Iino Kaiun Kaisha : Notice Regarding Distribution of Dividends from Surplus

	May 7, 2024
Company Name	: IINO Kaiun Kaisha, Ltd. (IINO LINES)
Representative	: Yusuke Otani, President
Stock Code	: 9119 (shares listed on the Tokyo Stock
	Exchange Prime)
Contact	: Akiko Hayama, General Manager,
	Stakeholder Relations Department
Telephone	: [phone]

Notice Regarding Distribution of Dividends from Surplus

IINO Kaiun Kaisha, Ltd., (the Company) hereby announces that it has resolved to distribute dividends from surplus with a record date of March 31, 2024, at the meeting of the Board of Directors held today. The resolution will be submitted to the Annual General Meeting of Shareholders scheduled on June 26, 2024.

1. Details of the dividends
			Most recent dividend	Dividends paid in the
			previous fiscal year
		Amount decided	forecast (announced
		(fiscal year ended
			on January 31, 2024)
			March 31, 2023)
Record date		March 31, 2024	March 31, 2024	March 31, 2023
Dividends per share		31.00 yen	27.00 yen	38.00 yen
Total dividends		3,280 million yen	―	4,021 million yen
Effective date		June 27, 2024	―	June 29, 2023
Fund used		Retained earnings	―	Retained earnings
for dividends payment

2. Reasons for the payment

In addition to conventional basic policy to distribute a stable dividend to the shareholders constantly by increasing corporate value over the long term, the Company has made a policy continuing a dividend hinging on dividend payout ratio of 30% to the full year results in order to enhance the link between dividend amounts and profit growth.

The earning for the current fiscal year exceeded the latest earning forecast due to market conditions for chemical tankers have remained at a higher level than expected, as well as depreciation of the yen against the U.S. dollar.

Based on policy mentioned above and the consolidated financial results for the fiscal year ending March 31, 2024, the year-end dividend per share will be 31.00 yen, an increase of 4.00 yen per share from the latest dividend forecast, and a total dividend will be 56.00 yen per share for the full year.

End