[TRANSLATION]
Notice of Revisions to the Forecasted Results of Operations
February 22, 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 February 22, 2021, to revise its
forecasted results of operations for the fiscal year ending March 31, 2021 (from April 1, 2020 toMarch 31, 2021), which was announced on October 28, 2020, in light of such things as the trends inrecent business results.
1. Forecasted Results of Operations(1) Revisions to the forecasts for the fiscal year ending March 31, 2021 (from April 1, 2020 to March31, 2021) (Consolidated)
Operatingrevenues

Operatingincome/loss

Ordinary
income/loss

Previous forecast (A)Millions of yen
863,000

Millions of yen(185,000)Millions of yen(258,000)

Net
income/loss
attributable toowners of theparent
Millions of yen(192,000)

Revised forecast (B)793,000(244,000)(317,000)(234,000)(1,190.56)(70,000)(59,000)(59,000)(42,000)

-

(8.1)

---

-

1,844,647

656,163574,282

397,8812,027.86

Change ((B) minus(A))
Change (%)(For reference)Previous results (forthe fiscal year ended
March 2020)

Net income
per shareYen(977.13)(2) Revisions to the forecasts for the fiscal year ending March 31, 2021 (from April 1, 2020 to March31, 2021) (Non-consolidated)

Previous forecast (A)Operatingrevenues
Millions of yen
582,000

Operatingincome/loss
Millions of yen(171,000)

Ordinary
income/loss
Millions of yen(247,000)

Net
income/loss
Millions of yen(187,000)

Net income
per shareYen(950.70)

Revised forecast (B)519,000(227,000)(303,000)(226,000)(1,148.68)(63,000)(56,000)(56,000)(39,000)-(10.8)----

1,436,996

623,050

540,002378,842

1,928.84

Change ((B) minus(A))
Change (%)(For reference)Previous results (forthe fiscal year endedMarch 2020)

2.

Reasons for the revisions
The use of trains and other services had significantly decreased mainly due to the declaration of astate of emergency by the Japanese government in January 2021. In February 2021, the Japanese
government decided to extend the state of emergency, and the use of trains and other services remains
low. Given such circumstances, the Company has revised its forecasted results of operations.
(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, 2021 (Consolidated)

Classifications

For the YearEndingMarch 31, 2020
(Actual Results)
AFor the YearFor the YearEndingEndingMarch 31, 2021
March 31, 2021
(Previous Forecast) (Revised Forecast)
B
C(Unit: Billions of yen, ％)
C-A
C/A

C-B

C/B

Increase(Decrease)％

Increase(Decrease)％

Operating revenues

1,844.6

863.0

793.0

(70.0)

91.9(1,051.6)

43.0

Operating expenses

1,188.4

1,048.0

1,037.0(11.0)

99.0(151.4)

87.3

Operating (loss) income

656.1(185.0)(244.0)(59.0)

131.9(900.1)-

Ordinary (loss) income

574.2(258.0)(317.0)(59.0)

122.9(891.2)-Net (loss) income
attributable to owners ofthe parent

397.8(192.0)(234.0)(42.0)

121.9(631.8)-(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, 2021 (NonConsolidated)

Classifications

For the YearEndingMarch 31, 2020
(Actual Results)
A

For the YearFor the YearEndingEndingMarch 31, 2021
March 31, 2021
(Previous Forecast) (Revised Forecast)
B
C(Unit: Billions of yen, ％)
C-A
C/A

C-B

C/B

Increase(Decrease)％

Increase(Decrease)％

Operating revenues

1,436.9

582.0

519.0

(63.0)

89.2(917.9)36.1［Transportation revenues］

1,365.6

516.0

453.0

(63.0)

87.8(912.6)

33.2

Operating expenses

813.9

753.0

746.0

(7.0)

99.1

(67.9)

91.7

Operating (loss) income

623.0(171.0)(227.0)(56.0)

132.7(850.0)-Ordinary (loss) income

540.0(247.0)(303.0)(56.0)

122.7(843.0)-Net (loss) income

378.8(187.0)(226.0)(39.0)

120.9(604.8)-(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 YearEndingMarch 31, 2020
(Actual Results)
A

For the YearFor the YearEndingEndingMarch 31, 2021
March 31, 2021
(Previous Forecast) (Revised Forecast)
CB(Unit: Billions of yen, ％)
C-A
C/A

C-B

C/B

Increase(Decrease)％

Increase(Decrease)％

1,431.2

573.0

510.0

(63.0)

89.0(921.2)35.6

Merchandise and other

263.2

177.0

171.0

(6.0)

96.6

(92.2)

65.0

Real estate

79.9

70.0

70.0

-

100.0

(9.9)

87.5

Other

272.2

247.0

246.0

(1.0)

99.6

(26.2)

90.4

Reconciliations(202.1)(204.0)(204.0)

-

100.0

(1.8)

100.9

Total

1,844.6

863.0

793.0

(70.0)

91.9(1,051.6)

43.0

617.6

(179.0)(235.0)(56.0)

131.3(852.6)-Merchandise and other

7.4(13.0)(15.0)

(2.0)

115.4

(22.4)-

Real estate

19.0

13.0

13.0

-

100.0

(6.0)

68.4

Other

13.5

(4.0)

(5.0)

(1.0)

125.0

(18.5)-

Reconciliations

(1.3)

(2.0)

(2.0)

-

100.0

(0.6)

143.1

656.1
(185.0)(244.0)(59.0)
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.

131.9(900.1)-Segment
profit (loss)(Operatingincome(loss))

Transportation

Transportation