Ichigo : Itoshima Iwara ECO Power Plant Begins Operation

Ichigo Preserves and Improves Real Estate

[Provisional Translation Only]

This English translation of the original Japanese document is provided solely for information purposes. Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

January 7, 2019

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

Representative: Scott Callon, Chairman

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

Ichigo Itoshima Iwara ECO Power Plant Begins Operation

Ichigo established Ichigo ECO Energy in 2012 in order to enter the clean energy business and contribute to Ichigo's goal of building a more sustainable society. Today Ichigo's 40th solar power plant, the Ichigo Itoshima Iwara ECO Power Plant, began operation, making purposeful use of a former pig farm site in Fukuoka Prefecture to produce clean, renewable energy.

1. Ichigo Itoshima Iwara ECO Power Plant Details

Operation Start Date	January 7, 2019
Location	Iwara, Itoshima City, Fukuoka Prefecture
Area	58,743m2
Panel Output	1.48MW
Number of Panels	4,720
Annual Power Generation1	1,647,000kWh (enough power for 450 households2)

• 1 Annual 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.

• 2 Assumes average annual consumption of 3,600kWh per household. (Reference: The Federation of Electric Power Companies of Japan)

2. Ichigo Solar Power Plant Timeline

Total number of Ichigo and Ichigo Green plants operating or under development: 49 plants, 152MW

FY15/2	FY16/2	FY17/2	FY18/2	As of January 7, 2019		FY19/2 (Forecast)	FY20/2 & Onward (Forecast)
Plants online	17	24	32	35	40		40	49
Output (MW)	29.36	42.02	54.22	101.77	113.06		113.06	152.09

FY20/2 &

(Forecast)

The above table includes 15 plants owned by Ichigo Green (TSE Infrastructure Market, 9282) and operated by Ichigo.

3. Earnings Outlook

The impact of the Ichigo Itoshima Iwara ECO Power Plant has already been reflected in Ichigo's FY19/2 consolidated earnings forecast announced on April 18, 2018.

Ichigo Itoshima Iwara ECO Power Plant

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