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Dividend Policy and Dividends

Basic Policies for Allocation of Earnings

The dividend policy of the Company has been to link dividend payments to business performance and revenue on an ongoing basis. Also, the Company's basic policy for returning profits to shareholders is to maintain a payout ratio of around 20% based on consolidated net income for the current term.

Part of the remuneration for directors and executive officers of the Company and its subsidiaries is linked to operating results, with an upper limit of 3% of consolidated net income. The remuneration is split between annual cash bonuses and stock option-based remuneration at a ratio of almost two to one.

To expand the Company's business scope, internal capital reserves are used effectively for R&D, capital investment, and global business expansion. Priority is also placed on sound cash flow management and earnings growth in order to respond to the warm support the Company's shareholders provide.

Annual Dividends per Share

  Interim (yen) Year-end (yen) Total (yen)
FY2009 (E) 20 4(E) 24 (E)
FY2008
70
55 125
FY2007 42 61 103
FY2006 25 30 55
FY2005 15 30 45
FY2004 4 6 10
FY2003 4 4 8
FY2002 4 4 8
FY2001 19 19 38
FY2000 6 8 14
FY1999 6 6 12

Cash Dividends per Share
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