June 30, 2023
Press Release
PHOTON CAPITAL LLC
Japan Petroleum Exploration Co., Ltd.

Establishment of Asset Management Company Focused on Corporate PPA Projects

Today, PHOTON CAPITAL LLC (PHOTON) and Japex Green Energy, Co., Ltd. (JGE), a 100% subsidiary of Japan
Petroleum Exploration Co., Ltd. (JAPEX), jointly established PJ Asset Management Co., Ltd. (PJAM), an asset managementcompany for managing and operating to-be-developed new solar power generation projects, in which PHOTON Sustainable PV
Investment Limited Partnership(*1) (hereinafter referred to as the "PHOTON PV Fund" or the "Fund") will make investments.
PHOTON PV Fund is an investment fund targeting solar power generation projects in Japan and was established in September
2021 by four companies including PHOTON and JAPEX.
PHOTON PV Fund invests, in view of the tapering Feed-in Tariff (FIT) period, mainly in non-FIT and corporate PPA solar
power generation projects that are under development or in operation in Japan. The fund term is 20 years: an investment periodof 5 years from establishment and an operational period of 15 years thereafter. Currently, with the maximum fund amount set to
10 billion yen, PHOTON, the general partner (GP), is selecting projects and making investments.
Preparation for the establishment of PJAM had been promoted since the launch of PHOTON PV Fund with the aim ofaccumulating the knowledge necessary for future renewable energy business and further expanding business. PJAM will
accelerate the launch of new development projects linked to this fund and contribute to stably managing progress. In addition, it
will use a system that utilizes Artificial Intelligence to pursue efficient management of distributed power generation stations andbilling management to accumulate and utilize the knowledge necessary for future renewable energy business, including Feedin-Premium (FIP) and corporate PPAs(*2).
PJAM is 90% owned by PHOTON and 10% owned by JGE, and both companies dispatch personnel to carry out its business
operations. For other basic information about PJAM and an overview of PHOTON PV Fund, please refer to the Attachment.
PJAM will cooperate with PHOTON PV Fund and take advantage of the knowledge and know-how of related companies toachieve further proliferation of renewable energy in Japan, thereby aiming to contribute to the creation of a carbon-neutral society
by 2050.

Notes)*1: See the press release dated September 7, 2021, "Start of PV power fund targeting at upcoming post-FIT era.”*2: Long-term power purchase agreements between energy buyers such as corporates and power producers or retailers. PPA is the abbreviation of powerpurchase agreement.

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<Attachment>
1. Basic Information on the Established Company
Corporate Name
Date of Establishment

PJ Asset Management Co., Ltd. (PJAM)
June 30, 2023

Headquarters

13th Floor, Shibuya Cross Tower, 15-1, Shibuya 2-chome, Shibuya Ward, Tokyo

Representative

Yuko Mizuno

Capital

5 million JPY

Investment RatioBusiness

PHOTON CAPITAL LLC
Japex Green Energy, Co., Ltd.(*)

90%
10%Development, management and operation of PV power plantsNote)* 100% subsidiary of Japan Petroleum Exploration Co., Ltd. (JAPEX).

2. Overview of PHOTON PV FundName

PHOTON Sustainable PV Investment Limited Partnership

Date of Establishment

September 7, 2021

General Partner(General Partner: GP)

PHOTON CAPITAL LLC

Limited Partners(Limited Partners: LP)

Japan Petroleum Exploration Co., Ltd. (JAPEX), JA MITSUI LEASING, LTD., ChuoNittochi Co., Ltd.

Target for Investment

PV power generation projects under development or in operation in Japan (mainly nonFIT projects)

Fund AmountMaximum 10 billion JPY

Fund Term

20 years (Investment period: 5 years, Operational period: 15 years)###2/2