Assisting Intervention in Shareholders' Derivative Lawsuit

Chubu Electric Power has received a notice of lawsuit ("the lawsuit") filed on April 19, 2024 by three individual shareholders of the company ("the plaintiffs") against 14 of its current and former directors ("the defendants"), demanding compensation for damages (notified on the same date).

Today, the company decided to make an assisting intervention for the defendant in the lawsuit, and obtained the approval of all corporate auditors. Details are provided below.

1. Reason for the assisting intervention

Chubu Electric Power has made no agreement with The Kansai Electric Power Co., Inc. that restricts business activities, and there exists differences in fact-finding and legal interpretation with the Japan Fair Trade Commission (JFTC). The company has thus filed a revocation action (Press release issued on September 25, 2023), and has judged that the plaintiff's claim premised on the JFTC's finding is groundless.
The company has judged that it needs to appropriately counter the plaintiff's claims by getting involved in the proceedings of the lawsuit as an assisting intervenor, and demand a fair judicial decision.

2. Future response

Announcements will be made promptly in the wake of any additional matters that should be disclosed as to this lawsuit.