Canadian Solar Infrastructure Fund : Notice Concerning the Response of Canadian Solar Infrastructure Fund’s Asset Management Group to the Special Committee's Response

June 20, 2022

For Immediate Release

Investment Corporation

Canadian Solar Infrastructure Fund, Inc.

Representative: Hiroshi Yanagisawa

Executive Officer

(Securities Code: 9284,

Infrastructure Fund Market)

Asset Manager

Canadian Solar Asset Management K.K.

Representative:	Hiroshi Yanagisawa
	CEO & Representative Director
Inquiries:	Keiichi Yoshida
	Chief Financial Officer
	TEL: [phone]

Notice Concerning the Response of Canadian Solar Infrastructure Fund's Asset

Management Group to the Special Committee's Response

Canadian Solar Infrastructure Fund (hereinafter referred to as "CSIF") hereby announce that it had received a notice from Canadian Solar Asset Management K.K. (hereinafter referred to as "CSAM"), the asset management company of CSIF, and Canadian Solar Projects K.K., the sponsor of CSIF (hereinafter referred to as the "Sponsor" and collectively with CSAM, the "CSAM Group"), that CSAM Group had received a response letter from the Special Committee of Renewable Japan Energy Infrastructure Fund (hereinafter referred to as the "RJIF") as described in the press release titled "Notice of the Special Committee's Response to Canadian Solar Infrastructure Fund's Asset Management Company Group's Proposal (hereinafter referred to as the "Proposal") dated June 13, 2022" (hereinafter referred to as the "RJIF Press Release") which was issued on June 17, 2022. CSAM group reported that as described in the RJIF Press Release, the letter from the Special Committee of the RJIF(hereinafter referred to as the "Special Committee") states that the Special Committee decided they will not request Limited Liability Company RJ7(the "Tender Offeror") to extend the period of the Tender Offer until August 5, 2022.

According to CSAM Group, RJIF has decided not to make the extension request due to the time constraints related to the Tender Offer. However, the CSAM Group still strongly believes that the Proposal will contribute to maximizing the value of RJIF and the common interests of its unitholders. Therefore, considering the Special Committee's view in its response that it has an intention to

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continue to seriously and carefully consider the Proposal and will engage in necessary and appropriate communication with CSAM Group, CSAM Group has sent the response (hereinafter referred to as the "Response") to the Special Committee for the purpose of explaining the reasons of the Proposal again in order to reconsider and discuss the Proposal.

For the contents of this Response, please refer to the "Response to "Response to "Your Proposal" dated June 13, 2022", dated June 17, 2022, which is attached hereto as an Exhibit.

If any matters arise regarding this proposal that should be disclosed in the future, we will disclose them in a timely and appropriate manner.

End

*Note: "The CSAM Group" includes the Sponsor, so the above expressions are hearsay from third parties, but when the CSAM is the main entity, it also includes the meaning of its own recognition and actions.

URL of CSIF:

https://www.canadiansolarinfra.com/en/

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(Original Letter in Japanese and for Translation Purpose Only in English)

June 20, 2022

Renewable Japan Energy Infrastructure Fund Inc.

To: Board of Directors

To: Special Committee

Canadian Solar Asset Management K.K.

Hiroshi Yanagisawa, CEO and Representative Director

Canadian Solar Projects K.K.

Ryota Yamada, Representative Director

Response to "Response to "Your Proposal" dated June 13, 2022", dated June 17, 2022

Dear Sir or Madam

We would like to take this opportunity to express our sincere appreciation for your continued support.

We would like to express our sincere gratitude for your response to our "Letter of Proposal" dated June 13, 2022 (hereinafter referred to as the "Proposal") as stated in your response "Response to "Letter of Proposal" dated June 13, 2022", dated June 17, 2022.

In this response, Renewable Japan Energy Infrastructure Fund (hereinafter referred to as the "RJIF") states that, as a result of consideration of the contents of the Proposal by your Special Committee, RJIF has decided not to request Limited Liability Company RJ7 (hereinafter referred to as the "Tender Offeror") to extend the Tender Offer Period until August 5, 2022 (hereinafter referred to as the "Extension Request").

This response states that the decision by your Special Committee not to make this extension request as of June 17, 2022 is due to the time constraints related to the Tender Offer, and does not indicate that your Special Committee will not consider this proposal in the future. According to the response, The Special Committee will continue to give serious and careful consideration to the Proposal, and will seek the advice of Canadian Solar Asset Management K.K. (hereinafter referred to as the "CSAM") and Canadian Solar Projects K.K. (hereinafter referred to as the "CSP"). We understand

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that CSAM and CSP will be able to discuss the Proposal as necessary and sufficient in the future. We appreciate again the opportunity of your consideration to the Proposal.

Again, since we still strongly believe that this proposal will contribute to maximizing the value of your infrastructure fund and the common interests of its unitholders, we would like to reiterate our reasons for this proposal and ask you to reconsider the Extension Request.

Sincerely yours

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(1) Economics of the Proposal for Unitholders of the Investment Fund

In the "Response to the Proposal dated June 13, 2022," you responded that "At this point in time, the terms and conditions of the Proposal, including the merger ratio, cannot be judged to be clearly superior to the terms and conditions of the Tender Offer, including the Tender Offer Price. We assume that this point is regarding the fact that the investment unit price calculated based on the merger ratio stated in the proposal and the current market price of investment units of Canadian Solar Infrastructure Fund Inc.(the surviving corporation in the absorption-type merger, hereinafter referred to as "CSIF") is lower than the Tender Offer Price. However, as stated in the "Letter of Proposal dated June 13, 2022," the allocation related to the merger under the Proposal (hereinafter referred to as the "Merger") will be made at a ratio of 0.86 or morefor RJIF (the absorbed corporation) to CSIF, and such ratio represent the minimum standard based on public information and distribution amounts at this point in time. We believe that it is quite possible that we will propose and discuss a merger ratio higher than 0.86after carefully examining the effects of the merger through due diligence.

Therefore, even though we are unable to make a decision at this time, we are confident that after further discussions, including due diligence, you will decide that the Merger will contribute to increasing the equity value of your unitholders.

Based on the assumed merger ratio of 0.86 or more and the closing price of CSIF's units on June 17, 2022 of 125,900 yen, the unit price of your unitholders is valued at 108,274 yen or more, which is less than the Tender Offer Price of 115,000 yen. However, under the schedule of the Merger as contemplated by CSAM and CSP, unitholders of RJIF will receive distributions of 3,200 yen per unit on July 31, 2022 and January 31, 2023, respectively, and after the Merger, unitholders will continue to receive distributions at or above the current level. Therefore, we believe that the difference between the Tender Offer Price and the Tender Offer Price of 115,000 yen can be recovered in a relatively short period of time by continuing to hold the investment units of the combined Investment Fund after the Merger, as shown in the chart below. Please note that the calculation results shown below are reference purpose only, based on the current CSIF unit price and RJIF's distribution forecast, and are not a guarantee of the amount equivalent to RJIF's units, nor a confirmation request of the RJIF distributions to be distributed.

Image of the economic value of RJIF unitholders to continuously hold the units by each merger ratio

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