Fiscal Period ended November 30, 2019
Presentation Materials

Takara Leben Infrastructure Fund
Securities code: 9281
http://tif9281.co.jp/en

Asset Manager

http://takara-am.co.jp/enAbout us

Securities code (Tokyo Stock Exchange)

9281

Listed dateJune 2, 2016

Investment target

Renewable energy generation facilities and others

SponsorTakara Leben CO., LTD.
(listed on Tokyo Stock Exchange)

Fiscal period

End of May and November

Latest stock price (As of January 14, 2020)¥120,400

Latest dividends performance (Nov 2019)¥3,397 (Initial Forecast was ¥3,307)

Forecasted dividends including return ofcapital (May, 2020)¥3,698 (Ordinary dividend is ¥3,412)
2

I. Overview of the 8th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

3

The Performance of the 8th Fiscal Period
Dividends per unit has increased by ¥90 to ¥3,397, due to increased operating revenue
7th Fiscal Period (Ended May 31, 2019)

8th Fiscal Period (Ended November 30, 2019)

Forecast

Forecast asof July 12,
2019

ActualDifference

ActualDifference

Operational status(Million Yen)
Operating revenue

1,468

1,517

+49

1,459

1,476

+17

Operating expense

940

959

+19

977

981

+3

Operating income

527

557

+29

481

495

+13

Ordinary income

457

484

+27

413

426

+12

Net income

456

483

+27

412

425

+12

3,631 Yen

3,826 Yen

+195 Yen

3,307 Yen

3,397 Yen

+90 YenDividends per unit
(excluding return of capital)

3,297 Yen

3,492 Yen

+195 Yen

2,979 Yen

3,069 Yen

+90 Yen

Return of capital per unit

334 Yen334 Yen±0 Yen328 Yen

328 Yen±0 YenDividends per unit
(including return of capital)

4Portfolio Performance
Entire Portfolio Performance(MWh)12,000■Forecasted power generation■Actual power generation+20.9%+17.0%

+8.9%

9,983

+1.4%

10,000

8,786

8,000

-12.1%+10.9%
-8.7%

6,000

+8.8%
4,933
4,499

+4.7%
7,832

7,723

+4.2%

8,062

+24.2%

+6.5%

+9.1%

-10.6%+8.8%
8,334 8,353

8,254
7,390

-2.8%

+5.3%
+0.2%

6,770

5,496

-9.7%
+5.8%
+6.7%

7,225
6,718

+6.3%

6,635

6,241

6,098
-2.6%

-15.8%

7,515

6,113
5,520

5,485

5,243

5,599

4,000
2,000
0

Dec, 2018

Jan, 2019

Feb, 2019

Mar, 2019

Apr, 2019

May, 2019

Jun, 2019

The 7th Fiscal Period (ended May 2019)

Jul, 2019

Aug, 2019

Sep, 2019

Oct, 2019Nov, 2019

The 8th Fiscal Period (ended November 2019)

Individual Plants Performance
S-01 LS Shioya
Tochigi

S-02 LS Chikusei(kwh)
500,000

Ibaraki

400,000(kwh)
200,000
150,000

300,000

100,000

200,000

50,000100,000
00
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov(Note 1) The estimated generation is the total of the expected amounts of electricity generation in the 50th percentile of probability of exceedance calculated by a third party on the basis of the database forhourly solar radiation for a year and others(Note 2) Periods for Estimated Generation and Actual Generation is December 2018 to November 2019.

5

Portfolio Performance■Forecasted power generation ■Actual power generation

S-03 LS Chiba Wakabaku (kwh)Chiba

S-04 LS Miho
Ibaraki

100,000(kwh)

250,000

80,000200,000

60,000150,000

40,000100,000

20,00050,00000

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-05 LS Kirishima Kokubu(kwh)Kagoshima

S-06 LS Sosa
Chiba

250,000
200,000(kwh)

300,000
200,000

150,000
100,000

100,000

50,00000

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-07 LS Miyagi Osato
Miyagi

S-08 LS Mito Takada(kwh)

Ibaraki

400,000(kwh)

400,000

300,000

300,000

200,000

200,000

100,000

100,000
00

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-09 LS Aomori Hiranai
Aomori

S-10 LS Tone Fukawa(kwh)

Ibaraki

400,000
300,000

300,000

200,000

200,000

100,000

100,000
00

2020/6/17(kwh)

400,000

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

6

Portfolio Performance■Forecasted power generation ■Actual power generation

S-11 LS Kamisu Hasaki
Ibaraki

S-12 LS Tsukuba Bouchi(kwh)

Ibaraki

200,000(kwh)

400,000

150,000

300,000

100,000

200,000

50,000100,000

00

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-13 LS Hokota
Ibaraki

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-14 LS Nasu Nakagawa(kwh)

Tochigi

400,000
300,000(kwh)

3,000,000
2,000,000

200,000
1,000,000

100,000

00

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-15 LS Fujioka A
Tochigi

S-16 LS Inashiki Aranuma1(kwh)

Ibaraki

100,000(kwh)

500,000

80,000400,000

60,000300,000

40,000200,000

20,000100,000

00
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-17 LS Fujioka B
Tochigi

S-18 LS Inashiki Aranuma2(kwh)

Ibaraki

400,000(kwh)

200,000

300,000

150,000

200,000

100,000

100,000

50,000002020/6/17

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

7

Portfolio Performance■Forecasted power generation ■Actual power generation

S-19 LS Sakuragawa Shimoizumi(kwh)
Ibaraki

400,000

S-20 LS Fukushima Yamatsuri
Fukushima(kwh)

250,000
200,000

300,000

150,000

200,000

100,000

100,000

50,00000

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-21 Shizuoka Omaezaki (kwh)
Shizuoka

S-22 LS Mie Yokkaichi
Mie200,000
150,000(kwh)

300,000
200,000

100,000
100,000

50,00000

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-23 LS Sakuragawa Nakaizumi
Ibaraki(kwh)

S-24 LS Shirahama
Wakayama

400,000
300,000(kwh)

1,500,000
1,000,000

200,000
500,000

100,000

00

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-25 LS Takahagi
Ibaraki

S-26 LS Hanno Misugidai (note)(kwh)

Saitama

200,000
150,000(kwh)

300,000
200,000

100,000
100,000

50,00002020/6/17

0
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov(Note) The power generation graph for S-26 LS Hanno Misugidai shows figures after June 28, 2019, which was the acquisition data of the property.

Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

8

Portfolio Performance(unit：Thousand yen)
Plant No.

Plant Name

Minimum
Guaranteed Rent
IncomePerformancelinked Rent
IncomeRent Expense(depreciation)-534

30,700 (22,406)

50,602

28,196

NOI(before depreciation)

NOI(after depreciation)

S-01

LS Shioya

59,431

S-02

LS Chikusei

25,00992

12,703 (9,050)

21,451

12,400S-03

LS Chiba Wakabaku

15,724-87

7,131 (4,742)

13,248

8,505

S-04

LS Miho

26,510-40

13,250 (9,216)

22,436

13,220S-05

LS Kirishima Kokubu

45,715483

24,476 (17,797)

39,52021,722

S-06

LS Sosa

37,457100

21,538 (13,999)

30,01816,019S-07

LS Miyagi Osato39,284-190

23,556 (17,261)

32,797

15,536S-08

LS Mito Takada

44,796-561

22,661 (16,353)

37,92821,575S-09

LS Aomori Hiranai

39,454456

19,813 (12,504)

32,602

20,098S-10LS Tone Fukawa

54,973-369

29,873 (21,533)

46,26324,730S-11

LS Kamisu Hasaki

25,285

1,234

16,785 (11,000)

20,735

9,734

S-12

LS Tsukuba Bouchi

54,103

1,675

37,253 (23,046)

41,572

18,526

S-13

LS Hokota

38,001

1,602

24,431 (16,439)

31,611

15,171

S-14

LS Nasu Nakagawa

369,446

10,299190,168 (154,742)

344,321

189,579

S-15

LS Fujioka A

12,422715

8,212 (4,595)

9,520

4,925

S-16

LS Inashiki Aranuma1

56,747

2,084

34,696 (20,276)

44,412

24,136

S-17

LS Fujioka B

49,277

2,771

31,984 (20,439)

40,506

20,066

S-18

LS Inashiki Aranuma2

25,374

1,149

18,380 (11,100)

19,244

8,143

S-19

LS Sakuragawa Shimoizumi

51,1962,600

33,469 (20,584)

40,912

20,327

S-20

LS Fukushima Yamatsuri

26,586

16

17,563 (10,597)

19,636

9,039

S-21

LS Shizuoka Omaezaki

23,536

1,034

16,153 (10,000)

18,422

8,421

S-22

LS Mie Yokkaichi

43,335

1,218

27,294 (18,132)

35,392

17,259

S-23

LS Sakuragawa Nakaizumi

53,6981,807

36,882 (22,955)

41,57918,624

S-24

LS Shirahama

165,449

8,638

109,489 (62,278)

126,876

64,598S-25

LS Takahagi

20,894346

12,831 (7,869)

16,283

8,414

S-26

LS Hanno Misugidai

35,172

1,251

12,945 (9,493)

32,97823,485

1,438,885

37,796834,250 (568,419)

1,210,877

642,458

Total

9

I. Overview of the 8th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

10

Purchase of New Domestic Infrastructure Property
We purchased the 26th solar power generation facilities on June 28, 2019 with the borrowing and own funds
Asset overview
Purchase price758,200,000 Yen

FIT Price

32 Yen per kWh

Panel Output

2,402.40kW

Output Capacity

1,990.00kW

End of FIT

December 9. 2035

Purchasing Electric Utilities Operator

TEPCO Energy Partner, Inc.

Land Right

Ownership

Location

Hanno-shi, Saitama prefecture, Kanto-region

Interest rate swap overview

Borrowing overview
Type

LenderLong- Shinsei Bank,
term Limited

Borrowing(Million Yen)

700

Interest
Rate

Base rate+ 0.5%(Note 1)

Date ofexecution

June 28,
2019

Borrowing method

Borrowing based on
the individual termloan agreement
dated June 28, 2019with the lendershown on the left

Maturitydate

May 31,
2029

Repayment
methodInstallment
repaymentin partCollateral

Unsecured
andunguaranteed

Counterparty

Shinsei Bank, Limited

Notional amount(Million Yen)

700

Interest rate (Note 1)

Fixed: 0.77%
Floating: TIBOR 6 month + 0.5%

Execution dateJune 28, 2019

Commencement dateJune 28, 2019

Termination date

End of May, 2029

(Note 1) Through the execution of the interest rate swap agreement, the interest rate are practically fixed at 0.77%

11December 2019: Third Public Offering
Acquired six solar power generation facilities through the third public offering
Overview of the Public Offering
Offering type

Domestic and global

Launch dateNovember 6, 2019

Pricing dateNovember 20, 2019

Selling price

122,063 Yen/unit

Domestic public offering

36,546 units

Global offering

16,854 units

Secondary offering

1,856 units

Total issued units

193,830 units

Total proceeds

6,420,249,896 Yen

S-27 LS Sakuragawa 1

S-30

LS Nagasaki
Isahaya

Overview of the Borrowing
Type

Lenders

Longterm

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

Borrowing

9,300
MillionYen

Interest Date ofRateexecution

Borrowing method

Maturity date

Repayment
method

Base
rate
+0.5%

Borrowings based on
the individual termloan agreement(commitment type)dated November 26,
2019 with the lenders
shown on the left

Business day
immediately
preceding the
10thanniversary ofthe date of
execution ofloans

Installment Unsecured
repayment andin partunguaranteed

Dec 2,
2019

Collateral(Note 1) Through the execution of the interest rate swap agreement, the interest rate are practically fixed at 0.985%
LS Chiba
Sammu,
S-31
LS塩谷2
S-29
East/West

Panel output

2,421.12kW

Panel output

5,059.20kW

Takara Leben

Operator

Takara Leben

Operator

Takara Leben

Electricity output

1,990.00kW

Electricity output

1,920.00kW

Electricity output

3,980.00kW

FIT price

36 Yen/kWh

FIT price

36 Yen/kWh

FIT price

36 Yen/kWh

FIT expiration date

December 4, 2036

FIT expiration date

September 27, 2036

FIT expiration date

March 29, 2037

Land rightLeasehold of superficies

Land rightLeasehold of superficies

Land rightOwnership

Panel output

2,022.46kW

Panel output

11,469.60kW

Panel output

11,216.70kW

Operator

Takara Leben

Operator

Takara Leben

Operator

Takara Leben

Electricity output

1,598.40kW

Electricity output

8,910.00kW

Electricity output

9,599.00kW

FIT price

27 Yen/kWh

FIT price

36 Yen/kWh

FIT price

36 Yen/kWh

FIT expiration dateNovember 21, 2037

FIT expiration date

April 30, 2038

FIT expiration date

January 31, 2039

Land rightSuperficies & ownershipLand rightOwnership

Land rightSuperficies

Panel output

2,545.92kW

Operator

S-28 LS Sakuragawa 4

S-31 LS Shioya 2

S-32

LS Hiroshima
MiharaTotal Acquisition Price

Total Panel Outputs

138 Billion Yen

34.7MW12

I. Overview of the 8th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

13

The First Listed Infrastructure Fund in JapanI
Sustainable
Growth Strategy

II
Profit-based
Dividends

III
Portfolio located in
High-Demand Area

IV
Maintaining AStable Credit rating

V
GRESB
Asia Sector Leader
14

Continuous Growth through Assets Acquisition
Total AUM and total panel output（Billion Yen）

■ Assets owned¥ 4 5 . 3 5 bn
1 0 6 . 6 MW

■ Increase by new acquisition

50

40¥ 2 2 . 4 1 bn
5 0 . 0 MW

30

20

Total Price
Total Panel Output¥ 8 . 3 8 bn
1 7 . 8 MW

10

¥ 8 . 8 8 bn
1 9 . 0 MW

¥ 2 4 . 9 1 bn
5 5 . 8 MW

¥ 2 2 . 8 0 bn
5 0 . 8 MW

¥ 3 0 . 4 5 bn
6 9 . 5 MW

¥ 3 1 . 4 9 bn
7 1 . 9 MW
1.04

5.53

0.38

2.11

22.41

22.80

24.91

13.52

13.85

Aims continuous
growth

31.49

30.45

0.50
8.38
81.6

8.38

8.88

IPO

3 rd FP acquisition

1 st Public Offering

Expansion of theexisting project

5 th FP acquisition

2 nd Public Offering

8 th FP acquisition

3 rd Public Offering

Jun 2016

Feb 2017

Jun 2017

Oct 2017 & Nov 2017

Dec 2017 & Feb 2018

Jun 2018

Jun 2019

2019/110(Note) Total AUM is based on appraisal value as of November 30, 2018 except for projects acquired on December 2, 2019. For the projects acquired on December 2, 2019, the AUM is reflecting on the its purchase price

Actual results of Dividends: increased dividend through project acquisitions, etc

(yen）
4,000

+ 4.7%
2,981 3,121

3,000+ 5.9%
2,8523,021+12.5%
3,586
3,188
463

+5.4%
3,771
464

+10.3%

3,976
3,510
464

3,871

+5.4%
3,631

350

3,826
334

3,123

3,307

3,512

3,307

334

350

328

463

2,000

+2.7%

3,521
3,160

3,492
3,297

2,979

2,725

3,397
328

3,069

1,000

0
2nd FP(ended Nov 30, 2016)

3rd FP(ended May 31, 2017)

4th FP(ended Nov 30, 2017)

5th FP(ended May 31, 2018)

6th FP(ended Nov 30, 2018)

7th FP(ended May 31, 2019)

8th FP(ended Nov 30, 2019)

InitialForecast

InitialForecast

InitialForecast

InitialForecast

InitialForecast

InitialForecast

InitialForecast

ActualActualActualActualActualActualActual15

Our Dividends Policy
Maximizing unitholders’ value through profit-driven dividends policy

One of the highest dividends yield based on netprofit among infrastructure funds in Japan

8%

Focus on dividends based on net profit rather than returnof capital

Carefully control amount of return of capital and pursuit
effective reinvestment



Dividends based on net income reaches 5.25% (note)■Dividends based on net profit■Return of capital

7%
6%



5.82%
0.57%

◆Sources of our dividends

5%

Operating Revenue
Expenses related to rent business ,etc

4%Depreciation

9.7%
1

2

3

Remaining

3%
5.25%

2%
90.3%

1%

Reserved for Reserved for Reserved for
repayment of
capitalexternal
borrowings expenditure
growthDividends
based on net profit
Return ofcapital0%
Dividends yield

Breakdown of dividends

Dividends per Unit
(incl. Return of capital)(Note) As of January 14, 201016

Rent Scheme
Monthly minimum rent guaranteed and pursuit of upside potential■Rent scheme for the post-IPO solar energy facilities
Monthly power sales based on actual power generation reported by lessees(A)

Minimum rent guaranteed
Rent guaranteed regardless of actual amount of power
generated(B)

Performance-linked rent
Extra rent to be paid when the total power sales exceed 100%of minimum rent guaranteed; calculated as 50% of the amountin excess of 100% of minimum rent guaranteed(C)

Total rent
The sum of minimum rent guaranteed (A) and variable rent
linked to actual output (B)(A)

Minimum rent guaranteed
Rent guaranteed regardless of actual amount of power
generated(B)

Performance-linked rent
Extra rent to be paid when the total power sales
exceed 100% of minimum rent guaranteed; calculated
as 50% of the amount in excess of 110% of minimum
rent guaranteed(C)

Total rent
The sum of minimum rent guaranteed (A) and variable
rent linked to actual output (B)100%▼

Minimum rent guaranteed (A)[Exceedance probability: P(percentile) 75](B) Performance-linked rent

■Rent scheme for the IPO acquired solar energy facilities
Monthly power sales based on actual power generation reported by lessees

100%

110%

▼

▼

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

17Portfolio Overview
Numbers of asset

Total asset acquired

32solar power plants 45.35

106.6

MW

Billion Yen
S-01

S-09

Total panel output

S-02

LS Shioya
S-06

LS Chikusei

S-03

S-04

LS Chiba
Wakabaku

LS Miho

S-08

S-10

S-11

LS Mito Takada

LS Tone Fukawa

LS Kamisu Hasaki

S-13

S-14

S-15

LS Aomori Hiranai
LS Sosa

S-07

S-32

S-12
LS Hiroshima
MiharaLS Miyagi Osato
LS Tsukuba
Bouchi

S-20

S-16

S-30

LS Hokota
S-17

LS Nasu
Nakagawa
S-18

LS Fujioka A
S-19

LS Fukushima
Yamatsuri
LS Nagasaki
Isahaya

LS Inashiki
Aranuma1
S-23

S-05

LS Kirishima
Kokubu(Note) As of December 2, 2019

S-24

LS Shirahama

S-22

LS Mie Yokkaichi

S-21

LS Sakuragawa
Nakaizumi

LS Fujioka B
S-25

LS Takahagi

S-28

S-29

LS Sakuragawa 4

LS Chiba Sammu,
East/West

LS Inashiki
Aranuma2
S-26

LS Hanno
Misugidai

LS Sakuragawa
Shimoizumi
S-27

LS Sakuragawa 1

S-31

LS Shizuoka
Omaezaki
LS Shioya 2

18Portfolio Breakdown
Significant investment ratio in regions where high power generation demand is anticipated■Breakdown of Portfolio by Region
As of December 2, 2019

Investment Ratio for regions under Tokyo, Chubu
and Kansai power company’s jurisdictions：81.7%■ Electric Energy Sold in 2018
Total Asset Size

Investment Ratio(Based on acquisition price)

45.35Billion Yen■Kanto area

Tokyo Electric Power Company

240,300

75.5%

Chubu Electric Power

121,400

4.2%

Kansai Electric Power Company

115,244

10.0%

Kyushu Electric Power

76,7753.2%

72,003

7.1%

23 plants

72.0%

Tohoku Electric Power■Chugoku area

1 plant

9.9%

Chugoku Electric Power Company■Kinki area

1 plant

6.9%

Hokuriku Electric Power Company■Tohoku area

28,6630%

3 plants

4.9%■Kyusyu Area

Shikoku Electric Power25,1200%

2 plants

3.5%■Chubu Area

Hokkaido Electric Power Company

24,8060%

2 plants

2.8%“Kanto Area” refers to Tokyo, Chiba, Ibaraki, Kanagawa, Gunma, Saitama, and Tochigi.
“Chugoku Area” refers to Tottori, Shimane, Okayama, Hiroshima, and Yamaguchi.
“Kinki Area” refers to Osaka, Kyoto, Nara, Hyogo, Shiga, and Wakayama.
“Tohoku Area” refers to Fukushima, Aomori, Akita, Iwate,, Miyagi and Yamagata.
“Chubu Area” refers to Aichi, Niigata, Yamanashi, Shizuoka, Nagano and Mie.
“Kyushu Area” refers to Fukuoka, Oita, Kagoshima, Kumamoto, Saga, Nagasaki, and Miyazaki.

0%55,432

Okinawa Electric Power Company

0%

7,761
0

50,000100,000

150,000

200,000

250,000

300,000(GWh)
Source, “FACT BOOK 2018” published by Hokuriku Electric Power Company

19

Credit Rating
JCR Credit Rating

Long-term Issuer Rating: AOutlook: Positive（rating published on Dec 23, 2019)

Major contributions for the outlook change Enhanced cash flow stability through diversificated portfolio
 DSCR level
Before(1) Long-term Issuer Rating(2) Outlook

After(Dec 23, 2019)

A-

A-

StablePositive20

Achievement on GRESB Infrastructure Assessment
Ranked 1st in Asia (from 9 peers) and 2nd in worldwide (from 20 peers) for GRESB result

Fund Assessment

Asset Assessment

Selected as sector Leader for Asia

4 Stars out of 5 Stars

Our Philosophy
We defines our corporate identity as “THINK HAPPINESSAND MAKE THE HAPPINESS”, and aims to contribute to“Urban development which all people can have a life withpeace of mind”.

We continuously engage in ESG issues in our daily business
operation concretely and proactively, considering that
achievement of our basic principles and realization of asustainable society are conducive to the enhancement ofshareholder’s value

GRESB Infrastructure Assessment Result
The GRESB Infrastructure Assessment, which was released in2016, is the ESG benchmark divided into a Fund Assessment
for infrastructure funds and an Asset Assessment for
infrastructure assets or operating companies.
GRESB Sector Leader Awards Program
It recognizes real estate and infrastructure companies, funds
and assets that have demonstrated outstanding leadership insustainability.
We are recognized as the first infrastructure fund in Japan tobe recognized as Sector Leader for Asia Region.
21

Change in the Balance of Borrowings and LTV Ratio
Transition of borrowings■ IPO Financing ■ 4th FP Financing ■ 5th FP Financing ■ 6th FP Financing ■ 8th FP Financing ■ 9th FP Financing(Billion yen)

23.7

24

22.9

22.1

22

21.3

20
18

15.6

16

15.1

15.3

End of
7th FP

End of
8th FP

20.5

19.7

18.9

18.1

17.3

16.5

15.7

14.9

13.1

14

14.1

11.6

12
10
8
6

4.2

4.0

4
2
0
End of End of
2nd FP 3rd FP

End of
4th FP

End of
5th FP

End of
6th FP

End of End of End of End of End of End of End of End of End of End of End of End of End of
9th FP 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 21st FP

Transition of LTV ratio■ LTV Ratio ■ Remaining Borrowing Spare Capacity

(％)

70
60
50
40

30
20

49.0

46.1

45.3

50.5

53.4

53.2

52.4

52.9

53.7

53.1

Debt strategy (LTV ratio)
The interest-bearing debt ratio limits up to 60%
as a principle.
This limit, however, may temporary exceeded
for acquiring properties.
Meanwhile, TIF aimed to conservatively
maintain 50% by considering portfolio scales
during facing.

10

Executions of interest rate swap

0June 2,2016

End of
2nd FP

End of
3nd FP

End of
4nd FP

End of
5nd FP

End of
6th FP

End of
7th FP

End of
8th FP

End of
9th FP

End of10th FP

22

Strong and Solid Financial Base
Diversified lenders■Overview of the latest borrowing
Category

Lenders

AmountInterest rate

Drawdown date

Borrowing method

Maturity date

CollateralLong-term

Syndicate Loan:
Sumitomo Mitsui Banking
Corporation (Arranger),
Shinsei Bank, Limited(Arranger), andResona Bank, Limited(Arranger)¥9,300 bn

Base rate+0.5%(Note )

December 2, 2019

Borrowings based on the individual term loan
agreement (commitment type) dated November 26,
2019 with the lenders shown on the left

November 30,
2029

Unsecured
andunguaranteed(note) In order to minimize the risk of change in the interest rates, we have executed a interest swap agreement for 9,021 Million yen. By executing the swap agreement, interest rate for the borrowing ispractically fixed at 0.985%■Borrowing Breakdown (as of end of December 2019)

Total Debt
¥24,580 mm

Sumitomo Mitsui Banking Corporation 12.8%
Shinsei Bank, Limited 11.2%
Asahi Shinkin Bank 10.9%
Resona Bank, Limited 9.9%
Mizuho Bank, Ltd. 7.9%
The Ashikaga Bank, Ltd. 7.1%
The Daisan Bank, Ltd. 5.5%
Hiroshima Bank, Ltd. 5.2%
The Iyo Bank, Ltd. 4.7%
The Daishi Bank, Ltd. 4.6%
The Gunma Bank, Ltd. 3.4%
Tsukuba Bank, Ltd. 3.2%
The Chiba Bank, Ltd. 2.4%
The Hyakujushi Bank, Ltd. 2.4%
The Tochigi Bank, Ltd. 2.0%
JOHOKU SHINKIN BANK 1.7%
The Higashi-Nippon Bank, Limited 1.3%
THE BANK OF FUKUOKA, LTD. 0.9%
The Michinoku Bank, Ltd. 0.9%
Kiraboshi Bank, Ltd. 0.9%
The Chiba Kogyo Bank, Ltd. 0.7%
The Joyo Bank, Ltd. 0.3%
23

External Growth
Acquisition opportunity from the sponsor’s pipeline
As of end of September 2019

In operational

101.8MW

Under construction

58.8MW

Sourced from the market

14.6MW

Our sponsor aims to operate total of 250MW of power facilities
before the end of March 2021
We hold First Refusal Right for all sponsor‘s owned solar power facilities
and future projects

External acquisitions through asset manager’s network• Asset Management Company holds its own network to collect Information of solar power
facilities transaction from the market• Diversified renewable energy power generation facilities, including solar power, wind powerand biomass

24Internal Growth
Stable and upside potential revenue scheme through combination of 20 years-long minimum
guaranteed rent and performance-linked rent
Minimum guaranteed rent
based on projected amount ofelectricity generation＋

Performance-linked rent

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

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

25

Performance Forecast for the 9th, 10th, and 11th FP
9th fiscal period(ending May 31, 2020)

Operational status(Million yen)

Forecast
as of Jul12, 2019

Forecast
as of Jan15, 2020

11th fiscal
period(ending May
31, 2020)

10th fiscal period(ending November 30, 2020)

Difference

Forecast
as of Jul12, 2019

Forecast
as of Jan15, 2020

Difference

Forecast
as of Jan 15,
2020

Operating revenue

1,506

2,229

+722

1,459

2,164

+704

2,220

Operating expense

983

1,439

+455

986

1.476

+489

1.476

Operating income

523

790

+266

472

687

+215

744

Ordinary income

455

662

+206

408

565

+156

624

Net income

455

661

+206

408

564

+156

623

¥3,612¥3,698¥+86¥3,231¥3,308¥+77¥3,496¥3,284¥3,412¥+128¥2,945¥2,912¥-33¥3,219

¥328

¥286

¥-42

¥286

¥396

¥+110

¥277

Dividends per unit
(including return of capital)

Dividends per unit
(excluding return of capital)

Return of capital per
unit(Note 1) Amounts are rounded down to the nearest million yen.
(Note 2) The above forecasts are subject to change due to acquisition or sale of renewable energy power generation facilities changes in infrastructure markets fluctuation in interest rates and other changes
in circumstances surrounding the Investment Corporation. Forecasts do not guarantee any dividends amount.

26

Dividends Results and Forecast■ Actual dividends per unit
■ Estimated dividends per unit
■ Return of capital(Unit: Yen)
3,976

3,871

4,000

3,771
464

3,586
464

3,631

2,852

3,612

334

3,307

350

3,021

2,981
3,000

350

334

3,188 463

3,121

3,510

3,826

328

3,397

3,698

3,496

286
328

3,231

3,308

277

328
286

396

463

2,000

2,981

3,121
2,852

3,123

3,021

3,307

3,521

3,512

3,297

3,160

3,492

3,412

3,219

2,979 3,069

3,284

Forecast(Jul 12,2019)

ResultForecast Forecast(Jul 12, (Jan 15,
2019)
2020)

Forecast Forecast(Jul 12, (Jan 15,
2019)
2020)

Forecast(Jan 15,2020)

8th Fiscal Period(ending Nov 2019)

9th Fiscal Period(ending May 2020)

10th Fiscal Period(ending Nov 2020)

9th Fiscal Period(ending May 2021)

2,725

2,945 2,912

1,000

0
Forecast

Actual

2nd Fiscal Period(ended Nov 2016)

Forecast

Actual

3rd Fiscal Period(ended May 2017)

Forecast

Actual

4th Fiscal Period(ended Nov 2017)

Forecast

Actual

5th Fiscal Period(ended May 2018)

Forecast(May 10,
2018)

Actual

6th Fiscal Period(ended Nov 2018)

Forecast(May 10,2018)

Result7th Fiscal Period(ended May 2019)27

Revenue Forecast for 9th Fiscal Period (ending November 2019)(Unit：Thousands yen)
No.
S-01
S-02
S-03
S-04
S-05
S-06
S-07
S-08
S-09
S-10
S-11
S-12
S-13
S-14
S-15
S-16
S-17
S-18
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-26
S-27
S-28
S-29
S-30
S-31
S-32
(Note 1)
(Note 2)

Plant Name
LS Shioya
LS Chikusei
LS Chiba Wakabaku
LS Miho
LS Kirishima Kokubu
LS Sosa
LS Miyagi Osato
LS Mito Takada
LS Aomori Hiranai
LS Tone Fukawa
LS Kamisu Hasaki
LS Tsukuba Bouchi
LS Hokota
LS Nasu Nakagawa
LS Fujioka A
LS Inashiki Aranuma1
LS Fujioka B
LS Inashiki Aranuma2
LS Sakuragawa Shimoizumi
LS Fukushima Yamatsuri
LS Shizuoka Omaezaki
LS Mie Yokkaichi
LS Sakuragawa Nakaizumi
LS Shirahama
LS Takahagi
LS Hanno Misugidai
LS Hanno Misugidai
LS Sakuragawa 1
LS Sakuragawa 4
LS Chiba Sammu, East/West
LS Nagasaki Isahaya
LS Shioya 2
LS Hiroshima Mihara

Minimum Guaranteed
Rent Income
66,88427,283
15,103
27,88044,882
37,07340,01045,10832,11856,60324,56656,721
38,880400,976
13,80954,60454,682
24,684
57,15327,03923,37239,43059,588151,168
20,85144,80055,66951,349101,690
30,836
236,036
230,926
2,191,790

Performance-linked
Rent Income
0
0
0
0
0
0
0
0
0
0
654
1,458
1,000
9,528
345
1,382
1,369
657
1,100
448
494
656
1,163
3,072
416
1,102
1,101
988
2,118
548
4,544
3,412
37,558Rent Expense(depreciation)
30,623 (22,479)
12,774 (9,063)
7,226 (4,742)
13,299 (9,236)
24,873 (17,818)
20,962 (14,054)
23,644 (17,280)
22,527 (16,372)
19,442 (12,359)
29,676 (21,533)
16,681 (11,000)
37,228 (23,076)
25,107 (16,439)
229,382 (154,740)
8,330 (4,595)
34,543 (20,276)
31,805 (20,439)
18,399 (11,100)
33,502 (20,584)
17,594 (10,597)
15,476 (10,012)
27,348 (18,153)
36,869 (22,955)
108,774 (62,278)
13,053 (7,869)
18,012 (9,562)
34,767 (22,053)
34,705 (21,093)
56,017 (42,864)
22,573 (15,910)
123,541 (88,992)
137,231 (95,135)
1,285,998 (854,674)

NOI(before depreciation)
58,741
23,573
12,61923,81737,82730,16533,646
38,95325,03548,46019,54044,027
31,211
335,862
10,41941,71944,686
18,04245,335
20,49018,40230,891
46,837
107,744
16,08437,45244,05738,72590,65524,721
206,031
192,242
1,798,025

NOI(after depreciation)
36,261
14,5097,876
14,58020,00916,111
16,365
22,581
12,67526,926
8,539
20,951
14,772
181,121
5,824
21,442
24,246
6,942
24,751
9,893
8,390
12,73723,882
45,466
8,215
27,89022,004
17,632
47,7908,810
117,039
97,106
943,350

Number less than one thousand has been omitted.
Revenue for S-01 to S-10 shows minimum guaranteed rent which equals to estimated generation income based on 50th percentile of excess probability mentioned in the thirdparty report. Revenue for S-11 to S-32 shows minimum guaranteed rent which equals to estimated generation income based on 75th percentile of excess and performancelinked rent based on 50th percentile of excess probability mentioned in the third-party report.

28

I. Overview of the 7th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

29

Unitholder Status at the End of the 8th Fiscal Period (Nov 2019)
Number of investment units

138,574 units

Number of unitholders■Individuals/others

81,638 units (58.9%)■Individuals/others■Other domestic corporation

26,084 units (18.8%)■Financial Institutions

24,353 units (17.6%)

11,267(incl. financial instruments firms)■ Foreign corporation. etc.

11,027(97.9%)■Other domestic corporation

157(1.4%)■ Financial Institutions

43(0.4%)(incl. financial instruments firms and agencies)
6,444 units■ Foreign corporation. etc.

(4.6%)

40(0.3%)(Note ) Due to rounding, numbers presented may not add up precisely to 100%

Name

Number of investment units held
(units)

Ratio
(%)

1

Takara Leben Co., Ltd.

19,656

14.18

2

The Rokinren Bank

3,113

2.24

3

GOLDMAN SACHS INTERNATIONAL

2,626

1.89

4

The Kagawa Bank, Ltd.

2,558

1.84

5

Yamato Shinkin Bank

2,118

1.52

6

THE BANK OF FUKUOKA , LTD.

1,905

1.37

7

Kagawaken Shinyo Kumiai

1,700

1.22

8

HSBC-FUND SERVICES CLIENTS A/C 006-K

1,421

1.02

9

Aozora Bank, Ltd

1,300

0.93

10

Individual

1,279

0.92

Total

37,67627.18

30

Portfolio Data
No.
S-01
S-02
S-03
S-04
S-05
S-06
S-07
S-08
S-09
S-10
S-11
S-12
S-13
S-14
S-15
S-16
S-17
S-18
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29
S-30
S-31
S-32

Property Name

Location

LS Shioya
Shioya-gun, Tochigi
LS Chikusei
Chikusei-shi, Ibaraki
LS Chiba Wakabaku
Chiba-shi, Chiba
LS MihoInashiki-gun, Ibaraki
LS Kirishima Kokubu
Kirishima-shi, Kagoshima
LS Sosa
Sosa-shi, Chiba
LS Miyagi Osato
Kurokawa-gun, Miyagi
LS Mito Takada
Mito-shi, Ibaraki
LS Aomori Hiranai
Higashi-tsugaru-gun, Aomori
LS Tone Fukawa
Kita-soma-gun, Ibaraki
LS Kamisu Hasaki
Kamisu-shi, Ibaraki
LS Tsukuba Bouchi
Tsukuba-shi, Ibaraki
LS Hokota
Hokota-shi, Ibaraki
LS Nasu Nakagawa
Nasu-gun, Tochigi
LS Fujioka A
Tochigi-shi, Tochigi
LS Inashiki Aranuma1
Inashiki-shi, Ibaraki
LS Fujioka B
Tochigi-shi, Tochigi
LS Inashiki Aranuma2
Inashiki-shi, Ibaraki
LS Sakuragawa Shimoizumi
Sakuragawa-shi, Ibaraki
LS Fukushima Yamatsuri
Higashi-shirakawa-gun, Fukushima
LS Shizuoka Omaezaki
Omaezaki-shi, Shizuoka
LS Mie Yokkaichi
Yokkaichi-shi, Mie
LS Sakuragawa Nakaizumi
Sakuragawa-shi, Ibaraki
LS Shirahama
Kamitonda-cho, Wakayama
LS Takahagi
Takahagi-Shi, Ibaraki
LS Hanno Misugidai
Hanno-shi, Saitama
Sakuragawa-shi, Ibaraki
LS Sakuragawa 1
Chikusei-shi, Ibaraki
LS Sakuragawa 4
LS Chiba Sammu, East/West
Sammu-shi, Chiba
LS Nagasaki Isahaya
Isahaya-shi, Nagasaki
LS Shioya 2
Shioya-gun, Tochigi
LS Hiroshima Mihara
Mihara-shi, Hiroshima
Total

Purchase
price
(MY)
1,315
540
271
498
937
666
818
991
705
1,261
470
890
735
8,315
265
925
1,091
422
955
468
484
740
980
2,810
400
758
870
826
2,290
575
4,797
4,500
42,573

Period-end
appraisal Ratio
value
(%)
(MY) (Note)
1,370
584
344
605
1,002
702
889
1,064
786
1,335
506
1,001
753
8,787
284
1,089
1,214
481
1,092
530
494
791
1,140
3,119
484
1,042
870
826
2,290
575
4,797
4,500
45,352

3.0
1.3
0.8
1.3
2.2
1.6
2.0
2.4
1.7
2.9
1.1
2.2
1.7
19.4
0.6
2.4
2.7
1.1
2.4
1.2
1.1
1.7
2.5
6.9
1.1
2.3
1.9
1.8
5.0
1.3
10.6
9.9
100

Panel output FIT price
(kW)
(Yen)
2,987.25
1,205.67
705.101,373.70
2,009.28
1,796.08
2,040.00
2,128.00
1,820.00
2,467.08
1,200.00
2,469.60
1,913.60
19,800.00
612.002,725.68
2,420.80
1,200.00
2,535.04
1,327.36
1,098.24
1,984.50
2,698.24
7,839.76
1,194.60
2,402.40
2,545.92
2,421.12
5,059.2
2,022.46
11,469.60
11,216.70
106,688.98

40
40
40
36
40
36
36
36
36
36
36
40
36
36
36
36
36
36
36
36
36
40
36
36
32
32
36
36
36
27
36
36
－

Remaining FIT
periodOperator

13 years 7 months
14 years 3 months
14 years 3 months
14 years 7 months
14 years 9 months
15 years
15 years 3 months
15 years 3 months
15 years 7 months
16 years
16 years 3 months
14 years 7 months
16 years 3 months
16 years 3 months
16 years 7 months
16 years 7 months
16 years 10 months
17 years 1 month
16 years 10 months
16 years 11 months
15 years 3 months
14 years 9 months
16 years 9 months
17 years 5 months
18 years
16 years
17 years
16 years 9 months
17 years 3 months
17 years 11 months
18 years 4 months
19 years 1 month－

Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben－(Note 1) Appraisal value for S-01 to S-26 are as of May 31, 2019 and S-27 to S-32 show its purchase price.

31

Change in Stock Price (December 3, 2018 to Jan 10, 2020)(Yen)¥140,000(Unit)TIF (Right)

TSE REIT INDEX(Right)Trading Volume (Left)
14,000¥135,000¥130,000

12,000¥125,000
10,000¥120,000

8,000¥115,000¥110,000

6,000¥105,000
4,000¥100,000
2,000¥95,000¥90,000

032

Fundamental Investment Policy
Value creation through utilization of natural energy
Annual CO2 reduction

Annual power generation

Stable cash flow andprofitSocially
responsible
investment

Maximization of unitholder value*1 Annualized CO2 reduction relative to fossil fuels based on total panel output of the portfolio.
*2 Estimate power consumption of each household as 247.3KWh per month.

33

Structure of the Investment Corporation
Connecting / Purchasing electric utilities
operators

Electric
power
sales

Assets undermanagement

Electric
powersales priceLessee andoperator

Takara Leben Infrastructure Fund, Inc.
(TIF)
Borrowings

Lenders, etc.

Total AmountSolar power plant¥24.58 billion

Rent

Loans

Repayment ofprincipal andinterest

Operatingfee

SponsorSponsorsupport¥46.07 billion

Unitholders’ equity¥19.83 billion• All loans are
unsecured andunguaranteed

Listed on the Tokyo
Stock Exchange

Investment

Total acquired plants• 22 financial
institutions

Investment

Unitholders• 11,000+ individual investors(59% of total)• 43 financial institutions

Asset Manager(18% total)

Management

Number of plants
Dividends

32 solar power plants• 157 domestic firms(18% of total)• 40 foreign firms(5% of total)

Management
entrustment(note) All figures except Unitholders‘ equity and breakdown of unitholders are as of end of December 2019.
Unitholders‘ equity and breakdown of unitholders are as of end of November 2019.

34

Business EnvironmentLong-term Energy Demand and Supply Forecast

■2013

■2030

■LNG ■Coal ■Oil, etc.
■Nuclear ■Water power■Geothermal and Renewable energy● Ratio of renewable energy■LNG ■Coal ■Oil, etc.
■Nuclear ■Water power■Geothermal and Renewable energy

22~24

2.2％

1.0％

13.4％
8.8％

8.5％
14.9％

43.2％
22.0％

％

Solar Power accounts

7%

27.0％
26.0％

30.3％

3.0％

Volume ratio of renewable energy newly
introduced after the start of FIT Scheme(For solar power generation, 10kW or larger are included.)Installed solar energy generation facilities (10kW orlarger) its forecast in 2030
(GW)

70

64

60
50
37.2

40
30

24.9
17.4

20
10
■

Solar power generation

92.5%

■

Biomass power generation

3.8%

■

Wind power generation

2.8%

■

Water power generation

0.9%

■

Geothermal power generation

0.1%

Source: Data from the website for announcing the Feed-in Tariff Scheme by
Agency for Natural Resources and Energy of the Ministry of Economy,
Trade and Industry

8.4
1.9

0
June, 2013

June, 2014

June, 2015

June, 2016
TIF Listed

December,
2018

2030
(expected)

Source:i. Data from the website for announcing the Feed-in Tariff Scheme by Agency for Natural Resources and Energy of the Ministry of Economy,
Trade and Industry for the period up to April 2016.
ii. Expected installation in FY2030 based on the data on the document related to the long-term energy supply and demand outlook by the
Ministry of Economy, Trade and Industry (Agency for Natural Resources and Energy, July 2015)35

Contact

TEL: +81-3-6262-6402
E-Mail: info@takara-am.co.jp• This document has been prepared to provide information, and is not for soliciting and inviting investments in or recommending transaction of certain
products. We request investors to make investments with their own responsibility and judgment.
• This document does not constitute a disclosure document or a management report based on the Financial Instruments and Exchange Act, the Act on
Investment Trusts and Investment Corporations or the listing regulations of the Tokyo Stock Exchange.
• In addition to information on Takara Leben Infrastructure Fund, Inc. (the "Investment Corporation"), this document includes figures, tables and dataprepared by Takara Asset Management Co., Ltd. (the "Asset Manager") based on data/index and other information released by third parties. Analysis,
judgment and other views of the Asset Manager on such information at the time of preparation are also included in this document.
• The information contained in this document is not audited and there is no assurance of the accuracy and certainty of such information. Analysis,
judgment and other non-factual views of the Asset Manager represent views of the Asset Manager at this point in time. Different views may exist or the
Asset Manager may change its views in the future.
• Figures under the same items of other disclosed materials may differ from figures presented in this document due to difference in the rounding of
fractions, etc.
• While the Investment Corporation takes reasonable care in the preparation of this document, there may be errors. Readers are also cautioned that thecontents of this document may be corrected or changed without prior notice.

• The Investment Corporation and the Asset Manager assume no responsibility for the accuracy of data, indexes and other information released by third
parties.
• This document includes statements regarding future policies, etc. of the Investment Corporation. However, these statements do not guarantee said
future policies, etc.
• For the convenience of preparing graphs, the dates indicated herein may differ from actual business dates.