Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

August 5, 2022
Company name:Name of representative:

Inquiries:

OSAKA SODA Co., Ltd.
Kenshi Terada, Representative
Director and President and Chief
Executive Officer(Securities code: 4046; Tokyo
Stock Exchange)
Toru Imamura, General Manager,
Administration Division(Telephone: +81-6-6110-1560)

Notice Concerning Revisions to Financial Results Forecasts andDividend Forecasts for the Fiscal Year Ending March 31, 2023
OSAKA SODA Co., Ltd. (the “Company”) hereby announces that in light of the most recent operating trends, adecision was passed at the meeting of the Board of Directors held on August 5, 2022, to revise the financial results
forecasts and dividend forecasts for the fiscal year ending March 31, 2023 (April 1, 2022 through March 31,2023), disclosed with the announcement of the financial results forecasts and dividend forecasts on May 12, 2022,
as described below.

1. Revisions to consolidated financial results forecasts(1) Revisions to earnings forecasts for the first half of the fiscal year (April 1, 2022 through September 30,2022)
Consolidated net
sales

Consolidated
operating profit

Consolidated
ordinary profit

Profit attributableto owners ofparent

Previously announced
forecasts (A)Million yen
47,000Million yen
6,500

Million yen
6,900

Million yen
4,800

Yen
205.72

Revised forecasts (B)51,0009,200

10,1007,000

300.39Change (B-A)

4,000

2,700

3,200

2,200

―

Change (%)(Reference)
Actual consolidated results
for the first half of theprevious fiscal year

8.5%
42,157

41.5%
5,694

46.4%6,158

45.8%
4,421

Consolidated
earnings per share―
189.55(2) Revisions to earnings forecasts for the full-year (April 1, 2022 through March 31, 2023)
Consolidated net
sales

Consolidated
operating profit

Consolidated
ordinary profit

Profit attributableto owners ofparent

Previously announced
forecasts (A)Million yen
94,000Million yen
13,000Million yen
13,700Million yen
9,500

Yen
407.16

Revised forecasts (B)98,00015,70016,90011,700501.97

Change (B-A)

4,000

2,700

3,200

2,200―

Change (%)(Reference)
Actual consolidated results
for the previous fiscal year

4.3%
88,08420.8%
12,401

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23.4%
13,435

23.2%
9,442

Consolidated
earnings per share―404.73

(3) Reason for the revision
With regards to business performance in the six months ending September 30, 2022, we expect sales of
Epichlorohydrin, Allyl Ethers, and other products for electronic materials, healthcare-related products such as
pharmaceutical purification materials, active pharmaceutical ingredients (APIs) and their intermediates, andother products to exceed the forecast. In light of these circumstances, the Company has made upwardrevisions to the earnings forecast for the six months ending September 30, 2022, as described above.
On the other hand, the outlook is unclear owing to factors such as further increases in prices of raw materials
and fuel and the decline in the number of automobiles produced. As such, the earnings forecast for the second
half of the fiscal year has been maintained in line with initial forecasts and has not been revised. Accordingly,
at present, the full-year earnings forecast has been revised upward taking into consideration only the revision
to earnings forecasts for the first half of the fiscal year. Furthermore, the revised forecasts for each level ofprofit for the first six months of the fiscal year and the full year will be the Company’s highest ever profit.

2. Revision to the dividend forecasts(1) Details of revision
Annual dividends
Second quarter-end

Fiscal-year end

Total

Previous forecasts

Yen
41.00

Yen41.00

Yen
82.00

Revised forecasts

45.00

45.00

90.00

Actual results for the current
fiscal year---

Actual results for theprevious fiscal year

35.00

45.00

80.00

(2) Reason for the revision
Based on the above revisions to the earnings forecast, and comprehensively taking into consideration thecontinuity of stable dividends, internal reserves for future business development, and other factors, the dividend
for the end of the first six months of the fiscal year has been revised to ¥45, a ¥4 increase from the previous
forecast of ¥41 per share. In addition, the year-end dividend forecast will also be increased by ¥4 from theprevious forecast of ¥41 per share, to ¥45. As a result, the forecast for the annual dividend per share will be ¥90,an increase of ¥8 from the previous forecast and an increase of ¥10 from the results of the previous fiscal year.

* The above-mentioned forecasts are based on information currently available to the Company. Actual results
may differ from the forecasts due to various factors in the future.

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