<h3 class="smt_head2">3 [Dividend Policy]</h3>The Company is committed to maintaining stable management over the long term since its founding in order to fulfill the public mission of rail operations, and takes as its basic principle the maintenance of stable dividends.The Company's basic policy is to distribute surplus earnings once per fiscal year as a year-end dividend, with the shareholders' meeting as the decision-making body.For the current fiscal period, the Company must focus on infrastructure development for rail operations, renovation and replacement of aging facilities, and disaster prevention measures against anticipated major earthquakes. As additional internal reserves are required for these purposes, the Company will forgo dividend payments and preserve funds for future needs.

Our basic policy is to maintain stable dividends, with a final dividend once per year as determined by the shareholders' meeting. We maintain a policy of building up internal reserves to fund infrastructure development for rail and track systems, renewal of aging facilities, and disaster prevention measures against major earthquakes.

(E04118) Dividends

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