Dividend

Shareholder Return Policy

Ichigo views distributions to its shareholders as one of its most important management priorities, and is working to drive long-term shareholder value with a shareholder return policy that focuses on: 1) dividend stability, transparency, and growth; and 2) flexible share buybacks.

Specifically, Ichigo adheres to a progressive dividend policy, in which the dividend is maintained or raised every year (but not cut), providing shareholders with the security of a durable dividend. This policy, which Ichigo adopted in FY17/2, underscores Ichigo's commitment to driving continued organic earnings and dividend growth for its shareholders.

Ichigo has also set a minimum DOE (dividend on equity) payout ratio of >4%. In contrast to a "dividend payout ratio policy," which calculates dividends based upon annual earnings, which can be highly volatile, a DOE policy paying dividends based upon more stable shareholder equity is by its very nature more stable. Ichigo believes that the combination of a progressive dividend and a DOE-based payout policy will significantly increase the security, certainty, and visibility of its dividend to the benefit of Ichigo's shareholders.

In addition to the above dividend policies, Ichigo has newly adopted a policy to flexibly conduct share buybacks to optimize its capital structure and increase shareholder value.

Dividend for FY25/2 (Forecast)

FY25/2 Dividend (Forecast)	JPY 10

Dividend for FY24/2

Subject to shareholder approval at the 24th Annual Shareholder Meeting on May 26, 2024

FY24/2 Dividend	JPY 9
Dividend Payment	From May 27, 2024 (expected)

*Dividend is paid to shareholders of record on February 29, 2024.
*Please see the dividend payment documents to be sent on May 27, 2024.

For More Information on Dividend Payment

Please contact Ichigo's share registrar:

*The share registrar has changed to Mizuho Trust & Banking Co., Ltd. as of May 28, 2019.