Medipal : Notice of Revision of Year-End Dividend Forecast

April 28, 2017 MEDIPAL HOLDINGS CORPORATION

Representative: Shuichi Watanabe, Representative Director, President and CEO Code number: 7459 (1st Section, Tokyo Stock Exchange)

Contact: Yuji Sakon, Director General Manager of Administration Division

Tel: [phone]

Notice of Revision of Year-End Dividend Forecast

At a meeting of the Board of Directors on April 28, 2017, MEDIPAL HOLDINGS CORPORATION ("MEDIPAL") decided to revise the forecast for the year-end dividend per share for the fiscal year ended March 31, 2017, as summarized below.

1. Reason for Revision of the Dividend Forecast

   MEDIPAL considers returns to shareholders one of its highest management priorities. The Company's basic policy for distribution of profits is to provide dividends that are linked to profits from business activities, while securing the necessary internal reserves to strengthen its financial position and aggressively expand its business.

   MEDIPAL aims to maintain stable dividends, with a target consolidated payout ratio of 25 percent. In consideration of financial condition for the fiscal year as well as other factors, MEDIPAL has decided to revise the forecast for the year-end dividend for the fiscal year ended March 31, 2017 to ¥16 per share, an increase of

   ¥1 from the previous forecast.

   As a result, total dividends for the fiscal year will be ¥31 per share, including the interim dividend of ¥15 that was already paid.

2. Details of the Revision

Dividends per Share (Yen)
Interim	Year-End	Full-Year Total
Previous forecast (May 16, 2016)	15.00	30.00
Revised forecast	16.00	31.00
Year ended March 31, 2017 (actual)	15.00
Year ended March 31, 2016 (actual)	13.00	15.00	28.00

Note: The above forecast is based on information available as of the date of this announcement. Future events may cause actual dividends to differ from the forecast.

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