NICHIWA SANGYO CO.,LTD.

The dividend has not been reduced for 1 consecutive years.The forecast annual dividend is JPY 6.0 per share or unit, with a forecast yield of 1.74%.Dividend on equity (DOE) is 0.58%, -0.01 points year over year.

Dividend on equity (DOE) is the annual dividend as a percentage of shareholders’ equity. Because it is less affected by temporary earnings swings, it helps assess the continuity of a company’s shareholder return policy.