Dividends

Dividend policy

NYK Line regards the return of profits to shareholders as one of the most important issues it faces as part of its operations. Dividends will be determined with consideration given to level of retained earnings required to finance further to fortify the Company against future changes in market conditions that may occur in the industry, our results outlook, and a target dividend payout ratio of 25%.

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Results of Cash Dividends

Hereunder is Results and Prospect of Cash Dividend.

As of January 29, 2010

	Fiscal Year 2003	Fiscal Year 2004	Fiscal Year 2005	Fiscal Year 2006	Fiscal Year 2007	Fiscal Year 2008	Fiscal Year 2009 (Prospect)
Cash Dividend per Share	¥10.0	¥18.0 ^*1	¥18.0	¥18.0	¥24.0	¥15.0	¥4.0
Total Cash Dividend(Mil.)	¥12,217	¥21,980	¥21,970	¥22,114	¥29,474	¥18,418	-
Consolidated Net Income(Mil.)	¥34,810	¥71,326	¥92,058	¥65,037	¥114,139	¥56,151	-¥29,000
Consolidated Payout Ratio(%)	35%	31%	24%	34%	26%	33%	-19%

*1
Result in 2004 includes the Anniversary Cash Dividends (¥2/Share).