# EDGAR Filing Document

**Accession Number:** 0002072496
**File Stem:** 0000947871-25-000842
**Filing Date:** 2025-9
**Character Count:** 318643
**Document Hash:** f757e7c9c776e7e16f16253a7fb74658
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000947871-25-000842.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0000947871-25-000842

**CONFORMED SUBMISSION TYPE**: CB

**PUBLIC DOCUMENT COUNT**: 51

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AOHATA Corp
- **CENTRAL INDEX KEY:** 0002072496

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** CB
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95103
- **FILM NUMBER:** 251291919

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1-1-25 TADANOUMINAKAMACHI
- **CITY:** TAKEHARA-SHI
- **NON US STATE TERRITORY:** HIROSHIMA
- **PROVINCE COUNTRY:** M0
- **ZIP:** 729-2392
- **BUSINESS PHONE:** 81-846-26-0111

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1-1-25 TADANOUMINAKAMACHI
- **CITY:** TAKEHARA-SHI
- **NON US STATE TERRITORY:** HIROSHIMA
- **PROVINCE COUNTRY:** M0
- **ZIP:** 729-2392
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kewpie Corp
- **CENTRAL INDEX KEY:** 0002072489

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** CB

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1-4-13 SHIBUYA
- **CITY:** SHIBUYA-KU
- **NON US STATE TERRITORY:** TOKYO
- **PROVINCE COUNTRY:** M0
- **ZIP:** 150-0002
- **BUSINESS PHONE:** 81-3-3486-3331

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1-4-13 SHIBUYA
- **CITY:** SHIBUYA-KU
- **NON US STATE TERRITORY:** TOKYO
- **PROVINCE COUNTRY:** M0
- **ZIP:** 150-0002

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549** 

------

FORM CB<br> TENDER OFFER/RIGHTS OFFERING NOTIFICATION FORM

Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to file this Form:

---

| | |
|:---|:---|
| Securities Act Rule 801 (Rights Offering) | □ |
| Securities Act Rule 802 (Exchange Offer) | ⌧ |
| Exchange Act Rule 13e-4(h)(8) (Issuer Tender Offer) | □ |
| Exchange Act Rule 14d-1(c) (Third Party Tender Offer) | □ |
| Exchange Act Rule 14e-2(d) (Subject Company Response) | □ |
| Filed or submitted in paper if permitted by Regulation S-T Rule 101(b)(8) | □ |

---

---

| |
|:---|
| <br> **AOHATA Corporation**<br>|
| (Name of Subject Company)<br>|
| **AOHATA Corporation** |
| (Translation of Subject Company's Name into English (if applicable)) |
| **Japan** |
| (Jurisdiction of Subject Company's Incorporation or Organization) |
| **Kewpie Corporation** |
| (Name of Person(s) Furnishing Form) |
| **Common Stock** |
| (Title of Class of Subject Securities) |
| **N/A** |
| (CUSIP Number of Class of Securities (if applicable)) |
| <br> **AOHATA Corporation**<br> **1-1-25 Tadanouminakamachi** <br> **Takehara-shi, Hiroshima 729-2392**<br> **Japan**<br> **+81-846-26-0111**<br> **Attn: Mr. Katsuyoshi Suzuki**<br>|
| (Name, Address (including zip code) and Telephone Number (including area code)<br> of Person(s) Authorized to Receive Notices and Communications on Behalf of Subject Company) |
| **N/A** |
| (Date Tender Offer/Rights Offering Commenced) |

---

**PART I – INFORMATION SENT TO SECURITY HOLDERS**

**Item 1. Home Jurisdiction Documents** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit**<br> **<u>Number</u>** |  |
| &nbsp;&nbsp;[99.1](ss5278711_ex9901.htm) | &nbsp;&nbsp;[NOTICE OF THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS (English translation)](ss5278711_ex9901.htm) |
| &nbsp;&nbsp;[99.2](ss5278711_ex9902.htm) | &nbsp;&nbsp;[Matters to Be Disclosed on the Internet Pursuant to Laws and Regulations and Articles of Incorporation (English translation)](ss5278711_ex9902.htm) |

---

**Item 2. Informational Legends**

The required legend is prominently included in the document(s) referred to in Item 1.

**PART II – INFORMATION NOT REQUIRED TO BE SENT TO SECURITY HOLDERS**

N/A

**PART III – CONSENT TO SERVICE OF PROCESS**

Kewpie Corporation submitted to the Securities and Exchange Commission a written irrevocable consent and power of attorney on Form F-X dated July 7, 2025.

**SIGNATURES**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| |
|:---|
| Kewpie Corporation |
| **/s/ Shinichiro Yamamoto** |
| Name: Shinichiro Yamamoto |
| Title: Director, Executive Corporate Officer |

---

Date: September 4, 2025

## Exhibit 99.1

**NOTICE OF THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS**

**AOHATA Corporation**

The business combination described in this document involve securities of a Japanese company. The business combination is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of their officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment.

You should be aware that the issuer may purchase securities otherwise than under the business combination, such as in the open market or through privately negotiated purchases.

This document has been translated from a part of 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. All dates and times are stated in Japan Standard Time (JST) in this document.

Securities Code of Japan: 2830

September 10, 2025

To Our Shareholders:

Toshiya Ueda, Representative Director & President<br> AOHATA Corporation 1-1-25 Tadanouminakamachi, Takehara-shi, Hiroshima

<u>NOTICE OF THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS</u>

We would like to take this opportunity to thank you for your continued support.

Please take notice that the Extraordinary General Meeting of Shareholders of AOHATA Corporation (the "Company") will be held as described below.

To convene this general meeting of shareholders, the Company has adopted the measures for electronic provision of information which constitutes a part of the reference documents, etc. for general meeting of shareholders (items subject to electronic provision measures) and posted them on the Company's website. Please access the following website for your review.

[Official Website of the Company]

https://www.aohata.co.jp/company/ir/meeting.html

In addition to the Company's website, the Company has also posted the items subject to electronic provision measures on the Shareholder Meeting Materials website and the Tokyo Stock Exchange (TSE) website, which are accessible by the below URLs for your review.

---

| | |
|:---|:---|
| Note: | This document has been translated from a part of 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. All dates and times are stated in Japan Standard Time (JST) in this document. |

---

[Shareholder Meeting Materials website]

https://d.sokai.jp/2830/25280196/

[Tokyo Stock Exchange website (TSE-Listed Company Information Service)]

https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show

(To browse the information on the TSE website above, please access such website, make a search by entering "Aohata" in the "Issue name (Company name)" box or the Company's securities code "2830" in the "Code" box, and click on "Basic Information" and then "Documents for public inspection/PR Information," and you will find the information in the [Notice of General Shareholders Meeting/Informational Materials for a General Shareholders Meeting] section placed under the "Filed information available for public inspection.")

If not attending the meeting in person on that day, you can exercise your voting rights either via the Internet or in writing (by mail). In such cases, please vote in accordance with the guidance on page 4 by 6:00 p.m. on Wednesday, September 24, 2025, upon your review of "Reference Documents for the General Meeting of Shareholders."

<u>Description</u>

1. Date and hour of meeting:

Thursday, September 25, 2025, at 10:00 a.m.

(Reception will open at 9:00 a.m.)

2. Venue of meeting:

2nd Floor Hall, Multipurpose Center, Jam Factory of the Company

1-2-43 Tadanouminakamachi, Takehara-shi, Hiroshima

(Please refer to the "Venue of the Extraordinary General Meeting of Shareholders" at the end of this document.)

3. Agenda:

Matters to be resolved:

Proposal: Approval of the Share Exchange Agreement between the Company and Kewpie Corporation

E N D

&nbsp;&nbsp;&nbsp;&nbsp;• When attending the meeting in person, please submit the enclosed voting form at the reception of the venue on that day.

• In case where the items subject to electronic provision measures are amended, the Company will make a post on each of the aforementioned websites on the Internet to that effect along with initial and amended items.

• The items subject to electronic provision measures are principally to be reviewed by shareholders through each of the aforementioned websites on the Internet, and the hard copies thereof are to be delivered only to the shareholders who make a request for such delivery by the record date. However, regarding this general meeting of shareholders, the hard copies of items subject to electronic provision measures will be delivered to all the shareholders with voting rights regardless of whether or not making such request.

• Please note that the following items subject to electronic provision measures are omitted from the hard copies for delivery, pursuant to the laws and regulations and the Company's Articles of Incorporation;

the items in relation to Kewpie Corporation listed below among the reference documents for the general meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Articles of Incorporation; and

(ii) Contents of financial statements, etc. for the last fiscal year (ended November 30, 2024)

Notes regarding the venue on the day of the meeting

&nbsp;&nbsp;&nbsp;&nbsp;• The venue has a priority space for wheelchair users and please ask for use
at the reception on the day of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;• Those other than the shareholders are not allowed to enter the venue. However,
shareholders may bring a caregiver or an interpreter (including a sign language interpreter) (principally one person) and please ask at
the reception if you wish to accompany such a person.

---

| | |
|:---|:---|
| ![](image_001.jpg) | Guidance for exercising voting rights<br> Voting rights are one of the major shareholders' rights at the general meeting of shareholders.<br> Please exercise your voting rights upon your review of the reference documents for the general meeting of shareholders.<br> There are three options for voting. |

---

---

| | | |
|:---|:---|:---|
| ![](image_002.jpg) | ![](image_003.jpg) | ![](image_004.jpg) |
| Voting by attending<br> the meeting in person | Voting via the Internet | Voting in writing<br> (by mail) |
| &nbsp;&nbsp;Please submit the enclosed voting form at the reception of the venue. | &nbsp;&nbsp;Please follow the guidance on the next pages and enter approval or disapproval regarding the proposal. | &nbsp;&nbsp;Please mark approval or disapproval for the proposal on the enclosed voting form and return it to the Company by mail. |
| Date and hour of the meeting: | Deadline: | Deadline: |
| 10:00 a.m.<br> Thursday, September 25, 2025<br> (Reception will be open from 9:00 a.m.) | Must be completed<br> by 6:00 p.m.<br> Wednesday, September 24, 2025 | Must reach to the Company<br> by 6:00 p.m.<br> Wednesday, September 24, 2025 |

---

<br> Guidance on how to fill out the voting form

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;![?????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????](image_058.jpg) | &nbsp;&nbsp;Please indicate whether you approve or disapprove the proposal here. | &nbsp;&nbsp;Please indicate whether you approve or disapprove the proposal here. |
| &nbsp;&nbsp;![?????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????](image_058.jpg) |  |  |
| &nbsp;&nbsp;![?????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????](image_058.jpg) | &nbsp;&nbsp;![](image_053.jpg) | &nbsp;&nbsp;![](image_053.jpg) |
| &nbsp;&nbsp;![?????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????](image_058.jpg) |  |  |
| &nbsp;&nbsp;![?????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????](image_058.jpg) | &nbsp;&nbsp;• | &nbsp;&nbsp; When you approve:<br> ![](image_054.jpg) |
| &nbsp;&nbsp;![?????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????](image_058.jpg) | &nbsp;&nbsp;• | &nbsp;&nbsp; When you disapprove:<br> ![](image_055.jpg) |
| &nbsp;&nbsp;![?????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????](image_058.jpg) |  |  |

---

\*The image is a sample to illustrate the voting form.<br>

In case where you return the voting form by mail and indicate neither approval nor disapproval thereon, the Company will treat it as if you have indicated approval.

If a voting right is exercised both via the Internet and in writing (by mail), the Company will treat only the voting via the Internet as valid one. If a voting right is exercised multiple times via the Internet, the Company will treat only the last voting as valid one.

Guidance on how to vote via the Internet

![](image_059.jpg)

"Smart Voting" by scanning QR Code Log in with voting code and password You can log in to the Voting Rights Exercise website without entering voting code or password. Voting Rights Exercise website: https://www.web54.net 1. Please scan the QR Code printed on the bottom right of the voting form. \* "QR Code" is a registered trademark of DENSO WAVE INCORPORATED. 2. Please follow the instructions displayed on the screen to enter your approval or disapproval. You can vote only once through "Smart Voting" method. When you have done Smart Voting and then like to change your vote, please go to the website for PC, enter your "" (voting code) and "" (password) printed on the voting form to log in, and then retry voting. \* You will be redirected to the website for PC by rescanning the QR Code. a. Please access the Voting Rights Exercise website. b. Please enter your voting code printed on the voting form. c. Please enter the password printed on the voting form. d. Please follow the instructions displayed on the screen to enter your approval or disapproval. \* The image is a sample to illustrate the screen for entry. Please call the contact on the right for any inquiries about voting via the Internet, including how to operate PCs or smartphones for voting. Sumitomo Mitsui Trust Bank, Limited Stock Transfer Agency Web Support Hotline Phone number: 0120-652-031 (Toll-free) (available from 9:00 a.m.to 9:00 p.m.)

Reference Documents for the General Meeting of Shareholders

&nbsp;&nbsp; Proposal: <br> Approval of the Share Exchange Agreement between the Company and Kewpie Corporation<br>

The board of directors of the Company ("AOHATA") and Kewpie Corporation ("Kewpie"; Kewpie and AOHATA are hereinafter collectively referred to as the "Companies") held on July 3, 2025 respectively resolved to implement a share exchange (the "Share Exchange") by which Kewpie will become the wholly owning parent company resulting from a share exchange and AOHATA will become the wholly owned subsidiary resulting from a share exchange, and the Companies executed a share exchange agreement (the "Share Exchange Agreement") on the same day.

On that ground, your approval regarding the Share Exchange Agreement would be respectfully requested.

The Share Exchange is planned to be implemented with effective date set for November 1, 2025, by Kewpie side through the simplified share exchange procedure without obtaining approval by a resolution of a general meeting of shareholders for the Share Exchange Agreement as prescribed in Article 796, Paragraph 2 of the Companies Act (Act No. 86 of 2005, as amended; the same applies hereinafter), and by AOHATA side upon obtaining approval by a resolution at this extraordinary general meeting of shareholders.

In addition, prior to the effective date of the Share Exchange (scheduled to be November 1, 2025), shares of common stock of AOHATA ("AOHATA Shares") will be delisted from the Standard Market of the Tokyo Stock Exchange Inc. ("TSE") on October 30, 2025 (with a final trading date of October 29, 2025).

The reasons to implement the Share Exchange, the contents of the Share Exchange Agreement and other matters related to this proposal are as follows:

**1. Reasons for Implementing the Share Exchange**

Kewpie Group (meaning the company group composed of Kewpie and Kewpie's subsidiaries and affiliates; the same applies hereinafter), since its founding in 1919, has been operating its business as a corporate group that deals with the field of "food," which is indispensable for people to live, with the mission of continuing to contribute to delicious and healthy food life with safety and security as its fundamental principles. It aims to contribute to the food culture and health of people worldwide through "great taste, empathy, and uniqueness" as its basic management policy. Currently, Kewpie Group operates in six segments centered on "retail market," which focuses on mayonnaise and dressings for household use, and including "food service," "overseas," "fruit solutions," "fine chemicals," and "common." Kewpie Group has also formulated (announced in November 2024) a medium-term management plan covering four years from the fiscal year 2025, pursuant to which Kewpie Group is (i) focusing on "structural reform of domestic business," "acceleration of global expansion," "contributing to food culture and health," "consideration for the environment," and "enhancing the value of human capital," in line with the basic policy to contribute to customers around the world by creating social and economic value, and (ii) striving to further increase the corporate value.

Meanwhile, AOHATA was founded in 1932 under the name "Kidoen" with investment from Nakashima Shoten (currently NAKASHIMATO CO., LTD.), which was established by Toichiro Nakashima, the founder of Kewpie and AOHATA. Based on the belief that "the contents of canned foods are invisible, therefore, people who manufacture canned foods must be honest," AOHATA began with the manufacture of mandarin orange canned foods and jams and marmalades. AOHATA considers food processing not merely as "manufacturing" but as "creating flavor." Currently, it handles the manufacture and sale of jam and other processed fruit products, from procurement of raw materials from around the world to final production.

AOHATA has also formulated its 11th mid-term business plan, covering four years from December 2024. Aiming to realize its vision of "making people around the world happy with fruit," and in order to create a foundation to move away from its current focus on jam and achieve further growth, AOHATA is focusing on, for example, expanding into new fields, such as frozen fruit, by utilizing its technologies for bringing out "aromas," "colors," and "textures." AOHATA is committed to delivering customers with "deliciousness," "joy" and "kindness" and promoting its efforts to realize its vision of "AOHATA of Fruits."

As of July 3, 2025, Kewpie holds 3,687,536 AOHATA Shares (representing 44.62% (rounded off to the second decimal place; the same applies hereinafter for the calculation of the shareholding percentage) of the number of shares obtained by deducting the number of treasury shares held by AOHATA (27,188 shares) from the total number of issued shares of AOHATA (8,292,000 shares) as of May 31, 2025).

Since 2014, when Kewpie made AOHATA a consolidated subsidiary, the Companies have established a cooperative framework. However, in recent years, regarding the governance of listed companies, there has been a growing movement to strengthen measures to address structural conflict-of-interest risks. The announcement of the "Practical Guidelines for Group Governance System" by the Ministry of Economy, Trade and Industry in June 2019 and the further revision of the Corporate Governance Code in June 2021 have increased the economic and administrative burden on both Kewpie and AOHATA, as they are required to take various measures to ensure fairness and transparency in governance of listed subsidiaries. In addition, at present, the business environment continues to be challenging due to soaring costs of raw materials, logistics and labor amid the rapid changes in the external environment. In these circumstances, it is difficult for Kewpie to make optimal and prompt decisions in relation to the investment of management resources as Kewpie Group, such as requiring careful examination given to the interests of AOHATA's minority shareholders, as long as the Companies are operating as independent listed companies. In order for Kewpie to seek to increase the sharing of information and human resources with AOHATA, and in order for the Companies to mutually mobilize management resources and to further develop, Kewpie has concluded that the best way to maximize the corporate value of the entire group in the long term is for AOHATA to become a wholly owned subsidiary of Kewpie, creating an environment where even (i) upfront investments that are not necessarily expected to maximize short-term profits and (ii) initiatives that lead to temporary increases in costs can be promoted under a flexible and prompt decision-making system. Therefore, Kewpie made a proposal for the Share Exchange (the "Proposal") to AOHATA on March 25, 2025.

AOHATA, in response to the Proposal by Kewpie, its parent company and largest shareholder, decided to begin a detailed examination of the Share Exchange. Upon commencing the detailed examination of the Share Exchange, and prior to deliberation by AOHATA's Board of Directors of the pros and cons of the Share Exchange and adoption of any resolution in that regard, on April 25, 2025, AOHATA established a framework for conducting such detailed examination, including establishing a special committee composed of independent members who have no interest in Kewpie, the largest shareholder, (the "Special Committee"; for details, please see "3. (3) Particulars Given Due Consideration so as not to Harm the Interests of Shareholders of AOHATA" below) and the appointing outside experts, for the purposes of protecting AOHATA's minority shareholders from any structural conflict-of-interest issues that could arise from the Share Exchange, and in order to eliminate arbitrariness in decision-making and to establish a fair, transparent and objective decision-making process as one of the measures to ensure the fairness of the Share Exchange from the perspective of ensuring the fairness of the exchange ratio for the Share Exchange, eliminating arbitrariness in the decision-making process leading up to the decision to implement the Share Exchange, and avoiding conflicts of interest.

Through the Share Exchange, the parent-subsidiary relationship between Kewpie and AOHATA, which are two listed companies, will be dissolved, thereby completely eliminating the structural conflict of interest that had arisen between Kewpie and the minority shareholders of AOHATA. The Companies believe that both of them will be able to enjoy the benefit of being able to flexibly implement measures for the overall optimization of the Kewpie Group, which was difficult to achieve in the past from a corporate governance perspective.

The specific measures to be taken after the Share Exchange and synergies expected to be realized based on those measures are the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Maximization of Brand Value

The Companies believe that, by sharing Kewpie's brand development expertise and human resources, it will be possible to enhance and maximize the brand values of both Kewpie and AOHATA. In addition, Kewpie and AOHATA brands are highly compatible in the market and kitchen tables, and the Companies believe that joint branding and marketing efforts will further enhance the brand values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Mutual Utilization of Management Resources

The Companies believe that, by utilizing the domestic and overseas sales channels, production and procurement bases, and human resources of both Kewpie and AOHATA, they can expand their sales destinations and achieve synergistic sales growth. In addition, through collaborative sales activities, they can develop effective sales strategies, and in terms of research and development, they can develop new products with higher added value and introduce competitive products to the market. The Companies believe that they will be able to maximize profits through such collaboration in activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Improvement of Management Efficiency

The Companies believe that Kewpie Group as a whole can expect a reduction of costs through the streamlining of head office and back-office functions and reduction of costs associated with a public listing. In addition, the Companies believe that group financing will make fund-raising available quickly and on favorable terms and that the optimal allocation of management resources and improved capital efficiency will be realized through mutual utilization and exchange of human resources, and commonization and integration of IT systems, etc.

Further, the Companies believe that, after the Share Exchange, the minority shareholders of AOHATA will, as shareholders of Kewpie, be able to enjoy the economic benefits of the increased corporate value resulting from the synergy between the Kewpie and AOHATA. In addition, the Companies believe that, in circumstances where the burden of responding to the development of systems required for listed companies and the costs of doing so are expanding, the Share Exchange will also lead to a reduction in the operational burden and costs associated with maintaining AOHATA's listing.

As a result of above considerations, after careful deliberation by the Companies, the Companies reached the conclusion that making AOHATA a wholly owned subsidiary of Kewpie through the Share Exchange will contribute to the enhancement of the corporate value of the Companies. Therefore, after considering and discussing various terms and conditions, including the allotment ratio, of the Share Exchange, the Companies reached an agreement, and on July 3, 2025, at their respective Board of Directors, each of the Companies resolved to implement the Share Exchange with the purpose of making AOHATA a wholly owned subsidiary of Kewpie and executed the Share Exchange Agreement.

**2. Content of the Share Exchange Agreement**

The contents of the Share Exchange Agreement are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share Exchange Agreement (Copy)<br>Kewpie Corporation ("Kewpie") and AOHATA Corporation ("AOHATA") hereby agree as follows and enter into a share exchange agreement (the "Agreement") as of July 3, 2025 (the "Execution Date").<br>Article 1 (Share Exchange)<br> Kewpie and AOHATA shall implement a share exchange reorganization (the "Share Exchange") whereby Kewpie shall become the wholly owning parent company and AOHATA shall become the wholly owned subsidiary resulting from the Share Exchange pursuant to the provisions of the Agreement. Kewpie shall acquire all the issued shares of AOHATA (excluding those owned by Kewpie).<br>Article 2 (Trade Names and Addresses of Wholly Owning Parent Company and Wholly Owned Subsidiary Resulting from a Share Exchange)<br> The trade names and addresses of Kewpie and AOHATA shall be as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Kewpie (wholly owning parent company resulting from the Share Exchange)<br> Trade Name: Kewpie Corporation<br> Address: 1-4-13, Shibuya, Shibuya-ku, Tokyo<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) AOHATA (wholly owned subsidiary resulting from the Share Exchange)<br> Trade Name: AOHATA Corporation<br> Address: 1-1-25, Tadanouminakamachi, Takehara-shi, Hiroshima<br>Article 3 (Shares Delivered and Allotment in Connection with the Share Exchange)<br> &nbsp;&nbsp;&nbsp;&nbsp;1. In the Share Exchange, Kewpie shall deliver to the shareholders of AOHATA (meaning shareholders after the cancellation of treasury shares pursuant to Article 9, and excluding Kewpie; hereinafter the same shall apply in this Article) as of the time immediately prior to Kewpie's acquisition through the Share Exchange of all the issued shares of AOHATA (the "Record Time") the number of Kewpie's common shares obtained by multiplying 0.91 by the total number of AOHATA's common shares held.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. In the Share Exchange, Kewpie shall allot to the shareholders of AOHATA as of the Record Time 0.91 shares of Kewpie's common stock per one of AOHATA's common shares.<br> &nbsp;&nbsp;&nbsp;&nbsp;3. If there are any fractions less than one share of Kewpie's common shares to be allotted according to the preceding two paragraphs to the shareholders of AOHATA, Kewpie shall handle such fractions pursuant to Article 234 of the Companies Act and other relevant laws and regulations.<br>Article 4 (Matters Relating to Capital and Reserves of Kewpie)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The amount of increase in capital and reserves of Kewpie in connection with the Share Exchange shall be determined appropriately by Kewpie in accordance with Article 39 of the Ordinance on Accounting of Companies.<br>Article 5 (Effective Date)<br> The date on which the Share Exchange becomes effective (the "Effective Date") shall be November 1, 2025. However, if necessary to accommodate procedures for the Share Exchange or for any other reasons, Kewpie and AOHATA may change it upon mutual consultation and agreement.<br>Article 6 (Approval at General Meeting of Shareholders)<br> &nbsp;&nbsp;&nbsp;&nbsp;1. Kewpie shall, according to the main clause of Article 796, Paragraph 2 of the Companies Act, implement the Share Exchange without obtaining approval at the general meeting of shareholders for the Agreement stipulated in Article 795, Paragraph 1 of the Companies Act. However, in cases where approval for the Agreement by a resolution at Kewpie's general meeting of shareholders becomes necessary under the provision of Article 796, Paragraph 3 of the Companies Act, Kewpie shall seek a resolution concerning approval for the Agreement and other matters necessary for the Share Exchange at the general meeting of shareholders by the day before the Effective Date.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. AOHATA shall seek a resolution concerning approval for the Agreement and other matters necessary for the Share Exchange at the general meeting of shareholders stipulated in Article 783, Paragraph 1 of the Companies Act by the day before the Effective Date.<br>Article 7 (Management of Company Assets, etc.)<br> Kewpie and AOHATA shall execute their business and administrate and operate their assets with due care of a prudent manager by themselves or through their subsidiaries during the period from the Execution Date to the Effective Date; if either of the parties intends to conduct acts that may have a significant impact on their assets or rights and obligations or implementation of the Share Exchange or conditions of the Share Exchange, such party shall conduct such acts upon prior consultation and agreement with the other party.<br>Article 8 (Dividend of Surplus)<br> &nbsp;&nbsp;&nbsp;&nbsp;1. Kewpie may distribute a dividend of surplus not exceeding 32 yen per share with the record date set for May 31, 2025.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. AOHATA may distribute a dividend of surplus not exceeding 10 yen per share with the record date set for May 31, 2025.<br> &nbsp;&nbsp;&nbsp;&nbsp;3. Except as provided in the preceding two paragraphs, Kewpie and AOHATA shall neither distribute any dividend of surplus during the period from the Execution Date to the Effective Date nor resolve to distribute any dividend of surplus with a record date set for a day prior to the Effective Date.<br>Article 9 (Cancellation of Treasury Shares)<br> AOHATA shall cancel all of its treasury shares held at the Record Time (including those acquired in response to share purchase demands from dissenting shareholders under Article 785, Paragraph 1 of the Companies Act made in connection with the Share Exchange) by a resolution at a meeting of AOHATA's board of directors to be held by the day before the Effective Date.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Article 10 (Amendment of Share Exchange Conditions and Termination of the Agreement)<br> If there are material changes due to natural disasters or other reasons in the assets or business conditions of Kewpie or AOHATA, if situations arise that cause significant hindrance to the implementation of the Share Exchange, or otherwise if it becomes difficult to achieve the purpose of the Agreement during the period from the Execution Date to the Effective Date, Kewpie and AOHATA may amend the conditions of the Share Exchange or other contents of the Agreement or terminate the Agreement upon mutual consultation and agreement.<br>Article 11 (Effectiveness of the Agreement)<br> The Agreement shall cease to be effective in any of the following cases:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if approval by a resolution at Kewpie's general meeting of shareholders becomes necessary pursuant to the Article 6, Paragraph 1 and such approval is not obtained by the day before the Effective Date;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if approval by a resolution at AOHATA's general meeting of shareholders pursuant to Article 6, Paragraph 2 is not obtained by the day before the Effective Date;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if Kewpie or AOHATA fails to obtain approval, etc. required by laws and regulations from related governmental authorities for implementation of the Share Exchange by the Effective Date; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if the Agreement is terminated pursuant to the preceding Article.<br>Article 12 (Governing Law and Jurisdiction)<br> &nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement and all rights and obligations of Kewpie or AOHATA arising under or in connection with the Agreement shall be governed by and construed in accordance with the laws of Japan.<br> &nbsp;&nbsp;&nbsp;&nbsp;2. Any disputes arising between Kewpie and AOHATA under or in connection with the Agreement shall be subject to the agreed exclusive jurisdiction of Tokyo District Court as the court of first instance.<br>Article 13 (Matters for Consultation)<br> In addition to the matters stipulated in the Agreement, any matters necessary for the Share Exchange shall be determined by Kewpie and AOHATA through sincere mutual consultation and agreement in accordance with the purpose of the Agreement.<br>(Intentionally left Blank)<br>IN WITNESS WHEREOF, the Agreement shall be prepared in two original copies, both of which shall be signed and sealed by Kewpie and AOHATA, and one original shall be retained by each party.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>July 3, 2025<br>Kewpie Corporation<br> 1-4-13, Shibuya, Shibuya-ku, Tokyo<br> Mitsuru Takamiya<br> Representative Director, President and Chief Executive Corporate Officer<br>AOHATA Corporation<br> 1-1-25, Tadanouminakamachi, Takehara-shi, Hiroshima<br> Toshiya Ueda<br> Representative Director & President<br>

**3. Matters Concerning the Appropriateness of the Consideration for the Exchange**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Matters concerning the Appropriateness of the Total Number of the Consideration for the Exchange and its Allotment

&nbsp;&nbsp;&nbsp;&nbsp;(A) Details of the Allotment in the Share Exchange

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; Kewpie<br> (wholly owning parent company resulting from a share exchange) | &nbsp;&nbsp; AOHATA<br> (wholly owned subsidiary resulting from a share exchange) |
| &nbsp;&nbsp; Allotment ratio for<br> the Share Exchange | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.91 |
| &nbsp;&nbsp;Number of shares to be delivered in the Share Exchange | &nbsp;&nbsp;Common stock of Kewpie: 4,154,001 shares (scheduled) | &nbsp;&nbsp;Common stock of Kewpie: 4,154,001 shares (scheduled) |

---

(Note 1) Allotment ratio of shares

Kewpie will allot and deliver 0.91 shares of common stock of Kewpie ("Kewpie Shares") per one AOHATA Share; provided, however, that no shares will be allotted in the Share Exchange for AOHATA Shares held by Kewpie.

The above allotment ratio for the Share Exchange (the "Share Exchange Ratio") might be changed upon consultation and agreement between the Companies if there are any material changes to the terms and conditions based on which the Share Exchange Ratio is calculated.

(Note 2) Number of Kewpie Shares to be delivered in the Share Exchange

In the Share Exchange, Kewpie will allot and deliver to the shareholders of AOHATA (meaning shareholders after the cancellation of treasury shares as described below, and excluding Kewpie) as of the time immediately prior to Kewpie's acquisition through the Share Exchange of all the issued shares of AOHATA (excluding AOHATA Shares held by Kewpie) (the "Record Time") the number of Kewpie Shares calculated by multiplying the total number of AOHATA Shares by the Share Exchange Ratio.

Kewpie intends to use the treasury shares held by Kewpie as the shares to be delivered through the Share Exchange, and does not plan to issue new shares for the allotment in the Share Exchange.

Additionally, in order to improve shareholder interests by implementing flexible capital management and improving capital efficiency, Kewpie plans to acquire a maximum of 9,600,000 Kewpie Shares (the "Share Repurchase"). The following is an outline of the Share Repurchase plan: (i) type of shares to be acquired: Kewpie Shares; (ii) total number of shares that can be acquired: 9,600,000 shares (representing 6.91% of the total number of issued shares (excluding treasury shares)); (iii) total amount of acquisition price of shares: 24,000 million yen (maximum); (iv) acquisition period: from July 4, 2025 to May 31, 2026; (v) method of acquisition: market purchase at TSE; (vi) other necessary matters: all decisions regarding necessary matters other than (i) through (v) with regard to the Share Repurchase shall be made at the discretion of Representative Director, President and Chief Executive Corporate Officer; and (vii) (reference) status of treasury shares held as of May 31, 2025: 139,010,535 issued shares in total (excluding treasury shares) and 2,489,465 treasury shares.

AOHATA plans to cancel, at the Record Time, all of the treasury shares held by it as of the Record Time (including shares acquired in response to share purchase demands from dissenting shareholders in connection with the Share Exchange under Article 785, Paragraph 1 of the Companies Act) by a resolution at its meeting of the Board of Directors to be held on or before the day preceding the effective date of the Share Exchange.

The number of shares to be delivered in the Share Exchange is subject to change due to acquisition or cancellation of AOHATA's treasury shares or for other reasons.

(Note 3) Handling of shares constituting less than one unit

Shareholders of AOHATA who will hold shares less than one unit (less than one unit (100 shares)) of Kewpie as a consequence of the Share Exchange may participate in the following program with respect to Kewpie Shares. Shares less than one unit cannot be sold on a financial instruments exchange.

Buyback program for shares less than one unit (sale of shares less than 100 shares):

Under this program, any shareholder who holds shares less than one unit of Kewpie may, in accordance with the provisions of Article 192, Paragraph 1 of the Companies Act, request Kewpie to purchase shares less than one unit held by that shareholder.

(Note 4) Treatment of fractions of less than one share

In relation to shareholders of AOHATA who will be allotted fractions of less than one share of Kewpie Shares as a consequence of the Share Exchange, Kewpie will, in accordance with the provisions of Article 234 of the Companies Act and other relevant laws and regulations, sell Kewpie Shares equal to the total number of those fractions of less than one share (any fractions of less than one share in such total number to be rounded down to the nearest whole number) and pay the sales proceeds to each of those shareholders in proportion to the value of such fractions of less than one share.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Rational for Allotment of Shares in Connection with the Share Exchange

&nbsp;&nbsp;&nbsp;&nbsp;(I) Rational and Grounds for Allotments

In order to ensure the fairness and appropriateness of the calculation of the Share Exchange Ratio to be used in the Share Exchange as described in "(A) Details of the Allotment in the Share Exchange" above, Kewpie and AOHATA each separately requested a third-party appraiser independent from the Companies to calculate the Share Exchange Ratio. Kewpie appointed Daiwa Securities Co., Ltd. ("Daiwa Securities"), and AOHATA appointed Plutus Consulting Co. Ltd. ("Plutus"), as their respective third-party appraiser.

As a result of careful deliberation and examination taking into consideration, among other things, the valuation report on the share exchange ratio obtained from Kewpie's third-party appraiser Daiwa Securities, advice from Kewpie's legal advisor Nagashima Ohno & Tsunematsu, and the results of the due diligence conducted by Kewpie on AOHATA, as described in "(3) Particulars Given Due Consideration so as not to Harm the Interests of Shareholders of AOHATA" below, Kewpie concluded that the Share Exchange Ratio is appropriate and will contribute to the interests of the shareholders of Kewpie. Accordingly, Kewpie determined that the implementation of the Share Exchange at the Share Exchange Ratio is appropriate.

At the same time, AOHATA conducted careful deliberations and consultations with Kewpie several times taking into consideration the valuation report on the share exchange ratio and an opinion stating that the Share Exchange Ratio is fair from a financial perspective for AOHATA's shareholders (a fairness opinion) (the "Fairness Opinion") obtained from AOHATA's third-party appraiser Plutus, the advice from AOHATA's legal advisors, Sueyoshi & Sato and SHIOMIZAKA, the results of the due diligence conducted by AOHATA on Kewpie, and instructions and advice from the Special Committee and the contents of the written report received on July 2, 2025, as described in "(3) Particulars Given Due Consideration so as not to Harm the Interests of Shareholders of AOHATA" below (for details, please refer to "(C) Obtaining a Written Report by AOHATA from the Special Committee Consisting of Disinterested Members" in "(3) Particulars Given Due Consideration so as not to Harm the Interests of Shareholders of AOHATA" below. Then, based on the fact that the Share Exchange Ratio can be said to be appropriate as described in "(II) (ii) Outline of Calculation" below, AOHATA determined that the Share Exchange Ratio would contribute to the interests of AOHATA's minority shareholders. Based on the above discussions and results, AOHATA determined that the implementation of the Share Exchange at the Share Exchange Ratio is appropriate.

As described above, Kewpie and AOHATA held multiple negotiations and consultations while referring to the valuation results concerning share exchange ratio submitted by their respective third-party appraisers and comprehensively taking into account the financial conditions, asset statuses, future outlooks, and other factors of both companies. As a result, Kewpie and AOHATA have reached the decision that the Share Exchange Ratio is appropriate and will contribute to the interests of their respective shareholders. Accordingly, the Companies determined that the implementation of the Share Exchange at the Share Exchange Ratio is appropriate. The Share Exchange Ratio may, in accordance with the Share Exchange Agreement, be changed upon consultation between the Companies if there are any material changes to the terms and conditions on which the Share Exchange Ratio was calculated.

&nbsp;&nbsp;&nbsp;&nbsp;(II) Matters Relating to Calculation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Names of the Appraisers and Relationships with the Companies

Neither Kewpie's third-party appraiser, Daiwa Securities, nor AOHATA's third-party appraiser, Plutus, is a related party of either Kewpie or AOHATA. Such appraisers are independent from the Companies, and none of the appraisers has a material interest that must be disclosed in relation to the Share Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Outline of Calculation

With respect to Kewpie, Daiwa Securities performed its calculation using the market price analysis, since the shares of Kewpie are listed on the financial instruments exchange and have a market price. Under the market price analysis, the calculation reference date was set at July 2, 2025, and the simple average closing prices on the Prime Market of the TSE in each of the one (1)-month, three (3)-month and six (6)-month periods prior to the calculation reference date were used.

With respect to AOHATA, Daiwa Securities performed its calculation using (i) the market price analysis, since the shares of AOHATA are listed on the financial instruments exchange and have a market price, and (ii) the discounted cash flow method ("DCF method") to reflect future business activities of AOHATA in the evaluation. Under the market price analysis, the calculation reference date was set at July 2, 2025, and the simple average closing prices on the Standard Market of the TSE in each of the one (1)-month, three (3)-month and six (6)-month periods prior to the calculation reference date were used.

Under the DCF method, Kewpie independently reviewed the financial projections provided by AOHATA and calculated the share value by discounting the future cash flows, which is based on the financial projections for the period from the fiscal year ending November 2025 until the fiscal year ending November 2028, to the present value using a certain discount rate.

The range of the share exchange ratio using the above valuation methods, where the share value per share of Kewpie Shares is one (1), is as follows.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Calculation method | &nbsp;&nbsp;Calculation method | &nbsp;&nbsp; Calculation result of share exchange ratio |
| &nbsp;&nbsp;Kewpie | &nbsp;&nbsp;AOHATA | &nbsp;&nbsp; Calculation result of share exchange ratio |
| &nbsp;&nbsp;Market price analysis | &nbsp;&nbsp;Market price analysis | &nbsp;&nbsp;0.78～0.82 |
| &nbsp;&nbsp;Market price analysis | &nbsp;&nbsp;DCF method | &nbsp;&nbsp;0.65～1.15 |

---

In calculating the share exchange ratios above, Daiwa Securities has, in principle, used information provided to it by AOHATA and Kewpie and publicly available information as presented, and has assumed that all of such materials and information are accurate and complete, and Daiwa Securities has not made any independent study of the accuracy or completeness thereof. Daiwa Securities has not made any independent assessment, appraisal or evaluation, and has not requested any third-party institution to conduct any appraisal or evaluation, in connection with any assets or liabilities (including contingent liabilities) of AOHATA, including any analysis and assessment of their respective assets or liabilities. The calculation of the share exchange ratio by Daiwa Securities is based on the information and the economic conditions as of July 2, 2025. Daiwa Securities has also proceeded on the rational that the financial projections of AOHATA have been reasonably examined or prepared by the management of the Companies based on the best forecasts and judgments available at that time.

The income stated in the financial projections of AOHATA, which Daiwa Securities used as a rational for the calculation in the DCF method, are expected to increase significantly. Specifically, operating income is expected to increase by 152.2% year-on-year in the fiscal year ending November 30, 2026, and by 32.4% year-on-year in the fiscal year ending November 30, 2027. Since it is difficult to estimate the synergies expected to be realized from the Share Exchange at this time, such financial projections do not assume the implementation of the Share Exchange, except for listing maintenance costs.

On the other hand, with respect to Kewpie, Plutus performed its calculation using the market price analysis, since the shares of Kewpie are listed on the financial instruments exchange and have a market price. Under the market price analysis, the calculation reference date was set at July 2, 2025, and the closing price on the Prime Market of the TSE on the calculation reference date and the simple average closing prices on the Prime Market of the TSE in each of the one (1)-month, three (3)-month and six (6)-month periods prior to the calculation reference date were used.

With respect to AOHATA, Plutus performed its calculation using the market price analysis, since the shares of AOHATA are listed on the financial instruments exchange and have a market price, and the DCF method was also used in order to reflect the status of future business activities in the evaluation. Under the market price analysis, the calculation reference date was set at July 2, 2025, and the closing price on the Standard Market of the TSE on the calculation reference date and the simple average closing prices on the Standard Market of the TSE in each of the one (1)-month, three (3)-month and six (6)-month periods prior to the calculation reference date were used.

Under the DCF method, Plutus evaluated AOHATA's corporate value by discounting AOHATA's future cash flow, which is based on financial projections from the fiscal year ending November 2025 until the fiscal year ending November 2028 as prepared by AOHATA, to the present value using a certain discount rate. The perpetual growth method was used to calculate the terminal value in the DCF method. Specifically, the discount rate applied in the calculation was 3.7 % to 4.2 % and the terminal growth rate was 0%.

The range of share exchange ratio using the above valuation methods, where the share value per share of Kewpie Shares is one (1), is as follows.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Calculation method | &nbsp;&nbsp;Calculation method | &nbsp;&nbsp;Calculation result of share exchange ratio |
| &nbsp;&nbsp;Kewpie | &nbsp;&nbsp;AOHATA | &nbsp;&nbsp;Calculation result of share exchange ratio |
| &nbsp;&nbsp;Market price analysis | &nbsp;&nbsp;Market price analysis | &nbsp;&nbsp;0.74～0.82 |
| &nbsp;&nbsp;Market price analysis | &nbsp;&nbsp;DCF method | &nbsp;&nbsp;0.80～1.06 |

---

In calculating the share exchange ratios above, Plutus has, in principle, used materials and information provided to it by the Companies and publicly available information as presented, and has assumed that all of the materials and information under analysis and consideration are accurate and complete, and Plutus has not made any independent study of the accuracy or completeness of such materials and information. Plutus has assumed that the business outlook and the financial projections of AOHATA have been reasonably prepared by the management of AOHATA based on the best forecasts and judgments available at that time. The income stated in the business outlook and the financial projections of AOHATA are expected to increase significantly. Specifically, operating income is expected to increase by 123.2% year-on-year in the fiscal year ending November 30, 2026, and by 37.5% year-on-year in the fiscal year ending November 30, 2027. Since it is difficult to specifically estimate the synergies expected to be realized from the Share Exchange at this time, such financial projections used by Plutus for DCF method do not assume the implementation of the Share Exchange.

Plutus has confirmed the details of such financial projections, which were used as the rational of the calculation, through question-and-answer sessions with AOHATA. In addition, as described in "(C) Obtaining a Written Report by AOHATA from the Special Committee Consisting of Disinterested Members" in "(3) Particulars Given Due Consideration so as not to Harm the Interests of Shareholders of AOHATA" below, the Special Committee has inspected the reasonableness of the details, material assumptions, the process of preparation, etc., and confirmed that they are not unreasonable.

In addition, AOHATA obtained the Fairness Opinion from Plutus on July 2, 2025. The Fairness Opinion expresses the opinion that the share exchange ratio agreed by and between the Companies is fair for the minority shareholders of AOHATA from a financial perspective, in light of the results, etc. of the calculation of the share exchange ratio based on the business plan prepared by AOHATA and the market share prices of both of the Companies. In addition to the results of the calculation of the share exchange ratio, which was conducted after Plutus received disclosure from AOHATA regarding the current status of AOHATA's business, future business plans, etc., and explanations regarding these matters, the Fairness Opinion was issued through question-and-answer sessions with each of the Companies regarding the outline, background and purpose of the Share Exchange; a review of the business environment and economic, market and financial conditions of both of the Companies, to the extent deemed necessary by Plutus; and a review process by a review board of Plutus independent from the engagement team at Plutus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) In preparing and submitting the Fairness
Opinion and calculating the share exchange ratios above, which is the basis of the Fairness Opinion, Plutus relied on the basic materials
provided to it by AOHATA, publicly available information, and the information received at question-and-answer sessions with both of the
Companies, on the assumption that such materials and information are accurate and complete, and that there is no information not disclosed
to Plutus that would have a significant impact on the calculation of the share exchange ratio. Plutus has not conducted any investigation
or study other than the procedures described above, and is not obligated to do so.<br>
In addition, Plutus has not made any independent evaluation or appraisal in connection with any assets or liabilities (including off-balance-sheet
assets and liabilities, and other contingent liabilities) of the Companies and their affiliates, including analysis and evaluation of
individual assets and liabilities, and has not received any valuation or appraisal report from either of the Companies or their affiliates.
Plutus also has not evaluated the creditworthiness of any of the Companies or their affiliates under applicable laws and regulations
relating to bankruptcy, insolvency or similar matters.<br>
Plutus assumes that AOHATA's business plan and other materials used by Plutus as the rational for the Fairness Opinion have been reasonably
prepared by AOHATA's management based on their best forecasts and judgment at the time of preparation of such materials, and Plutus makes
no warranties as to their feasibility and expresses no view as to the analyses, forecasts or assumptions on which these business plan
and other materials were based.<br>

Plutus assumes that the Share Exchange Agreement has been lawfully and validly prepared and executed, that it will be approved at the general meeting of shareholders of AOHATA, that the Share Exchange will be lawfully and validly implemented in accordance with the conditions stated in the Share Exchange Agreement, and that the Share Exchange will be completed in accordance with the conditions of the Share Exchange Agreement without any waiver, modification, or alteration of the important conditions or agreed matters stated in the Share Exchange Agreement. Plutus has also assumed that the Share Exchange will be lawfully and validly implemented and that all governmental, regulatory or other consents or approvals necessary to implement the Share Exchange will be obtained without prejudice to any benefits expected from the Share Exchange, and Plutus is under no obligation to independently investigate such matters.<br> Plutus has not been asked by AOHATA to review AOHATA's decision to implement the Share Exchange or to compare and evaluate the Share Exchange relative to other strategic alternatives, and has not done so. Plutus is not an accounting, tax or legal expert and has not independently analyzed or reviewed the legality and validity of any matter relating to the Share Exchange or the appropriateness of any accounting or tax treatment thereof, and is not obligated to do so.<br> The Fairness Opinion expresses the view, as of its issuance date, on whether the Share Exchange Ratio agreed by the Companies is fair to the minority shareholders of AOHATA from a financial perspective, based on the financial, capital markets and economic conditions and other circumstances as of the issuance date, as well as the information provided to or obtained by Plutus up to that date. Plutus is under no obligation to update, modify or supplement the contents of the Fairness Opinion due to any changes in circumstances that may occur thereafter. The Fairness Opinion does not infer or imply any opinion regarding matters other than those expressly stated therein or matters subsequent to the date of submission of the Fairness Opinion. The Fairness Opinion only expresses an opinion on the fairness of the Share Exchange Ratio for AOHATA's minority shareholders from a financial perspective and does not express any opinions to the holders of securities issued by AOHATA, creditors or other stakeholders of AOHATA, and does not recommend any actions to AOHATA's shareholders regarding the Share Exchange. The Fairness Opinion was provided by Plutus for the purpose of being used as a rational for the decisions of the Board of Directors of AOHATA and the Special Committee regarding the Share Exchange Ratio, and any third party may not rely upon the Fairness Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reason why the Kind of Property was Chosen as Consideration for the Exchange

Kewpie and AOHATA have selected the common stock of Kewpie, which will become a wholly owning parent company resulting from a share exchange, as consideration for the Share Exchange. The Companies believe that the above choice is appropriate because Kewpie's common stock is listed on the Prime Market of the TSE, which means that shareholders of AOHATA will have the opportunities to trade their shares on that market after the effective date of the Share Exchange, and such shareholders will be able to enjoy the synergies resulting from the Share Exchange.

As a result of the Share Exchange, AOHATA will become a wholly owned subsidiary of Kewpie on November 1, 2025 (scheduled), which is the effective date of the Share Exchange, and AOHATA Shares are scheduled to be delisted as of October 30, 2025 (with a final trading date of October 29, 2025). If the current effective date of the Share Exchange is changed, the delisting date will also be changed.

Following the delisting, it will no longer be possible to trade AOHATA Shares on the TSE. Since Kewpie Shares that are to be allotted to the shareholders of AOHATA in the Share Exchange are listed on the TSE, although some shareholders may only receive an allotment of shares constituting less than one unit, Kewpie Shares constituting one or more units can be traded on a financial instruments exchange market even on or after the effective date of the Share Exchange. The Companies therefore believe that the liquidity of Kewpie Shares will continue to be maintained.

On the other hand, the shareholders who will hold shares constituting less than one unit of Kewpie Shares will not be able to sell their shares on a financial instruments exchange market. However, such shareholders may demand that Kewpie purchase the shares held by them and are less than one unit. For details of such handling, please refer to Note 3 (Handling of shares constituting less than one unit) in "(1) (A) Details of the Allotment in the Share Exchange" above. For details regarding the handling of fractions less than a single Kewpie Share allotted in the Share Exchange, please refer to Note 4 (Treatment of fractions of less than one share) in "(1) (A) Details of the Allotment in the Share Exchange" above.

Shareholders of AOHATA may trade AOHATA Shares held by them until October 29, 2025 (scheduled), which is the last trading date, on the TSE and may also execute their legal rights provided for in the Companies Act and other related laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Particulars Given Due Consideration so as not to Harm the Interests of Shareholders of AOHATA

Since Kewpie already holds 3,687,536 AOHATA Shares (representing 44.62% of the number of shares obtained by deducting the number of treasury shares (27,188 shares) from the total number of issued shares of AOHATA (8,292,000 shares) as of May 31, 2025) and since, according to the effective control standards, AOHATA is a consolidated subsidiary of Kewpie, the Companies determined that it is necessary to ensure fairness in the Share Exchange and have taken the following measures to ensure fairness (including measures to avoid conflicts of interest).

&nbsp;&nbsp;&nbsp;&nbsp;(A) Obtaining Valuation Reports from Third-Party Appraisers Independent from the Companies

Kewpie appointed Daiwa Securities, which is a third-party appraiser independent from Kewpie and AOHATA, and obtained a valuation report on the share exchange ratio dated July 2, 2025. For an outline of the valuation report, please refer to "(1) (B) (II) Matters Relating to Calculation" above. Kewpie did not obtain an opinion from Daiwa Securities stating that the Share Exchange Ratio is fair for shareholders of Kewpie from a financial perspective (a fairness opinion).

On the other hand, AOHATA appointed Plutus, which is a third-party appraiser independent from Kewpie and AOHATA, and obtained a valuation report on the share exchange ratio dated July 2, 2025. AOHATA obtained the Fairness Opinion from Plutus. For an outline of the valuation report and the Fairness Opinion, please refer to "(1) (B) (II) Matters Relating to Calculation" above.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Advice from Independent Law Firms

Kewpie appointed Nagashima Ohno & Tsunematsu as its legal advisor and AOHATA appointed Sueyoshi & Sato and SHIOMIZAKA as its legal advisors for the Share Exchange, and they respectively obtained advice from a legal perspective concerning various procedures for the Share Exchange and the decision-making method.

Nagashima Ohno & Tsunematsu, Sueyoshi & Sato and SHIOMIZAKA are independent from, and have no material interests in, Kewpie and AOHATA.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Obtaining a Written Report by AOHATA from the Special Committee Consisting of Disinterested Members

In response to a proposal for the Share Exchange by Kewpie, its parent company and controlling shareholder, upon commencing the detailed examination of the Share Exchange, and prior to deliberation by AOHATA's Board of Directors of the pros and cons of the Share Exchange and adoption of any resolution in that regard, on April 25, 2025, AOHATA established the Special Committee composed of three (3) members, Mr. Haruhiko Tsunokawa and Ms. Yoko Ishino, Outside Directors of AOHATA, and Ms. Sayaka Hieda (attorney-at-law), Outside Corporate Auditor of AOHATA, who, respectively, have no interest in Kewpie, the controlling shareholder, and whose statuses as independent officers have been notified to TSE, for the purpose of protecting AOHATA's minority shareholders from any structural conflict-of-interest issues that could arise from the Share Exchange, and in order to eliminate arbitrariness in decision-making and to establish a fair, transparent and objective decision-making process as one of the measures to ensure the fairness of the Share Exchange from the perspective of ensuring the fairness of the exchange ratio for the Share Exchange, eliminating arbitrariness in the decision-making process leading up to the decision to implement the Share Exchange, and conflicts of interest (the remuneration for the members of the Special Committee as consideration for the duties is a fixed amount regardless of the content of the report, and does not include any contingency fees payable on the condition of the completion, etc. of the Share Exchange). AOHATA consulted with the Special Committee matters in relation to (I) the reasonableness of the purposes of the Share Exchange (including whether the Share Exchange will contribute to the enhancement of the corporate value of AOHATA), (II) the appropriateness of the terms and conditions of the Share Exchange (including the appropriateness of the method of implementation and the exchange ratio of the Share Exchange), (III) the fairness of the procedures for the Share Exchange (including an examination of what measures should be taken to ensure fairness and to what extent they should be implemented), and (IV) the assertion that the Share Exchange would not be disadvantageous to the minority shareholders of AOHATA, taking into account (I) through (III) above (the "Consultation Matters"). Upon consultation of the Consultation Matters, AOHATA also granted the Special Committee (a) the authority (x) to negotiate with AOHATA and Kewpie with regard to the transaction terms and conditions of the Share Exchange and (y), even if AOHATA and/or its advisors negotiate with Kewpie with regard to the transaction terms and conditions, to substantially influence the negotiation process regarding the transaction terms and conditions by confirming the policy for such negotiation in advance, receiving reports on the status of such negotiation in a timely manner, and expressing opinions, providing instructions and making requests at important stages, (b) the authority to nominate or approve (including ex post facto approval) any third-party appraiser, legal advisor, financial advisor and other advisors for AOHATA, (c) the authority to appoint any third-party appraiser, and advisor for financial, legal and other affairs for the Special Committee at AOHATA's expense as the Special Committee deems necessary, and (d) the authority to obtain and receive, at AOHATA's expense, information necessary for judgment and examination on the Consultation Matters from AOHATA's officers, employees and other persons that the Special Committee determines necessary.

The Special Committee carefully examined the Consultation Matters by holding meetings of the Special Committee eleven (11) times in total during the period from April 25, 2025 to July 2, 2025, in addition to expressing opinions or obtaining information through email and other means, holding discussions from time to time, and taking other actions as necessary. Specifically, the Special Committee first confirmed that there were no issues regarding the independence and expertise of Plutus, appointed by AOHATA as its financial advisor and third-party appraiser, and Sueyoshi & Sato and SHIOMIZAKA, appointed by AOHATA as its legal advisors, and approved those appointments. Subsequently, the Special Committee sent a letter to Kewpie asking about the purposes of the Share Exchange and other related matters, and, at question-and-answer sessions with Kewpie, the Special Committee received explanations from Kewpie and discussed with Kewpie regarding the purposes of the Share Exchange, the background of, and course of events that led to, the Share Exchange, the reasons for opting the Share Exchange as the transaction method, and Kewpie's thoughts on its management policy and treatment of employees after the Share Exchange. Furthermore, the Special Committee received advice from Sueyoshi & Sato and SHIOMIZAKA, the legal advisors for AOHATA, on the method of decision-making by AOHATA's Board of Directors with respect to the Share Exchange, measures to ensure the fairness of the operation of the Special Committee and other procedural aspects related to the Share Exchange, and measures to avoid conflicts of interest. The Special Committee also received explanations from, and held question-and-answer sessions with, Sueyoshi & Sato and SHIOMIZAKA in relation to the result of legal due diligence on Kewpie. Moreover, the Special Committee received explanations from, and held question-and-answer sessions with, Plutus, the financial advisor and third-party appraiser appointed by AOHATA, in relation to the methods and results of the calculation of the consideration (such as the Share Exchange Ratio) in the Share Exchange, and inspected the reasonableness thereof. In addition, the Special Committee received an explanation regarding the issuance procedures, etc., for the Fairness Opinion submitted to AOHATA by Plutus, the financial advisor and third-party appraiser appointed by AOHATA, and held question-and-answer sessions regarding the Fairness Opinion. Furthermore, the Special Committee, with the advice of Plutus, Sueyoshi & Sato and SHIOMIZAKA, established the negotiation policy for the consideration (such as the Share Exchange Ratio) in the Share Exchange, received reports on the negotiation content as needed, and provided instructions as required, thereby being substantially involved in the negotiation between Kewpie and AOHATA. Under these circumstances, as a result of careful discussions and examination of the Consultation Matters, the Special Committee submitted to AOHATA's Board of Directors a written report on July 2, 2025 to the effect that the Share Exchange is not considered to be disadvantageous to the minority shareholders of AOHATA. An outline of the opinions of the Special Committee is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Reasonableness of the Purposes of the Share Exchange (including Whether the Share Exchange Will Contribute
to the Enhancement of the Corporate Value of AOHATA)

In view of the points below, no unreasonable points were found in AOHATA's recognition of the facts related to the reasonableness of the purpose of the Share Exchange or in the course of examination of the Share Exchange, and the synergies expected from the Share Exchange are considered to be feasible to a certain extent; meanwhile, the disadvantages are considered to be limited. Therefore, it is considered that the Share Exchange will contribute to the enhancement of the corporate value of AOHATA and that the purpose of the Share Exchange is reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No unreasonable points were found in AOHATA's recognition of the business environment and management challenges
behind the Share Exchange described in "1. Reasons for Implementing the Share Exchange" above, or in the course by which the
Share Exchange was examined based on such environment issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In particular, with respect to the handling of the AOHATA brand, which is the source of the corporate
value of AOHATA, it has been confirmed that AOHATA and Kewpie will aim to enhance the brand value of the entire group by working closely
together while maintaining the independence of their respective brands after the Share Exchange. AOHATA also has been considering measures
to maintain and enhance the brand value of AOHATA, and it is considered that AOHATA can implement these measures on its own. However,
given that the business environment continues to be challenging due to soaring costs of materials, logistics and labor, AOHATA does not
have the capacity to conduct necessary and sufficient advertising or product development, etc. It seems that strengthening the relationship
with Kewpie, which is skilled in medium- to long-term brand strategy and has ample financial resources to allocate to brand value enhancement
measures, results in enhancing not only the brand value of AOHATA but also the corporate value of AOHATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Given the challenging business environment described above, it is essential for AOHATA Group (meaning
the company group composed of AOHATA and AOHATA's subsidiaries and affiliates) to invest funds in IT systems, intellectual property, sales
activities, research and development, etc. as measures to achieve medium- to long-term growth, but AOHATA has its limits when it comes
to doing this alone. Under these circumstances, in light of the prospect that implementing the Share Exchange will make it possible to,
for example, mutually utilize management resources, consolidate back-office operations and reduce listing maintenance costs, and the fact
that what Kewpie proposed is concrete and realistic to a certain extent, it seems possible
to evaluate the Share Exchange as having the effect of contributing to the enhancement of the corporate value of AOHATA through certain
synergies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. On the other hand, as disadvantages of AOHATA Shares going private, there are concerns such as (i) inability
to raise funds through equity financing from capital markets, (ii) loss of social credibility enjoyed by being a listed company, and (iii)
unfavorable effects on human resource recruitment. However, according to explanation and materials provided to the Special Committee by
AOHATA, first, regarding (i), it is not considered a problem because AOHATA has not engaged in equity financing in recent years, and in
addition to the fact that fund raising is not an urgent issue, after going private, it will be able to raise funds on more favorable terms
compared with external fund raising by utilizing Kewpie Group's cash management system. Furthermore, regarding (ii), even after the implementation
of the Share Exchange, it has been confirmed between AOHATA and Kewpie that AOHATA's unique brand will continue to be maintained while
respecting the expertise of the Companies and the impact on the value of the brand due to going private is expected to be limited. Additionally,
AOHATA has established relationships with its business partners based on its long-standing business history, and therefore, from this
perspective as well, the impact on business relationships due to going private is anticipated to be limited. Moreover, regarding (iii),
in addition to maintaining the AOHATA brand, given AOHATA's name recognition and credibility, the impact of going private and delisting
on the recruitment of new employees and retention of existing employees is expected to be limited, and the credibility of AOHATA as a
member of Kewpie Group will be maintained even after the Share Exchange. Additionally, according to Kewpie, promoting efficient personnel
allocation across the entire group enables the securing of excellent human resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Appropriateness of the Transaction Terms and Conditions of the Share Exchange (including Appropriateness
of the Method of Implementation of the Share Exchange and the Share Exchange Ratio)

In view of the points below, the transaction terms and conditions of the Share Exchange can be considered to be appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The reason for selecting a share exchange is that it allows for a shorter schedule compared to a scheme
involving a tender offer, thereby reducing the practical burden, and that it is economically reasonable for Kewpie because it enables
the utilization of treasury shares held by Kewpie for policy reasons. No unreasonable points were found in this explanation. In addition,
if it could be said that the Share Exchange was implemented at a time when AOHATA's market price was on a downward trend and Kewpie's
market price was on a sharp upward trend, it could be considered an attempt to unfairly harm the interests of shareholders of AOHATA,
however, no such circumstances were found. Furthermore, through the Share Exchange, shareholders of AOHATA will be able to enjoy the synergies
resulting from the Share Exchange by acquiring the Kewpie Shares. Especially, Kewpie has established a shareholder return policy stating
that it aims to achieve a cumulative total return ratio of 50% or higher over the four-year period from the fiscal year 2025 to the fiscal
year 2028, as outlined in its mid-term business plan and Kewpie intends to continue prioritizing shareholder returns even after the Share
Exchange. Therefore, it is also possible to assess that Kewpie Shares does not constitute an unfavorable the type of consideration for
the Share Exchange for minority shareholders of AOHATA from this perspective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to the calculation method used for the calculation of the share exchange ratio by Plutus
stated in "(1) (B) (II) (ii) Outline of Calculation" above, after considering
the detailed explanation provided by Plutus, including the reasons for selecting the valuation method, no particular unreasonable points
were found in calculation of the share exchange ratio by Plutus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. With respect to the process of preparation, etc. of the business plan of AOHATA underlying the DCF method
used by Plutus to calculate the share exchange ratio, a question-and-answer session was held with AOHATA, and AOHATA explained that its
business plan was prepared based on its 11th mid-term management plan, taking into account the results of the current fiscal year. As
a result of such consideration, no unreasonable points were found in the process of preparation of the business plan of AOHATA and material
assumptions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Share Exchange Ratio exceeds the range calculated using the market price analysis and falls within
the range calculated using the DCF method. In addition, after reviewing cases involving transactions similar to the Share Exchange, it
is possible to assess that the Share Exchange Ratio is at comparable levels of similar cases in the past, in terms of, at least, (i) the
premium attached relative to the share exchange ratio calculated based on the closing prices of AOHATA Shares and Kewpie Shares on the
calculation reference date, (ii) the premium attached relative to the share exchange ratio calculated based on the simple average closing
prices of AOHATA Shares and Kewpie Shares over the one (1)-month period preceding the calculation reference date, and (iii) the premium
attached relative to the share exchange ratio calculated based on the simple average closing prices of AOHATA Shares and Kewpie Shares
over the three (3)-month period preceding the calculation reference date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The price of one AOHATA Share calculated based on the simple average closing price of Kewpie Shares for
one (1)-month prior to the calculation reference date and on the assumption that the Share Exchange is implemented by the Share Exchange
Ratio is 3,031 yen, which exceeds the highest price since listing (2,999 yen).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. From early May to late May 2025, legal due diligence was conducted on Kewpie by Sueyoshi & Sato and
SHIOMIZAKA from the perspective of confirming contingent liabilities and other matters that may affect valuation. As a result of such
due diligence, no material contingent liabilities, etc. that would affect the calculation of the share exchange ratio of Plutus were found.
The Share Exchange Ratio has been determined through sincere price negotiations with Kewpie by AOHATA and the Special Committee, based
on the advice from AOHATA's advisors. Furthermore, the request for a review of the Share Exchange Ratio was made three times, and the
ratio was actually raised from Kewpie's initial proposal of 0.83 to 0.91 and no unreasonable points were found in the negotiations on
the Share Exchange Ratio between AOHATA and the Special Committee, and Kewpie.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fairness of the Procedures for the Share Exchange (including an Examination of What Measures Should Be
Taken to Ensure Fairness and To What Extent They Should Be Implemented)

As described below, appropriate measures have been taken in accordance with each of the measures to ensure fairness set forth in the M&A guidelines with respect to the procedures for the Share Exchange, and there is nothing unreasonable in the content of such measures. Therefore, it is considered that the fairness of the procedures for the Share Exchange has been ensured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. On March 25, 2025, AOHATA received a written proposal for the Share Exchange
from Kewpie, and at a meeting of the Board of Directors of AOHATA held on April 25, 2025, a resolution was passed to establish the Special
Committee. After confirming that the members below are independent from Kewpie Group and do not have any material interests different
from those of minority shareholders with respect to the Share Exchange, AOHATA established a special committee composed of the Outside
Directors and the Outside Corporate Auditor of AOHATA (three (3) members: Mr. Haruhiko Tsunokawa and Ms. Yoko Ishino, Outside Directors
of AOHATA; and Ms. Sayaka Hieda, Outside Corporate Auditor of AOHATA and attorney-at-law) who are independent from AOHATA.

In addition, after AOHATA decided in advance at a meeting of the Board of Directors that the Share Exchange would not be implemented if the Special Committee determines that the transaction terms and conditions of the Share Exchange are not appropriate, AOHATA conducted negotiations with Kewpie regarding the transaction terms and conditions of the Share Exchange, based on the prior deliberations and examinations of the negotiation policy by the Special Committee. The Special Committee receives timely reports on the progress and results from AOHATA, expresses opinions, provides instructions and makes requests at important stages, thereby advising AOHATA on the transaction terms and conditions that the Special Committee deems appropriate.

In order to examine the Consultation Matters, the Special Committee interviewed AOHATA regarding AOHATA's business environment, the advantages and disadvantages for AOHATA in implementing the Share Exchange, and the content of the business plan on which calculation of the share exchange ratio by Plutus was based. The Special Committee also interviewed Plutus regarding the method and results of AOHATA's calculation of the share exchange ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Furthermore, the Special Committee interviewed Kewpie regarding the background
and purpose of the Share Exchange, the content of AOHATA's management challenges, and the management policy of AOHATA after the Share
Exchange, and also conducted an examination based on the results of the due diligence conducted on Kewpie. In the process of deliberations,
examinations, and negotiations regarding the Share Exchange, there is no evidence that Kewpie Group or any other parties with special
interests in the Share Exchange exerted undue influence on the negotiation process or the decision-making processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In late April 2025, AOHATA appointed Sueyoshi & Sato and SHIOMIZAKA
as legal advisors independent from both AOHATA and Kewpie Group, and appointed Plutus as financial advisor and third-party appraiser independent
from both AOHATA and Kewpie Group. Receiving expert advice from these advisors, AOHATA conducted careful examinations and deliberations
regarding the Consultation Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Although AOHATA has not set the so-called majority of minority condition
as a requirement for the completion of the Share Exchange, the reason for this is that setting the majority of minority condition could
make the completion of the Share Exchange unstable and might not ultimately contribute to the interests of AOHATA's minority shareholders.
In addition, in the Share Exchange, other appropriate measures to ensure fairness have been taken, and sufficient consideration has been
given to the interests of AOHATA's general shareholders. Therefore, it is not considered that the absence of the majority of minority
condition alone indicates that appropriate measures to ensure fairness have not been taken in the Share Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Information regarding a special committee, information regarding the share
value calculation, and other information required to be disclosed by the M&A guidelines are considered to be sufficiently disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) That the Share Exchange Would Not Be Disadvantageous to the Minority Shareholders of AOHATA, Taking into Account the Above

Based on the above, the purpose of the Share Exchange is considered reasonable, the transaction terms and conditions of the Share Exchange are considered appropriate, and the procedures for the Share Exchange are considered fair, and therefore, the Share Exchange is not considered to be disadvantageous to the minority shareholders of AOHATA.

&nbsp;&nbsp;&nbsp;&nbsp;(D) Approval of All Disinterested Directors and No Objection from All Disinterested Corporate Auditors of
AOHATA

At the meeting of the Board of Directors of AOHATA held on July 3, 2025, where the proposal regarding the Share Exchange was adopted, the implementation of the Share Exchange was discussed and unanimously approved by four (4) out of seven (7) directors of AOHATA, excluding Mr. Toshiya Ueda, Mr. Takeshi Sagawa and Ms. Kaori Fujiwara. Since Mr. Toshiya Ueda, Mr. Takeshi Sagawa and Ms. Kaori Fujiwara were all executive officers or employees of Kewpie within the past three (3) years, they did not participate in the deliberations and resolution on the Share Exchange on behalf of AOHATA to avoid conflicts of interest. On the other hand, although Mr. Katsuyoshi Suzuki is a former employee of Kewpie, he left Kewpie more than seven (7) years ago (February 2018). Therefore, it was determined that there is no risk of a conflict of interest with respect to AOHATA's decision-making in the Share Exchange, and he participated in the discussion and resolution of the Board of Directors of AOHATA. In addition, two (2) of three (3) Corporate Auditors of AOHATA, excluding Mr. Masaya Urata, were present at such meeting of the Board of Directors and all of them expressed their opinions that they had no objections to the implementation of the Share Exchange. Since Mr. Masaya Urata was an executive officer of Kewpie within the past three (3) years, he did not participate in the deliberations and resolution on the Share Exchange on behalf of AOHATA to avoid conflicts of interest.<br>

&nbsp;&nbsp;&nbsp;&nbsp;(4) Matters Concerning the Appropriateness of the Amount of Capital and Reserves of the Wholly Owning Parent Company in the Share Exchange

The amount of increase in capital and reserves of Kewpie in connection with the Share Exchange shall be determined appropriately by Kewpie in accordance with Article 39 of the Ordinance on Accounting of Companies. The Companies believe that this handling is appropriate, as such determination is to be made based on a comprehensive deliberation and examination of Kewpie's capital policy and other circumstances after completion of the Share Exchange within the scope of laws and regulations.

**4. Matters of Reference Regarding Consideration for the Exchange**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Provisions of Kewpie's Articles of Incorporation

Kewpie's Articles of Incorporation are, in accordance with laws and regulations and Article 15 of AOHATA's Articles of Incorporation, omitted from the hard copies of the materials to be delivered to the shareholders who make a request for delivery thereof (i.e. the written form of items subject to electronic provision measures). Such information is available on the website of AOHATA (https://www.aohata.co.jp/ company/ir/meeting.html), the Shareholder Meeting Materials website (https://d.sokai.jp/2830/25280196/) and the TSE website (https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Matters concerning the method of converting consideration for the exchange into cash

&nbsp;&nbsp;&nbsp;&nbsp;(A) Market on which consideration for the exchange is traded

Kewpie Shares are traded on the Prime Market of the TSE.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Intermediaries, brokers, or agents involved in trading consideration for the exchange

Kewpie Shares are traded through intermediary and brokerage services etc. provided by securities companies etc. across Japan.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Restrictions on transfer and other dispositions of consideration for the exchange

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Matters concerning the market price of consideration for the exchange

The average of the closing prices for Kewpie Shares on the Prime Market of the TSE over past one month, three months and six months from the business day immediately preceding the date of announcement of the execution of the Agreement (July 3, 2025) are 3,331 yen, 3,251 yen and 3,114 yen, respectively.

The latest market price, etc. for Kewpie Shares are available on the TSE website (https://www.jpx.co.jp/) and other sources.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Content of the Kewpie's balance sheets for each fiscal year that has ended in the past five years

Relevant information is omitted because Kewpie has submitted the annual securities reports for each fiscal year pursuant to Article 24, Paragraph 1 of the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended).

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Matters Concerning the Appropriateness of Provisions Regarding Stock Acquisition Rights in Connection with the Share Exchange** 

Not applicable.

**6. Matters Concerning Financial Statements, etc.**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Content of Kewpie's financial statements, etc. for the last fiscal year

The content of Kewpie's financial statements, etc. for the last fiscal year (ended November 30, 2024) is omitted, in accordance with laws and regulations and Article 15 of AOHATA's Articles of Incorporation, from the hard copies of the materials to be delivered to the shareholders who make a request for delivery thereof (i.e. written form of items subject to electronic provision measures). Such information is available on the website of AOHATA (https://www.aohata.co.jp/company/ir/meeting.html), the Shareholder Meeting Materials website (https://d.sokai.jp/2830/25280196/) and the TSE website (https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Disposition of important properties, assumption of significant liabilities, and other events that have a significant impact on the
financial position after the end of the last fiscal year of Kewpie and AOHATA

&nbsp;&nbsp;&nbsp;&nbsp;(A) Kewpie

&nbsp;&nbsp;&nbsp;&nbsp;(I) Execution of the Share Exchange Agreement

At a meeting of the Board of Directors held on July 3, 2025, Kewpie resolved to enter into the Share Exchange Agreement with AOHATA, and the Share Exchange Agreement was executed on the same day. The outline of the Share Exchange Agreement is as described in "2. Content of the Share Exchange Agreement" above.

&nbsp;&nbsp;&nbsp;&nbsp;(II) Acquisition of treasury stock

Based on a resolution of the Board of Directors dated July 3, 2025, Kewpie has decided on the following matters concerning the acquisition of treasury stock.

・ Type of shares to be acquired: Common stock of Kewpie

---

| | | |
|:---|:---|:---|
| ・ | Total number of shares that can be acquired: | 9,600,000 shares (maximum) |

---

---

| | | |
|:---|:---|:---|
|  |  | (representing 6.91% of the total number of issued shares (excluding treasury shares)) |
| ・ | Total amount of acquisition price of shares: | 24,000 million yen (maximum) |

---

・ Acquisition period: From July 4, 2025 to May 31, 2026

・ Method of acquisition: Market purchase at the TSE

&nbsp;&nbsp;&nbsp;&nbsp;(B) AOHATA

&nbsp;&nbsp;&nbsp;&nbsp;(I) Execution of the Share Exchange Agreement

At a meeting of the Board of Directors held on July 3, 2025, AOHATA resolved to enter into the Share Exchange Agreement with Kewpie, and the Share Exchange Agreement was executed on the same day. The outline of the Share Exchange Agreement is as described in "2. Content of the Share Exchange Agreement" above.

&nbsp;&nbsp;&nbsp;&nbsp;(II) Cancellation of treasury stock

AOHATA will cancel all of its treasury shares held at the Record Time (including those acquired in response to share purchase demands from dissenting shareholders under Article 785, Paragraph 1 of the Companies Act made in connection with the Share Exchange) by a resolution at a meeting of AOHATA's Board of Directors to be held by the day before the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;(III) Revision of dividend forecast (to pass dividend) and abolition of shareholder benefit program

By a resolution of the Board of Directors dated July 3, 2025, AOHATA has decided, contingent upon the consummation of the Share Exchange, to revise its dividend forecast for the fiscal year ending November 30, 2025 which was announced on April 3, 2025 and not to pay a year-end dividend for the respective fiscal year, as well as to abolish the shareholder benefit program from the fiscal year ending November 30, 2025.

End

Venue of the Extraordinary General Meeting of Shareholders

![](image_008.jpg)

Access by transport: The nearest is Tadanoumi station (JR Kure Line);<br> 8-minute walk therefrom.

\* Parking space is not enough and please refrain from coming by automobile.

\* The venue will have a priority space for wheelchair users and please ask for use at the reception on the day of the meeting.

\* Those other than the shareholders are not allowed to enter the venue of this meeting. However, shareholders may bring a caregiver or an interpreter (including a sign language interpreter) (principally one person) and please ask at the reception if you wish to accompany such a person.

\* We appreciate your understanding .that no gift item will be prepared.

## Exhibit 99.2

 The business combination described in this document involve securities of a Japanese company. The business combination is subject to disclosure requirements of Japan that are different from those of the United States. Financial information included in this document, if any, was excerpted from financial statements prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.<br> It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer is located in Japan and some or all of their officers and directors reside outside of the United States. You may not be able to sue a Japanese company or its officers or directors in a Japanese court for violations of the U.S. securities laws. It may be difficult to compel a Japanese company and its affiliates to subject themselves to a U.S. court's judgment.<br> You should be aware that the issuer may purchase securities otherwise than under the business combination, such as in the open market or through privately negotiated purchases.<br> This document has been translated from a part of 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. All dates and times are stated in Japan Standard Time (JST) in this document.<br>

(Notice of Extraordinary General Meeting of Shareholders)

Matters to Be Disclosed on the Internet

Pursuant to Laws and Regulations and Articles of Incorporation

・Kewpie Corporation's Articles of Incorporation

・Financial Statements, etc. for Kewpie Corporation's latest

Fiscal Year (December 1, 2023 to November 30, 2024)

Aohata Corporation

&nbsp;&nbsp; In accordance with laws and regulations and the provisions of our Articles of Incorporation, the above items are omitted from the document (document containing items subject to measures for electronic provision) to be delivered to shareholders who have requested the delivery of documents in paper-based format.<br>

・ Kewpie Corporation's Articles of Incorporation

Please refer to the following pages.

Kewpie Corporation

Articles of Incorporation

Amended on February 22, 2023

<br>Chapter 1 General Provisions

(Name of the Company)

Article 1

The name of the Company shall be Kewpie Kabushiki-Kaisha.

It shall be written in English as Kewpie Corporation.

(Spirit of Foundation of the Company)

Article 2

The Company shall have the following Corporate Motto and Corporate Principles as spirit of foundation of the Company, and place emphasis on safety and security above all things and continue to make contributions to the healthy diet.

(Corporate Motto) *RAKU-GYOU-KAI-ETSU*

(Corporate Principles) To act on moral principles

To strive for originality and ingenuity

To look after parent's well being

(Objectives of the Company)

Article 3

The Company shall operate the following lines of business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Manufacture and sale of "mayonnaise sauce" and other general sauces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Manufacture and sale of various bottled and canned food and other various food articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Manufacture and sale of food additives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Manufacture and sale of materials of medical drugs, drugs and medicines, quasi-drugs, cosmetics and other chemical products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Manufacture and sale of feed and fertilizer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Manufacture and sale of manufacturing equipment for food articles and medical drugs, and other various machines and equipment, and engineering
business associated therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Plumbing work, machinery and equipment installation work, construction work and electrical work businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Building designing, construction, supervisory and consulting business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Lease of real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Operation and management of food processing equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Comprehensive cleaning, guard and security control of factories and stores;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Management of agriculture and livestock businesses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) All undertakings in connection with those lines of business mentioned in the preceding items.

(Location of Head Office)

Article 4

The head office of the Company shall be situated at Shibuya-ku, Tokyo.

(Organization)

Article 5

The Company shall have the following organizations in addition to general meetings of shareholders and directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Corporate Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Board of Corporate Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Accounting Auditors

(Method of Giving Public Notices)

Article 6

The method of giving public notices of the Company shall be electronic public notices; provided, however, that in case where an electronic public notice is impracticable due to an accident or other unavoidable reasons, the Company shall give its public notices in the Nihon Keizai Shimbun.

Chapter 2 Shares

(Total Number of Shares Authorized to Be Issued)

Article 7

The total number of shares authorized to be issued by the Company shall be five hundred million (500,000,000) shares.

(Number of Shares Constituting One Unit of Shares)

Article 8

The number of shares constituting one (1) unit of shares of the Company shall be one hundred (100) shares.

(Rights for Shares Constituting Less Than One Unit)

Article 9

A shareholder of the Company who holds shares constituting less than one unit may not exercise any rights, except for the following rights, with respect to the shares less than one unit held by that shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The rights provided for in each item of Article 189, Paragraph 2 of the Companies Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The right to receive an allotment of offered shares and offered stock acquisition rights in proportion to the number of shares held;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The right to claim acquisition of shares with put option as provided for in Article 166, Paragraph
1 of the Companies Act.

(Share Handling Regulations)

Article 10

Handling relating to shares of the Company shall be governed by the Share Handling Regulations established by the Board of Directors, as well as the applicable laws and regulations or the Articles of Incorporation.

(Administrator of Shareholders' Register)

Article 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company shall appoint an Administrator of Shareholders' Register of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Administrator of Shareholders' Register and its office shall be designated by a resolution of the Board of Directors, and a
public notice shall be given with regard thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Company shall delegate to the Administrator of Shareholders' Register the preparation, maintenance and other businesses related
to the Register of Shareholders and the Register of Stock Acquisition Rights, and the Company shall not handle such businesses.

Chapter 3 General Meetings of Shareholders

(Convocation)

Article 12

An ordinary general meeting of shareholders of the Company shall be convened in February of each year, and an extraordinary general meeting of shareholders shall be convened whenever necessary.

(Record Date for Ordinary General Meetings of Shareholders)

Article 13

The shareholders having voting rights who are entered or recorded on the last Shareholders' Register as of November 30 of each year shall be the shareholders entitled to exercise the rights of shareholders at the ordinary general meeting of shareholders for such business year.

(Convener and Chairperson)

Article 14

A general meeting of shareholders shall be convened and chaired by the Representative Director authorized in advance by the Board of Directors.

In the event that the position of the Representative Director is vacant or that he or she is prevented from so acting, another Director shall take his or her place in the order determined in advance by the Board of Directors.

(Measures for Electronic Provision of Information, etc.)

Article 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company shall, in convening a general meeting of shareholders, take measures for electronic provision of information contained in
reference documents, etc. for the general meetings of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company may decline to include all or a part of certain items stipulated by the Ordinance of the Ministry of Justice among information
disclosed through the electronic provision system, in the documents to be delivered to shareholders who request delivery of documents
in paper format by the record date of their voting rights

(Method of Resolution)

Article 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Unless otherwise provided for in any law or regulation or in the Articles of Incorporation, resolutions of a general meeting of shareholder
shall be adopted by a majority of votes of the attending shareholders entitled to exercise their voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Resolutions of general meetings of shareholders provided for in Article 309, Paragraph 2 of the Companies Act shall be adopted by not
less than two-thirds of votes of shareholders present at a general meeting of shareholders, at which shareholders having not less than
one-third of the total number of voting rights of shareholders entitled to exercise their voting rights are present.

(Exercise of Voting Right by Proxy)

Article 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A shareholder may exercise his or her voting right by a proxy, who shall be a shareholder of the Company with the right to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The shareholder or the proxy under the preceding paragraph shall file with the Company a document certifying the proxy at every general
meeting of shareholders.

Chapter 4 Directors and Board of Directors

(Number)

Article 18

The number of Directors of the Company shall be twelve (12) or less.

(Method of Election and Dismissal of Directors)

Article 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directors shall be elected or dismissed by a resolution of a general meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A resolution electing or dismissing Directors shall be adopted by a majority of votes of the shareholders present at a general meeting
of shareholders at which shareholders representing not less than one-third of the voting rights of shareholders entitled to exercise
voting rights are present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No cumulative voting shall be used for the resolution electing Directors.

(Term of Office)

Article 20

The term of office of a Director shall expire at the conclusion of the ordinary general meeting of shareholders held with respect to the last business year ending within one (1) year following his/her election.

(Representative Director and Chairperson of the Board of Directors)

Article 21

The Board of Directors may, by its resolution, elect several Representative Directors and, when necessary, one (1) Chairperson of the Board of Directors.

(Remuneration, etc.)

Article 22

Remuneration, bonuses, and other financial benefits given by the Company to Directors in consideration of the performance of their duties (hereinafter referred to as "Remuneration, etc.") shall be determined by a resolution of a general meeting of shareholders.

(Convener and Chairperson)

Article 23

A meeting of the Board of Directors shall be convened and chaired by the Representative Director stipulated in the Board of Directors Regulations established by the Board of Directors (or, if a Chairperson of the Board of Directors has been elected, the Chairperson of the Board of Directors).

In the event that the position of the Representative Director (or Chairperson of the Board of Directors) is vacant or that he or she is prevented from so acting, another Director shall take his or her place in the order predetermined by the Board of Directors.

(Notice of Convocation)

Article 24

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Notice of convocation of a meeting of the Board of Directors shall be dispatched to each Director and Corporate Auditor at least two
(2) days before the scheduled date of such meeting of the Board of Directors; provided, however, that in case of an emergency such period
may be shortened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the consent of all Directors and Corporate Auditors is obtained, a Board of Directors meeting may be held without taking the procedure
of convocation.

(Method of Resolution)

Article 25

Unless otherwise stipulated in laws and ordinances, the resolution of the Board of Directors meeting shall be made by a majority of votes of the Directors present at the meeting where a majority of the Directors entitled to participate in the vote are present.

(Omission of Resolutions of the Board of Directors)

Article 26

If a Director submits a proposal regarding a matter, which is the subject of a resolution of the Board of Directors, and if all of the Directors eligible to participate in votes regarding the said matter indicate their consent to the said proposal, either in writing or in electronic form, the Company shall deem such proposal as having been approved by the Board of Directors, unless any Corporate Auditor expresses opposition to such proposal.

(Board of Directors Regulations)

Article 27

Matters relating to the Board of Directors shall be governed by the Board of Directors Regulations established by the Board of Directors, in addition to applicable laws and ordinances and the Articles of Incorporation.

(Contract with Outside Directors Limiting Their Liabilities)

Article 28

The Company may, pursuant to the provision of Article 427, Paragraph 1 of the Companies Act, enter into a contract with its Outside Directors to limit their liabilities to the Company for the damages arising from negligence of their duties, to the amount stipulated by the applicable laws and regulations.

(Senior Corporate Adviser)

Article 29

The Representative Director may, by a resolution of the Board of Directors, engage Senior Corporate Advisers.

Chapter 5 Corporate Auditors and Board of Corporate Auditors

(Number)

Article 30

The number of Corporate Auditors of the Company shall be five (5) or less.

(Method of Election and Dismissal)

Article 31

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Corporate Auditors shall be elected or dismissed by a resolution of a general meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A resolution electing Corporate Auditors shall be adopted by a majority of votes of the shareholders present at a general meeting of
shareholders at which shareholders representing not less than one-third of the voting rights of shareholders entitled to exercise voting
rights are present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A resolution dismissing Corporate Auditors shall be adopted by not less than two-thirds of votes of the shareholders present at a general
meeting of shareholders at which shareholders representing not less than one-third of the voting rights of shareholders entitled to exercise
voting rights are present.

(Term of Office)

Article 32

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of office of a Corporate Auditor shall expire at the conclusion of the ordinary general meeting of shareholders held with respect
to the last business year ending within four (4) years following his/her election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The term of office of a Corporate Auditor elected to fill a vacancy for a Corporate Auditor who retires before the expiration of the
term of office shall be until the expiration of the term of office of such retiring Corporate Auditor.

(Full-Time Corporate Auditors)

Article 33

The Board of Corporate Auditors may, by its resolution, elect full-time Corporate Auditors.

(Remuneration, etc.)

Article 34

Remuneration, etc. of Corporate Auditors shall be fixed by a resolution of a general meeting of shareholders.

(Notice of Convocation)

Article 35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Notice of convocation of a meeting of the Board of Corporate Auditors shall be dispatched to each Corporate Auditor at least two (2)
days before the scheduled date of such meeting of the Board of Corporate Auditors; provided, however, that in case of an emergency such
period may be shortened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the consent of all Corporate Auditors is obtained, a Board of Corporate Auditors meeting may be held without taking the procedure
of convocation.

(Method of Resolution)

Article 36

Unless otherwise stipulated in laws and ordinances, the resolution of the Board of Corporate Auditors meeting shall be made by a majority of votes of the Corporate Auditors.

(Board of Corporate Auditors Regulations)

Article 37

Matters relating to the Board of Corporate Auditors shall be governed by the Board of Corporate Auditors Regulations established by the Board of Corporate Auditors, in addition to applicable laws and ordinances and the Articles of Incorporation.

(Contract with Outside Corporate Auditors Limiting Their Liabilities)

Article 38

The Company may, pursuant to the provision of Article 427, Paragraph 1 of the Companies Act, enter into a contract with its Outside Corporate Auditors to limit their liabilities to the Company for the damages arising from negligence of their duties, to the amount stipulated by the applicable laws and regulations.

Chapter 6 Accounting Auditors

(Method of Election and Dismissal)

Article 39

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Accounting Auditors shall be elected or dismissed by a resolution of a general meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A resolution electing or dismissing Accounting Auditors shall be adopted by a majority of votes of the attending shareholders entitled
to exercise the voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If an Accounting Auditor falls under any of events stipulated in laws and ordinances, the Board of Corporate Auditors may dismiss the
Accounting Auditor with the consent of all Corporate Auditors.

(Term of Office)

Article 40

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term of office of an Accounting Auditor shall expire at the conclusion of the ordinary general meeting of shareholders held with
respect to the last business year ending within one (1) year following his/her election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. An Accounting Auditor shall be deemed to be reelected for a successive term at the ordinary general meeting of shareholders under the
preceding paragraph unless otherwise resolved at said meeting.

(Remuneration, etc.)

Article 41

Remuneration, etc. of an Accounting Auditor shall be fixed by the Representative Director with consent of the Board of Corporate Auditors.

Chapter 7 Accounting

(Business Year)

Article 42

The business year of the Company shall commence on December 1 of each year and end on November 30 of the ensuing year.

(Organization to Determine Distribution of Dividends of Surplus and Other Matters)

Article 43

Unless otherwise provided by applicable laws and regulations, the Company may determine matters concerning distribution of dividends of surplus, acquisition of own shares and other matters provided for in each item of Article 459, Paragraph 1 of the Companies Act, by a resolution of the Board of Directors.

(Record Date for Distribution of Dividends of Surplus)

Article 44

The record date for distribution of dividends of surplus shall be November 30 of each year as year-end dividends and May 31 of each year as interim dividends, with regard to shareholders or registered pledgees recorded on the Shareholders' Register as of each record date.

(Exclusion Period of Dividend)

Article 45

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company shall be relieved of any obligation to pay the dividends that are not received after the lapse of three (3) full years from
the date when the dividends have begun to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Unpaid dividends shall not bear any interest.

・ Financial Statements, etc. for Kewpie Corporation's latest Fiscal Year (December 1, 2023 to November 30, 2024)

Please refer to the following pages.

Business Report (from December 1, 2023 to November 30, 2024)

**1. Matters concerning the current status of the Group**

**(1) Business Progress and Results**

In FY2024, while the economy showed signs of a gradual recovery due to factors such as increased inbound consumption and stabilization of egg prices, uncertainties persisted due to risks of an economic slowdown caused by unstable international conditions, as well as continuously high prices of raw material and energy, rising logistics costs and labor expenses, and fluctuations in exchange rates. In this environment, the Kewpie Group (the "Group") has continued to invest resources overseas, accelerating the expansion of the KEWPIE brand, particularly in China, Southeast Asia, and North America. Domestically, we have continued to address the diversifying needs of our customers while also working to improve profitability and productivity. Additionally, we have expanded investments for the future aimed at achieving sustainable growth.

Net sales increased due to sustained overseas growth, recovery in sales of domestic core products such as seasonings and prepared foods, and higher unit price resulting from price revisions.

Operating income increased due to higher sales of egg products, mitigation of the impact of rising raw material prices, and expanded profits from overseas growth. Ordinary income and profit attributable to owners of parent also increased as a result of the rise in operating income.

**Key Performance Indicators**

---

| | | |
|:---|:---|:---|
| **Net sales** | **Operating income** | **Profit attributable to<br> owners of parent** |
| **484.0** **billion yen**<br> Increase of 6.4 % from the previous fiscal year | **34.3** **billion yen**<br> Increase of 74.3% from the previous fiscal year<br>| **21.4** **billion yen**<br> Increase of 62.6 % from the previous fiscal year<br>|

---

**Status of Assets and Profits (Losses)**

(Billions of yen)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Term | Term | &nbsp;&nbsp;&nbsp; Fiscal Year<br> 2021<br>From <br> December 1,<br> 2020 to<br> November 30,<br> 2021 | &nbsp;&nbsp;&nbsp; Fiscal year<br> 2022<br>From<br> December 1,<br> 2021 to<br> November 30,<br> 2022 | &nbsp;&nbsp;&nbsp; Fiscal year<br> 2023<br>From <br> December 1,<br> 2022 to<br> November 30,<br> 2023 | &nbsp;&nbsp;&nbsp;&nbsp;**Fiscal year<br> 2024**<br>From <br> December 1, <br> 2023 to <br> November 30, <br> 2024 | &nbsp;&nbsp;&nbsp;&nbsp;Change<br> from<br> previous<br> fiscal <br> year | &nbsp;&nbsp;&nbsp;&nbsp;Percentage<br> of change <br> from the<br> previous <br> fiscal year |
| &nbsp;&nbsp;Net sales |  | 407.0 | 430.3 | 455.1 | 484.0 | 28.9 | 6.4% |
| &nbsp;&nbsp;Operating income |  | 28.0 | 25.4 | 19.7 | 34.3 | 14.6 | 74.3% |
| &nbsp;&nbsp;Ordinary income |  | 29.7 | 27.2 | 20.5 | 36.9 | 16.4 | 80.0% |
| &nbsp;&nbsp;Profit attributable to owners of parent |  | 18.0 | 16.0 | 13.2 | 21.4 | 8.2 | 62.6% |
| &nbsp;&nbsp;Earnings per share | (Yen) | 128.17 | 115.34 | 94.78 | 154.1 | 59.32 | 62.6% |
| &nbsp;&nbsp;Total assets |  | 381.0 | 403.4 | 426.0 | 462.4 | 36.4 | 8.5% |
| &nbsp;&nbsp;Net assets |  | 269.3 | 294.6 | 311.3 | 331.6 | 20.3 | 6.5% |
| &nbsp;&nbsp;Net assets per share | (Yen) | 1767.14 | 1925.54 | 2027.90 | 2174.74 | 146.84 | 7.2% |
| &nbsp;&nbsp; ROE<br> (Return on Equity) | (%) | 7.4 | 6.2 | 4.8 | 7.3 |  |  |
| &nbsp;&nbsp; ROA<br> (Return on Assets) | (%) | 7.1 | 6.9 | 4.9 | 8.3 |  |  |

---

**Segment Overview**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Retail Market | This segment manufactures a wide range of products for home use, including mayonnaise, dressings, pasta sauces, baby food, nursing care food, packaged salads, and delicatessen foods. These products are sold through supermarkets, drugstores, and e-commerce sites. <br> We strive to meet the diversifying needs arising from changes in lifestyles and contribute to the realization of healthy and fulfilling diets for our customers. |  |  |  |  |
|  |  | Mayonnaise | Dressing | Dressing | Package Salads |
| Food Service | This segment manufactures and sells a wide range of commercial products, from liquid eggs, frozen eggs, and vinegar used as ingredients for various products offered in restaurants, hotels, bakeries, delicatessens, and convenience stores, to processed products such as seasonings, cooking sauces, omelets, and egg salads. We work with our customers to create new food scenes and food trends through the development of professional-grade products and menus, as well as solution proposals. |  |  |  |  |
|  |  | *Torotto* Tamago<br> (thickened egg)<br> Plain egg | *Torotto* Tamago<br> (thickened egg)<br> Plain egg | Dressing | Dressing |
| Overseas | This segment manufactures and sell condiments such as mayonnaise and dressings in China, Southeast Asia, North America, and Europe. <br> Leveraging the quality and menu proposal capabilities cultivated in Japan, we aim to become a group that contributes to the world's food and health while creating and establishing new food cultures in each area. |  |  |  |  |
|  |  | Mayonnaise and Dressing <br> sold in China and Southeast Asia | Mayonnaise and Dressing <br> sold in China and Southeast Asia | Mayonnaise and Dressing <br> sold in China and Southeast Asia | Mayonnaise and Dressing <br> sold in China and Southeast Asia |
| Fruit Solutions | This segment manufactures and sells jams and spreads for home use, frozen fruit products, and fruit products for food manufacturers. Based on our core business of manufacturing orange marmalade, we have refined our raw material procurement capabilities, fruit processing technology, and techniques for preserving flavor, and we will continue to develop these further to offer proposals so that our customers can enjoy fruit even more. |  |  |  |  |
|  |  | 55 Jam | *Kuchidoke* Frozen | *Kuchidoke* Frozen | Whole Fruits |
| Fine Chemicals | Leveraging unique materials technologies, this segment manufactures and sells products such as hyaluronic acid and egg yolk lecithin, as raw materials for pharmaceuticals, cosmetics, and food products. We also incorporate these materials into our own nutritional supplements and skincare products, striving to create further added value. |  |  |  |  |
|  |  | Functional food containing hyaluronic acid | Functional food containing hyaluronic acid | Functional Food containing<br> Bacillus acetate  | Functional Food containing<br> Bacillus acetate  |
| Common Business | This segment consists of companies engaged in the sale of food manufacturing machinery and the accounting and labor management of group companies. |  |  |  |  |

---

****

<br> **Net Sales and Operating Income by Segment**

(Billions of yen)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Business Segment | &nbsp;&nbsp;&nbsp;Fiscal year 2023 <br> From December 1,<br> 2022 to November 30,<br> 2023 | &nbsp;&nbsp;&nbsp;**Fiscal year 2024** <br> From December 1,<br> 2023 to November 30,<br> 2024 | &nbsp;&nbsp;&nbsp;Change from<br> the previous <br> fiscal year | &nbsp;&nbsp;&nbsp;Percentage of<br> change from <br> the previous<br> fiscal year | &nbsp;&nbsp; Composition<br>for FY2024 |
| **Breakdown of Net Sales** | **Breakdown of Net Sales** | **Breakdown of Net Sales** | **Breakdown of Net Sales** | **Breakdown of Net Sales** | **Breakdown of Net Sales** |
| &nbsp;&nbsp; ● Retail Market<br> ● Food Service<br> ● Overseas<br> ● Fruit Solutions<br> ● Fine Chemicals<br> ● Common Business | &nbsp;&nbsp; 177.4<br> 165.3<br> 78.3<br> 17.0<br> 11.2<br> 6.0 | &nbsp;&nbsp; 186.7<br> 170.1<br> 92.2<br> 17.0<br> 11.4<br> 6.6 | &nbsp;&nbsp; 9.4<br> 4.8<br> 13.9<br> 0<br> 0.2<br> 0.6 | &nbsp;&nbsp; 5.3%<br> 2.9%<br> 17.8%<br> 0.3%<br> 1.9%<br> 10.3% | ![](img_013.jpg) |
| **Total** | 455.1 | 484.0 | 289 | 6.4% | ![](img_013.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Breakdown of Operating Income** | **Breakdown of Operating Income** | **Breakdown of Operating Income** | **Breakdown of Operating Income** | **Breakdown of Operating Income** | **Breakdown of Operating Income** |
| &nbsp;&nbsp; ● Retail Market<br> ● Food Service<br> ● Overseas<br> ● Fruit Solutions<br> ● Fine Chemicals<br> ● Common Business | &nbsp;&nbsp; 9.9<br> 4.1<br> 10.3<br> 0.3<br> 1.0<br> 1.2 | &nbsp;&nbsp; 14.3<br> 12.0<br> 14.4<br> 0.2<br> 0.6<br> 1.4 | &nbsp;&nbsp; 4.3<br> 7.8<br> 4.1<br> (0.1)<br> (0.5)<br> 0.1 | &nbsp;&nbsp; 43.6%<br> 189.0%<br> 39.4%<br> (38.4%)<br> (45.0%)<br> 11.8% | ![](img_014.jpg) |
| Company-wide expenses | (7.3) | (8.4) | (1.1) |  | ![](img_014.jpg) |
| **Total** | 19.7 | 34.3 | 14.6 | 74.3% | ![](img_014.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(Note) Change from the previous fiscal year and Composition for FY2024 are calculated based on amounts rounded down to the nearest million yen.

****

<br> **Retail Market**

**Major Factors of Change**

Net sales increased due to factors including an increase in unit price resulting from price revisions of condiments and a recovery in sales of delicatessen foods.

Operating income increased due to the mitigation of the impact of rising raw material prices and a sale increase.

![](image_035.jpg)

**Food Service**

**Major Factors of Change**

Net sales increased due to higher sales of condiments and egg products through enhancement of added value.

Operating income increased due to the mitigation of the impact of rising raw material prices and a sale increase.

![](image_036.jpg)

**Overseas**

**Major Factors of Change**

Net sales increased due to steady performance in China, Southeast Asia and North America.

Operating income increased due to a recovery from the impact of COVID-19 in China and the expansion of Kewpie-branded products in North America.

![](image_037.jpg)

**Fruit Solutions**

**Major Factors of Change**

Sales increased but income decreased, due to the impact of surging raw material prices, despite strong sales of jams and spreads for household use.

![](image_038.jpg)

****

<br> **Fine Chemicals**

**Major Factors of Change**

Sales increased but income decreased, due to a rise in costs of mail order sales, despite higher sales of raw materials.

![](image_039.jpg)

**Common Business**

**Major Factors of Change**

Both sales and income increased, due to increased sale of food production machinery for food manufacturers.

![](image_040.jpg)

<br>**Main Topics in FY2024**

![](image_034.jpg)

Various Award-Winning Products From household items to commercial items, our products have garnered significant praise from many consumers and customers. We will continue to contribute to the food culture and health of the world through "great taste, empathy, and uniqueness." Selected as a hit product for the first half of 2024 in rankings put out by the Nikkei Marketing Journal (June) Hosted by Nikkei Inc. Awarded the Japan Child Care Advocate Grand Prize 2024 (July) Hosted by JCFS Awarded the Blockbuster Processed Food for Industrial Use Award (September) Hosted by THE JAPAN FOOD JOURNAL Co., Ltd. Kewpie Gudakusan Lemon Tartar Sauce Aohata Spoon Free Series Kewpie Gu Tappuri Sauce (2 products) The refreshing lemon flavor is a popular choice among customers of all ages. The series was highly rated for its child-friendly design—allowing children to spread it on bread by themselves—while maintaining the fruity texture unique to Aohata. The series was well-received for its ability to add value to dishes and to shorten and simplify cooking processes.

Report of Progress of Clinical Trials on Allergen-Reduced Eggs In 2024, we began joint clinical safety assessments (clinical trials) of allergen-reduced eggs alongside Sagamihara National Hospital and Hiroshima University as part of a project that has entered the applied research stage. In all 17 cases that were part of these clinical trials up until September 2024, no allergic (negative) reactions were observed in patients with egg allergies who consumed heat-treated allergen-reduced egg powder. The plan is to continue increasing the number of trials until around 2026 while gradually increasing the intake amount. As a company handling many egg-based products, we will continue with our research on allergen-reduced eggs to meet the needs and address the reality of people who want to eat eggs but are unable to because of allergies.

Establishment of the Future Food Factory Consortium In July 2024, the Company formed the Future Food Factory Consortium alongside KAGOME CO., LTD., NAGATANIEN CO., LTD., Nichirei Foods Inc., Nisshin Seifun Group Inc., and TechMagic Inc. The aim is to find solutions to common issues facing food factories in non-competing areas. Alongside these other food companies, we will work to address "common challenges in the food industry" and create "future food factories."

**Topics and New Products in FY2025**

![](img_029.jpg)

100th Anniversary of the Launch of KEWPIE Mayonnaise 100th anniversary logo and slogan It has now been a century since we became the first company to begin the manufacture and sale of mayonnaise in Japan in March 1925. We have launched various centennial projects to show our appreciation for customers' ongoing support. World Mayo Kitchen—A food truck offering mayonnaise-inspired dishes\* from across the world Currently on sale in 79 countries and regions worldwide (as of the end of November 2024), KEWPIE Mayonnaise has become a popular condiment both in Japan and overseas. The World Mayo Kitchen food truck will be sharing how mayonnaise is used in the world and offering mayonnaise dishes\* from across the world for people to try out around Japan. Do not miss the opportunity to join this mayonnaise-led journey around the world! (\*Includes original mayonnaise dishes recommended by overseas employees of the Group.) Open between February 28 and March 2, 2025, at Roppongi Hills Arena. Available at branch locations (total of seven sites) from the end of March onward. Other centennial projects include consumer campaigns and limited-edition sales of mayonnaise inspired by global flavors. Please see our website for more details. キユーピーマヨネーズ100周年

![](img_030.jpg)

On sale mid-February KEWPIE Tasty Dressing Caesar salad dressing with olive oil Sesame & almond Two new products are to be added to the KEWPIE Tasty Dressing lineup, turning every meal into a feast. Caesar salad Deep and satisfying taste with the richness of cheese and the aroma of extra virgin olive oil. Sesame & almond Deep and satisfying taste with the fragrant aroma of roasted sesame and almonds and the rich flavor of peanuts. On sale since August 2024 Choline EX Foods with functional claims\* for those who are concerned about verbal memory Choline EX was developed following research on the hidden health benefits of eggs using our unique expertise and commitment to quality. Choline EX contains egg yolk choline, which has been reported to maintain verbal memory (the ability to remember and recall words), one cognitive function that deteriorates with age among the middle-aged and elderly. For more details, please see the Group's online store or inquire below. キユーピーウエルネス Inquiries Tou Kewpie Co., Ltd. Toll free 0120-0365-11 Service hours: 9:00–18:00 (available 24/7, excluding New Year period) \*The product has not received scientific approval from the relevant national authorities. Moreover, the product is not intended for the diagnosis, treatment, or prevention of disease. "It is important to have a balanced diet consisting of staple foods, main dishes, and side dishes."

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Policy for determining dividends from surplus** 

Kewpie Corporation (the "Company") considers a shareholder return policy: with top priority on dividend distributions, and shareholder return plan based on the Medium-Term Business Plan.

In determining dividends under the Medium-Term Business Plan up to FY2024, the Company set its targets, with the assumption of ¥45 or more annual dividend per share, consolidated dividend payout ratio of 35% or more and accumulated total return ratio over the four fiscal years of 50% or more.

For the fiscal year ended November 30, 2024, the Company decided to distribute an annual dividend of ¥54 per share, consisting of an interim dividend of ¥23 and a year-end dividend of ¥31, with a consolidated dividend payout ratio of 35.0%. As a result, the accumulated total return ratio over the four fiscal years is 55%.

Pursuant to the Company's shareholder return policy for the FY2025-FY2028 Medium-Term Business Plan, the Company plans to set a minimum annual dividend per share target of ¥54, and while gradually increasing this amount, aims for a target of an accumulated total return ratio over these four fiscal years of 50% or more.

For the fiscal year ending November 30, 2025, the Company expects an annual dividend projection of ¥64 per share (including a special dividend of ¥10 to commemorate the Kewpie Mayonnaise 100th Anniversary), consisting of an interim dividend of ¥32 (including a special dividend of ¥5 to commemorate the aforementioned anniversary) and a year-end dividend of ¥32 (including a special dividend of ¥5 to commemorate the aforementioned anniversary), with consolidated dividend payout ratio projection of 30.5%.

The Company is a company to which consolidated dividend regulations will apply under the Regulations on Corporate Accounting, meaning that (if the distributable amount calculated on a consolidated basis is smaller than the same amount calculated on a non-consolidated basis). it calculates the distributable amount for dividends on a consolidated basis.

****

<br> **Changes in dividend per share**

\* In FY2025, we plan for a commemorative dividend of ¥10 (an interim dividend of ¥5 and a year-end dividend of ¥5) to mark the Kewpie Mayonnaise 100th Anniversary.

![](image_048.jpg)

Shareholder return plan under the FY2025-FY2028 Medium-Term Business Plan Basic policy for shareholder returns • Determine the shareholder return policy for each Medium-Term Business Plan • Aim for a steady increase in dividends over the long term Criteria for determining dividend Annual dividend per share Target of ¥54 or more Accumulated total return ratio over four fiscal years of 50% or more. Setting a target minimum annual dividend of ¥54 per share and aims to increase gradually

**(3) Issues to be addressed** 

**― the Medium-Term Business Plan**

As a corporate group that focuses on the field of food, which is essential to people's life, the Kewpie Group aims to contribute to the food culture and health of the world through "great taste, empathy, and uniqueness" in its long-term vision named as "Kewpie Group 2030 Vision".

In the FY2025-FY2028 Medium-term Business Plan, we will work on the theme of "Change & Challenge: Improving management efficiency in mature markets and accelerating investment in growth business areas". We will create social and economic value and contribute to our customers around the world by promoting "Contributing to food culture and health", "Consideration for the environment", and "Enhancing the value of human capital", along with "structural reform of domestic business" and "acceleration of global expansion".

![](img_033.jpg)

****

<br> **Indicators for FY2025-FY2028 Medium-Term Business Plan**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FY2024 Results | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FY2028 Target |
| ROE (Return on Equity) | 7.3% | 8.5% or more |
| Domestic Business Profit Margin | 7.2% | 8.0% or more |
| &nbsp;&nbsp; Overseas net sales growth rate<br> (local currency basis) | (Year on year) 11% | (annual rate) 10% or more |

---

![](img_034.jpg)

****

<br> **FY2025 Plan for Consolidated Financial Results** 

(Billions of yen)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FY2024<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Actual) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FY2025 (Plan)** |
| &nbsp;&nbsp;Net Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505.0 |
| &nbsp;&nbsp;Operating income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.5 |
| &nbsp;&nbsp;Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.6 |
| &nbsp;&nbsp;Profit attributable to owners of parent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2\* |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;ROE (Return on Equity) | 7.3% | 9.4% |
| &nbsp;&nbsp;Domestic Business Profit Margin | 7.2% | 7.1% |
| &nbsp;&nbsp;Overseas net sales growth rate (local currency basis) | (Year on year) 11% increase | (Year on year) 15% increase |

---

\* In connection with the transfer of fixed assets, the Company expects to record an extraordinary gain of approximately 12 billion yen as gains on sales of fixed assets in the first quarter of the fiscal year ending November 30, 2025.

(Billions of yen)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Segment Breakdown | &nbsp;&nbsp;Net sales | &nbsp;&nbsp;Net sales | &nbsp;&nbsp;Operating income | &nbsp;&nbsp;Operating income |
| &nbsp;&nbsp;Segment Breakdown | &nbsp;&nbsp; FY2024<br> (Actual)<br>| &nbsp;&nbsp; **FY2025** <br> **(Plan)** | &nbsp;&nbsp; FY2024<br> (Actual)<br> (after<br> retroactive<br> adjustment) | &nbsp;&nbsp; **FY2025** <br> **(Plan)** |
| &nbsp;&nbsp;● Retail Market | &nbsp;&nbsp;186.7 | &nbsp;&nbsp;189.6 | &nbsp;&nbsp;14.3 | &nbsp;&nbsp;13.3 |
| &nbsp;&nbsp;● Food Service | &nbsp;&nbsp;170.1 | &nbsp;&nbsp;172.1 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;12.3 |
| &nbsp;&nbsp;● Overseas | &nbsp;&nbsp;92.2 | &nbsp;&nbsp;105.5 | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;12.7 |
| &nbsp;&nbsp;● Fruit Solutions | &nbsp;&nbsp;17.0 | &nbsp;&nbsp;17.1 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;● Fine Chemicals | &nbsp;&nbsp;11.4 | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;● Common Business | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Company-wide expenses | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(6.5) | &nbsp;&nbsp;(6.6) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;484.0 | &nbsp;&nbsp;505.0 | &nbsp;&nbsp;34.3 | &nbsp;&nbsp;34.5 |

---

Note: Effective from FY2025, the Company has changed the allocation basis of "company-wide expenses" in order to reflect the actual profit/loss of each segment more appropriately.

**Sustainability**

**Kewpie Group Basic Policy on Sustainability (excerpts)**

With an emphasis on the aspiration for "love around the kitchen table", the Kewpie Group aims to address and resolve various issues through "great taste, empathy, and uniqueness" policy.

We will create a future full of smiles by caring for people and the environment throughout the entire value chain from product design and raw material procurement to production, sales, and consumption.

**Sustainability Goals and Contributions**

![](img_050.jpg)

(Note) Sustainability Goals are under review and partially revised. For details, please refer to our website.

<u>https://www.kewpie.com/en/sustainability/management/materiality/</u> ![](img_041.jpg)

Priority Issues Main Tasks Impact Indicators Fiscal 2024 Results FY2028 Target FY2030 Target Contributing to food culture and health Contributing to extending healthy life expectancy Contribution to customers' healthy eating habits, promote initiatives centered on increasing opportunities to consume salads and adding value to eggs. Supporting children's mental and physical health Number of children's smiles by our activities (Cumulative total from FY2019) 463,000 people More than 800,000 More than 1 million Reduction rate of food leftovers (compared to FY2015) 60.6% 63% or more 65% or more Reduction –and effective utilization of food loss Effective utilization rate of unused vegetable parts (Main target: cabbage, etc.) 85.3% 88% or more 90% or more Effective –use and recycling of resources Reduction rate of product waste (compared to FY2015) 65.9% 70% or more 70% or more Reduction and reuse of plastic Reduction rate of plastic waste (compared to FY2018) Calculation in progress (FY2023 20.9%) 25% or more 30% or more Sustainable use of water resources Reduction rate of water consumption (per unit of production) (compared to FY2020) 7.8% 8% or more 10% or more Deal with climate change Reduction of CO2 emissions Reduction rate of CO2 emissions (compared to FY2013) 44.4% 46% or more 50% or more Conservation of biodiversity Biodiversity conservation Sustainable paper procurement rate (container packaging, printed booklets, promotional materials, office supplies) Calculation in progress Maintain 100% Maintain 100% 100% by FY2025 Sustainable procurement Promotion of sustainable procurement Promoting "Basic Policy on Sustainable Procurement" through collaboration with sustainable suppliers Respect for human rights Respect for human rights Promoting the "Kewpie Group Human Rights Policy" to respect the human rights of all people involved in our business value chain

**Specific Initiative Themes**

---

| | | |
|:---|:---|:---|
| **Contributing to Food <br> Culture and Health** | **Effective Use and <br> Recycling of Resources** | **Dealing with <br> Climate Change** |
| &nbsp;&nbsp;&nbsp; <br> - Initiatives to increase opportunities to consume salads and add value to eggs through product development, menu proposals and research<br> - Food education activities through factory tours, lectures, and provision of information<br> - Participation in and collaborative research with groups that aim to prevent disease and improve diet<br> - Support activities through the Kewpie Mirai Tamago Foundation<br>![](image_025.jpg)<br>A food-based event hosted by Kewpie<br>| &nbsp;&nbsp;&nbsp; <br> - Advanced use of unused portions of vegetables and eggshells as fertilizer and feed, and in industrial applications<br> - Further matching of demand with supply to reduce product waste<br> - Efficient use of water in production and reduction of environmental impact from wastewater<br> - Research on lighter, thinner, or alternative plastics, and collaboration aimed at resource recycling<br>![](image_026.jpg)<br>Collection boxes for the recycling of mayonnaise bottles and oily PET bottles<br>| &nbsp;&nbsp;&nbsp; <br> - Initiatives across the value chain<br> - Information disclosure based on the TCFD framework<br> - Reduction in CO<sub>2</sub> emissions through manufacturing process reviews<br> - Promotion of energy-saving initiatives<br> and utilization of renewable energy<br> - Optimization of transport through cross-industry collaboration (promotion of modal shifts\* and joint deliveries to improve loading efficiency)<br>![](image_027.jpg)<br>Solar panels installed at a business location of Kewpie Malaysia |

---

\*Shifting from truck transport to container transport by train or ship

**Main Initiatives in FY2024**

![](image_031.jpg)

****

<br> &nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Capital expenditure** 

Total capital expenditures for FY2024 were ¥20,586 million.

---

| | | |
|:---|:---|:---|
| Segment breakdown  | Capital<br> expenditures<br>(millions of yen) | Main contents |
| Retail Market | 3719 | Production lines of condiments, salads, delicatessen foods and others |
| Food Service | 4877 | Production lines of condiments, egg products and others |
| Overseas | 10468 | Production lines of condiments and others |
| Fruit Solutions | 355 | Production lines of jams, fruit processed foods and others |
| Fine Chemicals | 390 | Production lines of hyaluronic acid and others |
| Common Business | 395 | Software and others |
| Other\* | 379 | Kewpie Group's enterprise systems and others |
| Total | 20586 |  |

---

\* The amount stated for "Other" is the amount of capital expenditures that cannot be allocated to each business segment.

---

| | |
|:---|:---|
| **Change in capital expenditures** | **Change in depreciation and amortization** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Financing** 

In FY2024, the Company raised ¥5,000 million long-term loans through a syndicate loan organized by Sumitomo Mitsui Banking Corporation as the lead manager.

&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Major lender and amount of loan** 

---

| | |
|:---|:---|
| Lender | Loan amount (millions of yen) |
| Syndicated loan | 5,000 |

---

(Note) This is jointly financed by three banks including Sumitomo
Mitsui Banking Corporation as the lead manager.

**(7) Employees**

Number of employees of the Group (as at November 30, 2024)

<u>Number of employees</u> <u>Change from the end of <br> the previous fiscal year</u> <br> <u>10,517 employees</u> <u>Decrease of 125</u>

(Note) 1. The number of employees is the number
of full-time employees (excluding secondees from the Group to outside the Group, including secondees to the Group from outside the Group,
and including contract employees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In addition to the above, the number
of temporary employees (part-timers, part-time workers, etc.) averaged 4,313 during the period (down 498 from the previous fiscal year).

Number of Employees of the Company

<u>Number of<br> employees</u> <u>Change from the <br> end of the <br> previous fiscal <br> year</u> <u>Average age</u> <u>Average years of<br> service</u> <br> <u>2,327 employees</u> <u>Decrease of 5</u> <u>42.0 years</u> <u>16.1 years</u>

(Note) 1. The number of employees is the number
of full-time employees (excluding secondees from the Company to outside the Company, including secondees to the Company from outside
the Company, and including contract employees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In addition to the above, the number
of temporary employees (part-timers, part-time workers, etc.) averaged 439 during the period (down 60 from the previous fiscal year).

**(8) Head Office and Offices**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Offices and Plants |
| Head Office | Shibuya Office (Shibuya-ku, Tokyo) |
| Branch Office | Sapporo, Tohoku (Miyagi), Kanto (Saitama), Metropolitan, Nagoya, Osaka (Hyogo), Chushikoku (Hiroshima), Fukuoka |
| Sales Offices | North Tohoku (Iwate), Koriyama, North Kanto (Tochigi), Niigata, Matsumoto, West Tokyo, Yokohama, Shizuoka, Kanazawa, East China (Okayama), Shikoku (Kagawa), South Kyushu (Kagoshima), Naha |
| Factory Plants | Hashikami (Aomori), Goka (Ibaraki), Nakagawara (Tokyo), Kobe (Hyogo), Izumisano (Osaka), Tosu (Saga) |
| R&D-Quality Assurance | Sengawa Kewport (Chofu City, Tokyo) |

---

(Note) Sengawa Kewport include the headquarter
and other functions of the Group companies.

**(9) Significant Subsidiaries, etc.**

---

| | |
|:---|:---|
| **Kewpie Egg Corporation** | **Deria Foods Co., Ltd.** |
| Head office: Chofu City, Tokyo | Head office: Chofu City, Tokyo |
| Business sites: Head office, 8 blocks, 22 factories | Business sites: Head office, 6 branches and 2 sales offices |
| Capital: 350 million yen | Capital: 50 million yen |
| Percentage of voting rights held by the Company: 100 | Percentage of voting rights held by the Company: 100 |
| Main businesses: Production and sales of liquid eggs and processed chicken egg products, etc. | Main businesses: Sales of salads, delicatessen foods, etc. |

---

---

| | |
|:---|:---|
| **Kewpie Jyozo Co., Ltd** | **Salad Club, Inc.** |
| Head office: Chofu City, Tokyo | Head office: Chofu City, Tokyo |
| Business sites: Head office, Research institute, 6 sales offices, 3 factories | Business sites: Head office, 3 branches, 6 sales offices, 7 factories |
| Capital: 100 million yen | Capital: 300 million yen |
| Percentage of voting rights held by the Company: 100 | Percentage of voting rights held by the Company: 51.0 |
| Main Businesses: Production and sales of vinegar, etc. | Main Businesses: Processing and sales of fresh vegetables, etc. |

---

---

| | |
|:---|:---|
| **Aohata Corporation** | **Hangzhou Kewpie Corporation** |
| Head office: Takehara City, Hiroshima Prefecture | Head office: Zhejiang Province, China |
| Business sites: Head office, 8 sales offices, 3 factories | Business sites: Head office, 2 branches, 1 factory |
| Capital: 915 million yen | Capital 140 million yuan |
| Percentage of voting rights held by the Company: 44.7 [11.1]%. | Percentage of voting rights held by the Company: 72.0 |
| Main businesses: Production and sales of jams, processed fruit products, etc. | Main businesses: Production and sales of seasonings, etc. |

---

---

| | |
|:---|:---|
| **BEIJING KEWPIE CO., LTD** | **Q&B FOODS, INC.** |
| Head office: Beijing, China | Head office: California, U.S.A. |
| Business sites: Head office, 1 branch, 1 factory | Business sites: Head office, 1 factory |
| Capital: 211 million yuan | Capital: 4,800,000 US dollar |
| Percentage of voting rights held by the Company: 72.0 | Percentage of voting rights held by the Company: 100 |
| Main businesses: Production and sales of seasonings, etc. | Main Businesses: Manufacture and sales of seasonings, etc. |

---

(Notes) 1. The Group consists of the Company, 54
subsidiaries, 27 affiliates, and 1 other related company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Percentage of voting rights is the sum
of direct and indirect holdings. Figures in parentheses represent the percentage of voting rights held by persons with whom the Company
has close ties or consents, and are shown as external numbers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Aohata Corporation is listed on the
Tokyo Stock Exchange Standard Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Since the Company does not have a parent
company as defined by the Companies Act, the status of the parent company is not stated.

**2. Matters Concerning the Company's Shares**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) Total number of authorized shares**<br> 500,000,000 shares<br>**(2) Total number of shares issued**<br> 141,500,000 shares<br>**(3) Number of shareholders**<br> 135,003<br> (down 6,378 from the end of the<br> previous fiscal year)<br>| ![](img_049.jpg) |

---

**(4) Major shareholders**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name of shareholder | &nbsp;&nbsp;Number of<br> shares held<br> (thousand<br> shares) | &nbsp;&nbsp;Percentage <br> of shares <br> held (%) |
| &nbsp;&nbsp;&nbsp;&nbsp;The Master Trust Bank of Japan, Ltd. (Trust account) | &nbsp;&nbsp;16001 | &nbsp;&nbsp;11.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;NAKASHIMATO CO., LTD. | &nbsp;&nbsp;11286 | &nbsp;&nbsp;8.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOHKA CO., LTD. | &nbsp;&nbsp;11122 | &nbsp;&nbsp;8.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody Bank of Japan, Ltd. (Trust account) | &nbsp;&nbsp;7154 | &nbsp;&nbsp;5.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kieikai Research Foundation | &nbsp;&nbsp;4251 | &nbsp;&nbsp;3.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Banking Corporation | &nbsp;&nbsp;3208 | &nbsp;&nbsp;2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Life Insurance Company | &nbsp;&nbsp;3039 | &nbsp;&nbsp;2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Dai-ichi Life Insurance Company, Limited | &nbsp;&nbsp;3012 | &nbsp;&nbsp;2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nakato Scholarship Foundation | &nbsp;&nbsp;2494 | &nbsp;&nbsp;1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;T&A Corporation | &nbsp;&nbsp;2032 | &nbsp;&nbsp;1.46 |

---

(Notes) 1. The Company holds 2,498,321 shares of
treasury stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The above percentage of shares held
is calculated excluding the treasury stock.

****

<br> **3. Officers**

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Directors and Corporate Auditors** 

(Outside): Outside Director or Outside Corporate Auditor

(Independent): Independent Officer

〇: Member of Nominating and Remuneration Committee (●: Chair)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Title | Name | Name | Assignment and important concurrent <br> office and others | Assignment and important concurrent <br> office and others |
| Chairman and Director | &nbsp;&nbsp;Amane Nakashima |  | &nbsp;&nbsp; Chairman of the Board of Directors<br> In charge of Brand<br> President and Representative Director of NAKASHIMATO CO., LTD. | 〇 |
| Representative Director | &nbsp;&nbsp;Mitsuru Takamiya |  | &nbsp;&nbsp;President and Chief Executive Corporate Officer | 〇 |
| Director | &nbsp;&nbsp;Ryota Watanabe |  | &nbsp;&nbsp; Executive Corporate Officer<br> In charge of Supply Chain Management | |
| Director | &nbsp;&nbsp;Yoshinori Hamachiyo |  | &nbsp;&nbsp; Senior Corporate Officer<br> In charge of Innovation | |
| Director | &nbsp;&nbsp;Shinichiro Yamamoto |  | &nbsp;&nbsp; Senior Corporate Officer<br> In charge of Corporate and Senior General Manager, Management Promotion Division | 〇 |
| Director | &nbsp;&nbsp;Shinya Hamasaki |  | &nbsp;&nbsp; Senior Corporate Officer<br> In charge of Group Sales and Retail Market Business in general | |
| Outside Director | &nbsp;&nbsp;Hitoshi Kashiwaki | (Outside)<br> (Independent) | &nbsp;&nbsp; Outside Director of Matsuya Co., Ltd.<br> Outside Director of TBS HOLDINGS, INC. | ● |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | Number of Board of Directors' meetings attended |
| &nbsp;&nbsp;As an experienced manager of an operating company engaged in human resources, media-related and other businesses, Mr. Kashiwaki utilizes his wealth of experience and high level of insight, including the development of overseas businesses, in his appointments to the Board of Directors and the Nomination and Remuneration Committee. He actively shares productive opinions and suggestions on overall management, including business strategy, human resource development, overseas expansion and marketing. Moreover, he led discussions regarding the future management structure and officer remuneration, for example, as chairperson of the Nomination and Remuneration Committee. | 12/12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Title | Name | Name | Assignment and important concurrent <br> office and others | Assignment and important concurrent <br> office and others |
| Outside Director | &nbsp;&nbsp;Atsuko Fukushima | (Outside)<br> (Independent) | &nbsp;&nbsp; External Director of Hulic Co., Ltd.<br> Outside Director of Nagoya Railroad Co., Ltd.<br> Outside Director of Calbee, Inc.<br> Director of The Resona Foundation for Future | 〇 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | Number of Board of Directors' meetings attended | Number of Board of Directors' meetings attended |
| &nbsp;&nbsp;Leveraging her many years of experience as a journalist and abundant knowledge related to corporate management gained through dialogue with top members of many companies, Ms. Fukushima has proactively provided useful opinions and suggestions on overall management, including diversity and sustainability, to the Board of Directors and to the Nomination and Remuneration Committee. | &nbsp;&nbsp;Leveraging her many years of experience as a journalist and abundant knowledge related to corporate management gained through dialogue with top members of many companies, Ms. Fukushima has proactively provided useful opinions and suggestions on overall management, including diversity and sustainability, to the Board of Directors and to the Nomination and Remuneration Committee. | &nbsp;&nbsp;Leveraging her many years of experience as a journalist and abundant knowledge related to corporate management gained through dialogue with top members of many companies, Ms. Fukushima has proactively provided useful opinions and suggestions on overall management, including diversity and sustainability, to the Board of Directors and to the Nomination and Remuneration Committee. | 12/12 | 12/12 |
| Outside Director | &nbsp;&nbsp;Kuniko Nishikawa (Outside)<br> (Independent) | &nbsp;&nbsp; President and Representative Director of FIRSTSTAR Healthcare Co., Ltd.<br> Outside Director of The Gunma Bank, Ltd.<br> Outside Director of AIG Japan Holdings KK<br> Outside Director of Panasonic Corporation | &nbsp;&nbsp; President and Representative Director of FIRSTSTAR Healthcare Co., Ltd.<br> Outside Director of The Gunma Bank, Ltd.<br> Outside Director of AIG Japan Holdings KK<br> Outside Director of Panasonic Corporation | 〇 |
| &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | Number of Board of Directors' meetings attended | Number of Board of Directors' meetings attended |
| &nbsp;&nbsp;Ms. Nishikawa is engaged in corporate management as a management consultant and business person, and has been involved in the establishment and operation of growth platforms for the businesses of multiple companies. Leveraging her abundant experience and substantial expertise in the areas of management practice, new business, overseas business, and the IT field, Ms. Nishikawa actively provides useful opinions and suggestions on overall management, including business strategy, IT/digital, and overseas expansion, to the Board of Directors and the Nomination and Remuneration Committee. | &nbsp;&nbsp;Ms. Nishikawa is engaged in corporate management as a management consultant and business person, and has been involved in the establishment and operation of growth platforms for the businesses of multiple companies. Leveraging her abundant experience and substantial expertise in the areas of management practice, new business, overseas business, and the IT field, Ms. Nishikawa actively provides useful opinions and suggestions on overall management, including business strategy, IT/digital, and overseas expansion, to the Board of Directors and the Nomination and Remuneration Committee. | &nbsp;&nbsp;Ms. Nishikawa is engaged in corporate management as a management consultant and business person, and has been involved in the establishment and operation of growth platforms for the businesses of multiple companies. Leveraging her abundant experience and substantial expertise in the areas of management practice, new business, overseas business, and the IT field, Ms. Nishikawa actively provides useful opinions and suggestions on overall management, including business strategy, IT/digital, and overseas expansion, to the Board of Directors and the Nomination and Remuneration Committee. | (After assuming the office of Director)<br> 9/10 | (After assuming the office of Director)<br> 9/10 |
| Outside Director | &nbsp;&nbsp;Harold George Meij (Outside)<br> (Independent) | &nbsp;&nbsp; Outside Director of Earth Corporation<br> Advisor of Sanrio Company, Ltd.<br> Outside Director of Panasonic Corporation | &nbsp;&nbsp; Outside Director of Earth Corporation<br> Advisor of Sanrio Company, Ltd.<br> Outside Director of Panasonic Corporation | 〇 |
| &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | &nbsp;&nbsp;Summary of major activities and duties performed in relation to the roles expected to be fulfilled by the outside director | Number of Board of Directors' meetings attended | Number of Board of Directors' meetings attended |

---

---

| | | | |
|:---|:---|:---|:---|
| Title | Name | Name | Assignment and important concurrent <br> office and others |
|  | &nbsp;&nbsp;Mr. Meij has worked in corporate management with a focus on marketing, and has been responsible for leading management reforms at various companies through creative innovations based on unique ideas. Leveraging these qualities and experience, Mr. Meij actively provides useful opinions and suggestions on overall management, including business strategy, overseas expansion, and marketing, to the Board of Directors and the Nomination and Remuneration Committee. | (After assuming the office of Director)<br> 10/10 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Title | Name | Name | Assignment and important concurrent <br> office and others |  |  |  |
| Standing Corporate Auditor | Standing Corporate Auditor | &nbsp;&nbsp;Hidekazu Oda |  |  |  |  |
| Standing Corporate Auditor | Standing Corporate Auditor | &nbsp;&nbsp;Kyoichi Nobuto |  |  |  |  |
| Outside Corporate Auditor | Outside Corporate Auditor | &nbsp;&nbsp;Kazumine Terawaki (Outside)<br> (Independent) | &nbsp;&nbsp; Attorney at law<br> Outside Director of SHIBAURA MACHINE CO., LTD.<br> Outside Director of KAJIMA CORPORATION<br> Director of Tokyo Women's Medical University | &nbsp;&nbsp; Attorney at law<br> Outside Director of SHIBAURA MACHINE CO., LTD.<br> Outside Director of KAJIMA CORPORATION<br> Director of Tokyo Women's Medical University | 〇 | 〇 |
|  | &nbsp;&nbsp;Main activities | &nbsp;&nbsp;Main activities | &nbsp;&nbsp;Main activities | Number of Board of Directors' meetings attended | Number of Board of Directors' meetings attended | Number of Audit & Supervisory Board's meetings attended |
|  | &nbsp;&nbsp;Mr. Terawaki ensures the objectivity and neutrality of management oversight functions and actively provides useful opinions and suggestions on overall management based on his expert knowledge and wide range of insight as a legal professional. | &nbsp;&nbsp;Mr. Terawaki ensures the objectivity and neutrality of management oversight functions and actively provides useful opinions and suggestions on overall management based on his expert knowledge and wide range of insight as a legal professional. | &nbsp;&nbsp;Mr. Terawaki ensures the objectivity and neutrality of management oversight functions and actively provides useful opinions and suggestions on overall management based on his expert knowledge and wide range of insight as a legal professional. | 12/12 | 12/12 | 13/13 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Outside Corporate Auditor | &nbsp;&nbsp;Mika Kumahira(Outside)<br> (Independent) | &nbsp;&nbsp; Representative Director of Atech Kumahira Co., Ltd.<br> Representative Director of KUMAHIRA SECURITY FOUNDATION<br> Principal of Institute of Diversity Promotion, Career College of Showa Women's University<br> Representative Director of Learning-21 Organization<br> Outside Director of NITTAN Corporation<br> Outside Director of Cybozu, Inc. | &nbsp;&nbsp; Representative Director of Atech Kumahira Co., Ltd.<br> Representative Director of KUMAHIRA SECURITY FOUNDATION<br> Principal of Institute of Diversity Promotion, Career College of Showa Women's University<br> Representative Director of Learning-21 Organization<br> Outside Director of NITTAN Corporation<br> Outside Director of Cybozu, Inc. |  |
| &nbsp;&nbsp;Main activities | &nbsp;&nbsp;Main activities | &nbsp;&nbsp;Main activities | Number of Board of Directors' meetings attended | Number of Audit & Supervisory Board's meetings attended |
| &nbsp;&nbsp;Ms. Kumahira ensures the objectivity and neutrality of management oversight functions and actively provides useful opinions and suggestions on overall management based on her wide range of insight into corporate transformation and leadership development. | &nbsp;&nbsp;Ms. Kumahira ensures the objectivity and neutrality of management oversight functions and actively provides useful opinions and suggestions on overall management based on her wide range of insight into corporate transformation and leadership development. | &nbsp;&nbsp;Ms. Kumahira ensures the objectivity and neutrality of management oversight functions and actively provides useful opinions and suggestions on overall management based on her wide range of insight into corporate transformation and leadership development. | 12/12 | 13/13 |
| Outside Corporate Auditor | &nbsp;&nbsp;Akihiro Ito (Outside)<br> (Independent) | &nbsp;&nbsp;Outside Audit & Supervisory Board Member of KAMEDA SEIKA CO., LTD. | &nbsp;&nbsp;Outside Audit & Supervisory Board Member of KAMEDA SEIKA CO., LTD. |  |
| &nbsp;&nbsp;Main activities | &nbsp;&nbsp;Main activities | &nbsp;&nbsp;Main activities | Number of Board of Directors' meetings attended | Number of Audit & Supervisory Board's meetings attended |
| &nbsp;&nbsp;Mr. Ito ensures the objectivity and neutrality of management oversight functions and actively provides useful opinions and suggestions on overall management based on his breadth of expertise, including corporate planning and profit structure reform, mainly regarding accounting and finance. | &nbsp;&nbsp;Mr. Ito ensures the objectivity and neutrality of management oversight functions and actively provides useful opinions and suggestions on overall management based on his breadth of expertise, including corporate planning and profit structure reform, mainly regarding accounting and finance. | &nbsp;&nbsp;Mr. Ito ensures the objectivity and neutrality of management oversight functions and actively provides useful opinions and suggestions on overall management based on his breadth of expertise, including corporate planning and profit structure reform, mainly regarding accounting and finance. | 12/12 | 13/13 |

---

(Notes) 1. Ms. Shihoko Urushi retired due to the expiry of her term of
office, and Ms. Kuniko Nishikawa and Mr. Harold George Meij were newly elected and assumed office at the 111th Ordinary General Meeting
of Shareholders held on February 28, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company registered seven individuals with Tokyo Stock Exchange,
Inc. as independent officers who pose no risk involving a conflict of interests with ordinary shareholders: Mr. Hitoshi Kashiwaki, Ms.
Atsuko Fukushima, Ms. Kuniko Nishikawa, Mr. Harold George Meij, Mr. Kazumine Terawaki, Ms. Mika Kumahira and Mr. Akihiro Ito.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are no special interests between the Company and entities
where outside directors and outside corporate auditors serve in important concurrent positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Please refer to page 11 for policies and procedures for election
of directors and corporate auditors and to page 12 for independence criteria for outside corporate officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mr. Akihiro Ito, an outside corporate auditor, has experience
as a CFO (Chief Financial Officer) of a listed company and has considerable knowledge of finance and accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The number of Board of Directors' and Audit & Supervisory
Board's meetings attended refer to meetings held in FY2024.

**(2) Executive Officers**

---

| | | |
|:---|:---|:---|
| Position | Name | &nbsp;&nbsp;Responsible for |
| &nbsp;&nbsp;Senior Corporate Officer | &nbsp;&nbsp;&nbsp;Yuichi Terada | &nbsp;&nbsp;&nbsp;General Office Manager of Metropolitan General Office |
| &nbsp;&nbsp;Senior Corporate Officer | &nbsp;&nbsp;&nbsp;Jun Higurashi | &nbsp;&nbsp;&nbsp;In Charge of Overseas Business in general and Senior General Manager of Overseas Division |
| &nbsp;&nbsp;Senior Corporate Officer | &nbsp;&nbsp;&nbsp;Takeshi Kitagawa | &nbsp;&nbsp;&nbsp;In charge of Food Service Market Business in general |
| &nbsp;&nbsp;Senior Corporate Officer | &nbsp;&nbsp;&nbsp;Atsushi Tagawa | &nbsp;&nbsp;&nbsp;Senior General Manager of Sales Strategy Division |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Yoshifumi Imamura | &nbsp;&nbsp;&nbsp;Senior General Manager of Quality Assurance Division |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Kenji Maeda | &nbsp;&nbsp;&nbsp;Senior General Manager of Logistics Division |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Yuko Kano | &nbsp;&nbsp;&nbsp;In charge of Public Relations, Group Governance and Risk Management |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Toshiya Ueda | &nbsp;&nbsp;&nbsp;Senior General Manager of Production Division |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Mamoru Sawatari | &nbsp;&nbsp;&nbsp;Manager of Osaka Branch |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Isao Isoyama | &nbsp;&nbsp;&nbsp;In Charge of Household Sales Coordination in general, Sales Strategy Division and General Manager of Nationwide Household Sales General Office |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Tomoyuki Kanemitsu | &nbsp;&nbsp;&nbsp;Senior General Manager of Research Development Division |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Hiroyuki Shiino | &nbsp;&nbsp;&nbsp;General Manager of Digital Transformation Office |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Takumi Tomita | &nbsp;&nbsp;&nbsp;In charge of Finance and Accounting |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Toru Shirakawa | &nbsp;&nbsp;&nbsp;In charge of Overseas Business in general and China Group, and President of Hangzhou Kewpie Corporation |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Yoshikazu Isono | &nbsp;&nbsp;&nbsp;General Manager of Intellectual Property Division and Deputy Senior General Manager of Research Development Division |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Hideharu Yamada | &nbsp;&nbsp;&nbsp;In Charge of Professional Use Food Service Sales Coordination in general, Sales Strategy Division and General Office Manager of Nationwide Professional Use Food Service General Office |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Kaoru Kubo | &nbsp;&nbsp;&nbsp;Senior General Manager of Personal Affairs Division |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Hidemi Kato | &nbsp;&nbsp;&nbsp;Deputy Senior General Manager of Production Division |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Takeshi Miyajima | &nbsp;&nbsp;&nbsp;Senior General Manager of Fine Chemicals Division |
| &nbsp;&nbsp;Corporate Officer | &nbsp;&nbsp;&nbsp;Ken Nakajima | &nbsp;&nbsp;&nbsp;Senior General Manager of Marketing Division |

---

**(3) Overview of Content of Limited Liability Contract**

In accordance with the provisions of Article 427, Paragraph 1 of the Companies Act and Article 28 of the Articles of Incorporation, the Company has entered into a limited liability contract with four outside directors and three outside corporate auditors. The maximum amount of liability for damages is the amount stipulated in each item of Article 425, Paragraph 1 of the Companies Act.

The limitation of liability is applicable only to cases where the outside directors and outside corporate auditors perform their respective duties in good faith and without gross negligence.

**(4) Overview of Content of Directors and Officers Liability Insurance**

The Company has entered into a directors and officers liability insurance policy with an insurance company as provided for in Article 430-3, Paragraph 1 of the Companies Act. The policy covers losses and such costs as related litigation expenses incurred from claims for damages borne by the insured where they receive a claim for damages from a shareholder or third party. The Company fully bears the insurance premiums for all insured parties.

Major officers who execute business, including directors, corporate auditors, and corporate officers, of the Company shall be named as an insured with respect to the insurance policy. The term of contract is one year, and the Company plans to renew it with the same terms and conditions as the current policy at the time of the next contract renewal.

**(5) Remuneration, etc. for Directors and Corporate Auditors**

The Company's policy and calculation method for remuneration for directors and corporate auditors are determined by a resolution of the Board of Directors, after deliberation by the Nomination and Remuneration Committee, as follows.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Matters concerning the policy and procedures for determining the amount of remuneration, etc. for directors and corporate auditors and the calculation method thereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company institutes a compensation system for compensation
of directors and corporate officers that consists of monthly remuneration and bonuses, and the system is linked with the Company's
performance and reflects their responsibilities and achievements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Company discusses the rationale (system design) at
the meeting of Nomination and Remuneration Committee (an advisory body to the Board of Directors in which at least half of the Committee
members are outside officers who satisfy "Independence Criteria" separately defined by the Company, and whose chairman is
an outside director), and improves its objectivity, appropriateness and transparency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The total amount of bonuses paid to directors and the
amount paid to individual directors must be approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The amounts of compensation paid to outside directors
and corporate auditors (inside and outside) shall respectively be fixed and no bonuses will be paid.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Calculation method of monthly remuneration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A monthly remuneration for director duties of inside
directors will be paid at a flat rate; provided, however, that a separate, additional remuneration will be paid to the persons with representative
authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The monthly remuneration for corporate officers should
be set at a suitable level that takes into consideration the Company's management environment, etc. and corresponds to the rank
(President, Senior Executive Corporate Officer, Executive Corporate Officer, and Senior Corporate Officer).

&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculation method of bonuses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The bonus amount is calculated according to the rank
of the director and corporate officer, using such indicators as consolidated operating income and the degree of achievement of the target
income of the areas they are responsible for and target themes in the Medium-term Business Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) During the respective fiscal years covered under the
FY2021–FY2024 Medium-term Business Plan, the Company has set the weight of bonuses of President and Chief Executive Corporate Officer
to 35% and other directors to 30% of the basic amount of total annual remuneration with the aim of establishing a structure that realizes
sustainable growth of the Group. In addition, criteria and allocations with respect to performance evaluation indicators set for each
director are to align with the intent of the Medium-term Business Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Company may increase or decrease the bonus amount
paid for the final fiscal year of the Medium-term Business Plan by up to 30%, depending on the individual progress made in achieving
the performance evaluation indicators (from economic, social, and employee perspectives) previously set for each director for the final
fiscal year.

For each of the fiscal years covered by FY2021-FY2024 Medium-term Business Plan, the Company has set the performance evaluation indicators and allocation ratio for calculating the amount of directors' bonuses in order to be consistent with the management indicators set forth in the Medium-term Business Plan, as follows.

(Chairman, President, and Directors other than those in charge of markets)

---

| | |
|:---|:---|
| Consolidated operating income <br> (50%)<br>| Target themes in the Medium-term <br> Business Plan for each director (50%)<br>|

---

(Directors in charge of markets)

---

| | | |
|:---|:---|:---|
| Consolidated <br> Operating Profit <br> (30%) | Operating income <br> of the area of <br> responsibility (30%) | Target themes in the <br> Medium-term Business Plan <br> for each director (40%) |

---

The bonus amount paid to each director is obtained by multiplying a base bonus amount for each corporate rank (fixed amount) by the rate of achievement of individual performance evaluation and multiplying the same amount by the rate of allocation and calculating the total of these amount.

The actual amount of consolidated operating income, which is a performance evaluation indicator common to individual directors, was ¥34,329 million (¥25,500 million in the initial plan). The achievement of target themes in the Medium-term Business Plan is evaluated within a range from 50 to 150%.

An individual bonus amount paid is reviewed and approved at the Nomination and Remuneration Committee by comparing with the calculation criteria in a fair and transparent manner, and therefore, the Board of Directors understands that the amount is consistent with the "Policy for Determining Compensation of Directors, Corporate Auditors, and Corporate Officers" and its calculation method.

Amounts of Remuneration, etc. for Directors and Corporate Auditors

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Classification | Classification | &nbsp;&nbsp;&nbsp;&nbsp;Number of<br> persons <br> paid <br> (persons) | Monthly <br> remuneration<br> (millions of yen) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonus <br> (Millions <br> of yen) | Total amount<br> paid (Millions of <br> yen) |
| Directors | Excluding outside directors | 6 | 166 | 108 | 274 |
| Directors | Outside directors | 5 | 46 | - | 46 |
| Total | Total | 11 | 212 | 108 | 320 |
| &nbsp;&nbsp;Corporate Auditors | Excluding Outside Corporate Auditors | 2 | 42 | - | 42 |
| &nbsp;&nbsp;Corporate Auditors | Outside Corporate Auditors | 3 | 30 | - | 30 |
| Total | Total | 5 | 73 | - | 73 |
| **Total** | **Total** | 16 | 285 | 108 | 393 |

---

(Notes) 1. As for director compensation, the total
of monthly compensation (a fixed amount for each corporate rank) and that of bonuses, and the amount paid to individual directors are
determined at the Board of Directors. The limit amount for compensation of directors including bonuses was resolved to be within ¥500
million per year (within ¥80 million per year for outside directors) at the 108th Ordinary General Meeting of Shareholders held
on February 25, 2021. The Company had nine directors including three outside directors at the conclusion of said General Meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The monthly compensation amounts paid
to individual corporate auditors are decided by consulting with corporate auditors. The limit amount for compensation of corporate auditors
was resolved to be within ¥8 million per month at the 81st Ordinary General Meeting of Shareholders held on February 25, 1994. The
Company had four corporate auditors at the conclusion of said General Meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The above monthly compensation includes
the payment made to one director who retired at the conclusion of the 111th Ordinary General Meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The bonuses in the table above are for
six directors excluding outside directors as of the end of the current fiscal year, and were determined at the Board of Directors in
consideration of the corporate performance, etc. of the current fiscal year and based on deliberation at the Nomination and Remuneration
Committee. The ratio of the total bonus amount paid to directors against the sum of the base bonus amount (fixed amount for each corporate
rank) for individual directors is 145.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Besides the compensation amounts listed
above, the employee salary (including bonuses) of those serving concurrently as employee and director is ¥11 million.

****

<br> **4. Status of Accounting Auditor**

**(1) Name of Accounting Auditor**

Ernst & Young ShinNihon LLC

**(2) Amount of Fees, etc.**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Amount paid<br> (Millions of <br> yen) |
| &nbsp;&nbsp;Amount of fees, etc. as accounting auditor for fiscal 2024 | 98 |
| &nbsp;&nbsp;Total amount of money and other financial benefits payable by the Company and its subsidiaries to the accounting auditor | 135 |

---

(Notes) 1. Since the audit contract between the
Company and Ernst & Young ShinNihon LLC does not clearly distinguish between the amounts of audit fees, etc. for audits based on
the Companies Act and those for audits based on the Financial Instruments and Exchange Act and it is practically impossible to do so,
the total of these amounts is shown in the amount of fees, etc. as accounting auditor for fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Audit & Supervisory Board has
agreed to the amount of fees, etc. to be paid to the accounting auditor after considering whether the details of the audit plan, the
execution of duties by the accounting auditor, and the basis for calculating the fee estimate are appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Some of the Company's significant
subsidiaries are overseas subsidiaries that are audited by certified public accountants or auditing firms other than the Company's
accounting auditor (including those who have qualifications equivalent to these qualifications in foreign countries).

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Details of Non-audit Services for the Company by the Accounting Auditor for Consideration** 

The Company commissions and pays the accounting auditor for services other than those stipulated in Article 2, Paragraph 1 of the Certified Public Accountants Law (non-audit services), including advisory services related to the preparation of financial statements in English.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Policy on Dismissal or Non-reappointment of Accounting Auditor** 

The Audit & Supervisory Board dismisses the accounting auditor with the unanimous consent of the corporate auditors if the accounting auditor is deemed to fall under any of the items of Article 340, Paragraph 1 of the Companies Act. In this case, a corporate auditor selected by the Audit & Supervisory Board will report the dismissal of the accounting auditor and the reasons for the dismissal at the first general meeting of shareholders convened after the dismissal.

In addition, if the Audit & Supervisory Board determines that it is difficult for the accounting auditor to properly execute its duties, or if it otherwise deems it necessary, the Audit & Supervisory Board shall decide on the content of a proposal for the dismissal or non-reappointment of the accounting auditor, and the Board of Directors shall submit such proposal to the general meeting of shareholders in accordance with such decision.

**5. Matters Related to Corporate Governance**

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Basic Approach to Corporate Governance** 

The Company defines corporate governance of the Group as a mechanism to ensure transparent and fair management, as well as swift and resolute decision-making and implementation, in order to achieve sustainable growth and enhance corporate value, while putting into practice the Group philosophy and taking into consideration the positions of various stakeholders, including customers, employees, business partners, shareholders, investors, and local communities.

The Company recognizes the importance of establishing corporate governance that leverages the unique qualities of the Group. In line with its Corporate Governance Policy\*, the Company constantly reviews and enhances its governance framework while valuing dialogue with various stakeholders.

\* The "Corporate Governance Policy" outlines the Company's approach to corporate governance. For more details, please refer to the Company website:

<u>https://www.kewpie.com/company/promise/governance/</u>

**(2) Corporate Governance System of the Group**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is a company with an Audit
& Supervisory Board. Under that institutional design, the Company is strengthening the audit function of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;• The Nomination and Compensation Committee
has been established as an advisory body to the Board of Directors in order to enhance objectivity, appropriateness, and transparency
of the composition of the Board of Directors and the nomination and compensation of directors and other members. At least half of the
committee members are outside officers who meet the criteria for independence, and the chairperson of the committee is selected from
among the members who are outside directors.

&nbsp;&nbsp;&nbsp;&nbsp;• The Audit & Supervisory Board monitors
the status of the maintenance and operation of the internal control system by exchanging opinions with the Representative Director, President
and Chief Executive Corporate Officer, attending important meetings and committees, receiving reports from officers in charge and responsible
personnel of each business division, and visiting business sites. In addition, the Company cooperates with the accounting auditors and
the Internal Audit Office.

&nbsp;&nbsp;&nbsp;&nbsp;• The Group's overall policies and
most important matters are decided through deliberations at meetings of Kewpie's Board of Directors or the Management Committee
(or the Mid-term Business Strategy Committee). For important and specialized issues across the Group, specific important meetings and
committees to which authority has been delegated by the Management Committee are responsible for formulating policies and promoting initiatives,
leading to swift and appropriate decision-making and implementation. In particular, functions related to internal control are mainly
shared by the following important meetings and committees.

---

| | | |
|:---|:---|:---|
| Conference <br> body | &nbsp;&nbsp;&nbsp;&nbsp; Organizer/<br> Chairman | &nbsp;&nbsp;Main Role |
| Management Committee | &nbsp;&nbsp;Representative Director, President and Chief Executive Corporate Officer | &nbsp;&nbsp;This is an important meeting for deliberating and monitoring important matters related to group management (including business risks). Internal directors and executive officers are the main participating members. |
| Mid-term Business Strategy Committee | &nbsp;&nbsp;Representative Director, President and Chief Executive Corporate Officer | &nbsp;&nbsp;This is an important meeting in which members, mainly executive directors, deliberate on important matters related to the promotion of the Medium-term Business Plan, among other matters listed above. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk Management Committee<br>| &nbsp;&nbsp;Corporate Officer (In Charge of Risk Management) | &nbsp;&nbsp;This is an important committee whose main role is to formulate policies, determine priority issues, and promote initiatives for risk management of the entire Group. It consolidates information on company-wide risks and oversees risk assessment, prioritization, and countermeasures. |
| Sustainability Committee | &nbsp;&nbsp;Director (In charge of Sustainability Promotion) | &nbsp;&nbsp;This is an important committee whose main role is to formulate policies, determine priority issues, and promote initiatives for achieving sustainability in accordance with the Group Policies. It formulates Basic Policy on Sustainability and works on priority social and environmental issues based on this policy. |
| Compliance Committee | &nbsp;&nbsp;Corporate Officer (In Charge of Compliance) | &nbsp;&nbsp;This is an important committee whose main role is to establish a compliance system for the entire Group, determine priority issues, and promote compliance initiatives. In addition to identifying any issues related to compliance, it formulates plans, raises awareness, conducts training, etc. related to promoting compliance. |
| Group Governance Committee | &nbsp;&nbsp;Corporate Officer (In Charge of Group Governance) | &nbsp;&nbsp;This is an important committee whose main role is to formulate policies, determine priority issues, and promote initiatives for the establishment of appropriate Group governance. It promotes measures such as appropriate decision-making and the development of group company management systems. |
| DX Promotion Committee | &nbsp;&nbsp;Corporate Officer and Senior General Manager of Digital Transformation Division | &nbsp;&nbsp;This is an important committee whose main role is to develop a policy of digital strategy for the entire Group, optimize resource allocation (cost, systems, etc.), and develop and promote a policy of human resources development for DX. Through the Information Promotion Committee, an organization under its direct control, it maintains information security for the entire Group, improve the IT environment, and promote IT literacy education and IT utilization. |

---

&nbsp;&nbsp;&nbsp;&nbsp;• The Company has also established its
Management Advisory Board as an advisory body to the Company's Representative Director, President and Chief Executive Corporate
Officer, composed of experts from outside the Company. It was set up with the goal of obtaining advice and recommendations so that the
Group may boost the soundness, fairness and transparency of its management and thus better serve society and its customers. For information
about the board members, please refer to "◇ Management Advisory Board".

&nbsp;&nbsp;&nbsp;&nbsp;• The Internal Audit Office does, from
a perspective of legality and rationality, coordinate with staff members in each division or department in charge of auditing duties
relating to product quality, environmental protection, safety, and labor to conduct internal audits of the Group's management and
operation systems for overall management activities and the execution status of duties. In addition, it implements the evaluation of
the effectiveness of internal control over financial reporting in accordance with the nomination by the Company's Representative
Director, President and Chief Executive Corporate Officer.

**(3) Evaluation of the Effectiveness of the Board of Directors**

The Company conducts an annual evaluation of the effectiveness of the Board of Directors, including the operation of the board, agenda content, and deliberation status. Based on the results, discussions are held at the board level, and initiatives for improvement are implemented. The Company implemented an evaluation of the effectiveness of the Board of Directors (eighth evaluation) for FY2023 from December 2023 through January 2024, and worked to improve the operation of the Board of Directors based on those results in FY2024. A summary of this process is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**(1) Implementation method and details**

&nbsp;&nbsp;&nbsp;&nbsp;• A questionnaire survey was conducted for all officers,
with responses analyzed and evaluated by the Board of Directors Office and an external organization. The results were reported and shared
with the Board of Directors, followed by an exchange of opinions among attending officers during the Board meeting.

&nbsp;&nbsp;&nbsp;&nbsp;• The survey asked how the Board of Directors should function
more effectively to address key issues for the sustainable growth of the Group, as set at the beginning of the year (including the management
direction for the FY2025–FY2028 Medium-term Business Plan and the promotion of sustainability).

&nbsp;&nbsp;&nbsp;&nbsp;• Additionally, questions were set regarding the operation
of the Board of Directors, meetings outside the Board of Directors, and initiatives such as one-on-one meetings between executives and
outside officers.

&nbsp;&nbsp;&nbsp;&nbsp;• The effectiveness of the Nomination and Remuneration
Committee, the advisory body of the Board of Directors, was also evaluated.

&nbsp;&nbsp;&nbsp;&nbsp;**(2) Evaluation results**

&nbsp;&nbsp;&nbsp;&nbsp;• The operation and activities of the Board of Directors,
as well as the activities of the Nomination and Remuneration Committee, are generally appropriate. The key issues of the Board of Directors
are appropriately set, and discussions have been conducted largely in accordance with the annual plan, ensuring thorough deliberation.
As a result, the deliberations of the Board are evaluated as contributing to the medium- to long-term enhancement of corporate value.

&nbsp;&nbsp;&nbsp;&nbsp;• Additionally, meetings outside the Board of Directors
and one-on-one discussions between executives and outside officers were also recognized as contributing to the effectiveness of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;• During the deliberations of the Board of Directors and
the effectiveness evaluation, the following opinions were raised, highlighting key challenges for future initiatives:

– While discussions on the formulation of the FY2025–FY2028 Medium-term Business Plan starting in FY2025 have started early and the overall direction of management has been shared, further consideration is needed regarding specific strategies.

– There are challenges in the feedback process from the executive side in response to opinions from the Board of Directors.

– A review and discussion of the market-oriented business structure, the core initiative of the FY2021–FY2024 Medium-term Business Plan, is necessary.

– Further discussions are needed within the Board of Directors regarding the integration of sustainability and business strategy.

&nbsp;&nbsp;&nbsp;&nbsp;**(3) Initiatives implemented in FY2024**

Based on the results of the effectiveness evaluation, the Board of Directors for FY2024 established key issues to be discussed and an annual plan under the following policy and has engaged in repeated discussions. Additionally, efforts outside the Board of Directors have continued while exploring better approaches.

With an awareness of the interconnections between key issues and ensuring feedback from the executive side to the Board of Directors, the Company has decided to:

&nbsp;&nbsp;&nbsp;&nbsp;• Focus discussions on the formulation and execution of
specific strategies and challenges for the FY2025–FY2028 Medium-term Business Plan, and

&nbsp;&nbsp;&nbsp;&nbsp;• Establish KPIs and implement a cycle of execution and
monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;• The FY2024 strategy discussions for the FY2025–FY2028
Medium-term Business Plan set key issues including improving domestic profitability, enhancing overseas revenue generation, human resource
strategy and investment in human capital, ESG management, review of the market-oriented business structure, risk management, sustainability,
and DX strategy.

Going forward, the Company will implement an evaluation of the effectiveness of the Board of Directors every year and work to build a management framework that contributes to the medium- to long-term development of the Group.

[Reference]

In December 2024, the ninth effectiveness evaluation for the current fiscal year was conducted. The evaluation method remains the same as in FY2023, utilizing a questionnaire format for all directors and other officers, assessing the initiatives of FY2024 and identifying future challenges.

Following the analysis and evaluation of the responses, the results were reported and shared with the Board of Directors, where discussions were held. Based on the feedback, the Board will further refine the future challenges and specific initiatives for FY2025, striving for continuous improvement.

&nbsp;&nbsp;&nbsp;&nbsp;(Note) Fractions of less than the indicated
units for amounts and numbers of share held in this Business Report are rounded down (but amounts stated in units of 100 million yen
are rounded), and the percentage of shares held and the percentage of voting rights are rounded to the nearest whole number.

**Consolidated Financial Statements**

**Consolidated Balance Sheets**

(Millions of yen)

---

| | | |
|:---|:---|:---|
|  | Previous fiscal year<br> (As of November 30, 2023) | Current fiscal year<br> (As of November 30, 2024) |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and deposits | 66610 | 78139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and accounts receivable-trade | 64515 | 71782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities | 2000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased goods and products | 27939 | 25172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work in process | 2064 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raw materials and supplies | 13990 | 12741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 5329 | 4529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowances for doubtful accounts | (370) | (588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 182080 | 203727 |
| &nbsp;&nbsp;&nbsp;Fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangible fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and structures | 159074 | 159972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery, equipment and vehicles | 152809 | 153476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | 30762 | 29475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease assets | 5817 | 5655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 7093 | 14266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 13256 | 13555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (222615) | (229003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total tangible fixed assets | 146199 | 147398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 182 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | 13768 | 13686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1856 | 5316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible fixed assets | 15807 | 19003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 48975 | 51178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets for retirement benefits | 25630 | 34584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 2308 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 5095 | 4558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowances for doubtful accounts | (91) | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and other assets | 81918 | 92243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed assets | 243926 | 258645 |
| &nbsp;&nbsp;&nbsp;Total assets | 426006 | 462372 |

---

(Millions of yen)

---

| | | |
|:---|:---|:---|
|  | Previous fiscal year<br> (As of November 30, 2023) | Current fiscal year<br> (As of November 30, 2024) |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and accounts payable-trade | 33414 | 44777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term loans payable | 17200 | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable-other | 17577 | 25218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes | 2330 | 5425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for bonuses | 1650 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for directors' bonuses | 71 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 9127 | 11542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 81372 | 91239 |
| &nbsp;&nbsp;&nbsp;Non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term loans payable | 784 | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 12766 | 15532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities for retirement benefits | 2107 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 7670 | 6457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 33330 | 39494 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 114702 | 130734 |
| Net assets |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 24104 | 24104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital surplus | 28638 | 28412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earned surplus | 209740 | 224209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (5842) | (5847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 256639 | 270878 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) on securities | 11939 | 13501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) on hedges | (2) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 7037 | 6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated adjustments for retirement benefits | 6269 | 11466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accumulated other comprehensive income | 25244 | 31413 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 29419 | 29346 |
| &nbsp;&nbsp;&nbsp;Total net assets | 311303 | 331638 |
| Total liabilities and net assets | 426006 | 462372 |

---

(Note) Figures are stated by discarding fractions of one (1) million
yen.

**Consolidated Statements of Income**

(Millions of yen)

---

| | | |
|:---|:---|:---|
|  | Previous fiscal year<br>(From December 1, 2022 <br> to November 30, 2023) | Current fiscal year<br>(From December 1, 2023 <br> to November 30, 2024) |
| Net sales | 455086 | 483985 |
| Cost of sales | 332755 | 336217 |
| Gross profit | 122330 | 147767 |
| Selling, general and administrative expenses | 102636 | 113437 |
| Operating income | 19694 | 34329 |
| Non-operating income |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends income | 1009 | 1251 |
| &nbsp;&nbsp;&nbsp;Equity in earnings of affiliates | – | 1371 |
| &nbsp;&nbsp;&nbsp;Insurance return | 434 | 11 |
| &nbsp;&nbsp;&nbsp;Other | 906 | 868 |
| &nbsp;&nbsp;&nbsp;Total non-operating income | 2350 | 3502 |
| Non-operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Interest expenses | 393 | 295 |
| &nbsp;&nbsp;&nbsp;Provision of allowances for doubtful accounts | 203 | 207 |
| &nbsp;&nbsp;&nbsp;Equity in losses of affiliates | 343 | – |
| &nbsp;&nbsp;&nbsp;Other | 614 | 455 |
| &nbsp;&nbsp;&nbsp;Total non-operating expenses | 1554 | 958 |
| Ordinary income | 20490 | 36874 |
| Extraordinary gains |  |  |
| &nbsp;&nbsp;&nbsp;Gains on sales of shares of subsidiaries and associates | 2968 | 145 |
| &nbsp;&nbsp;&nbsp;Gains on extinguishment of tie-in shares | – | 124 |
| &nbsp;&nbsp;&nbsp;Gains on sales of investment securities | 758 | 111 |
| &nbsp;&nbsp;&nbsp;Gains on sales of fixed assets | 20 | 54 |
| &nbsp;&nbsp;&nbsp;Other | 432 | 17 |
| &nbsp;&nbsp;&nbsp;Total extraordinary gains | 4178 | 453 |
| Extraordinary losses |  |  |
| &nbsp;&nbsp;&nbsp;Losses on disposal of fixed assets | 733 | 1501 |
| &nbsp;&nbsp;&nbsp;Impairment losses | 1484 | 948 |
| &nbsp;&nbsp;&nbsp;Losses on valuation of investment securities | 4 | 815 |
| &nbsp;&nbsp;&nbsp;Other | 370 | 423 |
| &nbsp;&nbsp;&nbsp;Total extraordinary losses | 2593 | 3689 |
| Profit before income taxes | 22075 | 33638 |
| Income taxes | 5851 | 9083 |
| Income taxes - deferred | 699 | 144 |
| Profit | 15524 | 24410 |
| Profit attributable to non-controlling interests | 2350 | 2990 |
| Profit attributable to owners of parent | 13174 | 21419 |

---

(Note) Figures are stated by discarding fractions of one (1) million yen.

Reference

**Consolidated Statements of Cash Flows** 

(Millions of yen)

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp; Previous fiscal year<br>(From December 1, 2022<br> to November 30, 2023) | &nbsp;&nbsp; Current fiscal year<br>(From December 1, 2023<br> to November 30, 2024) |
| Cash flows from operating activities | &nbsp;&nbsp;23725 | &nbsp;&nbsp;63126 |
| Cash flows from investing activities | &nbsp;&nbsp;(17721) | &nbsp;&nbsp;(23893) |
| Cash flows from financing activities | &nbsp;&nbsp;(9514) | &nbsp;&nbsp;(21126) |
| &nbsp;&nbsp;Effects of exchange rate changes on cash and cash equivalents | &nbsp;&nbsp;607 | &nbsp;&nbsp;(27) |
| Increase (decrease) in cash and cash equivalents | &nbsp;&nbsp;(2902) | &nbsp;&nbsp;18079 |
| &nbsp;&nbsp;Cash and cash equivalents at the beginning of the fiscal year | &nbsp;&nbsp;65335 | &nbsp;&nbsp;62433 |
| &nbsp;&nbsp;Cash and cash equivalents at the end of the fiscal year | &nbsp;&nbsp;62433 | &nbsp;&nbsp;80512 |

---

(Note) Figures are stated by discarding fractions of one (1) million yen.

<br>(Attached Document)

<u>**Consolidated Statements of Changes in Net Assets**</u>

(From December 1, 2023 to November 30, 2024)

(Millions of yen)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity |
| | Paid-in capital | Capital surplus | Earned surplus | Treasury stock | Total<br> shareholders'<br> equity |
| Balance at the beginning of the current fiscal year | 24104 | 28638 | 209740 | (5842) | 256639 |
| Changes of items during the fiscal year |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from surplus |  |  | (6950) |  | (6950) |
| &nbsp;&nbsp;&nbsp;Profit attributable to owners of parent |  |  | 21419 |  | 21419 |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock |  |  |  | (4) | (4) |
| &nbsp;&nbsp;&nbsp;Purchase of shares of consolidated subsidiaries |  | (230) |  |  | (230) |
| &nbsp;&nbsp;&nbsp;Change in ownership interest of parent due to transactions with non-controlling interests |  | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Net changes of items other than shareholders' equity |  |  |  |  |  |
| Total changes of items during the fiscal year | – | (226) | 14469 | (4) | 14238 |
| Balance at the end of the current fiscal year | 24104 | 28412 | 224209 | (5847) | 270878 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Accumulated other comprehensive income | Accumulated other comprehensive income | Accumulated other comprehensive income | Accumulated other comprehensive income | Accumulated other comprehensive income | Non-controlling interests | Total net assets |
| | Unrealized holding gains on securities | Unrealized gains (losses) on hedges | Foreign currency translation adjustments | Accumulated adjustments for retirement benefits | Total accumulated other comprehen-sive income | Non-controlling interests | Total net assets |
| Balance at the beginning of the current fiscal year | 11939 | (2) | 7037 | 6269 | 25244 | 29419 | 311303 |
| Changes of items during the fiscal year |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from surplus |  |  |  |  |  |  | (6950) |
| &nbsp;&nbsp;&nbsp;Profit attributable to owners of parent |  |  |  |  |  |  | 21419 |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock |  |  |  |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;Purchase of shares of consolidated subsidiaries |  |  |  |  |  |  | (230) |
| &nbsp;&nbsp;&nbsp;Change in ownership interest of parent due to transactions with non-controlling interests |  |  |  |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Net changes of items other than shareholders' equity | 1561 | (7) | (582) | 5196 | 6168 | (72) | 6095 |
| Total changes of items during the fiscal year | 1561 | (7) | (582) | 5196 | 6168 | (72) | 20334 |
| Balance at the end of the current fiscal year | 13501 | (9) | 6454 | 11466 | 31413 | 29346 | 331638 |

---

(Note) Figures are stated by discarding fractions of one (1) million
yen.

<u>**Notes to Consolidated Financial Statements**</u>

&nbsp;&nbsp;&nbsp;&nbsp;I. Notes on the significant matters forming the basis of preparation of consolidated
financial statements

&nbsp;&nbsp;&nbsp;&nbsp;1. Consolidated subsidiaries

The Company has forty-five (45) consolidated subsidiaries. The significant consolidated subsidiaries are Kewpie Egg Corporation, Deria Foods Co., Ltd., Kewpie Jyozo Co., Ltd., Salad Club, Inc., Aohata Corporation, Hangzhou Kewpie Corporation, BEIJING KEWPIE CO., LTD. and Q&B FOODS, INC.

Among the nine (9) non-consolidated subsidiaries, the principal one is Hotdog Corporation. These companies are excluded from consolidation, because each of the amount of their total assets, net sales, profit and loss and earned surplus (based on the Company's ownership percentage) does not have a significant effect on the consolidated financial statements of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;2. Application of the equity method

An equity method is applied to the investments in seventeen (17) affiliated companies. The significant affiliate under the equity method is KRS.

The investments in Hotdog Corporation and nine (9) other non-consolidated subsidiaries, as well as EGG TRUST JAPAN K.K. and ten (10) other affiliated companies are not accounted for by the equity method, since each of the amounts of profit and loss and earned surplus (based on the Company's ownership percentage) did not have a significant effect on the consolidated financial statements of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;3. Fiscal years of consolidated subsidiaries

Among consolidated subsidiaries of the Company, the fiscal year end of nine (9) foreign consolidated subsidiaries is September 30 and that of six (6) foreign consolidated subsidiaries is December 31.

Six (6) foreign subsidiaries whose fiscal year end is December 31 are consolidated based on their provisional financial statements based on a provisional settlement of accounts as of September 30. Other nine (9) foreign subsidiaries are consolidated based on the financial statements as of their fiscal year end. However, significant transactions of those subsidiaries recognized during the period after their settlement of accounts (September 30) to the fiscal year end of the Company's consolidated financial statements (November 30) are reflected.

&nbsp;&nbsp;&nbsp;&nbsp;4. Accounting policies

&nbsp;&nbsp;&nbsp;&nbsp;(1) Basis and method of valuation of significant assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Held-to-maturity bonds are stated at amortized cost (by the straight-line method).

ii) Shares in subsidiaries and affiliated companies not accounted for by the equity method are stated at cost, determined by the moving average method.

iii) Other securities other than stocks, etc. without market value are stated at fair value. (Revaluation differences are all transferred directly to net assets. Selling costs are calculated by the moving average method.) Stocks, etc. without market value are stated at cost, determined by the moving average method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Derivatives

Stated at fair value.

Hedge accounting is applicable to hedge transactions that meet the requirements thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Inventories

Purchased goods and products, work in process, raw materials and supplies are principally stated at moving average cost (the value method to devaluate a book value for decreasing profitability).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Depreciation and amortization of significant depreciable and amortizable assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tangible fixed assets (excluding lease assets)

Tangible fixed assets are depreciated by the straight-line method.

The main useful lives are as follows.

Buildings and structures: 2–50 years

Machinery, equipment and vehicles: 2–10 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Intangible fixed assets (excluding lease assets)

Intangible fixed assets are amortized by the straight-line method.

The main useful life is as follows.

Software: 5–10 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Lease assets

Lease assets in finance lease transactions other than those which are deemed to transfer the ownership of lease assets to lessees are calculated by the straight- line method by considering the lease period to be useful life and the residual value to be zero.

Foreign consolidated subsidiaries that adopted IFRS have applied IFRS 16 "Leases", and foreign consolidated subsidiaries that adopted U.S. GAAP have applied U.S. GAAP ASU 2016-02 "Leases". Due to this application, lessees, in principle, record all leases as assets and liabilities on the balance sheets, and the right-of-use assets recorded under assets are depreciated using the straight-line method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Accounting standards for significant allowances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Allowances for doubtful accounts

To provide for losses on bad debts, the Company sets aside an estimated uncollectable amount, by taking into consideration the possible credit loss rate in the future based on the actual loss rate in respect of general credits, and the particular possibilities of collection in respect of possible non-performing credits and other specific claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reserves for bonuses

To provide for the payment of bonuses to employees, reserves for bonuses are provided according to the expected amount of the payment which attributes to the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reserves for directors' bonuses

To provide for the payment of bonuses to directors, reserves for directors' bonuses are provided according to the estimated amounts payable at the end of the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Accounting standards for revenues and expenses

The Group's main businesses are "Retail Market Business", "Food Service Business", "Overseas Business", "Fruit Solutions Business" and "Fine Chemicals Business".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Retail Market

The Company sells merchandise or products that include mayonnaise, dressings, pasta sauces, salads, delicatessen foods, packaged salads, baby foods and nursing care foods in the retail market. The primary performance obligation is the obligation to deliver merchandise or products to the customer, and the Company determines that control is transferred to the customer at the time of delivery of the merchandise or products. However, in the cases that the control over merchandise or products should be transferred to the customer within a normal delivery period, revenue is recognized at the time of shipment. In addition, revenue is measured at an amount calculated by deducting sales returns, discounts, rebates, etc. from consideration promised in a contract with the customer, and does not contain any significant interest component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Food Service

The Company sells merchandise or products that include mayonnaise, dressings, vinegar, liquid egg, frozen egg, dried egg and egg processed foods in the food service market. The primary performance obligation is the obligation to deliver merchandise or products to the customer, and the Company determines that control is transferred to the customer at the time of delivery of the merchandise or products. However, in the cases that the control over merchandise or products should be transferred to the customer within a normal delivery period, revenue is recognized at the time of shipment. In addition, revenue is measured at an amount calculated by deducting sales returns, discounts, rebates, etc. from consideration promised in a contract with the customer, and does not contain any significant interest component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Overseas

The Company sells merchandise or products that include mayonnaise and dressings in the overseas markets which include China, Southeast Asia and North America. The primary performance obligation is the obligation to deliver merchandise or products to the customer, and revenue is recognized at the time when merchandise or products are delivered. However, revenue from export sales is recognized at the time when risk is transferred to the customer based on the trade terms provided for in the Incoterms and others. In addition, revenue is measured at an amount calculated by deducting sales returns, discounts, rebates, etc. from consideration promised in a contract with the customer, and does not contain any significant interest component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Fruit Solutions

The Company sells merchandise or products that include jams and frozen fruit processed foods for household use and fruit processed foods for industrial use. The primary performance obligation is the obligation to deliver merchandise or products to the customer, and the Company determines that control is transferred to the customer at the time of delivery of the merchandise or products. However, in the cases that the control over merchandise or products should be transferred to the customer within a normal delivery period, revenue is recognized at the time of shipment. In addition, revenue is measured at an amount calculated by deducting sales returns, discounts, rebates, etc. from consideration promised in a contract with the customer, and does not contain any significant interest component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fine Chemicals

The Company sells merchandise or products that include hyaluronic acid and egg yolk lecithin used as an ingredient for pharmaceuticals, cosmetics and food products. The primary performance obligation is the obligation to deliver merchandise or products to the customer, and the Company determines that control is transferred to the customer at the time of delivery of the merchandise or products. However, in the cases that the control over merchandise or products should be transferred to the customer within a normal delivery period, revenue is recognized at the time of shipment. In addition, revenue is measured at an amount calculated by deducting sales returns, discounts, rebates, etc. from consideration promised in a contract with the customer, and does not contain any significant interest component.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Accounting for retirement benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Periodic allocation method for projected retirement benefits

In calculating retirement benefit obligations, the method of allocating the projected retirement benefits to the period up to the end of the current fiscal year is the benefit formula basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Method of accounting for actuarial gains or losses and prior service costs

Prior service costs are amortized by the straight-line method principally over twelve (12) years based on the average remaining employees' service years at the time of accrual.

Actuarial gains or losses are amortized by the straight-line method principally over twelve (12) years based on the average remaining employees' service years at each fiscal year, and their amortizations start from the next fiscal year of the respective accrual years.

In addition, if the amount of pension fund assets exceeds that of retirement benefit obligations for benefit pension plan, it is provided as assets for retirement benefits on the consolidated balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Significant methods of hedge accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deferral hedge is adopted in hedge accounting. Appropriation processing is
adopted for transactions that meet the requirements for that method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Hedging instruments are forward exchange contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hedged items are purchase transactions in foreign currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company enters into forward exchange contracts to hedge risks from fluctuations
in foreign exchange rates.

In addition, the Company never makes use of them for the purpose of speculative transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assessment of the effectiveness of hedge accounting

Control procedures of hedge transactions are executed according to the Company's internal rules. The effectiveness of the hedge is analyzed by comparing movements in the fair value of hedged items with those of hedging instruments, assessed and strictly controlled.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Amortization of goodwill

Goodwill is amortized on a straight-line basis over its estimated useful life during which its effect will be realized. However, trivial goodwill is fully amortized in the fiscal year in which it is incurred.

&nbsp;&nbsp;&nbsp;&nbsp;II. Notes on changes in presentation

(Consolidated statements of income)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Insurance return", which had been included in "Other"
under "Non-operating income" in the previous fiscal year, is presented as a separate item effective from the current fiscal
year, in order to ensure integrated disclosure with the Annual Securities Report. The amount of "Insurance return" in the
previous fiscal year was ¥434 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Provision of allowances for doubtful accounts", which had been
included in "Other" under "Non-operating expenses" in the previous fiscal year, is presented as a separate item
effective from the current fiscal year, because its amount has become material. The amount of "Provision of allowances for doubtful
accounts" in the previous fiscal year was ¥203 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Gains on sales of investment securities", which had been included
in "Other" under "Extraordinary gains" in the previous fiscal year, is presented as a separate item effective
from the current fiscal year, in order to ensure integrated disclosure with the Annual Securities Report. The amount of "Gains
on sales of investment securities" in the previous fiscal year was ¥758 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Losses on valuation of investment securities", which had been
included in "Other" under "Extraordinary losses" in the previous fiscal year, is presented as a separate item
effective from the current fiscal year, because its amount has become material. The amount of "Losses on valuation of investment
securities" in the previous fiscal year was ¥4 million.

&nbsp;&nbsp;&nbsp;&nbsp;III. Notes on accounting estimates

(Valuation of fixed assets of Kewpie Egg Corporation)

For fixed assets on certain asset groups of Kewpie Egg Corporation, an indicator of impairment was identified at the end of the fiscal year, reflecting the effect of a significant drop in the market price of land. However, no impairment losses were recognized, since undiscounted future cash flows of these asset groups exceeded the book value of the fixed assets in determining whether impairment losses are recognized.

&nbsp;&nbsp;&nbsp;&nbsp;1. Amount recorded in consolidated financial statements for the current fiscal
year

As of November 30, 2024 <br> Book value of fixed assets on relevant asset groups ¥4,248 million

&nbsp;&nbsp;&nbsp;&nbsp;2. Information on the content of
significant accounting estimates for identified items

&nbsp;&nbsp;&nbsp;&nbsp;(1) Method for calculating estimated
future cash flows and major assumptions

In determining whether impairment losses are recognized, future cash flows were calculated based on business plan, which was formulated incorporating sales volume and gross margin per unit as major assumptions, on the premise of stable balance between egg supply and demand.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Impact on consolidated financial
statements for the next fiscal year

If business performance declines due to the spread of avian influenza, and consequently actual results deviate from an estimated amount of future cash flows, impairment losses could be recorded.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Notes on additional information

(Transfer of fixed assets)

The Company resolved at its Board of Directors meeting held on September 30, 2024 to transfer Company-owned fixed assets as described below, and concluded a real estate sales contract on September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;1. Reason for the transfer of fixed assets

The Company has decided to transfer the following fixed assets aiming to effectively utilize its operating resources and strengthen its financial structure.

&nbsp;&nbsp;&nbsp;&nbsp;2. Details of the assets to be transferred

<u>Subject and location of assets</u> <u>Gains on transfer</u> Current status <br> Subject: Land 41,407.24 m<sup>2</sup> Location: Nichinan-cho 2-chome, Toyota-shi, Aichi, Japan Approximately ¥12.0 billion (estimate) Site of a former factory

\* The Company refrains from disclosing the transfer price and the book value based on the arrangements with the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;3. Outline of the transferee

---

| | |
|:---|:---|
| Name | ES-CON JAPAN Ltd. |
| Location | 10-4, Toranomon 2-chome, Minato-ku, Tokyo, Japan |
| Name and title of representative | Takatoshi Ito, President & Representative Director |
| Relationship with the Company | There are no capital, personnel or business relationships between the Company and the transferee, and the transferee is not a related party of the Company. |

---

&nbsp;&nbsp;&nbsp;&nbsp;4. Schedule of the transfer

Date of Board resolution: September 30, 2024 <br> Date of contract: September 30, 2024 <br> Date of delivery: January 23, 2025 (scheduled)

&nbsp;&nbsp;&nbsp;&nbsp;5. Future outlook

As a result of the transfer of the above fixed assets, the Company expects to record gains on sales of fixed assets as extraordinary gains in the financial results for the first quarter of the fiscal year ending November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;V. Notes to consolidated balance sheets

1. Of Notes and accounts receivable - trade, balance of receivables arising from contracts with customers <br> Notes receivable - trade ¥28 million <br> Accounts receivable - trade ¥71,754 million

2. Contingent liabilities <br> Guarantee obligations ¥119 million

3. Balance of contract liabilities included in Other under Current liabilities <br> Contract liabilities ¥692 million

&nbsp;&nbsp;&nbsp;&nbsp;VI. Notes to consolidated statements of changes in net assets

&nbsp;&nbsp;&nbsp;&nbsp;1. Classes and total numbers of shares issued and outstanding and shares of treasury
stock

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Class of shares issued<br> and outstanding | &nbsp;&nbsp;Class of shares of<br> treasury stock |
|  | &nbsp;&nbsp;Shares of common <br> stock | &nbsp;&nbsp;Shares of common <br> stock |
| Number of shares as of December 1, 2023 | &nbsp;&nbsp;141,500,000 shares | &nbsp;&nbsp;2,496,958 shares |
| Increase in the number of shares during the year | &nbsp;&nbsp;– | &nbsp;&nbsp;1,363 shares |
| Decrease in the number of shares during the year | &nbsp;&nbsp;– | &nbsp;&nbsp;– |
| Number of shares as of November 30, 2024 | &nbsp;&nbsp;141,500,000 shares | &nbsp;&nbsp;2,498,321 shares |

---

&nbsp;&nbsp;&nbsp;&nbsp;(Note) The number of shares of treasury stock (common stock) increased due to the
acquisition of shares less than one (1) unit.

&nbsp;&nbsp;&nbsp;&nbsp;2. Distribution of surplus

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amount of dividends paid

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the meeting of the Board of Directors held on January 19, 2024, a resolution
was adopted as follows:

・ Matters concerning dividends on shares of common stock

---

| | | |
|:---|:---|:---|
| i) | Total amount of dividends | ¥3,753 million |
| ii) | Amount of dividend per share | ¥27.00 |
| iii) | Record date | November 30, 2023 |
| iv) | Effective date | February 8, 2024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the meeting of the Board of Directors held on June 28, 2024, a resolution
was adopted as follows:

・ Matters concerning dividends on shares of common stock

---

| | | |
|:---|:---|:---|
| i) | Total amount of dividends | ¥3,197 million |
| ii) | Amount of dividend per share | ¥23.00 |
| iii) | Record date | May 31, 2024 |
| iv) | Effective date | August 5, 2024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) Dividends whose record date fell during the current fiscal year but whose effective
date will fall during the next fiscal year

At the meeting of the Board of Directors held on January 20, 2025, a resolution was adopted as follows:

・ Matters concerning dividends on shares of common stock

---

| | | |
|:---|:---|:---|
| i) | Total amount of dividends | ¥4,309 million |
| ii) | Fund of dividends | Earned surplus |
| iii) | Amount of dividend per share | ¥31.00 |
| iv) | Record date | November 30, 2024 |
| v) | Effective date | February 7, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;VII. Notes on financial instruments

&nbsp;&nbsp;&nbsp;&nbsp;1. Matters relating to the status of financial instruments

&nbsp;&nbsp;&nbsp;&nbsp;(1) Policy in relation to financial instruments:

The Group raises required funds through bank loans and bond issues according to its equipment investment plan. Floating money is invested in high-security financial assets and short-term operating funds are provided by bank loans. The Group uses derivatives to hedge risks, as described below, and has a policy not to conduct speculative trading.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Details of financial instruments and related risks:

Notes and accounts receivable - trade, which are operating receivables, are exposed to clients' credit risks. Securities and investment securities, which principally consist of shares in the client companies related with the Group's business, are exposed to market risk.

Substantially all of notes and accounts payable - trade, which are operating payables, have payment due dates within one (1) year. Some operating payables in relation to import of raw materials are denominated in foreign currencies and exposed to foreign currency risk, which is hedged by using forward exchange contracts when necessary. Short-term loans payable are funds raised principally in relation to business transactions and long-term loans payable, bonds and lease obligations in finance lease transactions are funds raised principally for necessary equipment investment.

Derivatives are forward exchange contracts to hedge foreign currency risk involving payables in foreign currencies. With regard to hedging instruments, hedged items, hedge policies, the method of assessment of the effectiveness of hedges, etc., please refer to the above "I. Notes on the significant matters forming the basis of preparation of consolidated financial statements: 4. Accounting policies: (6) Significant methods of hedge accounting".

&nbsp;&nbsp;&nbsp;&nbsp;(3) Risk management system relating to financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Management of credit risk:

The Company, through its operation management division and accounting and financing division, periodically monitors the conditions of its major clients and manages the due dates and balances of its operating receivables by client to early detect or reduce credits that may become uncollectable due to the deterioration of its financial position or other reasons. Likewise, its consolidated subsidiaries manage their operating receivables.

With regard to derivatives, the Company perceives very little credit risk as it enters into transactions solely with financial institutions with high ratings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Management of market risk:

The Group uses forward exchange contracts to hedge foreign currency risk involving payables in foreign currencies. The Company's risk management relating to such derivatives is conducted by its Division of Production and Financial Department pursuant to its internal rules and all of the trading results are reported to the General Manager of the Financial Department. With regard to its consolidated subsidiaries, such risk management is conducted principally by their respective administration divisions and the trading results are reported to the respective directors of the subsidiaries responsible therefor.

With regard to securities and investment securities, the Company periodically gains information on the fair values and financial standings of the issuers (client companies) and reviews the holding of securities other than bonds held to maturity on a continuous basis by taking into consideration the market conditions and the relationships with the client companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Management of liquidity risk relating to financing:

The Group prepares and revises cash flow projections on a timely basis and keeps current cash flow at a specified level through overdraft agreements with several banks and a cash management system to manage liquidity risk.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Supplementary explanation of matters relating to the fair values of financial
instruments, etc.

As the calculation of fair values of financial instruments incorporates variable factors, adopting different assumptions may change the values.

&nbsp;&nbsp;&nbsp;&nbsp;2. Matters concerning fair values, etc. of financial instruments

The following table shows amounts for items recorded in the consolidated balance sheets as of November 30, 2024, along with their fair values and the variances. Stocks, etc. without market value are not included in the table. (See Note 1)

(Millions of yen)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Balance sheet amount | &nbsp;&nbsp;Fair value | &nbsp;&nbsp;Variance |
| &nbsp;&nbsp;(1) | &nbsp;&nbsp;Securities and investment securities | &nbsp;&nbsp;43978 | &nbsp;&nbsp;58949 | &nbsp;&nbsp;14971 |
|  | &nbsp;&nbsp;Total assets | &nbsp;&nbsp;43978 | &nbsp;&nbsp;58949 | &nbsp;&nbsp;14971 |
| &nbsp;&nbsp;(2) | &nbsp;&nbsp;Bonds | &nbsp;&nbsp;10000 | &nbsp;&nbsp;9841 | &nbsp;&nbsp;(158) |
| &nbsp;&nbsp;(3) | &nbsp;&nbsp;Long-term loans payable (\*2) | &nbsp;&nbsp;5784 | &nbsp;&nbsp;5706 | &nbsp;&nbsp;(78) |
| &nbsp;&nbsp;(4) | &nbsp;&nbsp;Lease obligations | &nbsp;&nbsp;4650 | &nbsp;&nbsp;4873 | &nbsp;&nbsp;222 |
|  | &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;20435 | &nbsp;&nbsp;20421 | &nbsp;&nbsp;(14) |
|  | &nbsp;&nbsp;Derivatives (\*3) |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Derivatives to which hedge accounting is not applied | &nbsp;&nbsp;– | &nbsp;&nbsp;– | &nbsp;&nbsp;– |
|  | &nbsp;&nbsp;&nbsp;Derivatives to which hedge accounting is applied | &nbsp;&nbsp;(6) | &nbsp;&nbsp;(6) | &nbsp;&nbsp;– |
|  | &nbsp;&nbsp;&nbsp;Total derivatives | &nbsp;&nbsp;(6) | &nbsp;&nbsp;(6) | &nbsp;&nbsp;– |

---

---

| | |
|:---|:---|
| (\*1) | Notes on cash and deposits, notes and accounts receivable - trade, notes and accounts payable - trade, short-term loans payable (excluding the current portion of long-term loans payable), accounts payable - other, and accrued income taxes are omitted, because they are cash, and their fair value approximates the book value as a result of their short settlement period. |

---

(\*2) Long-term loans payable include the current portion of long-term loans payable.

---

| | |
|:---|:---|
| (\*3) | Net receivables and payables resulting from derivatives are presented in net amounts. |

---

(Note 1) Stocks, etc. without market value

Stocks, etc. without market value are not included in "(1) Securities and investment securities". The balance sheet amounts of these financial instruments are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Category | &nbsp;&nbsp; Balance sheet amount<br> (Millions of yen) |
| &nbsp;&nbsp;Unlisted shares | &nbsp;&nbsp;17,200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. Matters concerning breakdown for each level of fair value, etc. of financial
instruments

The fair value of financial instruments is categorized into the following three (3) levels based on the observability and significance of the inputs related to fair value measurement.

Level 1 fair value: fair value measured with observable inputs related to fair value measurement which are quoted prices of assets or liabilities subject to the measurement of fair value that are formed in active markets.

Level 2 fair value: fair value measured with observable inputs related to fair value measurement other than the inputs in Level 1.

Level 3 fair value: fair value measured using unobservable inputs related to fair value measurement.

When multiple inputs that have a significant impact on the measurement of fair value are used, fair value is categorized to the level with the lowest priority in the measurement of fair value among the levels to which each input belongs.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial instruments recorded on the consolidated balance sheets at fair value

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category | Fair value (Millions of yen) | Fair value (Millions of yen) | Fair value (Millions of yen) | Fair value (Millions of yen) |
|  | Level 1 | Level 2 | Level 3 | Total |
| Securities and investment securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks | 25663 | – | – | 25663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | – | 10000 | – | 10000 |
| Total assets | 25663 | 10000 | – | 35663 |
| Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency derivatives | – | (6) | – | (6) |
| Total derivatives | – | (6) | – | (6) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) Financial instruments other than those recorded on the consolidated balance
sheets at fair value

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category | Fair value (Millions of yen) | Fair value (Millions of yen) | Fair value (Millions of yen) | Fair value (Millions of yen) |
|  | Level 1 | Level 2 | Level 3 | Total |
| Securities and investment securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of affiliated companies | 23286 | – | – | 23286 |
| Total assets | 23286 | – | – | 23286 |
| Bonds | – | 9841 | – | 9841 |
| Long-term loans payable | – | 5706 | – | 5706 |
| Lease obligations | – | 4873 | – | 4873 |
| Total liabilities | – | 20421 | – | 20421 |

---

(Note) Explanation of valuation techniques and inputs related to fair value measurement

<u>Securities and investment securities</u>

Listed shares are valued using the quoted price. Listed shares are traded on active markets, and accordingly their fair values are categorized as Level 1. The fair value of jointly managed designated money trusts is measured based on the price provided by counterparty financial institutions, and is categorized as Level 2.

<u>Derivatives</u>

The fair value of forward exchange contracts is measured using fair value indicated by counterparty financial institutions, which is measured using observable inputs such as exchange rates, and is therefore categorized as Level 2.

<u>Bonds</u>

The fair value of bonds issued by the Company is measured based on the present value of the total principal and interest, discounted at a rate that would be applied for a new similar issuance, and is categorized as Level 2.

<u>Long-term loans payable</u>

The fair value of long-term loans payable is measured based on the present value of the total principal and interest, discounted at a rate that would be applied for a new similar borrowing, and is categorized as Level 2.

<u>Lease obligations</u>

The fair value of lease obligations is measured based on the present value of the total principal and interest classified by a certain period of time, discounted at a rate that would be applied for a new similar lease transaction, and is categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;VIII. Notes on leased and other real estate properties

Notes on leased and other real estate properties are omitted as the total amount thereof is not material.

&nbsp;&nbsp;&nbsp;&nbsp;IX. Notes on revenue recognition

&nbsp;&nbsp;&nbsp;&nbsp;1. The information on disaggregation of revenue arising from contracts with customers

(Millions of yen)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Retail Market | Food Service | Overseas | Fruit Solutions | Fine Chemicals | Common Business | Amount reported on the consolidated financial statements |
| Net sales |  |  |  |  |  |  |  |
| Revenue arising from contracts with customers | 186747 | 170086 | 92199 | 17001 | 11382 | 6568 | 483985 |
| Other revenue | – | – | – | – | – | – | – |
| Net sales to outside customers | 186747 | 170086 | 92199 | 17001 | 11382 | 6568 | 483985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;2. Information as a basis for understanding revenue arising from contracts with
customers

Information as a basis for understanding revenue arising from contracts with customers is as stated in "I. Notes on the significant matters forming the basis of preparation of consolidated financial statements: 4. Accounting policies: (4) Accounting standards for revenues and expenses".

&nbsp;&nbsp;&nbsp;&nbsp;3. Information for understanding the amount of revenue for the current fiscal
year and the following fiscal years

&nbsp;&nbsp;&nbsp;&nbsp;(1) Balances of receivables arising from contracts with customers and contract
liabilities

The ending balance of receivables arising from contracts with customers is as stated in "V. Notes to consolidated balance sheets: 1. Of Notes and accounts receivable - trade, balance of receivables arising from contracts with customers". In addition, the ending balance of contract liabilities arising from contracts with customers is as stated in "V. Notes to consolidated balance sheets: 3. Balance of contract liabilities included in Other under Current liabilities".

&nbsp;&nbsp;&nbsp;&nbsp;(2) Transaction price allocated to the remaining performance obligations

Applying the practical expedients, the Group has omitted the statement of information on remaining performance obligations because there is no significant transaction within the Group with a predicted term of contract exceeding one (1) year. Considerations arising from contracts with customers contain no significant amount that is not included in transaction prices.

&nbsp;&nbsp;&nbsp;&nbsp;X. Notes on per share information

Net assets per share ¥2,174.74

Earnings per share ¥154.10

&nbsp;&nbsp;&nbsp;&nbsp;XI. Notes on significant subsequent events

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) Figures are stated by discarding fractions of one (1) million yen.

\* The contents of the consolidated statements of changes in net assets and the notes to consolidated financial statements are those audited by the accounting auditors by January 20, 2025.

**Non-consolidated Financial Statements**

**Non-consolidated Balance Sheets**

(Millions of yen)

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp; Previous fiscal year<br> (From December 1, 2022<br> to November 30, 2023) | &nbsp;&nbsp; Current fiscal year<br> (From December 1, 2023<br> to November 30, 2024) |
| &nbsp;&nbsp; Assets<br> Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and deposits | &nbsp;&nbsp;30653 | &nbsp;&nbsp;44518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable-trade | &nbsp;&nbsp;33322 | &nbsp;&nbsp;36660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;2000 | &nbsp;&nbsp;10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merchandise and finished goods | &nbsp;&nbsp;9760 | &nbsp;&nbsp;9964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in process | &nbsp;&nbsp;62 | &nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raw materials and supplies | &nbsp;&nbsp;4674 | &nbsp;&nbsp;3880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term loans receivable | &nbsp;&nbsp;5060 | &nbsp;&nbsp;3792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;6098 | &nbsp;&nbsp;5877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts | &nbsp;&nbsp;(379) | &nbsp;&nbsp;(687) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | &nbsp;&nbsp;91253 | &nbsp;&nbsp;114084 |
| Fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;Tangible fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings | &nbsp;&nbsp;35380 | &nbsp;&nbsp;33394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structures | &nbsp;&nbsp;2084 | &nbsp;&nbsp;2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | &nbsp;&nbsp;14386 | &nbsp;&nbsp;12782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vehicles | &nbsp;&nbsp;16 | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tools, furniture and fixtures | &nbsp;&nbsp;796 | &nbsp;&nbsp;789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | &nbsp;&nbsp;18287 | &nbsp;&nbsp;18304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased assets | &nbsp;&nbsp;208 | &nbsp;&nbsp;186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | &nbsp;&nbsp;904 | &nbsp;&nbsp;1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total tangible fixed assets | &nbsp;&nbsp;72065 | &nbsp;&nbsp;69062 |
| &nbsp;&nbsp;&nbsp;Intangible fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Telephone subscription right | &nbsp;&nbsp;89 | &nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;13190 | &nbsp;&nbsp;13211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;54 | &nbsp;&nbsp;3467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible fixed assets | &nbsp;&nbsp;13334 | &nbsp;&nbsp;16769 |
| &nbsp;&nbsp;&nbsp;Investments and other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;25202 | &nbsp;&nbsp;26416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks of subsidiaries and affiliates and investments in capital | &nbsp;&nbsp;36835 | &nbsp;&nbsp;36769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term loans receivable | &nbsp;&nbsp;67 | &nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid pension cost | &nbsp;&nbsp;15797 | &nbsp;&nbsp;17366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term prepaid expenses | &nbsp;&nbsp;506 | &nbsp;&nbsp;438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposits | &nbsp;&nbsp;1330 | &nbsp;&nbsp;1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;681 | &nbsp;&nbsp;625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts | &nbsp;&nbsp;(46) | &nbsp;&nbsp;(46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments and other assets | &nbsp;&nbsp;80375 | &nbsp;&nbsp;82923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed assets | &nbsp;&nbsp;165775 | &nbsp;&nbsp;168754 |
| Total assets | &nbsp;&nbsp;257028 | &nbsp;&nbsp;282839 |

---

---

| | | |
|:---|:---|:---|
|  | Previous fiscal year<br> (From December 1, 2022 to November 30, 2023) | Current fiscal year<br> (From December 1, 2023 to November 30, 2024) |
| Liabilities |  |  |
| Current liabilities  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable-trade | 18095 | 23447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term loans payable | 41360 | 40450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable-other | 9448 | 13516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes  | 337 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 203 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for bonuses | 169 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for directors' bonuses  | 66 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4105 | 5588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 73786 | 86054 |
| Non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term loans payable | -  | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 7380 | 8155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for retirement benefits  | 133 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guarantee money accepted | 1885 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 276 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 19675 | 25339 |
| Total liabilities | 93462 | 111393 |
| Net assets |  |  |
| Shareholders' equity  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 24104 | 24104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital surplus  | 29418 | 29418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal capital surplus | 29418 | 29418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned surplus  | 104661 | 111091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal retained earnings | 3115 | 3115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other retained earnings | 101546 | 107976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for reduction entry of property by purchase | 2273 | 2228<br> 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for open innovation promotion taxation | 249 | 67200<br> 38297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General reserve | 67200 | (5888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings brought forward | 31822 | 158725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (5884) |  |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | 152299 | 12719 |
| Valuation and translation adjustments |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on securities | 11266 | 12719 |
| Total valuation and translation adjustments |  |  |
|  | 11266 |  |
| Total net assets | 163565 | 171445 |
| Total liabilities and net assets | 257028 | 282839 |

---

(Note) Figures are stated by discarding fractions of one (1) million yen.

****

<br> **Non-consolidated Statements of Income** 

---

| | | |
|:---|:---|:---|
|  | Previous fiscal year<br> (From December 1, 2022 to November 30, 2023) | Current fiscal year<br> (From December 1, 2023 to November 30, 2024) |
| Net sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205599 |
| Cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142039 |
| Gross profit | 52277 | 63559 |
| Selling, general and administrative expenses | 49227 | 54392 |
| Operating income | 3050 | 9166 |
| Non-operating income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income  | 5808 | 7918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty income  | 1364 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 489 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-operating income | 7662 | 10053 |
| Non-operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision of allowances for doubtful accounts  | 376 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | 206 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental expenses | 122 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 510 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-operating expenses | 1215 | 889 |
| Ordinary income | 9496 | 18330 |
| Extraordinary income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of shares of subsidiaries and affiliates  | 2968 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of investment Securities  | 743 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains on sales of fixed assets | 11 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total extraordinary income | 3725 | 451 |
| Extraordinary losses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on disposal of fixed assets | 518 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on valuation of investment securities  | 3 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment losses | 1323 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on valuation of shares of subsidiaries and affiliates | 202 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total extraordinary losses | 31 | 3 |
|  | 2079 | 2510 |
| Profit before income taxes | 11142 | 16272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes - current | 1048 | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes - deferred | 318 | 138 |
| Profit | 9776 | 13380 |

---

(Note) Figures are stated by discarding fractions of one (1) million yen.

<u>**Non-consolidated Statements of Changes in Net Assets**</u>

(From December 1, 2023 to November 30, 2024)

(Millions of yen)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity |
| | Paid-in capital | Capital surplus | Capital surplus | Earned surplus | Earned surplus | Earned surplus | Earned surplus | Earned surplus | Earned surplus |
| | Paid-in capital | Legal capital surplus | Total capital surplus | Legal retained earnings | Other earned surplus | Other earned surplus | Other earned surplus | Other earned surplus | Total earned surplus |
| | Paid-in capital | Legal capital surplus | Total capital surplus | Legal retained earnings | Reserves for reduction entry of property by purchase | Reserves for open innovation promotion tax system | General reserve | Earned surplus brought forward | Total earned surplus |
| Balance at the beginning of the current fiscal year | 24104 | 29418 | 29418 | 3115 | 2273 | 249 | 67200 | 31822 | 104661 |
| Changes of items during the fiscal year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reversal of other earned surplus |  |  |  |  | (44) |  |  | 44 | – |
| &nbsp;&nbsp;&nbsp;Dividends from surplus |  |  |  |  |  |  |  | (6950) | (6950) |
| &nbsp;&nbsp;&nbsp;Profit |  |  |  |  |  |  |  | 13380 | 13380 |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net changes of items other than shareholders' equity |  |  |  |  |  |  |  |  |  |
| Total changes of items during the fiscal year | – | – | – | – | (44) | – | – | 6475 | 6430 |
| Balance at the end of the current fiscal year | 24104 | 29418 | 29418 | 3115 | 2228 | 249 | 67200 | 38297 | 111091 |

---

(Millions of yen)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Shareholders' equity | Shareholders' equity | Valuation and translation adjustments | Valuation and translation adjustments | Valuation and translation adjustments | Total net assets |
| | Treasury stock | Total shareholders' equity | Unrealized holding gains on securities | Unrealized holding gains on securities | Total valuation and translation adjustments | Total net assets |
| Balance at the beginning of the current fiscal year | (5884) | 152299 | 152299 | 11266 | 11266 | 163565 |
| Changes of items during the fiscal year |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reversal of other earned surplus |  | – | – |  |  | – |
| &nbsp;&nbsp;&nbsp;Dividends from surplus |  | (6950) | (6950) |  |  | (6950) |
| &nbsp;&nbsp;&nbsp;Profit |  | 13380 | 13380 |  |  | 13380 |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock | (4) | (4) | (4) |  |  | (4) |
| &nbsp;&nbsp;&nbsp;Net changes of items other than shareholders' equity |  |  |  | 1453 | 1453 | 1453 |
| Total changes of items during the fiscal year | (4) | 6425 | 6425 | 1453 | 1453 | 7879 |
| Balance at the end of the current fiscal year | (5888) | 158725 | 158725 | 12719 | 12719 | 171445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(Note) Figures are stated by discarding fractions of one (1) million
yen.

<u>**Notes to Non-consolidated Financial Statements**</u>

&nbsp;&nbsp;&nbsp;&nbsp;I. Notes on matters relating to significant accounting policies

&nbsp;&nbsp;&nbsp;&nbsp;1. Basis and method of valuation of securities

&nbsp;&nbsp;&nbsp;&nbsp;(1) Bonds held to maturity

Stated at amortized cost (by the straight-line method).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares of subsidiaries and affiliated companies

Stated at cost, determined by the moving average method.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Other securities

Securities other than stocks, etc. without market value

Stated at fair value (revaluation differences are all transferred directly to net assets, and the cost of sales is computed based on the moving-average method).

Stocks, etc. without market value

Stated at cost, determined by the moving average method.

&nbsp;&nbsp;&nbsp;&nbsp;2. Basis and method of valuation of derivatives

Stated at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;3. Inventories

&nbsp;&nbsp;&nbsp;&nbsp;(1) Basis of valuation

Purchased goods and products, work in process, raw materials and supplies are stated at cost (the value method to devaluate a book value for decreasing profitability).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Method of valuation

Purchased goods and products, work in process, raw materials and supplies are determined by the moving average method.

&nbsp;&nbsp;&nbsp;&nbsp;4. Depreciation and amortization method for fixed assets

&nbsp;&nbsp;&nbsp;&nbsp;(1) Tangible fixed assets (excluding lease assets)

Tangible fixed assets are depreciated by the straight-line method.

The main useful lives are as follows.

Buildings: 2–50 years

Machinery and equipment: 2–10 years

&nbsp;&nbsp;&nbsp;&nbsp;(2) Intangible fixed assets (excluding lease assets)

Intangible fixed assets are amortized by the straight-line method.

The main useful life is as follows.

Software: 5–10 years

&nbsp;&nbsp;&nbsp;&nbsp;(3) Lease assets

Lease assets in finance lease transactions other than those which are deemed to transfer the ownership of lease assets to lessees are calculated by the straight- line method by considering the lease period to be useful life and the residual value to be zero.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Long-term prepaid expenses

Long-term prepaid expenses are amortized by the straight-line method.

&nbsp;&nbsp;&nbsp;&nbsp;5. Accounting standards for allowances

&nbsp;&nbsp;&nbsp;&nbsp;(1) Allowances for doubtful accounts

To provide for losses on bad debts, the Company sets aside an estimated uncollectable amount, by taking into consideration the possible credit loss rate in the future based on the actual loss rate in respect of general credits, and the particular possibilities of collection in respect of possible non-performing credits and other specific claims.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reserves for bonuses

To provide for the payment of bonuses to employees, reserves for bonuses are provided according to the expected amount of the payment which attributes to the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Reserves for directors' bonuses

To provide for the payment of bonuses to directors, reserves for directors' bonuses are provided according to the estimated amounts payable at the end of the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Reserves for retirement benefits

To provide for employee retirement benefits, reserves for retirement benefits are provided according to the projected amount of retirement benefit obligations and pension assets at the end of the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Periodic allocation method for projected retirement benefits

In calculating retirement benefit obligations, the method of allocating the projected retirement benefits to the period up to the end of the current fiscal year is the benefit formula basis.

ii) Method of accounting for actuarial gains or losses and prior service costs

Prior service costs are amortized by the straight-line method over twelve (12) years based on the average remaining employees' service years at the time of accrual.

Actuarial gains or losses are amortized by the straight-line method over twelve (12) years based on the average remaining employees' service years at each fiscal year, and their amortizations start from the next fiscal year of the respective accrual years.

In addition, if the amount of pension assets exceeds that of retirement benefit obligations associated with corporate pension plans adjusted by unrecognized actuarial gains or losses associated with the corporate pension plans, the excess amount is recorded as prepaid pension costs on the balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;6. Accounting standards for revenues and expenses

The Company's main businesses are "Retail Market Business", "Food Service Business", "Overseas Business" and "Fine Chemicals Business".

&nbsp;&nbsp;&nbsp;&nbsp;(1) Retail Market

The Company sells merchandise or products that include mayonnaise, dressings, pasta sauces, salads, delicatessen foods, packaged salads, baby foods and nursing care foods in the retail market. The primary performance obligation is the obligation to deliver merchandise or products to the customer, and the Company determines that control is transferred to the customer at the time of delivery of the merchandise or products. However, in the cases that the control over merchandise or products should be transferred to the customer within a normal delivery period, revenue is recognized at the time of shipment. In addition, revenue is measured at an amount calculated by deducting sales returns, discounts, rebates, etc. from consideration promised in a contract with the customer, and does not contain any significant interest component.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Food Service

The Company sells merchandise or products that include mayonnaise, dressings, vinegar, liquid egg, frozen egg, dried egg and egg processed foods in the food service market. The primary performance obligation is the obligation to deliver merchandise or products to the customer, and the Company determines that control is transferred to the customer at the time of delivery of the merchandise or products. However, in the cases that the control over merchandise or products should be transferred to the customer within a normal delivery period, revenue is recognized at the time of shipment. In addition, revenue is measured at an amount calculated by deducting sales returns, discounts, rebates, etc. from consideration promised in a contract with the customer, and does not contain any significant interest component.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Overseas

The Company engages in the export sales of merchandise or products that include mayonnaise and dressings in the overseas markets which include China, Southeast Asia and North America. Revenue from export sales is recognized at the time when risk is transferred to the customer based on the trade terms provided for in the Incoterms and others. In addition, revenue is measured at an amount calculated by deducting sales returns, discounts, rebates, etc. from consideration promised in a contract with the customer, and does not contain any significant interest component.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Fine Chemicals

The Company sells merchandise or products that include hyaluronic acid and egg yolk lecithin used as an ingredient for pharmaceuticals, cosmetics and food products. The primary performance obligation is the obligation to deliver merchandise or products to the customer, and the Company determines that control is transferred to the customer at the time of delivery of the merchandise or products. However, in the cases that the control over merchandise or products should be transferred to the customer within a normal delivery period, revenue is recognized at the time of shipment. In addition, revenue is measured at an amount calculated by deducting sales returns, discounts, rebates, etc. from consideration promised in a contract with the customer, and does not contain any significant interest component.

&nbsp;&nbsp;&nbsp;&nbsp;7. Other significant matters forming the basis of preparation of non-consolidated
financial statements

(Accounting for retirement benefits)

The accounting method for unrecognized actuarial gains or losses and unrecognized prior service costs pertaining to retirement benefits is different from the accounting method for these items in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;II. Notes on changes in presentation

(Non-consolidated statements of income)

"Losses on valuation of investment securities", which had been included in "Other" under "Extraordinary losses" in the previous fiscal year, is presented as a separate item effective from the current fiscal year, because its amount has become material. The amount of "Losses on valuation of investment securities" in the previous fiscal year was ¥3 million.

&nbsp;&nbsp;&nbsp;&nbsp;III. Notes on additional information

(Transfer of fixed assets)

The Company resolved at its Board of Directors meeting held on September 30, 2024 to transfer Company-owned fixed assets, and concluded a real estate sales contract on September 30, 2024. The details are as stated in "IV. Notes on additional information" under the Notes to Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Notes to non-consolidated balance sheets

---

| | | | |
|:---|:---|:---|:---|
| 1. | Accumulated depreciation on tangible fixed assets |  | ¥120,176 million |
| 2. | Contingent liabilities |  |  |
|  | Guarantee obligations |  | ¥1,988 million |
| 3. | Monetary receivables from subsidiaries and associates | Current assets | ¥12,501 million |
|  |  | Fixed assets | ¥259 million |
| 4. | Monetary payables to subsidiaries and associates | Current liabilities | ¥53,670 million |
|  |  | Non-current liabilities | ¥1,145 million |
| 5. | Monetary payables to directors and corporate auditors | Non-current liabilities | ¥80 million |

---

&nbsp;&nbsp;&nbsp;&nbsp;V. Notes on non-consolidated statements of income

1. Operating revenue from subsidiaries and associates ¥15,882 million

2. Operating expenses for subsidiaries and associates ¥90,458 million

3. Non-operating transactions with subsidiaries and associates ¥9,545 million

&nbsp;&nbsp;&nbsp;&nbsp;VI. Notes to non-consolidated statements of changes in net assets

Matters concerning the class and number of shares of treasury stock

---

| | |
|:---|:---|
|  | Class of shares of treasury stock |
|  | Shares of common stock |
| Number of shares as of December 1, 2023 | 2,496,958 shares |
| Increase in the number of shares during the current fiscal year | 1,363 shares |
| Decrease in the number of shares during the current fiscal year | – |
| Number of shares as of November 30, 2024 | 2,498,321 shares |

---

&nbsp;&nbsp;&nbsp;&nbsp;(Note) Increase in the number of shares during the current fiscal
year is due to the purchase of shares less than one unit.

&nbsp;&nbsp;&nbsp;&nbsp;VII. Notes on tax effect accounting

The principal details of deferred tax assets and liabilities are as follows:

---

| | |
|:---|:---|
| Deferred tax assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on valuation of shares of subsidiaries and associates | ¥2,039 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Established amount for trust to cover retirement benefit obligations | ¥1,084 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on retirement benefit trust | ¥883 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | ¥626 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Refund obligation (sales promotion expenses) | ¥529 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses on valuation of investment securities | ¥390 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued enterprise taxes | ¥190 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | ¥818 million |
| Sub-total deferred tax assets | ¥6,563 million |
| Valuation allowance | ¥(2922) million |
| Total deferred tax assets | ¥3,640 million |
| Deferred tax liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid pension costs | ¥(5317) million |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserves for reduction entry of property by purchase | ¥(983) million |
| &nbsp;&nbsp;&nbsp;&nbsp;Open innovation promotion tax system | ¥(76) million |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) on securities | ¥(5419) million |
| Total deferred tax liabilities | ¥(11796) million |
| Net deferred tax assets (liabilities) | ¥(8155) million |

---

&nbsp;&nbsp;&nbsp;&nbsp;VIII. Notes on related party transactions

&nbsp;&nbsp;&nbsp;&nbsp;1. Officers and major individual shareholders, etc.

(Millions of yen)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category | Corporate name | Address | Paid-in capital/<br> equity<br> investment | Principal business | Ratio of voting rights owned by the Company (owned in the Company) | Relationship with the Company | Relationship with the Company | Transaction | Transaction amount | Account | Ending balance |
| Category | Corporate name | Address | Paid-in capital/<br> equity<br> investment | Principal business | Ratio of voting rights owned by the Company (owned in the Company) | Interlocking officers, etc. | Business relationship | Transaction | Transaction amount | Account | Ending balance |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | NAKASHIMATO CO., LTD.<br> (Note 2) | Shibuya-ku, Tokyo | 50 | Sale of various processed foods | Direct:<br> 5.0%<br> (Direct: 8.1%<br> Indirect: 8.0%) | 2 officers | Purchase of products<br> and<br> sale of goods and products | Purchase of products | 352 | Accounts receivable - trade | 7 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | NAKASHIMATO CO., LTD.<br> (Note 2) | Shibuya-ku, Tokyo | 50 | Sale of various processed foods | Direct:<br> 5.0%<br> (Direct: 8.1%<br> Indirect: 8.0%) | 2 officers | Purchase of products<br> and<br> sale of goods and products | Sale of goods and products | 37 | Current assets (Other) | 26 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | NAKASHIMATO CO., LTD.<br> (Note 2) | Shibuya-ku, Tokyo | 50 | Sale of various processed foods | Direct:<br> 5.0%<br> (Direct: 8.1%<br> Indirect: 8.0%) | 2 officers | Purchase of products<br> and<br> sale of goods and products | Purchase of promotional items | 35 | Accounts payable-other | 62 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | NAKASHIMATO CO., LTD.<br> (Note 2) | Shibuya-ku, Tokyo | 50 | Sale of various processed foods | Direct:<br> 5.0%<br> (Direct: 8.1%<br> Indirect: 8.0%) | 2 officers | Purchase of products<br> and<br> sale of goods and products | Purchase of<br> supplies | 15 |  |  |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | NAKASHIMATO CO., LTD.<br> (Note 2) | Shibuya-ku, Tokyo | 50 | Sale of various processed foods | Direct:<br> 5.0%<br> (Direct: 8.1%<br> Indirect: 8.0%) | 2 officers | Purchase of products<br> and<br> sale of goods and products | Lease of property | 13 |  |  |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | NAKASHIMATO CO., LTD.<br> (Note 2) | Shibuya-ku, Tokyo | 50 | Sale of various processed foods | Direct:<br> 5.0%<br> (Direct: 8.1%<br> Indirect: 8.0%) | 2 officers | Purchase of products<br> and<br> sale of goods and products | Receipt of dividends | 5 |  |  |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | NAKASHIMATO CO., LTD.<br> (Note 2) | Shibuya-ku, Tokyo | 50 | Sale of various processed foods | Direct:<br> 5.0%<br> (Direct: 8.1%<br> Indirect: 8.0%) | 2 officers | Purchase of products<br> and<br> sale of goods and products | Purchase of trademark rights<br> (Note 6) | 3800 |  |  |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | TOHKA CO., LTD.<br> (Note 3) | Shibuya-ku, Tokyo | 100 | Business of renting property / Leasing business | (Direct: 8.0%) | 1 officer | Rent of the office, etc. and purchase of lease assets | Rent of property | 1016 | Leasehold deposits | 920 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | TOHKA CO., LTD.<br> (Note 3) | Shibuya-ku, Tokyo | 100 | Business of renting property / Leasing business | (Direct: 8.0%) | 1 officer | Rent of the office, etc. and purchase of lease assets | Purchase of lease assets | 17 | Current assets (Other) | 70 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | TOHKA CO., LTD.<br> (Note 3) | Shibuya-ku, Tokyo | 100 | Business of renting property / Leasing business | (Direct: 8.0%) | 1 officer | Rent of the office, etc. and purchase of lease assets |  |  | Accounts payable-other | 6 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | TOHKA CO., LTD.<br> (Note 3) | Shibuya-ku, Tokyo | 100 | Business of renting property / Leasing business | (Direct: 8.0%) | 1 officer | Rent of the office, etc. and purchase of lease assets |  |  | Current liabilities (Other) | 13 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | TOHKA CO., LTD.<br> (Note 3) | Shibuya-ku, Tokyo | 100 | Business of renting property / Leasing business | (Direct: 8.0%) | 1 officer | Rent of the office, etc. and purchase of lease assets |  |  | Non-current liabilities (Other) | 21 |

---

(Millions of yen)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category | Corporate name | Address | Paid-in capital/<br> equity<br> investment | Principal business | Ratio of voting rights owned by the Company (owned in the Company) | Relationship with the Company | Relationship with the Company | Transaction | Transaction amount | Account | Ending balance |
| Category | Corporate name | Address | Paid-in capital/<br> equity<br> investment | Principal business | Ratio of voting rights owned by the Company (owned in the Company) | Interlocking officers, etc. | Business relationship | Transaction | Transaction amount | Account | Ending balance |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | nakato co., ltd. <br> (Note 3) | Minato-ku, Tokyo | 10 | Whole-sale of liquors and foods |  |  | Purchase of products and sale of goods and products | Sale of goods and products | 42 | Accounts receivable - trade | 18 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | nakato co., ltd. <br> (Note 3) | Minato-ku, Tokyo | 10 | Whole-sale of liquors and foods |  |  | Purchase of products and sale of goods and products | Purchase of products | 90 | Accounts payable – trade | 95 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | To Solutions Co., Ltd. <br> (Note 4) | Chofu-shi, <br> Tokyo | 90 | Plan, develop-ment, sale, mainte-nance and opera-tions support of computer systems | Direct:<br> 20.0% | 2 employees | Consign-ment of <br> calculation work | Payment of IT-related expense | 3623 | Accounts payable-other | 490 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | To Solutions Co., Ltd. <br> (Note 4) | Chofu-shi, <br> Tokyo | 90 | Plan, develop-ment, sale, mainte-nance and opera-tions support of computer systems | Direct:<br> 20.0% | 2 employees | Consign-ment of <br> calculation work | Purchase of software | 1554 | Current assets (Other) | 183 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | To Solutions Co., Ltd. <br> (Note 4) | Chofu-shi, <br> Tokyo | 90 | Plan, develop-ment, sale, mainte-nance and opera-tions support of computer systems | Direct:<br> 20.0% | 2 employees | Consign-ment of <br> calculation work | Lease of property | 46 | Current liabilities (Other) | 35 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | To Solutions Co., Ltd. <br> (Note 4) | Chofu-shi, <br> Tokyo | 90 | Plan, develop-ment, sale, mainte-nance and opera-tions support of computer systems | Direct:<br> 20.0% | 2 employees | Consign-ment of <br> calculation work | IT-related leases | 300 | Non-current liabilities<br> (Other) | 47 |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | To Solutions Co., Ltd. <br> (Note 4) | Chofu-shi, <br> Tokyo | 90 | Plan, develop-ment, sale, mainte-nance and opera-tions support of computer systems | Direct:<br> 20.0% | 2 employees | Consign-ment of <br> calculation work | Purchase of lease assets | 19 |  |  |
| Company whose officer(s) and his/her close relative(s) own a majority of the voting rights (including the subsidiary of the company) | To Solutions Co., Ltd. <br> (Note 4) | Chofu-shi, <br> Tokyo | 90 | Plan, develop-ment, sale, mainte-nance and opera-tions support of computer systems | Direct:<br> 20.0% | 2 employees | Consign-ment of <br> calculation work | Receipt of dividends | 36 |  |  |
| Incorporated foundation for which officer(s) and his/her close relative(s) serve as representative director | Kewpie Mirai Tamago Foundation<br> (Note 5) | Shibuya-ku, Tokyo | – | Support project for dietary education activity groups |  | 1 officer | Donation of goods and products | Payment of donations | 16 | – | – |

---

(Note 1) In principle, the terms of all transactions are determined individually upon consultation by reference to market prices, etc., as with other transactions in general.

---

| | |
|:---|:---|
| (Note 2) | Amane Nakashima, Chairman of the Company, and his close relatives and a company in which they own a majority of voting rights directly own 89.1% of the voting rights of the company. |

---

---

| | |
|:---|:---|
| (Note 3) | The company in which Amane Nakashima, Chairman of the Company, and his close relatives own a majority of voting rights directly owns 100.0% of the voting rights of the company. |

---

---

| | |
|:---|:---|
| (Note 4) | The company in which Amane Nakashima, Chairman of the Company, and his close relatives own a majority of voting rights directly owns 80.0% of the voting rights of the company. |

---

---

| | |
|:---|:---|
| (Note 5) | This foundation aims to contribute to realization of a healthy society by making donations to organizations that engage in dietary education activities and create places to stay through food. The amount of donations made to the foundation is determined through joint discussion of the relevant parties. |

---

(Note 6) The purchase price of trademark rights related to various brands is determined by referring to evaluations calculated by independent third-party organizations.

&nbsp;&nbsp;&nbsp;&nbsp;2. Subsidiaries, etc.

(Millions of yen)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category | Corporate name | Address | Paid-in capital/<br> equity<br> investment | Principal business | Ratio of voting rights owned by the Company (owned in the Company) | Relationship with the Company | Relationship with the Company | Transaction | Transaction amount | Account | Ending balance |
| Category | Corporate name | Address | Paid-in capital/<br> equity<br> investment | Principal business | Ratio of voting rights owned by the Company (owned in the Company) | Interlocking officers, etc. | Business relationship | Transaction | Transaction amount | Account | Ending balance |
| Subsidiary | Kewpie Egg Corporation | Chofu-shi, <br> Tokyo | 350 | Production and sale of liquid, frozen and processed egg | Direct:<br> 100.0% | 1 officer<br> 8 employees | Sale of goods and products, and purchase of products and raw materials | Purchase of products and raw materials | 30172 | Accounts payable – trade | 2045 |
| Subsidiary | Kewpie Egg Corporation | Chofu-shi, <br> Tokyo | 350 | Production and sale of liquid, frozen and processed egg | Direct:<br> 100.0% | 1 officer<br> 8 employees | Sale of goods and products, and purchase of products and raw materials | Borrowing of funds | 5443 | Short-term loans payable | 9903 |
| Subsidiary | Salad Club, Inc. | Chofu-shi, <br> Tokyo | 300 | Process-ing and sale of fresh vegeta-bles | Direct:<br> 51.0% | 2 officers<br> 2 employees | Sale of goods and products | Borrowing of funds | 5431 | Short-term loans payable | 5874 |
| Subsidiary | Kpack Co., Ltd. | Goka-machi,<br> Sashima-gun,<br> Ibaraki | 30 | Production and sale of condi-ments | Direct:<br> 100.0% | 1 officer<br> 5 employees | Sale of goods and products, and purchase of products | Borrowing of funds | 2540 | Short-term loans payable | 2280 |
| Subsidiary | Deria Foods Co., Ltd. | Chofu-shi, <br> Tokyo | 50 | Sale of salads and delicates-sen foods | Direct:<br> 100.0% | 3 officers<br> 6 employees | Sale of goods and products | Borrowing of funds | 5141 | Short-term loans payable | 7938 |
| Subsidiary | Deria Foods Co., Ltd. | Chofu-shi, <br> Tokyo | 50 | Sale of salads and delicates-sen foods | Direct:<br> 100.0% | 3 officers<br> 6 employees | Sale of goods and products | Dividends income | 1424 |  |  |
| Subsidiary | Dispen Pak Japan Co., Inc. | Minami-Ashigara-shi, Kana-gawa | 140 | Production and sale of foods, sub-dividing and packing work | Direct:<br> 51.0% | 1 officer<br> 4 employees | Sale of goods and products, and purchase of products | Borrowing of funds | 2854 | Short-term loans payable | 3162 |
| Subsidiary | Kewpie China<br> Corporation | Beijing, China | 723<br> million<br> yuan | Financial manage-ment and business manage-ment of the Company's local subsidi-aries in China | Direct:<br> 100.0% | 6 employees | Consign-ment of financial manage-ment and business manage-ment | Dividends income | 1872 | – | – |

---

(Note 1) In principle, the terms of all transactions are determined individually upon consultation by reference to market prices, etc., as with other transactions in general.

Interest rates on loans and borrowings are reasonably determined in consideration of market interest rates.

(Note 2) Loans and borrowings are primarily associated with funds management of the cash management system.

The transaction amount represents the average loan balance and the average borrowing balance.

&nbsp;&nbsp;&nbsp;&nbsp;IX. Notes on revenue recognition

Information as a basis for understanding revenue arising from contracts with customers is as stated in "I. Notes on matters relating to significant accounting policies: 6. Accounting standards for revenues and expenses".

&nbsp;&nbsp;&nbsp;&nbsp;X. Notes on per share information

Net assets per share ¥1,233.40

Earnings per share ¥96.26

&nbsp;&nbsp;&nbsp;&nbsp;XI. Notes on significant subsequent events

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;XII. Notes on a company to which consolidated dividend regulations apply

The Company is a company to which consolidated dividend regulations apply, meaning that it calculates the distributable amount for dividends on a consolidated basis (if the amount calculated on a consolidated basis is smaller than the amount calculated on a non-consolidated basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) Figures are stated by discarding fractions of one (1) million yen.

In addition, the ratio of voting rights owned by the Company (owned in the Company) is rounded for fractions less than the indicated unit.

****

<br> **Audit Report**

**Accounting Auditor's Report on the Audit of the Consolidated Financial Statements**

(TRANSLATION)

**Independent Auditors' Audit Repor**t

January 20, 2025

To: The Board of Directors

KEWPIE KABUSHIKI-KAISHA

(Kewpie Corporation)

---

| |
|:---|
| Ernst & Young ShinNihon LLC |
| Tokyo Office, Japan |
| Designated and Engagement Partner |
| Certified Public Accountant |
| Masayuki Aida |
| Designated and Engagement Partner |
| Certified Public Accountant |
| Junichiro Tsuruta |
| Designated and Engagement Partner |
| Certified Public Accountant |
| Reiko Takezawa |

---

**Audit Opinion**

Pursuant to Article 444, paragraph 4 of the Companies Act, we have audited the consolidated financial statements of KEWPIE KABUSHIKI-KAISHA for the fiscal year from December 1, 2023 to November 30, 2024, namely, the consolidated balance sheets, the consolidated statements of income, the consolidated statements of changes in net assets, and notes to the consolidated financial statements, all expressed in yen.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position and results of operations of the Group, which consisted of KEWPIE KABUSHIKI-KAISHA and its consolidated subsidiaries, applicable to the period covered by the consolidated financial statements, in conformity with accounting principles generally accepted in Japan.

**Basis for Audit Opinion**

We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements" section of our report. We are independent of the Company and its consolidated subsidiaries in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Other Information**

The other information comprises the Business Report and its supplementary schedules. Management is responsible for preparation and disclosure of the other information. The corporate auditors and the Audit & Supervisory Board are responsible for overseeing the directors' performance of duties related to the design and operation of the Group's reporting process of the other information.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

**Responsibilities of Management, Corporate Auditors and the Audit & Supervisory Board for the Consolidated Financial Statements**

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in Japan, and for design and operation of such internal control as management determined necessary to enable the preparation and fair presentation of the consolidated financial statements that do not contain material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing whether it is appropriate to prepare the consolidated financial statements with the assumption of the Group's ability to continue as a going concern and disclosing, as required by accounting principles generally accepted in Japan, matters related to going concern.

Corporate auditors and the Audit & Supervisory Board are responsible for overseeing the directors' performance of duties related to the design and operation of the financial reporting process.

**Auditor's Responsibilities for the Audit of the Consolidated Financial Statements**

Our responsibilities are to obtain reasonable assurance about whether the consolidated financial statements as a whole do not contain material misstatement, whether due to fraud or error, and to issue an audit report that states our opinion on the consolidated financial statements based on our audit from an independent point of view. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence on the decisions of users of the consolidated financial statements.

In accordance with auditing standards generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the audit as described below:

&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of
the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
Selecting audit procedures to be applied is at the discretion of the auditor. Obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion.

&nbsp;&nbsp;&nbsp;&nbsp;• Consider, in making those risk assessments, internal control
relevant to the audit in order to design audit procedures that are appropriate in the circumstances, while the purpose of the audit of
the consolidated financial statements is not expressing an opinion on the effectiveness of the Group's internal control.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used by
management and their method of application, as well as the reasonableness of accounting estimates and related notes by management.

&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness of management's use
of the going concern assumption for preparing the consolidated financial statements and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related
notes to the consolidated financial statements or, if the notes to the consolidated financial statements on material uncertainty are
inadequate, to express a qualified opinion with exceptions on the consolidated financial statements. Our conclusions are based on the
audit evidence obtained up to the date of our audit report. However, future events or conditions might cause the Group to cease to continue
as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate whether the presentation of the consolidated financial
statements and the notes thereto are in accordance with accounting principles generally accepted in Japan, as well as evaluate the overall
presentation, structure and content of the consolidated financial statements, including the related notes thereto, and whether the consolidated
financial statements fairly represent the underlying transactions and accounting events.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient and appropriate audit evidence regarding
the financial information of the Company and its consolidated subsidiaries to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the audit of the consolidated financial statements. We remain solely
responsible for our audit opinion.

We communicate with corporate auditors and the Audit & Supervisory Board regarding the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit, and other matters required by auditing standards.

We also provide corporate auditors and the Audit & Supervisory Board with a statement that we have complied with the ethical requirements in Japan regarding independence that are relevant to our audit of the financial statements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, convey details of any measures taken in order to eliminate obstruction factors or any safeguards applied in order to mitigate obstruction factors to an acceptable level.

**Conflicts of Interest**

We and the designated and engagement partners have no interest in the Company and its consolidated subsidiaries which should be disclosed in accordance with the Certified Public Accountants Act.

**Accounting Auditor'S Report on the Audit of the Non-consolidated Financial Statements**

(TRANSLATION)

**Independent Auditor's Audit Report**

January 20, 2025

The Board of Directors

KEWPIE KABUSHIKI-KAISHA

(Kewpie Corporation)

---

| |
|:---|
| Ernst & Young ShinNihon LLC |
| Tokyo Office, Japan |
| Designated and Engagement Partner |
| Certified Public Accountant |
| Masayuki Aida |
| Designated and Engagement Partner |
| Certified Public Accountant |
| Junichiro Tsuruta |
| Designated and Engagement Partner |
| Certified Public Accountant |
| Reiko Takezawa |

---

**Audit Opinion**

Pursuant to Article 436, paragraph 2, item (i) of the Companies Act, we have audited the non-consolidated financial statements of KEWPIE KABUSHIKI-KAISHA, namely, the non-consolidated balance sheets, the non-consolidated statements of income, the non-consolidated statements of changes in net assets, notes to the non-consolidated financial statements and the related supplementary schedules (collectively, "non-consolidated financial statements, etc.") applicable to the 112th fiscal year from December 1, 2023 to November 30, 2024, all expressed in yen.

In our opinion, the non-consolidated financial statements, etc. referred to above present fairly, in all material respects, the financial position and results of operations of KEWPIE KABUSHIKI-KAISHA, applicable to the period covered by the non-consolidated financial statements, etc., in conformity with accounting principles generally accepted in Japan.

**Basis for Audit Opinion**

We conducted our audit in accordance with auditing standards generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Non-consolidated Financial Statements, Etc. section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the non-consolidated financial statements, etc., in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Other Information**

The other information comprises the Business Report and its supplementary schedules. Management is responsible for the preparation and disclosure of the other information. The corporate auditors and the Audit & Supervisory Board are responsible for overseeing the directors' performance of duties related to the design and operation of the reporting process of the other information.

Our opinion on the non-consolidated financial statements, etc. does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the non-consolidated financial statements, etc., our responsibility is to read the other information and, in doing so, to consider whether the other information is materially inconsistent with the non-consolidated financial statements, etc. or our knowledge obtained in the audit or otherwise, or appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement in the other information, we are required to report that fact.

We have nothing to report in this regard.

**Responsibilities of Management, Corporate Auditors and the Audit & Supervisory Board for the Non-consolidated Financial Statements, Etc.**

Management is responsible for the preparation and fair presentation of these non-consolidated financial statements, etc. in accordance with accounting principles generally accepted in Japan, and for designing and operating of such internal control as management determined necessary to enable the preparation and fair presentation of the non-consolidated financial statements, etc. that do not contain material misstatement, whether due to fraud or error.

In preparing the non-consolidated financial statements, etc., management is responsible for assessing whether it is appropriate to prepare the non-consolidated financial statements, etc. with the assumption of the Company's ability to continue as a going concern and disclosing, as required by accounting principles generally accepted in Japan, matters related to going concern.

Corporate auditors and the Audit & Supervisory Board are responsible for overseeing the directors' performance of duties related to the design and operation of the financial reporting process.

**Auditor's Responsibilities for the Audit of the Non-consolidated Financial Statements, Etc.**

Our responsibilities are to obtain reasonable assurance about whether the non-consolidated financial statements, etc. as a whole do not contain material misstatement, whether due to fraud or error, and to issue an audit report that states our opinion on the non-consolidated financial statements, etc. based on our audit from an independent point of view. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate they could reasonably be expected to influence on the decisions of users of the non-consolidated financial statements, etc.

In accordance with auditing standards generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the audit as described below:

&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of
the non-consolidated financial statements, etc., whether due to fraud or error, and design and perform audit procedures responsive to
those risks. Selecting audit procedures to be applied is at the discretion of the auditor. Obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion.

&nbsp;&nbsp;&nbsp;&nbsp;• Consider, in making those risk assessments, internal control
relevant to the audit in order to design audit procedures that are appropriate in the circumstances, while the purpose of the audit of
the non-consolidated financial statements, etc. is not expressing an opinion on the effectiveness of the internal control.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used by
management and their method of application, as well as the reasonableness of accounting estimates and related notes by management.

&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness of management's use
of the going concern assumption for preparing the non-consolidated financial statements, etc. and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report
to the related notes to the non-consolidated financial statements, etc. or, if the notes to the non-consolidated financial statements,
etc. on material uncertainty are inadequate, to express a qualified opinion with exceptions on the non-consolidated financial statements,
etc. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions
might cause the Company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate whether the presentation of the non-consolidated
financial statements, etc. and the notes thereto are in accordance with accounting principles generally accepted in Japan, as well as
evaluate the overall presentation, structure and content of the non-consolidated financial statements, etc., including the related notes
thereto, and whether the non-consolidated financial statements, etc. fairly represent the underlying transactions and accounting events.

We communicate with corporate auditors and the Audit & Supervisory Board regarding the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit, and other matters required by auditing standards.

We also provide corporate auditors and the Audit & Supervisory Board with a statement that we have complied with the ethical requirements in Japan regarding independence that are relevant to our audit of the financial statements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, convey details of any measures taken in order to eliminate obstruction factors or any safeguards applied in order to mitigate obstruction factors to an acceptable level.

**Conflicts of Interest**

We and the designated and engagement partners have no interest in the Company which should be disclosed in accordance with the Certified Public Accountants Act.

**Audit Report by AUDIT & SUPERVISORY Board**

**Audit Report**

In regard to the performance of duties by directors of Kewpie Corporation (the "Company") during the 112th fiscal year from December 1, 2023 to November 30, 2024, the Audit & Supervisory Board has prepared this Audit Report after deliberations based on the audit reports prepared by each corporate auditor and reports as follows.

---

| | |
|:---|:---|
| **1** | **Method and contents of audits by the corporate auditors and the Audit & Supervisory Board** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Audit & Supervisory Board determined the audit policies,
division of duties and other matters, received reports from each corporate auditor regarding the implementation status and results of
their audits, in addition to which it received reports from directors, etc. and the accounting auditor regarding the status of the performance
of their duties, and requested explanations as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In compliance with the auditing standards for corporate auditors
established by the Audit & Supervisory Board and in accordance with the audit policies, division of duties, etc., each corporate
auditor communicated with directors, the internal audit division, other employees, etc., utilizing means such as telephone lines or the
internet, endeavored to gather information and develop the audit environment, and conducted audits using the following methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) We attended meetings of the Board of Directors and other important meetings, including online participation, received reports from directors, employees, etc. regarding the status of the performance of their duties, requested explanations as necessary, viewed important approved documents, etc., and inspected the status of operations and assets at the head office and main business locations. Additionally, in regard to subsidiaries, we communicated and exchanged information with directors, corporate auditors, etc. of subsidiaries and received reports on business from subsidiaries as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In regard to the contents of resolutions of the Board of Directors regarding the development of systems to ensure that the performance of duties by directors complies with laws, regulations and the Articles of Incorporation and other systems provided for in Article 100, paragraphs 1 and 3 of Regulations for Enforcement of the Companies Act as systems necessary to ensure the appropriateness of operations of the corporate group comprised of the Company and its subsidiaries, as well as the systems developed pursuant to those resolutions (i.e. internal control systems) stated in the Business Report, we periodically received reports from directors, employees, etc. regarding the status of the establishment and operation of those systems and requested explanations as necessary, and expressed our opinions in regard thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In regard to the basic policies provided for in Article 118,
item (iii)(a) of the Regulations for Enforcement of the Companies Act, and the efforts provided for in (b) of the same item, we considered
the contents thereof taking into account matters such as the status of deliberations at meetings of the Board of Directors and other
board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) We oversaw and verified whether the accounting auditor maintained
an independent position and conducted an appropriate audit, received reports from the accounting auditor on the status of the performance
of its duties, and requested explanations as necessary. Additionally, we received notification from the accounting auditor that, in accordance
with the "Quality Control Standards for Audits" (Business Accounting Council), etc., it had developed systems in order to
ensure that its duties are appropriately performed (i.e., notification of the matters stated in the items of Article 131 of the Regulations
for Corporate Accounting) and requested explanations as necessary.

Using the methods above, we examined the Business Report, the supplementary schedules thereto, the non-consolidated financial statements (i.e., the non-consolidated balance sheets, non-consolidated statements of income, non-consolidated statements of changes in net assets, and notes to the non-consolidated financial statements), the supplementary schedules to the non-consolidated financial statements, and the consolidated financial statements (i.e., the consolidated balance sheets, consolidated statements of income, consolidated statements of changes in net assets and notes to the consolidated financial statements) for the fiscal year under review.

---

| | |
|:---|:---|
| **2** | **Results of audit** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Results of audit of the Business Report, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) We find that the Business Report and the supplementary schedules
thereto accurately present the status of the Company in accordance with laws, regulations, and the Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) We do not find any misconduct nor any material fact constituting
a violation of any law, regulation, or the Articles of Incorporation in relation to the performance of duties by directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) We find the content of the resolutions of the Board of Directors
regarding internal control systems to be reasonable. Additionally, we do not find any matters that should be commented upon in regard
to the statements in the Business Report or the performance of duties by directors relating to the internal control systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) We do not find any matters that should be commented upon in
regard to the basic policy regarding the entity that controls the determination of financial and business policies of the Company. We
find that the efforts provided for in Article 118, item (iii)(b) of the Regulations for Enforcement of the Companies Act are in compliance
with that basic policy and do not harm the common interests of the shareholders of the Company, and that their purpose is not to maintain
the positions of the officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Results of audit of the non-consolidated financial statements
and the supplementary schedules thereto

We find the methods and results of the audit by the accounting auditor, Ernst & Young ShinNihon LLC, to be reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Results of audit of the consolidated financial statements

We find the methods and results of the audit by the accounting auditor, Ernst & Young ShinNihon LLC, to be reasonable.

January 20, 2025

Audit & Supervisory Board of Kewpie Corporation

Hidekazu Oda (Seal)

Standing Corporate Auditor

Kyoichi Nobuto (Seal)

Standing Corporate Auditor

Kazumine Terawaki (Seal)

Outside Corporate Auditor

Mika Kumahira (Seal)

Outside Corporate Auditor

Akihiro Ito (Seal)

Outside Corporate Auditor