July 25, 2023
The Norinchukin Bank
Norinchukin Capital Co., Ltd.
Establishment of Norinchukin Capital Strategic Co-Creation Fund I Investment
Limited Partnership and investment in eFishery Pte.Ltd.
Norinchukin Capital Co. Ltd. (President: Toru Wada), a wholly owned subsidiary of The
Norinchukin Bank (President: Kazuto Oku), is pleased to announce the establishment ofNorinchukin Capital Strategic Co-creation Fund I Investment Limited Partnership (the"Fund") for the purpose of investing in startup companies.
1 About the Fund
Since the launch of its corporate venture capital fund (Norinchukin Innovation Fund)in March 2020, The Norinchukin Bank has invested in startup companies in Japan andabroad. Rather than confine itself to existing frameworks, the Bank aims to contributeto the development of the agriculture, forestry, and fisheries industries and a carbonfree society through partnerships and collaborations with business partners.
With the aim of continuing and strengthening such efforts, this fund will invest in
outstanding domestic and overseas startup companies that are committed to solving issues
related to sustainability; agriculture, forestry, and fisheries; lifestyle; andrealizing a prosperous society, while utilizing the networks of the JA/JF/JForest Group,including AgVenture Lab*, and promoting co-creation with the group.
* Incubation facility operated by eight JA Group organizations including The
Norinchukin Bank.
Initiatives by The Norinchukin Bank to Invest in Innovation

Outline of the Fund

Investment area

2. Maiden investment from the fundAt the same time, Norinchukin Capital Co., Ltd. announces that through this fund, it
has acquired an interest in eFishery Pte.Ltd. (CEO: Gibran Huzaifah, hereinafter"eFishery"), a unicorn company (with market capitalization of over USD1Bn) that isdeveloping a fishery platform business, including aquacultural IoT, by purchasing saidinterest from a fund that invested in eFishery.

Background to the investment
eFishery provides smallholder aquacultural farmers with a system of automatic feeders
linked to smartphones, enabling them to feed fish in the right amount and at the righttime according to the condition of the ponds and fish, thereby enabling more costeffective production. In addition to improving productivity through the implementationof such aquacultural IoT, eFishery provides cross-cutting supply-chain solutions toupgrade the business operations of smallholder farmers, such as selling the produced
fish to retailers and processors and other demand-side customers, operating amarketplace that connects feed suppliers with aquacultural farmers, and providing
financial services to meet the capital needs of aquacultural farmers. eFishery also.
With this fundraising, eFishery plans to accelerate its overseas expansion, particularlyin the U.S., and promote the distribution of traceable, environmentally friendly, highquality seafood products globally.
Norinchukin Capital will work with eFishery to build and support the Southeast Asianfisheries value chain to realize the vision of The Norinchukin Bank as "Asia's Leading
Food and Agriculture Bank." In addition, Norinchukin Capital will support the creationof businesses for The Norinchukin Bank and its affiliated organizations such as JA, JF,and JForest, by providing solutions to the fisheries industry in Japan and financial
solutions in the Pan-Asian region.
About eFishery Pte.Ltd.
Location: Singapore
Established: 2013
Business: Provision of aquacultural IoT,
development of distribution platforms for seafood
products and aquaculture feed, and development offinancial business
Website:https://efishery.com/