Long-term institutional investors in the Company see its corporate value depending upon a credible decarbonization strategy and science-based short-, medium- and long-term GHG emissions reduction targets aligned with the goals of the Paris Agreement and investor expectations. Capital expenditure aligned with such targets is of particular significance for the Company’s corporate value given the high GHG emissions from its coal-fired power generation business, and the low level of economic rationality and feasibility certainty attaching to the decarbonization technologies of thermal power detailed in the Company’s “BLUE MISSION 2020.” We consider that corporate value would be protected with greater disclosure of how the Company assesses the alignment of its capital expenditure with GHG emissions reduction targets.