Ichigo Green (9282) FY18/6 H1 Corporate Presentation February 14, 2018 Ichigo Green Infrastructure Investment Corporation Ichigo Investment Advisors Co., Ltd.
© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
Ichigo Preserves and
Improves Real Estate

FY18/6 H1 Results
– Earnings –  Solar Power Generation vs. Forecast –  Solar Power Generation (YOY) –  Power Generation by Individual Power Plant – Financing Details
Driving Shareholder Value
– Stock Split
Solar Power Plant Data
–  Solar Power Plant Portfolio Details –  Solar Power Plant Map –  Solar Power Plant Portfolio – Individual Solar Power Plant Earnings –  Individual Solar Power Plant Details
Appendix
–  Japan’s First Ten-Year Earnings Forecast –  World-Class Disclosure: Real-Time Power Production Data – Ichigo (2337) Power Plant Performance Guarantee
Growth Strategy Leveraging Sponsor Strengths
–  Ichigo Green's Sponsor: Ichigo (2337) –  Synergies Between Ichigo Green and Ichigo –  Ichigo & Ichigo Green Solar Power Plant Portfolio –  Customized Solar Power Plant Builds –  Fully-Networked Panel-Level Production Monitoring
© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
* DEE = Dividend in Excess of Earnings. The DEE is paid from Ichigo Green's solar power production revenues (which Ichigo Green receives in cash) that are not treated as income under Japanese tax, because they are offset by non-cash depreciation expenses. FY18/6 H1 Forecast announced in the August 9, 2017 "FY17/6 Earnings." FY18/6 Full-Year Forecast announced in the November 28, 2017 release "Stock Split." © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
FY18/6 H1 Power Generation and Power Production Revenue (15 Power Plants) each solar power plant’s operating plan. Power production revenue is total power sales to power purchasers (electric power utilities). Power production is seasonal, being lower in June due to Japan’s rainy season and in September through February due to fewer productive daylight hours during autumn/winter. © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved. 7
– 2 Accretive Power Plant Acquisitions on Jul 3, 2017 (current total: 15 Plants) – Power Generation +15.6% YOY
© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.

* Operating Revenue = Power Production Revenue – Operating  Expenses Note: Data for Ichigo Yamaguchi Aionishi and Ichigo Yamaguchi Sayama are of July 3, 2017 to December 31, 2017. © 2018 Ichigo Investment Advisors Co., Ltd.   Ichigo Green Infrastructure Investment Corporation  All rights reserved.
As of December 31, 2017

LTV (Current & Forecast)

Interest Bearing Liabilities  ÷  FFO (Current & Forecast)
Outstanding Loan Amount
© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved. Two-for-One Stock Split to Support Share Liquidity and Make it Easier for Individual Investors to Buy Ichigo Green Shares Record Date Effective Date Number of Shares before the Stock Split Share Increase due to the Stock Split Number of Shares after the Stock Split December 31, 2017 January 1, 2018 51,483 shares 51,483 shares 102,966 shares Daily Trading Volume (Nov 28, 2017 to Jan 31, 2018) © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
– Dividend per Share Forecasts Adjusted to Reflect Stock Split – No Actual Change in Earnings and Dividend Forecasts
Capex based on long- term capex plan Amortization of TSE listing and new share-issuance expenses Amortization of expenses related to Ichigo Green establishment * Two-for-one stock split on Jan 1, 2018 (record date: Dec 31, 2017). FY17/6 per share amounts have been adjusted to reflect stock split. Ichigo Green's actual operating timeframe during FY17/6 was from Dec 1, 2016, the day it acquired its first power plants, to Jun 30, 2017 (7 months). © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
Real-Time Individual Power Plant Data and Live Camera Video Feeds Power Plants lchigo Green HP www.ichigo-green.co.jp/en © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
Further Supports and Solidifies Long-Term Returns ✓  Power generation Operating Revenue fully distributed to Ichigo Green shareholders ✓  Above-forecast Operating Revenue also fully distributed — Guaranteed base revenue (FIT electricity sales revenue) from Ichigo (2337) based on the annual P85 production forecast regardless of actual power generation — Power plants carry P&C, earthquake, and operating performance insurance * Earthquake insurance only purchased for power plants where third-party assessment concludes earthquake risk warrants Operator-Guaranteed Base Revenue Annual P85 Production Forecast Annual P50 Production Forecast (basis for Ichigo Green earnings forecast) Additional Revenue (>P85 forecast) fully distributed as dividend Incremental operating expenses © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
–   Core Businesses: Real Estate Asset Management, Real Estate Value-Add, Clean Energy Manages 2 TSE REITs (Ichigo Office 8975 & Ichigo Hotel 3463) and a TSE Solar - YieldCo (Ichigo Green 9282) JPX-Nikkei 400 Member l Committed to CSR and Sustainability l ■ Ichigo Structure lchigo (TSE First Section 2337) Ichigo Preserves and Improves Real Es The word "Ichigo" comes from the ancient Japanese proverb, Ichigo Ichie, literally meaning "One lifetime, one encounter." The phrase was first used by a 16th century master of the tea ceremony, Sen no Rikyu. He called upon his disciples to give total focus and sincerity to each act of the tea ceremony for every guest, because that particular moment will only exist once and must be fully lived and realized. Ichigo embraces the Ichigo Ichie philosophy of sincerity and service, and works to build strong long- term relationships to support the success of our clients, shareholders, and all stakeholders.
l l Ichigo-provided solar and wind power plant pipeline Power plant technical capabilities backed by Ichigo ECO Energy’s nationwide solar power operating track record l Ichigo Investment Advisor’s asset management capabilities
© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
Serving Local Communities and the Environment Total Operating and In-Development Ichigo Solar Power Plants 44 Plants (134MW) Currently Operating 35 Plants (102MW) Ichigo Kure Yasuuracho Nakahata (2.90MW) Online in 2018/3 Ichigo Nago Futami (8.44MW) Ichigo Yamaguchi Aionishi (1.24MW) Ichigo Yamaguchi Sayama (2.35MW ) Ichigo Itoshima Ihara (1.29MW) Online in 2018/7 Ichigo Miyakonojo Takazakicho Tsumagirishima (2.64MW) Online in 2021/11 Ichigo Miyakonojo Yasuhisacho (1.44MW) © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved. Ichigo Higashi-Hiroshima Saijocho Taguchi  (2.72MW) Ichigo Sera Tsukuchi (2.54MW) Ichigo Kijo Takajo (0.89MW) Ichigo Tokushima Higashi-Okinosu (2.52MW) Ichigo Takamatsu Kokubunjicho Nii (2.43MW) Ichigo Iyo Nakayamacho Izubuchi (1.23MW)
Optimized to Local Meteorologies to Maximize Power Production Efficiency –  Snow (Hokkaido): High mounting racks and 30 degree panel inclination to avoid and displace snow coverage (vs. 10 degree in other areas) –  High winds (Kagawa): Mounting racks closely fit to site inclines –  Typhoons (Okinawa) : Mounting racks with extra load capacities capable of withstanding wind velocities of 60m per second (Hokkaido) (Kagawa) (Okinawa) Third-Party Certification –  Ichigo Kiryu Okuzawa ECO Power Plant received a domestic and international certification from third-party inspection agency, TUV Rheinland, making it the second solar plant to be certified in Japan Thorough on-site plant inspections throughout construction and operation © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
Real-Time Monitoring System Immediately Detects Any Failures at the Panel Level
© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.

© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
No. of Power Plants 15 Average FIT JPY 38.7 Acquisition Price JPY 11.4B CO2 Reduction 22,850 Tons As of December 31, 2017 Panel Output 29.43MW Annual Power Generation 10,638 Households * Annualized CO2 reduction relative to fossil fuels based on each plant's forecast power generation. Annualized number of households based on each plant's projected forecast generation assuming monthly power consumption per household is 271.2KWh. By FIT * Graph data are based on acquisition price. © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
¹ Appraisal Value is from PwC Sustainability LLC's Valuation Report using values as of June 30, 2017 (E-01 through E-13) and May 31, 2017 (E-14 and E-15). The values are medians of the appraisal value ranges shown in the Report. ² Panel Output is derived by multiplying the maximum output of a single solar panel by the total number of panels ³ FIT (Feed-In Tariff) is the purchase price agreed in the respective Power Purchase Agreements for each solar power plant 4 Portfolio Weight is based on book value
Operating Expenses (Maintenance, Property, Insurance Expenses) : 16.5% of Power Generation Revenue Property Tax Included in Acquisition Cost and Not Expensed

E-01   Ichigo Kiryu Okuzawa

E-02   Ichigo Motomombetsu

Forecast Power Generation (kWh) Forecast Power Generation (kWh)
© 2018 Ichigo Investment Advisors Co., Ltd.   Ichigo Green Infrastructure Investment Corporation  All rights reserved.

E-03   Ichigo Muroran Hatchodaira

E-04
Ichigo Engaru Kiyokawa

© 2018 Ichigo Investment Advisors Co., Ltd.   Ichigo Green Infrastructure Investment Corporation  All rights reserved.

E-05   Ichigo Iyo Nakayamacho Izubuchi

E-06   Ichigo Nakashibetsu Midorigaoka

Forecast Power Generation
© 2018 Ichigo Investment Advisors Co., Ltd.   Ichigo Green Infrastructure Investment Corporation  All rights reserved.
29

E-07   Ichigo Abira Toasa

E-08   Ichigo Toyokoro

© 2018 Ichigo Investment Advisors Co., Ltd.   Ichigo Green Infrastructure Investment Corporation  All rights reserved.

E-09   Ichigo Nago Futami

E-10   Ichigo Engaru Higashimachi

© 2018 Ichigo Investment Advisors Co., Ltd.   Ichigo Green Infrastructure Investment Corporation  All rights reserved.

E-11   Ichigo Takamatsu Kokubunjicho Nii

E-12   Ichigo Miyakonojo Yasuhisacho

© 2018 Ichigo Investment Advisors Co., Ltd.   Ichigo Green Infrastructure Investment Corporation  All rights reserved.

E-13   Ichigo Toyokawa Mitocho Sawakihama
Acquired July 2017 E-14 Ichigo Yamaguchi Aionishi
© 2018 Ichigo Investment Advisors Co., Ltd.   Ichigo Green Infrastructure Investment Corporation  All rights reserved.
Acquired July 2017 E-15   Ichigo Yamaguchi Sayama
Forecast Power Generation Actual Power Generation (kWh) © 2018 Ichigo Investment Advisors Co., Ltd.   Ichigo Green Infrastructure Investment Corporation  All rights reserved.
© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
Mission: To maximize shareholder value via a renewable energy portfolio that provides both return stability and growth potential, along with offering investors an opportunity to invest in Japan’s rapidly expanding green infrastructure asset class
© 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.

What is a FIT?
- A policy mechanism designed to accelerate the deployment of renewable energy such as solar and wind, guaranteeing a long-term sale price for electricity (in Japan, 20 years) at a fixed price. Japan’s FIT is updated every year. l
Pre-consumption tax FIT for power plants with output of >10kW Source: METI, Agency for Natural Resources and Energy * FIT for >2MW non-residential solar power production determined via auction process © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved.
Major Shareholders (as of December 31, 2017) Shareholdings by Shareholder Type
TSE Infrastructure Listing on Dec 1, 2016 (Securities Code 9282) *Share price and shares traded from Dec 1, 2016 to Dec 26, 2017 has been adjusted to reflect stock split. Source: Bloomberg

Investment Corporation

Asset Management Company

___ © 2018 Ichigo Investment Advisors Co., Ltd.  Ichigo Green Infrastructure Investment Corporation  All rights reserved. These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or buy securities of Ichigo Green Investment Corporation (Ichigo Green). These materials may contain forward-looking statements regarding the intent, belief or current expectations of Ichigo Green with respect to financial condition and future results. These statements are based on certain assumptions founded on currently available information. Accordingly, such statements are subject to risks and uncertainties, and there is no assurance as to actual financial conditions or future results. Actual results may vary from those indicated in the forward-looking statements. In creating these materials, Ichigo Green and Ichigo Investment Advisors Co., Ltd. (IIA) have sought to provide accurate information. However, there can be no assurance given as to the accuracy, certainty, validity or fairness of any such information. The content of these materials is also subject to revision or retraction without prior notice. This document is a translation. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shall prevail. Contact: Ichigo Green IR Desk (9282) TEL: +81-3-3502-4854    FAX:+81-3-3502-4835 E-mail: ir_green@ichigo.gr.jp www.ichigo-green.co.jp/en Ichigo is Japan's first zero-carbon listed real estate company. We are taking responsibility for our environmental footprint by offsetting our carbon emissions and investing in low-carbon technologies such as solar energy.