Use of Cash Flows

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	Financial Results - For the First Half of FYE March 2018 -

	Contents

	1. Overview for the First Half

	2. Outlook for the Second Half and Full-year Summary - FYE March 2018 Use of Cash Flows Food: Grow in Sales of Domestic Core Products and International Business, and Reduce Cost Food: Steadily Grow Sales of Probiotics and Yogurt Food: Continue Sales Growth of Chocolate - Health and Premium Food: Bean to Bar - Meiji's strength Food: Change the Packaging for Drinking Milk Food: Business in China - Realize Solid Growth with Profit Increase Food: Establish Integrated R&D System and Create Unique Values Pharma: Steady Sales Growth and Further Low-Cost Operation Pharma: Steady Sales Growth Focusing Mainstay Brand-name Drugs and Generic Drugs in Japan (1) Pharma: Steady Sales Growth Focusing Mainstay Brand-name Drugs and Generic Drugs in Japan (2) Pharma: Started Selling Generic Drugs Manufactured in Medreich on Schedule in Japan Pharma: Establish Quality Control System Comply with Japanese GMP

	Appendix

	Back cover

Cash flow

Operating cash flowJPY 91.8 billion

Investment cash flowJPY 64.8 billion

• Accelerating investments due to favorable income

• Cash flows from investment activities increased JPY 5.2 billion from initial plan to JPY 64.8 billion.

Shareholder returns

• Increase dividends by JPY 5 to JPY 115 per share (initial plan)

• No change at the moment