March 30, 2015
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Tamagawa Holdings Co., Ltd.
Toru Masuzawa, President(JASDAQ Code 6838)
Akihiro Ushiroda,
Corporate Planning Department
and Financial Control Department+81-3-6435-6933

Tamagawa Holdings Announces Memorandum of Understanding concerning
Strategic Cooperative Agreement with Etrion Japan KK

Tamagawa Holdings executed today a Memorandum of Understanding ("Memorandum") withEtrion Japan KK ("Etrion Japan") concerning a solar energy power plant in Misawa city, Aomori
prefecture, (the "Plant") with a view to a strategic cooperative agreement predicated on equalshareholdings. Details are described in the following.

1. Execution of memorandum
Etrion Japan is a group company of Etrion Corporation ("Etrion Corp."), the latter being engaged in theconstruction, ownership, and running of utility-scale solar energy power plants. Etrion Corp., as anindependent power plant operator, owns solar energy power plants in Italy and Chile with a combined
total output of around 130 megawatts. The shares of Etrion Corp. are listed on the Toronto Stock
Exchange and on the NASDAQ OMX Stockholm. Etrion Corp. is headquartered in Canada, with offices
in Genève (Switzerland), Miami (U.S.), Rome (Italy), Santiago (Chile), and Tokyo (Japan). Etrion Corp.
engages in large-scale renewable energy businesses in countries around the world.
Etrion Corp. has identified Japan as a promising market with growth potential for renewable energy andpursues the long-term objective of attaining a leading position as an independent power company in theJapanese market. Against this background, Etrion Corp. is interested in the Plant and has been in
discussions with Tamagawa Holdings over further steps.
As previously announced in releases dated December 26, 2014, entitled "Tamagawa Holdings Announces
Inception of New Business Operations (Geothermal Power Business) and Issuance of Series-6 Stock
Warrants for Private Placement (with Exercise Price Reset Option)" and "Tamagawa Holdings Announces
Progress in the Business Alliance with ISE Power Co., Ltd.," Tamagawa Holdings has acquired land
located at Misawa city, Aomori prefecture, for the construction of solar energy power plants, and has been
making preparations for the early inception of power sales. Subject to the condition that the results offorthcoming due diligence proceedings satisfy both parties, the execution of the Memorandum makes itlikely that the joint financing and construction of the Plant will proceed expediently and without obstacles.
Notably, details concerning the financing necessary for the completion of the Misawa power plant and theparticulars of the operations of the Plant after the inception of electric power sales will be determined instages in the time ahead.
2. Profile of Etrion Japan(1) Company name(2) Address(3) Date established(4) Position and name ofrepresentative(5) Business lines(6) Capital(7) Main shareholders andshareholder percentages

Etrion Japan KK
Ark Hills Sengokuyama Mori Tower, 28th Floor 1-9-10, Roppongi,
Minato-ku, Tokyo (located inside the Baker & McKenzie office)October 2012
President: Yukishige Ito
Electric power generation, distribution, and operations, etc., related to electricpower
5,000,000 yen
Etrion Corporation (100%)

Capitalrelationships(8)

Relationship between listedcompanies and Etrion Japan

Personnel
relationships

Transaction
relationships

Status vs.
related parties

No capital relationship that requires mention exists between
Tamagawa Holdings and Etrion Japan. No capital relationship that
requires mention exists between parties related to, or affiliatedcompanies of, Tamagawa Holdings and parties related to, oraffiliated companies of, Etrion Japan.
No personnel relationship that requires mention exists between
Tamagawa Holdings and Etrion Japan. No personnel relationshipthat requires mention exists between parties related to, oraffiliated companies of, Tamagawa Holdings and parties related
to, or affiliated companies of, Etrion Japan.
No trading relationship that requires mention exists between
Tamagawa Holdings and Etrion Japan. No trading relationshipthat requires mention exists between parties related to, oraffiliated companies of, Tamagawa Holdings and parties related
to, or affiliated companies of, Etrion Japan.
Etrion Japan is not a related entity of Tamagawa Holdings. No
related entity or affiliated company of Etrion Japan is a related
entity of Tamagawa Holdings.

3. Profile of parent company Etrion Corp.
(1)
NameEtrion Corporation
(2)
(3)
(4)
(5)
(6)
(7)

AddressPosition and name ofrepresentative
Business lines
CapitalDate established
Main shareholders andshareholder percentages

1600-925 West Georgia St Vancouver, British Columbia, V62 3L2, Canada
Chief Executive Officer and Director

Construction, ownership, and investment, etc., in renewable energy facilities
13.4 billion yen
July 1993
Lundin Group (24.3%)

Capitalrelationships(8)

Marco A. Northland

Relationship between listedcompanies and Etrion
Corp.
Personnel
relationships

No capital relationship that requires mention exists between
Tamagawa Holdings and Etrion Corporation. No capitalrelationship that requires mention exists between parties related
to, or affiliated companies of, Tamagawa Holdings and parties
related to, or affiliated companies of, Etrion Corporation.
No personnel relationship that requires mention exists between
Tamagawa Holdings and Etrion Corporation. No personnel
relationship that requires mention exists between parties related
to, or affiliated companies of, Tamagawa Holdings and parties
related to, or affiliated companies of, Etrion Corporation.

Transaction
relationships

Status vs.
related parties

No trading relationship that requires mention exists between
Tamagawa Holdings and Etrion Corporation. No trading
relationship that requires mention exists between parties related
to, or affiliated companies of, Tamagawa Holdings and parties
related to, or affiliated companies of, Etrion Corporation.
Etrion Corporation is not a related entity of Tamagawa Holdings.
No related entity or affiliated company of Etrion Corporation is arelated entity of Tamagawa Holdings.

(9)

Consolidated financial results and financial status of Etrion Corporation for the last three years.
Business year to
Business year to
Business year to
Fiscal year
December 2012
December 2013
December 2014
Consolidated net income(¥1,268 million)(¥1,295 million)¥3,621 million
Consolidated total assets¥39,201 million¥54,623 million¥80,527 million
Consolidated net assets per(¥6.16)(¥5.71)¥11.88share
Consolidated net revenues¥4,819 million¥5,682 million¥5,981 million
Consolidated operating¥2,011 million¥2,095 million¥1,902 million
incomeConsolidated net income(¥732 million)(¥1,086 million)(¥1,983 million)
Consolidated net income per(¥3.46)(¥5.27)(¥6.03)share
Dividend per share¥0¥0¥0
Note: The above yen-converted amounts are stated based on the USD/JPY foreign exchange rates on therespective book closing date.

3. Profile of the Misawa power plant(1) Location(2) Operator

(3)
(4)
(5)
(6)

Site area
Power generating capacity
Electricity sales price (fixed for 20 years)
Income from sales of electric power(projected)(7) Estimated electric power sales volume in
the first fiscal year (projected)

5-chome, Mukawame, Misawa-shi, Aomori andothers
GP Energy A, LLC
GP Energy B, LLC
GP Energy C, LLC
GP Energy D, LLC(all fully-owned subsidiaries of TamagawaHoldings)
Approximately 153,000 m2
Approximately 10 megawatts
36 yen/kWh (tax excluded)
Approximately 390 million yen annually
Approximately 10,852,814 kWh

4. Outlook
Any effects that the Plant may have on the consolidated financial result of the current fiscal year areexpected to be negligible. Any effects on following fiscal years will be promptly disclosed as soon as
estimates become available.