HEIWA REAL ESTATE CO.,LTD.

<h3>3. Dividend Policy</h3>
<p style="margin-left: 36px; line-height: 19.333333333333333333333333333px; text-align: left">Under Article 459, Paragraph 1 of the Companies Act, the Company's Articles of Incorporation provide that dividend distributions may be resolved by the Board of Directors. The Company's Articles of Incorporation also provide that dividends may be paid with March 31 and September 30 as the record dates. The Company's basic policy is to pay dividends twice per fiscal year: an interim dividend and a year-end dividend.</p>
<p style="margin-left: 36px; line-height: 19.333333333333333333333333333px; text-align: left">The Company implements shareholder returns while ensuring adequate retained earnings necessary to stably conduct long-term businesses, including redevelopment projects and building operations, and to enhance shareholder value. For shareholder returns in fiscal years 2024 through 2026, the Company's basic policy is to maintain a consolidated dividend payout ratio of 50%, taking into account cost of equity capital and capital efficiency. Share buybacks will be implemented flexibly, taking into comprehensive consideration stock price levels, investment plans, and financial conditions.</p>
<p style="margin-left: 36px; line-height: 19.333333333333333333333333333px; text-align: left">For the current fiscal year, taking into comprehensive consideration the above policy, current fiscal year performance, and future business developments, the Company has decided on a dividend per share of 172 yen in total, consisting of an interim dividend of 63 yen and a year-end dividend of 109 yen (including a special dividend of 30 yen). This represents an increase of 6 yen compared to the previous fiscal year.<br/>The dividend distributions for the current fiscal year (fiscal year ending March 2025) are as follows.</p>
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<p style="line-height: 13.333333333333333333333333333px; text-align: center">Date of Resolution</p>
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<p style="line-height: 13.333333333333333333333333333px; text-align: center">Total Dividend Amount</p>
<p style="line-height: 13.333333333333333333333333333px; text-align: center">(Millions of Yen)</p>
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<p style="line-height: 13.333333333333333333333333333px; text-align: center">Dividend per Share</p>
<p style="line-height: 13.333333333333333333333333333px; text-align: center">(Yen)</p>
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<p style="text-align: center">
<ix:nonNumeric name="jpcrp_cor:DateOfResolutionDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" format="ixt:dateyearmonthdaycjk">October 31, 2024</ix:nonNumeric>
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<td style="vertical-align: middle; width: 216px; padding-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; border-left: 0px none #000000; border-top: 1px solid #000000; border-right: 1px solid #000000; border-bottom: 1px solid #000000; background-color: #FFFFFF" rowspan="2">
<p style="text-align: center">
<ix:nonFraction name="jpcrp_cor:TotalAmountOfDividendsDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" unitRef="JPY" decimals="-6" scale="6" format="ixt:numdotdecimal">2,114</ix:nonFraction>
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<td style="vertical-align: middle; width: 216px; padding-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; border-left: 0px none #000000; border-top: 1px solid #000000; border-right: 1px solid #000000; border-bottom: 1px solid #000000; background-color: #FFFFFF" rowspan="2">
<p style="text-align: center">
<ix:nonFraction name="jpcrp_cor:DividendPerShareDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" unitRef="JPYPerShares" decimals="1" scale="0" format="ixt:numdotdecimal">63.0</ix:nonFraction>
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<ix:nonNumeric name="jpcrp_cor:ResolutionDividendsOfSurplus" contextRef="FilingDateInstant_Row1Member" escape="false">Board of Directors Resolution</ix:nonNumeric>
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<ix:nonNumeric name="jpcrp_cor:DateOfResolutionDividendsOfSurplus" contextRef="FilingDateInstant_Row2Member" format="ixt:dateyearmonthdaycjk">May 16, 2025</ix:nonNumeric>
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<td style="vertical-align: middle; width: 216px; padding-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; border-left: 0px none #000000; border-top: 1px solid #000000; border-right: 1px solid #000000; border-bottom: 1px solid #000000; background-color: #FFFFFF" rowspan="2">
<p style="text-align: center">
<ix:nonFraction name="jpcrp_cor:TotalAmountOfDividendsDividendsOfSurplus" contextRef="FilingDateInstant_Row2Member" unitRef="JPY" decimals="-6" scale="6" format="ixt:numdotdecimal">3,657</ix:nonFraction>
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<td style="vertical-align: middle; width: 216px; padding-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; border-left: 0px none #000000; border-top: 1px solid #000000; border-right: 1px solid #000000; border-bottom: 1px solid #000000; background-color: #FFFFFF" rowspan="2">
<p style="text-align: center">
<ix:nonFraction name="jpcrp_cor:DividendPerShareDividendsOfSurplus" contextRef="FilingDateInstant_Row2Member" unitRef="JPYPerShares" decimals="1" scale="0" format="ixt:numdotdecimal">109.0</ix:nonFraction>
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<ix:nonNumeric name="jpcrp_cor:ResolutionDividendsOfSurplus" contextRef="FilingDateInstant_Row2Member" escape="false">Board of Directors Resolution</ix:nonNumeric>
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<p style="text-align: left"> </p>
<p style="text-align: left"> </p>

<p>The Company's basic policy is to distribute surplus twice annually through interim and year-end dividends. For shareholder returns in fiscal years 2024 through 2026, the Company targets a consolidated payout ratio of 50%, while ensuring necessary retained earnings. Share buybacks will be implemented flexibly, taking into comprehensive consideration stock price levels, capital investment plans, and financial conditions.</p>

Fiscal Year	Type	Interim	Year-End	Total	Payout Ratio
FY2026	Revision(2026/01/30)	36	57	93	-
	Revision(2025/07/31)	36	52	88	-
	Forecast(2025/04/30)	73	103	176	60.6%
FY2025	Actual(2025/04/30)	63	109	172	60.8%
	Revision(2025/05/16)	73	103	88	-
	Revision(2025/01/31)	63	107	170	-
	Revision(2024/07/31)	63	63	126	-
	Forecast(2024/06/07)	63	63	120	-
FY2024	Actual(2024/06/07)	58	108	166	-
	Revision(2024/03/22)	58	108	116	-
	Forecast(2023/04/28)	58	58	116	50.6%
FY2023	Actual(2023/04/28)	50	54	104	40.9%
	Forecast(2022/04/28)	50	50	100	40.9%
FY2022	Actual(2022/04/28)	41	54	95	40.1%
	Revision(2022/01/31)	41	49	90	-
	Forecast(2021/04/30)	41	41	82	41.4%
FY2021	Actual(2021/04/30)	32	45	77	40.6%
	Revision(2021/03/31)	32	32	74	-
	Forecast(2020/10/30)	32	32	64	-
FY2020	Actual(2020/10/30)	25	31	56	-

HEIWA REAL ESTATE CO.,LTD. (8803) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)