ASAHI INDUSTRIES CO.,LTD.

<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company recognizes returning profits to shareholders as an important management priority. Our basic policy is to maintain sound financial health while continuing to pay stable dividends. Surplus dividends are paid twice annually—an interim dividend and a year-end dividend. The year-end dividend is approved by the shareholders' meeting, while the interim dividend is approved by the board of directors. The Company's articles of incorporation provide that the board of directors may declare an interim dividend with a record date of September 30 each year.<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:11pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">Regarding dividends for the current period, the acquisition price in the tender offer for the Company's shares by Godo Steelworks Co., Ltd., which was completed on March 19, 2019, was determined comprehensively on the assumption that no interim dividend or year-end dividend would be paid with record dates of September 30, 2018 and March 31, 2019, respectively. Accordingly, at the board of directors meeting held on August 6, 2018, the Company resolved not to pay an interim dividend or year-end dividend.

Our basic policy is to maintain financial soundness while continuing stable dividend payments. We distribute dividends twice a year—an interim dividend and a year-end dividend. The year-end dividend is decided at the shareholders' meeting, and the interim dividend is decided by the board of directors.

ASAHI INDUSTRIES CO.,LTD. (E01265) Dividends

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