Benesse's fundamental policy is to pay a stable and sustainable dividend to its shareholders, and is targeting a dividend payout ratio of at least 35% in the near term. In accordance with this policy, the Company paid a year-end dividend of ¥47.5 per common share for fiscal 2010, ended March 31, 2011, identical to the interim dividend paid.

As a result, the Company paid an annual dividend of ¥95 per common share, an increase of ¥5 from the previous fiscal year. This represented a payout ratio of 45.6% on a consolidated basis.

For fiscal 2011, ending March 31, 2012, Benesse plans to pay the same annual dividend of ¥95 per common share (comprising an interim dividend and year-end dividend of ¥47.5 each), based on the aforementioned policy.

Benesse plans to use retained earnings for business investment to drive medium- to long-term growth, including M&As, R&D, and investments to strengthen the business foundation. The Company will be particularly proactive regarding M&As in fields where future growth is anticipated.

Dividend estimate (dividend per share of common stock)

Dividends per Share