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Dividends and Stock Prices

February 5, 2019

Profit Distribution Policy

Keeping in mind the improvement of its consolidated return on equity, the Company undertakes investments for growth—including R&D, investing in marketing capabilities and the making of other capital investments—on the basis of its medium-term consolidated income level, while proactively returning profits to shareholders. Taking continuous and steady cash dividends as the basis of its shareholder returns, the Company will implement flexible shareholder returns as it sees fit with the aim of improving its capital efficiency, while giving due consideration to the maintaining of a balance between adequate internal reserves of investment for future growth. The Company will implement dividends with a target consolidated payout ratio of 30% or higher.