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(June 23,2017 Update)

Top Message

To Our Shareholders and Investors

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

The Company takes a very serious view of the ongoing trouble and anxiety for all concerned due to the accident at the Fukushima Daiichi Nuclear Power Station, and since last April we have been running business operations based on a holding company system with the aim of fulfilling our responsibilities to Fukushima in addition to generating funds for the revitalization of Fukushima and enhancing the corporate value of our entire group ("the Group") overall. Under this new system, we are working as a Group using all available resources to address a range of management challenges, such as doubling productivity and integrating the fuel and thermal power generation business, and, as a result of these and other efforts, we were able to record ordinary income for fiscal 2016.

Meanwhile, in addition to intensification in competition due to the full liberalization of the retail market for electricity and gas amidst a decline in energy demand, the management environment for the Company has become extremely challenging with increases in the expenses required for compensation and decommissioning of reactors among other factors.

Therefore, believing that unprecedented cost reductions and income growth are essential, the Group will faithfully promote efforts aimed at the resumption of operations at Kashiwazaki-Kariwa Nuclear Power Station in addition to moving forward with dynamic business reforms unconstrained by precedent, such as reorganization and integration in the transmission and distribution business and the establishment of a consortium in the nuclear power business and active overseas expansion, based on the Revised Comprehensive Special Business Plan with a commitment to fulfill our responsibilities to Fukushima and enhance the corporate value of the entire Group.

In fiscal 2016, our circumstances do not enable us to meet the expectations of shareholders and investors with regard to dividends. However, we will continue working to improve the Company's financial structure and striving to raise our rating in the market, and we sincerely ask for our shareholders and investors' understanding of and cooperation with our future business management.

June, 2017  
Tokyo Electric Power Company Holdings, Incorporated