AvanStrate Inc.

<h3>3. Dividend Policy</h3>
Since the MBO implemented in 2008, the Company—as the substantive continuing entity from the former NH Techno Glass Co., Ltd.—has actively and continuously pursued capital investments aimed at expanding production capacity and research and development investments aimed at acquiring new production technologies.
Primarily due to these investments, the Company has not paid dividends to date. This is because, with the exception of the August 2008 fiscal period of the former NH Techno Glass Co., Ltd. (which had an irregular fiscal year-end), the March 2010 fiscal period and March 2015 fiscal period (both of which recorded substantial extraordinary gains), the Company's standalone financial results for prior periods showed net losses.
The Company believes that maintaining internal reserves for production capacity expansion, manufacturing technology development to sustain and strengthen competitiveness, and strengthening financial condition is essential for management, with the aim of maximizing corporate value while realizing sustained growth. Going forward, the Company will determine dividends with a target of approximately 20% of net income attributable to parent company shareholders on a consolidated basis, taking into account consolidated business results, financial condition, capital requirements, and industry environment.
For the current fiscal period, in light of this dividend policy, the Company has decided to continue not paying dividends.
The Company's basic policy is to pay dividends of surplus once per year as a year-end dividend, with the shareholders' meeting as the decision-making body for dividend payments.
The Company's Articles of Incorporation provide that interim dividends as prescribed in Article 454, Paragraph 5 of the Companies Act may be paid by resolution of the Board of Directors.

We are committed to providing stable and consistent dividends. We target a dividend payout ratio of approximately 20% of net income attributable to parent company shareholders on a consolidated basis. Our basic policy is to pay dividends once per year as a year-end dividend. We prioritize maintaining sufficient internal reserves to fund capital expenditures for production capacity expansion and manufacturing technology development to sustain and strengthen our competitive position.

AvanStrate Inc. (E24858) Dividends

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