note inc.

<h3 class="smt_head2">3 [Dividend Policy]</h3>

<p class="smt_text6" 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;">The Company recognizes that it is currently in a growth phase. Therefore, we believe that prioritizing investments to expand our business scale and strengthen profitability, while building up internal reserves, will maximize corporate value and deliver sustained returns to shareholders.

<p class="smt_text6" 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;">Under this policy, we currently do not pay dividends. However, we recognize that returning profits to shareholders is an important management priority. Going forward, we plan to consider implementing dividends while balancing internal reserves with our financial position and operating results in each fiscal year. At this time, the possibility and timing of dividend implementation remain undetermined. We will use retained earnings effectively as funds for further business strengthening investments.

<p class="smt_text6" 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;">When we distribute surplus earnings, our basic policy is to pay year-end dividends once annually, with dividend decisions made through shareholder meetings. Our Articles of Incorporation provide for the possibility of interim dividends by Board of Directors resolution.

<p class="smt_text6" 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:15pt;"> 

<p class="smt_text6" 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;">Additionally, to express our gratitude to shareholders and deepen their understanding of our service "note," we introduced a shareholder benefit program in August 2025. This program grants "note points" usable on our "note" platform to shareholders based on their holding period and number of shares held, allowing them to experience purchasing articles from creators. Through this initiative, we aim to strengthen engagement with shareholders, improve trading volume and market liquidity, and ultimately enhance sustained corporate value.

<p class="smt_text6" 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;">For details on this program, please refer to "Shareholder Benefits" under "Section 6: Overview of Share Administration of the Submitting Company."

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Currently in a growth phase, we prioritize investment in business expansion and strengthening profitability while building up retained earnings. At this time, we do not pay dividends. Going forward, we will consider implementing dividends while taking into account our financial position and business performance. Should we implement dividends, our basic policy is to pay dividends once per year at the fiscal year-end. Retained earnings will be used as investment capital to strengthen our business operations.

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Forecast(2026/01/13)	0	0	0	-
FY2025	Actual(2026/01/13)	0	0	0	-
	Forecast(2025/01/14)	0	0	0	-
FY2024	Actual(2025/01/14)	0	0	0	-
	Forecast(2024/01/11)	0	0	0	-
FY2023	Actual(2024/01/11)	0	0	0	-
	Forecast(2023/01/16)	0	0	0	-
FY2022	Actual(2023/01/16)	0	0	0	-
FY2021	Actual(2023/01/16)	0	0	0	-

note inc.【JP:5243】Dividends

Dividend Policy

Dividend per Share

Payout Ratio

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Dividend History (Forecasts, Revisions, Actuals)