Ichinoseki Solar Power Project Update

GPSC • GPSC uses GK structure on ISP1 project to ensure control over the project company Godo Kaisha (GK) Tokumei Kumiai (TK) Equity investment Operation & Management Thai Co. Dividend Service Project Co. Asset Manager Revenue TK investor TK investment/ Passive investment TK operator Shares TK distribution/ Profit sharing Service Project Co. Asset Manager Operation & Management Revenue FA GK structure is an equity investment in order to have control over project company Moreover, GPSC is able to consolidate financial performance of the project company on GPSC's financial statement The dividend income that GPSC receives will be taxed, only once, at source (in Japan), as there is Double Tax Agreement 8 TK structure is a passive investment where TK investors only provide funding through TK operator in which TK investor has no share and control over project company TK investor will receive return in terms of TK distribution; similar to profit sharing, which depends on an agreement between TK investor and TK operator called TK agreement TK investor will be doubled tax according to Japanese and Thai laws GID Knowledge Sharing

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