Notice regarding dividend of surplus (dividend increase) and change in dividend policy (implementation of interim dividend)

We would like to inform you that at the board of directors meeting held today, the Company resolved to make dividends from surplus and change its dividend policy as described below.
The issue of dividends from surplus will be discussed at the 31st Ordinary General Meeting of Shareholders scheduled to be held on June 17, 2019.

Record

1. Regarding dividends for the fiscal year ending March 2019
(1) Contents of dividends from surplus

• *Total dividends are rounded down to the nearest million yen.

(2) Reason for distribution of surplus
Our company positions the interests of our shareholders as one of our most important management policies, and strives to continuously improve our corporate value while strengthening our corporate structure. As a policy for returning profits to shareholders, we basically consider distributing results through dividends, and pay stable and continuous dividends while comprehensively taking into account each fiscal year's consolidated results, investment plans, cash on hand, etc. The policy is to implement the following.
We have been working on our second medium-term plan so far, and we have achieved consolidated operating income of 2,500 million yen, which was the most important indicator, and are now ready to move on to the next stage. Regarding dividends for the current fiscal year, we plan to pay an ordinary dividend of 20 yen per share, an increase of 5 yen compared to the previous fiscal year.

(Reference) Breakdown of annual dividends

2. Regarding changes in dividend policy (implementation of interim dividends)
(1) Overview and reasons
In order to enhance opportunities to return profits to shareholders, the Company has changed its policy of distributing surplus earnings from a policy of distributing year-end dividends once a year to a policy of distributing interim dividends and year-end dividends twice a year. Therefore, we have decided to pay an interim dividend from the fiscal year ending March 2020 (record date: September 30, 2019).
The Company's Articles of Incorporation stipulate that, by resolution of the Board of Directors, interim dividends may be paid with September 30th of each year as the record date.

(2) Dividend forecast for the fiscal year ending March 2020

• *The amount of dividends for the fiscal year ending March 2019 will be discussed at the 31st Ordinary General Meeting of Shareholders (scheduled to be held on June 17, 2019). Additionally, the year-end dividend for the fiscal year ending March 2020 will be implemented after approval at the regular general meeting of shareholders scheduled to be held in June 2020.
• *The amount of interim dividends, payment start date, etc. are scheduled to be formally resolved at a separate meeting of the Board of Directors.

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