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Distribution of Profits

(as of March 31, 2010)

Dividend policy

Distributing profits to shareholders in a comprehensive manner over the long-term is one of the highest priorities of the Avex Group. The fundamental policy concerning the dividend is to maintain a 30% payout ratio relative to consolidated earnings. The dividend in each fiscal year also reflects operating results, cash flows, upcoming needs for capital and other factors.
The year-end dividend is determined at the annual shareholders meeting and the interim dividend by the Board of Directors. The basic policy is to pay an interim and year-end dividend in each fiscal year.

Dividend Payments

(yen) Dividend per share

(yen)

Dividend per share   2006/3 2007/3 2008/3 2009/3 2010/3
Interim 20 20 20 20 20
End of year 20 20 20 20 20
Annual 40 40 40 40 40

* There were no stock splits in the years shown in the above table.