AP HOLDINGS CO.,LTD.

<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company recognizes returning profits to shareholders as an important management priority. We determine our profit distribution policy by taking into account business expansion through new store openings and increased production capacity, internal reserves for strengthening our management foundation, and our operating results and financial condition.Our basic dividend policy is to pay dividends twice annually: an interim dividend and a year-end dividend. The interim dividend is decided by the Board of Directors, while the year-end dividend is decided by the shareholders' meeting. The Company's articles of incorporation authorize the payment of interim dividends.Since our establishment, the Company has prioritized building internal reserves to expand business scale through new store openings and strengthen our financial foundation. Accordingly, we have not paid any dividends to date.<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:8.9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:8.9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">As of the end of the current fiscal year, the Company is in a net debt position. We regret to inform shareholders that no dividend will be paid to holders of common shares, Class A preferred shares, or Class B preferred shares.Going forward, we intend to work toward returning profits to shareholders in accordance with the dividend policy outlined above. However, the specific details and timing of any future profit distribution remain undetermined at this time.<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:8.9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:8.9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:15pt;">

We recognize returning profits to shareholders as an important management priority. Our dividend policy is determined by taking into account business expansion through new store openings and production equipment upgrades, internal reserves for strengthening our management foundation, operating results, and financial condition. Our basic policy is to pay dividends twice annually—interim and year-end dividends. We aim to build up internal reserves to expand our business scale through new store openings and to strengthen our financial foundation.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2025	Actual(2025/05/15)	0	0	0	-
FY2024	Actual(2024/05/15)	0	0	0	-
FY2023	Actual(2023/05/15)	0	0	0	-
	Forecast(2022/05/13)	0	0	0	-
FY2022	Actual(2022/05/13)	0	0	0	-
	Forecast(2021/05/14)	0	0	0	-
FY2021	Actual(2021/05/14)	0	0	0	-
	Forecast(2020/11/12)	0	0	0	-
FY2020	Actual(2020/11/12)	0	0	0	-

AP HOLDINGS CO.,LTD. (3175) Dividends

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