MEDLEY,INC.

<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:22pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">Our Group regards returning profits to shareholders as an important management priority. We currently believe our Group remains in a growth phase, and we judge that allocating capital to aggressive investments for sustainable growth represents the maximum profit return to shareholders. For this reason, we have not implemented dividends since our founding.</p><p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:22pt;text-indent:9pt;font-family:'ＭＳ 明朝';font-size:9pt;">Going forward, we intend to implement profit return measures to shareholders after considering the financial position, operating results, and cash flow situation of each period. However, the timing and feasibility of dividend implementation remain undetermined at this time. Additionally, as a flexible response to changes in stock price and business environment, as well as part of our capital strategy and profit return measures to shareholders, we will implement share buybacks as appropriate.</p><p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:22pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">When we distribute retained earnings, our basic policy is to implement year-end dividends once annually, with the shareholders' meeting serving as the decision-making body for year-end dividends.</p><p class="smt_text6" style="orphans:0;widows:0;"> </p>

<p>We recognize shareholder returns as an important priority. However, since we are currently in a growth phase, we believe that allocating capital to aggressive investments for sustainable growth represents the greatest return to shareholders. Accordingly, we have maintained a no-dividend policy since our founding. Going forward, we plan to implement profit returns by taking into account our financial condition and other factors. When we do pay dividends, we will make year-end dividends our standard practice, and we will also conduct share buybacks as appropriate.</p>

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2026/02/13)	0	0	0	-
FY2025	Actual(2026/02/13)	0	0	0	-
	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	-
	Forecast(2023/02/14)	0	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(2021/02/12)	0	0	0	-
FY2020	Actual(2021/02/12)	0	0	0	-
	Forecast(2020/11/13)	0	0	0	-
FY2019	Actual(2020/11/13)	0	0	0	-

MEDLEY,INC. (4480) Dividends

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Dividend History (Forecasts, Revisions, Actuals)