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<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company considers returning profits to shareholders as an important policy. We have traditionally implemented such returns through improvements to golf courses and related facilities, as well as reductions in various fees including membership dues.The Company's basic policy is to pay dividends once per fiscal year at the end of the period. The dividend decision-making authority rests with the shareholders' meeting.Given the challenging environment surrounding the golf course industry and the necessity for large capital investments such as replacing aging clubhouses, the Company considers internal reserves essential for the future. Accordingly, for the current period, we have decided to forgo dividend payments and maintain profit returns in the traditional form.

The company's basic policy is to pay dividends once per fiscal year as a year-end dividend. Given the challenging conditions in the golf course industry and the need to maintain internal reserves for major capital investments such as clubhouse renovations, the company prioritizes retained earnings. Shareholder returns will be provided through improvements to golf courses and related facilities, as well as through reductions in fees.

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