<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;">The Company operates as a membership golf club with shareholders as full members. Our policy regarding profit returns to shareholders is to provide a more comfortable club experience. We do not set a specific dividend frequency and have decided to retain earnings without paying dividends for the foreseeable future.</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;">Accordingly, retained earnings will be allocated to future improvements of the golf course and clubhouse 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;">Dividend decisions are made by the shareholders' meeting.</p><p class="smt_text6" style="orphans:0;widows:0;"> </p>

<p>Our basic dividend policy is to provide members with a more comfortable club experience. We are currently retaining all earnings without paying dividends for an indefinite period. Retained earnings will be allocated to future course improvements and clubhouse facilities. Dividend decisions are made at the shareholders' meeting.</p>

(E04630) Dividends

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Dividend History (Forecasts, Revisions, Actuals)