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Policy on Shareholder Returns

TAIYO YUDEN recognizes that distributing profits to its shareholders is one of management's most important responsibilities. Today, the Company must develop a stable and sustainable earnings structure as well as improve its financial standing. Until now, it has been our policy to provide a stable annual dividend of 10 yen per share.

Over the medium term, the Company will build a stable and sustainable earnings structure by achieving the targets set out in the three-year medium-term management plan, which commenced the fiscal year ended March 31, 2013. The plan is also set to show improvements in financial standing. As a result, the Company plans on returning more profits to its shareholders and has established a new dividend policy to achieve a total return ratio(*) of 30%. This initiative will be achieved through the purchase of treasury stock and so on.
(*)[Payment of cash dividends + purchase of treasury stock]/ net income)

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