Ichigo Preserves and Improves Real Estate

November 21, 2016
IssuerIchigo Green Infrastructure Investment Corporation (9282)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Mami Nagasaki, Executive Director
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, President
Inquiries: Hiroto Tajitsu, Head of Business Administration
Tel: +81-3-3502-4854

Earnings and Dividend Forecast Revisions
for the June 2017 and June 2018 Fiscal Periods
Ichigo Green Infrastructure Investment Corporation (“Ichigo Green”) is revising its
earnings and dividend forecasts for the June 2017 and June 2018 fiscal periods initiallyannounced in the October 24, 2016 release and subsequently revised in the November
10, 2016 release “Earnings and Dividend Forecasts Revisions for the June 2017 andJune 2018 Fiscal Periods.”
I. Earnings and Dividend Forecast Rationale
Ichigo Green today determined the issue price for the new share and secondary shareoffering approved by Ichigo Green’s Board of Directors on October 24, 2016. Ichigo
Green has revised its earnings and dividend forecast to reflect the actual issue price.
(A) Assumed Issue Price in Previous Forecast:
Between JPY 95,000 and JPY 100,000 per share(B) Actual Issue Price:
JPY 100,000 per share

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding earnings and dividend forecast revisions for the June 2017
and June 2018 fiscal periods by Ichigo Green, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to IchigoGreen’s prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

1II. Earnings and Dividend Forecast Revisions
Previous Forecast (November 10, 2016)
Operating Operating Recurring
Revenue
ProfitProfit(million(million(millionyen)yen)yen)

Net
Income(millionyen)

Dividendper ShareDividend in
excluding
Excess ofDividend inEarnings
Excess ofperShare
Earnings per(yen)Share(yen)June 2017(7 months)

545

110

41 to 43

39 to 40

December 2017
(6 months)

472

81

27 to 28

26 to 27

June 2018(12 months)

963

181

74 to 76

73 to 75 1,388 to 1,428

648 to 673

Dividendper Shareincluding
Dividend in
Excess ofEarnings perShare(yen)

2,547

3,195 to 3,220

–

–

4,366

5,754 to 5,794

Dividendper Share
Dividend in
excluding
Excess of
Dividend in
Earnings
Excess ofperShare
Earnings per(yen)Share(yen)Dividendper Shareincluding
Dividend in
Excess ofEarnings perShare(yen)–Revised Forecast

Operating Operating Recurring
Revenue
ProfitProfit(million(million(millionyen)yen)
yen)

NetIncome(millionyen)

June 2017(7 months)545

110

4340673

2,547

3,220

December 2017
(6 months)

472

81

28

27–––

June 2018(12 months)

963

181

76

75

1,428

4,366

5,794

Due to the determination of the issue price, the assumptions described in theNovember 10, 2016 release “Earnings and Dividend Forecast Revisions for the June2017 and June 2018 Fiscal Periods” have been partially revised as below. As a result,
recurring profit, net income, and dividend per share have been revised per the above.
Non-Operating Expenses:

Interest expenses and other borrowing-related expensesof JPY 41 million (revised from JPY 41 million to JPY42 million) are forecast for the June 2017 period; JPY
32 million (revised from JPY 32 million to JPY 33million) for the December 2017 (half-term) period; andJPY 62 million (revised from JPY 62 million to JPY 64million) for the June 2018 period.

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding earnings and dividend forecast revisions for the June 2017
and June 2018 fiscal periods by Ichigo Green, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo
Green’s prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

2Borrowings:

Ichigo Green expects to borrow JPY 6,952 million(revised from JPY 6,952 million to JPY 7,183 million)
on December 1, 2016 from Qualified Institutional
Investors (i.e., banks) as defined in Article 2(3)(i) of theFinancial Securities and Exchange Act. The expectedloan-to-value (LTV) at the end of the June 2017 period
is 57.0% (revised from 57.0% to 58.9%).

(Reference)

Forecast number of shares outstanding at the end of each fiscal period:
June 2017
December 2017 (half-term)
June 2018

53,180 shares (no revision)
53,180 shares (no revision)
53,180 shares (no revision)(Note 1)

While Ichigo Green’s fiscal period normally is from July to June, Ichigo
Green’s first period runs from the day Ichigo Green was founded onJune 24, 2016 to September 30, 2016. Its second period runs fromOctober 1, 2016 to June 30, 2017. Ichigo Green’s actual operating
timeframe during the second period is from December 1, 2016, the dayof the asset acquisitions for the IPO, to June 30, 2017.

(Note 2)

The forecasts presented above for the June 2017 and June 2018 fiscal
periods are based on certain preconditions. The preconditions aresubject to change due to such factors as future acquisitions anddispositions of renewable energy power plants, changes in the Tokyo
Stock Exchange Infrastructure Fund market, fluctuations in interest
rates, the issuance of additional shares, and changes in other factors
related to Ichigo Green. The actual operating revenue, operating profit,
recurring profit, net income, and dividend per share (including dividendin excess of earnings per share) may vary due to changes incircumstances. These forecasts should not be construed as a guaranteeof such performance or results.

(Note 3)

Ichigo Green will make a forecast revision should there be a
substantial discrepancy between the forecast and actual operating
results.

(Note 4)

Ichigo Green will list its shares on the Tokyo Stock Exchange on
December 1, 2016.

(Note 5)Fractions are rounded off to the nearest full unit.

(Note 6)

Ichigo Green has an annual fiscal period running from July to June.
Because there is no regulatory framework in Japan for Investment
Corporations to pay dividends at half-term, Ichigo Green therefore
pays an annual dividend once a year. The annual dividend results bothin lower administrative costs and a dividend that is not impacted byseasonal changes in solar power generation (as a semi-annual dividend
would be).

* Distribution of this material: the Kabuto Club, the press club of the Ministry ofLand, Infrastructure, Transport, and Tourism, and the press club for constructionindustry newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

Disclaimer: This translation is for informational purposes only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding earnings and dividend forecast revisions for the June 2017and June 2018 fiscal periods by Ichigo Green, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to Ichigo
Green’s prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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