The Company positions the return of profits to shareholders as an important management issue. It determines its shareholder return policy in consideration of medium- to long-term profits, cash flows and other factors, while simultaneously seeking to increase corporate value through the sustainable expansion of its core Anytime Fitness business in Japan, the implementation of growth investment for the development of new growth areas and the reinforcement of the foundations of its business. Regarding dividends, the Company will comprehensively consider ROE and equity ratio conditions, which are important indicators, while facilitating investments for the expansion of business and the improvement of efficiency and enhancing its internal reserves, and it will seek to further clarify its stance of dividend policy for stable and continuous dividend payments, while limiting the impact of the fluctuation of short-term financial results attributable to active growth investments during the period of the Medium-term Management Plan (from fiscal year ended march 31, 2024 to fiscal year ending March 31, 2026). From these perspectives, during this period, the Company’s policy is to determine higher and more stable dividends by setting a consolidated dividend payout ratio of 40% as a dividend guideline and a DOE of 4.5% as the lower limit.