Ichigo Green Infrastructure Investment : Change in Specified Related Corporation

Make The World

More Sustainable

[Provisional Translation Only]

This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

July 1, 2021

Issuer

Ichigo Green Infrastructure Investment Corporation ("Ichigo Green," 9282) 1-1-1Uchisaiwaicho, Chiyoda-ku,Tokyo

Representative: Mami Nagasaki, Executive Director

www.ichigo-green.co.jp/en

Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Representative: Hiroshi Iwai, President

Inquiries: Takao Nitta, Head of Ichigo Green

Tel: [phone]

Change in Specified Related Corporation

Ichigo Green is reporting a change in a specified related corporation at Ichigo Investment Advisors ("IIA"), its asset management company.

1. Details of Change

During the three-year period starting in FY18/6 (July 1, 2017) to the last day of FY20/6 (June 30, 2020), the total amount of transactions, as prescribed under Article 29-3 Clause 3, Item 1 of the Order for Enforcement of the Financial Instruments and Exchange Law, between Ichigo Green and Ichigo ECO Energy (a related party of Ichigo Green and IIA under Article 201 Clause 1 of the Act on Investment Trusts and Investment Corporations) satisfied the criteria under Cabinet Office Ordinance Article 55-8 Clause 1 regarding securities transactions, therefore resulting in Ichigo ECO Energy being considered a specified related corporation. However, because this criteria was not satisfied for the three- year period starting in FY19/6 (July 1, 2018) to the last day of FY21/6 (June 30, 2021), Ichigo ECO Energy is no longer considered a specified related corporation.

1. Date of Change July 1, 2021
2. Ichigo ECO Energy Overview

(1)	Name	Ichigo ECO Energy
(2)	Address	1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
(3)	Representative	Eiichiro Gotoh, President & Representative Director
(4)	Main Business	Renewable energy power generation and supply
		Environmental engineering and consulting
		Provision of environmental technology, know-how, and
		information
(5)	Paid-In Capital	JPY 150 million (as of February 28, 2021)
(6)	Establishment Date	November 28, 2012
(7)	Net Assets	JPY 1.257 billion (as of February 28, 2021)
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(8) Total Assets	JPY 15.538 billion (as of February 28, 2021)
(9) Major Shareholder/	Ichigo 100% (as of February 28, 2021)
Percentage Ownership
(10) Relationship with Ichigo Green or IIA
	Capital	Ichigo Green does not have any capital relationship
	Relationship	with Ichigo ECO Energy. Ichigo ECO Energy is a
		wholly-owned subsidiary of Ichigo, IIA's parent
		company, and therefore, is a related party as defined in
		the Enforcement Ordinance of the Investment Trust and
		Investment Corporation Law and the internal rules of
		IIA.
	Personnel	Although Ichigo Green and IIA do not have any
	Relationship	personnel relationship with Ichigo ECO Energy, IIA has
		a personnel relationship with Ichigo, Ichigo ECO
		Energy's parent company.
	Business	Pursuant to the power plant lease agreement between
	Relationship	Ichigo Green and Ichigo ECO Energy, Ichigo ECO
		Energy leases and operates the Ichigo Takamatsu
		Kokubunjicho Nii ECO Power Plant from Ichigo
		Green. With respect to all other Ichigo Green plants,
		Ichigo ECO Energy serves as the plant operator
		pursuant to project agreements between Ichigo Green
		and the respective SPCs leasing these power plants.
		With respect to the Ichigo Takamatsu Kokubunjicho Nii
		ECO Power Plant, Ichigo ECO Energy pays Ichigo
		Green a base fee pursuant to the power plant lease
		agreement. With respect to all other Ichigo Green
		power plants, Ichigo ECO Energy serves as a joint
		guarantor for base fee payment pursuant to the
		aforementioned project agreements.
	Related	Ichigo ECO Energy is not a related party of Ichigo
	Parties	Green, but is a subsidiary of Ichigo, IIA's parent
		company, and therefore, is a related party of IIA.

4. Outlook

The effective date of this change is July 1, 2021, and therefore has no impact on Ichigo Green's FY21/6 earnings. Furthermore, this change has no impact on Ichigo Green's FY22/6 (July 1, 2021 to June 30, 2022) earnings forecast. The change will be conducted in accordance with the provisions of the Financial Instruments and Exchange Law, the Building Lots and Building Transactions Business Law, and other applicable laws and regulations.

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