USEN CORPORATION

<h3 class="smt_head2">3 [Dividend Policy]</h3>
<p class="smt_text2" style="text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">The Company believes that prioritizing growth investments to continuously enhance corporate value serves the interests of shareholders. Additionally, the Company recognizes that contributing to shareholder returns, including dividends, is an important management objective.</p>
<p class="smt_text2" style="text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">Accordingly, the Company's basic policy is to pay dividends twice annually—interim and year-end dividends—taking into comprehensive consideration the need to build internal reserves for future growth investments and strengthen its financial foundation.</p>
<p class="smt_text2" style="text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">The year-end dividend is decided by the shareholders' meeting, while the interim dividend is decided by the board of directors.</p>
<p class="smt_text2" style="text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">Based on this basic policy, the dividend per share for the fiscal year ended August 2016 is set at 3 yen.</p>
<p class="smt_text2" style="text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">The Company's articles of incorporation provide that interim dividends may be paid by board resolution with a record date of the last day of February each year.</p>
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<p class="smt_tblL" style="text-align:center;padding-left:4.5pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;">Resolution Date</p>
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<p class="smt_tblL" style="text-align:center;padding-left:4.5pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;">November 29, 2016<br/>Annual Shareholders' Meeting Resolution</p>
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<p class="smt_tblL" style="text-align:right;">618</p>
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<p class="smt_tblL" style="text-align:right;">3</p>
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<p>We prioritize growth investments to continuously enhance corporate value, as we believe this serves shareholders' interests. Regarding dividends, we maintain a basic policy of distributing surplus dividends twice annually—interim and year-end dividends—after comprehensively considering factors such as building sufficient retained earnings and strengthening our financial foundation necessary for future growth investments.</p>

USEN CORPORATION (E04479) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)