West Nippon Expressway Company Limited

<h3>3. Dividend Policy</h3>
The Company aims to establish a management foundation capable of adapting to various changes in the external environment and circumstances.
Profits generated from the Company's business are divided into those from expressway operations and those from other operations. Profits from expressway operations are allocated to three reserve funds: a "Reserve Fund" to prepare for potential decreases in toll revenue or increases in management costs; a "Safety and Service Enhancement Reserve Fund" to support safety initiatives and service improvements; and a "Road Decarbonization Acceleration Reserve Fund" to accelerate decarbonization efforts on roads. Profits from non-expressway operations are used for investments to support future business development.
The Company's Articles of Incorporation stipulate that "surplus dividends shall be paid annually to shareholders or registered pledge holders recorded in the final shareholder registry as of March 31." The Articles also permit interim dividends as provided under Article 454, Paragraph 5 of the Companies Act. However, the Company currently does not pay dividends and has not established a basic policy regarding the frequency of dividends in each fiscal year.
The decision-making authority for surplus dividends is the shareholders' meeting for year-end dividends and the Board of Directors for interim dividends.
Additionally, pursuant to Article 13 of the Expressway Companies Act, any resolution regarding the distribution of surplus dividends or other surplus reserves shall not become effective without the approval of the Minister of Land, Infrastructure, Transport and Tourism.

Profits from the expressway business are retained internally as reserves for preparing against declining toll revenues and increasing management costs, as well as for safety improvements, service enhancement, and accelerating road decarbonization. Profits from non-expressway businesses are allocated to future business development investments. Currently, the company does not pay dividends, and no basic policy regarding dividend frequency has been established.

West Nippon Expressway Company Limited (E04374) Dividends

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