UMN Pharma has never declared or paid any cash dividends to date.

UMN Pharma is committed to creating sustained enterprise value. In keeping with this, it is necessary to invest in R&D to ensure the steady advancement of our current pipeline, and to further expand our business opportunities in order to realize increased future value.

As we put priority on investment to assure future growth, we expect to retain our future earnings to fund the growth and development of our business.

Nevertheless, we consider the return of company profits to shareholders to be a key responsibility of management. As such, the decision regarding dividend payments will be made considering our future financial situation and investment opportunities.

In the event that we pay a dividend on surplus funds, we are considering a once-per-year disbursement at the end of the fiscal period. The decision regarding dividends will be made at the Shareholders' General Meeting. In addition, UMN Pharma has decided, pursuant to a resolution of the Board of Directors, the articles of incorporation provide for a mid-term dividend payment with the record date of June 30th of each year.