November 9, 2020
For Immediate Release

Infrastructure Fund Issuer
Takara Leben Infrastructure Fund, Inc.
Representative:
Masahide Kikuchi,

Executive Director
Securities Code: 9281

Management Company
Takara Asset Management Co., Ltd.
Representative:
Mamoru Takahashi,Contact:

President & CEO

Masahide Kikuchi,

Vice President
TEL: +81-3-6262-6402

Notice Regarding Acquisition and Lease of Domestic Infrastructure Projects
Takara Leben Infrastructure Fund, Inc. (hereinafter referred to as the “Investment Corporation”) hereby announces that Takara AssetManagement Co., Ltd., which conducts asset management for the Investment Corporation (hereinafter referred to as the “Asset Manager”),
has today decided to acquire and lease infrastructure projects (hereinafter referred to as the “Assets to Be Acquired”) as follows.
Except for LS Sakuragawa 2 & 3, the parties from which the projects will be acquired and the parties to which they will be leased correspondto interested persons or other close affiliates (hereinafter referred to as the “Interested Persons”) under the Act on Investment Trusts andInvestment Corporations (hereinafter referred to as the “Investment Trust Act”) as well as the same under the Asset Manager’s internal
Regulations on Transactions with Interested Parties, etc. Accordingly, the Asset Manager has obtained consent from the Executive Board of
the Investment Corporation at the meeting held on November 9, 2020 in accordance with the Investment Trust Act and the Regulations on
Transactions with Interested Parties, etc.
1.

Outline of Acquisition

Project No.

Project Name
(Note 1)

AnticipatedAcquisition Price

Location(Note 2)

S-33

LS Sakuragawa 2 & 3(Note 4)S-34

LS Fukushima Kagamiishi 1

S-35

LS Fukushima Kagamiishi 2

S-36

LS Chiba Narita

S-37

LS Iwate Hirono

S-38

LS Miyagi Matsushima

Acquired From

(Million Yen) (Note 3)

Sakuragawa City, Ibaraki
Prefecture
Kagamiishi, Iwase-gun,
Fukushima Prefecture
Kagamiishi, Iwase-gun,
Fukushima Prefecture
Narita City, Chiba Prefecture
Hirono, Kunohe-gun, Iwate
Prefecture
Matsushima, Miyagi-gun,
Miyagi Prefecture

Total

1,650

Blue Energy Bridge Fund Epsilon G.K.

178

Takara Leben Co., Ltd.

187

Takara Leben Co., Ltd.

425

LS Chiba Narita G.K.

843

LS Iwate Hirono G.K.

4,320

Green Mega Solar G.K.

7,603

-

(Note 1) Here and hereafter, “LS” is an abbreviation of “Leben Solar” as the name of the series of solar power generation facilities acquired by the Investment Corporation.
(Note 2) Here and hereafter, the “Location” is based on the statement in the register concerning the land (or a single parcel if there is more than one) where the solar power generation facility concernedwith the specified Assets to Be Acquired is installed. However, the locations are stated only in terms of their associated municipality.
(Note 3) Here and hereafter, the “Anticipated Acquisition Price” represents the amount of the transaction specified in the sale and purchase agreements pertaining to the specific Assets to Be Acquired

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

1

(but excluding acquisition expenses such as the amount equivalent to brokerage commissions, fixed asset taxes, urban planning taxes, consumption taxes, and other fees), with such amounts
rounded down to the nearest million yen.
(Note 4) Although LS Sakuragawa 2 & 3 consists of multiple photovoltaic power plants that have individually received authorization, the Investment Corporation will acquire these projects as one
asset since each power plant is close to each other, and they are owned by common landowners or the owners of surface rights who have the right to use the business sites that make up eachpower plant, and is maintained and managed integrally. Hereafter, LS Sakuragawa 2 and LS Sakuragawa 3 may be described separately, and in that case, LS Sakuragawa 2 is written as (2)and LS Sakuragawa 3 is written as (3).

(1) Date of execution ofNovember 9, 2020

agreement on transaction:(2) Scheduled acquisition date:

December 1, 2020 (date of delivery and settlement)(3) Acquired from:

Please refer to “3. Status of Asset Acquirer and Other Parties” below(4) Funds for acquisition:

Proceeds from the issuance of new investment units approved by a resolution of the Executive Board
meeting of the Investment Corporation held on November 9, 2020, and borrowings (Note)(5) Payment method:

Payment in full at the time of delivery(6) Intermediary:

None(Note) For details of the proceeds, please refer to the press release “Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units as “Green Equity”” announced
as of today. For details of the borrowings, please refer to the press release “Notice Regarding Borrowing of Funds” announced as of today.

2.

Descriptions of the Assets to Be Acquired(1) Overview of the Assets to Be Acquired
An overview of the individual Assets to Be Acquired is shown in the tables below. Unless specifically stated otherwise, the descriptions inthe sections in the tables and the terms used therein are as defined below. As a rule, information stated without any reference to timing iscorrect as of November 2, 2020.
a. “Project Overview”
・ “Outline of Specific Contract” states the details of the specific contract for the solar power generation facility concerned with thespecified Assets to Be Acquired.
・ “Power Generation Operator”, “Purchasing Electric Utilities Operator,” “FIT Price” and “Expiration Date of Supply Receipt Period”
state the details of the specific contract that will come into effect on the scheduled date of purchase of the specified Assets to Be
Acquired. “FIT Price” states the amount exclusive of any consumption tax and local consumption tax. The revenue of the Power
Generation Operator based on the FIT Price under the specific contract does not constitute revenue for the Investment Corporation.
・ “Location” is based on the statement in the register concerning the land (or a single parcel if there is more than one) where the solar
power generation facility concerned with the specified Assets to Be Acquired is installed.
・ “Lot Number” is based on the statement in the register.
・ “Use District” states the district specified in item (i) of paragraph (1) of Article 8 in the City Planning Act or the area classification
specified in Article 7 of the same Act. It indicates “non-classified city planning area” for any land designated as a city planningarea but without area classification under Article 7 of the City Planning Act (Act No. 100 of 1968, as amended), and “outside thecity planning area” for any land that is not designated as a city planning area.
・ As a rule, “Area” is based on the statement in the register, which may be inconsistent with the actually measured area.
・ “Type of Right” to the land states the type of right to be owned by the Investment Corporation to the land on which the solar power
generation facility concerned with the specified Assets to Be Acquired is located.
・ “Approval Date” states the date when the solar power generation facility concerned with the specified Assets to Be Acquired wasNote: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

2

approved.
・ “Supply Start Date” states the date when the solar power generation facility concerned with the specified Assets to Be Acquired
will commence its operation, excluding trial operation, and its supply of renewable energy electricity in accordance with the specificcontract at the relevant time.
・ “Remaining Procurement Period” states the period in months from the scheduled date of acquisition of the solar power generation
facility concerned with the specified Assets to Be Acquired to the expiration date of the procurement period, with any fractional
portion of less than one month disregarded.
・ “Expiration Date of Procurement Period” states the date when the procurement period regarding the solar power generation facility
concerned with the specified Assets to Be Acquired expires.
・ “Procurement Price” states the procurement price regarding the solar power generation facility concerned with the specified Assets
to Be Acquired, exclusive of any consumption tax and local consumption tax.
・ “Panel Type” states power generation elements incorporated into solar cell modules in the solar power generation facility concernedwith the specified Assets to Be Acquired according to the statement in the “Technical Report” prepared by E&E Solutions Inc.
(for Assets to Be Acquired other than LS Miyagi Matsushima) or TÜV Rheinland Japan Ltd. (for LS Miyagi Matsushima) andother sources.
・ “Panel Output” states the maximum output of solar cell modules in the solar power generation facility concerned with the specified
Assets to Be Acquired according to the statement in the “Technical Report” prepared by E&E Solutions Inc. (for Assets to Be
Acquired other than LS Miyagi Matsushima) or TÜV Rheinland Japan Ltd. (for LS Miyagi Matsushima) and other sources.
・ “Number of Panels” states the number of solar cell modules in the solar power generation facility concerned with the specified
Assets to Be Acquired according to the statement in the “Technical Report” prepared by E&E Solutions Inc. (for Assets to Be
Acquired other than LS Miyagi Matsushima) or TÜV Rheinland Japan Ltd. (for LS Miyagi Matsushima) and other sources.
・ “Panel Manufacturer” states the manufacturer of the solar cell modules used in the solar power generation facility concerned withthe specified Assets to Be Acquired according to the statement in the “Technical Report” prepared by E&E Solutions Inc. (forAssets to Be Acquired other than LS Miyagi Matsushima) or TÜV Rheinland Japan Ltd. (for LS Miyagi Matsushima) and othersources.
・ “PCS Manufacturer” states the manufacturer of the power conditioner system (hereinafter “PCS”) used in the solar power
generation facility concerned with the specified Assets to Be Acquired according to the statement in the “Technical Report”
prepared by E&E Solutions Inc. (for Assets to Be Acquired other than LS Miyagi Matsushima) or TÜV Rheinland Japan Ltd.
(for LS Miyagi Matsushima) and other sources.
・ “EPC Operator” states the contracted operator responsible for the construction of the solar power generation facility concernedwith the specified Assets to Be Acquired.
・ “Electricity Output” states either the solar cell module capacity or the PCS capacity of the solar power generation facility concernedwith the specified Assets to Be Acquired according to the statement in the “Technical Report” prepared by E&E Solutions Inc.
(for Assets to Be Acquired other than LS Miyagi Matsushima) or TÜV Rheinland Japan Ltd. (for LS Miyagi Matsushima) andother sources, whichever is the smaller.
・ “Estimated Annual Electricity Generation” states the annual electricity generation of the solar power generation facility concernedwith the specified Assets to Be Acquired mentioned in the “Technical Report” prepared by E&E Solutions Inc. (for Assets to Be
Acquired other than LS Miyagi Matsushima) or TÜV Rheinland Japan Ltd. (for LS Miyagi Matsushima) as the value in the 50th
percentile of excess probability calculated after a statistical analysis at the local meteorological office of the variation in solar
radiation for twenty years in the first, 10th and 20th years of the operation of the power plant. The value stated is rounded down
to the nearest second decimal place. It is to be noted, however, that the 50th percentile of excess probability differs from thepercentile of excess probability that serves as the basis of the calculation of the guaranteed minimum rent that the Investment
Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

3

Corporation will receive from the lessee in accordance with the agreement on the lease of the power generation facility and related
assets with the specified Assets to Be Acquired.
・ “Estimated Facility Operation Ratio” states the estimated annual operation ratio of the solar power generation facility concernedwith the specified Assets to Be Acquired stated in the “Technical Report” prepared by E&E Solutions Inc. (for Assets to Be
Acquired other than LS Miyagi Matsushima) as the value in the 50th percentile of excess probability calculated after a statisticalanalysis at the local meteorological office of the variation in solar radiation for twenty years in the first, 10th and 20th years ofoperation of the power plant. It is to be noted, however, that the 50th percentile of excess probability differs from the percentile
of excess probability that serves as the basis of the calculation of the guaranteed minimum rent that the Investment Corporation
will receive from the lessee in accordance with the agreement on the lease of the power generation facility and related assets
concerned with the LS Sakuragawa 2 & 3, LS Fukushima Kagamiishi 1 or LS Fukushima Kagamiishi 2. “Estimated Facility
Operation Ratio” is shown as “Annual Electricity Generation (kWh) / (the rated capacity of the concerned solar power generation
facility (kW) x 8,760 hours) x 100”. The rated capacity used in the above formula is calculated as the maximum output of eachsolar cell module multiplied by the number of panels installed. For LS Miyagi Matsushima, “Estimated Facility Operation
Ratio”is omitted as there is no statement in the “Technical Report” prepared by TÜV Rheinland Japan Ltd.
・ “Platform Foundation Structure” states the structure of the foundation for the module platform in the solar power generation facility
concerned with the specified Assets to Be Acquired according to the statement in the “Technical Report” prepared by E&E
Solutions Inc. (for Assets to Be Acquired other than LS Miyagi Matsushima) or TÜV Rheinland Japan Ltd. (for LS Miyagi
Matsushima) and other sources.
・ “Type of Right” to the facility states the type of right to be owned by the Investment Corporation to the solar power generation
facility concerned with the specified Assets to Be Acquired.
・ “Encumbrance” states the presence or absence of encumbrance that the Investment Corporation is scheduled to bear after theacquisition of the specified Assets to Be Acquired.
・ “Operator” states the company that will serve as the operator of the specified Assets to Be Acquired as of the date of acquisition ofAssets to Be Acquired.
・ “O&M Provider” states the operator that will conclude an effective O&M agreement with respect to major O&M services as ofthe date of acquisition of the specified Assets to Be Acquired.
・ “Special Remarks” describe the rights and use of individual projects that are regarded as important as well as other matters that areconsidered significant in view of the impact on the appraised value, profitability and disposability of the specified project, inprinciple on the basis of information as of November 2, 2020.
b. “Project Characteristics”
・ “Project Characteristics” describe the basic features, characteristics and regional peculiarities and other factors of the specified
Assets to Be Acquired on the basis of the “Technical Report” prepared by E&E Solutions Inc. (for Assets to Be Acquired otherthan LS Miyagi Matsushima) or TÜV Rheinland Japan Ltd. (for LS Miyagi Matsushima), the “Valuation Report” prepared byPricewaterhouseCoopers Sustainability LLC, the “Real Estate Appraisal Report” prepared by CBRE K.K., and partly on the basisof materials obtained by the Asset Manager. These reports and materials merely refer to the judgments and opinions of outside
specialists at a specific point in time; they do not guarantee the appropriateness and accuracy of their information. Nor do theyreflect changes in circumstances after their preparation.
c. “Electricity Generation in the Past Year”
・ “Electricity Generation in the Past Year” describes the numerical data and information, which are not processed for the accounting
audit and other procedures, in principle provided as they are without being edited by the preceding owner or the current owner ofNote: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

4the specified Assets to Be Acquired. These data are provided for reference purposes only and may be incomplete or inaccurate.
“Electricity Sold” states the total volume of electricity in the specified month after the per-diem calculation of the electricity
measured on the meter reading day of the month for the simple number of days and electricity in the specified month after the perdiem calculation of the electricity measured on the meter reading day of the following month for the simple number of days on thebasis of electricity purchased stated in the notice of electricity purchased issued by the purchasing electric utilities operator. Thisvalue is not an indicator stipulated in the corporate accounting standards that are generally recognized as fair and appropriate inJapan. It is not necessarily calculated in the same manner as in the accounting treatment adopted by the Investment Corporation,and the circumstances surrounding the specified Assets to Be Acquired serving as a precondition for the calculation may not be thesame as those after the acquisition made by the Investment Corporation.
As a result, the electricity generation in the past year is not necessarily identical to the electricity generation in the future. It does not
ensure, guarantee or forecast the electricity generation in the future, and may differ significantly from the actual electricity
generation in the future depending on the circumstances.
(2) Grounds for Acquisition
The Assets to Be Acquired are renewable energy generation facilities which comply with the target and policy for asset
management prescribed in the articles of incorporation of the Investment Corporation. The acquisition of these Assets to Be
Acquired is aimed at expanding the scale of the assets of the Investment Corporation and at increasing the net income per unit byimproving the profitability of the Investment Corporation. The acquisition of these Assets is expected to increase the distribution
per unit, exclusive of any distribution of surplus earnings, by 43 yen for the fiscal period ending May 2021. For subsequent periods,
the acquisition is deemed to be beneficial to the distribution policy pursued by the Investment Corporation. It is for these reasonsthat the decision on the acquisition in question has been made.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

5(3) Summary of Specific Projects
S-33

LS Sakuragawa 2 & 3

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date
Expected acquisition price
Assessed Value of Power Plant(as-of date)

Appraised Value of Land(as-of date)

Location

Lease of renewable energy power generation facility and real project (leasehold of surface right)
Type of Renewable Energy Power
Solar power generation
December 1, 2020
Generation Facility
facility
Power Generation
G.K. RSOperator (Note 1)
1,650,000,000 yen
Purchasing Electric
TEPCO Energy Partner,
Utilities Operator
Incorporated
1,561,000,000 yen- 1,932,000,000 yen
FIT Price
36 yen/kWh(August 31, 2020)
Outline of(2) The day before the firstSpecific
meter reading day afterContract
the lapse of 240 months
from March 28, 2016
Expiration Date of
32,400,000 yen(including this date)
Supply Receipt Period(August 31, 2020)(3) The day before the first(Note 2)
meter reading day after
the lapse of 240 months
from February 15, 2016
(including this date)
Aza-Uenohara, Uenoharachi Shinden, Sakuragawa City, Ibaraki Prefecture

Lot Number

205-1 and other (32 lots)

Panel TypeUse District

Controlled urbanization area

Panel Output

Area

87,763m2

Number of Panels

Type of Right

Leasehold of surface rights

Panel Manufacturer

Approval Date

(2) November 25, 2013
(3) November 25, 2013Land

PCS Manufacturer
EPC Operator
Electricity Output

Supply Start Date

(2) March 28, 2016
(3) February 15, 2016

Facility

Facility

Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price

Estimated
AnnualElectricity
Generation

Estimated
Facility
Operation
Ratio(2) 15 years and 3 months(3) 15 years and 2 months

Year 1
Year 10
Year 20
Year 1
Year 10
Year 20CIS(2) 2,627.52kW(3) 2,464.32kW(2) 15,456(3) 14,496
Solar Frontier K.K.
DAIHEN Corporation
Hitachi Zosen
Corporation(2) 1,990.00kW(3) 1,990.00kW(2) 3,205.65MWh(3) 3,008.10MWh(2) 3,045.37MWh(3) 2,857.70MWh(2) 2,885.09MWh(3) 2,707.29MWh(2) 13.93%(3) 13.93%(2) 13.23%(3) 13.24%(2) 12.53%(3) 12.54%(2) March 27, 2036
(3) February 14, 2036

Platform Foundation
Structure

Pile foundation

36 yen/kWh

Type of Right

LeaseholdEncumbrance

None

Operator

Takara Leben Co., Ltd.

State of Compliance with Risk Control Policy

Toyo Bldg. MaintenanceCo., Ltd.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The other
O&M Provider

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

6

Public Traits of Projectrisks, such as the business risk, the risk of market and economic conditions and demand change, therisk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, the risk ofinstitutional changes and the other risks apply. The project will be operated in compliance with thecontrol policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
 For the land of this project, a leasehold of surface rights has been established and registered with the surface rights (a corporation) as lessor, and Blue
Energy Bridge Fund Epsilon G.K. as lessee. The lease agreement of such surface rights after the acquisition by the Investment Corporation is outlined
as follows:(Outline of the lease agreement of surface rights)
Lessor: Smart Megasolar 1 G.K.
Lessee: The Investment Corporation
Duration: 20 years from March 28, 2016 (although the beginning date of a part of land is different, the ending date of all land is March 27, 2036)
Rent: Not disclosed because the lessor's consent has not been obtained
Rent Revision: None
Security Deposit: Guarantee money for demolition costs has been deposited, but the amount is not disclosed because the lessor's consent has not beenobtained
Renewal of Agreement: None
Midterm Cancellation: The lessee may immediately terminate the lease agreement without paying any penalty upon notice to the lessor upon theoccurrence of an act of God, natural disaster, riot or any other event not attributable to the lessee, or if the lessee reasonably determinesthat it is difficult to continue the solar power generation business.
Priority Acquisition Right: None
Consent to Transfer: The lessor has acknowledged that the lessee will transfer its leasehold for the purpose of operating the solar power generation
business by installing a solar power generation facility.
 While the agreement on the establishment of surface rights between the landowner (several individuals) as grantor of surface rights and Smart
Megasolar 1 G.K. as owners of surface rights gives the grantor of surface rights the right of midterm cancellation, it provides that when exercisingsuch midterm cancellation right the grantor of surface rights shall be liable for damage suffered by the surface rights due to such midterm cancellation.
 Although some boundary lines between this project and other adjoining parcels of land are not confirmed in the presence of the owners or in writing,there is no dispute etc. with the owners of such adjoining parcels of land as of the date of this document.
 Covered box, round box, catch basin, drain pipes and vinyl chloride pipes in this project cross the east boundary with the adjacent road. Permission
for the occupancy of such encroaching portion has been applied to the Mayor of Sakuragawa City as of November 2, 2020.
 Electricity conduits between the parcels of land of this project are laid down across the road. Permission for the occupancy of such laid down portion
has been applied to the Mayor of Sakuragawa City as of November 2, 2020.
 Fence foundation existing on the west adjacent land of this project and the paling existing on the south adjacent land of this project cross the boundarywith the road on the land of this project, respectively. Since the aspects of such crossing borders are minor, any memorandums concerning suchcrossing borders have not been executed with each owner of said land. There is no dispute etc. with the owners of such adjoining parcels of land as ofthe date of this document.
 This project was constructed under the forest development permission obtained jointly with LS Sakuragawa 1, which is managed and operated by
Takara Leben Co., Ltd., and is under the common management and operation with those plants in order to comply with the terms and conditions ofsaid permission.
(Note 1) Although application for certification of change in the power generation business in connection with the transfer of the power generation business has not been completed as of the dateof this document, the application is scheduled to be done to Minister of Economy, Trade and Industry at the lease start date of renewable energy power generation facility for the project(as of the date of this document, it is scheduled to be December 1, 2020) and “Power Generation Operator” represents the operator after the acquisition of certification of change.
(Note 2) It is stipulated that if a recording-type measuring apparatus is used for measurement and the purchasing electric utilities operator gives the power generation operator prior notice of thedate when the value of the electricity meter is recorded in the recording-type measuring apparatus (hereinafter referred to as the “Date of Measurement” in this note), this period shall end
on the day before the Date of Measurement.

Project Characteristics■ Project Characteristics<Location>
The project is in Sakuragawa City, Ibaraki Prefecture. The project is located about 3.1km (road distance) northwest of JR Mito Line “Yamato” Station

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

7

and about 3.0km to Kita Kanto Expressway “Sakuragawa Chikusei IC”.
<Weather Conditions>Moka, the nearby weather station, has annual daylight hours of 1,930.7 hours, which is longer than the national average of 1,896.5 hours.
The amount of snowfall is small and the wind is not strong, and we believe that there are no particular factors that impede the implementation of solar
power generation in the weather conditions.
<Facilities>
Panels from Solar Frontier K.K. and power conditioners from DAIHEN Corporation are used.

Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2019
To: August 31, 2020
For September 2019For October 2019

For November 2019

For December 2019564,570kWh

433,221kWh

419,833kWh

358,278kWh

For January 2020

For February 2020

For March 2020

For April 2020

409,009kWh

497,363kWh

600,452kWh

658,900kWh

For May 2020

For June 2020

For July 2020

For August 2020

629,887kWh

498,701kWh

434,674kWh

660,979kWh

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

8

S-34

LS Fukushima Kagamiishi 1

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date

Expected acquisition price

Assessed Value of Power Plant(as-of date)

Appraised Value of Land(as-of date)

LocationLand

Renewable energy power generation facility, surface rights
Type of Renewable Energy Power
December 1, 2020
Generation Facility
Power Generation
Operator(Note 1)
178,000,000 yen
Purchasing Electric
Utilities Operator
157,000,000 yen- 195,000,000 yen
FIT Price
Outline of(August 31, 2020)
Specific
Contract
Expiration Date ofSupply Receipt
Period(Note 2)9,720,000 yen(August 31, 2020)

G.K. SDX
Tohoku Electric Power
Co.,Inc.
27 yen/kWh
The day before the meterreading day of the 240thmonth from the month
immediately following
the month during which
the first meter reading
day occurs after March24, 2017

Toyota, Kagamiishi, Iwase-gun, Fukushima Prefecture
Lot Number

553-1

Panel Type

Polycrystal silicon

Use District

Urbanization control area

Panel Output

712.32kW

Area

13,207 ㎡

Number of Panels

2,688

Type of Right

Surface rights

Panel Manufacturer

JA Solar K.K.

June 22, 2015

PCS Manufacturer
EPC Operator

Nissin Electric Co., Ltd.
FUKUSHO K.K.

Electricity Output

500.00kW

EstimatedYear 1
AnnualYear 10
Electricity
Year 20
Generation
EstimatedYear 1
Facility
Year 10
Operation
Year 20
Ratio
Platform Foundation
Structure
Type of Right

784.74MWh

Approval Date

Supply Start Date

Facility

March 24, 2017

Facility
Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price
Encumbrance

Solar power generation
facility

16 years and 3 months
March 23, 2037
27 yen/kWh745.50MWh
706.27MWh
12.58%
11.95%
11.32%

Screw pile foundation
Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Energy O&M Inc.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
State of Compliance with Risk Control Policy
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
Public Traits of Projectand increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

9

- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
 For the land of this project, the surface rights have been established and registered with the landowner (an Individual) as surface rights owner andTakara Leben as surface rights holder. The agreement on the establishment of superficies after the acquisition by the Investment Corporation isoutlined as follows.
(Outline of the agreement on the establishment of superficies)
Surface rights owner: IndividualSurface rights holder: the Investment Corporation
Duration: 23 years from January 27, 2017
Rent: Not disclosed because the surface rights owner's consent has not been obtained
Rent Revision: None
Security Deposit: None
Renewal of Agreement: If, at the expiration of the duration of the surface rights, the solar power generation facility exists on the land and is still
functioning, the surface rights owner and the surface rights holder may renew the agreement after consultation.
Midterm Cancellation: In the event that (i) the solar power generation facility is lost or materially damaged through no fault of the surface rights
holder, (ii) the economic rationale for the solar power generation project is lost due to the enactment or revision of the Renewable
Energy Special Measures Law or other laws and regulations, changes in economic conditions, or a decrease in the generation capacityof the solar power generation facility caused by environmental changes in the vicinity of the land, etc. or (iii) the necessary permits andlicenses to carry out the solar power generation project are rescinded, etc., or that the electricity generated by the solar power generation
facility is no longer procured by the electric utility due to opposition movements by neighbors or various organizations, etc., or due to
instructions from the government authorities or other reasons not attributable to the owner of the surface rights owner or the surface
rights holder, the agreement may be terminated free of charge by making a written request to the surface rights owner after 1 monthfrom the day following the date on which such letter reaches the surface rights owner.
Priority Acquisition Right: None
Consent to Transfer: The surface rights holder may transfer the surface rights to a third party. In this case, the surface rights holder shall succeed to thewhole rights, obligations and contractual status of the surface rights holder to the third party.
 Service wires existing on the north side adjacent land of this project cross the boundary with this project. This encroaching is left behind because thisdoes not affect the power generation business.
(Note 1) Although application for certification of change in the power generation business in connection with the transfer of the power generation business has not been completed as of thedate of this document, the application is scheduled to be done to Minister of Economy, Trade and Industry at the lease start date of renewable energy power generation facility for the
project (as of the date of this document, it is scheduled to be December 1, 2020) and “Power Generation Operator” represents the operator after the acquisition of certification of change.
(Note 2)If the beginning date of power supply receipt is a meter reading day, the beginning date of power supply receipt is the first meter reading day.

Project Characteristics■ Project Characteristics<Location>
This project is Kagamiishi, Iwase-gun, Fukushima Prefecture. The project is located about 2.6km (road distance) northeast of JR Tohoku Line
“Kagamiishi” Station, and about 4.1km to Tohoku Expressway “Kagamiishi Smart IC”.
<Weather Conditions>
Isikawa, the nearby weather station, has annual daylight hours of 1,792.3 hours, which is longer than the national average of 1,896.5 hours.
The wind is not strong, and we believe that there are no particular factors that impede the implementation of solar power generation in the weather
conditions. However, the snowfall is 21cm above normal and the deepest snowfall is 23cm, so the impact on the amount of electricity generated needs
to be taken into account. There are no other special features that may affect the amount of electricity generated.
<Facilities>
Panels from JA Solar K.K. and power conditioners from Nissin Electric Co., Ltd. are used.
Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2019
To: August 31, 2020
For September 2019For October 2019

For November 2019

For December 2019

51,667kWh55,717kWh58,175kWh52,817kWh

For January 2020

For February 2020

For March 2020

For April 2020

50,210kWh

55,400kWh69,934kWh84,854kWh

For May 2020

For June 2020

For July 2020

For August 2020

89,806kWh73,318kWh

67,577kWh84,143kWh

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

10

S-35

LS Fukushima Kagamiishi 2

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date

Expected acquisition price

Assessed Value of Power Plant(as-of date)Renewable energy power generation facility, surface rights
Type of Renewable Energy Power
December 1, 2020
Generation Facility
Power Generation
Operator(Note 1)
187,000,000 yen
Purchasing Electric
Utilities Operator
165,000,000 yen- 205,000,000 yen
FIT Price
Outline of(August 31, 2020)
Specific
Contract
Expiration Date ofSupply Receipt
Period(Note 2)

Appraised Value of Land(as-of date)

7,200,000 yen(August 31, 2020)

Location

Toyota, Kagamiishi, Iwase-gun, Fukushima Prefecture

Land

G.K. SDX
Tohoku Electric Power
Co.,Inc.
27 yen/kWh
The day before themeter reading day of the240th month from themonth immediately
following the month
during which the firstmeter reading day
occurs after March 24,
2017

Lot Number

572

Panel Type

Polycrystal silicon

Use District

Urbanization control area

Panel Output

712.32kW

Area

9,187 ㎡

Number of Panels

2,688

Type of Right

Surface rights

Panel Manufacturer

JA Solar K.K.

June 17, 2015

PCS Manufacturer
EPC Operator

Nissin Electric Co., Ltd.
FUKUSHO K.K.

Electricity Output

500.00kW

EstimatedYear 1
AnnualYear 10
Electricity
Year 20
Generation
EstimatedYear 1
Facility
Year 10
Operation
Year 20
Ratio
Platform Foundation
Structure
Type of Right

806.28MWh

Approval Date

Supply Start Date

Facility

March 24, 2017

Facility
Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price
Encumbrance

Solar power generation
facility

16 years and 3 months
March 23, 2037
27 yen/kWh765.96MWh
725.65MWh12.92%
12.28%
11.63%
Screw pile foundation
Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Energy O&M Inc.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
State of Compliance with Risk Control Policy
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk andthe risk of institutional changes apply. The property will be operated in compliance with the control
policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
Public Traits of Projectand increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsNote: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

11

from overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
 For the land of this project, the surface rights have been established and registered with the landowner (an Individual) as surface rights owner andTakara Leben as surface rights holder. The agreement on the establishment of superficies after the acquisition by the Investment Corporation isoutlined as follows.
(Outline of the agreement on the establishment of superficies)
Surface rights owner: IndividualSurface rights holder: the Investment Corporation
Duration: 23 years from January 27, 2017
Rent: Not disclosed because the surface rights owner's consent has not been obtained
Rent Revision: None
Security Deposit: None
Renewal of Agreement: If, at the expiration of the duration of the surface rights, the solar power generation facility exists on the land and is still
functioning, the surface rights owner and the surface rights holder may renew the agreement after consultation.
Midterm Cancellation: In the event that (i) the solar power generation facility is lost or materially damaged through no fault of the surface rights
holder, (ii) the economic rationale for the solar power generation project is lost due to the enactment or revision of the Renewable
Energy Special Measures Law or other laws and regulations, changes in economic conditions, or a decrease in the generation capacityof the solar power generation facility caused by environmental changes in the vicinity of the land, etc. or (iii) the necessary permits andlicenses to carry out the solar power generation project are rescinded, etc., or that the electricity generated by the solar power generation
facility is no longer procured by the electric utility due to opposition movements by neighbors or various organizations, etc., or due to
instructions from the government authorities or other reasons not attributable to the owner of the surface rights owner or the surface
rights holder, the agreement may be terminated free of charge by making a written request to the surface rights owner after 1 monthfrom the day following the date on which such letter reaches the surface rights owner.
Priority Acquisition Right: None
Consent to Transfer: The surface rights holder may transfer the surface rights to a third party. In this case, the surface rights holder shall succeed to thewhole rights, obligations and contractual status of the surface rights holder to the third party.
 A U-shaped gutter existing on this project cross the boundary with the southwest side road of this project. A memorandum of such cross-border isconcluded with the owners of such adjoining parcels of land.
 Catch basin existing on the southwest side road of this project cross the boundary with this project. A memorandum of such cross-border isconcluded with the owners of such adjoining parcels of land.
 Branch lines, service wire and trans existing on the southwest side road of this project cross the boundary with this project. This encroaching is left
behind because this does not affect the power generation business.
(Note1) Although application for certification of change in the power generation business in connection with the transfer of the power generation business has not been completed as of thedate of this document, the application is scheduled to be done to Minister of Economy, Trade and Industry at the lease start date of renewable energy power generation facility for the
project (as of the date of this document, it is scheduled to be December 1, 2020) and “Power Generation Operator” represents the operator after the acquisition of certification of change.
(Note2) If the beginning date of power supply receipt is a meter reading day, the beginning date of power supply receipt is the first meter reading day.

Project Characteristics■ Project Characteristics<Location>
This project is Kagamiishi, Iwase-gun, Fukushima Prefecture. The project is located about 2.5km (road distance) northeast of JR Tohoku Line
“Kagamiishi” Station, and about 3.5km (road distance) to Tohoku Expressway “Kagamiishi Smart IC”.
<Weather Conditions>
Isikawa, the nearby weather station, has annual daylight hours of 1,792.3 hours, which is longer than the national average of 1,896.5 hours.
The wind is not strong, and we believe that there are no particular factors that impede the implementation of solar power generation in the weather
conditions. However, the snowfall is 21cm above normal and the deepest snowfall is 23cm, so the impact on the amount of electricity generated needs
to be taken into account. There are no other special features that may affect the amount of electricity generated.
<Facilities>
Panels from JA Solar K.K. and power conditioners from Nissin Electric Co., Ltd. are used.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

12

Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2019
To: August 31, 2020
For September 2019For October 2019

For November 2019

For December 201986,729kWh

63,355kWh40,853kWh34,155kWh

For January 2020

For February 2020

For March 2020

For April 2020

46,232kWh55,337kWh70,675kWh85,558kWh

For May 2020

For June 2020

For July 2020

For August 2020

90,965kWh74,576kWh68,814kWh85,773kWh

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

13

S-36

LS Chiba Narita

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date
Expected acquisition price
Assessed Value of Power Plant(as-of date)Renewable energy power generation facility, surface rights
Type of Renewable Energy Power
December 1, 2020
Generation Facility
Power Generation
Operator
425,000,000 yen
Purchasing Electric
Utilities Operator
374,000,000yen- 467,000,000 yen
FIT Price(August 31, 2020)
Outline ofSpecific
Contract
Expiration Date ofSupply Receipt
Period (Note)

Appraised Value of Land(as-of date)

29,100,000 yen(August 31, 2020)

Location

Ohoriyama, Aza-Maebayashi, Narita City, Chiba Prefecture

LS Chiba Narita G.K.
TEPCO Energy Partner,
Incorporated
32 yen/kWh
The day before themeter reading day of the240th month from themonth immediately
following the month
during which the firstmeter reading day
occurs after March 31,
2017

Lot Number

1237-2 and others (7 lots)

Panel Type

Polycrystal silicon

Use District

Non-designated city planning
area

Panel Output

1,296.00kWArea

17,307 ㎡

Number of Panels

4,800Type of Right

Surface rights

Panel Manufacturer

Approval Date

December 11, 2014

EPC Operator

JA Solar K.K.
Huawei Technologies
Co., LtdGF K.K.

Electricity Output

1,000.00kW

EstimatedYear 1
AnnualYear 10
Electricity
Year 20
Generation
EstimatedYear 1
Facility
Year 10
Operation
Year 20
Ratio
Platform Foundation
Structure
Type of Right

1,465.05MWh

Land

PCS Manufacturer

Facility
Supply Start Date

March 31, 2017

Facility
Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price
Encumbrance

Solar power generation
facility

16 years and 3 months
March 30, 2037
32 yen/kWh

1,391.80MWh
1,318.54MWh
12.90%
12.26%
11.61%
Pile foundation
Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Energy O&M Inc.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
State of Compliance with Risk Control Policy
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of the
Public Traits of Projectgreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community
Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

14

- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
 For the land of this project, the surface rights have been established and registered with the landowner (an Individual) as surface rights owner and
LS Chiba Narita G.K. as surface rights holder. The agreement on the establishment of superficies after the acquisition by the Investment
Corporation is outlined as follows.
(Outline of the agreement on the establishment of superficies)
Surface rights owner: IndividualSurface rights holder: the Investment Corporation
Duration: from April 28, 2017 to March 30, 2037
Rent: Not disclosed because the surface rights owner's consent has not been obtained
Rent Revision: None
Security Deposit: None
Renewal of Agreement: The term may be extended for five years by agreement of the surface rights owner and the surface rights holder before theexpiration of the term.
Midterm Cancellation: During the term of the agreement, the surface rights owner may terminate the agreement free of charge by giving one month's
notice in writing to the surface rights holder, if it becomes extremely difficult to continue the solar power generation business due to anatural disaster or other force majeure, amendments to laws and regulations, changes in social and economic conditions, or otherreasons not attributable to the surface rights owner.
Priority Acquisition Right: In the event that the surface rights owner intends to transfer the land, the surface rights holder may purchase the land in
preference to a third party.
 Although some boundary lines between this project and other adjoining parcels of land are not confirmed in the presence of the owners or inwriting, there is no dispute etc. with the owners of such adjoining parcels of land as of the date of this document.
 Rainwater drainage pipes existing on this project cross the boundary with the road on the north side. Permission for the occupancy of suchencroaching portion has been obtained from the Mayor of Narita City and an agreement regarding development activities has been entered into with
the Hokuso East Land Improvement District.
 The agreement of the establishment of the surface right for the surface rights comprising the project requires that prior written consent be obtained
from the surface rights owner in principle when transferring the surface rights and the status of the surface rights holder. As of November 2, 2020,
the seller, at its own responsibility and expense, was in the process of obtaining written consent from the surface rights owner for the transfer of such
surface rights and the status of the surface rights holder to the Investment Corporation, and such consent was subsequently obtained.
(Note ) It is stipulated that if a recording-type measuring apparatus is used for measurement and the purchasing electric utilities operator gives the power generation operator prior notice ofthe date when the value of the electricity meter is recorded in the recording-type measuring apparatus (hereinafter referred to as the “Date of Measurement” in this note), this period shallend on the day before the Date of Measurement.

Project Characteristics■Project Characteristics<Location>
The Project is in Narita City, Chiba Prefecture. The project is located about 6.2km (road distance) northeast of Keisei Narita Airport Line “Narita
Airport Terminal 2” Station and about 6.7km to Shin-Kuko Expressway “Shin-Kuko IC”.
<Weather Conditions>
The weather station (Katori) near the power plant has annual daylight hours of 1,878.6 hours, which is shorter compared to the national average of
1,896.5 hours.
The amount of snowfall is small and the wind is not strong, and we believe that there are no particular factors that impede the implementation of solar
power generation in the weather conditions.
<Facilities>
The panel from JA Solar K.K. and the power conditioner from Huawei Technologies Co., Ltd are used.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

15

Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2019
To: August 31, 2020
For September 2019For October 2019

For November 2019

For December 2019104,693kWh

114,721kWh

96,110kWh76,993kWh

For January 2020

For February 2020

For March 2020

For April 2020

97,633kWh109,319kWh

134,574kWh

147,812kWh

For May 2020

For June 2020

For July 2020

For August 2020

159,895kWh

136,035kWh

122,756kWh

153,131kWh

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

16

S-37

LS Iwate Hirono

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date
Expected acquisition price
Assessed Value of Power Plant(as-of date)

Appraised Value of Land(as-of date)

LocationLand

Renewable energy power generation facility, surface rights, lease of real projectType of Renewable Energy Power
Solar power generation
December 1, 2020
Generation Facility
facility
Power Generation
LS Iwate Hirono G.K.
Operator
843,000,000 yen
Purchasing Electric
Tohoku Electric Power
Utilities Operator
Co.,Inc.
758,000,000 yen- 944,000,000 yen
FIT Price
36 yen/kWh(August 31, 2020)
Outline of
The day before theSpecific
meter reading day of theContract
240th month from the
Expiration Date ofmonth immediately
36,200,000 yen
Supply Receipt
following the month(August 31, 2020)
Periodduring which the firstmeter reading day
occurs after March 29,
2017
Aza-Kamanokuchi, 57, Ono, Hirono, Kunohe-gun, Iwate Prefecture

Lot Number

1-36 and others (3 lots)

Panel Type

Polycrystal silicon

Use District

Outside the city planning area

Panel Output

2,273.70kW

Area

92,747 ㎡

Number of Panels

8,580

Type of Right

Surface rights, lease of real project

Panel Manufacturer

Approval Date

December 20, 2013

EPC Operator

JA Solar K.K
FUJI ELECTRIC CO.,LTD.
GF K.K.

Electricity Output

1,990.00kW

EstimatedYear 1
AnnualYear 10
Electricity
Year 20
Generation
EstimatedYear 1
Facility
Year 10
Operation
Year 20
Ratio
Platform Foundation
Structure
Type of Right

2,580.66MWh

Supply Start Date

PCS Manufacturer

Facility

March 29, 2017

Facility
Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price
Encumbrance

16 years and 3 months
March 28, 2037
36 yen/kWh

2,451.62MWh
2,322.59MWh
12.96%
12.31%
11.66%
Pile foundation
Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Energy O&M Inc.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
State of Compliance with Risk Control Policy
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
Public Traits of Projectand increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

17

- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
 For the part of the land of this project, the surface rights have been established and registered with the landowner (an Individual) as surface rights
owner and LS Iwate Hirono G.K. as surface rights holder. The agreement on the establishment of superficies after the acquisition by the Investment
Corporation is outlined as follows.
(Outline of the agreement on the establishment of superficies)
Surface rights owner: IndividualSurface rights holder: the Investment Corporation
Duration: 21 years from July 25, 2016
Rent: Not disclosed because the surface rights owner's consent has not been obtained
Rent Revision: In the event that a change in the rent is reasonable based on the enactment, revision or abolition of the Renewable Energy Special
Measures Law or other laws and regulations, changes in economic conditions, increases or decreases in taxes and other public charges,
significant increases or decreases in the price of nearby land or land rent, or other circumstances, or in the event that the generation ofelectricity at the project is affected by changes in the environment in the vicinity of the land, the rent may be changed to a reasonable
one upon the request of the surface rights owner or surface rights holder after consultation between the surface rights owner andsurface rights holder on a case-by-case basis.
Security Deposit: None
Renewal of Agreement: If the surface rights owner offers at least three months before the expiration of the term, the contract shall be renewed under
the same terms and conditions for one year from the day after the expiration of the term, and this rule shall apply thereafter.
Midterm Cancellation: None
Priority Acquisition Right: If the land cannot be used for the power generation business due to the loss or severe damage of the power plant or otherstructures, etc. prior to the expiration of the duration of the power generation business, the surface rights holder may terminate the land
without incurring any costs such as damages for cancellation after one month by giving one month's notice in writing to the surface
rights owner.
 For the part of the land of this project, the leaseholds have been established and registered with the land owner (Hirono) as lessor and LS Iwate
Hirono G.K. as lessee. The land lease agreement after the acquisition by the Investment Corporation is outlined as follows.
(Outline of the agreement on the establishment of superficies)
Lessor: Individual
Lessee: the Investment Corporation
Duration: from December 1, 2020 to from September 30, 2037
Rent: Not disclosed because the surface rights owner's consent has not been obtained
Rent Revision: In the event that a change in the rent is reasonable based on the enactment, revision or abolition of the Renewable Energy Special
Measures Law or other laws and regulations, changes in economic conditions, increases or decreases in taxes and other public charges,
significant increases or decreases in the price of nearby land or land rent, or other circumstances, or in the event that the generation ofelectricity at the project is affected by changes in the environment in the vicinity of the land, the rent may be changed to a reasonable
one upon the request of the lessor or lessee, after consultation between the lessor and the lessee on a case-by-case basis.
Security Deposit: None
Renewal of Agreement: Unless otherwise indicated by either the lessor or the lessee, a further extension of one year under the same conditions shallbe deemed to have been granted and the same rule shall apply thereafter.
Midterm Cancellation: The lessor may terminate the project in case the Country, the Prefecture or other local governments, or the lessor uses the
project for public or official in accordance with Section 238-5(4) of the Local Government Code.
Priority Acquisition Right: None
 Although boundary lines between this project and other adjoining parcels of land are not confirmed in writing, there is no dispute etc. with theowners of such adjoining parcels of land as of the date of this document.
 A drainage channel existing on this project cross the boundary with the road running east to west in the center of this project. Permission for theoccupancy of such encroaching portion has been obtained from the Mayor of Hirono.
 Three FEP pipes existing on this project cross the boundary with the road running east to west in the center of this project. Permission for theoccupancy of such encroaching portion has been obtained from the Mayor of Hirono.

Project Characteristics■ Project Characteristics<Location>
This project is in Hirono Kunobe-gun Iwate Prefecture, and is located about 10.1km (road distance) northwest of JR Hachinohe Line “Samuraihama”
Station.
<Weather Conditions>
The weather station (Kuji) near the power station has annual daylight hours of 1,837.5 hours, which is shorter compared to the nationwide average of
1,896.5 hours.
The wind is not strong, and we believe that there are no particular factors that impede the implementation of solar power generation in the weather
Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

18

conditions. Although the annual maximum snow depth in Kuji is 33 cm and the maximum snow depth since 1989 is 73 cm, the plant will maintain aclearance of 1.00 m from the bottom end of the modules to the surface, and the average annual snowfall of 10 cm or more was 3.7 times during the 20
years from 1996 to 2015. Therefore, the impact of snow on the amount of electricity generated is expected to be minor. There are no other special
features that may affect the amount of electricity generated.
<Facilities>
The panel from JA Solar K.K and the power conditioner from FUJI ELECTRIC CO., LTD. are used.
Electricity Generation in the Past Year
PeriodFrom: September 1, 2019
To: August 31, 2020
For September 2019

Electricity Sold

For October 2019

For November 2019

For December 2019229,533kWh

222,774kWh

190,633kWh

158,722kWh

For January 2020

For February 2020

For March 2020

For April 2020

133,870kWh

120,406kWh

253,526kWh

271,893kWh

For May 2020

For June 2020

For July 2020

For August 2020

283,273kWh

221,182kWh

163,502kWh

199,345kWh

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

19

S-38

LS Miyagi Matsushima (Note 1)

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date
Expected acquisition price

Assessed Value of Power Plant(as-of date)

Appraised Value of Land(as-of date)

LocationLand

Renewable energy power generation facility, real project, surface rights, lease of real projectType of Renewable Energy Power
Solar power generation
December 1, 2020
Generation Facility
facility
Outline ofPower Generation
4,320,000,000 yen
Specific
Green Mega Solar G.K.
Operator
Contract
Purchasing Electric
Tohoku Electric Power
Utilities Operator
Network Co., Inc.
4,044,000,000 yen- 5,266,000,000 yen
FIT Price
24 yen/kWh(August 31, 2020)
From September 16,
2020 (including thisExpiration Date of
458,000,000 yendate) to the date ofSupply Receipt(August 31, 2020)
expiration of the contract
Periodperiod of the supply
receipt contract.
Maezawaue Aza–Nemawari, Matsuhima, Miyagi-gun, Miyagi Prefecture

Lot Number

14 and others (27 lots)

Panel Type

Monocrystalline silicon

Use District

Urbanization control area

Panel Output

14,246.40kW

358,932 ㎡
Ownership, Surface rights, leaseof real project (Note 2)

Number of Panels

35,616

Panel Manufacturer

Trina Solar (Japan) Ltd.

Area
Type of Right

Approval Date

June 29, 2016

Facility
Supply Start Date

September 16, 2020

Facility

Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement PriceMarch 30, 2040
24 yen/kWh
None

Operator

Takara Leben Co., Ltd.

State of Compliance with Risk Control Policy

Public Traits of Project

Electricity Output

12,000.00kW

Estimated
AnnualElectricity
Generation

Year 1(Note 3)
Year 10(Note 3)
Year 20(Note 3)
Year 1
Year 10

Estimated
Facility
Operation
Ratio
Year 20(Note 4)
Platform Foundation
Structure
Type of Right

19 years and 3 months

Encumbrance

EPC Operator

Toshiba MitsubishiElectric Industrial
Systems Corporation
juwi Shizen Energy Inc

PCS Manufacturer

17,959.49MWh
17,420.70MWh
16,881.92MWh－－－
Pile foundation
Ownership

Trina Solar (Japan)
Energy Ltd.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
O&M Provider

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

20

and increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
 For the part of the land of this project, the surface rights have been established and registered with the landowner (an Individual) as surface rights
owner and Green Mega Solar G.K. as surface rights holder. The agreement on the establishment of superficies after the acquisition by theInvestment Corporation is outlined as follows.
(Outline of the agreement on the establishment of superficies)
Surface rights owner: IndividualSurface rights holder: the Investment Corporation
Duration: 23 years from April 18, 2017
Rent: Not disclosed because the surface rights owner's consent has not been obtained
Rent Revision: If the installation of the power plant results in an increase in the property tax assessment of the land, the surface rights owner and thesurface rights holder shall discuss the rent revision.
Security Deposit: None
Renewal of Agreement: The term may be extended for five years by agreement of the surface rights owner and the surface rights holder before theexpiration of the term.
Midterm Cancellation: None Priority Acquisition Right: None For the part of the land (retention basin installation site) of this project, the leaseholds have been established withthe landowner (Matsushima) as lessors and Green Mega Solar G.K. as lessee, but such leaseholds are not registered as of the date of this document.
The agreement of land lease after the acquisition by the Investment Corporation is outlined as follows.
(Outline of the agreement of land lease (retention basin installation site))
Lessor: Matsushima
Lessee: the Investment Corporation
Duration: From September 16, 2020 to March 31, 2021
Rent: Not disclosed because the lessor's consent has not been obtained
Rent Revision: In the event of a significant increase in the price of the land, in the event that the lessor incurs special expenses with respect to the land,
or in the event of any other change in circumstances that would justify a change in the rent, the rent shall be revised to a reasonablerental rate at the request of the lessor.
Security Deposit: None
Renewal of Agreement: At the expiration of the term, unless otherwise indicated by both parties, it will be automatically renewed for one year under
the same conditions, and the same applies thereafter.
 The retention basin in this project is laid down across the waterways and public roads. Permission for the occupancy of such waterways and publicroads has been obtained from the Mayor of Matsushima.
 There are steel towers and transmission lines owned by Tohoku Electric Power Network Co., Inc. on the land of this project, and a lease agreement
for the land of such steel towers and transmission has been entered into with the company.
 Although some boundary lines between this project and other adjoining parcels of land are not confirmed in the presence of the owners or inwriting, there is no dispute etc. with the owners of such adjoining parcels of land as of the date of this document.
 A building on the southwest adjoining land of this project crosses the boundary with this project. This encroaching is left behind because this does
not affect the power generation business.
 Electric lines and high voltage lines existing on the southeast adjoining land of this project cross the boundary with this project. Although suchcrossing is not confirmed in writing, there is no dispute etc. with the owner of such adjoining land as of the date of this document.
 As of the date of this document, an inspection certificate in relation to the forest land development change permit under the Forest Act has not been
received yet and is under the process. Although we do not anticipated any issue with the receipt of the certificate of inspection and the change of namesince we have obtained the opinion that the land conforms to the technical standards prescribed by the Act from E&E Solutions Inc., if the results of
the on-site inspection show that the construction work does not conform to the technical standards set forth in the Act, corrective work may berequired. The corrective work in this case is to be carried out at the expense of the EPC contractor, juwi Shizen Energy Inc. or the O&M Provider
Trina Solar (Japan) Energy Ltd.
(Note 1) As of the date of this document although the name of this project is Matsuhima Nemawari, Investment Corporation submitted an Advance Application for Plan Change of Renewable
Energy Power Generation Business to Minister of Economy for the change the name pf this project to the name above on October 28, 2020.
(Note 2) For a portion of the land adjacent to the land of the project (24,917 ㎡) an easement has been established for each plot of land, with the owner of the land as a person who has theright of the easement and a portion of the land of the project as the dominant land, which is intended to be used as a forest for the purpose of conservation green space for solar power
projects.
(Note 3) For“Estimated Facility Operation Ratio” of LS Miyagi Matsushima, “Year 1” represents the figure of the 1st year of power plant operation on the “Technical Report”, “Year 10”
represents the figure of the 11th year of power plant operation on the “Technical Report”, “Year 20” represents the figure of the 21st year of power plant operation on the “Technical
Report” since the figures are written not from 0th year but from 1st year of power plant operation on the “Technical Report” prepared by TÜV Rheinland Japan Ltd.
(Note 4) “Estimated Facility Operation Ratio” of LS Miyagi Matsushima is omitted as there is no statement in the “Technical Report” prepared by TÜV Rheinland Japan Ltd.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

21

Project Characteristics■Project Characteristics<Location>
The project is located about 3.3km north-northwest of Miyagi Prefecture Matsushima town office, is north side of Sanriku Expressway (E45), and
1.3km (direct distance) from “Matsushita-Kita IC” The coast is 3.5km south.
<Weather Conditions>－ (Note 1)<Facilities>
Panels from Trina Solar (Japan) Ltd. and power conditioners from Toshiba Mitsubishi-Electric Industrial Systems Corporation are used.
Electricity Generation in the Past Year
－ (Note 2)(Note 1) “Weather Conditions” of LS Miyagi Matsushima is omitted as there is no statement in the “Technical Report” prepared by TÜV Rheinland Japan Ltd.
(Note 2) “Electricity Generation in the Past Year” is omitted as there is no actual data as of the date of this document.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

22

(4) Outline of Leases
For each of the Assets to Be Acquired, the following describes the details of the lease agreement of the power
generation facility and related assets that will be effective as of each scheduled date of acquisition.
The sections on Lessee, Lease Period, Rent, Security Deposit, Renewal at Time of Expiration, Rent Revision, Early
Termination, Penalty and Method of Agreement Renewal include the terms and conditions of the lease agreement of
the power generation facility and related assets that will be effective as of each scheduled date of acquisition of theAssets to Be Acquired. Guaranteed Minimum Rent represents the total of the guaranteed minimum amount of monthly
rent stipulated in the lease agreement of the power generation facility and related assets for each year from the startdate of the lease.
S-33

LS Sakuragawa 2 & 3

LesseeLease Period

Rent

Security
Deposit

G.K. RS
From December 1, 2020 to November 30, 2040
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be the amount that the estimated revenue of electricity sales foreach month after the following processing, exclusive of consumption tax and local consumption tax. The
guaranteed minimum rent for any period of less than one month shall be calculated on a per diem basis, andany fraction of less than one yen shall be disregarded. However, the calculation of the security deposit shall use
the amount of the guaranteed minimum rent without the following processing and exclusive of consumption
tax and local consumption tax. The 75th percentile of excess probability of estimated electricity generation shallbe the standard percentile on the basis of which the guaranteed minimum rent is calculated.
(1) The amount calculated by multiplying the amount of actual electricity sales revenue for the month by
1.4/100 (fractions of less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year end (the ending day of the business period) of each businessperiod (from June 1 to the end of November and December 1 to the end of May of the following year), if
the amount of business tax imposed on the lessee for such business period exceeds the sum of the amounts
deducted under the preceding subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposedon the lessee for that business period shall be deducted.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall becalculated using the formula shown below. Any fraction of less than one yen generated in the calculation shallbe disregarded.
(1) If the actual revenue of power sales (x)equals to or does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of the said
month:(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the security
interest holder or the holder of the transferred security interest in connection with the security interest set
on the insurance benefit claim right of the lessee) under the business interruption insurance policy withthe lessee as the insured to cover the lost interest for the month in association with the equipment (thesolar power generation facility which the lessee rents, including the incidental substation facility andother related facilities), and to cover the expenses for preventing a decrease in revenue.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above, theactual revenue of power sales for the month calculated in accordance with the substance of 3 above and theestimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome for any fiscal period during the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility,

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

23

Renewal at
Time of
Expiration

Rent Revision

Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
MinimumRent

as defined under the Securities Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as
being a person to be in charge of making decisions on matters concerning the management of the Facility) period
becoming negative, the lessee shall pay the lessor under the lease agreement an amount equivalent to one quarter ofthe guaranteed minimum rent (rounded down to the nearest yen) for one calendar year under which the fiscal period
falls as a security deposit for the purpose of securing all liabilities of the lessee to the lessor pursuant to the leaseagreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as a resultof the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed asa result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the rent
based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2030
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2030 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date shallhave no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5206,942,564 yen

205,882,267 yen

204,822,016 yen

203,761,779 yen

202,701,540 yen

Year 6

Year 7

Year 8Year 9Year 10201,641,272 yen

200,581,029 yen

199,520,794 yen

198,460,525 yen

197,400,283 yen

Year 11

Year 12

Year 13

Year 14

Year 15

196,340,009 yen

195,279,772 yen

194,219,506 yen

193,159,263 yen

192,099,023 yen

Year 16

Year 17

Year 18

Year 19

Year 20

79,324,997 yen

42,217,451 yen

41,981,835 yen

41,746,223 yen

41,510,606 yen

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

24

S-34

LS Fukushima Kagamiishi 1

LesseeLease Period

Rent

G.K. SDX
From December 1, 2020 to November 30, 2040
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1.
The guaranteed minimum monthly rent shall be the amount equivalent to the estimated revenue ofelectricity sales for each month. Provided, however, that if the actual revenue of power sales is reduced
and fall below the estimated revenue of electricity sales due to output suppression, the guaranteed
minimum monthly rent shall be the amount remaining after deducting from the estimated power sales
amount the amount calculated using the formula shown below (i.e., the reduced amount due to output
suppression implemented for such; hereinafter referred to as the “Uncompensated Adjusted Amount for
Output Suppression”) (excluding consumption tax and local consumption tax) after the following
processing. The guaranteed minimum rent for any period of less than one month shall be calculated on a
per diem basis, and any fraction of less than one yen shall be disregarded. However, the calculation of
the security deposit shall use the amount of the guaranteed minimum rent exclusive of consumption tax
and local consumption tax. The 75th percentile of excess probability of estimate electricity generation
shall be the standard percentile on the basis of which the estimated power sales amount is calculated.
Also, the estimated power sales amount is calculated based on the estimated amount of sold power
calculated without taking into consideration the output suppression not to be compensated.
As used in the above, the “Uncompensated Adjusted Amount for Output Suppression” means either of theamounts calculated for each month using the formula set out in (a) or (b) below (excluding consumption
tax and local consumption tax), whichever is lower. Any fraction of less than one yen generated in thecalculation shall be disregarded:(a) Estimated power sales amount － actual revenue of power sales(b) Estimated power sales amount at the time of implementation of output suppression
As used in the above, the “estimated power sales amount at the time of implementation of output suppression”
means the amount calculated using the following formula for such month:(Estimated power generation amount at the time of implementation of output suppression) ＝ (Estimatedmaximum DC power generation after considering temperature) × (Loss items (except for temperaturecompensation) in the “Technical Report”)(Estimated maximum DC power generation after considering temperature) ＝ (Estimated maximum DC power
generation) × (temperature measurement)(Estimated maximum DC power generation) ＝ (Solar radiation in 1-minute values obtained from monitoring
equipment) ×(Total output (DC-based))(temperature measurement (Source: JIS8907)) ＝ (1 - Pmaxα × (temperature + 18.4 - 25) ÷
100)
In the event that “estimated power sales amount at the time of implementation of output suppression” cannot
be calculated using the above formula due to a failure of the equipment, etc. , it means the amountcalculated using the following formula for such month:(Estimated power sales amount at the time of implementation of output suppression) ＝ (Estimated power
generation amount at the time of implementation of output suppression) × ( Procurement price)(Estimated power generation amount at the time of implementation of output suppression) ＝ (Time of output
suppression implemented for such month (minutes)) × (Estimated power generation amount per minutefor the relevant month)(Estimated power generation amount per minute for the relevant month) ＝ (Estimated power generation
amount of such month) ÷ (Hours of sunlight of such month (minutes)) (Average year value of hours ofsunlight stated as weather data of Ishikawa in the “Technical Report”)(1) The amount calculated by multiplying the amount of actual electricity sales revenue for the month by
1.4/100 (fractions of less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year end (the ending day of the business period) of each businessperiod (the term from June 1 to the end of November and December 1 to the end of May of the followingyear), if the amount of business tax imposed on the lessee for such business period exceeds the sum of
the amounts deducted under the preceding subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposedon the lessee for that business period shall be deducted.
2.
The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax,
shall be calculated using the formula shown below. Any fraction of less than one yen generated in thecalculation shall be disregarded.
(1) If the actual revenue of power sales (x) does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

25

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent

X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z”
is the amount (if any) received by the lessee during said month for wholesale supply to electric power
retailers.
3.
As used in 2 above, the actual revenue of power sales for each month refers to the sum of the charge
based on the total of the electricity volume for the month calculated on a per diem basis from the volume
measured on the meter reading date of such month and that for the following month calculated on a perdiem basis from the volume measured on the meter reading date of said month plus the following
amounts.
(1) The amount of compensation for output suppression during the month(2) The amount of insurance proceeds to be received by the lessee under a profit insurance policy insuring
the lessee as an insured, as lost profits and prevention of diminution of earnings for such month in respectof the equipment (the solar power generation facility which the lessee rents, including the incidental
substation facility and other related facilities) (including the amount to be received by the security interest
holder or sub-security holder in respect of a security interest established by the lessee over such insurance
claim.
4.
For calculating the performance-linked rent for a period of less than one month in accordance with 2above, the actual revenue of power sales for the month calculated in accordance with the substance of 3
above and the estimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome for any fiscal period during the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility,
as defined under the Securities Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as
being a person to be in charge of making decisions on matters concerning the management of the Facility) period
becoming negative, the lessee shall pay the lessor under the lease agreement an amount equivalent to one quarter ofthe guaranteed minimum rent (rounded down to the nearest yen) for one calendar year under which the fiscal period
falls as a security deposit for the purpose of securing all liabilities of the lessee to the lessor pursuant to the leaseagreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as a resultof the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed asa result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the rent
based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2030
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2030 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date shallhave no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5

19,861,599 yen

19,760,348 yen

19,659,097 yen

19,557,841 yen

19,456,593 yen

Year 6

Year 7

Year 8Year 9Year 10

19,355,342 yen

19,254,089 yen

19,152,813 yen

19,051,559 yen

18,950,306 yen

Year 11

Year 12

Year 13

Year 14

Year 15

18,849,058 yen

18,747,804 yen

18,646,551 yen

18,545,299 yen

18,444,049 yen

Year 16

Year 17

Year 18

Year 19

Year 20

18,342,774 yen

8,364,245 yen

5,374,894 yen

5,344,894 yen

5,314,891 yen

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

26

S-35

LS Fukushima Kagamiishi 2

LesseeLease Period

Rent

G.K. SDX
From December 1, 2020 to November 30, 2040
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1.
The guaranteed minimum monthly rent shall be the amount equivalent to the estimated revenue ofelectricity sales for each month. Provided, however, that if the actual revenue of power sales is reduced
and fall below the estimated revenue of electricity sales due to output suppression, the guaranteed
minimum monthly rent shall be the amount remaining after deducting from the estimated power sales
amount the amount calculated using the formula shown below (i.e., the reduced amount due to output
suppression implemented for such; hereinafter referred to as the “Uncompensated Adjusted Amount for
Output Suppression”) (excluding consumption tax and local consumption tax) after the following
processing. The guaranteed minimum rent for any period of less than one month shall be calculated on a
per diem basis, and any fraction of less than one yen shall be disregarded. However, the calculation of
the security deposit shall use the amount of the guaranteed minimum rent exclusive of consumption tax
and local consumption tax. The 75th percentile of excess probability of estimate electricity generation
shall be the standard percentile on the basis of which the estimated power sales amount is calculated.
Also, the estimated power sales amount is calculated based on the estimated amount of sold power
calculated without taking into consideration the output suppression not to be compensated.
As used in the above, the “Uncompensated Adjusted Amount for Output Suppression” means either of theamounts calculated for each month using the formula set out in (a) or (b) below (excluding consumption
tax and local consumption tax), whichever is lower. Any fraction of less than one yen generated in thecalculation shall be disregarded:(a) Estimated power sales amount － actual revenue of power sales(b) Estimated power sales amount at the time of implementation of output suppression
As used in the above, the “estimated power sales amount at the time of implementation of output suppression”
means the amount calculated using the following formula for such month:(Estimated power generation amount at the time of implementation of output suppression) ＝ (Estimatedmaximum DC power generation after considering temperature) × (Loss items (except for temperaturecompensation) in the “Technical Report”)(Estimated maximum DC power generation after considering temperature) ＝ (Estimated maximum DC power
generation) × (temperature measurement)(Estimated maximum DC power generation) ＝ (Solar radiation in 1-minute values obtained from monitoring
equipment) ×(Total output (DC-based))(temperature measurement (Source: JIS8907)) ＝ (1 - Pmaxα × (temperature + 18.4 - 25) ÷ 100)In the event that “estimated power sales amount at the time of implementation of output suppression” cannot
be calculated using the above formula due to a failure of the equipment, etc. , it means the amountcalculated using the following formula for such month:(Estimated power sales amount at the time of implementation of output suppression) ＝ (Estimated power
generation amount at the time of implementation of output suppression) × ( Procurement price)(Estimated power generation amount at the time of implementation of output suppression) ＝ (Time of output
suppression implemented for such month (minutes)) × (Estimated power generation amount per minutefor the relevant month)(Estimated power generation amount per minute for the relevant month) ＝ (Estimated power generation
amount of such month) ÷ (Hours of sunlight of such month (minutes)) (Average year value of hours ofsunlight stated as weather data of Ishikawa in the “Technical Report”)(1) The amount calculated by multiplying the amount of actual electricity sales revenue for the month by
1.4/100 (fractions of less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year end (the ending day of the business period) of each businessperiod (the term from June 1 to the end of November and December 1 to the end of May of the following year), if theamount of business tax imposed on the lessee for such business period exceeds the sum of the amounts
deducted under the preceding subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposedon the lessee for that business period shall be deducted.
2.
The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax,
shall be calculated using the formula shown below. Any fraction of less than one yen generated in thecalculation shall be disregarded.
(1) If the actual revenue of power sales (x) does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

27

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent (Note)

In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z”
is the amount (if any) received by the lessee during said month for wholesale supply to electric power
retailers.
3.
As used in 2 above, the actual revenue of power sales for each month refers to the sum of the charge
based on the total of the electricity volume for the month calculated on a per diem basis from the volume
measured on the meter reading date of such month and that for the following month calculated on a perdiem basis from the volume measured on the meter reading date of said month plus the following
amounts.
(1) The amount of compensation for output suppression during the month(2) The amount of insurance proceeds to be received by the lessee under a profit insurance policy insuring
the lessee as an insured, as lost profits and prevention of diminution of earnings for such month in respectof the equipment (including the amount to be received by the security interest holder or sub-security
holder in respect of a security interest established by the lessee over such insurance claim.
4.
For calculating the performance-linked rent for a period of less than one month in accordance with 2above, the actual revenue of power sales for the month calculated in accordance with the substance of 3
above and the estimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility, as defined under the
Securities Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as being a person to be incharge of making decisions on matters concerning the management of the Facility) for any fiscal period during thelease period becoming negative, the lessee shall provide the lessor under the lease agreement an amount equivalent
to one quarter of the guaranteed minimum rent (rounded down to the nearest yen) for one calendar year under which
the fiscal period falls as a security deposit for the purpose of securing all liabilities of the lessee to the lessor pursuant
to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as a resultof the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed asa result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the rent
based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2030
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2030 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date or
earlier shall have no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5

20,407,436 yen

20,303,414 yen

20,199,373 yen

20,095,347 yen

19,991,303 yen

Year 6

Year 7

Year 8Year 9Year 10

19,887,282 yen

19,783,239 yen

19,679,218 yen

19,575,174 yen

19,471,150 yen

Year 11

Year 12

Year 13

Year 14

Year 15

19,367,109 yen

19,263,063 yen

19,159,038 yen

19,054,998 yen

18,950,973 yen

Year 16

Year 17

Year 18

Year 19

Year 20

18,846,931 yen

8,679,762 yen

5,522,628 yen

5,491,804 yen

5,460,980 yen

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

28

S-36

LS Chiba Narita

LesseeLease Period

Rent

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

LS Chiba Narita G.K.
From December 1, 2020 to November 30, 2040
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be the amount that the estimated revenue of electricity sales foreach month after the following processing, exclusive of consumption tax and local consumption tax. The
guaranteed minimum rent for any period of less than one month shall be calculated on a per diem basis, andany fraction of less than one yen shall be disregarded. However, the calculation of the security deposit shall use
the amount of the guaranteed minimum rent without the following processing and exclusive of consumption
tax and local consumption tax. The 50th percentile of excess probability of estimated electricity generation shallbe the standard percentile on the basis of which the guaranteed minimum rent is calculated.
(1) The amount calculated by multiplying the amount of actual electricity sales revenue for the month by
1.4/100 (fractions of less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year end (end of the business period) of each business period(from June 1 to the end of November and December 1 to the end of May of the following year), if theamount of business tax imposed on the lessee for such business period exceeds the sum of the amounts
deducted under the preceding subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposedon the lessee for that business period shall be deducted.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall becalculated using the formula shown below. Any fraction of less than one yen generated in the calculation shallbe disregarded.
(1) If the actual revenue of power sales (x)equals to or does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of the said
month:(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the security
interest holder or the holder of the transferred security interest in connection with the security interest set
on the insurance benefit claim right of the lessee) under the business interruption insurance policy withthe lessee as the insured to cover the lost interest for the month in association with the equipment (thesolar power generation facility the lessee rents, including the incidental substation facility and otherrelated facilities, and to cover the expenses for preventing a decrease in revenue.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above, theactual revenue of power sales for the month calculated in accordance with the substance of 3 above and theestimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility, as defined under the
Securities Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as being a person to be incharge of making decisions on matters concerning the management of the Facility) for any fiscal period during thelease period becoming negative, the lessee shall provide the lessor under the lease agreement an amount equivalent
to one quarter of the guaranteed minimum rent (rounded down to the nearest yen) for one calendar year under which
the fiscal period falls as a security deposit for the purpose of securing all liabilities of the lessee to the lessor pursuant
to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as a resultof the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed asa result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the rent
based on consideration of the selling prices applicable to the new selling destinations.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

29

1.

Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent (Note)

2.

The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2030
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2030 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date or
earlier shall have no effect for cancellation.
Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 545,348,223 yen

45,117,108 yen

44,885,962 yen

44,654,838 yen

44,423,717 yen

Year 6

Year 7

Year 8Year 9Year 10

44,192,577 yen

43,961,450 yen

43,730,333 yen

43,499,214 yen

43,268,073 yen

Year 11

Year 12

Year 13

Year 14

Year 15

43,036,945 yen

42,805,826 yen

42,574,706 yen

42,343,562 yen

42,112,438 yen

Year 16

Year 17

Year 18

Year 19

Year 20

41,881,325 yen

19,720,212 yen

10,354,763 yen

10,296,985 yen

10,239,201 yen

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

30

S-37

LS Iwate Hirono

LesseeLease Period

Rent

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision
Midterm
Cancellation

LS Iwate Hirono G.K.
From December 1, 2020 to November 30, 2040
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be the amount that the estimated revenue of electricity sales foreach month after the following processing, exclusive of consumption tax and local consumption tax. The
guaranteed minimum rent for any period of less than one month shall be calculated on a per diem basis, andany fraction of less than one yen shall be disregarded. However, the calculation of the security deposit shall use
the amount of the guaranteed minimum rent without the following processing and exclusive of consumption
tax and local consumption tax. The 50th percentile of excess probability of estimated electricity generation shallbe the standard percentile on the basis of which the guaranteed minimum rent is calculated.
(1) The amount calculated by multiplying the amount of actual electricity sales revenue for the month by
1.4/100 (fractions of less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year (end of the business period) end of each business period(from June 1 to the end of November and December 1 to the end of May of the following year), if theamount of business tax imposed on the lessee for such business period exceeds the sum of the amounts
deducted under the preceding subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposedon the lessee for that business period shall be deducted.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall becalculated using the formula shown below. Any fraction of less than one yen generated in the calculation shallbe disregarded.
(1) If the actual revenue of power sales (x)equals to or does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of the said
month:(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the security
interest holder or the holder of the transferred security interest in connection with the security interest set
on the insurance benefit claim right of the lessee) under the business interruption insurance policy withthe lessee as the insured to cover the lost interest for the month in association with the equipment (thesolar power generation facility the lessee rents, including the incidental substation facility and otherrelated facilities, and to cover the expenses for preventing a decrease in revenue.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above, theactual revenue of power sales for the month calculated in accordance with the substance of 3 above and theestimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the Operator for any fiscal period during the lease period becoming negative, the lessee shall provide thelessor under the lease agreement an amount equivalent to one quarter of the guaranteed minimum rent (rounded
down to the nearest yen) for one calendar year under which the fiscal period falls as a security deposit for the purposeof securing all liabilities of the lessee to the lessor pursuant to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as a resultof the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed asa result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the rent
based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2030
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2030 (if this date is a non-business day of the lessor of the project or theNote: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

31

2.

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent

Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date or
earlier shall have no effect for cancellation.
Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 589,848,876 yen

89,390,872 yen

88,932,839 yen

88,474,828 yen

88,016,820 yen

Year 6

Year 7

Year 8Year 9Year 1087,558,790 yen

87,100,779 yen

86,642,772 yen

86,184,738 yen

85,726,727 yen

Year 11

Year 12

Year 13

Year 14

Year 15

85,268,722yen

84,810,719 yen

84,352,682 yen

83,894,671 yen

83,436,668 yen

Year 16

Year 17

Year 18

Year 19

Year 20

82,978,634 yen

35,096,605 yen

18,236,136 yen

18,134,352 yen

18,032,572 yen

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

32

S-38

LS Miyagi Matsushima

LesseeLease Period

Rent

Green Mega Solar G.K.
From December 1, 2020 to November 30, 2040
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1.
The guaranteed minimum monthly rent shall be the amount equivalent to the estimated revenue ofelectricity sales for each month. Provided, however, that if the actual revenue of power sales is reduced
and fall below the estimated revenue of electricity sales due to output suppression, the guaranteed
minimum monthly rent shall be the amount remaining after deducting from the estimated power sales
amount the amount calculated using the formula shown below (i.e., the reduced amount due to output
suppression implemented for such; hereinafter referred to as the “Uncompensated Adjusted Amount for
Output Suppression”) (excluding consumption tax and local consumption tax) after the following
processing. The guaranteed minimum rent for any period of less than one month shall be calculated on a
per diem basis, and any fraction of less than one yen shall be disregarded. However, the calculation of
the security deposit shall use the amount of the guaranteed minimum rent exclusive of consumption tax
and local consumption tax. The 50th percentile of excess probability of estimate electricity generation
shall be the standard percentile on the basis of which the estimated power sales amount is calculated.
Also, the estimated power sales amount is calculated based on the estimated amount of sold power
calculated without taking into consideration the output suppression not to be compensated.
As used in the above, the “Uncompensated Adjusted Amount for Output Suppression” means either of theamounts calculated for each month using the formula set out in (a) or (b) below (excluding consumption
tax and local consumption tax), whichever is lower. Any fraction of less than one yen generated in thecalculation shall be disregarded:(a) Estimated power sales amount － actual revenue of power sales(b) Estimated power sales amount at the time of implementation of output suppression
As used in the above, the “estimated power sales amount at the time of implementation of output suppression”
means the amount calculated using the following formula for such month:(Estimated power generation amount at the time of implementation of output suppression) ＝ (Estimatedmaximum DC power generation after considering temperature) × (Loss items (except for temperaturecompensation) in the “Technical Report”)(Estimated maximum DC power generation after considering temperature) ＝ (Estimated maximum DC power
generation) × (temperature measurement)(Estimated maximum DC power generation) ＝ (Solar radiation in 1-minute values obtained from monitoring
equipment) ×(Total output (DC-based))(temperature measurement (Source: JIS8907)) ＝ (1 - Pmaxα × (temperature + 18.4 - 25) ÷ 100)In the event that “estimated power sales amount at the time of implementation of output suppression” cannot
be calculated using the above formula due to a failure of the equipment, etc. , it means the amountcalculated using the following formula for such month:(Estimated power sales amount at the time of implementation of output suppression) ＝ (Estimated power
generation amount at the time of implementation of output suppression) × ( Procurement price)(Estimated power generation amount at the time of implementation of output suppression) ＝ (Time of output
suppression implemented for such month (minutes)) × (Estimated power generation amount per minutefor the relevant month)(Estimated power generation amount per minute for the relevant month) ＝ (Estimated power generation
amount of such month) ÷ (Hours of sunlight of such month (minutes)) (Average year value of hours ofsunlight stated as weather data of Kashimadai in the “Technical Report”)(1) The amount calculated by multiplying the amount of actual electricity sales revenue for the month by
1.4/100 (fractions of less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year end (the ending day of the business period) of each businessperiod (the term from June 1 to the end of November and December 1 to the end of May of the followingyear), if the amount of business tax imposed on the lessee for such business period exceeds the sum of
the amounts deducted under the preceding subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposedon the lessee for that business period shall be deducted.
2.
The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax,
shall be calculated using the formula shown below. Any fraction of less than one yen generated in thecalculation shall be disregarded.
(1) If the actual revenue of power sales (x) does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

33

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent (Note)

In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z”
is the amount (if any) received by the lessee during said month for wholesale supply to electric power
retailers.
3.
As used in 2 above, the actual revenue of power sales for each month refers to the sum of the charge
based on the total of the electricity volume for the month calculated on a per diem basis from the volume
measured on the meter reading date of such month and that for the following month calculated on a perdiem basis from the volume measured on the meter reading date of said month plus the following
amounts.
(1) The amount of compensation for output suppression during the month(2) The amount of insurance proceeds to be received by the lessee under a profit insurance policy insuring
the lessee as an insured, as lost profits and prevention of diminution of earnings for such month in respectof the equipment (the solar power generation facility which the lessee rents, including the incidental
substation facility and other related facilities) (including the amount to be received by the security interest
holder or sub-security holder in respect of a security interest established by the lessee over such insurance
claim.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2above, the actual revenue of power sales for the month calculated in accordance with the substance of 3
above and the estimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility, as defined under the
Securities Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as being a person to be incharge of making decisions on matters concerning the management of the Facility) for any fiscal period during thelease period becoming negative, the lessee shall provide the lessor under the lease agreement an amount equivalent
to one quarter of the guaranteed minimum rent (rounded down to the nearest yen) for one calendar year under which
the fiscal period falls as a security deposit for the purpose of securing all liabilities of the lessee to the lessor pursuant
to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as a resultof the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed asa result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the rent
based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2030
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2030 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date or
earlier shall have no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5424,712,512 yen

423,437,538 yen

422,162,548 yen

420,887,576 yen

419,612,587 yen

Year 6

Year 7

Year 8Year 9Year 10418,337,616 yen

417,062,625 yen

415,787,653 yen

414,512,663 yen

413,237,689 yen

Year 11

Year 12

Year 13

Year 14

Year 15

411,962,698 yen

410,687,727 yen

409,412,742 yen

408,137,764 yen

406,862,780 yen

Year 16

Year 17

Year 18

Year 19

Year 20

405,587,805 yen

404,312,817 yen

403,037,845 yen

401,762,855 yen

208,993,158 yen

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

34

(5)
Outline of Valuation Reports
The following outlines each “Valuation Report” that the Investment Corporation commissioned
PricewaterhouseCoopers Sustainability LLC to prepare by valuing the specified Assets to Be Acquired in accordancewith the Investment Trust Act and other laws and ordinances, the regulations established by the Investment Trusts
Association, and the asset valuation method and standards stipulated in the certificate of incorporation of theInvestment Corporation. “Non-Taxation Period” refers to the period during which the distributions may be posted as
deductible expenses given that the Investment Corporation fulfills the pay-through requirements of the Act on Special
Measures Concerning Taxation whereas “Taxation Period” refers to the period during which the Investment
Corporation is unable to fulfill the pay-through requirements of the said Act. The Taxation Period commences on June
1, 2036.
Each of the valuations merely reflect the judgment and opinion of the assessor at a certain time, and does notguarantee its appropriateness, accuracy or the possibility of a transaction being conducted at the price equivalent tothe assessed value.
There are no special relationships of interest between PricewaterhouseCoopers Sustainability LLC, which carriedout the valuations, and the Investment Corporation or the Asset Manager.
The position and the responsibility of the assessor are as follows.
(i) The valuation service provided by the assessor does not constitute any warranty activity, and the assessor
provides no guarantee whatsoever with respect to the assessed value.
(ii) The assessed value is disclosed to investors at the liability of the Investment Corporation based on the “Valuation
Report” obtained from the assessor, and the assessor assumes no obligation or liability to investors.
(iii) The information and materials upon which the valuation is based are supplied by the Asset Manager. The
assessor is not under any obligation to verify their credibility, accuracy or completeness.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

35

S-33

LS Sakuragawa 2 & 3

Assessed Value

1,561,000,000 yen～1,932,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2020
Income Approach
Item

Assessed Value

Results

Description
Among income approaches, there is a method of assessmentthat uses a value that discounts future cash flow to the present
value (“DCF Method”). The discounting rate is computed
based on general considerations of the value obtained by using
the weighted average of the estimated cost of capital and costof liabilities obtained from a beta value for similar corporations
during the assessment period, an opinion concerning the
procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the
Non-Taxation Period, this figure is 1.8%~5.0%.

1,561,000,000 yen～
1,932,000,000 yen

Market Approach
Item

Results

Assessed Value

Description
Among market approaches, there is a method that uses values
calculated for enterprise value for the subject
enterprise/company and/or shareholder value based on amultiplier obtained by dividing the transaction price of similartransactions by financial and similar indices (“similartransaction method”).

1,234,000,000 yen～
2,211,000,000 yen

Other Matters to which the Assessor Paid Special Attention for
Valuation Purposes

S-34

---

LS Fukushima Kagamiishi 1

Assessed Value

157,000,000 yen～195,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2020
Income Approach
Item

Assessed Value

Results

Description
Among income approaches, there is a method of assessmentthat uses a value that discounts future cash flow to the present
value (“DCF Method”). The discounting rate is computed
based on general considerations of the value obtained by using
the weighted average of the estimated cost of capital and costof liabilities obtained from a beta value for similar corporations
during the assessment period, an opinion concerning the
procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the
Taxation Period, this figure is 1.6%~5.0%, and for the NonTaxation Period, this figure is 1.8%~5.0%.

157,000,000 yen～
195,000,000 yen

Market Approach
Item

Assessed Value

Results

Description
Among market approaches, there is a method that uses values
calculated for enterprise value for the subject
enterprise/company and/or shareholder value based on amultiplier obtained by dividing the transaction price of similartransactions by financial and similar indices (“similar

130,000,000 yen～
232,000,000 yen

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

36

transaction method”).
Other Matters to which the Assessor Paid Special Attention for
Valuation Purposes

S-35

---

LS Fukushima Kagamiishi 2

Assessed Value

165,000,000 yen ～ 205,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2020
Income Approach
Item

Results

Description
Among income approaches, there is a method of assessmentthat uses a value that discounts future cash flow to the present
value (“DCF Method”). The discounting rate is computed
based on general considerations of the value obtained by using
the weighted average of the estimated cost of capital and costof liabilities obtained from a beta value for similar corporations
during the assessment period, an opinion concerning the
procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the
Taxation Period, this figure is 1.6%~5.0%, and for the NonTaxation Period, this figure is 1.8%~5.0%.

165,000,000 yen～
205,000,000 yen

Assessed Value

Market Approach
Item

Results

Description
Among market approaches, there is a method that uses values
calculated for enterprise value for the subject
enterprise/company and/or shareholder value based on amultiplier obtained by dividing the transaction price of similartransactions by financial and similar indices (“similartransaction method”).

133,000,000 yen～
239,000,000 yen

Assessed Value

Other Matters to which the Assessor Paid Special Attention for
Valuation Purposes

S-36

---

LS Chiba Narita

Assessed Value

374,000,000 yen ～ 467,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2020
Income Approach
Item

Assessed Value

Results

374,000,000 yen～
467,000,000 yen

Description
Among income approaches, there is a method ofassessment that uses a value that discounts future
cash flow to the present value (“DCF Method”).
The discounting rate is computed based on
general considerations of the value obtained byusing the weighted average of the estimated costof capital and cost of liabilities obtained from abeta value for similar corporations during theassessment period, an opinion concerning the
procurement cost that has been reported, ananalysis of the most recent bid results and resultsof market research. For the Taxation Period, thisfigure is 1.6%~5.0%, and for the Non-Taxation
Period, this figure is 1.8%~5.0%.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

37

Market Approach
Item

Assessed Value

Results

277,000,000 yen～
497,000,000 yen

Other Matters to which the Assessor Paid Special Attention for Valuation
Purposes

Description
Among market approaches, there is a methodthat uses values calculated for enterprise value
for the subject enterprise/company and/or
shareholder value based on a multiplier obtainedby dividing the transaction price of similartransactions by financial and similar indices(“similar transaction method”).
---

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

38

S-37

LS Iwate Hirono

Assessed Value

758,000,000 yen ～ 944,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2020
Income Approach
Item

Assessed Value

Results

758,000,000 yen～
944,000,000 yen

Description
Among income approaches, there is a method ofassessment that uses a value that discounts future
cash flow to the present value (“DCF Method”).
The discounting rate is computed based on
general considerations of the value obtained byusing the weighted average of the estimated costof capital and cost of liabilities obtained from abeta value for similar corporations during theassessment period, an opinion concerning the
procurement cost that has been reported, ananalysis of the most recent bid results and resultsof market research. For the Taxation Period, thisfigure is 1.6%~5.0%, and for the Non-Taxation
Period, this figure is 1.8%~5.0%.

Market Approach
Item

Results

Assessed Value

556,000,000 yen～
996,000,000 yen

Description
Among market approaches, there is a methodthat uses values calculated for enterprise value
for the subject enterprise/company and/or
shareholder value based on a multiplier obtainedby dividing the transaction price of similartransactions by financial and similar indices(“similar transaction method”).

Other Matters to which the Assessor Paid Special Attention for Valuation
Purposes

S-38

---

LS Miyagi Matsushima

Assessed Value

4,044,000,000yen～5,266,000,000yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2020
Income Approach
Item

Assessed Value

Item

Results

Description
Among income approaches, there is a method of assessmentthat uses a value that discounts future cash flow to the present
value (“DCF Method”). The discounting rate is computed
based on general considerations of the value obtained by using
the weighted average of the estimated cost of capital and costof liabilities obtained from a beta value for similar corporations
during the assessment period, an opinion concerning the
procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the
Taxation Period, this figure is 1.6%~5.0%, and for the NonTaxation Period, this figure is 1.9%~5.0%.
Description

4,044,000,000 yen～
5,266,000,000 yen

Results

Market Approach
Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

39

Assessed Value

Among market approaches, there is a method that uses values
calculated for enterprise value for the subject
enterprise/company and/or shareholder value based on amultiplier obtained by dividing the transaction price of similartransactions by financial and similar indices (“similartransaction method”).

3,055,000,000 yen～
5,475,000,000 yen

Other Matters to which the Assessor Paid Special Attention for
Valuation Purposes---

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

40(6) Outline of Real Estate Appraisal Reports
The following outlines the real estate appraisal reports that the Investment Corporation commissioned CBRE K.K.
to prepare by appraising the land in the specified Assets to Be Acquired in accordance with the Act on Real EstateAppraisal (Act No. 152 of 1963, as amended), and also with the Real Estate Appraisal Standards and the Matters toNote on Implementation of the Real Estate Appraisal Standards stipulated by the Ministry of Land, Infrastructure,
Transport and Tourism. Each of the real estate appraisals merely reflects the judgment and opinion of the appraiser
at a certain time, and does not guarantee its appropriateness, accuracy or the possibility of a transaction being
conducted at the price equivalent to the appraised value.
There are no special relationships of interest between CBRE K.K. which carried out the real estate appraisals, andthe Investment Corporation and the Asset Manager.
S-33

LS Sakuragawa 2 & 3

Appraised Value (Land)32,400,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

August 31, 2020
Results

Description

1,680,000,000yen－

Discount Rate

4.1%

Terminal Capitalization Rate
Indicated Value Using Cost
Approach(Facility and Land)
Land to Value Ratio－

Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
－

1,100,000,000 yen

－

1.93%

－

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes

S-34

－

LS Fukushima Kagamiishi 1

Appraised Value (Land)9,720,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

August 31, 2020
Results

Description

180,000,000 yen－

Discount Rate

4.1%

Terminal Capitalization Rate
Indicated Value Using Cost
Approach(Facility and Land)－

Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
－

128,000,000 yen

－

5.40%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes－

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

41

S-35

LS Fukushima Kagamiishi 2

Appraised Value (Land)7,200,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

August 31, 2020
Results

Description

189,000,000 yen－

Discount Rate

4.1%

Terminal Capitalization Rate
Indicated Value Using Cost
Approach(Facility and Land)－

Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
－

126,000,000 yen

－

3.81%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes

S-36

－

LS Chiba Narita

Appraised Value (Land)

29,100,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

August 31, 2020
Results

Description

420,000,000 yen－

Discount Rate

4.0%

Terminal Capitalization Rate
Indicated Value Using Cost
Approach(Facility and Land)－

Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
－

207,000,000 yen

－

6.94%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes－

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

42

S-37

LS Iwate Hirono

Appraised Value (Land)36,200,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method (Facility
and Land)August 31, 2020
Results

Description

836,000,000 yen－

Discount Rate

4.1%

Terminal Capitalization Rate
Indicated Value Using Cost
Approach(Facility and Land)－

Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
－

428,000,000 yen

－

4.33%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes

S-38

－

LS Miyagi Matsushima

Appraised Value (Land)458,000,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

August 31, 2020
Results

Description

4,420,000,000 yen－
Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
Appraised in consideration of discount rate, properties of theitem in terms of residual lifespan of the facility, futureforecasted risks, decay rate of power generation and otherfactors.

Discount Rate

4.3%

Terminal Capitalization Rate

14.0%

Indicated Value Using Cost
Approach(Facility and Land)3,480,000,000 yen

－

9.82%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes－

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

43

(7) Outline of the Opinion Report on the Profitability of Infrastructure Investment Projects and Its Continuity
In accordance with the Securities Listing Regulations of the Tokyo Stock Exchange, Inc., the Investment
Corporation releases the outline of the “Opinion Report on the Profitability of Infrastructure Investment Projects and
Its Continuity” commissioned to and prepared by E&E Solutions Inc. The opinion report merely reflects the
judgment and opinion of the author at a certain time, and does not guarantee its appropriateness or accuracy ofthe content.
There are no special relationships of interest between E&E Solutions Inc. which prepared the opinion report and theInvestment Corporation.
For LS Sakuragawa 2 & 3, LS Fukushima Kagamiishi 1, LS Fukushima Kagamiishi 2, LS Chiba Narita and LS
Iwate Hirono, no such opinion report has been obtained since these projects satisfy the criteria that allows fordispensing with the need for obtaining such an opinion report under the Securities Listing Regulations and their
Enforcement Rules of the Tokyo Stock Exchange, Inc.
S-38

LS Miyagi Matsushima

AuthorReason for concluding that theauthor has expert knowledge

Explanation on independence of
the author

Assumptions underlying thecontent of the opinion (status on
the operation prospects of theinfrastructure investment projectetc.)

Status of the current profitabilityof the infrastructure investment
asset subject to the opinion

E&E Solutions Inc.
As an environmental and energy consultant, the author has been involved in work related torenewable energy since the early 1980s, and has a proven track record in a variety of fields, including
feasibility studies on the introduction of renewable energy (Feasibility Study) and solar power generation
simulations.
Especially, with respect to technical due diligence conducted on the large-scale solar electric
power generation business, the author has been involved with more than 600 such projects
having a combined total capacity of approximately 4GW. This activity includes assessmentof the technical reliability of solar electric power generation facilities, which is a field withmuch in common with assessment of infrastructure investment assets; appropriateness of
systems, appropriateness of the content of the construction and maintenance andmanagement agreements; appropriateness of costs and business feasibility; legal complianceand appropriateness of procedural matters; and valuation of environmental integrity.
Based on the above, it can be said that the author expert knowledge for infrastructure
investment assets.
At the time of preparation of the Opinion Report, there were no capital relationships orconflicts of interest with any specific investment companies, management companies,
operators, sponsors or parties with authority over business transactions in relation to theOpinion Report.
Based on the above, it can be said that the author is independent from any investmentcompanies, management companies, operators, sponsors or parties with authority overbusiness transactions.
On June 29, 2016, the power generation facility received authorization (Ministry of
Economy, Trade and Industry, 20160629 Tohoku No. 68: Facility No. A70702B04) pursuant
to the provisions of Article 6(2) of the former Renewable Energy Special Measures Act,
which is effective since July 2012, as applied mutatis mutandis to the provisions of subject tothe provisions of Article 6(7) of the same Act.
In addition, with regard to power sales to Tohoku Electric Power Company, Inc. (Current :Tohoku Electric Power Network Co., Inc.), the "Written Confirmation of Partial Amendment
to the Electricity Supply-Demand Agreement" dated September 14, 2020 states that the startdate for receiving power is September 16, 2020, and the period for receiving power is the day
before the 234th meter reading date calculated from the month following the month in which
the first meter reading occurs after the start date of receiving power. The unit price ofelectricity is 24 yen/kWh plus an amount equivalent to consumption tax and local
consumption tax. By reviewing the SCADA data (measured at the transmission end)
disclosed by the Power Generation Operator of the project, the author concludes that the
project is operational and has begun and continues to sell electricity to the Power Company
without any problems.
According to the SCADA data disclosed by the Power Generation Operator of the project,
the records are for September and October 2020, and the dates when 100% availability isachieved are limited due to the short period of time since the project is not yet in operation

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

44

Timing and basis of the expected
revenues to be earned (including
estimated amounts)

Timing and basis of the expected
profits to be earned (including
estimated amounts)

Explanation of expectation of
stable future revenue

and the need for adjustments. However, 1,189,000 kWh of electricity had been sold from
September 2 to 30, 2020, and 368,300 kWh of electricity from October 1 to 13, 2020, to thepower companies.
The power generation facility is already in operation with revenue confirmed in September
2020, and it has also continued its operations thereafter. In addition, a comparison of actualand forecasted electricity sales in September and October 2020 shows that the project has
shown continuous and stable power generation during the same period, and the total value
for the period is higher than the forecasted value in both periods, suggesting that the projectis fully capable of delivering the expected power generation performance and is expected tocontinue to generate revenue in the future.
With regard to the project, continued earnings are expected to be generated, and based on
details of the O&M Agreement executed for the project as the principal expense items
necessary for the operation of the project, maintenance and management of a solar power
generation facility, assumptions were made for the costs and expenses for items (such as
O&M, lead technicians, facilities management, repairs, utilities and communications,insurance premiums, lease rent, apparatus to monitor power generation facilities, tax on
depreciable assets, and depreciation expense), the estimated insurance value of the project,
the amount estimated to be the equivalent of depreciable property tax on the project,leasehold fees, depreciation fee and other costs, it is concluded that it is possible to forecast
that a profit will be posted from the date of acquisition of the project.
The acquisition price of electricity generated from the power generation facility has been
decided as a fixed 234-month period following the start of receiving supply of electric power
based on an agreement executed with Tohoku Electric Power Co.,Inc. (Current : Tohoku
Electric Power Network Co., Inc.) entitled “Electricity Supply Agreement” under a fixedprice purchase system based on the Renewable Energy Special Measures Act.
In addition, the module employed in this project is a silicone crystal system. According to
NREL (National Renewable Energy Laboratory), which is a United States Department ofEnergy research institution, this is said to have an ordinary output deterioration rate of about–0.5% per year.
With regard to PCS, it has been found that there is no particular deterioration of function
when proper maintenance is conducted such as performing inspections at regular intervals.
Since there are plans to do such inspections and replace parts and the like at regular intervals
for the power generation facility, it is difficult to believe that there will be any serious
deterioration of functionality for PCS. Nor are there any particular points of concern fordiminished functionality regarding transformers and system connection equipment.
As for equipment accidents and failures, in addition to having such equipment insured, sinceinspections and replacement of parts are conducted at regular intervals as well as providing
for responsive measures by O&M Provider, it is concluded that any impact of this on safety
is minor.
Nor were any noteworthy factors that would lead to corrosion and deterioration found withregard to the habitat.
From the foregoing, the execution is that it will be possible for the power generation facility
to be profitable even in the 20th year of operation after the start of the power systeminterconnection (i.e., the sale of electricity).

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

45

(8) Outline of the Seismic Risk Assessment Report
As part of due diligence procedures for acquiring managed assets, the Investment Corporation has requested that
Tokio Marine & Nichido Risk Consulting Co., Ltd. conduct seismic risk analyses of the projects. Under these analyses,
the PML (probable maximum loss) value (Note) of each solar power generation facility was calculated based on
drawings and specifications etc. of the facility as well as the comprehensive evaluation results of damage due toseismological vibrations, liquefaction, and tsunami. The PML value of each solar power generation facility stated in
the “Earthquake and Tsunami Risk Assessment Report - PML Evaluation - Portfolio (38 site)” for the specified Assets
to Be Acquired prepared by the above-mentioned reporter are as shown in the tables below. The content of the seismic
risk assessment report merely reflects the opinion of the reporter, and the Investment Corporation does notguarantee appropriateness or accuracy of the content.
There are no special relationships of interest between Tokio Marine & Nichido Risk Consulting Co., Ltd and theInvestment Corporation or the Asset Manager.
Seismic Risk Assessment Report
Project
No.

Project Name

S-33

LS Sakuragawa 2 & 3

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.2

S-34

LS Fukushima Kagamiishi 1

Tokio Marine & Nichido Risk Consulting Co., Ltd.

less than 0.1

S-35

LS Fukushima Kagamiishi 2

Tokio Marine & Nichido Risk Consulting Co., Ltd.

less than 0.1

S-36

LS Chiba Narita

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.5

S-37

LS Iwate Hirono

Tokio Marine & Nichido Risk Consulting Co., Ltd.

less than 0.1

S-38

LS Miyagi Matsushima

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.7

Survey Operator

PML Value (Note)(%)(Note) “PML” represents the ratio of a physical loss at 90% probability of non-exceedance in the event of seismic movement with a 10% excess probability in thenext fifty years (equivalent to that at recurrence intervals of 475 years) that is thought to cause the greatest possible loss to the facility or the facilities in relation
to the re-procurement price.

(9) Outline of the Operator
The operator of Assets to Be Acquired is Takara Leben Co., Ltd. and please refer to “3. Status of Asset Acquirer
and Other Parties” below with regard to the outline of the company.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

46

3. Status of Asset Acquirer and Other Parties(1) Summary of Sellers
The Assets to Be Acquired will be acquired from Blue Energy Bridge Fund, Takara Leben Co., Ltd., LS Chiba
Narita G.K., LS Iwate Hirono G.K. and Green Mega Solar G.K. The following is a summary of each seller.
S-33 LS Sakuragawa 2 & 3
Name
Location
Name and Title ofRepresentative
Business

Blue Energy Bridge Fund Epsilon G.K.
1-1-7, Motoakasaka, Minato-ku, Tokyo, Japan
Managing Member Blue Energy Holdings 2 ISH
Executive Officer Terumitsu Nosaka
1. Acquisition, ownership and disposition of power generation facilities, etc. used in renewableenergy power generation business
2 Power generation business related to renewable energy
3 Acquisition, ownership and management of securities and trust beneficiary rights
4 Buying and selling, ownership, management and lease of real and personal property
5 All businesses incidental or related to the above
100,000 yen (as of October 31, 2020)
November 1, 2019
Undisclosed
Undisclosed

CapitalDate of Establishment
Net Assets
Total Assets
Major Shareholders andEquity Positions
Blue Energy Holdings 2 ISH (100%)(as of October 31, 2020)
Relationship with the Investment Corporation or Asset Manager
There is no capital relationship between the Investment Corporation, the Asset Manager and theCapital RelationshipSeller.
There is no personal relationship between the Investment Corporation, the Asset Manager and the
Personnel RelationshipSeller.
Business Relationship

There is no business relationship between the Investment Corporation, the Asset Manager and theSeller.

Whether or not an
affiliated party

Although the company does not fall under the category of affiliated parties of the Investment
Corporation or the Asset Manager, the company falls under the category of interested parties, etc.,
as defined in the internal transaction rules regarding interested parties of the Asset Manager.

S-34 LS Fukushima Kagamiishi 1 and S-35 LS Fukushima Kagamiishi 2
Name
Location
Name and Title ofRepresentative
Business

Takara Leben Co., Ltd.
1-8-2 Marunouchi, Chiyoda-ku, Tokyo, Japan
Kazuichi Shimada, Representative

It engages in sales of newly built condominium units, mainly in the Tokyo region. It embarked on
the large-scale solar power plant business in 2013. Capitalizing on its wide-ranging business
operation expertise cultivated through the past development of condominiums with solar panels, itmanaged and operated 35 solar power plants (with a total output of 122.5MW) as of the end of
September 2020. As of the end of September 2020, there are 10 personnel engaged in the operation.
The person responsible for it has at least two years’ experience in management and operation.
Capital4,819 million yen (as of June 30, 2020)
Date of Establishment
September 21, 1972
Net Assets
49,605 million yen (as of June 30, 2020)
Total Assets
200,868 million yen (as of June 30, 2020)
Major Shareholders and1. Yoshio Murayama: 25,633,000 shares (23.64%)
Equity Positions
2. Takara Leben Co., Ltd.: 12,587,000 shares (10.40%)(as of March 31, 2020)
3. The Master Trust Bank of Japan, Ltd. (Trust Account): 5,177,000 shares (4.78%)
Relationship with the Investment Corporation or Asset Manager
Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

47

Capital RelationshipThe company holds 10.15% of the issued and outstanding investment units in the Investment
Corporation as of November 9, 2020. It is also the wholly owning (100%) parent company of theAsset Manager and falls under the Interested Persons pursuant to the Investment Trust Act. (Note)

Personnel Relationship

1 director and 1 auditor of the Asset Manager hold dual posts.

Business Relationship

Whether or not an
affiliated party

The company invests in the Investment Corporation and in the Asset Manager. It has executed anagreement for the lease of power generation facilities and related assets in association with theAssets to Be Acquired with the Investment Corporation. It has also concluded a sponsor support
agreement and a trademark license agreement with the Investment Corporation and with the AssetManager.
The company falls under the category of affiliated parties of the Investment Corporation. As
mentioned above, it also falls under the Interested Persons for the Asset Manager as stipulated in
the Investment Trust Act.

(Note) In Takara Leben Group (Takara Leben Co., Ltd. and its subsidiaries), in addition to Takara Leben Co., Ltd., Leben Community Co.,LTD. holds 0.42% (809units) of the total number of investment units outstanding as of November 9, 2020.

S-36 LS Chiba Narita
Name
Location
Name and Title ofRepresentative
Business

LS Chiba Narita G.K.
1-8-2 Marunouchi, Chiyoda-ku, Tokyo, Japan
Yuji Shiotsuki, Executive Officer of ME General Incorporated Association as Representative
Partner
1 Planning of projects for solar energy generation
2 Design of plants for solar energy generation
3 Construction management of plants for solar energy generation
4 Operation and maintenance of plants for solar energy generation
5 All businesses incidental to the above
200,000 yen (as of October 31, 2020)
October 22, 2015
1 million yen (as of September 30, 2020)
346 million yen (as of September 30, 2020)

CapitalDate of Establishment
Net Assets
Total Assets
Major Shareholders andEquity Positions
ME General Incorporated Association (100%)(as of October 31, 2020)
Relationship with the Investment Corporation or Asset Manager
There is no capital relationship between the Investment Corporation, the Asset Manager and theCapital RelationshipSeller.
There is no personal relationship between the Investment Corporation, the Asset Manager and the
Personnel RelationshipSeller.
Business Relationship

The Investment Corporation has entered into lease agreement for power generation facilities for LS
Chiba Narita.

Whether or not an
affiliated party

Although the seller does not fall under the category of affiliated parties of the Investment
Corporation or the Asset Manager, the company falls under the category of interested parties, etc.,
as defined in the internal transaction rules regarding interested parties of the Asset Manager.

S-37 LS Iwate Hirono
Name
Location
Name and Title ofRepresentative
Business
CapitalDate of Establishment
Net Assets
Total Assets

LS Iwate Hirono G.K.
23-62-8 Taneichi, Hirono, Kunohe-gun, Iwate Prefecture
Yuji Shiotsuki, Executive Officer of ME General Incorporated Association as Representative
Partner
1 Installation, operation and maintenance of facilities for solar energy generation
2 Generation and sale of electricity from solar energy
3 All businesses incidental or related to the above
500,000 yen (as of October 31, 2020)
July 31, 2014
3 million yen (as of September 30, 2020)
680 million yen (as of September 30, 2020)

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

48

Major Shareholders andEquity Positions
ME General Incorporated Association (100%)(as of October 31, 2020)
Relationship with the Investment Corporation or Asset Manager
There is no capital relationship between the Investment Corporation, the Asset Manager and theCapital RelationshipSeller.
There is no personal relationship between the Investment Corporation, the Asset Manager and the
Personnel RelationshipSeller.
Business Relationship

The Investment Corporation has entered into lease agreement for power generation facilities for LS
Iwate Hirono.

Whether or not an
affiliated party

Although the seller does not fall under the category of affiliated parties of the Investment
Corporation or the Asset Manager, the company falls under the category of interested parties, etc.,
as defined in the internal transaction rules regarding interested parties of the Asset Manager.

S-38 LS Miyagi Matsushima
Name
Location
Name and Title ofRepresentative
Business

Green Mega Solar G.K.
1-8-2 Marunouchi, Chiyoda-ku, Tokyo, Japan
Yuji Shiotsuki, Executive Officer of ME General Incorporated Association as Representative
Partner
1 Business related to power generation, transmission and supply
2 Acquisition, development, construction, maintenance and management of all types of facilities, equipment andsystems related to power generation, transmission and supply
3 Construction business
4 All businesses incidental or related to the above
1 million yen (as of October 31, 2020)
May 24, 2016
41 million yen (as of September 30, 2020)
4,479 million yen (as of September 30, 2020)

CapitalDate of Establishment
Net Assets
Total Assets
Major Shareholders andEquity Positions
ME General Incorporated Association (100%)(as of October 31, 2020)
Relationship with the Investment Corporation or Asset Manager
There is no capital relationship between the Investment Corporation, the Asset Manager and theCapital RelationshipSeller.
There is no personal relationship between the Investment Corporation, the Asset Manager and the
Personnel RelationshipSeller.
Business Relationship

The Investment Corporation has entered into lease agreement for power generation facilities for LS
Miyagi Matsushima.

Whether or not an
affiliated party

Although the seller does not fall under the category of affiliated parties of the Investment
Corporation or the Asset Manager, the company falls under the category of interested parties, etc.,
as defined in the internal transaction rules regarding interested parties of the Asset Manager.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

49

(2) Status of Asset Acquirer and Other Parties
The acquisitions of projects from those having a special relationship of interest are as follows.
① LS Sakuragawa 2 & 3

Company Name
Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Preceding Owner (Preceding(Sub-)Leaseholder)(Note 1)
Blue Energy Bridge Fund Epsilon
G.K.

Second Preceding Owner (Second
Preceding (Sub-)Leaseholder)

Third Preceding Owner((Sub-)Leasehold Grantor)

Takara Leben Co., Ltd.

A party not having a special
relationship of interest―

It is a major shareholder of the AssetManager.

―

Acquired for the purpose of theinvestment of renewable energy
power generation facilities

Acquired for the purpose of thedevelopment of renewable energy
power generation facilities―

Undisclosed (Note 2)― (Note 3)―

December 2019 (acquisition ofleasehold of surface rights)(2) December 2019 (acquisition of
power generation facility)(3) December 2019 (acquisition of
power generation facility)

March 2016 (the beginning day for thepart of the land is different)(establishment of surface rights)(2) April 2016 (new construction of
power generation facility)(3) March 2016 (new construction of
power generation facility)―(Note 1) Although the preceding owner is not a party with a special relationship of interest, for the purpose of coordinating the timing of the sale of the second
preceding owner and the acquisition of the Investment Corporation, as the second preceding owner, who is a person with a special interest, entered into atransaction with the preceding owner based on the assumption that the transfer to the Investment Corporation would take place within one year, the precedingowner is treated as a party who is considered to be equivalent to a party with a special relationship of interest.
(Note 2) Although the acquisition price of the leasehold of the surface rights and the power generation facilities is not stated as the preceding owner has not given
its consent, as the preceding owner is considered to be a party equivalent to a party with a special interest in the Asset Manager, the Asset Manager has taken
the necessary procedures in accordance with its internal rules and regulations, including the Interested-Party Transaction Rules, in entering into the purchaseand sale agreement for the project.
(Note 3) Since the project has been owned by the second preceding owner for more than one year, the acquisition price of the second preceding owner has been
omitted.

② LS Fukushima Kagamiishi 1
Company Name
Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Preceding Owner (Preceding (Sub-)Leaseholder)
Takara Leben Co., Ltd.

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest―

It is a major shareholder of the Asset Manager.
Acquired for the purpose of the management of
renewable energy power generation facilities――- (Note 1)
October 2019 (acquisition of surface rights)
October 2019 (acquisition of power generation facility)―(Note 1) Omitted because the date of acquisition by the preceding owner was not within one year prior to the date of this document.
(Note 2) As for the land, the date of acquisition of a leasehold by the preceding leaseholder is stated based on the register. As for the power generation facility, thedate of acquisition by the preceding owner is stated.

③ LS Fukushima Kagamiishi 2
Company Name
RelationshipPreceding Owner (Preceding (Sub-)Leaseholder)
Takara Leben Co., Ltd.
It is a major shareholder of the Asset Manager.

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest―

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

50

with the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Acquired for the purpose of the management of
renewable energy power generation――- (Note 1)
October 2019 (acquisition of surface rights)
October 2019 (acquisition of power generation facility)―(Note 1) Omitted because the date of acquisition by the preceding owner was not within one year prior to the date of this document.
(Note 2) As for the land, the date of acquisition of a leasehold by the preceding leaseholder is stated based on the register. As for the power generation facility, thedate of acquisition by the preceding owner is stated.

④ LS Chiba Narita
Company Name
Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Preceding Owner (Preceding (Sub-)Leaseholder)
LS Chiba Narita G.K.

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest]―

LS Chiba Narita G.K. falls under the category of interested
parties, etc. as defined in the internal transaction rules
regarding interested parties of the Asset Manager.
Acquired for the purpose of the development of
renewable energy power generation facilities――- (Note 1)
April 2017 (establishment of surface rights)
March 2017 (new construction of power generation
facility)―(Note 1) Omitted because the date of establishment of a leasehold was not within one year prior to the date of this document, and because there is no second
preceding owner of the power generation facility.
(Note 2) As for the land, the date of establishment of leasehold by the preceding leaseholder is stated based on the register. As for the power generation facility, thedate of delivery of the work to make it possible for the power generation facility to commence operation and supply renewable energy electricity is specified(or, if there is more than one such day, the latest day).

⑤ LS Iwate Hirono
Company Name
Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Preceding Owner (Preceding (Sub-)Leaseholder)
LS Iwate Hirono G.K.

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest―

LS Iwate Hirono G.K. falls under the category of interested
parties, etc. as defined in the internal transaction rules
regarding interested parties of the Asset Manager.
Acquired for the purpose of the development of
renewable energy power generation facilities――- (Note 1)
July 2016 and November 2019 (establishment ofleasehold of real estate)
March 2017 (new construction of power generation
facility)―(Note 1) Omitted because the date of establishment of a leasehold was not within one year prior to the date of this document, and because there is no second
preceding owner of the power generation facility.
(Note 2) As for the land, the date of establishment of leasehold by the preceding leaseholder is stated based on the register. As for the power generation facility, thedate of delivery of the work to make it possible for the power generation facility to commence operation and supply renewable energy electricity is specified(or, if there is more than one such day, the latest day).

⑥ LS Miyagi MatsushimaCompany Name

Preceding Owner (Preceding (Sub-)Leaseholder)
Green Mega Solar G.K.

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

51

Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)―
Green Mega Solar G.K. falls under the category of interested
parties, etc. as defined in the internal transaction rules
regarding interested parties of the Asset Manager.
Acquired for the purpose of the development of
renewable energy power generation facilities――- (Note 1)
October 2017 (acquisition of surface rights), andDecember 2017, February 2019 and March 2019(acquisition of land ownership)
October 2020 (new construction of power generation
facility)―(Note 1) Omitted because the date of acquisition by preceding owner or preceding leaseholder was not within one year prior to the date of this document, andbecause there is no second preceding owner of the power generation facility.
(Note 2) As for the land, the date of establishment of leasehold by the preceding leaseholder and the date of acquisition of ownership by the preceding owner arestated based on the register. As for the power generation facility, the date of delivery of the work to make it possible for the power generation facility tocommence operation and supply renewable energy electricity is specified (or, if there is more than one such day, the latest day).

4.

Future Outlook
Please refer to the press release dated as of today entitled “Notice Regarding Revisions to Forecasts ofOperating Results for Fiscal Period Ending May 31, 2021 (11th Fiscal Period) and Fiscal Period Ending
November 30, 2021 (12th Fiscal Period) and Regarding Forecasts of Operating Results for Fiscal Period Ending
May 31, 2022 (13th Fiscal Period)” with regard to the forecasts of operating results for fiscal period ending May
31, 2021 (11th Fiscal Period, from December 1, 2020 to May 31, 2021), fiscal period ending November 30,
2021 (12th Fiscal Period, from June 1, 2021 to November 30, 2021) and fiscal period ending May 31, 2022
(13th Fiscal Period, from December 1, 2021 to May 31, 2022). In this regard, the forecasts of the operating
results that were announced on October 5, 2020 for the fiscal period ended November 30, 2020 (10th fiscal
period, from June 1, 2020 to November 30, 2020) have not been revised.
End* Our website: http://tif9281.co.jp/en/<Attached Material>
Reference: Portfolio after the Acquisition of the Assets to Be Acquired

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

52

Reference: Portfolio after the Acquisition of the Assets to Be Acquired
The following shows the projects owned and the Assets to Be Acquired together with their respective locations,prices, ratios, and dates or scheduled dates of acquisition.
Project
No.

Project Name

Location
Shioyamachi, Shioya-gun,Tochigi Prefecture
Chikusei City, Ibaraki Prefecture

Price(Million Yen)
(Note 1)

Ratio(%)
(Note 2)

1,305

2.5

June 2, 2016

558

1.1

June 2, 2016

329

0.6

June 2, 2016

578

1.1

June 2, 2016

957

1.8

June 2, 2016

669

1.3

June 2, 2016

848

1.6

June 2, 2016

1,019

1.9

June 2, 2016

753

1.4

June 2, 2016

1,278

2.4

June 2, 2016

484

0.9

February 7, 2017

(Scheduled) Date of
Acquisition

S-01

LS Shioya

S-02

LS Chikusei

S-03

LS Chiba Wakaba-ku

S-04

LS MihoS-05

LS Kirishima Kokubu

S-06

LS Sosa

S-07

LS Miyagi Osato

S-08

LS Mito Takada

S-09

LS Aomori Hiranai

S-10

LS Tone Fukawa

S-11

LS Kamisu Hasaki

Chiba City, Chiba Prefecture
Mihomura, Inashiki-gun, Ibaraki
Prefecture
Kirishima City, Kagoshima
Prefecture
Sosa City, Chiba Prefecture
Osatocho, Kurokawa-gun,
Miyagi Prefecture
Mito City, Ibaraki Prefecture
Hiranaimachi, Higashi-Tsugarugun, Aomori Prefecture
Tonemachi, Kitasoma-gun,Ibaraki Prefecture
Kamisu City, Ibaraki Prefecture

S-12

LS Tsukuba Bouchi

Tsukuba City, Ibaraki Prefecture

956

1.8

June 1, 2017

S-13

LS Hokota

720

1.4

June 1, 2017

S-14

LS Nasu Nakagawa

8,347

15.8

June 1, 2017

S-15

LS Fujioka A

Hokota City, Ibaraki Prefecture
Nakagawamachi, Nasu-gun,Tochigi Prefecture
Tochigi City, Tochigi Prefecture

270

0.5

June 1, 2017

S-16

LS Inashiki Aranuma 1

Inashiki City, Ibaraki Prefecture

1,044

2.0

June 1, 2017

S-17

LS Fujioka B

Tochigi City, Tochigi Prefecture

1,155

2.2

June 1, 2017

S-18

LS Inashiki Aranuma 2
LS Sakuragawa
Shimoizumi

Inashiki City, Ibaraki Prefecture
Sakuragawa City, Ibaraki
Prefecture
Yamatsurimachi,
Higashishirakawa-gun,
Fukushima Prefecture
Omaezaki City, Shizuoka
Prefecture
Yokkaichi City, Mie Prefecture
Sakuragawa City, Ibaraki
Prefecture
Kamitondacho, Nishimuro-gun,
Wakayama Prefecture
Takahagi City, Ibaraki Prefecture

461

0.9

June 1, 2017

1,041

2.0

December 1, 2017

506

1.0

December 1, 2017

474

0.9

February 28, 2018

759

1.4

June 1, 2018

1,086

2.1

June 1, 2018

3,003

5.7

June 1, 2018

463

0.9

June 1, 2018

Hanno City, Saitama Prefecture
Sakuragawa City, Ibaraki
Prefecture
Chikusei City, Ibaraki Prefecture

981

1.9

June 28, 2019

969

1.8

December 2, 2019

850

1.6

December 2, 2019

Sammu City, Chiba Prefecture

2,377

4.5

December 2, 2019

616

1.2

December 2, 2019

S-19
S-20

LS Fukushima Yamatsuri

S-21

LS Shizuoka Omaezaki

S-22

LS Mie Yokkaichi
LS Sakuragawa
Nakaizumi

S-23
S-24

LS Shirahama

S-25

LS Takahagi

S-26

LS Hanno Misugidai

S-27

LS Sakuragawa 1

S-28

LS Sakuragawa 4
LS Chiba Sammu
East/WestLS Nagasaki Isahaya

S-29
S-30

Isahaya City, Nagasaki

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

53

Prefecture
S-31

LS Shioya 2

S-32

LS Hiroshima Mihara

S-33

LS Sakuragawa 2 & 3

S-36

LS Fukushima
Kagamiishi 1
LS Fukushima
Kagamiishi 2
LS Chiba Narita

S-37

LS Iwate Hirono

S-38

LS Miyagi Matsushima

S-34
S-35

Shioyamachi, Shioya-gun,Tochigi Prefecture
Mihara City, Hiroshima
Prefecture
Sakuragawa City, Ibaraki
Prefecture
Kagamiishi, Iwase-gun,
Fukushima Prefecture
Kagamiishi, Iwase-gun,
Fukushima Prefecture
Narita City, Chiba Prefecture
Hirono, Kunohe-gun, Iwate
Prefecture
Matsushima, Miyagi-gun,
Miyagi Prefecture

Total

5,203

9.8

December 2, 2019

5,171

9.8

December 2, 2019

1,650

3.1

December 1, 2020

178

0.3

December 1, 2020

187

0.4

December 1, 2020

425

0.8

December 1, 2020

843

1.6

December 1, 2020

4,320

8.2

December 1, 2020

52,843100.0―(Note 1) “Price” for the portfolio projects represents their appraised values. For the Assets to Be Acquired, “Price” represents their expected acquisition prices. The
appraisal values of projects being held represent the median value calculated in accordance with item 1 of paragraph 2 of Article 38 in the certificate ofincorporation of the Investment Corporation within the range of the assessed values of the power plants as of May 31, 2020 specified in the valuation reportobtained from PricewaterhouseCoopers Sustainability LLC.
(Note 2) “Ratio” states the ratio of the price of the specific project relative to the total of the prices of the owned projects and the Assets to Be Acquired, rounded to
the first decimal place. For this reason, the total of the ratios of individual projects may not be identical to the total ratio of the portfolio.

Note: This press release is intended to disclose to the public the acquisition and leasing of assets by Takara Leben Infrastructure
Fund, Inc. (“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United St ates
or elsewhere. Any investment decision should be made based upon your own judgement.
This press release does not constitute an offer of securities in the United States of America. The investment units have notbeen, and will not be, registered under the United States Securities Act of 1933 (the “Securities Act”). The investment
units may not be offered or sold in the United States absent registration or an exemption from registration under the
Securities Act. The investment units referred to above will not be offered, publicly or otherwise, in the United States.

54