[TRANSLATION]
Notice of Revisions to the Forecasted Results of Operations

October 27, 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 October 27, 2021, to revise its forecasted
results of operations for the fiscal year ending March 31, 2022 (from April 1, 2021 to March 31,2022), which was announced on July 30, 2021, in light of such things as the trends in recent businessresults,.
1. Forecasted Results of Operations(1) Revisions to the forecasts for the fiscal year ending March 31, 2022 (from April 1, 2021 to March31, 2022) (Consolidated)
Operatingrevenues

Operatingincome/loss

Ordinary
income/loss

Previous forecast (A)Millions of yen
1,115,000

Millions of yen
106,000

Millions of yen
33,000Net
income/loss
attributable toowners of theparent
Millions of yen
15,000

Revised forecast (B)1,008,000

37,000(33,000)(30,000)(152.44)(107,000)(69,000)(66,000)(45,000)-

Change (%)(9.6)(65.1)---(For reference)Previous results (forthe fiscal year ended
March 2021)

823,517(184,751)(262,064)(201,554)(1,025.46)

Change ((B) minus(A))

Net income
per share
Yen
76.22

(2) Revisions to the forecasts for the fiscal year ending March 31, 2022 (from April 1, 2021 to March31, 2022) (Non-consolidated)

Previous forecast (A)Operatingrevenues
Millions of yen
890,000

Operatingincome/loss
Millions of yen
107,000

Ordinary
income/loss
Millions of yen
34,000Net
income/loss
Millions of yen
12,000Net income
per share
Yen
60.91

Revised forecast (B)795,000

38,000(35,000)(42,000)(213.20)(95,000)(69,000)(69,000)(54,000)-Change (%)(10.7)(64.5)---(For reference)Previous results (forthe fiscal year ended
March 2021)

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

Change ((B) minus
(A))

2.

Reasons for the revisions
The Company has revised downward its forecasted results of operations for the fiscal year ending March 31, 2022

due to the estimated time of recovery for transportation revenues being pushed back from what was projected in theprevious forecast as a result of the extension of the state of emergency period.

(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

For the YearFor the YearC-B
For the Year Ended
EndingEndingMarch 31, 2021
March 31, 2022
March 31, 2022
Increase(Actual Results)(Previous Forecast) (Revised Forecast) (Decrease)
AB
C

C/B

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

Operating revenues

823.5

1,115.0

1,008.0(107.0)

90.4

184.4

122.4

Operating expenses

1,008.2

1,009.0

971.0(38.0)

96.2(37.2)

96.3

Operating (loss) income(184.7)

106.0

37.0

(69.0)

34.9

221.7

-

Ordinary (loss) income(262.0)33.0(33.0)(66.0)

-

229.0

12.6

Net (loss) income
attributable to owners of
the parent(201.5)15.0(30.0)(45.0)

-

171.5

14.9

(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 (NonConsolidated)

Classifications

For the YearFor the YearC-B
For the Year Ended
EndingEnding
March 31, 2021
March 31, 2022
March 31, 2022
Increase(Actual Results)(Previous Forecast) (Revised Forecast) (Decrease)
A
B
C

C/B

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

Operating revenues

541.7

890.0

795.0

(95.0)

89.3

253.2

146.7

［Transportation revenues］

476.1

820.0

726.0

(94.0)

88.5

249.8

152.5

Operating expenses

717.7

783.0

757.0

(26.0)

96.7

39.2

105.5

Operating (loss) income(175.9)

107.0

38.0

(69.0)

35.5

213.9

-

Ordinary (loss) income(256.6)34.0(35.0)(69.0)

-

221.6

13.6

Net (loss) income(202.3)12.0(42.0)(54.0)

-

160.3

20.8

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

Reference Material

Forecasted Results According to Reportable Segments

Classifications
Operatingrevenues

For the YearFor the YearC-B
For the Year Ended
EndingEndingMarch 31, 2021
March 31, 2022
March 31, 2022
Increase(Actual Results)(Previous Forecast) (Revised Forecast) (Decrease)ABC

C/B(Unit: Billions of yen, ％)
C-A
C/A％

Increase(Decrease)％

Transportation

533.0

882.0

786.0

(96.0)

89.1

252.9

147.5

Merchandise and other

174.7

119.0

111.0

(8.0)

93.3

(63.7)

63.5

Real estate

69.1

75.0

73.0

(2.0)

97.3

3.8

105.6

Other

251.6

241.0

237.0

(4.0)

98.3

(14.6)

94.2(205.0)(202.0)(199.0)

3.0

98.5

6.0

97.1

823.5

1,115.0

1,008.0(107.0)90.4(184.4)122.4(183.3)

100.0

31.0

(69.0)

31.0

214.3

-(12.2)

(5.0)

(5.0)

-

100.0

7.2

40.9

13.0

15.0

14.0

(1.0)

93.3

0.9

107.4

1.3

(1.0)

(1.0)

-

100.0

(2.3)

-(3.5)

(3.0)

(2.0)

1.0

66.7

1.5

56.4

(184.7)106.0
37.0(69.0)
Total(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.

34.9

221.7

-

Reconciliations
TotalSegment
profit (loss) Transportation(Operating Merchandise and otherincome(loss))
Real estate
Other
Reconciliations