2. Basis for payment of dividends

NRI considers the ongoing growth of its corporate value to be the most important return to its shareholders. Its basic policy is to pay appropriate and stable dividends while giving full consideration to maintaining sufficient retained earnings necessary for its long-term development. NRI makes specific decisions regarding the payment of dividends based on the status of its operating revenues and cash flows, while aiming, in principle, for a consolidated dividend payout ratio of 30%.