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Dividends Policy

Basic Policies on Profit Distribution

The Company regards the return of profits to shareholders as an important management issue, and has a policy of increasing capital efficiency while maintaining financial soundness. With regard to dividends, for the time being, we place importance on stable and continuous increases in dividends, and set the dividend on equity (DOE) ratio of 6.0% as a general rule within the range of "net income attributable to shareholders of the parent company.
With respect to the acquisition of treasury stock, we will implement it flexibly after making a comprehensive judgment in consideration of the stock price level and other factors. With respect to the disposal and utilization of treasury stock, we will consider a better capital policy for the growth and development of our group and make timely decisions.

(*)Ratio of dividends to net assets (shareholders' equity)=(Interim dividend + Year-end dividend)/((Net assets per share at beginning of period+ Net assets per share at end of period)/2)

Dividends per Share

Fiscal Year 2022
(forecast)
2021
2020 2019
Interim dividends ¥14.80 ¥12.32 ¥10.43 ¥7.69
Year-end dividends ¥14.80 ¥16.33 ¥14.62 ¥12.50
Annual Dividends ¥29.60 ¥28.65 ¥25.05 ¥20.19
Payout ratio(consolidated)*5 50.0% 50.0% 50.0%
DOE(consolidated) 6.0% 6.0% 5.6% 4.8%
Average Yield*3 3.80% 3.27% 3.09%
Fiscal Year 2018 2017 2016 2015*4
Interim dividends ¥8.26 ¥7.22 ¥6.50 ¥6.90
Year-end dividends ¥8.26 ¥7.83 ¥6.50 ¥6.90
Annual Dividends ¥16.52 ¥15.05 ¥13.00 ¥13.80
Payout ratio(consolidated)*5 50.0% 87.7% 92.8%
DOE(consolidated) 3.8% 3.4% 3.0% 3.1%
Average Yield *3 2.17% 2.07% 1.69% 3.11%
Fiscal Year 2014
(9 months)
2013*1
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)*5 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%

*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 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%.

*5 Payout ratio = (Interim dividends + Year-end dividends) Earnings per share