Message from the President

Shunsuke Niwa
President and Representative Director

Since JR Central was established in 1987, we have operated the Tokaido
Shinkansen, the main transport artery of Japan's economy, as well as
conventional lines, the long-standing means of transit in communities around
Nagoya and Shizuoka. We have developed our group businesses mainly inareas where we anticipate a synergistic effect with our railway operations.
We are now making a determined push to promote the Chuo Shinkansen
Project employing the Superconducting Maglev System to fundamentally
reinforce this major transport artery.
Since the pandemic, people's behavioral patterns have dramatically shifted all
around the world. We are striving to enhance revenue in unconventional ways
to meet the more diverse and varied needs of our customers, yet while always
ensuring that our transportation is safe no matter what conditions areencountered.
Anticipating the labor force decline as it draws near, we are implementing boldchanges by reforming the way we operate with the use of state-of-the-art
technology.

CENTRAL JAPAN RAILWAY COMPANY

1Our BusinessIn addition to our staple Shinkansen along Japan's main transport artery and conventional lines which are integral to local communities, we havedeveloped a broad spectrum of group businesses that focus on areas where we anticipate a synergistic effect with railway operations. In order tofulfill our mission well into the future, we are also promoting medium-to long-term projects such as the Chuo Shinkansen Project which utilizes theSuperconducting Maglev System.

Transportation

Merchandise and Other

Includes the Tokaido Shinkansen andconventional railway operations in the
Tokai area, bus operations, and others.
Composition of
Operating Revenues

80

Includes a department store in JR Central
Towers, retail sales at the stations, andothers.
Composition of
Operating Revenues%

Real Estate

Other

Includes real estate leasing business,such as station building leasing, and realestate in lots.

3

Composition of
Operating Revenues

Recent Highlights
Although revenue declined during the pandemic, the level is now gradually recovering.
While always placing the highest priority on ensuring safe and stable railway transportation,
we have endeavored to reduce expenditures and sought to further enhance efficiency andlower costs throughout all aspects of our business operations, including capital investment.
In addition, we have been promoting business reforms that will reduce ordinary costs on theorder of 80 billion yen on a non-consolidated basis over 10 to 15 years. We will achieve thistarget by establishing a more efficient framework for business operations. In addition, we
have taken up the challenge of leveraging new ideas to expand revenue, and taken pains toreinforce management strength.

（Billion yen）
2,000 1,822%

Includes hotels in our main stations, travel,
advertising, rolling stock production, andconstruction which are not included inother reportable segments.
Composition of
Operating Revenues%

Operating Revenues
1,878

9
7

%

Net Proﬁt(loss)

1,845
1,400

1,500
1,000

824

935

500
396

439

219
398

0
-500

2017

2018

2019

-202
2020

-52
2021

2022

CENTRAL JAPAN RAILWAY COMPANY

2

Market Area
JR Central’s core businesses are the Tokaido Shinkansen, the main transportation artery linking Japan’s
principal metropolitan areas of Tokyo, Nagoya, and Osaka, and the network of conventional lines
throughout the Nagoya and Shizuoka areas.

Other

JR Central’s Market Area
Area

23.7%

(As of January 1, 2023)

Population(As of January 1, 2023)

1

76.3%

61.4%

38.6%

65.7%

34.3%

JR Hokkaido
TOKYO SKYTREE © Tokyo Convention & Visitors BureauGDP(nominal)(FY2019)

0

2

50

100
（%）

[Source]
Area: "The Report of Statistical reports on the land area by prefectures and municipalities in Japan," issued by the Geospatial
Information Authority of Japan
Population: "Population, Demographics and Number of Households Derived from Basic Resident Registration,” issued by the
Ministry of Internal Affairs and Communications
GDP: "Report on Prefectural Accounts," issued by the Cabinet Office

JR East4
5

Shin-Osaka© Fuji official website

Mt. Fuji

Kyoto
Kyoto
3

3

1

Nagoya Tokyo

JR West2

Hiroshima
Shizuoka
Hakata5

JR Shikoku

Nagoya Castle

JR Central

4366.0km
JR Kyushu

552.6km

JR Central’s Market Area
Tokaido Shinkansen

1,174.9km

Shinsekai Tsutenkaku © Osaka Convention & Tourism Bureau

Sanyo Shinkansen (JR West)

Fushimi Inari Taisha

CENTRAL JAPAN RAILWAY COMPANY

3

Market Area

Shinkansen

Operating distance:552.6km
Number of Stations:17

Conventional LineOperating distance:1418.2km
Number of Stations:395
Electrified Section:76.7%*As of March, 2022

CENTRAL JAPAN RAILWAY COMPANY

4

Key Features of Tokaido Shinkansen
SafetyHigh Speed

Environmental Sustainability

Shinkansen

Series N700
“Nozomi”

Airplane

B777-200

Compared to Airlines

0

fatality / injury
since 1964

Punctuality

Maximum
speed of

285

km/h

High Frequency and Large Capacity

1/8
in Energy Consumption*

1/12
in CO2 Emission**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.

Annual Average
Delay per train

Less than1

minute*Since opening of Tokaido Shinkansen in 1964

373 477,000
daily departures

daily passengers

Note: FY 2018 Results prior to the pandemic

CENTRAL JAPAN RAILWAY COMPANY

5

Key Features of Tokaido Shinkansen

Crash Avoidance Principle
Dedicated Line for High Speed Rail

Automatic Train Control (ATC)On the Shinkansen, the tracks are divided into sections of fixed distances (block sections) and only one
train is permitted in each section at any particular time thereby ensuring safety between trains. ATCsignals are generated at each block section depending on the distance to the preceding train and theclearance of the station. When data is transmitted to the ATC onboard equipment via the track,
permitted speeds are calculated by the onboard system according to the position of the train andshown as a signal in the driver’s cabin.
ATC brakes will be automatically applied if the speed of the train exceeds the permitted speed. By
reducing the speed to match the permitted speed, ATC plays a key role in achieving the “Crash
Avoidance” principle.

Shinkansen
Shinkansen

Road
Conventional Line

Neither freight trains nor conventional passenger trains run on the
dedicated tracks for Shinkansen. Shinkansen has no risk of collision
with these trains. Moreover, because of complete grade separation,
there is no level crossing throughout the tracks. This excludes the riskof collision with automobiles. All the maintenance works are scheduled
after commercial operation times; therefore, the possibility of collision
with maintenance cars is also eliminated.

How ATC Works(3) Generates ATC signals (train speed comparing patterns)
from distance to preceding train(4) Compares
the speedwith thesignal(5) When the train speed exceeds
the signal the brakes are applied(2) Own train positional information

Ground devices(for positional adjustments)

Speed of own train(1) Preceding train positional information (via track)

Receive the information

Preceding train

ATC Basic Function
Automatically applies brakes if the speed of the train exceeds thepermitted speed.
● The brakes are automatically released when the speed of the train
falls below the permitted speed.
●

ATC Attributes
Onboard signal display (shows maximum permitted speed)
Signals can be shown without fail even when visibility is poor, suchas during times of fog or rain.
● Brakes are automatically applied regardless of the intentions of the driver.
● A power outage will activate a stop signal, and the brakes areautomatically applied.
●●

Comparison of HSR in the world

Name of Service

Tokaido Shinkansen

Inoui/TGVICE

Service Started in

1964

1981

1991

Main Operating Area

Tokyo-Osaka-Hakata* (Japan)

Paris-Lyon (France)

Köln-Frankfurt (Germany)

Max Operating Speed

285km/h, 300km/h (Sanyo)

320km/h

320km/hDistributed

Concentrated

Distributed

1323

510

830

Traction System
Passenger Capacity*JR West operates trains between Osaka and Hakata as Sanyo Shinkansen

CENTRAL JAPAN RAILWAY COMPANY

6Operation

Operation Pattern
The Tokaido Shinkansen offers three types of train services: Nozomi, Hikari, and Kodama.
Each type has its own arrangement of station stops.
[Nozomi][Hikari][Kodama]

Fastest connector of the metropolises Tokyo, Nagoya, and Osaka
Express train that stops also at other hub cities
Stops at all stations

Trains run from6:00 amto approximately

General Control Center
The General Control Center is an integrated system controlling trains running from Tokyo to Osaka. The center
controls train operation, rolling stock, electric power, track, structures, signals, telecommunications, and otheraspects.
All staff work in one room, which facilitates the sharing of information and coping with any contingencies that
may arise.

11:45 pm

General display panel (Tokaido and Sanyo)
Controllers

Train operation(Tokyo Station, as of Dec. 2023)
Train operation

17 trains per hour

Passenger service

Crew & car utilization(Nozomi: 12, Hikari: 2, and Kodama: 3)During time intervals when demand is highest, the Tokaido Shinkansen train operates
every three and half minutes.

Demand volatility

Electric Power

Track & structure
maintenance

Passenger Service Information Passenger
service Updates service

Electric Power

Track & structure
maintenanceSignal & telecommunications

Electric Power

Signal & telecommunications

Signal & telecommunications

JR Central

Demand varies greatly depending on the hour, day, and time of year.

JR
KyushuJR West

Display panel (Kyushu)

Maximum ofTrain operation

Train operation

JR Kyushu

Combined regular and non-regular service
The number of trains scheduled daily is set flexibly to meet estimated demand.

General Control Center

Assurance of adequate transport capacity
Trains operating at full occupancy inevitably force some people to change trains. Withsufficient transport capacity, passengers are able to conveniently travel between cities
when they need to.

Train Operation
Passenger service
Information
Stations

Crew & car utilization
Track & StructurePowermaintenanceSignal & telecommunications

Train crew depots

Rolling Stock &Facilities

Affiliated companies

Unity and cooperation are important.
Most trains are fully booked

Many trains with vacant seats(Good service for passengers)

CENTRAL JAPAN RAILWAY COMPANY

7

Maintenance
JR Central owns and is responsible for maintaining all systems necessary for operation, including
rolling stock, station buildings, structures, tracks, electrical facilities, signals, and communication
systems.
Maintenance facilities are uniformly set up along railway lines and responsible for daily maintenancetasks as well as responding to equipment failures or other anomalies.
Maintenance is primarily preventive for systems that directly impact train operations or are essential forbusiness operations. Preventive maintenance is aimed at finding potential issues that might impairfunctionality and taking measures to address the condition before an actual failure occurs.
In recent years, JR Central has also been implementing Condition-Based Maintenance (CBM) which
utilizes ICT. Shinkansen passenger trains are equipped with monitoring systems to monitor thecondition of tracks, catenary wires, ATC signals, and other facilities. With the introduction of new rollingstock, CBM has been introduced on conventional lines to continuously and remotely monitor the statusof operation, failure, and other conditions.

On-board Large amount of vehicle data acquired

Rolling stock depot, GCC, etc.
Series HC85
Communications
equipment
BrakesEngines

Automatedserver analysis

Air compressors, etc.

Pre-failure notification(2)※
Sending/receiving
serverSeries 315
Communications
equipment

Vehicle status checked(3)

Sliding door
on sidePeriodical
Replacement

BrakesAir conditioning
Air compressors, etc.

Functional level(1)

Air conditioning

Real-time transmission
via LTE communication

Status of Functional Level and Maintenance

Ground(Replacement)

Cooling control on AI servers*Series 315 only

※Real-time transmission of vehicle data
1.Automatically analyze data and alert
issued at signs a defect may occur
2.Vehicle status acquired and checked inreal time
3.AI-initiated automated learning andcontrol optimization function for cooling(Series 315 only)

Overview of Vehicle Data

Inspection(Replacement)

Periodical Inspection(Alarm Level)

Alarm
Detection of Disorder

ATC signal and track circuit
condition monitoring system

Malfunction(Malfunction Level)

Car No. 1

Verticalmeasuring
instrument

Post-fact maintenanceTime

Contact wire condition
monitoring system
Car No. 12

Car No. 4

Car No. 16

Horizontal measuring instrument for ATC signal andcircuit condition
distance and height difference between track
monitoring system
left and right rails

Next-generation track condition monitoring system

CENTRAL JAPAN RAILWAY COMPANY

8

Countermeasuares against Natural Disasters
Japan is prone to natural disasters. The Tokaido Shinkansen, the world's first high-speed railway, isalso one of the oldest. Construction began in 1959, and efforts have been made to maintain aging
facilities and enhance disaster preparedness.
Along the Tokaido Shinkansen route, steps have been taken to minimize potential damage from a
Nankai Trough earthquake predicted to occur. In addition, countermeasures have been implemented toadapt to heavy rainfall and other natural disasters, which have increased in intensity in recent years.
In addition to seismic reinforcements and installation of derailment preventing guard along the entire
line, systems such as the Tokaido shinkansen Earthquake Rapid Alarm System (TERRA-S), trackside
seismometers, as well as external earthquake information are utilized for earthquake prevention.

[Previous indicator] Continuous rainfall (image)

Conventional lines earthquake
information rapid transmission system
Tokaido shinkansen
Earthquake Rapid
Alarm System (TERRA-S)

Nagoya CTC
Shizuoka CTC

General Control
CenterSeismometer
alongsiderailway lines

Emergency earthquake
early warning connectors
Meteorological office(Meteorological Service Support Center)

Meteorological Agency
observation points

Submarine
seismic
information
connectors
Detection points
Remote seismometers

Substation[New indicator] Soil rainfall (image)
Seeping water from current rainfall

Continuous rainfall Simple aggregation fromthe beginning of rain

Relay station

Train radio

In addition, efforts have also been made to improve braking function and reduce stopping distanceonce an earthquake is detected.
Of the Tokaido Shinkansen structures, 96% are ballast and 53% embankments. These structures arevulnerable to heavy rainfall. Countermeasures have been implemented, such as installing drainage
systems and applying protective measures to concrete. Along conventional lines, new measures havealso been introduced, such as systems measuring rainfall and soil moisture which are very effective inassessing the frequency of landslides, as well as evaluating the hazard level of debris flow. In addition,
new operation regulations have been introduced that use radar to measure rainfall, which has thecapability to closely monitor localized heavy rainfall.

Transmission
shutdown

Soil rainfall
Retained water

Time rainfall

Seismographalong railway lines
National ResearchInstitute for Earth Scienceand Disaster Resilience
Ocean bottom seismographs(National Research Institute forDisaster Prevention
Science and Technology)

Epicenter

Radar to measure rainfall

Four days Three days Two days
The
Day before
earlierearlierearlierday

Four days Three days Two days
The
Day before
earlierearlierearlierday

Operation regulations use rainfall measured from soil rainfall

Overview of earthquake disaster prevention system
Debris flow in mountain streams(image)Radar rainfall and operation regulations
around mountain river (image)

Mountain basin

RainfallLow

High

Increase in rainfall within
mountain basin↓
Elevated risk ofdebris flow↓
Operation regulations
implemented

Operation regulations based on debris flow hazard assessment system

Distribution map of the estimated greatest seismic
intensity of a huge Nankai Trough earthquake

CENTRAL JAPAN RAILWAY COMPANY

9

High Capacity and Ride Experience in Comfort
All Tokaido Shinkansen trains are 16-car sets. There are two types of cars, Green and Ordinary, with total seating arranged forover 1,300 passengers. Various ingenious designs have been applied to the train interior to create a comfortable space whentravelling. We invite you to experience the surprisingly quiet and serene Shinkansen interior.

Ventilate Cabins in 6-8 minutes
Passenger cabins are always replaced with fresh air by ventilation equipment
and, according to calculations, all air in a cabin is fully replaced in about 6 to
8 minutes.

Shinkansen’s Interior
Green-Car(Premium)

Ordinary Car (Standard)

Discharge
outsideOutside air
Air conditioning
equipment

Air conditioning equipment Ventilator

Spaciousness and Discreteness

More Functional and Comfortable SpaceHigh Capacity

Green Car
(Premium)

Seat width 480mm Reclining seat
Reading light, Leg warmer, Arm-rest table,
Foot-rest(Adjustable)
OutletSeat width 440mm, 460mm
Reclining seat
OutletVentilator
Outside air Discharge outside

Ordinary Car(Standard)

200 1,123*
Total: 1,323 seats
per train*The N700S, in service since April 2021, has 1,319 seats per train.

CENTRAL JAPAN RAILWAY COMPANY

10

Competitiveness with Airlines
Market ShareEnvironmental Suitability*The width of each bar shows the passenger volume in each area.

■Energy Consumption (per Seat)
Railway

Airlines

Shinkansen

JR Central

JR WestTokyo

NagoyaOsaka

Okayama

Hiroshima*1

1/8

Approx.
of an airplane

Series N700
“Nozomi”

100%

Tokyo area*2 Nagoya area*2

90MJ

Fukuoka(81 thousand passengers/day)
366.0km

Airplane

85

15%

%

746MJ *2

Tokyo area Osaka area*2

B777-200(150 thousand passengers/day)
552.6km

70

Tokyo area - Okayama■CO2 Emission (per Seat)30%%(9 thousand passengers/day)
732.9km

68

Tokyo area - Hiroshima

Shinkansen

32%

%

*1

(16 thousand passengers/day)
894.2kmTokyo area - Fukuoka

4.2kg-CO2
10

Approx.
of an airplane

Series N700
“Nozomi”

90%

%

1/12

(30 thousand passengers/day)
1,174.9km

Airplane*1.Market share is calculated by JR Central based on the inter-prefectural data of the inter-Regional Passenger Mobility Survey, published by the Ministry ofLand, infrastructure, Transport and Tourism (FY2017).
*2.Tokyo Area: Tokyo, Kanagawa, Chiba, Saitama, Ibaraki / Nagoya Area: Aichi, Gifu, Mie / Osaka Area: Osaka, Kyoto, Hyogo, Nara

50kg-CO *2
2

B777-200*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.

Profit Structures [conceptual comparison]

Variable cost

Fixed cost

Variable cost
Variable cost

Variable cost

Fixed cost

Fixed cost

Fixed cost

TokaidoShinkansen

Aviation

Increase service by 10%

Increase service by 10%

The Tokaido Shinkasnen model involves a high fixed cost rate.Putting more trains in service generates only a small
increase in costs. Rather than adjusting fares during peak hours, we meet increases in demand by increasing service.
CENTRAL JAPAN RAILWAY COMPANY

11

Conventional Line Network

1

2

JR-Central

Shinkansen

3

Conventional Lines

1

Shirakawa village©Shirakawa village office2

Nakasendo

Takayama City

3

JR Central’s conventional lines in the Nagoya and Shizuoka regions
comprise 12 sections extending a total commercial length ofapproximately 1,400 km or roughly 2.5 times the distance of theTokaido Shinkansen. These lines are the vital transportation
infrastructure that enable people to go about their daily life, commuting
to work and school. These lines fulfill their mission of providing thesocial infrastructure for the region. (Number of passengers: 351 million*FY2018)
The percentage of conventional lines that have been electrified is
76.7%. In recent years, work to electrify the Taketoyo Line (19.3 km)
was conducted between 2010 and 2015. This allows for vehicle
standardization on both the Tokaido Line and Taketoyo Line as well as
more flexible train scheduling and sets in the Nagoya metropolitan
area. In addition to improving transportation services, thiselectrification effort has also reduced our environmental impact.
In 2022, JR Central announced that purchase of FIT Non-Fossil Energy
Certificates equivalent to the amount of electricity used for operating
Taketoyo Line trains would mean JR Central effectively operates thesetrains with 100% renewable energy, translating into the achievement of
virtually zero CO2 emissions.
Furthermore, our limited express service offers considerable elasticity
with trains added and sets adjusted to meet changes in demand due
to events and seasons of the year.

454Ise Jingu

5©Mie photo gallery

Kumano Kodo

Wakayama Tourism Federation

CENTRAL JAPAN RAILWAY COMPANY

12

Rolling Stock and Regionally-Rooted Promotion
JR Central is constantly upgrading our rolling stock. In March 2022, we introduced the new commuter
train series 315, replacing all rolling stock inherited from our predecessor Japanese National Railways.
The series 315 incorporates energy-saving features such as SiC devices for the motor and drive
system, reducing electricity consumption by approximately 35%. This rolling stock also features
improved barrier-free fixtures and augmented redundancy with Automatic Train Stop (ATS) and othercritical equipment, enhancing both safety and reliability.
We have also introduced the series HC85, a limited express train equipped with a hybrid system. This
train combines power generated by the engine and stored in the battery to drive the electric motors,
reaching a maximum speed of 120 km/h. Fuel efficiency is improved by 35%, CO2 emissions reduced
by approximately 30%, and NOx emissions by roughly 40%, representing a greater contribution to

Series 315

Series HC85

Debut in 2022
Max speed: 130km/h

Debut in 2022
Max speed: 120km/h

mitigating the environmental impact. The interior design of the series HC85 is inspired by fresh
greenery, beautiful rivers, seas, fireworks and other scenic views along the railway lines. Additionally,
the train includes a nano-museum on the passageway where passengers can appreciate traditional
craftworks embodying local culture and traditions. We are also collaborating with local communities tofeature announcements recorded by students of high schools located along the railway lines.
Moreover, we have decided to manufacture a new type of express train, the series 385. The target datefor its introduction is 2029. This train, which will run through mountainous sections, incorporates
next-generation tilting control technology to achieve a high level of riding comfort while traveling at highspeed through curves.

Nano-museum

Showcasing traditional crafts in Series HC85

Car interior design

Green Car (Premium)
CENTRAL JAPAN RAILWAY COMPANY

13

Nagoya Station - Example of Transit-Oriented Development
JR Central Towers were built in December
1999 and JR Gate Tower in March 2017.
These skyscrapers were constructed
directly above the JR line platforms andsubway station. The lower levels housecommercial facilities with hotels andoffices located on the upper floors.
Entrances to the hotel and offices are
situated on Sky Street, 70 meters above
ground level.
The two complexes, which wereconstructed at different times, areconnected on all floors from the basement
to the 15th floor, allowing the two buildings
to operate as one.
The adjacent JP Tower is also linked to thecomplex via a pedestrian walkway andbus terminal, creating a huge complex ofbuildings with a combined area of nearly 1 million square meters with direct access to Nagoya Station. The
pedestrian walkway on the second floor links to the two adjacent buildings to form a new flow of people.

1km

SCMaglev Train
Nagoya Station District

1999

1992

2009

2017

CastleCity Bus

Nagoya Station

Downtown(Sakae District)
Other local rails
SubwayBus Terminal
Bus Terminal

JR Central Towers& JR Gate Tower
with Bus Terminal

fo
rT
ok

yo

Shinkansen

Local JR lines

Nagoya Station is a terminal station served by the Tokaido Shinkansen,
JR conventional lines, private railways, and subways. More than one million
people use the station each day.
The opening of the SCMaglev Chuo Shinkansen Line will enhance
Nagoya Station’s function as a transport hub, leading to further economic
development.

In 1999, the JR Towers was the only high-rise around Nagoya Station. The Towers Project has served as a catalyst for
subsequent redevelopment of the area.

CENTRAL JAPAN RAILWAY COMPANY

14

JR Central Group's Affiliated Business
The JR Central Group’s businesses include transportation, commercial interests, real estate, and other concerns. The transportation segment involves railway and bus services. Commercial and other businessinterests manage department stores as well as services selling goods and food products in stations, taking advantage of favorable railway station locations to attract customers. The real estate segment develops
commercial facilities at stations and areas under elevated tracks, and also leases station buildings and other real estate. In addition, JR Central Group operates hotels, travel agencies, advertising agencies, andother enterprises. We also manufacture rolling stock along with maintaining, inspecting, and repairing railway facilities.

Transportation

Consolidated Subsidiaries
Company Name

Capital(Millions of yen)

JR TOKAI LOGISTICS COMPANY

300

90.0

Logistics business

JR Tokai Bus Company

100

100.0

Bus services

Tokai Transport Service Company

100

100.0

Railway business

JR Tokai Takashimaya Co., Ltd.

10,00059.2

Department store operations

JR Central Retailing Plus Co., Ltd.

700

100.0

Food and beverage sales Wholesale and retail sales

JR Tokai Food Service Co., Ltd.

100

51.6

Food and beverage sales

JR Tokai Corporation

100

70.0

Wholesale and retail sales

Segment

Transportation

Merchandise
and Other

Real EstateBusiness Activities

JR CENTRAL BUILDING CO., LTD.

45,000100.0

Real estate leasing

JR Tokai Real Estate Co., Ltd.

16,500100.0

Real estate leasing and sales

Shin-Yokohama Station Development Co., Ltd.

9,304

100.0

Real estate leasing

Toyohashi Station Building Co., Ltd.

1,880

57.5

Real estate leasing

Tokyo Station Development Co., Ltd.

1,750

100.0

Real estate leasing

Merchandise and Other

Shizuoka Terminal Development Co., Ltd.

624

67.0

Real estate leasing

HAMAMATSU TERMINAL DEVELOPMENT CO., LTD.

600

76.8

Real estate leasing

Nagoya Station Area Development Corporation

480

100.0

Real estate leasing

JR DEVELOPMENT AND MANAGEMENTCORPORATION OF SHIZUOKA

363

100.0

Real estate leasing

JR Development and Management Corporation of
Kansai30

100.0Real estate leasing

JR Tokai Hotels Co., Ltd.

100

100.0

Hotel business

JR Tokai Tours

100

99.0

Travel agency services

JR TOKAI AGENCY CO., LTD.

61

90.0

Advertising

11,81051.2

Manufacturing of railway rolling stock

JR TOKAI CONSTRUCTION Co., Ltd.

300

100.0

Construction

JR TOKAI Information Systems Company

100

100.0

Development, improvement and maintenance ofcomputer system

Nippon Kikai Hosen Co., Ltd.

100

92.1

Track maintenance

CHUOH LINEN SUPPLY Co., Ltd.

100

87.6

Linen supply services

JR Central Financial Management Co., Ltd.

80

100.0

Contracted accounting operations and financial
business

Tokai Rolling Stock & Machinery Co., Ltd.

80

88.4

Rolling stock and machinery maintenance

JR Central Consultants Company

50

100.0

Construction consulting business

NIPPON SHARYO, LTD.

Other

Shareholding (%)

Note: Two affiliated companies, SHINSEI TECHNOS CO., LTD. and RAILWAY INFORMATION SYSTEMS CO., LTD., are accounted for by the equity method.

Real Estate

Other(as of October 1st,2023)

CENTRAL JAPAN RAILWAY COMPANY

15

Research & Development
Basic R&D Cycle in Railway Industry

JR Central Komaki Research Center

Acquisition of large
amounts of ﬁeld data

Field-based veriﬁcation(From testing on main lines, etc.)(From rolling stocks in commercial services,above-ground facilities, test rolling stock, etc.)

Understanding
phenomena
occurring in the ﬁeld
Low-Noise Wind Tunnel

Theoreticalanalysisand simulation

Theoretical analysis

Examination using
testing equipment

Veriﬁcation using full scale large
testing equipment

In order for JR Central to fulfill its mission and develop in the future, it is essential to constantly work to ensure daily safe and reliabletransportation, to pursue comfortable transportation services, and to build the hardware and systems that will support these efforts throughtechnological development.

Railway Structure Loading Test System

JR Central has made various accomplishments in technology
development, including the development of new rolling stock, thedevelopment of countermeasures against derailment and deviation
for the Tokaido Shinkansen, the development of large-scalerenovation methods for civil engineering structures in relation to our
Shinkansen trains, and the development of high-speed heavy
simple catenary for our Shinkansen trains. Furthermore, in light ofrecent advances in ICT and digital transformation, the Komaki
Research Center will actively utilize these technologies and play acentral role in promoting them within our company.

External view of Komaki Research Center

CENTRAL JAPAN RAILWAY COMPANY

16

Education and Human Resources Development
Mishima General Education Center

General Training Simulator (Shinkansen)

VR Stereoscopic 3D Projection system

Simulators for Station Staff and Conductors

Discipline

Three Fundamental Principles
in HR Development
Technical
capability

Sense ofunity

General Training Simulator (Conventional line)

MARS Training Room

The basic education system mainly involves on-the-job training (OJT), in which employees
learn the knowledge and skills required for work through daily operations in each workplace.
They also acquire additional knowledge and skills through group training, which is held in the
General Education Center, and various self-development opportunities, such as internal andexternal correspondence training systems, that help employees learn knowledge and skills on
their own.

Training Tracks

CENTRAL JAPAN RAILWAY COMPANY

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Challenges in the Future
Chuo Shinkansen Project
JR Central has grown by improving the Tokaido Shinkansen. When contemplating development of afaster, safer, and higher-capacity transportation system, the existing Shinkansen is constrained by thefact that the wheels run on rails and the current collector is in contact with the overhead catenary
system. These constraints make it difficult to achieve speed improvements beyond current
specifications.
To overcome these constraints, JR Central has conducted research in collaboration with the Railway
Technical Research Institute on magnetic levitation technology. This technology has already reached alevel where it can be practically applied. JR Central is using this technology in construction of the Chuo
Shinkansen. Construction actually began in 2014. Work contracts have been signed for approx. 90% of
the track, and 70% of the land for the line has already been acquired (as of September 2023 ). There isa SCMaglev section in Yamanashi Prefecture where experiments are currently underway. This section
has already been constructed to the specifications for commercial operation and will be a part of the
future commercial line. This means that one-seventh of the line has already been completed.

Series L0 improved version

Overseas Expansion
The market for Japan's high-speed rail has expanded along with construction and opening of newlines. However, in recent years, the maintenance of domestic Shinkansen lines has also plateaued.
In consideration of this situation, JR Central is promoting the expansion of high-speed rail systems
overseas, primarily targeting the US market. JR Central has been working on deployment of theTokaido Shinkansen system in Texas while also introducing our the Superconducting
Maglev (SCMaglev) System along the Northeast Corridor. We believe these initiatives will expand themarket for a range of domestic manufacturers as well as maintain and strengthen technologicalcapabilities. JR Central also anticipates this benefit will loop back, stabilizing equipment and material
supplies as well as spuring technological innovation and reducing the cost of railway-related
equipment. These overseas expansion efforts are important for JR Central to continuously fulfill its
mission of maintaining and developing Japan's main artery into the future.

Levitation System

Propulsion System

Target lines for overseas expansion

Target lines for the SCMAGLEV:
Northeast Corridor. (Washington D.C. ~ New York)New York

Target lines for the Tokaido Shinkansen system
Dallas ~ Houston (State of Texas)

Baltimore
Washington D.C.

Dallas
HoustonCENTRAL JAPAN RAILWAY COMPANY

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Corporate Profile
Company NameCentral Japan Railway Company (JR Central)

Established
April 1st, 1987

Number of Consolidated Subsidiary28

Basic Information on a Non-consolidated Basis ;(As of the end of March 2022)
Paid in Capital
Operating Revenues
Number of Shares Outstanding
Number of Shareholders
Number of Employees
Operating Kilometers
Number of Stations
Number of Rolling Stock
Double-and Multi-Tracked Section
Electrified Section
Centralized Traffic Control
Automatic Signaling System

112 billion JPY
726 billion JPY
206 million
121,666
18,723
1,970.8 km
405
4,857
55.1% (1,086.8km)
76.7% (1,511.0km)
97.5% (1,922.3km)
97.8% (1,927.3km)

Head Office
JR Central Towers, 1-1-4, Meieki, Nakamura-ku, Nagoya, Aichi 450-6101, Japan
JR Central Shinagawa Building-A Wing, 2-1-85, Konan, Minato-ku, Tokyo 108-8204, Japan

Official Website
https://global.jr-central.co.jp/en/

Integrated Reporthttps://global.jr-central.co.jp/en/company/ir/annualreport/index.html

YouTubehttps://www.youtube.com/@centraljapanrailwaycompany2023

CENTRAL JAPAN RAILWAY COMPANY