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To Our Shareholders and Investors

First of all, we would like to express our sincere gratitude to our shareholders and investors for their enormous support for and cooperation with the management of Tokyo Electric Power Company Holdings, Incorporated and its group companies ("the Group").

In the Revised Comprehensive Special Business Plan (the Third Plan) announced in May 2017, the Group set a goal of further increasing profitability and corporate value in order to carry out its responsibility to Fukushima amidst a tough business environment in which the domestic energy market will shrink due to progress in energy conservation, population decline and other factors.

In order to achieve this goal, while working on the follow through of compensation and contribution to the revitalization of Fukushima as well as the safe and steady implementation of decommissioning work, the Group is determined to make every effort on dynamic management reforms outside the conventional framework including further improving profitability through kaizen activities, working toward the restart of the Kashiwazaki-Kariwa Nuclear Power Station with safety as the first priority, collaborating with other companies to restructure and integrate, etc. in the fields of transmission/distribution and nuclear power, and first and foremost, establishing a new corporate culture which is based on the perspective of society, local communities and customers when conducting business. In addition, by advancing these united efforts across organizational barriers based on the three slogans of "Hiraku," "Tsukuru" and "Yaritogeru," we are working to fully strengthen our "profitability" while surely achieving both assurance of safety and security as well as thorough cost reduction and stable supply of electricity.

In fiscal 2017, our circumstances still do not enable us to meet the expectations of shareholders with regard to dividends. However, we will continue working to improve our financial structure, etc. and striving to raise our rating in the market, and we sincerely ask for your continued understanding of and cooperation with management of the Group.

June, 2018  
Tokyo Electric Power Company Holdings, Incorporated