<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">The Company recognizes that since shareholders are regular members of Inuyama Country Club (an unincorporated association), profit returns to regular members constitute shareholder returns. Based on this understanding, our basic policy is to make strategic investments in course enhancements and facility improvements, and not to pay dividends.</p><p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">In the current fiscal year, following this basic policy, no dividends have been paid.</p><p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">Regarding retained earnings, we intend to make strategic investments aimed at further enhancing our courses and improving our facilities to address anticipated changes in the economic environment.</p><p class="smt_text6" style="orphans:0;widows:0;"> </p>

<p>Since shareholders are full members, our basic policy is to make effective investments in course enhancement and facility improvements rather than pay dividends. We plan to use retained earnings for effective investments aimed at enhancing courses and improving facilities in response to changes in the economic environment.</p>

(E04643) Dividends

Dividend Policy

Dividend per Share

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Dividend History (Forecasts, Revisions, Actuals)