Investor Presentaiton

NRA, Japan Nuclear Regulation Authority Some Lessons Learned Identified in Diet's Report (Reported to Diet in July 2012) Message from Chairman NAIIC: The National Diet's Fukushima Nuclear Accident Independent Investigation Commission ■ ... this was a disaster "Made in Japan." Its fundamental causes are to be found in the ... Japanese culture: our reflexive obedience; our reluctance to question authority; ... and our insularity. Organizational issues ... actual relationship lacked independence and transparency, In fact, it was a typical example of "regulatory capture," . Lack of expertise the two incorporated technical agencies advising NISA, namely, JNES and JAEA, have been too rigidly tied to NISA .... Conclusions The lack of expertise resulted in "regulatory capture,"... They avoided their direct responsibilities by letting operators apply regulations on a voluntary basis. 3

View entire presentation