Makuake, Inc.

<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company has not paid dividends since its establishment, but recognizes returning profits to shareholders as an important management priority. The Company is currently in a growth phase, and believes that prioritizing investment in securing retained earnings and expanding business scale and strengthening profitability will lead to maximizing corporate value and enabling continuous profit returns in the future.The basic policy for future dividend distributions is to implement them while balancing the need to secure retained earnings. However, for the time being, the Company prioritizes retained earnings and plans to further strengthen its business.The timing of dividend implementation has not been determined.When dividend distributions are implemented, the basic policy is to pay year-end dividends once annually, with the shareholders' meeting serving as the decision-making body. The Company's articles of incorporation provide that interim dividends may be paid based on March 31 each year by board of directors resolution, in accordance with Article 454, Paragraph 5 of the Companies Act.

Our basic dividend policy balances the retention of earnings with shareholder distributions. However, in the near term, we prioritize retaining earnings to expand our business scale and strengthen profitability. When dividends are paid, we make year-end dividends our standard practice, with provisions in our articles of incorporation also allowing for interim dividends.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2025/10/28)	0	0	0	-
FY2025	Actual(2025/10/28)	0	0	0	-
	Forecast(2024/10/29)	0	0	0	-
FY2024	Actual(2024/10/29)	0	0	0	-
	Forecast(2023/10/24)	0	0	0	-
FY2023	Actual(2023/10/24)	0	0	0	-
	Forecast(2022/10/25)	0	0	0	-
FY2022	Actual(2022/10/25)	0	0	0	-
	Forecast(2021/10/26)	0	0	0	-
FY2021	Actual(2021/10/26)	0	0	0	-
	Forecast(2020/10/27)	0	0	0	-
FY2020	Actual(2020/10/27)	0	0	0	-
FY2019	Actual(2020/10/27)	0	0	0	-

Makuake, Inc. (4479) Dividends

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