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May 11, 2016

DISCO Announces a Dividend Payment for Fiscal Year 2015

DISCO Corporation(hereafter "the Company") today announced that its Board of Directors adopted a resolution on the dividend payment from its retained earnings to shareholders of record as of March 31, 2016.

1. Dividend payment

Resolved Previous Forecast
(Announced on February 5, 2016)
Results of
the previous term
(FY2014)
Base date March 31, 2016 March 31, 2016 March 31, 2015
Dividend per share 230 yen 190 yen 88yen
Total amount of dividend 8,230 millions of yen - 3,141 millions of yen
Effective date June 27, 2016 - June 24, 2015
Source of dividend Earned surplus - Earned surplus

2. Reason

The final dividend consists of ¥78, which is equivalent to 25% of the consolidated net income for the second half of the fiscal year, as stated in our dividend policy, together with an additional ¥152 representing one-third of the balance of cash and deposits in excess of the amount required as of the end of the fiscal year. This brings the total year-end dividend to ¥230 per share. The total dividend for the year, consisting of an interim dividend of ¥85 and a final dividend of ¥230, is ¥315.

The above information will be submitted for discussion at the 77th General Meeting of Shareholders, which will be held on June 24, 2016.

Dividend Policy
Adopting a performance–linked dividend policy and aiming at giving clearer priority to shareholder returns, our target dividend payout ratio is 25% of the consolidated half-yearly net income.
There will be interim and final dividends, each of which will be equivalent to 25% of the half-yearly consolidated net income.
Irrespective of the level of income, we will maintain a reliable dividend of ¥10 per half-year.This means that the minimum yearly dividend will be ¥20.The ¥20 payout stipulated in our stable dividend policy may be reviewed if there are consolidated net losses in three consecutive years.
Except when there is a loss, if the year-end balance of cash and deposits after payment of dividends and income taxes is greater than projected funding requirements for the acquisition of technology resources (such as through patent purchases and investment in venture businesses, facility expansion, the retirement of interest-bearing debt and other purposes), one-third of that surplus will be added to dividends.

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