Fuji Oil : Announcement of the Settlement of Accounts for the Year Ending March 2022

NEWS RELEASE

Yoshiharu Okamoto

Senior Manager,

May 18, 2022	Corporate Communication Group
	Email: [e-mail]

Notice of the start of a research project on soybean cultivation utilizing CO2 in collaboration

with Saga City, Saga University, and ITOCHU ENEX Co., Ltd.

Fuji Oil Holdings Inc(Head office: Osaka, President: Mikio Sakai, hereinafter "Fuji Oil Group") announces that it has started a research project on growing soybeans utilizing CO2 from May 2022 in collaboration with Saga City (Mayor: Hidetaka Sakai), National University Corporation Saga University (President: Hiroaki Kodama, hereinafter "Saga University") and ITOCHU ENEX Co., LTD. （Head office: Tokyo, President: Kenji Okada）.

CCU at Saga City Cleaning Plant

Soybean Cultivation (image)

This research project will effectively utilize CO2, a greenhouse gas, in the production of food resources, aiming at carbon recycling and CO2 reduction. The first objective is to research efficient soybean growth by taking advantage of the characteristics of soybeans, which grow faster by absorbing CO2, and a demonstration test will be started at an experimental facility at Saga University. In the future, the project will aim to produce domestically produced soybeans in a plant factory utilizing CO2 captured at the CCU (Carbon Dioxide Capture and Utilization, hereafter CCU) located in a cleaning plant in Saga City.

Currently, CO2 is separated and collected by CCU from the exhaust gas generated when waste is incinerated at Saga City's cleaning plant, and the CO2 is supplied to adjacent agricultural and algae businesses. We have concluded a joint research agreement with the aim of expanding the scale of cultivation in stages and, in the future, commercializing the domestic soybeans grown under this cultivation system as sustainable soy products using Fuji Oil Group's technology and widely delivering them to customer. This research project will be conducted over the long term in collaboration with industry, government, and academia.

Since its foundation, Fuji Oil Group has pursued to solve social issues through plant-based ingredients. Through its business, Fuji Oil Group is committed to solving food sustainability issues and contributing to

the achievement of the SDGs (United Nations Sustainable Development Goals).

■ Fuji Oil Group Sustainabilityhttps://www.fujioilholdings.com/en/sustainability/

＜Reference: Outline of the parties involved and their main roles in the project＞

■Saga City

Location: 1-1Sakae-machi, Saga City

Representative: Hidetaka Sakai, Mayor of Saga

Role: Providing information on CO2 collected by CCU from cleaning plants. ■National University Corporation Saga University

Location: 1 Honjo-machi, Saga City, Saga Prefecture

Representative: President Hiroaki Kodama

Role: Research on soybean cultivation in the project ■ITOCHU ENEX Co., LTD.

Location: 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo

Representative: Kenji Okada, Representative Director; President and Chief Executive Officer

Role: Energy service provider in plant factories ■Fuji Oil Holdings Inc.

Location: Daibiru Honkan Building, 3-6-32, Nakanoshima, Kita-ku,Osaka-shi, Osaka

Representative: Mikio Sakai, President and CEO

Role: Development and marketing of PBF (plant-based food) products utilizing soybeans grown

From left: Fumiya Tanaka, Executive Officer, Power & Utility Division, ITOCHU ENEX Co., LTD.; Satoshi Watanabe, Associate Professor, Laboratory of Plant Genetics and Breeding, Faculty of Agriculture, Saga University; Hidetaka Sakai, Mayor of Saga, Saga city; Fumiyuki Goto, Professor, Controlled Environment Horticulture, Faculty of Agriculture, Saga University; Takashi Kadota, Senior Executive Officer, Chief Technology Officer (CTO) and ESG, Fuji Oil Holdings Inc.