[TRANSLATION]
Notice of Revisions to the Forecasted Results of Operations
July 30, 2021
Central Japan Railway Company
Central Japan Railway Company (the "Company") announces, as below, that the Board of Directors
has resolved, at the meeting of the Board of Directors held on July 30, 2021, to revise its
forecasted results of operations for the fiscal year ending March 31, 2022 (from April 1, 2021 toMarch 31, 2022), which was announced on April 27, 2021, in light of such things as the trends inrecent business results.
1. Forecasted Results of Operations (Consolidated)(1) Revisions to the forecasts for the six months ended September 30, 2021

Previous forecast (A)Net
income/loss
OperatingOperating
Ordinary
attributable torevenues
income/loss
income/loss
owners of theparent
Millions of yen Millions of yen Millions of yen Millions of yen
507,000
52,00015,0007,000

Net income
per share
Yen
35.57

Revised forecast (B)413,000(30,000)(66,000)(49,000)(248.99)

Change ((B) minus(94,000)(82,000)(81,000)(56,000)-

Change (%)(18.5)----(For reference)Previous results (for thesix months ended
September 30, 2020)

337,888(113,573)(150,706)(113,566)(578.13)(A))(2) Revisions to the forecasts for the fiscal year ending March 31, 2022 (from April 1, 2021 to March31, 2022)
Operatingrevenues

Previous forecast (A)Operatingincome/loss

Ordinary
income/loss

Net
income/loss
attributable toowners of theparent

Millions of yen Millions of yen Millions of yen Millions of yen
1,234,000
215,000
142,000
90,000Net income
per shareYen
457.37

Revised forecast (B)1,115,000

106,000

33,00015,00076.22

Change ((B) minus(119,000)(109,000)(109,000)(75,000)-(9.6)(50.7)(76.8)(83.3)-823,517(184,751)(262,064)(201,554)(1,025.46)(A))
Change (%)(For reference)Previous results (for thefiscal year ended March31, 2021)

2. Forecasted Results of Operations (Non-consolidated)(1)Revisions to the forecasts for the six months ended September 30, 2021
Operatingrevenues
Previous forecast (A)Revised forecast (B)Change ((B) minus(A))
Change (%)(For reference)Previous results (for thesix months ended
September 30, 2020)

Operatingincome/loss

Ordinary
income/loss

Net income
per share

Net income

Millions of yen Millions of yen Millions of yen Millions of yen
401,000
57,00020,00014,000Yen
71.07

316,000(20,000)(56,000)(38,000)(192.90)(85,000)(77,000)(76,000)(52,000)-(21.2)----

221,740(100,061)(139,673)(98,267)(499.73)(2)Revisions to the forecasts for the fiscal year ending March 31, 2022 (from April 1, 2021 to March31, 2022)

Previous forecast (A)Revised forecast (B)Change ((B) minus(A))
Change (%)(For reference)Previous results (forthe fiscal year ended
March 31, 2021)

OperatingOperating
OrdinaryNet
revenues
income/loss
income/lossincome/loss
Millions of yen Millions of yen Millions of yen Millions of yen
998,000
212,000
139,000
87,000Net income
per shareYen
441.67890,000

107,000

34,00012,00060.91(108,000)(105,000)(105,000)(75,000)-(10.8)(49.5)(75.5)(86.2)-

541,798(175,904)(256,691)(202,313)(1,028.26)

3. Reasons for the Revisions
The use of trains and other services, which had significantly decreased due to COVID-19, remains
low with the declaration of another state of emergency in Tokyo this July that follows on the heels of
the state of emergency that was in effect from April to June of this year. Given these circumstances, theCompany expects delay in recovery of the use of trains and other services and has revised its forecasted
results of operations for the year ending March 31, 2022.
(Note)
The above forward-looking statements in this document are based on estimates and assumptions
that reflect information available as of the day of release of this document. The accuracy of forecasts
above, therefore, is inherently uncertain because it is affected by future economic trends andenvironment.

End of Document

Reference Material

Forecasted Results of Operations for the Fiscal Year Ending March 31, 2022 (Consolidated)

Classifications

Operating revenues
Operating expenses
Operating income (loss)
Ordinary income (loss)
Net income (loss)
attributable to ownersof the parent(Unit: Billions of yen, %)C-AC/AFor the YearEndingMarch 31, 2022
(Previous Forecast)B

For the YearEndingMarch 31, 2022
(Revised Forecast)
C

823.5

1,234.0

1,115.0(119.0)

90.4

291.4

135.4

1,008.2

1,019.0

1,009.0(10.0)

99.0

0.7

100.1

(184.7)

215.0

106.0

(109.0)

49.3

290.7

-(262.0)

142.0

33.0(109.0)

23.2

295.0

-

(201.5)

90.0

15.0

(75.0)

16.7

216.5

-

For the YearEndingMarch 31, 2021
(Actual Results)
A

C-B

C/B

Increase(Decrease)%

Increase(Decrease)%(Note) Any fraction less than a tenth of the unit indicated is rounded down.

Forecasted Results of Operations for the Fiscal Year Ending March 31, 2022
(Non-consolidated)

Classifications

Operating revenues［Transportation revenues］
Operating expenses
Operating income (loss)
Ordinary income (loss)
Net income (loss)(Unit: Billions of yen, %)C-AC/AFor the YearEndingMarch 31, 2022
(Previous Forecast)B

For the YearEndingMarch 31, 2022
(Revised Forecast)
C

541.7

998.0

890.0

(108.0)

89.2

348.2

164.3

476.1

928.0

820.0

(108.0)

88.4

343.8

172.2

717.7

786.0

783.0

(3.0)

99.6

65.2

109.1

(175.9)

212.0

107.0

(105.0)

50.5

282.9

-

(256.6)

139.0

34.0

(105.0)

24.5

290.6

-

(202.3)

87.0

12.0

(75.0)

13.8

214.3

-

For the YearEndingMarch 31, 2021
(Actual Results)
A(Note) Any fraction less than a tenth of the unit indicated is rounded down.

C-B

C/B

Increase(Decrease)%

Increase(Decrease)%Reference Material

Forecasted Results According to Reportable Segments

Classifications
Operatingrevenues

For the YearEndingMarch 31, 2022
(Previous Forecast)B

For the YearEndingMarch 31, 2022
(Revised Forecast)
C

C-B

C/B

Increase(Decrease)%(Unit: Billions of yen, %)C-A
C/AIncrease(Decrease)%

Transportation

533.0

990.0

882.0

(108.0)

89.1

348.9

165.5

Merchandise and other

174.7

126.0

119.0

(7.0)

94.4

(55.7)

68.1

Real estate

69.1

75.0

75.0

-100.0

5.8

108.5

Other

251.6

245.0

241.0

(4.0)

98.4

(10.6)

95.8(205.0)(202.0)(202.0)

-

100.0

3.0

98.5

823.5

1,234.0

1,115.0(119.0)

90.4

291.4

135.4

(183.3)

205.0

100.0

(105.0)

48.8

283.3

-

(5.0)

(2.0)

166.7

7.2

40.9

Reconciliations
TotalSegment
profit (loss)(Operatingincome(loss))

For the YearEndingMarch 31, 2021
(Actual Results)
A

Transportation(12.2)(3.0)

Real estate

13.0

15.0

15.0

-

100.0

1.9

115.1

Other

1.3

1.0

(1.0)

(2.0)

-(2.3)-(3.5)(184.7)

(3.0)
215.0

(3.0)

(109.0)

100.0
49.3

0.5
290.7

84.6
-Merchandise and other

Reconciliations
Total

106.0

(Note) 1. Any fraction less than a tenth of the unit indicated is rounded down.
2．Rows entitled “Reconciliations” show amounts that are off-set among reportable segments.