<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company began full-scale pharmaceutical development operations in the fifth fiscal period and plans to continue investing funds in research and development activities. Accordingly, the Company's policy is to retain earnings for the time being without implementing profit dividends, in order to secure funds for ongoing research and development activities. The Company intends to use retained earnings effectively for research and development activities, recruitment of talented personnel, and funds to address anticipated changes in the business environment.<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 the Company pays dividends from surplus, the basic policy is to conduct year-end dividends once per year.The Company's Articles of Incorporation provide that: (1) the Company may pay dividends from surplus to shareholders and registered pledgees of shares listed or recorded in the final shareholder registry as of March 31 each year, upon resolution of the shareholders' meeting; and (2) the Company may pay interim dividends to shareholders and registered pledgees of shares listed or recorded in the final shareholder registry as of September 30 each year, upon resolution of the Board of Directors.

For the time being, we do not plan to pay dividends. Instead, we will retain earnings to secure funding for ongoing research and development activities. Retained earnings will be used to support research and development activities, recruitment of talented personnel, and to build reserves for responding to changes in the business environment. Should we decide to distribute dividends in the future, we will make year-end dividends our standard practice, paid once annually.

【JP:529A】Dividends

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Dividend History (Forecasts, Revisions, Actuals)