[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

FY19/2 Full-Year Earnings
April 17, 2019
Ichigo Inc. (Tokyo Stock Exchange First Section, 2337)
Representative: Takuma Hasegawa, President
Inquiries:
Go Watanabe, Executive Managing Director
Telephone: +81-3-3502-4818
www.ichigo.gr.jp/en
Annual Shareholders Meeting: May 26, 2019 (expected)
Submission of the Financial Report (Yuka Shoken Hokokusho): May 27, 2019 (expected)
Dividend Payment: May 27, 2019
Supplemental Materials to Financial and Business Results: Yes
Financial and Business Results Briefing: Yes (for institutional investors and analysts)
1. FY19/2 Consolidated Financial Results (March 1, 2018 to February 28, 2019)(1) Consolidated Financial Results
Revenue(JPY million) YOY
FY19/2
83,540 +44.4%
FY18/2

57,846

Operating Profit(JPY million) YOY
26,279 +19.9%-47.1%

Note: Comprehensive Income

21,919-4.3%(YOY = year-on-year % change)
Recurring Profit
Net Income(JPY million) YOY (JPY million) YOY
23,076 +20.3%
15,373+9.7%
19,185-2.9%

14,018-5.9%

FY19/2: JPY 15,554 million (+6.9% YOY)
FY18/2: JPY 14,548 million (+0.6% YOY)

FY19/2Net Income
per Share(Basic, JPY)
31.14 +10.7%

Net Income
Return on
Operating
Return on
per Share
Assets (%)
Profit Margin
Equity (%)(Diluted, JPY)
(Recurring Profit)(%)
31.12 +10.7%
16.3
7.5
31.5

FY18/2

28.12

28.10

-5.2%

(2) Consolidated Financial Condition
Total Assets(JPY million)
FY19/2
319,599
FY18/2

296,512

-5.0%

16.5

6.7

37.9

Net Assets(JPY million)
102,859

Shareholder
Equity Ratio
30.9%

Net Assets per
Share (JPY)202.1492,72530.1%

180.20Note: Shareholders’ Equity FY19/2: JPY 98,748 million FY18/2: JPY 89,336 million

(3) Consolidated Cash Flows
Cash Flows fromOperations(JPY million)
FY19/2

21,762

Cash Flows from
Investments(JPY million)-15,602

FY18/2

10,603-5,645

Cash Flows from
Financing(JPY million)
4,346

Cash and Cash
Equivalents(JPY million)
45,029-6,12439,365

Note: Cash Flows from Operations excluding investment (net) in Real Estate and Power Plants for Sale
FY19/2: JPY 25,522 million FY18/2: JPY 16,722 million
2. Dividends
Dividend per Share (JPY)First Second Third Fourth
Quarter Quarter Quarter Quarter Total
FY18/2

–

–

–

6

Total
Dividend(JPY million)
6
2,974

FY19/2
FY20/2(Forecast)

–

–

–

7

7

–

–

–

7

7

Payout Ratio

Dividend on
Equity Ratio

21.3%

3.5%

22.5%

3.7%

3,419

23.0%

3. FY20/2 Full-Year Consolidated Earnings Forecast (March 1, 2019 to February 29, 2020)(YOY = year-on-year % change)
Operating Profit
Recurring Profit
Net Income
Net Income per(JPY million) YOY (JPY million) YOY (JPY million) YOY
Share (JPY)FY20/2
26,500+0.8%
22,800-1.2%
15,000
-2.4%
30.39
-2.4%
Note: Ichigo provides a full-year earnings forecast, but not a half-year forecast, because Ichigo
believes the longer full-year forecast is more consistent with global best practice and thefocus of Japan’s Corporate Governance Code on growing long-term sustainable corporate
value. In addition, Ichigo is focused on earnings growth (not revenue growth), with aparticular focus on growing long-term EPS, so does not issue a Revenue forecast.
4. Other(1) Changes in significant consolidated subsidiaries(material changes in scope of consolidation):Yes

New subsidiaries (2):Hakata GK Tokumei Kumiai
Sunrise GK Tokumei Kumiai
None

Subsidiaries removed from consolidation:(2) Changes in accounting standards/principles, changes in accounting estimates, and revisions toprevious financial statements(i) Changes in accounting standards/principles:None(ii) Changes in accounting principles other than the above:None(iii) Changes in accounting estimates:None(iv) Revisions of previous financial statements:None2

(3) Number of outstanding common shares(i) Number of outstanding shares including treasury shares
FY19/2:505,066,430
FY18/2:504,484,200(ii) Number of treasury shares
FY19/2:
16,556,200
FY18/2:8,706,500(iii) Average number of outstanding shares
FY19/2:
FY18/2:493,714,169
498,475,625

Segment Information
Asset Management generates fee income via the management of Ichigo Office (8975), Ichigo Hotel(3463), Ichigo Green (9282), and providing real estate services related to real estate acquisition,
operations, and disposition.
Value-Add preserves and improves real estate. Ichigo receives rental income during the period it carries
out its value-add, along with earning gains on sale that reflect the real estate’s higher value after thevalue-add is complete.
Clean Energy is utility-scale solar power production that supplies clean energy and brings productive
use to idle land.
Change in Accounting Treatment of Non-Recourse Loan Expenses from Cost of Goods Sold toNon-Operating Expenses
From FY19/2, non-recourse loan interest expenses (and related costs) are treated as Non-Operating
Expenses instead of as Cost of Goods Sold. Treating them as the equivalent of corporate loaninterest expenses (i.e., Non-Operating Expenses) will unify and simplify their accounting treatment.
To facilitate comparison to FY19/2, the FY18/2 data on pp. 1 & 7-17 have thus been restated toreflect this change in accounting treatment. Cost of Goods Sold thus decreases by JPY 1,060 million
and Gross Profit and Operating Profit each increase by JPY 1,060 million. Within Non-Operating
Expenses, Interest Expense, Debt-Financing Related Fees, Mark-to-Market Loss on Long-Term
Interest Rate Hedges, and Other increase by JPY 983 million, JPY 48 million, JPY 26 million, and
JPY 2 million, respectively. Within Cash Flows from Operations, Interest Expense, Decrease(Increase) in Prepaid Expenses, Increase (Decrease) in Accrued Expenses, Other, and Interest
Expense Paid increase by JPY 983 million, JPY 173 million, JPY 237 million, JPY 48 million, and
JPY 1,096 million, respectively.
Note on Appropriate Use of Forecasts
Forward-looking statements contained in these materials are based on judgments regarding informationthat was available to Ichigo as of the announcement date. However, these statements involve risk anduncertainties, and actual earnings may differ significantly from the indicated forecasts.

3

Consolidated Balance Sheet (FY19/2)
FY18/2(Feb 28, 2018)(JPY million)
FY19/2(Feb 28, 2019)

AssetsCurrent Assets
Cash and cash equivalents
Trade notes and accounts receivable
Operational loan investments
Operational securities investments
Real estate for sale
Deferred tax assets
Other
Less: allowance for doubtful accounts

45,510
1,097
1,324
2
180,789
342
2,643
-28

50,225
1,344
1,324
1,218
161,322
397
2,156
-2

Total Current Assets
Fixed Assets
Property, Plant, and Equipment
Buildings and structures
Depreciation
Buildings and structures (net)
Solar power plant equipment
Depreciation
Solar power plant equipment (net)Land
Buildings under construction
Solar power plants under construction
Other
Depreciation
Other (net)

231,681

217,987

14,273-3,673
10,60020,895-1,122
19,773
26,993
97
969
483
-359
124

24,577-4,23820,33821,229-2,17019,05849,924
956
3,656
1,441
-399
1,042

Total Property, Plant, and Equipment
Intangible Assets
Goodwill
Leasehold rights
Other

58,55894,976

1,600
135
233

1,346
316
331

Total Intangible Assets
Investments and Other Assets
Securities investments
Long-term loans receivable
Deferred tax assets

1,968

1,993

2,184
10
68

2,455
10
35

4

OtherLess: allowance for doubtful accounts

FY18/2(Feb 28, 2018)
2,132
-91

(JPY million)
FY19/2(Feb 28, 2019)
2,231
-91

Total Investments and Other Assets
Total Fixed Assets
Total Assets

4,303
64,831
296,5124,640
101,611
319,599

5

FY18/2(Feb 28, 2018)
Liabilities
Current Liabilities
Short-term loans
Bonds (due within one year)
Long-term loans (due within one year)
Long-term non-recourse loans (duewithin one year)
Income taxes payable
Deferred tax liabilities
Accrued bonuses
Other current liabilities
Total Current Liabilities
Long-Term Liabilities
Bonds
Long-term loans
Long-term non-recourse loans
Deferred tax liabilities
Long-term security deposits received
Other long-term liabilities
Total Long-Term Liabilities
Total Liabilities
Net Assets
Shareholders’ Equity
CapitalCapital reserve
Retained earnings
Treasury shares
Total Shareholders’ Equity
Accumulated Other Comprehensive
IncomeValuation gain (loss) on other securities
Deferred gain (loss) on long-term
interest rate hedges
Total Accumulated Other
Comprehensive Income
Stock Options
Minority Interests
Total Net Assets
Total Liabilities and Net Assets

6(JPY million)
FY19/2(Feb 28, 2019)

1,042
112
4,449

3,275
112
7,881

3,921

1,666

1,609
494
34
4,652

3,760
375
31
5,178

16,31622,280520
112,366
63,588
1,744
8,492
758

538
131,569
51,068
2,043
8,292
946

187,470
203,787

194,458
216,739

26,723
11,11354,324-2,99526,820
11,207
66,730-5,98889,16598,769

543

386

-372

-408

171

-21

666
2,722
92,725296,512

827
3,283
102,859
319,599

Consolidated Income Statement (FY19/2)
FY18/2(Mar 1, 2017
to Feb 28, 2018)57,84630,86026,986
5,067
21,919(JPY million)
FY19/2(Mar 1, 2018
to Feb 28, 2019)83,54051,41332,126
5,847
26,279

3
57
–

3
68
21

–

5

100

49

161

147

2,249

2,328

270

491

207
168

327
203

Total Non-Operating Expenses
Recurring Profit
Extraordinary Gains
Gains on sale of securities investments
Gains on sale of shares in affiliates
Other

2,895
19,185

3,350
23,076

–
1,221
41

2
–
–

Total Extraordinary Gains
Extraordinary Losses
Loss on disposal of fixed assets
Impairment loss

1,263

2

11
327

–
–

Total Extraordinary Losses
Pre-Tax Net Income
Income Taxes - Current
Income Taxes - Deferred
Total Income Taxes
Pre-Minority Interest Net Income
Net Income Attributable to Minority
Interests
Net Income

339
20,109
5,665
258
5,923
14,185–23,079
7,091
241
7,333
15,746167

373

14,01815,373

Revenue
Cost of Goods Sold
Gross Profit
SG&A
Operating Profit
Non-Operating Income
Interest income
Dividend income
Valuation gain on foreign currency
Mark-to-market gain on long-term
interest rate hedges
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expense
Mark-to-market loss on long-term
interest rate hedges
Debt financing-related fees
Other

7

Consolidated Statement of Comprehensive Income (FY19/2)

Pre-Minority Interest Net Income
Other Comprehensive Income
Valuation gain(loss) on other securities
Deferred gain(loss) on long-term
interest rate hedges
Foreign currency translation
adjustment
Total Other Comprehensive Income
Comprehensive Income
Comprehensive income attributable tocommon shareholders
Comprehensive income attributable tominority interests

8

FY18/2(Mar 1, 2017
to Feb 28, 2018)
14,185(JPY million)
FY19/2(Mar 1, 2018
to Feb 28, 2019)15,746

415

-156

-7

-35

-45

–

362
14,548-192
15,554

14,392

15,180155373

Consolidated Statement of Changes in Shareholders’ Equity(Current FY19/2)(JPY million)
Shareholders’ Equity

Balance as of March 1, 2018
Changes in the Current Period
Share Issuance
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Change due to Transactions
with Non-Controlling
Shareholders
Share Buyback
Sale of Treasury Shares1
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of February 28, 2019

Balance as ofMarch 1, 2018
Changes in the Current
PeriodShare Issuance
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Change due toTransactions with NonControlling Shareholders
Share Buyback
Sale of Treasury Shares1
Changes in Items otherthan Shareholders’EquityTotal Changes
Balance as ofFebruary 28, 20191

CapitalCapitalReserve

Retained
Earnings

Treasury
Shares26,723

11,11354,324-2,995

97

97

Total
Shareholders’Equity89,165-2,974
15,373

194-2,974
15,373

7

7

1

1

-5
97
26,82093
11,207

12,406
66,730-2,9996-2,9991-2,993-5,988

9,604
98,769Other Comprehensive Income
Deferred
Gain(Loss) Foreign Total Other
Valuation on LongStock Minority Total
Currency Compre- Options Interests Net
Gain (Loss) Term
AssetsTranslation hensive
on Other
Adjustment Income
Securities Interest
Rate
Hedges
543

-372

–

171

666

2,722 92,725
194-2,974
15,3737
1-2,999
1

-156

-35

–

-192

160

561

-156

-35

–

-192

160

561 10,133

386

-408

–

-21

827

3,283 102,859

Treasury Shares sold to Ichigo employees at the exercise price of employee stock options.

9529

(FY18/2 – Previous Period)(JPY million)
Shareholders’ Equity

Balance as of March 1, 2017
Changes in the Current Period
Share Issuance
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Change due to Transactions
with Non-Controlling
Shareholders
Share Buyback
Sale of Treasury Shares1
Changes in Items other thanShareholders’ Equity
Total Changes
Balance as of February 28, 2018

Balance as ofMarch 1, 2017
Changes in the Current
PeriodShare Issuance
Dividend Payment
Net Income
Change in Consolidated
Subsidiaries
Change due toTransactions with NonControlling Shareholders
Share Buyback
Sale of Treasury Shares1
Changes in Items otherthan Shareholders’EquityTotal Changes
Balance as of February
28, 2018
1

CapitalCapitalReserve

Retained
Earnings

Treasury
Shares26,65011,05642,840

-15

72

72

Total
Shareholders’Equity80,532-2,516
14,018145-2,516
14,018

-17

-17
–

-15
72
26,72357
11,113

11,48354,324-2,99919-2,9994-2,980-2,995

8,633
89,165

Other Comprehensive Income
Deferred
Gain(Loss) Foreign Total Other
Valuation on LongStock Minority Total
Gain (Loss) Term
Currency Compre- Options Interests Net
Assetson OtherTranslation hensive
Interest
Securities
Adjustment Income
Rate
Hedges
117

-365

55

-192

491

2,612 83,443
145-2,516
14,018-17–-2,999
4

426

-7

-55

363

175

110

649

426

-7

-55

363

175

110

9,282

543

-372

–

171

666

2,722 92,725

Treasury Shares sold to Ichigo employees at the exercise price of employee stock options.

10Consolidated Cash Flow Statement (FY19/2)(JPY million)
FY19/2(Mar 1, 2018
to Feb 28, 2019)

FY18/2(Mar 1, 2017
to Feb 28, 2018)
Cash Flows from Operations:
Pre-Tax Net Income
Depreciation
Share-based compensation expenses
Amortization of goodwill
Increase (decrease) in accrued bonuses
Increase (decrease) in allowance for
doubtful accounts
Interest and dividend income
Interest expense
Loss (gain) on sale of securities
investments
Loss (gain) on sale of shares in affiliates
Impairment loss
Decrease (increase) in trading notes andreceivables
Decrease (increase) in operational
securities investments
Decrease (increase) in real estate for sale
Decrease (increase) in power plant for sale
Decrease (increase) in advances paid
Decrease (increase) in prepaid expenses
Decrease (increase) in accounts receivable
Decrease (increase) in consumption taxes
receivable
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in deposits received
Increase (decrease) in security deposits
received
Other

20,109
1,015
215
111
32

23,079
1,696
213
254
-3

-355

-26

-61
2,249

-71
2,328

–

-2

-1,221
327

–
–

-468

-247

1,663

3,509

-8,112
996
871
-187
-10

-3,163
–
-333
-350
-399

-351

1,064

573
-47
30
-214

-332
25
269
219

125

-264

1,337

954

Sub-TotalInterest and dividend income received
Interest expense paid
Income taxes paid
Income taxes refunded

18,62861-2,231-5,86814

28,42071-2,118-4,64535

Net Cash from (Used for) Operations

10,603

21,76211

(JPY million)
FY19/2(Mar 1, 2018
to Feb 28, 2019)

FY18/2(Mar 1, 2017
to Feb 28, 2018)
Cash Flows from Investments:
Payments into time deposits
Redemptions of time deposits
Payments for securities investments
Proceeds from sale of securities
investments
Acquisition of property, plant, andequipment
Acquisition of intangible assets
Payments of SPC capital contributions
Redemptions of SPC capital
contributions
Payments of security deposits
Redemption of security deposits
Acquisition of subsidiary shares resulting
in change of consolidation scope
Sale of subsidiary shares resulting inchange of consolidation scope
Other
Net Cash from (Used for) Investments
Cash Flows from Financing:
Net increase (decrease) in short-term
loans
Net increase (decrease) in short-term
non-recourse loans
Proceeds from bond issuance
Repayment of maturing bond principal tobondholders
Redemption of non-recourse bonds
Proceeds from long-term loans
Repayment of long-term loans
Proceeds from long-term non-recourse
loans
Repayment of long-term non-recourse
loans
Proceeds from employee exercise ofstock options
Share buyback
Proceeds from share issuance to noncontrolling shareholders
Sale of subsidiary shares resulting in nochange of consolidation scope
Dividends paid
Net Cash from (Used for) Financing

12

-6
–
-140

-118
1,060
-539

–

32

-4,796-15,440

-83
-28

-425
-6

–

32

-36
–

-16
–

-2,619

–

2,096

–

-32
-5,645-181-15,602

-306

2,232

-611

–

–

129

-112

-112

-100
32,660-13,402–43,062-20,352

3,518

3,500

-22,366-18,473110

143-2,999-2,999

–

90

–

100

-2,513-6,124-2,9724,346

(JPY million)
FY19/2(Mar 1, 2018
to Feb 28, 2019)

FY18/2(Mar 1, 2017
to Feb 28, 2018)
Effect of Exchange Rate Change on Cashand Cash Equivalents
Increase (Decrease) in Cash and Cash
Equivalents
Cash and Cash Equivalents at Beginningof Period
Cash and Cash Equivalents Resulting
from Exclusion from Consolidation
Cash and Cash Equivalents at End of
Period13-3–-1,16910,50741,36939,365-834-4,84339,36545,029

Revenue, P&L, and Assets by Segment (Current FY19/2)(Mar 1, 2018 to February 28, 2019)(JPY million)

Segment
Asset
Management Value-Add

Clean
EnergyTotal

AmountRecordedin
Adjustment
Financial
Statements
2

Revenue
Revenue from
External
Customers

2,440

77,4503,648

83,540–83,540Inter-Segment
Activities or
Reclassifications

1,017

1

–

1,019

-1,019–

Total
Segment P&L1

3,458
2,195

77,452
22,669

3,648
1,364

84,55926,229-1,01950

83,54026,279Stock Earnings(Rental Income,Base AM Fees,
FIT Solar Power
Earnings, etc.)

1,846

10,315

1,364

13,525––

Flow Earnings(Profits on ValueAdd Real Estate
Sales, Profits on
Solar Power Plant
Sales, Spot AM
Fees, etc.)349

12,354–

12,703

–

–

1,849

258,947

28,620 289,417

30,181

319,599

–

619

1,052

1,672

24

1,696

–

11,917

3,958

15,876-112

15,764

Segment P&L
Details1

Segment Assets
Other
Depreciation
Increase in
Property, Plant,
and Equipment
and Intangible
Assets12

Segment P&L is on an Operating Profit basis.
The Adjustment to Segment P&L (JPY 50 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment Assets(JPY 30,181 million) reflects corporate assets, such as cash and cash equivalents, that were notallocated to the segments. The Adjustment to Depreciation (JPY 24 million) reflects depreciationof corporate assets that were not allocated to the segments. The Adjustment to Increase in
Property, Plant, and Equipment and Intangible Assets (-JPY 112 million) reflects corporate
assets that were not allocated to the segments.

14

Revenue, P&L, and Assets by Segment (Previous FY18/2)(Mar 1, 2017 to February 28, 2018)(JPY million)

Segment
Asset
Management Value-Add

Clean
EnergyTotal

AmountRecorded
Adjustment Financialin
Statements
2

Revenue
Revenue from
External
Customers

2,433

51,864

3,426

57,724122

57,846

Inter-Segment
Activities or
Reclassifications

1,006

1

–

1,008

-1,008–

Total
Segment P&L1

3,440
2,043

51,86519,002

3,426
899

58,732
21,944-886-25

57,846
21,919Stock Earnings(Rental Income,Base AM Fees,
FIT Solar Power
Earnings, etc.)

1,662

8,788

599

11,051––

Flow Earnings(Profits on ValueAdd Real Estate
Sales, Profits on
Solar Power Plant
Sales, Spot AM
Fees, etc.)

380

10,213299

10,893

–

–

1,778

240,670

25,854 268,303

28,209296,512

–
–

380
327

609
–

990
327

25
–

1,015
327

–

7,525

3,384

10,909218

11,127

Segment P&L
Details1

Segment Assets
Other
Depreciation
Impairment loss
Increase in
Property, Plant,
and Equipment
and Intangible
Assets1

Segment P&L is on an Operating Profit basis.
The Adjustment to Segment P&L (-JPY 25 million) reflects transaction eliminations andcorporate expenses that were not allocated to the segments. The Adjustment to Segment
Assets (JPY 28,209 million) reflects corporate assets, such as cash and cash equivalents, thatwere not allocated to the segments. The Adjustment to Depreciation (JPY 25 million) reflects
depreciation of corporate assets that were not allocated to the segments. The Adjustment toIncrease in Property, Plant, and Equipment and Intangible Assets (JPY 218 million) reflects
corporate assets that were not allocated to the segments.
2

15

Goodwill and Amortization by Segment (Current FY19/2)(Mar 1, 2018 to Feb 28, 2019)
Goodwill(JPY million)
Segment
Asset
Management
Amortization
during the period
Outstandingbalance as ofperiod-end

Value-Add Clean Energy

AmountRecorded in
Adjustment Consolidated
Financial
Statements

Total

70

168

15

254

–

254

841

285

218

1,346

–

1,346

Negative Goodwill
N/A
Goodwill and Amortization by Segment (Previous FY18/2)(Mar 1, 2017 to Feb 28, 2018)
Goodwill(JPY million)
Segment
Asset
Management
Amortization
during the period
Outstandingbalance as ofperiod-end

Value-Add Clean Energy

AmountRecorded in
Adjustment Consolidated
Financial
Statements

Total

70

25

15

111

–

111

912

454

234

1,600

–

1,600

Negative Goodwill
N/A

16

Per Share Information(JPY)

FY18/2(March 1, 2017 to February 28, 2018)
Net Assets per ShareNet Income per Share
Diluted Net Income per Share

FY19/2(March 1, 2018 to February 28, 2019)180.2028.12
28.10

Net Assets per ShareNet Income per Share
Diluted Net Income per Share202.1431.14
31.12

Calculation of net income per share and diluted net income per share is as follows:
FY18/2(March 1, 2017 to
February 28, 2018)
Net Income per ShareNet Income Attributable to
Shareholders (JPY million)
Amount Not Attributable to
Common Shareholders
Net Income Attributable to
Shareholders in Regards toCommon Shares (JPY million)
Average Number of Shares
Outstanding
Number of Potentially Dilutive
Shares Outstanding(of which are employee stock
options)

Details of Potentially Dilutive Shares
Outstanding

FY19/2(March 1, 2018 to
February 28, 2019)

14,01815,373––14,01815,373

498,475,625

493,714,169

316,463333,337(316,463)(333,337)

Jan 13, 2015 Employee
Stock Option Issuance:
1,676,500 shares

Jan 13, 2016 Employee
Stock Option Issuance:
1,330,700 shares

Jan 13, 2016 Employee
Stock Option Issuance:
1,373,200 shares

Jan 13, 2017 Employee
Stock Option Issuance:
1,854,400 shares

Jan 13, 2017 Employee
Stock Option Issuance:
1,904,500 shares

Jan 12, 2018 Employee
Stock Option Issuance:
1,765,600 shares

Jan 12, 2018 Employee
Stock Option Issuance:
1,800,000 shares

Jan 11, 2019 Employee
Stock Option Issuance:
1,800,000 shares17