Return to shareholders Tokio Marine Holdings, Inc.

Dividend Trends

(yen)

Fiscal year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012（projection）
   Interim - - - - 15 18 24 24 25 25 27.5
   Year-End 20 22 22 30 21 30 24 26 25 25 27.5
   Annual 20 22 22 30 36 48 48 50 50 50 55

We have steadily increased dividend per share to shareholders. For instance, despite a significant decline in net income in FY2008 affected by Lehman shock, we maintained dividend per share unchanged from the previous fiscal year.

Dividend Policy

We aim steadily growing return to shareholders and the target payout ratio level is 40% to 50% of average adjusted earnings (excluding EV).
*The definition of "Adjusted earnings"

unit: bn yen

Fiscal Year 2006 2007 2008 2009 2010 2011
Average adjusted earnings (excluding EV) 90.0 100.0 80.0 85.0 70.0 80.0
Dividend total 29.8 38.7 38.0 39.4 38.6 38.3
Payout ratio 33％ 39％ 48％ 46％ 55％ 48%

Past results

(On a repurchase year basis, unit : bn yen）

Fiscal Year 2004 2005 2006 2007 2008 2009 2010 2011
Share repurchases 92.4 70.1 85.0 90.0 50.0 - 50.0 -

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