Ichigo Green(9282)

FY20/6 H1 Corporate Presentation
January 13,
February
13, 2017
2020

Ichigo Green Infrastructure Investment Corporation
Ichigo Investment Advisors Co., Ltd.

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

www.ichigo-green.co.jp/en

Make The World
More SustainableContents
Mission & Deliverables to Shareholders
FY20/6 H1 Results‒ Solar Power Plant Portfolio Details‒ FY20/6 H1 Events – Robust Power Generation Infrastructure‒ FY20/6 H1 Earnings‒ Power Generation -1.5% vs. Forecast‒ Power Generation (YOY)‒ Power Generation by Individual Power Plant‒ Financing Details‒ Launch of Ichigo J.League Shareholder Program

Driving Shareholder Value‒ Japan’s First Ten-Year Earnings Forecast‒ Ichigo (2337) Power Plant Performance Guarantee‒ Customized Solar Power Plant Builds‒ Fully-Networked Panel-Level Production Monitoring‒ World-Class Disclosure: Real-Time Power Production Data

Ichigo’s Commitment to ESG‒ Ichigo Sustainability Policy‒ Ichigo ESG – Environmental‒ Ichigo ESG – Social‒ Ichigo ESG – Governance

Solar Power Plant Data
‒ Solar Power Plant Map‒ Solar Power Plant Portfolio‒ Individual Solar Power Plant Earnings(July – December 2019)‒ Individual Solar Power Plant Details

Appendix

Growth Strategy Leveraging Ichigo Strengths‒ Ichigo Green’s Sponsor: Ichigo (2337)‒ Synergies Between Ichigo Green and Ichigo‒ Ichigo & Ichigo Green Solar Power Plant Portfolio© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

5

Mission & Deliverables to Shareholders
Mission: To maximize shareholder value via a renewable energy portfoliothat provides both return stability and growth potential, along with offering
investors an opportunity to invest in Japan’s rapidly expanding green
infrastructure asset class
Ichigo Green’s Deliverables to its Shareholders

Stable &Growing EPS

・ Invests in solar power plants with 20-year FIT (Feed-In Tariff) power sale contracts
・ Long-term and stable operation of robust plants with a comprehensive real-time monitoring system
・ Geographically diverse power plant portfolio
・ Earnings stability backed by performance guarantees from power plant operator

Leverage Sponsor
Ichigo’s Strengths

・ Power plant operator is Ichigo (2337) subsidiary, Ichigo ECO Energy, with a strong track-record
developing and operating 60 solar power plants nationwide.
・ Ichigo has extensive experience managing Ichigo Office (8975) and Ichigo Hotel (3463).

Maximize
Shareholder
Value・ Because solar power plants are depreciable, Ichigo Green has substantial non-cash depreciation
expenses that lower its accounting-based EPS. These additional cash earnings are deployed to
pay a higher dividend.

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

6

FY20/6 H1 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

7

Solar Power Plant Portfolio Details
as of December 31, 2019

No. of Power Plants

Acquisition Price

Panel Output

15

JPY 11.4B

29.43MWAverage FIT

CO2 Reduction

Annual Power
Generation

JPY 38.7

22,636 Tons

11,432 Households* Annualized CO2 reduction relative to fossil fuels based on each plant’s forecast power generation. Annualized number of households based oneach plant’s projected forecast generation assuming annual power consumption per household is 3,000 kWh.

By Region

Okinawa
29.8%

Kyushu4.5%

By Years in Operation

Shikoku
13.9% Chugoku
12.8%

JPY 32
4.6%

3-4 years
in operation
8.1%

Hokkaido
30.2%

Kanto
4.3%

4-5 years
in operation
57.4%

By FIT>5 years inoperation
34.5%

Chubu
4.6%

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

JPY 3622.3%
JPY 4073.1%* Data in graphs are acquisition price basis.

8

FY20/6 H1 Events – Robust Power Generation Infrastructure
Typhoon Faxai (aka Typhoon No. 15) (Sep 2019)− No injuries or material damages at Ichigo Green power plants despite
powerful typhoon landfall in the Kanto region

Typhoon Hagibis (aka Typhoon No. 19) (Oct 2019)− No injuries or material damages at Ichigo Green power plants despite record
rainfall in the Kanto, Koshin, and Tohoku regions

Kyushu Electric Power Purchase Suspension (Nov – Dec 2019)− Minimal impact from Ichigo Miyakonojo Yasuhisacho ECO Power Plant(Miyazaki) stopping power production (3 days offline)
Ichigo Miyakonojo Yasuhisacho

Nov 2019

Dec 2019

Forecast Power Generation

115,919kWh

114,155kWh

Actual Power Generation

114,492kWh

91,656kWh

Difference-1,427kWh-22,499kWh

Days Offline

2 days

1 day

Power Generation Loss*

7,727kWh

3,682kWh* Forecast Power Generation / Days of month x Days Offline© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

9

FY20/6 H1 Earnings– Operating Revenue -2.3% (-JPY 520M) vs. Full-Year Forecast due toadverse weather in July and August– No change in full-year forecast and annual dividend(JPY million)

FY19/6
H1 Actual

FY20/6
H1 Forecast

FY20/6
H1 Actual

vs. Forecast

FY20/6Full-Year Forecast

Operating Revenue

535

532

520

97.7%

1,085

Operating Expenses

432

443

435

98.2%

844

(Depreciation)

318

318

318

99.8%

638

Operating Profit

103

88

84

95.4%

240

Recurring Profit

48

36

34

93.4%

145

Net Income

47

36

33

93.0%

144

Dividend

–

–

–

–

JPY 3,580(excluding DEE)

–

–

–

–

JPY 1,390

(DEE)

–

–

–

–

JPY 2,190

Number of Power Plants

15

15

15

–

15

17.03M kWh

16.87M kWh

16.62M kWh

Power Generation

98.5%

34.29M kWh

DEE = Dividend in Excess of Earnings© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

10Power Generation -1.5% vs. Forecast
FY20/6 H1 Power Generation and Power Production Revenue(kWh)(JPY million)

5,000,000

Forecast Power Generation (left axis)

150

Actual Power Generation (left axis)

Power Production Revenue (right axis)
120

122

4,000,000

120

112
114
93

90

3,000,000
72

2,000,000

60

1,000,0003000July 2019

AugustSeptember

OctoberNovember

DecemberJan 2020

February

March

April

May

June

* Power production revenue is total power sales to power purchasers (electric power utilities).
Power production is seasonal, being lower in June due to Japan’s rainy season and in September through February due to fewer productive
daylight hours during autumn/winter.
Forecast power generation is a 50% probability mean annual production forecast (P50 forecast), calculated by an independent, third-party technicalconsulting firm, that serves as the base forecast for each solar power plant’s operating plan.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

11

Power Generation (YOY)
Jul – Dec 2019 Power Generation -2.4% YOY
Power Generation: FY20/6 vs. FY19/6(kWh)5,000,000

Jul-Dec 2018 Actual: 17.03M kWh
Jul-Dec 2019 Actual: 16.62M kWh(-0.41M kWh, -2.4% YOY)

FY19/6 Actual (15 Power Plants)
FY20/6 Actual (15 Power Plants)
4,000,000

3,000,000

2,000,000

1,000,000

0July 2019

AugustSeptember

OctoberNovember

DecemberJan 2020

February© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

March

April

May

June

12

Power Generation by Individual Power Plant
Geographically Diverse Portfolio Supports Earnings Stability
Solar Power Plant

Actual Power
Generation (B)(kWh)

Difference(B) - (A)(kWh)

Actual Power
Production
Revenue(JPY thousand)Operating
Revenue*(JPY thousand)*

No.

Forecast Power
Generation (A)
(kWh)

E-01

Ichigo Kiryu Okuzawa

721,420

695,031-26,388

27,216

21,443

E-02

Ichigo Motomombetsu

723,657

759,134+35,477

29,792

23,817

E-03

Ichigo Muroran Hatchodaira

655,996

673,594+17,598

26,46321,641

E-04

Ichigo Engaru Kiyokawa

569,913622,123+52,210

24,735

20,170E-05

Ichigo Iyo Nakayamacho Izubuchi

698,268

643,902-54,366

25,92021,127

E-06

Ichigo Nakashibetsu Midorigaoka

990,927

1,052,251+61,325

41,17232,889E-07

Ichigo Abira Toasa

586,254624,847+38,592

24,94917,721

E-08

Ichigo Toyokoro

571,701

609,235+37,534

24,147

17,556

E-09

Ichigo Nago Futami

5,197,333

4,863,054-334,279

194,654

167,913

E-10

Ichigo Engaru Higashimachi

632,695

664,057+31,362

25,901

20,373

E-11

Ichigo Takamatsu Kokubunjicho Nii

1,479,641

1,383,772-95,869

49,70643,516

E-12

Ichigo Miyakonojo Yasuhisacho

856,603784,604-71,999

27,683

22,259

E-13

Ichigo Toyokawa Mitocho Sawakihama

1,031,674

1,055,851+24,177

33,51722,906

E-14

Ichigo Yamaguchi Aionishi

733,782685,701-48,082

27,38821,952

E-15

Ichigo Yamaguchi Sayama

1,426,812

1,505,072+78,260

53,07745,154

16,876,675

16,622,228-254,447

636,327

520,445

Total* Operating Revenue = Power Production Revenue – Operating Expenses© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

13

Financing Details
Have Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps
as of December 31, 2019

Amount(JPY million)

Interest Rate(% )Fixed/Floating

Borrowing Date

Maturity

Loan
Term

5,230

0.760%Fixed

Dec 1, 2016

Nov 30, 2026

10 yearsMizuho Bank

404

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Yamaguchi Bank851

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Loan

LenderTerm Loan I

Mizuho Bank, SMBC

Term Loan II
Term Loan III

Total

6,487 Average 0.771%

LTV (Forecast)
FY17/6(Actual)FY18/6(Actual)FY19/6(Actual)

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

57.4%

58.5%

57.8%

57.8%

57.1%

56.5%

55.6%

54.7%

53.7%

52.4%

Interest Bearing Liabilities ÷ FFO (Forecast)

Outstanding
Loan Amount

FY17/6(Actual)FY18/6(Actual)FY19/6(Actual)

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

15.5X

8.1X

8.0X

7.8X

7.1X

6.6X

6.0X

5.4X

4.8X

4.3X

6,858M

7,160M

6,733M

6,310M

5,876M

5,439M

4,991M

4,543M

4,090M

3,637M

FFO = Funds From Operations© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

14

Launch of Ichigo J.League Shareholder Program
Represents Two Firsts for a Shareholder Program in Japan− Ichigo is the first Japanese company to include not just its own shareholders, butalso the shareholders of the REITs and YieldCo that it manages, in its
shareholder program− Ichigo is the first company to offer shareholders free tickets to every J.League
game at all 56 J.League clubs

Ichigo is deepening its partnership with the J.League and working tofurther Ichigo’s mission of promoting local community developments.

Ichigo J.League Shareholder
Program Website Landing Page
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

15

Driving Shareholder Value© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

16

Japan’s First Ten-Year Earnings Forecast
Ten-Year Dividend & FFO Forecast (Includes 2017 – 2019 Actuals)
Actual(JPY)

Forecast

FY17/6

FY18/6

FY19/6

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

FFO per Share

4,305

8,560

8,197

7,816

7,982

8,002

8,146

8,136

8,253

8,211

DPS

2,139

4,226

3,865

3,580

3,820

3,945

4,095

4,065

3,885

3,540

FFO = Funds From Operations+636

Initial Forecast
JPY 1,375
Forecast Revision +JPY 305
ActualJPY 1,680

Dividend per Share (excluding DEE)

+305
1,750

1,895

1,860

1,410

1,375

1,390

1,625

2,180

2,185

2,190

2,195

2,195

2,200

2,205

2,010

1,825

FY18/6
Actual

FY19/6
ActualFY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

1,875

1,715

869

DEE per Share
DEE = Dividend in Excess of
Earnings

(JPY)

1,270
FY17/6
ActualAmortization of TSE listing andnew share-issuance expenses
Amortization of expenses related to
Ichigo Green establishment

Capex based onlong-term capex plan

* Two-for-one stock split on Jan 1, 2018 (record date: Dec 31, 2017).
FY17/6 per share amounts have been adjusted to reflect stock split.
Although Ichigo Green’s FY17/6 ran from Oct 1, 2016 to June 30, 2017, its actual operating timeframe was the 7-month period from Dec 1, 2016,
the day it acquired its first power plants, to June 30, 2017.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

17

Ichigo (2337) Power Plant Performance Guarantee
Further Supports and Solidifies Long-Term Returns− Power Generation Operating Revenue fully distributed to Ichigo Green
shareholders− Above-forecast Operating Revenue also fully distributed
 Guaranteed base revenue (FIT electricity sales revenue) from Ichigo (2337) based on the annual P85
production forecast regardless of actual power generation
 Power plants carry P&C, earthquake, and operating performance insurance* Earthquake insurance only purchased for power plants where third-party
assessment concludes earthquake risk warrants

Operator-Guaranteed Base Revenue

Annual P85
Production Forecast

Annual P50 Production Forecast(basis for Ichigo Green earnings forecast)

Ichigo-Guaranteed
Base Revenue
FIT power production revenue (lessoperating expenses) based on
annual P85 production forecast

Operating Expenses

Additional
Revenue

Additional Revenue (>P85 forecast)fully distributed as dividend

Incremental operating expenses© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

18

Customized Solar Power Plant Builds
Optimized to Local Climate & Topography to Maximize Power Production
Efficiency− Snow (Hokkaido): High mounting racks and 30 degree panel inclination to
avoid and displace snow coverage (vs. 10 degree in other areas)− High winds (Kagawa): Mounting racks closely fit to site inclines− Typhoons (Okinawa): Mounting racks with extra load capacities capable ofwithstanding wind velocities of 60m per second

Ichigo Engaru Higashimachi ECO Power Plant Ichigo Takamatsu Kokubunjicho Nii ECO Power Plant(Hokkaido)(Kagawa)© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Ichigo Nago Futami ECO Power Plant(Okinawa)

19

Fully-Networked Panel-Level Production Monitoring
Real-Time Monitoring System Immediately Detects Any Failures at
the Panel Level
Power Plant B

Power Plant A
InverterPower Plant C

Connection Unit

Solar Panel

String Monitoring

Monitoring System

Power Plant DInternet

Comprehensive Monitoring System
Schematic

Comprehensive Monitoring
SystemMonitoring & Analysis• Real-time monitoring• Immediate response
capability• Real-time analysis ofproduction data for early
detection of malfunctions

Operator:
Ichigo ECO Energy
System maintenanceRepair & Maintenance
Service Providers© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

On-site inspection and repairs20World-Class Disclosure: Real-Time Power Production Data
Real-Time Individual Power Plant Data and Live Video Feeds

Live Feed

Ichigo Green HP
www.ichigo-green.co.jp/en© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

21

Growth Strategy Leveraging Ichigo Strengths© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

22

Ichigo Green’s Sponsor: Ichigo (2337)
Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy‒‒‒‒

Manages Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282)
TSE First Section, JPX-Nikkei 400 Member
Deeply committed to CSR and Sustainability
Japan’s first zero-carbon listed real estate company

Ichigo(TSE First Section 2337)

Ichigo Green (9282)

Ichigo Preserves andImproves Real Estate

Hiromi Miyake(Weightlifting)

The word “Ichigo” comes from theancient Japanese proverb, Ichigo
Ichie, literally meaning “Onelifetime, one encounter.” Thephrase was first used by a 16th
century master of the tea
ceremony, Sen no Rikyu. He
called upon his disciples to give
total focus and sincerity to eachact of the tea ceremony for every
guest, because that particular
moment will only exist once andmust be fully lived and realized.

Ichigo embraces the Ichigo Ichie philosophy of sincerity
and service, and works to build strong long-term
relationships to support the success of our clients,
shareholders, and all stakeholders.

AssetManagement

Ichigo Investment Advisors

Ichigo Office (8975)
Ichigo Hotel (3463)

Sustainable
Real Estate

Clean Energy

Ichigo Estate

Miyako City

Ichigo Owners

CentroIchigo Land Shinchiku

Storage Plus

Ichigo Real Estate Services
Fukuoka

Ichigo Animation

Ichigo Marché

Hakata Hotels

Ichigo ECO Energy© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

23

Synergies Between Ichigo Green and Ichigo− Ichigo-provided solar and wind power plant pipeline− Power plant technical capabilities backed by Ichigo ECO Energy’s
nationwide solar power operating track record− Ichigo Investment Advisor’s deep asset management capabilities
Sustainable Real Estate Business Model
Green
Infrastructure

Solar Plants

Buy

Ichigo Green(9282)
OfficeIchigo Office(8975)
Hotel

Ichigo Hotel(3463)

Sell

Sustainable
Real Estate
Real不動産
EstatePreserve &ImproveReal
EstateThirdParty
Investors

Sell

Buy

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

24

Ichigo & Ichigo Green Solar Power Plant Portfolio
Serving Local Communities and the Environment
Total Operating and In-Development
Ichigo Power Plants

59 Plants (185MW*)

Hokkaido
Ichigo Motomombetsu

Chugoku

1.40MW

Ichigo Engaru Higashimachi

1.24MW
1.12MW

Ichigo Yamaguchi Aionishi

1.24MW

Ichigo Engaru Kiyokawa

Ichigo Yamaguchi Sayama

2.35MW

Ichigo Abira Toasa

1.16MW

Ichigo Yonago Izumi

2.61MW

Ichigo Muroran Hatchodaira

1.24MW
1.02MW

Currently Operating

Ichigo Kasaoka Takumicho

1.11MW

Ichigo Toyokoro

44 Plants (134MW)

Ichigo Fuchu Jogecho Yano

0.99MW

Ichigo Nakashibetsu Midorigaoka

1.93MW

Ichigo Sera Tsukuchi

2.54MW

Ichigo Yubetsu Barou

0.80MW

Ichigo Sera Aomizu

2.87MW

Ichigo Betsukai Kawakamicho

0.88MW

8.44MW

Ichigo Higashi-Hiroshima Saijocho
Taguchi

2.72MW

Ichigo Akkeshi Shirahama

0.80MW

Ichigo Toyokoro Sasadamachi

0.60MW

Ichigo Kasaoka Iwanoike

2.64MW

Ichigo Memuro Nishi-Shikari

1.32MW

Ichigo Miyakonojo Yasuhisacho

1.44MW

Ichigo Kure Yasuuracho Nakahata

2.90MW

Total

13.57MW

Ichigo Kijo Takajo

0.89MW

Ichigo Kasaoka Osakaike

2.66MW

Ichigo Itoshima Iwara

1.48MW

Ichigo Kasaoka Idachiike

2.66MW

Ichigo Hamanaka Bokujo Tsurunokotai

2.31MW

Ichigo Sera Shimotsuda

2.81MW

Ichigo Hamanaka Bokujo Kajibayashi

2.31MW

Total

30.16MW(Wind) Ichigo Yonezawa Itaya

7.39MW

Okinawa
Ichigo Nago Futami

KyushuIchigo Miyakonojo
Takazakicho Tsumagirishima

2.96MW

Ichigo Ebino Suenaga

14.00MW

Total

Tohoku20.79MW* Excludes wind power
plants underdevelopment (18.5MW)

Chubu
Ichigo Toyokawa Mitocho Sawakihama 1.80MW

Kansai
Ichigo Sennan Kitsuneike

Ichigo Green (9282)
IchigoIn-Development

2.86MW

Ichigo Takashima Kutsuki

3.74MW

Ichigo Kobe Pompuike

2.95MW

Total

9.56MW

Ichigo Takamatsu Kokubunjicho Nii

12.01MW7.50MW(Wind – Pipeline) Fukushima

7.00MW

Kanto

Ichigo Toki Oroshicho

1.39MW

Ichigo Kiryu Okuzawa

Ichigo Tsu

2.94MW

Ichigo Maebashi Naegashima

0.67MW

Ichigo Toki Tsurusatocho Kakino

1.31MW

Ichigo Showamura Ogose

43.34MW

Ichigo Sakahogi Fukagaya

2.89MW

Ichigo Toride Shimotakai Kita

1.03MW

1.67MW

Ichigo Toride Shimotakai Minami

0.54MW

Ichigo Minakami Aramaki

12.02MW

1.33MW

1.30MW

Ichigo Hitachi Omiya

2.99MW

2.43MW

Ichigo Toki Tsurusatocho
Kakino Higashi
Ichigo Minokamo Hachiyacho
Kamihachiya
Ichigo Seto Jokojicho

1.50MW

Ichigo Hokota Aoyagi

2.48MW

Shikoku(As of January 10, 2020)

Total(Wind – Pipeline) Iwate

Ichigo Iyo Nakayamacho Izubuchi

1.23MW

Ichigo Obu Yoshidamachi

0.98MW

Ichigo Toride Shimotakai Nishi

2.99MW

Ichigo Tokushima Higashi-Okinosu

2.52MW

Ichigo Ueda Yoshidaike

1.01MW

Total

67.43MW

Total

6.19MW

Total

16.84MW(Wind – Pipeline) Chiba

4.00MW© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

25

Ichigo’s Commitment to ESG© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

26

Ichigo Sustainability Policy
Harmony with the Environment
Ichigo actively monitors and minimizes the environmental impact of its business operations.

Energy Conservation, CO2 Reduction, and Recycling
Ichigo seeks to contribute to a low-carbon, low-waste society by reducing energy
consumption, extending the useful life of assets, actively recycling, reducing waste
production and water consumption, and implementing green procurement measures.

Regulatory and Environmental Compliance
Ichigo complies with all environmental laws and regulations and Ichigo’s own independentlyestablished environmental rules. Ichigo also carefully monitors and complies with all applicablechanges in laws and regulations.

Training and AwarenessIchigo promotes understanding of its Sustainability Policy and works to increase sustainability
awareness among all Ichigo employees.

Sustainability Performance Communication and Disclosure
Ichigo communicates its Sustainability Policy and Ichigo’s sustainability initiatives to society atlarge. Ichigo also obtains certifications for its sustainability activities on an ongoing basis.

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

27

Ichigo ESG – Environmental
Solar and Wind Energy: Safe and Clean
Annual Power Generation
141,699,548 kWh
Equivalent to annual
energy consumption of
47,233 households
The Federation of Electric Power
Companies of Japan
Annual energy consumption per household
3,000kWh

Annual CO2 Reduction
93,521,697 kg
Equivalent to annual
CO2 emission of
40,661 cars

Sustainable Real Estate
Preserve & Enhance Existing Buildings
to End Wasteful Demolish & Rebuild‒ Lengthen useful life of existing real estate‒ Shrink footprint by reducing demolition
waste and use of raw materials, energy,
and human effort for construction

Ministry of Environment
Annual CO2 emission per car c. 2,300kg

Demolish(July 2018 to June 2019 – Total of Ichigo
and Ichigo Green)

Natural Disaster Response
No injuries or damages at any Ichigo asset or power
plant from recent natural disasters
Robust Assets- Real estate: continuous improvements to safety & functionality via
value-add capex- Power plants: site selection and construction based on detailed
specifications customized to local geography
Robust BCP & Real-time Response- Pre-typhoon preventative measures (water shielding, sandbags,etc.) & on-site checks- Overwhelming priority is safety of tenants: on-the-groundconfirmation & on-the-ground response- Ichigo engineering team immediate response: same day on-site
safety and engineering inspections to prevent secondary damage
and losses- Developed & deployed proprietary Susport software system forreal-time information sharing & emergency response

LowestImpactHighestEfficiency

Environmental Certifications
CASBEE(Comprehensive Assessment System
for Built Environment Efficiency)
S rankIchigoTakamatsu
Building

IchigoMarunouchi
Building

Ichigo Office (8975)

A rankEbisu
Green Glass

IchigoSakaisuji
Honmachi
Building

Ichigo Sendai
East Building

Green Star(Highest Ranking)3 years in a row

Other Certifications
BELS (Building-housing Energy-efficiency Labeling System),
DBJ Green Building© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

28

Ichigo ESG – Social
Sports & Arts
Supporting Outstanding,World-Class Athletes‒ Weightlifting‒ Riflery‒ Track & Field

Paralym Art Sponsor‒ Support artists withdisabilities

Weightlifting Athlete
Hiromi Miyake

Children’s Cancer Treatment
Supporting University of Miyazaki
Faculty of Medicine’s Program forChildren with Cancer‒ Issued CSR bond & donated a portion ofunderwriter commission to the Cancer
Program‒ Sponsoring volunteer activities in supportof children with cancer

Local Communities
Promoting Community Development as J.League
Top Partner

Strengthen Local Communities, Create Jobs,
and Boost Rural Economies via Smart Agriculture‒ Renovate and upgrade stadiums and help local governments
reduce steep operating and maintenance costs‒ Collaborate with local farmers to increase agricultural
output, improve quality, and raise rural incomes‒ Use real estate expertise to help build stronger and healthierlocal communities‒ Increase Japan’s food self-sufficiency©J.LEAGUE© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

29

Ichigo ESG – Governance
Ichigo Green

Asset Management Company

Monitors Asset Management Company

Global Best Practice Governance− All Ichigo Green Directors are Independent
Directors− Active discussion and effective internal
controls via Board led by Independent
Executive Director− Majority of AMC Directors (3 of 5) are
Independent Directors− Independent asset management team & bestpractice execution on behalf of Ichigo Green− Compliance and Audit report directly to
President to monitor and review criticalcompliance matters− Further ensure objectivity and independence
by including third-party, independent lawyers
and accountants in the Investment Committee& Risk & Compliance Committee

Investment Corporation
Ichigo Green(TSE 9282)
Shareholder Meeting

Shareholder Meeting

Board of Directors

Nominating
Committee

Executive Director
Mami Nagasaki
Supervising Director Arata Nomoto
Supervising Director Kiyofumi Fujita

Audit Committee

External Auditor

Compensation
Committee
Chairman

Grant Thornton Taiyo LLC

Asset Management
Agreement

Board of Directors

Risk & Compliance
Committee

Asset Management Company
Ichigo Investment Advisors

Internal Audit
President
Compliance
Investment Committee(Ichigo Green)
Ichigo Green Division
Asset Management© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

30

Solar Power Plant Data

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

31

Solar Power Plant Map(as of December 31, 2019)

Geographically Diversified
Across Japan
Ichigo Motomombetsu
1.40MW

Ichigo Nago Futami
8.44MW

Ichigo Iyo Nakayamacho Izubuchi
1.23MW
Ichigo Yamaguchi Aionishi
1.24MW

Ichigo Engaru Higashimachi
1.24MW

Ichigo Abira Toasa
1.16MW

Ichigo Engaru Kiyokawa
1.12MW

Ichigo Muroran Hatchodaira
1.24MW

Ichigo Nakashibetsu Midorigaoka
1.93MW
Ichigo Kiryu Okuzawa
1.33MW

Ichigo Toyokoro
1.02MW

Ichigo Yamaguchi Sayama
2.35MW

Ichigo Toyokawa Mitocho Sawakihama
1.80MW

Ichigo Miyakonojo Yasuhisacho Ichigo Takamatsu Kokubunjicho Nii
2.43MW
1.44MW© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

15 Plants (29MW)
32

Solar Power Plant Portfolio
as of December 31, 2019
No.

Solar Power Plant

Location

Acquisition
Date

Book Value(JPY
million)Appraisal
Value 1
(JPY
million)Panel
Output2
(MW)

FIT 3
(JPY)

Portfolio
Weight4

E-01

Ichigo Kiryu Okuzawa

Kiryu City, Gunma

Dec 2016

409

478

1.33

40

4.17%

E-02

Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

417

486

1.40

40

4.24%

E-03

Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

Dec 2016

394

460

1.24

40

4.01%

E-04

Ichigo Engaru Kiyokawa

Mombetsu County, Hokkaido

Dec 2016

336

381

1.12

40

3.42%

E-05

Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

398

470

1.23

40

4.05%

E-06

Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

651

746

1.93

40

6.63%

E-07

Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

375

430

1.16

40

3.82%

E-08

Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

369

425

1.02

40

3.76%

E-09

Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

2,892

3,501

8.44

40

29.42%

E-10

Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

395

444

1.24

40

4.03%

E-11

Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

976

1,083

2.43

36

9.93%

E-12

Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

442

519

1.44

36

4.51%

E-13

Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

Dec 2016

448

484

1.80

32

4.56%

E-14

Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

496

551

1.24

40

5.05%

E-15

Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

825

936

2.35

36

8.40%

9,832

11,399

29.43

38.7

100%

Total (15 Solar Power Plants)

1 Appraisal Value is from PwC Sustainability LLC’s Valuation Report using values as of June 30, 2019. The values are medians of the appraisal value ranges shown in

the Report.
2 Panel Output is derived by multiplying the maximum output of a single solar panel by the total number of panels
3 FIT (Feed-In Tariff) is the purchase price agreed in the respective Power Purchase Agreements for each solar power plant
4 Portfolio Weight is based on book value© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

33

Individual Solar Power Plant Earnings (July – December 2019)(JPY thousand)Leaseholder
Solar Power Plant

No.

Power
Production
Revenue

Ichigo Green

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

27,216

5,772

21,443

2,287

19,156

14,897

4,258

E-02

Ichigo Motomombetsu

29,792

5,974

23,8172,329

21,487

14,717

6,769

E-03

Ichigo Muroran Hatchodaira

26,463

4,821

21,641

2,197

19,444

13,827

5,616

E-04

Ichigo Engaru Kiyokawa

24,735

4,565

20,1701,876

18,294

11,809

6,485

E-05

Ichigo Iyo Nakayamacho Izubuchi

25,920

4,792

21,127

2,195

18,932

13,913

5,018

E-06

Ichigo Nakashibetsu Midorigaoka

41,172

8,283

32,8893,730

29,15921,852

7,306

E-07

Ichigo Abira Toasa

24,9497,228

17,721

2,132

15,58812,524

3,064

E-08

Ichigo Toyokoro

24,147

6,591

17,5562,102

15,454

12,326

3,127

E-09

Ichigo Nago Futami

194,654

26,740167,913

16,559151,354

95,35456,000

E-10

Ichigo Engaru Higashimachi

25,901

5,527

20,3732,250

18,122

13,050

5,072

E-11

Ichigo Takamatsu Kokubunjicho Nii

49,706

8,818

43,516

4,944

38,571

27,203

11,367

E-12

Ichigo Miyakonojo Yasuhisacho

27,683

5,424

22,2592,477

19,781

14,209

5,572

E-13

Ichigo Toyokawa Mitocho Sawakihama

33,517

10,611

22,906

2,587

20,31914,236

6,083

E-14

Ichigo Yamaguchi Aionishi

27,388

5,435

21,952

2,963

18,98813,067

5,921

E-15

Ichigo Yamaguchi Sayama

53,077

7,923

45,154

3,540

41,61425,291

16,322

636,327

118,511

520,445

54,174466,271318,281

147,989

Total© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

34

Individual Solar Power Plant Details
E-01 Ichigo Kiryu Okuzawa
Location

Gunma

Area

27,588m2

Operation
Start Date

Sep 30, 2013

Panel
Output

1.33MW

FIT

JPY 40

FIT Period

Sep 29, 2033

Power
Purchaser

TEPCO Energy
Partner

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

E-02 Ichigo Motomombetsu
Location

Hokkaido

Area

48,947m2

Operation
Start Date

Feb 3, 2014

Panel
Output

1.40MW

FIT

JPY 40

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

FIT Period

Feb 2, 2034

Power
Purchaser

Hokkaido Electric

0
Jul
2019

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

35

Individual Solar Power Plant Details
E-03 Ichigo Muroran Hatchodaira
Location

HokkaidoArea

35,801m2

Operation
Start Date

Mar 3, 2014

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Mar 2, 2034

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

E-04 Ichigo Engaru Kiyokawa
Location

HokkaidoArea

27,164m2

Operation
Start Date

Mar 4, 2014

Panel
Output

1.12MW

FIT

JPY 40

FIT Period

Mar 3, 2034

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2019

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

36

Individual Solar Power Plant Details
E-05 Ichigo Iyo Nakayamacho Izubuchi
Location

Ehime

Area

26,261m2

Operation
Start Date

Apr 2, 2014

Panel
Output

1.23MW

FIT

JPY 40

FIT Period

Apr 1, 2034

Power
Purchaser

Shikoku Electric

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

E-06 Ichigo Nakashibetsu Midorigaoka
Forecast Power Generation
Actual Power Generation

Location

HokkaidoArea

54,870m2

Operation
Start Date

Nov 4, 2014

Panel
Output

1.93MW

FIT

JPY 40100,000

FIT Period

Nov 3, 2034

50,000Power
Purchaser

Hokkaido Electric(kWh)300,000
250,000
200,000
150,000

0
Jul
2019

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

37

Individual Solar Power Plant Details
E-07 Ichigo Abira Toasa
Location

HokkaidoArea

29,731m2

Operation
Start Date

Dec 2, 2014

Panel
Output

1.16MW

FIT

JPY 40

FIT Period

Dec 1, 2034

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

E-08 Ichigo Toyokoro
Location

HokkaidoArea

29,004m2

Operation
Start Date

Dec 4, 2014

Panel
Output

1.02MW

FIT

JPY 40

FIT Period

Dec 3, 2034

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2019

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

38

Individual Solar Power Plant Details
E-09 Ichigo Nago Futami
Location

OkinawaArea

146,294m2

Operation
Start Date

Feb 2, 2015

Panel
Output

8.44MW

FIT

JPY 40

FIT Period

Feb 1, 2035

Power
Purchaser

Okinawa Electric

Forecast Power Generation
Actual Power Generation(kWh)1,500,000
1,200,000
900,000
600,000
300,000
0
Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

E-10 Ichigo Engaru Higashimachi
Location

HokkaidoArea

46,329m2

Operation
Start Date

Feb 3, 2015

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Feb 2, 2035

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2019

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

39

Individual Solar Power Plant Details
E-11 Ichigo Takamatsu Kokubunjicho Nii
Location

KagawaArea

79,340m2

Operation
Start Date

Jun 2, 2015

Panel
Output

2.43MW

FIT

JPY 36

FIT Period

Jun 1, 2035

Power
Purchaser

Shikoku Electric

Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0
Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

E-12 Ichigo Miyakonojo Yasuhisacho
LocationMiyazakiArea

94,165m2

Operation
Start Date

Jul 8, 2015

Panel
Output

1.44MW

FIT

JPY 36

FIT Period

Jul 7, 2035

Power
Purchaser

Kyushu Electric

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2019

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

40

Individual Solar Power Plant Details
E-13 Ichigo Toyokawa Mitocho Sawakihama
Forecast Power Generation
Actual Power Generation

Location

Aichi

Area

19,393m2

Operation
Start Date

Sep 16, 2015

Panel
Output

1.80MW

FIT

JPY 32100,000

FIT Period

Sep 15, 2035

50,000Power
Purchaser

Chubu Electric(kWh)300,000
250,000
200,000
150,000

0
Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

E-14 Ichigo Yamaguchi Aionishi
Location

YamaguchiArea

19,815m2

Operation
Start Date

Dec 7, 2015

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Dec 6, 2035

Power
Purchaser

Chugoku Electric

Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2019

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

41

Individual Solar Power Plant Details
E-15 Ichigo Yamaguchi Sayama
Location

YamaguchiArea

43,621m2

Operation
Start Date

Apr 6, 2016

Panel
Output2.35MW

FIT

JPY 36

FIT Period

Apr 5, 2036

Power
Purchaser

Chugoku Electric

Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0
Jul
2019

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

42

Appendix© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

43

Reference: Japan’s Feed-In Tariff (FIT)
What is a FIT?
‒ A policy mechanism designed to accelerate the deployment of renewableenergy such as solar and wind, guaranteeing a long-term sale price forelectricity (in Japan, 20 years) at a fixed price.
‒ Japan’s FIT is updated every year.
Wind Power FIT

Solar Power FIT
Contract Date

FIT

Guarantee
PeriodContract Date

FIT

Guarantee
PeriodFY2012

JPY 4020 years

FY2017 (4/1 – 9/30)

JPY 2220 years

FY2013

JPY 3620 years

FY2017 (10/1 – 3/31)

JPY 2120 years

FY2014

JPY 3220 years

FY2018JPY 2020 years

FY2015 (4/1 – 6/30)

JPY 2920 years

FY2019JPY 1920 years

FY2015 (7/1 – 3/31)

JPY 2720 years

FY2020

JPY 1820 years

FY2016

JPY 2420 years

FY2017

JPY 21FY2018JPY 18FY2019JPY 141
1
2

20 years
20 years
20 years

Note: FY starts on April 1 to March 31 of the following year
1 FIT for >2MW non-residential solar power production determined

via auction process in 2017 and 2018
2 FIT for >0.5MW non-residential solar power production determined

via auction process from 2019

Pre-consumption tax FIT for power plants with output of >10kW
Source: METI, Agency for Natural Resources and Energy

Average Ichigo Green FIT: JPY38.7© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

44

Shareholder Composition
Shareholdings by Shareholder Type

Major Shareholders (as of December 31, 2019)
Name

No. ofSharesShare

1 Ichigo Trust Pte. Ltd.

15,973

15.5%

100%

2 Ichigo Inc.

6,000

5.8%

80%

3 Morgan Stanley MUFG Securities Co., Ltd.

4,942

4.8%

4 BNYM SA NV RE GCLB RE JP RD LMGC

4,661

4.5%

BNYM SA/NV FOR BNYM FOR BNY GCM
5
CLIENT ACCOUNTS M LSCB RD

4,600

4.5%

6 MACQUARIE BANK LIMITED DBU AC

4,522

4.4%

7 Rakuten Securities, Inc.

1,347

1.3%

8 CLEARSTREAM BANKING SA

1,250

1.2%

990

1.0%

60%
40%
20%
0%

9 Bank of Fukuoka, Ltd.

Foreign Corporations & Individuals

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals

33,336 shares(32.4%)

33,391 shares(32.4%)

33,370 shares(32.4%)

10,585 shares(10.3%)
9,991 shares(9.7%)

10,146 shares(9.9%)
8,841 shares(8.6%)

10,269 shares(10.0%)
11,760 shares(11.4%)

49,054 shares(47.6%)

50,588 shares(49.1%)

47,567 shares(46.2%)

Dec 31, 2018*(102,966 shares)

Jun 30, 2019*(102,966 shares)

Dec 31, 2019*(102,966 shares)* Number of shares outstanding

Shareholders by Shareholder Type
10 THE FUKUHO BANK, LTD.
Total

980

1.0%

45,26544.0%

Domestic Individuals
Domestic Financial Institutions
City banks, regional banks
Trust banks
Other (including securities companies)
Non-Financial Domestic Corporations
Foreign Corporations & Individuals
Total© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Dec 31, 2019
Dec 31, 2018 Jun 30, 2019
Shareholders Shareholders Shareholders Share
5,974
6,044
6,141
97.8%
18
20
27
0.4%
3
3
4
0.1%
1
2
3
–
14
15
20
0.3%
66
68
76
1.2%
31
32
33
0.5%
6,089
6,164
6,277
100%

45

Share Price (Dec 1, 2016 to January 31, 2020)
Listed on the TSE on Dec 1, 2016
(Shares Traded)(JPY)
90,00018,000Ichigo Green(left axis)

TSE REIT Index(left axis)

Trading Volume(right axis)

80,00015,000

Final trading date for settlement
before the two-for-one stock split
Dec 26, 2017
70,00012,00060,0009,000

50,0006,000

40,0003,000

30,0002016/120
2017/32017/62017/92017/122018/3

2018/62018/92018/12*Share price and shares traded from Dec 1, 2016 to Dec 26, 2017 has been adjusted to reflect stock split.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

2019/3

2019/6

2019/92019/12Source: Bloomberg

46

Ichigo Green Overview
Investment Corporation
Name

Ichigo Green Infrastructure Investment Corporation

Securities Code9282

Location

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Executive Director

Mami Nagasaki

Fiscal Year

July 1 to June 30 (Half-Year is July 1 to December 31)

Asset Management Company
Name

Ichigo Investment Advisors Co., Ltd.

President

Hiroshi Iwai

Registration & Membership

Financial Instruments Dealer License (Investment Management Services,
Investment Advisory & Agency Services, and Type II Financial Instruments
Services): Minister of Finance, Kanto Financial Bureau #318

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

47

MEMO

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

48

MEMO

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

49

MEMO

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

50

These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as,
an offer to sell or buy securities of Ichigo Green Investment Corporation (Ichigo Green).
These materials may contain forward-looking statements regarding the intent, belief or current expectations of Ichigo Green
with respect to financial condition and future results. These statements are based on certain assumptions founded on
currently available information. Accordingly, such statements are subject to risks and uncertainties, and there is no assurance
as to actual financial conditions or future results. Actual results may vary from those indicated in the forward-looking
statements.
In creating these materials, Ichigo Green and Ichigo Investment Advisors Co., Ltd. (IIA) have sought to provide accurate
information. However, there can be no assurance given as to the accuracy, certainty, validity or fairness of any suchinformation. The content of these materials is also subject to revision or retraction without prior notice.
This document is a translation. If there is any discrepancy between the Japanese version and the English translation, theJapanese version shall prevail.

Make The World
More Sustainable

Contact:
Ichigo Green IR Desk (9282)
TEL: +81-3-3502-4854
E-mail： ir_green@ichigo.gr.jp
www.ichigo-green.co.jp/en
Ichigo is Japan’s first zero-carbon listed real estate company. We are taking
responsibility for our environmental footprint by offsetting our carbon emissions andinvesting in low-carbon technologies such as solar energy.

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.