Policy

Our shareholder return policy is to provide stable dividends while maintaining a consolidated dividend payout ratio of 30% or higher excluding short-term fluctuation factors that affect profits as our basic stance, and to provide higher dividends when we achieve profit growth. We will consider implementing shareholder returns, taking into account structural risks such as intensifying competition in the fully deregulated energy market and declining population in Japan, and comprehensively evaluating future free cash flows, progress in investments for growth, business performance, and financial situation.

Dividends

Share buy-back ( As of March 31, 2023 )

FY	Period	Number of shares acquired (thousand share)	Acquisition costs (million yen)	Average purchase price (Yen per Share)
99.3	1999/2/10~1999/3/2	5,540	10,000	1,805.0
00.3	2000/2/16~2000/3/22	4,540	4,923	1,084.5
01.3	2000/4/3~2000/4/27	3,180	4,633	1,457.0
	2000/11/20~2000/12/26	6,460	9,996	1,547.5
02.3	2001/11/21~2002/2/25	12,000	18,330	1,527.5
03.3	2002/12/25~2003/3/10	13,558	19,992	1,474.5
04.3	2003/12/26~2004/3/12	13,111	19,992	1,525.0
08.3	2007/10/30~2008/2/20	13,457	30,000	2,229.5
11.3	2010/11/1~2011/1/5	12,745	20,000	1,569.5

※calculated based on the assumption of the share consolidation in October 2017. (5 share to 1 share)

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