1

Toridoll Holdings Corporation FY2017 Financial Result

May 17, 2018

2

Financial Result Digest FY2017

3

Profit & Loss Outline

Revenue increases by 14.5% vs. last year Profit decreases by 16.5% vs. last year: COGS up, Outsourcing Cost up

Business result highlights •Sales keep good (114.5% over the previous year) Increase in cost and personnel expenses, outsourcing expenses , and Other Operating Income down (-136 mil. yen), As a result of recording foreign exchange losses (183 million yen), net income decreased by 16.5% from the previous year to 4,663 million yen

※ Adjusted EBITDA = EBITDA + Impairment loss + Extraordinary expenses (EBITDA = Operating profit + Other operating expenses - Other operating income + Depreciation and amortization)

（Unit: Million yen）

Amount Ratio toRevenue Amount Ratio to

RevenueRatio toPlanned Amount Ratio to

Revenue

Ratio toPrev.period

Revenue 116,504 100.0% 112,233 100.0% 103.8% 101,779 100.0% 114.5%

EBITDA 11,745 10.1% - - - 12,167 12.0% 96.5%

Adjusted EBITDA 12,362 10.6% 14,057 12.5% 87.9% 12,934 12.7% 95.6%

Operating profit 7,635 6.6% 8,851 7.9% 86.3% 8,619 8.5% 88.6%

Profit before tax 7,175 6.2% 8,993 8.0% 79.8% 8,466 8.3% 84.8%

Profit for the year 4,663 4.0% 5,968 5.3% 78.1% 5,585 5.5% 83.5%Profit for the yearattributable toowners of theparents 4,665 4.0% 5,970 5.3% 78.1% 5,631 5.5% 82.8%

Marugameseimen segmentRevenue 90,379 100.0% 89,306 100.0% 101.2% 85,598 100.0% 105.6%

Operating profitofMarugameseimen segment 13,992 12.0% 14,913 - - 13,674 13.4% 102.3%

Overseas segment

Revenue 10,425 100.0% 6,876 100.0% 151.6% 5,826 100.0% 178.9%

Operating profitofMarugameseimen segment 792 0.7% 366 - - 363 0.4% 218.2%

Previous periodFY 2017 FY 2017

Operating profit Ratio to Planned

4

Operating profit Ratio to Planned

Part-time job fee +620 （ Mainly increase in 3Q ） repair costs ＋123、 Depreciation cost ＋245（ Medium scale refurbishment etc. ）

Increase in opening expenses, rents, depreciation expenses due to store opening

Contribution of two Yunnan noodle plans unposted ＋561

Decrease in profit due to lower sales of existing business categories △213 Verification business budget not yet recorded △143

SONOKO、Balloon （EC site）△138 Banpaiya(Standing Bar) △119 etc.

8,851

△77 426 △554

△312 △852

1,203 △129

△921

7,635

（Unit: Million yen）

5

Although personnel expenses and repair expenses increased, it was absorbed by the increase in sales, so the profit increase

Expansion of sales due to opening stores, but too expensive

Contribution of Yunnan noodle 2 companies

Decrease in profit due to lower sales of existing business categories △145 Increase in Verification store △178

SONOKO Expansion of deficit width △463 Banpaiya(Standing Bar) △98 etc.

318 △64 429 △355

△694

△957

475 △136

Indirect department personnel increase (Sales Division 、Store development personnel etc.) Increase in personnel expenses due to increase in legal welfare expenses accompanying it +784

Previous term Rebound impact of 155 gains on sales of subsidiary stock

7,635

8,619

Operating profit Ratio to Prev. period

Operating profit Ratio to Prev. period （Unit: Million yen）

6

Open/Close Stores for Domestic Outline

Domestic

+18stores for Marugameseimen, +24 stores for Butayatonichi

Test brands aggressively opened: being examined

+144stores (net +135) for Domestic (incl. acquisition)

※1 Numbers of “Banpaiya” includes other brands of Active Sauce

Open Close778 18 -4 792

Road Side 614 12 -2 624Shopping Center 164 6 -2 168

Toridoll (Yakitori) 17 0 0 1722 24 0 46

Marushoya (Ramen) 12 2 -3 11Nagatahonjoken (Yakisoba) 11 0 -1 10

12 6 0 182 0 0 28 1 0 9

Banpaiya (Standing Bar) 0 41 0 410 36 0 36

Others 15 16 -1 30

877 144 -9 1,012Total

Makino（Tenpura）

Ton-ichi（Tonkatsu,tonteki）

Kona's CoffeeRoasted（Cafe）

Marugame Seimen (Udon)

Clover Coffee R（Cafe）

Zundoya (Ramen)

BrandsMarch2017

During period December2017

7

Open/Close Stores Outline

+45 stores in Malaysia

Open first Marugameseimen store in USA mainland and Philippines.

+232 stores (net +194) in Overseas (incl. acquisition) +376 stores (net +329) in total, which lead 1,540 stores of Toridoll HD Group.

2017 2018 2017 2018

Mar Open Close Mar Mar Open Close Mar

Marugame Seimen Subsidiaries 100% USA 2 2 0 4 0 0 0 0 4

Subsidiaries 100% Korea 7 2 -2 7 4 0 0 4 11

Subsidiaries 90% Taiwan 25 4 -1 28 0 0 0 0 28

Subsidiaries 65% Cambodia 1 1 0 2 0 0 0 0 2

JVs 49% Russia 3 1 0 4 3 0 0 3 7

JVs 40% Thailand 26 10 -7 29 0 0 0 0 29

JVs 37% China 69 25 -16 78 8 4 0 12 90

FCs - Indonesia 0 0 0 0 33 5 0 38 38

FCs - Vietnam 0 0 0 0 7 1 0 8 8

FCs - Australia 0 0 0 0 1 0 0 1 1

FCs - Philippines 0 0 0 0 0 2 0 2 2

譚仔雲南米線 Subsidiaries 100% China 0 52 0 52 0 0 0 0 52

譚仔三哥米線 Subsidiaries 100% China 0 57 0 57 0 0 0 0 57

Wok to Walk Subsidiaries 60% Europe, etc 0 0 0 0 77 14 -1 90 90

Subsidiaries 100% USA 1 2 0 3 0 0 0 0 3

Boat Noodle, etc JVs 49% Malaysia, etc 44 39 -10 73 1 5 -1 5 78

Boat Noodle JVs 40% Myanmar 0 1 0 1 0 0 0 0 1

Shoryu JVs 39% UK 8 3 0 11 0 0 0 0 11

Ton-ichi Subsidiaries 90% Taiwan 4 0 0 4 0 0 0 0 4

Tokyo Table Subsidiaries 100% USA 2 0 0 2 0 0 0 0 2

Subsidiaries 90% Italia 1 0 0 1 0 0 0 0 1

Crackin' Kitchen Subsidiaries 100% USA 1 1 0 2 0 0 0 0 2

Kaya Street Kitchen Subsidiaries 60% USA 1 0 0 1 0 0 0 0 1

Toridoll FCs - Indonesia 0 0 0 0 3 0 0 3 3

Bottega del Ramen Subsidiaries 90% Italia 1 0 0 1 0 0 0 0 1

Sakagura JVs 49% UK 1 0 0 1 0 0 0 0 1

Zundouya Subsidiaries 80% USA 0 1 0 1 0 0 0 0 1

197 201 -36 362 137 31 -2 166 528Total

Brands Operation formInvestmentratio

Area Total

FC

FY 2017 3Q FY 2017 3Q

Direct operation

Actual Ratio toRevenue Amount Ratio to

RevenueRatio to

Plannede Amount Ratio toRevenue

Ratio toPrev.period

Revenue 90,379 100% 89,306 100% 101.2% 85,598 100% 105.6%Operating profit ofMarugameseimensegment 13,992 15.5% 14,913 16.7% 93.8% 13,674 16.0% 102.3%

FY 2017FY 2017 Previous period

8

Marugame seimen segment's PL Outline

Marugame seimen segment's PL Outline （Unit: Million yen）

■Revenue Existing store for the full year compared with the previous year was 104.4% (customer number 100.8%, customer unit price 103.5%) +5.6% (vs. last year): Good performance of Existing Stores. ■Segment profit (Positive factor) Water utility cost rate： (-0.1 pt.) Advertisement cost rate： (-0.1 pt.) (Negative factor) Labor cost up (+0.3 pt.), Other expense ratio (repair cost etc.) (+0.４ pt.)

16.0% △0.3pt

△0.4pt

15.5%

+0.1pt

9

+0.1pt

Year-on-year analysis of Segment profit ratio of “Marugame seimen”

Segment profit ratio of “Marugame seimen” for the year: 15.5% +0.5% (vs. last year): Labor cost up, but Utility cost ratio down

10

Sales keep increasing for 43 months

Non-consolidated Sales Change of Existing Stores of Marugame Seimen Brand

Sales of Existing stores of Marugameseimen brand keep rising for 43months since August, 2014 (Consecutive 24 months until July, 2016)

※Calculation is based on the Existing Stores at the end of March, 2014. Moving average for 12 months of Existing Stores

（Year –over-year result in domestic Existing Stores）

（unit: Million yen）

two fiscalyears before

Total

Last yearTotal

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total

Net Sales 106.7% 103.8% 104.8% 105.2% 107.0% 110.2% 104.2% 105.1% 100.6% 100.5% 107.6% 103.2% 103.1% 101.1% 104.4%# of

Guests101.8% 103.0% 104.0% 102.5% 102.5% 104.2% 98.6% 101.4% 99.1% 98.6% 101.7% 99.7% 99.5% 98.2% 100.8%

Sales perGuest

104.9% 100.9% 100.8% 102.6% 104.4% 105.8% 105.7% 103.7% 101.5% 101.9% 105.8% 103.5% 103.7% 102.9% 103.5%

• Executes all of 151 stores

• Contributes for approx. +5% (vs. last year) of sales

Major Measures for good performances of Existing stores

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Strategic Refurnishing

Sales & Marketi

ng Measur

es

product

Dinner Sales

up

App

Domestic: Measures Implemented

• Keeps high Product ratio (15-20%) of high-value-added fair products and their lineups

• Quicker cycle of limited-period fair: ave. 46 days (vs. 56 days last year) • “Value-size” (2X of noodles, 1.5X of toppings than Reg.) started in July

• More stores to 15 for “All-You-Can-Drink for a half hour” system Monthly Sales (Sep.) of test stores: +14% (vs. last year) for 6p.m.-10p.m • Half price time-sale for fair products Guest count 1.4 times as normal hours

• 6.01 million DLs at end of March, 2018 Active users: 1.57 million /month ; 5.3% of Sales

• QR code reader machine for coupons; Operation improvement

• 1.2m longer counter lane: More product display & delivery before cashier +12 yen of average pay, +10.2% of Guest# (test results)

• Introduction of Topping label: Place wood labels on recommended product boards for attention +3.8% product share of rice bowls and rice , +27 yen of average pay (test

results)

Other

Actual Ratio toRevenue Amount Ratio to

RevenueRatio to

Plannede Amount Ratio toRevenue

Ratio toPrev.period

Revenue 3,220 100.0% 2,703 100.0% 119.1% 1,283 100.0% 251.0%Operating profit ofButaya tonichisegment △ 209 - -132 - - △ 145 - -

FY 2017FY 2017 Previous period

12

Butaya tonichi segment's PL Outline

Butaya tonichi segment's PL Outline （Unit: Million yen）

■Revenue +24 stores to 46 (41 in SC, 5 in commercial areas) in 3Q; Sales jump up by sore open ■Segment profit

• -130Mil. yen Segment loss for new stores in FY2017 • +37 stores since last 2H: Sales & Profits vary by stores • Operation profit ratio of FY2017 of opening stores last year is 10%

■ Major Measures • Brush up on products (change of breadcrumbs, oil, fried time), Change

Menu. Cost improvements observed in testing stores

Actual Ratio toRevenue Amount Ratio to

RevenueRatio toPlanned Amount Ratio to

Revenue

Ratio toPrev.period

Revenue 10,425 100.0% 6,876 100.0% 151.6% 5,826 100.0% 178.9%

Operating profitof Overseassegment 792 7.6% 366 5.3% 216.4% 363 6.2% 218.2%

Previous periodFY 2017 FY 2017

Business result highlights ■Revenue ・ Yunnan noodle 2 companies: contribution of 3,380 million yen for 2 months

• Taiwan (ROC): approx. 370 mil. yen by store number increase • TDC: approx. +300 mil. yen by store number increase • WOK TO WALK: +230 mil. yen by store number increase

■Segment profit ・ Yunnan noodle 2 companies: contribution of 560 million yen for 2 months

• Count 400 mil. yen of loss for immature stores of TDC or in Italy • In comparison with the previous fiscal year, a decrease of 200 million 13

Overseas Consolidated Subsidiary Companies’ PL Outline （Unit: Million yen）

Overseas Consolidated Subsidiary Companies’ PL Outline

Overseas Topics

14

Marugame

seimen

Taiwan

Philippines

USA mainlan

d

・ 1st store in Aug. 2017: Keeps good: 2nd store planned

・ 1st store in Sawtelle, LA (Sep. 2017 ), 2nd store in Stonestown, SF

(Jan. 2018): Both stores Good start.

・To open 3rd store in shopping center at Beverly Hills, LA

Overseas Topics

• Changes grand menus: Raising popular Fair-menus to Grand • Reprices meat menus: Contributes to average pay increase • Introduces Fair-menu “Grated-Yam Udon” for Jan.15 - Mar.15, 2017 • Lottery campaign not works as last summer • Recruit center in HQ: More hiring and +3% staff sufficiency • Sales of Existing Stores: 88.4% (guests 87.3%; ave.pay 101.3%) 89.2% for 4Q (guests 84.9%; ave.pay 105%)

15

BS Outline

Equity attributable to owner of parent company for this period: 48.8% Interest-bearing liabilities dependence: 32.9%

Main factors of fluctuation Increase of assets ●Adding up of cash and deposit, and new store opening Increase of liabilities ●Borrowing money

Amount Ratio Amount Ratio DifferenceTotal assets 110,212 100.0% 64,011 100.0% 46,201

Current assets 22,802 20.7% 16,706 26.1% 6,096

Non-current assets 87,410 79.3% 47,305 73.9% 40,105

Total liabilities and equity 110,212 100.0% 64,011 100.0% 46,201

Liabilities 72,966 66.2% 29,005 45.3% 43,961

(included interest-bearingliabilities) 53,806 48.8% 15,708 24.5% 38,098

Current liabilities 56,396 51.2% 16,464 25.7% 39,932

Non-current liabilities 16,570 15.0% 12,541 19.6% 4,029

Total equity 37,246 33.8% 35,006 54.7% 2,240

(Equity attributable toowners of the parent) 36,242 32.9% 34,203 53.4% 2,039

This period End of previous year（Unit: Million yen）

16

CF Outline

CF in operating activities increases by profits up and taxes down CF in financing activities decreases by dividends up

Main factors of fluctuation Net cash provided by (used in) operating activities Increase of profits and decrease of taxes

Net cash provided by (used in) financing activities Increase of dividends

Thisperiod

Previousperiod

Difference

Net cash provided by (used in)operating activities 9,862 9,743 119

Net cash provided by (used in)investing activities △ 39,860 △ 8,769 △ 31,091

Net cash provided by (used in)financing activities 35,039 102 34,937

Cash and cash equivalents atend of period 14,798 11,183 3,615

（Unit: Million yen）

17

Financial forecast for FY2018 / 3 Years Expansion Plan

Consolidated PL (IFRS)Ratio to

Prev.period

Revenue 153,213 100.0% 116,504 100.0% 131.5%

Adjusted EBITDA 16,774 10.9% 12,362 10.6% 135.7%

Operating profit 9,865 6.4% 7,635 6.6% 129.2%

Profit before tax 9,399 6.1% 7,175 6.2% 131.0%

Profit for the year 6,589 4.3% 4,663 4.0% 141.3%Profit for the year attributableto owners of the parents 6,515 4.3% 4,665 4.0% 139.7%

FY 2018 FY 2016

In 2019 Forecast for the fiscal year ending March （ Linking ）

18

・New store opening 120 domestic stores （Marugame Seimen：25 stores、Ton-ichi：6 stores、Kona’s coffee Roasted：11 stores、Banpaiya：21 stores、Zundoya：9 stores、Others：48 stores） 124 overseas stores（ Consolidated subsidiary 61 stores 、WOK TO WALK 32 stores etc. 48 stores by affiliates accounted for by the equity method 、China 19 stores、Boat Noodle 20 stores etc. FC 15 stores、 Philippines 8 stores、 Indonesia 6 stores etc. Domestic existing store premise 100.0% (First half 100.5%､ Second half 99.5%) We recorded 1 billion yen as an impairment loss framework.

In 2019 Forecast for the fiscal year ending March （ Linking ） （Unit: Million yen）

In 2019 Forecast for the fiscal year ending March

New store opening 25 stores (RS･ City center ：19 stores、SC：6 stores) Domestic existing store premise 100.0% (First half 100.0%､ Second half

100.0%)

New store opening 124 stores ・ Consolidated subsidiary 61 stores WOK TO WALK 32 stores etc. ・ 48 stores by affiliates accounted for by the equity method 、China 19 stores、Boat Noodle 20 stores etc. ・FC 15 stores、 Philippines 8 stores、 Indonesia 6 stores etc.

19

In 2019 Forecast for the fiscal year ending March (Marugameseimen segment, Oveｒseas segment)

Marugameseimen segmentRatio to

Prev.period

Revenue 93,106 100.0% 90,379 100.0% 103.0%

segment profit 14,091 15.1% 13,992 15.5% 100.7%

FY 2018 FY 2016

Overseas segmentRatio to

Prev.period

Revenue 31,992 100.0% 10,425 100.0% 306.9%

segment profit 4,157 13.0% 792 7.6% 524.9%

FY 2018 FY 2016

（Unit: Million yen）

（Unit: Million yen）

Consolidated PL (IFRS)

AmountRatio toRevenue

Ratio toPrev.period

AmountRatio toRevenue

Ratio toPrev.period

AmountRatio toRevenue

Ratio toPrev.period

Revenue 153,213 - 131.5% 175,119 - 114.3% 212,306 - 121.2%

Adjusted EBITDA 16,774 10.9% 135.7% 19,784 11.3% 117.9% 25,385 12.0% 128.3%

Operating profit 9,865 6.4% 129.2% 11,881 6.8% 120.4% 15,722 7.4% 132.3%

Profit before tax 9,399 6.1% 131.0% 11,449 6.5% 121.8% 15,122 7.1% 132.1%

Profit for the year 6,589 4.3% 141.3% 8,214 4.7% 124.7% 10,943 5.2% 133.2%

Profit for the year attributableto owners of the parents 6,515 4.3% 139.7% 7,964 4.5% 122.2% 10,219 4.8% 128.3%

Numbers of openingstores(numbers inoverseas） - - -Total numbers ofstores(numbers ofoverses) - - -1,739(622) 2,041(776) 2,419(975)

FY2018 FY2019 FY2020

244(124) 342(180) 414 (221)

20

※ Numbers for FY2019 include 2.90 billion yen Contribution Sales & 330 million yen Contribution Profit of Boat Noodle by consolidation.

3 year’s Plan

3 year’s Plan （Unit: Million yen）

Ｍａｒｕｇａｍｅｓｅｉｍｅｎ segment

AmountRatio toRevenue

Ratio toPrev.period

AmountRatio toRevenue

Ratio toPrev.period

AmountRatio toRevenue

Ratio toPrev.period

Revenue 93,106 - 103.0% 96,260 - 103.4% 100,348 - 104.2%

segment profit 14,091 15.1% 100.7% 14,307 14.9% 101.5% 14,927 14.9% 104.3%

Overseas segment

AmountRatio toRevenue

Ratio toPrev.period

AmountRatio toRevenue

Ratio toPrev.period

AmountRatio toRevenue

Ratio toPrev.period

Revenue 31,992 - 306.9% 40,070 - 125.3% 51,660 - 128.9%

segment profit 4,157 13.0% 524.9% 5,424 13.5% 130.5% 7,249 14.0% 133.6%

FY2018 FY2019 FY2020

FY2018 FY2019 FY2020

21

3 year’s Plan

3 year’s Plan

（Unit: Million yen）

（Unit: Million yen）

・Longer counter lane: To refurnish by 10 stores per month

・Topping order tag: To introduce to all RS stores by May end

・Adds Visit stamp function; Utilizes Introducing system To encourage customers to visit stores by “More contact points with

customers” and “Higher customer royalty”

・ Scenario function: Automates Push notification & Coupon distribution

Domestic Topics

Domestic Topics

MarugameSeim

en

Product

Operation

App

Others ・To refurnish for more seats: 60stores planned

22

・Regularize popular menus such as “beef Gyusuki Kamatama udon”

・Reprices some items: +10 yen for 13 items (e.g. Squid Tempura), +30 yen (by size-up) for 5 items (e.g. Oroshi-Shoyu Udon)

・Introduces Cold Plate Cooler to reduce disposal loss ・Improve cost by introducing oil filter, changing oil replacement method, etc.

・Depending on advertising cost, we aim to improve distribution optimization effect as in the previous term ・Utilize WEB advertisement (TVCM 15 seconds movie on YouTube) in conjunction with CM so that it can appeal to wider audience

CM

Domestic New bland

Domestic New bland

23

Ton-Ichi

・Even though continuing store opening (6 stores), emphasis on improving profits through lateral development of successful cases ・Improves COGS and Operation by enhancing popular menu sales ・In the fiscal year ending March 2019, we plan to make sales of 4,249 million yen and segment income of 120 million yen

Cafe

Testing Bland

・Opens new brand “Tori-Saburo” fried chicken stores To target increasing ready-made-meal market

• Aggressive deployment of "Yamaki shop of meat" specialized in cut fresh beef.In addition to eat-in, we sell box lunches and prepared dishes, weight sale of meat, and capture all the demand

・Continuing opening/testing other brands

・Sales up by menu improvements: Profit improved and stable

・To enhance take-away menus for Sales up

・Locations available for 100+ stores: More stores planned

Major Measures

HR Strategy Major Measures

24

HR

Education・

Operation

improvement etc.

QSC improvement ・ Separat

ion Prevent

・Trainer/Craftsman: Internal certification system Less complaints for stores with Trainer/Craftsman

# of complaints (vs. last year); 87.4% for stores with Trainers, 84.4% for stores with Craftsmen (vs. 89% for all stores)

・Lower labor turnover ratio by “Praise” system -1.8% for system practicing stores than all stores

<about “Praise” system> In order to create customers’ pleasure in new culture of “praise each other”, each staff is scored by recommended action list and gets incentives by gained points.

・Optimizing wage levels by analysis of local rates

・Accelerating employment by Introduction System, Weekend additional payment, and Limited-Time special wage settings

・To accelerate hiring high-school graduates and foreigners for stable employment sufficiency

・Creating high-school student trainers: “Youngs teach Youngs” system to control turn over ratio of young workers and to accelerate quick leaning

・Optimizing position arrangements: Training as well ・Optimizing Work-Shift by more detailed work-schedule management (10min. unit) for

labor cost control ⇒ With the above measures, human-hour productivity rose by about 3% in the previous term. Maintaining the current level and controlling the operation suppresses the rise in personnel expenses

• Revenue improves by menu renewal and cost reduction

• Wagon retailing (with less investments) starts: Contributes to profit

• Opens low-price-meal stores

• New FC contracts in India and Israel: Expands business countries

Overseas Topics

Overseas Topics

MarugameSeim

en

Taiwan

Cambodia

• Improves personnel system for staff sufficiency

• Opens new stores

25

Others Boat

Noodle

• Expands to Singapore with already in Brunei, Indonesia and Myanmar

• Expands business to neighbor countries

• Fashionable and entertaining: Expects dining-out needs of emerging new middle class

• Competitive advantage with Halal authentication: Expects Mid-East market

WOK TO WALK

• 3rd store being prepared: 5 stores planned for this year

• Opening costs precede: Big profits expected in future US

mainland

M&A items – Implementations after acquisition

M&A items – Implementations after acquisition

Banpaiya

• Operation improvement in model stores: Know-hows of MarugameSeimen • Introduces new system to enhance recruiting part-time workers • Builds new personnel system including internal entrepreneurial system • Cost reduction: Applies Group unit prices to recruiting and expendables • Draws up screaming criteria for each store type; Plan for new stores • Supports in property search

26

Zundoya

• Brush-up for model store concept; Operation improvement with MarugameSeimen’s know-hows

• Optimizes selection system of help-wanted ads: with Group’s know-hows • Cost reduction: Applies Group unit prices to recruiting and expendables • Store development div.’s analysis for success patterns; Prioritize store locations • Rebuilding HR system (e.g. Bonus system)

Tam Chai Yunnan Noodle

/ TamJai

SamGor

• Management reinforcement for further growth: Group’s governance & top manager recruitment

• Task improvement for store, central kitchen and back office • Initial research started for all China (especially south China) • Expects 23.1bil. yen of Sales and 3.5bil. yen of Profits: Contribution to Group’s

Sales & Profits to be expected

All over Asia

Hawaii / US

mainland

Europe

27

Along with Marugame Seimen, to incorporate new brands for different needs and targets

Group locally popular brands by M&A etc.

Multi-brand development for each location

Overseas: Multi-portfolio Strategy

To the world with Multi-portfolio strategy for each local food culture

To be ranked Revenue

To achieve 500 billion yen revenue and 6,000 stores in the world in FY2026 Rank in top ten companies in restaurant industry

500 bil yen

116bil yen

Overseas business

4,000 stores 290 bil yen

Future Vison

28

Existing domestic brands

1,100 stores 110 bil yen

New domestic brands

900 stores 100 bil yen

2018.03 2026.03

Asia: 1000 stores North & South America: 2,000 Europe & Middle East: 500 Asia: 1,000 Africa: 500

To achieve 5Blands × 200stores system

Over 1000 Marugameseimen brand stores + Existing brands

29

Reference materials (Appendices)

30

Overview of Overseas Businesses by Locations

Asia

Area Country/Brand Outline PL Contribution (last year)Sales / Segment profit

Taiwan (ROC) Improves personnel system for staff sufficiency. Opening new stores. Operating 4 Tonkatsu stores. 3,200 mil. / 390 mil.

S. Korea Main stores keep good. Opening new stores. 350mil. / 5mil.

China (PRC) Keeps good. Sales in coast cities (e.g., Shanghai) are nice. Currently 85 stores. "Hakatan-maru" ramen branddevelops.

Hong Kong (Yunnan) Grouped in Feb-2018. Currently operating "Tam Chai Yunnan Noodle" and "TamJai SamGor Rice Noodle" stores(109 in total). 70% market share of Yunnan Noodle in Hong Kong. To open new stores in Hong Kong. 3390mil. / 560mil.

ThailandManagement enhancement brings big profit improvement through 1) profit improvement of Existing Stores, 2)development of small stores (good sales with low initial costs), and 3) customization of HQ costs. To keep stableprofits.

Indonesia Develops Marugameseimen stores mainly in major Shopping Centers in Jakarta. Also examines other big cities.Marugame Seimen brand is Halal approved, and popular among local Muslims.

Vietnam Saves opening stores in 2017 for yearly profit by improving organization system and management system. Toachieve monthly profits. Examines sub-franchising for further business expansion.

Cambodia Sales of Existing Stores improved a lot. Portable stall type stores (with small initial costs) contribute to profit.Launches new brand for casual Japanese foods in Feb. 2018, targeting wider range of market. 80mil. / △21mil.

Malaysia(Boat Noodle, Others)

Operating approx. 70 stores of "Boat Noodle" and "CillCill" brands. Expanding with profits. Acceleratingfranchising in other countries such as Brunei, Indonesia, Myanmar and Singapore. Planning to expand to othercountries.

Philippines Opens 1st Marugameseimen store in Aug-2017 and 2nd in Feb-2018 (both FC). Keep good. 4 more storesscheduled. Swift business expansion expected.

Myanmar(Boat Noodles)

Establishes JV company with YKKO (biggest local restaurant company), and franchises Boat Noodle brand sinceOct. 2017. Widely accepted as uniquely fashionable restaurant with fun to eat. 2nd store to open.

Asia

31

<USA, UK, Italy, WOK TO WALK>

Overview of Overseas Businesses by Locations

Area Country/Brand Outline PL Contribution (last year)Sales / Segment profit

TDC (Tokyo Table) 1st store in Irvine keeps good. One of world top sales/profits stores in Toridoll Group, whereas 2nd store inAlhambra is in tough. To change to "Western Japanese" like brand for profit improvement. 780mil. / △28mil.0

Marugame SeimenWaikiki Shop keeps good. World top 1-2 sales in Toridoll Group. 1st store in mainland opened in Sawtelle, LA inSep. 2017. 2nd store in Stonestown, SF started with good launch in Jan. 2018 (same sales level as Waikiki Shopfor the first weekend). 3rd store in Shopping Center around Beverly Hills to open.

Hawaii830mil. / △120mil.Main Land：small

CRACKIN'KITCHEN Keeps good. World Top 1-2 sales in Toridoll Group. Opens 1st in mainland store in LA in Mar. 2018. 140mil. / 5mil.

Sakagura

Opens 1st store in November 2016. Introduced collaboration menus between Bent Box and Shoryu Ramen, andcharbroil steaks and tempuras. Lava Plate stake from 2018 beginning becomes popular. Lower pricingcontributes guest count (wider customer range) and sales. Keeps marketing measures (e.g., via SNS, RestaurantWeek and Japanese Sake events) for brand awareness .

Shoryu Some stores are in top sales group. Strategic dominance in London. Local cities to be only in Manchester andOxford. To improve profitability. New stores being prepared.

Italy Tokyo Table, Others

Opens "Bottega del Ramen" in Feb. and "Tokyo Table" in Mar, 2017. "Bottega del Ramen" achieved monthlyprofit. "Tokyo table" marks record high in monthly sales for consecutive 2 months. Still not profit for whole businessunit, and more sales necessary. Both stores to introduce new menus for summer. Expanding sales by deliverythrough Uber-eat and Deliveroo.

small

Russia Marugame Seimen 4 direct-operation stores and 3 FC stores in Moscow. Achieved all stores in the black. To develop more stores(especially in food court) as well as keeping stable profits.

Others WOK TO WALKStore aggressively expanding to 93 (including 3 direct-operation stores in US) after grouped. FC contracts inIndia, Israel, and newly Malta and Oman. Opens 1st direct-operation store In US in Feb, 2nd in Jul and 3rd store inDec. 2017. Exploring other counties for FCs.

small

USA

UK

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Basic information of Overseas Marugame Seimen brand

<notes> ・Sales, # of Guests, Average Pay are the means in the period from January to December of 2017. (But the means in the period from April to Marchof 2018 for Taiwan and Japan.) ・Adopt an exchange rate at end of March, 2018

Basic information of Overseas Marugame Seimen brand

Sales (1,000 yen)

# of Guests (person)

Sales perGuest (yen)

USA 32,724 32,997 992

South Korea 5,797 6,651 872

Taiwan (ROC) 9,644 14,701 656

Cambodia 6,372 13,505 472

Russia<JV> 8,991 10,638 845

China(PRC) <JV> 5,978 8,428 709

Thailand <JV> 2,263 4,706 481

Japan 9,545 16,805 568

Overseas: Management System

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Management strategy

Business strategy

• Location • Product • Purchasing &

Logistics • Marketing • HR & organization • System, etc.

Store Management

Localization for Overseas management & governance: Stable relations with HQ for key business strategies

Holdings （Japan） Existing Own Brands M&A Acquire Brands

HQ to plan

Each area manager to control progress

HQ to monitor (via video conferences, etc.)

To achieve swift decisions for local matters via management localization

HQ & Local to plan (collaboration)

Officers: From HQ / Local（most M&A subsidiaries keep original managements)

Collaboration in strategies

Introduction of partners (e.g., FCs), global procurements, etc.

To respect decisions of front lines

Not to apply Japanese rules to other countries (To respect diversity of culture, habit or law)

Progresses and results of measures to be reported

Same as Existing Own Brands for local decisions

Local decisions on branding and marketing of M&A subsidiaries to be respected (to maintain brand values)

To send SVs especially for QSC enhancement

HQ’s help to be requested when necessary

Missing functions to be helped by HQ (Mostly SVs for QSC enhancement requested)

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Granting new stocks to shareholders

We believe the appropriate redistribution of profits to shareholders is one of the most important missions of the company, and hold up the basic policy to continue paying stable dividends while reserving retained profits for necessary investments for the group growth.

Number of shares Incentive

100 - 500 2,000 yen value coupon

500 - 1,000 6,000 yen value coupon

1,000+ 10,000 yen value coupon

Contents of shareholder incentive

Yearended

March 31,2013

Yearended

March 31,2014

Yearended

March 31,2015

Yearended

March 31,2016

Yearended

March 31,2017

Yearended

March 31,2018

Yearended

March 31,2019

(estimated)

Amount ofannual

Dividends PerShare

16.50yen 8.00yen 10.00yen 24.00yen 26.00yen 26.50yen 30.00yen

DividendPayout Ratio

19.90% 37.00% 20.50% 19.90% 20.00% 24.68% 20.01%