Topics of this term

Topics in the 17th period and Future Measures

CSIF’s Expression of an Opinion Regarding the TOB
CSIF’S Opinion on the TOB	CSIF resolved, at a meeting of its Board of Directors, to express an opinion in favor of a TOB mainly due to the following factors. ⅰ. The Bidder would respect the CSIF and the CSAM’s management system and policies ⅱ. Various support from the bidder can be expected to contribute to improving the operating revenue of CSIF and maintaining and increasing the level of distributions.
CSIF’S Opinion on the Fairness of the TOB Price	CSIF also resolved, at the meeting of its Board of Directors to withhold its opinion on the appropriateness of the TOB Price and leave the decision regarding whether or not to accept the TOB to the unitholders of CSIF mainly due to the following factors. ⅰ. CSIF has not requested that a third-party calculation agent calculate the Investment Units’ value and it has not examined on its own whether or not the TOB Price fairly reflects the corporate value of the Investment Corporation ⅱ. Since the listing of investment units of CSIF is scheduled to be maintained after the TOB, it is also considered reasonable for the unitholders of CSIF to continue to hold Investment Units of CSIF even after the TOB

Result of the TOB
Announcement date	September 19, 2025
Result of the TOB	Status of Tendered Investment Units from July 1, 2025 to September 18, 2025 - Tendered Investment Units : 60,081 units (13.99% of total investment units issued) ▶ As the total number of Tendered Investment Units (60,081 units) has not exceeded the maximum number of investment units to be purchased (85,885 units), the Tender Offeror purchased all of the Tendered Investment Units. ▶ The Tender Offeror has announced its policy to acquire additional Investment Units of CSIF through on-market or off-market until the number reaches the upper limit of a total of 85,885 units (holding ratio of 20.00%) which is the minimum holding ratio required to make CSIF an equity method affiliate after the TOB

As of October 31,2025

As of October 7,2025

Background to the Rating Upgrade

“Support for stable cash flow”: Stable CF generation based on long-term fixed electricity sales revenue through FIT.
“Conservative financial management”: Financial resilience and funding stability through appropriate leverage management and funding centered on long-term fixed interest rates.
“Probability of external growth and support structure”: Ability to execute growth through extensive development and acquisition pipelines and support from CSP and Hulic (support contracts, etc.).
“Expansion of asset size and diversification”: Portfolio expands and concentration decreases due to continuous property acquisition (diversification).