November 9, 2021
For Immediate Release

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

Executive Director
Securities Code: 9281

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

Masahide Kikuchi,

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

Notice Regarding Acquisition and Lease of Domestic Infrastructure Projects
Takara Leben Infrastructure Fund, Inc. (hereinafter referred to as the “Investment Corporation” or “TIF”) hereby announces that Takara
Asset Management Co., Ltd., which conducts asset management for the Investment Corporation (hereinafter referred to as the “AssetManager”), has today decided to acquire and lease infrastructure projects (hereinafter referred to as the “Assets to Be Acquired”) as follows.
The parties from which the projects will be acquired and the parties to which they will be leased correspond to interested persons or otherclose affiliates (hereinafter referred to as the “Interested Persons”) under the Act on Investment Trusts and Investment Corporations(hereinafter referred to as the “Investment Trust Act”) as well as the same under the Asset Manager’s internal Regulations on Transactions
with Interested Parties, etc. Accordingly, the Asset Manager has obtained consent from the Executive Board of the Investment Corporation
at the meeting held on November 9, 2021 in accordance with the Investment Trust Act and the Regulations on Transactions with Interested
Parties, etc.
1.

Outline of Acquisition

Project No.
S-39
S-40
S-41
S-42

Project Name
(Note 1)

AnticipatedAcquisition Price

Location(Note 2)Acquired From

(Million Yen) (Note 3)

Kanoya-shi,
Kagoshima Prefecture
Osato-cho, Kurokawa-gun,
LS Miyagi Osato 2
Miyagi Prefecture
LS Okayama Tsuyama 1, 2 & 3 Tsuyama-shi,(Note 4)
Okayama Prefecture
Katsuura-shi,
LS Chiba Katsuura
Chiba Prefecture
Total
LS Kagoshima Kanoya

390

Takara Leben Co., Ltd.

894

Takara Leben Co., Ltd.

2,650

Takara Leben Co., Ltd.

14,466

Katsuura Okitsu Solar G.K.

18,400-(Note 1) Here and hereafter, “LS” is an abbreviation of “Leben Solar” as the name of the series of solar power generation facilities acquired by the Investment Corporation.
(Note 2) Here and hereafter, the “Location” is based on the statement in the register concerning the land (or a single parcel if there is more than one) where the solar power generation facility concernedwith the specified Assets to Be Acquired is installed. However, the locations are stated only in terms of their associated municipality.
(Note 3) Here and hereafter, the “Anticipated Acquisition Price” represents the amount of the transaction specified in the sale and purchase agreements or trust beneficiary rights sale and purchaseagreements pertaining to the specific Assets to Be Acquired (but excluding acquisition expenses such as the amount equivalent to brokerage commissions, fixed asset taxes, urban planningtaxes, consumption taxes, and other fees), with such amounts rounded down to the nearest million yen.
(Note 4) Although LS Okayama Tsuyama 1, 2 & 3 consists of multiple photovoltaic power plants that have individually received authorization, the Investment Corporation will acquire these projects
as one asset since each power plant is close to each other, and the authority to use the project site comprising each power plan is held by common landowners or the owners of surface rights,
and is maintained and managed integrally. Hereafter, LS Okayama Tsuyama 1, LS Okayama Tsuyama 2 and LS Okayama Tsuyama 3 may be described separately, and in that case, LS
Okayama Tsuyama 1 is written as (1) , LS Okayama Tsuyama 2 is written as (2) and LS Okayama Tsuyama 3 is written as (3).

1

(1) Date of execution ofNovember 9, 2021

agreement on transaction:(2) Scheduled acquisition date:

December 1, 2021 (date of delivery and settlement)(3) Acquired from:

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

Proceeds from the issuance of new investment units approved by a resolution of the Executive Board
meeting of the Investment Corporation held on November 9, 2021, and borrowings (Note)(5) Payment method:

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

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

2.

Descriptions of the Assets to Be Acquired(1) Overview of the Assets to Be Acquired
An overview of the individual Assets to Be Acquired is shown in the tables below. Unless specifically stated otherwise, the descriptions inthe sections in the tables and the terms used therein are as defined below. As a rule, information stated without any reference to timing iscorrect as of November 1, 2021.
a. “Project Overview”
・“Trustee” indicates the person who is scheduled to become a trustee for each Asset to Be Acquired.

・“Expiration Date of Trust Period” is the expiration date of the trust period prescribed in the trust agreement that is scheduled tobe effective on the scheduled acquisition date for each Asset to Be Acquired.

・ “Outline of Specific Contract” states the details of the specific contract for the solar power generation facility concerned with thespecified Assets to Be Acquired.
・ “Power Generation Operator”, “Purchasing Electric Utilities Operator,” “FIT Price” and “Expiration Date of Supply Receipt Period”
state the details of the specific contract that will come into effect on the scheduled acquisition date of the Assets to Be Acquired.
“FIT Price” states the amount exclusive of any consumption tax and local consumption tax. The revenue of the Power Generation
Operator based on the FIT Price under the specific contract does not constitute revenue for the Investment Corporation.
・ “Location” is based on the statement in the register concerning the land (or a single parcel if there is more than one) where the solar
power generation facility concerned with the specified Assets to Be Acquired is installed.
・ “Lot Number” is based on the statement in the register.
・ “Use District” states the district specified in item (i) of paragraph (1) of Article 8 of the City Planning Act (Act No. 100 of 1968, as
amended) (“City Planning Act”) or the area classification specified in Article 7 of the City Planning Act. It indicates “nonclassified city planning area” for any land designated as a city planning area but without area classification under Article 7 of theCity Planning Act, and “outside the city planning area” for any land that is not designated as a city planning area.
・ As a rule, “Area” is based on the statement in the register, which may be inconsistent with the actually measured area.
・ “Type of Right” states the type of right to be owned by the Investment Corporation or the type of right to be acquired by the trustee
scheduled to be appointed to the land on which the solar power generation facility concerned with the specified Assets to Be
Acquired is located.
・ “Approval Date” states the date when the solar power generation facility concerned with the specified Assets to Be Acquired wasapproved.
・ “Supply Start Date” states the date when the solar power generation facility concerned with the specified Assets to Be Acquired
will commence its operation, excluding trial operation, and its supply of renewable energy electricity in accordance with the specific2contract at the relevant time.
・ “Remaining Procurement Period” states the period in months from the scheduled date of acquisition of the solar power generation
facility concerned with the specified Assets to Be Acquired to the expiration date of the procurement period, with any fractional
portion of less than one month disregarded.
・ “Expiration Date of Procurement Period” states the date when the procurement period regarding the solar power generation facility
concerned with the specified Assets to Be Acquired expires.
・ “Procurement Price” states the procurement price regarding the solar power generation facility concerned with the specified Assets
to Be Acquired, exclusive of any consumption tax and local consumption tax.
・ “Panel Type” states solar panels in the solar power generation facility concerned with the specified Assets to Be Acquired according
to the statement in the “Technical Report” prepared by Mitsui Chemicals, Inc.
・ “Panel Output” states the maximum output of solar cell modules in the solar power generation facility concerned with the specified
Assets to Be Acquired according to the statement in the “Technical Report” prepared by Mitsui Chemicals, Inc.
・ “Number of Panels” states the number of solar cell modules in the solar power generation facility concerned with the specified
Assets to Be Acquired according to the statement in the “Technical Report” prepared by Mitsui Chemicals, Inc.
・ “Panel Manufacturer” states the manufacturer of the solar cell modules used in the solar power generation facility concerned withthe specified Assets to Be Acquired according to the statement in the “Technical Report” prepared by Mitsui Chemicals, Inc.
・ “PCS Manufacturer” states the manufacturer of the power conditioner system used in the solar power generation facility concernedwith the specified Assets to Be Acquired according to the statement in the “Technical Report” prepared by Mitsui Chemicals,Inc.
・ “EPC Operator” states the contracted operator responsible for the construction of the solar power generation facility concernedwith the specified Assets to Be Acquired.
・ “Electricity Output” states either the solar cell module capacity or the system capacity of the solar power generation facility
concerned with the specified Assets to Be Acquired according to the statement in the “Technical Report” prepared by Mitsui
Chemicals, Inc.
・ “Estimated Annual Electricity Generation” states the annual electricity generation of the solar power generation facility concernedwith the specified Assets to Be Acquired mentioned in the “Technical Report” prepared by Mitsui Chemicals, Inc. as the value
in the 50th percentile of excess probability calculated after a statistical analysis at the local meteorological office of the variation
in solar radiation for twenty years in the first, 10th and 20th years of the operation of the power plant. The value stated is rounded
down to the nearest second decimal place. Given that only figures from the first year onwards is available in the technical report
prepared by Mitsui Chemicals, Inc., figures for the first year, eleventh year, and twenty-first year in the technical report was used
for the initial year, tenth year, and twentieth year of operations, respectively. It is to be noted, however, that the 50th percentile ofexcess probability differs from the percentile of excess probability that serves as the basis of the calculation of the guaranteed
minimum rent that will be received from the lessee in accordance with the agreement on the lease of the power generation facility
and related assets with the specified Assets to Be Acquired.
・ “Estimated Facility Operation Ratio” states the estimated annual operation ratio of the solar power generation facility concernedwith the specified Assets to Be Acquired stated in the “Technical Report” prepared by Mitsui Chemicals, Inc. as the value in the50th percentile of excess probability calculated after a statistical analysis at the local meteorological office of the variation in solar
radiation for twenty years in the first, 10th and 20th years of operation of the power plant. Given that only figures from the firstyear onwards is available in the technical report prepared by Mitsui Chemicals, Inc., figures for the first year, eleventh year, andtwenty-first year in the technical report was used for the initial year, tenth year, and twentieth year of operations, respectively.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 will be received from the lessee in accordance with the agreementon the lease of the power generation facility and related assets concerned with the specified Assets to Be Acquired.
・ “Estimated Facility Operation Ratio” is shown as “Annual Electricity Generation (kWh) / (the rated capacity of the concerned solar3power generation facility (kW) x 8,760 hours) x 100”. The rated capacity used in the above formula is calculated as the maximum
output of each solar cell module multiplied by the number of panels installed. Given that only figures from the first year onwards
is available in the technical report prepared by Mitsui Chemicals, Inc., figures for the first year, eleventh year, and twenty-firstyear in the technical report was used for the initial year, tenth year, and twentieth year of operations, respectively.
・ “Platform Foundation Structure” states the structure of the foundation for the module platform in the solar power generation facility
concerned with the specified Assets to Be Acquired according to the statement in the “Technical Report” prepared by E&E
Solutions Inc.
・ “Type of Right” states the type of right to be owned by the Investment Corporation and the type of right to be acquired by thetrustee scheduled to be appointed to the solar power generation facility concerned with the specified Assets to Be Acquired.
・ “Encumbrance” states the presence or absence of encumbrance that the Investment Corporation is scheduled to bear after theacquisition of the specified Assets to Be Acquired.
・ “Operator” states the company that will serve as the operator of the specified Assets to Be Acquired as of the date of acquisition ofAssets to Be Acquired.
・ “O&M Provider” states the operator that will conclude an effective O&M agreement with respect to major O&M services as ofthe date of acquisition of the specified Assets to Be Acquired.
・ “Special Remarks” describe the rights and use of individual projects that are regarded as important as well as other matters that areconsidered significant in view of the impact on the appraised value, profitability and disposability of the specified project, inprinciple on the basis of information as of November 1, 2021.
b. “Project Characteristics”
・ “Project Characteristics” describe the basic features, characteristics and regional peculiarities and other factors of the specified
Assets to Be Acquired on the basis of the “Technical Report” prepared by Mitsui Chemicals, Inc. for “Facilities”, the “Real EstateAppraisal Report” prepared by Japan Real Estate Institute for “Location”, and the “Technical Report” prepared by E&E Solutions
Inc., the “Valuation Report” prepared by PricewaterhouseCoopers Sustainability LLC and the “Real Estate Appraisal Report”
prepared by Japan Real Estate Institute for “Meteorological conditions”, and partly on the basis of materials obtained by the AssetManager. These reports and materials merely refer to the judgments and opinions of outside specialists at a specific point in time;they do not guarantee the appropriateness and accuracy of their information. Nor do they reflect changes in circumstances after
their preparation.
c. “Electricity Generation in the Past Year”
・ “Electricity Generation in the Past Year” describes the numerical data and information, which are not processed for the accounting
audit and other procedures, in principle provided as they are without being edited by the current owner of the specified Assets to
Be Acquired. These data are provided for reference purposes only and may be incomplete or inaccurate. “Electricity Sold” states
the total volume of electricity in the specified month after the per-diem calculation of the electricity measured on the meter reading
day of the month for the simple number of days and electricity in the specified month after the per diem 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 the Investment Corporation, and the circumstances serving as aprecondition for the calculation may not be the same as those after the acquisition made by the Investment Corporation.
As a result, the electricity generation in the past year is not necessarily identical to the electricity generation in the future. It does not
ensure, guarantee or forecast the electricity generation in the future, and may differ significantly from the actual electricity
generation in the future depending on the circumstances.

4

(2) Grounds for Acquisition
The Assets to Be Acquired are renewable energy generation projects and trust beneficiary interests where the principle underlying
assets are renewable energy projects which comply with the target and policy for asset management prescribed in the articles ofincorporation of the Investment Corporation. The acquisition of these Assets to Be Acquired is aimed at expanding the scale of theassets of the Investment Corporation.

5(3) Summary of Specific Projects
S-39

LS Kagoshima Kanoya

Category

Solar power generation facility, etc.

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

Assessed Value of Power Plant(as-of date)

Lease of renewable energy power generation facility and surface rights
Type of Renewable Energy Power
December 1, 2021
Generation Facility
Power Generation
Operator (Note)
390,000,000 yen
Purchasing Electric
Utilities Operator
350,000,000 yen
Outline ofSpecific
Contract- 399,000,000 yen(August 31, 2021)

Kyushu Electric Power
Co., Ltd.
40 yen/kWh

Expiration Date ofSupply Receipt Period

The date on which theprocurement period
specified by the Ministerof Economy, Trade andIndustry based on the
Renewable Energy Act

21,900,000 yen(August 31, 2021)

Location

Aza-Tatsubami, Kushira-cho Arisato, Kanoya City, Kagoshima Prefecture
Lot Number

7417-15 and other (13 lots)

Panel Type

Polycrystalline silicon

Use District

Non-delineated city planning area

Panel Output

1,172.08kW

Area

19,710m2

Number of Panels

4,508

Type of Right

Surface rights

Panel Manufacturer

JINKO Solar Japan Co.,

PCS Manufacturer

SMA Japan Co., Ltd.
OMRON FIELDENGINEERING CO.,LTD.

Approval Date

Supply Start Date

January 28, 2013

EPC Operator

Facility

June 20, 2014

Facility
Remaining
Procurement Period

Encumbrance

Leben Solar 1 G.K.

FIT Price

Appraised Value of Land(as-of date)

Land

Solar power generation
facility

12 years and 6 months

Electricity Output

1,000.00kW

Estimated
AnnualElectricity
Generation
Estimated
Facility
Operation
Ratio

Year 1

1,340.20MWh

Year 10

1,271.85MWh

Year 20
Year 1
Year 10

1,186.07MWh
13.05%
12.39%

Year 20

11.55%

Expiration Date ofProcurement Period

June 19, 2034

Platform Foundation
Structure

Screw type pilefoundation

Procurement Price

40 yen/kWh

Type of Right

Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Energy O&M Inc.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The otherrisks, such as the business risk, the risk of market and economic conditions and demand change, theState of Compliance with Risk Control Policy
risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, the risk ofinstitutional changes and the other risks apply. The project will be operated in compliance with thecontrol policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community
Public Traits of Project- 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

6

Special Remarks
・For the land of this project, surface rights were established and registered with the landowner (an individual) as surface rights grantor, and Takara
Leben Co., Ltd. as surface rights owner. The superficies agreement after the acquisition by the Investment Corporation is outlined as follows:(Outline of superficies agreement)
Surface rights grantor: IndividualSurface rights owner: The Investment Corporation
Duration: 21 years starting from December 24, 2013
Rent: Undisclosed as the surface rights grantor’s consent has not been obtained
Rent revision: None
Security deposit: None
Agreement renewal: One year before the expiry of the term, the agreement may be extended for one year from the expiry date upon consultation
between the surface rights grantor and surface rights owner. The same shall apply hereinafter.
Interim cancellation: Surface rights owner may terminate the agreement upon notice to the surface rights grantor in the event that (i) establishment of aworkpiece by a third party that adversely impacts the solar irradiance and daylight hours of the project land, (ii) regulatory changes thatwill significant adversely impact the solar power generation business, or (iii) occurrence of an act of God, natural disaster, riot or any
other event not attributable to the surface rights owner and the surface rights grantor, or that all or a portion of the solar power businesscannot be conducted due to changes to regulations on financing of solar power generation facilities and business.
Priority acquisition right: None
Consent to transfer: See below
・Although boundary lines between this project and other adjoining parcels of land are not confirmed in writing, there is no dispute etc. with the ownersof such adjoining parcels of land as of the date of today.
・The utility pole equipment on the utility pole located on the northwest side of this project crosses the border from the northwest side of this project. As
there is no impact on the power generation business, such boundary crossing are left untouched.
・Power transmission lines pass over the north side of this project. The power generation business is not affected by the passage of such transmission
lines, such transmission line passing over are left untouched.
・Under the superficies agreement for the surface rights that constitute this project, the surface rights owner is required to obtain the prior consent of thesurface rights grantor in principle upon the transfer of surface rights and the status of the surface rights owner. Regarding the transfer of the surface
rights and the status of the surface rights owner to the Investment Corporation, the approval of the surface rights grantors has been obtained.
(Note) Although application for certification of change in the power generation business in connection with the transfer of the power generation business has not been completed as of today,
the application is scheduled to be done to Minister of Economy, Trade and Industry at the lease start date of renewable energy power generation facility for the project (as of today, it isscheduled to be December 1, 2021) and “Power Generation Operator” represents the operator after the acquisition of certification of change.

Project Characteristics■ Project Characteristics<Location>
The project is in Kanoya City, Kagoshima Prefecture. The project is located about 23 km (road distance) west of JR Nichinan Line “Shibushi” Station
and about 2.0 km to Osumi Jyukando “Higashihara” IC.
<Weather Conditions>
Kanoya, the nearby weather station, has annual daylight hours of 1,961.7 hours, which is longer than the national average of 1,896.5 hours. Given that
altitude is approximately 70 m and the project is located on hilly terrain approximately 10 km from the coastline, we predict there will be no salt corrosion
as the solar power generation equipment is far from the sea.
<Facilities>
Panels were manufactured by JINKO Solar Japan Co., and power conditioners were manufactured by SMA Japan Co., Ltd.

Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2020
To: August 31, 2021
For September 2020

For October 2020

For November 2020

For December 2020

59,760kWh

51,840kWh70,320kWh

77,520kWh

For January 2021

For February 2021

For March 2021

For April 2021

85,440kWh90,960kWh

103,459kWh

110,585kWh

For May 2021

For June 2021

For July 2021

For August 2021

102,475kWh

101,352kWh

128,729kWh

118,685kWh

7

S-40

LS Miyagi Osato 2

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project

Appraised Value of Land(as-of date)Renewable energy power generation facility, real estate, surface rights
Type of Renewable Energy Power
December 1, 2021
Generation Facility
Power Generation
Operator(Note)
894,000,000 yen
Purchasing Electric
Utilities Operator
Outline of
783,000,000 yen
Specific- 926,000,000 yen
FIT Price
Contract(August 31, 2021)
Expiration Date of
111,000,000 yen
Supply Receipt(August 31, 2021)
PeriodLocation

Aza-Kamidorohatahigashizawa, Ohsatocho Ohmatsuzawa, Kurokawa District, Miyagi Prefecture

Scheduled acquisition date

Expected acquisition price

Assessed Value of Power Plant(as-of date)Land

Leben Solar 1 G.K.
Tohoku Electric Power
Network Co., Inc.
36 yen/kWh
The end of thecontracted period from(and including) January
18, 2019

Lot Number

10-2 and other (10 lots)

Panel Type

Monocrystalline silicon

Use District

Outside the city planning area

Panel Output

2,231.10kW

Area

41,635 ㎡

Number of Panels

6,660

Type of Right

Ownership and surface rights

Panel Manufacturer

Approval Date

February 26, 2014

EPC Operator

AblyTek Japan Co., Ltd.
SUNGROW JAPANK.K.
Medea Inc.

Electricity Output

1,999.00kW

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

2,406.54MWh

Supply Start Date

PCS Manufacturer

Facility

January 18, 2019

Facility
Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price
Encumbrance

Solar power generation
facility

17 years and 1 months
January 17, 2039
36 yen/kWh

2,281.40MWh
2,105.72MWh
12.31%
11.67%
10.77%

Screw pile foundation
Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Energy O&M Inc.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
State of Compliance with Risk Control Policy
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community
Public Traits of Project- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
・For a portion of the land of this project, surface rights were established and registered with the landowner (an individual) as surface rights grantor,
and Takara Leben Co., Ltd. as surface rights owner. The superficies agreement after the acquisition by the Investment Corporation is outlined asfollows:8

(Outline of superficies agreement)
Surface rights grantor: IndividualSurface rights owner: The Investment Corporation
Duration: July 31, 2020 ~ February 1, 2040
Rent: Undisclosed as the surface rights grantor’s consent has not been obtained
Rent revision: None
Security deposit: None
Agreement renewal: The surface rights owner may request the surface rights grantor in writing for the renewal of the agreement at least 90 days prior
to the expiration for a period of 5 years on the same terms and conditions. Upon receipt of such request, the surface rights grantor shallimmediately respond to the surface rights owner concerning the renewal.
Interim cancellation: None
Priority acquisition right: None
Consent to transfer: None
・A portion of the land serves as a pathway to a pond on the north side of the site for use by a third party.
・A portion of the gutter existing on the project is crossing the boundary to the adjacent property in the southwest. A memorandum of such boundary
crossing is concluded with the owners of such adjoining parcels of land.
・A gutter existing on the project is crossing the boundary into the adjacent southwest road. Concerning this encroachment, Osato City responded thatno new permit is required for the encroaching portion of the land given that prior permission was granted to build the gutter.
・A drainpipe existing on the project is crossing the boundary into the adjacent parcel in the south. This encroaching is left behind because the owner ofthe drainpipe is unknown, this drainpipe is not a component of the power generation facility and there is no dispute with the adjoining parcel owner as
no request to demolish it has been submitted.
・The roof and concrete pavement of the adjacent residential property is crossing the southern boundary. A memorandum of such boundary crossing is
concluded with the owner of such adjoining parcel of land.
・Solar panels are under a manufacturer’s warranty by the manufacturer in Japan. According to the survey conducted by the Asset Manager and theoral hearing by the Asset Manager from a private credit research company, and taking into consideration the status of the relevant manufacturer, etc.,
the Investment Corporation recognizes that the manufacturer's warranty is practically unavailable for the panels that constitute this property(Note) Although application for certification of change in the power generation business in connection with the transfer of the power generation business has not been completed as of today,
the application is scheduled to be done to Minister of Economy, Trade and Industry at the lease start date of renewable energy power generation facility for the project (as of today, it isscheduled to be December 1, 2021) and “Power Generation Operator” represents the operator after the acquisition of certification of change.

Project Characteristics■ Project Characteristics<Location>
This project is in Osato-cho, Kurokawa-gun, Miyagi Prefecture. The project is located about 11.5 km (road distance) south of JR Rikuutousen Line
“Furukawa” station, and about 3.9 km to Tohoku Expressway “Sanhongi Smart” IC.
<Weather Conditions>
Ohira, the nearby weather station, has annual daylight hours of 1,724.8 hours, which is shorter than the national average of 1,896.5 hours. Given that
altitude is approximately 40 m and the project is located on hilly terrain approximately 15 km from the coastline, we predict there will be no salt
corrosion as the solar power generation equipment is far from the sea.
<Facilities>
Panels were manufactured by AblyTek Japan Co., Ltd. and the power conditioners were manufactured by SUNGROW JAPAN K.K.
Electricity Generation in the Past Year
PeriodElectricity Sold

S-41

From: September 1, 2020
To: August 31, 2021
For September 2020

For October 2020

For November 2020

For December 2020

180,046kWh

159,472kWh

133,899kWh

70,060kWh

For January 2021

For February 2021

For March 2021

For April 2021

53,286kWh

149,725kWh

262,244kWh

288,102kWh

For May 2021

For June 2021

For July 2021

For August 2021

299,393kWh

269,227kWh

226,573kWh

220,351kWh

LS Okayama Tsuyama 1, 2 & 3

Category

9

Solar power generation facility, etc.

Project Overview
Type of Specific Project

Trust beneficiary interest

Trust property

Renewable energy power generation facility, surface rights

Trustee

SMBC Trust Bank Ltd.

Scheduled acquisition date

December 1, 2021

Expected acquisition price2,650,000,000 yen

Trust period dateNovember 30, 2041
Type of Renewable Energy Power
Solar power generation
Generation Facility
facility
Power Generation
LS Okayama Tsuyama
Operator
G.K.
(Note)

Outline ofSpecific
Contract

Purchasing Electric
Utilities Operator

Company,Incorporated

Assessed Value of Power Plant(as-of date)

2,343,000,000 yen- 2,819,000,000 yen(August 31, 2021)

Appraised Value of Land(as-of date)

184,000,000 yen(August 31, 2021)

Location

Aza-Ondoshima, Toshima, Tsuyama City, Okayama PrefectureLand

FIT Price

36 yen/kWh

Expiration Date ofSupply Receipt
PeriodThe end of thecontracted period from(and including) July 1,
2020

Lot Number

859 and others (65 lots)

Panel TypeUse District

Non-delineated city planning area

Panel Output

Area

99,807.43 ㎡

Number of Panels

Type of Right

Surface rights

Panel Manufacturer(1): February 25, 2014(2): February 25, 2014(3): March 20, 2014

PCS Manufacturer

Approval Date

EPC Operator
Facility

Supply Start Date

July 1, 2020

Facility

Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price
Encumbrance

18 years and 7 months
June 30, 2040
36 yen/kWh

Chugoku ElectricPower Transmission& Distribution(1): Monocrystalline
silicon(2): CIS(3): CIS
6,477.74kW
29,044
Panasonic Corporation
Solar Frontier K.K.
Toshiba Mitsubishi
Electric Industrial
Systems Co., Ltd.
KINDENCORPORATIONElectricity Output

4,850.00kW

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

7,946.97MWh
7,382.73MWh
6,675.45MWh
14.00%
13.01%
11.76%
Pile foundation
Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Develop Co., Ltd.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
State of Compliance with Risk Control Policy
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk andthe risk of institutional changes apply. The property will be operated in compliance with the control
policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
Public Traits of Projectand increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuels10from overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
・For the land of this project, surface rights were established and registered with the landowner (a corporation) as surface rights grantor, and Takara
Leben Co., Ltd. as surface rights owner. The superficies agreement after the acquisition by the Investment Corporation is outlined as follows:(Outline of superficies agreement)
Surface rights grantor: Corporation
Surface rights owner: Trustee
Duration: January 20, 2020 ~ July 1, 2045 (establishment date of a portion of the land is on a different date but the expiry date is July 1, 2045)
Rent: Undisclosed as the surface rights grantor’s consent has not been obtained
Rent revision: None
Security deposit: None
Agreement renewal: Surface rights owner may request the surface rights grantor in writing for the renewal of the agreement at least 90 days prior to
the expiry date. In the absence of response within 30 days of submitting the request, the grantor shall be deemed to have accepted such
request.
Interim Cancellation: In the event that (i) the solar power generation facility is lost or materially damaged (i.e. any occurrence of an act of God,natural disaster, riot or any other event) through no fault of the surface rights owner, (ii) the economic rationale for the solar power
generation project is lost due to the enactment or revision of the Renewable Energy Special Measures Law or other laws andregulations, changes in economic conditions, or a decrease in the generation capacity of the solar power generation facility caused byenvironmental changes in the vicinity of the land, etc. or (iii) the necessary permits and licenses to carry out the solar power generation
project could not be obtained or was rescinded, etc., or that the electricity generated by the solar power generation facility is no longer
procured by the electric utility due to opposition movements by neighbors or various organizations, etc., or due to instructions from thegovernment authorities or other reasons not attributable to the owner of the surface rights owner or the surface rights owner, theagreement may be terminated without incurring penalties by making a written request to the surface rights grantor one month prior to
expiry.
Priority acquisition right: None・Although some boundary lines between this project and other adjoining parcels of land are not confirmed in the presence of the owners and in writing,there is no dispute etc. with the owners of such adjoining parcels of land as of today.
・A discharge pipe and box culvert existing on this project is crossing the east side boundary. The permission has been obtained under the O&M’s namefrom Tsuyama City to occupy the encroached space. This permit is automatically renewed until the operator submits a notice to discontinue operations.
・The solar power generation facility, fence and underground piping of this project is crossing the southern boundary. The permission has been obtained
under the O&M’s name from Kagamino-cho to occupy the encroached space consisting of the road and non-classified river zone.
・The fence existing on this project is crossing the southern boundary. The investment Corporation has obtained a permit from Tsuyama City to occupy
the road, the river and the waterway regarding the encroached space.
・The retaining wall on the road of the southeast side of the property is crossing the boundary of this project. However, no action is being taken as it does
not impact the power generation business.
・The stone and wooden enclosure existing on the road of the east side of the property is crossing the boundary of this project. However, no action is
being taken as it does not impact the power generation business.
・A portion of the ditch existing on the southeast side is crossing the boundary of this project. However, no action is being taken as it does not impact
the power generation business.
(Note) Although application for certification of (i) change in the power generation business in connection with the transfer of the power generation business and (ii) addition and/or deletionof the business sites has not been completed as of today, the application is scheduled to be done to Minister of Economy, Trade and Industry after the lease start date of renewable energy
power generation facility for the project (as of today, it is scheduled to be December 1, 2021) and “Power Generation Operator” represents the operator after the acquisition of certificationof change.

Project Characteristics■ Project Characteristics<Location>
This project is located in Tsuyama City, Okayama prefecture. The project is located about 2 km (road distance) northeast of JR Kishin Line “Innoshou”
station, and about 1.2km (road distance) to Chugoku Expressway “Innoshou” IC.
<Weather Conditions>
Tsuyama, the nearby weather station, has annual daylight hours of 1,779 hours, which is shorter than the national average of 1,896.5 hours. The wind is
not strong, and we believe that there are no particular factors that impede the implementation of solar power generation under these weather conditions.
<Facilities>
Panels were manufactured by Panasonic Corporation and Solar Frontier K.K. and the power conditioners were manufactured by Toshiba Mitsubishi
Electric Industrial Systems Co., Ltd.

11

Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2020
To: August 31, 2021
For September 2020

For October 2020

For November 2020

For December 2020

739,032kWh

651,304kWh

597,929kWh

502,688kWh

For January 2021

For February 2021

For March 2021

For April 2021

518,751kWh

597,835kWh

740,325kWh

802,717kWh

For May 2021

For June 2021

For July 2021

For August 2021

765,731kWh

750,988kWh

733,209kWh

698,718 kWh

12

S-42

LS Chiba Katsuura

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project

Trust beneficiary interest, real estate, surface rights (Note 1)

Trust property

Renewable energy power generation facility

TrusteeNovember 30, 2041 (Following
business day if this date is a nonbusiness day. If the following
Trust period datebusiness day falls on a day of thesubsequent month, then thebusiness day immediately prior
day)
Type of Renewable Energy Power
Solar power generation
Generation Facility
facility
Power Generation
Katuura Okitsu Solar
Operator (Note 2)
G.K.
Purchasing Electric
TEPCO Power Grid,
Utilities Operator
Incorporated
Outline ofSpecific
FIT Price
36 yen/kWh
Contract
The day before theExpiration Date ofmeter inspection day
Supply Receipt
after 240 months from
PeriodMarch 31, 2020

Shinsei Trust & Banking Co., Ltd.

Scheduled acquisition date

December 1, 2021

Expected acquisition price

14,466,200,000 yen

Assessed Value of Power Plant(as-of date)

13,472,000,000yen- 16,209,000,000 yen(August 31, 2021)

Appraised Value of Land(as-of date)

3,300,000,000 yen(August 31, 2021)

LocationAza-tsunotsuki, Hamanamegawa, Katsuura City, Chiba Prefecture
Lot Number

1232 and others (773 lots)

Panel Type

Monocrystalline silicon

Use District

Non-delineated city planning area

Panel Output

30,636.00kWArea

1,215,529.07 ㎡

Number of Panels

82,800Type of Right

Ownership and surface rights

Panel Manufacturer

JA Solar Co., Ltd
Huawei Technologies
Co., Ltd
DAIWA
HOUSE
INDUSTRY CO.,
LTD.

Land

PCS Manufacturer
Approval Date

March 31, 2014
EPC Operator
Facility

Supply Start Date

November 20, 2020

Facility

Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price
Encumbrance

18 years and 3 months
March 30, 2040
36 yen/kWh

Electricity Output

25,004.00kW

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

39,992.59M MWh
37,952.97MWh
35,393.44MWh
14.90%
14.14%
13.19%
Screw pile foundation
Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Energy O&M Inc.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
State of Compliance with Risk Control Policy
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks.
Public Traits of Project- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of the13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 fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
・For a portion of the land of this project, surface rights were established and registered with landowners (multiple individuals or a corporation) as
surface rights grantor, and Katsuura Okitsu Solar G.K. as surface rights owner. The superficies agreement after the acquisition by the Investment
Corporation is outlined as follows:(Outline of superficies agreement)
Surface rights grantor: Multiple individuals or a corporation
Surface rights owner: The Investment Corporation
Duration: 24 years from the date of establishment of the surface rights for each land from November 28 2016 to October 15 2018
Rent: Undisclosed as the surface rights grantor’s consent has not been obtained
Rent revision: None
Security deposit: None
Agreement renewal: Unless either party submits a written notice to the opposing party to terminate no later than one year or six months prior to
expiry, the agreement is renewed for one year from the following day of the expiry date.
Mid-term cancellation: If the surface rights owner or any successor of the surface rights is unable to perform all or a part of the agreement due tonatural disasters or any other event, all or a part of the agreement can be terminated.
Priority acquisition right: In the event that the surface rights grantor intends to transfer the land, the surface rights owner has preferential negotiationrights over a third party.
・For a portion of the land of this project, surface rights were established and registered with Katsuura City as surface rights grantor, and Katsuura Okitsu
Solar G.K. as surface rights owner. The superficies agreement after the acquisition by the Investment Corporation is outlined as follows:(Outline of superficies agreement)
Surface rights grantor: Katsuura City
Surface rights owner: The Investment Corporation
Duration: 24 years starting from November 12, 2018
Rent: Undisclosed as the surface rights grantor’s consent has not been obtained
Rent revision: Annual rent is revised upon mutual consultation between grantor and owner if both parties deem that the contracted annual rent rate isunreasonable due to changes in economic conditions and other factors.
Security deposit: Undisclosed as the surface rights grantor’s consent has not been obtained.
Agreement renewal: Duration of the surface rights can be extended under the same terms and conditions if the surface rights grantor approves such
request submitted by the surface rights owner no later than six months prior to the surface rights expiry date. After such extension,
however, any motion to amend rent rates requires approval by both parties.
Interim cancellation: Interim cancellation requires a one-month advance written notice from the surface rights owner to the surface rights grantor aswell as a pre-payment of the annual rent within ten days of submitting said notice. In accordance with item 4 of paragraph 5 of Article
238 of the Local Autonomy Law, the surface rights grantor may terminate the agreement if the project is used for public purposes by thestate, prefecture or local governments.
Priority acquisition right: None
Consent to transfer: Unless approved by the surface rights grantor after submitting a written notice, the surface rights, surface rights title, or any of thelegal rights in connection with the surface rights cannot be transferred to a third party, pledged as collateral, or any other transfer isprohibited. The surface rights grantor has approved the transfer of surface rights and title to the Investment Corporation.
・There are some solar panels installed near the waterway and side-road that exists on a portion of the land. Katsuura Okitsu Solar G.K. obtained
permission from Katsuura City to occupy this portion of the land from August 13, 2018 to March 31, 2023. Also, the Investment Corporation hasreceived approval from Katsuura City to succeed the aforementioned permit in exchange that the sales and purchase agreement of trust beneficiaryinterests between the Investment Corporation and Katsuura Okitsu Solar G.K. will be executed. Once the acquisition of the project is completed, theInvestment Corporation plans to apply to become the title-holder of the permit. Outline of the permit is as follows:(Outline of permit)
Right grantor: Katsuura City
Grantee: The Investment Corporation
Duration: August 13, 2018 ~ March 31, 2023/Undecided
Payment: Undisclosed as grantors consent was not obtained.
Revision of Occupation Fees: If the amount of an occupation fee is revised as a result of an amendment to an applicable ordinance, the amount of theoccupation fee shall be the revised amount.
Renewal of Permission: Loss of possessory Title upon expiration of occupation permission. However, except for cases where there is a violation oflaws and regulations and the conditions of the occupation permission during the period until November 11, 2042, if an application for renewal of thepermission is made within the said period, the occupation permission shall be granted under the same conditions.
Rescission of permission: Rescission of permission when there is a public need, when the management of the facility is not good, or when theconditions of permission are violated.

14

・As of today, there has been no dispute with the owner of the adjacent land, although the boundary between the property and the adjacent land has notbeen witnessed or confirmed in writing.
・The cross-channel construction, pressure-resistant polyethylene pipe, gravity retaining wall, safety pipe, and discharge basin of the property cross thenorth side waterway. We have obtained permission for occupancy from the mayor of Katsuura City regarding the use of such boundary crossing.
・The discharge pipe, discharge basin and box culvert of the property cross the north road from the property. We have obtained permission for occupancy
from the mayor of Katsuura City regarding the use of such boundary crossing.
(Note 1) After Katsuura Okitsu Solar G.K. transfers the solar power generation facility of the property in trust, the Investment Corporation is scheduled to acquire the trust beneficiary interestin the power generation facility from Katsuura Okitsu Solar G.K., as well as the ownership and surface rights of the land of the property from Katsuura Okitsu Solar G.K..
(Note 2) Although application for certification of deletion of business sites has not been completed as of the date of this document, the application is scheduled to be done to Minister of
Economy, Trade and Industry after the date of acquisition.

Project Characteristics■Project Characteristics<Location>
The project is in Katsuura City, Chiba Prefecture. The project is located about 3.0k m (road distance) northwest of JR Sotobo Line “Namegawa island”
station and about 32.9 km to Ken-O Expressway “Ichihara Tsurumai” IC.
<Weather Conditions>
The weather station (Kamogawa) near the power plant has annual daylight hours of 2,053.4 hours, which is nearly equivalent to the national average of
1,896.5 hours. Given that winds are not strong, we believe that there are no particular factors that impede the implementation of solar power generation
under these weather conditions.
<Facilities>
Panels were manufactured by JA Solar JAPAN Co., Ltd and the power conditioners were manufactured by Huawei Technologies Co., Ltd.
Electricity Generation in the Past Year
PeriodElectricity Sold (Note)

From: September 1, 2020
To: August 31, 2021
For September 2020

For October 2020

For November 2020

For December 2020--

798,900kWh

2,122,440kWh

For January 2021

For February 2021

For March 2021

For April 2021

2,423,700kWh

3,365,340kWh

3,669,720kWh

4,491,780kWh

For May 2021

For June 2021

For July 2021

For August 2020

3,952,740kWh

4,105,320kWh

4,265,280kWh

3,911,340kWh(Note) Actual figures from November 20, 2020, the date of commencement of supply, are shown.

15

(4) Outline of Leases
For each of the Assets to Be Acquired, the following describes the details of the lease agreement of the power
generation facility and related assets that will be effective as of each scheduled date of acquisition.
The sections on Lessee, Lease Period, Rent, Security Deposit, Renewal at Time of Expiration, Rent Revision, Early
Termination, Penalty and Method of Agreement Renewal include the terms and conditions of the lease agreement of
the power generation facility and related assets that will be effective as of each scheduled date of acquisition of theAssets to Be Acquired. Guaranteed Minimum Rent represents the total of the guaranteed minimum amount of monthly
rent stipulated in the lease agreement of the power generation facility and related assets for each year from the startdate of the lease.
S-39

LS Kagoshima Kanoya

LesseeLease Period

Rent

Security
Deposit

Leben Solar 1 G.K.
From December 1, 2021 to November 30, 2041
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be the amount that the estimated revenue of electricity sales foreach month after the following processing, exclusive of consumption tax and local consumption tax. The
guaranteed minimum rent for any period of less than one month shall be calculated on a per diem basis, and any
fraction of less than one yen shall be disregarded. However, the calculation of the security deposit shall use theamount of the guaranteed minimum rent exclusive of consumption tax and local consumption tax. The 75th
percentile of excess probability of estimated electricity generation shall be the standard percentile on the basisof which the guaranteed minimum rent is calculated.
(1) The amount calculated by multiplying the amount of actual electricity revenue sales for the month by
1.4/100 (fractions of less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year end (the ending day of the business period) of each businessperiod (from June 1 to the end of November of each year and from December 1 to the end of May of thefollowing year), if the amount of business tax imposed on the lessee for such business period exceeds thesum of the amounts deducted under the preceding subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposedon the lessee for that business period shall be deducted.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall becalculated using the formula shown below. Any fraction of less than one yen generated in the calculation shallbe disregarded.
(1) If the actual revenue of power sales (x) equals to or does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of the said
month.
(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the security
interest holder or the holder of the transferred security interest in connection with the security interest set
on the insurance benefit claim right of the lessee) under the business interruption insurance policy withthe lessee as the insured to cover the lost interest for the month in association with the equipment (thesolar power generation facility which the lessee rents, including the incidental substation facility andother related facilities), and to cover the expenses for preventing a decrease in revenue.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above, theactual revenue of power sales for the month calculated in accordance with the substance of 3 above and theestimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility, as defined under the
Securities Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as being a person to be incharge of making decisions on matters concerning the management of the Facility) for any fiscal period during thelease period becoming negative, the lessee shall provide the lessor under the lease agreement with an amount16

Renewal at
Time of
Expiration

Rent Revision

Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent (Note)equivalent to one quarter of the guaranteed minimum rent (rounded down to the nearest yen) for one calendar year
under which the fiscal period falls as a security deposit for the purpose of securing all liabilities of the lessee to thelessor pursuant to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as a resultof the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed asa result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the rent
based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2031
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2031 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date shallhave no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5

48,917,995 yen

48,664,268 yen

48,366,594 yen

48,033,239 yen

47,706,669 yen

Year 6

Year 7

Year 8Year 9Year 1047,351,481 yen

47,018,129 yen

46,691,638 yen

46,358,327 yen

46,053,749 yen

Year 11

Year 12

Year 13

Year 14

Year 1545,727,299 yen

45,394,027 yen

28,570,036 yen

8,956,996 yen

8,891,704 yen

Year 16

Year 17

Year 18

Year 19

Year 20

8,825,050 yen

8,764,144 yen

8,703,428 yen

8,643,132 yen

8,583,258 yen

17(Note) The figure is calculated by subtracting the amount multiplied by 1.4% of the expected value of actual revenue of power sales based on the 50th percentile ofexcess probability of estimated electricity generation from the estimated revenue of electricity sales. The guaranteed minimum rent that the Investment
Corporation can actually obtain is the rent obtained by performing the calculation described in “Rent” of “Outline of Leases” above.

S-40

LS Miyagi Osato 2

LesseeLease Period

Rent

Leben Solar 1 G.K.
From December 1, 2021 to November 30, 2041
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1.
The guaranteed minimum monthly rent shall be the amount that the estimated revenue of electricity sales
for each month. Provided, however, that if the actual revenue of power sales is reduced and falls below
the estimated revenue of electricity sales due to output suppression, the guaranteed minimum monthly
rent shall be the amount remaining after deducting from the estimated power sales amount the amountcalculated using the formula defined below (i.e., the reduced amount due to output suppression
implemented for such; hereinafter referred to as the “Uncompensated Adjusted Amount for Output
Suppression”, excluding consumption tax and local consumption tax) after the following processing. The
guaranteed minimum rent for any period of less than one month shall be calculated on a per diem basis,
and any fraction of less than one yen shall be disregarded. However, the calculation of the security deposit
shall use the amount of the guaranteed minimum rent exclusive of consumption tax and local
consumption tax. The 75th percentile of excess probability of estimate electricity generation shall be thestandard percentile on the basis of which the estimated power sales amount is calculated. Also, theestimated power sales amount is calculated based on the estimated amount of sold power calculated
without taking into consideration the output suppression not to be compensated.
As specified above, the “Uncompensated Adjusted Amount for Output Suppression” means either of theamounts calculated for each month using the formula set out in (a) or (b) below (excluding consumption
tax and local consumption tax), whichever is lower. Any fraction of less than one yen generated in thecalculation shall be disregarded.
(a) Estimated power sales amount － actual revenue of power sales(b) Estimated power sales amount at the time of implementation of output suppression
As used in the above, the “estimated power sales amount at the time of implementation of output suppression”
means the amount calculated using the following formula for such month.
(Estimated power sales amount at the time of implementation of output suppression) ＝ (Estimated power
generation amount at the time of implementation of output suppression) × ( Procurement price)(Estimated power generation amount at the time of implementation of output suppression) ＝ (Estimatedmaximum DC power generation after considering temperature) × (Loss items (except for temperaturecompensation) in the “Technical Report”)(Estimated maximum DC power generation after considering temperature) ＝ (Estimated maximum DC power
generation) × (temperature measurement)(Estimated maximum DC power generation) ＝ (Solar radiation in 1-minute values obtained from monitoring
equipment) ×(Total output (DC-based))(temperature measurement (Source: JIS8907)) ＝ (1 - Pmaxα × (temperature + 18.4 - 25) ÷ 100)In the event that “estimated power sales amount at the time of implementation of output suppression” cannot
be calculated using the above formula due to a failure of the equipment, etc., it means the amountcalculated using the following formula for such month.
(Estimated power sales amount at the time of implementation of output suppression) ＝ (Estimated power
generation amount at the time of implementation of output suppression) × (Procurement Price)(Estimated power generation amount at the time of implementation of output suppression) ＝ (Time of output
suppression implemented for such month (minutes)) × (Estimated power generation amount per minutefor the relevant month)(Estimated power generation amount per minute for the relevant month) ＝ (Estimated power generation
amount of such month) ÷ (Hours of sunlight of such month (minutes) specified in the end of theattachment) (Average year value of hours of sunlight stated as weather data of Ohira)(1) The amount calculated by multiplying the amount of actual electricity sales revenue for the month by
1.4/100 (fractions of less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year end (the ending day of the business period) of each businessperiod (the term from June 1 to the end of November of each year and December 1 to the end of May of
the following year), if the amount of business tax imposed on the lessee for such business period exceeds
the sum of the amounts deducted under the preceding subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposedon the lessee for that business period shall be deducted.
2.
The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax,

18

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum Rent
(Note)

shall be calculated using the formula shown below. Any fraction of less than one yen generated in thecalculation shall be disregarded.
(1) If the actual revenue of power sales (x) equals to or does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z”
is the amount (if any) received by the lessee during said month for wholesale supply to electric power
retailers.
3.
As used in 2 above, the actual revenue of power sales for each month refers to the sum of the charge
based on the total of the electricity volume for the month calculated on a per diem basis from the volume
measured on the meter reading date of such month and that for the following month calculated on a perdiem basis from the volume measured on the meter reading date of said month plus the following
amounts.
(1) The amount of compensation for output suppression during the month(2) The amount of insurance proceeds to be received by the lessee under a profit insurance policy insuring
the lessee as an insured, as lost profits and prevention of diminution of earnings for such month in respectof the equipment (the solar power generation facility which the lessee rents, including the incidental
substation facility and other related facilities) (including the amount to be received by the security interest
holder or sub-security holder in respect of a security interest established by the lessee over such insurance
claim.
4.
For calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual revenue of power sales for the month calculated in accordance with the substance of 3 above and theestimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility, as defined under the
Securities Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as being a person to be incharge of making decisions on matters concerning the management of the Facility) for any fiscal period during thelease period becoming negative, the lessee shall provide the lessor under the lease agreement with an amountequivalent to one quarter of the guaranteed minimum rent (rounded down to the nearest yen) for one calendar year
under which the fiscal period falls as a security deposit for the purpose of securing all liabilities of the lessee to thelessor pursuant to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as a resultof the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed asa result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the rent
based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2031
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2031 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date or
earlier shall have no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 580,553,321 yen

80,144,631 yen

79,735,869 yen

79,327,140 yen

78,994,006 yen

Year 6

Year 7

Year 8Year 9Year 10

78,591,380 yen

78,182,616 yen

77,546,926 yen

76,968,634 yen

76,320,746 yen

Year 11

Year 12

Year 13

Year 14

Year 1575,742,345 yen

75,094,562 yen

74,516,199 yen

73,943,901 yen

73,296,044 yen

Year 16

Year 17

Year 18

Year 19

Year 2019

72,717,756 yen

72,145,386 yen

19,234,168 yen

15,777,997 yen

15,650,837 yen(Note) The figure is calculated by subtracting the amount multiplied by 1.4% of the expected value of actual revenue of power sales based on the 50th percentile of excess probability of
estimated electricity generation from the estimated revenue of electricity sales. The guaranteed minimum rent that the Investment Corporation can actually obtain is the rent obtained by performing
the calculation described in “Rent” of “Outline of Leases” above.

S-41

LS Okayama Tsuyama 1, 2 & 3

LesseeLease Period

Rent

Security Deposit

Renewal at Timeof Expiration

Rent Revision

LS Okayama Tsuyama G.K.
From December 1, 2021 to November 30, 2041
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be the amount that the estimated revenue of electricity sales for each month specified
in the end of the attachment after the following processing, exclusive of consumption tax and local consumption
tax. The guaranteed minimum rent for any period of less than one month shall be calculated on a per diem basis, and any fractionof less than one yen shall be disregarded. However, the calculation of the security deposit shall use the amount of the guaranteed
minimum rent exclusive of consumption tax and local consumption tax. The 75th percentile of excess probability of estimatedelectricity generation shall be the standard percentile on the basis of which the guaranteed minimum rent is calculated.
(1) The amount calculated by multiplying the amount of actual electricity sales revenue for the month by 1.4/100 (fractionsof less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year end (the ending day of the business period) of each business period (fromJune 1 to the end of November of each year and December 1 to the end of May of the following year), if the amount ofbusiness tax imposed on the lessee for such business period exceeds the sum of the amounts deducted under the preceding
subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposed on the lessee
for that business period shall be deducted.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall be calculated using
the formula shown below. Any fraction of less than one yen generated in the calculation shall be disregarded.
(1) If the actual revenue of power sales (x) equals to or does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales for the monthconcerned, “y” is the estimated electricity sales revenue for the month concerned specified in the end of the attachment,
and “z” is the amount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding the following
amounts to the charge based on the total of the electricity volume for the month calculated on a per diem basis from the volume
measured on the meter reading date of the month concerned and that for the following month calculated on a per diem basis fromthe volume measured on the meter reading date of the said month:(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the security interest holder
or the holder of the transferred security interest in connection with the security interest set on the insurance benefit claim
right of the lessee) under the business interruption insurance policy with the lessee as the insured to cover the lost interestfor the month in association with the equipment (the solar power generation facility which the lessee rents, including theincidental substation facility and other related facilities), and to cover the expenses for preventing a decrease in revenue.
4.
For calculating the performance-linked rent for a period of less than one month in accordance with 2 above, the actual
revenue of power sales for the month calculated in accordance with the substance of 3 above and the estimated powersales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement of income for any
fiscal period during the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility, as defined under the Securities
Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as being a person to be in charge of making decisions
on matters concerning the management of the Facility) period becoming negative, the lessee shall provide the lessor under the leaseagreement with an amount equivalent to one quarter of the guaranteed minimum rent (rounded down to the nearest yen) for one calendar
year under which the fiscal period falls as a security deposit for the purpose of securing all liabilities of the lessee to the lessor pursuant
to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice of such intent by not later
than six months prior to the date of expiration of the lease period. In such event, the lessor and the lessee shall confer in good faithregarding whether or not to extender-execute the agreement and also regarding its terms and conditions, and shall execute a renewal
thereof if they reach an agreement to do so as a result of the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing or increasing theelectricity selling destinations at the request of the lessor. If the selling destinations are changed as a result of such consideration, thelessee shall confer in good faith with the lessor regarding an increase of the rent based on consideration of the selling prices applicableto the new selling destinations.

201.
Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum Rent
(Note)

2.

The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2031 by giving written
notice to the other party; provided, however, that the notice of cancellation must reach the other party by not later than June 30,2031 (if this date is a non-business day of the lessor of the project or the Asset Manager, then by the previous business day). A
notice that fails to reach the other party by said date shall have no effect for cancellation.
Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shall confer in good faithregarding whether or not it is necessary to prescribe a condition permitting midterm cancellation of the lease agreement during thesubsequent lease period, and if it is determined to be necessary, also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5

269,749,033 yen

267,841,709 yen

265,934,460 yen

264,027,173 yen

262,236,148 yen

Year 6

Year 7

Year 8Year 9Year 10

260,485,074 yen

258,577,715 yen

256,786,725 yen

254,686,827 yen

252,078,413 yen

Year 11

Year 12

Year 13

Year 14

Year 15

249,626,177 yen

247,173,940 yen

244,721,669 yen

242,269,466 yen

239,817,195 yen

Year 16

Year 17

Year 18

Year 19

Year 20

237,364,957 yen

235,029,021 yen

232,732,996 yen

154,313,248 yen

50,654,410 yen

21

(Note) The figure is calculated by subtracting the amount multiplied by 1.4% of the expected value of actual revenue of power sales based on the 50th percentile ofexcess probability of estimated electricity generation from the estimated revenue of electricity sales. The guaranteed minimum rent that the Investment
Corporation can actually obtain is the rent obtained by performing the calculation described in “Rent” of “Outline of Leases” above.

S-42

LS Chiba Katsuura

LesseeLease Period

Rent

Security
Deposit

Renewal at
Time of
Expiration
Rent Revision

Katsuura Okitsu Solar G.K.
From December 1, 2021 to November 30, 2041
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
2. The guaranteed minimum monthly rent shall be the amount that the estimated revenue of electricity sales foreach month specified in the end of the attachment after the following processing, exclusive of consumption tax
and local consumption tax. The guaranteed minimum rent for any period of less than one month shall becalculated on a per diem basis, and any fraction of less than one yen shall be disregarded. However, thecalculation of the security deposit shall use the amount of the guaranteed minimum rent exclusive ofconsumption tax and local consumption tax. The 75th percentile of excess probability of estimated electricity
generation shall be the standard percentile on the basis of which the guaranteed minimum rent is calculated.
(1) The amount calculated by multiplying the amount of actual electricity sales revenue for the month by
1.4/100 (fractions of less than one yen are rounded down) shall be deducted.
(2) Only for the month following the fiscal year end (the ending day of the business period) of each businessperiod (from June 1 to the end of November of each year and December 1 to the end of May of thefollowing year), if the amount of business tax imposed on the lessee for such business period exceeds thesum of the amounts deducted under the preceding subparagraph, the difference shall be deducted.
(3) Only for the month of the fiscal year of each business period, the equal amount of the resident tax imposedon the lessee for that business period shall be deducted.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shall becalculated using the formula shown below. Any fraction of less than one yen generated in the calculation shallbe disregarded.
(1) If the actual revenue of power sales (x)equals to or does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned specified in
the end of the attachment, and “z” is the amount (if any) received by the lessee during said month for wholesale
supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of the said
month:(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the security
interest holder or the holder of the transferred security interest in connection with the security interest set
on the insurance benefit claim right of the lessee) under the business interruption insurance policy withthe lessee as the insured to cover the lost interest for the month in association with the equipment (thesolar power generation facility which the lessee rents, including the incidental substation facility andother related facilities), and to cover the expenses for preventing a decrease in revenue.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above, theactual revenue of power sales for the month calculated in accordance with the substance of 3 above and theestimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome for any fiscal period during the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility,
as defined under the Securities Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as
being a person to be in charge of making decisions on matters concerning the management of the Facility) period
becoming negative, the lessee shall provide the lessor under the lease agreement with an amount equivalent to one
quarter of the guaranteed minimum rent (rounded down to the nearest yen) for one calendar year under which thefiscal period falls as a security deposit for the purpose of securing all liabilities of the lessee to the lessor pursuant
to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as a resultof the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed as

22Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent (Note)a result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the rent
based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2031
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2031 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date shallhave no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5

1,359,684,370 yen

1,352,851,772 yen

1,346,019,167 yen

1,339,186,565 yen

1,332,353,961 yen

Year 6

Year 7

Year 8Year 9Year 10

1,325,521,396 yen

1,320,055,357 yen

1,313,222,828 yen

1,306,390,150 yen

1,296,824,530 yen

Year 11

Year 12

Year 13

Year 14

Year 15

1,288,625,432 yen

1,279,059,885 yen

1,269,494,265 yen

1,261,295,131 yen

1,251,729,510 yen

Year 16

Year 17

Year 18

Year 19

Year 20

1,243,530,378 yen

1,235,331,287 yen

1,225,765,665 yen

528,260,765 yen

268,748,338 yen

23(Note) The figure is calculated by subtracting the amount multiplied by 1.4% of the expected value of actual revenue of power sales based on the 50th percentile ofexcess probability of estimated electricity generation from the estimated revenue of electricity sales. The guaranteed minimum rent that the Investment
Corporation can actually obtain is the rent obtained by performing the calculation described in “Rent” of “Outline of Leases” above.

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

24

S-39

LS Kagoshima Kanoya

Assessed Value

350,000,000 yen～399,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2021
Income Approach
Item

Assessed Value

Results

Description
Among income approaches, there is a method of assessment that uses avalue that discounts future cash flow to the present value (“DCF
Method”). The discounting rate is computed based on generalconsiderations of the value obtained by using the weighted average of theestimated cost of capital and cost of liabilities obtained from a beta value
for similar corporations during the assessment period, an opinion
concerning the procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the NonTaxation Period, this figure is 2.1%~4.5%.

350,000,000 yen～
399,000,000 yen

Market Approach
Item

Results

Assessed Value

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

310,000,000 yen～
465,000,000 yen

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

S-40

---

LS Miyagi Osato 2

Assessed Value

783,000,000 yen～926,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2021
Income Approach
Item

Assessed Value

Results

Description
Among income approaches, there is a method of assessment that uses avalue that discounts future cash flow to the present value (“DCF
Method”). The discounting rate is computed based on generalconsiderations of the value obtained by using the weighted average of theestimated cost of capital and cost of liabilities obtained from a beta value
for similar corporations during the assessment period, an opinion
concerning the procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the Taxation
Period, this figure is 2.0%~4.5%, and for the Non-Taxation Period, thisfigure is 2.2%~4.5%.

783,000,000 yen～
926,000,000 yen

Market Approach
Item

Results

Assessed Value

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

663,000,000 yen～
995,000,000 yen

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

S-41

---

LS Okayama Tsuyama 1, 2 & 3

Assessed Value

2,343,000,000 yen ～ 2,819,000,000 yen

25Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2021
Income Approach
Item

Results

Description
Among income approaches, there is a method of assessment that uses avalue that discounts future cash flow to the present value (“DCF
Method”). The discounting rate is computed based on generalconsiderations of the value obtained by using the weighted average of theestimated cost of capital and cost of liabilities obtained from a beta value
for similar corporations during the assessment period, an opinion
concerning the procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the Taxation
Period, this figure is 2.0%~4.5%, and for the Non-Taxation Period, thisfigure is 2.2%~4.5%.

2,343,000,000 yen～
2,819,000,000 yen

Assessed Value

Market Approach
Item

Results

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

2,251,000,000 yen～
3,382,000,000 yen

Assessed Value

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

S-42

---

LS Chiba Katsuura

Assessed Value

13,472,000,000 yen ～ 16,209,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

August 31, 2021
Income Approach
Item

Results

13,472,000,000 yen～
16,209,000,000 yen

Assessed Value

Description
Among income approaches, there is a method ofassessment that uses a value that discounts future cash
flow to the present value (“DCF Method”). The
discounting rate is computed based on generalconsiderations of the value obtained by using theweighted average of the estimated cost of capital and costof liabilities obtained from a beta value for similar
corporations during the assessment period, an opinion
concerning the procurement cost that has been reported,
an analysis of the most recent bid results and results ofmarket research. For the Taxation Period, this figure is2.0%~4.5%, and for the Non-Taxation Period, this figureis 2.2%~4.5%.

Market Approach
Item

Assessed Value

Results

11,529,000,000 yen～
17,321,000,000 yen

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

26

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

(6) Outline of Real Estate Appraisal Reports
The following outlines the real estate appraisal reports that the Investment Corporation commissioned Japan Real
Estate Institute to prepare by appraising the land in the specified Assets to Be Acquired in accordance with the Act on Real EstateAppraisal (Act No. 152 of 1963, as amended), and also with the Real Estate Appraisal Standards and the Matters toNote on Implementation of the Real Estate Appraisal Standards stipulated by the Ministry of Land, Infrastructure,
Transport and Tourism. Each of the real estate appraisals merely reflects the judgment and opinion of the appraiser
at a certain time, and does not guarantee its appropriateness, accuracy or the possibility of a transaction being
conducted at the price equivalent to the appraised value.
There are no special relationships of interest between Japan Real Estate Institute which carried out the real estate appraisals,
and the Investment Corporation and the Asset Manager.
S-39

LS Kagoshima Kanoya

Appraised Value (Land)

21,900,000 yen

Real Estate Appraiser

Japan Real Estate InstituteAs-of Date
Item
Value by DCF Method(Facility and Land)

August 31, 2021
Results

Description

391,000,000 yen－

Discount Rate

3.5%

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

Appraised after adjusting the spread caused by individual
factors of the structure and its site to the standard yield forinvestment solar power plants set by a real estate appraisal
agency and taking the results of a hearing investigation withinvestors, etc., and trading cases of listed infrastructure funds,
etc. into comprehensive consideration.
－

223,000,000 yen

－

5.6%

－

Other Matters to Which the Appraiser Paid Special Attention forAppraisal Purposes

S-40

－

LS Miyagi Osato 2

Appraised Value (Land)

111,000,000 yen

Real Estate Appraiser

Japan Real Estate InstituteAs-of Date
Item
Value by DCF Method(Facility and Land)

August 31, 2021
Results

Description

858,000,000 yen－

Discount Rate

3.5%

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

Appraised after adjusting the spread caused by individual
factors of the structure and its site to the standard yield forinvestment solar power plants set by a real estate appraisal
agency and taking the results of a hearing investigation withinvestors, etc., and trading cases of listed infrastructure funds,
etc. into comprehensive consideration.
－

653,000,000 yen－

13.00%－

Other Matters to Which the Appraiser Paid Special Attention forAppraisal Purposes－Land to Value Ratio

27

S-41

LS Okayama Tsuyama 1, 2 & 3

Appraised Value (Land)

184,000,000 yen

Real Estate Appraiser

Japan Real Estate InstituteAs-of Date
Item
Value by DCF Method(Facility and Land)

August 31, 2021
Results

Description

2,710,000,000 yen－

Discount Rate

3.2%

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

Appraised after adjusting the spread caused by individual
factors of the structure and its site to the standard yield forinvestment solar power plants set by a real estate appraisal
agency and taking the results of a hearing investigation withinvestors, etc., and trading cases of listed infrastructure funds,
etc. into comprehensive consideration.
－

1,870,000,000 yen

－

6.80%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention forAppraisal Purposes

S-42

－

LS Chiba Katsuura

Appraised Value (Land)3,300,000,000 yen

Real Estate Appraiser

Japan Real Estate InstituteAs-of Date
Item
Value by DCF Method(Facility and Land)

August 31, 2021
Results

Description

16,300,000,000 yen－

Discount Rate

3.0%

Terminal Capitalization Rate－

Indicated Value Using Cost Approach(Facility and Land)

Appraised after adjusting the spread caused by individual
factors of the structure and its site to the standard yield forinvestment solar power plants set by a real estate appraisal
agency and taking the results of a hearing investigation withinvestors, etc., and trading cases of listed infrastructure funds,
etc. into comprehensive consideration.
Assessed by taking into account discount rate, property attributes such asremaining useful life of equipment, future forecast risk, decay rate of
power generation, etc.

9,570,000,000 yen－

20.20%－

Other Matters to Which the Appraiser Paid Special Attention forAppraisal Purposes－Land to Value Ratio

28

29

(7) Outline of the Opinion Report on the Profitability of Infrastructure Investment Projects and Its Continuity
All of the Assets to Be Acquired do not acquire a written opinion because they meet the criteria for not having to
do so under securities Listing Regulations and the Enforcement Regulations of the Tokyo Stock Exchange, Inc.
(8) Outline of the Seismic Risk Assessment Report
As part of due diligence procedures for acquiring managed assets, the Investment Corporation has requested that
Tokio Marine dR Co., Ltd. conduct seismic risk analyses of the projects. Under these analyses, the PML (probablemaximum loss) value (Note) of each solar power generation facility was calculated based on drawings andspecifications etc. of the facility as well as the comprehensive evaluation results of damage due to seismologicalvibrations, liquefaction, and tsunami. The PML value of each solar power generation facility in relation with thespecified Assets to Be Acquired stated in the “Seismic Risk Assessment Report - PML Evaluation - Portfolio (Phase1) for LS Kagoshima Kanoya”, the “Seismic Risk Assessment Report - PML Evaluation - Portfolio (Phase 1) for LS
Miyagi Osato 2”, the “Seismic Risk Assessment Report - PML Evaluation - Portfolio (Phase 2) for LS Okayama
Tsuyama 1, 2 & 3” and the “Seismic Risk Assessment Report - PML Evaluation - Portfolio (Phase 2) for LS Chiba
Katsuura” prepared by the above-mentioned reporter are as shown in the tables below. The content of the seismic risk
assessment report merely reflects the opinion of the reporter, and the Investment Corporation does not guarantee
appropriateness or accuracy of the content.
There are no special relationships of interest between Tokio Marine dR Co., Ltd. and the Investment Corporationor the Asset Manager.
Project Name
Project
No.

Seismic Risk Assessment Report
Survey Operator

PML Value (Note)(%)

LS Kagoshima Kanoya

Tokio Marine dR Co., Ltd.

less than 0.1

S-40

LS Miyagi Osato 2

Tokio Marine dR Co., Ltd.

less than 0.1

S-41

LS Okayama Tsuyama 1, 2 & 3

Tokio Marine dR Co., Ltd.

0.1

S-42

LS Chiba Katsuura

Tokio Marine dR Co., Ltd.

0.8

S-39

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

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

30

3. Status of Asset Acquirer and Other Parties(1) Summary of Sellers
The Assets to Be Acquired will be acquired from Takara Leben Co., Ltd. and Katsuura Okitsu Solar G.K .The
following is a summary of each seller.
S-39 LS Kagoshima Kanoya, S-40 LS Miyagi Osato 2 and S-41 LS Okayama Tsuyama 1, 2 & 3
Name
Location
Name and Title ofRepresentative
Business

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

It engages in sales of newly built condominium units, mainly in the Tokyo region. It embarked on
the large-scale solar power plant business in 2013. Capitalizing on its wide-ranging business
operation expertise cultivated through the past development of condominiums with solar panels, itmanaged and operated 40 solar power plants (with a total output of 172.6MW) as of the end of
September 2021. As of the end of September 2021, there are 11 personnel engaged in the operation.
The person responsible for it has at least two years’ experience in management and operation.
Capital4,819 million yen (as of June 30, 2021)
Date of Establishment
September 21, 1972
Net Assets
52,688 million yen (as of June 30, 2021)
Total Assets
229,199 million yen (as of June 30, 2021)
Major Shareholders and1. Yoshio Murayama: 25,633,000 shares (23.59%)
Equity Positions
2. The Master Trust Bank of Japan, Ltd. (Trust Account): 5,784,000 shares (5.32%)(as of March 31, 2020)
3. Murayama Planning Co., Ltd. (Trust Account): 2,000,000 shares (1.84%)
Relationship with the Investment Corporation or Asset Manager
The company holds 8.92% of the issued and outstanding investment units in the Investment
Capital Relationship
Corporation as of November 9, 2021. It is also the wholly owning (100%) parent company of theAsset Manager and falls under the Interested Persons pursuant to the Investment Trust Act. (Note)
Personnel Relationship

Business Relationship

Whether or not an
affiliated party

1 director and 1 auditor of the Asset Manager hold dual posts.
The company invests in the Investment Corporation and in the Asset Manager. It has executed anagreement for the lease of power generation facilities and related assets in association with theAssets to Be Acquired with the Investment Corporation. It has also concluded a sponsor support
agreement and a trademark license agreement with the Investment Corporation and with the AssetManager.
The company doesn’t fall under the category of affiliated parties of the Investment Corporation, but
it is an affiliated party of the Asset Manager. As mentioned above, it also falls under the Interested
Persons for the Asset Manager as stipulated in the Investment Trust Act.

(Note) In Takara Leben Group (Takara Leben Co., Ltd. and its subsidiaries), in addition to Takara Leben Co., Ltd., Leben Community Co.,LTD. holds 0.37% (809units) of the total number of investment units outstanding as of November 9, 2021.

S-42 LS Chiba Katsuura
Name
Location
Name and Title ofRepresentative
Business

Katsuura Okitsu Solar G.K.
1-8-2 Marunouchi, Chiyoda-ku, Tokyo, Japan
Yuji Shiotsuki, Executive Officer of ME General Incorporated Association as Representative
Partner
1 Generation, supply, and sale of electricity from natural energy sources
2 Installation, operation and maintenance of facilities related to power generation using naturalenergy sources
100,000 yen (as of June 30, 2021)
June 16, 2016
△2 million yen (as of August 31, 2021)
14,998 million yen (as of August 31, 2021)

CapitalDate of Establishment
Net Assets
Total Assets
Major Shareholders andEquity Positions
ME General Incorporated Association (100.0%)(as of August 31, 2021)
Relationship with the Investment Corporation or Asset Manager
There is no capital relationship between the Investment Corporation, the Asset Manager and theCapital RelationshipSeller.

31

Personal Relationship

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

Business Relationship

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

Whether or not an
affiliated party

The company doesn’t fall under the category of affiliated parties of the Investment Corporation, but
it is an affiliated party of the Asset Manager. As mentioned above, it also falls under the Interested
Persons for the Asset Manager as stipulated in the Investment Trust Act.

(2) Status of Asset Acquirer and Other Parties
The acquisitions of projects from those having a special relationship of interest are as follows.
① LS Kagoshima Kanoya
Preceding Owner (Preceding Leaseholder)Company Name
Relationship with the party
having a special relationshipof interest
Background of Acquisition
Acquisition Price
Date of Acquisition(Note 2)

Second Preceding Owner (Second Preceding
Leaseholder)

Takara Leben Co., Ltd.

A party not having a special relationship of interest

This is a major shareholder of the Management
Company.

―

Acquired for the purpose of the investment of renewableenergy power generation facilities―

Undisclosed (Note 1)―

August 2020 (acquisition of surface rights)
August 2020 (acquisition of power generation facility)―(Note 1) Omitted because the date of acquisition by the preceding owner is not within one year prior to the date of this document.
(Note 2) As for the land, the date of acquisition of a leasehold by the preceding leaseholder is stated based on the register. As for the power generation facility, the date of acquisition by the precedingowner is stated.

② LS Miyagi Osato 2
Company Name
Relationship withthe party having a
special relationshipof interest
Background of
Acquisition
Acquisition Price
Date of Acquisition(Note 2)Preceding Owner (Preceding Leaseholder)
Takara Leben Co., Ltd.

Second Preceding Owner (Second Preceding Leaseholder)
A party not having a special relationship of interest―

It is a major shareholder of the Asset Manager.
Acquired for the purpose of the management of renewable energy
power generation facilities- (Note 1)
July 2020, August 2020 (acquisition of surface rights
and ownership)
August 2020 (acquisition of power generation facility)―――(Note 1) Omitted because the date of acquisition by the preceding owner is not within one year prior to the date of this document.
(Note 2) As for the land, the date of acquisition of a leasehold by the preceding leaseholder is stated based on the register. As for the power generation facility, the date of acquisition by the precedingowner is stated.

③ LS Okayama Tsuyama 1, 2 & 3
Company Name
Relationship withthe party having a

Preceding Owner・Preceding Beneficiary Right Holder(Preceding Leaseholder)
Takara Leben Co., Ltd.
It is a major shareholder of the Asset Manager.

32

Second Preceding Owner (Second Preceding Leaseholder)
A party not having a special relationship of interest―

special relationshipof interest
Background of
Acquisition
Acquisition Price
Date of Acquisition(Note 2)Acquired for the purpose of the management of renewable energy
power generation- (Note 1)
January 2020, April 2020, May 2020 (acquisition of surface
rights)August2020 (acquisition of power generation facility)―――(Note 1) Omitted because the date of acquisition by the preceding owner is not within one year prior to the date of this document.
(Note 2) As for the land, the date of acquisition of a leasehold by the preceding leaseholder is stated based on the register. As for the power generation facility, the date of acquisition by the precedingowner is stated.

④ LS Chiba Katsuura
Company Name
Relationship withthe party having a
special relationshipof interest
Background of
Acquisition
Acquisition Price
Date of Acquisition(Note 2)Preceding Owner・Preceding Beneficiary Right Holder(Preceding Leaseholder)
Katsuura Okitsu Solar G.K.
Katsuura Okitsu Solar G.K. falls under the category of interested
parties, etc. as defined in the internal transaction rules regarding
interested parties of the Asset Manager.
Acquired for the purpose of the development of renewable energy
power generation facilities- (Note 1)
From November 2016 to November 2018 (acquisition of surface
rights or Ownership)
February 2021 (new construction of power generation facility)

Second Preceding Owner (Second Preceding Leaseholder)
A party not having a special relationship of interest
―

―
―
―

(Note 1) Omitted because the time of acquisition of the previous owner or the date of establishment of a leasehold is not within one year prior to the date of this document, and because there is nosecond preceding owner of the power generation facility.
(Note 2) As for the land, the date of acquisition of ownership by the previous owner and the date of acquisition of leasehold by the previous tenant are stated based on the registry, etc. For power
generation facilities, the date of acquisition of ownership by the previous owner is indicated as the date of delivery (the latest date if there is more than one date) for the construction work to
start the operation of the facilities and enable the supply of renewable energy electricity. As there are many lands with different acquisition dates, the period from the date of acquisition of theownership or surface rights of the earliest land acquisition date to the date of acquisition of the ownership or surface rights of the latest land acquisition date is indicated.

4.

Future Outlook
Please refer to the press release dated as of today entitled “Notice Regarding Revision to Forecasts of Operating Results andDistributions for Fiscal Period Ending May 31, 2022 (13th Fiscal Period) and Fiscal Period Ending November 30, 2022 (14th
Fiscal Period) and Regarding Forecasts of Operating Results and Distributions for Fiscal Period Ending May 31, 2023 (15thFiscal Period)” with regard to the forecasts of operating results and distributions for fiscal period ending May
31, 2022 (13th Fiscal Period, from December 1, 2021 to May 31, 2022), fiscal period ending November 30,
2022 (14th Fiscal Period, from June 1, 2022 to November 30, 2022) and fiscal period ending May 31, 2023
(15th Fiscal Period, from December 1, 2022 to May 31, 2023). In this regard, the forecasts of the operating
results and distributions that were announced on July 15, 2021 for the fiscal period ended November 30, 2021
(12th fiscal period, from June 1, 2021 to November 30, 2021) have not been revised.
End* Our website: https://tif9281.co.jp/en/<Attached Material>
Reference: Portfolio after the Acquisition of the Assets to Be Acquired33

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

Project Name

Location

Price(Million Yen)
(Note 1)

Ratio(%)
(Note 2)

(Scheduled) Date of Acquisition

S-01

LS Shioya

Shioyamachi, Shioya-gun, Tochigi
Prefecture

1,245

1.8

S-02

LS Chikusei

Chikusei City, Ibaraki Prefecture

531

0.8

S-03

LS Chiba Wakaba-ku

Chiba City, Chiba Prefecture

311

0.5

S-04

LS Miho

547

0.8

S-05

LS Kirishima Kokubu

899

1.3

June 2, 2016
October 12, 2017
June 2, 2016
November 16, 2017
June 2, 2016
November 27, 2017
June 2, 2016

S-06

LS Sosa628

0.9

June 2, 2016

S-07

LS Miyagi Osato

794

1.1

June 2, 2016

S-08

LS Mito Takada

987

1.4

June 2, 2016

S-09

LS Aomori Hiranai

707

1.0

June 2, 2016

S-10

LS Tone Fukawa

1,244

1.8

June 2, 2016

S-11

LS Kamisu Hasaki

Sosa City, Chiba Prefecture
Osatocho, Kurokawa-gun, Miyagi
Prefecture
Mito City, Ibaraki Prefecture
Hiranaimachi, Higashi-Tsugaru-gun,
Aomori Prefecture
Tonemachi, Kitasoma-gun, Ibaraki
Prefecture
Kamisu City, Ibaraki Prefecture

454

0.7

February 7, 2017

S-12

LS Tsukuba Bouchi

Tsukuba City, Ibaraki Prefecture

892

1.3

June 1, 2017

S-13

LS Hokota

676

1.0

June 1, 2017

S-14

LS Nasu Nakagawa

7,787

11.3

June 1, 2017

S-15

LS Fujioka A

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

256

0.4

S-16

LS Inashiki Aranuma 1

Inashiki City, Ibaraki Prefecture

984

1.4

S-17

LS Fujioka B

Tochigi City, Tochigi Prefecture

1,095

1.6

June 1, 2017
June 1, 2017
October 2, 2017
June 1, 2017

S-18

LS Inashiki Aranuma 2

Inashiki City, Ibaraki Prefecture

432

S-19

LS Sakuragawa Shimoizumi

977

December 1, 2017

S-20

LS Fukushima Yamatsuri

476

0.7

December 1, 2017

S-21

LS Shizuoka Omaezaki

Sakuragawa City, Ibaraki Prefecture
Yamatsurimachi, Higashishirakawagun, Fukushima Prefecture
Omaezaki City, Shizuoka Prefecture

0.6
1.4

447

0.6

February 28, 2018

S-22

LS Mie Yokkaichi

Yokkaichi City, Mie Prefecture

705

1.0

June 1, 2018

S-23

LS Sakuragawa Nakaizumi

1,020

1.5

June 1, 2018

S-24

LS Shirahama

2,852

4.1

June 1, 2018

S-25

LS Takahagi

Sakuragawa City, Ibaraki Prefecture
Kamitondacho, Nishimuro-gun,
Wakayama Prefecture
Takahagi City, Ibaraki Prefecture

437

0.6

June 1, 2018

S-26

LS Hanno Misugidai

Hanno City, Saitama Prefecture

951

1.4

June 28, 2019

S-27

LS Sakuragawa 1

Sakuragawa City, Ibaraki Prefecture

916

1.3

December 2, 2019

S-28

LS Sakuragawa 4

Chikusei City, Ibaraki Prefecture

802

1.2

December 2, 2019

S-29

LS Chiba Sammu East/West

Sammu City, Chiba Prefecture

2,278

3.3

December 2, 2019

S-30

LS Nagasaki Isahaya

535

0.8

December 2, 2019

S-31

LS Shioya 2

4,945

7.2

December 2, 2019

S-32

LS Hiroshima Mihara

Isahaya City, Nagasaki Prefecture
Shioyamachi, Shioya-gun, Tochigi
Prefecture
Mihara City, Hiroshima Prefecture

4,898

7.1

December 2, 2019

S-33

LS Sakuragawa 2 & 3

Sakuragawa City, Ibaraki Prefecture

1,716

2.5

December 1, 2020

Mihomura, Inashiki-gun, Ibaraki
Prefecture
Kirishima City, Kagoshima Prefecture34

June 2, 2016

June 1, 2017

S-36

LS Fukushima
Kagamiishi 1
LS Fukushima
Kagamiishi 2
LS Chiba Narita

S-37

LS Iwate Hirono

S-38

LS Miyagi Matsushima

S-39

LS Kagoshima Kanoya

S-40

LS Miyagi Osato 2

S-34
S-35

S-41
S-42

Kagamiishimachi, Iwase-gun,
Fukushima Prefecture
Kagamiishimachi, Iwase-gun,
Fukushima Prefecture
Narita City, Chiba Prefecture
Hironocho, Kunohe-gun, Iwate
Prefecture
Matsushimamachi, Miyagi-gun,
Miyagi Prefecture
Kanoya City, Kagoshima Prefecture
Osatocho, Kurokawa-gun, Miyagi
Prefecure

LS Okayama Tsuyama 1, 2 &3LS Chiba Katsuura

171

0.2

December 1, 2020

179

0.3

December 1, 2020

412

0.6

December 1, 2020

833

1.2

December 1, 2020

4,712

6.8

December 1, 2020

390

0.6

December 1, 2021

894

1.3

December 1, 2021

Tsuyama City, Okayama Prefecture

2,650

3.8

December 1, 2021

Katsuura City, Chiba Prefecture

14,466

20.9

December 1, 2021

69,141

100.0

―

Total

(Note 1) “Price” for the portfolio projects represents their appraised values. For the Assets to Be Acquired, “Price” represents their expected acquisition prices. The appraisal values of projects being
held represent the median value calculated in accordance with item 1 of paragraph 2 of Article 38 in the certificate of incorporation of the Investment Corporation within the range of the assessedvalues of the power plants as of May 31, 2021 specified in the valuation report obtained from PricewaterhouseCoopers Sustainability LLC.
(Note 2) “Ratio” states the ratio of the price of the specific project relative to the total of the prices of the owned projects and the Assets to Be Acquired, rounded to the first decimal place. For thisreason, the total of the ratios of individual projects may not be identical to the total ratio of the portfolio.

35