Nichirei : Integrated Report 2021(1/2)

Nichirei Group Integrated Report

2021

INTEGRATED REPORT 2021

Nichirei Management Principles

Nichirei Management Principles

Focus on Lifestyles, and Provide True Satisfaction

Vision

Revised April 2019

Guiding Principles

We will continue to support good eating habits and health by leveraging our state-of-the-art manufacturing practices that optimize nature's bounty, along with our leading-edge logistics services.

1. Prioritize customers, safety, and quality
2. Ethical operations
3. Transparent management
4. Sustainable communities
5. Value creation

Brand Slogan

Basic CSR Policy

Creating Savory Moments

The Nichirei Pledge

-Working to Make Our Communities More Sustainable-

As a group of companies that provide value in the fields of food and health, the Nichirei Group strives to help communities solve the issues they face while creating new value for customers through its business activities. The Group gives full consideration to the economic, social, and environmental impact of its endeavors, and publicly discloses the details of its businesses to its stakeholders, in order to gain their understanding and promote further dialogue.

Create new value for customers

We strive to create new products and services, while helping customers and communities solve various issues through our business activities.

Provide safe	Maintain a	Reduce	Foster
products and	sustainable	environmental	cooperative
services	supply chain	impact	relations with
We ensure that	We work to ensure	We strive to reduce the	communities
everything we offer	that our supply chain	environmental impact	As a responsible
our customers is	is sustainable.	of our operations,	corporate citizen,
characterized by high		while giving full	we foster close
quality and safety.		consideration to their	cooperation with local
		potential effects on the	communities in the
		global environment.	interests of the
			public good.

Continually enhance our workplaces

While promoting respect for the diversity of our employees, we continuously improve the workplace

environment to enable every employee to make the most of his or her abilities and work with enthusiasm.

Support good corporate governance

We employ highly transparent, fair management practices, while ensuring that resources are

properly allocated and management decisions are made in a timely manner.

Ensure strict compliance

We maintain high ethical standards, while complying with the laws and social norms of each country in which the Nichirei Group operates.

Contents

Management Strategy

1. Message from the President

1. Vision for 2030

1. Nichirei Group Materiality

Value Creation Story

14 History of the Nichirei Group

16 A History of Creating Value: Establishing a Temperature-controlled Logistics Network

18 Business Overview

1. Nichirei by the Numbers

1. Value Creation Process

1. Nichirei's Business Model and Advantages 26  Honkaku-Itame Cha-Han
   28  Cross-Docking Business 30  Junwakei Chicken
   32  Acerola Business

1. Creating New Value

Financial Strategy

38 Strategy and Resource Allocation

42 Medium-term Business Plan WeWill 2021

Business Strategy

44 Processed Foods Business

1. Temperature-controlledLogistics Business

1. Marine, Meat and Poultry Products Business

1. Bioscience Business

Initiatives for Achieving a Sustainable

Society (Environment/Social/Governance)

58 Addressing Climate Change (TCFD)

62 Initiatives to Reduce Environmental Impact

Editorial Policy

The Nichirei Group considers the Nichirei Group Integrated Report 2021 to be an important tool for communicating with shareholders, investors and all other stakeholders. We aim to communicate financial information, non-financial information and business strategies in an easily understandable way in order to facilitate a clear understanding of Nichirei's corporate value and vision.

• We would also like readers to know about our efforts toward achieving sustainable growth, enhancing corporate value and resolving social issues through our business activities.
  Notes: 1. Amounts and percentages are rounded to the nearest whole unit.
• 1. For Nichirei's registered trademarks, the ® mark has been omitted and italics are used, as a general rule.
  2. Fiscal years begin on April 1 of the previous year, and end on March 31.

Note on Forward-looking Statements

Statements in this report pertaining to the future, such as forecasts of business performance, are rational judgments based on currently available information and contain a degree of uncertainty. Actual business performance may differ due to a variety of factors.

64 Water Risk, Biodiversity, Using Less Plastic

1. Food and Health: Creating New Value

1. Development of New Technologies

1. Building a Sustainable Supply Chain

72 Improving Work Satisfaction, Cultivating Human Resources

74 Occupational Health and Safety

1. Providing Safe Products and Services

1. Stakeholder Engagement

80 The Chairman in Conversation with Outside Directors

86 Corporate Governance

1. Internal Control/Compliance

1. Risk Management

98 Directors, Audit & Supervisory Board Members and Executive Officers

100 Officer Career Summaries

Data

1. Financial and Non-financial Highlights

1. Overview of Medium-term Business Plans

1. 11-YearFinancial Highlights

1. Consolidated Balance Sheets

1. Consolidated Statements of Income

1. Consolidated Statements of Comprehensive Income
2. Consolidated Statements of Changes in Net Assets

1. Consolidated Statements of Cash Flows

1. Notes to Consolidated Financial Statements

1. Investor Information
2. Company Information/External Review
3. Global Network

Reporting Companies

Nichirei Corporation and its consolidated subsidiaries in Japan and overseas

(As of March 31, 2021)

Reporting Period

April 1, 2020 to March 31, 2021

(Some information from before and after this period is included.)

Referenced Guidelines

• GRI Standards
• International Integrated Reporting Council (IIRC)
• Task Force on Climate-related Financial Disclosures (TCFD)

Issue Date

November 2021

Nichirei Group Integrated Report 2021 1

Management Strategy

Message from the President

2 Nichirei Group Integrated Report 2021

We help resolve social issues through our business as we aim for sustainable growth.

Kenya Okushi

Representative Director, President

Nichirei Corporation

Story Creation Value Strategy Management

Strategy Financial

Achieving for Initiatives Strategy Business Society Sustainable a

Data

Nichirei Group Integrated Report 2021 3