THE KAMOGAWA GRAND HOTEL,LTD.

<h3 class="smt_head2">3 [Dividend Policy]</h3>Our dividend policy is based on the principle of providing dividends to shareholders that reflect our business performance. Our fundamental approach is to distribute profits in a stable manner, taking into account profit levels and dividend payout ratios. 
We distribute retained earnings twice annually as a basic policy: an interim dividend and a year-end dividend. The interim dividend is determined by the Board of Directors, while the year-end dividend is determined by the shareholders' meeting. 
Our dividend approach is based on the fundamental principle of distributing profits in a stable manner, taking into account profit levels and dividend payout ratios.<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:22.5pt;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;">However, due to significant business performance deterioration caused by the spread of COVID-19, we have not reached the profit level necessary to pay dividends. Accordingly, we regret to inform you that we plan to pay no dividend on both common shares and Class A preferred shares.<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:22.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">Additionally, our company has provisions allowing for the payment of interim dividends.<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:22.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:15pt;">

Our basic policy is to provide stable profit distribution to shareholders by taking into account earnings levels and dividend payout ratios. We pay dividends in principle based on our business performance. We aim to pay dividends twice a year—an interim dividend and a year-end dividend.

THE KAMOGAWA GRAND HOTEL,LTD. (E04576) Dividends

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