March 8, 2019

Eisai Co., Ltd.

Information Meeting

Safe Harbor Statement

• Forecast or target figures in this material are not official earnings guidance but represent midterm strategies, goals,

and visions. Official earnings guidance should be referred to in the disclosure of the annual financial report

(Consolidated Financial Statement) in accordance with the rules set by Tokyo Stock Exchange.

• Materials and information provided during this presentation may contain so-called “forward-looking statements.”

These statements are based on current expectations, forecasts and assumptions that are subject to risks and

uncertainties which could cause actual outcomes and results to differ materially from these statements.

• Risks and uncertainties include general industry and market conditions, and general domestic and international

economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly

apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are

not limited to, technological advances and patents attained by competitors; challenges inherent in new product

development, including completion of clinical trials; claims and concerns about product safety and efficacy;

regulatory agency’s examination period, obtaining regulatory approvals; domestic and foreign healthcare reforms;

trends toward managed care and healthcare cost containment; and governmental laws and regulations affecting

domestic and foreign operations.

• Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include,

but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials, and

failure to gain market acceptance.

• The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a

result of new information, future events or otherwise.

• This English presentation was translated from the original Japanese version. In the event of any inconsistency

between the statements in the two versions, the statements in the Japanese version shall prevail.

• The Company discloses its consolidated financial statements according to the International Financial Reporting

Standards(IFRS)

1

EWAY′s Aspiration

Aim to realize prevention and

cure by supporting patients’

thought, such as “I do not want

to get sick. I want to know

if I get sick, and

I want to be cured”

2 * Plan ‘EWAY 2025’ is a 10-year medium term business plan started from FY2016 to FY2025

Medium-term Business

Plan EWAY2025 Evolving

Part 1

Business Model

Transformation

3

What The 4th

Industrial Revolution (4IR)

Means

“Create objects and status

that have never been seen before,

utilizing value generated from Data”

4

UN Sustainable Development Goals (SDGs)

(Global goals from 2016 to 2030)

5

Goal 3

Good health and well-being

(leave no one behind)

Value Chain Model ➡

Ecosystem Platform Model

6

− Connect directly with each and every patient

− Provide prevention/prediction information

− Develop algorithm of prevention/prediction based on data

− Collaboration with IoT*1

, diagnostics, sports gyms

and content providers, including private insurance

Business Model

Transformation (1)

*1: Internet of things *2: Prevention and prediction

The beginning

of 2P*2

era

Business Model

Transformation (2)

Ecosystem Platform Model

Patients Benefits

DATA

Value Chain

Fitness clubs

IoT* & AI

Insurance

Diagnostics

Advice

Recommendation

Proposal

Platform (Eisai)

Big Data

Text Mining

Technology 7 * Internet of things

Risk factors Relative risk

for dementia*2

Weighted

PAF*3

Early age (age <18 years)

Less education (none or

primary school only) 1.6 times 8%

Midlife (age 45-65 years)

Hypertension 1.6 times 2%

Obesity 1.6 times 1%

Hearing loss 1.9 times 9%

Later life (age >65 years)

Smoking 1.6 times 5%

Depression 1.9 times 4%

Physical inactivity 1.4 times 3%

Social isolation 1.6 times 2%

Diabetes 1.5 times 1%

8

New Initiatives to Promote Well-being

(Improvement of lifestyle)

Physical inactivity or obesity are

regarded as modifiable risk factors for

dementia

People who are physically inactive

potentially have 1.4 times greater risk of

dementia

*1 Livingston G, et al.Lancet.2017 Jul 19

*2: Showing the probability of dementia diagnosis among people with or without the risk factors

*3: PAF (population attributable fraction) is the percentage reduction in new cases over a given time if a particular risk factor were completely eliminated.

Brain health checks can

provide opportunities for

awareness in earlier

stages

Promote exercise events at

sports gyms, fitness clubs or

community events

Potential modifiable risk factors for dementia*1

Importance of exercising habit

Recommendation

based on data

Regular checks

As disease stage progresses, patients with AD lose self-awareness of symptoms and become unable to objectively realize their cognitive decline

Through socialization activities over a long period of time, Eisai has seen a number of patients who were negative for the treatment

Expect prevention/prediction with an assessment tool to find minute changes

with less burden at the right timing when patients are more acceptable for assessment

• Current AD treatment is mainly for patients in

advanced stage. Most of those patients may not be

willing to be treated

• A number of reports show that approx. 20% to 30%

of patients with AD are willing to receive assistance

due to bias toward AD. In addition, patients with AD

tend to believe that their symptoms, such as

forgetfulness, come from aging

• As the figure on the right shows, subjective cognitive

decline (SCD) clearly appears before objective

symptoms appear, and patients with SCD sometimes

ask for assistance. However, as objective cognitive

decline advances, ability to realize own symptoms

becomes challenging and patients would reach the

status of anosognosia*

New Initiatives to Promote Well-Being

(Objective evaluation for self-aware subjective function decline)

Source: Ávila-Villanueva and Fernández-Blázquez 2017

9

Objective cognitive performance

Subjective cognitive decline

Progression of AD

Co

gn

itiv

e s

tatu

s

Preclinical AD MCI AD

Cutoff

Anosognosia

Willing for

assistance

* Loss of awareness of illness

Algorithm

using AI

Individual cognitive function patterns

Three types of simple tests (walking,

speech and drawing) will subjectively

assess which aspect of cognitive

functions resulted in decline

Advice on what you should pay attention

to in your daily life and how to maintain

cognitive functions will be provided

based on individual cognitive function

patterns

VIVO is an app that uses life-log data

such as walking and speech. Therefore

it enables creation of a wide range of

business opportunities in B to B

Aim to improve accuracy of prediction

by using Eisai’s own accumulated data

Potential of VIVO in

prediction and prevention

Walking Speech Drawing

Simple tests and sensory data Imaging analysis of posture of walking

Copying shapes following instructions

This project is under preparation for practical use and will be available mainly in Japan *1: VIVO is a tentative name of the app

Shopping Telephone

Driving

Housekeeping

Medication

Management

（Male.66 years old）

Laundry

No problem

with your

ability to do

laundry

It may be better to

refrain from driving

especially at night

due to declining

trend of your

visuospatial

cognitive ability

No problem in

short-term memory.

You are able to

manage your

medication

Handling of

property

Attribute

information

Comprehensive evaluation

Preparing Meal

You may find

difficulty to

make a plan, as

you used to do

when you shop.

You do not

have any issues

on your

language ability.

You can enjoy

talking on the

phone.

You might find difficulty to do things in order (decline in ability to execute) in the future.

And you might also find difficulty to recognize space (decline in visuospatial

cognitive ability). You may need to pay attention depending on your daily lives.

Have you ever felt

difficulty to think

what to do at the

beginning?

We recommend to

take memo when you

do housekeeping

You might find

difficulty

to plan the menu

in the future

Drawing test

No problem in

judgement ability.

You are able to

manage your own

property.

Phonetic

Test

Walking

Test Executed Test Last Update Date : January 1, 2019

New Initiatives to Promote Well-being

(Eisai Cognitive Platform App VIVO*1

)

10

Analysis of speech when responding

20 30 40 50 60 70 Age

11

Provide information on personalized prevention method, including exercise/diet and treatment of AD through data analysis of insurance subscribers under the early dementia treatment program, which covers prevention, diagnosis and treatment, including next-generation AD treatments

Delay onset of dementia in subscribers, prolong period when nursing care is not required and provide insurance reimbursement for the early dementia treatment programs

Contribution to society by decreasing the cost of care required for dementia with early treatment

Obtain peace of mind by delaying the onset of dementia and prolonging the period when nursing care is not required

Lessen the anxiety and financial burden on dementia by managing nursing care cost

New Initiatives To Promote Well-being

(Lessen financial burden)

Cost

Diagnosis

AD Diagnosis

Preclinical AD Illustration of cost in case of

receiving early care program

for dementia

Illustration of cost required for dementia care

Care 5

Care 4

Care 3

Care 2

Care 1

Support

1 and 2

Level of care/support

required*

* Based on the criteria of Long-term care insurance system set by Ministry of Health, Labour and Welfare (Japan)

Private insurance

Insurance subscribers

Eisai

Medium-term Business

Plan EWAY2025 Evolving

Part 2

Business Domain

Transformation

12

‐Establish “two way communication” to link with each

patient

‐Establish an algorithm to provide Prediction service with

enhanced accuracy utilizing in-house data and big data

‐Provide recommendations for Prevention and preemptive

steps: exercise, lifestyle, diet and so on

➡ to promote Well-being

‐Recommend the best medical and care-receiving

environments for patients

‐Propose Intervention Plan, including the best medicines

for patients

Business Domain

Transformation (1)

Medical/Marketing/Commercial➡

Advice/Recommendation/Proposal

13

Business Domain

Transformation (2)

• Generate super-objective hypotheses from data (genome data and lifelog data)

• Establish practical algorithm to progress validation for hypotheses

• Target based on precise human biology and identifying biomarker

• Create compounds through combination of deep biology/chemistry and digital technology

• Provide precise solutions to fulfill individualized needs of patient by data

• Prediction of clinical effect with precise analysis and right patient enrollment

• Objective endpoint setting through automated measurement leveraging digital devices

• Clinical studies without placebo arm, or with minimized size of placebo arm

14

R&D ➡Factual basis and Accuracy

for Innovation

Medium-term Business

Plan EWAY2025 Evolving

Part 3

Focus in 2019

15

Wider Scope of Dementia:

‘to promote Well-being’

More Immunology in Oncology:

‘to be Curable’

16

Dementia

17

18

MCI Mild AD Moderate AD Severe AD

Source: Brain 2017 Mar 1;140(3):792-803 (partially modified) All projects are investigational.

*1: Translocator protein *2: cerebrospinal fluid

Preclinical AD High risk

Wider Scope of Dementia

Bio

mark

er

Max.

Min.

Prevention Early

treatment

Regenerative

medicine

Activate

functions

TSPO*1 PET

Amyloid PET

CSF*2 tau

Hypometabolism

MRI Atrophy

Cognitive impairment

Aducanumab*1

Phase III Studies (ENGAGE

and EMERGE) ongoing,

completed patient enrollment

in July 2018,

final readout of primary

endpoint targeted in 2020

Phase III Studies (MISSION

AD1 and MISSION AD2)

ongoing, completion of

enrollment expected in

March 2019, final readout of

primary endpoint targeted in

2021

Elenbecestat*1

Following discussion with

health authorities, plan to

initiate single Phase III study

in March 2019, final readout

of primary endpoint targeted

in 2022

BAN2401*1,2

19

Development of 3 Investigational

Disease Modifying Treatments (Early AD)

Aducanumab*1

Planning to initiate Phase III

study*3 in preclinical AD

population to evaluate

whether early use of

aducanumab can prevent or

delay clinical onset of AD

Exploring for a preclinical AD Phase III study in population who are brain amyloid-beta negative and have no cognitive impairment but are at risk of AD (equivalent to Pre-Stage 1*4 of preclinical AD)

Elenbecestat*1

Exploring for a preclinical AD Phase III study in population with accumulated brain amyloid-beta (equivalent to Stage 1 or Stage 2*4 of preclinical AD). Exploring treatment strategies to add elenbecestat as well as BAN2401

BAN2401*1,2

Early Intervention and Prevention of AD

*1: Co-development with Biogen *2: Licensed in from BioArctic *3: This study will include patients with evidence of amyloid pathology in the brain with or without subjective

cognitive complaints, otherwise referred to as Stages 1 and 2 in the FDA draft guidance on the treatment of early Alzheimer’s disease.

*4: Stages are as referred in the FDA draft guidance on the treatment of early Alzheimer’s disease

Eisai-Keio Innovation Lab for Dementia*1

Aim to discover medicine creation target associated with

homeostasis and regeneration of brain

All projects are investigational *1: EKID was selected by the Japan Agency for Medical Research and Development (AMED) for its Cyclic Innovation for Clinical Empowerment (CiCLE) grant program *2: To initiate research based on information from human *3: A nation-wide follow-up research in centenarians who are over 100 years old, conducted by Keio University School of Medicine, Center for Supercentenarian Medical Research since 2002 *4: EKID’s own follow-up research in patients with dementia initiated last year, and this research enables obtaining detailed data

Initiated research on brain drainage system to release brain waste and foreign body

Promote reverse translation*2

Build own biobank based on high-quality clinical samples linked to precise data,

provided by Keio University

Genome, imaging

diagnosis, cognitive

function,

multi-omics and brain

organoid research

Integrated analysis by AI

Aim to generate medicine

creation target and biomarkers

• Dysfunction of brain

drainage system is

considered to have occur in

brains affected by AD,

although the mechanism

is yet to be clarified

• Aim to identify genes that

control brain drainage

system, and verify the

validity of the medicine

creation target

Equipped research functions of clinical omics, data science and biological validation, at Keio University in Shinano-machi, Tokyo, the area for centers for

clinical medicine and basic medicine Approx. 20 researchers from corporations and academia are conducting

integrated research

Samples of centenarian cohort*3

that Center for Supercentenarian

Medical Research possesses

Samples of prospective cohort of patients with dementia*4

at Memory Center at Keio University Hospital

Analyze dynamics of protective mechanism of brain

Identify biomarker signature

20

Neuron F

low

of

bra

in in

ters

titial flu

id

A-beta

Tau

Flow of brain interstitial fluid

Astrocyte

Flow of brain interstitial fluid

Blood vessel

Blood vessel

• This system is known to

be particularly activated

during sleep, and potential

relation with sleep

disorder associated with

AD is suggested

Seeking Innovative Diagnostic Method for AD

Through Amyloid Blood Test

Co-development with Sysmex

Correlation of A-beta 42/40 ratio in plasma and CSF in human sample was observed by HISCL

®

measurement

Blood test using HISCL® is expected to be a

“low-invasive and reasonable high-throughput diagnosis method”

HISCL®

is registered trademark of Sysmex Corporation. HISCL is an acronym combining the first letters of "high sensitivity" and

"CLEIA," which refers to chemiluminescence enzyme immunoassay. *1: Alzheimer’s Dementia, August 2017, 13(8), 841-849

• Verification is ongoing to seek possibility as pre-screening for amyloid PET

by using blood sample of patients whose amyloid PET images are available

• Judgment of amyloid PET positive/negative is expected to be substituted by

measurement of A-beta 42/40 ratio in plasma by HISCL® hereafter ➡ Aim for practical use by the time of potential launch schedule for

disease modifying treatment of dementia

A-b

eta

42/4

0 in p

lasm

a

A-beta 42/40 in CSF

Automated and high-sensitive measurement by HISCL®

enabled the measurement of A-beta in plasma, which

had been thought to be difficult due to low sensitivity of

the measurement, etc.

It is reported*1 that amyloid PET positive/negative

correlates to A-beta 42/40 ratio in cerebrospinal fluid

(CSF)

As shown on the chart, it was observed by HISCL®

that A-beta 42/40 ratio in plasma also correlates to

A-beta 42/40 ratio in CSF

21

Data from co-development with

Sysmex

HISCL®

Progressive MCI

Stable MCI

Aim to improve accuracy of prediction in the future, leveraging data and other

sources that have been accumulated in in-house data lake

Validate

established

algorithm with

MRI images of

patients with mild

cognitive

impairment (MCI)

22

Establish an algorithm

with learning from

teaching data*

(deep learning)

Cognitive function decline

No cognitive function decline

Development of AI to Predict Disease Progression

in Mild Cognitive Impairment (MCI) Through MRI Images

Evaluate potential disease progression of two years after through MRI Images

MRI images 2 years prior to

developing cognitive decline

MRI images 2 years ago

for patients whose cognitive function

did not decline

* Utilize data of ADNI data (Alzheimer’s Disease Neuroimaging Initiative) and J-ADNI data (Japanese-ADNI)

Diagnose with more

than 90% accuracy

Oncology

23

Conversion in Treatment of

Unresectable Hepatocellular Carcinoma (uHCC)

Conversion in treatment of uHCC with LENVIMA

LENVIMA’s rate of response has been recognized in real world

Seeking potential of conversion to curative treatment by anti-tumor activity of LENVIMA

Resectable Unresectable

Potential tumor diameter

reduction and localization

of tumors

by LENVIMA

Tumor Potential conversion to curative treatment

There were cases reported that tumor shrinkage of over 40% demonstrated in real world settings*1, which exceeded the

response observed in REFLECT Study*2

LENVIMA-related real world data on efficacy/safety was reported in 46 out of all 67 reports made at the Japan Association of

Molecular Targeted Therapy for Hepatocellular Carcinoma (HCC) conference held on January 26, 2019*3

Contributed to approx. 7,500 patients in Japan since uHCC indication was approved on March 23, 2018*4

Response rate (tumor reduction effect) potentially

raises the possibility of improvement in disease

stage from advanced liver cancer. As a result,

treatment options aiming for conversion to curative

treatment, would be expanded such as resection,

radiofrequency ablation, or TACE*6 can be options*7

The statements above are based on the real world data reported from physicians in Japan *1: Source: The 18th Japan Association of Molecular Targeted Therapy for HCC, abstract PL-04, SY2-3, SY2-4, P-12 *2: The REFLECT study is a multicenter, open-label, randomized, global Phase III study comparing the efficacy and safety of lenvatinib versus sorafenib, a standard treatment for advanced HCC, as a first-line treatment for patients with unresectable HCC with total of 954 patients. In this study, the five most common adverse events observed in the lenvatinib arm were hypertension, diarrhea, decreased appetite, weight loss and fatigue, which is consistent with the known side-effect profile of lenvatinib. ORR by modified RECIST was 41% for lenvatinib in the REFLECT Study *3: The 19th Japan Association of Molecular Targeted Therapy for HCC. *4: Internal estimates *5: The 19th Japan Association of Molecular Targeted Therapy for HCC Co-sponsored symposium “Treatment of HCC since lenvatinib was introduced.” *6: Transcatheter Arterial ChemoEmbolization *7: Dr. Masatoshi Kudo, Eisai Media/Investor Conference “Hepatocellular Carcinoma – Latest Trends in Diagnostics and Treatment” on September 18, 2018

24

Aim to realize potential conversion to curative treatment by LENVIMA*5

Aim to Strengthen

Immuno-Oncology (IO) Treatment with LENVIMA,

A Novel Immune Modulator

Aim to develop novel regimens of combination therapy with IO and LENVIMA

by leveraging LENVIMA as a novel immune modulator that activates CTL through down-regulation of TAM

Immune modulation with

LENVIMA administration

Day

Rela

tive

tu

mo

r vo

lum

e Control

LENVIMA

Anti-PD-1 antibody

Combination

Cancer cell

PD-L1

Anti-PD-1 antibody PD-1

Activate cytotoxic T cells (CTL)

by reducing TAM

CTL

Suppress

All projects are investigational. Projects for LENVIMA are under joint development with Merck & Co., Inc., Kenilworth, N.J., U.S.A. KEYTRUDA® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, N.J., U.S.A. * Kimura T. et al. Cancer Science 2018: 3993-4002

Hepa1-6 mouse hepatocellular carcinoma subcutaneous implant model*

LENVIMA Anti-PD-1 antibody Combination

CTL (Effector

CD8 T cells) 2.5 2.2 4.5

Macrophages -6.5 -0.5 -10.3

Change in proportion of immune cell clusters among 3 treatment groups (%)

Increase

It was revealed that LENVIMA decreased the proportion of

macrophages in tumor tissues. The results of the study indicate

that LENVIMA has immunomodulatory activity, which differs from

anti-PD-1 antibody

Increase Further

increase

Decrease No change Further decrease

Synergistic effect in combination with anti-PD-1 antibody

25

: P＜0.001 vs control

: P＜0.05 vs LENVIMA

: P＜0.001 vs anti-PD-1 antibody

Macrophages exist in the tumor

tissues are mainly immuno-

suppressive tumor associated

macrophage (TAM)

Effect on immune cells in tumor tissues of monotherapy and combination therapy

Interim analysis of Phase Ib/II Study (Study 111)*1 targeting 6 cancer types*2

Complete response

in 8 patients

Tu

mo

r d

iam

ete

r ch

an

ge

rate

(%

)

Microsatellite stable

PD-L1 negative

Combination therapies with KEYTRUDA®

Suggested greater efficacy than monotherapy in 6 cancer types

All projects are investigational. Projects for LENVIMA are under joint development with Merck & Co., Inc., Kenilworth, N.J., U.S.A. KEYTRUDA® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of

Merck & Co., Inc., Kenilworth, N.J., U.S.A. *1: Renal cell carcinoma (RCC), endometrial carcinoma, head and neck squamous cell carcinoma, urothelial carcinoma, non-small cell lung cancer (NSCLC) and melanoma *2: Presented at the 54th Annual Meeting of the American Society Of Clinical Oncology (ASCO), data cutoff were December 15, 2017 for endometrial carcinoma, and December 1, 2017 for RCC and head and neck squamous cell carcinoma. The most common TRAEs (any grade) for endometrial carcinoma were hypertension, fatigue, diarrhea, hypothyroidism, decreased appetite, nausea and stomatitis, and for head and neck squamous cell carcinoma, were fatigue, hypertension, diarrhea, decreased appetite, oropharyngeal pain and stomatitis. The most common AEs (any grade) for RCC were diarrhea, fatigue, hypothyroidism, stomatitis and nausea. Presented at The Society for Immunotherapy of Cancer's (SITC) 33rd Annual Meeting, data cutoff was March 1, 2018 for NSCLC, melanoma and urothelial carcinoma. The most common TRAEs (any grade) for NSCLC were decreased appetite, fatigue, hypothyroidism, diarrhea, proteinuria, arthralgia and hypertension, for melanoma were fatigue, decreased appetite, diarrhea, hypertension, dysphonia, nausea, arthralgia and proteinuria, and for urothelial cancer were proteinuria, diarrhea, hypertension, fatigue and hypothyroidism. *3: Immuno-Oncology *4: Microsatellite instability

Aim to realize innovative value for patients by expanding the potential of IO*3

(Tumor response was observed regardless of PD-L1 and MSI*4 status)

■ Renal cell carcinoma

■ Melanoma

■ Head and neck squamous

cell carcinoma

■ Endometrial carcinoma

■ Non-small cell lung cancer

■ Urothelial carcinoma

26

PD-L1 Anti-PD-1 antibody

PD-1

Cytotoxic T cells

27

Novel Neoantigen Therapy

Strengthen Immuno-Oncology (IO) therapy

with splicing modulator

Neoantigen

New cancer antigen derived

from splicing modulation

DNA

Transcription

mRNA

Splicing

Various mRNA to

differentiate

patterns of splicing

Translation

Generate

neoantigens

Aim to enhance immune sensitivity by generating neoantigens

Splicing

modulator

Cancer cell

resistant to IO

Cytotoxic T cells

Generation of neoantigens

by splicing modulation

Atta

ck

Transformation of cancer cells

All projects are investigational

Cancer cell

sensitive to IO

Co-development for novel Neoantigen therapy is underway

between Bristol-Myers Squibb and H3 Biomedicine, Eisai’s U.S.-based R&D subsidiary

Neoantigen

(new cancer antigen)

Financials

28

[値]億円以上 5,391

6,001 6,365

[値]億円以上

591

772 900

FY16

実績

FY17

実績

FY18

見通し

FY19

予想

FY20

目標

ROE

ROE

売上収益

売上収益

営業利益

営業利益

[値]以上 6.8%

8.8%

10.0% (Billions of yen, %)

中期経営計画目標

中期経営計画目標

中期経営計画目標

29

ROE target for medium-term business plan

Revenue target for medium-term business plan

Operating profit target for medium-term business plan

Revenue

Operating profit

results results forecast estimates Target*

102B yen or more

800B yen or more

Over 10%

Aim to Achieve KPI Targets of FY2020

Ahead of Schedule

(FY18 ROE 10% & FY19 Operating profit 102B yen)

59.1

77.2 90.0

636.5 600.1

539.1

58.5%

-0.28

168.0B yen

41%

7.1% (forecast)

150 yen (forecast)

60% level

-0.3 level

Approx. 170B yen

Less than 50%

7% level

150 yen

FY18 results (End of Dec.) FY20 estimates

Equity to total assets*1

Net DER*2

Net Cash*3

Risk ratio*4

DOE

Dividend

56.7%

-0.11

63.6B yen

47%

7.4%

150 yen

FY16 results

Sustain financial integrity to secure strategic investment and stable dividends

*The targets were originally formulated in FY2016. Illustration of estimation for FY2019 and target for FY2020 is unofficial figure. Official guidance is disclosed in Annual Financial Report. ** Dividend per share subject to resolution of Board of Directors *1: Ratio of equity attributable to owners of the parent is shown as equity to total assets *2: Net DER: (Net DER)=(“Interest-bearing debt” (“Bonds and borrowings”) - “Cash and cash equivalents” - “Time deposits exceeding three months, etc.“ - “Investment securities held by the parent company”) / ”Equity attributable to owners of the parent“ *3: Net cash=Cash and securities (cash and cash equivalents + time deposits exceeding 3 months)-interest-bearing debt (corporate bonds and loans) *4 Risk ratio: Ratio of goodwill/intangible assets, such as selling right over equity attributable to owners of the parent

Expect expansion of shareholder value accordingly to realize

the concept ‘to promote well-being’ and ‘to be curable’

ROE 20% level

Equity Spread*1

12% level

Equity to total assets*2

70% level

Net DER*3

-0.3 level

Net Cash*4

400B yen level

Risk ratio*5

Less than 50%

DOE

10% level

*The targets were originally formulated in FY2016. Figures shown are unofficial illustration of growth based on internal estimates and as one of the growth simulations. Official guidance is

disclosed in Annual Financial Report.

*1: Equity Spread = ROE-Cost of equity (Eisai conservatively assumed cost of equity of 8%) *2: Ratio of equity attributable to owners of the parent is shown as equity to total assets

*3: Net DER: (Net DER)=("Interest-bearing debt" ("Bonds and borrowings") - "Cash and cash equivalents" - "Time deposits exceeding three months, etc.“ - “Investment

securities held by the parent company") / "Equity attributable to owners of the parent“ *4: Net cash=Cash and securities (cash and cash equivalents + time deposits exceeding 3 months)-

interest-bearing debt(corporate bonds and loans *5: Risk ratio: Ratio of goodwill/intangible assets, such as selling right over equity attributable to owners of the parent

EWAY Epoch-Making Value Creation

Simulation of financial KPI’s

exceeding original target of ROE 15% in FY25*

30

Successful development of investigational disease modifying treatments for

AD and maximization of LENVIMA

636.5

800

90 102

FY18

見通し

FY20

目標

FY25

（ｼﾐｭﾚｰｼｮﾝ）

売上収益

営業利益

(Billions of yen)

Revenue

Operating profit

Forecast Target* (Growth target)