13 bases. Always Putting the Customer First. The ITO EN Difference. Management Principle. The ITO EN Way of Business. Natural. Delicious.

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2 Management Principle Always Putting the Customer First Since its establishment in 1966, ITO EN has consistently adhered to the management principle of Always Putting the Customer First. The foundation of business management at ITO EN is our commitment to place importance on each and every customer. The ITO EN Difference Nationwide Network 21 sales offi ces The foundation of ITO EN s marketing strategy is the Route System for directly delivering products to customers from 21 sales offices nationwide. Domestic Tea Leaf Purchasing Ratio 23.8 % For many years, we have cultivated the optimum raw materials for Oi Ocha in partnership with tea producers. Domestic tea leaves are the source of the high quality of our products, and we purchase more than 2% of tea leaf production in Japan. Mission Statement Consumers Our mission is to put the customer fi rst, make integrity our stock in trade, spare no effort, and earn the confi dence Local Communities Financial Institutions Definition of ITO EN Customers Shareholders Retailers and trust of society. ITO EN credo Suppliers The ITO EN Way of Business Delicious Good-tasting products that bring happiness Well-designed Simply designed packaging attests to good taste Natural Products with natural ingredients Healthy Products that bring goodness and health to people s lives Safe Safe and enjoyable products ITO EN provides customers with beverages with delicious natural flavor, placing importance on the goodness of nature. In accordance with the management principle Always Putting the Customer First, we think of our customers with single-minded purpose and bring goodness and health to people s lives by adhering to the Still Now ethos of considering what our customers might like to see improved. We endeavor to create products based on the five product development concepts of natural, healthy, safe, well-designed, and delicious and continue to pursue new possibilities and challenges. Oi Ocha Green Tea Beverage No. 1 brand ITO EN pioneered the world s first canned green tea beverage Kan-iri Sencha (Canned Green Tea) in 1984 and introduced Oi Ocha, our current flagship brand, in We pursue taste and quality by using no flavorant additives and 1% domestic tea leaves. A Message from the Management Business Overview Non-Consolidated Review of Operations Non-Consolidated Operating Highlights Consolidated Financial Highlights 2 6 Worldwide Production and Network With the aim of becoming a global tea company, we are establishing the ITO EN brand and opening new markets for green tea from business bases in New York, Florida, Hawaii, Australia, China, and Southeast Asia. Consolidated Financial Highlights and Business Results Stock Information Market Data Corporate Data bases CORPORATE BOOK 2 1

3 A Message from the Management Q: In retrospect, what is your assessment of the fiscal year ended April 2? Hachiro Honjo, Chairman Management Principle Daisuke Honjo, President At the core of ITO EN s management philosophy is our emphasis on and commitment to each and every customer. At ITO EN, we consider consumers, shareholders, retailers, suppliers, financial institutions, and local communities our customers. We have always regarded everyone involved with ITO EN to be our customer, and we earnestly strive to address our customers needs through the feedback received, and by taking the perspective of our customers as the foundation of our management strategies. We will continue to remain true to our longstanding principle of Always Putting the Customer First and pursue new possibilities and challenges. Based upon our governing principle of Always Putting the Customer First, and considered in the light of what our customers might still like to see improved, we strive to develop products satisfying our customers and provide customer-oriented service in accordance with our five basic development concepts of natural, healthy, safe, well-designed, and delicious. The beverage industry in the fiscal year ended April 3, 2 saw active introduction of new product offerings and continued growth in sales across the entire market. At the same time, the business environment remains unpredictable, with lingering concerns caused by raw material and fuel cost increases brought on by yen depreciation, reaction to the surge in demand in anticipation of the consumption tax increase, cost-conscious consumer trends, price cutting due to intensified competition, and the severe situation resulting from the heavy snows in February. In light of these circumstances, the Company focused on its core message of delicious tea comes from good farms for its flagship products Oi Ocha Ryokucha (Green Tea) and Oi Ocha Koi Aji (Dark), combining the unique ITO EN advantages of uncompromising quality in plantations, raw tea leaves and production methods in the name of its May 2 quality assurance renewal, designated Culmination of Flavor. Moreover, we renewed our Oi Ocha Zokkon (Cherished Blend) using 1% top-grade tea, carefully cultivated in our contracted tea plantations, which are part of our Tea-Producing Region Development Project. We also strove to revitalize the entire Japanese domestic tea market and bring enhanced value and strengthened sales to our Oi Ocha brand by expanding our simple and easy offerings built around convenient tea bag selections, as well as bolstering our leaf tea Oi Ocha product line. Additionally, we have seen a steady increase in sales for the health beverage Healthy Rooibos Tea, introduced in June 2, and the vegetable beverage Ichinichibun no Yasai (A Day s Worth of Vegetables), along with the Japanese plum soda using rare sugar, Rare Sugar Soda, launched in March 2. With respect to coffee Net (Consolidated) Operating Income and Operating Income Ratio (Consolidated) Operating Income 437, ,5 Operating Income Ratio (%) beverages, the popularity of the Tully s Coffee series has continued with increased sales volume, contributing to improved business performance. We also actively invested funds in advertising and sales promotion to further reinforce our brand, while at the same time lowering supply costs and reviewing all expenditures in the face of increased competition. We are also leveraging the effectiveness of synergies between the Company and the Chichiyasu Company brand, as the nationwide launch of Nyusankin Soda (Lactic Acid Bacterium Soda) demonstrated robust sales, mirroring the performance of Asa no Yoo. Moreover, NEOS Corporation possesses strong sales channels in western Japan, and is expected to further reinforce vending machine operations of the Group. Overseas, ITO EN (North America) INC. is enjoying steadily increasing sales of its mainstay TEAS TEA line, and sugar-free beverage sales are also performing well. In addition, our active overseas distribution has ridden the current heath-oriented trends to progress toward basic establishment of operations in China and Southeast Asia. As a result, sales in the tea leaves and beverages business were 49,696 million yen (an increase of 8.% year on year), and operating income was 17,935 million yen (a 1.2% increase year on year). In the restaurant business, Tully s Coffee Japan Co., Ltd. continued to perform well and further its expansion in the number of store locations to 555. were up.9% over the previous fiscal year, to 23,18 million yen, and operating income increased 18.1%, to 3,178 million yen. 23, 21, Net Income and ROE (Consolidated) Net Income ROE (%),96 1.4, Apr 3 Plan Apr 3 Plan Apr 3 Plan 2 CORPORATE BOOK 2 CORPORATE BOOK 2 3

4 A Message from the Management Q: Can you provide details of your new medium- and long-term management plans? Q: What are your thoughts on return to shareholders? The Group continues to forge ahead based on our core management principle of Always Putting the Customer First and our long-term vision as a Global Tea Company. Within this context, we aim to provide, to customers around the world, quality in lifestyle that represents value, encompassing everything from the Art of Tea tradition to the most recent technological advances going forward. To this end, we shall solidify our domestic earnings base centering on our tea leaves and beverage segments, while at the same time strengthening our brands and creating Groupwide synergies thereby achieving continued growth. Moreover, our strategic investments aimed at establishing overseas business platforms will continue, securing Oi Ocha s position as a global brand, and with respect to convenience products such as tea bags and powdered tea as well, we aim to achieve further penetration into markets around the world. As one aspect of business development, since 21 we have been devoting our efforts to the Tea-Producing Region Development Project for the stable procurement and more efficient production of high-quality domestic green tea raw materials, the Minimum sales growth of 5% Maintain operating profit margin of 5% for domestic beverage business, and invest surplus earnings in future growth our position as a comprehensive domestic beverage manufacturer billion Operating income billion earnings base business sectors establish overseas operations platforms billion or more Announcement of medium-term management plan for achieving our long-term vision nurturing of producers, and the active utilization of idle fields and orchards. Production volume is increasing each year, and we are proceeding with the objective of bringing 2, hectares of tea plantation area under cultivation. Overseas, we are expanding into Singapore, Indonesia, Vietnam, Myanmar, and other markets in active business development targeting fast-growing Southeast Asia and neighboring countries and regions. Looking to the future, ITO EN will continue to contribute to society through a broad range of CSR programs. We will establish ourselves as a leader in the green tea sector, both in beverages and tea leaves, involved in everything from the development of tea-producing regions to the recycling of used tea leaves, as well as securing our position as a total beverage manufacturer in Japan. Irrespective of season, individual, location, or time, we aim to maintain ITO EN products as a constant companion to our customers, establishing the Company as a Global Tea Company that offers healthful abundance to the customers of the world by continuing to develop beverages, tea bags, and instant tea products as global brands. Based on these initiatives, we are steadily developing our position as a globally trusted enterprise as we build toward the achievement of our medium- to long-term objective of 5 billion yen in sales. ITO EN considers the continuous return of profits to shareholders one of its most important management priorities. We have established stable profit distribution as the basis for our profit distribution policy, and thus provide a continuous stream of dividends. To offer our shareholders a new yield commodity, in September 27 we issued preferred stock (Class-A preferred stock) with the stipulation that it cannot be converted to common stock, becoming the only listed company issuing such shares in Japan. The background for setting a dividend for preferred stock 25% higher than the dividend for common stock is the desire to offer individual investors a familiar yield commodity at a time when funds are flowing from savings to investments. We strive to satisfy expectations for shareholder returns as evidenced by our share-buyback program. With regard to the policy of profit distribution, we will conduct, on an ongoing basis, consolidated dividend payout ratios of 4%, forming the foundation for stable profit Dividend and Payout Ratio per Share Preferred Stock Apr Apr 3 4 Plan Plan Dividend per Share (Yen) Payout Ratio (%) distribution. Based on this policy, we increased the final dividend for the year ended April 3, 2 by one yen per share, or 2 yen per common stock and 25 yen per preferred stock, and set the annual dividend at 39 yen per common stock and 49 yen per preferred stock. We utilize internal reserves for purposes such as investment for corporate value enhancement, strive to increase corporate value that is, shareholders investment value and intend to actively return profits to investors through future business development. In our efforts to achieve these goals, we look forward to continuing to earn the trust and support of our shareholders. July 25, 2 Hachiro Honjo, Chairman Outline of ITO EN Preferred Stock Note: Class-A preferred stock was listed on the First Section of the Tokyo Stock Exchange in September 27. Securities Code Voting rights Dividend Residual assets Rights to demand distribution Stock split Shareholder gift coupons Daisuke Honjo, President 2593 Preferred Stock (1) With regard to voting rights, voting rights for preferred stock are activated when there is no vote to issue preferred dividends for two consecutive years. (2) Minimum is 15. Balance due to pay accumulates when dividend cannot be paid (1) (2) 4 CORPORATE BOOK 2 CORPORATE BOOK 2 5

5 Business Overview Route System Provides Customer Feedback Our Route System supplies products directly to customers via a nationwide sales network comprising 21 sales offices. Our sales force is able to develop robust lines of communication by directly visiting customers in the field, explaining new product offerings while providing added value. Conversely, salespeople also receive the latest feedback and information from customers, another aspect of the Route System which further strengthens our bond with customers. Replenishment Maintenance Vending Product layout machines, inventory control ITO EN s Route System Hokkaido/Tohoku General retailers Route person Delivery, displays Merchandising, campaign proposals Information provision New customers Information-gathering Business negotiations Expertise in Raw Material Procurement and Highly Selective Purchasing We have vigorously pursued using 1% domestically grown tea leaves in making Oi Ocha since its introduction. Although the quality of tea leaves vary slightly according to annual climate conditions, region of production, and cultivation method, our employees pride themselves on conscientiously evaluating quality at the point of production, and obtaining raw tea directly from tea markets and tea growers. In addition, the Tea-Producing Region Development Project, which was established to grow tea fields for the optimum raw materials for our Oi Ocha brand by working together with tea producers, has been increasing its output each year. The Central Research Institute conducts basic research into the flavors, stability, and health benefits of ITO EN s products. Ordinary product development activities involve research into processing methods for raw materials and manufacturing technologies based on product concepts. We conduct agricultural technology research on green tea cultivation and manufacturing processes with the aim of ensuring stable supplies of premium-quality tea leaves optimized for use as beverage ingredients and research aimed at developing and nurturing tea and vegetable plantations in Japan and overseas. This research is producing valuable results. Chubu Food Safety and Security Approach Radioactive substance inspection system Producer ITO EN Outsourcing Partner ITO EN Customer Quality Control QR Code Mark Tokyo 27 o Five Block Production System (As of May 2) Tea grower Crude tea processing factory Inspection Finished tea processing procedure Raw material ITO EN packaging Inspection Beverage product Tea leaf product Product Inspection Inspection Respective company warehousing Shop Please access the following link for more on quality control (Japanese only): itoen-hinkan.jp Scan with a mobile phone The QR code is indicated on the packaging of core products, including Oi Ocha. Marketing Strategy The foundation of our marketing strategy Giving shape to the customer s feedback Production System Our responsibility for the safe and stable procurement of raw materials, the supply of products, and research in the health benefi ts of tea 6 CORPORATE BOOK 2 CORPORATE BOOK 2 7

6 Business Overview In China, activities such as tea plantation management and tea leaf processing, as well as the manufacturing and sales of beverages mainly for the domestic market, are conducted by two joint venture firms. In Southeast Asia, we have established business bases in Singapore, Indonesia, Thailand, Vietnam, and Myanmar. ITO EN (North America) INC. was established in New York in 21. Developing business operations focusing on the mass market and natural food markets across the United States, the company aims to introduce authentic green tea and to establish the ITO EN brand. The United States continues to see an increasing consumer awareness with respect to green tea, and demand is on the rise in regions across that market. In 1984, ITO EN pioneered the world s first canned green tea beverage Kan-iri Sencha. Five years later, in 1989, we introduced Oi Ocha, which is currently our flagship brand. Over the years since its launch, Oi Ocha has developed into a brand loved by consumers across Japan thanks to our rigorous pursuit of taste and quality based on the use of no flavorant additives and 1% domestic tea leaves. Through our efforts, we will ensure that Oi Ocha continues to be a customer favorite for years to come. Moreover, ITO EN will continue to create brands loved by consumers across Japan, including vegetable drinks such as Jujitsu Yasai (Vegetables Galore) and Ichinichibun no Yasai (A Day s Worth of Vegetables), coffee beverages such as Tully s Coffee, and tea drinks under the TEA S TEA brand. Ningbo Shunyi Tea Products Co., Ltd. ITO EN Beverage (Shanghai), Ltd. ITO EN Asia Pacific Holdings Pte. Ltd. ITO EN AUSTRALIA PTY. LIMITED In anticipation of increased future demand for green tea raw materials and to secure a stable supply, ITO EN AUSTRALIA PTY. LIMITED was established in 1994 in Victoria, Australia, where the climate resembles that of Japan, and engages in the production and sales of tea leaves, as well as sales of beverages. ITO EN (North America) INC. Head Office Mason Distributors, Inc. Fujian New Oolong Drink Co., Ltd. ITO EN (USA) INC. In 1987, ITO EN (USA) INC. was established in Hawaii, where it commenced the manufacture and sales of canned beverages such as tropical juices, sugar-free teas, and coffee. Brand Development ITO EN is dedicated to product research and development based on its fi ve product development concepts: natural, healthy, safe, well-designed, and delicious Overseas Business Expanding the ITO EN brand overseas 8 CORPORATE BOOK 2 CORPORATE BOOK 2 9

7 Business Overview Based on our governing principle of Always Putting the Customer First, the ITO EN Group aims to enhance corporate value as we continue to grow and develop as a socially responsible enterprise. For this purpose, we established Basic CSR, in accordance with the seven core subjects of the international ISO 26 and domestic JIS Z 26 standards. This ensures rigorous legal and regulatory compliance to respond ever better to the expectations of our stakeholders, including consumers, shareholders, customers, suppliers, financial institutions, regional communities, governments, municipalities, non-profit and non-governmental organizations, and our employees. Among these, the environment, consumer issues, and community involvement and development have been singled out for priority CSR areas to enable the Company to capitalize on core business attributes of the ITO EN Group in contributing to society through the creation of a new gastronomic culture and lifestyle proposals, thereby promoting the creation of shared value (CSV) to tackle social issues while furthering the growth of the Group. At the same time, we have implemented the concept of education for sustainable development (ESD) and aim to deepen our commitment to CSR/CSV. Fundamental Concepts for Each Core Subject of CSR Human Rights The ITO EN Group does not discriminate based on gender, age, ethnicity, race, religion, or creed, and we engage in business activities that reflect respect for fundamental human rights. Labor Practices Since its founding, the ITO EN Group has operated under the merit system. We will continue to create workplaces that promote the honing of individual skills and abilities through friendly competition based on a spirit of true harmony and increase the work motivation of each and every employee. The Kurumin certification mark for companies that support the development of the next generation Fair Operating Practices Every officer and employee of the ITO EN Group will take seriously the expectations and wishes of stakeholders, including consumers, investors, business partners, and local communities, and conscientiously respond by ensuring the legality and appropriateness of management and the conduct of business on the basis of compliance with the laws of Japan and other countries, internal regulations, and ethical standards. The Environment The ITO EN Group fully recognizes that protecting the global environment and ensuring sustainability for the next generation is an important responsibility. For this reason, for the fiscal year ending April 3, 215 we have revised the ITO EN Group Environmental Policy and are working to conserve water resources and protect biodiversity. We have set environmental targets based on this policy and, taking into consideration the entire value chain, recognize and work to minimize the impact that the Group s business activities have on the global environment. As part of our efforts that extend across the entire value chain from plantation to used tea leaves, to ensure that concern for the environment is reflected in used tea processing and products, we have realized value enhancement by developing the ITO EN proprietary Used Tea Leaves Recycling System, which takes advantage of the useful ingredients that remain in used tea leaves and transforms them into familiar everyday products. Recycled products made from used tea leaves for the effective use of used tea leaves (Received Minister of the Environment Prize at the 2th Grand Prize for the Global Environment Award) Consumer Issues The ITO EN Group creates products and provides services in accordance with the development concepts natural, healthy, safe, well-designed, and delicious under a strict quality control system implemented at every production stage from raw materials to finished product. We intend to further reinforce our quality control system and proactively disclose information on matters including quality control and raw ingredients. In addition, we aim to further enhance customer satisfaction through the development of universal design products and the promotion and handing down to future generations of tea culture through utilization of the tea taster system, our internal certification system. Community Involvement and Development The ITO EN Group participates in community activities and contributes to community development. We engage in the Tea-Producing Region Development Project to procure a portion of the high-quality domestic green tea raw materials used to make Oi Ocha, utilizing idle land in six districts of four prefectures in Kyushu: Miyazaki, Oita, Kagoshima, and Nagasaki. Through our core business we are able to assist in finding solutions to regional social issues. We also assist communities in addressing issues related to the environment, diet, and culture through our main business. In addition, since the Great East Japan Earthquake we have provided ongoing reconstruction support under the concept building ties through tea. We continuously hold Tea Lover Gatherings to help residents of stricken areas maintain ties and connections. Our ESD Promotion Concept The ITO EN Group aims for professional development for implementation of CSR/ CSV toward social, environmental and regional sustainability. Each employee makes this a reality in partnership with their many contacts, both within and beyond the confines of the Company. In this way, we shall continue to deepen and promote our CSR/CSV efforts. (1) CSV: Creation of shared value (2) ESD: Education for sustainable development For more details, please visit: Governance System In the ITO EN Founding Charter, the ITO EN Group has formulated the basics for management to continually grow and develop as an enterprise and enhance corporate value: cooperate with its stakeholders, including the government, local communities, consumers, shareholders, retailers, suppliers, and financial institutions, and fulfill its corporate social responsibility (CSR). The management principle above is the basic concept of our corporate ethics and an everlasting truth that supports our corporate governance. Based on this principle, every officer and employee of the Company is active in promoting concerted efforts to realize a sustainable society in line with the interests of all stakeholders and strives to repay their trust. To conduct appropriate corporate governance, as a company with a Corporate Auditors system, our corporate auditors check and audit business conditions, the decision-making process, and other matters regarding the respective representative directors, the directors in charge, and the employees of ITO EN Group companies. As of July 25, 2, three of the four corporate auditors were outside corporate auditors, and the improvement of management transparency is addressed by reflecting the opinions of such outside experts on management. Internal and outside corporate auditors attend every meeting of the Board of Directors, offering fair and impartial and audit opinions on overall corporate affairs and each item of business, and audit business execution by directors in accordance with the audit policy set forth by the Board of Corporate Auditors. The Company s Board of Directors consisted of 17 directors as of July 25, 2. At the monthly meeting of the Board of Directors, all of the important items on the agenda are determined with regard to 1) management principles to raise shareholder value ; 2) business plans; and 3) the decision making and progress of organizational and financial policies. These Board meetings also monitor the status of operations and supervise the business execution of the Company and its subsidiaries. In addition, the System of Corporate Governance General Meeting of Shareholders Election, dismissal Election, dismissal Election, dismissal Board of Directors [Management, supervision] Election, supervision Representative Director Executive Board Audit Compliance Committee [Business execution] [Internal control] Dedicated committees Budget Committee Long-Term Management Planning Committee Personnel System Improvement Committee Board of Corporate Auditors [Management monitoring] Internal Auditing Department Legal Department Compliance Department Internal Control Promotion Committee Environment Committee Others Audit Advice, guidance Audit Outside legal counsel, etc. Independent Auditor [Management monitoring] Compliance Committee, which was established as an advisory organ to the Board of Directors, deliberates whether the daily business execution of the Board of Directors complies with the applicable laws and regulations. The Executive Board meeting is held monthly to assist the Board of Directors and the President. Its business execution includes establishing overall execution policies in accordance with the basic management policy, which has been resolved by the Board of Directors, and determining important business items via consultations. Internal Control Initiatives Internal Control System The ITO EN Group has established its internal control system to achieve the following objectives through enhanced transparency in the business operation of the Group in accordance with the basic policy for internal control systems, which was resolved at the Board of Directors meeting in May 26: 1) to improve the effectiveness and efficiency of business operations; 2) to ensure the reliability of financial reporting; 3) to comply with the applicable laws and regulations relevant to business activities; and 4) to safeguard corporate assets. Risk Management System Recognizing a myriad of risks associated with compliance, information security, quality, the environment, the conservation of corporate assets, and disasters and accidents with regard to the business execution of the Company, the Company has designated a Risk Department; drawn up internal rules, regulations, and guidelines; and established a cross-sectional risk management system. Corporate Auditors As of July 25, 2, the Company had four corporate auditors consisting of one standing corporate auditor and three part-time corporate auditors. The three part-time corporate auditors are outside corporate auditors who have considerable expertise in legal, financial accounting, and taxation affairs. For the purpose of auditing the legality, etc., of directors business execution under the audit plan, the corporate auditors attend important meetings such as those of the Board of Directors to verify the legality and appropriateness of the process and the results of managerial decision making. The corporate auditors also peruse important documents and physically investigate the status of the business execution of the administration, sales, and production departments. Audit results summarized by each auditor are reported at the monthly Board of Corporate Auditors meeting to encourage information sharing and exchanges of opinion among the corporate auditors. Furthermore, the Independent Auditor and the Internal Auditing Department periodically meet to make efforts to improve the effectiveness of audits through collaboration via consultations on the audit status. Outside Directors and Outside Corporate Auditors From the viewpoint of protecting ordinary shareholders, the Company has designated two outside directors (Hirokazu Uchiki and Morikazu Taguchi) and three outside corporate auditors (Yoshiaki Takasawa, Yutaka Tanaka, and Masahiro Nagasawa) as independent officers who have no conflicts of interest with ordinary shareholders. CSR ITO EN Group CSR/CSV and ESD Aiming for sustained growth and development together with our stakeholders Corporate Governance The ITO EN Group has established a sound management system based on the management principle of Always Putting the Customer First, which ensures the transparency, soundness, and legality of management, and swiftly discloses appropriate information 1 CORPORATE BOOK 2 CORPORATE BOOK 2 11

8 Non-Consolidated Review of Operations Non-Consolidated Operating Highlights Tea Leaves Other Beverages Mineral Water Functional Beverages Others Tea Leaves by Container (Volume Basis) (Year ended April 3, 2) by Business Category (Year ended April 3, 2) by Region (Year ended April 3, 2) Black Tea Beverages 3,624 million Coffee Beverages Fruit Beverages Japanese Tea Beverages Up 6.4% year on year Vegetable Beverages 8.5% Oi Ocha Zokkon Premium Tea Bags Sara Sara Mugicha (A Tea Master s Cherished Blend) Fukamushi-cha (Powdered Barley Tea) (Deep-steamed Green Tea) Chinese Tea Beverages Japanese Tea Beverages 173,31 million Up 6.3% year on year 47.7% Oi Ocha Green Tea Kenkou Mineral Mugicha (Healthy Mineral Barley Tea) Healthy Rooibos Tea Black Tea Beverages,758 million Down 2.5% year on year 3.5% TEAS TEA Bergamot & Orange Tea TEAS TEA Berry Berry Tea TEAS TEA Earl Grey Sparkling Cans.1% PET bottles (2L) 25.7% PET bottles (5ml) 29.6% PET bottles (35ml and smaller).2% PET bottles (others) 6.9% Cartons 11.7% Others.8% Supermarkets 38.5% Convenience stores 25.9% Vending machines 16.7% Others 18.9% Hokkaido 3.7% Tohoku 7.1% Kanto 5.9% Chubu 1.4% Kansai.5% Chugoku/Shikoku 6.3% Kyushu 8.1% Chinese Tea Beverages Vegetable Beverages Functional Beverages 16,552 million 6,33 million Down 3.5% year on year Up 3.3% year on year 4.6% 1.7% Oolong Tea Relax Jasmine Tea Catechin Jasmine Tea Mineral Water Kurozu de Kassei (Revitalization Through Black Vinegar) Kurozu to Calcium (Black Vinegar and Calcium) Yogurt Flavored Nata de Coco Overview of Principal Consolidated Subsidiaries Tully s Coffee Japan ITO EN (North America) 23,865 million $78,829 thousand Up.3% year on year Up 2.8% year on year 49,83 million 9,59 million Down 1.6% year on year Down.2% year on year Jujitsu Yasai Ichinichibun no Yasai Mainichi Ippai no Aojiru.7% 2.5% (Vegetables Galore) (A Day s Worth of Vegetables) (Daily Cup of Green Juice) evian evian Designer s Bottle Migakarete Sumikitta Nihon no Mizu (Japan s Clear Water) Tully s Coffee is a chain of specialty coffee shops that originated in Seattle. Tully s currently operates more than 555 shops nationwide, providing high-quality products and service in a relaxing atmosphere. ITO EN (North America) INC., established in New York in 21, is creating and developing a green tea market in the United States, where increasing health consciousness is fueling higher demand for sugarless tea beverages and green tea bags. Fruit Beverages Other Beverages,51 million 17,369 million Up 2.4% year on year Up 2.6% year on year Vitamin Fruit 3.7% Risou no Ringo (Fruit for a Radiant Body) (Japanese Apricot) 4.8% (The Perfect Apple) Karada Kagayaki Kajitsu Blueberry & Asai Mix Hiyashiume Stylee Sparkling Lemon Rare Sugar Soda Asa no Yoo (Yogurt Drink) Coffee Beverages Others 31,9 million 2,947 million Up 11.7% year on year Down 3.4% year on year 8.6% Tully s Coffee Tully s Coffee Tully s Coffee.8% BARISTA S BLACK BARISTA S ICED COFFEE BARISTA S DEMITASSE Wakaba no Aojiru (Green Juice Young Leaf) VEGESTICK Asa no Yoo Stick (Yogurt Stick) CORPORATE BOOK 2 CORPORATE BOOK 2

9 Consolidated Financial Highlights Years ended April Profit and Loss Net 263, ,77 31,2 328,71 332, , , ,284 43, ,755 Ratio of Cost of (%) Operating Income 19,71 21,66 22,796 19,236 1,6,453 17,679 18,97 2,25 21,1 Operating Income Ratio (%) Net Income 1,451 11,685,261 1,96 4,765 5,996 7,675 9,249 11,244,96 Financial Condition Total Assets 19,921 1,284 7,3 154,687 16,83 179, , , ,97 258,82 Total Net Assets 69,311 77,419 (3) 85,936,519 99,989 1,455 11,63 16,1 1,942,59 Total Liabilities 4,69 43,865 51,377 5,168 6,8 79,39 9, ,833 1,28 8,31 Current Ratio (%) Equity Ratio (%) Debt/Equity Ratio (%) Free Cash Flows 1,116 8,371-3,421-9,221-1,871 1,621 17,581,394,769 19,72 Capital Expenditures 2,773 4,517 4,32 7,85 2,84 1,868 2,1 4,31 6,639 4,888 Depreciation and Amortization 1,111 1,232 1,8 2,33 4,287 7,34 9,11 1,892,718 15,1 Financial Indicators Return on Equity (ROE) (%) Return on Assets (ROA) (%) Price Earnings Ratio (Times) () Price Earnings Ratio (Times) (Class-A Preferred Stock) (2) Price Book Value Ratio (Times) () Price Book Value Ratio (Times) (Class-A Preferred Stock) (2) Earnings per Share (Yen) () (1) Earnings per Share (Yen) (Class-A Preferred Stock) (2) Book Value per Share (Yen) () 1,55.52 (1) (3) Book Value per Share (Yen) (Class-A Preferred Stock) (2) Cash Dividends per Share (Yen) () 7 (1) (3) Cash Dividends per Share (Yen) (Class-A Preferred Stock) (2) Payout Ratio (%) () Payout Ratio (%) (Class-A Preferred Stock) Payout Ratio (%) ( and Class-A Preferred Stock) Vending machine installation (Units) 111, ,4 119,82 3,692 3,624 1,423 9,879 8,93 155,65 161,432 Number of employees (Non-consolidated) 4,559 4,817 5,1 5,223 5,346 5,237 5,278 5,285 5,37 5,339 (1) The Company implemented a two-for-one stock split on March 1, 26. (2) On September 3, 27, ITO EN allocated free of charge Class-A Preferred Stock at a ratio of.3 shares to one share of common stock. (3) Effective from the fiscal year ended April 3, 27, the Company and its domestic consolidated subsidiaries adopted the new accounting standard, Accounting Standard for Presentation of Net Assets in the Balance Sheet (Statement No. 5 issued by the Accounting Standards Board of Japan on December 9, 25), and Implementation Guidance for the Accounting Standard for Presentation of Net Assets in the Balance Sheet (Guidance No. 8 issued by the Accounting Standards Board of Japan on December 9, 25) (collectively, the New Accounting Standards ), and Accounting Standard for Treasury Shares and Appropriation of Legal Reserve (Accounting Standards Board of Japan, August 11, 26 final revised, Statement No. 1) and Implementation Guidance on Accounting Standard for Treasury Shares and Appropriation of Legal Reserve (Accounting Standards Board of Japan, August 11, 26 final revised, Guidance No. 2). Net and Operating Income Ratio Total Assets and ROA Free Cash Flows and Capital Expenditures Cash Dividends per Share (), Cash Dividends per Share (Class-A Preferred Stock), and Payout Ratio () 48, Net Operating Income Ratio 437,755 28, Total Assets ROA 258,82 2, Free Cash Flows Capital Expenditures 19,72 8 Cash Dividends per Share () Cash Dividends per Share (Class-A Preferred Stock) Payout Ratio () 36, 9 21, 9 1, 4, , 4.8 6, , 3 7, 3-1, Apr Apr 3-2, Apr Apr 3 CORPORATE BOOK 2 CORPORATE BOOK 2 15

10 Consolidated Financial Highlights and Business Results Stock Information Net 48, 36, 24,, 437,755 Operating Income and Operating Income Ratio 24, 18,, 6, Operating Income Operating Income Ratio 21,1 4.8 (%) Stock Information (As of April 3, 2) Total Number of Authorized Shares Total Number of Outstanding Shares Number of Shareholders Common stock Class-A preferred stock Common stock Class-A preferred stock 2,, shares 89,2,38 shares 34,246,962 shares 73,954 persons 66,566 persons Stock Breakdown by Holder Private investments and others Other companies Foreign corporations, etc. Financial institutions Securities firms (%) Class-A Preferred Stock (%) Note: Treasury stock is included in Private investments and others. Class-A Preferred Stock 1 11 Net Income and ROE 16,, Apr 3 Net Income ROE,96 Total Liabilities and ROA Apr 3 Total Liabilities (%) (%) ROA 16 16,, ,31 9 Major Shareholders Name Green Core Ltd. Honjo International Scholarship Foundation The Master Trust Bank of Japan Ltd. (Trust account ) Ito En Employees Stockholding Hachiro Honjo BNYML (Non-Treaty Account) Toyo Seikan Group Holdings, Ltd. Resona Bank Ltd. State Street Bank and Trust Company Japan Trustee Services Bank, Ltd. (Trust account 9) Number of Shares Held (Thousands of shares ) 17,43 5,2 2,862 2,67 2,445 2,158 1,955 1,933 1,8 1,773 Percentage of Shareholding (%) Preferred Stock Name Green Core Ltd. Honjo International Scholarship Foundation The Bank of New York (JASDEC Non-Treaty Account) Mellon Bank, N.A. As Agent For Its Client Mellon ABN Omnibus UK Pension State Street Bank and Trust Company Hachiro Honjo National Mutual Insurance Federation of Agricultural Cooperatives State Street Bank and Trust Company 5525 Credit Suisse Securities (USA) LLC Spcl. For EXCL. BEN Ito En Employees Stockholding Number of Shares Held (Thousands of shares ) 5,895 1,56 1,473 1,175 1, Percentage of Shareholding (%) , , Stock Price Class-A Preferred Stock 4, 4 4, 3 (Yen) 3, (Yen) 3, 1 11 Apr Apr 3 2, 1, 2, 1, Total Assets and Equity Ratio Consolidated Cash Flows Note: Class-A preferred stock was listed on the First Section of the Tokyo Stock Exchange in September 27. ITO EN allocated free of charge Class-A preferred stock at a ratio of.3 shares to one share of common stock. 28, Total Assets Equity Ratio 258,82 (%) 1 Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities 26, 24,3 Cash Dividends per Share and Payout Ratio Cash Dividends per Share (Yen) Payout Ratio (%) 21, 75, Class-A Preferred Stock, 7, , 4, Apr 3-26, ,7 Apr Note: Payout ratio = Dividends per share Year-end share price Apr Apr 3 16 CORPORATE BOOK 2 CORPORATE BOOK 2 17

11 Market Data Corporate Data Beverage Market Calendar year Beverage Market Tea Fruit Tea Beverage Market Green tea Chinese tea Domestic Raw Tea Leaf Production Capacity ( Billions Coffee Carbonated Barley tea Black tea of yen ) ( Billions of yen ) ( ( Billions Tons ) of yen ) Vegetable Mineral water Blended tea 4, Others 5, 4 Tea % % % % % Coffee % % % % % Vegetable % % % % % Fruit % % % % % Carbonated % % % % % Mineral water % % % % % Others % % % % % Total 3, % 3, % 3, % 3, % 3, % Tea Beverage Market Calendar year Green tea % % 375..% % % Barley tea % % % % 51..1% Blended tea % % % % % Chinese tea % % % % 115..% Black tea % % % % % Total % % % % % Green Tea Leaf Market Calendar year Domestic raw tea leaf production capacity (Tons) 86, -9.9% 85, -1.2% 84,1-1.1% 87,9 4.5% 84,8-3.5% Green tea leaf market (Billions of yen) % % % % % Green Tea Leaf Market Corporate Data Company Name Business Lines Head Office Established Capital Fiscal Year-end URL The ITO EN Group Main Domestic Companies (As of April 3, 2) Board of Directors and Corporate Auditors (As of August 1, 2) ITO EN, LTD. Manufacture and sales of tea leaves and beverages 47-1, Honmachi 3-chome, Shibuya-ku, Tokyo , Japan August 22, ,9 million April 3 ITO EN SANGYO, LTD. OKINAWA ITO EN, LTD. ITO EN KANSAI CHAGYO, LTD. Tully s Coffee Japan Co., Ltd. ITO EN ITOCHU MINERAL WATERS CO., LTD. GREEN VALUE CO., LTD. Chichiyasu Company NEOS Corporation Chairman and Representative Director President and Representative Director Vice-President and Representative Director Executive Vice-Chairman Executive Vice-Presidents Executive Managing Directors Managing Directors Directors Outside Directors Standing Corporate Auditor Outside Corporate Auditors Main Overseas Companies Hachiro Honjo Daisuke Honjo Shusuke Honjo Yoshito Ejima Shunji Hashimoto Minoru Watanabe Mitsuo Yashiro Yoshio Kobayashi Masami Kanayama Yoshihisa Nakano Yosuke Jay Oceanbright Honjo Osamu Namioka Shigeru Kamiya Fujitsugu Souma Shuji Nakagomi Hirokazu Uchiki Morikazu Taguchi Minoru Takahashi Yoshiaki Takasawa Yutaka Tanaka Masahiro Nagasawa ITO EN (USA) INC. ITO EN (North America) INC. ITO EN AUSTRALIA PTY. LIMITED Mason Distributors, Inc. ITO EN Asia Pacific Holdings Pte. Ltd. Fujian New Oolong Drink Co., Ltd. Ningbo Shunyi Tea Products Co., Ltd. ITO EN BEVERAGE (SHANGHAI), LTD. 3, 2, 1, Other Data (2) Volume Share by Beverage Manufacturer Company A 27.3 Company B 2.1 Company D.5 ITO EN 11.1 Company C 1.6 Others 18.4 Source: ITO EN Years: January December , 6, 3, Volume Contribution by Container Type Cans PET bottles (1L or more) PET bottles (less than 1L) Others Contribution by Business Category Supermarkets Convenience stores Vending machines Others The History of ITO EN 1966 Aug The Frontier Tea Corporation, ITO EN s predecessor, established in Shizuoka City, Shizuoka Prefecture May Company name changed to ITO EN, LTD Feb Introduction of high-speed automatic wrapping equipment developed by Industrial Gesellschaft of Switzerland. Development of vacuum pack technology to preserve the freshness of green tea leaves May Shizuoka Sagara Plant constructed in Sagara Town (now Makinohara City), Haibara, Shizuoka Prefecture, and production systems consolidated there Aug Signed a contract with the China National Native Produce and Animal By- Products Import and Export Corporation, a Chinese company, to become the first company to import oolong tea into Japan. Oolong tea sales also commenced Mar Developed and commenced sales of Canned Oolong Tea. Full-scale entry into beverage market followed Feb Successfully launched Canned Green Tea Jul Established ITO EN (USA) INC. in Hawaii to play a key role in overseas expansion Feb Canned green tea line renamed under the Oi Ocha brand. 199 Mar Launched Oi Ocha Green Tea, the industry s first green tea beverage in a PET bottle (1.5-liter) May Initial public offering. Sep Launched Jujitsu Yasai (Vegetables Galore) Dec Issued convertible bonds worth million Swiss francs Jun Issued convertible bonds worth 1 million Swiss francs. Sep Established ITO EN AUSTRALIA PTY. LIMITED in Australia. Joint venture established with Ningbo Shunyi Tea Products Co., Ltd. in China. Stock listed on the Second Section of the Tokyo Stock Exchange Sep Established joint venture Fujian New Oolong Drink Co., Ltd Feb Stock advanced to the First Section of the Tokyo Stock Exchange. Oct Launched beverages in heatable PET bottles, a leading-edge development in the industry. 2 Oct Launched beverages in heatable PET bottles, a leading-edge development in the industry. 21 May Established ITO EN (North America) INC. 24 May Launched Oi Ocha Koi Aji (Dark) and Ichinichibun no Yasai (A Day s Worth of Vegetables). Oct ITO EN AUSTRALIA PTY. LIMITED built and commenced production at new raw tea leaf factory. 26 Jun ITO EN strengthened its U.S. business by acquiring shares in Mason Distributors, Inc., a Florida-based supplier of nutritional supplements. Oct Seeking to expand its coffee business, ITO EN made FoodX Globe Co., Ltd. (now Tully s Coffee Japan Co., Ltd.), which operates the Tully s Coffee chain, a consolidated subsidiary. 27 Sep Class-A preferred stock listed on the First Section of the Tokyo Stock Exchange. 28 Mar Agreement signed with Groupe DANONE (France), giving ITO EN exclusive marketing rights in Japan for evian natural mineral water. 29 Aug Launched black tea line, TEAS TEA NEW YORK. 21 Feb Established GREEN VALUE CO., LTD. to handle maintenance and procurement of automated vending machines. 211 May ITO EN made Chichiyasu Company a consolidated subsidiary to further expand its dairy business. 2 Jun Established ITO EN Asia Pacific Holdings Pte. Ltd. in Singapore. Sep Established ITO EN BEVERAGE (SHANGHAI), LTD. in China. Oct Established representative office in Vietnam. ITO EN made NEOS Corporation a consolidated subsidiary. 2 May Established ITO EN (Thailand) Co., Ltd. in Thailand. Jul Established a joint venture for the manufacturing and sales of beverages in Indonesia. Sep TSUCHIKURA Co., Ltd. became a wholly owned consolidated subsidiary. 18 CORPORATE BOOK 2 CORPORATE BOOK 2 19

12 Printed on paper made with wood from forest thinning. Mori no Chonai Kai (Forest Neighborhood Association) Supporting sound forest management. The front and back covers of this report are printed on paper that contains recycled Oi Ocha tea leaves. The interior pages are printed on Forest Neighborhood Association forest thinning support paper.

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