Under the Mid- to Long-term Business Plan, which was formulated in April 2022, we set a policy of the total return ratio to be 40-50% in Phase 1 (from fiscal year ended March 31, 2023 to fiscal year ending March 31, 2025). In addition, from the fiscal year ending March 31, 2025, we have set a policy of setting a level that meets DOE of 4% as the lower limit for annual dividend with the aim of increasing stability of dividends.

In regard to the dividend for the fiscal year ending March 31, 2025, the year-end dividend announced in April 2024 was increased by ¥5.0 per share from the initial forecast to ¥87.5 yen per share, therefore the annual dividend per share is expected to be ¥170.0. As a result, we expect to increase the annual dividend for the 13th consecutive FY.

Based on the forecasts, dividend payout ratio and total return ratio are expected to be 40.7％ and 47.7％ respectively.

DOE = annual dividend / average shareholders’ equity during the period

The Company does not currently have special benefit plans for shareholders. The establishment of any such benefit plans for the future will be discussed and action related thereto determined with due consideration given to the Group's Shareholder Return Policy and requests from Shareholders.