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

August 9, 2017
IssuerIchigo Green Infrastructure Investment Corporation (“Ichigo Green,” 9282)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Mami Nagasaki, Executive Director
www.ichigo-green.co.jp/en/Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Wataru Orii, PresidentInquiries: Hiroto Tajitsu, Head of Business Administration
Tel: +81-3-3502-4854

Amendments to Articles of Incorporation and Election of Directors
Ichigo Green decided today to submit proposals for amendments to its Articles ofIncorporation and the election of Directors at its shareholder meeting scheduled for
September 30, 2017, with the proposals to become effective upon approval at theshareholder meeting.
1. Amendments Rationale
The Articles of Incorporation are proposed to be amended for the following reasons:a. The following amendments are made pursuant to the Act on Investment Trusts andInvestment Corporations (Act No. 198 of 1951, including amendments thereafter):(1) Amend the article pertaining to Shareholder Meeting Convocation (Article 9,Paragraphs 2 and 3) such that Ichigo Green’s shareholder meeting is convened on
September 1, 2019 or later without delay, and thereafter is convened on September
1, or later without delay, every two years. The amendment further prescribes that ashareholder meeting can be convened whenever necessary.
(2) Newly add an article (Article 9, Provisory Clause of Paragraph 4) pursuant to theaforementioned amendment prescribing that it is not necessary to publicly notify thedate of shareholder meetings held within 25 months from the previous shareholder
meeting.
(3) Amend Paragraph 3 of Article 19 so that the terms of Directors can be extended or
shortened, within limits prescribed by law, by shareholder resolution.
b. Delete unnecessary language, re-organize numbering of articles and paragraphs, andclarify expressions (Article 9, Paragraph 1, Article 37, and Attachments).

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Below are the proposed amendments to the Articles of Incorporation.
(Amendments are underlined)
Before Amendment

After Amendment

Article 9 Convocation
1. Shareholder Meetings are, in principle,
convened at least every two years.

Article 9 Convocation(cut)

2. (unchanged)

1. (unchanged)
2. A Shareholder Meeting shall be convened
on September 1, 2019 or later without
delay, and thereafter on September 1, or
later without delay, every two years.
3. Notwithstanding the above, a Shareholder
Meeting can be convened whenevernecessary.
4. To convene a Shareholder Meeting, the dayof the Meeting must be publicly announced
two months prior to the Meeting, and aletter notifying the day of the Meeting must
be sent out to every shareholder two weeks
prior to the Meeting. However, such public
notice shall not be required if, pursuant toParagraph 2, a Shareholder Meeting is held
within 25 months from the previous
Shareholder Meeting.

3. To convene a Shareholder Meeting, the dayof the Meeting must be publicly announced
two months prior to the Meeting, and aletter notifying the day of the Meeting must
be sent out to every shareholder two weeks
prior to the Meeting.

Article 19 Selection and Term of Directors
1 & 2 (unchanged)
3. The term of Directors is two years.
However, the term of Directors appointed
as alternatives or to fill vacancies is thesame as the remaining duration of the termof their predecessors or the rest ofDirectors.

Article 19 Selection and Term of Directors
1 & 2 (unchanged)
3. The term of Directors is two years.
Notwithstanding this, the term of Directors
may be extended or shortened, within limitsprescribed by law, by shareholder
resolution. The term of Directors appointed
as alternatives or to fill vacancies is thesame as the remaining duration of the termof their predecessors or the rest ofDirectors.
4. (unchanged)

4. (unchanged)

Article 37 Fiscal Years
Ichigo Green has fiscal years running from
July 1 through the end of June of thefollowing year.

Article 37 Fiscal Years
Ichigo Green has fiscal years running from
July 1 through the end of June of thefollowing year. However, its first fiscal year
runs from the day Ichigo Green wasestablished through the end of September
2016, and its second fiscal year runs from
October 1, 2016 through the end of June
2017.

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Before Amendment

After Amendment

Attachments

Attachments

Fee Paid to the Asset Management Company

Fee Paid to the Asset Management Company(unchanged)(unchanged)

1. (unchanged)

1. (unchanged)

2. Asset Management Fee II

2. Asset Management Fee II

Calculated by multiplying Net Income, takenfrom the previous year’s Income Statement,with a fee (not exceeding 5%) agreed upon
between Ichigo Green and IIA. Payment must
be made within three months from the end of
the previous fiscal year. There was no AssetManagement Fee II incurred in Ichigo
Green’s first fiscal year.

Calculated by multiplying Net Income, takenfrom the previous year’s Income Statement,with a fee (not exceeding 5%) agreed upon
between Ichigo Green and IIA. Payment must
be made within three months from the end of
the previous fiscal year.

3 & 4 (unchanged)

3 & 4 (unchanged)

2. Election of Directors
Due to the expiration of the Directors’ current terms of office in September 2017, Ichigo
Green’s board is proposing the re-election of Executive Director Mami Nagasaki andSupervisory Directors Arata Nomoto and Kiyofumi Fujita.
To ensure the minimum number of Directors as required by law and ordinance, Ichigo
Green’s board is also proposing the election of a new Alternative Executive Director
and a new Alternative Supervisory Director.
Director Candidates’ Career Histories
Title

Name(Date of Birth)

Career History
April 1998

ExecutiveDirector(Candidate)

Mami
Nagasaki(December 13,1973)

Qualified as Attorney at Law
Ishii Law Office
September 2004 Marshal Suzuki Law Group
January 2005
Office of International Affairs,
Planning and Coordination Bureau,
Financial Services Agency
April 2009
Ishii Law Office, Partner (current)
April 2015
Mediation Committee of the Tokyo
District Court (current)
June 2016
Executive Director, Ichigo GreenInfrastructure Investment Corporation(current)3TitleName(Date of Birth)

Career History
April 1997

SupervisoryDirector(Candidate)

ArataNomoto(July 8,1968)

Qualified as Attorney at Law
Konaka, Toyama & Hosoya
September 2002 Paul Hastings LLP (New York)May 2003
New York Lawyer registration (UnitedStates)
November 2003 California Lawyer registration (UnitedStates)
January 2004
Paul Hastings Gaikokuho Kyodo Jigyo
August 2005
GADAGO NPO (current)
February 2008
Partner, Paul Hastings Gaikokuho
Kyodo Jigyo
February 2010
Partner, City-Yuwa Partners (current)
June 2016
Supervisory Director, Ichigo GreenInfrastructure Investment Corporation(current)
August 2016
External Member, Compliance
Committee, PAG Real Estate Advisory(current)

April 2000
June 2004
July 2006
July 2006
April 2007

Supervisory
Director(Candidate)

Kiyofumi
Fujita(July 21,1972)

March 2008
August 2009
May 2014
June 2015
March 2016
June 2016
May 2017

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Qualified as Attorney at Law
Yodoyabashi LPC (now Yodoyabashi& Yamagami LPC)
Inspection Coordination Division,
Financial Services Agency
Yodoyabashi & Yamagami LPC TokyoOffice
Independent Auditor, Felissimo
Corporation
Partner, Yodoyabashi & Yamagami
LPC Tokyo Office (current)
External Member, Compliance
Committee, Nittochi AssetManagement Co., Ltd. (current)
Special Member, Compliance
Committee, Fin Tech AssetManagement Incorporated
Independent Director, Felissimo
Corporation (current)
Auditor, en Human Capital Education
Center (current)
Independent Director, Toyo Green Co.,
Ltd. (current)
Supervisory Director, Ichigo GreenInfrastructure Investment Corporation(current)
Independent Director, Kowa Co., Ltd.
(current)TitleName(Date of Birth)

Career History
October 2001

Alternative
ExecutiveDirector(Candidate)

Satoshi
Katakami(December 7,1976)

October 2009

April 2012

Alternative
SupervisoryDirector(Candidate)

Yuji Kondo(August 17,1981)

October 2005
July 2012
January 2017

Qualified as Attorney at LawIshii Law OfficeEnterprise Turnaround Initiative
Corporation of Japan (now Regional
Economy Vitalization Corporation ofJapan)
Partner, Ishii Law Office (current)

Qualified as Attorney at Law
Citi-Yuwa Partners
Pillsbury Winthrop Shaw Pittman LLP(New York Office)Partner, Citi-Yuwa Partners (current)

The Director candidates do not hold any shares of the Investment Corporation, and there
is no special relationship between Ichigo Green and the candidates.
3. Schedule
August 9, 2017 (today)
September 8, 2017
September 30, 2017

Board of Directors resolution
Shareholder meeting materials publication (expected)
Shareholder meeting (expected)

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