[Translation]
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.

April 12, 2024
Company name: Lacto Japan Co., Ltd.
Representative: Motohisa Miura, President(Securities code: 3139 TSE Prime Market)
Contact: Yuko Ishiguro
General Manager of Investor & Public Relations(E-mail: lj-ir@lactojapan.com)

Notice Regarding Revisions to Consolidated Earnings Forecast for the First Halfof the Fiscal Year Ending November 2024
Lacto Japan Co., Ltd. hereby announces that, in light of recent performance trends, it hasrevised its consolidated earnings forecast for the first half of the fiscal year ending November
30, 2024, previously announced on January 12, 2024, as follows.

1. Revision of earnings forecast
Revisions to consolidated earnings forecast for H1 FY11/24(December 1, 2023 to May 31, 2024)
Net sales

Ordinary
incomeNet income
attributable toownersof parent

Earnings pershare

Million yen

Million yen

Million yen

Yen

Previous forecast (A)77,000

1,600

1,140

114.50

Revised forecast (B)80,0001,8001,300

130.44

Difference (B - A)

3,000

200160Percentage change

3.9%

12.5%

14.0%

80,450

1,344

922

Ref: Previous H1 results(H1 FY11/23)

93.17

2. Reasons for revision
Sales of imported raw materials for dairy products and meat products in the domestic
business and sales of cheese in the Asian business progressed well, and as such,consolidated net sales are expected to exceed initial forecasts.

In terms of profits, both consolidated ordinary income and net income attributable to ownersof parent are expected to exceed initial forecasts. This is thanks to stronger than expectedsales at the beginning of the fiscal year of our mainstay powdered milk mixtures in sales ofdairy ingredients in Japan, and higher than expected profit margins on sales of dairy
ingredients in Asia. Furthermore, profit margins in cheese manufacturing & sales improved
due to lower cheese ingredient prices and the effect of revised selling prices. It is because of
these reasons that we have revised the consolidated earnings forecast for the second quarter,
previously announced on January 12, 2024, as above.
Regarding the full-year consolidated earnings forecast, while we expect a full-fledged
recovery in demand for imported dairy raw materials due to a resolution of the inventory
issues for domestic skim milk powder and a recovery in domestic food demand, the forecast
figures will remain unchanged. This is owing to the impact of inventory measures for domestic
skim milk powder, which are scheduled to continue in fiscal 2024, as well as uncertainties
such as consumer behavior due to the continued food price increases and fluctuations infood demand in the summer months due to the weather and other factors. Should anyrevisions be deemed necessary in the future, these will be promptly disclosed.
Please note that there will be no revisions to dividend forecasts in conjunction with thisearnings forecast revision.
* The above forecasts have been prepared based on currently available information, andactual results may differ depending on various factors in the future.