Ichigo Green Infrastructure Investment : FY20/6 Corporate Presentation

August 11, 2020 at 07:04 am

Ichigo Green

(9282)

FY20/6 Corporate Presentation

JanuaryAugust 11,13,20202017

Ichigo Green Infrastructure Investment Corporation Ichigo Investment Advisors Co., Ltd.

www.ichigo-green.co.jp/en

We would like to express our deepest condolences to all those across the world affected by the Covid-19 pandemic and to all those in Japan affected by the recent heavy rainfalls, and our wishes for the earliest possible recovery.

Make The World More Sustainable

Contents

Mission & Deliverables to Shareholders

FY20/6 Results

Solar Power Plant Portfolio Details
FY20/6 Highlights
FY20/6 Earnings
FY20/6 Events - Robust Power Generation Infrastructure
Power Generation +0.1% vs. Forecast
Power Generation by Individual Power Plant
Financing Details
FY21/6 Forecast
Ichigo J.League Shareholder Program

Driving Shareholder Value

Japan's First Ten-Year Earnings Forecast
Ichigo (2337) Power Plant Performance Guarantee
Customized Solar Power Plant Builds
Fully-NetworkedPanel-Level Production Monitoring
World-ClassDisclosure: Real-Time Power Production Data

Growth Strategy Leveraging Ichigo Strengths

Sponsor: Ichigo, A Sustainable Infrastructure Company

‒ Synergies Between Ichigo Green and Ichigo

‒ Ichigo & Ichigo Green Solar Power Plant Portfolio

Ichigo's Commitment to ESG

Ichigo Sustainability Policy
Ichigo ESG - Environmental
Ichigo ESG - Social
Ichigo ESG - Governance

Solar Power Plant Data

Solar Power Plant Map
Power Generation (YOY)
Individual Solar Power Plant Earnings (July - June 2020)
FY21/6 Forecast Power Generation
Solar Power Plant Portfolio
Individual Solar Power Plant Details

Appendix

Mission & Deliverables to Shareholders

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

Ichigo Green's Deliverables to its Shareholders

Stable &

Growing EPS

Leverage Sponsor Ichigo's Strengths

Maximize

Shareholder

Value

Invests in solar power plants with 20-year FIT (Feed-In Tariff) power sale contracts
Long-termand stable operation of robust plants with a comprehensive real-time monitoring system
Geographically diverse power plant portfolio
Earnings stability backed by performance guarantees from power plant operator
Power plant operator is Ichigo (2337) subsidiary, Ichigo ECO Energy, with a strong track-record developing and operating 64 solar and wind power plants nationwide.
Ichigo has extensive experience managing Ichigo Office (8975) and Ichigo Hotel (3463).
Because solar power plants are depreciable, Ichigo Green has substantial non-cash depreciation expenses that lower its accounting-based EPS. These additional cash earnings are deployed to pay a higher dividend.

FY20/6 Results

Solar Power Plant Portfolio Details

		as of June 30, 2020
No. of Power Plants	Acquisition Price	Panel Output

15	JPY 11.4B	29.43MW

Average FIT	CO2 Reduction	Annual Power
	Generation

JPY 38.7	22,520 Tons	11,374 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 annual power consumption per household is 3,000 kWh.

By Region

By Years in Operation

	Okinawa	Hokkaido		4-5 years in
		operation
	30.2%
	29.8%		21.8%

				>5 years in
				operation
Kyushu	Shikoku		Kanto	78.2%
4.5%	Chugoku
13.9%	4.3%

		12.8%	Chubu

			4.6%

By FIT

JPY 32 4.6%

JPY 36 22.3%

JPY 40 73.1%

* Data in graphs are acquisition price basis.

FY20/6 Highlights

Achievements		Drivers

Power

Generation

Operating Revenue

NOI

EPS

FFO

Dividend

34.31M kWh

(+0.1% vs. initial forecast)

JPY 1,089M

(+JPY 4M vs. initial forecast)

JPY 987M

(+JPY 3M vs. initial forecast)

JPY 1,611

(+JPY 208 vs. initial forecast)

JPY 8,001

(-JPY 196 YOY)

JPY 3,802

(+JPY 222 vs. initial forecast)

Despite typhoons and some days offline due to EPCO purchase suspensions, geographically diverse power plant portfolio delivers robust power generation stability
+0.4% vs. initial forecast
NOI increase driven by Operating Revenue increase
+14.8% vs. initial forecast due to lower-than-forecast power plant operating expenses
Cash earnings from power production significantly exceed dividends
Dividend (ex-DEE) JPY 1,612
(+JPY 222 , +16% vs. initial forecast )
DEE JPY 2,190

DEE = Dividend in Excess of Earnings
FFO (Funds from Operations) = (Net Income + Depreciation + Amortization of Expenses Related to the Establishment of Ichigo Green + Amortization of Share Issuance Expenses + Amortization of Start-up Expenses +/- Losses/Gains on Sales +/- Extraordinary Losses/Gains) / Number of Shares Outstanding

FY20/6 Earnings

Net Income JPY 165M (+14.8% vs. Full-Year Forecast)
Dividend: JPY 3,802 (+6.2% vs. Full-Year Forecast)

													(JPY million)

			FY19/6		FY20/6			FY20/6			vs. Forecast		vs. Forecast
			Actual		Forecast (A)			Actual (B)				(B)-(A)

Operating Revenue	1,118	1,085		1,089		100.4%	+4
Operating Expenses	836	844		831		98.4%	-13
(Depreciation)	636	638		636		99.8%	-1
Operating Profit	282	240		257		107.3%	+17
Recurring Profit	174	145		167		114.7%	+21
Net Income	173	144		165		114.8%	+21

Dividend		JPY 3,865		JPY 3,580			JPY 3,802		106.2%		+JPY 222

(excluding DEE)		JPY 1,680		JPY 1,390			JPY 1,612		116.0%		+JPY 222
(DEE)		JPY 2,185		JPY 2,190			JPY 2,190		100.0%		-


Number of Power Plants	15	15		15			-		-
Power Generation		35.21M kWh		34.29M kWh			34.31M kWh		100.1%	+0.02
	DEE = Dividend in Excess of Earnings


	© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.				11

FY20/6 Events - Robust Power Generation Infrastructure

Stable Power Generation Due to Geographically Diverse Portfolio Despite Natural Disasters and EPCO Purchase Suspension

Natural Disasters
- Typhoon Faxai (Sep 2019) No injuries or material damages at Ichigo Green power plants despite typhoon landing in the Kanto region
- Typhoon Hagibis (Oct 2019) No injuries or material damages at Ichigo Green power plants despite record rainfall in the Kanto, Koshin, and Tohoku regions
Kyushu Electric Power Purchase Suspension (Nov 2019 - May 2020)
- Ichigo Miyakonojo Yasuhisacho ECO Power Plant (Miyazaki) stopped power production for total 27 days

	Nov 2019	Dec 2019	Jan 2020	Feb 2020	Mar 2020	Apr 2020	May 2020	Total

Forecast Power	115,919kWh	114,155kWh	110,910kWh	125,149kWh	152,115kWh	164,142kWh	179,747kWh	962,137kWh
Generation


Actual Power	114,492kWh	91,656kWh	94,389kWh	110,416kWh	104,457kWh	143,069kWh	148,647kWh	807,126kWh
Generation


Days Offline	2	1	1	3	7	8	5	27

Power	7,727kWh	3,682kWh	3,577kWh	12,946kWh	34,348kWh	43,771kWh	28,991kWh	135,042kWh
Generation
Loss*
* Forecast Power Generation / Days of month x Days Offline

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.			12

Power Generation +0.1% vs. Forecast

FY20/6 Power Generation and Power Production Revenue

(kWh)											(JPY million)
5,000,000		Forecast Power Generation (left axis)		Actual Power Generation (left axis)		150

		Power Production Revenue (right axis)				132	131
	120	122						119			121
4,000,000			112								120

114
				93			91

3,000,000						81					90

					72
2,000,000											60
1,000,000											30
0											0
July 2019	August	September	October	November	December	Jan 2020	February	March	April	May	June

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.
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.

Power Generation by Individual Power Plant

Geographically Diverse Portfolio Supports Earnings Stability

				Forecast Power		Actual Power	Difference
No.		Solar Power Plant		Generation (A)		Generation (B)	(B) - (A)
				(kWh)		(kWh)	(kWh)

E-01		Ichigo Kiryu Okuzawa	1,549,369	1,620,046	+70,677
E-02		Ichigo Motomombetsu	1,548,421	1,554,463	+6,042
E-03		Ichigo Muroran Hatchodaira	1,439,045	1,495,667	+56,622
E-04		Ichigo Engaru Kiyokawa	1,222,979	1,238,567	+15,588
E-05 Ichigo Iyo Nakayamacho Izubuchi	1,419,678	1,312,406	-107,272
E-06		Ichigo Nakashibetsu Midorigaoka	2,226,709	2,271,137	+44,428
E-07		Ichigo Abira Toasa	1,315,477	1,371,532	+56,055
E-08		Ichigo Toyokoro	1,285,375	1,286,031	+656
E-09		Ichigo Nago Futami	9,645,295	9,374,465	-270,830
E-10		Ichigo Engaru Higashimachi	1,343,986	1,320,800	-23,186
E-11		Ichigo Takamatsu Kokubunjicho Nii	3,053,144	3,071,754	+18,610
E-12		Ichigo Miyakonojo Yasuhisacho	1,719,778	1,507,258	-212,520
E-13 Ichigo Toyokawa Mitocho Sawakihama	2,161,482	2,270,756	+109,274
E-14		Ichigo Yamaguchi Aionishi	1,492,592	1,490,795	-1,797
E-15		Ichigo Yamaguchi Sayama	2,874,624	3,132,603	+257,979

Actual Power

Production

Revenue

(JPY thousand)

63,166

61,092

58,587

49,339

52,852

89,035

54,843

51,152

375,775

51,650

110,246

53,256

72,127

59,977

110,498

Operating

Revenue* * (JPY thousand)

51,181

49,192

48,282

40,814

43,112

74,333

42,758

40,016

322,213

41,944

96,393

44,694

50,435

49,610

94,241

Total	34,297,958	34,318,282	+20,324	1,313,602	1,089,225

* Operating Revenue = Power Production Revenue - Operating Expenses

Financing Details

Have Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps

as of June 30, 2020

Loan

Lender

Amount

Interest Rate

Fixed/Floating

Borrowing Date

Maturity

Loan

(JPY million)

(%)

Term

Term Loan I

Mizuho Bank, SMBC

5,094

0.760%

Fixed

Dec 1, 2016

Nov 30, 2026

10 years

Term Loan II

Mizuho Bank

391

0.815%

Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Term Loan III

Yamaguchi Bank

823

0.815%

Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Total

6,309

Average 0.771%

LTV (Forecast)

FY17/6

FY18/6

FY19/6

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

(Actual)

57.4%

58.5%

57.8%

57.1%

56.4%

55.6%

54.7%

53.7%

52.3%

Interest Bearing Liabilities ÷ FFO (Forecast)

FY17/6

FY18/6

FY19/6

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

(Actual)

15.5X

8.1X

8.0X

7.8X

7.1X

6.6X

5.9X

5.4X

4.8X

4.3X

Outstanding

6,858M

7,160M

6,733M

6,309M

5,875M

5,438M

4,990M

4,543M

4,090M

3,636M

Loan Amount

FFO = Funds From Operations

FY21/6 Forecast

Forecast Dividend JPY 3,820

							(JPY million)


		FY19/6		FY20/6		FY20/6	FY21/6
		Actual		Forecast		Actual	Forecast
Operating Revenue	1,118	1,085	1,089		1,078
Operating Expenses	836	844	831		826
(Depreciation)	636	638	636		640
Operating Profit	282	240	257		252
Recurring Profit	174	145	167		170
Net Income	173	144	165		169

Dividend		JPY 3,865		JPY 3,580		JPY 3,802	JPY 3,820

(excluding DEE)		JPY 1,680		JPY 1,390		JPY 1,612	JPY 1,625
(DEE)		JPY 2,185		JPY 2,190		JPY 2,190	JPY 2,195

Number of Power Plants	15	15	15		15
Power Generation		35.21M kWh		34.29M kWh		34.31M kWh	34.12M kWh

DEE = Dividend in Excess of Earnings

Ichigo J.League Shareholder Program

Represents Two Firsts for a Shareholder Program in Japan

First Japanese company to include not just its own shareholders, but also the shareholders of the REITs and YieldCo that it manages, in its shareholder program (55,000 shareholders total)
First company to offer shareholders free tickets to everyJ.League game at everyJ.League club

Ichigo is deepening its partnership with the J.League and working to further Ichigo's mission of promoting local community developments.

FY20/2 Shareholder Program- Free tickets for 85 games

- c. 400 tickets

*Program started mid-season

Ichigo Kids J.League Events

- c. 350 participants

 Escort players onto field  Join pre-matchwarm-up High-fives with players  Carry club flag

 Unfurl center circle flag

Driving Shareholder Value

Japan's First Ten-Year Earnings Forecast

Ten-Year Dividend & FFO Forecast (Includes 2017 - 2020 Actuals)

																															(JPY)

							Actual													Forecast


					FY17/6		FY18/6		FY19/6			FY20/6				FY21/6			FY22/6			FY23/6			FY24/6			FY25/6		FY26/6

	FFO per Share		4,305		8,560		8,197		8,001			7,982		8,002		8,146		8,136		8,253		8,211

	DPS				2,139	4,226			3,865		3,802			3,820		3,945		4,095		4,065		3,885		3,540
	FFO = Funds From Operations																											(JPY)
		+636

										+305			+222
Initial Forecast	JPY 1,390																1,750			1,895			1,860
Forecast Revision	+JPY 222				1,410		1,375			1,390				1,625									1,875
Actual	JPY 1,612																									1,715


Dividend per Share (excluding DEE)	869


DEE per Share						2,180			2,185			2,190				2,195			2,195			2,200			2,205			2,010		1,825

DEE = Dividend in Excess of

Earnings				1,270

					FY17/6		FY18/6	FY19/6			FY20/6				FY21/6			FY22/6			FY23/6			FY24/6			FY25/6		FY26/6
					Actual		Actual	Actual			Actual

Amortization of TSE listing and new share-issuance expenses

Amortization of expenses related to Ichigo Green establishment

Capex based on long-term capex plan

Two-for-onestock split on Jan 1, 2018 (record date: Dec 31, 2017). FY17/6 per share amounts have been adjusted to reflect stock split.
Although Ichigo Green's FY17/6 ran from Oct 1, 2016 to June 30, 2017, its actual operating timeframe was the 7-month period from Dec 1, 2016, the day it acquired its first power plants, to June 30, 2017.

Ichigo (2337) Power Plant Performance Guarantee

Further Supports and Solidifies Long-Term Returns

Power Generation Operating Revenue fully distributed to Ichigo Green shareholders
Above-forecastOperating 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	Annual P50 Production Forecast

	Production Forecast	(basis for Ichigo Green earnings forecast)

Ichigo-Guaranteed

Base Revenue

FIT power production revenue (less operating expenses) based on annual P85 production forecast

Additional Revenue

Additional Revenue (>P85 forecast) fully distributed as dividend

Operating Expenses

Incremental operating expenses

Customized Solar Power Plant Builds

Optimized to Local Climate & Topography 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

Ichigo Engaru Higashimachi ECO Power Plant	Ichigo Takamatsu Kokubunjicho Nii ECO Power Plant	Ichigo Nago Futami ECO Power Plant
(Hokkaido)	(Kagawa)	(Okinawa)

Fully-NetworkedPanel-Level Production Monitoring

Real-Time Monitoring System Immediately Detects Any Failures at the Panel Level

Power Plant B

Power Plant C

Power Plant D

Monitoring & Analysis

Real-timemonitoring
Immediate response capability
Real-timeanalysis of production data for early detection of malfunctions

Power Plant A

Inverter

Connection Unit

Solar Panel

String Monitoring

Monitoring System

Comprehensive Monitoring System

	Internet		Schematic



Comprehensive Monitoring
	System

	Operator:
Ichigo ECO Energy


				System maintenance

Repair & Maintenance
		On-site inspection and repairs
	Service Providers

World-Class Disclosure: Real-Time Power Production Data

Real-Time Individual Power Plant Data and Live Video Feeds

Live Feed

Ichigo Green HP

www.ichigo-green.co.jp/en

Growth Strategy Leveraging Ichigo Strengths

Sponsor: Ichigo, A Sustainable Infrastructure Company

Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy

Manages Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282)
TSE First Section, JPX-Nikkei 400 Member
Deeply committed to CSR and Sustainability
Japan's first zero-carbon listed real estate company

Ichigo

(TSE First Section 2337)

Ichigo Preserves and Improves Real Estate

Asset		Ichigo Investment Advisors
Management



		Ichigo Estate

Ichigo Green (9282)

Ichigo Office (8975)

Ichigo Hotel (3463)

Miyako City

Hiromi Miyake

(Weightlifting)

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 Owners
Sustainable

Ichigo Land Shinchiku
Real Estate


	Ichigo Real Estate Services
	Fukuoka

	Ichigo Marché

Centro

Storage Plus

Ichigo Animation

Hakata Hotels

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.

Clean Energy

Ichigo ECO Energy

Synergies Between Ichigo Green and Ichigo

Ichigo-providedsolar and wind power plant pipeline
Power plant technical capabilities backed by Ichigo ECO Energy's nationwide solar power operating track record
Ichigo Investment Advisor's deep asset management capabilities

	Sustainable Real Estate Business Model
Green
Infrastructure	Solar Plants
		Buy

Ichigo Green
(9282)	Sell
Office			Third-
		Real
		Sustainable
		Estate	Party
Ichigo Office		Real Estate		Investors
(8975)	Real

Hotel	不動産
Estate	Preserve &	Sell

		Improve

Ichigo Hotel
(3463)	Buy

Ichigo & Ichigo Green Solar Power Plant Portfolio

Serving Local Communities and the Environment

Total Operating and In-Development	Chugoku
Ichigo Yamaguchi Aionishi	1.24MW
Ichigo Power Plants

Ichigo Yamaguchi Sayama	2.35MW

64 Plants (187MW*)
Ichigo Yonago Izumi	2.61MW

Currently Operating	Ichigo Kasaoka Takumicho	1.11MW
Ichigo Fuchu Jogecho Yano	0.99MW
48 Plants (144MW)	Ichigo Sera Aomizu	2.87MW
			Ichigo Sera Tsukuchi	2.54MW
Okinawa
		Ichigo Higashi-Hiroshima Saijocho	2.72MW
Ichigo Nago Futami	8.44MW		Taguchi

Kyushu			Ichigo Kasaoka Iwanoike	2.64MW
		Ichigo Kure Yasuuracho Nakahata	2.90MW
Ichigo Miyakonojo Yasuhisacho	1.44MW
	Ichigo Kasaoka Osakaike	2.66MW
Ichigo Kijo Takajo	0.89MW
	Ichigo Kasaoka Idachiike	2.67MW
Ichigo Itoshima Iwara	1.48MW

	Ichigo Sera Shimotsuda	2.94MW
Ichigo Miyakonojo


Takazakicho Tsumagirishima	2.96MW	Total	30.24MW
				Chubu

Ichigo Ebino Suenaga	13.99MW

Total	20.76MW			Ichigo Toyokawa Mitocho Sawakihama	1.80MW
				Ichigo Toki Oroshicho	1.39MW
* Excludes wind power				Ichigo Tsu	2.94MW
			Ichigo Toki Tsurusatocho Kakino	1.31MW
plants under
			Ichigo Sakahogi Fukagaya	2.89MW
development (18.5MW)		Kansai
			Ichigo Toki Tsurusatocho	1.67MW
		Ichigo Sennan Kitsuneike	2.86MW	Kakino Higashi
Ichigo Green (9282)
	Ichigo Takashima Kutsuki	3.74MW	Ichigo Minokamo Hachiyacho	1.29MW
Ichigo		Kamihachiya
	Ichigo Kobe Pompuike	2.45MW
	Ichigo Seto Jokojicho	1.45MW
In-Development		Total	9.05MW
	Ichigo Obu Yoshidamachi	0.98MW

(As of July 14, 2020)	Shikoku		Ichigo Ueda Yoshidaike	1.01MW
Ichigo Takamatsu Kokubunjicho Nii	2.43MW	Ichigo Komagane Akaho Minami	0.74MW
		Ichigo Iyo Nakayamacho Izubuchi	1.23MW	Ichigo Tatsunomachi Sawasoko	0.74MW
		Ichigo Tokushima Higashi-Okinosu	2.52MW	Ichigo Komagane Akaho Kita	0.39MW
		Total	6.18MW	Total	18.60MW

Hokkaido

Ichigo Motomombetsu	1.40MW
Ichigo Engaru Higashimachi	1.24MW
Ichigo Engaru Kiyokawa	1.12MW
Ichigo Abira Toasa	1.16MW
Ichigo Muroran Hatchodaira	1.24MW
Ichigo Toyokoro	1.02MW
Ichigo Nakashibetsu Midorigaoka	1.93MW
Ichigo Yubetsu Barou	0.80MW
Ichigo Betsukai Kawakamicho	0.88MW
Ichigo Akkeshi Shirahama	0.80MW
Ichigo Toyokoro Sasadamachi	0.60MW
Ichigo Memuro Nishi-Shikari	1.32MW
Total	13.51MW
Tohoku
Ichigo Hamanaka Bokujo Tsurunokotai	2.31MW
Ichigo Hamanaka Bokujo Kajibayashi	2.31MW
(Wind) Ichigo Yonezawa Itaya	7.39MW

Total	12.01MW

(Wind - Pipeline) Iwate	7.50MW
(Wind - Pipeline) Fukushima	7.00MW
Kanto
Ichigo Kiryu Okuzawa	1.33MW
Ichigo Maebashi Naegashima	0.67MW
Ichigo Showamura Ogose	43.34MW
Ichigo Toride Shimotakai Kita	1.03MW
Ichigo Toride Shimotakai Minami	0.54MW
Ichigo Minakami Aramaki	12.02MW
Ichigo Hitachiomiya	2.99MW
Ichigo Hokota Aoyagi	2.48MW
Ichigo Toride Shimotakai Nishi	2.85MW
Ichigo Chiba Wakaba-ku	0.74MW
Omiyacho Nishi

Ichigo Chiba Wakaba-ku	0.74MW
Omiyacho Higashi


Total	68.73MW

(Wind - Pipeline) Chiba	4.00MW

Ichigo's Commitment to ESG

Ichigo Sustainability Policy

Harmony with the Environment

Ichigo actively monitors and minimizes the environmental impact of its business operations.

Energy Conservation, CO2 Reduction, and Recycling

Ichigo seeks to contribute to a low-carbon,low-waste society by reducing energy consumption, extending the useful life of assets, actively recycling, reducing waste production and water consumption, and implementing green procurement measures.

Regulatory and Environmental Compliance

Ichigo complies with all environmental laws and regulations and Ichigo's own independently- established environmental rules. Ichigo also carefully monitors and complies with all applicable changes in laws and regulations.

Training and Awareness

Ichigo promotes understanding of its Sustainability Policy and works to increase sustainability awareness among all Ichigo employees.

Sustainability Performance Communication and Disclosure

Ichigo communicates its Sustainability Policy and Ichigo's sustainability initiatives to society at large. Ichigo also obtains certifications for its sustainability activities on an ongoing basis.

Ichigo ESG - Environmental

Solar and Wind Energy: Safe and Clean

Annual Power Generation	Annual CO2 Reduction
158,586,005 kWh	104,666,758 kg
Equivalent to annual	Equivalent to annual
CO2 emission of
energy consumption of
45,507 cars
52,862 households

Sustainable Real Estate

Preserve & EnhanceExisting Buildings to End Wasteful Demolish & Rebuild

Lengthen useful life of existing real estate
Shrink footprint by reducing demolition waste and use of raw materials, energy, and human effort for construction

The Federation of Electric Power

Ministry of Environment

Lowest

Companies of Japan

Annual CO2 emission per car c. 2,300kg

Demolish

Impact

Annual energy consumption per household 3,000kWh

(July 2019 to June 2020 - Total of Ichigo and Ichigo Green)

Highest

Efficiency

Natural Disaster Response

No injuries or damages at any Ichigo asset or power plant from recent natural disasters

Robust Assets

Real estate: continuous improvements to safety & functionality via value-add capex
Power plants: site selection and construction based on detailed specifications customized to local geography

Robust BCP & Real-time Response

Pre-typhoonpreventative measures (water shielding, sandbags, etc.) & on-site checks
Overwhelming priority is safety of tenants: on-the-ground confirmation & on-the-ground response
Ichigo engineering team immediate response: same day on-site safety and engineering inspections to prevent secondary damage and losses
Developed & deployed proprietary Susportsoftware system for real-time information sharing & emergency response

	Environmental Certifications

CASBEE		Ichigo Office (8975)
(Comprehensive Assessment System

for Built Environment Efficiency)
S rank	A rank

Ebisu Green Glass
Ichigo Sakaisuji Honmachi Building
Ichigo Sendai East Building

• Ichigo Kanda Nishikicho Building	Green Star
• Ichigo Ikenohata Building
(Highest Ranking)

	3 years in a row

Ichigo Ichigo

Takamatsu Marunouchi

Building Building

Other Certifications

BELS (Building-housingEnergy-efficiency Labeling System),

DBJ Green Building

Ichigo ESG - Social

Sports		Arts

Support National &		Paralym Art Sponsor
World-Class Athletes		- Support artists with
‒ Weightlifting		disabilities

‒ Riflery		"Hiromi Miyake"
‒ Track & Field
		by Kenji Ino
Weightlifter		"Re Born: Cheers to
	Value-Add"
Hiromi Miyake		by Sakura

Children's Cancer

Treatment

Support University of Miyazaki Faculty of Medicine's Program for Children

Ichigo subsidiary Miyako City issued CSR bond & donated a portion of underwriter commission to the Cancer Program
Providing ongoing sponsorship of volunteer activities in support of children with cancer

Local Communities

Promote Community Development via Sponsorship of J.League (Only Top Partner with Real Estate Expertise)

Renovate and upgrade stadiums and help local governments reduce steep operating and maintenance costs
Use real estate expertise to help build stronger and healthier local communities

Strengthen Local Communities, Create Jobs, and Boost Rural Economies via Smart Agriculture

Collaborate with local farmers to increase agricultural output, improve quality, and raise rural incomes
Increase Japan's food self-sufficiency

©J.LEAGUE

Ichigo ESG - Governance

Ichigo Green

Monitors Asset Management Company

All Ichigo Green Directors are Independent Directors
Active discussion and effective internal controls via Board led by Independent Executive Director

Investment Corporation

Ichigo Green

(TSE 9282) Shareholder Meeting

Board of Directors

Executive Director	Mami Nagasaki
Supervising Director	Arata Nomoto
Supervising Director	Kiyofumi Fujita

External Auditor

Grant Thornton Taiyo LLC

Asset Management

Agreement

Asset Management Company

Ichigo Investment Advisors

Asset Management Company

Global Best Practice Governance

Majority of AMC Directors (3 of 5) are Independent Directors
Independent asset management team & best- practice execution on behalf of Ichigo Green
Compliance and Audit report directly to President to monitor and review critical compliance matters
Further ensure objectivity and independence by including third-party, independent lawyers and accountants in the Investment Committee & Risk & Compliance Committee

Shareholder Meeting

Corporate Auditor

		Board of Directors


		Chairman
				Internal Audit


Risk & Compliance		President


Committee			Compliance




	Investment	Committee
		(Ichigo Green)

Ichigo Green Division

Asset Management

Solar Power Plant Data

Solar Power Plant Map

(as of June 30, 2020)

Geographically Diversified

Across Japan

Ichigo Motomombetsu	Ichigo Engaru Higashimachi
1.40MW	1.24MW

Ichigo Nago Futami	Ichigo Abira Toasa	Ichigo Engaru Kiyokawa
8.44MW	1.16MW	1.12MW

				Ichigo Iyo Nakayamacho Izubuchi	Ichigo Muroran Hatchodaira	Ichigo Nakashibetsu Midorigaoka
					1.23MW	1.24MW	1.93MW

Ichigo Yamaguchi	Aionishi			Ichigo Kiryu Okuzawa
	1.24MW					1.33MW

							Ichigo Toyokoro

							1.02MW
Ichigo Yamaguchi Sayama	Ichigo Toyokawa Mitocho Sawakihama
	1.80MW
	2.35MW

				Ichigo Miyakonojo Yasuhisacho	Ichigo Takamatsu Kokubunjicho Nii	15 Plants (29MW)
					1.44MW	2.43MW
		© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.	34

Power Generation (YOY)

Power Generation -2.5% YOY

Power Generation: FY20/6 vs. FY19/6

(kWh)

5,000,000

FY19/6 Actual (15 Power Plants)	FY19/6 Actual: 35.21M kWh
FY20/6 Actual (15 Power Plants)	FY20/6 Actual: 34.31M kWh
	(-0.89M kWh, -2.5% YOY)

4,000,000

3,000,000

2,000,000

1,000,000

July 2019

August

September

October

November December

Jan 2020

February

March

April

May

June

Individual Solar Power Plant Earnings (July 2019 - June 2020)

				Leaseholder

				Power	Operating
No.		Solar Power Plant		Production
			Expenses
				Revenue

E-01		Ichigo Kiryu Okuzawa	63,166	11,985
E-02		Ichigo Motomombetsu	61,092	11,899
E-03		Ichigo Muroran Hatchodaira	58,587	10,305
E-04		Ichigo Engaru Kiyokawa	49,339	8,525
E-05 Ichigo Iyo Nakayamacho Izubuchi	52,852	9,740
E-06		Ichigo Nakashibetsu Midorigaoka	89,035	14,702
E-07		Ichigo Abira Toasa	54,843	12,084
E-08		Ichigo Toyokoro	51,152	11,135
E-09		Ichigo Nago Futami	375,775	53,561
E-10		Ichigo Engaru Higashimachi	51,650	9,705
E-11		Ichigo Takamatsu Kokubunjicho Nii	110,246	13,853
E-12		Ichigo Miyakonojo Yasuhisacho	53,256	11,337
E-13 Ichigo Toyokawa Mitocho Sawakihama	72,127	21,692
E-14		Ichigo Yamaguchi Aionishi	59,977	10,367
E-15		Ichigo Yamaguchi Sayama	110,498	16,256

		Total	1,313,602	227,151

							(JPY thousand)

				Ichigo Green

Operating		Expenses		NOI		Depreciation		Income
Revenue				Expense


51,181		4,218	46,962	29,795	17,167
49,192		4,297	44,895	29,435	15,459
48,282		4,052	44,229	27,654	16,574
40,814		3,460	37,353	23,618	13,735
43,112		4,047	39,065	27,826	11,238
74,333		6,920	67,412	43,706	23,706
42,758		3,953	38,805	25,048	13,756
40,016		3,897	36,118	24,652	11,465
322,213		30,745	291,468	190,708	100,760
41,944		4,174	37,770	26,101	11,669
96,393		9,199	87,194	54,416	32,778
44,694	*	4,593	40,101	28,422	11,678
50,435		4,822	45,612	28,474	17,137
49,610		5,563	44,047	26,226	17,820
94,241		8,067	86,174	50,706	35,468

1,089,225		102,013	987,211	636,793	350,417

Includes JPY 2.78M operator-guaranteed base revenue due to actual power generation at Ichigo Miyakonojo Yasuhisacho ECO power plant (E-12) falling below the performance guarantee threshold

FY21/6 Forecast Power Generation

FY21/6 Forecast 34.12 million kWh (FY20/6 Actual 34.31 million kWh)

FY20/6 Actual Power Generation and FY21/6 Forecast Power Production (15 Power Plants)

(kWh)

5,000,000

FY20/6 Actual (15 Power Plants)	FY20/6 Actual: 34.31M kWh
FY21/6 Forecast (15 Power Plants)	FY21/6 Forecast: 34.12M kWh
	(-0.19M kWh)

4,000,000

3,000,000

2,000,000

1,000,000

July

August September October November December January

February

March

April

May

June

Solar Power Plant Portfolio

as of June 30, 2020

							Book	Appraisal
No.	Solar Power Plant		Location		Acquisition		Value	Value1
		Date		(JPY		(JPY

							million)	million)
E-01	Ichigo Kiryu Okuzawa		Kiryu City, Gunma		Dec 2016	394	440
E-02	Ichigo Motomombetsu		Mombetsu City, Hokkaido		Dec 2016	402	448
E-03	Ichigo Muroran Hatchodaira		Muroran City, Hokkaido		Dec 2016	380	423
E-04	Ichigo Engaru Kiyokawa		Mombetsu County, Hokkaido		Dec 2016	324	351
E-05 Ichigo Iyo Nakayamacho Izubuchi	Iyo City, Ehime		Dec 2016	384	431
E-06	Ichigo Nakashibetsu Midorigaoka		Shibetsu County, Hokkaido		Dec 2016	630	691
E-07	Ichigo Abira Toasa		Yufutsu County, Hokkaido		Dec 2016	363	399
E-08	Ichigo Toyokoro		Nakagawa County, Hokkaido		Dec 2016	357	394
E-09	Ichigo Nago Futami		Nago City, Okinawa		Dec 2016	2,797	3,241
E-10	Ichigo Engaru Higashimachi		Mombetsu County, Hokkaido		Dec 2016	382	411
E-11	Ichigo Takamatsu Kokubunjicho Nii		Takamatsu City, Kagawa		Dec 2016	950	1,007
E-12	Ichigo Miyakonojo Yasuhisacho		Miyakonojo City, Miyazaki		Dec 2016	428	439
E-13 Ichigo Toyokawa Mitocho Sawakihama	Toyokawa City, Aichi		Dec 2016	434	443
E-14	Ichigo Yamaguchi Aionishi		Yamaguchi City, Yamaguchi		Jul 2017	483	508
E-15	Ichigo Yamaguchi Sayama		Yamaguchi City, Yamaguchi		Jul 2017	800	869

Panel		FIT	3		Portfolio
Output2
			4
(MW)		(JPY)		Weight


1.33	40		4.15%
1.40	40		4.23%
1.24	40		4.00%
1.12	40		3.41%
1.23	40		4.04%
1.93	40		6.62%
1.16	40		3.82%
1.02	40		3.76%
8.44	40		29.40%
1.24	40		4.02%
2.43	36		9.99%
1.44	36		4.51%
1.80	32		4.56%
1.24	40		5.08%
2.35	36		8.41%

Total (15 Solar Power Plants)	9,514	10,497	29.43	38.7	100%

Appraisal Value is from PwC Sustainability LLC's Valuation Report using values as of June 30, 2020. The values are medians of the appraisal value ranges shown in the Report.
Panel Output is derived by multiplying the maximum output of a single solar panel by the total number of panels
FIT (Feed-In Tariff) is the purchase price agreed in the respective Power Purchase Agreements for each solar power plant
Portfolio Weight is based on book value

Individual Solar Power Plant Details

E-01 Ichigo Kiryu Okuzawa

Location	Gunma
Area
27,588m2
Operation
Sep 30, 2013
Start Date

Panel	1.33MW
Output

FIT	JPY 40
FIT Period
Sep 29, 2033
Power
TEPCO Energy
Purchaser	Partner

E-02 Ichigo Motomombetsu

Location	Hokkaido
Area
48,947m2
Operation
Feb 3, 2014
Start Date

Panel	1.40MW
Output

FIT	JPY 40
FIT Period
Feb 2, 2034
Power
Hokkaido Electric
Purchaser

FY20/6 Actual Power Generation: +4.6% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

FY20/6 Actual Power Generation: +0.4% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

Individual Solar Power Plant Details

E-03 Ichigo Muroran Hatchodaira

Location	Hokkaido
Area
35,801m2
Operation
Mar 3, 2014
Start Date

Panel	1.24MW
Output

FIT	JPY 40
FIT Period
Mar 2, 2034
Power
Hokkaido Electric
Purchaser

E-04 Ichigo Engaru Kiyokawa

Location	Hokkaido
Area
27,164m2
Operation
Mar 4, 2014
Start Date

Panel	1.12MW
Output

FIT	JPY 40
FIT Period
Mar 3, 2034
Power
Hokkaido Electric
Purchaser

FY20/6 Actual Power Generation: +3.9% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

FY20/6 Actual Power Generation: +1.3% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

Individual Solar Power Plant Details

E-05 Ichigo Iyo Nakayamacho Izubuchi

Location	Ehime
Area
26,261m2
Operation
Apr 2, 2014
Start Date

Panel	1.23MW
Output

FIT	JPY 40
FIT Period
Apr 1, 2034
Power
Shikoku Electric
Purchaser

E-06 Ichigo Nakashibetsu Midorigaoka

Location	Hokkaido
Area
54,870m2
Operation
Nov 4, 2014
Start Date

Panel	1.93MW
Output

FIT	JPY 40
FIT Period
Nov 3, 2034
Power
Hokkaido Electric
Purchaser

FY20/6 Actual Power Generation: -7.6% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

FY20/6 Actual Power Generation: +2.0% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

300,000

250,000

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

Individual Solar Power Plant Details

E-07 Ichigo Abira Toasa

Location	Hokkaido
Area
29,731m2
Operation
Dec 2, 2014
Start Date

Panel	1.16MW
Output

FIT	JPY 40
FIT Period
Dec 1, 2034
Power
Hokkaido Electric
Purchaser

E-08 Ichigo Toyokoro

Location	Hokkaido
Area
29,004m2
Operation
Dec 4, 2014
Start Date

Panel	1.02MW
Output

FIT	JPY 40
FIT Period
Dec 3, 2034
Power
Hokkaido Electric
Purchaser

FY20/6 Actual Power Generation: +4.3% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

FY20/6 Actual Power Generation: +0.1% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

Individual Solar Power Plant Details

E-09 Ichigo Nago Futami

Location	Okinawa
Area
146,294m2
Operation
Feb 2, 2015
Start Date

Panel	8.44MW
Output

FIT	JPY 40
FIT Period
Feb 1, 2035
Power
Okinawa Electric
Purchaser

E-10 Ichigo Engaru Higashimachi

Location	Hokkaido
Area
46,329m2
Operation
Feb 3, 2015
Start Date

Panel	1.24MW
Output

FIT	JPY 40
FIT Period
Feb 2, 2035
Power
Hokkaido Electric
Purchaser

FY20/6 Actual Power Generation: -2.8% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

1,500,000

1,200,000
900,000
600,000
300,000
0
Jul	Aug Sep	Oct	Nov Dec	Jan	Feb	Mar	Apr	May	Jun
2019				2020

FY20/6 Actual Power Generation: -1.7% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

Individual Solar Power Plant Details

E-11 Ichigo Takamatsu Kokubunjicho Nii

Location	Kagawa
Area
79,340m2
Operation
Jun 2, 2015
Start Date

Panel	2.43MW
Output

FIT	JPY 36
FIT Period
Jun 1, 2035
Power
Shikoku Electric
Purchaser

E-12 Ichigo Miyakonojo Yasuhisacho

Location	Miyazaki
Area
94,165m2
Operation
Jul 8, 2015
Start Date

Panel	1.44MW
Output

FIT	JPY 36
FIT Period
Jul 7, 2035
Power
Kyushu Electric
Purchaser

FY20/6 Actual Power Generation: +0.6% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

400,000

300,000

200,000

100,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

FY20/6 Actual Power Generation: -12.4% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

Individual Solar Power Plant Details

E-13 Ichigo Toyokawa Mitocho Sawakihama

Location	Aichi
Area
19,393m2
Operation
Sep 16, 2015
Start Date

Panel	1.80MW
Output

FIT	JPY 32
FIT Period
Sep 15, 2035
Power
Chubu Electric
Purchaser

E-14 Ichigo Yamaguchi Aionishi

Location	Yamaguchi
Area
19,815m2
Operation
Dec 7, 2015
Start Date

Panel	1.24MW
Output

FIT	JPY 40
FIT Period
Dec 6, 2035
Power
Chugoku Electric
Purchaser

FY20/6 Actual Power Generation: +5.1% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

300,000

250,000

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

FY20/6 Actual Power Generation: -0.1% vs. Forecast
Forecast Power Generation
Actual Power Generation	(kWh)

200,000

150,000

100,000

50,000

Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun
2019						2020

Individual Solar Power Plant Details

E-15 Ichigo Yamaguchi Sayama	FY20/6 Actual Power Generation: +9.0% vs. Forecast

Location	Yamaguchi					Forecast Power Generation

	400,000			Actual Power Generation	(kWh)
Area
43,621m2


Operation
Apr 6, 2016		300,000
Start Date

Panel	2.35MW
Output		200,000

FIT	JPY 36
FIT Period			100,000
Apr 5, 2036

Power			0
Chugoku Electric
		Jul Aug Sep Oct Nov	Dec Jan Feb Mar Apr May Jun
Purchaser

			2019	2020

Appendix

Reference: Japan's Feed-In Tariff (FIT)

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.

Solar Power FIT

Contract Date	FIT		Guarantee
	Period

FY2012	JPY 40	20 years
FY2013	JPY 36	20 years
FY2014	JPY 32	20 years
FY2015 (4/1～6/30)	JPY 29	20 years
FY2015 (7/1～3/31)	JPY 27	20 years
FY2016	JPY 24	20 years
FY2017	JPY 21 1	20 years
FY2018	JPY 18 1	20 years
FY2019	JPY 14 2	20 years
FY2020	JPY 12~13 3	20 years

Pre-consumption tax FIT for power plants with output of >10kW Source: METI, Agency for Natural Resources and Energy

Wind Power FIT

Contract Date	FIT	Guarantee
	Period

FY2017 (4/1～9/30)	JPY 22	20 years
FY2017 (10/1～3/31)	JPY 21	20 years
FY2018	JPY 20	20 years
FY2019	JPY 19	20 years
FY2020	JPY 18	20 years

Note: FY starts on April 1 to March 31 of the following year

FIT for >2MW non-residential solar power production determined via auction process in 2017 and 2018
FIT for >0.5MW non-residential solar power production determined via auction process from 2019
FIT for >0.25MW non-residential solar power production determined via auction process from 2020

Average Ichigo Green FIT: JPY 38.7

Shareholder Composition

Major Shareholders (as of June 30, 2020)

Name

Ichigo Trust Pte. Ltd.
Ichigo Inc.
MACQUARIE BANK LIMITED DBU AC
THE FUKUHO BANK, LTD.
J.P. MORGAN BANK LUXEMBOURG S.A. 1300000
BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD
Credit Suisse Securities
Bank of Fukuoka, Ltd.
Rakuten Securities, Inc.

10 The Master Trust Bank of Japan, Ltd. (Trust Account)

No. of	Share
Shares

15,973	15.5%
6,000	5.8%
4,522	4.4%
2,340	2.3%
1,984	1.9%
1,645	1.6%
1,164	1.1%
990	1.0%
770	0.7%
750	0.7%

Shareholdings by Shareholder Type

			Foreign Corporations & Individuals			Domestic Financial Institutions

100%			Non-Financial Domestic Corporations			Domestic Individuals


		33,391 shares	33,370 shares	25,866 shares

80%			(25.1%)
(32.4%)	(32.4%)
	10,439 shares
			10,146 shares	10,269 shares
			(10.1%)
60%	(9.9%)	(10.0%)		8,505 shares
			8,841shares	11,760 shares	(8.3%)
	(8.6%)
40%	(11.4%)


			50,588 shares	47,567 shares	58,156 shares
20%			(56.5%)
(49.1%)	(46.2%)
0%
		Jun 30, 2019*	Dec 31, 2019*	Jun 30, 2020*

			(102,966 shares)	(102,966 shares)	(102,966 shares)
	* Number of shares outstanding

Shareholders by Shareholder Type

Jun 30, 2019 Dec 30, 2019

Jun 30, 2020

Total	36,138	35.1%

		Shareholders	Shareholders	Shareholders	Share
Domestic Individuals	6,044	6,141	6,990	98.1%
Domestic Financial Institutions	20	27	23	0.3%
	City banks, regional banks	3	4	4	0.1%
	Trust banks	2	3	3	-
	Other (including securities companies)	15	20	16	0.2%
Non-Financial Domestic Corporations	68	76	83	1.2%
Foreign Corporations & Individuals	32	33	32	0.4%

	Total	6,164	6,277	7,128	100%

Share Price (Dec 1, 2016 to June 30, 2020)

Listed on the TSE on Dec 1, 2016

(JPY)

(Shares Traded)

90,000

18,000

Ichigo Green

TSE REIT Index

TSE

Infrastructure Fund Index

Trading Volume

(left axis)

(right axis)

80,000

Final trading date for

settlement

15,000

before the two-for-one

stock split

70,000

Dec 26, 2017

12,000

60,000

9,000

50,000

6,000

40,000

3,000

30,000

2016/12

2017/3

2017/6

2017/9

2017/12

2018/3

2018/6

2018/9

2018/12

2019/3

2019/6

2019/9

2019/12

2020/3

2020/6

*Share price and shares traded from Dec 1, 2016 to Dec 26, 2017 has been adjusted to reflect stock split.

Source: Bloomberg

Ichigo Green Overview

Investment Corporation

Name

Securities Code

Location

Executive Director

Fiscal Year

Asset Management Company

Name

President

Registration & Membership

Ichigo Green Infrastructure Investment Corporation

9282

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Mami Nagasaki

July 1 to June 30 (Half-Year is July 1 to December 31)

Ichigo Investment Advisors Co., Ltd.

Hiroshi Iwai

Financial Instruments Dealer License (Investment Management Services, Investment Advisory & Agency Services, and Type II Financial Instruments Services): Minister of Finance, Kanto Financial Bureau #318

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.

Make The World More Sustainable

Contact:

Ichigo Green IR Desk (9282)

TEL: +81-3-3502-4854

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.

Attachments

Original document
Permalink

Disclaimer

Ichigo Green Infrastructure Investment Corporation published this content on 11 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2020 06:03:22 UTC

Delayed Japan Exchange Other stock markets 04:37:54 20/05/2024 BST			5-day change	1st Jan Change
75,900 ^JPY	+0.13%		+0.40%	+6.90%

05-08	Ichigo Green's Solar Power Output in April Misses Forecast	MT
05-08	Ichigo's Solar, Wind Power Output Edge Up in April	MT

Ichigo Green Infrastructure Investment Corporation

Equities

9282

JP3048360006

Closed End Funds

Ichigo Green Infrastructure Investment : FY20/6 Corporate Presentation

Latest news about Ichigo Green Infrastructure Investment Corporation

Chart Ichigo Green Infrastructure Investment Corporation

Company Profile

Sector Closed End Funds

	1st Jan change	Capi.
ICHIGO GREEN INFRASTRUCTURE INVESTMENT CORPORATION	+6.90%	50.21M
ARES CAPITAL CORPORATION	+6.24%	12.93B
PERSHING SQUARE HOLDINGS, LTD.	+12.07%	9.57B
FS KKR CAPITAL CORP.	+0.30%	5.61B
SPROTT PHYSICAL URANIUM TRUST FUND	+8.56%	5.6B
PIMCO DYNAMIC INCOME FUND	+6.80%	5.25B
SPROTT PHYSICAL SILVER TRUST	+30.45%	5.12B
SPROTT PHYSICAL GOLD AND SILVER TRUST	+24.64%	4.77B
MACQUARIE KOREA INFRASTRUCTURE FUND	+2.73%	4.12B
3I INFRASTRUCTURE PLC	+7.31%	4.04B