March 1, 2022

For Immediate Release
Infrastructure Fund Issuer
Takara Leben Infrastructure Fund, Inc.
Representative: Masahide Kikuchi,
Management Company
Takara Asset Management Co., Ltd.
Representative: Mamoru Takahashi,Contact:
Masahide Kikuchi,

Executive Director
Securities Code: 9281

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

Notice of conclusion of specified wholesale supply agreement by solar power plant lessee and power producer

Takara Leben Infrastructure Fund, Inc. (the “Fund”) hereby announces a specified wholesale supply agreement(the "Specified Wholesale Agreement”) was entered into by and between UPDATER Inc. (“UPDATER”) and
Katsuura Okitsu Solar G.K. (“Katsuura Okitsu Solar”), the lessee and power producer of the Fund’s LS Chiba
Katsuura power plant (the “Power Plant”). The details are as follows.

1. Overview of Specified Wholesale Agreement(1) Diagram of Specified Wholesale Agreement(2) Reason for conclusion of Specified Wholesale Agreement
By supplying electric power, UPDATER is pushing ahead with initiatives geared towards revitalizing local
communities in recognition of the new common practice in society of focusing on electricity generated andelectricity consumed. Accordingly, UPDATER has launched a renewable energy business called Minna Denryoku
to facilitate regional collaboration through electricity. The conclusion of the Specified Wholesale Agreement
between UPDATER and Katsuura Okitsu Solar, the lessee and power producer of the Power Plant, will enable
Katsuura Okitsu Solar to focus on contributing to society by furthering decarbonization efforts and promoting theuptake of renewable energy as a power producer by supplying electric power* through Minna Denryoku toindividual and corporate consumers who are conscious of using energy with a smaller environmental footprint. The
Fund intends to cooperate on all fronts because it believes that the above initiative contributes to its basic policy ofgenerating value with the use of natural energy, creating employment in the community, furthering the developmentof society and the economy, combatting global warming, and helping to improve energy self-sufficiency.
The Fund believes that owing to the conclusion of the Specified Wholesale Agreement, the following three points

will lead to the maximization of the Fund’s basic policy and value for investors.
Note: Electricity generated at the Power Plant is first purchased by TEPCO Power Grid, Inc. (“TEPCO Power Grid”), a general power transmission anddistribution company, under a specified agreement by way of the feed-in tariff (FIT) system whereby renewable energy is purchased at a fixedprice. TEPCO Power Grid then provides wholesale supply to Minna Denryoku under a specified wholesale supply agreement with UPDATER.
The purchasing costs under the FIT system are covered by the renewable energy levies collected from electric power consumers nationwide,
therefore the unique advantage of this electricity being free of CO2 emissions having been purchased via the FIT system belongs to all consumers,
not the specific consumer to whom the electricity was supplied.

(i) Contributing to the uptake of renewable energy
Supplying electric power to consumers that integrate environmental considerations into their business
management and making an effort to promote a carbon-free society and adopt environmentally-friendly
sources of energy will contribute to improvements in energy self-sufficiency.
(ii) Fostering regional collaboration through the supply of electric power
Being cognizant of the new common practice of focusing on electricity generated and electricity consumed
by supplying electric power to Minna Denryoku to foster regional collaboration through electricity will
propel initiatives geared towards revitalizing local communities.
(iii) Maximizing value for investors by leveraging asset characteristics
In the lease agreement with Katsuura Okitsu Solar, the Fund has adopted a rent arrangement that combines
both a guaranteed minimum rent and a performance-linked rent. With the recent conclusion of the SpecifiedWholesale Agreement for the Power Plant, Katsuura Okitsu Solar will collect an agreed premium tariff*from Minna Denryoku according to the volume of electric power sold only if the consumers of electric
power via UPDATER have been matched with the power plant.

It should be noted that under the leaseagreement for the Power Plant between the Fund and Katsuura Okitsu Solar, the agreed premium tariff
collected from UPDATER is essentially split fifty-fifty between the Fund and Katsuura Okitsu Solar andthe Fund includes it in the calculation of performance-linked rent.
Note: The agreed premium tariff is the amount (plus the corresponding amounts of consumption tax and local consumption tax) derived by multiplying
by the agreed premium unit cost (¥/kWh) the volume of electric power generated at the Power Plant that is supplied as specified wholesale to
Minna Denryoku via the general power transmission and distribution company, and then sold to Minna Denryoku consumers. Any amount lessthan one yen is rounded down. However, if there is a change to the calculation of avoidable expenses prescribed in item (ii) of Article 29 of theAct on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities, UPDATER can change
the agreed premium unit cost upon consultation with Katsuura Okitsu Solar. Avoidable expenses are the amount calculated by the method specified
by Order of the Ministry of Economy, Trade and Industry as the amount of expenses which would be incurred for generating or procuring electricity
in an amount equivalent to the amount of electricity from renewable energy sources used that was procured by the electricity utility based on aspecified contract if that electricity utility generated or procured the electricity by itself. This amount is deducted from the cost of purchasing
electricity from renewable energy sources under the FIT system. Also, in some cases, the agreed premium tariff may be abolished or changed in
the first year (or upon contract extension). The same shall apply hereinafter.

The Fund believes that these activities contribute to the following three of the United Nations’ 17 Sustainable
Development Goals, or SDGs for short.
1.
2.
3.

Affordable and clean energy
Responsible production and consumption
Climate actionIn May 2019, the Fund established a sustainability policy for initiatives aimed at achieving its basic policy andrealizing a sustainable society. Going forward, it will continue to tackle environmental problems and contribute toregional communities.
(3) Details of Specified Wholesale Agreement
Property No.
Power Plant1

S-42
LS Chiba Katsuura

Effective date of Agreement2

February 28, 2022

Scheduled start of specified wholesale supply

April 30, 2022

Power producer

Katsuura Okitsu Solar

Specified wholesale supply destination

UPDATER

Note 1: LS is an abbreviation of Leben Solar, the name of the series of solar power generation plants acquired by the Fund. The same shall apply
hereinafter.
Note 2: The term of the Specified Wholesale Agreement shall be one year from the day specified wholesale supply starts. Unless either party gives
notification to the other party up until four months before the end of the term, or unless otherwise provided for in the Specified Wholesale
Agreement, the term of the Specified Wholesale Agreement shall be renewed automatically for one more year with the same terms andconditions.

2. Operating results forecasts
The impact on the Fund’s operating results from the conclusion of the Specified Wholesale Agreement between
Katsuura Okitsu Solar and UPDATER will be minor. No changes have been made to the operating results forecasts
for the fiscal periods ending May 31, 2022 (December 1, 2021 to May 31, 2022), November 30, 2022 (June 1, 2022
to November 30, 2022), and May 31, 2023 (December 1, 2022 to May 31, 2023).
*The Fund’s website: https://tif9281.co.jp/