To whom it may concern,

December 25, 2019
Company: Tamagawa Holdings, Co., Ltd.
Representative: President, Toru Masuzawa(JASDAQ Code: 6838)
Contact: Management Planning Division, Junya Tokumoto
Tel: 03-6435-6933

Notice on Assignment of All Shares on Capital of Companies Related to Application ofEquity Method
Please be informed that we decided in today’s board of directors on assignment of equity of the Etrion
Energy 5 Limited Liability Company held by us.

1. Reason for assignment of equity
As announced in “Notice on Acquirement of Shares on Capital of Etrion Energy 5 Limited Liability Company(to be company related to application of equity method)” as of June 22, 2014, we jointly conducted thedevelopment business of a large-scale photovoltaic plant with total power output of approx. 9.5Mw
consisting of four districts of photovoltaic plants (high-pressure interconnected system) of generation power
output of 2.5Mw in Misawa City, Aomori Prefecture, and acquired 30% of the shares on capital of special
purpose company conducting this Project. We received an offer for assignment of all shares on capitalfrom Etrion Corporation and proceeded with consultation. As a result, we have decided to assign ourequity and reached to the final agreement, and entered into the Equity Assignment Agreement.
2. Overview of the company related to application of equity to be assigned(1) NameEtrion Energy 5 Limited Liability Company(2) Location
In Baker & McKenzie Law Firm, 28th Floor, Arc Hills
Sengokuyama Mori Tower, 1-9-10, Roppongi, Minato-ku, Tokyo(3) Title and name ofRepresentative employee: Etrion Corporation
Representative
Job operator: Christian Lacueva Canut(4) Business content① Business concerning power generation, power distribution,power supply② Acquirement, development, construction, maintenance andmanagement of all types of facilities, equipment and system
concerning power generation, power distribution, power
supply③ Construction business④ All businesses incidental or related to above(5) Capital fund
1,000,000yen(6) Date of foundation
October 2015(7) Equity ratio
Etrion Corporation: 60%
Tamagawa Holdings, Co., Ltd.: 30%
Hitachi High-Technologies Corporation: 10%(8) Relationship between the listed Capital
We invest 30%
company and the company ofrelationshipconcern
PersonnelNArelationshipTransaction
NArelationship3. Overview of assignee of equity(1) Name(2) Location(3) Title and name ofRepresentative(4) Business content(5) Capital fund(6) Date of foundation(7) Equity ratio(8) Relationship between with thelisted company and thecompany of concern

Etrion Corporation
In Baker & McKenzie Law Firm, 28th Floor, Arc Hills
Sengokuyama Mori Tower, 1-9-10, Roppongi, Minato-ku, Tokyo
President, Christian Lacueva CanutBusiness concerning power generation, power distribution,
electric power, etc.
5 million yenOctober 2012
Etrion Corporation (100%)
CapitalNA
relationship
PersonnelNArelationshipTransaction
We have entered in to the memorandum
relationshipconcerning business collaboration for theProject with the company of concern.

4. Ratio of assigned equity and status of owned equity before and after the assignment(1) Equity ratio before transfer
30%(2) Ratio of assigned equity30%(3) Equity ratio after transfer0%(Note) We refrain from announcing the assignment value in consideration of confidentiality.
has been determined through the fair process and shall be fair and reasonable value.
5. Dates(1) Decision date of board ofdirectors(2) Agreement date(3) Execution date of equity
assignment

However, it

December 25, 2019
December 25, 2019
December 25, 2019

6. Future prospective
The impact over the performance due to this case is currently under estimation, and shall be immediately
announced as soon as identified.
Etrion Energy 5 Limited Liability Company shall not be applicable as a company related to application of
the equity method by this assignment.