RENOVA : Notice Regarding Introduction of Share Delivery Trust for Employees of RENOVA and Its Subsidiaries

May 20, 2021

Corporate Name: RENOVA, Inc.

Representative: Yosuke Kiminami, Founding CEO

(Stock code: 9519

Tokyo Stock Exchange 1st)

Contact: Kazushi Yamaguchi, CFO

(TEL: [phone])

Notice Regarding Introduction of Share Delivery Trust for Employees of RENOVA and Its

Subsidiaries

RENOVA, Inc. (hereinafter the "Company") announces that a meeting of the Board of Directors held today resolved to introduce a share delivery trust for employees (hereinafter the "Plan," a trust agreement which the Company will enter into with Resona Bank, Ltd. for the Plan is hereinafter referred to as the "Trust Agreement," and a trust to be established based on the Trust Agreement is hereinafter referred to as the "Trust") as an incentive plan for employees of the Company and its subsidiary (hereinafter collectively the "Company, etc.") (hereinafter the "Employees of the Company, etc.") as described below.

1. Introduction of the Plan

1. Our mission is "to create green and sustainable energy systems for a better world," and our vision is "to become Asia's renewable energy leader."
   As part of the incentive plan for the Employees of the Company, etc., the Company has decided to introduce the Plan for the purpose of increasing the motivation and morale of the employees to contribute to the medium- to long-term enhancement of corporate value through the realization of the Company's mission and vision.
2. The Plan is an incentive plan for the employees with reference to the employee stock ownership plan (ESOP) in the United States.
   The Company will deliver and pay (hereinafter "Deliver, etc.") the Company' shares acquired by the Trust and the amount of money equivalent to proceeds from the disposal of the Company's shares (hereinafter the "Company's Shares, etc.") to the Employees of the Company, etc. according to their degree of contribution.

2. Overview of the Plan

In the Plan, a trust which the Company will establish by contributing money will acquire the Company's shares and Deliver, etc. the Company's Shares, etc. to the Employees of the Company, etc. who have met certain requirements based on the rules on the delivery of shares established by the Company (hereinafter the "Share Delivery Rules").

The Company will give the Employees of the Company, etc. points in each fiscal year according to their degree of contribution based on the Share Delivery Rules and, if the eligibility requirements have been met under certain conditions, Deliver, etc. the Company's Shares, etc. corresponding to the given points. Because the Company will contribute the full amount of money for the establishment of the Trust, the Employees of the Company, etc. do not have to contribute any money.

Because the Employees of the Company, etc. will be able to receive economic benefits with a rise in the price of the Company's shares as a result of the introduction of the Plan, it is expected to have the effect of raising their motivation to achieve further business development and enhancement of the corporate value. In addition, because the exercise of voting rights on the Company' shares, which are the trust property of the Trust, reflects the intention of the Employees of the Company, etc., who are candidates for the beneficiaries, it is expected to have the effect of raising their independent awareness of the Company's vision and mission and medium- to long-term business strategies.

3. Structure of the Plan

(1) Establishment of the

[Trustor]

Share Delivery Rules

The Company

Stock market

(4) Dividends

(2) Establishment

[Beneficiaries]

of trust

Employees of the

Company, etc.

Company shares

(3) Company's shares

and money

[Trustee]

(6) Delivery of Company shares

(3) Payment for the shares

Resona Bank, Ltd.

and monetary payment

[Trustee of re-trust]

Custody Bank of Japan, Ltd.

(5) Instructions to exercise

[Trust administrator]

voting rights

1. With the introduction of the Plan, the Company will establish the Share Delivery Rules.
2. The Company will establish the Trust by contributing money to implement the Plan.
3. The Trust will acquire the Company's shares from the stock market with money entrusted in (2) above as the source of funds*.
   (The Trust will acquire the number of shares deemed necessary each fiscal business year, in principle.)
4. Dividends on Company shares held by the Trust are paid in the same manner as that for other Company shares.
5. The trust administrator will give the trustee instructions of the exercise of voting rights, etc. in respect of the Company's shares in the Trust, and the trustee will follow such instructions.
6. During the trust period, the Company grants points, each fiscal year, to Employees, etc. of the Company, etc. according to factors such as the degree of their contribution, the level of expectations of them and the degree of achievement of their performance targets based on the Share Delivery Rules described in (1) above, and it makes Delivery, etc. of the number of Company Shares, etc. corresponding to the points granted to eligible persons who meet certain beneficiary requirements set out in the Share Delivery Rules.

• Every fiscal year, in principle, the Company will contribute the funds required to acquire the number of shares deemed necessary.

(Reference)
[Overview of the Trust Agreement]
(1)	Name:	Share delivery trust for employees
(2)	Trustor:	The Company
(3)	Trustee:	Resona Bank, Ltd.
		Resona Bank, Ltd. will conclude a specified comprehensive trust agreement
		with Custody Bank of Japan, Ltd., and Custody Bank of Japan, Ltd. will
		become the trustee of re-trust.
(4)	Beneficiaries:	The Employees of the Company, etc. who have met the beneficiary
		requirements specified in the Share Delivery Rules.
(5)	Trust administrator:	Appointed from among the Employees of the Company, etc.
(6)	Date of trust agreement:	August 2021 (planned)
(7)	Date of establishment of trust:	August 2021 (planned)
(8)	Trust period:	From August 2021 (planned) to the end of the Trust
		(The Trust will continue as long as the Plan continues without any specific
		date of expiration.)

4. Details of the Company's shares acquired by the Trust

Details (amount, the acquisition method, etc.) of the Company's shares acquired by the Trust will be disclosed in a timely and appropriate manner after they have been determined.

[For inquiries about this release] Kenichiro Nose, Investor Relations Tel: [phone]

Email: [e-mail]