TOYO KEIZAI INC.

<h3 class="smt_head2">3 [Dividend Policy]</h3>
<p class="smt_text3">The Company's basic approach to dividends is to provide stable dividends while taking into account returns to shareholders, further strengthening the Company's financial position, and building internal reserves to support future business development. Additionally, the Company's basic policy is to pay dividends once per fiscal year as a year-end dividend, with the shareholders' meeting serving as the decision-making body for dividend distributions.</p>
<p class="smt_text3">Based on the above policy, the Company has decided to implement a dividend of 50 yen per share for the current fiscal period. The retained earnings will be allocated to funding new business initiatives going forward.<br/>The dividend distribution for the current fiscal year is as follows.</p>
<div class="tbld">
<table cellspacing="0" cellpadding="0" style="border-collapse:collapse;border:solid 0pt #000000;width:450.0pt;">
<colgroup>
<col style="width:150.0pt;min-width:150.0pt;"/>
<col style="width:150.0pt;min-width:150.0pt;"/>
<col style="width:150.0pt;min-width:150.0pt;"/>
</colgroup>
<tr style="height:24.8pt">
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">
<p class="smt_tblC">Resolution Date</p>
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">
<p class="smt_tblC">Total Dividend Amount<br/>(Thousands of Yen)</p>
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">
<p class="smt_tblC">Dividend per Share<br/>(Yen)</p>
</td>
</tr>
<tr style="height:24.8pt">
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">
<p class="smt_tblC">December 22, 2017<br/>Annual Shareholders' Meeting Resolution</p>
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">
<p class="smt_tblR">17,208</p>
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">
<p class="smt_tblR">50</p>
</td>
</tr>
</table>
<p style="clear:both; line-height:0.75pt; width:100%; font-size:0.75pt;"> </p>
</div>
<p class="smt_text6"> </p>

<p>We adopt a policy of providing stable dividends as our basic principle. We determine dividend amounts by taking into account both returning profits to shareholders and strengthening our financial position, as well as building internal reserves to prepare for future business development. Our basic policy is to pay dividends once per year at the fiscal year-end. We plan to use retained earnings for funding new business initiatives going forward.</p>

TOYO KEIZAI INC. (E00699) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)