baby calendar Inc.

<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text2" style="orphans:0;widows:0;">The Company has not paid dividends since its establishment. However, we recognize that returning profits to shareholders is an important management priority. We intend to implement dividends after comprehensively considering the status of business foundation development, business performance, financial condition, and other factors. That said, we believe that prioritizing the development of our business foundation in the near term will maximize shareholder value. Therefore, our basic policy is to strengthen internal reserves, which serve as the source for dividends. We plan to use retained earnings to strengthen our corporate foundation and as a financial resource for future business expansion.</p><p class="smt_text2" style="orphans:0;widows:0;">When distributing surplus as dividends, our basic policy is to pay year-end dividends once per fiscal year, with the shareholders' meeting as the decision-making body. Additionally, our articles of incorporation provide that interim dividends as prescribed in Article 454, Paragraph 5 of the Companies Act may be implemented by board of directors resolution with June 30 as the reference date each year.</p><p class="smt_text6" style="orphans:0;widows:0;"> </p>

<p>We implement dividends by comprehensively considering our business foundation development, financial performance, and financial condition. However, for the time being, we prioritize strengthening our business foundation and building internal reserves as our basic policy. When we do pay dividends, we will do so once per fiscal year as a year-end dividend. We will use retained earnings to strengthen our corporate foundation and as a source of funding for future business expansion.</p>

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2025	Forecast(2025/02/14)	0	0	0	-
FY2024	Actual(2025/02/14)	0	0	0	-
	Forecast(2024/02/14)	0	0	0	-
FY2023	Actual(2024/02/14)	0	0	0	-
	Revision(2023/05/12)	0	0	0	-
	Forecast(2023/02/14)	0	0	-	-
FY2022	Actual(2023/02/14)	0	0	0	-
	Forecast(2022/02/14)	0	0	0	-
FY2021	Actual(2022/02/14)	0	0	0	-
	Forecast(2021/05/14)	0	0	0	-
FY2020	Actual(2021/05/14)	0	0	0	-

baby calendar Inc. (7363) Dividends

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