May 9, 2019
Notice of Revision of the Shareholder Returns Policy andRepurchase of Shares of Common Stock(Repurchase of Shares Under the Provision of Articles of Incorporation Pursuant to Article 165, Paragraph
2 of the Companies Act of Japan)
NIKON CORPORATION (hereinafter “the Company”) has resolved at the meeting of its Board of Directors
held on May 9, 2019, the repurchase of its own shares pursuant to Article 156 of the Companies Act of Japan as
applied pursuant to Article 165, Paragraph 3, in addition to the revision of the shareholder returns policy fromthe fiscal year ending March 31, 2020.

1. Regarding the Repurchase of Own Shares(1) Reason for the repurchase of own shares
The Company decided to repurchase its own shares to enhance shareholder returns, while improving capitalefficiency and ensuring a flexible capital policy.

(2) Details of the repurchase1.) Class of shares to be repurchased： Common stock2.) Total number of shares to be repurchased： Up to 8.0 million shares（Equivalent to 2.0% of outstanding shares (excluding treasury stock))3.) Total repurchase amount： 10 billion yen
4.) Repurchase Period： From May 10, 2019 to June 30, 2019

(Reference)
Number of outstanding shares (Excluding treasury stock)： 396,258,592 shares
Number of treasury stock(Note)： 4,620,329 shares(Note) Possession of treasury stock as of April 30, 2019２．Regarding Revision of the Shareholder Returns Policy（１）Overview and Reason for Revision of the Shareholder Returns Policy
The Company has reviewed its fundamental policy on shareholder’s returns, placing profit distribution toshareholders as its top management priority. As a result, seeking for an appropriate capital allocation over a midto long-term basis and to enhance flexibility in returns to shareholders, the Company will change its quantitative

target, which was previously “Dividend payout ratio of 40% or more,” to “Return to shareholders targeting a
total return ratio of 40% or more during the cumulative period of the new medium-term management plan for theyear ending March 31, 2020 to the year ending March 31, 2022.” In accordance with this policy, the Company
has resolved at the meeting of its Board of Directors held on May 9, 2019, the repurchase of its own shares forthe profit distribution to shareholders for the year ending March 31, 2020.
The Company will continue to aim to distribute a steady dividend that reflects the perspective of shareholders,and maintain its target of a full year dividend of 60 yen per share or more during the new medium-term
management plan period.
（２）Details of Revised Shareholder Returns Policy (Changes have been underlined)
Policy before the Revision
The Company's policy on shareholder returns is basically to pay a stable dividend from the perspective ofshareholder's value targeting dividend payout ratio of 40% or more. On top of the policy, the Company will
review profit distribution on total shareholder return basis to improve the reflection of business performance.

Policy after the Revision
The Company’s fundamental policy on shareholder returns is to distribute a steady dividend that reflects theperspective of shareholders, while simultaneously realizing appropriate capital allocation flexibly from a mid tolong-term perspective. Based on this policy, during the cumulative period of the new medium-term
management plan for the year ending March 31, 2020 to the year ending March 31, 2022, the Company
will return to shareholders targeting a total return ratio of 40% or more.