Likely continued stable profits thanks to ongoing government support of business operations, stable and relatively low fuel prices, and continued cost reductions Expected continued benefits from a virtually vertically integrated business model and pricing formula under a supportive regulatory framework for the moment Little prospect of a rapid loss of business strength or customer numbers in greater Tokyo, with the company having a near monopoly over the area's electricity market and accounting for roughly a third of national electricity sales Little prospect of a substantial improvement in profitability, because the timing of a restart of the Kashiwazaki-Kariwa nuclear power plant is indeterminate and costs of the crisis at the Fukushima No. 1 nuclear power plant continue to accrue Exposure to
