Ichigo : Solar Power Generation and CO2 Reduction Data – December 2018

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.

January 9, 2019

Ichigo Inc. (Tokyo Stock Exchange First Section, 2337)

Representative: Scott Callon, Chairman

Inquiries: Takeyuki Yoshimatsu, Executive Managing Director Telephone: [phone]www.ichigo.gr.jp/en

Solar Power Generation and CO2 Reduction Data - December 2018

FY19/2
Power Generation (kWh)				CO2 Reduction (kg-CO2)1
Ichigo (A)	Ichigo Green* (B)	Total (A) + (B)	YOY	Ichigo (C)	Ichigo Green* (D)	Total (C) + (D)
March	10,037,423	3,521,174	13,558,597	+118.0%	6,624,699	2,323,975	8,948,674
April	10,618,143	3,606,439	14,224,583	+116.9%	7,007,974	2,380,249	9,388,224
May	10,754,859	3,818,185	14,573,044	+101.8%	7,098,206	2,520,002	9,618,209
June	10,117,621	3,293,663	13,411,285	+104.6%	6,677,630	2,173,817	8,851,448
July	11,010,432	3,624,652	14,635,085	+110.8%	7,266,885	2,392,270	9,659,156
August	10,812,543	3,622,499	14,435,043	+122.7%	7,136,278	2,390,849	9,527,128
H1	63,351,023	21,486,616	84,837,639	+112.2%	41,811,675	14,181,166	55,992,841
September	6,847,740	2,803,042	9,650,783	-8.9%	4,519,508	1,850,007	6,369,516
October	8,396,943	2,895,669	11,292,612	+39.2%	5,541,982	1,911,141	7,453,124
November	7,374,178	2,405,927	9,780,105	+17.3%	4,866,957	1,587,912	6,454,869
December	5,125,276	1,686,609	6,811,885	-5.4%	3,382,682	1,113,161	4,495,844
January	-	-	-	-	-	-	-
February	-	-	-	-	-	-	-
H2	-	-	-	-	-	-	-
Full Year	-	-	-	-	-	-	-

* Ichigo Green Infrastructure Investment Corporation ("Ichigo Green," 9282)

Explanation

December Ichigo and Ichigo Green solar power generation was 6,811,885kWh, 15% below forecast and a 5% decline year-on-year due to a below-average number of productive daylight hours across Japan.2

• 1 CO2 reduction is calculated as 0.66kg CO2 per kWh.

• 2 Forecast power generation is a 50% probability mean annual production forecast (P50 forecast), calculated by an independent, third-party technical consulting firm, that serves as the base forecast for each solar power plant's operating plan.

Reference: FY18/2 (March 2017 - February 2018) Data

FY18/2
Power Generation (kWh)				CO2 Reduction (kg-CO2)1
Ichigo (A)	Ichigo Green* (B)	Total (A) + (B)	YOY	Ichigo (C)	Ichigo Green* (D)	Total (C) + (D)
March	3,315,062	2,905,472	6,220,534	+23.8%	2,187,941	1,917,611	4,105,552
April	3,496,984	3,061,133	6,558,118	+29.7%	2,308,009	2,020,348	4,328,357
May	3,984,605	3,236,862	7,221,468	+21.4%	2,629,839	2,136,329	4,766,169
June	3,673,773	2,879,609	6,553,382	+34.3%	2,424,690	1,900,542	4,325,232
July	3,087,231	3,856,562	6,943,793	+12.7%	2,037,572	2,545,331	4,582,903
August	2,999,078	3,482,706	6,481,784	+3.6%	1,979,391	2,298,586	4,277,977
H1	20,556,735	19,422,346	39,979,081	+20.0%	13,567,444	12,818,748	26,386,193
September	7,518,235	3,076,829	10,595,064	+147.9%	4,962,035	2,030,707	6,992,742
October	5,482,282	2,630,169	8,112,452	+73.6%	3,618,306	1,735,912	5,354,218
November	6,104,568	2,234,146	8,338,714	+123.6%	4,029,014	1,474,536	5,503,551
December	5,275,269	1,927,896	7,203,165	+132.1%	3,481,677	1,272,411	4,754,089
January	4,796,610	1,881,027	6,677,638	+86.1%	3,165,763	1,241,477	4,407,241
February	6,760,062	2,437,290	9,197,353	+110.3%	4,461,641	1,608,611	6,070,253
H2	35,937,026	14,187,357	50,124,389	+211.1%	23,718,436	9,363,654	33,082,095
Full Year	56,493,760	33,609,703	90,103,470	+157.9%	37,285,880	22,182,402	59,468,289

Note: Ichigo sold two solar power plants to Ichigo Green on July 3, 2017. Ichigo also launched the Ichigo Showamura Ogose ECO Power Plant (annual forecast power generation: 55,427,000kWh), the Tokyo region's largest solar power plant, on September 2, 2017.

Ichigo discloses realtime solar power production and CO2 reduction data for each Ichigo and Ichigo Green solar power plant atwww.ichigo.gr.jp/en/eco