SHOWA CORPORATION

<h3>3 [Dividend Policy]</h3>
<p style="margin-left: 12px; text-align: justify; text-justify: inter-ideograph; text-indent: 12px">The Company's basic dividend policy is to return profits to shareholders based on business performance and results. The Company determines dividend amounts from a long-term perspective, taking into account future business developments and consolidated earnings. Retained earnings are reserved for future overseas initiatives, product development, and investments to improve production efficiency. The Company is committed to improving profitability and strengthening its financial position. The Company's Articles of Incorporation provide for interim dividends as prescribed in Article 454, Paragraph 5 of the Companies Act. As a general rule, the Company pays dividends twice per fiscal year—interim dividends and year-end dividends. The General Meeting of Shareholders decides on year-end dividends, while the Board of Directors decides on interim dividends.</p>
<p style="margin-left: 12px; text-align: justify; text-justify: inter-ideograph; text-indent: 12px">Regarding the year-end dividend for this fiscal year, the Board of Directors resolved on October 30, 2019 not to pay a year-end dividend in connection with the management integration of four companies: Hitachi Automotive Systems Ltd., JTEKT Corporation, Nissin Industrial Co., Ltd., and the Company, as announced on October 30, 2019. For details, please refer to the notice titled "Notice Regarding Revision of Dividend Forecast for the Fiscal Year Ending March 2020" disclosed on the Company's website on October 30, 2019.</p>
<p style="margin-left: 12px; text-align: justify; text-justify: inter-ideograph; text-indent: 12px">Dividends of surplus for this fiscal year are as follows.</p>
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<span style="font-family: 'MS Mincho'; font-size: 12px">Date of Resolution</span>
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<span style="font-family: 'MS Mincho'; font-size: 12px">Total Dividend Amount (Millions of Yen)</span>
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<span style="font-family: 'MS Mincho'; font-size: 12px">Dividend Per Share (Yen)</span>
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<ix:nonNumeric name="jpcrp_cor:DateOfResolutionDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" format="ixt:dateyearmonthdaycjk"><span style="font-family: 'MS Mincho'; font-size: 12px">October 30, 2019</span></ix:nonNumeric>
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<span style="font-family: 'MS Mincho'; font-size: 12px"><ix:nonFraction name="jpcrp_cor:TotalAmountOfDividendsDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" unitRef="JPY" decimals="-6" scale="6" format="ixt:numdotdecimal">1,823</ix:nonFraction></span>
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<span style="font-family: 'MS Mincho'; font-size: 12px"><ix:nonFraction name="jpcrp_cor:DividendPerShareDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" unitRef="JPYPerShares" decimals="0" scale="0" format="ixt:numdotdecimal">24</ix:nonFraction></span>
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<p>Our basic dividend policy is to return profits to shareholders based on business performance and results. We determine dividend amounts by considering long-term business strategy and consolidated earnings. We aim to pay dividends twice per fiscal year—at the interim and year-end periods. We allocate retained earnings to strengthen financial health and improve profitability, with funds reserved for overseas expansion, product development, and production efficiency improvements.</p>

SHOWA CORPORATION (E02184) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)