NATORI CO., LTD.

<h3 class="smt_head2">3 [Dividend Policy]</h3>

The Company considers the provision of appropriate and stable profit returns to shareholders as one of its important policies. As a food manufacturer, the Company is committed to improving productivity, expanding business scale, and strengthening corporate structure. While maintaining internal reserves for medium- to long-term capital investments in production facilities, research and development, and information systems, the Company's basic policy is to return profits to shareholders by comprehensively considering business performance trends and changes in earnings per share.

<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">The Company's dividend policy is to distribute surplus earnings twice annually: an interim dividend and a year-end dividend. Both interim and year-end dividends are determined by the Board of Directors.

<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">For the current fiscal year, in accordance with the basic policy of providing appropriate and stable profit returns, the Company implemented an interim dividend of 12 yen per share on December 5, 2024 (11 yen in the previous period), and will implement a year-end dividend of 12 yen per share (12 yen in the previous period), for a total annual dividend of 24 yen per share (23 yen in the previous period).

<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">Internal reserves will be effectively utilized for expanding business scale and strengthening corporate structure, including enhancements to production facilities and information systems.

<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">The Company's Articles of Incorporation provide that "the Board of Directors may declare an interim dividend with a record date of September 30 each year."

 

(Note) Dividends with record dates in the current fiscal year are as follows:

 

<div class="tbld" style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:0pt;">
<table cellspacing="0" cellpadding="0" style="border-collapse:collapse;border:solid 0pt #000000;width:469.5pt;table-layout:fixed;">
<colgroup>
<col style="width:157.5pt;min-width:157.5pt;"/>
<col style="width:156pt;min-width:156pt;"/>
<col style="width:156pt;min-width:156pt;"/>
</colgroup>
<tr style="height:22.5pt;min-height:22.5pt;">
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;overflow:hidden;">Date of Resolution
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;overflow:hidden;">Total Dividend Amount (Thousands of Yen)
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;overflow:hidden;">Dividend per Share (Yen)
</td>
</tr>
<tr style="height:21pt;min-height:21pt;">
<td valign="bottom" style="vertical-align:bottom;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;overflow:hidden;"><p class="smt_tblR" style="orphans:0;widows:0;text-align:left;padding-left:11.9pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">November 6, 2024 Board of Directors Resolution
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;overflow:hidden;"><p class="smt_tblR" style="orphans:0;widows:0;text-align:right;padding-left:0pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">150,990
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;overflow:hidden;"><p class="smt_tblR" style="orphans:0;widows:0;text-align:right;padding-left:0pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">12.0
</td>
</tr>
<tr style="height:21pt;min-height:21pt;">
<td valign="bottom" style="vertical-align:bottom;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;overflow:hidden;"><p class="smt_tblR" style="orphans:0;widows:0;text-align:left;padding-left:12pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">May 9, 2025 Board of Directors Resolution
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;overflow:hidden;"><p class="smt_tblR" style="orphans:0;widows:0;text-align:right;padding-left:0pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">150,990
</td>
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;overflow:hidden;"><p class="smt_tblR" style="orphans:0;widows:0;text-align:right;padding-left:0pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">12.0
</td>
</tr>
</table> 
</div>

Our basic policy is to provide appropriate and stable returns to shareholders. We determine dividend payments by comprehensively considering business performance trends and changes in earnings per share. We distribute dividends twice annually—interim and year-end dividends—as a standard practice. We reinvest retained earnings in capital expenditures such as expanding production facilities and strengthening information systems.

NATORI CO., LTD.【JP:2922】Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2025/05/09)	13	13	26	25.8%
FY2025	Actual(2025/05/09)	12	12	24	22.3%
	Forecast(2024/05/10)	12	12	24	20.4%
FY2024	Actual(2024/05/10)	11	12	23	20.7%
	Revision(2024/04/24)	11	11	23	-
	Forecast(2023/05/12)	11	11	22	24.9%
FY2023	Actual(2023/05/12)	11	11	22	67.9%
	Forecast(2022/05/11)	11	11	22	60.2%
FY2022	Actual(2022/05/11)	11	11	22	17.8%
	Forecast(2021/05/12)	11	11	22	17.1%
FY2021	Actual(2021/05/12)	10	12	22	15.9%
	Forecast(2020/11/04)	10	10	20	-
FY2020	Actual(2020/11/04)	10	10	20	-