[TRANSLATION]
Notice of Forecasted Results of Operations for the Fiscal Year, Distribution of Retained Earnings(Interim Dividend), and Forecasted Year-end Dividend
October 28, 2020
Central Japan Railway Company

Central Japan Railway Company (the "Company") announces that the Board of Directors has
resolved, at the meeting of the Board of Directors held on October 28, 2020, to distribute retained
earnings with a record date of September 30, 2020 (interim dividend). The Company furtherannounces, as below, forecasted results of operations and the forecasted year-end dividend for thefiscal year ending March 31, 2021 (from April 1, 2020 to March 31, 2021), which were yet to be
decided at the time of the July 31, 2020 “Summary of Consolidated Financial Report for the Three
Months Ended June 30, 2020 [under Japanese GAAP] (Unaudited)” announcement.

1. Forecasted results of operations(1) Forecasted results of operations for the fiscal year ending March 31, 2021 (from April 1, 2020 toMarch 31, 2021) (Consolidated)
Operatingrevenues

Operatingincome/loss

Ordinary
income/loss

Previous forecast (A)Millions of yen-

Millions of yen-

Millions of yen-Net
income/loss
attributable toowners of theparent
Millions of yen-Revised forecast (B)863,000(185,000)(258,000)(192,000)(977.13)----------

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-(2) Forecasted results of operations for the fiscal year ending March 31, 2021 (from April 1, 2020 toMarch 31, 2021) (Non-consolidated)
Operatingrevenues

Operatingincome/loss

Ordinary
income/loss

Previous forecast (A)Millions of yen-

Millions of yen-

Millions of yen-Net
income/loss
attributable toowners of theparent
Millions of yen-

Revised forecast (B)582,000(171,000)(247,000)(187,000)(950.70)----------

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)

Net income
per shareYen-(3) Reasons for disclosure
Forecasted results of operations for the fiscal year had not been issued as coming up with themwas difficult, given the significant decrease in the use of trains and other services resulting mainly
from people continuing to refrain from going outside and travel in response to the COVID-19
pandemic, as well as the fact that there were many undetermined factors that could affect operating
results in the future. However, taking into consideration the recent transportation trends, theCompany has issued forecasted results assuming that the current state of use in the railway businesswill continue until the end of the year and then shift to a recovery trend.
The above forecasted results are subject to significant change depending on the state of progress inbringing COVID-19 under control, economic trends and other factors.

2.

Distribution of retained earnings (interim dividend) and forecasted year-end dividend for the
fiscal year ending March 31, 2021
(1) Details of interim dividend
forecast

Previous results (for the
fiscal year ended March2020)

Most recent dividend

Determined dividendRecord date

September 30, 2020

Same as on left

September 30, 2019

Cash dividend
per share

65 yen-75 yen12,805 million yen-

14,775 million yen

December 1, 2020-

December 2, 2019

Retained earnings-

Retained earnings

Aggregate cashdividends
Effective date
Source ofdividends(2) Forecasted year-end dividend for the fiscal year ending March 31, 2021
Annual cash dividend per share (yen)Previous forecast

End of second quarter

Year-end

Annual―――

65

130

75

150

Current forecast
Actual results

65

Previous results (for thefiscal year ended March2020)

75(3) Reason for dividend amountAs the Company’s core operation is the railway business, which has a strong social mission, theCompany endeavors to ensure and strengthen its long-term and stable management foundation,
while securing internal reserves in order to steadily proceed with various projects such as the Chuo
Shinkansen Project. With respect to distribution of profits, the Company's principle is to continue
to provide stable dividends.
The Company decided upon the interim dividend and the forecasted year-end dividend for thefiscal year ending March 31, 2021 as stated above based on this principle, and by taking into
consideration the recent business environment, results and forecasted results of operation andother factors.
End of Document