March 22, 2019

Central Japan Railway Company (JR Central)

Key Measures and Capital Investment in the Fiscal Year Ending March 31, 2020

In the fiscal year ending March 31, 2020 (FY2019), we will continue to place the highest priority on ensuring safe

and reliable transportation. At the same time, we will steadily move forward with our efforts in promoting earthquake

countermeasures, including derailment and deviation countermeasures for the Tokaido Shinkansen, and carrying out

large-scale renovation work on civil engineering structures. We will also work on measures to enhance our

transportation services. These include completing the launch of the N700A (3rd edition) and operating all the Tokaido

Shinkansen trains at a maximum speed of 285 km/h, which will enable us to implement updating timetables that will

further enhance the convenience and the stability of our services in the spring of 2020. In addition, we will prepare for

the start of operation of the next-generation Shinkansen N700S scheduled in FY2020, as well as proceed with the

new production of a testing vehicle for the next-generation limited express train rolling stock using a hybrid method for

conventional lines and begin conducting running tests.

We will proceed steadily with the Chuo Shinkansen Project involving the Superconducting Maglev System, while

giving serious consideration to safety, the environment, and coordination with local communities. We will also make

steady steps toward deploying the high-speed railway system overseas. At the same time, in the segment of affiliated

businesses, we will operate JR Central Towers and JR Gate Tower in an increasingly uniform manner and

demonstrate synergic effects to boost earnings.

To steadily move forward with these initiatives, JR Central will continue to work on strengthening its earning power

and achieving ceaseless improvement in its technological capabilities. We will also strive to enhance efficiency and

reduce costs by exercising wisdom over business execution overall, including making capital investment, with a view

to enhancing management capabilities.

I. Key Measures (refer to the attachment)

■ Ensuring Safe and Reliable Transportation

■ Enhancing Transportation Services

■ Promoting the Chuo Shinkansen Project involving the Superconducting Maglev System

■ Brushing up Superconducting Maglev Technology and cost reduction

■ Enhancing Sales and Marketing

■ Promoting Technological Development, Engagement in Global Environment Preservation, Deploying the

High-Speed Railway System Overseas

■ Steadily promoting affiliated businesses

II. Capital Investment Amount

Consolidated: 621.0 billion yen; non-consolidated 583.0 billion yen

* Capital investment excluding that for the Chuo Shinkansen (non-consolidated) amounts to 273.0 billion yen, of

which 211.0 billion is investment related to safety.

Ensuring Safe and Reliable Transportation

JR Central will work to further reinforce structures along with earthquake countermeasures.• Advance construction work for the installation of derailment prevention

guards for the entire Tokaido Shinkansen line as part of implementing derailment and deviation prevention measures.

• Proceed with the implementation of measures to prevent suspended ceilings at stations from falling in the event of an earthquake and reinforcing the quake resistance of the Nagoya Workshop, viaduct pillars of conventional lines, etc.

• Steadily proceed with large-scale renovation of the Tokaido Shinkansen while making efforts to achieve cost reductions by introducing the results of technological development and improving construction methods.

(Capital investment amount: 159.0 billion yen)

(Reference)

• Large-scale renovation: FY2019 34.0 billion yen (FY2016 to FY2019 145.0 billion yen)

• Laying derailment-prevention guards: FY2019 approximately 98 km

• When typhoons, heavy rain or other climate conditions are expected to have a major impact on train operation, place the highest priority on ensuring safety and determine the appropriate train operation plan, including prompt suspension of operation. If train operation is suspended, make efforts to resume operation in a timely manner, as well as provide information on train operation in a more prompt and precise manner.

• Repeatedly perform practical training so as to be able to respond to various conditions expected in the event of extraordinary situations such as natural disasters or contingencies.

• Cooperate with relevant organizations during the G20 Osaka Summit and the Rugby World Cup Japan 2019 and work to ensure safety at stations, trains, etc., and provide smooth transportation services.

JR Central will advance initiatives to more safely and properly respond to natural disasters, etc.

• Measures to prevent suspended ceilings at stations from falling: All 17 Shinkansen stations, 30 conventional line stations (FY2016 to FY2026 approximately 13.0 billion yen)

Sample illustration of information provided

Large-scale renovation

Tokaido Shinkansen (Tokyo - Shin-Osaka) train status [Official JR Central...]As of (10/5, 19:17)Information on train delaysThere are train delays between Tokyo and Shin-Osaka stations caused by safety checks performed following an earthquake. #JRCentral #Shinkansen #TrainStatus

12 minutes ago

Tokaido-Sanyo Shinkansen Operation Status

Please be sure to read.

Information on train delaysThere are train delays between Tokyo and Shin-Osaka stations caused by safety checks performed following an earthquake.

History

Suspended section Delayed section, etc.

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Enhancing Transportation Services (1)

•Continue to work on setting more flexible train services in accordance with demand during seasons and time frames with increased customer use by applying the “10 Nozomi” Timetable.

•Complete the launch of the N700A (3rd edition) to secure consistency of rolling stock to the N700A type and finish the enhancement work to reflect features of the N700A (3rd edition), such as reducing the stopping distance of the Earthquake Brake on existing trains.

•Make the most of the operation of all Tokaido Shinkansen trains at a maximum speed of 285 km/h in conjunction with securing rolling stock consistency, and update train timetables to further heighten convenience and stability in the spring of 2020.

•Steadily proceed with preparations for the launch of the next-generation Shinkansen N700S that enables us to increase safety and stability by reducing the stopping distance of the Earthquake Brake and strengthening the monitoring function, and to reinforce our ability to respond to extraordinary situations by adopting a battery-based self-running system, and other features.

•Flexibly increase the frequency and number of cars in train services to meet demand for limited express trains, such as for Shinano and Hida.

(Reference) • N700A (3rd edition): FY2019 5 trainsets (Launch 20 trainsets from FY2016 to FY2019)• Enhancement work to reflect the features of the N700A (3rd edition): FY2019 19 trainsets (applicable for 111 trainsets from FY2017 to FY2019)• N700S: FY2020 12 trainsets (Launch 40 trainsets from FY2020 to FY2022: ), scheduled to begin commercial operation in July 2020

(Capital investment amount: 62.0 billion yen *Total for (1) and (2))

JR Central will advance initiatives to offer greater convenience and comfort, including updating timetables that make the most of operating all Tokaido Shinkansen trains at a maximum speed of 285 km/h in the spring of 2020.

N700SBraking distance from traveling at 285 km/h in the advent of an earthquake Power consumption volume

Series 700

Series 700

N700A type

N700A type

Features of the N700S

Shift in the number of trainsets by series for the Tokaido Shinkansen Wide-View Shinano

(Trainsets)

’16.3 ’17.3 ’18.3 ’20.3(plan)

’19.3

N700A type

Series700

The maximum speed of all cars is 285km/h

Enhancing Transportation Services (2)

(Reference) • Braille blocks with a line that indicates the inner platform edgeStations servicing 3,000 or more passengers: Installations completed in FY2018Stations servicing 1,000 to 2,999 passengers: Initiated new installations in 45 stations in FY2019

• Proceed with the installation of movable platform fences on the Shinkansen platforms No. 20 through No. 26 at Shin-Osaka Station, and begin using them in sequence. Meanwhile, for conventional lines, promote the installation of the fences on the Tokaido Line platform at Kanayama Station.

• Advance construction and preparations for the opening of Mikuriya Stationon the Tokaido Line.

• Proceed with the replacement work for the installation of braille blocks with a line that indicates where the inner platform edge is located by expanding the scope of stations of conventional lines to those servicing 1,000 or more passengers.

• Promote the installation of barrier-free facilities at stations of conventional lines, such as elevators and multifunction toilets.

JR Central will move ahead with the implementation of facilities, etc., so that customers can use railways with a greater sense of convenience and security.

• Installation of movable platform fences at Shin-Osaka Station: To be completed by FY2022 for platforms #20 through #26. (Completed installations on platform #27)To start operation on platforms #25 and #26 in FY2019

• Movable fences at Kanayama Station: To start operation on the platform for Toyohashi-bound trains in March 2021 and on the platform for Nagoya-bound trains in December 2021

• Mikuriya Station: Scheduled to open between Fukuroi Station and Iwata Station on the Tokaido Line in the spring of 2020

Illustrated image of completed Mikuriya Station

Braille blocks with a line that indicates the inner platform edge

Sample illustration of a large-opening movable platform fence at Shin-Osaka Station

A line that indicates the inner platform edge

With regard to the Chuo Shinkansen Project involving the Superconducting Maglev System, JR Central will proceed steadily with the construction work in respective areas of the line while giving serious consideration to safety, the environment, and coordination with towns and cities along the planned route.• As for the Chuo Shinkansen Project, maintain sound management and stable dividends, and take steady steps with a

greater sense of seriousness toward completing the project while demonstrating flexibility.• Continue promoting close coordination with local communities and carry out measurement, design, acquisition of land,

etc., according to plan.• Steadily continue to make progress with various types of construction work, including tunnel and emergency exit

excavation and diaphragm wall work of the Southern Alps tunnel, Shinagawa Station, Nagoya Station, tunnels in mountainous areas, emergency exit sites in urban areas, and other locations where work is challenging and construction periods will be long by giving serious consideration to construction safety and environmental protection. In addition, given the approval obtained for the use of the deep underground section in October 2018, produce the shield machine and make other preparations for the excavation of tunnels in urban areas.

• Promote efforts to establish sophisticated and efficient operation/maintenance systems for the Chuo Shinkansen.

Promoting the Chuo Shinkansen Project involving the Superconducting Maglev System

(Reference) • Construction beams: Steel bridge beams temporarily installed to prevent deformation of existing tracks when excavation work is performed below the tracks for the construction of an underground station

(Capital investment amount: 310.0 billion yen)

Excavation of Southern Alps tunnel (Yamanashi Section) on the main line

Provisional installation of construction beams at Nagoya Station

Construction of frames at Kita-Shinagawa emergency exit

JR Central will continue brushing up Superconducting Maglev Technology and pursuing cost reduction.

• Continue to conduct long-distance running tests by alternately operating two trainsets with rolling stock and facilities for commercial use at the Yamanashi Maglev Line.

• Produce an improved testing vehicle for formulating commercial rolling stock specifications.• Proceed with verification, etc., toward establishing a maintenance system that can handle

commercial services. At the same time, work to further refine the Superconducting Maglev Technology and reduce costs for construction, operation and maintenance of the commercial line.

• While steadily performing the necessary running tests in anticipation of the launch of the improved testing vehicle, conduct “Superconducting Maglev Ride” to further promote public understanding of Superconducting Maglev.

Brushing up Superconducting Maglev Technology and cost reduction

(Reference)

(Capital investment amount: 2.0 billion yen)

• Long-distance running tests for the Yamanashi Maglev Line: Cumulative running distance of 2.76 million km (as of February 28, 2019)• Improved testing vehicle: To be completed in the spring of 2020 (Number of rolling stock produced: 1 first car, 1 middle car)

Improved testing vehicleRunning test being performed with Series L0

JR Central will make use of the tourist attractions along its railway lines to actively deploy sales and marketing measures.

• Take initiatives so that more customers become aware of the convenience ofExpress Reservation and smartEX and use these services.

• Promote tourist products, such as “EX Nozomi Family Hayatoku,” to widely spur demand.

Enhancing Sales and Marketing

(Reference) • Free Wi-Fi service coverage: On the Tokaido Shinkansen N700A type and Express “Hida” and “Nanki,” in 17 Shinkansen stations and in 24 conventional line stations (including 6 stations servicing both Shinkansen and conventional lines)

• Shizuoka DC: Held from April to June 2019, co-hosted by Shizuoka Prefecture and the JR Group.

(Capital investment amount: 8.0 billion yen)

• Enhance tourism campaigns and products that convey the attractiveness of Kyoto, Nara, Tokyo, Hida, etc.

• Coordinate with local governments, travel agencies and other parties through the “Shizuoka Destination Campaign (Shizuoka DC)” organized by the 6 JR operators, and make efforts to develop attractive sightseeing materials and products and operate sightseeing trains.

JR Central will take initiatives to attract more customers to use online reservation services for the Shinkansen.

EX Service Members and Registered Persons (as of fiscal year-end)

JR Central will take initiatives so that customers from overseas can conveniently use its railroad services.

• Promote expanded use of “smartEX” services for customers from overseas as well as work to boost sales of sightseeing value tickets, etc., while capturing demand related to the Rugby World Cup Japan 2019.

• Make efforts to enhance the provision of information to foreigners visiting Japan by adopting announcement using tablet terminals, etc., and by utilizing the Company’s website for enhanced disclosure of information on train status. In addition, complete the introduction of free Wi-Fi service on all Shinkansen trains.

Shizuoka DC poster

Guiding a customer using a mobile translation machine

• Conduct tests using the N700S validation test vehicles, such as the long-term endurance testing and acceleration enhancement testing at 360 km/h.

• Proceed with the new production of a testing vehicle for next-generation limited express rolling stock that uses a hybrid system for conventional lines and begin running tests.

• Implement more advanced and power-saving inspections and maintenance that utilize condition monitoring technologies. Also, promote technological development that can lead to cost reductions for maintenance and upgrading of facilities.

• Carry out technological development to further heighten safety against earthquakes, heavy rain and other disasters.

• Promote various policies that contribute to global environment preservation, such as shifting to the N700A and other energy-saving rolling stock.

Promoting Technological Development, Engagement in Global Environment Preservation, Deploying the High-Speed Railway System Overseas

(Capital investment amount: 1.0 billion yen)

(Reference)

• Proceed with technical assistance to the main development entity of theTexas Project in the U.S. through HTeC, while carrying on discussions full-scale through HInC along with firms on the Japan side toward concluding the contract for the core system. In addition, bolster promotional activities for the use of the Superconducting Maglev system in the Northeast Corridor Project in the U.S.

• Continue to proceed with the technical consulting services for the operation control system renovation work, etc., for the Taiwan High Speed Rail.

• Advance initiatives to make the Japanese high-speed railway system, which is based on the principle of Crash Avoidance, a global standard.

JR Central will strengthen efforts in technological development that contributes to enhancing safety and reducing costs and in promoting global environment preservation.

JR Central will work to deploy the high-speed railway system overseas.

HTeC members reviewing a candidate station site (Dallas)

Next-generation limited express rolling stockthat uses a hybrid system

(testing vehicle)

• Next-generation limited express rolling stock that uses a hybrid system for conventional lines: To complete the testing vehicle at the end of 2019, with consideration to launch a mass-production vehicle in FY2022.• HTeC, HInC: Local subsidiaries established by the Company to promote the Texas Project in the U.S.

• Respond to diverse needs to boost earnings by Operating JR Central Towers and JR Gate Tower in an increasing uniform manner and demonstrating synergistic effects to the fullest.

• Further invigorate the merchandizing business and the station building business by developing stores in station buildings and renovating commercial facilities, as well as work to make effective use of land owned by the Company to expand earnings even more.

• Proceed with the commercial development at Tokyo Station in light of the upcoming Tokyo 2020 Olympic and Paralympic Games.

Steadily promoting affiliated businesses(Capital investment amount: 41.0 billion yen (including capital investment of 38.0 billion yen by consolidated subsidiaries))

(Reference)

JR Central will promote affiliated businesses, with JR Central Towers and JR Gate Tower at the core, to further enhance customer satisfaction.

• Commercial development at Yaesu North Exit of Tokyo Station: To start operation in the spring of 2020 following the re-development of First Avenue Tokyo Station.

Central Towers and Gate Tower

Renovated PARCHĒ in Shizuoka Station building