March 26, 2020 Central Japan Railway Company (JR Central)

Key Measures and Capital Investment in the Fiscal Year Ending March 31, 2021

In the fiscal year ending March 31, 2021 (FY2020), 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 strive to enhance our transportation services. For example, we will set more flexible train services in accordance with demand by applying the "12 Nozomi Timetable" and commence to launch the next-generation Shinkansen N700S. In addition, looking ahead to the Olympic and Paralympic games, we will make efforts to serve many customers in Japan and overseas so that they can use our services comfortably. We will proceed steadily with the Chuo Shinkansen Project introducing the Superconducting Maglev System, while giving serious consideration to the safety of construction work, environmental preservation, and coordination with local communities. We will also make steady steps toward deploying the high-speed railway system overseas. In the segment of affiliated businesses, we will operate JR Central Towers and JR Gate Tower integrally and demonstrate synergic effects to boost earnings. In order to steadily move forward with these initiatives continuously, JR Central will continue to work on strengthening its earning power and improving its technological capabilities. We will also strive to enhance efficiency and reduce costs by exercising wisdom over business execution overall, including making capital investments, with a view to enhancing management capabilities. Currently, nationwide efforts are being made to prevent the spread of a new coronavirus (COVID-19). In the tough business environment, we will also work to prevent the spread of infection and tackle a wide range of challenges, including various schemes for enhancing transportation services and the Chuo Shinkansen Project while giving the highest priority to ensuring safe and reliable transportation.

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 Technological Development, Engaging in Global Environment Preservation, Deploying the High-

Speed Railway System Overseas

■ Steadily Promoting Affiliated Businesses

II. Capital Investment Amount Consolidated: 718.0 billion yen; non-consolidated 688.0 billion yen *1. Chuo Shinkansen: 380.0 billion yen *2. Capital investment excluding that for the Chuo Shinkansen (non-consolidated) amounts to 308.0 billion yen, of which 234.0 billion is investment related to safety.

Ensuring Safe and Reliable Transportation (Capital investment amount: 149.0 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 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. Large-scale renovation

JR Central will work to provide safe and smooth transportation services and proper information on train operations

• Respond promptly and appropriately to various situations caused by increasingly intensified natural disasters, epidemics of new infectious diseases, etc. to ensure safety. • 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 operations. If train operations are suspended, make efforts to resume operations in a timely manner after confirming safety, while providing information on train operations in a more prompt and precise manner. • Consider measures for various facilities against natural disasters based on hazard maps, etc. • Work to ensure safety at stations, trains, etc., and provide smooth transportation services by starting an advance reservation system for an oversized baggage areas and the centralized monitoring system of station security cameras at Tokaido Shinkansen.

Advance reservation system for an oversized baggage area (publicity poster)

(Reference)・Laying derailment prevention guards: FY2020 approximately 59 km ・Measures to prevent suspended ceilings at stations from falling: All 17 Tokaido Shinkansen ・ Large-scale renovation: FY2020 40.0 billion yen (FY2019 to FY2022 136.0 billion yen) stations, 30 conventional line stations (FY2016 to FY2026 approximately 13.0 billion yen) Enhancing Transportation Services (1) (Capital investment amount: 93.0 billion yen *Total for (1) and (2)) JR Central will continue to work to enhance transportation services by the application of the “12 Nozomi Timetable” realized in March 2020 and other methods. Tokaido Shinkansen • Work on setting more flexible train services in accordance with demand during seasons and time frames with increased customer use. Do this by applying the “12 Nozomi Timetable” which all trains are operated at a maximum speed of 285 km/h in conjunction with securing rolling stock consistency.

• Start operating the next-generation Shinkansen N700S in July 2020. This will enable 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- N700S running system, and other features.

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

• Make advance preparations for design, etc. toward new production of the new type commuter train Series 315 that offers greater safety and stability.

• Expand stations where the centralized passenger service system are installed to the Tokaido Line (Obu Station - Okazaki Station) and Kansai Line ( – Kuwana Station). Series 315 (sample illustration)

・ (Reference) N700S: FY2020 Launch 12 trainsets (Launch 40 trainsets from FY2020 to FY2022) ・Series 315: Newly produce 352 cars from FY2021 to FY2025 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.

• Continue to proceed with the installation of movable platform fences on the Tokaido Shinkansen platforms at Shin-Osaka Station, and begin using the fences on platforms No. 23 and No. 24. Meanwhile, for conventional lines, promote the installation of the fences on the Tokaido Line platform at and begin using the fences on the platform for Toyohashi-bound trains.

• Work on reviews from various angles for improvements so that customers using a wheelchair can use the Tokaido Shinkansen more conveniently and more Large-opening movable platform fence of platform comfortably. No. 26 at Shin-Osaka Station

• Continue the plans for new installation of free passageways and for renovation of stations and begin sharing the plans between Kuwana Station and Kanie Station in sequence. In addition, proceed with preparatory work for improvements, including widening of platforms and installation of movable platform fences for Kariya Station.

• Continue the replacement work for the installation of braille blocks with a line that indicates where the inner platform edge is located, at stations on conventional lines servicing 1,000 or more passengers.

• Promote the installation of barrier-free facilities at stations on conventional lines, such as elevators and multifunction toilets. Kuwana Station (sample illustration of a free passageway and an over-track station)

・ (Reference) Movable platform fence: Shin-Osaka Station: To complete installations by FY2022 for platforms #20 through #24. (Completed ・Braille blocks with a line that indicates the inner platform edge installations on platforms #25 to #27) Stations servicing 1,000 to 2,999 passengers: 8 stations (FY2020) To start operation on platform #24 in July 2020 and #23 in March 2021 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 Promoting the Chuo Shinkansen Project Introducing the Superconducting Maglev System (Capital investment amount: 380.0 billion yen) JR Central will proceed steadily with construction work in respective areas of the line while giving serious consideration to construction safety, environmental preservation, 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 the 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, intermediate stations, and other locations where work is challenging and construction periods will be long by giving serious consideration to construction safety and environmental preservation. In addition, start construction of elevated bridges; and for the excavation of tunnels in urban areas, produce a shield machine, assemble it in the field, and make other preparations. • Promote efforts to establish sophisticated and efficient operation/maintenance systems for the Chuo Shinkansen.

Hiyoshi Tunnel (Minamigaito construction section): Groundbreaking ceremony of Kanagawa-ken Station Shield machine Excavation of the tunnel on the main line (tentative name) (Reference) ・Shield machine: Cylindrical evacuator used in the shield tunneling method Brushing up Superconducting Maglev Technology and Reducing Costs

(Capital investment amount: 3.0 billion yen) JR Central will continue brushing up Superconducting Maglev Technology and pursuing cost reduction.

• With the launch of an improved testing vehicle on the Yamanashi Maglev Line, devote ourselves to running tests in order to obtain data required for formulating commercial rolling stock specifications.

• As we will enter an important phase, including the launch of the improved testing vehicle, proceed with verifying the development results obtained so far, etc. toward establishing a maintenance system that can handle commercial services. At the same time, further strengthen efforts to refine the Superconducting Maglev Technology even more and reduce costs for construction, operation and maintenance of commercial lines.

Running test being performed with Series L0 Improved testing vehicle (sample illustration)

・Long-distance running tests for the Yamanashi Maglev Line: Cumulative running distance of 3.10 million km (as of February 29, 2020) (Reference) ・Improved testing vehicle: To be launched around May 2020 (Number of rolling stock produced: 1 first car, 1 middle car) Enhancing Sales and Marketing (Capital investment amount: 20.0 billion yen) JR Central will take initiatives to have more customers use online reservation services for the Tokaido Shinkansen. • Take initiatives so that more customers become aware of the convenience of “EX service” (Express Reservation and smartEX) and use the service. At the same time, widely boost demand for the service toward expanded use in sightseeing.

• Proceed with preparations for the start of services that enable multiple customers such as a family to use the ticketless boarding service and to reserve “smartEX” poster and change reserved seats of a delayed train through “EX service.”

JR Central will make use of the tourist attractions along railway lines to actively deploy sales and marketing measures. • Enhance tourism campaigns and products that convey the attractiveness of Kyoto, Nara, Tokyo, Hida, etc.

JR Central will take initiatives so that foreigners visiting Japan can Poster for “In autumn the evenings” version of “Right! Let’s go to conveniently use its railroad services. Kyoto” campaign • Implement sales promotions for our products and make other efforts while continuing to enhance the provision of information to foreigners visiting Japan. • Make efforts to increase the recognition of the English version of our reservation website to promote expanded use of “smartEX” services for foreigners visiting Japan and make advance preparations for starting the ticketless boading service using a QR code. Ticketless boarding service using a QR code for foreigners visiting Japan

(Reference) ・Ticketless boarding service using a QR code: This service enables customers to pass a ticket gate just by putting a smartphone screen, etc. displaying a QR code over a ticket gate of Tokaido Shinkansen. (To be introduced in spring of 2021 for foreigners visiting Japan.) Promoting Technological Development, Engaging in Global Environment Preservation, Deploying the High-Speed Railway System Overseas (Capital investment amount: 2.0 billion yen) JR Central will strengthen efforts in technological development that contributes to enhancing safety and reducing costs and in promoting global environment preservation. • Implement more advanced and power-saving inspections and maintenance that utilize condition monitoring technologies. Also, promote technical 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.

• Continue to implement running tests using Series HC85 (testing vehicle) which is next-generation limited express rolling stock for conventional lines in order to establish a hybrid technology.

• Continue to implement running tests using N700S validation test vehicles. Series HC85, next-generation limited express rolling stock that uses a hybrid system (testing vehicle) • Promote various policies that contribute to global environment preservation, such as launching the N700S and other energy-saving rolling stock.

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

• Proceed with technical assistance to the main development entity of the Texas Project in the U.S. through HTeC, while continuing activities for concluding the contract for the core system of the project together with a local subsidiary HInC and firms on the Japan side. In addition, bolster 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 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 HTeC members having a meeting with principle of Crash Avoidance, a global standard. Texas Central members

(Reference) ・Series HC85: Conduct running tests with consideration to launching a mass-production vehicle in FY2022. ・HTeC, HInC: Local subsidiaries established by the Company to promote the Texas Project in the U.S. Steadily Promoting Affiliated Businesses (Capital investment amount: 31.0 billion yen (including capital investment of 30.0 billion yen by consolidated subsidiaries)) JR Central will promote affiliated businesses, with JR Central Towers and JR Gate Tower at the core, to further enhance customer satisfaction.

• Operate JR Central Towers and JR Gate Tower integrally and respond to diverse needs. Do this by demonstrating synergistic effects to the fullest through aggressive sales and marketing activities, advertising campaingns, etc., including the project for celebrating the 20th year anniversary of the opening of JR Central Towers, in order to boost earnings.

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

more. JR Central Towers and JR Gate Tower • In the Tokyo area, open “TOKYO GIFT PALETTE” at and “HIBIYA GOURMET ZONE” between Yurakucho Station and Shinbashi Station.

Campaign celebrating the 20th anniversary of the opening of JR Central Towers

(Reference)・TOKYO GIFT PALETTE: Souvenir and gift shopping mall scheduled to open at Yaesu North Exit of Tokyo Station in June 2020 ・HIBIYA GOURMET ZONE: Gourmet spot scheduled to open under the Uchiyamashita-cho elevated bridge between Yurakucho Station and Shinbashi Station in May 2020