KINUGAWA RUBBER INDUSTRIAL CO.,LTD.

<h3 class="smt_head2">3 [Dividend Policy]</h3>Our basic policy is to pay dividends in response to earnings performance while taking into account the dividend payout ratio, strengthening our financial position, and building adequate retained earnings reserves. We distribute dividends twice per year as a basic policy: an interim dividend and a year-end dividend. The interim dividend is decided by the Board of Directors, and the year-end dividend is decided by the General Shareholders' Meeting. For the current fiscal year (fiscal year ended March 2016), we have paid an interim dividend of 6 yen per share. Regarding the year-end dividend, we support the Japan Policy Investment Bank Group's tender offer for our shares. The Group has determined the tender offer price on the assumption that no year-end dividend will be paid for the fiscal year ended March 2016. To ensure procedural stability and avoid unexpected cash outflows, we will not pay a year-end dividend for this fiscal year.Our Articles of Incorporation provide that the Board of Directors may authorize interim dividends to shareholders or registered pledgees listed or recorded in the shareholder register as of September 30 each year. (Note) Dividends with record dates in the current fiscal year are as follows:<div class="tbld" style="text-align:left;margin-left:36pt;"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse;border:solid 0pt #000000;width:426.0pt;" class="align_left"><colgroup><col style="width:210.0pt;min-width:210.0pt;"/><col style="width:108.0pt;min-width:108.0pt;"/><col style="width:108.0pt;min-width:108.0pt;"/></colgroup><tr style="height:22.5pt"><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;">Resolution Date</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;">Total Dividend Amount (Million Yen)</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;">Dividend per Share (Yen)</td></tr><tr style="height:22.5pt"><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;">Board of Directors Resolution, November 5, 2015</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;">403</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;">6.00</td></tr></table> </div>

Our basic policy is to pay dividends that reflect our earnings performance, while taking into account the dividend payout ratio, strengthening our corporate foundation, and building up internal reserves. We distribute dividends twice a year as a general rule: an interim dividend and a year-end dividend.

KINUGAWA RUBBER INDUSTRIAL CO.,LTD. (E01104) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)