AXELL CORPORATION


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PROFIT DIVIDENDS  
 
The Company recognizes that returning profits to shareholders is an important management task. The Company’s basic policy is to use the amount of dividends according to financial performance based on dividend payout ratio as a general rule (target dividend payout ratio: 50%) as the basis of calculation, while proactively considering stable dividends with reference to actual dividends paid in the past for the portion exceeding internal reserves (generally three years of selling, general and administrative expenses) deemed necessary in consideration of future business plans, among other things.
 
     
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Axell Corporation