Hanshin Expressway Company Limited

<h3>3. Dividend Policy</h3>
The Company considers strengthening its financial foundation as one of its most important priorities. Accordingly, for the time being, the Company intends to limit outflows of capital such as dividends and focus on building up its equity capital as much as possible.
Profits generated from operations are divided into those from expressway business operations and those from other operations. For expressway business operations, profits are used to address risks such as unexpected revenue declines, increases in management costs, and future toll payment obligations to the organization resulting from natural disasters, as well as to fund projects that contribute to safety measures and service enhancement.
For business operations other than expressway operations, profits are used for investments and other purposes related to future business development.
The Company's Articles of Incorporation provide that surplus dividends shall be paid annually to shareholders or registered pledge holders listed or recorded in the final shareholder register as of March 31.
The Company's 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 surplus dividends is the shareholders' meeting for year-end dividends and the Board of Directors for interim dividends. However, the Company currently does not pay dividends and has not established a basic policy regarding the frequency of dividends in each fiscal year.
Additionally, pursuant to Article 13 of the Expressway Companies Act, any resolution regarding the distribution of surplus dividends or other disposition of surplus funds shall not become effective without the approval of the Minister of Land, Infrastructure, Transport and Tourism.

Strengthening our financial foundation is our top priority. Our basic policy is to limit outflows such as dividends in the near term and build up our equity capital. We plan to allocate operating profit from our highway business operations to risk management and safety measures, while allocating operating profit from other business segments to investments for future business development. We currently do not pay dividends, and we have not established a basic policy regarding dividend frequency.

Hanshin Expressway Company Limited (E04372) Dividends

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