TSUNODA CO.,LTD.

<h3>3. Dividend Policy</h3>
<p style="margin-left: 30px; text-align: left; text-indent: 12px">The Company recognizes returning profits to shareholders as one of its key management priorities. We base our dividend decisions on a comprehensive assessment of each period's earnings, financial condition, and future business plans. Our basic policy is to strengthen our corporate foundation by building adequate retained earnings while maintaining stable and consistent dividends to shareholders. We will use retained earnings to strengthen our financial position in preparation for major disasters such as the frequent earthquakes occurring domestically, promote efficiency improvements in existing operations, develop new businesses, and acquire new rental apartment properties, thereby working toward long-term enhancement of corporate value.</p>
<p style="margin-left: 30px; line-height: 19.3299999237061px; text-align: left">For this fiscal year's dividend, we follow the above policy. Since we have not yet completed acquisition of rental apartment properties, as part of our shareholder return strategy, we converted the 90th anniversary commemorative dividend of 2.00 yen per share into regular dividend. We paid an interim dividend of 5.00 yen per share, consisting of the regular interim dividend of 3.00 yen per share plus the commemorative portion. For the year-end dividend, we paid 110.00 yen per share. Please note that on January 1, 2017, we implemented a stock consolidation at a ratio of 10 shares to 1 share. The interim dividend of 5.00 yen per share is calculated on a pre-consolidation basis, while the year-end dividend of 110.00 yen per share is calculated on a post-consolidation basis. As a result, the dividend payout ratio for this period was 53.0%.</p>
<p style="margin-left: 24px; line-height: 19.3299999237061px; text-align: left">The Board of Directors approved the interim dividend for the 81st fiscal period on February 13, 2017. The Company's Articles of Incorporation provide that interim dividends may be paid once annually with December 31 as the record date, subject to Board of Directors approval.</p>
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<p style="text-align: center">Resolution Date</p>
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<p style="text-align: center">Total Dividend Amount (Yen)</p>
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<p style="text-align: center">Dividend per Share (Yen)</p>
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<p style="text-align: center">February 13, 2017</p>
<p style="text-align: center">Board of Directors Resolution</p>
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<p style="text-align: center">22,020,350</p>
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<p style="text-align: center">5.00</p>
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<p style="text-align: center">September 28, 2017</p>
<p style="text-align: center">81st Annual General Meeting of Shareholders Resolution</p>
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<p style="text-align: center">49,194,530</p>
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<p style="text-align: center">110.00</p>
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<p style="margin-left: 54px; margin-right: 18px; text-align: left; text-indent: -36px">(Note) The Company's basic practice is to distribute dividends twice annually—interim and year-end dividends. The Board of Directors decides interim dividends, while the Annual General Meeting of Shareholders decides year-end dividends.</p>
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<p>Our basic dividend policy is to maintain stable and continuous dividends to shareholders. We determine dividend payments by comprehensively considering each period's earnings, financial condition, and future business developments. We aim to pay dividends twice per year as a standard practice. We allocate retained earnings to strengthen our financial position against disasters, improve efficiency in existing operations, develop new businesses, and acquire rental apartment buildings, thereby enhancing corporate value.</p>

TSUNODA CO.,LTD. (E02261) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)