<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text2" style="orphans:0;widows:0;">Our company operates as a membership golf course with shareholders as primary members. To meet the needs of our shareholders, we retain all profits internally to fund necessary investments in course development and the maintenance of our courses and facilities. Accordingly, we do not pay dividends and have not paid dividends in the past. We will continue this policy in the current period and will not pay dividends.</p><p class="smt_text6" style="orphans:0;widows:0;"> </p>

<p>As a membership-based golf course operator, we continue our policy of retaining profits as internal reserves without paying dividends, in order to meet the needs of our shareholder members. The retained earnings are used as investment funds necessary for course development and the maintenance and management of our courses and facilities.</p>

(E04636) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)