Ichigo Green(9282)

FY21/6 H1 Corporate Presentation
January 13,
February15, 2017
2021

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

We would like to express our deepest condolences
to all those affected by the M7.3 earthquake off thecoast of Fukushima this past Saturday and by the
Covid pandemic globally, and our wishes for theearliest and fullest possible recovery.

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

2

Make The World
More SustainableContents
Mission & Deliverables to Shareholders
FY21/6 H1 Results‒ Solar Power Plant Portfolio Details‒ FY21/6 H1 Events‒ FY21/6 H1 Earnings‒ Power Generation -2.2% vs. Forecast‒ Power Generation (YOY)‒ Power Generation by Individual Power Plant‒ Financing Details‒ 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(Jul 2020 – Dec 2020)‒ Individual Solar Power Plant Details

Appendix

Growth Strategy Leveraging Ichigo Strengths‒ Sponsor: Ichigo, A Sustainable Infrastructure Company‒ 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.

6

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 67 solar and wind 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.

7

FY21/6 H1 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

8

Solar Power Plant Portfolio Details
as of December 31, 2020

No. of Power Plants

Acquisition Price

Panel Output

15

JPY 11.4B

29.43MWAverage FIT

CO2 Reduction

Annual Power
Generation

JPY 38.7

22,520 Tons

11,374 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
4-5 yearsinoperation
8.1%

Hokkaido
30.2%

Shikoku
13.9% Chugoku
12.8%

Kanto
4.3%

5-6 years inoperation
57.4%

By FIT

JPY 32
4.6%>6 years inoperation
34.5%

JPY 3622.3%
JPY 40
73.1%

Chubu
4.6%
* Data in graphs are acquisition price basis.

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

9

FY21/6 H1 Events
Stable Power Generation Due to Geographically Diverse Portfolio Despite
Natural Disasters− Natural Disasters
 Reiwa Rainfall (July 2020) No injuries or material damages at Ichigo Green
power plants despite record rainfall Typhoon Haishen (September 2020) No injuries or material damages at
Ichigo Green power plants despite typhoon closing in to the Kyushu region− Kyushu Electric Power Purchase Suspension
 No request from Kyushu Electric to suspend renewable energy purchases for
the Ichigo Miyakonojo Yasuhisacho ECO Power Plant (Miyazaki)© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

10

FY21/6 H1 Earnings– Operating Revenue: JPY 527M (-0.5% vs. H1 Forecast Due toAdverse Weather)– Net Income: JPY 59M (+5.8% vs. H1 Forecast Due to Cost Reduction)(JPY million)

FY20/6 H1Actual

FY21/6 H1
Forecast

FY21/6 H1Actualvs. Forecast

FY21/6 Full-Year
Forecast

Operating Revenue

520

529

527

99.5%

1,078

Operating Expenses

435

431

427

99.1%

826

(Depreciation)

318

319

318

99.6%

640

Operating Profit

84

98

99

101.2%

252

Recurring Profit

34

56

59

105.7%

170

Net Income

33

55

59

105.8%

169

Dividend

–

–

–

–

JPY 3,820(excluding DEE)

–

–

–

–

JPY 1,625

(DEE)

–

–

–

–

JPY 2,195

Number of Power Plants

15

15

15

–

15

16.62M kWh

16.79M kWh

16.42M kWh

97.8%

34.12M kWh

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

11

Power Generation -2.2% vs. Forecast
FY21/6 H1 Power Generation and Power Production Revenue(JPY million)(kWh)5,000,000

Forecast Power Generation (left axis)

138

150

Actual Power Generation (left axis)

Power Production Revenue (right axis)
4,000,000

120

114
116

101
85

3,000,000

90
76

2,000,000

60

1,000,000

30

0July 2020

AugustSeptember

OctoberNovember

DecemberJan 2021

February

March

April

May

June

0

* 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.

12Power Generation (YOY)
Jul – Dec 2020 Power Generation -1.2% YOY
Power Generation: FY21/6 H1 vs. FY20/6 H1(kWh)5,000,000■ FY20/6 H1 Actual (15 Power Plants)■ FY21/6 H1 Actual (15 Power Plants)

Jul-Dec 2019 Actual: 16.62M kWh
Jul-Dec 2020 Actual: 16.42M kWh(-0.2M kWh, -1.2% YOY)

4,000,000

3,000,000

2,000,000

1,000,000

0July 2020

AugustSeptember

OctoberNovember

DecemberJan 2021

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

March

April

May

June

13

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

Difference(B) - (A)(kWh)

Actual PowerOperating
Production
Revenue*
Revenue(JPY thousand)(JPY thousand)*

No.

Forecast
Actual Power
Power
Generation (B)Generation (A)
(kWh)
(kWh)

E-01 Ichigo Kiryu Okuzawa

717,708707,263-10,445

27,346

20,890E-02 Ichigo Motomombetsu

719,945732,059+12,11428,64722,569E-03 Ichigo Muroran Hatchodaira652,631

619,111-33,520

24,20019,434E-04 Ichigo Engaru Kiyokawa

566,989565,898-1,091

22,29017,561E-05 Ichigo Iyo Nakayamacho Izubuchi

694,687

684,054-10,633

27,401

21,783E-06 Ichigo Nakashibetsu Midorigaoka

985,858

1,044,177+58,319

41,252

34,271

E-07 Ichigo Abira Toasa

583,259

617,429+34,170

24,656

19,661

E-08 Ichigo Toyokoro

568,779

597,748+28,969

23,94620,0095,170,816

4,554,580-616,236

185,946

165,744629,466

598,378-31,088

24,59819,6501,472,092

1,505,211+33,11954,07649,170852,232

860,737+8,50530,52524,392

1,026,415

1,045,492+19,077

33,216

21,357

E-14 Ichigo Yamaguchi Aionishi

730,055

722,703-7,352

29,25024,118

E-15 Ichigo Yamaguchi Sayama

1,419,569

1,570,626+151,057

55,361

46,414

16,790,508

16,425,472-365,036

632,717527,032

E-09 Ichigo Nago Futami
E-10 Ichigo Engaru Higashimachi
E-11 Ichigo Takamatsu Kokubunjicho Nii
E-12 Ichigo Miyakonojo Yasuhisacho
E-13 Ichigo Toyokawa Mitocho Sawakihama

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

14

Financing Details
Have Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps
as of December 31, 2020

Amount(JPY million)

Interest Rate(% )Fixed/Floating

Borrowing Date

Maturity

Loan
Term

4,893

0.760%Fixed

Dec 1, 2016

Nov 30, 2026

10 yearsMizuho Bank

374

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Yamaguchi Bank

788

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

6,056

0.771% (Weighted Average)

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

FY20/6(Actual)FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

57.4%

58.5%

57.8%

57.8%

57.1%

56.4%

55.6%

54.7%

53.7%

52.3%

Interest Bearing Liabilities ÷ FFO (Forecast)

Outstanding
Loan Amount(JPY)

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

FY20/6(Actual)FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

15.5X

8.1X

8.0X

7.7X

7.1X

6.6X

5.9X

5.4X

4.8X

4.3X

6,858M

7,160M

6,733M

6,309M

5,875M

5,438M

4,990M

4,543M

4,090M

3,636M

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

15

Ichigo J.League Shareholder Program
Represents Two Firsts for a Shareholder Program in Japan− First Japanese company to include not just its own shareholders, but also theshareholders of the REITs and listed solar power producer that it manages, in its
shareholder program (67,000 shareholders total)− First company to offer shareholders free tickets to every J.League game at every
J.League club (currently paused due to Covid)

Ichigo is deepening its partnership with the J.League and working tofurther Ichigo’s mission of promoting local community development.
Events & Gifts− Ichigo Kids J.League Events
 Escort players onto field High-fives with players
 Other programs− J.League Merchandise Autographed jerseys from all
J.League clubs
 Ichigo original J.League towels
 Autographed official match balls− J.League Online Events
Ichigo J.League Shareholder Program Website Landing Page
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

16

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

17

Japan’s First Ten-Year Earnings Forecast
Ten-Year Dividend & FFO Forecast (Includes 2017 – 2020 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

8,001

7,982

8,002

8,146

8,136

8,253

8,211

DPS

2,139

4,226

3,865

3,802

3,820

3,945

4,095

4,065

3,885

3,540

FFO = Funds From Operations+636

FY20/6 Actual
Initial Forecast
JPY 1,390
Forecast Revision +JPY 222
ActualJPY 1,612

Dividend per Share (excluding DEE)

+305

+222
1,390

1,625

1,750

1,895

1,860

1,875

1,410

1,375

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
Actual

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

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.

18

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.

19

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)

20

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 repairs

21World-Class Disclosure: Real-Time Power Production Data
Real-Time Individual Power Plant Data and Live Video Feeds

Live Video Feed

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

22

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

23

Sponsor: Ichigo, A Sustainable Infrastructure Company
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.

24

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.

25

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

63 Plants (180MW*)
Currently Operating

51 Plants (150MW)
Okinawa

Hokkaido

Chugoku

Ichigo Motomombetsu

1.40MW

Ichigo Engaru Higashimachi

1.24MW

Ichigo Engaru Kiyokawa

1.12MW

Ichigo Yamaguchi Aionishi

1.24MW

Ichigo Yamaguchi Sayama

2.35MW

Ichigo Yonago Izumi

2.61MW

Ichigo Kasaoka Takumicho

1.11MW

Ichigo Fuchu Jogecho Yano

0.99MW

Ichigo Yubetsu Barou

0.80MW

Ichigo Sera Tsukuchi

2.54MW

Ichigo Betsukai Kawakamicho

0.88MW

Ichigo Sera Aomizu

2.87MW

Ichigo Abira Toasa

1.16MW

Ichigo Muroran Hatchodaira

1.24MW

Ichigo Toyokoro

1.02MW

Ichigo Nakashibetsu Midorigaoka

1.93MW

Ichigo Akkeshi Shirahama

0.80MW

Ichigo Toyokoro Sasadamachi

0.60MW

Ichigo Higashi-Hiroshima Saijocho
Taguchi
Ichigo Kasaoka Iwanoike

2.72MW

Ichigo Memuro Nishi-Shikari

1.32MW

2.64MW

Total

13.51MW

Ichigo Kure Yasuuracho Nakahata

2.90MW

0.89MW

Ichigo Kasaoka Osakaike

2.66MW

Ichigo Hamanaka Bokujo Tsurunokotai

2.31MW

Ichigo Itoshima Iwara

1.48MW

Ichigo Kasaoka Idachiike

2.66MW

Ichigo Hamanaka Bokujo Kajibayashi

2.31MW

Ichigo Miyakonojo
Takazakicho Tsumagirishima

2.96MW

Ichigo Sera Shimotsuda

2.93MW

Ichigo Ebino Suenaga

13.99MWTotal

20.76MW

Ichigo Nago Futami

8.44MW

KyushuIchigo Miyakonojo Yasuhisacho
Ichigo Kijo Takajo

1.44MW

Total

30.22MWKansai(as of January 13, 2021)

Total

4.62MW(Wind) Ichigo Yonezawa Itaya

7.39MW(Wind) Ichigo Takashinoyama

6.99MW

Chubu* Excludes wind power
plants underdevelopment (18.3MW)

Ichigo Green (9282)
IchigoIn-Development

TohokuIchigo Sennan Kitsuneike

2.86MW

Ichigo Takashima Kutsuki

3.74MW

Ichigo Kobe Pompuike

2.47MW

Total

9.07MW

Shikoku

Ichigo Toyokawa Mitocho Sawakihama

1.80MW

Ichigo Toki Oroshicho

1.39MW

Ichigo Tsu

2.94MW

Kanto
Ichigo Kiryu Okuzawa

1.33MW

Ichigo Maebashi Naegashima

0.67MW

Ichigo Showamura Ogose

43.34MW

Ichigo Toki Tsurusatocho Kakino

1.31MW

Ichigo Toride Shimotakai Kita

1.03MW

Ichigo Sakahogi Fukagaya

2.89MW

Ichigo Toride Shimotakai Minami

0.54MW

1.67MW

Ichigo Minakami Aramaki

12.02MW

Ichigo Hitachiomiya

2.99MW

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

1.29MW

Ichigo Hokota Aoyagi

2.48MW

1.45MW

Ichigo Toride Shimotakai Nishi

2.84MW

Ichigo Obu Yoshidamachi

1.10MW

Ichigo Ueda Yoshidaike

1.01MW

Ichigo Chiba Wakaba-ku
Omiyacho Nishi
Ichigo Chiba Wakaba-ku
Omiyacho Higashi

0.74MW

Ichigo Takamatsu Kokubunjicho Nii

2.43MW

Ichigo Komagane Akaho Minami

0.74MW

Ichigo Iyo Nakayamacho Izubuchi

1.23MW

Ichigo Komagane Akaho Minami

0.74MW

Total

Ichigo Tokushima Higashi-Okinosu

2.52MW

Ichigo Komagane Akaho Kita

0.39MW(Wind) Ichigo Onjuku Iwawada Nishi

1.99MW

Total

6.18MW

Total

18.72MW(Wind) Ichigo Onjuku Iwawada Higashi

1.99MW© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

0.74MW
68.72MW26

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

27

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.

28

Ichigo ESG – Environmental
Contributing to a Low-Carbon World

Sustainable Real Estate

Clean Energy

Preserve & Improve Real Estate to End Wasteful
Demolition

Annual Power Generation 158,586,005 kWh
Equivalent to annual energy consumption of
52,862 households
The Federation of Electric Power Companies ofJapan - Annual energy consumption perhousehold 3,000kWh

Annual CO2 Reduction 104,666,758 kg
Equivalent to annual CO2 emission of 45,507
cars
Ministry of Environment
Annual CO2 emission per car c. 2,300kg(Jul 2019~Jun 2020 Actuals – Ichigo & Ichigo Green)Sponsor Ichigo Joins RE100
Ichigo RE100 Target: Source 100% of Electricity Needs
Across Its Operations from Renewable Energy by 2040

‒ Lengthen useful life of real estate‒ Shrink environmental footprint by reducing
wasteful demolition & consumption of raw
materials, energy, & human talent in construction
LowestImpactWasteful
Demolition
HighestEfficiency

Environmental Productive Use of Idle Land for Clean Energy
will not build power plants that require theSustainability Ichigo
clearing of wooded land or the altering of the
For a Better landscape in a way that increases the risk of floods,
World
landslides, or other water-related disasters, or thatface opposition of local residents.

Sustainable Real Estate – Environmental Certifications (Ichigo Office 8975)
CASBEE

GRESB

S
Rank

A
Rank
IchigoTakamatsu
Building

IchigoMarunouchi
Building

Ebisu Green Glass
Ichigo Sakaisuji Honmachi Building
Ichigo Sendai East Building
Ichigo Kanda Nishikicho Building Other Certifications
Ichigo Ikenohata Building
BELS (Building-housing EnergyIchigo Mirai Shinkin Building
efficiency Labeling System),
Win Gotanda Building 2
DBJ Green Building© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Green Star (Highest Ranking)4 years in a row
29

Ichigo ESG – Social
Supporting Local Communities

Working with Tenants− Conduct tenant surveys to understand needs toimplement effective value-add− Became sole investor for Oshii Mamoru’s new
anime VLADLOVE to promote Japan’s anime
culture and build synergies with Ichigo’s retailasset AKIBA CULTURES ZONE
− Support tenant sales channel expansion andsales growth− Operate self-storage and laundromats to
support livelihood− Ichigo’s Boutique Hotel THE KNOT
A place where visitors, communities, and the oldand the new can come together− Miyako City, Nanbu Wholesale Market
Foster community interactions− J.League Top Partner
Promote community development, revitalize local
economies, and renovate & upgrade stadiums− TSUBASA+ AR Smartphone Game
Promote Japanese culture and community links− Smart Agriculture

Make The World More Sustainable
HR & Internal Start-Ups− Ichigo University for employees
Taught by subject matter experts− Ichigo Sustainable Lab
Promotion of R&D and internal start-ups− Support for Employees
100% return rate for employees whotake maternity/paternity leave.

− Women in Leadership
24% of management positions held by
WomenSports & Arts

Disaster Response− Typhoon disaster preventative− Support National & World-Class
measures
Athletes− Support University of Miyazaki Faculty − Rapid damage assessment− Rapid disaster responseof Medicine’s Program for Children
On-site inspections and measures to− Support community-based soccer clubs
prevent secondary disasters, preserve− Support artists withasset value, and supply essential
disabilities
items to local communities− Neighborhood watch
Weightlifting Athlete− Street cleaning and snow shoveling
Hiromi Miyake© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

30

Ichigo ESG – Governance
Ichigo Green

Asset Management Company

Monitors Asset Management Company

Global Best Practice Governance− All Ichigo Green Directors are Independent of
the Asset Management Company and the
Ichigo Group− Active Board discussion results in effective
supervision of the Asset Management
Company− Majority of Directors (3 of 5) are Independent
Directors− Exclusive asset management team ensuresbest-practice execution on behalf of Ichigo
Green− The Risk & Compliance and Audit groups
report directly to the President− Further ensure objectivity and independence
by including third-party, independent lawyers
and accountants in the Investment Committee
and Risk & Compliance Committee

Investment Corporation
Ichigo Green(TSE 9282)
Shareholder Meeting
Board of Directors

AGM

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

Board of Directors

Audit Committee

External Auditor
Internal Audit

Grant Thornton Taiyo LLC
Risk & Compliance Committee

President
Compliance

Asset Management
Agreement

Investment Committee(Private Funds)

Asset Management Company
Ichigo Green

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

31

Solar Power Plant Data

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

32

Solar Power Plant Map(as of December 31, 2020)

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)
33

Solar Power Plant Portfolio
as of December 31, 2020
Location

Acquisition
Date

Book
Value
(JPY
million)E-01 Ichigo Kiryu Okuzawa

Kiryu City, Gunma

Dec 2016

379

E-02 Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

E-03 Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

E-04 Ichigo Engaru Kiyokawa

Appraisal
Value1(JPY
million)Panel
Output2
(MW)

FIT3
(JPY)

Portfolio
Weight4

440

1.33

40

4.23%

388

448

1.40

40

4.32%

Dec 2016

367

423

1.24

40

4.09%

Mombetsu County, Hokkaido

Dec 2016

312

351

1.12

40

3.48%

E-05 Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

370

431

1.23

40

4.12%

E-06 Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

608

691

1.93

40

6.77%

E-07 Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

350

399

1.16

40

3.90%

E-08 Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

345

394

1.02

40

3.84%

E-09 Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

2,701

3,241

8.44

40

30.06%

E-10 Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

369

411

1.24

40

4.11%

E-11 Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

789

1,007

2.43

36

8.79%

E-12 Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

414

439

1.44

36

4.61%

E-13 Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

Dec 2016

420

443

1.80

32

4.67%

E-14 Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

394

508

1.24

40

4.39%

E-15 Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

775

869

2.35

36

8.62%

8,988

10,497

29.43

38.7

100%

No.

Solar Power Plant

Total (15 Solar Power Plants)

1 Appraisal Value is from PwC Sustainability LLC’s Valuation Report using values as of June 30, 2020. 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.

34

Individual Solar Power Plant Earnings (Jul 2020 – Dec 2020)(JPY thousand)Leaseholder
No.

Solar Power Plant

Ichigo GreenPower
Production
Revenue

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

27,346

6,455

20,8901,931

18,95814,897

4,061

E-02

Ichigo Motomombetsu

28,647

6,077

22,5691,967

20,602

14,727

5,874

E-03

Ichigo Muroran Hatchodaira

24,2004,765

19,434

1,855

17,57913,837

3,741

E-04

Ichigo Engaru Kiyokawa

22,2904,728

17,561

1,584

15,977

11,809

4,167

E-05

Ichigo Iyo Nakayamacho Izubuchi

27,401

5,618

21,783

1,851

19,931

13,913

6,018

E-06

Ichigo Nakashibetsu Midorigaoka

41,252

6,980

34,271

3,190

31,081

21,852

9,228

E-07

Ichigo Abira Toasa

24,656

4,995

19,661

1,821

17,84012,524

5,316

E-08

Ichigo Toyokoro

23,946

3,937

20,0091,795

18,213

12,326

5,886

E-09

Ichigo Nago Futami

185,946

25,291* 165,744

14,185

151,558

95,35456,204

E-10

Ichigo Engaru Higashimachi

24,598

4,947

19,6501,923

17,727

13,050

4,676

E-11

Ichigo Takamatsu Kokubunjicho Nii

54,076

4,905

49,1704,254

44,91527,231

17,684

E-12

Ichigo Miyakonojo Yasuhisacho

30,525

6,132

24,392

2,115

22,276

14,213

8,063

E-13

Ichigo Toyokawa Mitocho Sawakihama

33,216

11,85821,357

2,235

19,122

14,238

4,883

E-14

Ichigo Yamaguchi Aionishi

29,2505,131

24,1182,599

21,51913,159

8,359

E-15

Ichigo Yamaguchi Sayama

55,361

8,947

46,414

4,527

41,88725,414

16,473

Total

632,717

110,774

527,032

47,839479,192

318,550

160,642* JPY 5.09M below operator-guaranteed base revenue due to actual power generation at Ichigo Nago Futami ECO power plant (E-09) falling below
the performance guarantee threshold© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

35

Individual Solar Power Plant Details
E-01 Ichigo Kiryu Okuzawa

FY21/6 H1 Actual Power Generation: -1.5% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

Gunma

Area

27,588m2

200,000

Operation
Start Date

Sep 30, 2013

150,000

Panel
Output

1.33MW

FIT

JPY 40

FIT Period

Sep 29, 2033

Power
Purchaser

TEPCO Energy
Partner(kWh)

100,000

50,0000E-02 Ichigo Motomombetsu

Jul
2020

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 H1 Actual Power Generation: +1.7% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

Hokkaido

Area

48,947m2

200,000

Operation
Start Date

Feb 3, 2014

150,000

Panel
Output

1.40MW

FIT

JPY 40

FIT Period

Feb 2, 2034

Power
Purchaser

Hokkaido Electric(kWh)100,000

50,000

0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

36

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

FY21/6 H1 Actual Power Generation: -5.1% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,0000E-04 Ichigo Engaru Kiyokawa

Jul
2020

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 H1 Actual Power Generation: -0.2% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

HokkaidoArea

27,164m2

200,000

Operation
Start Date

Mar 4, 2014

150,000

Panel
Output

1.12MW

FIT

JPY 40

FIT Period

Mar 3, 2034

Power
Purchaser

Hokkaido Electric(kWh)100,000

50,000

0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

37

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

FY21/6 H1 Actual Power Generation: -1.5% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,0000E-06 Ichigo Nakashibetsu Midorigaoka
Location

HokkaidoArea

54,870m2

Operation
Start Date

Nov 4, 2014

Panel
Output

1.93MW

FIT

JPY 40

FIT Period

Nov 3, 2034

Power
Purchaser

Hokkaido Electric

Jul
2020

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 H1 Actual Power Generation: +5.9% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)

300,000
250,000
200,000
150,000
100,000
50,000
0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

38

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

FY21/6 H1 Actual Power Generation: +5.9% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,0000E-08 Ichigo Toyokoro

Jul
2020

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 H1 Actual Power Generation: +5.1% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

HokkaidoArea

29,004m2

200,000

Operation
Start Date

Dec 4, 2014

150,000

Panel
Output

1.02MW

FIT

JPY 40

FIT Period

Dec 3, 2034

Power
Purchaser

Hokkaido Electric(kWh)100,000

50,000

0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

39

Individual Solar Power Plant Details
E-09 Ichigo Nago Futami

FY21/6 H1 Actual Power Generation: -11.9% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

OkinawaArea

146,217m2

1,500,000

Operation
Start Date

Feb 2, 2015

1,200,000

Panel
Output

8.44MW

900,000

FIT

JPY 40600,000

FIT Period

Feb 1, 2035

300,000

Power
Purchaser

Okinawa Electric0E-10 Ichigo Engaru Higashimachi

Jul
2020

Aug

Sep

Oct

Nov

(kWh)

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 H1 Actual Power Generation: -4.9% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

HokkaidoArea

46,329m2

1,500,000

Operation
Start Date

Feb 3, 2015

1,200,000

Panel
Output

1.24MW

900,000

FIT

JPY 40600,000

FIT Period

Feb 2, 2035

300,000

Power
Purchaser

Hokkaido Electric

0

Jul
2020

Aug

Sep

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

Oct

Nov

(kWh)

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

40

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

FY21/6 H1 Actual Power Generation: +2.2% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

KagawaArea

79,340m2

400,000

Operation
Start Date

Jun 2, 2015

300,000

Panel
Output

2.43MW

FIT

JPY 36

FIT Period

Jun 1, 2035

Power
Purchaser

Shikoku Electric(kWh)200,000

100,000

0E-12 Ichigo Miyakonojo Yasuhisacho

Jul
2020

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 H1 Actual Power Generation: +1.0% vs. Forecast
Forecast Power Generation
Actual Power Generation

LocationMiyazakiArea

94,165m2

250,000

Operation
Start Date

Jul 8, 2015

200,000

Panel
Output

1.44MW

150,000

FIT

JPY 36

100,000

FIT Period

Jul 7, 2035

50,000Power
Purchaser

Kyushu Electric

0

Jul
2020

Aug

Sep

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

Oct

Nov

(kWh)

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

41

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

FY21/6 H1 Actual Power Generation: +1.9% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

Aichi

Area

19,393m2

250,000

Operation
Start Date

Sep 16, 2015

200,000

Panel
Output

1.80MW

150,000

FIT

JPY 32100,000

FIT Period

Sep 15, 2035

50,000Power
Purchaser

Chubu Electric0E-14 Ichigo Yamaguchi Aionishi

Jul
2020

Aug

Sep

Oct

Nov

(kWh)

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 H1 Actual Power Generation: -1.0% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

YamaguchiArea

19,815m2

200,000

Operation
Start Date

Dec 7, 2015

150,000

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Dec 6, 2035

Power
Purchaser

Chugoku Electric(kWh)100,000

50,000

0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

42

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

FY21/6 H1 Actual Power Generation: +10.6% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

43

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

44

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.
Solar Power FITWind Power FIT
Contract DateFIT

JPY 40

Guarantee
Period20 years

FY2017 (4/1～9/30)

JPY 22

Guarantee
Period20 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 21 1

20 years

FY2018JPY 181

20 years

JPY 14

2

Contract Date

FIT

FY2012FY2019FY2020

JPY 12~13

20 years
3

20 years

Note: FY starts on April 1 and ends on 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

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

Average Ichigo Green FIT: JPY 38.7

via auction process from 2019
3 FIT for >0.25MW non-residential solar power production

determined via auction process from 2020

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

45

Shareholder Composition
Major Shareholders (as of December 31, 2020)
Name
1 Ichigo Trust Pte. Ltd.
2 Ichigo Inc.

Shareholdings by Shareholder TypeNo. ofSharesShare

18,592

18.1%

6,000

5.8%

Foreign Corporations & Individuals

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals

100%
80%

33,370 shares(32.4%)
10,269 shares(10.0%)
11,760 shares(11.4%)

3 THE FUKUHO BANK, LTD.

2,340

2.3%

4 Rakuten Securities, Inc.

2,238

2.2%

1,600

1.6%

1,550

1.5%

7 Bank of Fukuoka, Ltd.

990

1.0%

8 Otani Asset Management, K.K.

870

0.8%

* Number of shares outstanding

9 Monex, Inc.

790

0.8%

Shareholders by Shareholder Type

10 Custody Bank of Japan, Ltd. (Trust Account)

740

0.7%

JPMBL RE CREDIT SUISSE AG,
5
SINGAPORE BRANCH COLL EQUITY
The Master Trust Bank of Japan, Ltd.
6
(Trust Account)

60%
40%
20%

47,567 shares(46.2%)

25,866 shares(25.1%)

22,505 shares(21.9%)

10,439 shares(10.1%)
8,505 shares(8.3%)

11,820 shares(11.5%)
10,581 shares(10.3%)

58,156 shares(56.5%)

58,060 shares(56.4%)Jun 30, 2020
(102,966 shares)*Dec 31, 2020
(102,966 shares)*0%
Dec 31, 2019
(102,966 shares)*Dec 31, 2019 Jun 30, 2020

Total

35,71034.7%

Dec 31, 2020

Shareholders Shareholders Shareholders
Domestic Individuals
Domestic Financial Institutions

Share

6,141

6,990

7,318

98.0%

27

23

20

0.3%

City banks, regional banks

4

4

4

0.1%

Trust banks
Other (including securities companies)

3
20

3
16

3
13

–
0.2%

76

83

90

1.2%

Non-Financial Domestic Corporations
Foreign Corporations & Individuals
Total© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

33

32

41

0.5%

6,277

7,128

7,469

100%

46

Share Price (Dec 1, 2016 to Jan 31, 2021)
Listed on the TSE on Dec 1, 2016
(JPY)

(Shares Traded)

90,00018,000Ichigo Green(left axis)
80,000TSE REIT Index(left axis)

TSE Infrastructure Fund Index(left axis)

Trading Volume(right axis)
15,000

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

2018/62018/92018/122019/3

2019/6

2019/9*Share price and shares traded from Dec 1, 2016 to Dec 26, 2017 have been adjusted to reflect stock split.

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

2019/122020/32020/62020/92020/12Source: Bloomberg

47

Ichigo Green Overview
Investment Corporation
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
Management Company
Asset
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.

48

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.

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