DIVIDEND POLICY

To our shareholders

In a meeting of the Board of Directors, CyberAgent made the decision on a policy to start issuing dividends from the period ending September 30, 2004 and I would like to briefly explain this policy.
CyberAgent is a venture company that continues to grow rapidly, and all employees are constantly endeavoring to expand and grow the company in the future.
Some shareholders may be of the opinion that by issuing dividends, a company marks the completions of its stage of growth, but our company’s dividends are not based on such a background.
We have adopted a strategy of “mid- to long-term increases in share price + dividends” as a means of returning earnings to our shareholders.
Furthermore, we would like our shareholders to retain our shares in the long term and have decided on a policy of using dividends to return earnings to shareholders that hold shares in the long term. We would basically like to continue issuing dividends every period in the future. The amount of dividends will be calculated based on the ongoing income from our main lines of business.
We aim to place the highest priority on increasing the essential enterprise value of CyberAgent through the growth of our business and improvement of capital efficiency, and ask for your continued guidance and support in the future.

Susumu Fujita
President and CEO
CyberAgent, Inc.