The Board of Directors resolved over the payment of the dividend for the year-end dividend for the Fiscal Year 2016 ending December 31, 2016 and the dividend policy for Fiscal Year 2017.

1. Contents of the year-end dividend for Fiscal Year 2016
   

   	Resolved	Most Recent Forecast (announced on February 6, 2017)
   Record Date	December 31, 2016	December 31, 2016
   Dividend per Share	16 yen	16 yen
   Total Amount of Dividend Paid	371 million JPY	-
   Effective Date	March 6, 2017	-
   Dividend Resource	Retained Earnings	-
   As of December 31, 2016, the total number of issued shares is 23,944,317 shares and of which 733,599 shares are treasury stocks.  Therefore, 23,210,718 shares would be those for which the year-end dividend be distributed.

   
   
   
2. Dividend Policy for Fiscal Year 2017
   
   

   The Company’s basic policy for the return of profits to shareholders is to deliver dividends in consideration of a consolidated dividend payout ratio (25% to 30%) with top priority on the profit distribution through dividends.

   Regarding the payment method of dividends, the Company pays quarterly the amount obtained by dividing the amount of scheduled annual dividend into quarters. In addition, in order to have dividends reflect the consolidated business results, if the dividend amount calculated according to the consolidated dividend payout ratio (25% to 30%) exceeds the scheduled amount of annual dividend, it is the Company’s policy to add the excess amount to the year-end dividend.
   
   The dividend payment schedule for Fiscal Year 2017 is:

   Fiscal Year	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	Total
   2017 (plan)	6 JPY	6 JPY	6 JPY	6 JPY (plan)	24 JPY (plan)