<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text2" style="orphans:0;widows:0;padding-left:20pt;text-indent:9.9pt;">Our company's articles of incorporation permit the distribution of surplus earnings once per fiscal year as a year-end dividend, subject to shareholder approval. However, given the nature of our business, we believe that improving services and facilities represents the most effective way to return value to shareholders. Accordingly, our policy is to allocate retained earnings toward these improvements.</p><p class="smt_text2" style="orphans:0;widows:0;padding-left:20pt;text-indent:9.9pt;">As a result, we have not paid dividends since our founding.</p><p class="smt_text6" style="orphans:0;widows:0;"> </p>

<p>While our articles of incorporation allow for an annual dividend payment at the fiscal year-end, our basic policy is to reinvest profits into service and equipment improvements. We allocate retained earnings toward this purpose. Since our founding, we have not paid dividends.</p>

(E04652) Dividends

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