Investment Structure

Note: (1) Shareholding taking of 49.00% by Chubu Electric Power Gem B.V. (2) Shareholding taking of 60% by Electricity Generation PCL. (3) GUNKUL is one of shareholder of N.K.Power Solar Co., Ltd. by holding 9,799 common shares and 2,940 preferred shares. The right of voting for common share is one share per one vote and preferred share is one share per 20 votes. (4)-(14) Shareholding taking of 74.99% by WHA PCL.