<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text2" style="orphans:0;widows:0;padding-left:13.5pt;">The Company's profit distribution is determined once per fiscal year as a year-end dividend, with the decision made by the shareholders' meeting. However, in the golf industry, the priority practice for shareholder returns is to reinvest earnings into course maintenance and improvements. The Company follows the same approach, fundamentally not paying dividends and instead directing funds toward maintaining and improving our courses. Additionally, due to substantial accumulated losses, the Company has not been in a position to implement dividend payments.</p><p class="smt_text6" style="orphans:0;widows:0;"> </p>

<p>We distribute dividends once per year as a final dividend, with the dividend decision made at the shareholders' meeting. However, following industry practice in the golf business, we have adopted a policy of generally not paying dividends and instead reinvesting funds in the maintenance and improvement of our courses.</p>

(E04656) Dividends

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