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.

October 24, 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 Administration
Tel: +81-3-3502-4854

Issuance of New Shares and Secondary Share Offering
The Board of Directors of the Ichigo Green Infrastructure Investment Corporation(“Ichigo Green”) decided today to issue new shares for an initial public offering (IPO)
on the Tokyo Stock Exchange (“TSE”) and conduct an over-allotment secondary shareoffering with the underwriters in support of this new share issuance.
1. Issuance of New Shares through Public Offering(1) Number of shares to be offered:

47,180 shares(2) Paid-in amount (issue amount):

The amount will be determined at a
Board of Directors meeting held onNovember 21, 2016 (the “PricingDate”).

(3) Total paid-in amount (total issue amount):

To be determined(4) Issue price:

The price will be determined on thePricing Date through a bookbuilding process (in which the issue
price, etc., are determined after
assessing demand conditions for theshares and other factors byproviding an indicative range forthe issue price to investors during
solicitation for subscription of theshares) in accordance with TSE
Rule 1509 of the Enforcement
Rules for Securities ListingRegulations.

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 the offering price for new share issuance by Ichigo Green, andhas 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, ifany, without fail and to undertake investment at their own decision and responsibility.

1(5) Total issue amount:

To be determined(6) Offering method:

The shares will be offered as a public
offering and underwritten in full by
Mizuho Securities (“Lead Manager”)
as well as by SMBC Nikko
Securities, Nomura Securities, andSBI Securities (“Underwriters”
collectively with Lead Manager).

(7) Underwriting agreement:

The Underwriters will pay Ichigo
Green the total paid-in amount on the“Payment date” below. The
difference between the issue pricetotal and the paid-in total shall be theUnderwriters’ proceeds. Ichigo
Green will pay no commission to theUnderwriters.

(8) Book building period:

November 14, 2016 to November 18,
2016(9) Subscription units:

One share or more in single sharemultiples(10) Subscription period:

November 22, 2016 to November 28,2016(11) Payment date:November 30, 2016(12) Delivery date:

December 1, 2016(13) The issue price, the paid-in amount, and other necessary items relating to theissuance of new shares will be decided at a future Board of Directors meeting.
(14) The aforementioned items will be subject to the effectiveness of the proceduresin accordance with the Financial Instruments and Exchange Act of Japan.
2. Over-Allotment Secondary Share Offering by Underwriter (“Greenshoe”)(1) Seller:

Mizuho Securities Co., Ltd.

(2) Number of shares to be offered:

3,000 sharesThis is the maximum number ofshares that may be issued throughthe over-allotment secondaryoffering. Depending on demand andother factors, there may be cases
where this number is reduced or thesecondary offering itself is not held
at all. The number of shares to beoffered through the secondaryoffering will be determined at aDisclaimer: 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 the offering price for new share issuance by Ichigo Green, andhas 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, ifany, without fail and to undertake investment at their own decision and responsibility.

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Board of Directors meeting on thePricing Date.
(3) Offer price:

To be determined (The offer pricewill be determined on the Pricing
Date and shall be the same as theissue price for the public offering.)(4) Total offer price:

To be determined(5) Offering method:

Mizuho Securities Co., Ltd. willoffer the shares (maximum: 3,000shares) borrowed from Ichigo Inc.
(“Designated Party”)(6) Subscription units:

One share or more in single sharemultiples(7) Subscription period:

Same as the subscription period forthe public offering as described in
section 1 (10).

(8) Delivery date:Same as the delivery date for thepublic offering as described in
section 1 (12).

(9) The offer price and other items necessary for the over-allotment will be
determined at a future Board of Directors meeting.
(10) The aforementioned items will be subject to the effectiveness of the proceduresin accordance with the Financial Instruments and Exchange Act of Japan.
3. Issuance of New Shares to be Offered to Underwriter by Way of Third-Party
Allotment (“Greenshoe”)(1) Number of shares to be offered:

3,000 shares(2) Third-party allottee and number of shares
to be issued to the third party:

Mizuho Securities Co., Ltd.
3,000 shares(3) Paid-in amount (issue amount):

To be determined (The paid-inamount will be determined on thePricing Date at the Board ofDirectors meeting and will be thesame as the paid-in amount for thepublic offering.)(4) Total paid-in amount (total issue amount):

To be determined(5) Subscription units:

One share or more in single sharemultiples(6) Subscription period (Subscription date):

December 22, 2016

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 the offering price for new share issuance by Ichigo Green, andhas 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, ifany, without fail and to undertake investment at their own decision and responsibility.

3(7) Payment date:

December 26, 2016(8) If there are no subscriptions for all or a part of the shares on or before thesubscription period described in (6), the issuance of such shares will be canceled.
(9) The paid-in amount and other items necessary for the underwriter third-party
allotment will be determined at a future Board of Directors meeting.

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 the offering price for new share issuance by Ichigo Green, andhas 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, ifany, without fail and to undertake investment at their own decision and responsibility.

4Reference Information
1. The Ichigo Green will list its shares on the TSE on December 1, 2016 (Listing Date).
2. Details of the Over-Allotment Secondary Offering (“Greenshoe”)
Taking into account demand as well as other factors, Mizuho Securities (LeadManager) may implement a secondary offering of the borrowed shares (up to amaximum of 3,000 shares) borrowed from Ichigo Inc., as the Designated Party(provided that 3,000 shares via public share offering are sold to the Designated Party).
Depending on demand as well as other factors, the number may decrease or thesecondary offering through over-allotment itself may not be held at all.
In order for Mizuho Securities to acquire the shares needed to return the borrowed
shares upon the secondary offering through over-allotment, the Ichigo Green’s Boardof Directors has resolved to issue the 3,000 shares via underwriter third-party
allotment, with Mizuho Securities as the allottee and the payment date designated asDecember 26, 2016.
In order to return the borrowed shares Mizuho Securities may also purchase shares,
up to the number in the over-allotment secondary offering, in the market at the TSE(the “syndicate cover transaction”) from December 1, 2016 to December 19, 2016
(the “syndicate cover transaction period”). All of the shares purchased by Mizuho
Securities through the syndicate cover transaction will be used to return the borrowed
shares. At its own discretion, Mizuho Securities may choose not to conduct thesyndicate cover transaction or choose to end the syndicate cover transaction with atotal of shares that is smaller than the number offered through the over-allotment
secondary offering.
Mizuho Securities intends to agree to the underwriter new share allotment for thefollowing number of shares: the shares in the over-allotment secondary offering(“Greenshoe”) minus the shares purchased by Mizuho Securities through thesyndicated cover transaction. As a result, there may be cases in which there will be no
subscription either in whole or in part to the shares offered by the underwriter
third-party allotment and, accordingly, the final number of shares issued by way of
the underwriter third-party allotment will decrease due to forfeiture of rights or such
issuance itself will not take place at all.
3. Change in Number of Shares Outstanding After New IssuanceTotal number of shares outstanding at present:
3,000 shares
Increase in shares from public offering:
47,180 shares
Total number of shares outstanding after public offering:
50,180 shares
Increase in shares from the Underwriter Third-Party Allotment:
3,000 shares1
Total number of shares after the Underwriter Third-Party Allotment: 53,180 shares1
1

Assumes that Mizuho Securities subscribes to all the shares issued in the underwriter
third-party allotment and that all such shares are issued.

4. Purpose of New Issuance
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 the offering price for new share issuance by Ichigo Green, andhas 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, ifany, without fail and to undertake investment at their own decision and responsibility.

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Ichigo Green will primarily invest in renewable energy power plants, taking fulladvantage of Ichigo’s track record and expertise in renewable energy production. The
mission of Ichigo Green is to provide stable long-term returns for investors while
contributing to the development of Japan’s sustainable society. Unlike fossil fuels,
renewable sources of energy do not emit greenhouse gases such as carbon dioxide andtherefore contribute to reducing global greenhouse gas emissions.
Ichigo Green will seek to maximize shareholder value by creating a portfolio thatoffers both return stability via long-term, stable cash flows and growth potential. It
offers investors an opportunity to invest in the significant and rapidly expanding
green infrastructure asset class, and Ichigo expects that the growth of the Ichigo
Green will contribute to the development of Japan’s capital markets while
contributing to Japan’s energy self-sufficiency.
Ichigo Green expects to invest primarily in solar power plants and will construct aportfolio that is diversified in both geography and asset size. Ichigo Green intends toinvest only in solar power plants that have been in operation for at least one year andthat have guaranteed long-term, feed-in-tariff (FIT) power purchase contracts withJapanese electric power companies under Japan’s renewable energy law.
By listing on the TSE Infrastructure Fund market, the Ichigo Green will obtain themeans to raise capital and execute its growth strategy for shareholders, taking
advantage of external growth opportunities and Ichigo’s solar power plant operatingexpertise and management know-how.
The Ichigo Green is planning to acquire 13 solar power plants financed by funds fromthe public offering, borrowings from Japanese banks, and cash-on-hand.
5. Amount to be Procured & Use of Proceeds and Timing(1) Amount to be procured (approximate net proceeds): 5,018,000,000 yen (maximum)
This amount represents the sum of 4,718,000,000 yen in net proceeds that theIchigo Green will receive from the public offering and the maximum amount of
300,000,000 yen that the Ichigo Green receive from the issuance of new shares
via the underwriter third-party allotment. This sum is an estimate as of today.

(2) Use of proceeds and timing
The Ichigo Green plans to use the net proceeds from the public offering for theacquisition of new assets defined in Clause 2-(1) of the Act on Investment Trusts
and Investment Corporations (Act No. 198 of 1951, including subsequent
amendments). Furthermore, the proceeds that the Ichigo Green will receive fromthe underwriter third-party allotment will be used to repay loans taken out tofinance acquisitions or for future asset acquisitions.
6. Earnings Outlook
Please refer to today’s release “Earnings Forecasts for the June 2017 and June 2018
Fiscal Periods.”
7. Equity Financing History
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 the offering price for new share issuance by Ichigo Green, andhas 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, ifany, without fail and to undertake investment at their own decision and responsibility.

6Issuance dateJune 26, 2016

Total equity afterissuance(thousand yen)
300,000

Total issue amount(thousand yen)
300,000

Type of fundraising:Private Placement

8. Restrictions on Sale and Additional Issuance of Shares (Lock-Up)(1) Ichigo Inc. (Designated Party) has agreed with Mizuho Securities (Lead Manager) not
to engage in the issuance of shares and certain other transactions without the priorwritten consent of Mizuho Securities during the period starting from the Pricing Dateto the date 360 days from the delivery date (excluding borrowing shares from theover-allotment secondary offering). Mizuho Securities retains the right to terminate apart or all of the aforementioned agreement under its own discretion during therestriction period thereof or to shorten the restriction period thereof.
(2) Ichigo Green agreed with the Mizuho Securities not to engage in the issuance of sharesand certain other transactions without the prior written consent of the Mizuho
Securities during the period starting from the Pricing Date to the date 90 days from thedelivery date (excluding the public offering, the underwriter third-party allotment, or
the issuance of shares via stock-split). Mizuho Securities retains the right to terminate
a part or all of the aforementioned agreement under its own discretion during therestriction period thereof or to shorten the restriction period thereof.
(3) In addition to the restrictions set forth in (1) above, Ichigo Inc. has agreed with theIchigo Green upon listing the shares on the TSE in accordance with the TSE’s rules tokeep holding the number of shares which the Ichigo Inc. is currently holding until one
year after June 24, 2016.
* Distribution of this material: the Kabuto Club, the press club of the Ministry of Land,Infrastructure, Transport, and Tourism, and the press club for construction industry
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 the offering price for new share issuance by Ichigo Green, andhas 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, ifany, without fail and to undertake investment at their own decision and responsibility.

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