Neturen : Notice Concerning Revision to Dividend Policy

	November 5, 2021
Company name:	Neturen Co., Ltd.
Name of representative:	Katsumi Omiya, Representative
	Director, Member of the Board,
	President and Chief Executive
	Officer
	(Securities code: 5976; 1st Section
	of the Tokyo Stock Exchange)
Inquiries:	Tomokatsu Yasukawa, Director,
	Member of the Board, Executive
	Officer, General Manager,
	Administrative Headquarters
	(Telephone: [phone])

Notice Concerning Revision to Dividend Policy

Neturen Co., Ltd. (the "Company") hereby announces that it has decided, at a meeting of the Board of Directors held today, to revise its dividend policy as described below.

1. Purpose of revision

Recognizing return to shareholders as a top priority for management, the Company has a basic dividend policy to "set the lower limit of 10 yen per annum and target a consolidated payout ratio of 40% or higher," while continuing to pay dividends to shareholders on a stable basis and increasing internal reserve for business development and enhancement of management in future.

The 15th medium-term management plan "Change!! New NETUREN 2023" announced on May 13, 2021 sets four basic strategies to increase corporate value. By implementing those strategies, the Company will strengthen its earnings structure for securing profits, further increase return to shareholders, and continuously improve its return on assets (ROA) and return on equity (ROE) so that it can live up to shareholder's expectations and become an attractive company having shareholders retain shares of the Company in the medium to long term.

2. Details of revision

The Company's existing basic dividend policy sets the lower limit of 10 yen per annum for "stable distribution of dividends" and targets a consolidated payout ratio of 40% or higher as a general rule, while maintaining the performance-linked return to shareholders. To return further profits to shareholders, the Company has revised the lower limit from the current 10 yen per annum to a dividend on equity ratio (DOE) of 1.5%. With this revision, the lower limit is expected to be 22 yen per annum for the fiscal year ending March 31, 2022.

Before Revision		After Revision
In addition to the policy of continuing stable		In addition to the policy of continuing stable
distribution of dividends, the Company has adopted the		distribution of dividends, the Company has adopted the
approach of appropriating surplus according to its		approach of appropriating surplus according to its
business performance, and its basic policy is to		business performance, and its basic policy is to
determine dividends, taking into consideration the		determine dividends, taking into consideration the
business environment surrounding the Neturen Group,		business environment surrounding the Neturen Group,
its financial standing and other factors.		its financial standing and other factors.
In addition, as a general rule, with respect to "stable		In addition, as a general rule, with respect to "stable
- 1	-

distribution of dividends," the Company has set the	distribution of dividends," the Company has set the
lower limit of 10 yen per annumfor the time being,	lower limit of dividend on equity ratio (DOE)	of
and with respect to "appropriating surplus according to	1.5%, and with respect to "appropriating surplus
its business performance," the Company targets a	according to its business performance," the Company
consolidated dividend ratio of 40% or higher.	targets a consolidated dividend ratio of 40% or higher.

3. Timing of revision

The Company will begin applying the revised dividend policy from an interim dividend for the fiscal year ending March 31, 2022.

- 2 -