Notice of Adjustment to the Conversion Price of the 2026 Euro-Yen Convertible Bonds

Overview of Capital Policy

Nagoya Railroad adjusted the conversion price of its euro-yen convertible bond-type bonds with stock acquisition rights issued on June 17, 2024, based on the resolution at the General Shareholders' Meeting held on June 25, 2026. The adjustment, applicable from April 1, 2026, lowered the conversion price for bonds maturing in 2033 from 2,051.7 Yen to 2,005.7 Yen, and for bonds maturing in 2034 from 2,012.6 Yen to 1,967.5 Yen. This adjustment was made in conjunction with the decision to set the dividend for the fiscal year ending March 2026 at 40 Yen per share.

Impact on Shareholders and Future Outlook

The adjustment to the conversion price potentially relaxes the conversion conditions of the bonds, making them more attractive to investors. Nagoya Railroad's policy moving forward is to continue enhancing shareholder value and ensuring flexibility in funds procurement as part of its capital policy. Details on specific fund utilization and additional capital measures will be announced subsequently.