September 21, 2016

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

Tamagawa Holdings announces group-internal reorganization (the "Reorganization") involving atransfer of subsidiaries by resolution of today's board of directors' meeting with details as follows.

1. Outline of the Reorganization
Tamagawa Holdings Group has, through one of its business segments, been engaged inacquiring income from sales of electric power generated by solar energy power plants owned byTamagawa Holdings and has been proactively advancing the development of attractive relevantprojects. Tamagawa Holdings Group has, under its ownership policy for solar energy power plants,
established for each power plant a special purpose company ("SPC") as owner entity. At present, a
total of 11 SPCs have been established for existing power plants and potential projects. Each SPC isa fully and directly owned subsidiary of Tamagawa Holdings.
To enable Tamagawa Holdings to flexibly respond to changes in the operating environment of
the renewable energy business, such as the establishment of infrastructure fund markets andreviews of the handling of equipment certifications for new PPS entities and the fixed-rate pricesystem, Tamagawa Holdings has resolved to implement this Reorganization, which involves anin-kind capital payment to GP Energy Co., Ltd. ("GPE") consisting of the share capital owned byTamagawa Holdings in the other SPCs, thereby establishing GPE as the core company among theSPCs of the solar energy power plant business.
As a result of the Reorganization, Tamagawa Holdings retains only GPE as a fully-ownedsubsidiary, with the other SPC entities being subsidiaries of GPE (fully-owned second-tier
subsidiaries of Tamagawa Holdings).

Based on the foregoing, direct ownership by Tamagawa Holdings ceases, and with only GP Energy
remaining as consolidated subsidiary, GP Energy 2 and the following SPCs become fully-owned
subsidiaries of GP Energy.

2. Outline of the entities projected to be changed from directly-owned subsidiaries to second-tier
subsidiaries
GP Energy Co., Ltd. 2(1) Company name

GP Energy Co., Ltd. 2(2) RepresentativeMichiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) Established

January 2013

(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal termMarch(7) Capital

1,000 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)
GP Energy Co., Ltd. 3(1) Company name

GP Energy Co., Ltd. 3(2) Representative

Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) EstablishedJanuary 2013

(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal term

March(7) Capital

1,000 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)
GP Energy Co., Ltd. 3-A(1) Company name

GP Energy Co., Ltd. 3-A(2) Representative

Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) Established

July 2013(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal term

March(7) Capital

1,000 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)
GP Energy Co., Ltd. 5(1) Company name

GP Energy Co., Ltd. 5(2) Representative

Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) Established

July 2013(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal termMarch(7) Capital

1,000 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)

GP Energy Co., Ltd. 6(1) Company name

GP Energy Co., Ltd. 6(2) Representative

Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) Established

July 2013(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal termMarch(7) Capital

1,000 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)
GP Energy A LLC(1) Company name

GP Energy A LLC(2) Representative

Executive partner: Tamagawa Holdings Co., Ltd.
Executor: Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) Established

November 2014

(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal termMarch(7) Capital

500 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)
GP Energy B LLC(1) Company name

GP Energy B LLC(2) Representative

Executive partner: Tamagawa Holdings Co., Ltd.
Executor: Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) EstablishedDecember 2014

(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal term

March(7) Capital

100 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)
GP Energy C LLC(1) Company name

GP Energy C LLC(2) Representative

Executive partner: Tamagawa Holdings Co., Ltd.
Executor: Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) Established

December 2014

(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal term

March(7) Capital

100 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)

GP Energy D LLC(1) Company name

GP Energy D LLC(2) Representative

Executive partner: Tamagawa Holdings Co., Ltd.
Executor: Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) Established

December 2014

(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal term

March(7) Capital

100 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)
GP Energy E LLC(1) Company name

GP Energy E LLC(2) Representative

Executive partner: Tamagawa Holdings Co., Ltd.
Executor: Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) Established

January 2015(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal term

March(7) Capital

100 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)

3. Outline of the entity projected to assume shares or other equity
GP Energy Co., Ltd.
(1) Company name

GP Energy Co., Ltd.

(2) Representative

Michiyo Nakachi(3) Head office location

1-6-15, VORT Hamamatsu-cho I, Hamamatsu-cho, Minato-ku, Tokyo(4) Established

September 2012(5) Business lines

Solar energy power generation, etc., and all incidental operations(6) Fiscal termMarch(7) Capital

1,000 thousand yen(8) Shareholder structure Tamagawa Holdings Co., Ltd. (100%)

4. Further outlook
Effects on the financial results of Tamagawa Holdings for the current fiscal year are insignificant.