Thoroughly Understand All Key Dates Related to Stocks

On March 31, 2022, the Board of Directors convened a meeting to draft a dividend distribution proposal based on the company’s 2021 financial results. On April 1, 2022, the shareholders’ meeting was held and approved the dividend distribution proposal. On April 10, 2022, the company announced the dividend distribution to shareholders in accordance with the resolution passed at the shareholders’ meeting. On April 15, 2022, the Equity Registration Date. In plain terms: “Who gets the dividend? Whoever registers with the company.” On April 30, 2022, the Ex-Dividend Date. In plain terms: “If you haven’t registered with the company by April 30, you won’t receive the dividend.” On May 1, 2022, the Dividend Payment Date. In plain terms: “Time to happily hand out the cash!” Within this process, accounting entries are recorded only on the announcement date and the payment date. If, between these two dates, shareholder A purchases the company’s shares, then those shares carry an entitlement to the dividend. This point must be carefully considered both for trading financial assets and long-term equity investments.

82. Comprehensive Explanation of the Equity Registration Date: The 'Eligibility Confirmation Date' for Dividend Distribution

I. The Essence of the Equity Registration Date: The 'Deadline for Dividend Eligibility' Everyday Analogy: The equity registration date is like the “Membership Points Redemption Eligibility Date”: ・Equity registration date = Deadline for membership points redemption eligibility (only members holding valid membership cards on this date may redeem points) ・Shareholder = Member (must hold the membership card before the deadline) ・Dividend = Gift redeemed using points (only those holding shares on the eligibility date qualify) ・Core function = To determine which shareholders are eligible to participate in the current dividend distribution Professional Definition: The equity registration date refers to the cut-off date set by a listed company to confirm shareholder identity. Only shareholders who hold the company’s shares at the close of trading on this date are entitled to receive the current dividend. This date is determined and publicly announced by the company’s board of directors and serves as a pivotal milestone in the dividend distribution process. Relationship with Other Key Dates Date Meaning Relationship to Equity Registration Date Investor Action Implication Equity Registration Date Cut-off date for confirming dividend eligibility Baseline reference date Holding shares until market close on this date qualifies you for the dividend Ex-Dividend/Ex-Right Date Date when stock price is adjusted downward to reflect the dividend payout The day after the equity registration date Buying shares on this date entitles you to no dividend; the stock price has already been adjusted Dividend Crediting Date Date when dividends are actually credited to investors’ accounts 1–3 trading days after the ex-dividend date Cash dividends are automatically deposited into your account and can be withdrawn or reinvested II. Core Functions of the Equity Registration Date 1. Confirming Dividend Eligibility ・Rule: Regardless of when shares were purchased, as long as they are held at market close on the registration date, the investor qualifies for the dividend. ・Example: An investor buys shares early on the registration date—even if held for just one day—still qualifies for the dividend; however, selling before market close on that date forfeits eligibility. 2. Ensuring Trading Continuity ・Purpose: Prevents frequent changes in shareholder composition due to dividend distribution, ensuring orderly execution of the dividend process. ・Mechanism: Shares trade normally on the registration date; after market close, the system automatically registers shareholders in the official shareholder register. ・Data Insight: Trading volume on the registration date typically increases by 30%–50%, as some investors rush to buy shares solely to qualify for the dividend. 3. Providing the Basis for Ex-Dividend/Ex-Right Adjustments ・Relationship: The registration date determines the list of eligible shareholders, which serves as the foundation for the ex-dividend/ex-right adjustments made the following day. ・Calculation Basis: The ex-dividend/ex-right price is calculated based on the closing price on the registration date and the amount of the dividend. III. Key Investor Action Guidelines 1. To Receive the Dividend: Buy and Hold Shares Until Market Close on the Registration Date (1) Timing of Purchase ・Optimal Timing: Buy shares 1–2 trading days before the registration date to avoid buying at inflated prices on the registration date itself. ・Reason: Stock prices often rise ahead of the registration date due to “rights-grabbing” demand, making earlier purchases more cost-effective. ・Example: A stock trades at ¥10.00 two days before the registration date but rises to ¥10.50 on the registration date due to rights-grabbing activity—buying earlier saves 5% in cost. (2) Holding Requirement ・Critical Point: Shares must be held through market close on the registration date; selling at any time before then voids eligibility. ・Operational Tips: ・Avoid frequent trading on the registration date to prevent accidental sale. ・If you need to sell, ensure you repurchase before market close. 2. To Forgo the Dividend: Sell Shares Before the Registration Date (1) Applicable Scenarios ・Short-term investors who prefer not to receive dividends (e.g., to avoid dividend taxation) ・Investors anticipating a post-ex-dividend price decline ・Example: An investor holds shares for only one month; receiving a ¥10,000 dividend would incur ¥2,000 in tax—so selling before the registration date avoids the tax liability. (2) Key Execution Points ・Sell no later than market close on the registration date to ensure non-participation in the dividend. ・Consider repurchasing at lower prices after the ex-dividend/ex-right date to avoid both dividend tax and the price adjustment loss.

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Sherwin-Williams Co. announced a quarterly dividend of USD 0.80 per share with a record date of November 13, 2026, and payment scheduled for December 4, 2026.

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