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Policy on Shareholder Returns

The Company recognizes that returning profits to shareholders is one of management's most important tasks, and as such, the Company's total return ratio(*) target has been set at 30%, including purchase of treasury stock.
(*)[Payment of cash dividends + purchase of treasury stock] / net income attributable to the owners of parent company

For future consideration, the Company plans on increasing its annual dividend per share once it has completed building a stable and sustainable earnings structure as well as improving financial standing and a positive net cash. Based on this strategy, the Company pays dividends of 15 yen per share (interim dividend of 5 yen, year-end dividend of 10 yen) for the year ended March 31, 2016.

The Company plans to pay dividends of 20 yen per share (interim dividend of 10 yen, year-end dividend of 10 yen) for the year ending March 31, 2017.

The Company has stipulated that an interim dividend can be offered based on a resolution by our Board of Directors and has established a basic policy to offer two dividends per annum in the form of an interim dividend and year-end dividend.

The interim dividend is resoluted by the Company's Board of Directors. The year-end dividend is resoluted at the general shareholders' meeting.