May 10, 2018
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
Security Code: 9281

President & CEO
Vice President &Director of
Infrastructure Fund Division
TEL: 03-6262-6402

Notice of Purchase and Lease of Domestic Infrastructure Properties
Takara Leben Infrastructure Fund, Inc. hereby announces that Takara Asset Management Co., Ltd., the company that it
commissions to conduct asset management (hereinafter referred to as “the Asset Manager”) has today decided to purchaseand lease infrastructure properties (hereinafter referred to as “Properties to be Purchased”) as follows.
The party from which the properties will be purchased and the party to which they will be leased fall under the interested
person or other close affiliate (hereinafter referred to as “Interested Persons”) pursuant to the Act on Investment Trusts andInvestment Corporations (hereinafter referred to as “the Investment Trust Act”) and also fall under the interested parties
and equivalent pursuant to the Asset Manager’s internal Regulations on Transactions with Interested Parties, etc. The AssetManager therefore obtained consent from the Executive Board of Takara Leben
Infrastructure Fund at the meeting held on May 10, 2018 in accordance with the Investment Trust Act and theRegulations on Transactions with Interested Parties, etc.

1. Outline of Purchase

PropertyNo.

Expected purchase
Property Name (Note 1)

Location (Note 2)

price

Purchased from(MY) (Note 3)

S-22

LS Mie Yokkaichi

Yokkaichi, Mie740

Takara Leben Co., Ltd.

S-23

LS Sakuragawa Nakaizumi

Sakuragawa, Ibaraki

980

Takara Leben Co., Ltd.

S-24

LS Shirahama

Kamitonda, Wakayama

2,810

Takara Leben Co., Ltd.

S-25

LS Takahagi

Takahagi. Ibaraki

400

Takara Leben Co., Ltd.

4,930

―

Total
(Note 1) LS stands for Leben Solar

(Note 2) The location is based on the statement in the register concerning the land (or one of the pieces of land if there is more than one) where the solar
power generation facility concerned with the specified Property to be Purchased is installed. However, each location is no more detailed than themunicipality level.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

1(Note 3) The expected purchase price represents the amount of the transaction specified in the agreement on the transaction of the specific Properties to be
Purchased that excludes the expenses for purchase such as the property purchase commission, fixed asset taxes, urban planning taxes, the amountequivalent to consumption tax, and other fees, and that is rounded down to the nearest million yen.

(1) Date of conclusion of agreement on transaction:

May 10, 2018(2) Scheduled purchase date:June 1, 2018 (Day of settlement）(3) Purchased From:

Please refer 3. Status of Asset Purchaser and Other Parties below(4) Funds for purchase:

Borrowings approved by a resolution of the Executive Board meetingof Takara Leben Infrastructure Fund held on May 10, 2018 (Note) andown funds(5) Payment method:

Payment in full at the time of delivery(Note) For details of the borrowings, refer to the press release “Notice Concerning Borrowing of Funds” dated May 10, 2018.

2. Descriptions of the Properties to be Purchased(1) Outlines of the Properties to be Purchased
The outlines of the individual Properties to be Purchased are as shown in the tables below. The descriptions in the sectionsin the tables and the terms used therein are as defined below unless otherwise stated. The information without notes ontiming is, in principle, correct as of May 1, 2018.
a. Property Overview
・ Outline of Specific Contract represents the details of the specific contract concerning the solar power generation facility
concerned with the specified Property to be Purchased.
・ Electricity Generation Utilities Operator, Purchasing Electric Utilities Operator, FIT Price and Expiration Date of Supply
Period reflect the details of the Specific Contract that will come into effect on the scheduled date of purchase of the Property
to be Purchased. FIT Price represents the amount after the subtraction of the amount equivalent to consumption tax and local
consumption tax. The revenue of the Electricity Generation Utilities Operator based on the FIT Price under the specificcontract does not mean the revenue of Takara Leben Infrastructure Fund.
・ Location represents the land (or one of the pieces of land if there is more than one) where the solar power generation
facility concerned with the specified Property to be Purchased is installed in accordance with the statement in the register.
・ Lot number is based on the statement in the register.
・ Use District represents the district specified in item (i) of paragraph (1) of Article 8 in the City Planning Act or the areaclassification specified in Article 7 of the same Act. It indicates non-classified city planning area for any land designated as acity planning area and without area classification under Article 7 of the City Planning Act, and outside the city planning area
for any land that is not designated as a city planning area.
・ Area is based on the statement in the register and may not reflect the actual area.
・ Type of Right to the land represents the type of right to be owned by Takara Leben Infrastructure Fund to the land on
which the solar power generation facility concerned with the specified Property to be Purchased is located.
・ Recognition Date represents the date when the solar power generation facility concerned with the specified Property to be
Purchased is recognized.
・ Supply Start Date represents the date when the solar power generation facility concerned with the specified Property to be
Purchased commences its operation, excluding trial operation, and its supply of renewable energy electricity in accordanceNote: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

2with the specific contract at the relevant time.
・ Remaining Procurement Period represents the period in months from the scheduled date of purchase of the solar power
generation facility concerned with the specified Property to be Purchased to the expiration date of the procurement period.
Any fractional portion of less than one month is disregarded.
・ Expiration Date of Procurement Period represents the date when the procurement period regarding the solar power
generation facility concerned with the specified Property to be Purchased expires.
・ Procurement Price represents the procurement price regarding the solar power generation facility concerned with thespecified Property to be Purchased, exclusive of the amount equivalent to consumption tax and local consumption tax.
・ Panel Type represents power generation elements incorporated into solar cell modules in the solar power generation facility
concerned with the specified Property to be Purchased according to the statement in the Technical Report prepared by E&E
Solutions Inc. and other sources.
・ Panel Output represents the maximum output of solar cell modules in the solar power generation facility concerned withthe specified Property to be Purchased according to the statement in the Technical Report prepared by E&E Solutions Inc. andother sources.
・ Number of Panels represents the number of solar cell modules used in the solar power generation facility concerned withthe specified Property to be Purchased according to the statement in the Technical Report prepared by E&E Solutions Inc. andother sources.
・ Panel Manufacturer represents the manufacturer of the solar cell modules adopted in the solar power generation facility
concerned with the specified Property to be Purchased according to the statement in the Technical Report prepared by E&E
Solutions Inc. and other sources.
・ PCS Manufacturer represents the manufacturer of the power conditioner system (PCS) adopted in the solar power
generation facility concerned with the specified Property to be Purchased according to the statement in the Technical Report
prepared by E&E Solutions Inc. and other sources. Power generation facility concerned with the specified Property to be
Purchased according to the statement in the Technical Report prepared by E&E Solutions Inc. and other sources.
・ EPC Operator represents the contracted operator engaging in the construction of the solar power generation facility
concerned with the specified Property to be Purchased.
・ Electricity Output represents either the solar cell module capacity or the PCS capacity in the solar power generation facility
concerned with the specified Property to be Purchased according to the statement in the Technical Report prepared by E&E
Solutions Inc. and other sources, whichever is the smaller.
・ Estimated Annual Electricity Generation represents the annual electricity generation of the solar power generation facility
concerned with the specified Property to be Purchased mentioned in the Technical Report prepared by E&E Solutions Inc. as
the value in the 50th percentile of excess probability calculated after a statistical analysis of the variation in solar radiation fortwenty years at the vicinal meteorological office in the first, 10th and 20th years of the operation of the power plant. The value
represented is rounded down to the nearest second decimal place. It is to be noted, however, that the 50th percentile of excessprobability differs from the percentile of excess probability that serves as the basis of the calculation of the guaranteed
minimum rent that Takara Leben Infrastructure Fund receives from the lessee and the operator in accordance with theagreement on the lease of the power generation facility and others concerned with the specified Property to be Purchased.
・ Estimated Facility Operation Ratio represents the estimated annual operation ratio of the solar power generation facility
concerned with the specified Property to be Purchased mentioned in the Technical Report prepared by E&E Solutions Inc. as
the value in the 50th percentile of excess probability calculated after a statistical analysis of the variation in solar radiation fortwenty years at the vicinal meteorological office in the first, 10th and 20th years of operation of the power plant. It is to be
noted, however, that the 50th percentile of excess probability differs from the percentile of excess probability that serves as
the basis of the calculation of the guaranteed minimum rent that Takara Leben Infrastructure Fund receives from the lessee
and the operator in accordance with the agreement on the lease of the power generation facility and others concerned with theNote: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

3specified Property to be Purchased.
・ Platform Foundation Structure represents the structure of the foundation for the module platform in the solar power
generation facility concerned with the specified Property to be Purchased according to the statement in the Technical Report
prepared by E&E Solutions Inc. and other sources.
・ Type of Right to the facility represents the type of right to be owned by Takara Leben Infrastructure Fund to the solar
power generation facility concerned with the specified Property to be Purchased.
・ Collateral specifies whether or not there is any asset that Takara Leben Infrastructure Fund will provide as collateral forthe specified Property to be Purchased after the purchase.
・ Operator represents the company that will serve as the operator as of the date of purchase of the specified Property to be
Purchased.
・ O&M Operator represents the operator that will conclude an effective O&M agreement with respect to major O&M
services as of the date of purchase of the specified Property to be Purchased.
・ Notes describe the rights and use of individual properties that are regarded as important as well as other matters that areconsidered significant in view of the impacts on the appraised value, profitability and disposability of the specified property,
in principle on the basis of information as of May 1, 2018.
b. Property Characteristics
・

Property Characteristics describe the basic features, characteristics and regional peculiarities and other factors of thespecified Property to be Purchased on the basis of the Technical Report prepared by E&E Solutions Inc., the Valuation
Report by PricewaterhouseCoopers Sustainability LLC, the Real Estate Appraisal Report by CBRE K.K. and partly on
the basis of materials obtained by Takara Leben Infrastructure Fund. These reports and materials merely refer to the
judgments and opinions of outside specialists at one point in time, and do not guarantee the appropriateness and accuracyof their information. They do not reflect changes in circumstances after their preparations.

c. Electricity Generation in the Past Year・Electricity Generation in the Past Year describes the numerical data and information, which are not processed for theaccounting audit and other procedures, supplied by the current owner of the specified Property to be Purchased, inprinciple as they are without being edited. These data are provided for reference purposes only, and may be incomplete
or inaccurate. Electricity Sold represents the total volume of electricity in the specified month after the per-diem
calculation of the electricity measured on the meter reading day of the month for the simple number of days andelectricity in the specified month after the perdiem calculation of the electricity measured on the meter reading day of
the following month for the simple number of days on the basis of electricity purchased stated in the notice of electricity
purchased issued by the purchasing electric utilities operator. This value is not an indicator stipulated in the corporate
accounting standards that are generally recognized as fair and appropriate in Japan. It is not necessarily

・

calculated in the same manner as in the accounting treatment adopted by Takara Leben Infrastructure Fund, and thecircumstances surrounding the specified Property to be Purchased serving as a precondition for the calculation may not
be the same as those after the purchase made by Takara Leben Infrastructure Fund. As a result, the electricity generationin the past year is not necessarily identical to the electricity generation in the future. It does not ensure, guarantee orforecast the electricity generation in the future, and may differ significantly from the actual electricity generation in the
future depending on the circumstances.

(2) Grounds for Purchase
The Properties to be Purchased are renewable energy generation facilities and others that comply with the conditions andpolicy for asset management prescribed in the certificate of incorporation of Takara Leben Infrastructure Fund. The
Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

4

purchase of these Properties is aimed at expanding the scale of the assets of Takara Leben Infrastructure Fund and atincreasing the net income per unit by improving the profitability of Takara Leben Infrastructure Fund and by purchasing
them without recourse to fund raising through capital increase. The purchase of these Properties is expected to increase
the distribution per unit, exclusive of surplus earnings distribution, by 305 yen for the fiscal period ending November 30,
2018. For subsequent periods, the purchase is deemed to be beneficial to the distribution policy pursued by Takara Leben
Infrastructure Fund. It is for these reasons that the decision on the purchase in question has been made.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

5(3) Summary of Specific Properties
S-22

LS Mie Yokkaichi

Category

Solar power generation facility, etc.

Property Overview
Type of Specific Property

Renewable energy power generation facility and superficies

Scheduled Purchase Date

June 1, 2018

Type of Renewable Energy Power

Solar power generation

Generation Facility

facility

Electricity Generation
Estimated Purchase Price

Utilities Operator

740,000,000 yen
OutlineAssessed Value of Power Plant(as-of date)of

693,000,000 yen toSpecific

922,000,000 yen

Contract（February 28, 2018）

Takara Leben Co., Ltd.

Purchasing Electric

Chubu Electric Power

Utilities Operator

Co., Inc.

FIT Price

40 yen per kWhAppraised Value of Land34,200,000 yen

Expiration Date of

20 years after September(as-of date)（February 28, 2018）

Supply Receipt Period

19, 2014

Location

Osawa, Nishiyamacho, Yokkaichi-shi. Mie

Land

Lot Number

7778 and others (2 lots)

Panel Type

Monocrystalline Silicon

Use District

Urbanization control area

Panel Output

1,984.50kW

Area

17,917.34 sq. meters

Number of Panels

8,050
Jumao Photonics

Type of Right

Superficies

Panel Manufacturer(Xiamen) Co., Ltd. and
Sharp Corporation

PCS Manufacturer
Approval Date

March 1, 2013

Date

September 19, 2014

1,500.00kW

Facility

EstimatedYear 12,186.46MWh(Note)

AnnualYear 102,077.13MWh

Year 20

1,967.81MWh

EstimatedYear 1

12.58％

Facility

Year 1011.95％

Year 20

11.32％

Generation
Remaining
Procurement

16 years and 3 months

Operation

PeriodRatio

Expiration Dateof Procurement

Platform Foundation

September 18, 2034

Structure

PeriodProcurementPrice

40 yen per kWhCollateral

None

Operator

Takara Leben Co., Ltd.

Ltd,Electricity Output

Electricity

FacilityAG
Energy Products Co.,EPC Operator

Supply Start

SMA Solar Technology

Type of Right

O&M Provider

Pile foundation

Property Right

Energy Products Co.,

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

6

Ltd,
This property is invested in independently by Takara Leben Infrastructure Fund and is not jointly
invested. Among the risks specified in the risk control policy, the risk of joint investors does notState of Compliance with Risk
Control Policy

apply. The other risks, such as the business risk, the risk of market and economic conditions anddemand change, the risk of demand of specific consumers, the credit risk (risk of limited users), theliquidity risk and the risk of institutional changes apply. The property will be operated incompliance with the control policy specified in the risk control policy in order to properly control
these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community

Public Traits of Property- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle land

Notes-- For the land concerned with this property, the superficies have been established and registered with the landowner (Corporation) defined as
the grantor of superficies and with Takara Leben Infrastructure Fund as the superficies. The agreement on the establishment of superficies
after the purchase by Takara Leben Infrastructure Fund is outlined as follows. (Outline of the agreement on the establishment ofsuperficies)
Grantor of superficies: Corporation
Superficiary: Takara Leben Infrastructure Fund, Inc.
Duration：September 29 2017 to September 28, 2034
Rent：Not disclosed
Rent Revision：If it is found that rent fee is unreasonable, it is revised upon agreement on both parties
Security Deposit：1 year rent fee.
Renewal of Agreement: The agreement will be renewed for two (2) years either surface rights owner or third party appointed bysurface rights owner to land owner; the same will apply thereafter.
Midterm Cancellation: None
Priority Purchase Right: None
Consent to Transfer: Unlimited・Road located on the northeast of the property retracted beyond the actual boundary and part of the property on the northeast side is used for
public usage. This road, including the retracted part is maintained by the Yokkaichi City Government
・Drainpipe and metal plate on this property cross the boundary with the road on the southeast. Permission for occupancy of the
intruding part has been obtained from the Yokkaichi City Government.
・Concrete wall and grating drainpipe and metal plate on the road on the southeast cross the boundary of this property. This occupancy does
not impact the operation however if it found to be causing concerns, it is expected to discuss with the, the owner, Yokkaichi City
government.
(Note) As of the date of this press release, application to change model number of the module for the extension area of the property are submitted

to the METI, but approval in accordance with the paragraph (1) of Article 10 of the Renewable Energy Special Measures Act (Law No.
108 of 2011).
Thus, electricity generation from the extension area has not started, however panel output, number of panels, estimated annual electricity
generation and estimated facility operation ratio include the extension area,

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

7

Property Characteristics
Property Characteristics<Location>
This property is located in the city of Yokkaichi in Mie Prefecture. It is around 5 km South of Komono Station on the Kintetsu YunoyamaLine. The Yokkaichi Interchange on the Higashi-Meihan Expressway is located around 6.4 km Northeast of the property.
<Climate Conditions>
At Yokkaichi, which is the nearest point of meteorological observation, the annual sunshine duration is 1,960.4 hours, which is longer than
the nationwide average of 1,896.5 hours.
Its rainfall is not particularly high and wind is not strong. The local climate conditions are considered to have no factor thatparticularly hinders the implementation of solar power generation.
<Facility>
Panels made by Jumao Photonics (Xiamen) Co., Ltd. (initial installment) and Sharp Corporation (initial and expansion installment) a power
conditioner system made by SMA Solar Technology AG. are utilized.
Electricity Generation in the Past Year
From: March 1, 2017

PeriodTo: February 28, 2018

Electricity Sold

S-23

March 2017

April 2017

May 2017

June 2017

179,825.42KWh

201,817.75KWh

236,146.09KWh

226,032.41KWh

July 2017

August 2017

September 2017

October 2017

193,764.46KWh

186,803.55KWh

175,204.32KWh

131,834.00KWh

November 2017

December 2017

January 2018

February 2018

116,886.00KWh

111,790.59KWh

117,949.13KWh

147,871.36KWh

LS Sakuragawa Nakaizumi

Category

Solar power generation facility, etc.

Property Overview
Type of Specific Property

Renewable energy power generation facility and superficies

Scheduled Purchase Date

June 1, 2018

Estimated Purchase Price

Type of Renewable Energy Power

Solar power

Generation Facility

generation facility

980,000,000 yen

Electricity Generation

Takara Leben Co.,

Utilities Operator

Ltd.

Purchasing Electric
Utilities Operator

Assessed Value of Power Plant(as-of date)

Outline of

968,000,000 yen toSpecific

1,312,000,000 yen

Contract(February 28, 2018)

Appraised Value of Land49,900,000 yen(as-of date)(February 28, 2018)

FIT Price

Expiration Date ofSupply Receipt Period(Note)TEPCO Energy
Partner,
Incorporated
36 yen per kWh

The day before
the first meterreading day after
the lapse of 240

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

8

months from
September 23,
2016 (including
this date)
Location

Land

Machiura, Nakaizumi, Sakuragawa-shi, Ibaraki
Lot Number

563 and others (8 lots)

Panel TypeCIS

Use District

Urbanization control area

Panel Output

2,698.24kW

Area49,457.00 sq. meters

Number of Panels

15,872Type of Right

Superficies

Panel Manufacturer

Solar Frontier K.K

PCS Manufacturer
Approval Date

March 31, 2014

Date

Facility

September 23, 2016

1,980.00kW

EstimatedYear 13,315.32MWh

AnnualYear 10

3,149.56MWh

Year 20

2,983.79MWh

EstimatedYear 114.03%

Facility

Year 1013.32%

Year 20

12.62%

Generation

Remaining
Procurement Period

18 years and 3 months

Operation
Ratio

Expiration Date ofProcurement Period
Procurement Price
Collateral

September 22, 2036
36 yen per kWh

Ltd.

Electricity Output

Electricity

FacilityLtd.
Edison Power Co.,EPC Operator

Supply Start

Fuji Electric Co.,

Platform Foundation

Screw pile

Structurefoundation

Type of Right

Property Right

None
Toyo Bldg.

Operator

Takara Leben Co., Ltd.

O&M Operator

Maintenance Co.,
Ltd.

This property is invested in independently by Takara Leben Infrastructure Fund and is not jointly
invested. Among the risks specified in the risk control policy, the risk of joint investors does notState of Compliance with Risk
Control Policy

apply. The other risks, such as the business risk, the risk of market and economic conditions anddemand change, the risk of demand of specific consumers, the credit risk (risk of limited users),
the liquidity risk and the risk of institutional changes apply. The property will be operated incompliance with the control policy specified in the risk control policy in order to properly control
these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental
improvement and increase Japan’s presence in the international community

Public Traits of Property- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in thelocal community and the effective utilization of idle landNote: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

9Notes- For the land concerned with this property, the superficies have been established and registered with the landowners (multiple
individuals) defined as the grantor of superficies and with Takara Leben Infrastructure Fund as the superficiary. The agreementon the establishment of superficies after the purchase by Takara Leben Infrastructure Fund is outlined as follows.
(Outline of the agreement on the establishment of superficies)
Grantor of superficies: Multiple individuals
Superficiary: Takara Leben Infrastructure Fund, Inc.
Duration: January 15, 2016 to January 14, 2037
Rent: Not disclosed because approval has not been obtained from the grantor of superficies
Rent Revision: None
Security Deposit: None
Renewal of Agreement: The agreement will be automatically renewed for one year unless either party gives notice to the otherparty not later than six months prior to the expiration of the period; the same will apply thereafter.
Midterm Cancellation: The superficiary may cancel the agreement after giving one year’s notice without paying cancellation
penalty in the event that the superficiary or other parties discontinue the solar power generation business due to difficulty
installing or constructing a power plant or operating the business.
Priority Purchase Right: In the event that the grantor of superficies transfers the land, the superficiary may purchase the land in
preference to any third party.
Consent to Transfer: The grantor of superficies has acknowledged that the superficiary will transfer its superficies for the
purpose of operating the solar power generation business by installing a solar power generation facility.
- A power cable is installed between pieces of land concerned with the property in a manner whereby the cable crosses a road. For
this installation, permission for occupancy of the road has been obtained from the mayor of Sakuragawa.

(Note): It is stipulated that in the event that the purchasing electric utilities operator gives prior notice of the date when the value of the electricity meter isrecorded in the recording-type measuring apparatus (hereinafter referred to as “the date of measurement” in this note), the supply period shall end on
the day before the date of measurement.

Property Characteristics■ Property Characteristics<Location>
This property is located in the city of Sakuragawa in Ibaraki Prefecture. It is around 2.9 km northwest of Yamato Station on the
JR Mito Line. The Sakuragawa-Chikusei Interchange on the Kita-Kanto Expressway is located around 2.6km east of the property.

<Climate Conditions>
At Moka, which is the nearest point of meteorological observation, the annual sunshine duration is 1,930.7 hours, which islonger than the nationwide average of 1,896.5 hours.
Its rainfall is not particularly high, and the wind is not strong. The local climate conditions are considered to have no factor thatparticularly hinders the implementation of solar power generation.

<Facility>
Panels made by Solar Frontier K.K. and a power conditioner system made by Fuji Electric Co., Ltd. are utilized.
Electricity Generation in the Past Year
PeriodFrom: March 1, 2017
To: February 28, 2018

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

10Electricity Sold

S-24

March 2017

April 2017

May 2017

June 2017295,807.80KWh

345,055.67KWh

309,812.59KWh

331,136.75KWh

July 2017

August 2017

September 2017

October 2017289,210.12KWh

235,170.29KWh

271,824.09KWh

195,445.82KWh

November 2017

December 2017

January 2018

February 2018

197,873.63KWh

256,067.03KWh

229,338.68KWh

272,979.99KWh

LS Shirahama

Category

Solar power generation facility, etc.

Property Overview
Type of Specific Property

Renewable energy power generation facility and superficies

Scheduled Purchase Date

June 1, 2018

Type of Renewable Energy Power

Solar power generation

Generation Facility

facility

Electricity Generation
Estimated Purchase Price

Assessed Value of Power Plant(as-of date)

Utilities Operator

2,810,000,000 yen

Takara Leben Co., Ltd.

Purchasing ElectricKansai Electric Power

Utilities Operator

Co., Inc.

FIT Price

36 yen per kWh

2,651,000,000 yen to
3,624,000,000 yen

Outline of(February 28, 2018)

Specific
Contract

The day before the firstmeter reading day after

Appraised Value of Land

134,000,000 yen

Expiration Date of Supply

the lapse of 240(as-of date)(February 28, 2018)

Receipt Period

months from June 1,(Note)

2017 (including thisdate)
LocationLand

Asekawa. Ichinoseki. Kamitonda-cho, Nishimuro-gun, Wakayama.
Lot Number

2685 and others (9 lots)

Panel Type

Monocrystalline silicon

Use District

No use districts designatedPanel Output

7,839.76kW

Area574,791.00 ㎡(Note 1)

Number of Panels

29,584

Panel Manufacturer

Sharp Corporation

PCS Manufacturer

Delta Electronics, Inc.

Type of Right

Approval Date

Superficies and easement(Note 2)
March 25, 2014
Facility

Facility

Supply Start
Date

June 1, 2017

6,400.00kW

EstimatedYear 1

9,244.85MWh

AnnualYear 10

8,782.61MWh

Year 20

8,320.37MWh

EstimatedYear 1

13.46％

Facility

Year 1012.79％

Electricity

Procurement

18 years and 11 months

Ltd

Electricity Output

Generation
Remaining

Sata Construction Co.,EPC Operator

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

11

Operation

PeriodRatio

Year 20

12.12％

Expiration
Date ofProcurement

Platform Foundation

May 31, 2037

Structure

Screw pile foundation

PeriodProcurementPrice

36 yen per kWhCollateral

None

Operator

Takara Leben Co., Ltd.

Type of Right

O&M Operator

Property rightToyo Bldg.
Maintenance Co., Ltd.

This property is invested in independently by Takara Leben Infrastructure Fund and is not jointly
invested. Among the risks specified in the risk control policy, the risk of joint investors does not apply.
State of Compliance with Risk

The other risks, such as the business risk, the risk of market and economic conditions and demandControl Policychange, the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk
and the risk of institutional changes apply. The property will be operated in compliance with the control
policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement andincrease Japan’s presence in the international community

Public Traits of Property- Increase in the use of renewable energy amid significant dependency on the import of fossil fuels fromoverseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle land

Notes
- For the land concerned with this property, the superficies have been established and registered with the landowners(Corporation) defined as the grantor of superficies and with Takara Leben Infrastructure Fund as the superficiary. The
agreement on the establishment of superficies after the purchase by Takara Leben Infrastructure Fund is outlined as follows. Asof May 1, 2018, superficies for land of the plant are applying and not registered yet.

(Outline of the agreement on the establishment of superficies for areas installing modules)
Grantor of superficies: Financial ward and General incorporated association
Superficiary: Takara Leben Infrastructure Fund, Inc.
Duration: June 1, 2017 to May 31, 2037.
Rent: Not disclosed because approval has not been obtained from the grantor of superficies
Rent Revision: None
Security Deposit: None
Renewal of Agreement: The agreement will be automatically renewed for one year unless either party gives notice to the otherparty not later than six months prior to the expiration of the period; the same will apply thereafter.
Midterm Cancellation: The superficiary may cancel the agreement after giving one year’s notice without paying cancellation
penalty in the event that the superficiary or other parties discontinue the solar power generation business due to difficulty
installing or constructing a power plant or operating the business.
Priority Purchase Right: In the event that the grantor of superficies transfers the land, the superficiary may purchase the land in
preference to any third party
Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

12

Consent to Transfer: The grantor of superficies has acknowledged that the superficiary will transfer its superficies for the
purpose of operating the solar power generation business by installing a solar power generation facility.

(Outline of the agreement on the establishment of superficies for land of the plant)
Grantor of superficies: Corporation
Superficiary: Takara Leben Infrastructure Fund, Inc.
Duration: April 15, 2018 to Apr 14, 2039.
Rent: Not disclosed because approval has not been obtained from the grantor of superficies
Rent Revision: None
Security Deposit: None
Renewal of Agreement: The agreement will be automatically renewed for one year unless either party gives notice to the otherparty not later than six months prior to the expiration of the period; the same will apply thereafter.
Midterm Cancellation: The superficiary may cancel the agreement without paying cancellation penalty in the event that thesuperficiary or other parties discontinue the solar power generation business due to difficulty installing or constructing a power
plant or operating the business.
Priority Purchase Right: None
Consent to Transfer: Transfer, collateral and other action of superficies is not allowed without prior written consents.
- No check of the boundary between this property and the neighboring land was made with any witness or against any document.
However, there had been no conflict with the owner of the neighboring land as of the date of this document.
- Prefab hubs (3 hubs) for operating and maintenance purpose, owned by the operator and O&M provider are located on the property of thesite. Operator signed the agreement of usage with the O&M provider for purpose of owning prefab hubs (2 hubs) owned by the O&M
provider.
-Water facilities and water panel on the ground owned by neighbor land owner located on the plant site. Agreement are signed with the bothparties regarding the crossing.
- Anti-ball net, which consist part of the plant, cross the boundary of the southwest of neighbor land. Agreement are signed with the bothparties regarding the crossing.
- Some part of the area of the site is designed as Sediment Disaster Alert Areas, however the area installed the power generation facilities are
not included.
(Note 1) It does not include the area registered for easement.
(Note 2) For some part of the plant (approximately 3,964.53 sq. meters), easement is set by making each lot’s owners’ as easement setter and to ensure (1) to install wireline to inverter and other necessary components, (2) to enter for purpose of installment, operation, maintenance and remove of its components, and (3) allow enter of thedominant land for smooth movement. As of May 1, 2018, registration for easement is not completed and currently applying.

Property Characteristics<Location>
This property is located in Nishimuro-gun, Wakayama. The Asso Station on the JR Kisei Main Line is located around 7 km
northeast of the property. The Kamitonda Interchange on the Kisei Expressway is located around 8 km southwest of the property<Climate Conditions>
Shirahama observatory, which is near to the plant, suspended observation on 2009 and there is Nanki-Shirahama observatory
since 2006 instead. As of today, annual data from both Shirahama and Nanki-Shirahama observatory are not published, hencecalculated the average value between 1981 to 2010 from using date from January 1981 to September 2009 from Shirahama
observatory and October 2009 to December 2010 from Nanki-Shirahama observatory, it is found that the annual sunshine duration
Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

13

is 2,118.6 hours, which is shorter than the nationwide average of 1,896.5 hours.
Its rainfall is not particularly high and wind is not strong. The local climate conditions are considered to have no factor thatparticularly hinders the implementation of solar power generation.

<Facility>
Panels made by Sharp Corporation. and a power conditioner system made by Delta Electronics, Inc. are utilized.
Electricity Generation in the Past Year
PeriodElectricity Sold

From: June 1, 2017
To: February 28, 2018
March 2017

April 2017

May 2017

June 2017―――

989,900.00KWh

July 2017

August 2017

September 2017

October 2017964,410.00KWh

1,028,340.00KWh

784,550.00KWh

588,060.00KWh

November 2017

December 2017

January 2018

February 2018

689,410.00KWh

631,140.00KWh

639,510.00KWh

749,120.00KWh

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

14

S-25

LS Takahagi

Category

Solar power generation facility, etc.

Property Characteristics
Type of Specific Property

Renewable energy power generation facility and asset

Scheduled Purchase Date

June 1, 2018

Estimated Purchase Price

Assessed Value of Power Plant(as-of date)

Type of Renewable Energy Power

Solar power

Generation Facility

generation facility

400,000,000 yen

391,000,000 yen to

Outline559,000,000 yen

of(February 28, 2018)

Electricity Generation

Takara Leben Co.,

Utilities Operator

Ltd.

Purchasing Electric

TEPCO Energy

Utilities Operator

Partner, Inc.

FIT Price

32 yen per kWhSpecific
The day before theContract
Appraised Value of Land

67,300,000 yen(as-of date)(February 28, 2018)

Expiration Date ofSupply Receipt Period(Note)

first meter reading
day after the lapse of
240 months from
December 27, 2016
(including this date)

Location

Nagahara, Akahama. Takahagi-shi. Ibaraki
Lot Number

Land

Use District

1613-1 and others (3 lots)

Monocrystalline

Panel Type

Non-classified city
planning area,siliconPanel Output

1,194.60kW

Area

13,661.00 sq. meters

Number of Panels

4,344Type of Right

Ownership

Panel Manufacturer

INFINI Co. LTD

PCS Manufacturer

Delta Electronics, Inc.

Approval Date

Supply Start
Date

March 19, 2017

Facility
December 26, 2017

750.00kW

EstimatedYear 1

1,366.93MWh

AnnualYear 10

1,298.58MWh

Year 20

1,230.24MWh

EstimatedYear 113.06％

Facility

Year 1012.41％

Year 20

11,76％

Generation

Period19 years and 6 months

Operation
Ratio

Expiration Date ofProcurement Period
Procurement Price

December 25, 2037
32 yen per kWhCollateral

None

Operator

Takara Leben Co., Ltd.

Ltd.,Electricity Output

Electricity

Facility

Remaining Procurement

Noguchi Housing Co.

EPC Operator

Platform Foundation

Steel pipe pile

Structurefoundation

Type of Right

Property Right

O&M Operator

Energy O&M. Inc

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

15

This property is invested in independently by Takara Leben Infrastructure Fund and is notjointly invested. Among the risks specified in the risk control policy, the risk of joint investors
does not apply. The other risks, such as the business risk, the risk of market and economic

State of Compliance with Risk

conditions and demand change, the risk of demand of specific consumers, the credit risk (riskControl Policyof limited users), the liquidity risk and the risk of institutional changes apply. The property
will be operated in compliance with the control policy specified in the risk control policy inorder to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of
the greenhouse gases, at the time of electricity generation to contribute to environmental
improvement and increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil

Public Traits of Property

fuels from overseas for power generation purposes to improve the energy self-sufficiency
rate- Effects of regional revitalization such as the creation of jobs related to renewable energy inthe local community and the effective utilization of idle landNote
- A conduit and power collector and in the property crosses the border with the road on the southeast side. Permission foroccupancy of the intruding part of the road has been obtained from the Takahagi City Government.
(Note ) It is stipulated that in the event where a recording-type measuring apparatus is used for measurement and where the purchasing electric utilities
operator gives prior notice of the date when the value of the electricity meter is recorded in the recording-type measuring apparatus (hereinafterreferred to as “the date of measurement” in this note), this period shall commence on the date of measurement in the previous month and end on the
day before the date of measurement in the month concerned.

Property Characteristics■ Property Characteristics<Location>
This property is located in Takahagi-shi in Shizuoka. Minami-Nakago Station on the JR Joban Line is located around 1,500m
southwest, national highway 6 (Rikuzenhamakaido Avenue) is located around 1,500m the Takahagi Interchange on the Joban
Expressway is around 3 km southwest<Climate Conditions>
At Kitaibaraki, which is the nearest point of meteorological observation, the annual sunshine duration is 1,904.1 hours, which islonger than the nationwide average of 1,896.5 hours.
Snowfall is limited, and the wind is not strong. The local climate conditions are considered to have no factor that particularly
hinders the implementation of solar power generation.

<Facility>
Panels made by INFINI Co. LTD. and a power conditioner system made by Delta Electronics, Inc. are utilized.
Electricity Generation in the Past Year
PeriodElectricity Sold

From: December 26, 2017
To: February 28, 2018
March 2017

April 2017

May 2017

June 2017

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

16

―

―

―

―

July 2017

August 2017

September 2017

October 2017

―

―

―

―

November 2017

December 2017

January 2018

February 2018―18,098.57KWh (Note)

95,843.20KWh

102,541.80KWh（Note）Electricity Supply started on December 26, 2017, operation duration was 6 days.

(4) Outline of Lease
For each of the Properties to be Purchased, the following describes the details of the agreement on the lease of the power
generation facility and others that will be concluded by Takara Leben Infrastructure Fund after its purchase.
The descriptions include the sections on Lessee, Lease Period, Rent, Security Deposit, Renewal at Time of Expiration, Rent
Revision, Midterm Cancellation, Penalty and Method of Agreement Renewal. These sections reflect the details of the agreementon the lease of the power generation facility and others that will be effective on the scheduled date of purchase of the specified
Property to be Purchased. Guaranteed Minimum Rent represents the total of the guaranteed minimum amount of monthly rent
stipulated in the agreement on the lease of the power generation facility and others for each year from the start date of the lease,
except for the first year (Year 1) for which it is the amount for the period from the start date of the lease.
S-22

LS Mie Yokkaichi

LesseeTakara Leben Co., Ltd.

Lease Period

From June 1, 2018 to May 31, 2038
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1.

The guaranteed minimum monthly rent shall be identical to the estimated revenue of electricity sales for each month,exclusive of consumption tax and local consumption tax. The guaranteed minimum rent for any period of less than
one month shall be calculated on a per diem basis, and any fraction of less than one yen shall be disregarded. However,the calculation of the security deposit shall use the amount of the guaranteed minimum rent exclusive of consumption
tax and local consumption tax. The 75 percentile of excess probability of estimated electricity generation shall be thestandard percentile on the basis of which the guaranteed minimum rent is calculated.

2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall becalculated using the formula shown below. Any fraction of less than one yen generated in the calculation shall be
disregarded(1) If the actual power sales amount (x) does not exceed the estimated power sales amount (y) X = 0
Rent(2) If the actual power sales amount (x) exceeds the estimated power sales amount (y) X = (x - y) × 0.5
Where X is the monthly performance-linked rent, x is the actual power sales amount for the month concerned and yis the estimated electricity sales revenue for the month concerned.
3.

As used in 2 above, the actual power sales amount for the month refers to the amount calculated by adding thefollowing amount to the charge based on the total of the electricity volume for the month calculated on a per diembasis from the volume measured on the meter reading date of the month concerned and that for the following monthcalculated on a per diem basis from the volume measured on the meter reading date of the said month.
(1) The amount of compensation for output suppression implemented for the month concerned(2) The insurance benefit received by the lessee (including the amount received by the security interest holder or theholder of the transferred security interest in connection with the security interest set on the insurance benefit claim
right of the lessee) under the business interruption insurance policy with the lessee as the insured to cover the lostinterest for the month in association with the solar power generation facility, including the incidental substation facility

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

17and other related facilities, and to cover the expenses for preventing a decrease in revenue
4. In the event of calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual power sales amount for the month calculated in accordance with the objective of 3 above and the estimatedpower sales amount for the month calculated on a per diem basis shall be used.
In the event that the operating income stated in the consolidated or non-consolidated statement of income for any fiscal
Security
Depositperiod during the lease period becomes negative for the first time, the lessee shall provide the lessor under the agreementon the lease with the amount equivalent to one quarter of the guaranteed minimum rent (rounded down to the nearest yen)for one calendar year under which the fiscal period falls as a security deposit for the purpose of offering security for all theliabilities of the lessee to the lessor pursuant to the agreement on the lease.

Renewal at
Time of
Expiration

If the lessor or the lessee intends to extend the agreement on the lease, it shall provide the other party with notice of its
intention not later than six months prior to the date of expiration of the lease period. In this event, the lessor and the lessee
shall enter into consultations in good faith regarding whether or not to extend the agreement and regarding its terms andconditions, and shall re-execute the agreement if they reach an agreement to do so as a result of the consultations.
In the event that inflation occurs, thereby lowering the real value of the rent, the lessee shall consider changing or increasing

Rent Revision

the electricity selling destinations upon request from the lessor. If the selling destinations are changed as a result ofconsideration, the lessee shall enter into consultations in good faith with the lessor regarding the selling prices applicableto the new selling destinations.
1. The lessor or the lessee may request the cancellation of the agreement on the lease at any time after June 30, 2028 bygiving written notice to the other party; provided, however, that the notice of cancellation shall reach the other party on
December 31, 2027 (or, if this date is a non-business day of the lessor or the company engaging in asset management

Midterm
Cancellationof the property, on the previous business day) or earlier, and a notice failing to reach the other party on the said date or
earlier shall have no effect for cancellation.
2. After the date until which cancellation is possible as specified in 1 above, the lessor and the lessee shall enter into
consultations in good faith regarding whether or not it is necessary to establish a provision for the midterm cancellationof the agreement on the lease during the subsequent lease period and, if it is determined to be necessary, regarding its
details.

Penalty

None

Method ofAgreement

None

RenewalGuaranteed
Minimum Rent
(Note)

Year 1

Year 2

Year 3

Year 4

Year 5

83,188,911 yen

82,765,836 yen

82,342,511 yen

81,919,437 yen

81,496,069 yen

Year 6

Year 7

Year 8Year 9Year 1081,069,839 yen

80,646,558 yen

80,223,434 yen

79,800,115 yen

79,376,998 yen

Year 11

Year 12

Year 13

Year 14

Year 15

78,953,439 yen

78,530,471 yen

78,107,034 yen

77,684,074 yen

77,260,955 yen

Year 16

Year 17

Year 18

Year 19

Year 20

76,837,672 yen

41,731,903 yen

18,997,804 yen

18,892,026 yen

18,786,202 yen(Note) As of the date of this press release, application to change model number of the module for the extension area of the property are submitted
to the METI, but approval in accordance with the paragraph (1) of Article 10 of the Renewable Energy Special Measures Act.
Thus, electricity generation from the extension area has not started, however minimum guaranteed rent is based on the expected electricity
generation that includes the extension area which is described in the technical report. Therefore the Investment Corporation can receive theminimum guaranteed rent stated above rent fee calculation based on the expected electricity generation that includes the extension areas evenduring the period until supply of the electricity generation from the extension areas has not started as well.
Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

18

S-23 LS Sakuragawa Nakaizumi
LesseeTakara Leben Co., Ltd.

Lease Period

From June 1, 2018 to May 31, 2038
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
2.

The guaranteed minimum monthly rent shall be identical to the estimated revenue of electricity sales for each month,exclusive of consumption tax and local consumption tax. The guaranteed minimum rent for any period of less than
one month shall be calculated on a per diem basis, and any fraction of less than one yen shall be disregarded. However,the calculation of the security deposit shall use the amount of the guaranteed minimum rent exclusive of consumption
tax and local consumption tax. The 75 percentile of excess probability of estimated electricity generation shall be thestandard percentile on the basis of which the guaranteed minimum rent is calculated.

2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall becalculated using the formula shown below. Any fraction of less than one yen generated in the calculation shall be
disregarded(1) If the actual power sales amount (x) does not exceed the estimated power sales amount (y) X = 0(2) If the actual power sales amount (x) exceeds the estimated power sales amount (y) X = (x - y) × 0.5
Where X is the monthly performance-linked rent, x is the actual power sales amount for the month concerned and yRent

is the estimated electricity sales revenue for the month concerned.
3.

As used in 2 above, the actual power sales amount for the month refers to the amount calculated by adding thefollowing amount to the charge based on the total of the electricity volume for the month calculated on a per diembasis from the volume measured on the meter reading date of the month concerned and that for the following monthcalculated on a per diem basis from the volume measured on the meter reading date of the said month.
(1) The amount of compensation for output suppression implemented for the month concerned(2) The insurance benefit received by the lessee (including the amount received by the security interest holder or theholder of the transferred security interest in connection with the security interest set on the insurance benefit claim
right of the lessee) under the business interruption insurance policy with the lessee as the insured to cover the lostinterest for the month in association with the solar power generation facility, including the incidental substation facility
and other related facilities, and to cover the expenses for preventing a decrease in revenue

4. In the event of calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual power sales amount for the month calculated in accordance with the objective of 3 above and the estimatedpower sales amount for the month calculated on a per diem basis shall be used.
In the event that the operating income stated in the consolidated or non-consolidated statement of income for any fiscal
Security
Depositperiod during the lease period becomes negative for the first time, the lessee shall provide the lessor under the agreementon the lease with the amount equivalent to one quarter of the guaranteed minimum rent (rounded down to the nearest yen)for one calendar year under which the fiscal period falls as a security deposit for the purpose of offering security for all theliabilities of the lessee to the lessor pursuant to the agreement on the lease.

Renewal at
Time of
Expiration

If the lessor or the lessee intends to extend the agreement on the lease, it shall provide the other party with notice of its
intention not later than six months prior to the date of expiration of the lease period. In this event, the lessor and the lessee
shall enter into consultations in good faith regarding whether or not to extend the agreement and regarding its terms andconditions, and shall re-execute the agreement if they reach an agreement to do so as a result of the consultations.
In the event that inflation occurs, thereby lowering the real value of the rent, the lessee shall consider changing or increasing

Rent Revision

the electricity selling destinations upon request from the lessor. If the selling destinations are changed as a result ofconsideration, the lessee shall enter into consultations in good faith with the lessor regarding the selling prices applicableto the new selling destinations.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

19

1. The lessor or the lessee may request the cancellation of the agreement on the lease at any time after June 30, 2028 bygiving written notice to the other party; provided, however, that the notice of cancellation shall reach the other party on
December 31, 2027 (or, if this date is a non-business day of the lessor or the company engaging in asset management
Midterm
Cancellationof the property, on the previous business day) or earlier, and a notice failing to reach the other party on the said date or
earlier shall have no effect for cancellation.
2. After the date until which cancellation is possible as specified in 1 above, the lessor and the lessee shall enter into
consultations in good faith regarding whether or not it is necessary to establish a provision for the midterm cancellationof the agreement on the lease during the subsequent lease period and, if it is determined to be necessary, regarding its
details.

Penalty

None

Method ofAgreement

None

RenewalGuaranteed
Minimum Rent

Year 1

Year 2

Year 3

Year 4

Year 5

113,861,985 yen

113,287,665 yen

112,713,334 yen

112,138,989 yen

111,564,673 yen

Year 6

Year 7

Year 8Year 9Year 10

110,990,336 yen

110,416,021 yen

109,841,684 yen

109,267,342 yen

108,693,025 yen

Year 11

Year 12

Year 13

Year 14

Year 15

108,118,688 yen

107,544,370 yen

106,970,036 yen

106,395,693 yen

105,821,375 yen

Year 16

Year 17

Year 18

Year 19

Year 20

105,247,042 yen

104,672,725 yen

104,098,389 yen

53,538,180 yen

28,597,142 yen

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

20

S-24

LS Shirahama

LesseeTakara Leben Co., Ltd.

Lease Period

From June 1, 2018 to May 31, 2038
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
3.

The guaranteed minimum monthly rent shall be identical to the estimated revenue of electricity sales for each month,exclusive of consumption tax and local consumption tax. The guaranteed minimum rent for any period of less than
one month shall be calculated on a per diem basis, and any fraction of less than one yen shall be disregarded. However,the calculation of the security deposit shall use the amount of the guaranteed minimum rent exclusive of consumption
tax and local consumption tax. The 75 percentile of excess probability of estimated electricity generation shall be thestandard percentile on the basis of which the guaranteed minimum rent is calculated.

2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall becalculated using the formula shown below. Any fraction of less than one yen generated in the calculation shall be
disregarded(1) If the actual power sales amount (x) does not exceed the estimated power sales amount (y) X = 0(2) If the actual power sales amount (x) exceeds the estimated power sales amount (y) X = (x - y) × 0.5
Where X is the monthly performance-linked rent, x is the actual power sales amount for the month concerned and yRent

is the estimated electricity sales revenue for the month concerned.
3.

As used in 2 above, the actual power sales amount for the month refers to the amount calculated by adding thefollowing amount to the charge based on the total of the electricity volume for the month calculated on a per diembasis from the volume measured on the meter reading date of the month concerned and that for the following monthcalculated on a per diem basis from the volume measured on the meter reading date of the said month.
(1) The amount of compensation for output suppression implemented for the month concerned(2) The insurance benefit received by the lessee (including the amount received by the security interest holder or theholder of the transferred security interest in connection with the security interest set on the insurance benefit claim
right of the lessee) under the business interruption insurance policy with the lessee as the insured to cover the lostinterest for the month in association with the solar power generation facility, including the incidental substation facility
and other related facilities, and to cover the expenses for preventing a decrease in revenue

4. In the event of calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual power sales amount for the month calculated in accordance with the objective of 3 above and the estimatedpower sales amount for the month calculated on a per diem basis shall be used.
In the event that the operating income stated in the consolidated or non-consolidated statement of income for any fiscal
Security
Depositperiod during the lease period becomes negative for the first time, the lessee shall provide the lessor under the agreementon the lease with the amount equivalent to one quarter of the guaranteed minimum rent (rounded down to the nearest yen)for one calendar year under which the fiscal period falls as a security deposit for the purpose of offering security for all theliabilities of the lessee to the lessor pursuant to the agreement on the lease.

Renewal at
Time of
Expiration

If the lessor or the lessee intends to extend the agreement on the lease, it shall provide the other party with notice of its
intention not later than six months prior to the date of expiration of the lease period. In this event, the lessor and the lessee
shall enter into consultations in good faith regarding whether or not to extend the agreement and regarding its terms andconditions, and shall re-execute the agreement if they reach an agreement to do so as a result of the consultations.
In the event that inflation occurs, thereby lowering the real value of the rent, the lessee shall consider changing or increasing

Rent Revision

the electricity selling destinations upon request from the lessor. If the selling destinations are changed as a result ofconsideration, the lessee shall enter into consultations in good faith with the lessor regarding the selling prices applicableto the new selling destinations.

Midterm

1. The lessor or the lessee may request the cancellation of the agreement on the lease at any time after June 30, 2028 byNote: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

21

Cancellation

giving written notice to the other party; provided, however, that the notice of cancellation shall reach the other party on
December 31, 2027 (or, if this date is a non-business day of the lessor or the company engaging in asset managementof the property, on the previous business day) or earlier, and a notice failing to reach the other party on the said date or
earlier shall have no effect for cancellation.
2. After the date until which cancellation is possible as specified in 1 above, the lessor and the lessee shall enter into
consultations in good faith regarding whether or not it is necessary to establish a provision for the midterm cancellationof the agreement on the lease during the subsequent lease period and, if it is determined to be necessary, regarding its
details.

Penalty

None

Method ofAgreement

None

RenewalGuaranteed
Minimum Rent

Year 1

Year 2

Year 3

Year 4

Year 5318,216,952 yen

316,617,869 yen

315,018,787 yen

313,419,737 yen

311,820,654 yen

Year 6

Year 7

Year 8Year 9Year 10310,221,570 yen

308,622,485 yen

307,023,403 yen

305,424,317 yen

303,825,234 yen

Year 11

Year 12

Year 13

Year 14

Year 15

302,226,150 yen

300,627,065 yen

299,027,982 yen

297,428,933 yen

295,829,849 yen

Year 16

Year 17

Year 18

Year 19

Year 20294,230,767 yen

292,631,683 yen

291,032,597 yen

289,433,513 yen

79,953,999 yen

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

22

S-25

LS Takahagi

LesseeTakara Leben Co., Ltd.

Lease Period

From June 1, 2018 to May 31, 2038
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
4.

The guaranteed minimum monthly rent shall be identical to the estimated revenue of electricity sales for each month,exclusive of consumption tax and local consumption tax. The guaranteed minimum rent for any period of less than
one month shall be calculated on a per diem basis, and any fraction of less than one yen shall be disregarded. However,the calculation of the security deposit shall use the amount of the guaranteed minimum rent exclusive of consumption
tax and local consumption tax. The 75 percentile of excess probability of estimated electricity generation shall be thestandard percentile on the basis of which the guaranteed minimum rent is calculated.

2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall becalculated using the formula shown below. Any fraction of less than one yen generated in the calculation shall be
disregarded(1) If the actual power sales amount (x) does not exceed the estimated power sales amount (y) X = 0(2) If the actual power sales amount (x) exceeds the estimated power sales amount (y) X = (x - y) × 0.5
Where X is the monthly performance-linked rent, x is the actual power sales amount for the month concerned and yRent

is the estimated electricity sales revenue for the month concerned.
3.

As used in 2 above, the actual power sales amount for the month refers to the amount calculated by adding thefollowing amount to the charge based on the total of the electricity volume for the month calculated on a per diembasis from the volume measured on the meter reading date of the month concerned and that for the following monthcalculated on a per diem basis from the volume measured on the meter reading date of the said month.
(1) The amount of compensation for output suppression implemented for the month concerned(2) The insurance benefit received by the lessee (including the amount received by the security interest holder or theholder of the transferred security interest in connection with the security interest set on the insurance benefit claim
right of the lessee) under the business interruption insurance policy with the lessee as the insured to cover the lostinterest for the month in association with the solar power generation facility, including the incidental substation facility
and other related facilities, and to cover the expenses for preventing a decrease in revenue

4. In the event of calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual power sales amount for the month calculated in accordance with the objective of 3 above and the estimatedpower sales amount for the month calculated on a per diem basis shall be used.
In the event that the operating income stated in the consolidated or non-consolidated statement of income for any fiscal
Security
Depositperiod during the lease period becomes negative for the first time, the lessee shall provide the lessor under the agreementon the lease with the amount equivalent to one quarter of the guaranteed minimum rent (rounded down to the nearest yen)for one calendar year under which the fiscal period falls as a security deposit for the purpose of offering security for all theliabilities of the lessee to the lessor pursuant to the agreement on the lease.

Renewal at
Time of
Expiration

If the lessor or the lessee intends to extend the agreement on the lease, it shall provide the other party with notice of its
intention not later than six months prior to the date of expiration of the lease period. In this event, the lessor and the lessee
shall enter into consultations in good faith regarding whether or not to extend the agreement and regarding its terms andconditions, and shall re-execute the agreement if they reach an agreement to do so as a result of the consultations.
In the event that inflation occurs, thereby lowering the real value of the rent, the lessee shall consider changing or increasing

Rent Revision

the electricity selling destinations upon request from the lessor. If the selling destinations are changed as a result ofconsideration, the lessee shall enter into consultations in good faith with the lessor regarding the selling prices applicableto the new selling destinations.

Midterm

1. The lessor or the lessee may request the cancellation of the agreement on the lease at any time after June 30, 2028 byNote: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

23

Cancellation

giving written notice to the other party; provided, however, that the notice of cancellation shall reach the other party on
December 31, 2027 (or, if this date is a non-business day of the lessor or the company engaging in asset managementof the property, on the previous business day) or earlier, and a notice failing to reach the other party on the said date or
earlier shall have no effect for cancellation.
2. After the date until which cancellation is possible as specified in 1 above, the lessor and the lessee shall enter into
consultations in good faith regarding whether or not it is necessary to establish a provision for the midterm cancellationof the agreement on the lease during the subsequent lease period and, if it is determined to be necessary, regarding its
details.

Penalty

None

Method ofAgreement

None

RenewalGuaranteed
Minimum Rent

Year 1

Year 2

Year 3

Year 4

Year 541,956,318 yen

41,746,012 yen

41,535,707 yen

41,325,405 yen

41,115,100 yen

Year 6

Year 7

Year 8Year 9Year 1040,904,797 yen

40,694,477 yen

40,484,155 yen

40,273,854 yen

40,063,547 yen

Year 11

Year 12

Year 13

Year 14

Year 15

39,853,244 yen

39,642,941 yen

39,432,636 yen

39,222,331 yen

39,012,012 yen

Year 16

Year 17

Year 18

Year 19

Year 20

38,801,691 yen

38,591,388 yen

38,381,084 yen

38,170,780 yen

26,580,955 yen(5) Outline of Valuation Reports
The following outlines the valuation reports that Takara Leben Infrastructure Fund commissioned
PricewaterhouseCoopers Sustainability LLC to prepare by valuing the individual Properties to be Purchased in accordance with theInvestment Trust Act and other laws and ordinances, the regulations established by the Investment Trusts Association and the asset
valuation method and standards stipulated in the certificate of incorporation of Takara Leben Infrastructure Fund. Non-Taxation
Period refers to the period during which the distributions may be posted as deductible expenses given that Takara Leben
Infrastructure Fund fulfills the pay-through requirements of the Act on Special Measures Concerning Taxation, whereas Taxation
Period refers to the period during which Takara Leben Infrastructure Fund is unable to fulfill the pay-through requirements of thesaid Act. The Taxation Period commences on June 1, 2036.
Each of the valuations merely reflects the judgment and opinion of the valuer at a certain time, and does not guarantee its
appropriateness, accuracy or possibility of transaction at the price equivalent to the assessed value.
There are no special relationships of interest between PricewaterhouseCoopers Sustainability LLC, which carried out thevaluations, and Takara Leben Infrastructure Fund or the Asset Manager.
The position and the responsibility of the valuer are as follows.
(i) The valuation service provided by the valuer does not fall under the guarantee operations. The valuer provides noguarantee whatsoever in respect of the assessed value.
(ii) The assessed value is disclosed to investors at the responsibility of Takara Leben Infrastructure Fund in accordancewith the Valuation Report obtained from the valuer. The valuer assumes no obligation or liability to investors.
(iii) The information and materials on the basis of which the valuation is made are supplied by the Asset Manager. The
valuer is not under any obligation to verify their credibility, accuracy or completeness.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

24

S-22

LS Mie Yokkaichi

Assessed Value

693,000,000 yen to 922,000,000 yen

ValuerPricewaterhouseCoopers Sustainability LLC

As-of Date

February 28, 2018
Item
Non-Taxation
PeriodDiscount Rate

Results

Description
The values represent the average of the capital cost and the liability

1.8％

cost estimated from the data of the TOPIX beta values of brands thatmake up the Tokyo Stock Exchange REIT, used as the peer

(WACC)

Taxation Period

company, from May 2013 to February 2018 weighted for the period

1.5％of the valuation
The value is calculated using the discounted cash flow (DCF)
Assessed value

method among different valuation methods of the income approach,

922,000,000 yen

according to which the future free cash flow is discounted to thepresent value
The values are obtained by assuming the rate of 7% as the real IRR

Non-Taxation
Periodin recent cases, which is estimated to be close to the median based

6.0％

on the number of cases in terms of the internal rate of return (IRR)
of facilities with outputs of 1,000 kW and more put into operation in

Discount Ratethe October-December 2014 period as stated in Reference 10: IRR（IRR）

Level of Facilities Commencing Operation in Opinions on FY2015
Taxation Period

Purchase Price and Period and by adjusting it by 1 percentage point,

6.0％

which is the difference between the pre-tax IRRs before and after
the profit consideration period under the feed-in tariff scheme
projected by the Purchase Price Calculation Committee.
The value is calculated using the discounted cash flow (DCF)
Assessed value

method among different valuation methods of the income approach,

693,000,000 yen

according to which the future free cash flow is discounted to thepresent value

Other Matters to which the Valuer Paid Special Attention for－

Valuation Purposes

S-23

LS Sakuragawa Nakaizumi

Assessed Value

968,000,000 yen to 1,312,000,000 yen

ValuerPricewaterhouseCoopers Sustainability LLC

As-of Date

February 28, 2018
Item
Non-Taxation

Discount Rate
(WACC)

PeriodTaxation Period

Results
1.8%
1.5%

Description
The values represent the average of the capital cost and the liability costestimated from the data of the TOPIX beta values of brands that makeup the Tokyo Stock Exchange REIT, used as the peer company, fromMay 2013 to February 2018 weighted for the period of the valuation
The value is calculated using the discounted cash flow (DCF) method

Assessed value

1,312,000,000 yen

among different valuation methods of the income approach, according
to which the future free cash flow is discounted to the present value

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

25

The values are obtained by assuming the rate of 7% as the real IRR in
Non-Taxation
Period6.0%

recent cases, which is estimated to be close to the median based on thenumber of cases in terms of the internal rate of return (IRR) of facilities
with outputs of 1,000 kW and more put into operation in the October-

Discount Rate

December 2014 period as stated in Reference 10: IRR Level of（IRR）

Facilities Commencing Operation in Opinions on FY2015 Purchase
Taxation Period

6.0%

Price and Period and by adjusting it by 1 percentage point, which is thedifference between the pre-tax IRRs before and after the profit
consideration period under the feed-in tariff scheme projected by the
Purchase Price Calculation Committee.
The value is calculated using the discounted cash flow (DCF) method

Assessed value

968,000,000 yen

among different valuation methods of the income approach, according
to which the future free cash flow is discounted to the present value

Other Matters to which the Valuer Paid Special Attention for－

Valuation Purposes

S-24

LS Shirahama

Assessed Value

2,651,000,000 yen to 3,624,000,000 yen

ValuerPricewaterhouseCoopers Sustainability LLC

As-of Date

February 28, 2018
Item
Non-Taxation

Discount Rate
(WACC)

PeriodResults

Description
The values represent the average of the capital cost and the liability

1.9%

cost estimated from the data of the TOPIX beta values of brands thatmake up the Tokyo Stock Exchange REIT, used as the peer

Taxation Period

company, from May 2013 to February 2018 weighted for the period

1.6%of the valuation
The value is calculated using the discounted cash flow (DCF)
Assessed value

method among different valuation methods of the income approach,

3,624,000,000 yen

according to which the future free cash flow is discounted to thepresent value
The values are obtained by assuming the rate of 7% as the real IRR

Non-Taxation
Periodin recent cases, which is estimated to be close to the median based

6.0%

on the number of cases in terms of the internal rate of return (IRR)
of facilities with outputs of 1,000 kW and more put into operation in

Discount Ratethe October-December 2014 period as stated in Reference 10: IRR（IRR）

Level of Facilities Commencing Operation in Opinions on FY2015
Taxation Period

Purchase Price and Period and by adjusting it by 1 percentage point,

6.0%

which is the difference between the pre-tax IRRs before and after
the profit consideration period under the feed-in tariff scheme
projected by the Purchase Price Calculation Committee.
The value is calculated using the discounted cash flow (DCF)
Assessed value

2,651,000,000 yen

method among different valuation methods of the income approach,according to which the future free cash flow is discounted to theNote: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

26

present value
Other Matters to which the Valuer Paid Special Attention for－

Valuation Purposes

S-25

LS Takahagi

Assessed Value

391,000,000 yen to 559,000,000 yen

ValuerPricewaterhouseCoopers Sustainability LLC

As-of Date

February 28, 2018
Item
Non-Taxation

Discount Rate
(WACC)

PeriodResults

Description
The values represent the average of the capital cost and the liability

1.9%

cost estimated from the data of the TOPIX beta values of brands thatmake up the Tokyo Stock Exchange REIT, used as the peer

Taxation Period

company, from May 2013 to February 2018 weighted for the period

1.6%of the valuation
The value is calculated using the discounted cash flow (DCF)
Assessed value

method among different valuation methods of the income approach,

559,000,000 yen

according to which the future free cash flow is discounted to thepresent value
The values are obtained by assuming the rate of 7% as the real IRR

Non-Taxation
Periodin recent cases, which is estimated to be close to the median based

6.0%

on the number of cases in terms of the internal rate of return (IRR)
of facilities with outputs of 1,000 kW and more put into operation in

Discount Ratethe October-December 2014 period as stated in Reference 10: IRR（IRR）

Level of Facilities Commencing Operation in Opinions on FY2015
Taxation Period

Purchase Price and Period and by adjusting it by 1 percentage point,

6.0%

which is the difference between the pre-tax IRRs before and after
the profit consideration period under the feed-in tariff scheme
projected by the Purchase Price Calculation Committee.
The value is calculated using the discounted cash flow (DCF)
Assessed value

method among different valuation methods of the income approach,

391,000,000 yen

according to which the future free cash flow is discounted to thepresent value

Other Matters to which the Valuer Paid Special Attention for－

Valuation Purposes

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

27

(6) Outline of Real Estate Appraisal Reports
The following outlines the real estate appraisal reports that Takara Leben Infrastructure Fund commissioned CBRE K.K. to
prepare by appraising the land in the individual Properties to be Purchased in accordance with the Act on Real Estate Appraisal
and with the Real Estate Appraisal Standards and the Matters to Note on Implementation of the Real Estate Appraisal Standards
stipulated by the Ministry of Land, Infrastructure, Transport and Tourism. Each of the real estate appraisals merely reflects the
judgment and opinion of the appraiser at a certain time and does not guarantee its appropriateness, accuracy or possibility oftransaction at the price equivalent to the appraised value.
There are no special relationships of interest between CBRE K.K. which carried out the real estate appraisals, and Takara Leben
Infrastructure Fund or the Asset Manager.
S-22 LS Mie YokkaichiAppraised Value (Land)34,200,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date

February 28, 2018
Item

Value by DCF Method (Facility andLand)

Results

Description

771,000,000 yen－
Appraised in overall consideration of the discount rate based on the

Discount Rateaccumulated risk premiums, the expected discount rate based on

4.0%

interviews with investors, the location, age, and state of operation of
the solar power generation facility, contractual conditions and others

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

458,000,000 yen

－

4.44%

－

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

S-23 LS Sakuragawa Nakaizumi
Appraised Value (Land)49,900,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date

February 28, 2018
Item

Value by DCF Method (Facility andLand)

Results

Description

1,110,000,000 yen－
Appraised in overall consideration of the discount rate based on the

Discount Rateaccumulated risk premiums, the expected discount rate based on

4.0%

interviews with investors, the location, age, and state of operation of
the solar power generation facility, contractual conditions and others

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

683,000,000 yen

－

4.50%

－

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

28

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

S-24

LS Shirahama

Appraised Value (Land)

134,000,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date

February 28, 2018
Item

Value by DCF Method (Facility andLand)

Results

Descriptions

3,020,000,000 yen－
Appraised in overall consideration of the discount rate based on the

Discount Rateaccumulated risk premiums, the expected discount rate based on

4.0%

interviews with investors, the location, age, and state of operation of
the solar power generation facility, contractual conditions and others

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

2,160,000,000 yen

－

4.43%

－

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

S-25 LS Takahagi
Appraised Value (Land)

67,300,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date

February 28, 2018
Item

Value by DCF Method (Facility andLand)

Results

Descriptions

455,000,000 yen－
Appraised in overall consideration of the discount rate based on the

Discount Rateaccumulated risk premiums, the expected discount rate based on

4.0%

interviews with investors, the location, age, and state of operation of
the solar power generation facility, contractual conditions and others
Appraised in consideration of the discount rate, physical attributes

Terminal Capitalization Rate

8.7%

such as the remaining service life of the facility, anticipated futurerisks, the electricity output attenuation rate and others

Indicated Value Using Cost
Approach (Facility and Land)
Land to Value Ratio

386,000,000 yen－

14.79%－

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

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

29

(7) Outline of the Opinion Report on the Profitability and Continuity of the Profitability of Infrastructure Investment
Properties
In accordance with the Securities Listing Regulations and their Enforcement Rules of Tokyo Stock Exchange, Inc.,
Investment Corporation releases outline of the “Opinion Report on the Profitability and Continuity of the Profitability of
Infrastructure Investment Properties” prepared by E&E Solutions Inc. The opinion report is solo consideration andjudgment of the author and Investment Corporation will not guarantee validity and accuracy of the content.
There is no special conflict of interest between E&E Solutions Inc. and Investment Corporation and the Asset Manager.
For LS Mie Yokkaichi and LS Sakuragawa Nakaizum, The opinion reports mentioned in the title above have not beenobtained due to fact that these two properties satisfy the criteria for exemption of the acquisition of these opinions inaccordance with the Securities Listing Regulations and their Enforcement Rules of Tokyo Stock Exchange, Inc.
S-24

LS Shirahama

AuthorE&E Solutions Inc.
Technical due diligence track record of 350 cases or more of large-size solar energy power
generation operation and 3GW or more in total output capacity. Business content includes,

Background to expect that theevaluation of the technical reliability of solar energy generating facility, validity of the system,

Author have expert knowledge

validity of the contents of construction and maintenance management contracts, validity of costs andprofitability, validity of compliance and procedures, environmental integrity etc. which are common
practice area for infrastructure investment properties.
As of the preparation date of this opinion, there are no capital relationships or interest relationships
with the Investment Corporation, Asset Manager, operator, Sponsor and the representative
underwriter related to the opinion. Opinion report service is solo evaluation and advice on theperspective of independent third-party and does not share special interest with certain organization

Explanation on Independency of the
Authoror business.
In addition, as of the preparation date of this opinion, there are no capital relationships or interest
relationships between the parent company, DOWA ECOSYSTEM Co., Ltd., and the holding
company, DOWA HOLDINGS Co., Ltd. and the Investment Corporation, Asset Manager, operator,
Sponsor and the representative underwriter related to the opinion.
Therefore, it can be said that the author is independent from the investment corporation, AssetManager, operator, Sponsor and the representative underwriter by taking into above accounts.
LS Shirahama has received approval on March 25, 2014 in accordance with Paragraph (2) of Article

Assumptions underlying the content

6 of the Act on Special Measures Concerning Procurement of the Electricity from Renewableof the opinion (status on the

Energy Sources by Electricity Utilities which is enforced at July 2017（Kinki METI in 2013,

operation prospects of theRenewable Energy Facilities No.1832 in 2013 with the ID of A830710E30）

infrastructure investment property

In addition, agreement of “Power Purchase Contract regarding the Renewable Energy Poweretc.)

Generation Facilities” with the Kansai Electric Power Co., Inc. is contracted on the date of March
10, 2017

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

Actual electricity sale revenue between June 2017 to February 2018 have been confirmed with the“Notice of Amount of Electricity sale” by the Kansai Electric Power Co., Inc.

Timing and rationale of the expected
revenues to be accounted for

LS Shirahama is already in operation and revenue are confirmed since June 2017

(including accountable revenues)
Timing and rationale of the expected

Excess probability “P75＋（（P50－P75）×50％” for the first and second year of the technical due

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

30

profits to be accounted for

diligence report has been used for the calculations for estimated electricity sales revenue. Costs(including accountable profits)

expected to be accounted for are O&M service fee, chief engineering costs, plant maintenance fee,
repair costs, utilities and communication costs, insurance, land rent fee plant monitoring equipment
costs (continuous monitoring services of power generation status and solar radiation status / cost ofequipment and personnel etc.), depreciation assets tax and depreciation etc.
A conclusion was reached that revenue will be accountable from the June 2018 by subtracting thecosts from the revenue above.
The electricity purchase price for LS Shirahama is fixed for period of 20 years from the beginningof the Power Purchase Contract with the Kansai Electric Power Co., Inc. in accordance with the Act
on Special Measures Concerning Procurement of the Electricity from Renewable Energy Sources
by Electricity Utilities (except the situation stated under paragraph (8), Article 3 of the Act)
According to the research institute of the US Department of Energy, NREL (National Renewable
Energy Laboratory), output deterioration rate for silicon module which installed at the LS shirahama
is said to be -0.5% per year.
As for installed PCS, it is judged that no special performance deterioration will occur by carrying

Explanation for expectation ofout appropriate maintenance such as periodic inspections and for LS Shirahama, no significant

stability of future revenue

performance concern of PCS is expected since periodic inspections and replacement of its parts etc.
are scheduled. There are no particular concern about the performance deterioration of transformers
and system connection devices as well.
In the case of malfunction of the device, it is prepared and covered by an insurance, periodic
inspections and replacement of its part and corrective maintenance by O&M provider. Therefore it
can be said that impact against stability of the operation is minor.
Regarding to the location, there are concerns of corrosion.
Therefore, it can be said that the LS Shirahama can record revenues in 20 years’ time after the startof grid interconnection

S-25 LS Takahagi
AuthorE&E Solutions Inc.
Technical due diligence track record of 350 cases or more of large-size solar energy power
generation operation and 3GW or more in total output capacity. Business content includes,

Background to expect that theevaluation of the technical reliability of solar energy generating facility, validity of the system,

Author have expert knowledge

validity of the contents of construction and maintenance management contracts, validity of costs andprofitability, validity of compliance and procedures, environmental integrity etc. which are common
practice area for infrastructure investment properties.
As of the preparation date of this opinion, there are no capital relationships or interest relationships
with the Investment Corporation, Asset Manager, operator, Sponsor and the representative
underwriter related to the opinion. Opinion report service is solo evaluation and advice on the

Explanation on Independency of the
Authorperspective of independent third-party and does not share special interest with certain organizationor business.
In addition, as of the preparation date of this opinion, there are no capital relationships or interest
relationships between the parent company, DOWA ECOSYSTEM Co., Ltd., and the holding
company, DOWA HOLDINGS Co., Ltd. and the Investment Corporation, Asset Manager, operator,
Sponsor and the representative underwriter related to the opinion.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

31

Therefore, it can be said that the author is independent from the investment corporation, AssetManager, operator, Sponsor and the representative underwriter by taking into above accounts.
LS Takahagi has received approval on March 19, 2015 in accordance with Paragraph (2) of Article 6
Assumptions underlying the content

of the Act on Special Measures Concerning Procurement of the Electricity from Renewable Energyof the opinion (status on the

Sources by Electricity Utilities which is enforced at July 2017（Kanto METI, Renewable Energy

operation prospects of the

Facilities No.2078 in 2015 with the ID of AF77648C08）

infrastructure investment property

In addition, agreement of “Power Purchase Contract regarding the Renewable Energy Poweretc.)

Generation Facilities” with the TEPCO Energy Partner, Incorporated is contracted on the date ofDecember 20, 2017

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

Actual electricity sale revenue between January 2018 to March 2018 have been confirmed with the“Notice of Amount of Electricity sale” by the TEPCO Energy Partner, Incorporated

Timing and rationale of the expected
revenues to be accounted for

LS Takahagi is already in operation and revenue are confirmed since January 2018

(including accountable revenues)
Excess probability “P75＋（（P50－P75）×50％” for the first and second year of the technical due
diligence report has been used for the calculations for estimated electricity sales revenue. Costs
Timing and rationale of the expected
profits to be accounted for(including accountable profits)

expected to be accounted for are O&M service fee, chief engineering costs, plant maintenance fee,
repair costs, utilities and communication costs, insurance, land rent fee plant monitoring equipment
costs (continuous monitoring services of power generation status and solar radiation status / cost ofequipment and personnel etc.), depreciation assets tax and depreciation etc.
A conclusion was reached that revenue will be accountable from the June 2018 by subtracting thecosts from the revenue above.
The electricity purchase price for LS Takahagi is fixed for period of 20 years from the beginning of
the Power Purchase Contract with the TEPCO Energy Partner, Incorporated in accordance with the
Act on Special Measures Concerning Procurement of the Electricity from Renewable Energy
Sources by Electricity Utilities (except the situation stated under paragraph (8), Article 3 of the Act)
According to the research institute of the US Department of Energy, NREL (National Renewable
Energy Laboratory), output deterioration rate for silicon module which installed at the LS Takahagi
is said to be -0.5% per year.
As for installed PCS, it is judged that no special performance deterioration will occur by carrying

Explanation for expectation ofout appropriate maintenance such as periodic inspections and for LS Takahagi, no significant

stability of future revenue

performance concern of PCS is expected since periodic inspections and replacement of its parts etc.
are scheduled. There are no particular concern about the performance deterioration of transformers
and system connection devices as well.
In the case of malfunction of the device, it is prepared and covered by an insurance, periodic
inspections and replacement of its part and corrective maintenance by O&M provider. Therefore it
can be said that impact against stability of the operation is minor.
Regarding to the location, there are concerns of corrosion.
Therefore, it can be said that the LS Takahagi can record revenues in 20 years’ time after the start ofgrid interconnection

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

32

(8) Outline of the Seismic Risk Assessment
As a part of the due diligence process of acquiring properties, TIF has asked Tokio Marine & Nichido Risk Consulting Co.,Ltd.
to conduct seismic risk assessment. Seismic risk assessment evaluate.
The PML values in the seismic risk analysis assessment for Properties to be Purchased prepared by Tokio Marine & Nichido
Risk Consulting Co., Ltd. are provided below. The description of the seismic risk assessment is the solo opinions of survey operator
and the Investment Corporation will not guarantee the validity and guarantee of its contents.
There are no special relationships of interest between Tokio Marine & Nichido Risk Consulting Co., Ltd and Takara Leben
Infrastructure Fund or the Asset Manager.
Seismic Risk Assessment Report
Property
No.

Property Name

Survey Operator

PML (note)
(%)

S-22

LS Mie Yokkaichi

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.2

S-23

LS Sakuragawa Nakaizumi

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.2

S-24

LS Shirahama

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.1

S-25

LS Takahagi

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.7

(Note) PML stands for probable maximum loss, and represents the ratio of a physical loss at 90% probability of non-exceedance in the event of seismic
movement with a 10% excess probability in the next fifty years (equivalent to that at recurrence intervals of 475 years) that is thought to cause the greatest
possible loss to the facility or the facilities concerned to the re-procurement price.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

33

3. Status of Asset Purchaser and Other Parties(1) Outline of the Party from whom the Properties are Purchased (also serving as the operator, lessee and electricity generation
utilities operator)
All the Properties to be Purchased are from Takara Leben Co., Ltd., which serves as the operator, lessee and electricity generation
utilities operator, and its outline is as follows.
Name

Takara Leben Co., Ltd

Location

1-8-2 Marunouchi, Chiyoda-ku, Tokyo, Japan

Representative and Title

Kazuichi Shimada, President and Representative Director, CEOBusiness

It engages in sales of newly built condominium units, mainly in the Tokyo region. It embarked on thelarge-scale solar power plant business in 2013. Capitalizing on its wide-ranging business operation
expertise cultivated through the past development of condominiums with solar panels, it managed andoperated 33 solar power plants with a total output of 82 MW as of the end of September 2017.
As of the date of this document, there are 10 personnel engaged in the operation. The person responsiblefor it has at least two years’ experience in management and operation.

Capital4,819 million yen (as of December 31, 2017)

Date of Establishment

September 21, 1972

Net Asset

36,343 million yen (as of December 31, 2017)

Total Asset

165,388 million yen (as of December 31, 2017)

Major Shareholders and Equity

1. Yoshio Murayama: 25,633,000 shares (20.67％)

Positions

２. Takara Leben Co., Ltd. 16,022,000 shares (12.92％)(as of March 31, 2017)

３. The Master Trust Bank of Japan, Ltd. (Trust Account) 3,486,000 (2.81％)

Relationship between Takara Leben Investment Corporation and the Asset Manager and the Company Concerned
Capital RelationshipThe company concerned holds 14.2% of the outstanding investment units in Takara Leben Infrastructure
Fund as of the May 10, 2018. The company is the wholly owning parent company of the Asset Manager
and falls under the Interested Persons pursuant to the Investment Trust Act.

Personnel Relationship

The Asset Manager has 5 personnel on loan from the company concerned. One director and one auditor of
the Asset Manager hold dual posts.

Business RelationshipThe company concerned invests in Takara Leben Infrastructure Fund and in the Asset Manager. It has
executed an agreement on the lease of power generation facilities and others in association with theProperties to be Purchased with Takara Leben Infrastructure Fund. It has also concluded a sponsor support
agreement and a trademark license agreement with Takara Leben Infrastructure Fund and with the AssetManager.

Whether or not it falls

The company concerned falls under the category of affiliated parties. As mentioned above, it corresponds

under affiliated parties

to an Interested Person for the Asset Manager as stipulated in the Investment Trust Act.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

34

(2) Status of Asset Purchaser and Others
The purchases of properties from those in a special relationship of interest are as follows.
① LS Mie Yokkaichi
Preceding Owner (Preceding Leaseholder)Company Name

Takara Leben Co., Ltd.

Second Preceding Owner (Leasehold Grantor)
A party not in a special relationship of interest

Relationship with―the party in a
specialIt is a major shareholder of the Asset Manager.

relationship ofinterest
Background of

Purchased for the purpose of the development of renewable―

Purchaseenergy power generation facilities

Purchase Price

766 million yen (Note)―

Date of Purchase

September 2017―

(Note) Purchase value of land and generation facilities based on the book value on the date of May 31, 2018 from Preceding Owner Takara Leben Co., Ltd.

② LS Sakuragawa Nakaizumi
Preceding Owner (Preceding Leaseholder)

Second Preceding Owner (Leasehold Grantor)

Company Name

Takara Leben Co., Ltd.

A party not in a special relationship of interest

Relationship with

It is a major shareholder of the Asset Manager.

―

Background of

Purchased for the purpose of the development of renewable―

Purchaseenergy power generation facilities

Purchase Price― (Note 1)―

Date of Purchase

January 2016 (superficies established)―

the party in a
specialrelationship ofinterest

September 2016 (power generation facility newly
established)(Note 1) The figure is omitted given that the superficies of the land were not established by the preceding leaseholder within a year from the date of this document and that there
exists no second preceding owner of the power generation facility.
(Note 2) The date of establishment of the leasehold by the preceding leaseholder is stated on the basis of the register and other materials. For the power generation facility, the dateof delivery of the work to make it possible for the power generation facility to commence operation and supply renewable energy electricity is specified (or, if there is morethan one such day, the latest day).

③ LS Shirahama
Preceding Owner (Preceding Leaseholder)

Second Preceding Owner (Leasehold Grantor)

Company Name

Takara Leben Co., Ltd.

A party not in a special relationship of interest

Relationship with

It is a major shareholder of the Asset Manager.

―

the party in a
specialrelationship ofinterest
Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

35

Background of

Purchased for the purpose of the development of renewable

Purchaseenergy power generation facilities―

Purchase Price― (Note 1)―

Date of Purchase

June 2017 and April 2018 (superficies established)―(Note 2)June 2017 (power generation facility newly established)(Note 1) The figure is omitted given that the superficies of the land were not established by the preceding leaseholder within a year from the date of this document and that
there exists no second preceding owner of the power generation facility.
(Note 2) The date of establishment of the leasehold by the preceding leaseholder is stated on the basis of the register and other materials. For the power generation facility,
the date of delivery of the work to make it possible for the power generation facility to commence operation and supply renewable energy electricity is specified (or, if there
is more than one such day, the latest day).

④ LS Takahagi
Preceding Owner (Preceding Leaseholder)

Second Preceding Owner (Leasehold Grantor)

Company Name

Takara Leben Co., Ltd.

A party not in a special relationship of interest

Relationship with

It is a major shareholder of the Asset Manager.

―

Background of

Purchased for the purpose of the development of renewable―

Purchaseenergy power generation facilities

Purchase Price

367 million yen (Note1)―

Date of Purchase

November 2017 and March 2018 (superficies established)―(Note 2)

December 2017 (power generation facility newly

the party in a
specialrelationship ofinterestestablished)(Note 1) Purchase value of land and generation facilities based on the book value on the date of May 31, 2018 from Preceding Owner Takara Leben Co., Ltd.
(Note 2) For land, it is based on the date of acqusion based on tge registry. For generation facilities, it is based on the delivert date (the latest day if there is multiple days) of theconstruction that able to start operation and supply renewable energy generation.

4. Outline of Brokerage
There are no relevant matters.
5. Future Outlook
Please find press release “Notice Regarding Revision to Forecasts of Operating Results for Fiscal Period Ending
November 30, 2018 (6th fiscal period) and Fiscal Period Ending May 31, 2019 (7th Fiscal Period) and Regarding
Forecasts of Operating Results for Fiscal Period Ending November 30, 2019 (8th Fiscal Period)” dated on May 10,2018 for the forecasts of operating results for fiscal period ending November 30, 2018 (6th fiscal period), fiscal period
ending May 31, 2019 (7th Fiscal Period) and fiscal period ending November 30, 2019 (8th Fiscal Period). In thisregard, the forecasts of the operating results for the fiscal period ended May 31, 2018 (5th fiscal period) (December
1, 2017 to May 31, 2018) that were announced on January 12, 2018 have not been revised.

End
TIF Website: http://tif9281.co.jp/en/

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

36

<Attached Material>
Reference: Portfolio after the Purchase of the Properties to be Purchased
The following shows the properties owned and the Properties to be Purchased and their respective locations, prices, ratiosand dates or scheduled dates of purchase.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

37

Property
No.

Property Name

LocationPrice (MY)Ratio (%)

(Note 1)

(Note 2)

(Scheduled) Date of PurchaseS-01

LS Shioya

Shioya, Tochigi

1,396

4.6

June 2, 2016

S-02

LS Chikusei

Chikusei, Ibaraki

594

2.0

June 2, 2016

S-03

LS Chiba Wakaba-ku

Chiba, Chiba

344

1.1

June 2, 2016

S-04

LS Miho

MIho, Ibaraki

606

2.0

June 2, 2016

S-05

LS Kirishima Kokubu

Kirishima, Kagoshima

997

3.3

June 2, 2016

S-06

LS Sosa

Sosa, Chiba

720

2.4

June 2, 2016

S-07

LS Miyagi Osato

Osato, Miyagi

875

2.9

June 2, 2016

S-08

LS Mito Takada

Mito, Ibaraki

1,063

3.5

June 2, 2016

S-09

LS Aomori Hiranai

Hiranai, Aomori

758

2.5

June 2, 2016

S-10

LS Tone Fukawa

Tone, Ibaraki

1,350

4.4

June 2, 2016

S-11

LS Kamisu Hasaki

Kamisu, Ibaraki

508

1.7

February 7, 2017

S-12

LS Tsukuba Bochi

Tsukuba, Ibaraki

1,075

3.5

June 1, 2017

S-13

LS Hokota

Hokota, Ibaraki

803

2.6

June 1, 2017

S-14

LS Nasu Nakagawa

Nakagawa, Tochigi

9,304

30.6

June 1, 2017

S-15

LS Fujioka A

Tochigi, Tochigi

284

0.9

June 1, 2017

S-16

LS Inashiki Aranuma 1

Inashiki, Ibaraki

1,092

3.6

June 1, 2017

S-17

LS Fujioka B

Tochigi, Tochigi

1,244

4.1

June 1, 2017

S-18

LS Inashiki Aranuma 2

Inashiki, Ibaraki

519

1.7

June 1, 2017

S-19

LS Sakuragawa Shimoizumi Sakuragawa, Ibaraki

955

3.1

December 1, 2017

S-20

LS Fukushima Yamatsuri

Yamatsuri, Fukushima

468

1.5

December 1, 2017

S-21

LS Shizuoka Omaezaki

Omaezaki, Shizuoka

484

1.6

February 28, 2018

S-22

LS Mie Yokkaichi

Yokkaichi, Mie

740

2.4

June 1, 2018

S-23

LS Sakuragawa Nakaizumi

Sakuragawa, Ibaraki

980

3.2

June 1, 2018

S-24

LS Shirahama

Kamitonda, Wakayama

2,810

9.3

June 1, 2018

S-25

LS Takahagi

Takahagi, Ibaraki

400

1.3

June 1, 2018

30,369100. 0Total―(Note 1) The price for properties except LS Sakuragawa Shimoizumi, LS Fukushima Yamatsuri, and LS Shizuoka Omaezaki (hereinafter refereed as the “Properties
Acquired at the 5th Fiscal Period”), represents the central value calculated in accordance with item 1 of paragraph 2 of Article 38 in the certificate ofincorporation of Takara Leben Infrastructure Fund within the range of the assessed value of the power plant as of May 31, 2017 specified in the valuation
report obtained from PricewaterhouseCoopers Sustainability LLC. The price for the Properties Acquired at the 5th Fiscal Period represents purchased price.
(Note 2)The ratio represents the ratio of the price of the specific property to the total prices of the owned properties and the Properties to be purchased, rounded to
the first decimal place. For this reason, the total of the ratios of individual properties may not be identical to the total ratio of the portfolio.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund ’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments. Investors are asked to refer to the prospectus for
notification of the issuance of new investment units as well as amendments thereto prepared by the TIF before
undertaking investments and investments be made at their own discretion and responsibility.

38