Increase shareholder value through organic growth · In Q2, we achieved steady growth in overseas...

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Increase shareholder value through organic growth2013 Mizuho Investment Conference

September, 2013Kirin Holdings Company, Limited

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2013-2015MTBP Overseas integrated beverages: Key Group driver - Expand profit contribution Domestic integrated beverages: Enhance core competitive strengths

Raise shareholder value through steady cash flow generation and improved profitability Normalized EBITDA：Mid-single digit CAGR Normalized EPS：High single digit CAGR Enhance shareholder returns

－Dividend growth to reflect EPS growth－Additional shareholder returns through share buyback

(Upper limit: ¥50 billion; Time limit: end December 2013)

In Q2, we achieved steady growth in overseas business and implemented initiatives for renewed growth in Japan.

Management summary

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KV2021, FY2013-2015 Medium-term Business PlanKV2021, FY2013, FY2013--2015 Medium2015 Medium--term Business Planterm Business Plan

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44

Beer #1Dairy #1

Beer #2Carbonated #3

*Source： Kirin research

Well-balanced, global business portfolio

Developed～Stable ・High profitability～

Emerging～Large scale・ High growth～

Emerging ～High growth～

Japan integrated beverages

Overseas integrated beverages

Others

NormalizedEBITDA

2013(E)314.0bn

32％

41％

27％

Pharmaceuticals and Bio-chemicals

5

Secured overseas integrated beverages business foundation

Strengthened cost competitiveness and increased efficiency

Realized integration synergies in pharmaceuticals business

Stepping Out

2019-2021

Moving Forward

Grow Japan integrated beverages business

Pursue organic growth at overseas acquisitions

Deepen synergies within integrated beverages group strategy

2016-2018

2013-2015

2010-2012

2007-2009

KV2015 KV2021

Building on KV2015 towards a new stage; generate steady, strong results

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6

Sustainably increase enterprise value through organic growth～Leverage diversity and co-create brand value with consumers and communities～

High value

Sustainable

Diversity within “One Kirin” Values

Insightful & Innovative

OrganicOrganic Pursue organic growth within the areas developed under KV2015

Produce strong results and increase enterprise value

Generate sustainable growth through a virtuous cycle of growth and investment

Achieve deep insight into consumers and society to co-create brand value

Underpinned by shared values, leverage Kirin’s diversity to enable autonomous management by businesses closely aligned with customers in each region

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KV2021 Business model

7

Three-year shift to organic growth

Generate stable cash flow Target: Mid single-digit CAGR in normalized EBITDA*Guidance for business performance in 2015 (to be updated every year):

Consolidated sales ¥2,300bn plus, operating income ¥180bn plus

Increase shareholder value Target: High single-digit CAGR in normalized EPS*through stronger profitability

Enhance shareholder returns Increase dividends with 30% consolidated payout ratio on normalized EPS*

* Normalization: Removing extraordinary gains and losses and other non-operating items to reflect actual earnings more accurately

OOrganicrganic

7

Overseas integrated beverage business, the driver of Group growth, work to strengthen the core elements of the Japan integrated beverage business

Growth strategy / 2013-2015 MTBP

88

New business structure of integrated beverages business in Japan (From Jan. 2013)

Optimize resource allocation beyond alcohol and soft drinks framework

Kirin Brewery

Pursue brand-centered management (strong products, strong KIRIN brand)

~Manage brands based on deeper customer insight to strengthen core brands and stimulate innovation Increase specialist capabilities and strengthen organizational capabilities Allocate strategic resources to optimize overall performance, beyond

alcohol and soft drinks framework Free up resources by integrating overlapping functions and increasing

efficiency

Mercian

Further growth through fostering strong brands

Alcoholic beverages Soft drinksKirin Beverage

Kirin

9

Further strengthen cost competitiveness

Lower depreciation and amortization costs by optimizing capital investment

Lower manufacturing costs by revising manufacturing processes, and other initiatives

Improve production efficiency by optimizing manufacturing bases

Lower cost of raw materials through joint procurement

2010-2012 Medium-term Business Plan 2013-2015 Medium-term Business Plan

Created cross-group cost synergies

Greatly exceeded projections

Original projection over ¥20 billion

Under the new management structure we will continue measures to improve cost competitiveness

Production and distribution ¥16.8 billion

Procurement ¥14.9 billion

Sales, IT, Others ¥6.7 billion

2010-2012 results ¥38.4 billion Projection over ¥15 billion

10

Operating Cash Flow

¥700bn plus

Approximately ¥300bn

Enhance returns to shareholders

Increase dividends in line with growth in normalized EPSConsolidated payout ratio of 30%FCF

¥400bn+

<Cash flow during 2013MTBP>

Increase financial flexibility by steadily reducing debt

Additional returns to shareholders, including share buybacks, will also be considered

Enhance shareholder returns Steadily reduce debt and increase financial flexibility

Repay debt

(Excluding strategic investment for growth)

10

Investment Cash FlowRepay debt

Financial strategy / 2013-2015 MTBP

11

▲ 400,000

▲ 300,000

▲ 200,000

▲ 100,000

0

100,000

200,000

300,000

2006 2007 2008 2009 2010 2011 2012

Continuing to produce stable, high levels of cash flow

2013 - 2015(E)Cumulative

Operating Cash Flow

Investment Cash Flow

（Million yen)¥700bn plus¥700bn plus

Approx. ¥300bn Approx. ¥300bn

Strong cash generation

12

Plan for 2013Plan for 2013Plan for 2013

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1313

Mid single-digit CAGR in normalized EBITDA* 314.0 billion yen (up 2.2% YoY)

High single-digit CAGR in normalized EPS* 123 yen (up 5.1% YoY)

*Normalization: Removing special income and expenses and other extraordinary items to reflect actual earnings more accurately. 2012 actuals: Normalized EBITDA was 307.3 billion yen, Normalized EPS was 117 yen.

MTBP quantitative targets 2013 Target (Revised)

90.0bn yen +60.1% YoY

132.0bn yen (4.7% YoY)

205.8bn yen +1.6.% YoY

2,280.0bn yen +4.3% YoYSales

Operating Income before amortization of goodwill etc

Ordinary Income - Unchanged

Net Income - Unchanged

Segment

Realize overall Group sales and profit growth by buildingon overseas growth and focusing on restoring growth in Japan

2013 Basic policy: First year in shift to organic growth

14

16.8%

EBITDA margin

4.1%26.2%

13.4%

1.7%

14.6%

Operating margin

EBITDASales(Billion yen)

Operating profitSales(Billion yen)

65.2248.9Alcohol beverages9.7234.3Soft drink beverages

30.8183.5Brasil Kirin

64.9483.3Lion

6.1351.4Kirin Beverage

64.3439.6Kirin Brewery

Operating margin : 9.0%205.8bn yen +1.6.% YoY

2,280.0bn yen +4.3% YoYSales

Operating Income before amortization of goodwill etc

FY2013 financial targets

Indices of major subsidiaries

* **

**

*After deduction of liquor tax **Before deduction of management fee and brand royalty

1515

¥220.0bn

±¥0.0 bn

Planned annual dividend of ¥36 per share (up ¥7)Consider responsive returns

to shareholders, including share buybacks

Increase financial flexibility

Allocate free cash flow in accordance with MTBP 2013-2015 financial policy

• Capital expenditure ¥140.0bn (-)• Sale of shares in Fraser & Neave etc.

¥140.0bn (+)

Operating cash flowOperating Cash Flow

Investment Cash Flow

Enhance returns to shareholders

Repay debt

FCF¥220.0bn

FY2013 financial strategies

1616

3-years to kick-start growth

3-years of implementation to

increase profitability

1721 23 23 25 27 29

36

0

5

10

15

20

25

30

35

40

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Increase dividends in line with growth in normalized EPSConsolidated payout ratio of 30%

Additional returns to shareholders, including share buybacks, will also be considered

3-years shift to organic growth3-years shift to organic growth

（¥）

Changes in dividend per share

2013-2015 Medium-term Plan

2013-2015 Medium-term Plan

Further enhance shareholder returns

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In support of Kirin’s brand-centered management approach—through which Kirin aims to deepen engagement with stakeholders and take its CSR activities to the next level—Kirin is adopting a CSV approach to business. With CSV, Kirin aims to create value together with a wide range of stakeholders through its overall business activities along the value chain.

Starting lineup against UAE national football team in the Kirin Challenge Cup 2012, September 6, 2012

Starting lineup against the Australian women’s national football team in the Kirin Challenge Cup 2012, July 11, 2012

CustomersCustomers

EnvironmentEnvironmentCommunityCommunity

EmployeesEmployees

Business partnersBusiness partners

Shareholders, Investors

Shareholders, Investors

KirinGroupKirin

GroupCo-create values with various communities

Develop mutual trust and collaboration

Co-create value through a brand centered management approach

Create a sustainable society

Achieve sustainable growth of enterprise value

Co-creation with employees and organization

Co-create value with a wide range of stakeholders

From CSR to CSV

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Second quarter & annual revised forecast of FY2013

SecondSecond quarter quarter & annual revised forecast & annual revised forecast of FY2013of FY2013

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Increased sales and profits in the first half over previous year, and the highest sales ever

Company performance driven by overseas top-line growth, and initiatives for renewed growth in Japan steadily implemented

Net income targets set at the start of year unchanged. Operating income revised through the fiscal year due to the downward revision in pharmaceuticals business and subsidiary’s share transfer

Implementation of shareholder returns in line with medium-term policy ~ Increase dividends in line with growth in normalized EPS and share buyback ~

Summary for second quarter of FY2013

121

316.0

FY2013Initial

forecast

3.4％

2.8％

YoY change

5.1％12313.3％51Normalized EPS(Yen)

2.2％314.04.9％138.8Normalized EBITDA (Billion yen)

YoY change

FY2013Revisedforecast

YoY change

FY2013Q2

Progress towards targets

20

13.1

50.0

0.5

49.4

(0.1)

57.2

1.1

26.8

11.7

19.5

1,041.6

46.2

161.5

292.7

541.1

FY2012 Q2(Billion yen)

Special income and expenses

101.650.8100.9Income before income taxes and minority interests

Equity in earnings of affiliates

Others

Pharmaceuticals and bio-chemicals



Others




355.246.559.6Net income

7479.944.645.2

12.66.255.7Ordinary income

-1.00.9

5.63.260.4Operating income

65.10.71.9

18.654.4347.2

(0.5)(2.4)538.6

5.91.528.4

(13.0)(2.5)16.9

5.254.51,096.2Sales

(2.3)(1.0)45.1

39.74.616.3

2.23.6165.1

YoY change(Billion yen) (%)


YoY increased sales and profits driven by overseas top-line growth

Sales and Operating Income

Lion drastically increased sales and profits. Increased sales volumes and improved product mix in the Australian alcohol beverage business

Brasil Kirin increased sales volume

Kirin Beverage increased sales volume

* New reporting segments were created in FY2013.

Non-operating and Special incomes/expenses

Gains from sale of shares in Fraser and Neave (special income of 46.2 billion yen)

Second quarter performance highlights

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-

(5.0)

(5.0)

-

4.8

(5.0)

(1.0)

(4.0)

1.5

(1.0)

(10.0)

(40.0)

1.0

27.0

2.0

Difference to Initial

forecast(Billion yen)

Special income and expenses

25.834.4168.0Income before income taxes and minority interests

Equity in earnings of affiliates

Others




Others




60.133.890.0Net income

-40.836.0

(4.7)(6.4)132.0Ordinary income

-1.10.4

(2.0)(3.0)150.0Operating income

5.80.24.0

22.0126.9704.0

(0.0)(0.0)1,190.0

(2.7)(1.5)54.0

(13.7)(9.4)59.5

4.393.82,280.0Sales

(41.8)(40.1)56.0

42.911.839.5

2.27.0330.0

YoY change(Billion yen) (%)

FY2013 Revised forecast

(Billion yen)

Net income targets unchanged despite downward revision in pharmaceuticals and subsidiary’s share transfer

* New reporting segments were created in FY2013.

1) Pharmaceuticals and Bio-chemicals:- Kyowa Hakko Kirin (4.0) billion yen

(Impact of some initially planned revenue from technology licensing shifting to the next FY, etc.)

Major differences to initial forecast

Operating income

1) Overseas integrated beverages: - Impact of exchange rates(Lion +15.5 billion yen,

Brasil Kirin +11.9 billion yen)2) Others:

- Exclusion of Kirin Kyowa Foods from Q3, etc. (40.0) billion yen

Sales

2) Others:- Exclusion of Kirin Kyowa Foods

from Q3, etc. (1.5) billion yen

Annual sales forecast (Revised on August 1, 2013)

22

316.0

8.3

46.7

106.0

155.0

FY2013Initial

forecast

314.0

9.7

48.4

106.0

150.0


138.8Normalized EBITDA

4.8Dividends received from equity method affiliated companies

24.0Goodwill amortization

49.5Depreciation

60.4Operating income

FY2013Q2

121 yen

961,497

116.7

(35.3)

62.1

90.0

FY2013Initial

forecast

123 yen

950,748

117.0

(38.8)

65.8

90.0


51 yenNormalized EPS (A) / (B)

956,063Average number of shares outstanding during period(thousand) (B)

49.0Normalized net income (A)

(43.2)Special incomes/expenses after income taxes and minority interests

32.6Goodwill amortization

59.6Net income

FY2013Q2

(Billion yen)Normalized EBITDA Normalized EPS (Billion yen)

Updated quantitative targets

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Japan: Increasing brand value

Oceania: Accelerating sales increase and income growth

Brazil: Moving toward stage of increased profits through strategic investment

Steady development of new measures for a stronger brands from a medium-term perspective

Increased sales and profits driven by favourable sales in Australian alcohol business

AchievementsAchievements

IssuesIssues

Favorable overseas growth and steady implementation of measures for renewed growth in Japan

Achievement of top-line goals and minimization of cost increases due to changes in circumstances

Continuing implementation of high value-added strategy in Australian beverage business and company-wide cost-reduction

Growth exceeding market by steadily expanding customer touch points focusing on key brands

Maximizing presence in the peak period, and implementing thorough cost control


IssuesIssues


IssuesIssues

Q2 review and issues for the achievement of annual targets

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- Increased Kirin Ichiban-Shibori Nama Beer large keg sales- Increased Kirin Gogo-no-Kocho sales by 4.0% YoY

Steady development of new measures for stronger brands

Boost of key brandsBoost of key brands

112.52.52.24.7Other

18.02.111.914.0Other

19.5

0.5

(2.5)

19.3

541.1

32.3

152.0

344.8


(3.3)(1.0)31.2Mercian

-(2.1)(4.7)Kirin Beverage

Mercian

Kirin Brewery

(90.4)(0.4)0.0

(12.7)(2.4)16.8

YoY change

(Billion yen)

YoY change

(%)


(13.0)

(0.5)

5.0

(3.2)

Kirin Beverage

Kirin Brewery (11.1)333.6

7.6159.7

(2.4)538.6Sales

(2.5)16.9Operating income

Strong launch of “Sumikiri”

Created new customer value in growing categories

- Kirin Mets Cola: Ranked No. 1* in the FOSHU carbonated drink category

- Sekai-no-Kitchen-Kara Salty Litchi : Approx. double sales volume over previous year

- RTD sales volume :+5.3% over previous year

*FOSHU carbonated drinks: MBI Index Food for Specified Health Uses carbonated drinks market June 2012 to May 2013 total sales figures (target businesses: supermarkets, convenience stores and drug stores)

Representing a new standard within new genre beverages. Sold 2.4 million cartons in just over 2 months since the launch, reaching half the annual target. The turnaround in sales for new genre products overall.

Created drinking styles with new brand communication

Concept shop

Restaurants & bars, “talk of the town”

SNS

Shop front

Japan integrated beverages: Q2 results

25

Achieve top-line goals by boosting key brands. Minimize cost increases due to changes in circumstances

38.11.91.56.8Other

(15.5)(4.8)0.926.1Other

(1.0)

(1.7)

(0.8)

0.0

2.0

(0.5)

0.1

1.6

Difference to initial forecast

(Billion yen)

(2.9)(2.0)67.7Mercian

(79.7)(3.1)0.8Kirin Beverage

Mercian

Kirin Brewery

(95.3)(2.0)0.1

(10.7)(6.1)51.7

YoY change

(Billion yen)

YoY change

(%)

FY2013RevisedForecast

(Billion yen)

(13.7)

(0.0)

4.3

(1.0)

Kirin Beverage

Kirin Brewery (7.6)744.7

14.5351.4

(0.0)1,190.0Sales

(9.4)59.5Operating income

Manage ingredient costs increases caused by weaker yen

- Continually review procurement methods

- Review production costs and company-wide costs

- Revise price of wine (in September)

Improve trend in Nodogoshi Nama sales

Maximize impact of new brand communication by boostties between advertising and promotions

×

Promotion Shop front

Boost promotion of new value to customers

Further reinforcement of key brands

Japan integrated beverages: Annual forecast

26

F2013 Q2 F2012 Q2 YoY change Y o Y change（％）

Bn Yen Mil AUD Bn Yen Mil AUD Bn Yen Mil AUD Yen basis AUD basis

Alcohol 131.5 1,445 98.6 1,197 32.8 247 33.3 20.7

Soft Drink 113.2 1,243 108.4 1,316 4.7 (72) 4.4 (5.5)

Sales 244.7 2,689 207.1 2,514 37.6 175 18.2 7.0

Alcohol 37.3 409 26.6 323 10.6 86 40.0 26.7

Soft Drink 4.1 45 4.0 48 0.1 (3) 3.0 (6.8)

Corporate (4.3) (48) (3.4) (42) (0.9) (6)

Operating income 37.0 407 27.2 330 9.8 76 36.2 23.2

Goodwill Amortization (15.0) (164) (12.7) (154) (2.2) (10)

Brand Amortization (2.0) (22) (1.9) (23) (0.1) 0

Operating income after amortization 19.9 219 12.5 152 7.4 67 59.0 44.0

Consolidated period：Oct 2012 - Mar 2013 Currency exchange rate：91.01 yen（Oct 2012 – Mar 2013 ：82.38 yen）

Sales Volume(YoY)

Alcohol + 9.0％

Soft Drink (5.8％)

Good progress in the Australian alcohol business boosts Lion’s performance, and group earnings increase realized

Alcohol Business:Realised volume increase and premiumisationthrough addition of new international premium and craft brands

Soft Drink Beverage Business:Efficiency focus, and growth in value-added categories, such as impressive growth of“Dare”

No.1 Dairy Beverage

Leading market in Craft Beer

AlcoholChange in Operating Income

（Million AUD）Soft Drink

323 FY2012 48

50 Change in sales volume (21)

36 Other 18

409 FY2013 45

Lion: Q2 results

27

FY2013Revised Forecast

Difference toinitial forecast

YoY change YoY change (%)

Bn yen Mil AUD Bn yen Mil AUD Bn yen Mil AUD Yen basis AUD basis

Alcohol 248.9 2,677 13.5 61 59.1 350 31.2 15.1

Soft Drink 234.3 2,519 2.5 (55) 27.4 (16) 13.3 (0.6)

Sales 483.3 5,197 16.1 5 86.6 334 21.9 6.9

Alcohol 65.2 702 3.4 14 15.2 88 30.4 14.4

Soft Drink 9.7 104 (2.0) (26) 2.2 12 30.0 14.0

Corporate (10.0) (107) 0.8 12 (2.1) (10)

Operating income 64.9 698 2.2 1 15.3 90 30.9 14.9

Goodwill Amortization (30.6) (329) (1.0) (0) (5.4) (20)

Brand Amortization (4.2) (45) (0.2) (1) (0.4) 1

Operating income after amortization 30.0 323 0.9 (0) 9.4 70 46.1 28.1

Consolidated period：Oct 2012 - Sep 2013 Currency rate：93.00 yen（Oct 2012 – Sep 2013 ：81.58 yen）

Aiming for the achievement of the original profit target

Alcohol Business:- Strengthen profitability by focusing on major brands and

growing categories such as international premium and craft- Innovation to reignite interest in the beer category

Soft Drink Beverage Business:- Pursue profitability through growth of high value segments

and further improvement of efficiencyDairy Beverage performs well

A new home draught beer “TAP KING”

Lion: Annual forecast

28

• Consolidation period: January-June 2013 / Currency exchange rate: 46.72 yen (January-June 2012: 42.91 yen)• Operating income (before goodwill and brand amortization): affected by Increased depreciation cost, approximately 40 million BRL,

with reevaluation of assets and liabilities based on Brazil’s accounting standard

BRL basisMil BRLMil BRLMil BRL Yen basisBn yenBn yenBn yen

YoY change (%) FY2012 Q2

172

(41)

-

(112)

71

1,627

6.8

-

(95.2)

20.3

(2.9)

-

(95.6)

10.5

7.3

(1.7)

-

(4.8)

3.0

69.8

(5)0.51677.8EBITDA

17014.11,79884.0Sales

(91)

(34)

(59)

3

(49)(2.4)(4.2)Operating income after amortization

(34)(1.6)(1.6)Brand amortization

522.0(2.7)Goodwill amortization

(68)(2.9)0.1Operating income

YoY changeFY2013 Q2

Beer: Middle single digit (%) increase YoY

Soft drinks: Low single digit (%) increase YoY

Sales volumes

Achieved growth exceeding market by further boosting brand strengths through strategic investment

Expansion of customer touch points for core brands (NOVA SCHIN, DEVASSA, SCHIN NO GRAU, SCHIN, Skinka)

Further optimization of supply chain

Managing growing demand for canned products through establishment of new production lines

Brasil Kirin: Q2 results

29

BRL basisMil BRLMil BRLMil BRL Yen basisBn yenBn yenBn yen

YoY change (%) Difference to initial forecast

-

-

-

-

-

(122)

28.3

52.8

28.5

23.3

11.3

36.4

14.8

10.1

2.0

0.5

(0.2)

(0.3)

1.0

6.6

696.867030.8EBITDA

36634.73,990183.5Sales

175

(69)

(118)

364

462.78.0Operating income after amortization

-(0.3)(3.2)Brand amortization

-(0.5)(5.4)Goodwill amortization

463.716.7Operating income

YoY changeFY2013Revised forecast

Achieve the year goal of income by further reinforcement of sales and thorough cost control

Further boost sales activities which communicate the product value to maximize presence in peak period (December: summer)

Cover decreased gross profit accompanying revision of sales targets through cost control

Continue to implement medium-term initiatives to decrease manufacturing cost, and increased effectiveness of supply chain in line with plan

Consolidation period: January-December 2013 / Currency exchange rate: 46.00 yen (January-December 2012: 41.08 yen)

Brasil Kirin: Annual forecast

30

FY2013 Q2 FY2013 revised forecast

Billion yen YoY change (Billion yen)

YoY change

(%)Billion yen

Difference to initial forecast (Billion yen)

YoY change(Billion yen)

YoY change

(%)

Pharmaceuticals 129.2 2.2 1.8 256.8 (1.9) (1.2) (0.5)

Bio-chemicals 40.5 1.1 3.0 82.2 2.9 7.0 9.4

Sales 165.1 3.6 2.2 330.0 1.0 7.0 2.2

Pharmaceuticals 24.1 0.5 2.5 45.0 (4.2) (5.7) (11.3)

Bio-chemicals 3.1 1.0 52.1 6.0 0.2 3.8 182.0

Operating income 28.4 1.5 5.9 54.0 (4.0) (1.5) (2.7)

Increased sales and profits. Steady sales of pharmaceuticals domestically, and extensional growth of core products overseas.

Favorable expansion of ProStrakan core products overseas

R&D on track. New Parkinson’s disease drug NOURIAST was released in May. In the second half, Onglyza, for type-2 diabetes, was released in July.

Sales and profits in the bio-chemicals business increase as weaker yen

Revise annual forecast for operating income as revenue from technical licensing etc.is expected to be partially shifted to the next FY.

Kyowa Hakko Kirin: Q2 results and annual forecast

3131

Further strengthen competitiveness in Japan through our category-based strategy- Implement product portfolio management in each category from R&D to S&M- Realize sustainable growth while enhancing productivity

Expand our business base in the USA, Europe and Asia and aim to become a global specialty pharmaceutical company

Strengthen the revenue base of our Bio-Chemicals business

Basic strategy of MTBP 2013-2015

Quantitative targets

Note: In Kirin's consolidated accounts the figures for Kyowa Hakko Kirin operating income (after goodwill amortization) are: 2012 (actual): ¥55.5 billion; 2013 (plan): ¥54.0 billion.

(Billion yen)FY 2012 Results

FY 2013 Planned

FY 2015 Guidance*3

Compared to FY2012

Net sales 333.1 339.0 358.0 +24.9Operating Income*1 52.9 51.0 60.0 +7.1Operating income to sales ratio (%)

15.9 15.0 16.8

Ordinary Income*1 49.0 48.0 53.0 +4.0Net Income*1 24.1 28.0 30.0 +5.9EPS (¥)*2 61.0 68.0 71.7 +10.7

*1 Income after amortization of goodwill *2 EPS calculated using net income before amortization of goodwill *3 To be updated annually

Kyowa Hakko Kirin: Mid-term business plan 2013-2015

3232

February 1, 2013: Decision made to sell stake in Fraser & Neave

Aim to expand business in Southeast Asia by utilizing existing business bases in Vietnam and Thailand, centered on Kirin Holdings Singapore

Siam Kirin Beverage (Thailand) Interfood (Vietnam)

Kirin Holdings SingaporeSan Miguel Brewery (Philippines)

China Resources Kirin Beverages (Greater China) Company

(Indonesia)Begin test-marketing of Kirin Gogo-no-Kocha Tea Break

Kirin (China) Investment

Southeast Asia (excluding the Philippines)

Maintain dominant domestic beer market share by ensuring optimal brand portfolio

China

Soft drinks: Construct a countrywide soft drinks platform through China Resources Kirin Beverages (Greater China), aiming for dramatic growth

Beer:Stabilize revenue base and achieve continued growth in sales of Kirin brand products

Philippines

Southeast Asia and China

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Increase shareholder value through organic growth · In Q2, we achieved steady growth in overseas...

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