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Dividends Policy

Basic Policies on Profit Distribution

The Company considers that the policies on shareholder dividends are some of the most important issues, and basically strives to pay steady and continuous dividends, strengthen and expand its earnings base corresponding to the rapid changes and development of industries, and accumulate internal reserves for active business development in the future.

Utilizing retained earnings, the Company will invest actively in research and development regarding advanced technology fields, exploring and developing new software, human resource development, and seminar facilities, etc., with the aim of enhancing its financial base.

The Company is committed to improving ROE as well as staying focused further on generating more sound profits and assuring more returns to shareholders, while defending the status quo with respect to dividend policy. Going forward, the Company will adopt a higher dividend payout ratio 50% or DOE 3.0%, whichever produces a higher dividend, and will use it as a benchmark in determining dividend amount. The Company will also take into consideration the investment money, which will be required to achieve a higher corporate value over the medium and long terms to make a comprehensive judgment on its ultimate dividend payment.

Dividends per Share

Fiscal Year 2018
(forecast)
2017 2016 2015*4
Interim dividends ¥8.26 ¥7.22 ¥6.50 ¥6.90
Year-end dividends ¥8.26 ¥7.22 ¥6.50 ¥6.90
Annual Dividends ¥16.52 ¥14.44 ¥13.00 ¥13.80
Payout ratio(consolidated) 50.0% 50.0% 87.7% 92.8%
DOE(consolidated) - 3.4% 3.0% 3.1%
Average Yield*3 - 2.07% 1.69% 3.11%
Fiscal Year 2014 2013*1
(9 months)
2013 2012
Interim dividends ¥5.60 ¥5.20 ¥520 ¥160
Year-end dividends ¥8.20 *2 ¥5.20 ¥520 ¥520
Annual Dividends ¥13.80 ¥10.40 ¥1,040 ¥680
Payout ratio(consolidated) 72.1% 96.5% 85.2% 70.5%
DOE(consolidated) 3.1% 2.4% 2.5% 1.7%
Average Yield *3 3.25% 3.11% 4.40% 3.30%
Fiscal Year 2011 2010 2009 2008
Interim dividends ¥130 ¥700 ¥900 ¥700
Year-end dividends ¥420 ¥700 ¥500 ¥1,100
Annual Dividends ¥550 ¥1,400 ¥1,400 ¥1,800
Payout ratio(consolidated) 30.2% 35.0% 31.7% 31.4%
DOE(consolidated) 1.4% 3.6% 3.9% 5.4%
Average Yield *3 2.19% 3.91% 3.68% 2.97%

*1 The Company split its common shares at the ratio of 1 for 100 as of October 1, 2013.With this action, the Company calculated the interim dividends, the year-enddividends and the annual dividends for 2013, assuming that the share split had been performed at the beginning of the fiscal year ended December 31, 2013.

*2 Ordinary dividend 5.60 Commemorative dividend 2.60
*3 Average Yield = Annual Dividends Average Stock Price ラ 100
*4 The Company raised the dividend payout target ratio from the current 40% to 50%, and likewise, raised DOE target from the present 2.5% to 3.0%.