Responding to Demand for Filing Action from Shareholders

On October 16, 2023, the auditors of Chubu Electric Power Co., Inc. (“Chubu Electric Power”) received a document from two individual shareholders of Chubu Electric Power requesting the filing of an action against a total of 14 current and former directors of Chubu Electric Power. (Announced on the same day)

Subsequently, we commissioned an investigation of this matter to an outside law firm that has no interest in Chubu Electric Power's directors, and the Board of Auditors has examined the results of this investigation and considered how to respond to the demand.

As a result of our review, today, all of Chubu Electric Power's auditors have decided not to file an action to pursue liability against a total of 14 current and former directors accountable, as they do not believe that there has been a breach of the duty of care of a good manager with respect to the matters pointed out in this demand document for the filing of an action.
Kataoka Akinori, full-time senior corporate auditor, did not participate in the investigation or the decision to file the action against himself.

With respect to the non-petition of this matter, a notice will be sent to the proxy of the shareholders concerned in accordance with Article 847, Paragraph 4 of the Companies Act.