Cautionary Statement Regarding Forward-Looking Statements

• ・ These Fact Sheets contain forward-looking statements that are based on JR-West's current expectations, assumptions, estimates and projections about its business, industry, and capital markets around the world.
• ・ These forward-looking statements are subject to various risks and uncertainties. Generally,these forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "expect," "anticipate," "estimate" and "plan," or similar words. These statements discuss future expectations, identify strategies, contain projections of results of operations or of JR-West's financial condition, or state other forward-looking information.
• ・ Known or unknown risks, uncertainties and other factors could cause the actual results to differ materially from those contained in any forward-looking statements. JR-West cannot promise that the expectations expressed in these forward-looking statements will turn out to be correct.JR-West's actual results could be materially different from and worse than expectations.
• ・ Important risks and factors that could cause actual results to be materially different from expectations include, but are not limited to:
  • ・ economic downturn, deflation and population decreases;
  • ・ adverse changes for the Company in laws, regulations and government policies in Japan;
  • ・ service improvements, price reductions and other strategies undertaken by competitors such as passenger railway and airline companies;
  • ・ earthquake, other natural disaster risks, and failure of computer telecommunications systems disrupting railway or other operations
• ・ All forward-looking statements in these Fact Sheets are made as of April 30, 2014, based on information available to JR-West and JR-West does not undertake to update or revise any of its forward-looking statements or reflect future events or circumstances.