Dividend and Share Repurchase

Shareholder Returns Policy

Medium to Long Term Shareholders Return Policy(announced on October 1,2018) is stated below.

Gradually increase dividend payout ratio
Gradually increase dividend payout ratio, targeting up to approx. 30%.
More actively execute share buybacks
Continuously execute share buybacks approx.100 million shares in total, while considering cash flow availability.
Canceled 78 million shares on October 19,2018 to generate available capacity for further share buybacks.

Dividend Information

Based on the dividend policy*, ITOCHU intends to pay a full-year minimum dividend of ¥83.0 per share, comprising an interim dividend of ¥37.0 per share and a year-end dividend of ¥46.0 per share for FY2019.

Fiscal Year	2012	2013	2014	2015	2016	2017	2018	2019 (Minimum)
Interim	¥16.5	¥20.0	¥21.0	¥23.0	¥25.0	¥27.5	¥32.0	¥37.0
Year-end	¥27.5	¥20.0	¥25.0	¥23.0	¥25.0	¥27.5	¥38.0	¥46.0
(Annual Total)	¥44.0	¥40.0	¥46.0	¥46.0	¥50.0	¥55.0	¥70.0	¥83.0

*Target a dividend payout ratio of approx. 20% on net profit attributable to ITOCHU up to ¥200.0 billion and a dividend payout ratio of approx. 30% on the portion of net profit attributable to ITOCHU exceeding ¥200.0 billion

Share Repurchase

Repurchase period	Method of acquisition	Total number of shares repurchased	Total amount *
From February 6, 2019 to June 30, 2019**	Purchase on the TSE	(Maximum) 55,000,000 shares	(Maximum) ¥100.0 billion
From December 5, 2018 to January 4, 2019	(a) ToSTNeT-3 (b) Purchase on the TSE	15,097,200 shares	¥30.0 billion
May 8, 2017	ToSTNeT-3	17,120,000 shares	¥27.9 billion
Novermber 4, 2016	ToSTNeT-3	12,000,000 shares	¥16.2 billion
From July 25, 2014 to December 12, 2014	Purchase on the TSE	78,000,000 shares	¥100.7 billion

* Rounded off amount.
** 19,024,200 shares(¥38.0 billion) have already been repurchased from February 6, 2019 to March 31, 2019.

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