At the Board of Directors meeting held on February 14, 2024, Rakuten Group, Inc. resolved not to pay dividends of surplus with a record date of December 31, 2023, as detailed below. Reasons: Regarding shareholder returns, the Company has endeavored to pay stable and continuous dividends while taking into account investment for medium- to long-term growth and sufficient internal reserves to stabilize financial base. Considering the current financial situation of the Company, and with the aim of ensuring its financial soundness, The company is currently actively promoting various types of capital procurement without relying solely on interest-bearing debt.

It has secured funds for investment in growth businesses without relying on financial institutions, and have also worked to reduce the balance of interest-bearing debt. Therefore, for the current fiscal year, it believes that controlling the outflow of funds through dividends will lead to stabilizing financial base and ultimately improve shareholder value, so the company decided not to pay dividends. Basic dividend policy is to pay dividends in a stable and continuous manner, taking into account investment for medium- to long-term growth and the enhancement of internal reserves to stabilize financial base.

There are no changes to this policy. The timing of resuming dividends after the fiscal year ending December 2024 has not been determined at this time, but will strive to resume dividends in a timely and appropriate manner as move toward achieving consolidated profitability as early as possible, and reducing interest-bearing debt. Dividend per share JPY 4.50 (Fiscal 2022).