NADEX CO., LTD.

<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company recognizes returning profits to shareholders as an important priority. Our basic policy is to provide stable and continuous dividends linked to business performance, while comprehensively considering the strengthening of our financial position and building adequate retained earnings for future business development. As a performance-linked indicator, we target a consolidated dividend payout ratio of 30% or higher. Even if the annual dividend calculated based on the consolidated dividend payout ratio falls below 10 yen per share, we will endeavor to maintain an annual dividend of 10 yen per share. However, in cases where net income attributable to parent company shareholders fluctuates significantly due to special factors such as substantial changes in the business environment, we may determine the dividend amount taking such impacts into consideration.<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;">Regarding our shareholder return policy for the three-year period of the medium-term management plan beginning with the fiscal year ending April 2025, we aim to implement dividends with a consolidated dividend payout ratio of 30% or higher, while targeting a total return ratio of 50% or higher, including share buybacks.<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;">Our basic policy is to pay dividends twice per year: an interim dividend and a year-end dividend. The interim dividend is decided by the Board of Directors, and the year-end dividend is decided by the shareholders' meeting.Regarding dividends for the current fiscal year, based on our basic policy and taking into account current fiscal year performance, we plan to pay an annual dividend of 33 yen per share (including an interim dividend of 11 yen). The year-end dividend of 22 yen is scheduled to be approved at the ordinary shareholders' meeting planned for July 29, 2025. If the annual dividend reaches 33 yen, the consolidated dividend payout ratio will be 110.55%, and the consolidated return on equity will be 1.48%.We will use retained earnings to strengthen our financial position for business expansion and for investments focused on strengthening research and development and sales capabilities. We remain committed to maintaining and improving stable dividend levels.Additionally, our Articles of Incorporation provide that the Company may pay interim dividends as prescribed in Article 454, Paragraph 5 of the Companies Act.The following table shows dividends with record dates in the current fiscal year: 
<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:468pt;table-layout:fixed;">
<colgroup>
<col style="width:156pt;min-width:156pt;"/>
<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: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;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:justify;padding-left:4.5pt;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;"><ix:nonNumeric contextRef="FilingDateInstant_Row1Member" format="ixt:dateyearmonthdaycjk" name="jpcrp_cor:DateOfResolutionDividendsOfSurplus">December 13, 2024</ix:nonNumeric><p class="smt_tblL" style="orphans:0;widows:0;text-align:justify;padding-left:4.5pt;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;"><ix:nonNumeric contextRef="FilingDateInstant_Row1Member" name="jpcrp_cor:ResolutionDividendsOfSurplus">Board of Directors Resolution</ix:nonNumeric>
</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;"><ix:nonFraction contextRef="FilingDateInstant_Row1Member" decimals="-3" scale="3" format="ixt:numdotdecimal" name="jpcrp_cor:TotalAmountOfDividendsDividendsOfSurplus" unitRef="JPY">96,890</ix:nonFraction>
</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;"><ix:nonFraction contextRef="FilingDateInstant_Row1Member" decimals="2" scale="0" format="ixt:numdotdecimal" name="jpcrp_cor:DividendPerShareDividendsOfSurplus" unitRef="JPYPerShares">11.00</ix:nonFraction>
</td>
</tr>
<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;"><ix:nonNumeric contextRef="FilingDateInstant_Row2Member" format="ixt:dateyearmonthdaycjk" name="jpcrp_cor:DateOfResolutionDividendsOfSurplus">July 29, 2025</ix:nonNumeric><p class="smt_tblL" style="orphans:0;widows:0;text-align:justify;padding-left:4.5pt;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;"><ix:nonNumeric contextRef="FilingDateInstant_Row2Member" name="jpcrp_cor:ResolutionDividendsOfSurplus">Ordinary Shareholders' Meeting Resolution (Planned)</ix:nonNumeric>
</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;"><ix:nonFraction contextRef="FilingDateInstant_Row2Member" decimals="-3" scale="3" format="ixt:numdotdecimal" name="jpcrp_cor:TotalAmountOfDividendsDividendsOfSurplus" unitRef="JPY">192,389</ix:nonFraction>
</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;"><ix:nonFraction contextRef="FilingDateInstant_Row2Member" decimals="2" scale="0" format="ixt:numdotdecimal" name="jpcrp_cor:DividendPerShareDividendsOfSurplus" unitRef="JPYPerShares">22.00</ix:nonFraction>
</td>
</tr>
</table> 
</div>

Our basic policy is to provide stable and continuous dividends linked to business performance, while maintaining a consolidated dividend payout ratio of 30% or more. During the medium-term management plan period, we target a total shareholder return ratio of 50% or more, including share buybacks, and implement dividends twice annually (interim and year-end). Retained earnings are allocated to strengthen our financial position and enhance our research and development and sales capabilities.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2025/09/09)	11	20	31	-
FY2025	Actual(2025/09/09)	11	22	33	-
	Forecast(2024/06/11)	11	22	33	30.5%
FY2024	Actual(2024/06/11)	11	24	35	36.1%
	Forecast(2023/06/09)	11	24	35	30.2%
FY2023	Actual(2023/06/09)	11	32	43	30.1%
	Forecast(2022/06/09)	11	24	35	30.2%
FY2022	Actual(2022/06/09)	7	26	33	30.5%
	Forecast(2021/12/07)	7	14	21	-
FY2021	Actual(2021/12/07)	3	16	19	-

NADEX CO., LTD.【JP:7435】Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)