<h3>3. Dividend Policy</h3>
The Company retains earnings to strengthen its management foundation while seeking to enhance returns to shareholders, taking into account business performance trends.
The decision-making authority for dividend distributions is the shareholders' meeting for year-end dividends and the board of directors for interim dividends.
Regarding the latter, the Company's articles of incorporation provide that "interim dividends may be paid by board resolution with September 30 of each year as the record date."
The Company has not implemented dividend distributions to date. Retained earnings will be invested effectively to address anticipated changes in the operating environment, with safety as the foundation.
Pursuant to Article 9 of the Law Concerning Japan Passenger Railway Company and Japan Freight Railway Company (Law No. 88 of 1986), any resolution regarding dividend distributions or other disposition of retained earnings shall not become effective without the approval of the Minister of Land, Infrastructure, Transport and Tourism.

We maintain a policy of building internal reserves to strengthen our operational foundation, while working to enhance profit returns to shareholders based on business performance trends. We have established a system that enables dividend payments twice per year. Internal reserves are managed with safety as the foundation and are deployed for strategic investments that respond to changes in the business environment.

(E08587) Dividends

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