Investor Presentaiton

3. NAPA solutions Support business expansion NOMURA Support companies entering the food and agri sector through market research and help with technology Examples of private company needs Considering entry into agriculture and want to create a business vision/plan Developing new area of business by applying in-house technology and resources to food and agri Issues BEYOND BURGER Major manufacturers Basic research toward the development of new food and agri businesses Target promising areas based on latest business models and market assumptions BEEF BURGER Conducting research and verification to pursue food and agri as a new business strategy Finding business partners expected to expand food and agribusiness, create synergies Issues Major material manufacturers, trading firms, energy companies Create concept for fully enclosed plant factory model Identify promising areas where in-house technologies can be used based on the latest business models, technological trends, and market assumptions VS LES WATER WIN LALLAND COEREN WHE NAPA value ■ Analysis/proposal of latest business models ■Estimate project size for each alternative protein value chain Alternative protein (plant-based meat, cultured meat, insect food, etc.) value chain business opportunity (NAPA estimate) Stakeholders Consumer Food service provider Order/ procurement Production/ processing NAPA value ■ Analysis/proposal of promising enclosed plant factory models Estimate domestic and global plant factory size by product Plant factory market size projection (NAPA estimate) Distribution/sales Consumption (100 million yen) 800 ■Letttuce Retail Food service ■Spinach, Herbs Cooking equipment 600 ■Strawberry, Tomato Retailer Food wholesaler Plant-based Logistics) ■Vaccine, Olthers Meat company Capital investment Equipment replacement 400 meat Advertising Marketing 200 Food processor Raw material processor Raw material plant producer Raw material production Raw material processing =Areas where NAPA estimated business size 0 2019 Copyright Nomura Agri Planning & Advisory Co., Ltd. All rights reserved ► 2020 (Year) 15

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