To Our Shareholders and Investors

I would like to thank our shareholders and investors sincerely for their continuing support.

Also, we respectfully extend our sympathies to those suffering as a result of the recent Great East Japan Earthquake and hope for rapid restoration of the disaster area.

Identifying the fiscal year under review, ended March 31, 2011, as a year for making a new start toward building a foundation for sustained growth, we set out three priority goals: “transforming Fuji Electric into the global company,” “concentrate efforts on business in the field of energy and the environment,” and “activating human resources.”

Thanks to these efforts, earnings improved significantly as higher revenues from power electronics and power semiconductors and the benefit of the previous fiscal year’s business restructuring counteracted further strengthening of the yen and the effect of the Great East Japan Earthquake in March this year.

In light of the above business results trends, we decided to pay a year-end dividend of ¥2 per share, giving a full-year dividend of ¥4 per share for the fiscal year under review, which is a year-on-year increase of ¥2.5 per share.

On April 1 this year, the Company merged with its wholly owned subsidiary Fuji Electric Systems Co., Ltd., which is responsible for the “energy and the environment” business, and made a new start as Fuji Electric Co., Ltd.

Based on this new system, we will speed up decision making, clarify responsibilities, and vitalize human resources while reforming fundamentally to realize market/customer oriented management. Through these initiatives, we intend to move forward decisively to become a leading-edge company in energy and the environment.

In closing, I would like to ask for your continued support and understanding.