Summary of Accounts for Fiscal Period Ended November 30, 2018 (Infrastructure Fund)
January 15, 2019
Infrastructure Fund Issuer:
Securities Code: 9281
Representative:

Takara Leben Infrastructure Fund, Inc.
URL: http://www.tif9281.co.jp/
Masahide Kikuchi, Executive Director

Exchange for listing: TSE

Management Company:
Representative:
Contact:

Takara Asset Management Co., Ltd.
Mamoru Takahashi, President & CEO
Masahide Kikuchi, Vice President & Director of Infrastructure Fund Division.
Investment Management Department

TEL: +81-3-6262-6402
Scheduled date of submission of securities report: February 27, 2019
Scheduled start date of payment of distributions: February 18, 2019
Availability of supplementary materials for disclosure of financial statements: Available
Holding of financial results briefing: Holding (for institutional investors and analysts)(Rounded down to nearest million yen)
1. Results of operations and assets for the fiscal period ended November 30, 2018 (June 1, 2018 to November 30, 2018)(1) Operating results(The percentages show the rates of change from the previous fiscal period.)
Operating revenue
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal period
ended November
1,493
23.9
555
17.2
488
17.7
487
17.8
30, 2018
Fiscal period
ended May 31,
1,205
13.5
473
12.0
415
12.4
414
12.4
2018
Net income per unit
Yen
Fiscal period
ended November
30, 2018
Fiscal period
ended May 31,
2018

Ratio of net income to Ratio of ordinary income to Ratio of ordinary income toequity capital (ROE)
total assets (ROA)
operating revenue
%
%
%

3,524

3.9

1.8

32.7

3,511

3.7

1.7

34.4

(2) Results of distributions
Distribution perunit (excl.
surplus earnings
distribution)

Total
distribution(excl. surplus
earnings
distribution)
Million yen

Surplusearnings
distribution
per unit

Distribution per
Total
unit (incl.
distribution
surplus(incl. surplus
earnings
earnings
distribution) distribution)
Million yen
Yen Million yen

Total
surplusearnings
distribution

Ratio ofDivid
dividend
end
to netpayou
assetst ratio
(DOE)
%
%

Yen
Yen
Fiscal period
ended November
3,521
487
350
48
3,871
536 100.0
3.630, 2018
Fiscal period
ended May 31,
3,512
414
464
54
3,976
469 100.0
3.7
2018(Note 1) Due to an issuance of new investment units during the fiscal period, the dividend payout ratio for the fiscal period ended
November 30, 2018 is calculated according to the following calculation formula.
Dividend payout ratio = total distributions (excluding surplus earnings distribution) / net income x 100(Note 2) The dividend payout ratios and the ratio of dividend to net assets are calculated based on figures that do not include surplus
earnings distribution.
(Note 3) The entire amount of total surplus earnings distribution is a refund of contributions that constitute distribution upon the decreaseof contributions under the tax laws.
(Note 4) The ratio of surplus, etc. that decreases upon surplus earnings distribution (refund of contributions that constitute distribution
upon the decrease of contributions under the tax laws) during the fiscal period ended May 31, 2018 is 0.005 and the fiscal
period ended November 30, 2018 is 0.004.
The ratio of decreased surplus, etc. is calculated according to Item 4, Paragraph 1, Article 23 of the Order for Enforcement of
the Corporation Tax Act.

1

(3) Financial position

Fiscal period
ended November
30, 2018
Fiscal period
ended May 31,
2018

Total assets
Million yen

Net assets
Million yen

Capital adequacy ratio%

Net assets per unit
Yen

29,334

13,571

46.3

97,93924,538

11,322

46.1

95,976(4) Results of cash flows

Million yen

Million yen

Million yen

Cash and cash
equivalents at the endof the term
Million yen

787-5,060

4,267

1,995

1,582

-1,928

1,032

2,000

Cash flows fromoperating activities
Fiscal period
ended November
30, 2018
Fiscal period
ended May 31,
2018

Cash flows frominvesting activities

2

Cash flows fromfinancing activities

2. Forecast operating results for the fiscal period ending May 31, 2019 (December 1, 2018 to May 31, 2019), the fiscal period ending
November 30, 2019 (June 1, 2019 to November 30, 2019), and the fiscal period ending May 31, 2020 (December 1, 2019 to May 31,
2020)(The percentages show the rates of change from the previous fiscal period.)
Operating revenue

Fiscal period
ending May
31, 2019
Fiscal period
endingNovember30, 2019
Fiscal period
ending May
31, 2020

Operating income

Ordinary income

Distribution per unit
Distribution per unit
Surplus earnings(excl. surplus(incl. surplus
distribution perearnings
earnings
unit
distribution)
distribution)

Net income

Millionyen%

Millionyen%

Millionyen%

Million
yen

%

Yen

Yen

Yen

1,468

-1.7

527

-4.9

457

-6.4

456

-6.4

3,297

334

3,631

1,423

-3.1

472

-10.5

407

-11.0

406

-11.0

2,935

336

3,271

1,460

2.6

517

9.7

454

11.5

453

11.6

3,274

320

3,594

(Reference) Forecast net income per unit (for the fiscal period ending May 31, 2019): 3,296 yen; forecast net income per unit (for the
fiscal period ending November 30, 2019): 2,934 yen; forecast net income per unit (for the fiscal period ending May 31,2020): 3,274 yen,
Estimated total number of issued investment units at the end of the fiscal period: 138,574 units* Others(1) Change of the accounting policy, change in the estimates for the purpose of accounting, and revision and reclassification(i) Change of the accounting policy upon revision to the accounting standards, etc.: none(ii) Change of the accounting policy other than that described in (i) above: none(iii) Change in the estimates for the purpose of accounting: none(iv) Revision and reclassification: none
(2) Total number of issued investment units
As of
As of May
November138,574units
31, 2018
30, 2018
As of(ii) Number of treasury investment units at the end of the
As of May
November-unitsfiscal period
31, 2018
30, 2018(Note) For the number of investment units that is the basis for the calculation of net income per unit.
(i) Total number of issued investment units at the end of the
fiscal period (including treasury investment units)

117,976units-units* Indication regarding the state of audit procedures taken
This summary of accounts is not included in the scope of the audit procedures under the Financial Instruments and Exchange Act(Act No. 25 of 1948, including amendments thereto, hereinafter referred to as the “Act”). At the time of the publication of thissummary of accounts, the audit procedures under the Act are not completed.
* Explanations about the appropriate use of the forecasts of the operating results and other special notes
The statements about the outlook for the operating results stated herein and other future situations are based on the information that
the Investment Corporation has obtained and certain assumptions that the Investment Corporation considers reasonable. The actual
operating results may differ substantially from them due to various causes. In addition, those forecasts do not guarantee the amountsof distributions. For the assumptions for the forecasts of the operating results, please refer to “Assumptions for Forecasts ofOperating Results for the Fiscal Period Ending May 31, 2019 (December 1, 2018 to May 31, 2019), the Fiscal Period Ending
November 30, 2019 (June 1, 2019 to November 30, 2019), and the Fiscal Period Ending May 31, 2020 (December 1, 2019 to May
31, 2020)”.

3

1. Corporations affiliated with the investment corporation
Mechanism of the investment corporation
The disclosure of information about this item is omitted because no material changes have been made to the statements about themechanism of the investment corporation in the latest securities report (submitted on August 30, 2018).

2. Operational policy and operating results(1) Operational policy
The disclosure of information about the operational policy is omitted because no material changes have been made to thestatements about the investment policy, investment targets and distribution policy in the securities report that was submitted on
August 30, 2018.
(2) Operating results(i) Overall situation in the fiscal period under review
a. Major events of the Investment Corporation
The Investment Corporation was established with capital contributed of 200 million yen (2,000 units) on August 5, 2015 by
the promoter of Takara Asset Management (hereinafter referred to as the “Management Company”) according to the Act on
Investment Trust and Investment Corporations (hereinafter referred to as the “Investment Trust Act”) and was registered with the
Kanto Local Finance Bureau on September 2, 2015 (registration number: No. 105 of the Director-General of the Kanto Local
Finance Bureau).
The Investment Corporation additionally issued investment units (45,166 units) by public offering on June 1, 2016 and waslisted on the infrastructure fund of Tokyo Stock Exchange, Inc. (hereinafter referred to as “TSE”) (security code: 9281) on June2, 2016. On July 1, 2016, the Investment Corporation issued new investment units (2,258 units) by third-party allotment. In June
2017, the Investment Corporation increased capital by public offering and third-party allotment. As a result, the total number ofissued investment units as of November 30, 2018 is 138,574 units.
b. Actual operating results for the fiscal period under review
During the fiscal period under review, the Japanese economy was generally on a recovery trend due to a stable domestic
demands despite the concerns over global economic slowdown.
With respect to the environment surrounding the renewable energy power facilities, etc., the issues of the increase of the
primary energy self-sufficiency rate and the reduction of the emission of greenhouse effect gas remain. Such issues in Japan’s
energy policy are expected to be resolved by introducing renewable energy power facilities, etc. that utilize natural energy.
Under these circumstances, according to the basic policy for the investment and management of assets set forth in the rules,
etc., the Investment Corporation acquired four solar power plant properties (for the acquisition cost of 4,930 million yen) on June
1, 2018 in order to expand external growth and increase distributions based on net profit.
As a result, the total assets held by the Investment Corporation at the end of the fiscal period under review were 25 properties(total value: 30,242 million yen (note)), and the total panel output was 69.5 MW.
(Note) This value is the total sum of the assessed values of the assets held. The assessed values of the assets held are the median values calculated by theInvestment Corporation according to Item 1, Paragraph 2, Article 36 of its certificate of incorporation from among the range of the assessed valuesof the respective power plants stated in the valuation report indicating the values as of November 30, 2018 that was obtained fromPricewaterhouseCoopers Sustainability LLC. The same applies hereinafter.

c. Summary of financing
During the fiscal period under review, the Investment Corporation borrowed funds in an amount of 3,024 to appropriate themto the funds for the acquisition of four (4) solar power plants and the expenses related thereto (including national and local
consumption taxes).
On the other hand, at the end of the fiscal period under review, the Investment Corporation made repayments under theagreements, and the loans at the end of the fiscal period under review were 15,610 million yen. As a result, the ratio of interestbearing debts to total assets was 53.4% at the end of the fiscal period under review.
For information, the rating obtained by the Investment Corporation as of November 30, 2018 is as shown below.
<Rating>
Credit rating agency

RatingTrend of rating

Japan Credit Rating Agency, Ltd.

A-

Stable4

d. Summary of business results and distributions
As a result of the operations described above, the business results for the fiscal period under review were operating revenueof 1,493 million yen, operating income of 555 million yen, ordinary income of 488 million yen and net income of 487 million
yen.
With respect to the distributions, according to the policy for the distribution of money that is set forth in Article 38 of thecertificate of incorporation of the Investment Corporation, the amount thereof shall exceed an amount equivalent to 90/100 of
the amount of profits available for dividends that is specified in Article 67-15 of the Act on Special Measures Concerning
Taxation. In addition, the amounts remaining after reserving such cash and deposits as the Investment Corporation considers
appropriate to prevent any impact on the long-term repair plan and meet the demand for funds (such as capital expenditure forthe new acquisition of assets for investment and maintenance and the improvement of the portfolio assets, the working capitalof the Investment Corporation, the repayment of debts and the payment of distributions) based on the amount of capital
expenditure estimated for each accounting period under the long-term repair plan, taking into account the conditions of credit
lines, etc. are distributed to an extent that exceeds the amount of profits as the distribution of money beyond profits (refund ofcontributions).
Under this distribution policy, the Investment Corporation decided to distribute 48,500 thousand yen which is the remaining
amount after subtracting 540,899 thousands yen for expense of borrowing repayment and 79,104 thousands yen for internal
reserve from total of 506,279 thousands yen, which is consisted with 566,651 thousands yen for depreciation, 62,020 thousands
yen for amortization of long-term prepaid expenses, 9,794 thousands yen for amortization of issuance expenses of new
investment units, and 28 thousands yen for amortization of establishment expenses.
As the result, the surplus earnings distribution for the fiscal period under review consists about 8.6% of total depreciation
expense. The distribution per investment unit is 3,871 yen.
(ii) Outlook for the following fiscal perioda. Future outlook for operations
However, oversea political-economical movement such as US’s trade policies should needed to be carefully monitored.
With a combination of an increased personal expenses which is supported by recovery for working-class income and an increased
trends on corporate capital investment which is backed by a shortages of labor forces, the Japanese economy is expected toremain on a stable growth trend primary for sectors involve film domestic demands. However it is noted that global political
impact and movements on US’s trade policies are required to be monitored.
In respect to the environment surrounding the photovoltaic power facilities that are included in the renewable energy power
facilities, the capacity of the photovoltaic power facilities with not under than 10 kW (for non-housing ) that were approved (asdefined in Paragraph 3, Article 9 of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy
Sources by Electricity Utilities (Act No. 108 of 2011, including amendments thereto) (hereinafter referred to as the “Renewable
Energy Special Measures Act”; the Renewable Energy Special Measures Act before the amendment thereto by the Act for Partial
Revision of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity
Utilities enforced on April 1, 2017 (Act No. 59 of 2016) (hereinafter referred to as the “Act for Partial Revision of the Renewable
Energy Special Measures Act”) may be especially referred to as the “Former Renewable Energy Special Measures Act,” and theRenewable Energy Special Measures Act after the amendment thereto by the Act for Partial Revision of the Renewable Energy
Special Measures Act may be especially referred to as the “Current Renewable Energy Special Measures Act”; in addition, if thecontext requires, such approval may include the approval defined in Paragraph 1, Article 6 of the Former Renewable Energy
Special Measures Act; the same applies hereinafter) after the feed-in tariff was introduced was approximately 65.4 GW for
facilities with not under than 10 kW (for non-housing), and 5.7 GW for facilities under 10 kw (for housing) non-residential as ofJune 30, 2018, and the capacity of such facilities that were actually installed was approximately 34 GW for non-housing and 5.5
GW for housing. Under these circumstance, Ministry of Economy, Trade and Industry has announced “new approach on
undeveloped solar power facility project under the FIT system” (hereinafter referred as the “new measurement”) on December
5, 2018. The new measurement stated that any undeveloped and idle solar power facility projects approved 2012 and next three
years with no development deadline is set may change its purchasing price unless such projects met certain requirements on
certain period of time. Because of such circumstance, any solar power facility project with no feasibility is expected to beeliminated. Given such circumstances, the Investment Corporation will make main investments in the photovoltaic power
facilities for the time being and acquire and manage assets according to the growth strategy described below.
b. Future operational policy(i) External growth strategy
The Investment Corporation and the Management Company consider that the unique know-how of the Management
5Company and the operational know-how on the overall photovoltaic power business that can be obtained from the sponsor,
Takara Leben Co., Ltd. (hereinafter referred to as “Takara Leben”; and Takara Leben as the sponsor may be hereinafter referred
to as the “Sponsor”) that has been developed should be able to contribute to the growth of the Investment Corporation in themedium to long term. In addition, the Management Company will expand the information network among the entities otherthan Takara Leben and its subsidiaries (hereinafter referred to as the “Takara Leben Group”) and gather information about
assets in order to expand, increase and promote the opportunity to acquire the photovoltaic power facilities, etc. that are themain investment targets of the Investment Corporation. The Investment Corporation will aim to acquire the photovoltaic power
facilities, etc. from persons other than the Takara Leben group (including acquisition through the secondary transaction for thephotovoltaic power facilities, etc. that have been put into use for operation) based on the information about assets gathered by
the Management Company.
In addition, the Investment Corporation and the Management Company may receive a range of support for external growthfrom the Sponsor. This support should contribute to future external growth. The Investment Corporation intends to increase
assets by exercising the preferential right to negotiate purchases granted by the Sponsor. In addition, the Investment
Corporation considers that its right to receive information from the Sponsor under the sponsor support agreement should be
conducive to the future external growth of the Investment Corporation, because the Sponsor has such relations and networks
with and among the other enterprises, fund managers, sole proprietors and other persons engaging in the photovoltaic powerbusiness as have been established through the photovoltaic power projects in the past and, through such networks, has obtained
information about the sale of properties held by third parties.
(ii) Internal growth strategy
The Investment Corporation will contract out or have its lessees contract out the O&M operations of the photovoltaic power
facilities to the contractors with the relevant technical know-how and ensure the appropriate equipment inspection, repair andequipment replacement of the assets acquired to maintain and increase the asset value from a medium- to long-term perspective
and thereby secure stable income in the medium to long term.
In addition, the Investment Corporation will formulate the repair plan for each asset, considering the situations andcharacteristics of the managed assets, among other factors, upon consultation with the operators and contractors engaging in
O&M and make the necessary repairs and capital expenditures to maintain and increase the returns from the managed assets
in the medium to long term. Repairs and capital expenditures shall be judged by the Investment Corporation in considerationof the depreciation costs for the entire portfolio assets, in principle. However, if the Investment Corporation reasonably judgesthat any repair or capital expenditure should contribute to the maintenance or improvement of the performance of the managed
assets, the said repair or capital expenditure shall be implemented early. In this regard, the costs necessary for the maintenance,
management, repair and other operations of the renewable energy power facilities, etc. that are incurred during the period of
operations (including taxes and other public charges imposed on the renewable energy power facilities, etc., capital expenditure
for the renewable energy power facilities, etc., the price for new equipment or parts upon the replacement of the equipment orparts that constitute the renewable energy power facilities, outsourcing fees and other expenses payable to the contractors
engaging in O&M, and insurance premiums for the insurances with the Investment Corporation as the policyholder or the
insured that cover the renewable energy power facilities) shall be borne by the owner and lessor of the renewable energy power
facilities, etc. (the Investment Corporation), and the costs necessary for the daily maintenance, management, repair and otheroperations of the renewable energy power facilities, etc. other than those to be borne by the owner and lessor shall be borneby the lessee, in principle.

6

c. Forecasts of operating results
The forecast of operating results for the fiscal period ending Nov 30, 2018 (June 1, 2018 to Nov 30, 2018), fiscal period
ending May 31, 2019 (December 1, 2018 to May 31, 2019), and fiscal period ending Nov 30, 2019 (June 1, 2018 to November
30, 2019) are as follows. For the assumptions for the forecast operating results, please refer to the “Assumptions for Forecastsof Operating Results for Fiscal Period Ending Nov 30, 2018 (June 1, 2018 to Nov 30, 2018), fiscal period ending May 31,
2019 (December 1, 2018 to May 31, 2019), and fiscal period ending Nov 30, 2019 (June 1, 2018 to November 30, 2019)”.

Operatingrevenue

OperatingincomeDistribution
per unit (excl.

Ordinary
incomeNet income

surplusearnings
distribution)

Fiscal period ending
May 31, 2019

1,468

527

457

456

(7th fiscal period)

million yen

million yen

million yen

million yen

Fiscal period ending
November 30, 2019

1,423

472

407

406

(8th fiscal period)

million yen

million yen

million yen

million yen

Fiscal period ending
May 31, 2020

1,460

517

454

453

(9th fiscal period)

million yen

million yen

million yen

million yen

Surplusearnings
distribution perunit

Distribution
per unit (incl.
surplusearnings
distribution)

3,297 yen

334 yen

3,631 yen

2,935 yen

336 yen3,271 yen

3,274 yen

320 yen3,594 yen

(Note) The forecast figures stated above are calculated based on certain assumptions at the present time. Due to the future acquisition or disposal of therenewable energy power facilities, etc., the future additional issue of new investment units or change in the infrastructure market, interest rate orother conditions surrounding the Investment Corporation, among other causes, the actual operating revenue, operating income, ordinary income,net income, distribution per unit (excluding surplus earnings distribution), surplus earnings distribution per unit and distribution per unit
(including surplus earnings distribution) may change. In addition, the forecasts announced herein do not guarantee the amount of distributions andsurplus earnings distribution.

(iii) Facts arising after the settlement of accounts
None7

Assumptions for Forecasts of Operating Results for Fiscal Period Ending May 31, 2019 (December 1, 2018 to May 31, 2019) andFiscal Period Ending Nov 30, 2019 (June 1, 2019 to Nov 30, 2019), Fiscal period ending May 31, 2020 (December 1, 2019 to May 31,
2020)
Items

Assumptions

Accounting period

Fiscal period ending May 31, 2019 (7th fiscal period): December 1, 2018 to May 31, 2019 (182 days)
Fiscal period ending November 30, 2019 (8th fiscal period): June 1, 2019 to November 30, 2019 (183 days)
Fiscal period ending May 31, 2020 (9th fiscal period): December 1, 2019 to May 31, 2020 (183 days)
・The assumption is a holding of 25 properties in total as of November 30, 2018 (hereinafter referred to as
the “Portfolio Assets”)
・The assumptions for forecasting the operating results are that there will be no change to the assets underManaged assets

management (such as the acquisition of new assets and the disposal of the Portfolio Assets) until the end of
the fiscal period ending May 31, 2020 (9th fiscal period).
・There is a possibility that in reality, there may be a change due to the acquisition of new assets other thanthe Acquired Assets or the disposal of the Portfolio Assets, among other causes.
・The revenues from the lease of 10 properties acquired on June 2, 2016 that are included in the Portfolio
Assets are calculated based on the minimum rent guaranteed, which is set forth in the agreement for thelease of the photovoltaic power facilities, etc. that is in force and in effect as of today’s date, in the amountequivalent to the forecast revenues from sales of electric power for the relevant month, which is calculated
in consideration of the forecast electric power output (probability of exceedance P (percentile) 50)
calculated by a third party based on the database of annual solar radiation by hours and other data. The
revenues from the lease of the LS Kamisu Hasaki that was acquired on February 7, 2017 , seven (7)properties acquired on June 1, 2017, LS Sakuragawa Shimoizumi and LS Fukushima Yamatsuri that wereacquired on December 1, 2017, LS Shizuoka Omaezaki that was acquired on February 27, 2018, and four(4) properties acquired on June 1, 2018 are calculated based on the sum of the minimum rent guaranteed,which is set forth in the agreement for the lease of the photovoltaic power facilities, etc. that is in force andOperating revenue

effect as of today’s date, and the variable rent linked to the actual output, which is based on the assumptionthat the electric power output is the forecast electric power output (probability of exceedance P (percentile)50) calculated by a third party based on the database of annual solar radiation by hours and other data. The
revenues from the lease of the Acquired Assets are calculated based on the sum of the minimum rent
guaranteed, which is set forth in the agreement for the lease of the solar power facilities, etc. that is expected
to be in force and in effect on the date of acquisition and the variable rent linked to the actual output, which
is based on the assumption that the electric power output is the forecast electric power output (probabilityof exceedance P (percentile) 50) calculated by a third party based on the database of annual solar radiation
by hour and other data.
・The assumption for operating revenue is the revenues from the lease, not the disposal of assets.
・The assumption for the revenues from the lease is that there will be no default in the payment of rent or
non-payment of rent.
・Of the expenses for the lease business that are the main items of the operating expenses, the items otherthan depreciation are calculated based on the actuals for the past, reflecting the variable factors of expenses.
・The fixed assets and other taxes for the solar power facilities are estimated at 87 million yen for the fiscal

Operating expenses

period ending May 31, 2019 (7th fiscal period), 109 million yen for the fiscal period ending November 30,
2019 (8th fiscal period), and 97 million yen for the fiscal period ending May 31, 2020 (9th fiscal period)
・The expenses for the maintenance and management of the solar power facilities are estimated at 83 million
yen respectively for the fiscal period ending May 31, 2019 (7th fiscal period), the fiscal period ending
November 30, 2019 (8th fiscal period), and the fiscal period ending May 31, 2020 (9th fiscal period). The
utilities expenses are estimated at four (4) million yen respectively for the fiscal period ending May 31,
2019 (7th fiscal period), the fiscal period ending November 30, 2019 (8th fiscal period), and the fiscal
period ending May 31, 2020 (9th fiscal period)

8

ItemsAssumptions
・The fees for operators are estimated at 20 million yen respectively for the fiscal period ending May

Operating expenses

31, 2019 (7th fiscal period), the fiscal period ending November 30, 2019 (8th fiscal period), andthe fiscal period ending May 31, 2020 (9th fiscal period)
・Depreciation expenses are calculated, including incidental expenses, according to the straight-line
method and estimated at 562 million yen respectively for the fiscal period ending May 31, 2019
(7th fiscal period), the fiscal period ending November 30, 2019 (8th fiscal period), and the fiscal
period ending May 31, 2020 (9th fiscal period)
・The organization expenses and the expenses for the issue of new investment units are estimated atnine (9) million yen for the fiscal period ending May 31, 2019 (7th fiscal period), four million yen
respectively for the fiscal period ending November 30, 2019 (8th fiscal period), and the fiscal period

Non-operating expenses

ending May 31, 2020 (9th fiscal period)・ Interest expenses and other borrowing-related expenses are estimated at 59 million yen
respectively for the fiscal period ending May 31, 2019 (7th fiscal period) and the fiscal period
ending November 30, 2019 (8th fiscal period), and 57 million yen for the fiscal period ending May
31, 2020 (9th fiscal period)
・The balance of loans of the Investment Corporation as of November 30, 2018 is 15,610 million

Loansyen. The assumptions for the said loans are that according to the agreement, the repayment of thesaid loans will be made on May 31, 2019, November 30, 2019, and May 31, 2020 the amount of
the repayment is 504 million yen for each repayment date.
・The total number of issued investment units as of the date of this document is assumed to be

Total number of issued

138,574 units. The assumption is that there will be no change in the number of investment units

investment units

due to the issue of new investment units and other reasons until the end of the fiscal period ending
May 31, 2020 (9th fiscal period).
・ Distribution per unit (excluding surplus earnings distribution) is calculated based on theDistribution per unit
(excl. surplus earnings
distribution)

assumption that all the profits will be distributed according to the policy for the distribution ofmoney that is set forth in the rules of the Investment Corporation.
・There is a possibility that distribution per unit (excluding surplus earnings distribution) may
change due to a change of the lessees, a change in the rent revenues due to the amendment of theterms and conditions of the lease agreement or unexpected repair and various other causes.
・Surplus earnings distribution per unit is calculated according to the policy for the distribution ofmoney set forth in the certificate of incorporation of the Investment Corporation and the guidelines
for investment that are the internal rules of the Management Company.
・The policy of the Investment Corporation is to generally distribute all the amounts remaining after
reserving such cash and deposits as the Investment Corporation considers appropriate to prevent

Surplus earnings distribution
per unit

any impact on the long-term repair plan and meet the demand for funds (such as for the newacquisition of assets, for the investment and maintenance and improvement of the Portfolio Assets,working capital of the Investment Corporation, repayment of debts and payment of distributions)based on the amount of capital expenditure estimated for each accounting period under the longterm repair plan, taking into account the conditions of the credit line, etc. The amounts exceeding
the amount of profits will be distributed as the distribution of money beyond profits (refund ofcontributions). However, such distribution is limited to an extent that will have no adverse impact
on the financial position of the Investment Corporation and to the amount stipulated in laws(including the regulations established by the Investment Trusts Association, Japan).

9

ItemsAssumptions
・According to the policy described above, the amounts remaining after subtracting expenses ofborrowing repayment and internal reserve that the Investment Corporation considers appropriate
to deposit for its future external growth, from the expenses that serve as internal reserve, such as
depreciation, amortization of long-term prepaid expenses, amortization of issuance expenses of
new investments units, and amortization of establishment expenses are divided by the forecast
number of investment units issued at the end of the fiscal period, which is 138,574 units
respectively for the fiscal period ending May 31, 2019 (7th fiscal period), the fiscal period ending
November 30, 2019 (8th fiscal period), and for the fiscal period ending May 31, 2020 (9th fiscal
period) to determine the surplus earnings distribution per unit. The total surplus earnings
distribution is estimated at 46 million yen respectively for the fiscal period ending May 31, 2019
(7th fiscal period) and the fiscal period ending November 30, 2019 (8th fiscal period), and 44

Surplus earnings distribution
per unit

million yen for the fiscal period ending May 31, 2020 (9th fiscal period).
・Distribution of money beyond profits (refund of contributions) may not be paid, considering the
economic environment, the market conditions for the renewable energy power generation business,
the financial position of the Investment Corporation and other circumstances in a comprehensive
manner, including other possible uses of funds such as appropriation to repair and capital
expenditure, the repayment of loans, funds for the acquisition of new properties and the acquisitionof treasury investment units.
・Distribution of money beyond profits (refund of contributions) involves a decrease in funds on
hand. Accordingly, there is a possibility of a shortage of funds on hand in the event that capital
expenditure beyond the estimate of the Investment Corporation is needed due to any sudden eventsand other causes. There is also a possibility that such a decrease in funds on hand may limit thefunds for the flexible acquisition of properties. In addition, the amount of distribution of money
beyond profits (refund of contributions) will be deducted from the total amount of unitholders’capital or the capital surplus.
・The assumption is that there will be no amendments to the laws and regulations, tax systems,
accounting standards, listing rules that Tokyo Stock Exchange, Inc. establishes, rules of the

Other

Investment Trusts Association, Japan and other rules that affect the forecast figures describedabove.
・The assumption is that there will be no unexpected material change in the general economic trends,
the market conditions for the photovoltaic power facilities, the real-estate market conditions andother circumstances.

(3) Investment risk
The disclosure of investment risk is omitted because no material changes have been made to the statements about investment
risk in the securities report that was submitted on August 30, 2018.

10

3. Financial Statements(1) Balance sheets
Previous term
(As of May 31, 2018)
AssetsCurrent assets
Cash and deposits
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Leasehold right
SoftwareTotal intangible assets
Investments and other assets
Guarantee deposits
Deferred tax assets
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Deferred assets
Deferred organization expenses
Investment unit issuance expenses
Total deferred assets
Total assets

11(Unit: Thousand yen)
Current term
(As of November 30, 2018)

2,000,428
15,29958,04862,946
19,0792,155,802

1,995,383
18,732
56,682292,225
57,2362,420,260

7,286
-319
6,967
6,640,529-397,735
6,242,793
12,651,444-703,218
11,948,225
217,267-71,474
145,793
3,633,796
6,079
21,983,655

7,286
-479
6,806
8,426,715-602,885
7,823,829
15,617,876-1,035,947
14,581,929
252,073-99,934
152,139
3,697,028
529
26,262,263

246,491912
247,403456,826760
457,586

10,000
11
116,61920
126,651
22,357,709

11,50013
161,60420
173,137
26,892,987

167
24,99725,16524,538,677

139
21,126
21,26629,334,514

(Unit: Thousand yen)Previous term
(As of May 31, 2018)
Liabilities
Current liabilities
Operating accounts payable
Current portion of long-term loans payable
Accounts payable - otherAccrued expenses
Income taxes payable
Deposits received
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital
Unitholders’ capital (net value)
Surplus
Unappropriated retained earnings (undisposedloss) (-)
Total surplus
Total unitholders’ equity
Total net assets
Total liabilities and net assets

12

Current term
(As of November 30, 2018)

12,384
830,941
102,024
220
851
2,555
14
948,991

35,571
1,008,823
105,467
267
883
9,617
22
1,160,653

12,266,764
9
12,266,774
13,215,765

14,601,993
24
14,602,017
15,762,671

10,963,186-54,622
10,908,563

13,193,270-109,363
13,083,906

414,348487,937

414,348
11,322,911※１ 11,322,911
24,538,677

487,937
13,571,843※１ 13,571,843
29,334,514

(2) Statement of income(Unit: Thousand yen)Previous term
(From December 1, 2017 to
May 31, 2018)
Operating revenue
Rent revenue - renewable energy power production
facilities, etc.
Total operating revenue
Operating expenses
Rent expenses on renewable energy power production
facilities, etc.
Asset management fee
Asset custody fee and administrative service fees
Directors' compensations
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Insurance income
Interest on refund
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Borrowing-related expenses
Amortization of deferred organization expenses
Amortization of investment unit issuance expenses
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss) (-)

13

Current term
(From June 1, 2018 toNovember 30, 2018)※１ 1,205,371※１ 1,493,733

1,205,371

1,493,733※１ 615,494※１ 798,684

72,2597,416
2,400
34,259731,829473,542

88,7529,515
2,400
39,184
938,538
555,195

7
1,075
1,082

9
8,589
35
0
8,634

40,512
10,40328
8,557
59,501
415,123
415,123852
3
855
414,26780
414,348

50,623
14,57928
9,794
75,025
488,803
488,803884-1
883
487,92016
487,937

(3) Statement of unitholders’ equity
Previous term (From December 1, 2017 to May 31, 2018)(Unit: Thousand yen)
Unitholders’ equity
Surplus
Unitholders’ capital Unappropriated(net value)
retained earnings(undisposed loss)(-)
Balance at the beginning of theterm

10,963,186

Total surplus

10,963,186

Total unitholders’equityTotal net assets

368,519

368,519

Dividends of surplus-368,439-368,439

Net income

414,267

414,267

Changes of items during period
Issuance of new investment
units-54,622-54,622

Total changes of items during
the term--54,622-54,62245,82845,828

Balance at the end of the term

※1 10,963,186-54,622

10,908,563

414,348414,348(Unit: Thousand yen)
Unitholders’ equity
Total Unitholders’equityBalance at the beginning of the

Total net assets

11,331,705

11,331,705

Surplus earning distribution-54,622-54,622

Dividends of surplus-368,439-368,439

Net income

414,267

414,267

Total changes of items during
the term-8,794-8,794

Balance at the end of the term

11,322,911

11,322,911

term
Changes of items during period

14Current term (From June 1, 2018 to November 30, 2018)(Unit: Thousand yen)
Unitholders’ equity
Unitholders’ capital (net value)

Surplus

UnappropriatedDeduction from
Unitholders’ capital retained earnings
Unitholders’ capital
unitholders’(net value)(undisposed loss)
capital(-)
Balance at the beginning of theterm

10,963,186-54,622

10,908,563

414,348

Total surplus

414,348

Changes of items during period
Surplus earning distribution

2,230,083

Dividends of surplus-54,740

2,230,083--54,740-

Net income
Total changes of items during
the term
Balance at the end of the term

2,230,083-54,740(Unit: Thousand yen)
Unitholders’ equity
Total Unitholders’equityBalance at the beginning of theterm

Total net assets

11,322,911

11,322,911

Issuance of new investment
units

2,230,083

2,230,083

Surplus earning distribution-54,740-54,740

Dividends of surplus-414,331-414,331

Net income

487,920487,920

Total changes of items during
the term

2,248,931

2,248,931

Balance at the end of the term

13,571,843

13,571,843

Changes of items during period

15

2,175,342-414,331-414,331

487,920487,920

73,58973,589(4) Statement of distribution of money
Previous term
(From December 1, 2017 to
May 31, 2018)
I. Unappropriated retained earnings

414,348,094 yen

Current term
(From June 1, 2018 toNovember 30, 2018)
487,937,112 yen

II. Additional surplus earnings distribution
Deduction from unitholders’ capital

54,740,864 yen

48,500,900 yen

III. Amount of distribution(Amount of distribution per investment unit)

469,072,576 yen(3,976) yen

536,419,954 yen（3,871) yen

Distribution of profits included(Distribution of profits per unit included)414,331,712 yen(3,512) yen

487,919,054 yen(3,521) yen

Surplus earnings distribution included(Surplus earnings distribution per unit included)

54,740,864 yen(464) yen

48,500,900 yen(350) yen

IV. Retained earnings carried forward
Method of calculation of amount of distribution

16,382 yen
According to Paragraph 1, Article

18,058 yen
According to Paragraph 1, Article

38 of the certificate of incorporation 38 of the certificate of incorporationof the Investment Corporation, the of the Investment Corporation, theamount of distribution shall exceed amount of distribution shall exceed
an amount equivalent to 90/100 of an amount equivalent to 90/100 of
the amount available for dividends the amount available for dividends
as set forth in Article 67-15 of the as set forth in Article 67-15 of theActonSpecialConcerning Taxation.

Measures Act
onSpecialConcerning Taxation.

Measures

The distribution to be paid for
The distribution to be paid forthe fiscal period under review is the the fiscal period under review is the
distribution of profits in the total distribution of profits in the total
amount of 414,331,712 yen amount of 487,937,112 yenequivalent to the unappropriated equivalent to the unappropriatedretained earnings (414,348,094 retained earnings (487,919,054
yen) excluding the portion yen) excluding the portion
corresponding to the distribution corresponding to the distribution
per investment unit of less than one per investment unit of less than one
yen.
yen.
In addition, according to the
In addition, according to thepolicy for the distribution of money policy for the distribution of moneythat is set forth in Paragraph 2, that is set forth in Paragraph 2,
Article 38 of the certificate of Article 38 of the certificate ofincorporation,
theInvestment incorporation,
theInvestment
Corporation decided to pay the Corporation decided to pay the
distribution of money exceeding distribution of money exceeding
profits (refund of contributions that profits (refund of contributions that
constitute distribution upon the constitute distribution upon thedecrease of contributions under the decrease of contributions under the
tax laws) in the amount of 54, tax laws) in the740,864 yen.
48,500,900 yen.

amountof

As a result, the distribution per
As a result, the distribution perinvestment unit is 3,976 yen.
investment unit is 3,871 yen.
(Note) The policy of the Investment Corporation is to distribute the amounts remaining after reserving such cash and deposits as the Investment Corporationconsiders appropriate to prevent any impact on the long-term repair plan and meet the demand for funds (such as capital expenditure for the new acquisitionof assets for investment and the maintenance and improvement of the portfolio assets, working capital of the Investment Corporation, repayment of debts
and payment of distributions) based on the amount of capital expenditure estimated for each accounting period under the long-term repair plan, taking into
account the conditions of the credit line, etc., to an extent that exceeds the amount of profits, as the distribution of money exceeding profits (refund ofcontributions). Under this distribution policy, the Investment Corporation decided to distribute 48,500 thousand yen which is the remaining amount after

16

subtracting 510,889 thousands yen for expense of borrowing repayment and 79,104 thousands yen for internal reserve from total of 638,494 thousands yen,which is consisted with 566,651 thousands yen for depreciation, 62,020 thousands yen for amortization of long-term prepaid expenses, 9,794 thousands yen
for amortization of issuance expenses of new investment units, and 28 thousands yen for amortization of establishment expenses.

(5) Statement of cash flows(Unit: Thousand yen)Previous term
(From December 1, 2017 to
May 31, 2018)
Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of investment unit issuance expenses
Amortization of deferred organization expenses
Interest income
Interest expenses
Decrease (increase) in operating accounts receivable(negative figures show increases)
Decrease (increase) in consumption taxes refund
receivable
Increase (decrease) in operating accounts payable(negative figures show decreases)
Increase (decrease) in accounts payable - other
Increase (decrease) in deposits received
Decrease (increase) in prepaid expenses
Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Payments for guarantee deposits
Net cash used in investing activities
Cash flows from financing activities
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of investment units
Payments for investment unit issuance expenses
Dividends paid
Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the term
Cash and cash equivalents at the end of the term

17

Current term
(From June 1, 2018 toNovember 30, 2018)

415,123
452,0818,557
28-740,512488,803566,651
9,794
28-950,623-9,721-3,433755,147-229,278-4,33623,187

18,618
1,805-26,925-7,872-19,083
1,623,930
7-40,292-924
1,582,720

7,169
7,061
1,366
-44,985-37,725
839,2549-50,576-852
787,834-1,854,688-73,385-1,928,073-4,848,215-210,335-1,500-5,060,050

1,870,000-415,470-366,922-54,622
1,032,984
687,630
1,312,797※１ 2,000,428

3,024,000-510,889
2,230,083-7,424-413,857-54,740
4,267,171-5,0442,000,428※１ 1,995,383

(6) Notes regarding the premise of going concern
Not applicable.
(7) Notes regarding the matters relating to important accounting policies
1. Method of depreciation of non- ①Property, plant and equipment
current assets

The straight-line method is used.
For information, the useful life of major property, plant and equipment is as shown below.
Buildings
Structures

23 years
19 years to 22 years

Machinery and equipment
22 years to 25 years
Tools, furniture and fixtures
3 years to 6 years②Intangible assets
The straight-line method is used.
For information, the useful life is as shown below.
Software5 years③Long-term prepaid expenses
The straight-line method is used.
2. Method of accounting of deferred ①Deferred organization expenses
assetsThe deferred assets are amortized according to the straight-line method (for five years).
(ii) Investment unit issuance expenses
The deferred assets are amortized according to the straight-line method (for three years).
3. Standards for posting revenues and Method of accounting of fixed assets and other taxes
expenses
For the fixed assets, city planning, depreciable assets and other taxes on the infrastructure
and other similar assets held, the Investment Corporation adopts the method of posting theamount of taxes assessed for the relevant accounting period as rent expenses.
In this regard, the Investment Corporation does not post the amount of settlement of fixed
assets and other taxes that it pays to the transferors, etc. upon the acquisition of theinfrastructure and other similar assets (namely, the amount equivalent to the fixed assets andother taxes) under rent expenses, and includes the said amount in the acquisition cost for thesaid infrastructure and other similar assets.
The amount equivalent to the fixed assets and other taxes included in the acquisition costfor the infrastructure and other similar assets for the fiscal period under review is 6,911
thousand yen.
4. Scope of funds included in the
The funds (cash and cash equivalents) indicated in the statement of cash flows are cash
statement of cash flows
on hand and deposits that can be drawn at any time and short-term investments with an
insignificant risk of fluctuation in value whose date of maturity occurs within three (3)months from the date of the acquisition thereof that can be easily realized.
5. Other important basic matters for the Method of accounting of consumption and other similar taxes
preparation
statementsoffinancial

With respect to the accounting of national and local consumption taxes, these taxes are
not included in the accounting of each account title. However, the consumption taxes, etc.
not to be deducted for the acquisition of assets are posted under long-term period expenses.

18

(8) Notes regarding change in presentation method[Implementation of Partial Amendments to Accounting Standard for Tax Effect Accounting, etc.]
The Investment Corporation has implemented the Partial Amendments to Accounting Standard for Tax Effect Accounting (ASBJ
Statement No. 28, February 16, 2018), etc. since the begging of the current fiscal period. Deferred tax assets are shown underinvestments and other assets and non-current liabilities sections, and deferred tax liabilities are shown under non-current liabilities
section respectively.
As a result, 11 thousand yen shown as deferred tax assets under current liability section of previous term’s financial statement are
shown under deferred tax assets under investments and other assets respectively.
(9)Notes regarding financial statements[Notes regarding the balance sheet]*1 Amount of minimum net assets as set forth in Paragraph 4, Article 67 of the Investment Trust Act(Unit: Thousand yen)Previous term
(May 31, 2018)

Current term
(November 30, 2018)
50,00050,000[Notes regarding the statement of income]Breakdown of profit or loss of lease business - renewable energy power production facilities, etc.
Previous term
(From December 1, 2017
to May 31, 2018)(Unit: Thousand yen)
Current term
(From June 1, 2018 toNovember 30, 2018)

A. Operating revenue - lease of renewable energy power production
facilities, etc.
Lease revenue - renewable energy power production facilities, etc.
(Minimum rent guaranteed)

1,171,787

1,410,840

33,56913

82,87913

1,205,371

1,493,733(Outsourcing fees - management)(Maintenance and repair fees)

77,704-

106,366
4,387(Taxes and other public charges)(Utilities expenses)

51,096
4,742

70,2294,290(Insurance expenses)(Depreciation)

7,775
451,929

13,366566,499(Payment of land rent)(Other lease business)

21,326919

32,508
1,036

Total business expenses - lease of renewable energy power
production facilities, etc.

615,494

798,684

C. Profit or loss of lease business - renewable energy power production
facilities, etc. (A-B)

589,877

695,048(Variable rent linked to actual output)(Incidental revenues)
Total operating revenue - lease of renewable energy power
production facilities, etc.
B. Business expenses - lease of renewable energy power production
facilities, etc.
Lease expenses - renewable energy power production facilities,
etc.

19

2. Transaction value with major unitholders
Previous term
(From December 1,(Unit: Thousand yen
Current term
(From June 1, 2018 to2017 to May 31, 2018)

November 30, 2018)

Operating revenue
Outsourcing fees - management (operators’ fees)

1,205,357
15,496

1,493,719
20,410Transaction value - other than business transactions
Acquisition of photovoltaic power facilities, etc.

1,907,000

4,930,000

Transaction value of business transactions[Notes regarding the statement of unitholders’ equity]*1 Total number of authorized investment units and total number of issued investment units
Previous term
(From December 1, 2017 to May 31,
2018)
Total number of authorized investment
units

Current term
(From June 1, 2018 toNovember 30, 2018)

10,000,000 units

10,000,000 units

117,976 units

138,574 units

Total number of issued investment units[Notes regarding the statement of cash flows]*1 Relationship between the balance of cash and cash equivalents at the end of the fiscal period and the amounts of account titles
stated on the balance sheet(Unit: Thousand yen)Previous term
(From December 1, 2017 to May 31,
2018)

Current term
(From June 1, 2018 toNovember 30, 2018)

Cash and deposits

2,000,428

1,995,383

Cash and cash equivalents

2,000,428

1,995,383[Notes regarding lease transaction]
Operating lease (on the part of the lender)
Future lease payments(Unit: Thousand yen)Previous term
As of May 31, 2018
Less than 1 year

Current term
As of November 30, 2018

2,301,813

2,851,910

More than 1 year

17,511,267

21,041,678

Total

19,813,080

23,893,589[Notes regarding financial instruments]
1. Matters regarding the state of financial instruments(1) Action policy for financial instruments
The Investment Corporation will secure funds for appropriation to the acquisition of new assets to be managed andthe repayment of loans by borrowings from financial institutions or the issue of investment units, among other means.
The basic policy is to establish stable and sound financial management to achieve the maintenance and increase ofrevenues and the growth of the scale and value of the managed assets in the medium to long term.
(2) Details of financial instruments and risk thereof and risk management system
Long-term loans payable are one of the means to secure the funds for the acquisition of assets to be managed andinvolve the risk of fluctuations in interest rates and liquidity, among others. This risk is reduced through the appropriate
20control of various indexes, especially the general application of the upper limit of the ratio of interest-bearing debts,
which is 60%, as well as the appropriate balancing of the loan period and the interest rate type and diversification oflenders.
(3) Supplementary explanation of matters regarding the market value of financial instruments
The market value of financial instruments includes the value quoted on the market and the value reasonably
determined when the value is not quoted on the market. In determining such value, certain assumptions are applied, andthus the value may differ if any different assumptions are applied.
2. Matters regarding the market value of financial instruments
The value recorded on the balance sheet and the market value as of November 30, 2017 and the difference between them
are as shown below. In addition, those whose market value cannot be determined in any way are not included in the tablebelow.
(Unit: Thousand yen)Amount posted on thebalance sheet(1) Cash and deposits

Market value

Difference

2,000,428

2,000,428-

2,000,428

2,000,428-

830,941

830,941-(2) Long-term loans payable

12,266,764

12,266,764-

Total liabilities

13,097,705

13,097,705-

Total assets(1) Current portion of long-term loans
payableThe value recorded on the balance sheet and the market value as of May 31, 2018 and the difference between them are
as shown below. In addition, those whose market value cannot be determined in any way are not included in the table below.
(Unit: Thousand yen)Amount posted on thebalance sheet(1) Cash and deposits

Market value

Difference

1,995,383

1,995,383-

Total assets

1,995,383

1,995,383-(1) Current portion of long-term loans
payable1,008,823

1,008,823-(2) Long-term loans payable

14,601,993

14,601,993-

Total liabilities

15,610,816

15,610,816-(Note 1) Method of determination of the market value of financial instruments
Assets(1) Cash and deposits
These items are settled in a short period of time, and thus the market value almost equals the book value. Accordingly, the book value is used.
Liabilities(1) Current portion of long-term loans payable, (2) Long-term loans payable
Long-term loans payable at a variable interest rate will reflect the market interest rate for a short period of time, and the market value thereof willalmost equal the book value thereof. Accordingly, the book value is used.

21

(Note 2) Amount of repayment of monetary claims scheduled after the date of closing accounts (May 31, 2018)(Unit: Thousand yen)More than 1 More than 2 More than 3 More than 4
Not more than year and not years and not years and not years and More than 5
1 yearmore than 2 more than 3 more than 4 not more
years
years
years
years
than 5 years(1) Cash and deposits

2,000,428

-

-

-

-

-

Total

2,000,428

-

-

-

-

-

Amount of repayment of monetary claims scheduled after the date of closing accounts (November 30, 2018)(Unit: Thousand yen)More than 1 More than 2 More than 3 More than 4
Not more than year and not years and not years and not years and More than 5
1 yearmore than 2 more than 3 more than 4 not more
years
years
years
years
than 5 years(1) Cash and deposits

1,995,383

-

-

-

-

-

Total

1,995,383

-

-

-

-

-

(Note 3) Amount of repayment of long-term loans payable scheduled after the date of closing accounts (May 31, 2018)(Unit: Thousand yen)More than 1 More than 2 More than 3 More than 4
Not more than year and not years and not years and not years and More than 5
1 yearmore than 2 more than 3 more than 4 not more
years
years
years
years
than 5 years(1) Long-term loans payable
Total

830,941

830,941

830,941

830,941

830,941

8,943,000

830,941

830,941

830,941

830,941

830,941

8,943,000

Amount of repayment of long-term loans payable scheduled after the date of closing accounts (November 30, 2018)(Unit: Thousand yen)More than 1 More than 2 More than 3 More than 4
Not more than year and not years and not years and not years and More than 5
1 yearmore than 2 more than 3 more than 4 not more
years
years
years
years
than 5 years(1) Long-term loans payable
Total

1,008,823

1,008,823

1,008,823

1,008,823

1,008,823

10,566,698

1,008,823

1,008,823

1,008,823

1,008,823

1,008,823

10,566,698[Notes regarding securities]
Previous term (As of May 31, 2018)
Not applicable.
Current term (As of November 30, 2018)
Not applicable.
[Notes regarding derivative transactions]
Previous term (As of May 31, 2018)
Not applicable.
Current term (As of November 30, 2018)
Not applicable.

22

[Notes regarding retirement benefits]
Previous term (As of May 31, 2018)
Not applicable.
Current term (As of November 30, 2018)
Not applicable.

[Notes regarding tax effect accounting]
1. Breakdown of deferred tax assets and deferred tax liabilities by cause(Unit: Thousand yen)Previous term
As of May 31, 2018

Current term
As of November 30, 2018

Accrued business tax not deductible from taxable
income11

13

Total deferred tax assets

11

13

Deferred tax assets, net

1113

2. Breakdown of major items that cause material differences between the effective tax rate designated by laws and the ratio of
the burden of corporate tax, etc. after the application of tax effect accounting(Unit: %)Previous term
As of May 31, 2018
Effective statutory tax rate
(Adjustment)
Dividends paid,
expenses

includedin

deductible

Other
Ratio of burden of corporate tax, etc. after theapplication of tax effect accounting[Notes regarding equity earnings of affiliate companies]
Previous term (As of May 31, 2018)
Not applicable.
Current term (As of November 30, 2018)
Not applicable.

23

Current term
As of November 30, 2018

31.74

31.51

-31.68-31.45

0.15

0.12

0.21

0.18

[Notes regarding related party transaction]
1. Parent company and major corporate unitholders, among others
Previous term (From December 1, 2017 to May 31, 2018)

Category

Name ofcompany,
etc. orpersons

Address

Capital stockorBusiness
investments description
in capitalor(Thousand occupation
yen)

1-8-2
TakaraMajor
Marunouchi,
Leben Co.,4,819,809
unitholders
Chiyoda-ku,
Ltd.
Tokyo

Real estatebusiness

Ratio ofholding ofinvestment
units, etc.
(ratio ofinvestment
units, etc.
held)

Relationship
Concurrent
holding of Businessposition as relations
officer, etc.

Not
Major
applicable unitholders

14.2%

Transaction
Specifics ofvaluetransaction(thousandyen)

Account
title

Acquisitionofphotovoltaic
power
facilities, etc.

1,907,000-

Receipt of
rents

1,205,357

Operatingaccounts
receivable

Payment ofoperators’fees

15,496-

Balance atthe end of
the fiscal
period(thousandyen)-

15,299-(Note 1) The transaction value described above does not include consumption taxes, and the balance at the end of the fiscal period includes consumption taxes.
(Note 2) The terms and conditions for the transaction are decided by referring to the market value and other information.

Current term (From June 1, 2018 to November 30, 2018)

Category

Name ofcompany,
etc. orpersons

Address

Capital stockorBusiness
investments description
in capitalor(Thousand occupation
yen)

1-8-2
TakaraMajor
Marunouchi,
Leben Co.,4,819,809
unitholders
Chiyoda-ku,
Ltd.
Tokyo

Real estatebusiness

Ratio ofholding ofinvestment
units, etc.
(ratio ofinvestment
units, etc.
held)

Relationship
Concurrent
holding of Businessposition as relations
officer, etc.

14.2%

Not
Major
applicable unitholders

Specifics oftransaction

Transaction
value(thousandyen)

Account
title

Acquisitionofphotovoltaic
power
facilities, etc.

4,930,000-

Receipt ofrents

Operating
1,493,719 accounts
receivable

Payment ofoperators’fees

20,410

Balance atthe end of
the fiscal
period(thousandyen)-

18,731-(Note 1) The transaction value described above does not include consumption taxes, and the balance at the end of the fiscal period includes consumption taxes.
(Note 2) The terms and conditions for the transaction are decided by referring to the market value and other information.

2. Affiliated companies, etc.
Previous term (As of May 31, 2018)
Not applicable.
Current term (As of November 30, 2018)
Not applicable.
24-3. Companies under common control, etc.
Previous term (As of May 31, 2018)
Not applicable.
Current term (As of November 30, 2018)
Not applicable.
4. Officers and major individual unitholders, among others
Previous term (As of May 31, 2018)
Not applicable.
Current term (As of November 30, 2018)
Not applicable.
[Notes regarding asset retirement obligations]
Previous term (As of May 31, 2018)
Not applicable.
Current term (As of November 30, 2018)
Not applicable.
[Notes regarding real estate for rent, etc.]
The Investment Corporation has renewable energy power production facilities, etc. The amount thereof recorded on the balance
sheet, the amount of change in the current term and the value thereof assessed at the end of the term are as shown below.
(Unit: Thousand yen)Previous term
(From December 1, 2017 to
May 31, 2018)

Current term
(From June 1, 2018 toNovember 30, 2018)

Amount posted on the balance sheet(Note 2)
Balance at the beginning of theterm

20,751,302

22,224,067

Change in the current term
(Note 3)

1,472,765

4,494,493

Balance at the end of the term

22,224,067

26,718,560

25,231,000

30,242,000

Value assessed at the end of the term
(Note 4)(Note 1) The real estate that the Investment Corporation has will be used for the operation of the renewable energy power production facilities. Accordingly,
the amount recorded on the balance sheet and the value assessed at the end of the term respectively include the total sum of the renewable energy
power production facilities and the relevant real estate.
(Note 2) The amount recorded on the balance sheet is the result of the deduction of the accumulated depreciation from the acquisition cost.
(Note 3) The increase for the current term is mainly attributable to the acquisition of the photovoltaic power facilities, etc. (5,060,992 thousand yen). The
increase for the current term is mainly attributable to depreciation (566,499 thousand yen).
(Note 4) The value above is the total sum of the median values calculated by the Investment Corporation according to Item 1, Paragraph 2, Article 36 of
its certificate of incorporation from among the range of the assessed values stated in the valuation report indicating the values as of May 31, 2018
and November 30, 2018 that was obtained from PricewaterhouseCoopers Sustainability LLC.

The profit and loss of the renewable energy power facilities, etc. for the fiscal period ended May 31, 2018 (5th fiscal period)and for the fiscal period ended November 30, 2018 (6th fiscal period) are as stated in the “Notes Regarding the Statement of
Income” above.

25

[Notes regarding segment information]
1. Segment information
Previous term (From December 1, 2017 to May 31, 2018)
The statement of the segment information is omitted because the business of the Investment Corporation is only the lease ofrenewable energy power facilities, etc.
Current term (From June 1, 2018 to November 30, 2018)
The statement of the segment information is omitted because the business of the Investment Corporation is only the lease ofrenewable energy power facilities, etc.
2. Related information
Previous term (From December 1, 2017 to May 31, 2018)(1) Information regarding product and service
The statement of this information is omitted because the operating revenue from the sales of the single product/service
to customers outside the Investment Corporation exceeds 90% of the operating revenue recorded on the statement ofincome.
(2) Information regarding region(a) Operating revenue
The statement of this information is omitted because the operating revenue from sales to customers outside theInvestment Corporation in Japan exceeds 90% of the operating revenue recorded on the statement of income.
(b) Property, plant and equipment
The statement of this information is omitted because the value of property, plant and equipment located in Japan exceeds
90% of the value of the property, plant and equipment recorded on the balance sheet.
(3) Information regarding major customer(Unit: Thousand yen)
Name of customer

Net sales

Takara Leben Co., Ltd.

Name of related segments
1,205,357

Lease of the renewable energy
power facilities, etc.

Current term (From June 1, 2018 to November 30, 2018)(1) Information regarding product and service
The statement of this information is omitted because the operating revenue from the sales of the single product/service
to customers outside the Investment Corporation exceeds 90% of the operating revenue recorded on the statement ofincome.
(2) Information regarding region① Operating revenue
The statement of this information is omitted because the operating revenue from sales to customers outside theInvestment Corporation in Japan exceeds 90% of the operating revenue recorded on the statement of income.
② Property, plant and equipment
The statement of this information is omitted because the value of property, plant and equipment located in Japan exceeds
90% of the value of the property, plant and equipment recorded on the balance sheet.
(3) Information regarding major customer(Unit: Thousand yen)
Name of customer

Net sales

Takara Leben Co., Ltd.

Name of related segments
1,493,719

26

Lease of the renewable energy
power facilities, etc.

[Notes regarding data per unit]
Previous term
(From December 1, 2017 to
May 31, 2018)
Net assets per unit
Net income per unit

95,976 yen
3,511 yen

Current term
(From June 1, 2018 toNovember 30, 2018)
97,939 yen
3,524 yen

(Note 1) Net income per unit is calculated by dividing the net income by the weighted average number of investment units that is based on the number of days.
In addition, diluted net income per investment unit for the current term is not stated because there are no dilutive investment units.
(Note 2) The basis for the calculation of net income per unit is as shown below.

Previous term
(From December 1, 2017 to
May 31, 2018)
Net income (thousand yen)

414,267

Amount not vested in ordinary unitholders (thousand yen)
Net income corresponding to common investment units (thousand yen)
Average number of investment units during the term (units)

27

Current term
(From June 1, 2018 toNovember 30, 2018)
487,920－－414,267
117,976

487,920
138,434

(10) Change in the total number of issued investment units
The unitholders’ capital contributed after the establishment of the Investment Corporation before May 31, 2018 and thechange in the total number of issued investment units are shown below.
Unitholders’ capital (net value)
Date

Summary(Million yen) (note 1)
ChangeBalance

Total number of issued
investment units(Units)ChangeRemarks

BalanceAugust 5, 2015

Establishment byprivate offering

200

200

2,000

2,000

(Note 2)June 1, 2016

Capital increase by
public offering

4,290

4,490

45,16647,166(Note 3)

214

4,705

2,258

49,424(Note 4)

5,959

10,66565,288

114,712(Note 5)297

10,963

3,264

117,976(Note 6)-54

10,908-

117,976(Note 7)

2,123

13,032

19,618

137,594(Note 8)106

13,138980

138,574(Note 9)-54

13,083-

138,574(Note 10)

Capital increase by
July 1, 2016

June 1, 2017

third-party
allotment
Capital increase by
public offering
Capital increase by

June 28, 2017

February 19, 2018
June 1, 2018

third-party
allotment
Surplus earning
distribution
Capital increase by
public offering
Capital increase by

June 27, 2018

August 16, 2018

third-party
allotment
Surplus earning
distribution(Note 1) Show values subtracting expenses of deduction from total unitholders' capital(Note 2) Upon its establishment, the Investment Corporation issued its investment units at the issue price per unit of 100,000 yen.
(Note 3) The Investment Corporation issued new investment units by public offering for the purpose of securing funds for the acquisition of new
properties at the issue price per unit of 100,000 yen (the price that the underwriter pays the issuer is 95,000 yen).
(Note 4) The Investment Corporation issued new investment units by third-party allotment at the issue price per unit of 95,000 yen.
(Note 5) The Investment Corporation issued new investment units by public offering for the purpose of securing funds for the acquisition of new
properties at the issue price per unit of 95,499 yen (the price that the underwriter pays the issuer is 91,287 yen).
(Note 6) The Investment Corporation issued new investment units by third-party allotment at the issue price per unit of 91,287 yen.
(Note 7) The Investment Corporation distributed surplus earning for the fiscal period ended November 30, 2017 (4th fiscal period) in the amountof 463 yen per unit as it was decided on the Investment Corporation's board of meeting held on January 12, 2018 and started payment on
February 19, 2018.
(Note 8) The Investment Corporation issued new investment units by public offering for the purpose of securing funds for the acquisition of new
properties at the issue price per unit of 113,384 yen (the price that the underwriter pays the issuer is 108,267 yen).
(Note 9) The Investment Corporation issued new investment units by third-party allotment at the issue price per unit of 108,267 yen.
(Note 10) The Investment Corporation distributed surplus earning for the fiscal period ended May 31, 2018 (5th fiscal period) in the amount of 464
yen per unit as it was decided on the Investment Corporation's board of meeting held on July 13, 2018 and started payment on August
16, 2018.

4. Change of officers(1) Change of officers of the Investment Corporation
There was no change of officers during the fiscal period under review.
(2) Change of officers of the management company(i) New assumption of office
On June 27, 2018: Supervisory Director, Endo Makoto(i) Retirement
On June 27, 2018: Supervisory Director, Kunio Kobayashi28

On October 1, 2018: Director (part-time), Yuji Hamaoka

5. Reference information(1) State of investment(As of November 30, 2018)
Total value of investments

Ratio of investments to total(Note 1)held
(Note 2) (Thousand yen)value of assets(Note 3) (%)

Tohoku region

1,565,587

5.3

Kanto region

16,525,822

56.3

Chubu region

1,086,715

3.7

Kansai region

2,679,039

9.1

Kyushu region

700,733

2.4

22,557,898

76.9

Tohoku region

260,083

0.9

Kanto region

3,175,463

10.8

Chubu region

112,8120.4

Kansai region--

Kyushu region

155,476

0.5

3,703,835

12.6

Tohoku region

21,224

0.1

Kanto region272,138

0.9

Chubu region

34,1120.1

Kansai region

129,350

0.4

Kyushu region--

456,826

1.6

Tohoku region

1,846,895

6.3

Kanto region

19,973,423

68.1

Renewable energy power
Chubu region
facilities, etc.

1,233,640

4.2

Kansai region

2,808,390

9.6

Kyushu region

856,210

2.9

26,718,560

91.1

Total renewable energy power facilities, etc.

26,718,560

91.1

Deposits and other assets

2,615,953

8.9

Total value of assets (Note 2)

29,334,514

100.0

Category by region, etc.

Asset type

Renewable energy power
facilities

Subtotal

Real estate

Subtotal

Leasehold right

Subtotal

Subtotal

29

Amount (Thousand yen)

Ratio of investments to total
value of assets(Note 3) (%)

Total value of liabilities (Note 2)

15,762,671

53.7

Total value of net assets (Note 2)

13,571,843

46.3(Note 1) In category by region, etc., “Tohoku region” refers to Aomori, Akita, Iwate, Fukushima, Miyagi and Yamagata Prefectures, “Kanto region”
refers to Ibaraki, Kanagawa, Gunma, Saitama, Tochigi, Chiba and Tokyo Prefectures, “Chubu region” refers to Niigata, Yamanashi, Shizuoka, Aichi, Nagano and
Mie Prefectures, “Kansai region” refer to Shiga, Kyoto, Osaka, Hyogo, Nara and Wakayama Prefectures, and “Kyushu region” refers to Oita, Kagoshima,
Kumamoto, Saga, Nagasaki, Fukuoka and Miyazaki Prefectures.
(Note 2) The values described above are the values recorded on the balance sheet as of November 30, 2018. In addition, the total value of investments held forthe category of cash and other deposits include construction in progress of 6,079 thousand yen.
(Note 3) The ratio is rounded off to one decimal place.

(2) Investment assets(i) Major issues of investment securities
Not applicable.
(ii) Real estate for investment
Not applicable.

30

(iii) Other major investment assets
a. Summary of renewable energy power facilities, etc.
The renewable energy power facilities, etc. that the Investment Corporation holds as of November 30, 2018 are summarized
below.
Category
of

No.

Name

Date of

Locationacquisition

Solar power
facilities
Solar power
facilities

LS Shioya

Purc
hase

S-03

Solar power
S-04
facilities

LS Chikusei

LS Chiba
Wakaba-ku

LS MihoExpiry date of

approvalpurchase period

price
(Yen)

36,72740

December21, 2012

July 30, 2033

June 2, 2016

18,54640

March 6,2013

March 17, 2034

June 2, 2016

6,930

40

February27, 2013

March 26, 2034

June 2, 2016

21,18936

September
2, 2013

July 21, 2034

Kokubushigehisa, Kirishima-shi,
June 2, 2016
Kagoshima and one other parcel of

47,29040

March 29,2013

September 15, 2034

25,22436

September
2, 2013

December 17, 2034

June 2, 201657,31136

November
1, 2013

March 29, 2035

June 2, 2016

36,61636

December
5, 2013

March 26, 2035

June 2, 2016

61,17136

March 17,
2014

July 20, 2035

5777-2, Sanbanwari, Fukawa,Tone-machi, Kitasoma-gun, Ibaraki June 2, 2016

33,05336

February25, 2014

December 10, 2035

February 7,
201712,81936

December
5, 2013

March 21, 2036

June 1, 201733,25040

March 25,
2013

July 13, 2034

June 1, 201731,15036

December24, 2013

March 24, 2036

June 1, 2017798,374

36

August 19,
2013

March 30, 2036

1601-19, Yashio, Tadokoro,
June 2, 2016
Shioya-machi, Shioya-gun, Tochigi
492, Numata, Higuchi, Chikusei-

S-02

Date of(m2)

facilities
Solar power
S-01
facilities

Land
area

shi, Ibaraki and 10 other parcels of
land
1336-16, Norocho, Wakaba-ku,
Chiba-shi, Chiba and two otherparcels of land2872-1, Osumi, Kihara, Mihomura, Inashiki-gun, Ibaraki andeight other parcels of land
4566-1, Shinogasako,

Solar power
S-05
facilities

LS Kirishima
Kokubuland
Solar power
S-06
facilities

LS Sosa

3994-1, Shiobagata, Higashikozasa,
June 2, 2016
Sosa-shi, Chiba and one otherparcel of land
1-5, Itayahigashiyama,

Solar power
S-07
facilities

LS Miyagi Osato

Higashinarita, Osato-cho,
Kurokawa-gun, Miyagi and one
other parcel of land

Solar power
S-08
facilities

LS Mito Takada

15-1, Dai, Takada-cho, Mito-shi,
Ibaraki and eight other parcels of
land
9-11, Tsutsumigasawa, Nakano,Solar power
S-09
facilities

LS Aomori Hiranai

Hiranai-machi, Higashitsugarugun, Aomori and 11 other parcelsof land

Solar power
S-10
facilities
Solar power
S-11
facilities
Solar power
facilities

S-12

LS Tone Fukawa

and 10 other parcels of land2487-1, Murago, Hasaki, KamisuLS Kamisu Hasaki shi, Ibaraki and 12 other parcels ofland
LS Tsukuba Bochi

98, Irikubo, Bochi, Tsukuba-shi,
Ibaraki and 23 other parcels of land932-1, Maeno, Kamigama, Hokota-

Solar power
S-13
facilities

LS Hokota

Solar power
S-14
facilities

LS Nasu
Nakagawa

shi, Ibaraki and eight other parcelsof land1279-17, Hanukisawa, Miwa,
Nakagawa-machi, Nasu-gun,Tochigi and 130 other parcels of
land

31

Solar power
S-15
facilities

LS Fujioka A

Solar power
S-16
facilities

LS Inashiki
Aranuma 1

Solar power
facilities
Solar power
facilities

4402, Shiroyama, Fujioka, Fujiokamachi, Tochigi-shi, Tochigi and 31 June 1, 2017

20,55136

March 27,
2014

July 25, 2036

June 1, 201732,55636

March 24,
2014

July 27, 2036

Fujioka-machi, Tochigi-shi, Tochigi June 1, 2017
and two other parcels of land

39,26336

March 27,
2014

October 3, 2036

June 1, 201717,82736

March 10,2014

January 11, 2037

December 1,
201747,19336

March 31,2014

October 23, 2036

December 1,
201727,02636

September13, 2013

November 11, 2036

February 28,
201818,99236

February
13, 2014

March 29, 2035

June 1, 2018

17,91740

March 1,2013

September 18, 2034

June 1, 2018

49,45736

March 31,2014

September 22, 2036

June 1, 2018574,79136

March 25,
2014

May 31, 2037

June 1, 2018

13,66132

March 19,2015

December 25. 2037

other parcels of land
1585-5, Aranuma Otsu, Edosaki,
Inashiki-shi, Ibaraki and two otherparcels of land4225-1, Shiroyama, Fujioka,

S-17

S-18

LS Fujioka B

LS Inashiki
Aranuma 2

Solar power
S-19
facilities

LS Sakuragawa
Shimoizumi

Solar power
S-20
facilities

LS Fukushima
Yamatsuri

1585-1, Aranuma Otsu, Edosaki,
Inashiki-shi, Ibaraki and four otherparcels of land421-1, Maeyashika, Shimoizumi,
Sakuragawa-shi, Ibaraki and one
other parcels of land
48-1, Sasanotawa, Hozaka,,
Yamatsuri-machi, Higashi
Shirakawa-gun, Fukushima and 30
other parcels of land

Solar power
facilities

Solar power
facilities

S-21

S-22

Solar power
S-23
facilities

LS Shizuoka
Omaezaki

LS Mie Yokkaichi

3419-2, Karakigaya, Hiki,
Omaezaki-shi, Shizuoka-shi,
Ibaraki and eight other parcels of
land
7778, Osawa, Nishiyamacho,
Yokkaichi-shi. Mie and two otherparcels of land

LS Sakuragawa
Nakaizumi

563-1, Machiura, Nakaizumi,
Sakuragawa-shi, Ibaraki and eight
other parcels of land
2685, Asekawa. Ichinoseki.

Solar power
S-24
facilities

LS Shirahama

Kamitonda-cho, Nishimuro-gun,
Wakayama. And 9 other parcels of
land

Solar power
S-25
facilities

LS Takahagi

1613-1, Nagahara, Akahama.
Takahagi-shi. Ibaraki and 3 otherparcels of land32

Assessment of
Value

Name ofNo.

Name

approved
operator

Name of theother party to
the specificcontract

Acquisition
cost(Millionyen)(Note 1)

assessedat the endof theterm(Millionyen)(Note 2)

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

LS Shioya

LS Chikusei

LS Chiba Wakaba-ku

LS Miho

LS Kirishima Kokubu

LS Sosa

LS Miyagi Osato

LS Mito Takada

LS Aomori Hiranai

LS Tone Fukawa

LS Kamisu Hasaki

LS Tsukuba Bochi

LS Hokota

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated
Takara Leben Co.,Ltd.
Takara Leben Co.,Ltd.

TEPCO Energy
Partner,

1,315

540

271

498

Takara Leben Co., Kyushu Electric
Ltd.
Power Co., Inc.

937

Takara Leben Co.,
Ltd.

666

Takara Leben Co., Tohoku Electric
Ltd.
Power Co., Inc.

818

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated

991

Takara Leben Co., Tohoku Electric
Ltd.
Power Co., Inc.

705

Takara Leben Co.,Ltd.
Takara Leben Co.,TEPCO Energy
Partner,Ltd.
Takara Leben Co.,
Ltd.

1,261

470

890

33

735

yen)
(Note 4)

1,034

850

322

325

408

346

167

158

224

177

113

78

465

359

127

103

832

700

140

155

653

558

40

45

724

618

126

121

768

667

269

251

590

510

144

139

993

856

322

306

483

436

8

7

988

813

24

27

736

672

24

30

693

850

1,037

734

1,315

491

1,013

Incorporated

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated(lower part: realestate)972

Incorporated
TEPCO Energy
Partner,

review(Million

facilities andequipment)

592

TEPCO Energy
Partner,
Incorporated

periodunder(Note 3)
(upper part:337

TEPCO Energy
Partner,
Incorporated

the end of
the fiscal

575

Incorporated

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated

other assets(Million yen)Bookvalue at

1,356

Incorporated
TEPCO Energy
Partner,the value of
infrastructure and760

Assessment of
the value ofValue
Acquisition
No.

Name

Name of theName of approved
other party to theoperator
specific contract

cost(Millionyen) (Note1)

assessedat the endof theterm(Millionyen)(Note 2)

infrastructure andother assets(Million yen)
(Note 3)

S-15

S-16

S-17

S-18

S-19

S-20

S-21

S-22

S-23

S-24

S-25

LS Nasu Nakagawa

LS Fujioka A

Takara Leben Co.,Ltd.
Takara Leben Co.,Ltd.

TEPCO Energy
Partner,
Incorporated

8,315(upper part:
facilities andequipment)(lower part: real

265

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated

925

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated

1,091

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated

422

LS Sakuragawa
Shimoizumi

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated

955

LS Fukushima
Yamatsuri

Takara Leben Co., Tohoku Electric
Ltd.
Power Co., Inc.

468

LS Shizuoka Omaezaki

Takara Leben Co., Chubu Electric
Ltd.
Power Co., Inc.

484

Takara Leben Co., Chubu Electric
Ltd.
Power Co., Inc.

740

LS Sakuragawa
Nakaizumi

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated

980

LS Shirahama

Takara Leben Co., Kansai Electric
Ltd.
Power. Co., Inc

2,810

TEPCO Energy
Takara Leben Co.,
Partner,
Ltd.
Incorporated

400

LS Inashiki Aranuma 1

LS Fujioka B

LS Inashiki Aranuma 2

LS Mie Yokkaichi

LS Takahagi

Total

－

27,957－34

review(Millionyen)(Note 4)

7,152

6,386

1,630

1,579

178

169

92

94

1,014

851

47

36

954

832

235

225

463

384

19

15

1,044

877

54

52

509

436

22

21

383

374

110

112

770

712

34

34

1,113

937

51

46

3,018

2,679

128

129

415

347

69

63

25,91922,557

4,322

4,160

8,782

TEPCO Energy
Partner,
Incorporated

the end of
the fiscal
periodunderestate)S-14

Bookvalue at

271

1,061

1,189

483

1,098

532

493

805

1,165

3,146

485

30,242

(Note 1) The acquisition cost described above is the purchase price (excluding national and local consumption taxes and transaction fees and other charges) set
forth in the respective purchase agreements for the power facilities, etc. that are the assets acquired.
(Note 2) The value assessed at the end of the term described above is the median value calculated by the Investment Corporation according to Item 1, Paragraph 2,
Article 36 of its certificate of incorporation from among the range of the total assessed values including renewable energy power facilities and real estate,leasehold or superficies calculated by PricewaterhouseCoopers Sustainability LLC.
(Note 3) In the section of the matters regarding the assessment of the value of the infrastructure assets above, the upper part shows the estimates of the value
assessed of the renewable energy power facilities after the deduction of the assessed real estate value calculated by CBRE K.K. from the value assessedthat is described above (Note 2), and the lower part shows the value stated in the real estate appraisal report prepared by CBRE K.K. Real estate includes
superficies or leasehold of real estate.
(Note 4) In the section of book value at the end of the fiscal period under review, the upper part shows the book value of the renewable energy power facilities atthe end of the fiscal period under review, and the lower part shows the book value of the real estate at the end of the fiscal period under review.

35b. Results of revenues and expenditures of individual renewable energy power facilities
6th fiscal period (From June 1, 2018 to November 30, 2018)
Property number(Unit: Thousand yen)Total
portfolios

S-01

S-02

LS Shioya

LS Chikusei

Minimum rent guaranteed

1,410,840

59,737

25,13515,803

26,64345,949Variable rent linked to actual
output82,879

2,022

771

-

1,065

415

13

-

1

-

0

-

1,493,733

61,76025,90815,80327,71046,36470,229

6,432

2,550

1,254

2,552

4,874

70,052

6,432

2,550

1,254

2,552

4,874

177

-

-

-

-

-

161,955

2,803

1,335

1,276

1,701

2,634

106,366

1,944

1,105

1,097

1,488

1,959

4,387

10

-

-

-

-

(Utilities expenses)

4,290

306

3

3

4

183

(Insurance expenses)

13,366

507

192

90

174

461

(Payment of land rent)

32,508

-

-

-

0

0

(Other lease expenses included)

1,036

33

33

85

33

30

566,499

29,981

9,050

4,742

9,216

17,797

Name of property

S-03

S-04

LS Chiba

S-05
LS Kirishima

LS MihoWakaba-ku

KokubuLease revenue - renewable energy
power production facilities, etc.

Incidental revenues
Lease revenue - renewable energy
power production facilities, etc.
(subtotal A)
Lease expenses - renewable energy
power production facilities, etc.
Taxes and other public charges(Fixed assets and other related
taxes included)(Other taxes included)
Sundry expenses(Outsourcing fees management)(Repair expenses)

Depreciation(Buildings)

160

-

-

-

-

-

(Structures)

205,149

2,906

3,729

1,329

2,013

3,533

(Machinery and equipment)

332,728

19,499

5,244

3,112

6,947

14,264(Tools, furniture and fixtures)

28,460

7,574

76

300

255

-

Lease expenses - renewable energy
power production facilities, etc.

798,684

39,216

12,935

7,272

13,47025,306

695,048

22,543

12,972

8,530

14,23921,058(subtotal B)
Profit or loss of lease business renewable energy power production
facilities, etc. (A－B)

36

(Unit: Thousand yen)
Property No.

S-06

Name of property

LS Sosa

S-07

S-08

S-09

S-10

S-11

LS Miyagi

LS MitoLS Aomori

LS Tone

LS Kamisu

Osato

TakadaHiranai

FukawaHasakiLease revenue - renewable energy
power production facilities, etc.
Minimum rent guaranteed

37,64839,48445,02539,65655,252

25,413

Variable rent linked to actual
output

1,580

1,074

758

437

1,251

1,965

-

-

2

-

-

-

39,22940,55945,78640,09356,50427,379

2,520

2,878

3,180

2,308

4,212

2,114

2,520

2,878

3,180

2,308

4,212

2,114

-

-

-

-

-

-

6,113

2,914

2,280

4,783

2,723

3,329

1,558

2,228

1,744

4,178

2,100

2,000

2,590

-

-

-

-

-

(Utilities expenses)

77

164

132

204

161

3

(Insurance expenses)

323

449

369

366

382

220

(Payment of land rent)

1,530

-

-

-

43

1,068

33

72

33

33

35

36

13,99917,261

16,353

12,504

21,533

11,000Incidental revenues
Lease revenue - renewable energy
power production facilities, etc.
(subtotal A)
Lease expenses - renewable energy
power production facilities, etc.
Taxes and other public charges(Fixed assets and other related
taxes included)(Other taxes included)
Sundry expenses(Outsourcing fees management)(Repair expenses)(Other lease expenses included)
Depreciation(Buildings)

-

-

-

-

-

-

(Structures)

6,394

7,399

3,693

2,842

8,565

4,204

(Machinery and equipment)

7,605

7,928

12,452

9,517

11,486

6,213

-

1,933

207

144

1,481

583

22,632

23,053

21,813

19,59528,46816,444

16,596

17,50523,972

20,49728,035

10,934(Tools, furniture and fixtures)
Lease expenses - renewable energy
power production facilities, etc.
(subtotal B)
Profit or loss of lease business renewable energy power production
facilities, etc. (A－B)

37

(Unit: Thousand yen)
Property No.
Name of property

S-12

S-13

LS Tsukuba

S-14
LS Nasu

LS Hokota

Bochi

S-15

S-16

LS Fujioka A

Nakagawa

S-17

LS Inashiki

LS Fujioka B

Aranuma 1

Lease revenue - renewable energy
power production facilities, etc.
Minimum rent guaranteed

54,381

38,194

371,322

12,48557,03349,526

Variable rent linked to actual
output

2,674

3,603

30,244

1,121

3,556

4,420

-

-

2

-

-

2

57,056

41,798401,568

13,60660,59053,949

5,834

3,202

25

2,076

6,071

6,077

5,834

3,202

-

2,076

6,071

6,077

-

-

25

0

-

0

9,026

5,292

35,938

2,343

8,934

5,528

3,285

3,166

29,501

2,102

3,743

4,687

(Repair expenses)

10

190

580

32

-

220

(Utilities expenses)

276

4

1,658

3

150

139

(Insurance expenses)

419

350

3,666

163

392

444

(Payment of land rent)

4,999

1,543

442

-

4,610

-

Incidental revenues
Lease revenue - renewable energy
power production facilities, etc.
(subtotal A)
Lease expenses - renewable energy
power production facilities, etc.
Taxes and other public charges(Fixed assets and other related
taxes included)(Other taxes included)
Sundry expenses(Outsourcing fees management)(Other lease expenses included)
Depreciation

33

37

88

41

37

37

23,046

16,439154,740

4,595

20,276

20,439(Buildings)

-

-

160

-

-

-

(Structures)

10,846

9,568

62,164

1,749

7,827

8,153

(Machinery and equipment)

10,871

6,763

88,682

2,190

12,201

11,459(Tools, furniture and fixtures)

1,327

106

3,733

655

247

826

37,90624,934

190,704

9,015

35,282

32,04619,14916,864

210,864

4,591

25,30821,903

Lease expenses - renewable energy
power production facilities, etc.
(subtotal B)
Profit or loss of lease business renewable energy power production
facilities, etc. (A－B)

38

(Unit: Thousand yen)
Property No.
Name of property

S-18

S-19

LS Inashiki

S-20

S-21

LS Sakuragawa LS Fukushima

S-22

S-23

LS Shizuoka

LS MieLS Sakuragwa

Omaezaki

Yokkaichi

Nakaizumi

Aranuma 2

Shimoizumi

Yamatsuri

Minimum rent guaranteed

25,50251,45526,72023,65643,55653,970

Variable rent linked to actual
output

1,918

3,879

1,353

1,098

1,911

2,959

-

-

-

1

-

-

27,42055,33528,07324,75545,46756,930

2,758

6,118

3,040

-

17

17

2,758

6,118

3,040

-

-

-

-

-

-

-

17

17

4,811

7,355

4,662

2,601

4,334

7,517

2,039

3,472

2,811

2,231

3,147

3,472

-

-

186

-

-

-

Lease revenue - renewable energy
power production facilities, etc.

Incidental revenues
Lease revenue - renewable energy
power production facilities, etc.
(subtotal A)
Lease expenses - renewable energy
power production facilities, etc.
Taxes and other public charges(Fixed assets and other related
taxes included)(Other taxes included)
Sundry expenses(Outsourcing fees management)(Repair expenses)(Utilities expenses)

3

119

35

135

2

100

(Insurance expenses)

235

483

222

197

386

514

(Payment of land rent)

2,495

3,241

1,367

0

764

3,398

37

38

38

37

34

32

11,10020,584

10,597

10,00018,132

22,955(Other lease expenses included)
Depreciation(Buildings)

-

-

-

-

-

-

(Structures)

3,053

3,393

3,761

4,149

7,876

6,631

(Machinery and equipment)

4,966

16,104

6,174

5,396

10,065

15,071(Tools, furniture and fixtures)

3,080

1,086

662

454

190

1,251

Lease expenses - renewable energy
power production facilities, etc.

18,67034,05818,29912,602

22,48530,4908,750

21,277

9,773

12,153

22,982

26,439(subtotal B)
Profit or loss of lease business renewable energy power production
facilities, etc. (A－B)

39

(Unit: Thousand yen)
Property No.

S-24

S-25

Name of property

LS Shirahama

LS Takahagi

Minimum rent guaranteed

166,284

20,999Variable rent linked to actual
output11,879914-

3178,164

21,917

79

36

-

-

79

36

29,287

2,425

19,1152,181(Repair expenses)

568-(Utilities expenses)

413

2(Insurance expenses)

2,140

208

(Payment of land rent)

7,002

0

Lease revenue - renewable energy
power production facilities, etc.

Incidental revenues
Lease revenue - renewable energy
power production facilities, etc.
(subtotal A)
Lease expenses - renewable energy
power production facilities, etc.
Taxes and other public charges(Fixed assets and other related
taxes included)(Other taxes included)
Sundry expenses(Outsourcing fees management)(Other lease expenses included)
Depreciation

47

32

62,278

7,869(Buildings)--(Structures)

26,141

3,218(Machinery and equipment)

34,310

4,198(Tools, furniture and fixtures)

1,826

452

Lease expenses - renewable energy
power production facilities, etc.

91,645

10,331

86,518

11,586(subtotal B)
Profit or loss of lease business renewable energy power production
facilities, etc. (A－B)

40