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Management Policy

Profit Distribution Policies

Dividends

The Seikagaku Group sees improving shareholder value as an important business issue. In March 2006, we introduced a performance-based dividend policy with an emphasis on dividend payout ratio to better clarify our commitment to returning profits to shareholders. Under this policy, we seek to maintain or improve a dividend payout of 30% (on a consolidated basis) based on ¥20 per share annually.

Use of capital

We will appropriate our internal reserve for research and development, and capital investments to improve productivity, etc., in accordance with medium-to-long term perspective. In this regard, we have started a project to construct the No. 5 Production Building at the Takahagi Plant to satisfy continuously increasing demand for ARTZ Dispo®.

A flexible capital management strategy

Seikagaku Corporation has implemented share buy-back programs under the terms of its Articles of Incorporation, in accordance with the provisions of Article 165, Paragraph 2 of the Corporation Law of Japan. The purpose of these programs is to maintain a flexible capital policy so that we can adjust to changes in the business environment, and to return income to shareholders.

The status of share buy-back

Period of acquisition	Total number of shares to be acquired	Aggregate amount of acquisition cost
From November 11, 2008 to November 27, 2008	200,000 shares	196 million yen
From May 15, 2008 to June 19, 2008	500,000 shares	551 million yen
From May 15, 2007 to July 24, 2007	500,000 shares	689 million yen
From August 4, 2005 to November 2, 2005	467,400 shares	562 million yen