March 28, 2024
Central Japan Railway Company (JR Central)

Key Measures and Capital Investment in the Fiscal Year Ending March 31, 2025
This fiscal year, JR Central will again continue to place the highest priority on ensuring safety,
which is the starting point of railways and the fundamental premise of all our measures. Each andevery employee will engage diligently in their daily duties and improve their abilities and skills
through training and other means. In addition, in light of the major changes in the environment
surrounding JR Central, such as the diversifying needs due to changes in lifestyles and work styles
and the expectations for change in the way business is conducted due to the decline in the working
population, we will work to reinforce our earning power based on two pillars: “reform of businessoperations” to build an efficient business execution system by utilizing the latest technologies suchas ICT, and “revenue expansion” through innovative ideas.
While leveraging the knowledge and experience we have accumulated, we will create a corporate
culture of “thinking freely, discussing a lot, and tenaciously setting the job done.” We will strongly
promote various measures from a medium- to long-term perspective, while taking on unprecedented
challenges without being constrained by past ways of doing things.
Through these efforts, JR Central will realize its Management Philosophy, “Contribute to thedevelopment of Japan’s main transportation artery and social infrastructure” at a higher level.

I. Key Measures (refer to the attachment)■ Ensuring Safe and Reliable Transportation■ Enhancing Transportation Services■ Promoting the Chuo Shinkansen Project Using the Superconducting Maglev System■ Advancing Superconducting Maglev Technology Development to Reduce Costs and Brush UpTechnology■ Enhancing Sales and Marketing■ Promoting Group Businesses■ Promoting Technological Development, Deploying the High-Speed Railway System Overseas■ Engaging in Activities to Realize a Sustainable Society
II. Capital Investment Amount
Consolidated: 674.0 billion yen; non-consolidated: 630.0 billion yen*1 Chuo Shinkansen: 350.0 billion yen*2 Capital investment excluding that for the Chuo Shinkansen (non-consolidated) amounts to
280.0 billion yen, of which 208.0 billion yen is investment related to safety.

Ensuring Safe and Reliable Transportation
JR Central will work to further reinforce structures along with earthquake
countermeasures.

(Capital investment amount: 145.0 billion yen* Investment related to safety as a whole amounts to 208.0 billion yen.) While promoting the installation of derailment prevention guards for the entire line as derailment anddeviation countermeasures for the Tokaido Shinkansen, also proceed with the seismic reinforcement ofplatform sheds, implementation of measures to prevent suspended ceilings at stations from falling, therebuilding of the Nagoya rolling stock repair and inspection depot, and reinforcement of the quake
resistance, etc. of elevated track columns of conventional lines.

 Steadily proceed with large-scale renovation of the Tokaido Shinkansen, while
making efforts to achieve cost reductions by introducing the results of technological development andimproving construction methods.

Derailment prevention guards

 Proceed with work for continuous grade separation near Handa Station and Numazu Station.

JR Central will work to implement countermeasures against natural disasters, etc.
 Proceed with the implementation of countermeasures against flooding of railway facilities based on
hazard maps, etc.
 When typhoons, heavy rain, or other climate conditions are expected to have a major impact on train
operation, determine the appropriate train operation plan and provide information on train operations in a
prompt and precise manner, placing top priority on ensuring safety.

Large-scale renovation

 To properly respond to various situations expected in the event of an emergency, such as a natural
disaster or other unpredictable incident, conduct practical emergency drills repeatedly while
implementing measures to improve security in trains from both tangible and intangible aspects such asproceeding with the installation of security cameras on all JR Central cars departing from and arriving at
Nagoya Station with the exception of some cars scheduled to be renewed in a few years.
Tsunami evacuation guidance training(Reference)  Derailment prevention guards: FY2024 approximately 59 km • Large-scale renovation: FY2024 20.0 billion yen (FY2019 to FY2024 (Phase III) 136.0 billion yen, FY2024 to FY2028 (Phase IV) 50.0 billion yen)
 Implementation of anti-seismic reinforcement work for platform sheds: 16 Tokaido Shinkansen stations, 24 conventional line stations (FY2021 to FY2033 (FY2041 for Numazu Station, where continuous gradeseparation is scheduled)) Countermeasures to prevent suspended ceilings at stations from falling: All 17 Tokaido Shinkansen stations, 30 conventional line stations (FY2016 to FY2026)
 Countermeasures against flooding (Tokaido Shinkansen): Elevation (partial relocation) of signal equipment rooms and power supply facilities, installation of water stop doors, etc. (FY2020 to FY2024)

1Enhancing Transportation Services (1)JR Central will continue to work to enhance its transportation services by applying the“12 Nozomi Timetable,” introducing additional N700S and Series 315 services, andother measures.

(Capital investment amount: 76.0 billion yen *Total for (1) and (2))

Tokaido Shinkansen
 By applying the “12 Nozomi Timetable,” work on setting flexible train services
according to demand fluctuations.
 Work on the additional launch of new N700S rolling stock while conducting
enhancement work to add some functions of N700S to the existing N700A
type.

N700S

Conventional Lines Flexibly increase the number of cars per train or the frequencyof services according to the demand fluctuations for limited
express trains such as “Shinano” and “Hida.”
 Proceed with the launch of the Series 315 commuter train anddetailed designs for the production of the mass-production
prototype of the Series 385 new-type limited express train.

Commuter train Series 315(Reference) • N700S: FY2024 Launch 7 trainsets (Launch 59 trainsets from FY2020 to FY2026)• Series 315: FY2024 Launch 64 cars (Launch 352 cars from FY2021 to FY2025)

Design image of the mass-production
prototype of the Series 385
new-type limited express train2

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.
Tokaido Shinkansen
 Promote the design of a research study for the installation of movable platform fences at all stations,while advancing development of an automated operation system (GoA2).
 In addition to introducing N700S, equipped with six wheelchair spaces, take measures to eliminate
height differences and gaps between the train and the platform at Shin-Osaka Station.
Tokaido Shinkansen automated operation running test

Conventional Lines
 Proceed with the installation of movable platform fences on the Tokaido Line platform for Gifubound trains and the Chuo Line platform at Nagoya Station, while also proceeding with work
for widening platforms, installing movable platform fences, etc. for Kariya Station.
 In addition to introducing Series 315 with expanded wheelchair space, promote the installation ofbarrier-free facilities at stations in cooperation with the national government and relevantmunicipalities.

Conceptual image after completion of measures toeliminate height differences and gaps between thetrain and the platform at Shin-Osaka Station

 For the introduction of driver-only operation to trains of three or more cars, consider the utilizationof image recognition technologies to detect passengers approaching the train, etc. by using cars
equipped with car-side cameras.
 Make preparations for the expansion of the TOICA service available area in 2025.

Movable platform fence for conventional lines(Reference) •GoA2: In the Grades of Automation of trains, GoA2 refers to the stage in which a train driver is on board and responsible for starting the train, handling emergency stops, evacuating passengers, etc.
•TOICA service area expansion: Tokaido Line (Arao to Mino-Akasaka), Iida Line (Mikawa-Ichinomiya to Hon-Nagashino), Minobu Line (Kajikazawaguchi to Kofu)

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Promoting the Chuo Shinkansen Project Using the Superconducting Maglev System
JR Central will steadily proceed with construction work in respective areas ofthe line while focusing on construction safety, environmental conservation, andcooperation with the local communities.
 As for the Chuo Shinkansen Project, thoroughly examine costs and demonstrate flexibility
while maintaining sound management and stable dividends, and take steady steps toward
completing the project. Also, make efforts toward early inauguration of the ChuoShinkansen while focusing on construction safety, environmental protection, andcoordination with local communities.
 Vigorously proceed with various construction works of mainly civil engineering structures,such as mountain tunnels, urban tunnels, and stations, as well as land acquisition, etc. For
urban tunnel construction, in particular, start full-scale excavation of sections for whichsurvey tunneling with a shield machine has been completed and preparations have beenmade.
Also start land development work for Kanto Rolling Stock Depot (temporary name) andconstruction of Chubu General Rolling Stock Depot (temporary name). For machines andelectrical equipment, etc., work to reduce costs and improve quality, taking into
consideration the contract and order timing.

(Capital investment amount: 350.0 billion yen)

Inasanchi Tunnel (Aokigawa section)
Excavation of main line tunnel (Median Tectonic Line part)

Metropolitan Tunnel No. 1(Higashi-yurigaoka section)
Survey tunneling completed

 With regard to the Southern Alps Tunnel (Shizuoka Section), based on the report on water
resources and environmental conservation of the Expert Conference of the Ministry ofLand, Infrastructure, Transport and Tourism, continue to make sincere efforts while valuing
two-way communication in order to gain the understanding of and cooperation from localcommunities.
Receipt of report on environmental conservation by
the Expert Conference (December 2023)
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Advancing Superconducting Maglev Technology Development to Reduce Costs and Brush Up Technology
JR Central will continue to advance Superconducting Maglev technology
development to reduce costs and brush up technology.

(Capital investment amount: 3.0 billion yen)

 For high-temperature superconducting magnets, with an eye to the introduction tocommercial lines, promote further cost reduction and conduct further verification
for stable operation.
 In the development of an efficient operation system utilizing the latest
technologies such as ICT, proceed with the improvement and demonstration ofimage and big data analysis systems using AI, etc.

Improved version of the Series L0 in operation

 Advance the formulation of commercial rolling stock specifications and detailed
design.
 While steadily conducting running tests, pursue high value-added services andoffer test rides of the Superconducting Maglev in various ways, with the aim ofraising the expectations of the public toward the opening of the Chuo Shinkansen.

Conceptual image of ICT utilization in maintenance operations(Reference)  Long-distance running tests on the Yamanashi Maglev Line: Cumulative running distance of 4.75 million km (as of February 29, 2024)
 High-temperature superconducting magnet: Achieves a superconducting state at a higher temperature than before without using liquid helium, etc., which enables simplified structures and lowmaintenance5Enhancing Sales and Marketing(Capital investment amount: 23.0 billion yen)

JR Central will work to have more customers use online reservation services for the Tokaido Shinkansen.
 Expand the use of EX Service through services launched last year, such as “EX Shinkansen Travel Packages,” “EX Hotels andActivities,” and booking a year in advance.

JR Central will expand the use of railways and boost earnings through measures to stimulate demand.
 Actively launch new sales and marketing measures, such as the “Oshi Travel” campaign and the “Chartered Shinkansen Package.”
Also, continue to develop attractive tourist destinations, such as
Kyoto, Nara, Tokyo, and Hida, with the aim of further expanding the use of railways.
 On the 60th anniversary of the Tokaido Shinkansen, hold events and other activities toexpress our appreciation to our customers for their patronage, and work to foster
expectations for the future evolution of high-speed railways, including the Chuo
Shinkansen.
Also, aim to expand revenue in cooperation with Group Companies by implementing
projects in collaboration with other companies and releasing commemorative products.
 Increase the use of railways by foreign visitors to Japan by analyzing passenger
trends and product usage by country and region while strengthening sales
measures, such as developing more effective advertising.

🄫CAPCOM

Example of a “Oshi Travel” campaign(A project in collaboration with CAPCOM Co., Ltd.) Promote the development of business environment on Tokaido Shinkansen trains by full-scale
introduction of “Business Booth” private compartments and other measures, while continuing
to encourage business users to utilize the Shinkansen for their business trips.
 Increase the number of customers using railway services, including limited express trains suchas the Shinano and the Hida, by enhancing coordination with local communities through“Sawayaka Walking” and other events.
Tokaido Shinkansen 60th Anniversary logo

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Promoting Group Businesses(Capital investment amount: 45.0 billion yen (including capital investmentof 44.0 billion yen by consolidated subsidiaries))

The JR Central Group will raise the enthusiasm and ability of the employees engaged in theGroup businesses and strengthen its earning power through various initiatives.
 Improve the convenience of “TOKAI STATION POINT,” the JR Central Group’scommon point program, by adding station kiosks to the list of facilities wherethe service is available.
 Promote initiatives to make station kiosks more convenient and attractive,
such as consolidating and enlarging them so that they can allow customers topurchase souvenirs, bento boxes, etc. as one-stop shops.

Conceptual image of “ASTY Gifu” renewal

 For JR Central Towers, JR Gate Tower, and other station building businesses,
strengthen store product lineups and improve services. In addition, implement expansion and renewal of commercial facilities at
Nagoya, Gifu, and other stations.
 Operate “FUN+TECH LABO,” a base for promoting innovation creation, near the Chuo Shinkansen Kanagawa Prefecture Station(temporary name), and work with Kanagawa Prefecture, Sagamihara City, experts, companies, etc. to participate in urban development
while considering further business development in the future.
 Promote the development of real estate along the line, including the Courtyard by
Marriott Kyoto Station hotel, which is scheduled to open in FY2026. As a new
initiative, invest in real estate funds with the aim of acquiring know-how in thereal estate fund business.
 Start a luggage transportation service for corporations using the operation rooms of
Tokaido Shinkansen “Kodama” trains, and work to create new demand incooperation with other JR companies.

“FUN+TECH LABO” to be operated near Chuo
Shinkansen Kanagawa Prefecture Station(temporary name)7Promoting Technological Development, Deploying the High-Speed Railway System Overseas
JR Central will strengthen efforts in technological development that contribute toenhancing safety and reducing costs.

(Capital investment amount: 0.5 billion yen)

 Promote technological development to enhance stability while placing the highest
priority on safety against natural disasters such as earthquakes and heavy rains, whichhave become increasingly severe in recent years.

 Promote technological development initiatives that will contribute to the enhancementof services, such as improving the communication environment inside trains.
 Make cross-organizational efforts to solve issues in order to promote Reform ofBusiness Operations by implementing more advanced and power-saving inspections
and maintenance that utilize condition-monitoring technologies, and reducing the costof maintaining and upgrading facilities.
In particular, proceed with preparations for the optimal introduction of AI, data/image
analysis technologies, etc. into our business operations.
 Promote the use of advanced technologies such as robot control in order to cope withthe declining labor force, etc., throughout the Group.

Example of more advanced and power-saving inspections andmaintenance that utilize condition-monitoring technologies(Development of an overhead wire inspection device capable ofinspecting Shinkansen trains while they are running at high speed)

JR Central will work to deploy the high-speed railway system overseas.
 Steadily proceed with high-speed railway system projects in the U.S.

 For high-speed railways in Taiwan, in addition to ongoing technical consulting
services, provide technical support in line with the introduction of new rollingstock based on the N700S.
 Advance initiatives to make the Japanese high-speed railway system a globalstandard.
Conceptual image of future rolling stock inspection using
data/image analysis technology

8Engaging in Activities to Realize a Sustainable Society (1)JR Central will promote initiatives to realize a sustainable society, including global environmental preservation.

 Promote various measures that will contribute to preservation of the global environment, including those aimed at net-zero CO2emissions by 2050 in line with the Japanese government’s 2050 carbon-neutrality policy.
Also, contribute to the transition to a decarbonized society through initiatives to increase public understanding of theenvironmental superiority of railways and encourage the use of railways, such as enhancing PR in cooperation with otherrailway companies.
 Start a service that makes CO2 emissions virtually zero on the Tokaido andSanyo Shinkansen for corporate members of Express Reservation.
 Deepen risk analysis, etc. on climate change based on the TCFD
recommendations and utilize the results for ensuring stable business
operation over a long period of time.

 Reduce the impact on the global environment through the utilization ofrecycled aluminum from the Tokaido Shinkansen and other measures for
waste reduction and reuse of resources.

Common logo and slogan for railway companies to strengthen
PR highlighting the environmental superiority of railways

Modal share of passenger transportation in terms oftransport volume, energy consumption, and CO2 emissions(*)

Examples of the use of recycled aluminum from the Tokaido Shinkansen(Iida Line Shimoji Station building and metal bats for children)(*) Based on Handbook of Energy & Economics Statistics (2020) for transportation volume and energy consumption, and 2020 data from the National Institute for Environmental Studies,
Greenhouse Gas Inventory Office of Japan for CO2 emissions.

9Engaging in Activities to Realize a Sustainable Society (2)<Direct CO2 emissions from the use of fuels>

DirectEmissionsIndirectEmissions

 Advance the development of hydrogen-powered rolling stock (fuel cell railcars,
hydrogen engine railcars) through simulated running tests.
 Continue research on battery trains and carbon-neutral fuels.
<Indirect CO2 emissions from electricity use>
 Make further energy conservation efforts, including the introduction of energysaving rolling stock, such as N700S and Series 315.

CO2 emissions of the JR Central Group Promote the utilization of renewable energy by launching initiatives such as
construction of a solar power generation system using the Shinkansen
trackside slopes.
Initiatives to reduce CO2 emissions

Hydrogen-powered rolling stock (fuel cell railcars, hydrogen engine railcars)

Solar power generation using the Tokaido Shinkansen
trackside slopes(Conceptual image of solar panels to be installed)10