Dividend Policy

· Preserve an appropriate amount from business results as investment returns to shareholders who have invested in the Company

· Pay dividends twice a year for shareholder-valued management practice (quarterly dividends at the end of June and dividends at the end of the year)

Matters concerning restrictions on dividends: Provisions on preferred shares of the Articles of Incorporation (Article 8-2 of the Articles of Incorporation)

· For preferred shares, the preferred dividend rate shall be set in the range of 9% or more based on the Par value according to the resolution of the board of directors at the time of issuance. If the dividend rate of common shares exceeds the dividend rate of preferred shares, such excess shall be distributed by participating the preferred shares in the same rate as that of the common shares.

· In case where a predetermined dividend cannot be paid out of the profits of the preferred shares in the relevant business year, the unpaid dividends shall be accumulated and preferentially distributed when making dividends in the following business year.

· There shall be no voting rights for preferred shares to be issued by the Company, provided that, from the general meeting following the general meeting in which a resolution not to pay a certain dividend for preferred shares is adopted until the end of the general meeting in which a resolution to pay the preferential dividends is adopted, the voting rights shall be deemed to have been granted.