Metropolitan Intercity Railway Company

<h3 class="smt_head2">3 [Dividend Policy]</h3>

The Company distributes dividends from retained earnings to shareholders or registered pledgees of shares listed in the final shareholder registry as of March 31 each year, subject to approval by shareholders' resolution.

<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">Currently, the Company is advancing an eight-car train configuration project to address congestion while simultaneously facing the need for large-scale renewal, as vehicles and facilities in use since opening are aging simultaneously.

<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">Additionally, the Company carries substantial long-term debt to the Railway and Transport Mechanism for railway facilities, with repayment scheduled to continue over the next 23 years.

<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">While the Company recognizes returning profits to shareholders as an important management priority, we currently face significant capital requirements for debt repayment and equipment investment for future growth. We believe this phase requires prioritizing strengthening our financial position and stabilizing our medium- to long-term operational foundation.

<p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:9pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;font-size:9pt;">Under these circumstances, we will suspend dividends for the time being. However, as business growth and operational foundation strengthening progress, we will comprehensively review how to return profits to shareholders and work to enhance shareholder value.

The Company implements a dividend policy whereby surplus distributions are decided once per year by shareholder resolution. Given funding needs for long-term debt repayment and capital expenditures, the Company prioritizes strengthening its financial position and will forgo dividends in the near term. In the future, the Company will comprehensively review how to return profits to shareholders based on business growth and progress in strengthening its management foundation.

Metropolitan Intercity Railway Company (E04151) Dividends

Dividend Policy

Dividend per Share

Payout Ratio

Dividend Yield

Dividend History (Forecasts, Revisions, Actuals)