Presentation Material for 12th Fiscal Period(ended November 30, 2021)
Takara Leben Infrastructure Fund, Inc
Securities code: 9281
https://www.tif9281.co.jp/en

Asset Manager

https://takara-am.co.jp/en

2Table of Contents
I.

Ⅱ.

Ⅲ.

Performance Overview for 12th Fiscal Period
Overview of Financial Result for 12th Fiscal Period(ended November 30, 2021)

P4

Factors Determining Dividends for 11th Fiscal
Period (ended November 30, 2021)

P5

Portfolio Performance

P6

Major Topics
Overview of the 5th Public Offering (December2021) ➀

P14

Overview of the 5th Public Offering (December2021) ➁

P16

Overview of the 5th Public Offering (December2021) ➂

P17

Overview of the 5th Public Offering (December2021) ➃

P18

IV.

Future Investment Strategies

Reinforced ESG strategy

P27

Strong and Solid Financial Base ➀P31

Strong and Solid Financial Base ➁P32

External Growth

P33

Internal Growth

P34

Performance Forecast for 13th to 15th Fiscal
Period

P35

Dividends Forecast and Result

P36

Revenue Forecast for 13th Fiscal Period (ending
May 31, 2022)

P37

Appendix
Unitholder Status at the End 12th Fiscal Period(ended Nov 2021)

P39

Balance Sheet for 12th Fiscal Period (ended
November 30, 2021)

P40
P41

The First Listed Infrastructure Fund in Japan

P20

Continuous Growth through Assets Acquisition

P21

Statement of Income for 12th Fiscal Period (ended
November 30, 2021)

Dividends Policy

P22

Portfolio Data

P42

Income Schemes

P23

Change in Stock Price

P43

Portfolio Overview

P24

Profile of Asset Manager

P44

Portfolio Located in High-Demand Area

P25

Credit Rating

P26

I.

Performance Overview for
12th Fiscal PeriodII.

Major Topics

III. Future Investment Strategies

IV. Appendix

3

4

Overview of Financial Result for 12th Fiscal Period(ended November 30, 2021)
Dividends per unit increased by ¥139 to ¥3,450, primary due to the increased performance-linked rent revenue

Performance

Previous
Performance

12th Fiscal Period(ended November 30, 2021)

11th Fiscal Period(ended May 31,
2021)

Result(A)

Forecast(B)

Major Contributing Factors

C

Comparison to the forecast

Operating revenue¥2,622 Million¥2,557 Million+¥65 Million+2.5%¥2,677 Million

Operating expense¥1,806 Million¥1,768 Million+¥37 Million+2.1%¥1,770 Million

Operating income¥816 Million¥789 Million+¥27 Million+3.5%

Net income¥670 Million¥639 Million+¥30 Million+4.8%

Operating revenue
Performancelinked rent+¥64 Million

Operating expense(note)
Damage insurance
premiums+¥20 Million¥906 Million

Repair+¥24 Million¥755 Million

Legal fees+¥8 Million

Fixed assets tax-¥3 Million

Depreciation-¥3 Million

Other-¥8 Million

Total dividends
per unit¥3,450

3,311

+¥139

+4.2%

¥3,704

Ordinary dividends
per unit¥3,039

2,900

+¥139

+4.8%

¥3,426

Excess of retained
earnings per unit

¥411

411

-

-

¥278

Non-operating expenses(note)
Interest expenses

Total numbers ofplants38

38

Total panel output

131.0MW

131.0MW

Forecasted power
generation

76,620MWh

78,393MWh-¥5 Million(note)The 「+」 denotes a decrease inoperating income and net income,and the 「-」 denotes an increase.

5

Factors Determining Dividends for 12th Fiscal Period(ended November 30, 2021)
Dividends increased by increased operating revenue rather than changes in excess of retained earnings
Change from theforecast+4.2%
Changes in
Operating Expense

Excess ofretained earnings￥411

Restoration works at
power plants
Increase in property
insurance premiums

Changes in
Operating Revenue
Increased performancelinked rent

Changes in Nonoperating Income
and Expenses
＋￥16

＋￥294
Ordinary
dividends￥3,039-￥171
Ordinary
dividends￥2,900

Excess ofretained earnings￥411

Major restoration event
LS Inashiki Aranuma2
cable restoration work-¥24 Million

Major plants with recorded increased
performance-linked income
LS Nasu Nakagawa+￥15 Million

LS Shioya2+￥12 Million

LS Hiroshima Mihara+￥11 Million

Main reasons for changes in non-operating
income and expenses
Increase in ordinary income
due to decrease in interest
expenses＋￥5 Million

Initial dividends forecast

Actual dividends

Total 3,311円

Total 3,450円（+￥139）

6

Portfolio Performance■ Forecasted power generation(MWh)■ Actual power generation+9.6%

18,00017,103+1.5%

16,00015,599-8.8%
15,937

14,95014,730+12.7%
14,854

14,527+12.5%

14,000+6.5%-10.0%
15,115

14,571
13,687

13,59813,182

13,078

-7.3%
-2.5%

12,25512,000-5.6%

11,362

11,506+15.2%
11,213

11,01910,280-1.4%
10,00011,627

9,706

9,563

9,153 9,027

8,000

6,000

4,000

2,000

0
2020年

2021年

2021年

2021年

2021年

2021年

2021年

2021年

2021年

2021年

2021年

2021年

Dec,2020
12月

Jan,2021
1月

Feb,2021
2月

Mar,2021
3月

Apr,2021
4月

May,2021
5月

Jun,2021
6月

Jul,2021
7月

Aug,2021
8月

Sep,2021
9月

Oct,2021
10月

Nov,2021
11月

th Fiscal
10th11Fiscal
Period(endedNovember
2020)
Period(endedMay 31, 30.
2021)

th Fiscal Period (ended May 31, 2021)
12th11
FiscalPeriod (ended November 30, 2021)(Note) The estimated generation is the total of the expected amounts of electricity generation in the 50th percentile of probability of exceedance calculated by a third party on the basis of the database for hourly
solar radiation for a year and others

7

Individual Power Plant Performance■ Forecasted power generation

S-01 LS Shioya
Tochigi

S-02 LS Chikusei

kWh
(kwh)

Ibaraki

400,000■ Actual power generation(kwh)
200,000

300,000
200,000

100,000

100,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-03 LS Chiba Wakabaku (kwh)Chiba

S-04 LS Miho
Ibaraki

100,000

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

(kwh)
200,000

100,000

0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-05 LS Kirishima Kokubu (kwh)Kagoshima

S-06 LS Sosa
Chiba

300,000
200,000

200,000

100,000

100,000

00
Dec

S-07 LS Miyagi Osato
Miyagi(kwh)
300,000

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-08 LS Mito Takada (note1)
(kwh)

(kwh)
300,000

Ibaraki

400,000
300,000

200,000

200,000
100,000

100,000

0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

7

8

Individual Power Plant Performance■ Forecasted power generation

S-09 LS Aomori Hiranai
Aomori
Ibaraki

S-10 LS Tone Fukawa(kwh)

Ibaraki

300,000■ Actual power generation(kwh)
400,000
300,000

200,000
200,000
100,000

100,000
00
Dec

S-11 LS Kamisu Hasaki
Ibaraki

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Dec

Nov

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

May

Jun

Jul

Aug Sep

Oct

Nov

May

Jun

Jul

Aug

Oct

Nov

S-12 LS Tsukuba Bouchi (note2)(kwh)

Tochigi

200,000(kwh)
350,000
300,000

150,000

250,000
200,000

100,000

150,000
100,000

50,00050,0000
Dec

S-13 LS Hokota
Tochigi

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

0

Nov

Dec

S-14 LS Nasu Nakagawa(kwh)

Ibaraki

300,000(kwh)
3,000,000
2,500,000

200,000

2,000,000
1,500,000
1,000,000

100,000

500,000
00
Dec

S-15 LS Fujioka A
Tochigi

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Dec

Nov

Jan

Feb

Mar

Apr

S-16 LS Inashiki Aranuma 1 (note3)(kwh)
100,000

Ibaraki

80,000(kwh)
400,000
300,000

60,000200,000
40,000100,000

20,000
0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

0
Dec

Jan

Feb

Mar

Apr

Sep

8

9

Individual Power Plant Performance■ Forecasted power generation

S-17 LS Fujioka B
Tochigi

S-18 LS Inashiki Aranuma 2(note4)
(kwh)

(kwh)

Ibaraki

400,000

200,000

300,000

150,000

200,000

100,000

100,000

50,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-19 LS Sakuragawa Shimoizumi(kwh)
Ibaraki■ Actual power generation

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-20 LS Fukushima Yamatsuri
(kwh)
(Note
1)
Fukushima
200,000

400,000
300,000

150,000

200,000

100,000

100,000

50,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-21 Shizuoka Omaezaki

S-22 LS Mie Yokkaichi(kwh)

ShizuokaMie
200,000(kwh)
300,000

150,000
200,000
100,000
100,000

50,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-23 LS Sakuragawa Nakaizumi
Ibaraki

S-24 LS Shirahama(kwh)
400,000

Wakayama(kwh)
1,200,000
1,000,000

300,000

800,000
600,000

200,000

400,000
100,000

200,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

9

10

Individual Power Plant Performance■ Forecasted power generation

S-25 LS Takahagi
Ibaraki

S-26 LS Hanno Misugidai(kwh)

Saitama

200,000
150,000
100,000
50,0000
Dec

S-27 LS Sakuragawa 1
Ibaraki

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

(kwh)
350,000
300,000
250,000
200,000
150,000
100,000
50,0000Nov

S-28 LS Sakuragawa 4(kwh)

Ibaraki

400,000

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

(kwh)
400,000

300,000

300,000

200,000

200,000

100,000

100,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-29 LS Chiba Sammu, East/West

S-30 LS Nagasaki Isahaya (note 5)

(kwh)

Chiba

■ Actual power generation

Nagasaki

800,000(kwh)
300,000
250,000

600,000

200,000
150,000

400,000

100,000
200,000

50,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-31 LS Shioya 2 (note6)
Tochigi

S-32 LS Hiroshima Mihara(kwh)
2,000,000

Hiroshima(kwh)
2,000,000

1,500,000

1,500,000

1,000,000

1,000,000

500,000

500,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

10

11

Individual Power Plant Performance■ Forecasted power generation

S-34 LS Fukushima Kagamiishi 1 (note7)

S-33 LS Sakuragawa 2&3
Ibaraki■ Actual power generation(kwh)
800,000

Fukushima(kwh)
100,000
80,000600,000

60,000400,000
40,000200,000

20,000

0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug Sep

Oct

Nov

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug Sep

Oct

Nov

Dec

Jan

Feb MarApr May Jun

Jul

Aug Sep

Oct

Nov

S-36 LS Chiba Narita

S-35 LS Fukushima Kagamiishi 2
Fukushima

Dec

(kwh)

Chiba

100,000
80,000(kwh)
200,000
150,000

60,000100,000

40,00050,00020,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug Sep

Oct

Nov

S-37 LS Iwate Hirono
Iwate

S-38 LS Miyagi Matsushima(kwh)
350,000
300,000
250,000
200,000
150,000
100,000
50,0000Miyagi長崎県(kwh)
2,500,000
2,000,000
1,500,000
1,000,000
500,000

Dec

Jan

Feb

Mar

Apr

May JunJul

Aug Sep

Oct

Nov

0

(kwh)
(kwh)
（note) The period covered by the assumed
and actual power generation is from December 2020 to November 2021.
（note1） Due to the theft of electric cables and other equipment that occurred in June 2021, power sales at LS Mito Takada was partially suspended from that month until July 2021.
（note2） Due to a burnout that occurred in April 2021, power sales at LS Tsukuba Bouchi was partially suspended from that month until July of the same year.
（note3） Due to a burnout that occurred in July 2021, power sales at LS Inashiki Aranuma1 was partially suspended from that month until November of the same year.
（note4） Due to the theft of electric cables and other equipment that occurred in July 2021, power sales at LS Inashiki Aranuma2 was partially suspended from that month until October 2021.
（note5） Due to the Output Curtailment that occurred in April and May 2021, LS Nagasaki Isahaya saw a decrease in electricity sales.
（note6） Due to a Annual inspection of special high-voltage power receiving stations in October 2021, LS Shioya 2 stopped selling electricity for 12 days during the same month.
（note7） Due to PCS failure that occurred in August 2021, power sales at LS Fukushima Kagamiishi 1 was partially suspended from that month until October of the same year.

12

Portfolio Performance(unit:￥ thousands)
№

S-01
S-02
S-03
S-04
S-05
S-06
S-07
S-08
S-09
S-10
S-11
S-12
S-13
S-14
S-15
S-16
S-17
S-18
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29
S-30
S-31
S-32
S-33
S-34
S-35
S-36
S-37
S-38

Name of Power Plant

LS Shioya
LS Chikusei
LS Chiba Wakabaku
LS Miho
LS Kirishima Kokubu
LS Sosa
LS Miyagi Osato
LS Mito Takada
LS Aomori Hiranai
LS Tone Fukawa
LS kamisu Hasaki
LSTsukuba Bouchi
LS Hokota
LS Nasu Nakagawa
LS Fuzioka A
LS Inashiki Aranuma 1
LS Fuzioka B
LS Inashiki Aranuma 2
LS Sakuragawa Shimoizumi
LS Fukushima Yamatsuri
LS Shizuoka Omaezaki
LS Mie Yokkaichi
LS Sakuragawa Nakaizumi
LS Shirahama
LS Takahagi
LS Hanno Misugidai
LS Sakuragawa1
LS Sakuragawa4
LS Chiba Sammu East and WestLS Nagasaki Isahaya
LS Shioya 2
LS Hiroshima Mihara
LS Sakuragawa２&３
LS Fukushima Kagamiishi 1
LS Fukushima Kagamiishi 2
LS Chiba Narita
LS Iwate Hirono
LS Miyagi Matsusima
Total

Minimum Guaranteed Performance-linked
Rent Income
Rent Income

58,81924,757
15,56526,24245,24737,07538,88344,33939,052
54,41525,02853,54937,615
365,696
12,29656,175
48,77825,11850,67826,31723,29542,89253,155
163,778
20,684
41,64049,80146,016103,675
32,310208,175
246,092
97,56010,274
10,48322,35445,386
214,077
2,517,307(note) Repair expenses for cable restoration work are recorded.

1,785
244
129
202
168
1,410
606
178
382
245
2,131
1,404
3,700
15,129
711
2,491
2,873
1,344
4,041
401
1,424
804
2,930
9,827
913
1,834
3,239
2,673
5,276
514
11,93011,079
5,417
272
269
910
1,696
4,854
105,453

Rent Expense

30,401
12,465
7,053
12,822
25,05921,914
21,534
22,246
19,95429,683
17,06135,43825,937
194,851
8,237
34,33331,26842,78933,934
17,521
15,093
26,78936,966
106,394
12,93819,42537,29936,94861,61824,431
134,190
151,138
77,5698,373
7,566
16,52030,287
128,229
1,576,291(depreciation)

22,443
8,974
4,441
8,961
18,503
15,21815,451
16,253
12,637
21,718
11,112
21,751
16,647
154,742
4,595
20,276
20,439
11,171
20,584
10,703
9,814
17,942
22,95562,2787,869
7,364
22,004
21,051
42,98016,17589,232
95,40645,582
4,737
5,046
10,836
20,272
79,215
1,017,394

NOI(before depreciation)

NOI(after depreciation)

52,64521,51013,082
22,58338,85931,78933,40638,537
32,117
46,696
21,211
41,26632,026
340,7319,366
44,60940,823(note） -5,154
41,37019,90019,442
34,84942,075
129,489
16,546
31,41337,74532,79290,357
24,568
175,147
201,441
70,991
6,911
8,232
17,58137,068
169,918
2,063,955

30,202
12,536
8,641
13,622
20,356
16,571
17,95522,284
19,48024,977
10,09819,515
15,379185,988
4,770
24,333
20,383（note） -16,326
20,7859,196
9,627
16,907
19,11967,211
8,677
24,04915,741
11,74147,377
8,392
85,915106,034
25,408
2,174
3,185
6,745
16,79590,703
1,046,561

I.

Performance Overview for
12th Fiscal PeriodII.

Major Topics

III. Future Investment Strategies

IV. Appendix

13

14

Overview of the 5th Public Offering (December 2021) ➀Total Asset Value

Numbers of Owned Power Plants

End of November 2021

After the 5th Public Offering (December 2021)

End of November 2021

After the 5th Public Offering (December 2021)¥49.47 Billion¥67.87 Billion

38 Plants

42 Plants

Total Panel Output

Expected Power Generation

End of November 2021

After the 5th Public Offering (December 2021)

End of November 2021

After the 5th Public Offering (December 2021)

131.0MW

171.5MW

75,310MWh

101,803MWh(Note) Total Asset Value is a sum of appraisal value as of November 30, 2021, except for assets acquired during the 5th Public Offering on December 2021 and purchase prices for assets acquired during the 5th Public
Offering on December 2021

15

Overview of the 5th Public Offering (December 2021) ➀LS Chiba Katsuura, a flagship property developed by the sponsor that coexists
with and contributes to the local community
Anticipated acquisition priceTotal panel output¥ 14.46 billion

30.6MW

LS Chiba Katsuura

Highlights of the project and TIF initiatives

1 Sponsor development / philosophy 2

Balance eco-friendliness andeconomic stimulation byteaming up with local public
entities and companies

Sponsor developed flagshipproperty expected to contributecoexisting with the local
community3

Top consumption area

Mega-solar located close to thenation’s top power consumer,
Tokyo area which has almost
nothing of the same scale

Regional collaboration

4

Regional contribution

Contribute to local economic
growth by paying depreciable
assets tax to local public
entities

Operator

Takara Leben
Co., Ltd.

FIT ProcurementPrice

36 yen/kWh

FIT Expiry Date

March 30, 2040

Inverter
Manufacturers

JA Solar

O&M Provider

Energy O&M

Site Area

1,215,529.07m2

Panel Output

30.6MW

Supplier ofPower Conditioner

Huawei Technologies
Co., Ltd.

25.0MW

Availability
Factor on First
Operating Year
(forecast)

14.90%EPC Service
ProviderDaiwa House
Industry Co., Ltd.

Land Title

Ownership,
Superficies

Power Output

16

Overview of the 5th Public Offering (December 2021) ②
Japan’s first documented global offering using only electronic offer documents
targeting Japanese individual investors to reduce the burden on the environment
 The Japanese government is promoting efforts to become paperless and legislations are underway. As the transition to paperless isproceeding gradually on the ground, the production volume of printing paper has decreased
 In order to reduce the burden on the environment, the offering prospectus is submitted digitally instead of in printed form

17

Overview of the 5th Public Offering (December 2021) ➂First offering in Japan as a listed investment corporation by making disclosure in compliance withthe criteria for an Article 9 product of SFDR, which has the most stringent disclosure requirements(1/2)
 The Regulation on sustainability-related disclosures in the financial services sector including investment corporations that conduct

marketing in the EU ("SFDR") took effect on March 10, 2021
 TIF is the first listed investment corporation in Japan to follow Article 9 of SFDR which has the most stringent disclosure requirements

18

Overview of the 5th Public Offering (December 2021) ➃Green Assessment of TIF’s Assets/Debt/Equity

I.

Performance Overview for
12th Fiscal PeriodII.

Major Topics

III. Future Investment Strategies

IV. Appendix

19

The First Listed Infrastructure Fund in JapanI
Sustainable
Growth Strategy

II
Profit-based
Dividends

III
Portfolio located in
High-Demand AreaIV
JCR Credit Rating

V
Reinforced ESG
Strategies
20

21

Continuous Growth through Assets Acquisition
Total Asset Value and Panel Output¥67.87bn

New acquisitions
AUM

Revalued AUM
Total panel output(¥ Bn)

171.5MW

70.00
60.00
50.00
40.00
30.00
20.00
10.00
0

¥7.37bn
17.8MW
7.37¥7.82bn
19.0MW

0.33
11.70

0.44
7.37

IPO (Listing)¥19.86bn
50.8MW¥19.52bn
50.0MW

19.52

The 1st Public OfferingFeb 2017¥26.61bn
69.5MW

7.85

14.04

0.96

4.89

41.62

49.47

27.57

26.61

21.71

19.86

¥27.57bn
71.9MW

18.40

7.82

3rd FP acquisition
Jun 2016¥21.71bn
55.8MW
1.85¥49.47bn
131.0MW¥41.62bn
106.6MWAim to consistently
expand portfolio

5th FP acquisition

Jun 2017

Oct 2017 and
Nov 2017

8th FP acquisition

The 2nd Public Offering

Expansion of plants
Dec 2017 andFeb 2018

Jun 2018

The 4th Public Offering
The ５th Public Offering

The 3rd Public Offering
Jun 2019

Dec 2019

Dec 2020

Dec 2021(Note) Total asset value is a sum of appraisal value as of November 30, 2021, except for assets acquired during the 5th Public Offering on December 2021 and purchase prices for assets acquired during the 5th Public Offering on December
2021

Actual Results of Dividends: Increased Dividend through Asset Acquisitions, etc.
■ Ordinary Dividends (Forecast）■ Ordinary Dividends (Result)■ Excess of retained earnings（¥）

Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result
The 2nd FP
Ended Nov 2016

The 3nd FP
Ended May 2017

The 4nd FP
Ended Nov 2017

The 55d FP
Ended May 2018

The 6nd FP
Ended Nov 2018

The 7nd FP
Ended May 2019

Forecast Result Forecast Result Forecast Result Forecast Result

Forecast Result

The 11nd FP
Ended May 2021

The 12nd FP
Ended Nov 2021

The 8nd FP
Ended Nov 2019

The 9nd FP
Ended May 2020

The 10nd FP
Ended Nov 2020

22

Dividends Policy
 The fund considers that it is best to retain a reasonable amount of funds deemed appropriate for strategic reinvestment rather thansimply to distribute them pursuit to predetermined fixed standard as excess of retained earnings, in order to use them strategically,such as for new acquisitions, to maximize unitholders value.
Dividend Strategy Dedicated to Improve Profit-driven Dividends

The concept of the use of fundLeasing operation expenses

Leasing operation expenses
Repayment of Borrowings, etc.

Depreciation

Operating revenue

Internal reserves
excess of retained earnings

Net income

Dividends

Strategic Reinvestment Strategy for Improving Unitholders Value
Acquisition of new plants and expansion of existing plants with use of internal reserves
LS Kamisu
HasakiLS Inashiki
Aranuma1(Expansion）

LS Chikusei(Expansion）

LS Chiba
Wakabaku(Expansion）

LS Miho(Expansion）

LS Sakuragawa
Shimoizumi

LS Fukushima
Yamatsuri

LS Shizuoka
Omaezaki

LS Hanno
Misugidai¥0.47 Billion
Feb 2017¥0.03 Billion
Oct 2017¥0.02 Billion
Oct 2017¥0.04 Billion
Nov 2017¥0.06 Billion
Nov 2017¥0.95 Billion
Dec 2017¥0.46 Billion
Dec 2017¥0.48 Billion
Feb 2018¥0.75 Billion
Jun 2019

PicturePrice
Date

Breakdown of dividends yield (Note)

High ratio of Ordinary dividends (Note)■ Ordinary Dividends ■ Excess of retained earnings

The Fund

Listed Infrastructure funds
excluding The Fund

Forecast averages for Fiscal Period
ending May 31,2022 and November 30, 2022

Average88.7 %

61.6%

5.52%
(Note) As of January 6, 2022

0.7%

Total

6.22%

23

Income Schemes
Securing Monthly minimum-guaranteed rent and pursuit of upside potential
Monthly power sales based on actual
power generation reported by lessees
IPO assets(10 solar power
plants)（A）▼

Minimum-guaranteed rent (A)[Exceedance probability: P (percentile) 50]

Rent guaranteed regardless of actual amount of power generated
Performance-linked rent

100% 110%▼

Minimum-guaranteed rent

（B）(B) Performance-linked rent

Extra rent to be paid when the total power sales exceed 110% of minimum
rent guaranteed; calculated as 50% of the amount in excess of 100% of
minimum rent guaranteed
Total rent（C） The sum of minimum rent guaranteed (A) and variable rent linked to actual
output (B)Minimum-guaranteed rent
Rent guaranteed regardless of actual amount of power generated

Monthly power sales based on actual
power generation reported by lessees（A）

Post-IPO assets(32 solar power
plants)100%▼
Minimum-guaranteed rent (A)[Exceedance probability: P (percentile) 50/75](B) Performance-linked rent

P50: LS Chiba Narita, LS Iwate Hirono and LS Miyagi Matsushima
P75: 29 solar power plants acquired post-IPO
Performance-linked rent
Extra rent to be paid when the total power sales exceed 100% of minimum（B）rent guaranteed; calculated as 50% of the amount in excess of 100% of
minimum rent guaranteed
Total rent（C） The sum of minimum rent guaranteed (A) and variable rent linked to actual
output (B)(Note) “P50” is projected power output calculated by the technical report writer and other experts as an amount to be achieved with a probability of 50% (the exceedance probability Percentile 50) and“P75” is projected power output calculated by the technical report writer and other experts as an amount to be achieved with a probability of 75% (the exceedance probability Percentile 75)

24

Portfolio Overview
Total panel output

Total owned asset

Total asset value

42¥67.87

solar power plants

171.5

billionMW

Kanto Area

S-09
S-01

S-02

S-03

S-04

S-06

LS Aomori Hiranai

S-37

LS Shioya

LS Iwate Hirono

S-34
S-32

LS Chikusei

LS Chiba
Wakabaku

S-08

S-10

S-11

LS Mito Takada

LS Tone Fukawa

LS Kamisu Hasaki

S-40

S-14

S-15

S-16

LS Miyagi Osato 2

LS Nasu Nakagawa

LS Miho

S-12

LS Sosa

S-13

S-07

S-35

LS Tsukuba
BouchiLS Hokota

LS Miyagi Osato

LS Hiroshima
MiharaLS Fukushima
Kagamiishi 1

LS Fukushima
Kagamiishi 2

S-20
S-30

LS Fujioka A

LS Inashiki
Aranuma 1

S-17

LS Fujioka B

S-18

LS Inashiki
Aranuma 2

S-38
LS Nagasaki
Isahaya

LS Fukushima
Yamatsuri
LS Miyagi
Matsushima

S-05

S-19

S-23

LS Sakuragawa
Shimoizumi

LS Sakuragawa
Nakaizumi

S-28

S-29

LS Sakuragawa 4

LS Chiba Sammu,
East/West

S-25

LS Takahagi

S-31

S-26

LS Hanno
Misugidai

S-27

LS Sakuragawa 1

S-33

S-36

LS Sakuragawa
2&3

LS Chiba Narita

LS Kirishima
KokubuS-39

S-41

LS Kagoshima
KanoyaLS Okayama
Tsuyama 1, 2 & 3

S-24

S-22

S-21

S-42

(Note) As of December 1, 2021

LS Shirahama

LS Mie Yokkaichi

LS Shizuoka
Omaezaki

LS Chiba Katsuura

LS Shioya 2

25

Portfolio Located in High-Demand Area
Focusing on Area with High Electricity Demand■Breakdown of Portfolio by Region
As of December 2021

Investment Ratio for regions under TEPCO, Chubu andKansai power company’s jurisdictions：73.8%■ Electric Energy Sold in 2019
Total Asset Value

Investment Ratio(Based on acquisition price)¥67.87billion

222,277

TEPCO
Chubu Electric Power117,246

1.7%

Kansai Electric Power Company

112,992

4.1%

Kyushu Electric Power

70,398

2.6%

Tohoku Electric Power67,167

12.6%

50,208

Chugoku Electric Power Company■Kanto Area

26

68.1%

■Tohoku Area

8

12.6%

■Chugoku Area

2

10.9%

■Kansai Area

1

4.1%

■Kyusyu Area

3

2.6%

■Chubu Area

2

1.7%

68.1%

10.9%

Hokuriku Electric Power Company

25,0540.0%

Hokkaido Electric Power Company

23,701

0.0%

Shikoku Electric Power22,396

0.0%

7,316

Okinawa Electric Power Company

050,0000.0%
100,000

150,000

200,000

250,000(GWh)(Source) “FACT BOOK 2020” published by Kansai Electric Power Company

26

Credit Rating
JCR Credit Rating

Long-term Issuer Rating: A
Outlook: Stable（As of October 12, 2021)

Grounds for the rating
Cash flow stability
Diversificated of the portfolio
Operation of the power plants
Financial soundness

Long-term Issuer

RatingOutlookA

Stable27

Reinforced ESG strategy
Our dedications to archive SDGs target goals based on suitability policy
TIF and the Asset Manager established a sustainability policy on May 2019, aiming to take more proactive and specific measures toaddress ESG issues within the context of their daily operations.

Sustainability Policy

ESG Commitment

Policies for environmentInvestment on renewable energy
conducive to resolution of climatechange issues
 Consideration for the surrounding
ecosystem Resource/energy conservation andwaste reduction

Increase renewableenergy ratio in Japan

Reduce greenhouse gas
emissions

Policies for social
Stable energy supply
 Contribution to local community
 Engagement in executives andemployees
 Engagement in supply chain

Create a workplaceenvironment where
employee health is a
top priority

Cleaning activity at
local park

Contribute tocommunity
economical growthSponsorship for
community events

Active participation
to Japan Children
Support Association

Policies for governanceRegulatory compliance Disclosure with transparency
 Appropriate business operation

Equity co-investments by thesponsorGovernance structure

Related SDGs goal

28

Reinforced ESG strategy
Our contributions to social factors

Commitments for Future Generation
Participation and donation to Japan Children Support
Association

Donation to “GNJP”

TIF and the Asset Manager established a sustainability
policy on 23 May 2019, aiming to take more proactive andspecific measures to address ESG issues within the context
of our daily operations.
On August 2020, TIF and the Asset Manager decided toparticipate and donate into Japan Children support, whose
mission is to permanently terminate “violence and poverty
against children” by offering support to foster parents andnew parents in order to provide a safe home environment
for the children.

On November 2021, TIF and the Asset Manager decided toparticipate and donate into Good Neighbors Japan(“GNJP”).
GNJP undertakes activities in Japan and overseas, guided
by its vision of a society brimming with the smiling faces ofchildren in which all people can live a life of dignity. Its
mission is to eradicate causes of poverty and discrimination,
as well as threats from disasters and conflicts together with
its partners in Japan and abroad. One of its main projects inJapan for addressing the issue of child poverty is Good
Gohan, a food distribution program for single-parent
households. The regular distribution of food free of charge
has the potential to support the healthy growth of children.

Increaseawarenessand education

Support for
Foster Parents
Support for
New Parents

Emergency
Relief Activities
Child Poverty
Prevention Project

Awareness-raisingandeducational activities

29

Reinforced ESG strategy
Our contributions to social factors
Community Activities for Regions with the Fund’s Power Generation Facilities Locate
Donation to Miyagi Prefecture through Hometown Taxation Programs for Companies
The Fund and the Asset Manager have made donation to project to recover Disaster Prevention Forests in
Miyagi Prefecture
Official Sponsor Partner of “Kishu Kuchikumano Marathon”
The Fund are the official sponsor partner of the “Kishu Kuchikumano Marathon” which is held annually in
Kamitonda Town, Wakayama Prefecture
Cleaning activity on LS Hanno-Misugi nearby park
On June 30, 2020, members of the Asset Manager voluntary conducted cleaning activity on park in Hannocity, Saitama

Other Major Initiatives
Donation to “WeSupport”
TIF made a donation to WeSupport, a platform jointly operated by General
Incorporated Association RCF, Oisix ra daichi, and Coconet (Seino
Holdings Group) for the purpose of delivering support in the form of foodproducts free of charge to healthcare workers battling the COVID-19
pandemic.
TIF believes that these activities aid the survival of the healthcare systemthat is currently confronted with a crisis situation

support to frontline
healthcare workers throughfood and diet
RelievementalstressNutritionsupport30

Reinforced ESG strategy
The Takara Leben Group’s commitments to suitability
Signing to the United Nations Global Compact

CSR strategies by the Takara Leben Group

Our sponsor, Takara Leben Co. Ltds, signed the United Nations
Global Compact promoted by the United Nations in August 2020.
Takara Leben Group supports the Ten Principles of the Global
Compact, which comprises four areas—human rights, labor,
environment, and anti-corruption —while promoting its Group
Vision of “THINK HAPPINESS AND MAKE THE HAPPINESS” tocarry out the Global Compact and achieve a sustainable society.

The Takara Leben Group will achieve its corporate vision of“THINK HAPPINESS AND MAKE THE HAPPINESS” whileworking to earn the trust of stakeholders and society, contributeto solutions to social issues and archive the SDGs byundertaking CSR initiatives through our business including
supplying housing and natural energy as we strive for continuous
growth.
No.

CSR Themes

Related SDGs

Policies

1～The Ten Principles of the UN Global Compact～
Principle 1
Human Rights
Principle 2
Principle 3

LabourPrinciple 4
Principle 5

Environment

AntiCorruption

Businesses should support and respect the protection ofinternationally proclaimed human rights; andmake sure that they are not complicit in human rights
abuses.
Businesses should uphold the freedom of associationand the effective recognition of the right to collective
bargaining;
the elimination of all forms of forced and compulsory
labour;Source: Prepared by the Asset Manager based on the United Nations Global Compact website and public materials
disclosed by the Sponsor.
Note: The above table shows Note: The above table shows Takara Leben Group’s initiatives towards achieving asustainable society. Certain items may not have any direct relevance with the Fund nor the Asset Manager







2

Forming
Communities

the effective abolition of child labour; andthe elimination of discrimination in respect ofPrinciple 6
employment and occupation.
Businesses should support a precautionary approach to
Principle 7
environmental challenges;
undertake initiatives to promote greater environmental
Principle 8
responsibility; andencourage the development and diffusion of
Principle 9
environmentally friendly technologies.
Businesses should work against corruption in all its
Principle 10
forms, including extortion and bribery.

Creating
Lifestyles with
Value

Provide products and services that respond tochanging social issues and needs
Provide lifestyles that harmonize residents andsurrounding environments, such as the LEBEN or
NEBEL brands.
Contributing to the revitalization of regional areas
through our regional city revitalization business,
which connects urban and regional areas.
Improve our ability to respond to risk throughthorough risk assessment and management.
Provide opportunities and environments where adiverse range of people can work energetically.
Corporate activities that can respond to social
needs with an emphasis on dialogues with our
stakeholders.

3

Providing
Comfortable
Spaces of High
Quality

Improve customer satisfaction through the use of
our proprietary Service Quality Management
System (SQMS®).
 Create housing that combines both design andhabitability, pursuing the performance of housing.
 Improve building value through regular repairs andrenovations
to improve building comfort,
functionality, and safety.


4Developing
Environments
and Cultures

Reduce greenhouse gas emissions throughsupplying housing with high environmental
performance and our renewable energy power
generation business.
 Provide seismic and fire resistant housing that canwithstand natural disasters.
 Provide opportunities for cultural activities to ourstakeholders.

Note: The above table shows Takara Leben Group’s CSR strategies and may not have any direct relation with
the Fund’s nor the Asset Managers initiatives.

31

Strong and Solid Financial Base ➀■ TIF maintains a strong financial base through its strategic debt management policy, by controlling debt capacity, distributed debt
maturities, etc. TIF continues to be care about future interest trends and considers whether to execute yield swap witch makes
floating interest fixed actually.

LTV and Ratio of Fixed Interest Rate

Ratio of fixed interest rate

LTV
End of November 2021

After the 5th Public Offering (Dec 2021)

End of November 2021

After the 5th Public Offering (Dec 2021)

52.9%

55.0%

50.6%

65.3%

Transition of LTV Ratio

Transition of Borrowings（¥ Billion）

IPO Financing

4th FP Financing

5th FP Financing

6th FP Financing

8th FP Financing

9th FP Financing

10th FP Financing

12th FP Financing（¥ Billion)

40

37.0
35.7

35

9.00
34.4
33.1
31.8

27.1 26.2
23.7 22.9

25

29.2
27.9

50.0
26.6

6.00

23.6

15.6 15.1 15.2
13.0

15

40.0

5.00
30.0
4.00
6.70

11.6

6.73

7.55

8.73

3.00

10
5

60.0

7.00

19.2
17.5

20

（%）

8.00
30.5

30

Remaining Borrowing Spare Capacity (left)
LTV Ratio (right)
52.9
54.0
53.0
53.9

4.1 4.0

20.0

2.00
10.0
1.00

0
End End End End End End End End End End End End End End End End End End End End End End Endof of of of of of of of of of of of of of of of of of of of of of of
2th 3th 4th 5th 6th 7th 8th 9th 10th11th12th13th14th15th16th17th18th19th20th21th22th23th24th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

0.00

0.0
End of 9thFP

End of 10th End of 11th End of 12th
FP
FP
FP

32

Strong and Solid Financial Base ②
Diversified Lender Formation■ Overview of the latest borrowing
Category

Lenders

Longterm

Syndicate Loan: Sumitomo
Mitsui Banking Corporation(Arranger), and Shinsei
Bank, Limited (Arranger)

Amount¥12,200
MillionInterest rate

Base rate+0.5%

Drawdown date

Borrowing method

Maturity date

Collateral

December 1,
2021

Borrowings
based ontheindividual term loan agreement(commitment type) dated November
24, 2021 with the lenders shown on
the left

Businessday
immediately
preceding the 10th anniversaryof the date of execution ofloans

Unsecured andunguaranteed(note) In order to minimize the risk of change in the interest rates, TIF has executed a interest swap agreement for ¥11,834 Million. By executing the swap agreement, interest rate for the borrowing ispractically fixed at 1.000%■Borrowing Breakdown (as of Dce 1, 2021)

Total Debt
¥38,400Million

Sumitomo Mitsui Banking Corporation

17.0%

The Gunma Bank, Ltd.

1.9%

Shinsei Bank, Limited

16.2%

The Hyakujushi Bank, Ltd.

1.6%

Asahi Shinkin Bank

11.3%

The Chugoku Bank，Limited

1.3%

San ju San Bank,Ltd.

7.4%

The Tochigi Bank, Ltd.

1.1%

The Chiba Bank, Ltd.

6.0%

JOHOKU SHINKIN BANK

0.9%

Mizuho Bank, Ltd.

5.7%

The Higashi-Nippon Bank, Limited

0.7%

Resona Bank,Limited

5.5%

THE NISHI-NIPPON CITY BANK, LTD.

0.5%

Hiroshima Bank, Ltd.

5.0%

THE BANK OF FUKUOKA, LTD

0.5%

Tsukuba Bank, Ltd.

4.2%

The Michinoku Bank, Ltd.

0.5%

The Ashikaga Bank,Ltd.

3.9%

Kiraboshi Bank, Ltd.

0.5%

Kansai Mirai Bank, Limited

2.6%

The Chiba Kogyo Bank, Ltd.

0.4%

The Iyo Bank, Ltd.

2.6%

The Joyo Bank, Ltd.

0.2%

Daishi Hokuetsu Bank, Ltd.

2.6%

33

External Growth
Growth opportunities capitalizing on abundant sponsor pipeline The Fund will focus on increasing asset size by leveraging the Sponsor pipeline as part of its core strategy for external growth.

Pipeline based on abundant sponsor-developed assets and sponsor support
Total

56
LS Aomori Hiranai (1.8MW)
LS Miyagi Osato 2 (13.9MW)

power plants

LS Iwate Hachimantai（9.8MW）

LS Miyagi Ohiramura（1.7MW）

LS Iwate Hirono (2.2MW)

LS Fukushima Yamatsuri (1.3MW)

LS Fukushima Tamura（1.1MW）

LS Mie Yokkaichi (1.9MW)

LS Fukushima Kagamiishi 1 (0.7MW)
LS Fukushima Kagamiishi 2 (0.7MW)
LS Shioya 2 (11.4MW)
LS Nasu Nakagawa (19.8MW)
LS Fujioka A (0.6MW)
LS Fujioka B (2.4MW)

LS Tottori Daisen (13.9MW)

LS Hiroshima Mihara (11.2MW)

LS Ibaraki Kasumigaura（2.6MW）
LS Chiba Wakabaku (0.7MW)
LS Sousa (1.7MW)

LS Nagasaki Sasebo (3.4MW)

LS Chiba Sammu, East/West (5.0MW)
LS Chiba Narita (1.2MW)

LS Nagasaki Isahaya (2.0MW)
LS Shirahama (7.8MW)
LS Kirishima Kokubu (2.0MW)
LS Kirishima Kokubu 2 (2.6MW)
LS Kagoshima Osaki（22.3MW）

MW(note) Dashed line indicates assets which is not owned by the FundLS Shioya (2.9MW)
LS Okayama Tsuyama 1 (2.6MW)
LS Okayama Tsuyama 2 (2.5MW)
LS Okayama Tsuyama 3 (1.3MW)

235.1

Developed by the sponsor
Under construction by the sponsor
Developed by third party and owned by the sponsor

LS Miyagi Osato (2.0MW)
LS Miyagi Matsushima (14.2MW)

LS Nagano Shiojiri (1.0MW)

Total Panel Output

LS Sakuragawa Makabe(1.9MW)
LS Chikusei (1.2MW)
LS Miho (1.3MW)
LS Mito Takada (2.1MW)
LS Tone Fukawa (2.4MW)
LS Kamisu Hasaki (1.2MW)
LS Tsukuba Bouchi (2.4MW)
LS Hokota (1.9MW)
LS Inashiki Aranuma 1 (2.7MW)
LS Inashiki Aranuma 2 (1.2MW)
LS Sakuragawa Nakaizumi (2.6MW)
LS Sakuragawa Shimoizumi (2.5MW)
LS Takahagi (1.1MW)
LS Furukawa Onanuma (0.05MW)
LS Tone A (0.1MW)

LS Chiba Katsuura (30.6MW)

LS Sakuragawa 1 (2.5MW)

LS Miyazaki Miyakonojo1.2MW）

LS Hanno Misugidai (2.4MW)

LS Sakuragawa 2・3 (5.0MW)

LS Kagoshima Kanoya (1.1MW)

LS Shizuoka Omaezaki (1.0MW)

LS Sakuragawa 4 (2.4MW)

LS Kagoshima Tanegashima（1.3MW）(Note 1) The graphic shown here indicates the solar energy projects developed by the Sponsor, the solar energy projects under construction by Sponsor and the solar energy projects which have been developed by third parties and acquired by theSponsor The chart includes the solar energy projects we own and in our anticipated portfolio. As of January 2022 other than the projects shown here, we do not have power generators that have been acquired by TIF and we have not been
engaged in any specific acquisition plans, and thus there is neither obligation nor guaranteed right to acquire other projects.
(Note 2) Panel output figures for the solar energy projects under construction are based on the construction plans as of December 2021 and may differ from actual output once completed and in operation(Note 3) Power Plant names are subject to change

34Internal Growth
Stable and upside potential revenue scheme through combination of 20 years-long minimum guaranteed rent andperformance-linked rent

Minimum guaranteed rent
based on projected amount ofelectricity generation＋

Performance-linked rent

(Note 1) Method of setting guaranteed minimum rent and performance-linked rent differs depending on the contents of lease agreement of each property.
(Note 2) Performance-linked rent may not be expected due to actual amount of electricity generation.

Well-planned capex (including maintenance) to maintain and improve medium- to long-term
revenue Outsourcing O&M (Note) of solar energy generation facilities to highly skilled third-party O&M service
firms(Note) stands for Operation & Maintenance Developing capex (inclusive of maintenance) plans for each property.
 Lessees basically bear expenses for regular maintenance, management, repair, etc.

35

Performance Forecast for 13th to 15th Fiscal Period

Operational status

13th fiscal period

14th fiscal period

15th fiscal period(ending May 31, 2022)(ending November 30, 2022)(ending May 31, 2023)

Forecast
as of January 14, 2022

Forecast
as of January 14, 2022

Forecast
as of January 14, 2022

Operating revenue¥3,487 Million¥3,469 Million¥3,469 Million

Operating expense¥2,322 Million¥2,372 Million¥2,346 Million

Operating income¥1,165 Million¥1,097 Million¥1,123 Million

Ordinary income¥939 Million¥875 Million¥911 Million

Net income¥939 Million¥874 Million¥910 Million¥3,549¥3,301¥3,325¥3,147¥2,931¥3,052

¥402

¥370

¥273

Total dividends per unit
(including excess of retained
earnings) (yen)Ordinary Dividends per
unit(excluding excess of retained
earnings)

Excess of retained
earnings per unit
(Note 1) Amounts are rounded down to the nearest million yen.

(Note 2) The above forecasts are subject to change due to acquisition or sale of renewable energy power generation facilities changes in infrastructure markets fluctuation ininterest rates and other changes in circumstances surrounding TIF. Forecasts do not guarantee any dividends amount.

36

Dividends Forecast and Result■ Ordinary Dividends per unit (Result)■ Ordinary Dividends per unit (Forecast)■ Excess of retained earnings per unit
(¥)

3,976
3,871

4,000
464

3,586

3,510

464
3,188

3,121

350

3,631

3,698
334
3,397
3,307

334

463

350

328

3,021

2,981
3,000

2,852

3,870

3,826

3,771

3,704

286
3,512

3,540

3,308 143

278

286

3,549
278

3,450
3,311

402

3,301

411

328
396

370

411

3,325
273

463

2,000

3,123

3,512
3,307

3,521
3,160

3,584

3,492
3,297
3,069
2,979

3,369

3,412

3,426
3,262
3,039
2,900

2,912

2,725

3,147
2,931

3,052

1,000

0
Forecast

Result

2nd Fiscal Period(ended Nov 2016)

Forecast

Result

3rd Fiscal Period(ended May 2017)

Forecast

Result

4th Fiscal Period(ended Nov 2017)

Forecast

Result5th Fiscal Period(ended May 2018)

Forecast

Result

6th Fiscal Period(ended Nov 2018)

Forecast

Result7th Fiscal Period(ended May 2019)

Forecast

Result8th Fiscal Period(ended Nov 2019)

Forecast

Result9th Fiscal Period(ended May 2020)

Forecast

Result10th Fiscal Period(ended Nov 2020)

Forecast

ResultForecast Result

Forecast

Forecast

Forecast

11th Fiscal Period(ended May 2021)

12th Fiscal Period(ending Nov 2021)

13th Fiscal Period

14th Fiscal Period

15th Fiscal Period(ending May 2022)(ending Nov 2022)(ending May 2023)

37

Revenue Forecast for 13th Fiscal Period (ending May 31, 2022)(unit:￥ thousands)
No.

Name of Power Plant

S-01
S-02
S-03
S-04
S-05
S-06
S-07
S-08
S-09
S-10
S-11
S-12
S-13
S-14
S-15
S-16
S-17
S-18
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29
S-30
S-31
S-32
S-33
S-34
S-35
S-36
S-37
S-38
S-39
S-40
S-41
S-42

LS Shioya
LS Chikusei
LS Chiba Wakabaku
LS Miho
LS Kirishima Kokubu
LS Sosa
LS Miyagi Osato
LS Mito Takada
LS Aomori Hiranai
LS Tone Fukawa
LS kamisu Hasaki
LSTsukuba Bouchi
LS Hokota
LS Nasu Nakagawa
LS Fuzioka A
LS Inashiki Aranuma 1
LS Fuzioka B
LS Inashiki Aranuma 2
LS Sakuragawa Shimoizumi
LS Fukushima Yamatsuri
LS Shizuoka Omaezaki
LS Mie Yokkaichi
LS Sakuragawa Nakaizumi
LS Shirahama
LS Takahagi
LS Hanno Misugidai
LS Sakuragawa1
LS Sakuragawa4
LS Chiba Sammu East and WestLS Nagasaki Isahaya
LS Shioya 2
LS Hiroshima Mihara
LS Sakuragawa２&３
LS Fukushima Kagamiishi 1
LS Fukushima Kagamiishi 2
LS Chiba Narita
LS Iwate Hirono
LS Miyagi Matsusima
LS Kagoshima Kanoya
LS Miyagi Osato2
LS Okayama Tsuyama1,2&3
LS Chiba Katsuura
Total

Minimum Guaranteed Performance-linked
Rent Income
Rent Income
66,19527,007
14,95027,59844,421
36,69339,60044,646
31,79056,02624,316647
56,1391,443
38,484990
396,893
9,431
13,669342
54,052
1,368
54,127
1,355
24,434650
56,573
1,415
26,764576
23,133636
39,026844
58,983
1,497
149,641
3,953
20,641
535
44,343
1,090
55,326
1,094
51,032982
101,046
2,104
30,643
545
234,598
4,516
229,435
3,390
108,746
2,183
9,564
151
9,875
156
22,86544,226
209,996
24,269503
37,387840
129,606
2,286
660,437
12,821
3,429,216

58,35630,250(22,459)
12,554(8,988)
6,865(4,449)
12,885(8,983)
25,394(18,503)
22,056(15,282)
21,659(15,473)
21,948(16,167)
19,670(12,673)
29,266(21,571)
16,561(10,612)
35,435(21,772)
25,728(16,643)
230,619(154,943)
8,392(4,614)
34,102(20,310)
31,309(20,446)
18,290(11,120)
33,158(20,598)
17,380(10,605)
14,939(9,828)
26,598(17,964)
36,355(22,975)
106,057(62,278)
12,747(7,869)
19,641(7,299)
37,330(22,052)
37,057(21,074)
61,567(43,006)
24,337(15,924)
134,994(89,232)
151,201(95,406)
76,759(45,639)
7,623(4,745)
7,901(5,054)
16,588(10,851)
30,494(20,292)
129,146(79,212)
16,541(11,996)
26,053(19,469)
87,510(55,016)
322,003(240,560)

NOI(before depreciation)
58,40323,441
12,534
23,69637,53029,91933,41438,866
24,793
48,331
19,01443,92130,390330,647
10,233
41,62944,62017,91445,42820,567
18,65831,237
47,101
109,815
16,29833,092
41,142
36,031
84,59022,776
193,352
177,03179,8096,836
7,185
17,12834,023160,062
20,22731,64399,399591,817

NOI(after depreciation)
35,944
14,452
8,084
14,712
19,027
14,637
17,941
22,69812,12026,7598,402
22,14813,746
175,704
5,618
21,31824,174
6,794
24,8309,961
8,830
13,272
24,12547,537
8,429
25,792
19,09014,957
41,583
6,851
104,120
81,624
34,170
2,091
2,130
6,276
13,73180,8498,230
12,17344,383351,256

2,036,982(1,343,972)

2,794,563

1,450,590

Rent Expense(depreciation)(Note 1) Number less than one thousand has been omitted.
(Note 2) Revenue for S-01 to S-10, and S-36 to S-38 show minimum guaranteed rent which equals to estimated generation income based on 50th percentile of excess probability mentioned in the third-party report.
Revenue for S-11 to S-35 , and S-38 to S-42 show minimum guaranteed rent which equals to estimated generation income based on 75th percentile of excess and performance-linked rent based on 50th percentile of excess probability mentioned in the third-party report.

I.

Performance Overview for
12th Fiscal PeriodII.

Major Topics

III. Future Investment Strategies

IV. Appendix

39

Unitholder Status at the End 12th Fiscal Period (ended Nov 30 2021)
Number of investment units

Total
220,605
Units

Number of unitholders■Individuals/others

137,812 (62.5%)■Individuals/others■Financial Institutions

43,590 (19.8%)(incl. financial instruments firms)■Other domestic corporation

Total
投資主数
17,567
7,552人
35,049 (15.9%)

17,167(97.7%)■Other domestic corporation271(1.5%)■Foreign films. etc.

70

(0.4%)■Financial Institutions

59(0.3%)(incl. financial instruments firms)■Foreign films. etc.

4,154

(1.9%)(Note ) Due to rounding, numbers presented may not add up precisely to 100%
Name

Number of investment units
held(units)

Ratio
(%)

1

Takara Leben Co., Ltd.

19,686

8.92

2

The Master Trust Bank of Japan, Ltd.

4,963

2.24

3

THE BANK OF FUKUOKA, LTD.

4,692

2.12

4

The Rokinren Bank

3,922

1.77

5

THE HACHIJUNI BANK,LTD.

3,054

1.38

6

Yamato Shinkin Bank

2,757

1.24

7

THE FUKUHO BANK, LTD.

2,348

1.06

8

The Kagawa Bank, Ltd.

2,000

0.90

9

Osaka Shoko Shinkin Bank

1,999

0.90

10

Individual

1,937

0.87

47,35821.46

20,495

9.29

Total

（reference）Investment by Takara Leben Group40

Balance Sheet for 12th Fiscal Period (ended Nov 30, 2021)(¥ thousand)(¥ thousand)Current assets

Current liabilities

Cash and deposits

Operating accounts payable

3,844,967

Operating accounts receivable

285,493

Current portion of long-term loans payable

Prepaid expenses

142,793

Accounts payable - other

Others

96,702

Accrued expenses

Total current assets

Income taxes payable

4,369,956

Non-current assets

Deposits received

Property plant and equipment
Buildings

Other
32,044

Accumulated depreciation-2287

Buildings (net)29,756

Accumulated depreciation-2,391,393

Total non-current liabilities

Structures (net)13,795,829

Total liabilities

Machinery and equipment

27,445,510

Net assets-3,880,906

Tools furniture and fixtures

506,229

Accumulated depreciation-346,102

Tools furniture and fixtures (net)160,126

Land
Construction in progress
Total property plant and equipment

49,232
43,941,606

Leasehold right
SoftwareTotal intangible assets

740,141363
740,504

Investments and other assets
Guarantee deposits
Deferred tax asset
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets

11,50014
397,33220
408,867
45,090,978

Deferred assets
Investment unit issuance expenses
Total deferred asset

32,06732,06749,493,002

902
212,3542,439,158
24,300,488
19,17824,319,666
26,758,824

Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital (-)
Unitholders’ capital (net value)

22,457,694-394,081
22,063,612

Surplus
Unappropriated retained earnings (undisposed loss) (-)

6,342,057

Intangible assets

Total Asset

Long-term loans payable
Other

23,564,603

567

Non-current liabilities

16,187,222

Machinery and equipment (net)

220,003

1,169

Total current liabilities

Structures

Accumulated depreciation

104,159
1,899,999

Total surplus
Total unitholders’ equity

670,565
670,565
22,734,177

Total net assets

22,734,177

Total liabilities and net assets

49,493,002

41Statement of Income for 12th Fiscal Period (ended Nov 30, 2021)(¥ thousand)Operating revenue
Rent revenue - renewable energy power production facilities etc.

2,622,853

Total operating revenue

2,622,853

Operating expenses
Rent expenses on renewable energy power production facilities etc.

1,576,291

Asset management fee

149,015

Asset custody fee and administrative service fees

11,853

Directors' compensations

2,400

Other operating expenses

66,804

Total operating expenses

1,806,365

Operating income

816,487

Non-operating income
Interest income

16

Reversal of dividends payable

378

Interest on refund482

Miscellaneous income

０

Total non-operating income

877

Non-operating expenses
Interest expenses

107,610

Borrowing-related expenses

30,467

Amortization of investment unit issuance expenses

7,909

Total non-operating expenses

145,987

Ordinary income

671,377

Income before income taxes

671,377

Income taxes – current

904

Income taxes - deferred

1

Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss) (-)

905
670,47193
670,565

42

Portfolio DataNo.

Name of Power Plant

S-01
S-02
S-03
S-04
S-05
S-06
S-07
S-08
S-09
S-10
S-11
S-12
S-13
S-14
S-15
S-16
S-17
S-18
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29
S-30
S-31
S-32
S-33
S-34
S-35
S-36
S-37
S-38
S-39
S-40
S-41
S-42

LS Shioya
LS Chikusei
LS Chiba Wakabaku
LS Miho
LS Kirishima Kokubu
LS Sosa
LS Miyagi Osato
LS Mito Takada
LS Aomori Hiranai
LS Tone Fukawa
LS kamisu Hasaki
LSTsukuba Bouchi
LS Hokota
LS Nasu Nakagawa
LS Fuzioka A
LS Inashiki Aranuma 1
LS Fuzioka B
LS Inashiki Aranuma 2
LS Sakuragawa Shimoizumi
LS Fukushima Yamatsuri
LS Shizuoka Omaezaki
LS Mie Yokkaichi
LS Sakuragawa Nakaizumi
LS Shirahama
LS Takahagi
LS Hanno Misugidai
LS Sakuragawa1
LS Sakuragawa4
LS Chiba Sammu East and WestLS Nagasaki Isahaya
LS Shioya 2
LS Hiroshima Mihara
LS Sakuragawa２&３
LS Fukushima Kagamiishi 1
LS Fukushima Kagamiishi 2
LS Chiba Narita
LS Iwate Hirono
LS Miyagi Matsusima
LS Kagoshima Kanoya
LS Miyagi Osato2
LS Okayama Tsuyama1,2&3
LS Chiba Katsuura
Total

Location
Shioya-gun, Tochigi
Chikusei-shi, Ibaraki
Chiba-shi, Chiba
Inashiki-gun, Ibaraki
Kirishima-shi, Kagoshima
Sosa-shi, Chiba
Kurokawa-gun, Miyagi
Mito-shi, Ibaraki
Higashi-tsugaru-gun, Aomori
Kita-soma-gun, Ibaraki
Kamisu-shi, Ibaraki
Tsukuba-shi, Ibaraki
Hokota-shi, Ibaraki
Nasu-gun, Tochigi
Tochigi-shi, Tochigi
Inashiki-shi, Ibaraki
Tochigi-shi, Tochigi
Inashiki-shi, Ibaraki
Sakuragawa-shi, Ibaraki
Higashi-shirakawa-gun, Fukushima
Omaezaki-shi, Shizuoka
Yokkaichi-shi, Mie
Sakuragawa-shi, Ibaraki
Kamitonda-cho, Wakayama
Takahagi-Shi, Ibaraki
Hanno-shi, Saitama
Sakuragawa-shi, Ibaraki
Chikusei-shi, Ibaraki
Sammu-shi, Chiba
Isahaya-shi, Nagasaki
Shioya-gun, Tochigi
Mihara-shi, Hiroshima
Sakuragawa-shi, Ibaraki
Iwase-gun, Fukushima
Iwase-gun, Fukushima
Narita-shi, Chiba
Kunohe-gun, Iwate
Miyagi-gun, Miyagi
Kanoya-shi, Kagoshima
Kurokawa-gun, Miyagi
tsuyama-shi, Okayama
Katsuura-shi, Chiba(Note) Total asset value is a sum of appraisal value as of Nov 30, 2021

Purchaseprice(\ Million)
1,315
540
271
498
937
666
818
991
705
1,261
470
890
735
8,315
265
925
1,091
422
955
468
484
740
980
2,810
400
758
870
826
2,290
575
4,797
4,500
1,650
178
187
425
843
4,320
390
894
2,650
14,466
68,576

Period-end
appraisal value(\ Million) (Note)
1,208
515
300
530
870
603
764
957
686
1,207
446
862
657
7,542
260
951
1,071
430
954
462
438
684
995
2,783
435
964
902
806
2,222
522
4,826
4,771
1,689
173
179
402
809
4,597
390
894
2,650
14,46667,879

Ratio
(%)
1.8%
0.8%
0.4%
0.8%
1.3%
0.9%
1.1%
1.4%
1.0%
1.8%
0.7%
1.3%
1.0%
11.1%
0.4%
1.4%
1.6%
0.6%
1.4%
0.7%
0.6%
1.0%
1.5%
4.1%
0.6%
1.4%
1.3%
1.2%
3.3%
0.8%
7.1%
7.0%
2.5%
0.3%
0.3%
0.6%
1.2%
6.8%
0.6%
1.3%
3.9%
21.3%
-

Panel output(kW)
2,987.25
1,205.67
705.101,373.70
2,009.28
1,796.08
2,040.00
2,128.00
1,820.00
2,467.08
1,200.00
2,469.60
1,913.60
19,800.00
612.002,725.68
2,420.80
1,200.00
2,535.04
1,327.36
1,098.24
1,984.50
2,698.24
7,839.76
1,194.60
2,402.40
2,545.92
2,421.12
5,059.20
2,022.46
11,469.60
11,216.70
5,091.84
712.32712.32
1,296.00
2,273.70
14,246.40
1,172.08
2,231.10
6,477.74
30,636.00
171,538.48

FIT price
(Yen)
40
40
40
36
40
36
36
36
36
36
36
40
36
36
36
36
36
36
36
36
36
40
36
36
32
32
36
36
36
27
36
36
36
27
27
32
36
24
40
36
36
36
-

オペレーター
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben

Change in Stock Price (June 3, 2019 to Jan6, 2022)

43(Unit)(￥)

160,000
The fund (Left)

140,000

TSE REIT INDEX(Left)

14000
Trading Volume (Right)

12000

120,000
10000

100,000
8000
80,0006000
60,0004000
40,00020,000

0

2000

0

44

Profile of Asset Manager
Name

Takara Asset Management Co., Ltd.

Address

Main Office
Otemachi Nomura Bldg. 16F 2-1-1 Otemachi, Chiyoda-ku, Tokyo, JAPANShin-Otemachi Building BranchShin-Otemachi Bldg. 8F 2-1-1 Otemachi, Chiyoda-ku, Tokyo, JAPAN

Established

CapitalOctober 28, 2013¥250,000,000

Representative

CEO and the President, Mamoru Takahashi

Business Domain

Asset Management, Type II Financial Instruments, Investment Consulting

Stakeholder

100% owned by Takara Leben (securities code: 8897, Tokyo Stock Exchange)

Licenses

Building Lots and Buildings Transaction Business: No. (2) 96550, Governor of Tokyo
Discretionary Transaction Agent: No. 89, Minister of Land, Infrastructure,
Transportation and Tourism
Financial Instruments Business: No. 2851, Director-General, Kanto Finance Bureau(Financial Instruments and Exchange Act)
Permission to engage in a Real Estate Specified Joint Enterprise: No 103, Financial
Services Agency Commissioner and Land, Infrastructure, Transport and Tourism
MinisterParticipation

The Investment Trusts Association, Japan
Type II Financial Instruments Firms Association
Japan Investment Advisers Association
Tokyo Real Estate Association
Japan Housing, Land, and Building Business Society
Japan Association of Asset Management
Renewable Energy Association for Sustainable Power supply

Contact

TEL: +81-3-6262-6402
E-Mail: info@takara-am.co.jp• This English Presentation Material is provided for references purpose only and not a definitive translation of the original Japanese Presentation material.
If any discrepancy is identified between this translation and the Japanese original, the Japanese original shall prevail.
• This document has been prepared to provide information, and is not for soliciting and inviting investments in or recommending transaction of certain
products. We request investors to make investments with their own responsibility and judgment.
• This document does not constitute a disclosure document or a management report based on the Financial Instruments and Exchange Act, the Act on
Investment Trusts and Investment Corporations or the listing regulations of the Tokyo Stock Exchange.
• In addition to information on Takara Leben Infrastructure Fund, Inc. (the “Fund"), this document includes figures, tables and data prepared by Takara
Asset Management Co., Ltd. (the "Asset Manager") based on data/index and other information released by third parties. Analysis, judgment and otherviews of the Asset Manager on such information at the time of preparation are also included in this document.
• The information contained in this document is not audited and there is no assurance of the accuracy and certainty of such information. Analysis,
judgment and other non-factual views of the Asset Manager represent views of the Asset Manager at this point in time. Different views may exist or the
Asset Manager may change its views in the future.
• Figures under the same items of other disclosed materials may differ from figures presented in this document due to difference in the rounding of
fractions, etc.

• While the Fund takes reasonable care in the preparation of this document, there may be errors. Readers are also cautioned that the contents of thisdocument may be corrected or changed without prior notice.
• The Fund and the Asset Manager assume no responsibility for the accuracy of data, indexes and other information released by third parties.
• This document includes statements regarding future policies, etc. of the Fund. However, these statements do not guarantee said future policies, etc.
• For the convenience of preparing graphs, the dates indicated herein may differ from actual business dates.