SATO PHARMACEUTICAL CO.,LTD.

<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;">Our company is committed to contributing to society through the creation of a healthier lifestyle. We aim to further expand our pharmaceutical business in both the over-the-counter and prescription drug sectors.</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;">Our dividend policy is designed to establish the management foundation necessary to achieve this mission.</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;">Specifically, we are committed to paying dividends on a continuous and stable basis going forward. Retained earnings are reserved for research and development investments and other capital expenditures for production facilities.</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;">Dividends from surplus earnings are paid once per year. The dividend decision is made at the shareholders' meeting.</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;">For the current fiscal year, based on the above policy, we have set the dividend at 20 yen per share. This results in a dividend payout ratio of 5.19%.</p>

<p class="smt_anno1" style="orphans:0;widows:0;padding-left:40.5pt;">(Note) Dividends from surplus earnings with a record date in the current fiscal year are as follows:</p>

<p class="smt_anno2" style="orphans:0;widows:0;padding-left:40.5pt;">October 18, 2023  Regular Shareholders' Meeting Resolution</p>

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<td valign="middle" style="vertical-align:middle;border-top-color:#a9a9a9;border-bottom-color:#a9a9a9;border-left-color:#a9a9a9;border-right-color:#a9a9a9;overflow:hidden;"><p class="smt_tblR" style="orphans:0;widows:0;padding-right:0pt;">98</p>
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<p>Our basic policy is to provide continuous and stable dividends, with dividend payments decided once per year at the shareholders' meeting. We retain earnings internally to prepare for research and development investments and capital expenditures on production facilities.</p>

SATO PHARMACEUTICAL CO.,LTD. (E00954) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)