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The Sangetsu Group positions the improvement of capital efficiency through enhanced shareholder returns as a key management priority. Under the "Medium-term Business Plan 2029," the Group outlines its policy: "Shareholder returns are based on stable dividends, aiming for dividend increases with a minimum annual dividend of ¥155 per share and a target dividend payout ratio of 60% or more."

The annual dividend for the fiscal year ending March 2025, including the interim and year-end dividends, was ¥150 per share, marking the 11 consecutive annual dividend increases. The annual dividend for the fiscal year ending March 2026 is expected to be ¥155 per share.

Acquisition of Treasury Shares

Acquisition period	Total number of shares acquired (shares)	Total amount of acquisition (yen)	Acquisition method
2021/10/11～2022/1/13	695,000	1,103,973,100	Purchase through discretionary trading by securities company
2021/8/11～2021/10/7	500,000	798,802,300	Purchase through discretionary trading by securities company
2021/5/13～2021/8/10	500,000	784,809,700	Purchase through discretionary trading by securities company
2020/12/14～2021/3/16	279,600	432,912,700	Purchase through discretionary trading by securities company
2019/8/5～2019/12/23	491,400	970,311,700	Purchase through discretionary trading by securities company
2019/2/6～2019/6/21	632,100	1,302,173,379	Purchase through discretionary trading by securities company
2018/9/18～2019/1/21	1,000,000	2,093,308,880	Purchase through discretionary trading by securities company
2018/5/14～2018/8/20	1,000,000	2,195,488,500	Purchase through discretionary trading by securities company
2018/1/15～2018/4/27	1,258,000	2,780,589,800	Purchase through discretionary trading by securities company
2017/9/11～2017/12/22	951,000	1,911,762,578	Purchase through discretionary trading by securities company
2017/7/3～2017/9/5	1,000,000	1,973,517,777	Purchase through discretionary trading by securities company
2017/2/13～2017/4/28	662,600	1,276,012,296	Purchase through discretionary trading by securities company
2016/7/11～2016/8/30	500,000	939,611,100	Purchase through discretionary trading by securities company
2016/2/5～2016/4/26	1,500,000	3,018,278,579	Purchase through discretionary trading by securities company
2015/11/10～2015/12/16	2,500,000	5,686,828,991	Purchase through discretionary trading by securities company and off-auction treasury share repurchase trading system
2015/6/11～2015/9/16	760,900	1,499,906,480	Purchase through discretionary trading by securities company
2015/2/13～2015/4/27	1,653,700	2,999,862,768	Purchase through discretionary trading by securities company
2014/11/10～2015/2/10	2,114,600	2,999,907,879	Purchase through discretionary trading by securities company

* On April 1, 2015, the Company conducted a share split at a ratio of 2 shares for every 1 share of common shares. Per-share data have been adjusted to reflect the current standard.

Retirement of Treasury Shares

Date of retirement	Total number of shares retired (shares)	Ratio of total issued shares before the retirement	Total number of issued shares after retirement (shares)
2022/3/31	700,000	1.16%	59,200,000
2021/10/29	500,000	0.82%	59,900,000
2021/8/31	500,000	0.82%	60,400,000
2021/5/31	250,000	0.40%	60,900,000
2020/6/30	600,000	0.97%	61,150,000
2020/1/31	500,000	0.80%	61,750,000
2019/7/31	600,000	0.95%	62,250,000
2019/2/28	1,000,000	1.56%	62,850,000
2018/9/28	1,000,000	1.54%	63,850,000
2018/5/31	1,200,000	1.81%	64,850,000
2018/1/31	950,000	1.41%	66,050,000
2017/9/29	400,000	0.59%	67,000,000
2017/5/31	670,000	0.98%	67,400,000
2016/9/30	500,000	0.72%	68,070,000
2016/6/3	600,000	0.86%	68,570,000
2016/1/29	2,500,000	3.48%	69,170,000
2015/11/16	830,000	1.14%	71,670,000
2015/5/29	1,600,000	2.15%	72,500,000
2015/3/6	2,098,480	2.75%	74,100,000
2014/12/12	4,178,000	5.48%	76,198,480

* On April 1, 2015, the Company conducted a share split at a ratio of 2 shares for every 1 share of common shares. Per-share data have been adjusted to reflect the current standard.