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At a meeting of the Board of Directors held today, Benesse Corporation resolved to raise the year-end dividend per share for fiscal 2005, ended March 31, 2006. Details are as follows.

1.Reasons for Upward Revision
Benesse has decided to ensure steady profit returns to shareholders based on its stated policy of achieving a dividend payout ratio of at least 35%.
Furthermore, Benesse consider the possibility of more profit return to shareholders as much as possible while taking into account future business trend, our recent cash demand, and other overall factors.

The first benefits of a series of reforms implemented by Benesse emerged during fiscal 2005, leading to projections of higher earnings for three consecutive terms. Consequently, in line with one of our most prioritized management policy of returning profit to shareholders more actively, Benesse has resolved to propose an increase in the year-end dividend for fiscal 2005 to 40.0 yen per share, at the 52nd General Meeting of Shareholders scheduled for late June 2006. Details of the proposal are shown in the table below.

2.Per-Share Dividend Forecast for Fiscal 2005
(April 1, 2005-March 31, 2006)

-Previous Forecast(Announced November 9, 2005)
Interim 35.0 yen
Year-End 35.0 yen
Full-Year 70.0 yen

-Revised Forecast
Interim 35.0 yen
Year-End 40.0 yen
Full-Year 75.0 yen

-Reference: Fiscal 2004 Dividend
Interim 25.0 yen
Year-End 35.0 yen
Full-Year 60.0 yen

Note: Shareholders have already been paid the fiscal 2005 interim dividend of 35.0 yen per share.