Seikagaku’s policy on shareholder returns is to aim for stable and continuous  dividends in terms of a medium- to long-term perspective and to continue paying an annual dividend of ¥26 per share. Seikagaku will also consider purchases of treasury stock, as appropriate, taking into account future business development and the total return ratio.

Fiscal Year	FY 2014	FY 2015	FY 2016	FY 2017	FY 2018 (Forecast)
Annual-Total Dividend (Yen)	26.00	26.00	31.00	26.00	26.00
[Breakdown]
Interim Dividend (Yen)	13.00	13.00	13.00	13.00	13.00
Year-end Dividend (Yen)	13.00	13.00	13.00	13.00	13.00
Commemorative Dividend (Yen)	－	－	5.00	－	－
[Reference]
Total dividend payments (Million Yen)	1,476	1,476	1,754	1,471	1,466
Authorized Outstanding Shares	58,584,093	58,584,093	56,814,093	56,814,093	56,814,093
Dividend payout ratio*	40.5	57.3	98.3	54.6	86.4

*Treasury stock is excluded from the calculations of Dividend payout ratio.

(As of September 30, 2018)

	July 20, 2004	May 20, 2005	May 31, 2016
Stock Split	1→1.5	1→1.5	-
Stock Cancellation	-	-	1,770,000
Increased Authorized Outstanding Shares	+13,018,687	+19,528,031	-1,770,000
Authorized Outstanding Shares	39,056,062	58,584,093	56,814,093