July 24, 2023
For Immediate Release
TOKAI Holdings Corporation
Katsuo Oguri, Representative Director, President and CEO(Code No. 3167, TSE Prime Market)

Investment in the Pure Energy Group in the Philippines
TOKAI Holdings Corporation (hereinafter, the “Company”) hereby announces that TOKAI Corporation, its consolidated
subsidiary engaging in the energy business, including sales of LP gas, participated in the initial public offering (IPO) byRepower Energy Development Corporation (headquartered in the City of Manila, the Republic of the Philippines;
hereinafter, "REDC"). REDC engages in the hydropower generation business as a subsidiary of Pure Energy Holdings
Corp. (headquartered in the City of Manila, the Republic of the Philippines; hereinafter, "Pure Energy"), which operates abusiness of generating power from renewable energy sources in the Philippines. Today, TOKAI Corporation used theREDC's listing in the Main Board of the Philippine Stock Exchange as an opportunity to participate in REDC (minorityinvestment). Outline of the IPO and the number of shares acquired by the Company are as follows.
Number of shares offered(newly issued shares only)
Offer price

200,000,000 shares
5 Philippine pesos per share

Number of shares acquired by the Company 65,000,000 shares
1. Background and purpose of the investment
For the TOKAI Group, which provides LP gas, city gas and other forms of energy, initiatives for a low-carbon or
decarbonized society are key to achieving sustainable growth. The investment in REDC is part of the initiatives toachieve the Company's goal of achieving carbon neutrality by 2050. It is also aimed at expanding the Company's sourceof revenue in the field of renewable energy, which is expected to continue growing.
Among ASEAN member states, the Philippines maintains a high rate of economic growth. The country is expected tocontinue growing steadily, reflecting its large workforce and brisk consumption. The government of the Philippines is
proactive in driving the shift to renewable energy. It has announced a plan to increase the ratio of renewable energy
among power generation sources to approx. 37% by 2030 and to approx. 56% by 2040. The renewable energy market ofthe Philippines is expected to continue growing steadily. It is also a highly attractive market for the Company, which ispursuing carbon reduction and decarbonization initiatives.
As the hydropower generation department of Pure Energy, REDC operates multiple hydropower plants in the Philippines.
It has built a stable revenue base by using the so-called feed-in tariff (FIT) scheme. REDC plans to expand its
hydropower generation business through the IPO.
Through the investment, TOKAI Corporation will strive to enhance the corporate value of REDC and contribute to thefurther development of the renewable energy market of the Philippines and the enhancement of infrastructure, as part ofits efforts to drive the green transformation and bolster the added value of its business.

12. Outline of Pure Energy
Company Name:
Address
代表者名
Representative Name:
Established:
URL:

3. Outline of REDC
Company Name:
Address
代表者名
Representative Name:
Established:
URL:

Pure Energy Holdings Corporation
Manila, the Republic of the Philippines
Dexter Y. Tiu
2013https://pureenergy.com.ph

REPOWER ENERGY DEVELOPMENTCORPORATION COMPANY
Manila, the Republic of the Philippines
Eric Peter Roxas
2013
https://www.repowerenergy.com.ph

4. Contact for Inquiries
Overseas Business Department, TOKAI Corporation
Person in charge: Tsuyoshi Honda
TEL: +81-3-5404-2894 Reception hours: weekdays 9:00-17:45

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