#1一期一会| ICHIGO Ichigo Green (9282) FY24/6 H1 Corporate Presentation February 14, 2024 Ichigo Green Infrastructure Investment Corporation Ichigo Investment Advisors Co., Ltd. Ichigo ESG Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. www.ichigo-green.co.jp/en#2We would like to express our deepest condolences to all those impacted by the January 1, 2024 earthquake in Ishikawa Prefecture, and our wishes for the earliest and fullest possible recovery for all. 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 2#3一期一会 ICHIGO Make The World More Sustainable#4一期一会 ICHIGO ICHIGO Ichigo's World-Class Excellence 一期一会 Hiromi Miyake ICHIGO Ichigo#5TAIRER TOYOTA TOYOTA 49MARNAS A STADIUM 不二腐 BRITISH PUB BOOBY'S フロムワン サビール ASIASATY MAN BRAY 3 DENSO CENSO Ichigo is a J.League Top Partner J.LEAGUE 一期一会 ICHIGO TOP PARTNER Ichigo J.LEAGUE トインステルス#6一期一会| ICHIGO Contents Mission & Deliverables to Shareholders FY24/6 H1 Results - - Solar Power Plant Portfolio Details - FY24/6 H1 Earnings - - Power Generation -0.2% vs. Forecast - Power Generation +1.0% YOY - FY24/6 H1 Events - FY24/6 H1 Power Suspensions - Power Generation by Individual Power Plant Financing Details - Ichigo J.League Shareholder Program Driving Shareholder Value - - Mission & Deliverables to Shareholders Progress on Ten-Year Earnings Forecast - Ichigo (2337) Power Plant Performance Guarantee Customized Solar Power Plant Builds - - Fully-Networked Panel-Level Production Monitoring - World-Class Disclosure: 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 Sustainability Commitment (ESG) Ichigo Sustainability Policy - Ichigo Climate Positive: CO2 Reduction vs. Emissions - Renewable Energy Transition Towards a Sustainable Society - Ichigo ESG - Environmental - Ichigo ESG - Social - Ichigo ESG - Governance Solar Power Plant Data Geographically Diversified Portfolio - Power Generation (YOY) - Individual Solar Power Plant Earnings - (July 2023 Dec 2023) - - Individual Solar Power Plant Details Appendix Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 6#7FY24/6 H1 Results 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 7#8一期一会| ICHIGO Solar Power Plant Portfolio Details as of December 31, 2023 * No. Of Power Plants Acquisition Price 15 JPY 11.4B Average FIT (per kWh) CO2 Reduction JPY 38.7 15,839 Tons Panel Output 29.43MW Annual Power Generation 10,660 Households Annualized CO2 reduction relative to fossil-fuel-based power production of each plant's forecast power generation amount. 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 7-8 years in operation 8.1% >10 years in operation 4.3% By FIT JPY 32 4.6% Okinawa 29.8% Hokkaido 30.2% Kyushu. Shikoku 4.5% 13.9% Chugoku Kanto 4.3% 12.8% Chubu 4.6% 8-9 years in operation 57.4% 9-10 years in operation 30.3% JPY 36 22.3% JPY 40 73.1% O Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. * Data in graphs are on an acquisition price basis 00#9FY24/6 H1 Earnings Net Income: JPY 71M, +JPY 4M (+6.9%) vs. Forecast (JPY million) Operating Revenue FY23/6 H1 Actual 522 FY24/6 H1 Forecast FY24/6 H1 Actual FY24/6 Full-Year vs. Forecast Forecast 520 518 99.7% 1,059 Operating Expenses 416 422 417 98.9% 806 (Depreciation) 319 321 320 99.8% 643 Operating Profit 106 97 101 103.4% 253 Recurring Profit 75 67 72 106.8% 194 Net Income 75 67 71 106.9% 193 Dividend - I - JPY 4,065 (excluding DEE) I I JPY 1,860 (DEE) I - I I JPY 2,205 一期一会| ICHIGO Number of Power Plants Power Generation 15 15 15 15 16.32M kWh 16.53M kWh 16.49M kWh 99.8% 33.59M kWh DEE Dividend in Excess of Earnings Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 6#10Power Generation -0.2% vs. Forecast FY24/6 H1 Power Generation and Power Production Revenue (kWh) 5,000,000 131 Forecast Power Production (left axis) Power Production Revenue (right axis) 4,000,000 3,000,000 2,000,000 1,000,000 July 2023 117 114 110 August September October 87 November 72 December Jan 2024 (JPY million) 150 Actual Power Production (left axis) 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. 一期一会| ICHIGO O Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 120 90 00 60 60 30 10#11Power Generation +1.0% YOY Power Generation: FY24/6 H1 vs. FY23/6 H1 (kWh) 5,000,000 FY23/6 Actual (15 Power Plants) Jul-Dec 2022 Actual: 16.32M kWh FY24/6 Actual (15 Power Plants) Jul-Dec 2023 Actual: 16.49M kWh (+0.16M kWh, +1.0% YOY) 4,000,000 3,000,000 2,000,000 1,000,000 (JPY million) 0 July August September October November December January February March April May June 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 11#12一期一会| ICHIGO FY24/6 H1 Events - - - Portfolio Power Generation Roughly in Line With Forecast (-0.2% vs. Forecast) ✓ Although Ichigo Nago Futami power generation was significantly below forecast due to panel failure, power generation compensated by power generation in other areas with favorable weather conditions Ichigo Nago Futami Panel Failure (Potential-Induced Degradation, PID) ✓ Guaranteed by panel manufacturer; Ongoing discussions to review guarantee ✓ Affected panels: c. 50% ✓ Power generation impact: -10-20% ✓ No further impact expected; Considering panel replacements for further upside Conducted Construction as Part of Theft Prevention Measures ✓ Upgrading theft prevention measures across all power plants due to rise in cable thefts in Northern Kanto region ✓ Continuing measures despite no panel thefts at Ichigo Green plants ✓ Capex JPY 10M (4 plants) as of December 31, 2023 ✓ Additional Capex JPY 10M (5 plants) scheduled until July 31, 2024 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 12#13一期一会| ICHIGO FY24/6 H1 Power Suspensions Installing Online Grid Control Systems to Limit Lost Power Generation During Power Suspensions - Installed in 4 (6 plants) out of 7 regions (15 plants) - - Contributing to the reduction in power generation loss despite increased number of power suspensions Scheduled to install online grid control systems in Okinawa & Hokkaido Power FY24/6 Utility Co. 2023/07 2023/08 2023/09 2023/10 2023/11 2023/12 Total FY23/6 (Actual) Ichigo Kiryu Okuzawa TEPCO Ichigo Motomombetsu Hokkaido Ichigo Muroran Hatchodaira Hokkaido Ichigo Engaru Kiyokawa Hokkaido Ichigo Iyo Nakayamacho Izubuchi¹ Shikoku 1 (1) Ichigo Nakashibetsu Midorigaoka Hokkaido Ichigo Abira Toasa Hokkaido Ichigo Toyokoro Hokkaido Ichigo Nago Futami Okinawa Ichigo Engaru Higashimachi Hokkaido Ichigo Takamatsu Kokubunjicho Nii¹ Shikoku Ichigo Miyakonojo Yasuhisacho¹ Kyushu Ichigo Toyokawa Mitocho Sawakihama Chubu 1 1 1 3 1 (1) 1 1 1 2 2 4 Ichigo Yamaguchi Aionishi¹ Ichigo Yamauchi Sayama¹ 1 |Chugoku |Chugoku 1 1 1 1 (1) 1 (1) 1 2 (1) 1 (1) 2 1 Power plants equipped with online grid control systems are suspended on an hourly basis at the request of regional electricity companies. Proxy power suspension is conducted by an online power suspension company in place of an offline company and is later reimbursed. (Number of proxy power suspension days in parentheses) 3 Includes days when power suspensions and proxy power suspensions are conducted on the same day Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 13#14Power Generation by Individual Power Plant Although Ichigo Nago Futami Power Generation -16% vs. Forecast Due to Inclement Weather & PID, Total Power Generation -0.2% vs. Forecast Due to Geographic Diversification No. Solar Power Plant Forecast Power Generation (A) Actual Power Actual Power Generation (B) (kWh) Difference (B) - (A) (kWh) Operating Production Revenue* Revenue (JPY thousand) (kWh) (JPY thousand) E-01 Ichigo Kiryu Okuzawa 706,572 871,036 +164,464 33,626 22,928 E-02 Ichigo Motomombetsu 708,811 734,619 +25,808 28,675 21,714 E-03 Ichigo Muroran Hatchodaira 642,536 667,581 +25,045 26,001 18,880 E-04 Ichigo Engaru Kiyokawa 558,220 574,532 +16,312 22,710 18,039 E-05 Ichigo lyo Nakayamacho Izubuchi 683,941 682,055 -1,886 27,658 22,248 E-06 Ichigo Nakashibetsu Midorigaoka 970,652 1,011,567 +40,915 39,323 29,825 E-07 Ichigo Abira Toasa 574,272 E-08 Ichigo Toyokoro 560,014 E-09 Ichigo Nago Futami 5,091,263 631,945 +57,673 580,860 4,265,424 -825,839 25,189 19,469 +20,846 22,828 17,787 173,505 159,228 E-10 Ichigo Engaru Higashimachi 619,780 595,047 -24,733 23,175 17,658 E-11 Ichigo Takamatsu Kokubunjicho Nii 1,449,441 1,560,807 +111,366 57,240 51,472 E-12 Ichigo Miyakonojo Yasuhisacho 839,119 795,417 -43,702 28,771 22,754 E-13 Ichigo Toyokawa Mitocho Sawakihama 1,010,637 1,178,125 +167,488 37,171 25,566 E-14 Ichigo Yamaguchi Aionishi 718,870 740,911 +22,041 30,009 23,522 E-15 Ichigo Yamaguchi Sayama 1,397,838 1,601,920 +204,082 57,017 47,404 Total 16,532,008 16,491,889 -40,119 632,905 518,500 一期一会| * Operating Revenue = Actual Power Production Revenue - Operating Expenses ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 14#15Financing Details Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps as of December 31, 2023 Loan Lender Amount (JPY million) Interest Rate (%) Fixed/ Floating Loan Borrowing Date Maturity Term Term Loan I Mizuho Bank, SMBC 3,835 0.760% Fixed Dec 1, 2016 Nov 30, 2026 10 years Term Loan II Mizuho Bank 288 0.815% Fixed Jul 3, 2017 Jun 30, 2027 10 years Term Loan III Yamaguchi Bank 608 0.815% Fixed Jul 3, 2017 Jun 30, 2027 10 years Total 4,732 0.770% (Weighted Average) LTV (Forecast) FY17/6 FY18/6 (Actual) (Actual) (Actual) (Actual) FY19/6 FY20/6 FY21/6 (Actual) FY22/6 FY23/6 (Actual) (Actual) FY24/6 H1 (Actual) FY24/6 FY25/6 FY26/6 57.4% 58.5% 57.8% 57.8% 57.2% 56.4% 55.8% 56.9% 54.7% 53.7% 52.3% Interest Bearing Liabilities ÷FFO (Forecast) (JPY) FY17/6 (Actual) 15.5X Outstanding 6,858M 6,733M Loan Amount FY18/6 FY19/6 FY20/6 (Actual) (Actual) (Actual) 8.1X 8.0X 7.7X 7,160M 6,309M FY21/6 FY22/6 FY23/6 (Actual) (Actual) (Actual) 7.1X 6.6X 6.0X 5,875M 5,438M 4,990M FY24/6 FY25/6 FY26/6 5.4X 4,543M 4.8X 4,090M 4.3X 3,636M = FFO Funds From Operations 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 15#16Ichigo 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 solar power producer that it manages, in its shareholder program (82,000 shareholders total) First company to offer shareholders free tickets to every J.League game at every J.League club Ichigo is deepening its partnership with the J.League and working to further Ichigo's mission of promoting local community developments. JOIN and ENJOY J.League 30th Anniversary Event (May 14, 2023) Invited shareholders to participate in opening ceremony as flag bearers and watch a special match みんなで Jリーグを応援しよう!! いちごJリーグ 株主・投資主優待 ILLAGUE 一期一会 ICHIGO TOP PARTNER J.LEAGUE ISOAISIN KONAMI Ichigo J.League Shareholder Program Website Landing Page 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 16#17Driving Shareholder Value 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 17#18一期一会| ICHIGO 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-term and 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 in 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. Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 18#19Progress on Ten-Year Earnings Forecast Achieved Above-Forecast Dividends 7 Years Into 10-Year Forecast (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 Dividend per Share 4,305 8,560 8,197 2,139 4,226 3,865 8,001 3,802 8,039 3,922 8,251 8.072 4,248 4,095 8,136 8,253 4,065 3,885 8,211 3,540 FFO = Funds From Operations +102 +303 Forecast Revision +636 (JPY) +305 +222 FY23/6 Actual Forecast JPY 4,095 Actual JPY 4,095 1,750 1,625 1,874 1,860 1,410 1,390 1,375 1,875 1,715 Dividend per Share (excluding DEE) DEE per Share DEE Dividend in Excess of Earnings 一期一会| ICHIGO 869 2,180 2,185 2,190 2,195 2,195 2,221 2,205 2,010 1,825 1,270 FY17/6 Actual FY18/6 Actual FY19/6 Actual FY20/6 Actual FY21/6 Actual FY22/6 Actual FY23/6 FY24/6 FY25/6 FY26/6 Actual * Amortization of TSE listing & new share-issuance expenses (Completed) Amortization of expenses related to Ichigo Green establishment (Completed) 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 Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. Capex based on long-term capex plan 19#20一期一会| ICHIGO Ichigo (2337) Power Plant Performance Guarantee 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) Ichigo-Guaranteed Base Revenue FIT power production revenue (less operating expenses) based on annual P85 production forecast Additional Revenue I Additional Revenue (>P85 forecast) fully distributed as dividend Operating Expenses O Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. -Incremental operating expenses 20 20#21Customized 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 (Hokkaido) (Kagawa) 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. Ichigo Nago Futami ECO Power Plant (Okinawa) 21#22一期一会| ICHIGO Fully-Networked Panel-Level Production Monitoring Real-Time Monitoring System Immediately Detects Any Failures at the Panel Level Power Plant A Power Plant B Inverter Power Plant C Power Plant D Monitoring System Internet Monitoring & Analysis . • Real-time monitoring •Immediate response capability Real-time analysis of production data for early detection of malfunctions Comprehensive Monitoring System Operator: Ichigo ECO Energy Repair & Maintenance Service Providers Connection Unit Solar Panel String Monitoring! O Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. I Comprehensive Monitoring System Schematic System maintenance On-site inspection and repairs 22#23一期一会| ICHIGO World-Class Disclosure: Real-Time Power Production Data Real-Time Individual Power Plant Data and Live Video Feeds Ichigo Nago Futami ECO Power Plant 3386 Located In a region of northern Okinawa rich in tropical beauty, Ichigo Nago Futami ECO Power Plant Is built on land leased from Nago City. With 32,144 solar panels producing a total output of 8.44 MW, the plant generates enough power for 2,750 households. CO Today's Power Generation Today's CO2 Reduction 9,010kwh 5,946kg.co₂ Click Here For Live Camera Live Camera D4 Ichigo Green Infrastructure Investment Corporation) About Ichigo Green Investment Policy ESG Initiatives Power Plants Acquisition of Thirteen Solar Power Plants (12/01/2016) (904KB) Information 2017-07-25 JST 14:09:31 Make The World More Sustainable Ichigo Green (9282) Today's Solar Power Generation 34,471kWh Financial Data IR Ichigo Green 9282 2021.01.26 FY21/6 H1 Online Corporate Presentation (YouTube Live) Date and Time: February 15, 2021 4:30 pm - 5:25 pm With apologies, the presentation and Q&A will be conducted in Japanese, but we will provide English presentation materials on this website. Please click here for pre-registration. (Japanese link only) Investment In Japan's Green Infrastructure Ichigo Green Infrastructure Investment Corporation ("Ichigo Green" 9282) is a solar power YieldCo that offers investors an opportunity to invest in Japan's rapidly expanding green infrastructure asset class. Ichigo Green's mission is to maximize shareholder value via a renewable energy portfolio that provides both return stability and growth potential, offering investors an opportunity to invest in the asset class while contributing to the development of a sustainable society. Ichigo Green Website FRAL REGNE Live Video Feed www.ichigo-green.co.jp/en Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. Contact Us 23#24Growth Strategy Leveraging Ichigo Strengths 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 24#25一期一会| ICHIGO Sponsor: Ichigo, A Sustainable Infrastructure Company Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy - - - Ichigo Manages Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282) Sustainable Real Estate business adds value to existing buildings by drawing upon its real estate technologies and expertise Deeply committed to CSR and Sustainability (TSE Prime 2337) J.LEAGUE 一期一会 Ichigo TOP PARTNER ©J.LEAGUE ICHIG Hiromi Miyake (Weightlifting) Ichigo Office (8975) Ichigo Preserves and Asset Management Ichigo Investment Advisors Improves Real Estate 一期一会 | ICHIGO Ichigo Hotel (3463) Ichigo Green (9282) Centro Ichigo Estate The word "Ichigo" comes from the ancient Japanese proverb, Ichigo Ichie, literally meaning Ichigo Owners Ichigo Animation "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, 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 Sustainable Real Estate Ichigo Marché OneFive Hotels Miyako City Clean Energy Ichigo ECO Energy long-term relationships to support the success of our clients, shareholders, and all stakeholders. Other Ichigo Si Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. Collinear 25#26一期一会| ICHIGO - - Synergies Between Ichigo Green and Ichigo - Ichigo-provided solar 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 一期一会 Buy ICHIGO Ichigo Green (9282) Office 一期一会| ICHIGO Sell Real Third- 一期一会 ICHIGO Ichigo Office (8975) Sustainable Estate Real Estate Party Investors Real Hotel Estate 一期一会 ICHIGO Ichigo Hotel Preserve & Improve Sell (3463) Buy Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 26#27Chugoku Ichigo Yamaguchi Aionishi Ichigo Yamaguchi Sayama Ichigo Yonago Izumi Ichigo Kasaoka Takumicho Ichigo Fuchu Jogecho Yano Ichigo Sera Tsukuchi Ichigo Sera Aomizu Ichigo Higashi-Hiroshima Saijocho Taguchi Ichigo Kasaoka Iwanoike Ichigo & Ichigo Green Solar Power Plant Portfolio Serving Local Communities and the Environment Total Operating Ichigo Power Plants 64 Plants (188.2MW) Ichigo Green (9282) Ichigo (2337) (as of January 11, 2024) 1.24MW 2.35MW 2.61MW 1.11MW 0.99MW 2.54MW 2.87MW 2.72MW 2.64MW Ichigo Kure Yasuuracho Nakahata 2.90MW Ichigo Kasaoka Osakaike 2.66MW 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 Ichigo Toyokoro Sasadamachi Ichigo Memuro Nishi-Shikari 0.80MW 0.60MW 1.32MW Total 13.57MW Ichigo Kasaoka Idachiike 2.66MW Okinawa Ichigo Nago Futami 8.44MW Ichigo Sera Shimotsuda Total 2.93MW 30.28MW Kyushu Kansai Ichigo Miyakonojo Yasuhisacho 1.44MW Ichigo Kijo Takajo 0.89MW Ichigo Itoshima Iwara 1.48MW Ichigo Miyakonojo 2.96MW Ichigo Sennan Kitsuneike Ichigo Takashima Kutsuki Ichigo Kobe Pompuike Total 2.86MW Tohoku Ichigo Hamanaka Bokujo Tsurunokotai Ichigo Hamanaka Bokujo Kajibayashi (Wind) Ichigo Yonezawa Itaya 2.31MW 2.31MW 7.39MW Total 12.01MW 3.74MW Chubu 2.73MW Ichigo Toyokawa Mitocho Sawakihama 1.80MW 9.34MW Ichigo Toki Oroshicho 1.39MW Kanto Takazakicho Tsumagirishima Ichigo Ebino Suenaga 13.99MW Ichigo Tsu 2.94MW Ichigo Kiryu Okuzawa 1.33MW Total 20.78MW Ichigo Toki Tsurusatocho Kakino 1.31MW Ichigo Maebashi Naegashima 0.67MW Ichigo Sakahogi Fukagaya 2.89MW Ichigo Showamura Ogose 43.34MW Ichigo Toki Tsurusatocho Kakino Higashi 1.67MW Ichigo Toride Shimotakai Kita Ichigo Toride Shimotakai Minami 1.03MW 0.54MW Ichigo Minokamo Hachiyacho Kamihachiya 1.29MW Ichigo Minakami Aramaki 12.02MW Ichigo Seto Jokojicho Ichigo Tatsunomachi Sawasoko 1.45MW Ichigo Hitachiomiya 2.99MW 0.74MW Ichigo Hokota Aoyagi 2.48MW Shikoku Ichigo Komagane Akaho Minami 0.74MW Ichigo Toride Shimotakai Nishi 2.84MW Ichigo Takamatsu Kokubunjicho Nii Ichigo lyo Nakayamacho Izubuchi Ichigo Tokushima Higashi-Okinosu 2.43MW Ichigo Komagane Akaho Kita 0.39MW Ichigo Chiba Wakaba-ku Omiyacho Nishi 0.74MW 1.23MW Ichigo Obu Yoshidamachi 1.00MW 2.52MW Ichigo Ueda Yoshidaike 1.16MW Ichigo Chiba Wakaba-ku Omiyacho Higashi 0.74MW Total 6.19MW Total 18.85MW Total 68.78MW 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 27#28Ichigo's Sustainability Commitment (ESG) Ichigo ESG 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 28#29Ichigo Sustainability Policy Harmony With the Environment and Recycling Ichigo actively monitors and minimizes the environmental impact of its business operations via extending the useful life of its assets, reducing water and water consumption, and recycling. Addressing Climate Change and Shift to Low-Carbon Society Ichigo seeks to contribute to a low-carbon society and address climate change by lowering its energy consumption and greenhouse gas emissions, using renewable energy, and improving the resilience of its assets. 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, Awareness, and Cooperation With Stakeholders Ichigo works to increase sustainability awareness via company training sessions, and promotes understanding of its Sustainability Policy among all Ichigo employees and tenant employees working at its assets. Ichigo also works with stakeholders to promote understanding of its Sustainability Policy and implement sustainability initiatives. Sustainability Performance Communication and Disclosure Ichigo communicates this Sustainability Policy and Ichigo's sustainability initiatives to society at large. Ichigo also obtains certifications for its sustainability activities on an ongoing basis. Sustainable Procurement Ichigo implements sustainable procurement measures, including the use of environmentally-friendly construction methods and materials, actively installing energy and resource efficient equipment, and the inclusion of sustainability initiatives as a selection criteria for business partners. Building a Diverse, Inclusive Organization Ichigo respects human rights and works to build a diverse organization where employees work with respect for each other and realize their full potential regardless of race, beliefs, religion, skin color, nationality, age, gender, sexual orientation, gender identity, disabilities, and social status. Ichigo also provides a healthy, comfortable work environment that focuses on employee performance and well-being, and drives organizational growth. Biodiversity and Ecosystem Preservation Ichigo contributes to the preservation of biodiversity and ecosystems via the addition of greenery to the interiors and exteriors of its assets, primarily using native plants. Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 一期一会| ICHIGO 29 29#30Ichigo Climate Positive: CO2 Reduction vs. Emissions Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) & Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction) CO2 Reduction vs. CO2 Emissions Total Ichigo Power Plant CO2 Reduction¹ Total Ichigo CO2 Emissions (Scope 1+2) 83,412 75,425 75,808 Impact of Reduction Measures -250 59,445 (tons) -7,070 95,478 98,647 -34,470 1 54,803 26,000 CO2 Emissions Reduction Measures Ongoing Initiatives Switch to Renewable Energy 28,900 tons Decreased Energy Consumption 870 tons New Initiatives Non-Fossil Certificate Tracking for Ichigo Power Plants 4,700 tons FY23/2 FY20/2 FY21/2 FY22/2 CO2 Reduction Base Year Start RE100 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 30 50#31Renewable Energy Transition Towards a Sustainable Society Ichigo Ranked No. 1 in Nikkei GX 500 Ranking for Information Disclosure & Emissions Management & Reduction Ichigo RE100 Progress (as of December 31, 2023) 85% FY24/2 Target 100% RE100 Target: 2025 Annual Renewable Energy Transition Impact (Forecast) CO2 Reduction 35,000 tons p.a. 33% Non-Fossil Certificate Tracking for Ichigo 83% (+11% vs. Aug 2023) 50% Renewable Energy Switch 一期一会| ICHIGO Power Plants CO2 Emissions of Cars RE100 × 15,200 cars p.a. °CLIMATE GROUP CDP Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 31#32ESG Initiatives: Environmental Climate Positive & Sustainability-Driven Preserve & Improve Real Estate to End Wasteful Demolition Ichigo's Sustainable Real Estate business has a proven track record of preserving and improving existing real estate. Ichigo will build on this long-standing commitment to sustainability by developing new technologies to extend the lives of buildings and other social infrastructure 100 years and beyond. Ichigo's Sustainable Real Estate Preserve & Create Value 一期一会| ICHIGO Increase Quality of Real Estate Tenant Sustainable Services Renovate & Repair Increase = Tenant Satisfaction Improve aesthetics and comfort Seismic reinforcements Regulatory compliance Increase energy efficiency Community-Based, Productive Use of Idle Land for Clean Energy Ichigo will not build power plants that require the clearing of wooded land or the altering of the landscape in a way that increases the risk of floods, landslides, or other water-related disasters, or that face opposition from local communities. Annual Power Production 222,927,029 kWh Equivalent to annual energy consumption of 51,600 households Annual Energy Consumption (Japan Average) 4,322kWh/household (Ministry of Environment document) Annual CO2 Reduction 98,647,576 tons Equivalent to annual CO2 emission of 43,000 cars Gasoline Passenger Cars 2,300kg/car per year (Ministry of Environment document) *Ichigo, Ichigo Green FY23/2 Actuals Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. Pro-Active Environmental Certifications Ichigo ESG 8 Environmental By obtaining certifications such as GRESB, CASBEE, BELS, and DBJ Green Building, Ichigo is demonstrating our long-standing commitment to sustainability via initiatives that benefit investors, tenants, clients, and other stakeholders. Ichigo Group-Wide *** CASBEE 不動產 2021 GRESB ✰✰✰✰2022 GRESB ✰✰✰✰✰ 2022 BELS Ichigo & Ichigo Office (8975) Total 16 Assets Ichigo Office (8975) 4 Stars Green Star Ichigo Hotel (3463) Green Star 2 Stars 6 Assets DBJ Green Building 2 Assets Tokyo Low-Carbon Small and Medium-Sized Model Building 9 Assets 32#33ESG Initiatives: Social Contributing to Society Ichigo ESG Contributing to Regional Revitalization Ichigo works to revitalize local communities and promote regional economic development. Ichigo's model of preserving and improving existing real estate creates jobs and supports businesses, and our renewable energy power plants also support their host communities by providing new and sustainable sources of income. ORBENE CRBENE ◄ Miyako City Retail Asset / Miyazaki www.miyakocity.com THE KNOT TOKYO ► Shinjuku Hotel / Tokyo https://hotel-the- knot.jp/tokyoshinjuku/en Ichigo University Ichigo established Ichigo University in May 2013 to support employees' continuing education and personal growth. Ichigo University courses are taught by employees and external professionals who are specialists in their fields and have deep experience. Average Annual Number of Courses: 30 Ichigo University Classes 温暖化に歯止めをかける! 2020年10月、日本政府は、 2050年までに、温室効果ガスの排出を全体としてゼロにする。 2050年カーボンニュートラル、炭素社会の実現を目指す」 ことを宣言 続いて、2021年4月、日本政府は、 ことを宣言 に TH [求められる 気の取組みには、 長期的な目標達成のためのシナリオが Online In-Person Sports Initiatives Social As a top partner of the J.League professional soccer league, we support the league's mission to promote community development. Ichigo supports outstanding athletes in weightlifting, rifle shooting, track and field, and tennis. ICHIG Hiromi Miyake (Weightlifting) Certified as a Sports Yell Chisato Kiyoyama (Track and Field) SPORTS Company & Tokyo Metropolitan YELL Government Sports TOKYO 東京都スポーツ推進企業 COMPANY 2023 2022 E 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. Promotion Company for 7th year in a row Ichigo Sports Site (Japanese only) www.ichigo.gr.jp/ichigosports 333#34ESG Initiatives: Governance Global Best Practice Governance Ichigo Green Asset Management Company Monitors Asset Management Company All Ichigo Green Directors are Independent of the Asset Management Company and the Ichigo Group Active Board discussion results in effective supervision of the Asset Management Company 一期一会 ICHIGO Investment Corporation Ichigo Green (TSE 9282) Shareholder Meeting Global Best Practice Governance Majority of Directors (2 of 4) are Independent Directors Ichigo ESG 8 Governance Exclusive asset management team ensures best-practice execution on behalf of Ichigo Green The Risk & Compliance and Audit groups report directly to the President Further ensure objectivity and independence by including third-party, independent lawyers and accountants in the Investment Committee and Risk & Compliance Committee 一期一会| ICHIGO Board of Directors Executive Director Nanako Ito Supervising Director Arata Nomoto Supervising Director Kiyofumi Fujita External Auditor Grant Thornton Taiyo LLC Asset Management Agreement Asset Management Company 一期一会 ICHIGO Ichigo Investment Advisors Risk & Compliance Committee Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. AGM Corporate Auditor Board of Directors President Investment Committee (Ichigo Green) Ichigo Green Asset Management Internal Audit Risk & Compliance 34#35Solar Power Plant Data 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 35 55#36Geographically Diversified Portfolio Ichigo Nago Futami 8.44MW Ichigo Yamaguchi Aionishi 1.24MW Ichigo Yamaguchi Sayama 2.35MW 一期一会| ICHIGO MURG Ichigo Abira Toasa 1.16MW (as of December 31, 2023) Ichigo Motomombetsu 1.40MW Ichigo Engaru Higashimachi 1.24MW Ichigo Iyo Nakayamacho Izubuchi 1.23MW Ichigo Muroran Hatchodaira 1.24MW Ichigo Kiryu Okuzawa 1.33MW Ichigo Toyokawa Mitocho Sawakihama 1.80MW Ichigo Engaru Kiyokawa 1.12MW Ichigo Nakashibetsu Midorigaoka 1.93MW Ichigo Toyokoro 1.02MW Ichigo Miyakonojo Yasuhisacho Ichigo Takamatsu Kokubunjicho Nii 1.44MW 2.43MW Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 15 Plants (29MW) 36#37一期一会| ICHIGO Solar Power Plant Portfolio as of December 31, 2023 Book No. Solar Power Plant Location Acquisition Date Appraisal Value Value¹ (JPY (JPY million) million) Panel FIT³ Portfolio Output² (MW) (JPY) Weight E-01 Ichigo Kiryu Okuzawa Kiryu City, Gunma Dec 2016 297 297 1.33 40 4.04% E-02 Ichigo Motomombetsu E-03 Ichigo Muroran Hatchodaira E-04 Ichigo Engaru Kiyokawa E-05 Ichigo lyo Nakayamacho Izubuchi E-06 Ichigo Nakashibetsu Midorigaoka E-07 Ichigo Abira Toasa Mombetsu City, Hokkaido Muroran City, Hokkaido Mombetsu County, Hokkaido lyo City, Ehime Dec 2016 314 314 1.40 40 4.27% Dec 2016 298 298 1.24 40 4.06% Dec 2016 242 242 1.12 40 3.29% Dec 2016 289 289 1.23 40 3.93% E-08 Ichigo Toyokoro E-09 Ichigo Nago Futami E-10 Ichigo Engaru Higashimachi E-11 Ichigo Takamatsu Kokubunjicho Nii E-12 Ichigo Miyakonojo Yasuhisacho E-13 Ichigo Toyokawa Mitocho Sawakihama E-14 Ichigo Yamaguchi Aionishi Shibetsu County, Hokkaido Yufutsu County, Hokkaido Nakagawa County, Hokkaido Nago City, Okinawa Dec 2016 481 481 1.93 40 6.55% Dec 2016 275 275 1.16 40 3.74% Dec 2016 271 271 1.02 40 3.69% Dec 2016 2,129 2,129 8.44 40 28.97% E-15 Ichigo Yamaguchi Sayama Mombetsu County, Hokkaido Takamatsu City, Kagawa Miyakonojo City, Miyazaki Toyokawa City, Aichi Yamaguchi City, Yamaguchi Yamaguchi City, Yamaguchi Dec 2016 294 294 1.24 40 4.00% Dec 2016 763 763 2.43 36 10.38% Dec 2016 332 332 1.44 36 4.52% Dec 2016 343 343 1.80 32 32 4.67% Jul 2017 390 391 1.24 40 5.31% Jul 2017 623 623 2.35 36 8.48% Total (15 Solar Power Plants) 7,348 7,348 29.43 38.7 100% 1 Appraisal Value is from PwC Sustainability LLC's Valuation Report using values as of June 30, 2023. 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, per kWh, agreed in the respective Power Purchase Agreements for each solar power plant 4 Portfolio Weight is based on book value Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 37#38一期一会| ICHIGO Individual Solar Power Plant Earnings (July 2023 - Dec 2023) (JPY thousand) Leaseholder Ichigo Green No. Solar Power Plant Power Production Operating Operating Expenses Revenue Expenses ΝΟΙ Depreciation Expense Income Revenue E-01 Ichigo Kiryu Okuzawa 33,626 10,697 22,928 1,172 21,756 15,047 6,708 E-02 Ichigo Motomombetsu 28,675 6,961 21,714 1,204 20,509 15,204 5,305 E-03 Ichigo Muroran Hatchodaira 26,001 7,120 18,880 1,136 17,744 14,237 3,507 E-04 Ichigo Engaru Kiyokawa 22,710 4,671 18,039 959 17,079 11,809 5,270 E-05 Ichigo lyo Nakayamacho Izubuchi 27,658 5,410 22,248 1,132 21,115 13,984 7,131 E-06 Ichigo Nakashibetsu Midorigaoka 39,323 9,498 29,825 2,005 27,820 21,984 5,835 E-07 Ichigo Abira Toasa 25,189 5,720 19,469 1,139 18,329 12,524 5,804 E-08 Ichigo Toyokoro 22,828 5,041 17,787 1,125 16,662 12,326 4,335 E-09 Ichigo Nago Futami 173,505 29,673 159,228 11,459 147,769 95,379 52,389 E-10 Ichigo Engaru Higashimachi 23,175 5,516 17,658 1,207 16,451 13,146 3,304 E-11 Ichigo Takamatsu Kokubunjicho Nii 57,240 5,768 51,472 2,761 48,710 27,324 21,386 E-12 Ichigo Miyakonojo Yasuhisacho 28,771 6,017 22,754 1,331 21,422 14,285 7,137 E-13 Ichigo Toyokawa Mitocho Sawakihama 37,171 11,604 25,566 1,470 24,096 14,505 9,590 E-14 Ichigo Yamaguchi Aionishi 30,009 6,487 23,522 1,736 21,785 13,159 8,626 E-15 Ichigo Yamaguchi Sayama 57,017 9,612 47,404 2,845 44,558 25,446 19,111 Total 632,905 129,801 518,500 32,687 485,812 320,365 165,446 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 38#39Individual 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/kWh 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/kWh 200,000 150,000 100,000 50,000 FY24/6 H1 Actual Power Generation: +23.3% vs. Forecast Forecast Power Generation Actual Power Generation (kWh) 0 Jul Aug Sep Oct 2023 Nov Dec Jan Feb Mar 2024 Apr May Jun FY24/6 H1 Actual Power Generation: +3.6% vs. Forecast Forecast Power Generation Actual Power Generation 250,000 200,000 150,000 100,000 (kWh) FIT Period Feb 2, 2034 50,000 Power Hokkaido Electric Purchaser 0 一期一会| Jul 2023 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 39#40Individual 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/kWh FIT Period Mar 2, 2034 Power Purchaser Hokkaido Electric E-04 Ichigo Engaru Kiyokawa Location Hokkaido Area 27,164m² Operation Mar 4, 2014 Start Date Panel 1.12MW Output FIT JPY 40/kWh 200,000 150,000 100,000 50,000 FY24/6 H1 Actual Power Generation: +3.9% vs. Forecast Forecast Power Generation Actual Power Generation (kWh) 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024 2023 FY24/6 H1 Actual Power Generation: +2.9% vs. Forecast Forecast Power Generation Actual Power Generation 200,000 150,000 100,000 50,000 (kWh) FIT Period Mar 3, 2034 Power Hokkaido Electric 0 Purchaser Jul Aug Sep Oct 2023 Nov Dec Jan Feb Mar Apr 2024 May Jun 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 40#41Individual Solar Power Plant Details E-05 Ichigo lyo Nakayamacho Izubuchi Location Ehime Area 26,261m² Operation Apr 2, 2014 Start Date Panel Output FIT 1.23MW JPY 40/kWh FIT Period Apr 1, 2034 Power Purchaser Shikoku Electric E-06 Ichigo Nakashibetsu Midorigaoka 200,000 150,000 100,000 50,000 FY24/6 H1 Actual Power Generation: -0.3% vs. Forecast Forecast Power Generation Actual Power Generation (kWh) 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2023 2024 FY24/6 H1 Actual Power Generation: +4.2% vs. Forecast Location Hokkaido Area 54,870m² Operation Nov 4, 2014 Start Date Panel Output FIT JPY 40/kWh Forecast Power Generation Actual Power Generation (kWh) 300,000 250,000 200,000 1.93MW 150,000 100,000 FIT Period Nov 3, 2034 50,000 Power Hokkaido Electric Purchaser 0 一期一会| Jul Aug Sep Oct 2023 Nov Dec Jan Feb Mar Apr May Jun 2024 ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 41#42Individual 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/kWh FIT Period Dec 1, 2034 Power Purchaser Hokkaido Electric E-08 Ichigo Toyokoro Location Hokkaido 200,000 150,000 100,000 50,000 FY24/6 H1 Actual Power Generation: +10.0% vs. Forecast Forecast Power Generation Actual Power Generation (kWh) 0 Jul 2023 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024 200,000 Area 29,004m² Operation Dec 4, 2014 Start Date 150,000 Panel 1.02MW Output 100,000 FIT JPY 40/kWh FY24/6 H1 Actual Power Generation: +3.7% vs. Forecast Forecast Power Generation Actual Power Generation (kWh) FIT Period Dec 3, 2034 50,000 Power Hokkaido Electric Purchaser 0 一期一会| Jul Aug Sep 2023 Oct Nov Dec Jan Feb Mar Apr 2024 May Jun ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 42#43Individual Solar Power Plant Details E-09 Ichigo Nago Futami Location Okinawa Area 146,217m² Operation Feb 2, 2015 Start Date Panel 8.44MW Output FIT JPY 40/kWh FIT Period Feb 1, 2035 Power Purchaser Okinawa Electric E-10 Ichigo Engaru Higashimachi Location Hokkaido Area 46,329m² Operation Feb 3, 2015 Start Date Panel 1.24MW Output FIT JPY 40/kWh 1,500,000 1,200,000 900,000 600,000 300,000 FY24/6 H1 Actual Power Generation: -16.2% vs. Forecast Forecast Power Generation Actual Power Generation H (kWh) 0 Jul Aug Sep Oct Nov 2023 Dec Jan Feb Mar Apr May Jun 2024 FY24/6 H1 Actual Power Generation: -4.0% vs. Forecast Forecast Power Generation Actual Power Generation 200,000 150,000 100,000 (kWh) 50,000 FIT Period Feb 2, 2035 Power Hokkaido Electric اران Purchaser 0 一期一会| Jul Aug Sep 2023 Oct Nov Dec Jan Feb Mar 2024 Apr May Jun ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 43#44Individual 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/kWh FIT Period Jun 1, 2035 Power Purchaser Shikoku Electric E-12 Ichigo Miyakonojo Yasuhisacho Location Miyazaki Area 94,165m² Operation Jul 8, 2015 Start Date Panel 1.44MW Output FIT JPY 36/kWh 400,000 300,000 200,000 100,000 FY24/6 H1 Actual Power Generation: +7.7% vs. Forecast Forecast Power Generation Actual Power Generation (kWh) 0 Jul Aug Sep Oct Nov Dec 2023 Jan 2024 Feb Mar Apr May Jun FY24/6 H1 Actual Power Generation: -5.2% vs. Forecast Forecast Power Generation Actual Power Generation 250,000 200,000 150,000 100,000 (kWh) FIT Period Jul 7, 2035 50,000 Power Kyushu Electric Purchaser 0 Jul Aug Sep 一期一会| 2023 Oct Nov Dec Jan Feb Mar 2024 Apr May Jun ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 44#45Individual Solar Power Plant Details E-13 Ichigo Toyokawa Mitocho Sawakihama Location Aichi Area 19,393m² Operation Start Date Panel Sep 16, 2015 1.80MW Output FIT JPY 32/kWh FIT Period Sep 15, 2035 Power Chubu Electric Miraiz Purchaser E-14 Ichigo Yamaguchi Aionishi Location Yamaguchi Area 19,815m² Operation Dec 7, 2015 Start Date Panel 1.24MW Output FIT JPY 40/kWh FY24/6 H1 Actual Power Generation: +16.6% vs. Forecast Forecast Power Generation Actual Power Generation (kWh) 300,000 250,000 200,000 150,000 100,000 50,000 0 Jul Aug Sep Oct Nov Dec 2023 Jan Feb Mar Apr May Jun 2024 200,000 150,000 100,000 FY24/6 H1 Actual Power Generation: +3.1% vs. Forecast Forecast Power Generation Actual Power Generation (kWh) FIT Period Dec 6, 2035 50,000 Power Chugoku Electric Purchaser 0 一期一会| Jul Aug 2023 Sep Oct Nov Dec Jan Feb Mar 2024 Apr May Jun ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 45#46Individual Solar Power Plant Details E-15 Ichigo Yamaguchi Sayama Location Yamaguchi Area 43,621m² Operation Apr 6, 2016 Start Date Panel 2.35MW Output FIT JPY 36/kWh 400,000 300,000 200,000 FIT Period Apr 5, 2036 100,000 Power Chugoku Electric Purchaser FY24/6 H1 Actual Power Generation: +14.6% vs. Forecast Forecast Power Generation Actual Power Generation (kWh) 0 Jul Aug 2023 Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2024 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 46#47Appendix 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 47#48Reference: 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 fixed sale price for electricity (in Japan, 20 years). Japan's FIT is updated every year. Power Source [Contract Period] FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Determined via Determined via Determined via auction process (>2,000kW) auction process auction process (>500kW) (>250kW) JPY 12 Solar Power (>10kW) JPY 40 JPY 36 JPY 32 JPY 29 JPY 27 JPY 24 [20 years] JPY 21 (10kW- 2,000kW) JPY 18 (10kW- 2,000kW) JPY 14 (50kW- 250kW) Determined via auction process (>250kW) JPY 11 (50kW- 250kW) Determined via Determined via auction process auction process (>250kW) (>250kW) JPY 10 JPY 9.5 (50kW- (50kW- 250kW) 250kW) (10kW- JPY 13 JPY 12 JPY 11 JPY 10 500kW) (10kW- (10kW- (10kW- (10kW- 50kW) 50kW) 50kW) 50kW) Wind Power JPY 21 (>20kW) JPY 22 JPY 22 JPY 22 JPY 22 JPY 22 [20 years] *JPY 22 until Sept 30, 2017 JPY 20 JPY 19 JPY 18 JPY 17 JPY 16 JPY 15 Biomass JPY 40 (<2,000kW) JPY 40 (<2,000kW) JPY 40 (<2,000kW) JPY 40 (<2,000kW) JPY 40 (<2,000kW) JPY 40 (<2,000kW) JPY 40 (<2,000kW) JPY 40 (<2,000kW) JPY 40 (<2,000kW) JPY 40 (<2,000kW) (Domestic JPY 32 JPY 32 Feedstocks) [20 years] JPY 32 (>2,000kW) JPY 32 (>2,000kW) JPY 32 (>2,000kW) JPY 32 (>2,000kW) JPY 32 (>2,000kW) JPY 32 (>2,000kW) JPY 32 (>2,000kW) JPY 32 (>2,000kW) JPY 32 (>2,000kW) JPY 32 (>2,000kW) 一期一会| ICHIGO Average Ichigo Green FIT: JPY 38.7/kWh Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. Pre-consumption tax FIT for power plants with output of >10kW Source: METI, Agency for Natural Resources and Energy 48#49Shareholder Composition Major Shareholders (as of December 31, 2023) Name No. Of Shares Share Shareholdings by Shareholder Type Foreign Corporations & Individuals Non-Financial Domestic Corporations Domestic Financial Institutions Domestic Individuals 100% 1 Ichigo Trust Pte. Ltd. 22,677 22.0% 24,657 shares (23.9%) 24,938 shares (24.2%) 80% 2 Ichigo Inc. 6,000 5.8% 3 The Master Trust Bank of Japan, Ltd. (Trust Account) 60% 4,405 4.3% 11,051 shares (10.7%) 12,450 shares (12.1%) 11,796 shares (11.5%) 8,141 shares (7.9%) 24,648 shares (23.9%) 11,959 shares (11.6%) 11,568 shares (11.2%) 4 Rakuten Securities, Inc. 2,262 2.2% 40% 5 Bank of Fukuoka Ltd. 1,323 1.3% 54,808 shares (53.2%) 58,091 shares (56.4%) 54,791 shares (53.2%) 20% 6 Otani Asset Management, K.K. 870 0.8% 0% 7 Fuji Dempa Kogyo Co., Ltd. 676 0.7% Dec 31, 2022 * (102,966 shares) Jun 30, 2023* (102,966 shares) Dec 31, 2023* (102,966 shares) 8 Progression Ltd. 653 0.6% * Number of shares outstanding Shareholders by Shareholder Type 9 Monex, Inc. 650 0.6% Dec 31, 2022 | Jun 30, 2023 Dec 31, 2023 Shareholders | Shareholders Shareholders Domestic Individuals 7,778 8,039 Share 7,794 98.2% 10 au Kabucom Securities Co., Ltd. 616 0.6% Domestic Financial Institutions 18 19 19 0.2% Total 40,132 39.0% City banks, regional banks Trust banks 2 1 1 0.0% 3 3 3 0.0% Other (including securities companies) 13 Non-Financial Domestic Corporations 95 35 15 15 0.2% 91 84 1.1% Foreign Corporations & Individuals 40 46 40 0.5% Total 7,931 8,195 7,937 100% 一期一会| ICHIGO Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 49#50Share Price (Dec 1, 2016 to Jan 31, 2024) Listed on the TSE on Dec 1, 2016 (JPY) 90,000 Final trading date for settlement before the two-for- one stock split Dec 26, 2017 80,000 70,000 60,000 50,000 40,000 30,000 2016/12 2017/6 2017/12 2018/6 (Shares Traded) 3,000 Ichigo Green (left axis) TSE REIT Index (left axis) TSE Infrastructure Fund Index (left axis) Trading Volume (right axis) 2018/12 2019/6 2019/12 2020/6 2020/12 2021/6 一期一会| ICHIGO *Share price and shares traded from Dec 1, 2016 to Dec 26, 2017 have been adjusted to reflect stock split. O Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 2,500 2,000 1,500 1,000 500 0 2021/12 2022/6 2022/12 2023/6 2023/12 Source: Bloomberg 50#51一期一会| ICHIGO Ichigo Green Overview Investment Corporation Name Securities Code Address Executive Director Fiscal Year Ichigo Green Infrastructure Investment Corporation 9282 2-6-1 Marunouchi, Chiyoda-ku, Tokyo Nanako Ito July 1 - June 30 (Half-Year is July 1 - December 31) Asset Management Company Name President & Executive Officer Ichigo Investment Advisors Co., Ltd. Hiroshi Iwai Registration & Membership Financial Instruments Dealer License (Investment Management Services, Investment Advisory & Agency Services, and Type II Financial Instruments Services): Minister of Finance, Kanto Financial Bureau #318 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 51#52These 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: Make The World Ichigo Green IR Desk (9282) TEL: +81-3-4485-5233 Ichigo ESG 一期一会| More Sustainable ICHIGO E-mail: [email protected] 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. O Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.