February 2, 2023
To all parties concerned:
Company:
Representative:

Contact:

Nissin Electric Co., Ltd.
Yoshihiro Matsushita
Representative Director and President(Securities Code: 6641, Tokyo Stock
Exchange, Prime Market)
Kazuhisa Nitta
Managing Executive Officer, General
Manager, Financial & Accounting
Department(TEL: 075-864-8315)

Announcement Regarding Revision of Term-End Dividend Forecast for the Year Ending
March 2023 (Non-dividend Distribution)
The Company hereby announces that at a meeting of the Board of Directors held today, it passed a resolution torevise the dividend forecast for the year ending March 2023 as follows and not to pay the term-end dividend forthe year ending March 2023 on the condition that the tender offer (the “Tender Offer”) for the Company’sordinary shares (the “Company Stock”) being conducted by Sumitomo Electric Industries, Ltd., which is
described in the “Announcement of Opinion in Support of the Tender Offer for the Company Stock byControlling Shareholder Sumitomo Electric Industries, Ltd. and Recommendation to Tender Shares” (the “Press
Release Announcing the Company’s Opinion”) announced separately today, is completed.
1.

Reason for the Revision

At the meeting of the Board of Directors held today, the Company passed a resolution to announce an opinion in
support of the Tender Offer and to recommend that the Company’s shareholders tender their shares in the Tender
Offer. The resolution of the meeting of the Board of Directors above was passed on the assumption that thetender offeror intends to make the Company a wholly-owned subsidiary of the tender offeror through the Tender
Offer and a series of subsequent procedures and that the Company Stock will be delisted (for more information,please refer to the Press Release Announcing the Company’s Opinion, which was separately announced today).
The Company has had basic policies under which it pays dividends to its shareholders after comprehensively
considering the future management environment, earnings forecast, and level of internal reserves, etc. based on apolicy to maintain stable dividends. However, according to the tender offeror, the offer price for the Company
Stock in the Tender Offer is based on the assumption that the term-end dividend at the end of March 2023 will
not be paid, and if the term-end dividend is paid with a record date on or after March 29, 2023, which is thescheduled date of commencement of settlement of the Tender Offer, dividends may be paid only to shareholders
who do not tender their shares in the Tender Offer, and there may be a difference in the economic effects
between shareholders who tender their shares in the Tender Offer and those who do not; therefore, from theperspective of securing impartiality as to shareholders, the Company passed, at the meeting of the Board ofDirectors held today, a resolution to revise the dividend forecast for the year ending March 2023 and not to pay aterm-end dividend for the year ending March 2023 on the condition that the Tender Offer is completed.

2.

Details of the Revision

Record Date
Forecast Announced
Previously
Forecast Revised ThisTime
Result of This Fiscal
Year
Result of Previous
Fiscal Year
(Fiscal Year Ending
March 2022)

End of Second Quarter

Dividend Per Share (Yen)End of Term
19.00 yen

Per Year
38.00 yen

0.00 yen

19.00 yen

18.00 yen

36.00 yen

19.00 yen
18.00 yenEnd-2-