East Nippon Expressway Company Limited

<h3 class="smt_head2">3 [Dividend Policy]</h3><p class="smt_text2" style="orphans:0;widows:0;padding-left:13.5pt;">The Company considers strengthening its financial position as one of its top priorities for the time being and intends to build up its equity capital to the greatest extent possible.</p><p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">Profits generated from operations are divided into those from expressway business and those from other businesses. Profits from non-expressway businesses are planned to be used for investments in the construction, reconstruction, and renovation of service areas and parking areas (SA/PA), as well as new business initiatives.</p><p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;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;">Profits from the expressway business are allocated to measures for improving customer service and ensuring safety and comfort for expressway users. Additionally, as described in the section on the characteristics of the expressway business, such profits are reserved to prepare for future economic fluctuations and risks such as natural disasters in the expressway business.</p><p class="smt_text2" style="orphans:0;widows:0;text-align:justify;padding-left:13.5pt;padding-right:0pt;margin-top:0pt;margin-bottom:0pt;text-indent:9pt;font-family:'ＭＳ 明朝';letter-spacing:0pt;line-height:15pt;">The Company's Articles of Incorporation provide that dividends of surplus shall be paid annually to shareholders or registered pledgees of shares recorded in the final shareholder register as of March 31. The Articles of Incorporation also provide that interim dividends as prescribed in Article 454, Paragraph 5 of the Companies Act may be paid. The decision-making body for dividends is the shareholders' meeting for year-end dividends and the board of directors for interim dividends. However, pursuant to Article 13 of the Expressway Companies Act, any resolution regarding the distribution of surplus dividends or other surplus requires approval from the Minister of Land, Infrastructure, Transport and Tourism to become effective. Currently, no dividends are being paid, and the Company has not established a basic policy regarding the number of dividend payments in each fiscal year.</p><p class="smt_text6" style="orphans:0;widows:0;"> </p>

<p>Our basic policy prioritizes strengthening our financial position and building up shareholder equity. Profits from non-highway business operations are allocated to new construction and renovation of service areas and parking areas (SA/PA), as well as new business investments. Profits from highway operations are directed toward improving customer service and preparing for future risks. We currently do not pay dividends and have not established a basic policy regarding dividend frequency.</p>

East Nippon Expressway Company Limited (E04370) Dividends

Dividend Policy

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Dividend History (Forecasts, Revisions, Actuals)