Key Measures and Capital Investment in the Fiscal Year Ending March 31, 2022

March 25, 2021 Central Japan Railway Company (JR Central)

While a tough business environment is expected in the fiscal year ending March 31, 2022 (FY2021) due to the impact of the COVID-19 pandemic, we will continue to fulfill our mission as a transportation service provider placing top priority on ensuring safe and reliable transportation. On top of this, in order to continue realizing our management philosophy of “Contribute to the development of Japan’s main transportation artery and social infrastructure” at a high level, we will ceaselessly implement various measures and refine our abilities to work safely, provide better services, and work efficiently. In addition, both the Company and group companies will take on challenges to reinforce management capabilities aimed at overcoming the major damage caused by the COVID-19 pandemic and strongly fulfilling the JR Central Group’s social mission for many years into the future. To do so, we will embark on “Operational Reforms” to create the most desirable operational structure with the full use of information and communications technology (ICT) while working to create new demand. In the railway business, in addition to steadily implementing safety measures including those against disasters, we will additionally launch new N700S rolling stock and expand the use of “Express Reservation” and “smartEX” for the Tokaido Shinkansen. We will start operating the new type commuter train Series 315 and make preparations toward newly manufacturing a mass-production vehicle of Series HC85, which is next-generation limited express rolling stock, for conventional lines. We will steadily proceed with construction work related to the Chuo Shinkansen Project, while giving serious consideration to construction safety, environmental preservation, and coordination with local communities. We will also promote activities to realize a sustainable society, including global environment preservation, by proactively working to reduce CO2 emissions according to the Japanese Government’s 2050 carbon neutral policy.

I. Key Measures (refer to the attachment)  Ensuring Safe and Reliable Transportation  Enhancing Transportation Services  Promoting the Chuo Shinkansen Project Introducing the Superconducting Maglev System  Brushing up Superconducting Maglev Technology and Reducing Costs  Enhancing Sales and Marketing  Promoting Group Businesses  Promoting Technological Development, Deploying the High-Speed Railway System Overseas  Promoting Operational Reforms  Engaging in Activities to Realize a Sustainable Society

II. Capital Investment Amount Consolidated: 748.0 billion yen; non-consolidated 722.0 billion yen *1 Chuo Shinkansen: 430.0 billion yen *2 Capital investment excluding that for the Chuo Shinkansen (non-consolidated) amounts to 292.0 billion yen, of which 234.0 billion is investment related to safety. Ensuring Safe and Reliable Transportation

(Capital investment amount: 130.0 billion yen *Investment related to safety as a whole amounts to 234.0 billion yen) 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 anti-seismic reinforcement work for platform sheds and countermeasures to prevent suspended ceilings at stations from falling, as well as reinforcing the quake resistance of the Nagoya Workshop, elevated track columns of conventional lines, etc. • Steadily proceed with large-scale renovation of the Tokaido Shinkansen while Laying derailment prevention guards making efforts to achieve cost reductions by introducing the results of technological development and improving construction methods.

JR Central will work to implement countermeasures against natural disasters, infection, etc. • Proceed with the implementation of countermeasures against flooding of railway facilities based on hazard maps, etc. • When typhoons, heavy rain or other climate conditions are expected to have a major impact on train operation, determine the appropriate train operation plan and provide information on train operations in a prompt and precise manner placing top priority on ensuring safety. Large-scale renovation • Work to ensure safety at stations, trains, etc., and provide smooth transportation services with an eye to the holding of the Tokyo Olympic and Paralympic Games. • Make ongoing efforts to prevent the spread of the COVID-19 infection, such as ventilating trains and periodically disinfecting stations and trains.

Countermeasures against COVID-19 JR Central’s commitments

(Reference) • Laying derailment prevention guards: FY2021 approximately 64 km • Large-scale renovation: FY2021 32.0 billion yen (FY2019 to FY2024 136.0 billion yen) • Implementation of anti-seismic reinforcement work for platform sheds: 16 Tokaido Shinkansen stations (excluding Shinagawa Station), 20 conventional line stations (FY2021 to FY2032) • Countermeasures to prevent suspended ceilings at stations from falling: All 17 Tokaido Shinkansen stations, 30 conventional line stations (FY2016 to FY2026) • Countermeasures against flooding (Tokaido Shinkansen): Elevation (partial relocation) of signal equipment rooms and power supply facilities, installation of water stop doors, etc. (FY2020 to FY2024) Enhancing Transportation Services (1) (Capital investment amount: 110.0 billion yen *Total for (1) and (2)) JR Central will continue to work to enhance transportation services by applying the “12 Nozomi Timetable” and using other methods.

Tokaido Shinkansen • Provide sufficient transport capacity to enable customers to use railways without worry by applying the “12 Nozomi Timetable” and work on setting appropriate train services in line with the recovery of railway use and the holding of the Tokyo Olympic and Paralympic Games. • Work on the launch of new N700S rolling stock which has increased safety and stability and reinforced our ability to respond to extraordinary situations while conducting the enhancement work to add some functions of N700S to the existing N700A type. N700S

Conventional lines • Start operating the new type commuter train Series 315 that offers greater safety and stability and make preparations for design, etc. toward newly manufacturing a mass-production vehicle of Series HC85, which is next-generation limited express rolling stock using a hybrid system. • In line with the launch of Series 315, steadily advance preparations for the timetable revision that enhances transportation services and constructs an efficient transportation system.

Exterior design of Series 315

(Reference) • N700S: FY2021 Launch 13 trainsets (Launch 40 trainsets from FY2020 to FY2023) • Series 315: FY2021 Launch 56 cars (Launch 352 cars from FY2021 to FY2025) • Series HC85: FY2022 to FY2023 Launch 64 cars (in addition to these, 4 testing vehicles will be enhanced to mass-production vehicles) Enhancing Transportation Services (2) 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.

• Proceed with the installation of movable platform fences on the Tokaido Shinkansen at Shin-Osaka Station, and begin using the fences on platforms No. 21 and No. 22. • Launch new N700S rolling stock which is equipped with six wheelchair spaces and test reservations of wheelchair-compatible seats using “EX service” (Express Reservation and smartEX) so that customers in a wheelchair can use the Tokaido Shinkansen more conveniently and comfortably. • Proceed with the work for widening platforms, installing movable platform fences, etc. for Kariya Station and for constructing elevated bridges toward continuous grade separation near Handa Station. Large-opening movable platform fence at Shin-Osaka Station • In addition to the Tokaido Line platform at Kanayama Station for Toyohashi-bound trains, promote the installation of movable platform fences on the platform for Nagoya-bound trains and conduct validation testing on a movable platform fence opening and closing system using a QR code. • Promote the installation of barrier-free facilities at stations, such as elevators and multifunction toilets, and continue the replacement work for the installation of braille blocks with a line that indicates where the inner platform edge is located, at stations servicing 1,000 or more passengers.

Wheelchair space on N700S (sample illustration)

(Reference) Movable platform fence: Shin-Osaka Station To complete installations by FY2022 for platforms #20 through #22. (Completed installations on platforms #23 to #27) To start operation on platform #22 in December 2021 and #21 in March 2022 Kanayama Station To start operation on the platform for Nagoya-bound trains in December 2021 (started operation on the platform for Toyohashi-bound trains in March 2021) Promoting the Chuo Shinkansen Project Introducing the Superconducting Maglev System

(Capital investment amount: 430.0 billion yen) JR Central will steadily proceed with construction work in respective areas of the line, while giving serious consideration to construction safety, environmental preservation, and coordination with local communities. • As for the Chuo Shinkansen Project, maintain sound management and stable dividends, and take steady steps toward completing the project while demonstrating flexibility and fully examining costs. • Continue promoting close coordination with local communities and carry out measurement, design, acquisition of land, etc. • Steadily continue to make progress in construction work of the Southern Alps Tunnel, Shinagawa Station, Nagoya Station, where work is challenging and construction periods will be long, as well as tunnels in mountainous areas, emergency exits in urban areas, intermediate stations, elevated bridges, and other locations by giving serious consideration to construction safety and environmental preservation. Also make efforts for early inauguration between Shinagawa and Nagoya. • In the Southern Alps Tunnel Shizuoka construction area, work to alleviate the concerns of people in the Oi River basin by sincerely responding to the Expert Panel hosted by the Ministry of Land, Infrastructure, Transport and Tourism.

Excavation under the tracks of conventional lines at Construction of frames at Hiyoshi Tunnel (Minamigaito): Lining of the tunnel on Excavation for construction of station structures at Nagoya Station Sakashita emergency exit the main line Kanagawa Prefecture Station (tentative name) Brushing up Superconducting Maglev Technology and Reducing Costs

(Capital investment amount: 5.0 billion yen) JR Central will continue brushing up Superconducting Maglev Technology and pursuing cost reduction.

• Further strengthen efforts to refine the Superconducting Maglev Technology and reduce costs for construction, operation and maintenance of commercial lines. • Conduct running tests on the Yamanashi Maglev Line in order to obtain data required and further reduce costs with an eye to the introduction of high-temperature superconducting magnets to commercial lines. • Based on the data obtained, formulate commercial rolling stock specifications and start the design process while proceeding with development, verification, etc. toward establishing a maintenance system.

Running Series L0 improved version Interior of Series L0 improved version

(Reference) • Long-distance running tests for the Yamanashi Maglev Line: Cumulative running distance of 3.33 million km (as of February 28, 2021) • High-temperature superconducting magnet: Achieves a superconducting state at a higher temperature than before without using liquid helium, etc. which enables simplified structures and low maintenance Enhancing Sales and Marketing (Capital investment amount: 9.0 billion yen) JR Central will expand the use of railways and boost earnings through measures to stimulate demand. • Boost earnings by appropriately implementing measures to stimulate demand, including “Zurashi Travel,” which is to travel by shifting (Japanese translation “zurashi”) the time, place and/or means of transport at the destination from the typical patterns, based on social situations such as COVID-19 infection and changes in usage trends. • With an eye to the post-COVID-19 world, achieve a quick recovery and expansion of business and tourism demand by enhancing understanding and analysis of customer trends and needs and implementing new sales and marketing measures, including promotion of Mobility as a Service (MaaS) using “EX service,” as well as continuously developing tourist attractions, such as Kyoto, Nara, Tokyo, and Hida. • Increase the number of customers using railroad services including express trains, such as Shinano and Hida, and boost earnings by enhancing coordination with local communities through such measures as “Sawayaka Walking,” which will mark its 30th anniversary, “Shupo,” etc.

JR Central will take initiatives to have more customers use Poster for “Zurashi Travel” campaign online reservation services for the Tokaido Shinkansen. *The above is the poster for FY2020

• Take initiatives so that more customers use “EX service” by making them aware of the convenience, such as the ticketless service for travelling by multiple customers, service to reserve and change reserved seats of a delayed train, and ticketless boarding service using a QR code for foreign customers visiting Japan, launched in March 2021. At the same time, widely boost demand for the service toward expanded use in sightseeing. • Make preparations for extension of service areas to the Kyushu Shinkansen.

“smartEX” poster Promoting Group Businesses (Capital investment amount: 29.0 billion yen (including capital investment of 26.0 billion yen by consolidated subsidiaries)) JR Central will promote Group businesses, with JR Central Towers and JR Gate Tower at the core, to further enhance customer satisfaction. • In order to overcome the tough business situation caused by changes in the business environment, increase business efficiency of group companies through thorough cost reductions and efficient business execution, and work on further strengthening the JR Central Group’s earning power through the launch of new businesses by leveraging the capabilities gained through synergistic effects with railways.

• Continue to enhance product lines and services at stores, renovate commercial facilities in stations, and effectively use land owned by the Company, with JR Central Towers and JR Gate Tower businesses at the core. By leveraging the expertise and know-how gained through business operations over the years, open new stores in cities, such as the opening of luxury watch zone at Dai Nagoya Building by JR Nagoya Takashimaya.

JR Central Towers and JR Gate Tower JR Nagoya Takashimaya Watch Maison (sample illustration) “IIMONO TANBOU” poster

(Reference) IIMONO TANBOU: An online shop featuring local specialties, such as food and selected crafts produced along the railway lines Promoting Technological Development, Deploying the High-Speed Railway System Overseas

(Capital investment amount: 0.5 billion yen) JR Central will strengthen efforts in technological development that contributes to enhancing safety and reducing costs. • Accelerate the use of ICT aimed at increasing the quality of overall business and achieving operational innovations. This includes implementing more advanced and power-saving inspections and maintenance that utilize condition-monitoring technologies and reducing the cost of maintaining and upgrading facilities. • Carry out technological development to further enhance safety against earthquakes, heavy rain and other natural disasters. Testing equipment at the Komaki Research Center JR Central will work to deploy the high-speed railway system overseas. • Complete provision of technical assistance to the main development entity of the Texas Project in the U.S., including formulation of technical specifications and various plans. In addition, continue to engage in activities for receiving orders for the core system of the project together with manufacturers in Japan. Furthermore, continue to engage in promotional activities for the use of the Superconducting Maglev system in the Northeast Corridor Project in the U.S. • Continue to implement technical consulting services concerning the upgrading, etc. of the operation control system and power-related facilities for 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. Promoting Operational Reforms

JR Central will reinforce management capabilities aimed at strongly fulfilling its social mission for many years into the future. • Implement “Operational Reforms” from a mid- to long-term perspective by combining the JR Central Group’s strengths and establish an efficient business execution system by pursuing new ways of working while using ICT in order to overcome various issues such as responding to social changes which have been accelerated by the COVID-19 pandemic and securing necessary personnel, including group companies, amid a decline in the working population. • Continue to further enhance efficiency and reduce costs in business execution by leveraging the knowledge and technical capabilities developed over the years and fully pursuing rationality in constructing tasks. • Improve investment effects by continuously further pursuing cost reduction in capital investments.

Social changes which have been accelerated by the Operational Reforms Efficient business execution COVID-19 pandemic system

e.g. Condition monitoring of ground equipment with N700S commercial rolling Securing necessary personnel stock amid a decline in the working population Reduce routine costs by around 80.0 billion yen over 10–15 years on a non-consolidated basis *Excluding Chuo Shinkansen Engaging in Activities to Realize a Sustainable Society JR Central will promote activities to realize a sustainable society, including global environment preservation.

• Proactively work to reduce CO2 emissions according to the Japanese Government’s 2050 carbon neutral policy by developing and adopting new technologies, such as introducing energy-saving rolling stock and facilities, using renewable energy, and electrically converting internal combustion rolling stock. • Develop internal structures and set a direction for technological development, etc. in order to resolve various issues and promote measures, including reduction of CO2 emissions. • Promote various measures that contribute to global environment preservation, such as launching the N700S and Series 315 that realize further energy saving and making preparations toward Series HC85 that has reduced CO2 emissions newly manufacturing a mass-production vehicle of Series HC85. by approx. 30% (hybrid system)

Energy-saving rolling stock N700S Comparison of Electricity Consumption Comparison of CO2 Emissions per Seat by Tokaido Shinkansen Rolling Stock Type of the Tokaido Shinkansen and Airplanes (between Tokyo and Osaka)

(Reference) Hybrid system: A combination of electricity generated by the engine and electricity stored in a storage battery is used to drive the motor that powers the train *1 Calculation based on running performance of Series N700 Nozomi (Tokyo – Shin-Osaka) conducted by JR Central. *2 Calculated by JR Central using ANA’s “Annual Report 2011” B777-200 (Haneda – Itami/Kansai Airport) for reference.