Shareholder Return Policy

Dividend Policy

Return of profit to shareholders is an important part of our management policy. We make it a rule to retain enough earnings to secure funds for building a firm corporate structure and expanding our business while assuring a stable return of profit to shareholders.

Retained earnings will be spent to improve product strength, streamline and strengthen production and sales systems, and develop new and overseas businesses to establish long lasting and solid management basis.

The acquisition of treasury stock is determined from a comprehensive standpoint, based on the need for a flexible capital policy and the impact on the financial position.

Policy for Deciding How to Dispose of Retained Earnings including the Amount of Dividend

Our goal of dividend ratio is 40% of net consolidated income for the term, and we will always try to return an amount that correspond to the performance. It will be given out in two payments a year, at mid-year and year end.

History of Dividend

*1

TOTO conducted a share consolidation in which every two common shares was consolidated in to one share with October 1, 2015, as the effective date. The amount for the total annual dividends per share for the year ending March 31, 2016 is omitted and shown as a dash.

Please see "Corporate tools" for changes in the amount of dividend and dividend ratio for the past ten years.