The Company's dividend policy is to maintain stable dividend payment with the target of a 30% dividend pay-out ratio, and the Company shall decide dividends of surplus for each fiscal year by comprehensively considering the trend of financial results and prospect of capital investment, etc.

Furthermore, the Company's basic policy is to pay dividends twice a year—interim and year-end dividends—to return profits to its shareholders appropriately and timely. Its Articles of Incorporation provide that the Company may, by resolution of the Board of Directors, determine the payment of year-end dividends, interim dividends, and other dividends in accordance with the provision of Article 459 of the Companies Act.

Fiscal year	Interim dividends	Year-end dividends	Annual dividends
Fiscal year ended March 31, 2023	9 yen	0 yen	9 yen
Fiscal year ended March 31, 2022	9 yen	9 yen	18 yen
Fiscal year ended March 31, 2021	9 yen	9 yen	18 yen
Fiscal year ended March 31, 2020	9 yen	9 yen	18 yen
Fiscal year ended March 31, 2019	8 yen	8 yen	16 yen

You can receive dividends by either an electric transfer to your bank account or cash dividend receipt at your registered address. The Company recommends shareholders who receive dividends by cash dividend receipt to use a bank transfer service because it is safer and more secure.