Central Nippon Expressway Company Limited

<h3>3. Dividend Policy</h3>
<p style="margin-left: 24px; text-align: left">The Company seeks to establish a management foundation capable of adapting to various changes in the external environment and circumstances. We classify profits generated from our business into those derived from expressway operations and those from other operations. Profits from expressway operations are fundamentally set aside as "Expressway Operations Reserve Fund" to ensure reliable payment of future road asset lease fees and proper business operations. Profits from non-expressway operations are fundamentally set aside as "Other Reserve Fund" to strengthen our management foundation, including preparations for future capital investments.</p>
<p style="margin-left: 24px; text-align: left">The Company's Articles of Incorporation stipulate that "dividends of surplus shall be paid to shareholders or registered pledgees of shares recorded in the final shareholder register as of March 31 each year." The Articles of Incorporation also provide that the Company may pay interim dividends as prescribed in Article 454, Paragraph 5 of the Companies Act. However, the Company currently does not implement dividends and has not established a basic policy regarding the number of dividend payments in each fiscal year.</p>
<p style="margin-left: 24px; margin-bottom: 18px; text-align: left">The decision-making body for dividend distribution 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 on dividend distribution or other disposition of surplus shall not become effective without the approval of the Minister of Land, Infrastructure, Transport and Tourism.</p>

<p>Our basic policy is to allocate profits from highway operations to the "Highway Operations Reserve Fund" to prepare for road asset lease payments, and to allocate profits from other operations to the "Special Reserve Fund" to strengthen our management foundation through capital investments and other measures. At present, we do not pay dividends, and we have not established a basic policy regarding dividend frequency.</p>

Central Nippon Expressway Company Limited (E04371) Dividends

Dividend Policy

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Dividend History (Forecasts, Revisions, Actuals)