(Translation)

November 29, 2022
To whom it may concern:
Company Name: Kyushu Railway Company
Name of Representative: Yoji Furumiya, President and CEO
Securities Code: 9142
Tokyo Stock Exchange (Prime Market) and Fukuoka Stock Exchange
Inquiries: Public Relations Department
TEL +81-92-474-2541

Notice of Decision to Transfer Insurance Business to Newly Established Subsidiary byCompany Split (Simplified Absorption-type Company Split)
Based on a resolution by the Board of Directors at a meeting held on November 29, 2022, the Company
hereby announces that it has resolved to transfer our non-life insurance agency business and otherintermediary agency business (hereinafter, the “Business”), which are among the businesses it operates, toJR Kyushu Insurance Consulting Co., Ltd. (hereinafter, “JR Kyushu Insurance Consulting”), which is to be
newly established on April 1, 2023, by means of a company split (simple absorption-type company split).
The particulars are described below.
As this company split is a simple absorption-type company split with a wholly owned subsidiary as thecounterparty, some disclosure items and details are omitted.
1. Objective of the Company Split
The Company has been involved in the Business since 1987. However, through this company split weintend to pass on this business to JR Kyushu Insurance Consulting, which is scheduled to be newly
established on April 1, 2023, in order to establish a solid management base as an insurance agency, tobecome highly specialized to increase profits, and to build a more agile organization.
2. Overview of the Company Split(1) Schedule of the Company Split
Board of Directors resolution on the company split

November 29, 2022

Date on which the company split agreement will be concluded August 1, 2023 (expected)
Expected date of the company split

October 1, 2023 (expected)* As this company split falls in the category of a simple company split as prescribed in Article
784, Paragraph 2 of the Companies Act for the Company and the category of an informalcompany split as prescribed in Article 796, Paragraph 1 of the Companies Act for JR Kyushu
Insurance Consulting, neither company will seek approval at a general meeting ofshareholders for the absorption type company split agreement.

(2) Form of the Company Split
This is a simple absorption-type company split, in which JR Kyushu Insurance Consulting, which isto be newly established on April 1, 2023, is the successor company to the absorption-type company
split and the Company is the splitting company in the absorption-type company split.
(3) Details of Allotments in Connection with the Company Split
In accordance with the company split, the Company will be allotted 2,000 shares by JR Kyushu
Insurance Consulting as consideration for the assets, rights, and obligations, etc. to be transferred to JR
Kyushu Insurance Consulting.
(4) Handling of Stock Acquisition Rights and Bonds with Stock Acquisition Rights in Connection with theCompany Split
The handling of these instruments will not change as a result of the company split.
(5) Change in Capital due to the Company Split
The Company’s capital will not change as a result of the company split.
(6) Rights and Obligations to Be Assumed by the Succeeding Company
The succeeding company will assume all rights, obligations, assets, and liabilities related to theBusiness.
(7) Prospect of Debt Fulfillment
We determine that no problems exist with respect to the prospect of fulfilling obligations withregard to the company split.
3. Overview of Parties to the Company Split(1) Overview of the Splitting Company (As of March 31, 2022)
1) NameKyushu Railway Company
2) Location
3-25-21 Hakata-ekimae, Hakata-ku, Fukuoka, Japan
3) Name and title of
Yoji Furumiya, President and CEO
representative
4) Business description
Passenger railway business, others5) Capital¥16.0 billion
6) Date established
April 1, 1987
7) Number of shares
157,301 thousand sharesissued8) Fiscal year-endMarch9) Major shareholders and The Master Trust Bank of Japan, Ltd. (Trust Account)15.38%
shareholding ratios
RAILWAY HOLDINGS, L.L.C.
4.55%
Custody Bank of Japan, Ltd. (Trust Account)
4.11%
TAIYO LIFE INSURANCE COMPANY
2.03%
Nippon Life Insurance Company
1.99%10) Financial condition
Net assets¥389,024 million
and results ofTotal assets¥951,980 million
operations
Net assets per share¥2,471.60
Fiscal year ended
Operating revenue¥329,527 million

March 31, 2022
(consolidated)

Operating income
Ordinary income
Net income
Net income per share¥3,944 million¥9,237 million¥13,250 million¥84.34(2) Overview of the Successor Company (Expected)
1) NameJR Kyushu Insurance Consulting Co., Ltd.
2) Location
Hakata-ku, Fukuoka, Japan
3) Name and title ofTo be determined
representative
4) Business description
Non-life insurance agency business, other insurance intermediaryagency business, etc.
5) Capital¥100 million
6) Date established
April 1, 2023
7) Number of shares to be
2,000 sharesissued8) Fiscal year-end
March9) Major shareholders andWholly owned subsidiary of Kyushu Railway Companyshareholding ratios
4. Overview of Business Subject to the Company Split(1) Description of Business of Divisions to Be Split
Non-life insurance agency business and other insurance intermediary agency business(2) Operating Results of Divisions to Be Split
Operating revenue of ¥441 million in the fiscal year ended March 31, 2022
(3) Items and Amounts of Assets and Liabilities to Be Split
The book value of assets and liabilities to be split off are assets of ¥45 million and liabilities of ¥5million.
*The amounts shown are estimates as of the scheduled date of the split (October 1, 2023); the actual
amounts to be split may differ from the amounts shown above.
5. Status of the Splitting Company and the Successor Company after the Company Split
There will be no change in the trade name, address, name and title of representative, businessactivities, capital and fiscal year end of the splitting company as a result of the company split.
6. Future Outlook
The impact of the company split on the consolidated financial results is negligible.