Kewpie : Notice of Distribution of Retained Earnings

(Translation)

January 21, 2022

Dear Sirs:

Name of the Company:	Kewpie Corporation
Representative:	Osamu Chonan,
	Representative Director, President and
	Chief Executive Corporate Officer

(Code No. 2809; the first section of the Tokyo Stock Exchange)

Person to contact:	Takeshi Kitagawa,
	Senior General Manager of
	Management Promotion Division
	(TEL: [phone])

Notice of Distribution of Retained Earnings

Notice is hereby given that Kewpie Corporation (the "Company"), at the meeting of its Board of Directors held today, resolved to distribute retained earnings with the record date being November 30, 2021, as described below:

Description

1. Details of dividends (year-end dividends):

			Most Recent Forecast	Actual Result for
	Payment Amount		Previous Fiscal Year
		(Released on
		(Year Ended
			January 11, 2022)
			November 30, 2020)
Record Date	November 30, 2021		November 30, 2021	November 30, 2020
Dividend per Share	¥27.00		¥27.00	¥20.00
Total Amount of	¥3,753 million		-	¥2,860 million
Dividends
Effective Date	February 7, 2022		-	February 5, 2021
Source of Dividends	Retained Earnings		-	Retained Earnings
		- 1 -

2. Reasons:

The Company maintains a basic policy of providing returns to its shareholders with top priority on dividend payments, and provides returns to shareholders based on the policy set forth in each Medium-term Business Plan.

In determining dividends under the Medium-term Business Plan through 2024, with its assumption that the annual dividend per share would be ¥45 or more, the Company aims to set target for consolidated dividend payout ratio of 35% or more and accumulated total return ratio over four fiscal years of 50% or more.

Accordingly, the management has determined to pay a year-end dividend of ¥27.00 per share. Thus, the annual dividend for the fiscal year under review will be ¥47.00 per share and the consolidated dividend payout ratio will be 36.7%, respectively.

The Articles of Incorporation of the Company stipulate that the Company can pay dividends from retained earnings twice a year, comprising of interim and year-end dividends based on the resolution by the Board of Directors in accordance with the provisions of Article 459, paragraph 1 and Article 454, paragraph 5 of the Companies Act.

(for reference) Contents of Annual Dividends:

		Dividend per Share (Yen)
Record Date	End of 2nd Quarter		Year-end		Annual
Actual Result for the
Year Ended	¥20.00		¥27.00		¥47.00
November 30, 2021
Actual Result for the
Year Ended	¥20.00		¥20.00		¥40.00
November 30, 2020
	- END -
		- 2 -