December 26, 2014

Company name: Tamagawa Holdings Co., Ltd.
Representative: Toru Masuzawa, President(JASDAQ Code 6838)
Contact:
Akihiro Ushiroda,
Corporate Planning Department
and Financial Control Department
Telephone:+81-3-6435-6933

Tamagawa Holdings Announces Progress inthe Business Alliance with ISE Power Co., Ltd.
As previously announced in the press release dated June 2, 2014, entitled "Notice concerning the Conclusion of aBusiness Alliance Agreement with ISE Power Co., Ltd.," dated May 30, 2014, Tamagawa Holdings and ISE PowerCo., Ltd. ("ISE Power") concluded a business alliance agreement concerning solar energy power plant operations
at ISE Power ("Business Alliance Agreement"). Tamagawa Holdings announces today progress in the said businessalliance with ISE Power, with details as follows.

1.

Background of the business alliance to date
During consultations between Tamagawa Holdings and ISE Power, based on the Business AllianceAgreement, concerning the further development of the solar energy power plant operations of ISE Power, inorder to develop also the solar energy power plant operations of Tamagawa Holdings Group, on December 26,
2014, three consolidated subsidiaries of Tamagawa Holdings acquired the rights as power plant operators at
Misawa city, Aomori prefecture, owned by ISE Power ("Power Sales Rights"), with a view to build andoperate solar energy power plant facilities ("Power Plant Business").
The site required for the Power Plant Business was acquired by Tamagawa Holdings already on December 16,
2014. Notably, the acquisition price of the Power Sales Rights and the said plant site are subject tonon-disclosure pursuant to oral non-disclosure agreement with the other party. The site, which was previously
in use by the Ise Foods Group as a site for chicken farm operations, is currently idle. The site is flatland, withlittle snowfall due to its location on the Pacific side ensuring sufficient sunlight necessary for power
generation, rendering it suitable for the Power Plant Business.

2.

Outline of ISE Power(1) Company name(2) Executives(3) Address(4) Date established(5) Business lines(6) Capital(7) Number of employees(8) Sales(9) Fiscal year end(10) Shares outstanding

ISE Power Co., Ltd.
Chairman of the Board of Directors: Hikonobu Ise
Representative Director: Yukihiro Akimoto
Director: Setsuko Ise
Corporate Auditor: Kaoru Imai
2-12-16 Kita-Aoyama, Minato-ku, Tokyo
April 3, 2014
Electric power generation and sales via renewable energies
280,000,000 yen
None
40,000,000 yen (Estimate for the business year ending March 31, 2015)
End of March625 shares

3.

Outline of the Power Plant Business(1) Location(2) Operator

5-chome Mukawame, Misawa-shi, Aoyama and others
GP Energy A, LLC
GP Energy B, LLC
GP Energy C, LLC
GP Energy D, LLC(All fully-owned subsidiaries of Tamagawa Holdings)
Approximately 153,000 m2
Approximately 10 megawatts
36 yen/kWh (tax excluded)(3) Site surface area
(4) Power generating capacity(5) Electricity sales price(fixed for 20 years)(6) Income from sales of electric power
Approximately 390 million yen annually(projected)(7) Estimated electric power sales volume
Approximately 10,852,814 kWhin the first fiscal year (projected)
Note: The numbers associated with site surface area, power generation capacity, power sales revenue, andestimated power output in the first fiscal year reflect the combined totals of the four solar energy
power plants operated by the four operating companies.
4.

Future plans and outlook
Tamagawa Holdings is aiming for an early start of the Power Plant Business, with expectations to commence
power sales by March 2016 (The timing of a power sales agreement with Tohoku Electric Power Co., Inc. has
yet to be determined.).
Notably, while effects from the above-mentioned progress in the business alliance on the consolidated
business results for the current fiscal year are expected to be negligible, any effects on results will bedisclosed in a timely manner.