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SDK to Resume Payment of Dividends

February 17, 2004

Showa Denko K.K.’s (SDK) board of directors today decided to pay dividends of ¥2 per share to shareholders of record at the end of December 2003. This will take effect upon approval by the shareholders’ meeting scheduled for March 30.

It was unfortunate that SDK had to forgo dividend payments since fiscal 1999. However, SDK has renovated its operations by implementing various restructuring measures and improving financial strength.

Furthermore, SDK launched a new medium-term consolidated business plan named the “Sprout Project” in 2003, shifting the focus to growth-oriented business strategy. At the same time, the company continued structural reform and took additional steps to reduce costs.

As a result, SDK has almost achieved its performance targets for fiscal 2003, paving the way for the resumption of dividend payments.