Continuation of Stable Dividends and a Payout Ratio of at Least 50%

「The Company regards returning profits to shareholders as an important management priority. While securing earnings as a source of sustainable growth, its basic dividend policy is to continue stable dividends and target a consolidated payout ratio of 66%, and it is implementing a progressive dividend policy during the period of the current medium-term management plan. Accordingly, the year-end dividend will be ¥43 per share, and together with the interim dividend of ¥33 per share already paid, the annual dividend will be ¥76 per share, compared with ¥62 per share in the previous fiscal year. For the fiscal year ending May 2027, the Company plans to increase the annual dividend by ¥16 to ¥92 per share, comprising interim and year-end dividends of ¥46 each, representing the eighth consecutive annual increase.」

「Regarding shareholder returns, our dividend policy is "continuing stable dividends and targeting a consolidated payout ratio of 66%," and we will implement a progressive dividend policy during the period of the current medium-term management plan. As stated in the 10 July 2025 release entitled "Notice Regarding Special Dividend and Dividend from Surplus (Dividend Increase)," we will pay a special dividend of ¥8 per share in each of the 5 fiscal periods from the fiscal year ending May 2025 through the fiscal year ending May 2029.」

「Regarding shareholder returns, from the current fiscal year we have adopted the dividend policy of "continuing stable dividends and targeting a consolidated payout ratio of 66%." We have raised the payout ratio from approximately 50% to 66%. Accordingly, the annual dividend for the fiscal year ending May 2025 is planned to increase by ¥14 to ¥52 per share, representing the sixth consecutive annual increase. We will implement a progressive dividend policy during the period of the current medium-term management plan.」

「The annual dividend has increased for 5 consecutive fiscal periods. Under the new medium-term management plan commencing in June 2024, we will pursue a progressive dividend policy. Our basic approach to dividends had been to return "one-half of earnings" to shareholders, but in pursuit of further enhancement of shareholder value, we will raise the payout ratio to "two-thirds of earnings" and change our basic dividend policy to "continuing stable dividends and targeting a consolidated payout ratio of 66%." For the next fiscal year, following this change in dividend policy, we plan to increase the annual dividend by ¥14 to ¥52 per share, comprising interim and year-end dividends of ¥26 each.」

「At a meeting of the Board of Directors held on 28 December 2023, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2023 and has made the payment as follows: (1) Total dividends: ¥174.113 million (2) Dividend per share: ¥18.00 (3) Effective date of dividend payment claim and payment commencement date: 1 February 2024」

「At a meeting of the Board of Directors held on 28 December 2023, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2023 as follows: (1) Total dividends: ¥174.113 million; (2) Dividend per share: ¥18.00; (3) Effective date of dividend payment claim and payment commencement date: 1 February 2024.」

「At a meeting of the Board of Directors held on 7 July 2023, the Company resolved to pay a year-end dividend to shareholders recorded in the shareholder register as of 31 May 2023.」

「The Board of Directors resolved on 7 July 2023 to set the year-end dividend for the current fiscal year at ¥18 per share. Together with the interim dividend of ¥17 per share already paid, the annual dividend will be ¥35 per share, an increase of ¥1 from the initial dividend forecast.」

「At a meeting of the Board of Directors held on 28 December 2022, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2022 and has made the payment as follows: (1) Total dividends: ¥164.229 million; (2) Dividend per share: ¥17.00; (3) Effective date of dividend payment claim and payment commencement date: 2 February 2023.」

「At a meeting of the Board of Directors held on 28 December 2022, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2022.」

「At a meeting of the Board of Directors held on 7 July 2022, the Company resolved to pay a year-end dividend to shareholders recorded in the shareholder register as of 31 May 2022 and has made the payment as follows: (1) Total dividends: ¥183.237 million; (2) Dividend per share: ¥19.00; (3) Effective date of dividend payment claim and payment commencement date: 8 August 2022.」

「Based on this policy, the Board of Directors resolved on 7 July 2022 to set the year-end dividend at ¥19 per share, comprising a regular dividend of ¥14 plus a ¥5 commemorative dividend marking the 30th anniversary of the Company's listing. Together with the interim dividend of ¥14 per share already paid, the annual dividend will be ¥33 per share, an increase of ¥5 from the initial dividend forecast.」

「At a meeting of the Board of Directors held on 28 December 2021, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2021 and has made the payment as follows: (1) Total dividends: ¥133.600 million; (2) Dividend per share: ¥14.00; (3) Effective date of dividend payment claim and payment commencement date: 3 February 2022.」

「At a meeting of the Board of Directors held on 28 December 2021, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2021 as follows: (1) Total dividends: ¥133.600 million; (2) Dividend per share: ¥14.00; (3) Effective date of dividend payment claim and payment commencement date: 3 February 2022.」

「At a meeting of the Board of Directors held on 8 July 2021, the Company resolved to pay a year-end dividend to shareholders recorded in the shareholder register as of 31 May 2021 and has made the payment as follows: (1) Total dividends: ¥135.471 million; (2) Dividend per share: ¥14.00; (3) Effective date of dividend payment claim and payment commencement date: 10 August 2021.」

「While securing earnings as a source of growth, we will continue to pursue stable dividends and a target consolidated payout ratio of approximately 50% or higher. Based on this policy, the Board of Directors resolved on 8 July 2021 to set the year-end dividend at ¥14 per share. Together with the interim dividend of ¥13 per share already paid, the annual dividend will be ¥27 per share, an increase of ¥1 from the initial dividend forecast.」

「At a meeting of the Board of Directors held on 25 December 2020, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2020 and has made the payment as follows: (1) Total dividends: ¥125.794 million; (2) Dividend per share: ¥13.00; (3) Effective date of dividend payment claim and payment commencement date: 4 February 2021.」

「At a meeting of the Board of Directors held on 25 December 2020, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2020 as follows: (1) Total dividends: ¥125.794 million; (2) Dividend per share: ¥13.00; (3) Effective date of dividend payment claim and payment commencement date: 4 February 2021.」

「At a meeting of the Board of Directors held on 8 July 2020, the Company resolved to pay a year-end dividend to shareholders recorded in the shareholder register as of 31 May 2020 and has made the payment as follows: (1) Total dividends: ¥125.540 million; (2) Dividend per share: ¥13.00; (3) Effective date of dividend payment claim and payment commencement date: 7 August 2020.」

「While securing earnings as a source of growth, we will continue to pursue stable dividends and a target consolidated payout ratio of approximately 50% or higher. Based on this policy, the Board of Directors resolved on 8 July 2020 to set the year-end dividend for the current fiscal year at ¥13 per share. Together with the interim dividend of ¥13 per share already paid, the annual dividend will be ¥26 per share.」

「At a meeting of the Board of Directors held on 27 December 2019, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2019 and has made the payment as follows: (1) Total dividends: ¥125.540 million; (2) Dividend per share: ¥13; (3) Effective date of dividend payment claim and payment commencement date: 6 February 2020.」

「At a meeting of the Board of Directors held on 27 December 2019, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2019 as follows: (1) Total dividends: ¥125.540 million; (2) Dividend per share: ¥13; (3) Effective date of dividend payment claim and payment commencement date: 6 February 2020.」

「At a meeting of the Board of Directors held on 5 July 2019, the Company resolved to pay a year-end dividend to shareholders recorded in the shareholder register as of 31 May 2019 and has made the payment as follows: (1) Total dividends: ¥127.916 million; (2) Dividend per share: ¥13.00; (3) Effective date of dividend payment claim and payment commencement date: 5 August 2019.」

「While securing earnings as a source of growth, we will continue to pursue stable dividends and a target consolidated payout ratio of approximately 50% or higher. Based on this policy, the Board of Directors resolved on 5 July 2019 to set the year-end dividend for the current fiscal year at ¥13 per share. Together with the interim dividend of ¥12 per share already paid, the annual dividend will be ¥25 per share, an increase of ¥5 from the initial dividend forecast.」

「At a meeting of the Board of Directors held on 28 December 2018, the Company resolved to pay an interim dividend to shareholders recorded in the shareholder register as of 30 November 2018 and has made the payment as follows: (1) Total dividends: ¥118.076 million; (2) Dividend per share: ¥12; (3) Effective date of dividend payment claim and payment commencement date: 7 February 2019.」

「At a Board of Directors meeting held on 28 December 2018, the company resolved to pay an interim dividend as follows to shareholders recorded on the shareholder register as of 30 November 2018: (1) Total dividends: ¥118.076 million; (2) Amount per share: ¥12; (3) Effective date of the right to claim payment and payment commencement date: 7 February 2019.」

「At a Board of Directors meeting held on 6 July 2018, the company resolved to pay a year-end dividend as follows to shareholders recorded on the shareholder register as of 31 May 2018, and made the payment: (1) Total dividends: ¥98.269 million; (2) Amount per share: ¥10; (3) Effective date of the right to claim payment and payment commencement date: 6 August 2018.」

「While securing the profits that serve as a source of growth, we will continue to target stable dividends and a payout ratio of 50% or higher. Based on this policy, the year-end dividend for the current fiscal year was set at ¥10 per share by a resolution of the Board of Directors dated 6 July 2018. The interim dividend already paid was ¥20 per share.」

「At a Board of Directors meeting held on 28 December 2017, the company resolved to pay an interim dividend as follows to shareholders recorded on the shareholder register as of 30 November 2017, and made the payment: (1) Total dividends: ¥98.448 million; (2) Amount per share: ¥20.」

「At a Board of Directors meeting held on 28 December 2017, the company resolved to pay an interim dividend as follows to shareholders recorded on the shareholder register as of 30 November 2017: (2) Amount per share: ¥20.」

「At a Board of Directors meeting held on 7 July 2017, the company resolved to pay a year-end dividend as follows to shareholders recorded on the shareholder register as of 31 May 2017, and made the payment.」

「Based on the policy above, the year-end dividend for the current fiscal year was set by a resolution of the Board of Directors dated 7 July 2017 at ¥32.5 per share, comprising a regular dividend of ¥17.5 and a ¥15 commemorative dividend marking the company's 50th anniversary. Together with the interim dividend already paid, the annual dividend for the fiscal year will be ¥50 per share.」

「Our target is to continue paying stable dividends and maintain a payout ratio of 50% or higher.」

「Our target is to continue paying stable dividends and maintain a payout ratio of 50% or higher.」

「Our target is to continue paying stable dividends and maintain a payout ratio of 50% or higher.」