News Release

NEWS RELEASE

Aug 05, 2020

R&I Affirms Ratings: 10 Electric Power Companies R&I Changes Outlook to Positive: Chubu Electric Power Co., Inc. R&I Changes Outlook to Stable: The Chugoku Electric Power Co., Inc., Hokuriku Electric Power Co., Hokkaido Electric Power Co., Inc., The Japan Atomic Power Co.

Rating and Investment Information, Inc. (R&I) has announced the following:

SEC. COMPANY NAME CODE 9502 Chubu Electric Power Co., Inc. 9503 The Kansai Electric Power Co., Inc. 9504 The Chugoku Electric Power Co., Inc. 9505 Hokuriku Electric Power Co. 9506 Tohoku Electric Power Co., Inc. 9507 Shikoku Electric Power Co., Inc. 9508 Kyushu Electric Power Co., Inc. 9509 Hokkaido Electric Power Co., Inc. 9513 Electric Power Development Co., Ltd. ---- The Japan Atomic Power Co. * Please refer below for rated bonds, etc. * Tokyo Electric Power Co. Holdings, Inc., Tepco Power Grid, Inc., Jera Co., Inc. and The Okinawa Electric Power Co., Inc. are not included in the scope of this review.

RATIONALE: The creditworthiness of the former general electricity utilities (major power companies) and so forth plummeted in the aftermath of the Great East Japan Earthquake. Since then, it has been recovering at a moderate pace, as the electricity system reform and the business environment for nuclear power generation have developed almost within the range of R&I's assumptions. R&I has affirmed the ratings for the 10 companies listed above, and changed the Rating Outlook for Chubu Electric Power Co., Inc. to Positive and those for The Chugoku Electric Power Co., Inc., Hokuriku Electric Power Co., Hokkaido Electric Power Co., Inc. and The Japan Atomic Power Co. to Stable, reflecting improvements in their earning capacities and financial bases, among others. As regards the electricity system reform, the impact the full liberalization of the electricity retail market and the spin-off of transmission and distribution divisions had on power companies' business bases has been comfortably within the range that was factored into their ratings. Conduct regulations imposed on transmission and distribution divisions do not affect a group's unity. In FY2019 (the year ended March 2020), growth in the market share of Power Producers and Suppliers (PPSs) somewhat slowed nationwide, and transaction volumes in the baseload market, the centerpiece of the government's new measures to promote competition, were very small in the first fiscal year of the market. Following the enactment of the Act of Partial Revision of the Electricity Business Act and Other Acts for Establishing Resilient and Sustainable Electricity Supply Systems in June 2020, the government started to discuss details of the transmission charge system reform. It is considering allowing transmission and distribution divisions to retain part of the cost they have saved. Such factors may positively affect their earning capacities. There remain uncertainties over the prospects for nuclear power generation, as exemplified by the unexpected suspension of plant operation resulting from courts' temporary injunctions. Meanwhile, progress has been made in creating a favorable business environment, particularly through the

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decommissioning accounting system. In July 2020, major power companies, excluding The Okinawa Electric Power Co., Inc., and The Japan Atomic Power Co. submitted applications to the Minister of Economy, Trade and Industry to recover nuclear power-related costs (decommissioning facilitation contributions and compensation contributions) through transmission charges and obtained approval in the same month. Their transmission and distribution subsidiaries will recoup the costs over a long period of time by reflecting in transmission charges the remaining book value of decommissioned plants and payments to a compensation reserve that should have been set aside before the accident at the Fukushima Daiichi Nuclear Power Station. The government's support measures to facilitate nuclear power generation have been steadily put into practice. With respect to environmental, social and governance (ESG) factors, environmental regulations are the most important for power companies. The government began considering introducing new regulatory measures and initiatives to phase out insufficient coal-fired power sources that operate at supercritical or sub-supercritical pressure. Power companies that are more dependent on such power sources will see a greater impact on their supply capacity and cost competitiveness. That said, the government intends to promote a shift to high-efficiency coal-fired power generation by giving due consideration to stable supply and regional circumstances, among others. A decrease in inefficient coal-fired power will also help tighten the supply-demand balance of electricity. R&I will keep a close eye on details of the government's measures, including how power sources to be suspended/closed are specified and when the measures are implemented, as well as companies' supply capacity with their nuclear power sources taken into account. A sound governance structure is indispensable for an electricity business, particularly in gaining local residents' understanding, which supports stable operation of nuclear plants, and maintaining customer bases. The Kansai Electric Power Co., Inc. needs to overhaul its corporate culture and regain the trust that was lost through a graft scandal. Demand for electricity declined in the wake of the novel coronavirus, but bottomed out in May. Given the recent resurgence of infections, however, future developments remain uncertain. Even so, the electricity industry has been less affected than other industries because of its vast customer base. Although power companies' near-term revenue/expenditure will be strained, a significant deterioration in their business bases and financial bases is unlikely.

Chubu Electric Power Co., Inc. Chubu Electric Power Co., Inc. generates relatively stable profits even when its nuclear plants are off-line, because its dependence on nuclear power has been low since before the Great East Japan Earthquake. Upon the integration of its existing thermal power generation business into equity-method affiliate Jera Co., Inc. in FY2019, Chubu Electric Power transferred related debt to Jera, which made its financial profile, one of the strongest among major power companies, even more robust. Jera is expected to make continued profit contributions, given that the government's move to reduce inefficient coal-fired power sources will have only a small adverse impact on the company, whose focus is on liquefied natural gas (LNG)-fired power, as well as that it created a synergy of 25 billion yen in the first year of the integration. Despite lingering uncertainty over the restart of the Hamaoka Nuclear Power Station, it has become more likely that Chubu Electric Power will be able to maintain and continue to strengthen its financial resilience. Based on this view, R&I has changed the Rating Outlook to Positive. R&I will examine electricity sales volumes amid the coronavirus pandemic, developments in the financial burden from growth investments, and their effects on the company's revenue/expenditure and financial position. These factors will be incorporated into the rating.

The Kansai Electric Power Co., Inc. With a power mix that highly relies on nuclear power, The Kansai Electric Power Co., Inc. will be able to demonstrate its cost competitiveness if stable operation is ensured at the four nuclear reactors it restarted by FY2018. The regulatory risk associated with carbon dioxide emission mitigation is relatively low, because the company is not heavily dependent on coal-fired power. Its nuclear capacity factor is expected to be slightly low for the foreseeable future due to a delay in the completion of installing

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Specific Safety Facilities (facilities designed to deal with specific severe accidents; SSFs) at Units 3 and 4 of the Takahama Nuclear Power Station. Confidence in the company's governance was lost through a graft scandal in FY2019. R&I will closely observe the impact on the customer base and any changes in local residents' understanding about the operation of three of the company's nuclear reactors beyond 40 years. R&I will pay attention to whether Kansai Electric Power can restore trust by developing a sound corporate culture, with the overhaul of its management team and the transition to a company with a nominating committee, etc. acting as a stepping stone.

The Chugoku Electric Power Co., Inc. The Chugoku Electric Power Co., Inc. has seen a relatively low rate of customer loss to PPSs in the industry, because it has not raised electricity rates since the occurrence of the Great East Japan Earthquake. Meanwhile, management faces a challenge of rebuilding the company's revenue/expenditure and financial position. In response to a severe business environment caused by the prolonged suspension of nuclear plant operation, the company has shifted to conservative financial management in recent years by optimizing electricity rates and selecting investment targets carefully, for example. The conversion of some convertible bonds into shares is also a positive factor. Based on its view that a rating downgrade has become less likely, R&I has changed the Rating Outlook to Stable. Chugoku Electric Power is comparatively highly dependent on inefficient coal-fired power, including that from Electric Power Development Co., Ltd., and a decrease in power supply from such sources must be offset by electricity from Unit 2 of the Misumi Power Station, which is under construction, and nuclear power from reactors that may resume operation. A future impact warrants attention, though the government's stance on ensuring stably power supply and some progress made in the conformity evaluation of Unit 2 of the Shimane Nuclear Power Station are positive factors.

Hokuriku Electric Power Co. Hokuriku Electric Power Co. raised electricity rates for customers excluding regulated sectors such as some residential customers in April 2018, and this led to a surge in customers switching to other suppliers. Even so, the company achieved a certain increase in revenue. Its coal-fired power source was forced into an emergency shutdown due to facility trouble in FY2018 and FY2019, but went back into full operation in July 2020, which is expected to help improve its revenue/expenditure. In the conformity evaluation of Unit 2 of the Shika Nuclear Power Station, a reactor saddled with the issue of a fault on the premises, a path to denying the activity of the fault is emerging following the July 2020 evaluation meeting. Based on its view that downward pressure on the rating has been almost eliminated, R&I has changed the Rating Outlook to Stable. Hokuriku Electric Power has certain supply capacity from inefficient coal-fired power sources, but there are no ongoing plans to construct new or additional thermal power sources. Although the company has some extra supply capacity thanks to an LNG-fired power plant that started operation in FY2018, R&I will keep an eye on the government's detailed measures, the company's responses, and their impact on earnings including those from wholesale.

Tohoku Electric Power Co., Inc. Since its electricity rate hikes in 2013, Tohoku Electric Power Co., Inc. has maintained a relatively stable revenue/expenditure structure, though its nuclear reactors have been out of operation. The stability of the rating has increased thanks to this, along with improvement in the debt-equity structure, which was undermined by damage from the Great East Japan Earthquake. While competition with the TEPCO Group is intense, its electricity sales in the Greater Tokyo area are solid. In February 2020, Unit 2 of the Onagawa Nuclear Power Station passed conformity evaluation, making a step toward resumption of operation. The company aims to complete construction works for safety measures in FY2022. As regards the conformity evaluation of the Higashidori Nuclear Power Station, some progress has been made in the assessment of the activity of a fault on the premises. Its inefficient coal-fired power sources, including jointly funded plants, have substantial supply capacity. Tohoku Electric Power has a certain capacity to deal with suspension or closure of such sources, with construction of new or additional thermal power sources underway. Even so, R&I will examine the government's detailed

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measures to reduce inefficient coal-fired power sources and their impact on the company's earnings base.

Shikoku Electric Power Co., Inc. Shikoku Electric Power Co., Inc. has a revenue/expenditure structure where the capacity utilization of Unit 3 of the Ikata Nuclear Power Station, the only nuclear reactor of the company, affects fuel costs and sales volumes significantly. Ikata Unit 3 has been taken off-line in response to the Hiroshima High Court's second temporary injunction to halt operation in January 2020. The company will seek withdrawal of the temporary injunction by filing an objection, but it is difficult to predict when the reactor will restart. Because of this, combined with an anticipated failure to meet the March 2021 deadline for installing SSFs, the nuclear capacity factor will likely remain low for some time. Although the company has certain financial resilience, attention should be paid to the possibility that the reactor will be out of operation for an unexpectedly long period of time. The supply capacity from inefficient coal-fired power sources include electricity supply from Electric Power Development and in-house power generation facilities in Shikoku Electric Power's service area, in addition to its own power sources. While the company has relatively large extra supply capacity and is expected to benefit from facilities replacement at its Saijo Thermal Power Station, R&I needs to examine the government's detailed measures and their actual impact on the company.

Kyushu Electric Power Co., Inc. Kyushu Electric Power Co., Inc. achieved the nuclear capacity factor that is assumed for its electricity rate costs, with its four nuclear reactors resuming operation by FY2018. Meanwhile, its financial profile requires significant improvement. Due primarily to low market prices of wholesale electricity and losses from LNG resale, the company recorded a net loss in FY2019, which has slowed financial improvement after the restart of the reactors. In FY2020, a delay in the completion of installing SSFs has dampened the capacity utilization of Units 1 and 2 of the Sendai Nuclear Power Station, but a high-efficiency coal-fired power source that started operation in FY2019 will contribute to full-year results. Kyushu Electric Power faces a challenge of securing a sufficient nuclear capacity factor by swiftly completing the installation of SSFs for Units 3 and 4 of the Genkai Nuclear Power Station as well. The company has certain supply capacity from inefficient coal-fired power sources, including electricity from Electric Power Development. Eyes will be on the government's measures to reduce such power sources and their impact on the company's revenue/expenditure.

Hokkaido Electric Power Co., Inc. Hokkaido Electric Power Co., Inc. has continued to post ordinary profit since FY2015 thanks to two electricity rate hikes, though the conformity evaluation of Unit 3 of the Tomari Nuclear Power Plant has been protracted owing to a fault on the premises. In response to a substantial loss of customers resulting from relatively high electricity rates, the company has strived to restore customers in recent years by strengthening competitiveness using savings from management efficiency enhancement. With the withdrawal of a PPS acting as a tailwind, Hokkaido Electric Power regained its market share in the high voltage and extra high voltage sector and increased its electricity sales volume in FY2019 for the first time in nine years. Its power mix has been diversified by the commencement of operation of an LNG-fired power source in FY2019. Moreover, profit accumulation and a subordinated loan have partly offset the deterioration in the financial base caused by the Great East Japan Earthquake. Based on its view that downward pressure on the rating has diminished, R&I has changed the Rating Outlook to Stable. The company's main baseload power sources will be inefficient coal-fired power as long as its nuclear reactors are off-line. Since an early reduction in such inefficient power sources could heighten the risk of supply-demand imbalances, the government's detailed measures will most likely give due consideration to local circumstances.

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Electric Power Development Co., Ltd. Electric Power Development Co., Ltd. is engaged in the power generation and transmission businesses. Its power sources as a whole are very cost competitive, because the power mix is centered on thermal power sources, primarily coal-fired power, and also includes large-scale hydroelectric power plants. Moreover, the overseas business generates solid earnings thanks to an increase in power generation capacity. The company is constructing a nuclear power plant in the town of Ohma on the Shimokita Peninsula of Aomori Prefecture. For the plant, a sizable cost is recorded in the construction in progress account, and a delay in recouping the investments constrains the company's creditworthiness. As regards its main coal-fired power sources, developments in carbon dioxide emission regulations warrant attention. Inefficient facilities, which account for around 40% of its coal-fired power generation capacity, have a low book value because of the progress of depreciation. That said, reducing these facilities would weaken the company's earning capacity. While the remaining domestic power sources and the overseas business are expected to allow Electric Power Development to maintain a certain level of profits, R&I will closely observe the government's detailed measures and their impact on the company.

The Japan Atomic Power Co. The Japan Atomic Power Co.'s Tokai No.2 Power Station passed conformity evaluation, and the company obtained approval for the construction plan and extension of operation of the plant. It will also be able to raise funds to conduct construction works for safety measures, as Tokyo Electric Power Co. Holdings, Inc. and Tohoku Electric Power expressed their intentions to provide financial support. The construction works are underway, with completion scheduled for December 2022. Furthermore, the company secured funds for bond redemption in FY2020 by, for example, selling part of its shareholdings in Japan Nuclear Fuel Ltd. Near-term liquidity has been ensured, and continued strong support can be expected from customer power companies. Based on its view that downward pressure on the rating has diminished, R&I has changed the Rating Outlook to Stable. Eyes are on the progress of the conformity evaluation for Unit 2 of the Tsuruga Nuclear Power Station, which faces the issue of a fault on the premises, as well as on developments in efforts to gain understanding from local residents about the Tokai No.2 plant.

The primary rating methodologies applied to this rating are provided at "R&I's Basic Methodology for Corporate Credit Ratings", "Electricity" and "Evaluation of Equity Credit Attributes of Hybrid Securities and Rating Perspectives". The methodologies are available at the web site listed below, together with other rating methodologies that are taken into consideration when assigning the rating. https://www.r-i.co.jp/en/rating/about/rating_method.html

R&I RATINGS: ISSUER: Chubu Electric Power Co., Inc. (Sec. Code: 9502)

NAME RATING RATING OUTLOOK Issuer Rating A+ (Affirmed) Stable → Positive

ISSUE AMOUNT PRELIMINARY NAME ISSUE PERIOD (mn) RATING Shelf Registration (Bonds) JPY 500,000 Oct 02, 2018 - Oct 01, 2020 A+ (Affirmed)

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn) Sec. Str. Bonds No.420 JPY 30,000 Jul 31, 1998 Jul 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.497 JPY 20,000 Oct 21, 2010 Oct 23, 2020 A+ (Affirmed) Sec. Str. Bonds No.499 JPY 20,000 Jun 14, 2013 Jun 23, 2023 A+ (Affirmed) Sec. Str. Bonds No.500 JPY 20,000 May 22, 2014 May 24, 2024 A+ (Affirmed)

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Sec. Str. Bonds No.501 JPY 20,000 Sep 19, 2014 Sep 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.502 JPY 20,000 Dec 11, 2014 Dec 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.503 JPY 20,000 Mar 06, 2015 Mar 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.504 JPY 10,000 Aug 12, 2015 Aug 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.505 JPY 10,000 Aug 12, 2015 Aug 23, 2030 A+ (Affirmed) Sec. Str. Bonds No.506 JPY 20,000 Sep 11, 2015 Sep 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.507 JPY 20,000 Jan 22, 2016 Jan 23, 2026 A+ (Affirmed) Sec. Str. Bonds No.508 JPY 20,000 Apr 15, 2016 Apr 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.509 JPY 10,000 Jun 17, 2016 Jun 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.510 JPY 10,000 Jun 17, 2016 Jun 25, 2036 A+ (Affirmed) Sec. Str. Bonds No.511 JPY 20,000 Jul 15, 2016 Jul 24, 2026 A+ (Affirmed) Sec. Str. Bonds No.512 JPY 10,000 Jul 15, 2016 Jul 25, 2036 A+ (Affirmed) Sec. Str. Bonds No.513 JPY 20,000 Aug 30, 2016 Aug 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.514 JPY 10,000 Oct 17, 2016 Oct 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.515 JPY 10,000 Oct 17, 2016 Oct 24, 2036 A+ (Affirmed) Sec. Str. Bonds No.516 JPY 10,000 Dec 06, 2016 Dec 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.517 JPY 10,000 Dec 06, 2016 Dec 25, 2036 A+ (Affirmed) Sec. Str. Bonds No.518 JPY 30,000 Jan 20, 2017 Jan 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.519 JPY 20,000 Jan 20, 2017 Jan 23, 2037 A+ (Affirmed) Sec. Str. Bonds No.520 JPY 20,000 Mar 07, 2017 Mar 24, 2023 A+ (Affirmed) Sec. Str. Bonds No.521 JPY 10,000 Mar 07, 2017 Mar 25, 2037 A+ (Affirmed) Sec. Str. Bonds No.522 JPY 20,000 Apr 14, 2017 Apr 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.523 JPY 10,000 Apr 14, 2017 Apr 24, 2037 A+ (Affirmed) Sec. Str. Bonds No.524 JPY 20,000 May 31, 2017 May 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.525 JPY 10,000 May 31, 2017 May 25, 2037 A+ (Affirmed) Sec. Str. Bonds No.526 JPY 10,000 Oct 16, 2017 Oct 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.527 JPY 10,000 Oct 16, 2017 Oct 23, 2037 A+ (Affirmed) Sec. Str. Bonds No.528 JPY 10,000 Nov 30, 2018 Nov 24, 2023 A+ (Affirmed) Sec. Str. Bonds No.529 JPY 10,000 Nov 30, 2018 Nov 24, 2028 A+ (Affirmed) Sec. Str. Bonds No.530 JPY 20,000 Jun 20, 2019 Jun 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.531 JPY 10,000 Jun 20, 2019 Jun 24, 2039 A+ (Affirmed) Sec. Str. Bonds No.532 JPY 20,000 Jul 12, 2019 Jul 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.533 JPY 10,000 Jul 12, 2019 Jul 25, 2039 A+ (Affirmed) Sec. Str. Bonds No.534 JPY 30,000 Sep 12, 2019 Aug 23, 2024 A+ (Affirmed) Sec. Str. Bonds No.535 JPY 10,000 Nov 28, 2019 Nov 22, 2029 A+ (Affirmed) Sec. Str. Bonds No.536 JPY 10,000 Nov 28, 2019 Nov 25, 2039 A+ (Affirmed) Sec. Str. Bonds No.537 JPY 20,000 Jan 23, 2020 Jan 25, 2030 A+ (Affirmed) Sec. Str. Bonds No.538 JPY 10,000 Jan 23, 2020 Jan 25, 2040 A+ (Affirmed) Sec. Str. Bonds No.539 JPY 20,000 Feb 27, 2020 Feb 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.540 JPY 10,000 Feb 27, 2020 Feb 24, 2040 A+ (Affirmed) Sec. Str. Bonds No.541 JPY 10,000 Apr 17, 2020 Apr 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.542 JPY 10,000 Apr 17, 2020 Apr 25, 2030 A+ (Affirmed)

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Sec. Str. Bonds No.543 JPY 20,000 Jul 09, 2020 Jul 25, 2025 A+ (Affirmed)

NAME ISSUE LIMIT (mn) SUPPORT RATING Commercial Paper JPY 400,000 Unsecured a-1 (Affirmed)

ISSUER: The Kansai Electric Power Co., Inc. (Sec. Code: 9503)

NAME RATING RATING OUTLOOK Issuer Rating A+ (Affirmed) Stable

ISSUE AMOUNT PRELIMINARY NAME ISSUE PERIOD (mn) RATING Shelf Registration (Bonds) JPY 900,000 Aug 08, 2018 - Aug 07, 2020 A+ (Affirmed)

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn) Sec. Str. Bonds No.483 JPY 30,000 Sep 09, 2010 Sep 18, 2020 A+ (Affirmed) Sec. Str. Bonds No.484 JPY 30,000 Oct 18, 2010 Oct 23, 2020 A+ (Affirmed) Sec. Str. Bonds No.485 JPY 30,000 Dec 09, 2010 Dec 18, 2020 A+ (Affirmed) Sec. Str. Bonds No.495 JPY 20,000 Sep 19, 2014 Sep 17, 2021 A+ (Affirmed) Sec. Str. Bonds No.496 JPY 20,000 Feb 27, 2015 Feb 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.497 JPY 30,000 Jun 19, 2015 Jun 20, 2025 A+ (Affirmed) Sec. Str. Bonds No.498 JPY 20,000 Sep 18, 2015 Sep 18, 2020 A+ (Affirmed) Sec. Str. Bonds No.499 JPY 20,000 Jan 26, 2016 Jan 23, 2026 A+ (Affirmed) Sec. Str. Bonds No.500 JPY 30,000 Mar 08, 2016 Mar 19, 2026 A+ (Affirmed) Sec. Str. Bonds No.501 JPY 20,000 Apr 26, 2016 Apr 23, 2021 A+ (Affirmed) Sec. Str. Bonds No.502 JPY 20,000 May 31, 2016 May 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.503 JPY 20,000 May 31, 2016 May 23, 2036 A+ (Affirmed) Sec. Str. Bonds No.504 JPY 30,000 Jul 22, 2016 Jul 24, 2026 A+ (Affirmed) Sec. Str. Bonds No.505 JPY 30,000 Aug 31, 2016 Aug 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.506 JPY 30,000 Oct 26, 2016 Oct 23, 2026 A+ (Affirmed) Sec. Str. Bonds No.507 JPY 30,000 Dec 07, 2016 Dec 20, 2023 A+ (Affirmed) Sec. Str. Bonds No.508 JPY 30,000 Apr 18, 2017 Apr 23, 2027 A+ (Affirmed) Sec. Str. Bonds No.509 JPY 40,000 May 31, 2017 May 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.510 JPY 50,000 Jul 21, 2017 Jul 23, 2027 A+ (Affirmed) Sec. Str. Bonds No.511 JPY 30,000 Sep 13, 2017 Sep 17, 2027 A+ (Affirmed) Sec. Str. Bonds No.512 JPY 30,000 Oct 26, 2017 Oct 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.513 JPY 40,000 Dec 14, 2017 Dec 20, 2027 A+ (Affirmed) Sec. Str. Bonds No.514 JPY 30,000 Jan 25, 2018 Jan 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.515 JPY 40,000 Apr 19, 2018 Apr 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.516 JPY 10,000 Apr 19, 2018 Apr 19, 2038 A+ (Affirmed) Sec. Str. Bonds No.517 JPY 30,000 Jun 14, 2018 Jun 20, 2023 A+ (Affirmed) Sec. Str. Bonds No.518 JPY 30,000 Jun 14, 2018 Jun 20, 2028 A+ (Affirmed) Sec. Str. Bonds No.519 JPY 30,000 Jul 20, 2018 Jul 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.520 JPY 10,000 Jul 20, 2018 Jul 16, 2038 A+ (Affirmed)

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Sec. Str. Bonds No.521 JPY 30,000 Sep 06, 2018 Sep 20, 2023 A+ (Affirmed) Sec. Str. Bonds No.522 JPY 30,000 Sep 06, 2018 Sep 20, 2028 A+ (Affirmed) Sec. Str. Bonds No.523 JPY 20,000 Oct 12, 2018 Oct 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.524 JPY 30,000 Oct 12, 2018 Oct 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.525 JPY 30,000 Dec 25, 2018 Dec 20, 2021 A+ (Affirmed) Sec. Str. Bonds No.526 JPY 20,000 Jan 29, 2019 Jan 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.527 JPY 40,000 Apr 11, 2019 Apr 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.528 JPY 20,000 Apr 11, 2019 Apr 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.529 JPY 20,000 Jun 20, 2019 Jun 20, 2022 A+ (Affirmed) Sec. Str. Bonds No.530 JPY 40,000 Jun 06, 2019 Jun 20, 2029 A+ (Affirmed) Sec. Str. Bonds No.531 JPY 10,000 Jun 06, 2019 Jun 20, 2039 A+ (Affirmed) Sec. Str. Bonds No.532 JPY 40,000 Jul 11, 2019 Jul 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.533 JPY 10,000 Jul 11, 2019 Jul 09, 2049 A+ (Affirmed) Sec. Str. Bonds No.534 JPY 20,000 Sep 05, 2019 Sep 18, 2026 A+ (Affirmed)

NAME ISSUE LIMIT (mn) SUPPORT RATING Commercial Paper JPY 500,000 Unsecured a-1 (Affirmed)

ISSUER: The Chugoku Electric Power Co., Inc. (Sec. Code: 9504)

NAME RATING RATING OUTLOOK Issuer Rating A+ (Affirmed) Negative → Stable

ISSUE AMOUNT PRELIMINARY NAME ISSUE PERIOD (mn) RATING Shelf Registration (Bonds) JPY 750,000 Aug 19, 2018 - Aug 18, 2020 A+ (Affirmed)

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn) Sec. Str. Bonds No.322 JPY 20,000 Nov 05, 1999 Nov 22, 2029 A+ (Affirmed) Sec. Str. Bonds No.330 JPY 15,000 Mar 19, 2001 Mar 25, 2021 A+ (Affirmed) Sec. Str. Bonds No.368 JPY 20,000 Aug 10, 2010 Aug 25, 2020 A+ (Affirmed) Sec. Str. Bonds No.369 JPY 20,000 Oct 22, 2010 Oct 23, 2020 A+ (Affirmed) Sec. Str. Bonds No.370 JPY 20,000 Dec 22, 2010 Dec 25, 2020 A+ (Affirmed) Sec. Str. Bonds No.372 JPY 20,000 Sep 04, 2012 Aug 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.375 JPY 15,000 Apr 22, 2013 Apr 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.377 JPY 20,000 Sep 03, 2013 Aug 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.378 JPY 20,000 Oct 18, 2013 Oct 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.379 JPY 25,000 Jan 27, 2014 Jan 25, 2021 A+ (Affirmed) Sec. Str. Bonds No.381 JPY 20,000 Apr 22, 2014 Apr 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.382 JPY 30,000 May 26, 2014 May 25, 2021 A+ (Affirmed) Sec. Str. Bonds No.383 JPY 20,000 Oct 24, 2014 Oct 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.384 JPY 10,000 Apr 22, 2015 Apr 25, 2030 A+ (Affirmed) Sec. Str. Bonds No.385 JPY 10,000 Jul 16, 2015 Jul 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.386 JPY 10,000 Dec 10, 2015 Dec 25, 2025 A+ (Affirmed)

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Sec. Str. Bonds No.387 JPY 10,000 Jan 25, 2016 Jan 24, 2031 A+ (Affirmed) Sec. Str. Bonds No.388 JPY 10,000 Mar 11, 2016 Feb 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.389 JPY 10,000 Apr 13, 2016 Apr 24, 2026 A+ (Affirmed) Sec. Str. Bonds No.391 JPY 10,000 Jun 21, 2016 Jun 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.392 JPY 10,000 Sep 08, 2016 Sep 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.393 JPY 10,000 Nov 25, 2016 Nov 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.394 JPY 10,000 Nov 25, 2016 Nov 25, 2036 A+ (Affirmed) Sec. Str. Bonds No.395 JPY 20,000 Jan 20, 2017 Jan 24, 2025 A+ (Affirmed) Sec. Str. Bonds No.396 JPY 10,000 Jan 20, 2017 Jan 23, 2032 A+ (Affirmed) Sec. Str. Bonds No.397 JPY 10,000 Apr 21, 2017 Apr 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.398 JPY 20,000 Jul 18, 2017 Jul 23, 2027 A+ (Affirmed) Sec. Str. Bonds No.399 JPY 10,000 Jul 18, 2017 Jun 25, 2037 A+ (Affirmed) Sec. Str. Bonds No.400 JPY 30,000 Sep 15, 2017 Sep 24, 2027 A+ (Affirmed) Sec. Str. Bonds No.401 JPY 10,000 Oct 16, 2017 Oct 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.402 JPY 20,000 Oct 16, 2017 Oct 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.403 JPY 10,000 Jan 25, 2018 Jan 25, 2038 A+ (Affirmed) Sec. Str. Bonds No.404 JPY 20,000 Apr 16, 2018 Apr 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.405 JPY 10,000 May 25, 2018 May 23, 2025 A+ (Affirmed) Sec. Str. Bonds No.406 JPY 10,000 May 25, 2018 May 25, 2038 A+ (Affirmed) Sec. Str. Bonds No.407 JPY 10,000 Jul 17, 2018 Jul 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.408 JPY 20,000 Jul 17, 2018 Jul 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.409 JPY 10,000 Sep 18, 2018 Sep 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.410 JPY 10,000 Sep 03, 2018 Aug 25, 2037 A+ (Affirmed) Sec. Str. Bonds No.411 JPY 20,000 Oct 15, 2018 Oct 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.412 JPY 10,000 Jan 25, 2019 Jan 25, 2039 A+ (Affirmed) Sec. Str. Bonds No.413 JPY 10,000 Feb 26, 2019 Feb 22, 2029 A+ (Affirmed) Sec. Str. Bonds No.414 JPY 10,000 Apr 11, 2019 Apr 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.415 JPY 10,000 May 29, 2019 May 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.416 JPY 20,000 May 29, 2019 May 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.417 JPY 10,000 May 29, 2019 May 25, 2039 A+ (Affirmed) Sec. Str. Bonds No.418 JPY 20,000 Jul 25, 2019 Jul 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.419 JPY 30,000 Sep 25, 2019 Sep 24, 2049 A+ (Affirmed) Sec. Str. Bonds No.420 JPY 20,000 Oct 10, 2019 Oct 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.421 JPY 10,000 Dec 02, 2019 Nov 25, 2044 A+ (Affirmed) Sec. Str. Bonds No.422 JPY 10,000 Apr 24, 2020 Apr 25, 2030 A+ (Affirmed) Sec. Str. Bonds No.423 JPY 10,000 Apr 24, 2020 Apr 25, 2042 A+ (Affirmed) Sec. Str. Bonds No.424 JPY 10,000 May 29, 2020 May 25, 2045 A+ (Affirmed) Sec. Str. Bonds No.425 JPY 20,000 Jun 24, 2020 Jun 25, 2030 A+ (Affirmed) Sec. Str. Bonds No.426 JPY 20,000 Jul 09, 2020 Jul 25, 2030 A+ (Affirmed)

NAME ISSUE LIMIT (mn) SUPPORT RATING Commercial Paper JPY 180,000 Unsecured a-1 (Affirmed)

NEWS RELEASE

ISSUER: Hokuriku Electric Power Co. (Sec. Code: 9505)

NAME RATING RATING OUTLOOK Issuer Rating A+ (Affirmed) Negative → Stable

ISSUE AMOUNT PRELIMINARY NAME ISSUE PERIOD (mn) RATING Shelf Registration (Bonds) JPY 200,000 Aug 05, 2019 - Aug 04, 2021 A+ (Affirmed)

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn) Sec. Str. Bonds No.297 JPY 20,000 Oct 15, 2010 Oct 23, 2020 A+ (Affirmed) Sec. Str. Bonds No.299 JPY 20,000 Aug 14, 2012 Aug 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.301 JPY 20,000 Mar 04, 2013 Mar 24, 2023 A+ (Affirmed) Sec. Str. Bonds No.302 JPY 20,000 May 20, 2013 May 25, 2021 A+ (Affirmed) Sec. Str. Bonds No.304 JPY 20,000 Oct 10, 2013 Oct 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.306 JPY 20,000 May 26, 2014 May 24, 2024 A+ (Affirmed) Sec. Str. Bonds No.307 JPY 15,000 Jun 19, 2014 Jun 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.308 JPY 20,000 Sep 10, 2014 Sep 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.310 JPY 20,000 Jun 11, 2015 Jun 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.311 JPY 10,000 Sep 17, 2015 Sep 24, 2027 A+ (Affirmed) Sec. Str. Bonds No.312 JPY 10,000 Sep 17, 2015 Sep 25, 2030 A+ (Affirmed) Sec. Str. Bonds No.314 JPY 20,000 Feb 25, 2016 Feb 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.315 JPY 10,000 Apr 21, 2016 Apr 24, 2026 A+ (Affirmed) Sec. Str. Bonds No.316 JPY 10,000 Apr 21, 2016 Apr 25, 2031 A+ (Affirmed) Sec. Str. Bonds No.317 JPY 20,000 Jun 16, 2016 Jun 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.318 JPY 10,000 Dec 01, 2016 Dec 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.319 JPY 10,000 Dec 15, 2016 Dec 15, 2020 A+ (Affirmed) Sec. Str. Bonds No.320 JPY 10,000 Feb 28, 2017 Feb 25, 2037 A+ (Affirmed) Sec. Str. Bonds No.321 JPY 20,000 Apr 20, 2017 Apr 23, 2027 A+ (Affirmed) Sec. Str. Bonds No.322 JPY 20,000 Jun 06, 2017 Jun 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.323 JPY 10,000 Jul 19, 2017 Jun 25, 2037 A+ (Affirmed) Sec. Str. Bonds No.324 JPY 10,000 Nov 14, 2017 Nov 25, 2032 A+ (Affirmed) Sec. Str. Bonds No.325 JPY 10,000 Nov 28, 2017 Nov 26, 2021 A+ (Affirmed) Sec. Str. Bonds No.326 JPY 10,000 Apr 23, 2018 Apr 23, 2038 A+ (Affirmed) Sec. Str. Bonds No.327 JPY 20,000 Jul 17, 2018 Jul 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.328 JPY 10,000 Dec 04, 2018 Dec 25, 2035 A+ (Affirmed) Sec. Str. Bonds No.329 JPY 10,000 Dec 17, 2018 Dec 16, 2022 A+ (Affirmed) Sec. Str. Bonds No.330 JPY 20,000 May 29, 2019 May 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.331 JPY 10,000 May 29, 2019 May 25, 2039 A+ (Affirmed) Sec. Str. Bonds No.332 JPY 10,000 Jun 20, 2019 Jun 25, 2036 A+ (Affirmed) Sec. Str. Bonds No.333 JPY 10,000 Sep 04, 2019 Aug 24, 2029 A+ (Affirmed) Sec. Str. Bonds No.334 JPY 10,000 Dec 04, 2019 Nov 25, 2039 A+ (Affirmed) Sec. Str. Bonds No.335 JPY 10,000 Dec 25, 2019 Dec 20, 2023 A+ (Affirmed)

NEWS RELEASE

Sec. Str. Bonds No.336 JPY 10,000 May 27, 2020 May 25, 2040 A+ (Affirmed) Sec. Str. Bonds No.337 JPY 10,000 Jul 15, 2020 Jun 25, 2030 A+ (Affirmed)

NAME ISSUE LIMIT (mn) SUPPORT RATING Commercial Paper JPY 80,000 Unsecured a-1 (Affirmed)

ISSUER: Tohoku Electric Power Co., Inc. (Sec. Code: 9506)

NAME RATING RATING OUTLOOK Issuer Rating A+ (Affirmed) Stable

ISSUE AMOUNT PRELIMINARY NAME ISSUE PERIOD (mn) RATING Shelf Registration (Bonds) JPY 550,000 Oct 03, 2018 - Oct 02, 2020 A+ (Affirmed)

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn) Sec. Str. Bonds No.456 JPY 30,000 Nov 29, 2010 Nov 25, 2020 A+ (Affirmed) Sec. Str. Bonds No.460 JPY 10,000 Mar 16, 2012 Feb 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.462 JPY 15,000 May 31, 2012 May 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.465 JPY 20,000 Sep 24, 2012 Sep 22, 2022 A+ (Affirmed) Sec. Str. Bonds No.468 JPY 15,000 Apr 24, 2013 Apr 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.469 JPY 10,000 Jun 13, 2013 Jun 23, 2023 A+ (Affirmed) Sec. Str. Bonds No.470 JPY 30,000 Jun 25, 2013 Jun 23, 2023 A+ (Affirmed) Sec. Str. Bonds No.471 JPY 10,000 Dec 12, 2013 Dec 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.472 JPY 10,000 Feb 25, 2014 Feb 23, 2024 A+ (Affirmed) Sec. Str. Bonds No.473 JPY 40,000 Apr 23, 2014 Apr 23, 2021 A+ (Affirmed) Sec. Str. Bonds No.475 JPY 20,000 Sep 16, 2014 Sep 25, 2024 A+ (Affirmed) Sec. Str. Bonds No.476 JPY 20,000 Jan 16, 2015 Jan 24, 2025 A+ (Affirmed) Sec. Str. Bonds No.477 JPY 20,000 Feb 26, 2015 Feb 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.478 JPY 10,000 Feb 26, 2015 Feb 25, 2030 A+ (Affirmed) Sec. Str. Bonds No.479 JPY 10,000 Apr 27, 2015 Apr 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.480 JPY 10,000 Apr 27, 2015 Apr 25, 2030 A+ (Affirmed) Sec. Str. Bonds No.481 JPY 20,000 Jul 23, 2015 Jul 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.482 JPY 20,000 Feb 25, 2016 Feb 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.483 JPY 20,000 May 24, 2016 May 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.484 JPY 20,000 May 24, 2016 May 23, 2036 A+ (Affirmed) Sec. Str. Bonds No.485 JPY 20,000 Jul 14, 2016 Jul 24, 2026 A+ (Affirmed) Sec. Str. Bonds No.486 JPY 10,000 Jul 14, 2016 Jul 25, 2036 A+ (Affirmed) Sec. Str. Bonds No.487 JPY 20,000 Sep 08, 2016 Sep 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.488 JPY 20,000 Oct 20, 2016 Oct 23, 2026 A+ (Affirmed) Sec. Str. Bonds No.490 JPY 10,000 Feb 28, 2017 Feb 24, 2023 A+ (Affirmed) Sec. Str. Bonds No.491 JPY 10,000 Feb 28, 2017 Feb 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.492 JPY 20,000 Apr 20, 2017 Apr 23, 2027 A+ (Affirmed) Sec. Str. Bonds No.493 JPY 10,000 Apr 20, 2017 Apr 24, 2037 A+ (Affirmed)

NEWS RELEASE

Sec. Str. Bonds No.494 JPY 20,000 Jun 08, 2017 Jun 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.496 JPY 20,000 Sep 07, 2017 Sep 24, 2027 A+ (Affirmed) Sec. Str. Bonds No.497 JPY 10,000 Sep 07, 2017 Sep 25, 2037 A+ (Affirmed) Sec. Str. Bonds No.498 JPY 10,000 Nov 27, 2017 Nov 25, 2022 A+ (Affirmed) Sec. Str. Bonds No.499 JPY 20,000 Nov 27, 2017 Nov 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.500 JPY 10,000 Dec 22, 2017 Dec 25, 2020 A+ (Affirmed) Sec. Str. Bonds No.501 JPY 20,000 Jun 07, 2018 Jun 23, 2028 A+ (Affirmed) Sec. Str. Bonds No.502 JPY 10,000 Jun 07, 2018 May 25, 2038 A+ (Affirmed) Sec. Str. Bonds No.503 JPY 10,000 Jun 22, 2018 Jun 25, 2021 A+ (Affirmed) Sec. Str. Bonds No.504 JPY 20,000 Oct 24, 2018 Oct 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.505 JPY 20,000 Nov 29, 2018 Nov 24, 2028 A+ (Affirmed) Sec. Str. Bonds No.506 JPY 10,000 Dec 21, 2018 Dec 24, 2021 A+ (Affirmed) Sec. Str. Bonds No.507 JPY 10,000 Feb 28, 2019 Feb 25, 2039 A+ (Affirmed) Sec. Str. Bonds No.508 JPY 40,000 Apr 10, 2019 Apr 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.509 JPY 40,000 May 29, 2019 May 24, 2024 A+ (Affirmed) Sec. Str. Bonds No.510 JPY 20,000 May 29, 2019 May 25, 2035 A+ (Affirmed) Sec. Str. Bonds No.511 JPY 15,000 Jun 25, 2019 Jun 24, 2022 A+ (Affirmed) Sec. Str. Bonds No.512 JPY 30,000 Sep 04, 2019 Sep 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.513 JPY 40,000 Oct 17, 2019 Oct 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.514 JPY 20,000 Oct 17, 2019 Sep 22, 2039 A+ (Affirmed) Sec. Str. Bonds No.515 JPY 10,000 Nov 27, 2019 Nov 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.516 JPY 15,000 Dec 25, 2019 Dec 23, 2022 A+ (Affirmed) Sec. Str. Bonds No.517 JPY 5,000 Feb 27, 2020 Feb 25, 2030 A+ (Affirmed) (Green Bonds) Sec. Str. Bonds No.518 JPY 10,000 Apr 16, 2020 Apr 25, 2030 A+ (Affirmed) Sec. Str. Bonds No.519 JPY 10,000 Apr 16, 2020 Apr 25, 2040 A+ (Affirmed) Sec. Str. Bonds No.520 JPY 45,000 May 27, 2020 May 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.521 JPY 50,000 May 27, 2020 May 24, 2030 A+ (Affirmed) Sec. Str. Bonds No.522 JPY 45,000 Jun 09, 2020 Jun 25, 2025 A+ (Affirmed) Sec. Str. Bonds No.523 JPY 10,000 Jun 10, 2020 Jun 25, 2036 A+ (Affirmed)

NAME ISSUE LIMIT (mn) SUPPORT RATING Commercial Paper JPY 200,000 Unsecured a-1 (Affirmed)

ISSUER: Shikoku Electric Power Co., Inc. (Sec. Code: 9507)

NAME RATING RATING OUTLOOK Issuer Rating A+ (Affirmed) Stable

ISSUE AMOUNT PRELIMINARY NAME ISSUE PERIOD (mn) RATING Shelf Registration (Bonds) JPY 150,000 Aug 18, 2019 - Aug 17, 2021 A+ (Affirmed)

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn)

NEWS RELEASE

Sec. Str. Bonds No.245 JPY 10,000 Jun 25, 2001 Jun 25, 2021 A+ (Affirmed) Sec. Str. Bonds No.251 JPY 20,000 Dec 02, 2002 Sep 22, 2022 A+ (Affirmed) Sec. Str. Bonds No.253 JPY 20,000 Jun 25, 2003 Jun 23, 2023 A+ (Affirmed) Sec. Str. Bonds No.264 JPY 30,000 May 31, 2007 May 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.274 JPY 20,000 Oct 25, 2010 Oct 23, 2020 A+ (Affirmed) Sec. Str. Bonds No.277 JPY 20,000 Sep 25, 2012 Sep 22, 2022 A+ (Affirmed) Sec. Str. Bonds No.281 JPY 20,000 Sep 25, 2013 Sep 25, 2023 A+ (Affirmed) Sec. Str. Bonds No.285 JPY 20,000 Jan 26, 2015 Jan 24, 2025 A+ (Affirmed) Sec. Str. Bonds No.289 JPY 10,000 Nov 30, 2016 Nov 25, 2026 A+ (Affirmed) Sec. Str. Bonds No.291 JPY 10,000 Feb 16, 2017 Jan 23, 2037 A+ (Affirmed) Sec. Str. Bonds No.292 JPY 10,000 May 25, 2017 May 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.293 JPY 10,000 May 25, 2017 May 25, 2037 A+ (Affirmed) Sec. Str. Bonds No.295 JPY 10,000 Oct 25, 2017 Oct 23, 2037 A+ (Affirmed) Sec. Str. Bonds No.296 JPY 10,000 Nov 24, 2017 Nov 25, 2027 A+ (Affirmed) Sec. Str. Bonds No.297 JPY 10,000 Mar 14, 2018 Dec 25, 2020 A+ (Affirmed) Sec. Str. Bonds No.298 JPY 10,000 Apr 25, 2018 Apr 24, 2043 A+ (Affirmed) Sec. Str. Bonds No.299 JPY 10,000 May 25, 2018 May 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.300 JPY 10,000 May 25, 2018 May 25, 2038 A+ (Affirmed) Sec. Str. Bonds No.301 JPY 12,500 Jun 25, 2018 Jun 25, 2021 A+ (Affirmed) Sec. Str. Bonds No.302 JPY 10,000 Oct 25, 2018 Oct 25, 2028 A+ (Affirmed) Sec. Str. Bonds No.303 JPY 10,000 Oct 25, 2018 Oct 25, 2038 A+ (Affirmed) Sec. Str. Bonds No.304 JPY 12,500 Dec 25, 2018 Dec 24, 2021 A+ (Affirmed) Sec. Str. Bonds No.305 JPY 12,500 Jun 25, 2019 Jun 24, 2022 A+ (Affirmed) Sec. Str. Bonds No.306 JPY 10,000 Jun 25, 2019 Jun 25, 2049 A+ (Affirmed) Sec. Str. Bonds No.307 JPY 10,000 Sep 25, 2019 Sep 25, 2029 A+ (Affirmed) Sec. Str. Bonds No.308 JPY 12,500 Dec 25, 2019 Dec 23, 2022 A+ (Affirmed) Sec. Str. Bonds No.309 JPY 20,000 May 25, 2020 May 24, 2030 A+ (Affirmed) Sec. Str. Bonds No.310 JPY 10,000 May 25, 2020 May 25, 2040 A+ (Affirmed) Sec. Str. Bonds No.311 JPY 12,500 Jul 27, 2020 Jun 23, 2023 A+ (Affirmed)

NAME ISSUE LIMIT (mn) SUPPORT RATING Commercial Paper JPY 120,000 Unsecured a-1 (Affirmed)

ISSUER: Kyushu Electric Power Co., Inc. (Sec. Code: 9508)

NAME RATING RATING OUTLOOK Issuer Rating A (Affirmed) Stable

ISSUE AMOUNT PRELIMINARY NAME ISSUE PERIOD (mn) RATING Shelf Registration (Bonds) JPY 600,000 Jun 26, 2020 - Jun 25, 2022 A (Affirmed)

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn) Sec. Str. Bonds No.371 JPY 30,000 Feb 20, 2003 Dec 22, 2022 A (Affirmed)

NEWS RELEASE

Sec. Str. Bonds No.373 JPY 20,000 Jun 25, 2003 Jun 23, 2023 A (Affirmed) Sec. Str. Bonds No.404 JPY 20,000 Oct 17, 2008 Oct 23, 2020 A (Affirmed) Sec. Str. Bonds No.412 JPY 20,000 Aug 11, 2010 Aug 25, 2020 A (Affirmed) Sec. Str. Bonds No.413 JPY 20,000 Aug 11, 2010 Aug 09, 2030 A (Affirmed) Sec. Str. Bonds No.414 JPY 30,000 Nov 26, 2010 Nov 25, 2020 A (Affirmed) Sec. Str. Bonds No.424 JPY 20,000 Nov 28, 2013 Nov 24, 2023 A (Affirmed) Sec. Str. Bonds No.426 JPY 40,000 Feb 26, 2014 Feb 23, 2024 A (Affirmed) Sec. Str. Bonds No.427 JPY 40,000 May 29, 2014 May 24, 2024 A (Affirmed) Sec. Str. Bonds No.428 JPY 20,000 Jul 16, 2014 Jul 25, 2024 A (Affirmed) Sec. Str. Bonds No.429 JPY 30,000 Sep 11, 2014 Sep 25, 2024 A (Affirmed) Sec. Str. Bonds No.430 JPY 30,000 Oct 16, 2014 Oct 25, 2021 A (Affirmed) Sec. Str. Bonds No.431 JPY 20,000 Dec 10, 2014 Dec 25, 2024 A (Affirmed) Sec. Str. Bonds No.432 JPY 10,000 Oct 23, 2015 Oct 23, 2020 A (Affirmed) Sec. Str. Bonds No.433 JPY 10,000 Nov 27, 2015 Nov 25, 2020 A (Affirmed) Sec. Str. Bonds No.434 JPY 10,000 Nov 27, 2015 Nov 25, 2025 A (Affirmed) Sec. Str. Bonds No.436 JPY 10,000 Jan 19, 2016 Jan 25, 2022 A (Affirmed) Sec. Str. Bonds No.437 JPY 10,000 Jan 19, 2016 Jan 23, 2026 A (Affirmed) Sec. Str. Bonds No.438 JPY 20,000 Apr 19, 2016 Apr 25, 2022 A (Affirmed) Sec. Str. Bonds No.439 JPY 20,000 Apr 19, 2016 Apr 25, 2036 A (Affirmed) Sec. Str. Bonds No.441 JPY 10,000 Jun 21, 2016 Jun 25, 2026 A (Affirmed) Sec. Str. Bonds No.442 JPY 10,000 Jun 21, 2016 Jun 25, 2036 A (Affirmed) Sec. Str. Bonds No.443 JPY 20,000 Aug 29, 2016 Aug 25, 2022 A (Affirmed) Sec. Str. Bonds No.444 JPY 20,000 Oct 25, 2016 Oct 23, 2026 A (Affirmed) Sec. Str. Bonds No.445 JPY 10,000 Dec 14, 2016 Dec 25, 2026 A (Affirmed) Sec. Str. Bonds No.446 JPY 10,000 Dec 14, 2016 Dec 25, 2036 A (Affirmed) Sec. Str. Bonds No.447 JPY 10,000 Jan 24, 2017 Jan 25, 2023 A (Affirmed) Sec. Str. Bonds No.448 JPY 10,000 Jan 24, 2017 Jan 23, 2037 A (Affirmed) Sec. Str. Bonds No.449 JPY 30,000 Apr 26, 2017 Apr 23, 2027 A (Affirmed) Sec. Str. Bonds No.450 JPY 10,000 May 31, 2017 May 25, 2022 A (Affirmed) Sec. Str. Bonds No.451 JPY 20,000 May 31, 2017 May 25, 2027 A (Affirmed) Sec. Str. Bonds No.453 JPY 20,000 Aug 31, 2017 Aug 25, 2027 A (Affirmed) Sec. Str. Bonds No.454 JPY 10,000 Oct 26, 2017 Oct 25, 2022 A (Affirmed) Sec. Str. Bonds No.455 JPY 20,000 Nov 22, 2017 Nov 25, 2027 A (Affirmed) Sec. Str. Bonds No.456 JPY 10,000 Nov 22, 2017 Nov 25, 2037 A (Affirmed) Sec. Str. Bonds No.457 JPY 20,000 Dec 14, 2017 Dec 22, 2022 A (Affirmed) Sec. Str. Bonds No.458 JPY 10,000 Dec 25, 2017 Dec 25, 2020 A (Affirmed) Sec. Str. Bonds No.459 JPY 10,000 Jan 24, 2018 Jan 25, 2028 A (Affirmed) Sec. Str. Bonds No.460 JPY 10,000 Mar 01, 2018 Feb 24, 2023 A (Affirmed) Sec. Str. Bonds No.461 JPY 10,000 Mar 01, 2018 Feb 25, 2038 A (Affirmed) Sec. Str. Bonds No.462 JPY 20,000 May 24, 2018 May 25, 2028 A (Affirmed) Sec. Str. Bonds No.463 JPY 10,000 May 24, 2018 May 25, 2038 A (Affirmed) Sec. Str. Bonds No.464 JPY 15,000 Jun 25, 2018 Jun 25, 2021 A (Affirmed)

NEWS RELEASE

Sec. Str. Bonds No.465 JPY 20,000 Jul 12, 2018 Jul 25, 2028 A (Affirmed) Sec. Str. Bonds No.466 JPY 10,000 Jul 12, 2018 Jul 23, 2038 A (Affirmed) Sec. Str. Bonds No.467 JPY 20,000 Aug 30, 2018 Aug 25, 2023 A (Affirmed) Sec. Str. Bonds No.468 JPY 20,000 Aug 30, 2018 Aug 25, 2028 A (Affirmed) Sec. Str. Bonds No.469 JPY 20,000 Oct 24, 2018 Oct 24, 2025 A (Affirmed) Sec. Str. Bonds No.470 JPY 10,000 Oct 24, 2018 Oct 25, 2035 A (Affirmed) Sec. Str. Bonds No.471 JPY 20,000 Nov 21, 2018 Nov 24, 2028 A (Affirmed) Sec. Str. Bonds No.472 JPY 10,000 Nov 21, 2018 Nov 25, 2038 A (Affirmed) Sec. Str. Bonds No.473 JPY 15,000 Dec 25, 2018 Dec 24, 2021 A (Affirmed) Sec. Str. Bonds No.474 JPY 10,000 Mar 14, 2019 Mar 25, 2024 A (Affirmed) Sec. Str. Bonds No.475 JPY 10,000 Mar 14, 2019 Mar 25, 2039 A (Affirmed) Sec. Str. Bonds No.476 JPY 35,000 May 23, 2019 May 25, 2029 A (Affirmed) Sec. Str. Bonds No.477 JPY 15,000 May 23, 2019 May 25, 2039 A (Affirmed) Sec. Str. Bonds No.478 JPY 15,000 Jun 13, 2019 Jun 25, 2037 A (Affirmed) Sec. Str. Bonds No.479 JPY 15,000 Jun 25, 2019 Jun 24, 2022 A (Affirmed) Sec. Str. Bonds No.480 JPY 10,000 Jul 25, 2019 Jul 25, 2025 A (Affirmed) Sec. Str. Bonds No.481 JPY 20,000 Jul 25, 2019 Jul 25, 2029 A (Affirmed) Sec. Str. Bonds No.482 JPY 60,000 Sep 03, 2019 Aug 23, 2024 A (Affirmed) Sec. Str. Bonds No.483 JPY 15,000 Sep 03, 2019 Aug 25, 2039 A (Affirmed) Sec. Str. Bonds No.484 JPY 35,000 Nov 28, 2019 Nov 22, 2029 A (Affirmed) Sec. Str. Bonds No.485 JPY 10,000 Nov 28, 2019 Nov 25, 2039 A (Affirmed) Sec. Str. Bonds No.486 JPY 15,000 Dec 25, 2019 Dec 23, 2022 A (Affirmed) Sec. Str. Bonds No.487 JPY 15,000 Dec 17, 2019 Dec 24, 2049 A (Affirmed) Sec. Str. Bonds No.488 JPY 45,000 May 21, 2020 May 25, 2023 A (Affirmed) Sec. Str. Bonds No.489 JPY 25,000 May 21, 2020 May 24, 2030 A (Affirmed)

NAME ISSUE LIMIT (mn) SUPPORT RATING Commercial Paper JPY 250,000 Unsecured a-1 (Affirmed)

ISSUER: Hokkaido Electric Power Co., Inc. (Sec. Code: 9509)

NAME RATING RATING OUTLOOK Issuer Rating A (Affirmed) Negative → Stable

ISSUE AMOUNT PRELIMINARY NAME ISSUE PERIOD (mn) RATING Shelf Registration (Bonds) JPY 250,000 Aug 07, 2018 - Aug 06, 2020 A (Affirmed)

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn) Sec. Str. Bonds No.290 JPY 20,000 Apr 25, 2006 Apr 23, 2021 A (Affirmed) Sec. Str. Bonds No.298 JPY 15,000 Sep 19, 2008 Sep 25, 2020 A (Affirmed) Sec. Str. Bonds No.302 JPY 20,000 Jan 28, 2009 Jan 25, 2029 A (Affirmed) Sec. Str. Bonds No.308 JPY 20,000 Sep 21, 2010 Sep 25, 2020 A (Affirmed) Sec. Str. Bonds No.310 JPY 15,000 Dec 06, 2010 Dec 25, 2020 A (Affirmed)

NEWS RELEASE

Sec. Str. Bonds No.312 JPY 20,000 Oct 24, 2012 Oct 25, 2022 A (Affirmed) Sec. Str. Bonds No.317 JPY 20,000 Dec 03, 2013 Nov 24, 2023 A (Affirmed) Sec. Str. Bonds No.320 JPY 10,000 Dec 10, 2014 Dec 24, 2021 A (Affirmed) Sec. Str. Bonds No.321 JPY 10,000 Dec 10, 2014 Dec 25, 2024 A (Affirmed) Sec. Str. Bonds No.323 JPY 10,000 Mar 04, 2015 Mar 25, 2030 A (Affirmed) Sec. Str. Bonds No.324 JPY 10,000 Oct 14, 2015 Oct 23, 2020 A (Affirmed) Sec. Str. Bonds No.325 JPY 10,000 Oct 14, 2015 Oct 25, 2030 A (Affirmed) Sec. Str. Bonds No.326 JPY 10,000 Dec 08, 2015 Dec 25, 2025 A (Affirmed) Sec. Str. Bonds No.328 JPY 10,000 Jan 20, 2016 Jan 25, 2023 A (Affirmed) Sec. Str. Bonds No.329 JPY 20,000 Jan 20, 2016 Jan 23, 2026 A (Affirmed) Sec. Str. Bonds No.330 JPY 10,000 Mar 10, 2016 Mar 25, 2031 A (Affirmed) Sec. Str. Bonds No.331 JPY 10,000 Apr 25, 2016 Apr 24, 2026 A (Affirmed) Sec. Str. Bonds No.332 JPY 20,000 Apr 25, 2016 Apr 25, 2036 A (Affirmed) Sec. Str. Bonds No.333 JPY 15,000 Jun 14, 2016 Jun 23, 2023 A (Affirmed) Sec. Str. Bonds No.334 JPY 15,000 Jun 14, 2016 Jun 25, 2031 A (Affirmed) Sec. Str. Bonds No.335 JPY 20,000 Sep 14, 2016 Sep 25, 2026 A (Affirmed) Sec. Str. Bonds No.336 JPY 10,000 Sep 14, 2016 Aug 25, 2036 A (Affirmed) Sec. Str. Bonds No.337 JPY 20,000 Dec 08, 2016 Dec 25, 2026 A (Affirmed) Sec. Str. Bonds No.338 JPY 10,000 Dec 08, 2016 Nov 25, 2036 A (Affirmed) Sec. Str. Bonds No.340 JPY 30,000 Apr 13, 2017 Apr 23, 2027 A (Affirmed) Sec. Str. Bonds No.341 JPY 10,000 Apr 13, 2017 Mar 25, 2037 A (Affirmed) Sec. Str. Bonds No.342 JPY 20,000 Jun 08, 2017 Jun 25, 2027 A (Affirmed) Sec. Str. Bonds No.343 JPY 10,000 Jun 08, 2017 May 25, 2037 A (Affirmed) Sec. Str. Bonds No.344 JPY 10,000 Sep 13, 2017 Sep 22, 2022 A (Affirmed) Sec. Str. Bonds No.345 JPY 30,000 Sep 13, 2017 Sep 25, 2024 A (Affirmed) Sec. Str. Bonds No.346 JPY 30,000 Dec 13, 2017 Dec 25, 2024 A (Affirmed) Sec. Str. Bonds No.347 JPY 10,000 Dec 13, 2017 Nov 25, 2037 A (Affirmed) Sec. Str. Bonds No.348 JPY 10,000 Dec 25, 2017 Dec 25, 2020 A (Affirmed) Sec. Str. Bonds No.349 JPY 30,000 Apr 11, 2018 Apr 25, 2028 A (Affirmed) Sec. Str. Bonds No.350 JPY 10,000 Apr 11, 2018 Mar 25, 2038 A (Affirmed) Sec. Str. Bonds No.351 JPY 20,000 Jul 18, 2018 Jul 25, 2023 A (Affirmed) Sec. Str. Bonds No.352 JPY 10,000 Nov 28, 2018 Nov 25, 2025 A (Affirmed) Sec. Str. Bonds No.353 JPY 10,000 Nov 28, 2018 Dec 25, 2034 A (Affirmed) Sec. Str. Bonds No.354 JPY 20,000 Dec 12, 2018 Dec 25, 2028 A (Affirmed) Sec. Str. Bonds No.355 JPY 10,000 Dec 25, 2018 Dec 24, 2021 A (Affirmed) Sec. Str. Bonds No.356 JPY 10,000 Jan 29, 2019 Jan 23, 2026 A (Affirmed) Sec. Str. Bonds No.357 JPY 30,000 May 22, 2019 May 25, 2029 A (Affirmed) Sec. Str. Bonds No.358 JPY 10,000 Oct 10, 2019 Oct 25, 2029 A (Affirmed) Sec. Str. Bonds No.359 JPY 10,000 Dec 25, 2019 Dec 23, 2022 A (Affirmed) Sec. Str. Bonds No.360 JPY 15,000 Apr 16, 2020 Apr 25, 2030 A (Affirmed) Sec. Str. Bonds No.361 JPY 20,000 May 27, 2020 May 24, 2024 A (Affirmed) Sec. Str. Bonds No.362 JPY 10,000 May 27, 2020 May 25, 2040 A (Affirmed)

NEWS RELEASE

Sec. Str. Bonds No.363 JPY 20,000 Jul 14, 2020 Jul 25, 2030 A (Affirmed) Sec. Str. Bonds No.364 JPY 10,000 Jul 14, 2020 Jul 25, 2035 A (Affirmed)

NAME AMOUNT (mn) Loan Execution MATURITY RATING Sub. Loan JPY 80,000 Aug 29, 2019 Aug 29, 2049 BBB+ (Affirmed)

NAME ISSUE LIMIT (mn) SUPPORT RATING Commercial Paper JPY 100,000 Unsecured a-1 (Affirmed)

ISSUER: Electric Power Development Co., Ltd. (Sec. Code: 9513)

NAME RATING RATING OUTLOOK Issuer Rating A+ (Affirmed) Stable

ISSUE AMOUNT PRELIMINARY NAME ISSUE PERIOD (mn) RATING Shelf Registration (Bonds) JPY 300,000 Jul 07, 2019 - Jul 06, 2021 A+ (Affirmed)

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn) Unsec. Str. Bonds No.3 JPY 10,000 Mar 02, 2004 Dec 20, 2023 A+ (Affirmed) Unsec. Str. Bonds No.5 JPY 10,000 Nov 02, 2004 Sep 20, 2024 A+ (Affirmed) Unsec. Str. Bonds No.8 JPY 20,000 Feb 24, 2005 Dec 20, 2024 A+ (Affirmed) Unsec. Str. Bonds No.11 JPY 20,000 Jun 07, 2005 Mar 19, 2025 A+ (Affirmed) Unsec. Str. Bonds No.13 JPY 20,000 Jul 22, 2005 Jun 20, 2025 A+ (Affirmed) Unsec. Str. Bonds No.15 JPY 20,000 Oct 20, 2005 Sep 19, 2025 A+ (Affirmed) Unsec. Str. Bonds No.26 JPY 15,000 Mar 12, 2009 Dec 20, 2028 A+ (Affirmed) Unsec. Str. Bonds No.31 JPY 20,000 Sep 09, 2010 Sep 18, 2020 A+ (Affirmed) Unsec. Str. Bonds No.32 JPY 20,000 Dec 09, 2010 Dec 18, 2020 A+ (Affirmed) Unsec. Str. Bonds No.33 JPY 20,000 Feb 24, 2011 Feb 19, 2021 A+ (Affirmed) Unsec. Str. Bonds No.35 JPY 20,000 Oct 22, 2012 Oct 20, 2022 A+ (Affirmed) Unsec. Str. Bonds No.37 JPY 20,000 Jul 25, 2013 Jul 20, 2021 A+ (Affirmed) Unsec. Str. Bonds No.38 JPY 20,000 Dec 16, 2013 Dec 20, 2023 A+ (Affirmed) Unsec. Str. Bonds No.39 JPY 20,000 Feb 24, 2014 Feb 20, 2024 A+ (Affirmed) Unsec. Str. Bonds No.40 JPY 20,000 Jun 11, 2014 Jun 20, 2024 A+ (Affirmed) Unsec. Str. Bonds No.41 JPY 20,000 Sep 02, 2014 Aug 20, 2024 A+ (Affirmed) Unsec. Str. Bonds No.42 JPY 10,000 Apr 18, 2016 Apr 20, 2026 A+ (Affirmed) Unsec. Str. Bonds No.43 JPY 20,000 Jun 07, 2016 Jun 19, 2026 A+ (Affirmed) Unsec. Str. Bonds No.44 JPY 10,000 Oct 20, 2016 Oct 20, 2036 A+ (Affirmed) Unsec. Str. Bonds No.45 JPY 10,000 Nov 29, 2016 Nov 20, 2026 A+ (Affirmed) Unsec. Str. Bonds No.46 JPY 20,000 Jan 19, 2017 Jan 19, 2024 A+ (Affirmed) Unsec. Str. Bonds No.47 JPY 10,000 Feb 22, 2017 Feb 20, 2037 A+ (Affirmed) Unsec. Str. Bonds No.48 JPY 10,000 Apr 13, 2017 Apr 20, 2032 A+ (Affirmed) Unsec. Str. Bonds No.49 JPY 20,000 May 18, 2017 May 20, 2027 A+ (Affirmed) Unsec. Str. Bonds No.50 JPY 10,000 Jul 19, 2017 Jul 20, 2027 A+ (Affirmed) Unsec. Str. Bonds No.51 JPY 10,000 Jul 19, 2017 Jul 17, 2037 A+ (Affirmed)

NEWS RELEASE

Unsec. Str. Bonds No.52 JPY 10,000 Sep 12, 2017 Sep 18, 2037 A+ (Affirmed) Unsec. Str. Bonds No.53 JPY 10,000 Oct 13, 2017 Oct 20, 2027 A+ (Affirmed) Unsec. Str. Bonds No.54 JPY 30,000 Nov 15, 2017 Nov 19, 2027 A+ (Affirmed) Unsec. Str. Bonds No.55 JPY 20,000 May 23, 2018 May 19, 2028 A+ (Affirmed) Unsec. Str. Bonds No.56 JPY 10,000 May 23, 2018 May 20, 2033 A+ (Affirmed) Unsec. Str. Bonds No.57 JPY 20,000 Jul 11, 2018 Jul 20, 2028 A+ (Affirmed) Unsec. Str. Bonds No.58 JPY 10,000 Jul 11, 2018 Jul 20, 2038 A+ (Affirmed) Unsec. Str. Bonds No.59 JPY 20,000 Sep 19, 2018 Sep 20, 2028 A+ (Affirmed) Unsec. Str. Bonds No.60 JPY 10,000 Sep 19, 2018 Sep 17, 2038 A+ (Affirmed) Unsec. Str. Bonds No.61 JPY 10,000 Oct 12, 2018 Oct 20, 2033 A+ (Affirmed) Unsec. Str. Bonds No.62 JPY 10,000 Oct 23, 2018 Oct 20, 2036 A+ (Affirmed) Unsec. Str. Bonds No.63 JPY 10,000 Nov 29, 2018 Nov 20, 2025 A+ (Affirmed) Unsec. Str. Bonds No.64 JPY 10,000 Apr 10, 2019 Apr 20, 2029 A+ (Affirmed) Unsec. Str. Bonds No.65 JPY 10,000 Apr 10, 2019 Apr 20, 2039 A+ (Affirmed) Unsec. Str. Bonds No.66 JPY 10,000 Apr 23, 2019 Apr 20, 2049 A+ (Affirmed) Unsec. Str. Bonds No.67 JPY 10,000 Sep 05, 2019 Sep 20, 2029 A+ (Affirmed) Unsec. Str. Bonds No.68 JPY 10,000 Sep 05, 2019 Sep 20, 2039 A+ (Affirmed) Unsec. Str. Bonds No.69 JPY 20,000 Oct 10, 2019 Oct 20, 2039 A+ (Affirmed) Unsec. Str. Bonds No.70 JPY 20,000 Jun 04, 2020 Jun 20, 2025 A+ (Affirmed) Unsec. Str. Bonds No.71 JPY 30,000 Jun 04, 2020 Jun 20, 2030 A+ (Affirmed)

NAME ISSUE LIMIT (mn) SUPPORT RATING Commercial Paper JPY 300,000 Unsecured a-1 (Affirmed)

ISSUER: The Japan Atomic Power Co.

NAME RATING RATING OUTLOOK Issuer Rating BB+ (Affirmed) Negative → Stable

ISSUE NAME ISSUE DATE MATURITY RATING AMOUNT (mn) Unsec. Str. Bonds No.3 JPY 20,000 Sep 17, 2010 Sep 25, 2020 BB+ (Affirmed) Unsec. Str. Bonds No.4 JPY 10,000 Feb 18, 2011 Feb 25, 2021 BB+ (Affirmed)

A preliminary rating is assigned when a provisional credit rating is needed for an individual obligation on which final terms have not been determined. A credit rating finally assigned may differ from the preliminary rating depending on, among others, the details of the actual contract of the individual obligation.