Rakuten Card Co.,Ltd.

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<h3 class="smt_head2">3 [Dividend Policy]</h3>

<p class="smt_text2" style="orphans:0;widows:0;">The Company pays dividends while taking into account the need to build up internal reserves to stabilize its financial foundation for medium- to long-term growth. The Company's approach to the required level of shareholder capital is based on the following principles:</p>

<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">• Maintaining a financial foundation necessary to promptly and reliably capture expanding business opportunities</p>

<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">• Being sufficient compared to the risks associated with business operations and assets</p>

<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;margin-bottom:0pt;font-family:'ＭＳ 明朝';line-height:15pt;font-size:15pt;">• Maintaining credit ratings necessary for stable fundraising and meeting regulatory capital requirements</p>

<p class="smt_text2" style="orphans:0;widows:0;">The Company's basic policy is to pay dividends from surplus earnings once per year. The decision-making body for dividend payments is the shareholders' meeting for year-end and special dividends, and the board of directors for interim dividends. The Company's articles of incorporation provide for the possibility of interim dividend payments.</p>

<p class="smt_text2" style="orphans:0;widows:0;">Internal reserves will be effectively utilized to support future business expansion and productivity improvements.</p>

<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;text-indent:9pt;font-family:'ＭＳ 明朝';line-height:15pt;font-size:9pt;">For the current fiscal year, at the ordinary shareholders' meeting held on March 25, 2025, the Company resolved to pay a dividend of 14,429 yen per share from retained earnings. The dividend for the current fiscal year is as follows:</p>

<div class="tbld" style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:0pt;">
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<td valign="middle" colspan="2" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:center;padding-left:4.5pt;padding-right:4.5pt;margin-bottom:0pt;font-family:'ＭＳ 明朝';line-height:8pt;font-size:9pt;">Date of Resolution</p>
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<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:center;padding-left:4.5pt;padding-right:4.5pt;margin-bottom:0pt;font-family:'ＭＳ 明朝';line-height:8pt;font-size:9pt;">Total Dividend Amount (Million Yen)</p>
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<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:center;padding-left:4.5pt;padding-right:4.5pt;margin-bottom:0pt;font-family:'ＭＳ 明朝';line-height:8pt;font-size:9pt;">Dividend per Share (Yen)</p>
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<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;overflow:hidden;"><p class="smt_tblC" style="orphans:0;widows:0;text-align:center;padding-left:0pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">March 25, 2025</p>
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<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:justify;padding-left:0pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">Ordinary Shareholders' Meeting Resolution</p>
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<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:right;padding-left:4.5pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">1,214</p>
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<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:right;padding-left:4.5pt;padding-right:4.5pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">14,429</p>
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<p class="smt_text6" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;text-indent:9pt;font-family:'ＭＳ 明朝';line-height:15pt;font-size:9pt;">Additionally, at an extraordinary shareholders' meeting held on November 13, 2024, the Company resolved to distribute all shares of Rakuten Insurance Holdings, Inc. held by the Company as a dividend in kind to Rakuten Group, Inc., the Company's parent company. The dividend in kind for the current fiscal year is as follows:</p>

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<col style="width:80pt;min-width:80pt;"/>
<col style="width:80pt;min-width:80pt;"/>
<col style="width:161pt;min-width:161pt;"/>
<col style="width:161.8pt;min-width:161.8pt;"/>
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<td valign="middle" colspan="2" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:center;padding-left:4.5pt;padding-right:4.5pt;font-family:'ＭＳ 明朝';line-height:8pt;font-size:9pt;">Date of Resolution</p>
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<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:center;padding-left:4.5pt;padding-right:4.5pt;font-family:'ＭＳ 明朝';line-height:8pt;font-size:9pt;">Total Dividend Amount (Million Yen)</p>
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<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:center;padding-left:4.5pt;padding-right:4.5pt;font-family:'ＭＳ 明朝';line-height:8pt;font-size:9pt;">Dividend per Share (Yen)</p>
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<tr style="height:17.9pt;min-height:17.9pt;">
<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-style:solid;border-left-width:0.75pt;border-left-color:#000000;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:center;padding-left:0pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">November 13, 2024</p>
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<td valign="middle" style="vertical-align:middle;border-top-style:solid;border-top-width:0.75pt;border-top-color:#000000;border-bottom-style:solid;border-bottom-width:0.75pt;border-bottom-color:#000000;border-left-color:#000000;border-right-style:solid;border-right-width:0.75pt;border-right-color:#000000;overflow:hidden;"><p class="smt_tblL" style="orphans:0;widows:0;text-align:center;padding-left:0pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-justify:inter-ideograph;text-indent:0pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:10pt;font-size:9pt;">Extraordinary Shareholders' Meeting

<p>We maintain a dividend policy that takes into account the need to build up retained earnings to strengthen our financial foundation for medium to long-term growth. Our basic policy is to pay dividends once per year from surplus earnings, while we plan to effectively utilize retained funds to support future business expansion and productivity improvements.</p>

Rakuten Card Co.,Ltd. (E35230) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)