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Investor Presentaiton

Chuo Shinkansen Project - Securing of Long-Term Debt Using the Fiscal Investment and Loan Program (FILP) Securing long-term, fixed, low-interest funds ā‡’ Reduction of management risk <Key terms of loan agreement> Results for FY2016 First loan Second loan Third loan Amount to be Borrowed 500 billion yen 500 billion yen 500 billion yen Interest Rate (Fixed 0.6% throughout the entire period) Borrowing Date November 29, 2016 Maturity Date November 29, 2055 0.8% January 16, 2017 January 16, 2056 0.9% | Scheduled loan amount March 10, 2017 March 10, 2056 in FY2017: 1.5 trillion yen Total of 3 trillion yen (Plan) 30% [Advantages for JR Central] Rise in interest rate, funds procurement, redemption Reduction of each risks Start by making full efforts in the construction between Shinagawa and Nagoya 2027 <Existing plan> Construction between Shinagawa and Nagoya Management strength restoration period (8 years) Construction between Nagoya and Osaka Start of operation in Osaka Construction between Nagoya and Osaka Start of operation in ā–  Osaka Front-load by a maximum of 8 years Not need to redeem at fixed, low interest for about 30 years Equal principal repayment over a period of about 10 years <Front- loading> Construction between Shinagawa and Nagoya <FILP-based loan> LO
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