Sumitomo Real Estate Sales Co., Ltd.

<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company considers returning profits to shareholders as one of its important priorities. We will determine our dividend policy by comprehensively taking into account business performance, the adequacy of retained earnings, dividend payout ratio, and other relevant factors. Dividends will be implemented on a stable and sustainable basis, taking into account significant milestones and each period's operating results.The Company's basic policy is to pay dividends twice annually: an interim dividend and a year-end dividend. The Board of Directors decides on interim dividends, while the General Meeting of Shareholders decides on year-end dividends.For the current fiscal year, based on the above policy, we have decided to pay a dividend of 50 yen per share (including an interim dividend of 20 yen).Retained earnings will be used to further strengthen our financial position and support future business development.The Company's Articles of Incorporation provide that interim dividends may be paid to shareholders or registered pledgees of shares recorded in the shareholder register as of September 30 each year, upon resolution of the Board of Directors.(Note) Dividends with record dates in the current fiscal year are as follows.<div class="tbld" style="text-align:left;margin-left:35pt;"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse;border:solid 0pt #000000;width:434.3pt;" class="align_left"><colgroup><col style="width:144.8pt;min-width:144.8pt;"/><col style="width:144.8pt;min-width:144.8pt;"/><col style="width:144.8pt;min-width:144.8pt;"/></colgroup><tr style="height:21pt"><td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">Resolution Date</td><td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">Total Dividend Amount (Million Yen)</td><td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">Dividend per Share (Yen)</td></tr><tr style="height:27pt"><td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">November 5, 2015 Board of Directors Resolution</td><td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">1,142</td><td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">20</td></tr><tr style="height:27pt"><td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">June 28, 2016 Annual General Meeting of Shareholders Resolution</td><td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">1,714</td><td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-bottom-style:solid;border-bottom-width:0.75pt;border-left-style:solid;border-left-width:0.75pt;border-right-style:solid;border-right-width:0.75pt;">30</td></tr></table> </div>

We view returning profits to shareholders as a key priority. We determine our dividend policy by comprehensively considering business performance, the adequacy of retained earnings, and dividend payout ratio. We aim to provide stable and consistent dividends, paid twice annually through interim and year-end dividends. We allocate retained earnings to strengthen our financial position and support future business development.

Sumitomo Real Estate Sales Co., Ltd. (E03970) Dividends

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