INTELLIGENT WAVE INC.

The dividend has not been reduced for 1 consecutive years.The forecast annual dividend is JPY 37.0 per share or unit, with a forecast yield of 2.59%.Dividend on equity (DOE) is 9.92%, +0.11 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.