On the Development Plan for the Woody Biomass Electric Power Plant in Yonago-shi

Chubu Electric Power Co., Inc. (Headquarters: Higashi-ku, Nagoya City; President & Director: Satoru Katsuno; hereafter "Chubu Electric Power"), Tokyu Land Corporation (Headquarters: Minato-ku, Tokyo; President: Yuji Okuma; hereafter "Tokyu Land Corporation") , Mitsubishi UFJ Lease & Finance Company Ltd. (Headquarters: Chiyoda-ku, Tokyo; President & CEO: Takahiro Yanai; hereafter "Mitsubishi UFJ Lease") and New Energy Development Co., Ltd. (Headquarters: Numata-shi, Gunma Prefecture; Representative Director: Shinya Takahashi; hereafter "New Energy" ) have agreed to invest in the "Yonago Biomass Power Generation LLC" (hereafter "the operating company") as an anonymous association and have, today, concluded a project finance-based loan agreement.

This project to build and operate a single firing biomass power plant with a power output of 54,500kW in Yonago-shi, Tottori Prefecture has been developed by New Energy. Tokyu Land Corporation and Mitsubishi UFJ Lease, through a wholly owned subsidiary, will jointly take charge of asset management while Chubu Electric Power and New Energy will be handling the project management side.

We appreciate the cooperation and understanding of the local community and relevant parties in pushing forth this plan.

[Overview of this Power Plant Project]