Note：This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

May 10, 2022
To whom it may concern:
Company name: Fuji Oil Holdings, Inc.
Representative: Mikio Sakai, President and CEO(Code: 2607, TSE Prime Market)
Inquiries: Yoshiharu Okamoto
Senior Manager, Corporate Communication Group(TEL.：+81-6-6459-0701)

Reborn 2024,
the Fuji Oil Group Mid-Term Management Plan for FY2024
The Fuji Oil Group announces it has formulated a new Mid-Term Management Plan, Reborn
2024, for the three-year period between FY2022 and FY2024.
1. Background behind drafting of the Mid-Term Management Plan, Reborn 2024
In the face of growing uncertainty due to the Covid-19 pandemic, soaring raw material
prices, and increasing geopolitical risks, the Group must surely recover profitability from its
current assets and operations and strengthen its financial position. Furthermore, with- postpandemic, it is expected that the market and consumer trends will continue to change
significantly and quickly. Amid such an operating environment, the Group recognizes that

we must be reborn into a corporate group that is able to generate new value by adapting tosocial transformation and changing markets and sales scheme.
The Fuji Oil Group has embraced a 2030 Vision: “Together with our stakeholders, we willco-create a sustainable future for food, based on plant-based ingredients that are bothdelicious and healthy”. We have split the nine fiscal years leading up to our 2030 Vision into
three-year phases (I, II, III). We view each of these phases as a period during which we will pursue
reform. The three-year period starting from this fiscal year represents Phase I. We position Phase
I as the period for strengthening our business platform so that we can evolve into a corporategroup that generates new value. This is our new Mid-Term Management Plan, Reborn 2024.

2. Key policies of the Mid-Term Management Plan, Reborn 2024
The key policies of Reborn 2024 are to strengthen of business foundation (restoring profitability
and creating new value), strengthening global management, and enhancing sustainability(sustainability strategy aligned with management strategy). We will apply these policies toadvance our growth strategy.

(1) Strengthening of business foundation (restoring profitability and creating newvalue)
Our policies to strengthening of business foundation include restore core profitability,
revitalize product portfolio in existing businesses through high value-added solutions,concentrate allocation of management resources to growth and strategy areas, and initiative
aimed at new business creation.
To restore core profitability, we will strengthen our business foundation from both themanagerial and operational perspectives including a rolling method of monitoring for ourpricing strategies and cost management. In addition, we will restore basic profitability byenhancing the Group's productivity and promoting cost reductions by improving theimplementation of sales price strategies and introducing productivity indices.
To revitalize product portfolio in existing businesses through high value-added solutions,
we will build competitive advantage by developing high value-added products that aredifferentiated from commodity ones.
To concentrate allocation of management resources into growth and strategy areas, wewill redistribute management resources to prioritize industrial chocolate business in the Northand South America and the plant-based oils business. This will increase Group revenue andpromote stable growth.
As initiatives aimed at new business creation, we will combine our Group’s technology withthe products of various business divisions to approach new markets. We will create newvalue by providing plant-based ingredients aligned with current consumer needs andpioneering new markets and customers. This will enable us to shift our portfolio from a focus
on commodity products to high value-added solutions.
(2) Strengthening global management
To strengthen global management, we will implement a strategy to improve business sales
and revenues by adopting business-specific ROIC management. We will also strengthen ourbusiness foundations to shift to a management structure and business portfolio that achieves
capital efficiency while also possessing the speed to respond dynamically to issues in eacharea. In our research and development, we will promote a management structure that isaligned with our strategic goals. This will enable us to respond to global social issues while
enhancing our product development speed. To further enhance the efficacy of thesestructures, we will also pursue enhancements and DX solutions for business management.
(3) Enhancing sustainability (sustainability strategy aligned with our managementstrategy)

We will contribute to resolving social issues through our business activities by enhancing
Group sustainability initiatives. We will implement Groupwide efforts towards both climatechange response, including reducing CO2 emissions, and cost reductions. We will distinguishour products from the competition by promoting sustainable raw material procurement andaligning these goals with our management strategy.
Human resources are at the core of business continuity. It is important as a managementfoundation for our group's human resources are active toward our goals with diverse
perspectives, and they are provided with fair opportunities and appropriate evaluations.
Aiming for sustainable growth of our growth, we will deepen diversity, equity and inclusion(DE&I), promoting the development and acquisition of human resources who are responsible
for value creation.
3. Financial strategy
We will reform into a globally solid financial structure by achieving growth to general cash
flow, improving capital efficiency, and strengthening governance.
To improve capital efficiency, we will focus on cash flow, conduct the prioritized distributionof management resources, evaluate business based on business-specific ROIC, andcarefully select investments based on Group investment standards. Through these efforts,
we will optimize the structure of our overall Group portfolio. By adopting ROIC evaluations,
we will further improve our cash conversion cycle (CCC) by analyzing our value chain andreducing inventory.
We will implement global capital management to improve our total asset turnover ratio byvisualizing Group capital, securing liquidity, and streamlining assets. We will also optimize
financial leveraging by focusing on capital costs.
Our basic policy for shareholder returns will be to issue stable and sustainable dividends
based on a dividend payout ratio of 30% to 40%.
By achieving the goals of the Mid-Term Management Plan, Reborn 2024, as we work
towards our newly outlined 2030 Vision, we will boost our corporate value and maintain ourposition as a corporate group that is trusted by all our stakeholders.

4. Management KPIs (FY2024)(1) Financial KPIs
KPI

Goal

Consolidated operating profit

23.5 billion yen

ROE8%

ROIC5%

Shareholder dividends

Dividend payout ratio of 30% to 40%(2) Non-financial KPIs
KPIGoalCO2 emissions（Scope1 & 2）

23% reduction in total CO2 emissions *¹

Sustainable procurement（palm oil）

TTP*2 85%*

¹Base year:2016, all consolidated subsidiaries*2

Traceability to plantation

End