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Shareholder Returns

As of June 25, 2018

MARUI GROUP will aim for continuous increases in dividend payments over the long term by raising the consolidated payout ratio to around 55% in a phased manner.

Over the past four years, MARUI GROUP has proactively conducted share buybacks while raising the consolidated payout ratio from 30% to 40%, thereby realizing both strong growth and high shareholder returns. Looking ahead, we will target continuous increases in dividend payments over the long term as we gradually shift the focus of shareholder returns from share buybacks to dividends.

Shareholder Return Amounts and Related Indicators

MARUI GROUP has conducted share buybacks totaling ¥85.0 billion over the four-year period beginning with the fiscal year ended March 31, 2015. We have continued to issue high levels of shareholder returns, maintaining a total return ratio of more than 100% for four consecutive years and raising the target for the consolidated payout ratio to 40% or more beginning with the fiscal year ended March 31, 2017.

Future Directives

MARUI GROUP intends to gradually shift the focus of shareholder returns from share buybacks to dividends beginning in the fiscal year ending March 31, 2019. At the same time, we will maintain a total return ratio of approximately 70%, the level that will enable us to sustain an equity ratio of 30%, while raising the consolidated payout ratio to around 55% in a phased manner as we pursue ongoing, long-term dividend increases.

Per Share Dividends

Dividend payments for the fiscal year ended March 31, 2018, were raised by ¥5 per share, to a new record high of ¥38 per share. Based on our new shareholder return policies, we plan to issue dividend payments of ¥47 per share in the fiscal year ending March 31, 2019, making for the seventh consecutive year of higher dividends in light of projected earnings growth. We are also moving forward with ¥7.0 billion worth of share buybacks. In May 2018, all 10 million previously acquired shares of treasury stock were canceled.

Cash dividends
per share
¥18.0 ¥33.0 ¥38.0 ¥47.0
Interim
dividends
¥9.0 ¥16.0 ¥18.0 ¥23.0
Year-end
dividends
¥9.0 ¥17.0 ¥20.0 ¥24.0
Consolidated
payout ratio
32.0% 41.1% 40.8% 42.8% approximately 55%
Total return ratio 32.0% 147.5% 112.3% 71.9% approximately 70%
Share buybacks ¥20.0
billion
¥15.0
billion
¥7.0
billion
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