The Nippon Kayaku Group regards returns to our shareholders as important.
We will also target a dividend payout ratio of 40% or higher during KV25 , FY2022－2025 mid-term business plan.
We intend to be flexible in acquiring treasury shares as part ofprofit return while ensuring sufficient retained earnings.
Retained earnings will be used for capital investments, R&D expenses,etc. in business growth for future development to enhance corporatevalue.

(Yen)	2015/03	2016/03	2017/03	2018/03	2019/03	2020/03	2021/03	2022/03	2023/03	2024/03(Forecast)
2Q	12.50	12.50	12.50	15.00	15.00	15.00	15.00	15.00	20.00	22.50
Year-end	12.50	17.50	17.50	15.00	15.00	15.00	15.00	25.00	25.00	22.50
Total	25.00	30.00	30.00	30.00	30.00	30.00	30.00	40.00	45.00	45.00
Total dividend payment (Full-year) ※millions of Yen	4,530	5,338	5,194	5,194	5,194	5,159	5,123	6,730	7,511	-
Dividend payout ratio	28.9%	31.2%	33.2%	33.6%	35.0%	40.4%	40.7%	39.3%	50.4%	-
Dividend to net assets	2.6%	2.8%	2.7%	2.6%	2.4%	2.4%	2.3%	2.9%	3.0%	-