(Translation)

January 11, 2018

Dear Sirs:

Name of the Company: Representative:

Kewpie Corporation

Osamu Chonan, Representative Director, President and Chief Executive Corporate Officer

(Code No. 2809; the first section of the Tokyo Stock Exchange)Person to contact:

Masato Shinohara, Corporate Officer and General Manager of Operation Promote Department

Notice of Adjustment to the Forecast of Dividends for the Fiscal Year Ended November 30, 2017 (the 105th Fiscal Year)

Notice is hereby given that Kewpie Corporation (the "Company"), by resolution at the meeting of its Board of Directors held on January 11, 2018, determined to amend the forecast of dividends per share for the fiscal year ended November 30, 2017, as described below:

Description

1.

Reason for the amendment to the forecast of dividends:The Company maintains a basic policy of providing returns to its shareholders with top priority on dividend payments, and accordingly aims to steadily increase dividends on a long-term basis while providing stable dividends. The Company determines dividends on the basis of a consolidated dividend payout ratio, while also giving consideration to factors such as future funding requirements and has a policy in principle to maintain a consolidated dividend payout ratio of 30% or more. In the meantime, the Company targets a consolidated dividends on equity (DOE) ratio of 2.2%.

For the fiscal year ended November 30, 2017, operating income increased more favorably than expected and profit attributable to owners of parent exceeded the forecast, due principally to a growth in value added products and cost improvement measures.

The management hereby truly expresses its gratitude to all shareholders for continued support and to reward them, intends to pay a dividend (year-end dividend) of ¥18.50 per share,

an increase of ¥0.50 from the previous forecast, to the shareholders as of November 30, 2017. Thus, the annual dividend for the fiscal year under review will be ¥36.50 per share, including an interim dividend of ¥18.00 paid in August 2017, an increase of ¥2.00 from the previous fiscal year.

2.

Particulars of the amendment:

(Yen)

Annual dividend per share

End of 2nd quarter

Year-end

Total

Previous forecast

18.00

36.00

Adjusted forecast

18.50

36.50

Results for the current fiscal year

18.00

Previous results

(for the fiscal year ended November 30, 2016)

15.00

19.50

34.50

- END -

- 2-

Kewpie Corporation published this content on 11 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 January 2018 06:49:00 UTC.

Original documenthttps://www.kewpie.co.jp/english/ir/pdf/news/2018/Notice_of_Adjustment_to_the_Forecast_of_Dividends_for_the_Fiscal_Year_Ended_November_30_2017.pdf

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