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President's Opening 2012 New Year Address (Summary)
January 4, 2012
Tokyo Electric Power Company

The year of 2011 was unprecedented and life-changing for every member of our company due to the devastating earthquake and tsunami that struck our nation on March 11th.

The accident at Fukushima Daiichi Nuclear Power Plant hindered our capabilities in the area of stable power supply and caused the release of radioactive materials. This resulted in a tremendous amount of anxiety and inconvenience for not only the people of Fukushima but also broader society. In addition, the trustworthiness of TEPCO and nuclear energy were lost.

On the other hand, thanks to the unselfish and cooperative efforts of all those involved, we were able to improve the situation step by step and succeed in the implementation of the four "Urgent Issues". Namely, achieving "earliest possible restoration from the accident", "empathy- based compensation payouts", "securement of stable power supply" and "thorough management streamlining."

We have now entered 2012. Although the fundamentals of the recovery work we are engaged in will not change, in terms of the present timeframe and work contents, there will be many big changes. Our focus will now shift from "urgent and temporary" actions to "mid-to-long term and drastic" measures.

Last year, while in the midst of much future uncertainty, we had no choice but to respond quickly to many problems as they arose day to day. However, this year, our target will shift from "urgent matters" to resolving "mid-to-long term issues".

More precisely, over a time span of several years, ten years or even several decades, in cooperation with all of our group companies, it will be necessary for us to work harder to solve such mid-to-long term issues as "the decommissioning project while not neglecting safety and R&D", "securement of stable power supply under limited management resources" and "large and widely varying compensation payouts".

In order to achieve these targets, we must be flexible in our implementation of sweeping reforms and not cling to convention or our vested interests. It is time to move forward, make amends where needed, and unflinchingly do what needs to be done

By this March, in cooperation with the Nuclear Damage Compensation Facilitation Corporation, we will review the "Comprehensive Special Business Plan" which will outline how the TEPCO group intends to solve these issues and will include TEPCO's mid-to-long term direction and targets.

During the implementation of the reforms, I would like you to pay special heed to the meaning of the word "Shinshu". "Shinshu" embodies the qualities of fearlessness and attempting new things while not being bound by tradition. It means not being afraid to take risks even in the face of the unknown. Although restoring societal trust and our company's reputation as a stable power provider will not be easy, please let the spirit of this word motivate you as we move forward together to accomplish the mid-to-long issues.

Finally, as painful as it was, TEPCO had to make the difficult decision to increase electricity rates for our customers in the deregulated sector. This is not going to be easy to accomplish without our customer's understanding. However, after much deliberation, this step has been deemed essential to our management streamlining efforts. Hence, it is of utmost importance that the reasons and necessity of this step be kindly and thoroughly explained to all of our valued customers.

* This address was given to TEPCO employees.

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