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.

November 28, 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

Stock Split
Ichigo Green today decided on a two-for-one stock split in order to support shareliquidity and make it easier for investors to buy Ichigo Green shares by halving theminimum investment amount.
While there is no change to Ichigo Green’s earnings and dividend forecast as a result of
this stock split, the increase in number of shares results in a change to the Dividend per
Share. Ichigo Green is thus revising its Dividend per Share forecasts for the June 2018
through June 2026 fiscal periods announced in the June 28, 2017 release “Ten-YearEarnings and Dividend Forecast Revision” and the August 9, 2017 release “FY17/6Earnings.”
1. Purpose of the Stock Split
Ichigo Green primarily invests in solar power plants, taking full advantage of Ichigo’s
track record and expertise in renewable energy production. Ichigo Green’s mission is tomaximize shareholder value via a renewable energy portfolio that provides both returnstability and growth potential, along with offering investors an opportunity to invest inthe significant and rapidly expanding green infrastructure asset class while contributing
to the development of a sustainable society.
In light of the growing interest in NISA (“Nippon Individual Savings Account,” Japan’s
new tax exempt investment structure), Ichigo Green has decided to support shareliquidity and make it easier for investors to buy Ichigo Green shares by halving theminimum investment amount.

12. Stock Split Details
a. Method
Ichigo Green will split each share held by the shareholder of registry as of December
31, 2017 into two shares.
b. Number of Shares Increasing upon the Stock Split
Total Number of Shares Issued before the Stock Split
Share Increase due to the Stock Split
Total Number of Issued Shares after the Stock Split
Number of Authorized Shares after the Stock Split
1

51,483 shares
51,483 shares
102,966 shares
10,000,000 shares1

There is no change to the number of authorized shares as a result of the stock split.

c. Schedule
Stock Split Public Notice Date
Stock Split Record Date
Stock Split Effective Date2

December 14, 2017 (expected)
December 31, 20172
January 1, 2018

The TSE final trading date for settlement before the stock split is December 26, 2017.

3. Dividend per Share Revision
Ichigo Green is adjusting its Dividend per Share forecasts to reflect the stock split.
a. FY18/6 Dividend per Share Revision(JPY million)

Operating Operating Recurring
Revenue
ProfitProfitNet
IncomeDividendper Share(excluding
DEE*)
(JPY)

DEE*
per Share(JPY)Dividendper Share(JPY)

Previous Forecast (A)

1,095

262

147

146

2,820

4,360

7,180

New Forecast (B)

1,095

262

147

146

1,410

2,180

3,590

Difference (B) - (A)––––-1,410-2,180-3,590% Change––––-50.0%-50.0%-50.0%

Period-end number of shares outstanding: 102,966 shares Net Income per Share: JPY 1,424* DEE = Dividend in Excess of Earnings. The DEE is being paid from Ichigo Green’s
solar power production revenues that are not treated as income under Japanese tax,
because they are offset by non-cash depreciation expenses. Ichigo Green’s cash
earnings thus substantially exceed its accounting-based Net Income. It uses these
additional cash earnings for debt amortization, capital expenditures such as periodic
maintenance, and payment of a higher dividend via a DEE.

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b. FY19/6 Dividend per Share Revision(JPY million)

Operating Operating Recurring
RevenueProfitProfitNet
IncomeDividendper Share(excludingDEE)(JPY)

DEEper Share(JPY)

Dividendper Share(JPY)Previous Forecast (A)

1,090

254

144

143

2,750

4,370

7,120

New Forecast (B)

1,090

254

144

143

1,375

2,185

3,560

Difference (B) - (A)––––-1,375-2,185-3,560% Change––––-50.0%-50.0%-50.0%

Period-end number of shares outstanding: 102,966 shares Net Income per Share: JPY 1,389
c. FY20/6 Dividend per Share Revision(JPY million)

Operating Operating Recurring
Revenue
ProfitProfitNet
IncomeDividendper Share(excludingDEE)(JPY)

DEEper Share(JPY)Dividendper Share(JPY)Previous Forecast (A)

1,085

240

145

144

2,780

4,380

7,160

New Forecast (B)

1,085

240

145

144

1,390

2,190

3,580

Difference (B) - (A)––––-1,390-2,190-3,580% Change––––-50.0%-50.0%-50.0%

Period-end number of shares outstanding: 102,966 shares Net Income per Share: JPY 1,408

3d. FY21/6 Dividend per Share Revision(JPY million)

Operating Operating Recurring
Revenue
ProfitProfitNet
IncomeDividendper Share(excludingDEE)(JPY)

DEEper Share(JPY)

Dividendper Share(JPY)

Previous Forecast (A)

1,078

251

170

169

3,250

4,390

7,210

New Forecast (B)

1,078

251

170

169

1,625

2,195

3,820

Difference (B) - (A)––––-1,625-2,195-3,820% Change––––-50.0%-50.0%-50.0%

Period-end number of shares outstanding: 102,966 shares Net Income per Share: JPY1,642e. FY22/6 Dividend per Share Revision(JPY million)

Operating Operating Recurring
Revenue
ProfitProfitNet
IncomeDividendper Share(excludingDEE)(JPY)

DEEper Share(JPY)

Dividendper Share(JPY)Previous Forecast (A)

1,072

249

183

182

3,500

4,390

7,890

New Forecast (B)

1,072

249

183

182

1,750

2,195

3,945

Difference (B) - (A)––––-1,750-2,195-3,945% Change––––-50.0%-50.0%-50.0%

Period-end number of shares outstanding: 102,966 shares Net Income per Share: JPY 1,7724

f. FY23/6 Dividend per Share Revision(JPY million)

Operating Operating Recurring
Revenue
ProfitProfitNet
IncomeDividendper Share(excludingDEE)(JPY)

DEEper Share(JPY)Dividendper Share(JPY)Previous Forecast (A)

1,065

260

198

197

3,790

4,400

8,190

New Forecast (B)

1,065

260

198

197

1,895

2,200

4,095

Difference (B) - (A)––––-1,895-2,200-4,095% Change––––-50.0%-50.0%-50.0%

Period-end number of shares outstanding: 102,966 shares Net Income per Share: JPY 1,918
g. FY24/6 Dividend per Share Revision(JPY million)

Operating Operating Recurring
Revenue
ProfitProfitNet
IncomeDividendper Share(excludingDEE)(JPY)

DEEper Share(JPY)Dividendper Share(JPY)Previous Forecast (A)

1,059

253

194

193

3,720

4,410

8,130

New Forecast (B)

1,059

253

194

193

1,860

2,205

4,065

Difference (B) - (A)––––-1,860-2,205-4,065% Change––––-50.0%-50.0%-50.0%

Period-end number of shares outstanding: 102,966 shares Net Income per Share: JPY 1,883

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h. FY25/6 Dividend per Share Revision(JPY million)

Operating Operating Recurring
Revenue
ProfitProfitNetIncomeDividendper Share(excludingDEE)(JPY)

DEEper Share(JPY)

Dividendper Share(JPY)

Previous Forecast (A)

1,052

251

196

195

3,750

4,020

7,770

New Forecast (B)

1,052

251

196

195

1,875

2,010

3,885

Difference (B) - (A)––––-1,875-2,010-3,885% Change––––-50.0%-50.0%-50.0%

Period-end number of shares outstanding: 102,966 shares Net Income per Share: JPY 1,897
Due to large-scale maintenance work planned for the FY25/6 period, Ichigo Green expects
to increase Retained Earnings and decrease the DEE in this period.
i. FY26/6 Dividend per Share Revision(JPY million)

Operating Operating Recurring
Revenue
ProfitProfitNet
IncomeDividendper Share(excludingDEE)(JPY)

DEEper Share(JPY)

Dividendper Share(JPY)Previous Forecast (A)

1,046

230

179

178

3,430

3,650

7,080

New Forecast (B)

1,046

230

179

178

1,715

1,825

3,540

Difference (B) - (A)––––-1,715‐1,825‐3,540% Change––––-50.0%-50.0%-50.0%

Period-end number of shares outstanding: 102,966 shares Net Income per Share: JPY 1,733
Due to large-scale maintenance work planned for the FY26/6 period, Ichigo Green expects
to increase Retained Earnings and decrease the DEE in this period.

6Notes:
Ichigo Green’s annual fiscal period runs from July to June. Because there is no
regulatory framework in Japan for Investment Corporations to pay dividends at halfterm, Ichigo Green pays an annual dividend once a year. The annual dividend results
both in lower administrative costs and a dividend that is not impacted by seasonalchanges in solar power generation (as a semi-annual dividend would be).
For details on the preconditions of the FY18/6 earnings forecast, please refer to the“Preconditions for the FY18/6 Half-Year and Full-Year Earnings Forecasts” on pages 7
through 9 of the August 9, 2017 release “FY17/6 Earnings.” For details of thepreconditions of the FY19/6 through FY26/6 earnings forecast, please refer to the June28, 2017 release “Ten-Year Earnings and Dividend Forecast Revision.” However, theforecast number of shares outstanding for each fiscal period is now 102,966 shares, whichis the number of shares outstanding after the stock split.
The forecast presented above for each fiscal period is based on the above-mentioned
preconditions. The preconditions are subject to change due to such factors as futureacquisitions and dispositions of renewable energy power plants, changes in the TSE
Infrastructure Fund market, fluctuations in interest rates, and changes in other factors
related to Ichigo Green. The actual operating revenue, operating profit, recurring profit,
net income, and dividend may vary due to changes in circumstances. These forecasts
should not be construed as a guarantee of such performance or results.
Ichigo Green provides a Ten-Year Earnings and Dividend Forecast because the longterm stability of its earnings allows for a long-term forecast. Ichigo Green will issue anearnings and dividend forecast for the post-June 2027 period when reasonable andappropriate. Should a substantial discrepancy emerge between this forecast and actual
operating results, Ichigo Green will revise this forecast.

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