FACT BOOK 2009 Japanese Electric Power Industry and J-POWER

Electric Power Industry in Japan

Japan’s Electric Power Industry Structure (From April 1, 2005)

Electric Power Wholesale Power Other PPS Self-Generators Special Electric Companies Companies Utilities Utilities J-POWER Wholesale Suppliers

Power Wholesale Power Exchange Generation (Unregulated and Private)

Integrated utilities Other handle electricity Utilities PPS generation, transmission and distribution Improve transparency by Wheeling Services Neutral Network cutting off information and (Abolishment of transfer Organization accounting practices service contracts) Japanese Electric Power Industry and J-POWER Retail

Customers in the regulated Customers in the liberalized market market Self- Customers within Consumption Supply Contracts Electric rates are negotiated except Specific Areas (standard and optional) under last-resort contracts

Source: Federation of Electric Power Companies of Japan

Power Generating Capacity and Power Generated by Electric Power Utilities (As of March 31, 2009)

Entities Wholesale Power Companies Publicly Held Power Producer Electric Power Special Electric Total of Electric Japan Atomic Companies and Supplier Companies J-POWER Utilities Power Utilities Source Power and Others (PPS) Hydro Power Generating Capacity (MW) 34,888 (75) 8,561 (19) — 2,803 (6) 1 (0) — 46,252 (100) Power Generated (GWh) 56,451 (74) 9,470 (12) — 9,988 (13) 6 (0) — 75,914 (100) Thermal Power Generating Capacity (MW) 122,128 (87) 7,825 (6) — 9,481 (7) 282 (0) 965 (1) 140,680 (100) Power Generated (GWh) 508,599 (82) 52,574 (8) — 56,817 (9) 1,307 (0) 4,544 (1) 623,842 (100) Nuclear Power Generating Capacity (MW) 45,318 (95) — 2,617 (5) — — — 47,935 (100) Power Generated (GWh) 247,097 (96) — 11,031 (4) — — — 258,128 (100) Others Power Generating Capacity (MW) 4 (100) — ———— 4(100) Power Generated (GWh) 6 (100) — ———— 6(100) Total Power Generating Capacity (MW) 202,337 (86) 16,385 (7) 2,617 (1) 12,284 (5) 283 (0) 965 (0) 234,871 (100) Power Generated (GWh) 812,152 (85) 62,044 (6) 11,031 (1) 66,805 (7) 1,313 (0) 4,544 (0) 957,889 (100)

Source: Agency for Natural Resources and Energy

Notes: Figures in parentheses indicate percentage share of total generation by source. Figures for thermal include geothermal. Others are the total of wind power and solar power. Excluding self-generation Power Generating Capacity Power Generated Contents (As of March 31, 2009 / MW) (For the year ended March 31, 2009 / GWh) 0101 Japanese Electric Power Industry and 12 11 12 13 11 13 J-POWER 10 9 10 Electric Power Industry in Japan 1 8 1 9 02 J-POWER’s Power Generation 8 7 (Consolidated) Total 7 Total 04 Comparison of Electric Power Companies J-POWER 6 J-POWER

% 234,871 957,889 J-POWERIndustry and 7 6 6% Japanese Electric Power

5 2 5 2

4 4 3 3 J-POWER Operational Data 06 Electric Power Business Facilities 1 Tokyo Electric Power 1 Tokyo Electric Power 08 1. Wholesale Electric Power Business 2 Kansai Electric Power 2 Chubu Electric Power 11 2. Other Electric Power Businesses 3 Chubu Electric Power 3 Kansai Electric Power 12 3. Overseas Power Generation Business 14 4. Other Major Diversifi ed Businesses 4 Kyushu Electric Power 4 Kyushu Electric Power 5. J-POWER Data Operational 15 Environment-Related Data J-POWER Data Operational 5 Tohoku Electric Power 5 Tohoku Electric Power 6 J-POWER 16,385 6 J-POWER 62,044 7 Chugoku Electric Power 7 Chugoku Electric Power 8 Hokuriku Electric Power 8 Hokuriku Electric Power Financial Condition (Consolidated) 9 Shikoku Electric Power 9 Hokkaido Electric Power 16 Consolidated Financial Highlights 20 Consolidated Financial Statements

10 Hokkaido Electric Power 10 Shikoku Electric Power Consolidated 28 Segment Information 11 Japan Atomic Power 11 Japan Atomic Power

30 Composition of Consolidated Revenues Condition Financial and Expenses 12 Okinawa Electric Power 12 Okinawa Electric Power 13 Publicly Held and Others/ 13 Publicly Held and Others/ Special Electric Utilities/ Special Electric Utilities/ Power Producer and Supplier Power Producer and Supplier

Source: Agency for Natural Resources and Energy Note: Excluding self-generation Financial Condition (Non-Consolidated) 32 Non-Consolidated Financial Highlights Power Generating Capacity of J-POWER and 10 Electric Power Companies (As of March 31, 2009) 34 Non-Consolidated Financial Statements (MW) 40 Structure of Non-Consolidated Revenues 70,000 and Expenses of the Electric Power Non-Consolidated Non-Consolidated Financial Condition Financial Financial Condition Financial Nuclear Power Business 60,000 Thermal Power Hydroelectric Power

50,000

40,000 Corporate Data

30,000 42 Major Group Companies 44 Corporate History Corporate Profi le/Directors and Corporate 20,000 45 Auditors/Regional Network Corporate Data Note Regarding Rounding of Figures Corporate Data 10,000 Yen amounts are rounded down to the nearest unit. Figures of other units are rounded to the nearest decimal point in cases where no special note is included.

Forward-Looking Statements 0 Statements in this report, other than those of historical fact, Tokyo Kansai Chubu Kyushu TohokuJ-POWER Chugoku HokurikuShikoku Hokkaido Okinawa are forward-looking statements about the future performance of J-POWER that are based on management’s assumptions Source: Agency for Natural Resources and Energy and beliefs in light of information currently available, and Note: Wind power and solar power generation are included in hydroelectric power generation, and geothermal power involve both known and unknown risks and uncertainties. Actual events and results may differ materially from those generation is included in thermal power generation. anticipated in these statements. 02 Japanese Electric Power Industry and J-POWER J-POWER’s PowerGeneration(Consolidated) J-POWER’s PowerSalesandElectric Revenues(Consolidated) Engaginginwindpowergeneration,thewholesale Otherelectricpowerbusinesses: Supplyingelectricityto10EPCOsfrom ourthermal Wholesaleelectricpowerbusiness: The J-POWERGroup’sNote: powergenerationactivitiesare as J-POWER’s PowerSalesandCapacity(Consolidated) Transmission Total Electric Power Revenues Total Water supplyrate Hydroelectric: Total Otherelectricpowerbusinesses Thermal Otherelectric powerbusinesses Thermal Power Sales Thermal: Load factor Otherelectric powerbusinesses Thermal hlsl lcrcpwrbsns 8,1 2,8 477,849 425,184 50,403 385,719 48,915 39,827 16,085 16,015 13,915 Hydroelectric Wholesaleelectricpowerbusiness Hydroelectric Wholesale electric powerbusiness Hydroelectric Wholesale electric powerbusiness Capacity ofPower Generation Facilities follows: wholesale supplyofelectricityforPPSs. supply ofelectricitytoEPCOsbyIPPsandthe transmission andsubstationfacilities. Okinawa ElectricPowerCo.,Inc.)through our transmission servicestotheEPCOs(excluding and hydroelectric powerplantsandproviding

(GWh)

(Millions ofyen)

(Millions ofyen)

(%)

(%)

(MW) 15,000 30,000 45,000 60,000 75,000 (GWh) (GWh) 10,000 20,000 30,000 40,000 50,000 60,000 0 0 Right: Electric Power Revenues Right: PowerSales Left: Right: Capacity ofPowerGenerationFacilities PowerSales Left: 8,1 2,8 477,849 425,184 385,719 4,0 8,8 339,947 137,901 281,084 144,100 241,604 144,114 00320/ 2002/3 2001/3 2000/3 9874,1 50,403 48,915 39,827 16,085 16,015 13,915 2276,9 67,183 67,095 62,287 41,529 38,987 30,041 ,8 ,2 8,873 9,929 7,825 8,261 9,786 7,755 8,261 5,655 8,261 0 0 92 102 100 ——— ——— ——— 46 66 64 64 0303

(MW) 20,000

16,000 Industry and J-POWERIndustry and Japanese Electric Power

12,000

8,000

4,000

0 J-POWER Data Operational

2003/3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3

16,085 16,375 16,375 16,375 16,380 16,380 16,385 8,261 8,551 8,551 8,551 8,556 8,556 8,561 7,825 7,825 7,825 7,825 7,825 7,825 7,825 — 134 375 495 560 560 606 Consolidated 16,085 16,509 16,750 16,870 16,940 16,940 16,991

91 109 118 90 112 85 88 Condition Financial 71 75 77 84 75 81 76

54,429 58,787 60,517 62,627 58,672 60,787 57,532 8,902 10,851 11,173 8,583 10,633 8,287 8,384 45,527 47,937 49,345 54,044 48,039 52,499 49,148 — 517 966 1,701 1,657 1,683 1,617 54,429 59,305 61,483 64,328 60,330 62,469 59,149

473,567 453,478 476,335 495,061 450,034 457,292 571,282 Non-Consolidated 138,195 135,758 137,106 126,810 123,490 114,557 110,945 Condition Financial 335,371 317,719 339,228 368,250 326,543 342,734 460,336 — 4,472 8,679 16,495 16,868 17,702 20,055 473,567 457,951 485,014 511,556 466,903 474,995 591,337 66,739 63,398 61,194 58,255 55,184 54,934 55,414

(Billions of yen) 600

500

400 Corporate Data

300

200

100

0 04 Japanese Electric Power Industry and J-POWER Overall ComparisonofMajorElectricPowerCompanies Comparison ofElectricPowerCompanies Source: Annualreports 2008ofeachcompanyandannualreport 2009ofScottishandSouthernEnergy plc Note: FigureshavebeentranslatedintoJapanese yenatthefollowingrates:C$1.00=¥76.44;US$1.00¥92.03; FiguresforthenumberofcustomersKyushuandOkinawaElectricpowerincludelarge-loadcustomers. Source: Financialreportsofeachcompany Figuresforpowersalesandelectricrevenuesincludethosetolarge-loadcustomers.Thesefiguresdon’to Note: The power-generating facilitiesofJ-POWER,HokkaidoElectricPower, Tohoku ElectricPowerandHokurikuar Power Generating Facilities Net Assets (Consolidated) Net Assets Number ofCustomers Total(Consolidated) Assets Electric Power Revenues Power Sales Power Generated andReceived Area ofSupply Year endedMarch 31,2009 ereddDcme 1 08Cnd UnitedStates Canada Total Assets(Consolidated) Area ofSupply (Figures forScottishandSouthernEnergyplcaretheyearendedMar.31,2009) Year endedDecember31,2008 Operating RevenuesperEmployee Number ofEmployees(Consolidated) Net Income(Consolidated) Total OperatingRevenues(Consolidated) Shareholders’ Equity(Consolidated) Shereholders’ EquityRatio(Consolidated) Operating Revenues(Consolidated) Market Capitalization onEquity(ROE)(Consolidated) Return Net Income(Consolidated) Number ofEmployees (Consolidated) Operating RevenuesperEmployee Power toPump Water atPumped StoragePowerStations Power Receivedand Transmissions fromOtherCompanies Generated Wind Nuclear Thermal (includinggeothermalandinternalcombustion) Hydroelectric £1.00 =¥144.45(As of March31,2009) for numberofcustomersdonotincludelarge-loadandEPCOs. facilities are presented onanon-consolidatedbasis. (GWh)

(Millions ofyen)

(Thousands)

(Millions ofyen)

(Millions ofyen)

(Millions ofyen) (Millions ofyen)

(Millions ofyen) (Millions ofyen) (MW) (GWh)

(AsofMarch31, 2009) (Millions ofyen)

(Millions ofyen) (Millions ofyen) (Millions ofyen)

(%) (Millions ofyen)

(%) yr-ubcDk nrySuhr opn ConEdison SouthernCompany DukeEnergy Hydro-Quebec Whole ofJapan J-POWER 2,005,469 ,8,1 ,3,2 ,2,9 892,506 3,082,820 1,221,790 4,449,374 1,931,525 4,884,676 1,686,419 5,104,204 ubcNrhCrln tat NewYork Atlanta NorthCarolina Quebec 591,337 486,383 704,936 382,112 4,9 2,4 6,1 110,067 1,250,043 160,316 1,576,197 125,344 1,215,440 240,098 972,087 59,148 63,672 63,682 16,991 19,457 9271,5 72615,628 27,276 18,250 19,297 (1,271) 1,280 8,176 8,561 6,581 19.0 254 107 4.6 — — 06 779 57 66 50 okioThk Tokyo Tohoku Hokkaido ,3,2 ,1,2 13,559,309 4,019,321 1,635,023 okioThk raKantoarea Tohoku area Hokkaido 6,7 ,1,2 5,295,979 1,414,625 566,977 9,5 ,4,3 5,887,576 2,419,477 1,843,234 948,291 594,559 419,983 2,7 ,8,4 3,328,054 1,088,740 426,277 2,0)(170 (84,518) (31,780) (24,106) 1898,0 288,956 260,540 81,101 314,164 74,889 31,839 89,133 30,764 35,790 ,3 ,7 28,510 7,675 55,986 3,938 14,345 17,308 37,686 8,987 63,981 5,097 3,274 11,747 2,545 17,567 1,158 4,200 1,292 6,650 ,4 26252,506 22,662 7,740 1.00 =¥129.46(AsofDecember30,2008) 512. 17.5 22.3 25.1 56 34 (3.4) (3.4) (5.6) 7)(0)(2,362) (101) (71) ——— 68 112 81 76 e presented onaconsolidatedbasis,whileother f powerinterchangeandthosetoEPCOs.Figures 0505

Chubu Hokuriku Kansai Chugoku Shikoku Kyushu Okinawa

Chubu area Hokuriku area Kansai area Chugoku area Shikoku Kyushu Okinawa

32,626 7,991 34,865 11,826 6,675 20,023 1,925 5,219 1,845 8,190 2,905 1,141 2,980 — Industry and J-POWERIndustry and 23,904 4,400 16,907 7,641 3,512 11,785 1,925 Japanese Electric Power 3,504 1,746 9,768 1,280 2,022 5,258 — ——————— 141,222 31,248 159,090 66,816 34,828 93,918 8,515 125,656 35,028 124,166 46,846 28,701 78,513 6,922 17,037 (3,751) 36,505 20,887 6,127 16,353 1,635 (1,471) (28) (1,581) (917) — (948) (41) 129,734 28,154 145,867 61,222 28,701 85,883 7,476

2,254,289 434,426 2,414,672 1,026,210 483,187 1,378,233 160,079 J-POWER Data Operational 10,459 2,081 13,418 5,194 2,859 8,472 823

1,654,759 351,188 1,706,710 663,974 381,004 1,072,374 111,446

5,470,128 1,453,915 6,970,120 2,806,111 1,405,671 4,110,877 365,557

2,509,982 524,600 2,789,575 1,173,726 635,132 1,524,193 173,136

(18,968) 7,484 (8,796) (23,576) 29,104 33,991 5,604 Consolidated 29.6 24.2 24.4 23.5 27.1 25.7 30.2 Financial Condition Financial (1.1) 2.1 (0.5) (3.5) 7.7 3.2 5.2

1,690,440 522,190 2,043,055 794,058 627,357 1,047,946 91,829

28,611 6,258 30,490 14,170 8,097 19,129 2,572

87 83 91 82 78 79 67 Non-Consolidated Financial Condition Financial United Kingdom (U.K.) France Germany Scottish and Southern EDF RWE E.ON Energy plc U.K. Europe Europe Europe

2,566,775 25,929,284 12,095,447 20,331,045

429,724 3,216,045 1,701,104 4,974,759

3,672,525 8,321,559 6,337,067 11,231,043

16,221 440,164 331,158 207,653 Corporate Data 18,795 155,931 65,908 93,538

195 53 96 120 06 J-POWER Operational Data Electric PowerBusinessFacilities J-POWER OperationalData Under ConstructionandPlanning plant Thermalpower farm/plant Windpower Facilities Note: Includingfacilitiesofsubsidiariesandaffiliates Other ElectricPower Businesses Nuclear plant power Transmission plant Thermalpower plant Hydroelectricpower line Under ConstructionandPlanning EPCO AC/DCconverterstation Transmission Substation, frequency converterstation, Substation plant Thermalpower line plant Hydroelectricpower Facilities Wholesale ElectricPower Business

Wind power farm/plant Wind power Ishikawa Coal Ishikawa Nagasaki-Shikamachi Wind Farm Wind Nagasaki-Shikamachi Setana Seaside Wind Power Farm (AC/DC ConverterStation) Hakodate Matsushima Yokihi noSato Wind Park Matsuura Interconnecting Line Kanmon TomamaeFarm WinvillaWind Tokachi TrunkLine Sendaigawa No.1 Sendaigawa Nagato Wind Farm Wind Nagato Sarakitomanai Wind Farm Sarakitomanai Wind Minami Oosumi Wind Farm Wind Farm Aso-Nishihara Nukabira (Provisional)

West Area Interconnecting Line Anan (AC/DCConverterStation) Takehara Tosa (IPP) Interconnecting Line Honshi Nahari TrunkLine Tachibanawan (Provisional) Takasago Wind Farm Anan-Kihoku HVDCLink Awara Kihoku (AC/DCConverterStation) Nagano Ikehara Tedorigawa No. 1 West TrunkLine Sakuma Nagoya Itoigawa (IPP) Itoigawa Trunk Line Miboro Miboro Okukiyotsu No. 2 Tahara Bayside Wind Farm Shintoyone Nikaho Kogen Wind Farm Sakuma Okukiyotsu Tadami TrunkLine Kitahon HVDCLink Sakuma Frequency ConverterStation Nishi Tokyo Sakuma East Trunk Line Otori Minami Kawagoe Irouzaki Wind Farm Irouzaki Wind Tagokura Ohma Isogo NewNo. 2 Isogo NewNo. 1 Numappara Koriyama-Nunobiki Kogen Wind Farm Ohma TrunkLine (Provisional) (Operation beganinJuly2009) Kamikita (AC/DCConverterStation) Onikobe Geothermal Hiyama KogenHiyama Wind Farm Green Power Kuzumaki Wind Farm Genex Mizue(IPP) (forPPS) Bayside Energy Ichihara Power (forPPS) Mihama SeasidePower (forPPS) Tokyo Bayside Wind Power Plant Okutadami Shimogo (Doesnottakeproportion ofequityholdings intoaccount) Note: Includingfacilities ofsubsidiariesandaffiliates Total For IPPs PPSs Wind facilities(maximumcapacity) Generation power Other ElectricPower Businesses AC/DC converterstations Frequency converterstation transmissionlines DCpower Substations transmissionlines power Extra-high-voltage Total Lines Transmission Lines (including ageothermal plant) Total plants Thermalpower plants Hydroelectricpower facilities Power generation Wholesale ElectricPower Business (Provisional)

(As ofMarch 31,2009) 18 1,100.3MW 12 255.9MW 67 16,385.0MW 59 8,560.5MW 3 322.4MW 3 522.0MW 4 2,000.0MW 1 300.0MW 3 4,292.0MVA 8 7,824.5MW 1,973.4km 2,407.7km 267.2km 07 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 92/1 93/1 94/1 95/1 08 J-POWER Operational Data 96/1 10 (Yen/1,000K cal) Geothermal PowerPlant Isogo NewNo.2(600,000kW)beganoperation inJuly2009. *Converted fromheavyoil-fueledboilerto coal-fueled fluidizedboiler Coal-Fired PowerPlants (1) ThermalPowerGeneration 1. WholesaleElectricPowerBusiness nkb a.17 iaiPeetr 12,500 MiyagiPrefecture Mar.1975 600,000 Onikobe KanagawaPrefecture Ishikawa Matsuura 2002 Mar. Matsushima Tachibanawan NewNo.1 Takehara Takasago Isogo Source: Created byJ-POWERbasedondata Source: Note: Excludingself-generators Kyushu ElectricPower Hokkaido ElectricPower Tokyo ElectricPower Shikoku ElectricPower Kansai ElectricPower Okinawa ElectricPower Capacity ofCoal-Fired PowerGenerationinJapan Calorific UnitPricebyFossilFuel(Imports) 0 1 2 3 4 5 6 7 8 9 (As ofMarch 31,2009) 97/1 Source: TheInstituteofEnergyEconomics,Japan Chart datauptoMarch 31,2009 98/1 Resources andEnergy obtained from AgencyforNatural 99/1 oe lnsBgnigo prto oainMaximumCapacity(kW) Location BeginningofOperation Power Plants oe ln einn fOeainLcto MaximumCapacity(kW) Location BeginningofOperation Power Plant 00/1 01/1 o a.18 156,000 500,000 700,000 350,000 250,000 1987 Mar. 1986 Nov. June 1990 June 1981 1981 Jan. No. 2 No. 1 2000 July 1983 Mar. No. 1 June 1995* No. 2 1967 July No. 1 1969 Jan. 1968 July No. 1 No. 3 No. 2 No. 1 No. 2 No. 1 o uy 971,000,000 1,050,000 1997 July 2000 Dec. No. 2 No. 2 02/1

(As ofMarch31,2009) (As ofMarch31,2009) 03/1 04/1 Others Chugoku ElectricPower 05/1 rd i N Coal LNG Crude oil

7,812 06/1 J-POWER Hokuriku ElectricPower 07/1 21 Tohoku MW Electric Power 08/1 Electric Chubu % Power 09/1 Okinawa Prefecture Nagasaki Prefecture Nagasaki Prefecture Tokushima Prefecture Hiroshima Prefecture Hyogo Prefecture (As ofMarch 31,2009) Proportion ofJ-POWER’s ThermalPowerGenerationbySource Capacity ofThermalPowerGenerationinJapan (As ofMarch 31,2009) Source: AgencyforNaturalResources andEnergy Note: Excludingself-generators Kyushu ElectricPower Tohoku ElectricPower J-POWER Chugoku ElectricPower Hokuriku ElectricPower Hokkaido ElectricPower Shikoku ElectricPower Okinawa ElectricPower 7,824.5 MW 6 Geothermal % 7,824.5 7,812.0 Coal fired Total 12.5 MW MW MW 140,680 1,000,000 1,050,000 Others 156,000 500,000 250,000 250,000 Total Electric Kansai Power MW Electric Power Electric Chubu Tokyo Power Major HydroelectricPowerPlants (2) HydroelectricPowerGeneration 120 150 Average GenerationCapacityperHydroelectric Power Plant Source: AgencyforNaturalResources andEnergy (As ofMarch 31,2009) (MW) uaaa Jn 16 oh rfcue7,0 Damconduittype Damconduittype Damtype,mixedpumpedstorage Damtype 72,100 82,000 350,000 120,000 Damconduittype Damconduittype Damconduittype Damtype,mixedpumpedstorage 75,000 Damconduittype 54,000 58,000 Damconduittype 220,000 KochiPrefecture WakayamaPrefecture 250,000 Kagoshima Prefecture Damconduittype 215,000 NaraPrefecture 1963 Jan. Damconduittype,genuinepumped storage 1965 1965 July Feb. 350,000 Sept. 1964 WakayamaPrefecture Damconduittype,genuinepumped storage 1,125,000 Note: Includespowerplantswithmaximum outputof50,000kWormore NaraPrefecture FukuiPrefecture Sendaigawa No.1 FukuiPrefecture IshikawaPrefecture 1962 Jan. Damconduittype,genuine pumpedstorage Damconduittype,genuinepumped storage 675,000 Futamata 1960 Damtype 1968 Oct. May Nanairo GifuPrefecture 1968 1979 May Aug. 600,000 1,000,000 Ikehara Damtype ShizuokaPrefecture 92,000 Totsugawa No.2 1961 Jan. Damtype Damtype Totsugawa No.1 AichiPrefecture 65,000 1956 Apr. Tedorigawa No.1 Yugami 390,000 Damconduittype 182,000 TochigiPrefecture 1972 Nov. Nagano Damconduittype,genuinepumped storage NiigataPrefecture Miboro No.2 Shizuoka NiigataPrefecture 560,000 1973 June FukushimaPrefecture May Miboro 1,000,000 Prefecture Sakuma 1978 FukushimaPrefecture 1969 July 1996 June 1961 Shintoyone Dec. FukushimaPrefecture FukushimaPrefecture Misakubo 1989 July Numappara 1959 Okukiyotsu No.2 FukushimaPrefecture 1963 May Nov. FukushimaPrefecture Okukiyotsu Kuromatagawa No.1 1960 Dec. 1988 Apr. Taki Tadami Tagokura Otori Okutadami Shimogo 30 60 90 0

oe lnsBgnigo prto oainMxmmCpct k)Type MaximumCapacity(kW) Location BeginningofOperation Power Plants J-POWER

Tokyo

Kansai Dec. 1963 Feb. 1958 Chugoku

Chubu

Hokkaido

(As ofMarch31,2009)

Kyushu iuPeetr 920Damconduittype 59,200 Damconduittype Gifu Prefecture 61,500 Niigata Prefecture

Shikoku

Hokuriku

Tohoku Source: AgencyforNaturalResources andEnergy Note: Excludingself-generators Kansai ElectricPower Chubu ElectricPower Kyushu ElectricPower Chugoku ElectricPower Tohoku ElectricPower Hokuriku ElectricPower Hokkaido ElectricPower Shikoku ElectricPower Other Capacity ofHydroelectric PowerGenerationinJapan (As ofMarch 31,2009) 000Damconduittype 50,000 46,252 Total Electric Power MW Tokyo J-POWER 8,561 19 % MW 09 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 10 J-POWER Operational Data *Isogo NewNo.2beganoperationinJuly2009. *Isogo List ofPowerDevelopmentPlans March 2010through2019.Duringthisperiod,weintendtoadd1,997MWofcapacityourexisting16,385MW. We formulatedandsubmittedourplanforthenext10yearswithMETIaftertalksEPCOs.Thecoversperiodfromth (4) PowerDevelopmentPlans AC/DC ConverterStations Frequency ConverterStation Substations Major TransmissionLines (3) TransmissionLinesandSubstations aaiya f21/ ,7. ,2. ,8. 18,381.9 1,383.0 18,365.1 1,383.0 (November) 8,427.0 Ohma 8,571.9 14.2 (July) Shinkatsurazawa(March) IsawaNo.1 From 2019/3 16.8 Capacity asof2019/3 2018/3 2017/3 2016/3 2015/3 2014/3 2013/3 2012/3 2011/3 aaiya f20/ ,6. ,2. 16,385.0 — 7,824.5 1,400,000kW 1,400,000kW 600,000kW 600,000kW 8,560.5 300,000kW 1,400,000kVA 1,350,000kVA TokushimaPrefecture 1,542,000kVA 2010/3 Wakayama Prefecture Jun.2000 Capacity asof2009/3 AomoriPrefecture Jun. 2000 HokkaidoPrefecture Dec.1979 Dec.1979 ShizuokaPrefecture DC±250kV Oct.1965 187kV 275kV AichiPrefecture Anan 187kV Kihoku 167.4km 500kV TokyoPrefecture 119.9km Kamikita Apr.1956 108.6km 275kV Hakodate 214.4km SaitamaPrefecture 275kV Apr.1956 127.0km 275kV–500kV 107.7km May1959 Sakuma 197.2km 216.2km HokkaidoPrefecture−Aomori Nagoya KochiPrefecture−Ehime Dec.1979 Nishi Tokyo KagawaPrefecture−Okayama GifuPrefecture−Aichi Minami Kawagoe Jun.1960 Jun.1994 Nov.1960 ShizuokaPrefecture−Aichi FukushimaPrefecture−Tokyo ShizuokaPrefecture−Tokyo Note: Includestransmissionlinesextendingover100kmormore HokkaidoPrefecture Apr.1956 Kitahon HVDCLink May1959 Apr.1956 Honshi InterconnectingLine Jan.1956 Nahari TrunkLine Miboro TrunkLine Sakuma WestTrunkLine Sakuma EastTrunkLine Tadami TrunkLine Tokachi TrunkLine rqec ovre tto einn fOeainLcto Output Location BeginningofOperation Frequency ConverterStation CD ovre ttosBgnigo prto oainOutput Location BeginningofOperation AC/DC ConverterStations rnmsinLnsBgnigo prto oainTtlLnsVoltage TotalLines Location BeginningofOperation Transmission Lines usain einn fOeainLcto Output Location BeginningofOperation Substations Fiscal Year

(As ofMarch31,2009) Aoiin asrzw (pi) (15.0) (April) Katsurazawa 5.0 [Abolition] Tagokura (May) Increase] [Capacity (March) (14.6) IsawaNo.1 5.0 [Abolition] Tagokura (May) Increase] [Capacity

(As ofMarch31,2009)

(As ofMarch31,2009)

(As ofMarch31,2009)

yreeti hra Nuclear Thermal Hydroelectric (Fiscal 2009ElectricPowerSupplyPlanbase) nkb eteml Dcme) 2.5 600.0 (December) Onikobe Geothermal (July) [Capacity Increase] Isogo NewNo.2* Power Source e fiscalyearending Total Capacity 18,381.9 18,381.9 18,381.9 16,967.9 16,982.9 16,977.9 16,992.5 16,987.5 (MW) 2. Other Electric Power Businesses 11 (1) Wind Power Generation Project List (As of March 31, 2009) Wind Power Farms/Plants Facilities Operating Companies Power Purchaser Status Capacity: 30.6MW Tomamae Winvilla Wind Farm Dream-Up Tomamae Co., Ltd. Apr. 1999 Established Dream-Up Tomamae Co., Ltd. Facilities: 1.65MW x 14 Hokkaido (Hokkaido Prefecture) Equity stake: J-POWER 100% Dec. 2000 Began operation 1.5MW x 5 Nikaho-Kogen Wind Power Co., Ltd. Apr. 2000 Established Nikaho-Kogen Wind Power Co., Nikaho Kogen Wind Farm Capacity: 24.75MW Equity stake: J-POWER 67%; ORIX Corporation 20%; Tohoku Ltd. (Akita Prefecture) Facilities: 1.65MW x 15 Eco Material Corporation 10%; KYOWA

Dec. 2001 Began operation J-POWERIndustry and

OIL Co., Ltd. 3% Japanese Electric Power J-Wind TOKIO Co., Ltd. Tokyo Bayside Wind Power Plant Capacity: 1.7MW June 2002 Established J-Wind Tokio Co., Ltd. Equity stake: J-POWER 50%; Tokyo (Tokyo Prefecture) Facilities: 0.85MW x 2 Mar. 2003 Began operation Toyota Tsusho Corporation 50% Sept.2001 Established Green Power Kuzumaki Co., Green Power Kuzumaki Wind Farm Capacity: 21MW Green Power Kuzumaki Co., Ltd. Tohoku Ltd. (Iwate Prefecture) Facilities: 1.75MW x 12 Equity stake: J-POWER 100% Dec. 2003 Began operation Nagasaki-Shikamachi Wind Power Co., Ltd. June 2003 Established Nagasaki-Shikamachi Wind Power Nagasaki-Shikamachi Wind Farm Capacity: 15MW Equity stake: J-POWER 70%; Kyushu Co., Ltd. (Nagasaki Prefecture) Facilities: 1MW x 15 New Energy Planning Co., Ltd. 30% Feb. 2005 Began operation Green Power Aso Co., Ltd. Aso-Nishihara Wind Farm Capacity: 17.5MW June 2003 Established Green Power Aso Co., Ltd. Equity stake: J-POWER 81%; Kyushu (Kumamoto Prefecture) Facilities: 1.75MW x 10 Feb. 2005 Began operation Asahi Breweries, Ltd. 19% J-Wind TAHARA Co., Ltd. Tahara Bayside Wind Farm Capacity: 22MW Oct. 2003 Established J-Wind TAHARA Co., Ltd.

Equity stake: J-POWER 66%; Chubu J-POWER Data Operational (Aichi Prefecture) Facilities: 2MW x 11 Mar. 2005 Began operation Toyota Tsusho Corporation 34% Setana Seaside Wind Power Farm Capacity: 12MW Green Power Setana Co., Ltd. Feb. 2004 Established Green Power Setana Co., Ltd. Hokkaido (Hokkaido Prefecture) Facilities: 2MW x 6 Equity stake: J-POWER 100% Dec. 2005 Began operation Koriyama-Nunobiki Kogen Wind Capacity: 65.98MW Feb. 2004 Established Green Power Koriyama Nunobiki Green Power Koriyama Nunobiki Co., Ltd. Farm Facilities: 2MW x 32 Tokyo Co., Ltd. Equity stake: J-POWER 100% (Fukushima Prefecture) 1.98MW x 1 Feb. 2007 Began operation Sarakitomanai Wind Power Co., Ltd. Equity stake: J-POWER 49%; KITA KODENSHA Sarakitomanai Wind Farm Capacity: 14.85MW Dec. 2001 Began operation Corporation 19%; Ryoukou Densetsu Hokkaido (Hokkaido Prefecture) Facilities: 1.65MW x 9 Mar. 2009 Acquired stocks via stock transfer 15%; Maeda Electric Mfg Co., Ltd. 12%; Consolidated Hokkaido Keisoku Center 5%

Yuya Wind Power Co., Ltd. Condition Financial Yokihi no Sato Wind Park Equity stake: J-POWER 90%; Nov. 2003 Began operation Capacity: 4.5MW Chugoku (Yamaguchi Prefecture) Facilities: 1.5MW x 3 Community Energy Research Mar. 2009 Acquired stocks via stock transfer Corporation Ltd. 10% Minami Oosumi Wind Farm Minamikyushu Wind Power Co., Ltd. Mar. 2003 Nejime Power Plant began operation (Nejime Power Plant & Capacity: 26MW Equity stake: J-POWER 80%; Kyushu Mar. 2004 Sata Power Plant began operation Sata Power Plant) Facilities: 1.3MW x 20 TOYOSHIMA MEC Corporation 20% Mar. 2009 Acquired stocks via stock transfer (Kagoshima Prefecture) Under Construction/Planning Irouzaki Wind Farm (Provisional) Tokyo Apr. 2007 Established J-Wind Irouzaki Co., Ltd. Capacity: 34MW — (Shizuoka Prefecture) (Planned) FY2010 Planned to begin operation

Hiyama Kogen Wind Farm (Provisional) Tokyo Jan. 2008 Established Green Power Tokiwa Co., Ltd. Capacity: 28MW — (Fukushima Prefecture) (Planned) FY2010 Planned to begin operation

Awara Wind Farm (Provisional) Hokuriku Oct. 2009 Established Green Power Awara Co., Ltd. Capacity: 20MW —

(Fukui Prefecture) (Planned) FY2011 Planned to begin operation Non-Consolidated Financial Condition Financial Nagato Wind Farm (Provisional) Chugoku Capacity: 38MW — FY2011 Planned to begin operation (Yamaguchi Prefecture) (Planned)

J-POWER Group’s Wind Power Generation Capacity (Operating)

(MW) 255.9 250 210.5 210.5 200

144.6 150 132.6 Corporate Data

100 78.1 55.3 57.0 50

0 Note: The percentage of investment equity has not 2002/3 2003/3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3 been considered. 12 J-POWER Operational Data *Although “Power Purchase Agreement” is renewed every year, J-POWER makes other agreements with power purchasers for continuous for purchasers power with agreements other makes year, J-POWER every renewed is Agreement” Purchase “Power *Although Overseas PowerGenerationProjects 3. OverseasPowerGenerationBusiness ProjectList (2) ElectricitySupplyBusiness [Under construction/Planning] [Operating] (Kochi Prefecture) Tosa (Niigata Prefecture) Itoigawa (Kanagawa Prefecture) Genex Mizue [IPP] (Chiba Prefecture) Shinminato Mihama SeasidePower (Chiba Prefecture) Ichihara Ichihara Power (Chiba Prefecture) Ichihara Bay SideEnergy [Wholesale PowerforPPS] oe lnsFclte prtn opne Status OperatingCompanies Facilities Power Plants hlpie B yreeti 2 0020 25years 2004 50.0 728 Hydroelectric CBK Philippines Country/ Thailand Thailand Region ita hnTah2Gs(obndCce 5 . 2008 5.0 750 Gas (Combined Cycle) Nhon Trach 2 Vietnam Taiwan Chiahui Gas (Combined Cycle) 670 40.0 2002 25 years 25 2002 40.0 670 Gas (Combined Cycle) Chiahui Taiwan oadZjckw idPwr4 5020 15years 2006 45.0 48 WindPower Zajaczkowo Poland U.S.A. China China oa onre/ein 2 rjcs 8,836(Owned:3,123) 23 Projects 6Countries/Regions Total oa onre/ein 5Poet 5,540 5 Projects 3Countries/Regions Total Independent Power Gas (Combined Cycle) 700 10.6 2001 25 years 25 2001 10.6 700 Gas (Combined Cycle) Independent Power Kaeng Khoi #2 Gas (Combined Cycle) 1,468 49.0 2004 25 years 25 years 21 2004 2002 49.0 49.0 1,468 120 Gas (Combined Cycle) Gas (Combined Cycle) Kaeng Khoi#2 Nong Khae icwo ol224. 0825years 2018 Until 2017 Until 2024 Until 2025 Until 2009 2008 2008 2008 2008 50.0 2017 Until 49.5 50.0 15.0 50.0 2006 80 242 48 885 80 25.0 1,350 Gas (Simple Cycle) Gas (Combined Gas (Simple Cycle) Cycle) Gas (Combined Cycle) Coal Gas (Simple Cycle) Edgewood Fluvanna Equus Pinelawn Birchwood Elwood Energy Rayong Gas (Combined Cycle) 112 20.0 2000 21 years 21 2000 20.0 10 112 Gas (Combined Cycle) (Chaff) Biomass Rayong Roi-Et Nong Saeng Gas (Combined Cycle) 1,600 2007 25 years 25 2007 1,600 Gas (Combined Cycle) Nong Saeng ufCgnrto KegKo)Gs(obndCce 110 Cycle) (Combined Gas Khoi) (Kaeng Cogeneration Gulf Green Country Gas (Combined Cycle) 795 50.0 2007 20 years 20 2007 50.0 795 Gas (Combined Cycle) Green Country Samutprakarn Gas (Combined Cycle) 117 49.0 2002 21 years 21 1,600 2002 49.0 Gas (Combined Cycle) 117 Samet tai Gas (Combined Cycle) Samutprakarn hrhmJtfe Sml yl)80 Jet-fuel (Simple Cycle) Shoreham eak rnirGs(obndCce 830 Cycle) (Combined Gas Frontier Tenaska Thaioil Power Gas (Combined Cycle) 113 19.0 2001 25 years 25 2001 19.0 113 Gas (Combined Cycle) Thaioil Power icagCa ,2 002007 10.0 1,320 2000 2007 Coal 24.0 27.0 50 180 Xinchang CoalWaste Hydroelectric Hanjiang (Xihe) Tianshi ajag(hh)Hdolcrc202. 2007 27.0 270 Hydroelectric Hanjiang (Shuhe) aaBoas(ubrWo at)20 Waste) Wood (Rubber Biomass Yala Type: Coal-firedthermalpower Capacity: 150MW Type: Coal-firedthermalpower Capacity: 134MW Type: Gascombinedcyclepower Capacity: 238MW Type: Gascombinedcyclepower Capacity: 104.77MW Type: Gascombinedcyclepower Capacity: 110MW Type: Gascombinedcyclepower Capacity: 107.65MW rjc aeGnrtn oreCapacity(MW) GeneratingSource Project Name (As ofJune30,2009) TaiheiyoCementCorporation 20% ShikokuElectricPower Company35%; TaiheiyoCementCorporation 20% Equity stake: J-POWER 45%; TOSA POWERInc. Equity stake: J-POWER 80%; ITOIGAWA POWERInc. ToaOilCo.,Ltd.60% Equity stake: J-POWER 100% J-POWER GENEXCAPITALCo.,Ltd. Equity stake: J-POWER GENEXCAPITALCo.,Ltd.40%; DiamondPowerCorporation50% GENEX Co.,Ltd. Co.,Ltd.40% MitsuiEngineering&Shipbuilding Equity stake: J-POWER 50%; Mihama SeasidePowerCo.,Ltd. Equity stake: J-POWER 60%; Ichihara PowerCo.,Ltd. Equity stake: J-POWER 100% Bay SideEnergyCo.,Ltd.

(As ofMarch31,2009) Will holdmajorstake Apr. 2005 Began Apr. 2005 operation InvestedinTOSAPOWERInc. 2005 Mar. EstablishedTOSAPOWERInc. June 2003 EstablishedITOIGAWAPOWER Inc. 2003 July July 2001 Began operation operation Began June 2003 EstablishedJ-POWERGENEXCAPITALCo.,Ltd. 2003 Mar. Sept. 2001 Oct. 2005Began operation EstablishedMihamaSeasidePowerCo.,Ltd. 2003 Nov. Oct. 2004Began operation EstablishedIchiharaPowerCo.,Ltd. 2002 Dec. Began Apr. 2005 operation EstablishedBaySideEnergyCo.,Ltd. 2002 Mar. Ownership (%) 9020 25years 21years 2003 2001 49.0 49.0 0020 Until2017 2009 20years 50.0 2006 31.0 4720 21years 2000 24.7 Established GENEXCo.,Ltd. power purchase during the operation. the during purchase power Participation Participation Year (FY) 0725years 2007 Renewed for1year* Renewed for1year* Renewed for1year* Renewed for1year* Agreement Validity of Purchase 13 Owned Capacity (Operating) and Equity Income of Overseas Power Generation Business Overseas Power Generation Projects (As of June 30, 2009)

Owned capacity Equity income Shoreham (MW) (Billions of yen) Edgewood Pinelawn 3,000 12 Equus Others [Thailand] Kaeng Khoi 2 Gas Power commenced operations Elwood Energy Birchwood J-POWERIndustry and China Zajaczkowo Japanese Electric Power Taiwan 2,500 10 Green Country Fluvanna Philippines [USA] Participation in U.S.A. Tenaska Frontier and Elwood Energy Tenaska Frontier Thailand Gas Power 2,000 8

Tianshi 1,500 6 Hanjiang

[Philippines] Participation in Chiahui CBK Hydroelectric Power Kaeng Khoi #2 1,000 4 Gulf Cogeneration (Kaeng Khoi) Xinchang [Taiwan] Chiafui Gas Power Nong Saeng J-POWER Data Operational commenced Roi-Et CBK operations 500 2

Independent Power Thaioil Power

0 0 Yala Rayong

Samutprakarn Nhon Trach 2 Samet tai –2 Nong Khae Consolidated 2003/3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3

Note: Owned capacity [left]: Output is calculated by the total project capacity multiplied Operating Under construction Planning Condition Financial by J-POWER’s equity ratio, and this is the amount recorded for the fiscal year-end Equity income [right]: Recorded equity income (loss) of affiliates for the fiscal year

Overseas Consulting Services

(Cumulative total until the end of June 2009)

197 Europe 14 countries North America 1 country Non-Consolidated 20 Condition Financial Asia 20 countries/regions 1 39

45 Total: 63 countries/regions, 302 projects Middle East/Africa 15 countries Latin America 13 countries Corporate Data 14 J-POWER Operational Data ➁ ➀ (3) Coal-RelatedBusiness (2) Infrastructure/WaterEnvironmentBusiness (1) Recycle/BiomassGenerationBusiness 4. OtherMajorDiversifiedBusinesses Coal Sales *** Productionscheduledtocommencein2009 Omuta DistrictWaterWorksProject Business (Tokyo) Kanamachi FiltrationPlantPFI *PFI: PrivateFinanceInitiative (Fukuoka Prefecture) Omuta Waste-FueledPowerPlant li to uesad utai arml a prx 0MlinTne e er10.0 Approx. 10 MillionTonnesPerYear DalrympleBay Queensland,Australia Blair Athol Project (HiroshimaPrefecture) Sewage Sludge-BasedBiofuels (Aichi Prefecture) Narumi PlantPFIBusiness* UAE DistrictCoolingProject (Fukuoka Prefecture) arbiNwSuhWls utai Newcastle NewSouthWales,Australia Narrabri nhmQenln,AsrlaGasoeApo. 6MlinTne e er1. e. 97 InterestAcquisition 1997 Feb. 10.0 Approx. 12 MillionTonnesPerYear 6MillionTonnesPerYear Approx. DalrympleBay Gladstone Queensland,Australia Queensland,Australia Clermont Ensham (Billions ofyen) 10 ** Productionscheduledtocommencein2010 * Investmentthroughaconsolidatedsubsidiary,J-POWERAUSTRALIAPTYLTD. 0 2 4 6 8

Coal SalesBusiness Coal MineDevelopment Mine Name Project Name(Location) Project Name(Location) 05320/ 0732008/3 2007/3 2006/3 2005/3 2.4 3.2 oainLaigPr ProductionVolume LoadingPort Location

Waterworks Bureau(Gasturbines:Output:12.28MW) Cogeneration atKanamachiFiltrationPlantofTokyoMetropolitan (Output: 20.6MW,RDFprocessingcapacity:315t/day) Fuel) madebycompressingandforminggeneralwaste Recycling powergenerationusingsolidfuel(RDF:RefuseDerived (Sludge processingcapacity:100t/day) processing ofmixedcombustioninourcoal-firedpowerplants. includes theconstructionofbiofuelprocessingfacilitiesand Integrated sewagesludge-basedbiofuelsrecyclingprojectwhich (General wasteprocessingcapacity:530t/day) Repair andmaintenanceworkatNarumiPlantinNagoya six districtcoolingplants Wholesale ChilledWaterSupplyBusinessthroughtheoperationof waterworks operations Business, andbothOmutaAraoCities’waterworks/industrial Omuta City,FukuokaPrefecture’sWaterPurityConsignment

(As ofMarch31,2009)

3.5 8.7 uiesOnrhp()Status Ownership(%) Status Business Ownership(%) Business

(As ofMarch31,2009) 2009/3 11.4 prx 6to7MillionTonnesPerYear Approx.

(As ofMarch31,2009) (Note) : In Production : Under Development 34.0 (Planned) ** *** 20.0 Oct. 2000 Beganoperation Oct. 20.0 Dec. 45.2 11.0 00Nov. 2007 Participatedintheproject 30.0 2007 Participatedintheproject July 51.0 Investment Ratio (%) 15.0 7.5 Blair AtholCoalmine Apr. July Mar. Aug. * Clermont Coalmine

e. 08 AgreementforInterest 2008 Dec. a. 07 AgreementforCoal 2007 Jan. Acquisition Interest Sept. 2003 Jan. 1999 Additional Interest Interest Additional Sept. 1989 Interest Mar. 1982 Acquisition Narrabri Coalmine

02 Scheduledtobeginoperation 2012 Signedbusinesscontract 2009 Scheduledtobeginoperation 2009 2006 Began construction 2002 Began operation Ensham Coalmine New South Wales South New Status ofParticipation Queensland Acquisition Development Acquisition Acquisition Dalrymple Bay Gladstone Newcastle Mine 5. Environmental-Related Data 15 (1) The Company’s CO2 Emissions Unit 1991/3 2005/3 2006/3 2007/3 2008/3 2009/3 CO2 Emissions Amount (Domestic/Overseas Power million t-CO2 24.67 44.76 49.49 45.36 50.22 49.38 Generation)* ** CO2 Emissions Intensity kg-CO2/kWh 0.66 0.69 0.72 0.68 0.70 0.68 * Covering all domestic and foreign investment companies. Industry and J-POWERIndustry and

** CO2 emissions intensity: CO2 emissions per unit of electric power sold in domestic and foreign power business. Japanese Electric Power The Company has raised the target of reducing FY2010 emissions intensity by around 10% from the levels of the fiscal year ended March 2003.

[Reference] •Japan Electric Power Business CO2 Emissions Unit 1991/3 2005/3 2006/3 2007/3 2008/3

* 275 CO2 Emissions Amount million t-CO2 362 373 365 417 ** CO2 Emissions Intensity kg-CO2/kWh 0.417 0.418 0.423 0.410 0.453 Source: The Federation of Electric Power Companies of Japan

* “CO2 emissions amount” represents total of emissions for each type of fuel. It is calculated as follows: CO2 emissions amount = Calorific value attending fossil fuel combustion x CO2 emission coefficient Calorific values used are those provided in the Agency for Natural Resources and Energy’s Report on Electric Power Statistics (FY 2007 Results), etc. Fuel-specific CO2 emission coefficients are those provided in the revised Law Concerning the Promotion of Measures to Cope with Global Warming that went effect in 2006. J-POWER Data Operational ** CO2 emissions intensity = CO2 emissions amount ÷ power consumption (user-end)

•Japan CO2 Emissions Unit 1991/3 2005/3 2006/3 2007/3 2008/3

CO2 Emissions Amount million t-CO2 1,144 1,283 1,287 1,270 1,304 Source: Ministry of the Environment Consolidated (2) J-POWER’s CDM Projects Registered with the CDM Executive Board

Country Project Name Description Condition Financial Chile Nestle Graneros Plant Fuel-Switching Project Switch to natural gas in conjunction with renovation of facilities Chile Metrogas Package Cogeneration Project Introduction of cogeneration for improved energy-use efficiency Columbia La Vuelta and La Herradura Hydroelectric Projects Use of renewable energy sources Brazil Aquarius Hydroelectric Project Use of renewable energy sources Brazil Caieiras Landfill Gas Emission-Reduction Project Combustion of landfill gas to reduce greenhouse gases China Erdaoqiao Hydroelectric Project Use of renewable energy sources Note: Clean Development Mechanism (CDM): A mechanism by which developed countries establish operations collectively with developing countries to reduce or absorb greenhouse gas emissions. Consequently, developed countries obtain credits for the amount of emissions that is reduced or absorbed. Non-Consolidated Financial Condition Financial Corporate Data 16 Financial Condition Consolidated FinancialHighlights Financial Condition(Consolidated) 3. Free cashflow:Cashflowsfromoperatingactivities+investing 2. Definition ofshareholders’equityistotalshareholder’spriortothefiscalyearendedMarch2006. Notes: 1. Prior tothefiscalyearendedMarch2006:totalshareholders’equity prtn eeus/OeaigIcm riayIcm Net Assets /Shareholders’ EquityRatio Operating Revenues/IncomeOrdinary Income (Billions ofyen) 100 200 300 400 500 600 700 Operating Revenues Operating Income Ordinary Income Net Assets Net Income Cash FlowsfromOperatingActivities Shareholders’ EquityRatio Interest-Bearing Debt Total Assets Cash FlowsfromInvestingActivities Cash FlowsfromFinancingActivities Number ofEmployees Cash andEquivalentsattheEndofPeriod 0 Free CashFlow 130/ 6308/3 06/3 05/3 01/3 Operating revenues(left) From thefiscalyearendedMarch2007onwardis“totalnetassets-minorityinterests.” 1 02/3 3 03/3 (%) 2 04/3 Operating income(right) 07/3 Ordinary income(right) Ordinary 09/3 (Billions ofyen) 100 120 140 20 40 60 80 0 100 200 300 400 500 (Billions ofyen) 0 ,2,6 ,1,2 2,195,897 2,314,720 2,420,661 2,128,718 1692 7,4)(11,030) (77,248) (166,942) 4,3 0,0 167,368 200,708 168,301 145,835 152,304 138,868 1,1 1,9 134,201 584,122 119,590 593,343 117,313 541,592 2,0)1340156,337 123,460 (21,107) 130/ 6308/3 06/3 05/3 01/3 7881,3 20,725 35,522 17,638 44,022 17,838 41,461 3162,2 59,787 (117,709) 21,128 (125,572) 23,186 22,127 01320/ 2003/3 2002/3 2001/3 e ses(et Shareholders’equity ratio(right) Net assets(left) ,3 ,7 6,543 7,073 7,434 . . 7.7 6.6 5.7 02/3 03/3 04/3 2,007,487 07/3 1,893,902 09/3 (%) 15 20 25 10 0 5 -100 -150 (Billions ofyen) Cash Flows 100 150 200 -50 50 0 130/ 6308/3 06/3 05/3 01/3 ,9,0 ,9,1 1,408,232 1,964,667 1,498,010 2,021,655 1,592,908 2,076,107 Free cashflow Cash flowsfromoperating activities ( 3,3 1,8 101,469 621,933 111,885 594,375 132,138 569,854 1,4 1,5 101,628 173,954 112,051 147,516) 172,637 115,440 433,028 179,948 391,327 359,645 ( 7633,2 28,874 30,221 27,673 64,507) 43,577 67,906 35,559 57,093 27,623 44,446 04320/ 2006/3 2005/3 2004/3 ,7 ,2 5,868 5,925 5,871 731. 22.0 19.4 17.3 02/3 03/3 04/3 ( 111,798) ( 60,586) Cash flowsfrominvesting activities 07/3 ( 103,613) ( 72,326) 09/3 Composition ofInterest-Bearing Debt (Billions ofyen) 1,000 2,000 1,500 500 ,2,4 1,423,878 1,421,542 1,999,794 0 ( 157,241 462,654 587,780 573,277 155,407) 71150,724 35,167 55,513 77,141 34,575 2007 ( 130/ 6308/3 06/3 05/3 01/3 6,494 2,168) 1,834 23.1 Government borrowings Government-guaranteed bonds, Government-fundedbonds / 2008/3 3 02/3 03/3 2,013,131 04/3 (152,518) 136,252 468,118 (16,265) Corporate bonds 29,311 42,873 35,631 17,174 6,524 23.2 Commercial borrowings (incl. CP) 07/3 2,005,469 1,470,748 (132,350) 158,628 382,112 704,936 (29,615) 19,457 39,599 29,530 26,278 57,108 2009/3 6,581 19.0 (Millions ofyen) 09/3 17 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 18 Financial Condition 10 20 30 40 50 Consolidated FinancialHighlights 4. J-POWER shareslistedontheFirstSectionofTokyoStockExchangeinfiscalyearendedMarch31,2005.Thesharep 3. J-POWER carriedouta1.2-for-1stocksplitonMarch1,2006.Calculationsassumethatthiswasat 2. ROA: Ordinaryincome/Averagetotalassets Notes: 1. ROE: Netincome/Averagetotalshareholders’equity 6. Payout Ratio:Dividendspaid/Netincome 5. Interest coverageratio:Cashflowfromoperatingactivities/paid Net Income / Return onEquity(ROE) Net Income/Return (Billions ofyen) ercain17321915137,148 53,443 149,145 76,641 127,322 191,473 Depreciation Capital Expenditure Interest CoverageRatio Price Book-ValueRatio(PBR) Price EarningsRatio(PER) Net AssetsperShare(BPS) Net IncomeperShare(EPS) Return onAssets(ROA) Return onEquity(ROE) Payout Ratio 0 130/ 6308/3 06/3 05/3 01/3 e noe(et Returnonequity(ROE)(right) Net income(left) closing priceoftheCompany’ssharesatendfiscalyear. 02/3 (%) 6 03/3 (%) (Times) (%) 1 (Times) 2 (Yen) 04/3 (Yen) (Times) 5 3 3, 4 4 07/3 09/3 (%) 10 15 20 25 0 5 1,400 2,100 2,800 (Billions ofyen) Total onAssets(ROA) Assets/Return 700 0 ,6.82172 2,381.71 2,157.29 1,966.98 01320/ 2003/3 2002/3 2001/3 01320/ 2003/3 2002/3 2001/3 5.7298 291.40 249.84 252.67 ( Total(left) Assets 130/ 6308/3 06/3 05/3 01/3 372. 20.4 24.0 23.7 12.9 12.1 13.4 Power pants . . 1.9 2.9 1.6 1.9 1.9 1.7 Nuclear fuel ——— ——— Return onassets(ROA) (right) 02/3 03/3 te rpry ln n qimn Constructioninprogress Other property, plantandequipment Investment andotherassets 04/3 the beginningoffiscalyear. rice usedforcomputationpurposesisthe Current assets) 07/3 09/3 (%) 2 3 4 0 1 Net IncomeperShare (EPS)/NetAssetsperShare (BPS) 100 150 200 250 300 350 (Yen) 50 0 130/ 6308/3 06/3 05/3 01/3 e noeprsae(P)(et Netassetspershare(BPS)(right) Net incomepershare(EPS) (left) ,9.02880 2,598.90 2,818.04 2,590.00 3,8 2,3 135,019 125,339 131,380 04320/ 2006/3 2005/3 2004/3 2006/3 2005/3 2004/3 6225,2 60,861 50,925 46,202 260.76 255.01 304.88 02/3 059510.6 9.5 10.5 962. 21.0 23.4 19.6 . . 4.8 3.3 3.4 2.1 2.8 2.1 . 1.4 14.3 1.2 12.9 — — 03/3 04/3 07/3 09/3 1,000 1,500 2,000 2,500 3,000 3,500 (Yen) 500 0 100 150 200 Capital Expenditure /Depreciation (Billions ofyen) 50 0 ,6.52,800.18 2,768.95 2,8 115,021 123,083 2007 2007 1.4175.99 211.14 074122,056 90,704 Capital expenditure 130/ 6308/3 06/3 05/3 01/3 8439.8 28.4 20.4 28.1 . 6.1 1.3 7.2 2.1 2.1 6.3 2.8 7.9 /3 /3 02/3 03/3 Depreciation 04/3 2008/3 2008/3 07/3 2,533.28 172,128 114,669 2009/3 2009/3 121.65 56.9 24.0 7.2 1.2 2.0 4.6 (Millions ofyen) 09/3 19 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 20 Financial Condition Consolidated BalanceSheets Consolidated FinancialStatements Noncurrent Assets Assets oa ses24061234702,195,897 2,314,720 2,420,661 182,027 233,956 142,499 Total Assets Current Assets Electric Utility Plant and Equipment and Plant Utility Electric ula ul——— 123,252 — 81,399 189,173 — 68,965 185,493 354,818 Investments andOtherAssets Nuclear Fuel Construction inProgress Noncurrent Assets Other te 997103350,118 (63) 7,827 11,201 140,323 2,049 (391) 3,960 12,033 49,987 60,136 2,592 3,529 (278) 12,315 3,766 50,757 (98) 21,939 2,230 43,319 9,876 52,560 77,438 15,068 (29) — 1,468 40,507 51,763 38,690 (14) — Allowance forDoubtfulAccounts 36,779 Other 30,731 27,527 Deferred TaxAssets 189,173 Inventories — 11,730 Short-Term Investments 28,297 47,320 Notes andAccountsReceivable–Trade 185,493 Cash andDeposits 307,963 11,289 55,733 50,168 Allowance forDoubtfulAccounts 354,818 326,315 Other — 9,243 Deferred TaxAssets 803,105 54,347 Long-Term Investments 347,378 475,200 871,781 Nuclear FuelinProcessing — 495,273 Construction andRetirementinProgress 838,388 — 516,822 General Facilities Communication Facilities Transformation Facilities Transmission Facilities Internal CombustionEnginePowerProductionFacilities Thermal PowerProductionFacilities Hydroelectric PowerProductionFacilities ,2,1 ,8,2 1,672,846 2,013,870 1,783,126 2,080,763 1,821,913 2,278,162 01320/ 2003/3 2002/3 2001/3 2443,4 28,598 30,744 32,464 ,7,0 ,2,5 1,964,667 2,021,655 2,076,107 1,438,443 1,827,868 1,547,374 1,890,001 1,623,367 1,945,140 3,6 3,5 136,798 131,654 161,564 130,967 144,135 199,524 199,524 131,958 170,613 170,613 160,832 257,253 160,832 613,349 276,661 481,068 686,072 289,771 499,017 746,203 506,703 04320/ 2006/3 2005/3 2004/3 8842,8 25,999 18,160 29,383 56,484 13,158 28,961 28,844 52,150 11,750 30,351 42,944 49,722 114,600 27,804 46,150 95,031 44,270 86,081 28,336 22,065 9,170 27,877 38,605 23,961 9,985 28,982 41,605 25,909 10,983 43,795 ,4 ,8 5,635 1,556 5,083 1,551 4,943 4,018 7,918 2,954 1,688 1)(4 ( — (24) ( (17) (0) (1) (81) ———— ———— 16,931 10,071 — 1,351,994 1,861,818 1,999,794 242,675 555,959 469,750 137,976 180,325 227,430 248,710 248,710 2007 21,928 36,581 15,471 29,214 20,783 47,204 35,029 43,094 33,682 9,626 5,421 4,223 376 (149) 213) 3 (77) 53) /3 1,265,497 1,864,374 2,013,131 229,312 504,468 450,635 148,756 165,015 220,866 327,429 327,429 2008/3 23,339 34,310 14,141 36,253 25,329 44,650 33,961 51,777 10,310 10,310 40,270 9,289 5,655 2,983 4,222 1,235,044 1,843,143 2,005,469 217,723 463,682 441,694 162,325 150,332 211,923 321,889 321,889 2009/3 52,830 36,615 12,906 32,718 43,110 50,014 27,628 58,711 27,650 27,650 46,634 9,591 6,264 2,592 3,414 (534) (Millions ofyen) (2) 21 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 22 Financial Condition Shareholders’ Equity Total Shareholders’Equity ioiyItrss5399139519 1,379 1,715,943 949 2,026,216 513 2,161,466 2,281,279 349 Shareholders’ Equity Minority Interests Total Liabilities Reserves UnderSpecialLaws urn iblte 3,0 1,3 4,8 205,165 242,487 316,930 336,004 Current Liabilities oa hrhles qiy——1831359,645 168,301 — — Total Shareholders’Equity Total Liabilities,MinorityInterestsandShareholders’Equity 1,510,088 1,783,728 1,844,535 1,944,925 Noncurrent Liabilities Liabilities Total Liabilities,Minority InterestsandShareholders’ Equity omnSok—— — Common Stock Deferred TaxLiabilities oeg urnyTasainAjsmns—— — 39,713 Currency TranslationForeign Adjustments 51,179 14,515 70,247 19,082 76,812 12,776 22,624 Currency TranslationForeign Adjustments Unrealized GainonOtherSecurities 9,324 Capital Surplus 18,094 Common Stock 10,476 11,587 Other Other Provision Accrued Taxes Notes andAccountsPayable–Trade te ,7 ,8 ,3 5,014 40,466 254 1,133 56,717 349 329 57,595 2,881 96,919 105,845 3,477 334 69,289 Reserve forFluctuationinWaterLevels 116,340 270 159,961 Commercial Papers Short-Term LoansPayable Current PortionofNoncurrentLiabilities Other Deferred TaxLiabilities aia upu 81,849 — — — — — — — Treasury Stock Unrealized GainonOtherSecurities Retained Earnings Capital Surplus 49,546 49,138 47,091 41,036 Other Provision Provision forRetirementBenefits od aal 4,1 2,6 0,5 829,751 625,116 804,751 928,375 829,761 964,467 848,311 1,051,829 Lease Obligations Long-Term LoansPayable Bonds Payable ,2,6 2,314,720 2,420,661 3,6 152,304 138,868 01320/ 0332004/3 2003/3 2002/3 2001/3 99983,127 70,600 69,929 70,600 184 (1,719) (1,884) 2 296 223 5 2 338 321 259 ——— ——— ———— ,9,9 2,076,107 2,195,897 — — ——— ———— —— —— 958123,213 152,449 99,528 70,600 175 (1,605) (1,795) (31) —— —— —— —— —— —— 40,000 3,738 689 689 404 95 1 ,2,1 1,530,432 1,629,115 ,2,5 1,964,667 2,021,655 ,8,1 1,215,033 1,286,912 5,2 182,760 152,449 152,121 152,449 0,0 111,000 106,772 105,000 313,999 111,163 340,405 9,2 433,028 391,327 3,2 644,340 521,684 639,929 591,171 0532006/3 2005/3 18981,849 81,849 40,713 20,867 40,562 9,936 24,436 21,783 11,053 50,750 36,233 45,729 129 1,935 (1,299) ,0 14,050 6,207 11,756 9,307 ,1 1,206 1,399 1,212 1,399 1,798 1,798 1 602 417 314 460 —— —— —— —— —— —— —— 0273 90 ( 1 00 )( (Millions ofyen) 17 ) Shareholders’ Equity Net Assets Total Liabilities Reserves UnderSpecialLaws Current Liabilities Noncurrent Liabilities Liabilities Total LiabilitiesandNetAssets Total NetAssets Minority Interests Valuation andTranslationAdjustments Treasury Stock Retained Earnings Capital Surplus Capital Reserve forFluctuationinWaterLevels Other Deferred TaxLiabilities Other Provision Accrued Taxes Notes andAccountsPayable–Trade Commercial Papers Short-Term LoansPayable Current PortionofNoncurrentLiabilities Other Deferred TaxLiabilities Other Provision Provision forRetirementBenefits Lease Obligations Long-Term LoansPayable Bonds Payable Foreign Currency TranslationForeign Adjustment Deferred Gains or on Losses Hedges Securities on Available-for-SaleValuation Difference Stock ,9,9 2,013,131 1,999,794 1,193,139 1,537,140 6,5 468,118 462,654 230,032 152,449 210,713 464,266 152,449 444,956 173,638 341,844 576,615 573,229 2007 6202,116 16,230 13,248 95,944 32,611 4211,934 14,271 81,849 43,700 47,595 ( ,6 1,735 6,941 1,468 6,090 4,131 2,115 8,948 1,260 2,155 2,155 8,752 474 528 ( —— 56 2 21 /3 ) ) 1,276,354 1,545,012 101,565 267,097 624,495 602,903 2008/3 14,790 88,949 39,083 81,849 11,407 (6,759) 6,126 7,856 1,462 1,560 1,560 553 555 (64) 2,005,469 1,304,830 1,623,356 382,112 236,998 152,449 408,036 109,971 120,700 317,379 513,239 717,867 (27,908) (63,260) (21,217) 2009/3 17,820 10,144 51,931 81,849 16,317 50,423 (Millions ofyen) (6,285) 1,984 1,098 9,098 2,352 1,146 1,146 (404) 520 713 9 23 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 24 Financial Condition Consolidated StatementsofIncome riayIcm 1414,2 35,522 551,828 44,022 587,351 551,456 41,461 595,478 504,776 546,237 134,201 119,590 Ordinary Income 117,313 Total OrdinaryExpenses Total OrdinaryRevenue Operating Income e noe1,3 76820,725 17,638 14,370 426 (6,480) 20,850 17,838 12,486 400 (3,899) 16,386 11,769 182 (9,876) 35,522 21,645 30,526 29,790 Net Income Minority InterestsinIncome(Losses) Total IncomeTaxes Income Taxes–Deferred Income Taxes–Current Income beforeTaxesandMinorityInterests o-prtn xess8,9 772101,908 77,702 3,228 80,496 2,134 449,920 Provision orReversalofReserveforFluctuationinWater 4,644 584,122 473,753 593,343 424,279 Non-Operating Expenses 541,592 Non-Operating Income Operating Expenses Operating Revenues xrodnr os1,7 385— — 13,845 — 11,670 — Extraordinary Loss Extraordinary Income te ,0 ,4 14,771 — 9,542 1,684 87,136 4,801 — 1,217 518 275 — 68,160 750 4,247 — 75,695 359 — — 558 300 — — 97 42,789 407,131 38,297 51,937 545,824 Other 421,816 Equity inLossesofAffiliates 46,010 Interest Expenses 52,595 547,333 371,683 Other Equity inEarningsofAffiliates 46,684 Gain onSalesofSecurities 494,907 Interest Income Dividends Income Other BusinessOperatingExpenses Electric UtilityOperatingExpenses Other BusinessOperatingRevenue Electric UtilityOperatingRevenue oso auto fScrte ,5 — — — 5,951 7,894 — — — — — — — 11,670 (349) — — — Amortization ofNetRetirementObligationatTransition — Loss onValuationofSecurities Loss onSaleofFixedAssets Distribution byDissolutionofAnonymousAssociation Reversal ofReserveforFluctuationinWaterLevels Provision ofReserveforFluctuationinWaterLevels Levels 01320/ 2003/3 2002/3 2001/3 39 — (349) — 2,7 4,6 561,646 629,553 541,162 598,255 529,475 573,921 101,469 469,720 520,464 111,885 573,198 431,678 621,933 482,489 132,138 547,960 386,463 594,375 437,715 522,922 569,854 7633,5 43,577 24,663 35,559 26,151 68,305 20,397 27,623 22,909 55,984 15,912 16,222 43,757 67,906 57,093 35,732 41,182 44,446 50,881 58,673 83,519 91,759 50,744 48,734 50,810 46,414 51,251 46,931 04320/ 2006/3 2005/3 2004/3 ,3 ,7 5,449 6,479 2,928 8,239 1,792 7,620 1,556 3,880 4,067 39 251 (1,488) (2,511) (309) 8 ,0 — (399) 1,108 1,108 689 689 2,042 711 — 1,937 846 1,241 804 794 912 2 76 ( 65 27 220 39 — — (399) ————— ————— — — ————— ————— ————— ————— — — 1,311 — ———— 4,6 477,869 537,056 531,764 444,463 587,780 496,136 523,782 573,277 3,7 566,450 609,324 530,775 586,289 30121,543 50,724 59,186 13,011 77,141 56,016 51,673 49,494 51729,311 14,132 35,167 15,962 43,469 19,893 18,461 54,757 42,873 6,644 55,513 22,749 29,394 12,054 22,585 34,639 2007 ,6 8,879 1,567 5,560 1,384 ,3 (1,829) 1,431 5,972 5,167 9 1,213 899 0)24 302) (595) 756 756 /3 2008/3 3,911 (595) — 588,808 647,828 648,362 704,936 678,619 718,219 12,982 19,648 19,648 12,170 12,170 13,282 57,108 59,019 56,574 19,457 17,928 32,536 39,599 22,616 30,791 2009/3 (4,945) 7,470 1,706 3,145 8,174 (413) (413) 960 (Millions ofyen) — — — — — 95 25 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 26 Financial Condition Consolidated StatementsofCashFlows Cash Flows fromInvesting Activities Cash Flows fromOperating Activities Cash Flows fromFinancing Activities Effect ofExchangeRateChangeonCash andCashEquivalents ahadCs qiaet tteEdo eid2,8 11859,787 — 21,128 38,658 21,128 23,186 — (2,057) 23,186 22,242 943 — Cash andEquivalents attheEndofPeriod Increase inCashfrom the Addition ofConsolidated Subsidiaries Cash andEquivalentsatBeginning ofPeriod Net Increase (Decrease) inCashand Equivalents e ahPoie yOeaigAtvte 4,3 0,0 167,368 200,708 145,835 Net CashProvidedbyOperatingActivities e ahPoie y(sdi)FnnigAtvte 217(2,7)(117,709) (125,572) 22,127 (11,030) (77,248) Net CashProvidedby(Usedin)Financing Activities (166,942) Net CashUsedinInvestingActivities olcin fIvsmnsadRcial 1 ,5 5,069 (15,661) 3,981 101,775 (78,877) 269,273 (42,207) (87,383) 2,350 3,958 1,140 (21,956) 21,887 291,026 (97,150) 21,091 (15,403) (69,279) 512 (275) — — 649 — 11,883 (17,774) 917 239,468 (176,934) 2,667 (5,016) 16,144 87,136 (76,140) — 1,142 — (1,268) 7,911 — — 12,328 — 281 68,160 468 — (2,850) (917) 35 — 2,914 Collections ofInvestmentsandReceivable — 3,126 — — 137,148 Payments ofInvestmentsandLoansReceivable 76,667 — Proceeds fromSalesofNoncurrentAssets 2,047 Proceeds fromContributionReceivedforConstruction (194) (4,445) Purchase ofNoncurrentAssets — (397) 8,117 149,145 663 35,522 Income TaxesPaid — 6,054 Interest ExpensesPaid Interest andDividendsIncomeReceived (3,002) Sub-total 127,322 Other, Net 3,294 30,526 Distribution byDissolutionofAnonymousAssociation (6,931) Loss (Gain)onSaleofNoncurrentAssets 988 Equity in(Earnings)LossesofAffiliates — Loss (Gain)onValuationofSecurities Loss (Gain)onSalesofSecurities Increase (Decrease)inNotesandAccountsPayable–Trade 29,790 Decrease (Increase)inInventories Decrease (Increase)inNotesandAccountsReceivable–Trade Interest Expenses Interest andDividendsIncome Increase (Decrease)inReserveforFluctuationWaterLevels Increase (decrease)inProvisionforRetirementBenefits Loss onRetirementofNoncurrentAssets Impairment Loss Depreciation andAmortization Income beforeTaxesandMinorityInterests te,Nt——— — — (4,236) (6) — — — (4,236) — (5) — — — — (749) (4,236) — — (33,500) 117,194 (157,397) 246,256 — — — 20,000 — (306,020) (815) — (68,034) — (224,591) 252,221 791 (116,718) 35,000 — (499) (113,159) — — (160,900) 178,181 (60,967) 25,748 157,461 Other, Net Cash DividendsPaidtoMinorityShareholders Cash DividendsPaid Purchase ofTreasuryStock Payments forAcquisitionofSharesfromMinorityShareholders Proceeds fromStockIssuancetoMinorityShareholders Issuance ofCommonStock Redemption ofCommercialPapers Proceeds fromIssuanceofCommercialPapers Decrease inShort-TermLoansPayable Increase inShort-TermLoansPayable Repayment ofLong-TermLoansPayable Proceeds fromLong-TermLoansPayable Redemption ofBonds Proceeds fromIssuanceofBonds Other, Net Proceeds fromSalesofInvestmentsinSubsidiariesResultingChangeScopeConsolidation Proceeds fromPurchaseofInvestmentsinSubsidiaries,NetCashAcquired Purchase ofInvestmentsinSubsidiariesResultingChangeScopeConsolidation 01320/ 2003/3 2002/3 2001/3 7)5 29 54 (76) ——— ——— ——— 1756 1178 1363 ( (103,613) (111,798) (147,516) 2607 1892 1494 ( ( (154,964) (117,473) (188,902) (64,497) (256,087) (499,603) 6,1 — — — — 128,547 131,587 198,485 163,115 73,600 239,730 166,035 173,954 233,621 172,637 238,042 179,948 287,572 135,019 125,339 131,380 3,6)20(,9)( (1,693) 270 (32,260) ( (72,326) (60,586) (64,507) 4,0)(8,0)(7,0)( (575,000) ( (284,000) (234,090) (44,000) ( (279,910) ( (14,180) (45,010) ( ( (68,449) (19,952) (25,800) (36,472) (57,825) (22,250) (15,322) (51,940) (52,337) (21,724) (87,223) 7633,2 28,874 30,221 30,221 27,673 27,673 59,787 580,977 348,994 149,360 83,998 89,952 49,988 2,250 15,987 6,504 35,732 23,639 50,881 68,305 83,519 55,984 43,757 04320/ 2006/3 2005/3 2004/3 149 — — ( — (12,472) (5,410) — (4,236) (1,439) ( (2,649) (2,087) (1,707) ,5 3682,931 7,881 13,678 4,386 2,606 7,056 3,124 1,857 (1,810) 1,323 1,151 2,735 4,406 3,748 2,464 14 7291 17 (184) 39 144 195 ( (1,905) (1,424) (359) ( ( (2,042) (5,080) 1,311 (1,471) (804) (326) 4 ,7 346 2,276 147 1,396 543 258 ( (399) (9,495) 1,108 (3,817) 689 407 1 1)( (15) (1) — ———— ———— ———— —8— ———— ————— 729 ————— ———— 1,959 — 933(6)( (167) 303 (3,244) 49 (2,874) 94 7 18 7)( (71) (108) (7) 0,6 168,792 205,665 115,021 123,083 3,0)(594,000) 586,322 432,000) 416,666 (152,518) 155,407) 136,252 157,241 1332,120 22,749 11,383 22,585 43,469 54,757 45535,631 34,575 34,575 28,874 (14,549) 18,551 (135,532) 114,864 (38,384) 89,675 44,436) 22,084 47,749) 62,811 59,067) 89,636 70,345 95,889 29,151 21,934 2007 ,9 4,027 5,560 2,295 2,205 2,611 2,284 4,076 2,710 ,6)17,174 5,704 (9,989) 2,168) 9,989) 6,650 2,585 1,552 7,509 3,484 1,520 8,383 3,370 2,661 379 (595) 267 756 347 3 147 331 9 (7) (42) 39) 84) 24 /3 )1,056 3) ) ) ) ) ) ) ) ) ) ) (134,723) (35,965) (13,458) (22,453) 2008/3 (6,398) (1,004) (8,879) (3,911) (4,375) (2,780) (4,325) (1,280) 6,471 8,064 266 — — (7) (132,350) (173,119) (619,000) (190,023) 183,709 114,669 639,380 158,628 193,040 114,570 (29,615) (12,170) (17,637) (63,195) (27,643) (18,369) (22,079) (12,499) (41,287) (60,300) 19,648 24,235 12,848 22,616 32,536 29,530 35,631 58,657 15,368 2009/3 (2,764) (6,101) (7,470) (2,666) (4,154) (2,611) (1,109) (6,040) 4,182 7,901 8,619 9,803 (413) 439 (Millions ofyen) (83) (20) — — — — — — 38 2 27 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 28 Financial Condition Note: From the fi scal year ended March 31, 2007, the segment that had been called “Other Business,” has been divided into “Elec into divided been has Business,” “Other called been had 31, that fi 2007, March the From segment the ended Note: year scal Segment Information Other Businesses Electric Power-RelatedBusinesses Electric PowerBusiness Capital Expenditure Other Businesses Electric Power-RelatedBusinesses Electric PowerBusiness Depreciation Other Businesses Electric Power-RelatedBusinesses Electric PowerBusiness Operating Income Other Businesses Electric Power-RelatedBusiness Electric PowerBusiness Sales toCustomers lcrcPwrBsns WholesaleElectricPowerBusiness,OtherBusinesses Other Businesses Electric Power-RelatedBusinesses Electric PowerBusiness (Billions ofyen) 150 300 450 600 750 opsto fSlst utmr CompositionofOperatingIncome Composition ofSalestoCustomers lmntos(,2)(,3)1,414 134,201 119,590 (1,531) 117,313 (6,520) Consolidated Eliminations 0 osldtd11437,4 53,443 (2,790) 76,641 (3,947) 191,473 (9,241) Consolidated Eliminations lmntos(,7)(,9)(3,692) 137,148 149,145 (3,499) 127,322 (3,277) Consolidated Eliminations osldtd51525333584,122 593,343 541,592 Consolidated 130/ 6308/3 06/3 05/3 01/3 Electric Power uiesSgetMainproductsandbusinessactivities Business Segment 02/3 03/3 lcrcPwrRltdOther Electric Power-Related 04/3 engineering andconsultinginJapanabroad. Investing inoverseaspowergeneration,waste-fueledco-generation,environmental businesses,telecommunicati development ofcoalmines,importandtransportcoal,operationwelfarefacilities,etc.,computerservices. Planning, construction,inspection,maintenance,repairofelectricpowergenerationandfacilities,harbortran 07/3 09/3 –30 (Billions ofyen) 120 150 30 60 90 0 9,9 87754,885 78,787 196,896 2,5 4,7 137,736 149,175 124,459 126,756 113,492 110,369 9,0 4,3 545,824 547,333 494,907 130/ 630/ 08/3 07/3 06/3 05/3 01/3 3447698,328 7,629 13,464 6644,1 38,297 46,010 46,684 01320/ 2003/3 2002/3 2001/3 Electric Power ,1 ,0 1,347 1,802 3,818 ,4 ,6 3,104 3,468 3,843 ——— ——— ——— ——— 02/3 03/3 lcrcPwrRltdOther Electric Power-Related 04/3 tric Power-Related Businesses” and “Other Businesses.” “Other and Businesses” Power-Related tric sport offuelandcoalash, ons businesses,and Eliminations 09/3 –30 (Billions ofyen) opsto fDpeito CompositionofCapitalExpenditure Composition ofDepreciation 120 150 30 60 90 0 130/ 630/ 08/3 07/3 06/3 05/3 01/3 Electric Power 6,5 9,7 2,3 573,277 621,933 573,198 594,375 547,960 569,854 522,922 3,8 2,3 3,1 123,083 135,019 77,141 125,339 134,747 101,469 131,380 125,371 87,057 111,885 131,869 132,138 99,270 119,404 6914,1 87422,497 48,734 46,414 46,931 2751,2 13,797 12,026 12,785 6225,2 08190,704 60,861 50,925 55,125 46,202 50,454 44,896 04320/ 2006/3 2005/3 2004/3 349 334 325 ( (3,235) (3,354) (3,489) 251 342 275 ( (2,705) (3,492) (2,531) ,0 ,2 3,507 3,322 3,001 ,3 ,6 8,441 3,962 3,837 5)5963( 613 589 (50) 26,996 — — — ——— ——— ——— 02/3 03/3 lcrcPwrRltdOther Electric Power-Related 04/3 Eliminations 09/3 –40 (Billions ofyen) 120 160 200 40 80 0 2,5 113,468 121,853 531,764 523,782 56410,403 39,897 15,604 61,436 038113,566 90,378 2007 130/ 6308/3 06/3 05/3 01/3 Electric Power ,8 3,573 (478) 3,387 900 1,056) 1,156 ,8)(4,093) 7,125 5,687) 5,470 (3,082) 3,121) 4 5,457 542 1,061 963 /3 02/3 03/3 lcrcPwrRltdOther Electric Power-Related 04/3 587,780 122,056 115,021 31,831 24,185 50,724 2008/3 07/3 704,936 172,128 114,669 113,112 648,362 154,096 33,085 23,488 57,108 11,569 44,610 13,170 2009/3 (3,023) 3,406 4,897 1,174 Eliminations 567 360 (Millions ofyen) (36) 09/3 29 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 30 Financial Condition Composition ofConsolidatedRevenuesandExpenses riayIcm 1414,2 35,522 44,022 41,461 134,201 119,590 117,313 Ordinary Income Operating Income (Billions ofyen) 150 300 450 600 750 Composition ofOperatingRevenues o-prtn xess8,9 772101,908 77,702 3,228 80,496 2,134 4,644 449,920 584,122 Non-Operating Expenses 473,753 593,343 424,279 Non-Operating Revenue 541,592 Operating Expenses Operating Revenues 0 te ,0 ,4 14,771 — 1,684 9,542 87,136 518 275 1,217 — — 4,801 750 68,160 359 4,247 — — 75,695 — 558 300 — — 42,789 97 51,937 Other 52,595 Equity inLossesofAffiliates 407,131 Interest Expenses 38,297 Other 545,824 Equity inEarningsofAffiliates 421,816 Gain onSalesofSecurities 46,010 Interest Income 547,333 Dividends Income 371,683 46,684 Other BusinessOperatingExpenses 494,907 Electric UtilityOperatingExpenses Other BusinessOperatingRevenue Electric UtilityOperatingRevenue te 2285,5 52,097 51,953 23,312 86,438 25,126 36,189 42,248 134,043 23,754 49,923 92,876 22,958 30,366 145,676 20,718 54,230 80,048 22,136 31,935 123,479 51,116 Other Depreciation andAmortizationCosts Taxes andDuties Consignment Costs Repair Expenses Fuel Cost Personnel Expenses 130/ 6308/3 06/3 05/3 01/3 Electric Power 02/3 03/3 Other 04/3 07/3 09/3 (Billions ofyen) 100 200 300 400 500 600 Composition ofElectricPowerOperatingExpenses 0 01320/ 2003/3 2002/3 2001/3 130/ 630/ 08/3 07/3 06/3 05/3 01/3 Taxes andduties Personnel expenses 02/3 03/3 Depreciation andamortization costs Fuel cost 04/3 Repair expenses Consignment costs Other 09/3 3,3 1,8 101,469 131,511 111,885 122,016 132,138 469,720 520,464 128,395 573,198 431,678 621,933 482,489 547,960 386,463 594,375 437,715 522,922 569,854 04320/ 2006/3 2005/3 2004/3 4465,9 67,906 35,732 57,093 41,182 50,881 44,446 58,673 83,519 91,759 50,744 56,022 29,959 50,810 31,418 52,846 38,712 160,823 24,974 21,273 51,251 34,000 51,089 47,452 48,734 116,622 23,984 33,764 26,193 28,652 85,927 46,414 42,220 46,931 ,3 ,7 5,449 6,479 8,239 7,620 3,880 4,067 ,5 ,9 2,928 1,792 1,556 0 2,042 711 1,937 — 846 1,241 804 794 912 ,1 — — — 1,311 — ———— 1,8 110,393 118,588 191,579 477,869 537,056 149,865 531,764 444,463 587,780 496,136 523,782 573,277 2007 71150,724 59,186 49,681 77,141 27,753 51,673 30,289 47,246 30,403 28,566 37,768 31,785 41,175 56,016 27,235 49,494 55342,873 6,644 22,749 55,513 29,394 12,054 22,585 34,639 21,543 13,011 ,6 5,972 8,879 1,567 5,167 5,560 1,384 9 1,213 899 /3 2008/3 3,911 110,122 264,397 588,808 647,828 648,362 704,936 2009/3 57,108 59,019 56,752 29,162 33,244 51,476 43,651 56,574 39,599 22,616 30,791 13,282 8,174 3,145 7,470 1,706 960 (Millions ofyen) — — 31 Corporate Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER 32 Financial Condition Non-Consolidated FinancialHighlights Financial Condition(Non-Consolidated) ubro mlye ,3 ,7 3,297 2,260,233 3,379 2,356,878 3,534 2,282,881 Net IncomeperShare(EPS) Return onEquity(ROE) Number ofEmployees Equity Ratio Total Assets Return onAssets(ROA) riayIcm 2993,3 36,883 113,492 35,334 547,733 110,369 32,919 495,307 105,837 450,330 Net Assets Net Income Ordinary Income Operating Income Operating Revenue 6. J-POWER shareslistedontheFirstSectionofTokyoStockExchangeinfiscalyearendedMarch31,2005.Thesharep 5. J-POWER carriedouta1.2-for-1stocksplitonMarch1,2006.Calculationsassumethatthiswasat 4. ROA: Ordinaryincome/Averagetotalassets 3. ROE: Netincome/Averagetotalshareholders’equity 2. Definition ofshareholders’equityistotalshareholder’spriortothefiscalyearendedMarch2006. Notes: 1. Prior tothefiscalyearendedMarch2006:totalshareholders’equity Net AssetsperShare(BPS) Cash DividendsperShare Number ofSharesOutstanding Price Book-ValueRatio(PBR) Price EarningsRatio(PER) Payout Ratio 8. Payout Ratio:Dividendspaid/Netincome 7. Figures areroundeddownto1000shares.InfiscalyearendedMarch2004,capitalincreaseswereimplementedthroughalloca (Billions ofyen) Operating Revenues/IncomeOrdinary Income 200 400 600 0 030/ 7308/3 07/3 06/3 00/3 Operating revenues(left) closing priceoftheCompany’ssharesatendfiscalyear. From thefiscalyearendedMarch2007onwardis“totalnetassets-minorityinterests.” 1 (%) (%) 01/3 2 8 02/3 (%) (%) 3 (Yen) (Times) 4 03/3 (Yen) (Yen) (Times) (Thousand) 5 Operating income(right) 5, 6 04/3 6 05/3 7 Ordinary income(right) Ordinary 09/3 (Billions ofyen) 120 40 80 0 10 15 20 (%) Return on Equity (ROE) / Return onAssets(ROA) onEquity(ROE)/Return Return 0 5 030/ 7308/3 07/3 06/3 00/3 euno qiy(O)(et Returnon assets(ROA)(right) Return onequity(ROE)(left) 01/3 02/3 ,0.41803 1,999.20 1,850.38 1,702.34 2,8 3,3 141,143 130,637 120,185 00320/ 2002/3 2001/3 2000/3 7.2290 208.38 209.04 179.92 0607,0 70,600 70,600 70,600 2721,5 14,711 14,757 12,702 00 00 60.00 60.00 60.00 121. 10.8 11.8 11.2 332. 28.8 28.7 33.3 . . 1.6 6.2 1.5 5.5 1.5 5.3 03/3 ——— ——— 04/3 the beginningoffiscalyear. rice usedforcomputationpurposesisthe ting 68,208thousandsharestothird-parties. 05/3 09/3 (%) 0 1 2 3 4 33 (Millions of yen) 2003/3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3 546,209 522,595 546,702 566,016 517,273 529,250 645,850

124,668 118,788 98,738 85,974 60,840 39,887 44,728

27,275 33,522 47,415 51,234 37,540 22,083 22,395 Industry and J-POWERIndustry and Japanese Electric Power 17,121 21,718 31,266 33,382 23,897 14,761 10,026

153,603 338,336 370,137 398,717 411,789 404,842 336,594

2,137,705 2,004,703 1,949,660 1,888,333 1,893,678 1,910,290 1,910,592

7.2 16.9 19.0 21.1 21.7 21.2 17.6

3,070 2,386 2,144 2,132 2,174 2,201 2,224

11.6 8.8 8.8 8.7 5.9 3.6 2.7

1.2 1.6 2.4 2.7 2.0 1.2 1.2 J-POWER Data Operational

241.69 240.25 224.89 200.08 143.48 88.63 62.68

2,174.85 2,437.04 2,666.19 2,393.44 2,472.38 2,430.69 2,243.15

— — 14.7 18.6 41.3 40.5 46.6

— — 1.2 1.6 2.4 1.5 1.3

70,600 138,808 138,808 166,569 166,569 166,569 166,569 Consolidated

60.00 60.00 60.00 60.00 60.00 70.00 70.00 Condition Financial

24.7 24.9 26.6 27.4 41.8 79.0 110.5 Non-Consolidated Financial Condition Financial

Net Income per Share (EPS) / Net Assets per Share (BPS) Payout Ratio (Consolidated · Non-Consolidated)

(Yen) (Yen) (%) 300 3,000 120

250 2,500 90 200 2,000

150 1,500 60

100 1,000 Corporate Data 30 50 500

0 0 0 00/301/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 00/301/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 Net income per share (EPS) (left) Net assets per share (BPS) (right) Payout ratio (Consolidated) Payout ratio (Non-Consolidated) 34 Financial Condition Non-Consolidated BalanceSheets Non-Consolidated FinancialStatements Note: Owing totheabolitionofElectricPowerDevelopmentPromotionLawduringyearended March31,2004,“accountsre ocretAst ,0,5 ,5,0 2,061,262 2,256,302 2,204,655 Noncurrent Assets Assets oa ses22281236882,260,233 2,356,878 2,282,881 198,971 100,576 78,226 Total Assets Current Assets o-prtn aiiis——— — 190,249 — 362,545 — — 760,877 — 1,815,694 1,852,826 Nuclear Fuel 1,400,231 Construction inProgress Non-Operating Facilities Incidental BusinessFacilities Electric UtilityPlantandEquipment netet n te ses4,4 09055,317 40,930 43,546 Investments andOther Assets eieeti rges180112492 189,757 1,192 29,082 361,353 12,200 1,820 56,445 51,243 759,057 330,653 10,208 58,671 55,447 351,915 890,102 9,985 36,777 502,410 333,256 854,875 523,932 414,094 547,445 Retirement inProgress Construction inProgress General Facilities Communication Facilities Transformation Facilities Transmission Facilities Thermal PowerProductionFacilities Hydroelectric PowerProductionFacilities loac o obflAcut 23 27 (367) 10,025 2,974 1,384 (237) 114 10,996 2,517 — 1,110 2 (213) 10,554 137 1,787 112,409 4,449 9,389 47,548 4,499 1,011 — 12,977 (20) 127 7,463 2,539 20,324 47,513 5,299 6,951 2,165 — (5) 573 3,524 15,695 41,984 — 15,287 1,460 9,747 (2) 21,264 — 17,561 Allowance forDoubtfulAccounts Accounts Receivable–OverseasTechnicalServices 1,901 Other CurrentAssets 30,114 Deferred TaxAssets 2,516 Short-Term ReceivablesfromSubsidiariesandAffiliates — Prepaid Expenses Supplies 1,785 Short-Term Investments Other AccountsReceivable Accounts Receivable–Trade Acceptance Receivable Cash andDeposits Allowance forDoubtfulAccounts Deferred TaxAssets Long-Term PrepaidExpenses Long-Term InvestmentforSubsidiariesandAffiliates Long-Term Investments Nuclear FuelinProcessing technical servicechargeinadvance”arenow recordedas“othercurrentassets”andliabilities,”inaccordance 00320/ 2002/3 2001/3 2000/3 ,2 10911,040 11,059 6,626 ——— with electricutilityaccountingregulations. ceivable–overseas technical services”and“overseas ceivable–overseas 35 (Millions of yen) 2003/3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3

1,996,701 1,918,851 1,856,227 1,791,860 1,802,277 1,819,393 1,796,175 1,703,333 1,644,724 1,545,226 1,428,485 1,338,430 1,254,172 1,220,808

482,406 515,781 494,625 475,920 458,977 441,129 428,270 J-POWERIndustry and Japanese Electric Power 819,345 751,760 691,781 619,059 562,071 510,443 469,618 312,208 293,841 280,726 261,139 246,578 233,026 221,274 48,387 44,870 42,733 39,744 37,819 35,559 37,929 12,630 11,811 10,748 9,919 10,423 10,125 10,384 28,354 26,659 24,609 22,701 22,559 23,887 53,331 — 35 399 493 1,825 2,504 2,321 — — 513 917 626 607 461 193,798 164,696 174,187 200,807 251,250 326,336 313,664 J-POWER Data Operational 193,674 163,837 173,466 200,645 251,193 326,175 313,542 123 858 720 161 56 161 121 —————10,310 27,650 —————10,310 27,650 99,569 109,395 135,901 161,155 210,144 225,462 231,268

31,794 37,233 43,186 56,109 77,343 72,069 46,787 Consolidated 40,747 45,205 63,263 78,577 106,808 117,195 143,118 Financial Condition Financial 2,541 1,659 2,730 3,017 2,678 3,256 2,164 24,500 25,296 26,721 23,796 23,759 33,515 40,084 (14) — — (344) (446) (574) (886) 141,003 85,852 93,432 96,473 91,400 90,896 114,416 41,630 6,299 7,505 6,501 5,008 4,051 4,973 —3—3——— 46,499 44,877 47,207 51,244 41,661 39,036 44,178 22,576 3,839 6,667 5,721 5,424 7,198 5,186 Non-Consolidated — 7,281 — — — — 22 Condition Financial 10,116 8,167 11,999 16,471 18,439 21,800 38,414 947 1,005 1,122 1,228 1,125 1,355 1,002 2,762 2,246 7,142 5,124 6,521 5,793 4,880 6,416 3,068 3,346 3,801 3,232 3,482 4,150 9,994 9,061 8,440 6,376 10,005 8,198 11,622 107—————— (48) — — — (17) (20) (14)

2,137,705 2,004,703 1,949,660 1,888,333 1,893,678 1,910,290 1,910,592 Corporate Data 36 Financial Condition oa hrhles qiy———1363338,336 3,353 153,603 2,004,703 (255) — 100,683 2,137,705 — — 83,259 — — — — — — — — — Total LiabilitiesandShareholders’ Equity Total Shareholders’Equity Treasury Stock Unrealized GainonSecurities Retained Earnings omnSok———7,0 152,449 70,600 — — — — — — — — — — 102 — — — 141,143 — — — 689 130,637 5,138 65,302 2,260,233 1,666,367 70,600 120,185 — — 2,356,878 4,707 55,329 1,984,101 70,600 2,282,881 45,308 2,119,090 4,276 — Capital Surplus 70,600 2,226,241 Common Stock Shareholders’ Equity 349 Total LiabilitiesandShareholders’ Equity 2,162,696 Total Shareholders’Equity Unrealized GainonSecurities 349 Retained Earnings Legal Reserve Common Stock Shareholders’ Equity Total Liabilities Reserves UnderSpecialLaws urn iblte 3,4 0,3 9,6 1,5 178,484 217,450 293,968 301,738 1,487,194 235,241 1,766,650 1,825,121 1,924,154 1,927,106 Current Liabilities Noncurrent Liabilities Liabilities ea eev ,6 5,999 57,022 5,569 46,997 37,661 — — 30,692 — — — — — — — Unappropriated RetainedEarningsat theEndofTerm Voluntary Reserve Legal Reserve Additional Paid-inCapital eea eev 0002,0 500—— — — — — — 35,000 — — — 5,138 423 25,000 689 487 674 — 11 1,960 — 4,707 10,000 493 — 8,994 258 3,970 28,330 5 1,960 4,276 12,845 53 904 16,751 4,473 5,92 — 1,853 3,324 28,364 285 1,960 16,415 2 15,171 21,024 30 2,563 5,787 2,161 27,426 2,027 349 286 17,303 15,171 12,665 Unappropriated RetainedEarningsattheEndofTerm 1,401 General Reserve 28,893 1,809 867 — Exchange-Fluctuation PreparationReserve 17,803 349 Reserve forSpecialDepreciation 293 15,491 8,620 Reserve forLossfromOverseasInvestment 31,075 1,840 16,857 Legal Reserve 18 13,563 6,401 3,780 13,649 Reserve forFluctuationinWaterLevels Overseas TechnicalServiceChargeinAdvance Other CurrentLiabilities Other Advances Short-Term DebttoSubsidiariesandAffiliates Deposits Received Accrued Taxes Accrued Expenses Accounts Payable–Other Accounts Payable–Trade te ocretLaiiis71 3,328 38,600 5 52,900 — 1,092 38,237 8 54,960 829,751 90,900 1,105 — 37,587 103,487 804,751 614,784 62,500 10 2,852 35,351 114,000 829,761 923,200 69 41,790 7 157,411 848,311 957,078 3,446 29,403 31 141,560 768,365 1,042,951 28,967 559 1,129,206 — Commercial Papers Short-Term LoansPayable Current PortionofNoncurrentLiabilities Other NoncurrentLiabilities Provision forRetirementBenefits Long-Term DebttoSubsidiariesandAffiliates Long-Term AccruedLiabilities Long-Term LoansPayable Bonds Payable eea eev 50055,000 10 45,000 6 — 1,960 51 1,960 — — 30 — — — — — — — — — General Reserve Exchange-Fluctuation PreparationReserve Reserve forSpecialDisaster Reserve forLossfromOverseasInvestment,etc. e noe(nldd 1,0)(477 1,1)—— — (14,711) (14,757) (12,702) Net Income(Included) 00320/ 02320/ 2004/3 2003/3 2002/3 2001/3 2000/3 ————— ———— ———— ———— 0———— 81,849 81,849 40,000 37 (Millions of yen) (Millions of yen) 2005/3 2006/3 2007/3 2008/3 2009/3 Liabilities 1,253,566 1,182,685 Noncurrent Liabilities 1,136,290 1,241,004 1,256,467 591,171 521,684 Bonds Payable 573,229 602,903 717,867 619,495 625,039 Long-Term Loans Payable 533,539 599,350 481,577 956 961 Long-Term Accrued Liabilities 432 Industry and J-POWERIndustry and ——Lease Obligations — — 133 Japanese Electric Power 34,409 25,089 Long-Term Debt to Subsidiaries and Affiliates 17 2,767 3,073 7,533 9,910 Provision for Retirement Benefits 21,543 28,585 41,439 324,157 305,531 Other Noncurrent Liabilities 7,955 7,395 12,373 107,593 103,954 Current Liabilities 343,441 262,882 316,383 47,000 23,000 Current Portion of Noncurrent Liabilities 170,884 98,995 117,815 105,000 111,000 Short-Term Loans Payable 2,000 6,000 9,000 3,446 3,495 Commercial Papers 95,944 88,949 109,971 4,309 4,254 Accounts Payable–Trade 3,713 3,649 1,220 10,994 9,961 Accounts Payable–Other 12,219 4,771 8,040 18,708 16,699 Accrued Expenses 10,643 9,598 11,349 236 229 Accrued Taxes 4,404 8,920 13,539 24,857 30,099 Deposits Received 389 279 261 J-POWER Data Operational 399 413 Short-Term Debt to Subsidiaries and Affiliates 41,041 39,932 42,331 1,610 2,424 Other Advances 334 444 938 ——Other Current Liabilities 1,865 1,341 1,916 1,798 1,399 Reserves Under Special Laws 2,155 1,560 1,146 1,798 1,399 Reserve for Fluctuation in Water Levels 2,155 1,560 1,146 1,579,522 1,489,616 Total Liabilities 1,481,888 1,505,447 1,573,998

Net Assets Consolidated ——Shareholders’ Equity 398,912 403,672 338,012 ——Capital Stock 152,449 152,449 152,449 Condition Financial ——Capital Surplus 81,852 81,852 81,852 ——Legal Capital Surplus 81,852 81,852 81,852 ——Retained Earnings 164,667 169,436 166,971 ——Legal Retained Earnings 6,029 6,029 6,029 ——Other Retained Earnings 158,638 163,406 160,941 ——Reserve for Special Disaster 38 47 50 ——Exchange-Fluctuation Preparation Reserve 1,960 1,960 1,960 ——General Reserve 117,861 132,861 137,861 ——Retained Earnings Brought Forward 38,778 28,538 21,070 ——Treasury Stock (56) (64) (63,260) ——Valuation and Translation Adjustments 12,877 1,169 (1,417) Non-Consolidated Valuation Difference on Available-for-Sale Condition Financial Securities 12,761 1,068 (1,214) 152,449 152,449 Deferred Gains or Losses on Hedges 116 101 (203) 81,852 81,852 Total Net Assets 411,789 404,842 336,594 81,852 81,852 Total Liabilities and Net Assets 1,893,678 1,910,290 1,910,592 129,979 150,819 6,029 6,029 74,887 94,897 51 56 14 19 1,960 1,960 72,861 92,861

49,062 49,892 Corporate Data 5,858 13,613 (1) (17) 370,137 398,717 1,949,660 1,888,333 38 Financial Condition Notes: 1. Corresponding totherevision ofelectricutilityaccountingregulations,thedisclosure“operatingrevenues” and Non-Consolidated StatementsofIncome e noe1,0 47714,711 14,757 23,386 12,702 23,664 36,883 20,405 513,687 35,334 550,571 465,158 32,919 500,493 — 419,889 452,808 — Net Income — Income before Income Taxes — 113,492 — 110,369 — — 105,837 Ordinary Income Total OrdinaryExpenses Total OrdinaryRevenue — — — — Non-Operating Expenses — Non-Operating Income Operating Income Operating Expenses Operating Revenue xrodnr noe——— 13,845 11,670 — 12,645 — 10,117 (349) 2,280 68,022 1,306 631 1,248 — 76,718 613 1,221 3,492 (131) 72,784 1,362 159 1,592 Loss Extraordinary 416 — Income Extraordinary 1,534 409 Provision orReversalofReserveforFluctuationinWaterLevels — 1,651 Non-Operating Expenses — — Expenses onOverseasTechnicalServices 434,241 — 384,937 547,733 Financial Expenses 344,493 Non-Operating Revenue 495,307 — Income fromOverseas Technical Services Financial Revenue 450,330 Incidental BusinessOperatingExpenses Electric UtilityOperatingExpenses Incidental BusinessOperating Revenue Electric UtilityOperatingRevenue oa noeTxs7738968,675 (5,144) 13,819 5,951 8,906 7,894 (6,677) 15,583 — 7,703 — — (5,622) 13,326 — — — — — 10,106 — (349) 10 — — 11,670 2,278 — — — — 1 — 67,778 1,306 244 — 12,645 511 — 1,246 192 (131) 538 — 75,207 421 1,221 2 120 — 972 — Total IncomeTaxes 2,969 Income Taxes–Deferred 71,096 Income Taxes–Current 116 469 1,362 42 7,140 523 1,592 Loss onValuationofSecurities 1,218 Loss onSaleofFixedAssets — 947 330 Reversal ofProvisionforEmployeeRetirementBenefits Gain onExtinguishmentofTie-inShares 387 6,465 4,732 Distribution byDissolutionofAnonymousAssociation 1,534 22 86 8,419 Reversal ofReserveforFluctuationinWaterLevels 904 Provision ofReserveforFluctuationinWaterLevels 34,488 61,757 — 5,874 4,713 1,651 8,492 Miscellaneous Revenue 941 35,243 54,815 Loss onSalesofNoncurrentAssets 2,701 251,755 4,524 Expenses onOverseasTechnicalServices 67,183 — 64,999 7,317 Amortization ofBondIssueDiscount 32,688 48,515 Amortization ofBondIssueExpenses Bond IssueCost 3,026 206,632 477,849 Amortization ofStockIssueExpenses 67,095 67,672 Interest Expenses — 175,389 Miscellaneous Revenue 425,184 2,324 Gain onSalesofNoncurrentAssets 62,287 69,240 Income fromOverseasTechnicalServices 385,719 Interest Income Dividends Income Enterprise Tax General andAdministrativeExpenses Communicating Expenses Selling Expenses Transformation Expenses Transmission Expenses Purchased PowerfromOtherSuppliers Thermal PowerProductionExpenses Hydroelectric PowerProductionExpenses Other ElectricityRevenue Transmission Revenue Sold PowertoOtherSuppliers Also “incomefromand expensesonoverseastechnicalservices” becameincludedunder“non-operating incomeandexpenses.” and expenses”were renamed as“financialrevenueandexpense,” whichbecameincludedunder“non-operating incomeandexpenses” 00320/ 2002/3 2001/3 2000/3 “operating expenses”beganand“electricity financialrevenues from theyearended March 31,2003. 39 (Millions of yen) 2003/3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3 546,209 522,595 546,702 566,016 517,273 529,250 645,850 546,209 518,978 540,665 558,306 510,248 517,318 631,452 473,567 453,478 476,335 495,061 450,034 457,292 571,282 66,739 63,398 61,194 58,255 55,184 54,934 55,414 5,902 2,100 3,136 4,989 5,029 5,090 4,755 Industry and J-POWERIndustry and

— 3,617 6,037 7,709 7,024 11,932 14,398 Japanese Electric Power 421,541 403,807 447,964 480,041 456,433 489,363 601,122 421,541 400,754 442,754 473,056 450,203 478,579 588,224 62,309 64,292 68,883 69,844 63,728 61,114 68,281 241,524 226,968 262,271 308,191 290,013 312,292 402,159 ———81433 1,214 80 32,963 32,529 32,391 35,250 30,502 28,680 28,475 8,157 7,711 7,577 6,737 6,595 6,621 7,020 958 922 948 1,439 1,237 1,546 1,307 4,955 4,880 5,384 5,655 6,191 6,000 6,242 63,574 56,662 58,229 38,571 44,837 54,353 66,407 7,097 6,787 7,067 7,285 6,662 6,756 8,250 — 3,053 5,210 6,985 6,229 10,783 12,897

124,668 118,788 98,738 85,974 60,840 39,887 44,728 J-POWER Data Operational 3,654 2,839 3,871 5,218 8,386 9,844 6,617 1,089 1,788 2,683 3,327 4,521 5,332 4,933 699 1,077 1,841 2,521 3,586 4,275 3,775 390 711 842 806 935 1,057 1,158 1,675 — — — ——— 1,675 — — — — — — 888 1,050 1,187 1,890 3,865 4,512 1,683 54 18 16 111 370 1,067 5 834 1,031 1,171 1,779 3,494 3,444 1,678 Consolidated 101,047 88,104 55,193 39,958 31,686 27,648 28,950 Financial Condition Financial 86,946 84,024 51,044 35,737 21,565 21,937 22,294 86,866 83,236 50,374 35,088 21,276 21,648 21,915 — 583 — 10 ——— ————288 288 379 80 192 621 590 ——— —124849——— 1,372 — — — ——— 1,372 — — — — — — 12,728 4,080 4,149 4,220 10,121 5,710 6,655 598 10 23 126 4232 12,129 4,069 4,126 4,094 10,117 5,708 6,622 549,864 525,434 550,573 571,234 525,659 539,095 652,468 488,119 517,011 630,072 522,588 491,911 503,158 520,000 Non-Consolidated 27,275 33,522 47,415 51,234 37,540 22,083 22,395 Condition Financial — 689 1,108 (399) 756 (595) (413) — 689 1,108 — 756 — — — — — (399) — (595) (413) ——————14,472 ——————12,170 ——————2,301 ——————19,647 ——————— ——————— ——————19,647 27,275 32,833 46,306 51,633 36,783 22,678 17,635

17,570 10,592 18,151 20,143 11,865 11,338 13,389 Corporate Data (7,417) 522 (3,111) (1,892) 1,020 (3,421) (5,781) 10,153 11,114 15,039 18,250 12,886 7,917 7,608 17,121 21,718 31,266 33,382 23,897 14,761 10,026 2. Owing to the abolition of the Electric Power Development Promotion Law during the year ended March 31, 2004, incidental business revenues and expenses that formerly had been recorded in “income from and expenses on overseas technical services,” “other electricity revenues” and “general and administrative expenses” were renamed “incidental business revenues and expenses” and became included under “operating revenues and expenses” in accordance with electric utility accounting regulations. 40 Financial Condition Structure ofNon-ConsolidatedRevenuesandExpensestheElectricPowerBusiness Composition ofElectricPowerOperatingExpenses Composition ofElectricPowerOperatingRevenues prtn xesso lcrcPwrBsns 4,9 8,3 434,241 384,937 344,493 547,733 495,307 Operating ExpensesofElectricPowerBusiness 450,330 Operating RevenuesofElectricPowerBusiness Other ElectricityRevenues Variable Expenses Transmission Revenues Fixed Expenses Electric Power SalestoOtherCompanies ulCs 0968,9 94,753 12,364 81,497 11,363 28,824 32,718 80,926 9,858 54,367 25,788 149,175 34,730 51,324 126,756 24,726 32,494 44,497 98,918 339,947 137,901 281,084 144,100 241,604 144,114 Waste DisposalCosts Fuel Cost Other Depreciation andAmortizationCosts Taxes andDuties Repair Expenses Personnel Expenses Thermal Hydro

(Billions ofyen) 100 200 300 400 500 600 0 5,0 9,7 327,122 292,077 253,708 477,849 425,184 385,719 00320/ 2002/3 2001/3 2000/3 2002/3 2001/3 2000/3 0749,6 107,118 92,860 90,784 67,183 67,095 62,287 3015,7 62,035 53,477 53,071 ,2 ,2 2,701 3,026 2,324 Right: Operating ExpensesofElectricPowerBusiness OperatingRevenuesofElectricPowerBusiness Left: 41 Industry and J-POWERIndustry and Japanese Electric Power J-POWER Data Operational

(Millions of yen) 2003/3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3 546,209 518,978 540,665 558,306 510,248 517,318 631,452 473,567 453,478 476,335 495,061 450,034 457,292 571,282 138,195 135,758 137,106 126,810 123,490 114,557 110,945 335,371 317,719 339,228 368,250 326,543 342,734 460,336 Consolidated

66,739 63,398 61,194 58,255 55,184 54,934 55,414 Condition Financial 5,902 2,100 3,136 4,989 5,029 5,090 4,755

(Millions of yen) 2003/3 2004/3 2005/3 2006/3 2007/3 2008/3 2009/3 421,541 400,754 442,754 473,056 450,203 478,579 588,224 320,288 298,681 312,064 299,429 289,497 275,420 314,140 Non-Consolidated

50,057 43,461 33,823 21,489 27,180 37,689 43,571 Condition Financial 39,570 30,874 52,018 42,565 46,477 32,757 55,419 28,379 29,182 29,945 29,366 27,800 27,044 28,380 137,736 130,376 122,825 130,844 117,973 109,739 109,741 64,545 64,786 73,451 75,163 70,064 68,188 77,026 101,252 102,072 130,689 173,626 160,706 203,159 274,083 88,494 87,435 115,838 155,977 144,053 185,357 255,156 12,758 14,636 14,850 17,648 16,652 17,801 18,927 Corporate Data Corporate Data (As of March 31, 2009)

42 Major Group Companies (As of March 31, 2009) Consolidated Subsidiaries Company Name Capital (Millions of yen) Equity Stake (%) Main Businesses Bay Side Energy Co., Ltd. 2,400 100 Electric power supply Green Power Kuzumaki Co., Ltd. 490 100 Construction and operation of wind power plants Corporate Data Green Power Awara Co., Ltd. 310 100 Construction and operation of wind power plants Green Power Setana Co., Ltd. 100 100 Construction and operation of wind power plants Green Power Koriyama Nunobiki Co., Ltd. 100 100 Construction and operation of wind power plants Dream-Up Tomamae Co., Ltd. 10 100 Construction and operation of wind power plants Green Power TOKIWA Co., Ltd. 250 95 Construction and operation of wind power plants Yuya Wind Power Co., Ltd. 10 90 Construction and operation of wind power plants Green Power Aso Co., Ltd. 490 81 Construction and operation of wind power plants ITOIGAWA POWER Inc. 1,006 80 Electric power supply Minamikyushu Wind Power Co., Ltd. 20 80 Construction and operation of wind power plants Nagasaki-Shikamachi Wind Power Co., Ltd. 490 70 Construction and operation of wind power plants Nikaho-Kogen Wind Power Co., Ltd. 100 67 Construction and operation of wind power plants J-Wind TAHARA Co., Ltd. 245 66 Construction and operation of wind power plants Ichihara Power Co., Ltd. 600 60 Electric power supply J-Wind IROUZAKI Co., Ltd. 200 52 Construction and operation of wind power plants Sarakitomanai Wind Power Co., Ltd. 30 49 Construction and operation of wind power plants J-POWER GENEX CAPITAL Co., Ltd. 100 100 Management of IPP projects JPec Co., Ltd. 500 100 Construction, technical development, design, consulting, maintenance and research for thermal and nuclear power plants; unloading and transporting of coal to thermal power plants; sale of fly ash; shipping of coal for thermal power plants; research and planning of environmental conservation JPHYTECH Co., Ltd. 500 100 Construction, technical development, design, consulting, maintenance and research for hydroelectric power plants, substations and transmission lines; surveying and compensation of construction sites; civil engineering, construction management and construction services J-POWER EnTech, Inc. 120 100 Engineering of equipment for removal of atmospheric and water pollutants KEC Corporation 110 100 Construction and maintenance of electronic and communications facilities JP Design Co., Ltd. 20 100 Design and construction management of electric power facilities; engineering and construction EPDC CoalTech and Marine Co., Ltd. 20 100 (100) Marine transportation of ash and fly ash from thermal power plants J-POWER AUSTRALIA PTY. LTD. (Australia) 21 (millions of A$) 100 Investments in coal mines in Australia J-POWER RESOURCES Co., Ltd. 450 100 Import, sales and transportation of coal JP Business Service Corporation 450 100 Operation of welfare facilities; facility maintenance; business process outsourcing; development of computer software J-Power Investment Netherlands B.V. (Netherlands) 70 (millions of $) 100 Management of overseas investments J-POWER Consulting (China) Co., Ltd. 6 (millions of yuan) 100 Management of overseas investments and research and development projects J-POWER North America Holdings Co., Ltd. (U.S.A.) 1 ($) 100 Management of overseas investments J-POWER Holdings (Thailand) Co., Ltd. (Thailand) 10,174 (millions of baht) 100 (100) Management of overseas investments J-POWER Generation (Thailand) Co., Ltd. (Thailand) 39 (millions of baht) 100 (100) Management of overseas investments J-POWER USA Investment Co., Ltd. (U.S.A.) 29 ($) 100 (100) Management of overseas investments J-POWER USA Development Co., Ltd. (U.S.A.) 1 ($) 100 (100) Research and development of overseas investments Omuta Plant Service Co., Ltd. 50 100 Operation and maintenance of waste-fueled power generation plant FMW Investment Co., Ltd. 100 51 Investment management for water project operation Fresh Water Miike Co., Ltd. 48 51 (51) Water project and related business Telecommunications; operation and maintenance of telecommunications Japan Network Engineering Co., Ltd. 50 100 facilities KAIHATSU HIRYOU Co., Ltd. 450 100 Production of fertilizer using ash and thirty five companies 43 Affiliates Accounted for by the Equity Method Company Name Capital (Millions of yen) Equity Stake (%) Main Businesses Mihama Seaside Power Co., Ltd. 490 50 Electric power supply J-Wind TOKIO Co., Ltd. 250 50 Construction and operation of wind power plants Setouchi Power Corporation 100 50 Electric power supply Industry and J-POWERIndustry and

Tosa Electric Power Co., Ltd. 2,755 45 Electric power supply Japanese Electric Power GENEX Co., Ltd. 2,800 40 (40) Electric power supply ShanXi TianShi Power Generation Co., Ltd. (China) 99 (millions of yuan) 24 Electric power supply J-POWER USA Generation, L.P. (U.S.A.) – 50 (50) Management of overseas investments CBK Netherlands Holdings B.V. (Netherlands) 25 (thousands of $) 50 (50) Management of overseas investments Birchwood Power Partners, L.P. (U.S.A.) – 50 (50) Electric power supply Gulf Electric Public Co., Ltd. (Thailand) 13,784 (millions of baht) 49 (49) Holding company for thermal power generation companies Zajaczkowo Windfarm Sp. z o.o. (Poland) 5 (millions of zloty) 45 (45) Construction and operation of wind power plants Chiahui Power Corporation (Taiwan) 4,700 (millions of NT$) 40 (40) Electric power supply EGCO Green Energy Co., Ltd. (Thailand) 175 (millions of baht) 26 (26) Management of overseas investments EGCO Cogeneration Co., Ltd. (Thailand) 1,060 (millions of baht) 20 (20) Electric power supply J-POWER Data Operational Thaioil Power Co., Ltd. (Thailand) 2,810 (millions of baht) 19 (19) Electric power supply CBK Power Co., Ltd. (Philippines) 137 (millions of $) – [100] Operation of hydroelectric and pumped-storage electric power plants Green Country Energy, LLC (U.S.A.) – – [100] Electric power supply Pinelawn Power LLC (U.S.A.) – – [100] Electric power supply Equus Power I, L.P. (U.S.A.) – – [100] Electric power supply Roi-Et Green Co., Ltd. (Thailand) 180 (millions of baht) – [95] Electric power supply Elwood Energy, LLC (U.S.A.) – – [50] Electric power supply Consolidated Tenaska Virginia Partners, L.P. (U.S.A.) – – [30] Electric power supply

Tenaska Frontier Partners, Ltd. (U.S.A.) 55 (millions of $) – [25] Electric power supply Condition Financial and forty four companies Notes: 1. The equity stake values in percentages are indirect holding ratios, while those shown in brackets are the ratios held by a closely-related party or parties in agreement. 2. J-POWER RESOURCES Co., Ltd. and J-POWER Holdings (Thailand) Co., Ltd. are specifi ed subsidiaries. 3. Because the Limited Liability Company (LLC) and Limited Partnership (L.P.) under U.S. law do not have anything that exactly coincides with the concept of capital, the amount of capital has not been listed.

Number and Transition of Subsidiaries / Affiliated Companies 2005/3 2006/3 2007/3 2008/3 2009/3 Equity Method Equity Method Equity Method Equity Method Equity Method All Consolidated All Affiliated All Consolidated All Affiliated All Consolidated All Affiliated All Consolidated All Affiliated All Consolidated All Affiliated Affiliated Affiliated Affiliated Affiliated Affiliated Subsidiaries Subsidiaries Companies Subsidiaries Subsidiaries Companies Subsidiaries Subsidiaries Companies Subsidiaries Subsidiaries Companies Subsidiaries Subsidiaries Companies Companies Companies Companies Companies Companies Electric Power Business Non-Consolidated

Other Electric Power Condition Financial Businesses 1184111104311115513135517 17 5 5

Electric Power- Related Businesses

Management of Affiliated Companies 11001100110011001100 System Design, Construction, 175401754015153013133013 13 3 0 Maintenance Electric Generation Fuel, Equipment and 52006200660066006600 Material Supply Services 21002100220022002200 Other Businesses Overseas Businesses 5 1 29 14 5 1 26 23 18 14 30 27 20 19 48 47 27 28* 63 62

Environment, Energy 10701060115033603360 Corporate Data Information- Telecommunication 10101010111011101110

Others 40304040444033503370 TOTAL 47 18 48 15 48 20 45 26 59 55 48 32 62 61 68 52 73 74 85 67 *Since J-POWER Birchwood Consolidation, L.P. was dissolved as a result of the March 2009 merger, it was not a subsidiary in the fi scal year ended March 31, 2009, but was a consolidated subsidiary for the period ended December 31, 2008. 44 Corporate Data Corporate History Sept. 1964 Sept. 1952 June 1990 Nov. 2007 Nov. 1972 Dec. 2000 Dec. 1960 Feb. 2007 May 1959 May 2008 May 2007 May 2006 Jan. 2007 Jan. 2005 Jan. 1981 Oct. 2004 Oct. 1965 Apr. 2002 Apr. 1956 July 2000 Start ofconstructionJ-POWER’sfirst NuclearPlant,OhmaPowerPlant(1,383MWoutput) Participation inIntegratedWaterPowerDevelopmentProjectHanjiang, China (450MWoutput) Unit 2beginsoperationsinMarch,2008(734MWoutput) Kaeng Khoi#2Gas-FiredThermalPowerUnit1StationinThailandbegins operations(734MWoutput) Koriyama NunobikiKogenWindFarmbeginsoperations(65,980kWoutput) Participation inElwoodEnergyPowerPlanttheU.S.(1,350MWoutput, gas-firedpower) Participation inTenaskaFrontierPowerPlanttheU.S.(830MWoutput, gas-firedpower) Participation inCBKProjectthePhilippines(728MWoutput,hydroelectricpower) Listed onfirstsectionofTokyoStockExchange 2009) inJuly operation begins 2(600,000kW) No. New (Isogo New No.1UnitofIsogoThermalPowerPlantbeginsoperations(600MWoutput,coal-firedpower) Tomamae WinvillaWindFarmbeginsoperations(30,600kWoutput,windpower) output ×2generators)(SecondgeneratorbeginsoperationsinDecember2000) Tachibanawan ThermalPowerPlant,whichisequippedwithJapan’slargestcoal-firedsingle-generators,beginsoperations(1,050 1,000 MWoutputviaasinglegenerator Matsuura ThermalPowerPlantNo.1beginsoperations(1,000MWoutput)andbecomesfirstcoal-firedthermalpowerplanttoachi Japan touseimportedcoalasfuel(SecondgeneratorbeginsoperationsinJune1981) Matsushima ThermalPowerPlantbeginsoperations(500MWoutput×2generators)asthefirstcoal-firedthermalpowerplantin electric powergenerationfacilitytoexceed1,000MWoutput Shintoyone Pumped-StoragePlantbeginsoperations(1,125MWoutput)astheCompany’sfirstlarge-scalepumped-storagehydro- Sakuma FrequencyConverterStationlinkingeastandwestJapanbeginsoperations Ikehara PowerPlantbeginsoperations(350MWoutput,hydroelectricpower) Okutadami PowerPlantbeginsoperations(560MWoutput,hydroelectricpower) Tagokura PowerPlantbeginsoperations(385MWoutput,hydroelectricpower) Sakuma PowerPlantbeginsoperations(350MWoutput)astheCompany’sfirstlarge-scalehydroelectricpowergenerationfacility Promotion Law(LawNo.283ofJuly31,1952) Establishment ofElectricPowerDevelopmentCo.,Ltd.asagovernment-sponsoredcorporationundertheDevelopmen MW eve t Fukuoka Office Takamatsu Office Chugoku Office West RegionalHeadquarters Hokuriku Office Chubu RegionalHeadquarters East RegionalHeadquarters Sendai Office Hokkaido RegionalHeadquarters Domestic Network URL: http://www.jpower.co.jp Tel: +81-3-3546-2211 TheSumitomoTrustand Banking 15-1, Ginza6-chome,Chuo-ku,Tokyo104-8165,Japan Headquarters Regional Network TokyoStockExchange Transfer Agent Ernst&YoungShinNihon 38,566 Independent PublicAccountants ¥152,449,600,000 Stock ExchangeListing 166,569,600 Number ofShareholders 660,000,000 Number ofSharesOutstanding September16,1952 ElectricUtilityandOthers Number ofSharesAuthorized Paid-in Capital Date ofEstablishment Business Category (As ofMarch31,2009) Corporate Profile J-POWER’s Generat Power Electric 10,000 12,000 14,000 16,000 18,000 Est. in1952 2,000 4,000 6,000 8,000 0 435/ 236/ 037/ 838/ 86/3 82/3 78/3 74/3 70/3 66/3 62/3 58/3 54/3 (MW) 1950 Development oflarge-scale ~ hydropower facilities hydropower Wholesale ElectricPowerBusiness(Hydroelectric) Wholesale ElectricPowerBusiness(Thermal) Power,Other ElectricPowerBusinesses(Wind Thermal(IPP, forPPS)) Development oftransmissionlines, please contact: For furtherinformation, conversion stations Company, Limited 1960 Construction ofcoal-firedfacilities powered bydomesticcoal powered ~ Development oflarge-scale pumped storage facilities pumped storage ing Capacity (Consolidated) ing Capacity Construction of high-voltage Construction ofhigh-voltage 1970 power transmissionlines power ~ E:+1334-21 A:+1334-51 E-mail: [email protected] FAX:+81-3-3546-9531 TEL: +81-3-3546-2211 IR Group Electric PowerDevelopmentCo., Ltd. Yoshihiko Sakanashi Yasuo Maeda Masashi Hatano Shinichiro Ota (Representative Directors) Presidents Executive Vice Masayoshi Kitamura (Representative Director) Chairman (As ofJuly2009) Directors andCorporateAuditors (Representative Director) J-POWER Consulting(China)Co.,Ltd. J-POWER Generation(Thailand)Co.,Ltd. J-POWER USADevelopmentCo.,Ltd.(U.S.A.) Hanoi Office(Vietnam) Beijing Office(China) Washington Office(U.S.A.) Overseas Network ioh aaeMinoruHino President Kiyoshi Sawabe Construction of coal-fired facilities powered byimportedcoal Construction ofcoal-firedfacilitiespowered 1980

~ 90/3 Upgrade oftransmission Go Kajitani(Outside) Hirotada Tanou Kuniharu Takemata Kiyotaka Muramatsu Seigou Mizunuma Directors Executive Managing Executive Directors Toshifumi Watanabe Masaharu Fujitomi 1990 439/ 2306/3 02/3 98/3 94/3 and trunklines ~ 2000 Development of wind power and Development ofwindpower thermal power (IPPforPPS) thermal power ~ 2004Fullprivatization Hideaki Miyahara(Outside) Mutsutake Otsuka(Outside) Motohito Sunamichi Corporate Auditors Takashi Fujiwara(Outside) Kanji Shimada Auditors Senior Corporate Nuclear power construction 45 CorporateCorporate Data Data Financial Condition Financial Condition J-POWER Operational Data Japanese Electric Power Non-Consolidated Consolidated Industry and J-POWER This report is printed using soy ink on certifi ed by the Forest Stewardship Council (FSC), an international NGO. Printed in Japan