News Release
March 7, 2018
Nishimoto Co., Ltd.
(Listed in the 1st section of the Tokyo Stock Exchange, securities code 9260）

Nishimoto forms capital and business alliance with a U.S. startup
to sell vegan sushi ingredients that replace seafood

We are pleased to announce that we have formed a capital and business alliance with Ocean Hugger
Foods, Inc.（head office: Delaware, United States (corporate registration), office in New York, UnitedStates, CEO David Benzaquen; hereafter “OHF”）and have begun the sale of vegan sushi ingredients asalternatives for seafood.
1. The background and purpose of this capital and business allianceWith rising concerns for sustainability and health, interest is growing globally for vegan foods (PlantBased Foods), especially in the West. The market for these foods has also been growing.
According to Nielsen, the world’s top market research company, about 39% of consumers in theUnited States intend to incorporate vegan food in their diet. This means that more people than allvegetarians (6% of the population of the United States) and vegans (likewise, 3%) in the U.S. areinterested in vegan food (Nielsen, September 2017). Also, the millennial generation, between 18 and 38
years old, contains the highest percentage of vegans.
OHF is a startup based in New York. Founder James Corwell [photo (1)] is responsible for productdevelopment and is also a master chef, a qualification that has been granted to only 68 people by theAmerican Culinary Federation.
In 2017, OHF started selling a tuna alternative vegan food under the Ahimi brand [photos (2), (3)].
Ahimi is a sushi ingredient for vegans made principally with vegetables, sold through the Whole Foods
supermarket chain and other stores in the United States. Offering sushi options to vegans, Ahimi has
gained attention and been covered by CNN, The New York Times, Forbes and more.
Going forward, OHF plans to develop and launch new products successively, including an eel
alternative “Unami” [photo (4)].
Having formed a capital and business alliance with OHF and received their convertible bonds,
Nishimoto is in the position to lead the sales of OHF’s vegan sushi ingredients in the world.
We hope to use our global network, which spans across North America, Europe and Asia, to respondto client needs for vegan food, positioning it as part of our sushi ingredient business.
2. Future prospects
OHF’s vegan sushi ingredient sales in the first year totaled about 200 million yen. We hope to expand
the business to about 1.5 billion yen within a few years.
Even when the convertible bonds are converted to shares, their impact on the consolidated results forDecember 2018 will be minimal as they will not be part of the consolidation.
13. Outline of OHF(1) Company: Ocean Hugger Foods, Inc.
(2) Address: 77 Bleecker Street, Suite C2-21, New York, NY(3) Representative: CEO David Benzaquen(4) Established: June 2015(5) Business: Developing and selling Plant Based Foods as seafood alternatives[Photo (2) Ahimi (tomato is used in place of tuna)][Photo (1) United States master chef James Corwell][Photo (3) Ahimi (tomato is used in place of tuna)]

For inquiries about this news release, contact:
Nishimoto Co., Ltd.
Management Planning Department TEL: 03-6870-2015

2[Photo (4) Unami (eggplant is usedin place of eel)]