Revisions of "Dividend Forecasts for the Fiscal Year Ending on March 31, 2019" and "The Policy on Shareholder Return"

Today, Chubu Electric Power have revised its "Dividend forecasts for FY2018" and "The policy on shareholder return".

Chubu Electric Power set a management target of "achieving 150 billion yen or more in consolidated ordinary income by FY2018" in March 2016. We have been working on various initiatives as a group to achieve this goal ever since, and as a result, our prospective consolidated ordinary income for FY2018 (excluded time-lag effect) is expected to be approximately 160 billion yen, and to be exceed this target.

We have also set a new management target of "achieving 170 billion yen or more in consolidated ordinary income for FY2021" as a milestone on the path to achieving the "Chubu Electric Power Group Management Vision". We have put together a concrete action plan to achieve this target as "Initiatives to address management challenges". Our group transfer to a business model that separates power generation from sales, and aim to grow into a stronger corporate group through autonomous efforts in each business.

In light of these status of income, financial condition, and management environment, we have revised our "Dividend forecasts for FY2018" and "The policy on shareholder return" as follows.

1. Dividend forecasts for FY2018

	Annual dividends End of 2Q	Annual dividends Year-end	Annual dividends Total
Previous forecasts(made in January 31,2019)		20 yen	40 yen
New revised forecasts		25 yen	45 yen
Results for the current fiscal year	20 yen
Results for the previous fiscal year (FY2017)	15 yen	20 yen	35 yen

2. The Policy on Shareholder Return

Chubu Electric Power will continue to invest in plants and equipments for a safe and stable supply of electricity as well as in growth sectors to maintain sustainable growth and increase our corporate value. Providing strong shareholder returns is an important mission for our Group. We will continue to pursue stable dividends, and consider our profit growth. Our target consolidated payout ratio is over 30%.

[Reference: Pre-change "The Policy on Shareholder Return"]

The company will work to maintain stable dividends after taking account of financial condition and other factors, while continuously investing in building and operating facilities that are essential for a safe and stable supply of electricity.