Top Message We remain committed to the steady implementation of management strategies to increase corporate value and fulfill our social responsibilities amid the COVID-19 pandemic. Yutaka Morita, President and COO

I would like to thank our shareholders and investors for their continuing support for the Nissin Sugar Group. My name is Akira Okubo. I took office as President and COO on April 1, 2021. I intend to do all I can to contribute to the Group’s further and sustained growth and ask for your support in these efforts.

The conditions in our core business of refined sugar have grown increasingly challenging as various factors, including the significant decline in sugar consumption in Japan due to the COVID-19 pandemic, have changed our business conditions dramatically.

The sports industry business also continues to face challenging business conditions, with declining patronage of our fitness centers among members due to virus infection concerns.

Under these conditions, we will prioritize our social responsibility to ensure the stable supply of sugar, a daily necessity, for consumers. We will also establish a structure that reflects the new normal to come after COVID-19 and strengthen our business foundations, centered on the refined sugar business.

In the sports industry business, we’re helping customers to stay healthy in the face of COVID-19 by implementing thorough measures to stop the spread of the virus. At the same time, among other measures targeting rapid business recovery, we’re harnessing IT to accelerate efforts for cost savings, reviewing pricing structures to better meet customer needs, and rebuilding our fitness center network.

Looking ahead, the entire management team of the Nissin Sugar Group is committed to meeting the expectations and earning the trust of all stakeholders. Toward that end, we will steadfastly work to increase corporate value while ensuring a high level of transparency and impartiality in management. As we pursue these endeavors, we ask for the continuing support of the Group’s stakeholders.

April 2021

Akira Okubo, President and COO