TOKYO, Feb. 27, 2001 — Moody’s Investors Service has assigned a Aa2 rating to Chubu Electric Power Co., Inc.’s (Chubu) Yen 15 billion bonds, due 2013.

The rating is based on Chubu’s importance to the Japanese national economy and its favorable operating environment. Chubu has an effective monopoly serving one of Japan’s most important economic regions, the Chubu region.

The service area of Chubu has approximately 13% of Japan’s population and 14% of the national GDP. Chubu thus plays an important role in national economic and energy policy. The Japanese government continues to deregulate the nation’s electric utility business.

While liberalization has resulted in modest increases in credit risk, Chubu will continue to operate under a rather favorable industry environment that allows it to operate with a low degree of industry risk and a relatively high degree of certainty.

Considering Chubu’s continued role and importance within the Japanese economy, strong regulatory and governmental support can be secured, if required.

Chubu Electric Power Co., Inc., headquartered in Nagoya, Japan, is the third-largest electric utility in Japan in terms of power generation, sales, and capitalization.