July 18, 2013

Company name:
Representative:
Contact:
Telephone:

Tamagawa Holdings Co., Ltd.
Toru Masuzawa, President(JASDAQ Code 6838)
Akihiro Ushiroda,
Administration Department+81-3-6435-6933

Notice concerning the Establishment of Subsidiaries

This is to give notice that the board of directors of the Company convened on July 18, 2013, resolved as described
below to establish fully owned consolidated subsidiaries of the Company.

1.

Purpose of the subsidiaries to be established
In connection with the inception of a solar energy power business in preparation at the Company, in order toclearly identify the incomes of each power plant it has been the policy of the Company to establish individual
operating entities charged with the range of tasks from land acquisition (or leasing) to plant operations. Thesesubsidiaries were established as described below based on current plans for new facilities for solar energy
power plants.

2. Outline of the subsidiaries to be established (prospective)(1) GP Energy 3-A Co., Ltd.
(1) Company name
GP Energy 3-A Co., Ltd.
(2) Position and name ofrepresentative

Representative director and president: Michiyo Nakachi (Head of Corporate
Planning Dept. of the Company)(3) Head office location

1F Hamamatsu-cho Place, 1-6-15 Hamamatsu-cho, Minato-ku, Tokyo(4) Date established

July 31, 2013 (prospective)(5) Business lines

Solar energy power operations, etc., and all incidental related operations(6) Fiscal year end date(7) Capital

March 311,000 thousand yen
Tamagawa Holdings Co., Ltd. 100%(8) Main shareholders andshareholder percentages

1(2) GP Energy 5 Co., Ltd.
(1) Company name
(2) Position and name ofrepresentative

GP Energy 5 Co., Ltd.
Representative director and president: Michiyo Nakachi (Head of Corporate
Planning Dept. of the Company)(3) Head office location

1F Hamamatsu-cho Place, 1-6-15 Hamamatsu-cho, Minato-ku, Tokyo(4) Date established

July 31, 2013 (prospective)(5) Business lines

Solar energy power operations, etc., and all incidental related operations(6) Fiscal year end date(7) Capital

March 311,000 thousand yen
Tamagawa Holdings Co., Ltd. 100%(8) Main shareholders andshareholder percentages(3) GP Energy 6 Co., Ltd.
(1) Company name
(2) Position and name ofrepresentative

GP Energy 6 Co., Ltd.
Representative director and president: Michiyo Nakachi (Head of Corporate
Planning Dept. of the Company)(3) Head office location

1F Hamamatsu-cho Place, 1-6-15 Hamamatsu-cho, Minato-ku, Tokyo(4) Date established

July 31, 2013 (prospective)(5) Business lines

Solar energy power operations, etc., and all incidental related operations(6) Fiscal year end date(7) Capital

March 311,000 thousand yen
Tamagawa Holdings Co., Ltd. 100%(8) Main shareholders andshareholder percentages

3.

Impact on Future Business Results
Since solar energy power operations at the individual subsidiaries have to date not started, the establishmentof these subsidiaries has no effect on the consolidated business results of the Company. However, dependingon the progress in the solar energy power operations at individual subsidiaries, projections for future businessresults may be affected. In such a case, notice will be given in a timely and appropriate manner.

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