August 6, 2019
To whom it may concern:
Company Name: HORIBA, Ltd.
Representative: Masayuki Adachi
President & COO(Security Code: 6856, TSE First Section）
Contact: Tetsuhiro Habe
Department Manager ofCorporate Control Department(TEL: +81-75-313-8121)

HORIBA Formulates New Mid-Long Term Management Plan “MLMAP2023”“ONE STAGE AHEAD” to be achieved byexpansion of business fields and establishment of a new business models
Targeting 300 billion yen in net sales and 40 billion yen in operating incomeHORIBA, Ltd. has formulated a new Mid-Long Term Management Plan, MLMAP2023*1, for the five-year period
from 2019 to 2023. By accomplishing the following three priority measures, HORIBA aims to advance into thenext stage.
 Priority Measure 1: “Market-Oriented Business”
To develop analysis and measurement solutions, utilizing HORIBA’s core technologies, in the leading threebusiness fields of megatrends: Energy and Environment; Materials and Semiconductors; and Bio andHealthcare
 Priority Measure 2: “A Solution Provider Beyond Life Cycle Management”
To support customers’ businesses from all aspects, from installation to replacement
 Priority Measure 3: “HORIBA Core Values” - The Next Stage of a Super Dream Team To enhance the organizational structure that fosters resilient human resources, which are the driving force ofall business operations
Numerical targets (for 2023):
Net sales of 300 billion yen, operating income of 40 billion yen, and ROE (Return on Equity) of 10% or more

In keeping with the management principle of the “HORIBA Group is One Company.” and its corporate motto “Joyand Fun,” HORIBA has pursued integrated group management by enhancing matrix management of the fivebusiness segments (Automotive Test Systems, Process & Environmental, Medical-Diagnostic, Semiconductor, andScientific) and three regions (Asia, Americas, and Europe), and has achieved business growth.
Recently the business environment surrounding HORIBA has been drastically changing. For example, theautomotive industry has experienced a significant turning point in technology and is making tremendous progressin next-generation technologies such as electrification and autonomous vehicles. The semiconductor, bio,
healthcare, and other markets has been also experiencing fundamental changes as the dissemination of AI, IoT, andother advanced technologies has been promoted. Moreover, Asian countries, including China and India, have grownwith the momentum that has brought them closer to the level of developed countries, and the global market structure
itself has begun to change significantly.

1Under such circumstances, HORIBA has made numerous decisions that accompanied changes in its businessmodel: the enhancement of the Automotive Test Systems segment with the acquisition of MIRA Ltd. (UK) in 2015
and FuelCon AG (Germany) in 2018; the expansion of alliances in the Medical-Diagnostic segment; and theexpansion of production capacity in the Semiconductor segment. These actions have contributed to the generationof net sales of 210.5 billion yen and operating income of 28.8 billion yen in 2018, which has enabled HORIBA tocome closer to the level of the numerical targets set in the previous Mid-Long Term Management Plan for 2020,MLMAP2020.
HORIBA has now decided to launch a new Mid-Long Term Management Plan, MLMAP 2023, with the slogan“ONE STAGE AHEAD,” to speedily respond to the accelerating changes of the business environment, and tofurther grow business and increase corporate value. By accomplishing the three priority measures, HORIBA aims
to achieve net sales of 300 billion yen and operating income of 40 billion yen in the target year of 2023.
● Priority Measure 1: “Market-Oriented Business”
To develop analysis and measurement solutions, utilizing HORIBA’s core technologies, in the leading threebusiness fields of megatrends
By combining technologies, sales channels, production facilities, and customer networks that HORIBA’s fivebusiness segments possess globally, HORIBA intends to provide analysis and measurement solutions that respondto customers’ needs. Through its strengths in “measurement” technologies, HORIBA aims to transform itself into
an entity that accelerates innovation in the leading three business fields of megatrends.
[Policies and Measures in the Three Fields]
Energy and Environment
 By utilizing resources in the Automotive Test Systems segment, which maximized synergies with HORIBAMIRA Limited. and HORIBA FuelCon GmbH, and in the Scientific segment, HORIBA aims to expand
business related to next-generation vehicle technologies, such as electrification and autonomous vehicles,
which are anticipated to help improve energy efficiency. HORIBA also aims to establish its position as a vital
partner in automotive development by providing optimal applications that achieve front-loading (reduction in
man-hours resulting from a shorter development process) in automotive research and development activities.
 In the Process & Environmental segment, HORIBA aims to contribute to the preservation and improvementof the global environment by utilizing its diverse product lineups in the gas, water, ambient, and petrochemical
fields, with applications that range from addressing regulations in emerging countries to productivity
enhancement in developed countries.
Materials and Semiconductor
 In the Semiconductor segment, HORIBA aims to gain further market shares for its core products of mass flow
controllers and chemical concentration monitors, based on its solid, globally-established R&D and supply
networks. HORIBA also aims to provide customers with the environment enabling the use of diverse datafrom its measurement and control equipment that has been installed on the periphery of semiconductor
production equipment (SPE). Thereby, HORIBA contributes to improving SPE manufacturing processes.
 HORIBA aims to achieve business expansion by providing cutting-edge analysis and measurement equipment
and systems owned by the Scientific segment to a wide range of customers in academia and the automotive
and semiconductor industries across the world. Areas of application include development demand forsecondary batteries, which is increasing due to the accelerated electrification of vehicles, and analysis ofsemiconductor materials and organic materials.

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Bio and Healthcare In the Medical-Diagnostic segment, HORIBA aims to further expand its active business in the in-vitro
diagnostics market. Specifically, HORIBA will expand its target market to mid- to large-scale hospitals under
the long-term partnership agreement with Siemens Healthcare Diagnostics Inc. (US), and thereby accelerate
its global business growth. In addition, HORIBA will strive to expand its product lineup by utilizing the microblood analysis system technologies acquired from ROHM Co., Ltd. (Japan).
 In the area of pharmaceutical and drug discovery, HORIBA will provide unique solutions by utilizing theknow-how possessed by the Scientific segment and applying its particle analysis and spectroscopic analysis
technologies.
The Scientific segment, which has possessed original technologies since its corporate foundation, plays a role inleading other business segments in terms of developing HORIBA’s core technologies and maximizing groupsynergies while collaborating with the resources of other business segments in the three business fields.
● Priority Measure 2: “A Solution Provider Beyond Life Cycle Management”
To support customers’ businesses from all aspects – from installation to replacement
HORIBA has built a business model that comprehensively supports customers by offering optimal applications
chosen from a wide variety of product groups. HORIBA will expand business into the data management field,
contributing to solving customers’ issues by quantifying information that has been invisible. In addition tosupporting the efficient customers’ operation by utilizing operational data from facilities, HORIBA will integrate
sales of equipment with high-value-added support, by offering new value via analysis of measured data.
HORIBA is always on the customers’ side and provides the best solutions to them, based on the keyword,“Always with you.”● Priority Measure 3: “HORIBA Core Values” - The Next Stage of a Super Dream Team To enhance the organizational structure that fosters resilient human resources, which are the driving
force of all businesses
The driving force to carry out Priority Measures 1 and 2 is human resources. HORIBA has undertaken various
initiatives in the development of human resources as well. The BlackJack Project*2 has functioned as a system
where the frontline information has been shared with top management and have become rooted as HORIBA’s
new corporate culture. HORIBA will enhance the BlackJack Project in the rapidly-growing Asian regions,further disseminate them across the entire HORIBA Group, and promote activities to connect themanagement goals to the frontline.
The Stained Glass Project*3, HORIBA’s diversity promotion project, is also expanding its activities throughhuman resource exchanges among group companies. HORIBA continues to create a working environment whereHORIBARIANs*4 can work comfortably and feel worthwhile. HORIBA will thereby achieve a “Super Dream
Team” of diverse human resources and accelerate both the transformation of existing businesses and the creationof new businesses.
HORIBA has introduced “HORIBA Premium Value,” an indicator aimed at maximizing the value of its assets.
Utilizing this indicator, HORIBA will accelerate activities to optimize the asset efficiency of the entire HORIBAGroup including each business segment and group company. HORIBA will promptly make management
decisions in order to flexibly invest resources and bring balanced growth of profit and continuous investments
into reality.

3The numerical targets of the Mid- to Long-Term Management Plan by Business Segment are as follows.

Segment
Automotive
Process & Environmental

Medical
Semiconductor
Scientific
Total
ROE

2018 Results
OperatingNet sales
income
79.6
7.7
19.3
2.0
26.0
1.8
57.7
17.0
27.7
0.2
210.528.8
14.3%(Billions of yen)2023 Plan
Operating
Net sales
income
120.0
12.0
28.0
2.8
40.0
4.0
77.0
17.7
35.0
3.5
300.0
40.0
10% or more

[Notes]*1: MLMAP: This stands for Mid-Long Term Management Plan, and is a term that is well-known andunderstood within the HORIBA Group.
*2: BlackJack Project: HORIBA’s unique operational improvement initiative which began in 1997 with theobjective of changing the awareness and activities of employees. From the outset, a dedicated internal teamhas worked to promote this initiative, which fulfills a vital role in providing opportunities for sharing
experiences and knowledge globally and in communicating between management and the front-line ofoperation. They also represent one of our most important initiatives aimed at establishing the Super DreamTeam.
*3: Stained Glass Project: HORIBA’s project whose mission is to make HORIBA stronger through the continual
creation of new value, based on diverse human resources and skillsets, regardless of gender, age, nationality,disability, or other differences. The project was launched in 2014.
*4: HORIBARIAN: All HORIBA workers are regarded as a family and called HORIBARIANs.

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