Net income Per share (diluted)

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1 July 31, 2015 Consolidated Financial Results (Japanese Accounting Standards) for the Three Months Ended June 30, 2015 (Q1 FY2015) (English Translation) Company name: KAMEDA SEIKA CO., LTD. Stock exchange: Tokyo Stock Exchange Stock code: 2220 URL: Representative: Isamu Sato, President and COO Contact: Tetsuya Fujisaki, Executive Officer, General Manager, Corporate Planning Department Tel Scheduled date for filing of securities report: August 7, 2015 Scheduled date of commencement of dividend payment: - Supplementary documents for quarterly results: None Quarterly results briefing: None (All amounts are rounded down to the nearest million yen) 1. Consolidated Financial Results for the Three Months Ended June 30, 2015 (April 1 - June 30, 2015) (1) Consolidated Results of Operations (Accumulated Total) (Percentages show year-on-year changes.) Net sales Operating income Ordinary income Net income attributable to owners of the parent Three Months million % million % million % million % ended June 30, , June 30, , (32.7) (Note) Comprehensive income: 667million (306.1%) for the three months ended June 30, million (-83.5%) for the three months ended June 30, 2014 Net income Per share (basic) Net income Per share (diluted) Three Months ended June 30, June 30, (2) Consolidated Financial Position Total assets Net assets Equity ratio Net assets per share million million % Three Months ended June 30, ,975 43, , Year ended March 31, ,045 43, , (Reference) Shareholder s equity: Three Months ended June 30, 2015: 43,507 million Year ended March 31, 2015: 43,307 million 2. Dividends End of first quarter End of second quarter Dividend per share End of third quarter Year-end Annual Year ended March 31, Year ending March 31, Year ending March 31, 2016 (forecasts) (Note) Revisions to dividend forecasts published most recently: None

2 3. Consolidated Forecasts for the Fiscal year Ending March 31, 2016 (April 1, 2015 March 31, 2016) (Percentage figures for the fiscal year represent the changes from the previous year, while percentage figures for the six months period represent the changes from the same period of the previous year) Net sales Operating income Ordinary income Net income attributable to owners of the parent Net income per share million % million % million % million % Six months ending September 30, 46, , , Year ending March 31, , , , , (Note) Revisions to financial forecasts published most recently: None 4. Others (1) Changes of important subsidiaries during the period (changes of specific subsidiaries in accordance with changes in the scope of consolidation): None (2) Application of particular accounts procedures to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies and changes or restatement of accounting estimates (i) Changes in accounting policies caused by revision of accounting standards: Yes (ii) Changes in accounting policies other than (i): None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of shares outstanding (common stock): (i) Number of shares outstanding at end of period (including treasury stock) As of June 30, 2015: 22,318,650 shares As of March 31, 2015: 22,318,650 shares (ii) Number of treasury stock at end of period As of June 30, 2015: 1,232,566 shares As of March 31, 2015: 1,232,566 shares (iii) Average number of shares outstanding during the term Three Months ended June 30, 2015: 21,086,084 shares Three Months ended June 30, 2014: 21,086,636 shares * Representations concerning the implementation of auditing procedures These financial results are not subject to auditing under the Financial Instruments and Exchange Act, and auditing procedures on the consolidated financial statements are currently underway at the time of disclosure of the financial results. * Explanations and other special notes concerning the appropriate use of performance forecasts The forward-looking statements such as performance forecasts included in this document are based on the information available to the Company at the time of the announcement and on certain assumptions considered reasonable. Actual results may differ materially from the forecast depending on a range of factors.

3 Contents of Appendix 1. Qualitative Consolidated Financial Results Data for the Period under Review. 2 (1) Explanation of Consolidated Operating Results 2 (2) Explanation of Consolidated Financial Position 2 (3) Explanation of Future Estimates, Including Consolidated Forecasts 3 2. Summary Data (Notes). 3 (1) Changes in Important Subsidiaries during the Period under Review.. 3 (2) Application of Particular Accounting Procedures in preparation for Quarterly Consolidated Financial Statements 3 (3) Changes in Accounting Policies and Changes or Restatement of Accounting Estimates 3 3. Consolidated Financial Statements 5 (1) Consolidated Balance Sheet 5 (2) Consolidated Income Statement and Consolidated Statement of Comprehensive Income 7 Consolidated Income Statement Cumulative First Quarter 7 Consolidated Comprehensive Income Statement Cumulative First Quarter 8 1

4 1. Qualitative Consolidated Financial Results Data for the Period under Review (1) Explanation of Consolidated Operating Results During the period under review, the Japanese economy continued to show signs of a moderate recovery as corporate earnings and the employment environment improved with the support of government economic stimulus measures and the monetary policy adopted by the Bank of Japan. On the other hand, despite evident signs of a recovery in individual consumption, the environment in the food industry continued to remain severe as prices in raw materials increased due to the devaluation of the yen and labor costs rose due to a labor shortage. Under these conditions, the Kameda Seika Group positioned the three-year period from fiscal 2015 as a period of reform during which it intends to solidify plans for realizing its long-term vision to become a global food company by 2020, and is making efforts to further strengthen its brands and further increase enterprise value. In fiscal 2015, the initial year, the Group has set its sights on "achieving growth in scale and quality" and is focusing efforts on four fundamental measures: (1) to implement customer-centered product policies focusing on our four leading brands in the confectionery business, (2) to expand sales in the North American and Asian markets, (3) to strengthen initiatives in health and functional [food] businesses and promote research in brown rice and rice protein, and (4) to maximize enterprise value by unleashing Group synergies. In regard to rice crackers, sales in the domestic market where have remained flat year-on-year, and from the standpoint of maintaining and enhancing brand value, the Company has steered clear of price competition and aggressively promoted sales through television advertising and consumer campaigns by concentrating investment of resources centered on the four core brands: KAMEDA Kaki-no-Tane, Happy Turn, KAMEDA Magari Senbei, and "Teshioya.". In particular, sales of the KAMEDA Kaki-no-Tane brand superseded sales of the same period year on year, with limited-time products such as KAMEDA Kaki-no-Tane Spicy Curry and KAMEDA Kaki-no-Tane Sauce and Mayo Flavor generating good sales. Moreover, "Kakitane Potato," a fried potato-flavored Kaki-no-Tane rice crackers sold at Kakitane Kitchens specialty Kaki-no-Tane rice cracker stores, has won strong support from customers. Likewise, sales of the "Tsumami Dane," "Usuyaki" and "Age-Ichiban" brands also surpassed sales of the previous year. In addition, Waza-no-Kodawari considered in a growth category until the previous fiscal year, was positioned as a core brand and expanded sales. For overseas operations, Mary's Gone Crackers performed soundly, buoyed by the growth in organic and gluten free markets in the United States. Kameda USA, Inc. also exceeded sales of the same period year on year following expansion of its product lineup. Efforts were also made to expand the market for Kaki-no-Tane rice crackers within the Chinese domestic market. In health and functional [foods], sales of the Company's proprietary plant-based lactobacillus derived from rice performed solidly, and efforts were made to expand demand for low-protein rice for patients suffering from kidney disease through the release of small portion products. As a result of these efforts, net sales increased 0.2% year-on-year to 22,452 million during the period under review. With regard to income, operating income increased 31.4% year-on-year to 500 million. Despite some increases in costs due to higher prices for some raw materials stemming from the devalued yen and an increase in marketing costs, earnings in consolidated subsidiaries improved and prices for main raw materials remained relatively stable. Furthermore, ordinary income increased 27% year-on-year to 775 million, and quarterly net income attributable to owners of the parent increased 34.8% year-on-year to 465 million due to increased equity method investment gains from U.S. TH Foods Inc. and Vietnamese Thien Ha Kameda, JSC., which are both equity method affiliates. (2) Explanation of Consolidated Financial Position (Assets) Current assets stood at 20,939 million at the end of the first quarter, representing a decline of 1,264 million year on year. This was mainly due to decreases of 187 million in cash and deposits and 1,433 million in notes and accounts receivable-trade which was offset by a 366 million increase in other assets. Noncurrent assets stood at 46,035 million, an increase of 193 million year on year. The gain was mainly attributable to an increase of 629 million in other property, plant and equipment, which was partially offset by decreases of 130 million in buildings 2

5 and structures and 67 million in machinery, equipment and vehicles (property plant and equipment), as well as decreases of 66 million in goodwill (intangible assets), and 128 million in other investments andassets. As a result, total assets stood at 66,975 million, a decrease of 1,070 million from the end of the previous fiscal year. (Liabilities) Current liabilities stood at 16,374 million at the end of the first quarter, a decline of 634 million from the end of the previous fiscal year. This was mainly due to an increase of 772 million in bonus provisions, which was offset by decreases of 226 million in notes and accounts payable-trade, 293 million in income taxes payable, and 834 million in other liabilities. Noncurrent liabilities stood at 6,797 million, a decrease of 352 million from the end of the previous fiscal year. This was mainly due to a 49 million increase in other noncurrent assets, which was offset by decreases of 250 million in long-term loans and 154 million in retirement payment liabilities. (Net assets) Total net assets stood at 43,803 million at the end of the first quarter, a decrease of 83 million from the end of the previous fiscal year. This was mainly due to a 197 million increase in the valuation difference on available-for-sale securities, which was offset by a 282 million decrease in non-controlling interests. As a result, the equity ratio was 65.0%, up from 63.6% at the end of the previous fiscal year. (3) Explanation of Future Estimates, Including Consolidated Forecasts The Group's consolidated earnings forecasts for the 2nd quarter of FY2015 on a cumulative basis and full-year FY2015 remain unchanged from the earnings forecasts disclosed on May 11, Summary Data (Notes) (1) Changes in Important Subsidiaries during the Period under Review Not applicable (2) Application of Particular Accounts Procedures to Preparation for Quarterly Consolidated Financial Statements Not applicable (3) Changes in Accounting Policies and Changes or Restatement of Accounting Estimates Changes in accounting policies (Application of accounting standard for retirement benefits) Changes in accounting policies (Application of accounting standards for business combinations, etc.) Effective from the first quarter of this fiscal year, the Company has applied the Accounting Standard for Business Combinations (Accounting Standards Board of Japan (ASBJ) Statement No. 21, September 13, 2013; hereinafter referred to as Business Combination Accounting Standard ), Accounting Standard for Consolidated Financial Statement (ASBJ Statement No. 22, September 13, 2013; hereinafter referred to as Consolidated Accounting Standard ) and Accounting Standard for Business Divestitures (ASBJ Statement No. 7, September 13, 2013; hereinafter referred to as Business Divestitures Accounting Standard"), and changed the accounting method to recognize differences due to changes in the Company s ownership interest in a subsidiary when the Company continues to control the subsidiary as capital surplus, and acquisition costs as costs incurred during the consolidated fiscal year. With regard to business combinations conducted on or after the beginning of the first quarter of the current consolidated fiscal year, the Company has changed its accounting method to reflect the revised allocation of acquisition costs arising from settlement of tentative accounting treatment in the quarterly consolidated financial statement of the quarterly consolidated accounting period to which the business combination date belongs. In addition, the Company has made changes in the presentation of quarterly net income, etc. and changed the presentation of minority interests to non-controlling interests. To reflect these changes in presentation, the Company has made reclassifications in the consolidated and nonconsolidated quarterly financial statements for the previous consolidated cumulative first quarter and previous consolidated fiscal year. The Business Combination Accounting Standard, etc. has been applied in accordance with the specific transitional accounting treatment set forth in Business Combination Accounting Standard No (4), Consolidated Accounting Standard No. 44-5(4) and Business Divestitures Accounting Standard No (4), and has been applied 3

6 prospectively from the beginning of the first quarter of the consolidated fiscal year. As a result, the impact on operating income, ordinary income and income before income taxes during the cumulative first quarter was minor. Furthermore, capital surplus at the end of the first quarter was down 98,621,000. 4

7 3. Consolidated Financial Statements (1) Consolidated Balance Sheet Assets Current assets Year ended March 31, 2015 ( Thousand) June 30, 2015 Cash and deposits 4,601,646 4,414,208 Notes and accounts receivable-trade 11,389,365 9,955,767 Merchandise and finished goods 2,198,953 2,114,202 Work in process 677, ,900 Raw materials and supplies 2,198,679 2,166,138 Other 1,144,475 1,510,673 Allowance for doubtful accounts (7,163) (6,735) Total current assets 22,203,420 20,939,157 Noncurrent assets Property, plant and equipment Buildings and structures, net 9,645,374 9,514,752 Machinery, equipment and vehicles, net 11,003,598 10,935,854 Other, net 8,065,151 8,695,150 Total noncurrent assets 28,714,123 29,145,757 Intangible assets Goodwill 2,474,772 2,407,794 Customer assets 2,470,717 2,424,557 Trademark assets 1,812,359 1,768,133 Technology assets 960, ,309 Other 889, ,034 Total intangible assets 8,607,571 8,420,829 Investments and other assets Investment securities 7,713,488 7,791,297 Other 860, ,184 Allowance for doubtful accounts (53,085) (53,085) Total investments and other assets 8,520,528 8,469,396 Total noncurrent assets 45,842,223 46,035,983 Total assets 68,045,644 66,975,141 5

8 Liabilities Current liabilities Year ended March 31, 2015 ( Thousand) June 30, 2015 Notes and accounts payable-trade 3,858,380 3,632,046 Electronic-recording liabilities 2,084,112 2,262,695 Short-term loans payable 2,319,145 2,247,554 Income taxes payable 624, ,764 Provision for bonuses 1,248,086 2,020,742 Other provisions 559, ,799 Asset retirement obligations 70,482 70,514 Other 6,244,359 5,409,912 Total current liabilities 17,008,174 16,374,030 Noncurrent liabilities Long-term loans payable 2,600,000 2,350,000 Provision for retirement benefits 1,623,470 1,469,063 Asset retirement obligations 164, ,687 Other 2,762,196 2,812,088 Total noncurrent liabilities 7,150,667 6,797,840 Total liabilities 24,158,842 23,171,870 Net assets Shareholders equity Capital stock 1,946,132 1,946,132 Capital surplus 486, ,911 Retained earnings 37,442,236 37,528,407 Treasury stock (1,889,561) (1,889,561) Total shareholders equity 37,985,339 37,972,888 Valuation and translation adjustments Valuation difference on available-for-sale securities 1,211,479 1,409,059 Deferred gains (losses) on hedges 1,778 4,516 Foreign currency translation adjustment 2,848,968 2,900,498 Remeasurements of defined benefit plans 1,260,431 1,220,202 Total valuation and translation adjustments 5,322,658 5,534,277 Non-controlling interests 578, ,104 Total net assets 43,886,802 43,803,270 Total liabilities and net assets 68,045,644 66,975,141 6

9 (2) Consolidated Income Statement and Consolidated Statement of Comprehensive Income (Consolidated Income Statement) (Cumulative First Quarter) June 30, 2014 ( Thousand) June 30, 2015 Net sales 22,399,537 22,452,847 Cost of sales 12,959,310 12,832,170 Gross profit 9,440,227 9,620,677 Selling, general and administrative expenses 9,059,144 9,120,111 Operating income 381, ,565 Non-operating income Interest income 3,168 2,443 Dividend income 20,052 17,403 Equity in earnings of affiliates 176, ,989 Other 69,721 33,468 Total non-operating income 269, ,306 Non-operating expenses Interest expenses 10,580 7,727 Foreign exchange losses 17,568 13,408 Other 11,487 10,300 Total non-operating expenses 39,637 31,437 Ordinary income 610, ,434 Extraordinary losses Loss on disposal of noncurrent assets 45,529 80,125 Total extraordinary losses 45,529 80,125 Income before income taxes 565, ,308 Income taxes-current 468, ,294 Income taxes-deferred (230,081) (112,310) Total income taxes 238, ,983 Net income 326, ,325 Net income attributable to non-controlling interests (19,133) (7,394) Net income attributable to owners of the parent 345, ,720 7

10 (Consolidated Comprehensive Income Statement) (Cumulative First Quarter) June 30, 2014 ( Thousand) June 30, 2015 Net income 326, ,325 Other comprehensive income Valuation difference on available-for-sale securities 107, ,902 Deferred gains (losses) on hedges 3,945 2,738 Foreign currency translation adjustment (203,584) (46,061) Adjustment for retirement benefits (20,013) (40,229) Share of other comprehensive income of associates accounted for using equity method (49,756) 93,446 Other comprehensive income (162,113) 208,796 Comprehensive income 164, ,122 (Breakdown) Comprehensive income attributable to owners of the parent Comprehensive income (loss) attributable to non-controlling interests 195, ,339 (31,561) (10,217) 8