-8-13 Takaido-higashi, Suginami-ku, Tokyo– Person in charge: IR Section, Corporate Administration Department,
Corporate Planning Office– E‐mail : ir@kenkomayo.co.jp• Cautionary Statement with Respect to Future Forecast
This document is presented for the sole purpose of providing information to investors and is not intended to solicit sales or purchases.
Forward-looking statements in this document are based on targets and forecasts and do not constitute guarantees or guarantees.
Please be aware that actual results may differ materially from those anticipated in our future performance.
Statements regarding business performance and other matters are also prepared based on various types of data that we believe to be reliable, but we do
not guarantee their accuracy or safety.
We provide this material on the assumption that it will be used for your own judgment and responsibility in the event that investors use it for any purpose,and we assume no responsibility in any case.

©2024 KENKO Mayonnaise Co., Ltd.

31