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

ITOCHU intends to pay a full-year minimum dividend of ¥85.0 per share, comprising an interim dividend of ¥42.5 per share and a year-end dividend of ¥42.5 per share for FY2020.

Fiscal Year	2013	2014	2015	2016	2017	2018	2019	2020 (Minimum)
Interim	¥20.0	¥21.0	¥23.0	¥25.0	¥27.5	¥32.0	¥37.0	¥42.5
Year-end	¥20.0	¥25.0	¥23.0	¥25.0	¥27.5	¥38.0	¥46.0	¥42.5
(Annual Total)	¥40.0	¥46.0	¥46.0	¥50.0	¥55.0	¥70.0	¥83.0	¥85.0

Share Repurchase

Repurchase period	Method of acquisition	Total number of shares repurchased	Total amount *
From June 12, 2019 to June 11, 2020	Purchase on the TSE	(Maximum) 40,000,000 shares	(Maximum) ¥70.0 billion
From February 6, 2019 to June 3, 2019	Purchase on the TSE	50,256,100 shares	¥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.

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