September 18, 2015
Company name: Tamagawa Holdings Co., Ltd.
Representative: Toru Masuzawa, President(JASDAQ Code 6838)
Contact:
Akihiro Ushiroda, Director
Telephone:+81-3-6435-6933

Tamagawa Holdings Announces Board Resolution for Acquisition andCancellation of Series-6 Stock Warrants (with Exercise Price Reset Option)
With regard to Series-6 Stock Warrants (with Exercise Price Reset Option) issued January 16, 2015 (the"Stock Warrants"), the meeting of the board of directors of Tamagawa Holdings convened today resolved asset forth below for the acquisition of all Stock Warrants from Macquarie Bank Limited and their subsequentcancellation.

1.

Details of the acquisition and cancellation of the Stock Warrants(1) Name(2) Allottee(3) Number of stock warrants to be issued(4) Allotment date(5) Payment amount(6) Exercise price(7) Exercise period(8) Number of unexercised Stock Warrants(9) Acquisition and cancellation date2.

Series-6 Stock Warrants (with Exercise Price
Reset Option)
Macquarie Bank Limited
10,000 (for 1,000 shares per Stock Warrant)
January 16, 2015
¥1,960 per Stock Warrant¥218 per share
From January 19, 2015
To January 18, 20179,990
October 16, 2015

Reason for the acquisition and cancellation of the Stock Warrants
The Stock Warrants were issued by Tamagawa Holdings on January 16, 2015, to Macquarie Bank
Limited as the allottee for the purpose of raising development funds for the solar energy power
generation facilities and geothermal power generation facilities of Tamagawa Holdings.
Although Tamagawa Holdings has in the interim considered opportunities for requesting theexercise of the Stock Warrants by the allottee, due to the operating environment of Tamagawa
Holdings and influences affecting the stock market, the share price of Tamagawa Holdings has
continuously been fluctuating at a level below ¥153, the minimum exercise price of the Stock
Warrants, such that the prospects for the discretionary exercise of the Stock Warrants by the allottee
were considered remote even if the Exercise Price Reset Option provided in the Terms andConditions of Issuance were to be exercised. Moreover, it was found that the abovementioned
funding requirements can largely be covered with available funds of Tamagawa Holdings andindirect finance, etc. Additionally, Tamagawa Holdings considers it necessary to resolve marketconcerns that might arise over potential share price dilution if unexercised stock warrants withremote prospects of exercise are allowed to remain in issuance.
In light of the foregoing, at the meeting of the board of directors of Tamagawa Holdings convened
today, it was resolved, in accordance with the stipulations of the Terms and Conditions of Issuanceof the Stock Warrants (for details see the disclosure release dated December 26, 2014, entitled"Tamagawa Holdings Announces Inception of New Business Operations (Geothermal PowerBusiness) and Issuance of Series-6 Stock Warrants for Private Placement (with Exercise Price ResetOption)"), for Tamagawa Holdings to acquire on a specified date, at the same price as the issuanceprice, the Stock Warrants for subsequent cancellation, and to give such notice to Macquarie BankLimited.
3. Outlook
The effects from the acquisition and cancellation of the Stock Warrants on the investment plans andfinancial results for the current fiscal year are negligible.
Tamagawa Holdings considers investment in its renewable energy operations necessary for ensuring
the stable long-term development of the Group. Tamagawa Holdings will therefore continue toproactively advance its renewable energy business, investigate the potential also of large-scale
projects, and consider optimal funding methods as the occasion may demand.