Presentation Material for 10th Fiscal Period(ended November 30, 2020)
Takara Leben Infrastructure Fund, Inc
Securities code: 9281
https://www.tif9281.co.jp/en

Asset Manager

https://takara-am.co.jp/en

Securities code (Tokyo Stock Exchange)

9281

Listed dateJune 2, 2016

Investment target

Renewable energy generation facilities

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

Fiscal period

End of May and November

Latest stock price(As of January 12, 2021)¥115,700

Latest total dividends(Fiscal Period ended November 30, 2020)¥3,512

Forecast total dividends(Fiscal Period ending May 31, 2021)¥3,540 (Ordinary Dividend: ¥3,262)(Forecast as of Jul 15, 2020: ¥3,308)(Revised forecast as of Oct 5, 2020: ¥3,458)

2

Table of Contents
I.

Ⅱ.

Ⅲ.

Performance Overview for 10th Fiscal Period
Overview of Financial Result for 10th Fiscal Period(ended November 30, 2020)

P5

Explanations for Increased Dividends

P6

Portfolio Performance

P7

Major Topics
Overview of the 4th Public Offering (December
2020)

P14

Relative Stability of Listed Infrastructure Funds
During COVID-19 Period

P15

Reinforced ESG strategy

P16

Establishment of the Green Finance Framework

P20

Future Investment Strategies

IV.

Strong and Solid Financial Base

P29

External Growth

P31

Internal Growth

P32

Performance Forecast for the 11th to 13th Fiscal
PeriodP33

Dividends Forecast and Result

P34

Revenue Forecast for 11th Fiscal Period (ending
May 2021)

P35

Appendix
Unitholder Status at the End of 10th Fiscal Period(ended Nov 2020)

P37

Balance Sheet for 10th FP (ended November 30,
2020)

P38

Statement of Income for 10th FP (ended
November 30, 2020)

P39

The First Listed Infrastructure Fund in Japan

P22

Portfolio Data

P40

Continuous Growth through Assets Acquisition

P23

P41

Dividends Policy

P24

Change in Stock Price (June 3, 2019 to January
12, 2021)

Income Schemes

P25

Fundamental Investment Policy

P42

Portfolio Overview

P26

Structure of the Investment Corporation

P43

Portfolio Located in High-Demand Area

P27

Business Environment

P44

Credit Rating

P28

Profile of Asset Manager

P47
3

Ⅰ．Performance Overview for 10th Fiscal Period

Ⅱ．Major Topics

Ⅲ．Future Investment Strategies

Ⅳ．Appendix

4Overview of Financial Result for 10th Fiscal Period(ended November 30, 2020)
Dividends per unit has increased by ¥204 to ¥3,512, due to an improvement on operating revenue
Performance

Previous
Performance

Fiscal Period ended November 30, 2020
（10th FP）

Fiscal Period ended
May 31, 2019
(9th FP)A

Comparison to the forecast
on July 15, 2020

B

Major Contributing Factors

C

Operating revenue¥2,198 Million¥2,164 Million+¥34 Million+1.6%¥2,253 Million

Operating expense¥1,477 Million¥1,476 Million-¥1 Million-0.1%¥1,430 Million

Operating income¥720 Million¥687 Million+¥33 Million+4.8%

Net income¥652 Million¥564 Million+¥88 Million

Total dividends
per unit¥3,512¥3,308+¥204

Ordinary dividends
per unit¥3,369¥2,912+¥457+15.7%¥3,584Return of capitalper unit

¥143

¥396

-¥253

-63.9%¥286

Total numbers ofplants32

32

Total panel output

106.6MW

106.6MW

Forecasted power
generation

59,601MWh

61,873MWh

Operating revenue
Performancelinked rent+¥34 Million

Operating expense
Insurance-¥6 Million¥822 Million

Repair-¥2 Million+15.6%¥694 Million

Other+¥8 Million+6.2%¥3,870Other
Gain on Insurance
Claim forrestoration works+¥54 Million

5Explanations for Increased Dividends
In addition to increased performance-linked income, gain on insurance claim on restoration
works for typhoon damages were also utilized as a source of increasing dividends
Total Dividends
+¥207

TOTAL

Breakdown for Sources of Increased Dividends¥3,512TOTAL

Surplus earnings distribution¥3,308¥143

Gain oninsurance claim

Source to dividends¥54 Million(Approx.¥279 per unit）¥54 Million

¥279

-¥253
Ordinary dividends

¥175

+¥457

Surplus earnings
distributions¥396

Other ¥3

Performancelinked income

Source to dividends¥34 Million(Approx.¥175 per unit）¥34 Million（Result）
Ordinary dividends¥3,369Total dividends for 10th FP

Ordinary dividends¥2,912

Initial dividends forecast
6Portfolio Performance
Entire Portfolio Performance■ Forecasted power generation■ Actual power generation+17.7%

(MWh)

+6.0%

14,000-0.8%

13,33912,579+2.2%
13,09012,81014,558+7.3%

12,364

11,913
11,81512,000-28.0%
11,266+4.3%

11,120-6.4%

10,501
9,910-12.4%

10,000-16.4%

-9.3%

9,833

9,500

9,203

8,419

+4.2%

9,270
8,406

8,001

8,000

7,581

8,164
7,832

7,375
6,342

6,000

4,000

2,000

0
Dec, 2019

Jan, 2020

Feb, 2020

Mar, 2020

Apr, 2020

9th Fiscal Period (ended May 31, 2020)

May, 2020

Jun, 2020

Jul, 2020

Aug, 2020

Sep, 2020

Oct, 2020

Nov, 2020

10th Fiscal Period (ended November 30. 2020)(Note) The estimated generation is the total of the expected amounts of electricity generation in the 50th percentile of probability of exceedance calculated by a third party on the basis of the database for hourly
solar radiation for a year and others

7Portfolio Performance■ Forecasted power generation

Individual Plants Performance
S-01 LS Shioya
Tochigi

S-02 LS Chikusei(kwh)

Ibaraki

400,000

150,000

200,000

100,000

100,000

50,000
0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-03 LS Chiba Wakabaku (kwh)
Chiba

(kwh)
200,000

300,000

0■ Actual power generation

S-04 LS Miho
Ibaraki

100,000
80,000

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

(kwh)
200,000
150,000

60,000100,000
40,00050,00020,000

0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-05 LS Kirishima Kokubu (kwh)Kagoshima

S-06 LS Sosa
Chiba

300,000(kwh)
300,000

250,000
200,000

200,000
150,000

100,000

100,000
50,00000
Dec

S-07 LS Miyagi Osato
Miyagi

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-08 LS Mito Takada(kwh)

Ibaraki

300,000(kwh)
400,000
300,000

200,000

200,000
100,000

100,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

(Note) Periods for forecasted power generation and actual power generation is from December 2019 to November 20208

Portfolio Performance■ Forecasted power generation

S-09 LS Aomori Hiranai
Aomori■ Actual power generation

S-10 LS Tone Fukawa

(kwh)

(kwh)
400,000

Ibaraki

300,000

300,000
200,000
200,000
100,000

100,000
00
Dec

S-11 LS Kamisu Hasaki
Ibaraki

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Ibaraki

200,000

100,000
50,0000Dec

Ibaraki

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

May

Jun

Jul

Aug Sep

Oct

Nov

May

Jun

Jul

Aug

Oct

Nov

S-12 LS Tsukuba Bouchi(kwh)

150,000

S-13 LS Hokota

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

(kwh)
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,0000

S-14 LS Nasu Nakagawa(kwh)

Tochigi

300,000(kwh)
3,000,000
2,500,000

200,000

2,000,000
1,500,000
1,000,000

100,000

500,000
00
Dec

S-15 LS Fujioka A
Tochigi
栃木県

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Dec

Nov

Jan

Feb

Mar

Apr

S-16 LS Inashiki Aranuma 1(kwh)
100,000

Ibaraki
茨城県(kwh)
500,000

80,000400,000

60,000300,000

40,000200,000

20,000100,000

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

0
Dec

Jan

Feb

Mar

Apr

Sep

9

Portfolio Performance■ Forecasted power generation

S-17 LS Fujioka B
Tochigi

S-18 LS Inashiki Aranuma 2
(kwh)

(kwh)

Ibaraki

400,000

200,000

300,000

150,000

200,000

100,000

100,000

50,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Dec

Nov

S-19 LS Sakuragawa Shimoizumi
Ibaraki■ Actual power generation

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-20 LS Fukushima Yamatsuri (Note 1)(kwh)

Fukushima(kwh)

400,000

200,000

300,000

150,000

200,000

100,000

100,000

50,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-21 Shizuoka Omaezaki (Note2)

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-22 LS Mie Yokkaichi(kwh)

ShizuokaMie
200,000(kwh)
300,000

150,000
200,000
100,000
100,000

50,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-23 LS Sakuragawa Nakaizumi
Ibaraki

S-24 LS Shirahama
Wakayama(kwh)
400,000(kwh)
1,200,000
1,000,000

300,000

800,000
600,000

200,000

400,000
100,000

200,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

(Note1) Due to landslide occurred on October 2019, S-20 LS Fukushima Yamatsuri were under restoration work between November 2019 to June 2020
(Note2) Due to theft of power cables and equipment occurred on March 2020, S-21 LS Shizuoka Omaezaki has stopped power generation from March 2020 to June 202010

Portfolio Performance■ Forecasted power generation

S-25 LS Takahagi
Ibaraki

S-26 LS Hanno Misugidai(kwh)

Saitama

200,000
150,000
100,000
50,0000
Dec

S-27 LS Sakuragawa 1
Ibaraki

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

(kwh)
350,000
300,000
250,000
200,000
150,000
100,000
50,0000Nov

S-28 LS Sakuragawa 4(kwh)

Ibaraki

400,000

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

(kwh)
400,000

300,000

300,000

200,000

200,000

100,000

100,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-29 LS Chiba Sammu, East/West

S-30 LS Nagasaki Isahaya (Note 3)

(kwh)

Chiba

■ Actual power generation

Nagasaki

800,000(kwh)
300,000
250,000

600,000

200,000
150,000

400,000

100,000
200,000

50,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-31 LS Shioya 2
Tochigi

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

S-32 LS Hiroshima Mihara(kwh)
2,000,000

Hiroshima(kwh)
2,000,000

1,500,000

1,500,000

1,000,000

1,000,000

500,000

500,000
0

0
Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

((Note3) Due to lightning damages occurred on July 2020, S-30 LS Nagasaki Isahaya underwent restoration work from July 2020 to October 2020.

11

Portfolio Performance(¥ thousand)No.

Name of Power Plant

S-01
S-02
S-03
S-04
S-05
S-06
S-07
S-08
S-09
S-10
S-11
S-12
S-13
S-14
S-15
S-16
S-17
S-18
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29
S-30
S-31
S-32

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

Total

Minimum Guaranteed
Rent Income
59,12524,883
15,644
26,37645,481
37,26639,08444,56839,25354,69425,15653,82637,808367,571
12,35956,461
49,02825,24650,93726,451
23,415
43,11353,427
164,613
20,78941,85350,05546,251
104,340
32,101
209,231247,255
2,127,675

Performance-linked
Rent Income
81
511
－
200
188
－
513
－
87
－
822
1,396
1,703
14,283
467
2,393
2,569
1,235
2,044
－
867
1,186
1,726
7,826
321
525
2,179
2,412
1,398
203
11,459
11,79870,40530,358 (22,443)
12,521 (8,974)
6,829 (4,441)
12,834 (8,961)
24,291 (17,869)
21,720 (13,999)
23,317 (17,285)
22,301 (16,353)
19,627 (12,504)
29,479 (21,533)
16,990 (11,000)
35,542 (21,751)
25,572 (16,439)
191,546 (154,742)
8,660 (4,595)
34,278 (20,276)
31,393 (20,439)
18,288 (11,100)
34,070 (20,584)
17,345 (10,597)
15,500 (10,233)
26,938 (18,132)
36,433 (22,955)
107,262 (62,278)
12,685 (7,869)
21,931 (9,493)
38,229 (21,999)
37,032 (21,046)
61,772 (42,966)
24,571 (15,924)
135,671 (89,232)
152,208 (95,406)

NOI(before depreciation)
51,291
21,84913,25722,704
39,24929,54533,56538,622
32,21846,74819,98941,43230,378345,052
8,762
44,85240,645
19,29339,496
19,70419,01835,49541,674
127,455
16,30029,94636,00432,67886,941
23,657
174,252
202,252

NOI(after depreciation)
28,84812,874
8,815
13,743
21,37915,545
16,28022,26919,71425,214
8,988
19,681
13,939190,310
4,166
24,576
20,206
8,192
18,911
9,106
8,784
17,362
18,71965,1778,430
20,45314,005
11,631
43,974
7,732
85,020106,845

1,287,207 (853,434)

1,764,337

910,902

Rent Expense (depreciation)

12

Ⅰ．Performance Overview for 10th Fiscal Period

Ⅱ．Major Topics

Ⅲ．Future Investment Strategies

Ⅳ．Appendix

13

Overview of the 4th Public Offering (December 2020)
Total Purchase Price
S-33

LS Sakuragawa
2&3

24.3MW

Land Right
Panel Output

712.32kW

Output Capacity

500.00kW

Output Capacity

1,000.00kW

FIT Price¥27/kWhFIT Price¥32/kWhEnd of FIT

March 23, 2037

End of FIT

March 30, 2037

Land Right

Surface rights

Land Right

Surface rights

Panel Output

2,273.70kW

Panel Output

14,246.40kW

Output Capacity

1,990.00kW

Output Capacity

12,000.00kW

FIT Price¥36/kWhFIT Price¥24/kWhEnd of FIT

March 28, 2037

End of FIT

March 30, 2040

Land Right

Surface rights, lease of real projectLand Right

Ownership, Surface rights, lease ofreal project

FIT Price
End of FIT

LS Fukushima
Kagamiishi 2

Total Panel Output（2）2,627.52kW（3）2,464.32kW（2）1,990.00kW（3）1,990.00kW¥36/kWh（2）March 27, 2036
（3）February 14, 2036
Leasehold of surface rights

Panel Output
Output Capacity

S-35¥7.6 Billion

S-37 LS Iwate Hirono

Total Asset Value

S-34

LS Fukushima
Kagamiishi 1

S-36 LS Chiba Narita

S-38

LS Miyagi
Matsushima

Panel Output

712.32kW

Output Capacity

500.00kW

FIT Price¥27/kWhEnd of FIT

March 23, 2037

Land Right

Surface rights

Panel Output

1,296.00kW

Numbers of Owned Power Plants

End of November 2020

After the 4th Public Offering (December 2020)

End of November 2020

After the 4th Public Offering (December 2020)¥43.76 Billion¥51.47 Billion

32 Plants

38 Plants

Total Panel Output

Expected Power Generation

End of November 2020

After the 4th Public Offering (December 2020)

End of November 2020

After the 4th Public Offering (December 2020)

106.6MW

131.0MW

60,921MWh

77,328MWh(Note) Total Asset Value is a sum of appraisal value as of November 30, 2020, except for assets acquired during the 4th Public Offering on December 2020 and purchase prices for assets acquired during the 4th Public
Offering on December 202014

Relative Stability of Listed Infrastructure Funds During COVID-19 Period Growing concerns over the economic impact of the COVID-19 caused financial markets to spiral downwards in March 2020. However, the rate of

decline for unit price of listed infrastructure funds was 12.0% (maximum rate of decline 18.2% from February 20 2020 (IPO date of Japan
Infrastructure Fund Investment Corporation) to March 31 2020. Compared to other investment products, the rate of decline for listed infrastructure
funds was limited. Also, unit price fluctuation of listed infrastructure funds before and after the COVID-19 was relatively smaller compared to that of
J-REITs and Japanese stocks. Hence, the Fund believes that unit price of listed infrastructure funds is relatively more stable than other securities
 In this business environment affected by COVID-19 the cash flow from J-REIT assets that are generally strongly linked to demand for basic
necessities (i.e. residence, logistics, and healthcare) is relatively more stable than that of J-REIT assets that generally have a weaker link todemand for basic necessities (i.e. hotel and retail). In the case of listed infrastructure funds, the cash flow of power generators backed by the FIT
scheme is less susceptible to economic fluctuations given that electricity is a vital resource for society. Hence, the Fund believes that the cash flowfrom power generators are relatively stable.

Stock prices of listed infrastructure funds during the COVID-19 stock market~Compression of stock price decline rate
（From February 20, 2020 to March 31, 2020）~
Our Fund0%

ListedResidential
infrastructure
REITs
funds

TOPIX

Logistic
REITs

OfficeREITs-11.4% -12.0% -15.4% -16.2% -16.3%-20%

Cash flow stability of power plants, which is considered toto be essential during COVID-19 period
Relatively
low

TSE REIT
Index-28.9% -29.1%

Commercial
REITs-40.1%-18.4% -18.2%

Hotel
REITs

Essentiality
for daily life

Hotel
Commercial-51.3%-26.2%-40%-60%

Decline rate

-40.9%-39.1%-47.8% -49.1%

Maximum decline rate

Office-54.5%-80%

Residents-61.4%

Source: Compiled by the Asset Manager based on publicly available information

Logistic~Stock price fluctuation during COVID-19 period~
PowerplantsAverage rate of stock price changes (absolute value) compared to previous day

Healthcare
Spread of COVID-19
From December 2, 2019 to From March 2, 2020 to April
February 28, 202030, 2020

From May 1, 2020 to
September 30, 2020

Our Fund

0.51%

1.45%

0.40%

Weighted Average for listed
Infrastructure funds

0.60%

1.54%

0.44%

TSE REIT Index

0.57%

3.57%

0.99%

TOPIX

0.73%

1.86%

0.88%

Source: Compiled by the Asset Manager based on publicly available information

Relatively
highRelatively
StableStability of Cash Flow

Relatively
unstable

15

Reinforced ESG strategy
Our dedications to archive SDGs target goals based on suitability policy
The Fund and the Asset Manager established a sustainability policy on May 2019, aiming to take more proactive and specificmeasures to address ESG issues within the context of their daily operations.

Sustainability Policy

ESG Commitment

Related SDGs goal

Policies for environmentInvestment on renewable energy
conducive to resolution of climatechange issues
 Consideration for the surrounding
ecosystem Resource/energy conservation andwaste reduction

Increase renewableenergy ratio in Japan

Reduce greenhouse gas
emissions

Policies for social
Stable energy supply
 Contribution to local community
 Engagement in executives andemployees
 Engagement in supply chain

Create a workplaceenvironment where
employee health is a
top priority

Cleaning activity at
local park

Contribute tocommunity
economical growthSponsorship for
community events

Active participation
to Japan Children
Support Association

Policies for governanceRegulatory compliance Disclosure with transparency
 Appropriate business operation

Equity co-investments by thesponsorGovernance structure

16

Reinforced ESG strategy
Our contributions to social factors
Commitments for Future Generation
Participation and donation to Japan Children Support
Association
The Fund and the Asset Manager established asustainability policy on 23 May 2019, aiming to take moreproactive and specific measures to address ESG issues
within the context of our daily operations.
On August 2020, the Fund and the Asset Manager decided
to participate and donate into Japan Children support,
whose mission is to permanently terminate “violence andpoverty against children” by offering support to foster
parents and new parents in order to provide a safe homeenvironment for the children.

Increaseawarenessand education

Support for
Foster Parents
Support for
New Parents

Donation to NPO Katariba
On October 2020, the Fund and the Asset Manager madedonation to NPO Katariba. Approved by Tokyo Metropolitan
Government., NPO Katariba is committed to provide
educational support to children in Japan who have lostlearning opportunities owing to disaster, poverty, or othercauses. Specific activities include creating a space wherechildren can study after school for free, and providing
support for learning and meals.
Loss of educational opportunities due todisaster, economic difficulties, etc.

Securing
lifelines
through
meal
support

Providinglearning
opportunities

Providinglearning
equipment's

Eliminate education inequality
17

Reinforced ESG strategy
Our contributions to social factors
Community Activities for Regions with the Fund’s Power Generation Facilities Locate

Donation to Miyagi Prefecture through Hometown Taxation Programs for Companies
The Fund and the Asset Manager have made donation to project to recover Disaster Prevention Forests in
Miyagi Prefecture
Official Sponsor Partner of “Kishu Kuchikumano Marathon”
The Fund are the official sponsor partner of the “Kishu Kuchikumano Marathon” which is held annually in
Kamitonda Town, Wakayama Prefecture
Cleaning activity on LS Hanno-Misugi nearby park
On June 30, 2020, members of the Asset Manager voluntary conducted cleaning activity on park in Hannocity, Saitama

Achievement on GRESB

Participated GRESB Infrastructure Assessment second year in a row
Received 4 stars out of 5 starts.
About GRESB Infrastructure Assessment

Major outstanding factors
・Disclosure
・Evaluation of risks
・Engagement with stakeholders

The GRESB Infrastructure Assessment, which was released in2016, is the ESG benchmark divided into a Fund Assessment
for infrastructure funds and an Asset Assessment for
infrastructure assets or operating companies.
18

Reinforced ESG strategy
The Takara Leben Group’s commitments to suitability
Signing to the United Nations Global Compact

CSR strategies by the Takara Leben Group

Our sponsor, Takara Leben Co. Ltds, signed the United Nations
Global Compact promoted by the United Nations in August 2020.
Takara Leben Group supports the Ten Principles of the Global
Compact, which comprises four areas—human rights, labor,
environment, and anti-corruption —while promoting its Group
Vision of “THINK HAPPINESS AND MAKE THE HAPPINESS” tocarry out the Global Compact and achieve a sustainable society.

The Takara Leben Group will achieve its corporate vision of“THINK HAPPINESS AND MAKE THE HAPPINESS” whileworking to earn the trust of stakeholders and society, contributeto solutions to social issues and archive the SDGs byundertaking CSR initiatives through our business including
supplying housing and natural energy as we strive for continuous
growth.
No.

CSR Themes

Related SDGs

Policies

1～The Ten Principles of the UN Global Compact～
Principle 1
Human Rights
Principle 2
Principle 3

LabourPrinciple 4
Principle 5

Environment

AntiCorruption

Businesses should support and respect the protection ofinternationally proclaimed human rights; andmake sure that they are not complicit in human rights
abuses.
Businesses should uphold the freedom of associationand the effective recognition of the right to collective
bargaining;
the elimination of all forms of forced and compulsory
labour;Source: Prepared by the Asset Manager based on the United Nations Global Compact website and public materials
disclosed by the Sponsor.
Note: The above table shows Note: The above table shows Takara Leben Group’s initiatives towards achieving asustainable society. Certain items may not have any direct relevance with the Fund nor the Asset Manager







2

Forming
Communities

the effective abolition of child labour; andthe elimination of discrimination in respect ofPrinciple 6
employment and occupation.
Businesses should support a precautionary approach to
Principle 7
environmental challenges;
undertake initiatives to promote greater environmental
Principle 8
responsibility; andencourage the development and diffusion of
Principle 9
environmentally friendly technologies.
Businesses should work against corruption in all its
Principle 10
forms, including extortion and bribery.

Creating
Lifestyles with
Value

3

Providing
Comfortable
Spaces of High
Quality4Developing
Environments
and CulturesProvide products and services that respond tochanging social issues and needs
Provide lifestyles that harmonize residents andsurrounding environments, such as the LEBEN or
NEBEL brands.
Contributing to the revitalization of regional areas
through our regional city revitalization business,
which connects urban and regional areas.
Improve our ability to respond to risk throughthorough risk assessment and management.
Provide opportunities and environments where adiverse range of people can work energetically.
Corporate activities that can respond to social
needs with an emphasis on dialogues with our
stakeholders.
Improve customer satisfaction through the use of
our proprietary Service Quality Management
System (SQMS®).
Create housing that combines both design andhabitability, pursuing the performance of housing.
Improve building value through regular repairs andrenovations to improve building comfort,
functionality, and safety.
Reduce greenhouse gas emissions throughsupplying housing with high environmental
performance and our renewable energy power
generation business.
Provide seismic and fire resistant housing that canwithstand natural disasters.
Provide opportunities for cultural activities to ourstakeholders.

Note: The above table shows Takara Leben Group’s CSR strategies and may not have any direct relation with
the Fund’s nor the Asset Managers initiatives.

19

Establishment of the Green Finance Framework
Japan’s First Listed Infrastructure Fund, Obtains a JCR Green Assessment (Rating)In order to maintain continuous commitments for ESG initiatives, the Fund established Green Finance Framework for both debt andequity and received the green finance evaluation for framework, which is the very first case for any listed investment corporations. The
Framework was reviewed and received highest rank “Green1(F)” by Japan Credit Rating and the Fund believes that this rating
indicates our strength in ESG initiatives.

Overview of Green Finance for the Public Offering in December 2020

GRESB Asset Assessment (2020）

3 Stars

Portfolio

Borrowing

Latestborrowing（Out of 5 Stars）

Assessment for Debt
Green loan assessment by
Shinsei Bank, Limited
Green Finance Framework
Evaluation (as of November 9)
Highest rank “Green1（F）”

JCR

EquityGRESB Fund Assessment (2020）

Assessment for Equity
Green Equity

4 Stars（Out of 5 Stars）

Green Finance Framework
Evaluation (as of November 9)
Highest rank “Green1（F）”

JCR

20

Ⅰ．Performance Overview for 10th Fiscal Period

Ⅱ．Major Topics

Ⅲ．Future Investment Strategies

Ⅳ．Appendix

21

The First Listed Infrastructure Fund in JapanI
Sustainable
Growth Strategy

II
Profit-based
Dividends

III
Portfolio located in
High-Demand AreaIV
JCR Credit Rating

22

Continuous Growth through Assets Acquisition
Total Asset Value and Panel Output■ Owned assets ■ New acquisition（¥ billion）¥ 5 1 . 4 7 bn
1 3 1 . 0 MW

60 . 0¥ 4 3 . 8 6 bn
1 0 6 . 6 MW

50.0
40.0
30.0
2 0 . 0 Total Price
Total Panel

10.00

output¥ 7 . 8 3 bn
1 7 . 8 MW

¥ 8 . 2 9 bn
1 9 . 0 MW

¥ 2 0 . 7 2 bn
5 0 . 0 MW
12.42

¥ 2 1 . 0 7 bn
5 0 . 8 MW
0.35

¥ 2 8 . 1 6 bn
6 9 . 5 MW

¥ 2 3 . 0 3 bn
5 5 . 8 MW

Aim to maintaincontinuous growth

14.75

0.95

5.12

1.95

43.86
29.11

28.16
23.03

21.07

20.72

¥ 2 9 . 1 1 bn
7 1 . 9 MW

7.60

7.83

0.46
7.83

8.29

IPO (Listing)

3rd FP acquisition

The 1st Public Offering

Expansion of plants

5th FP acquisition

The 2nd Public Offering

8th FP acquisition

The 3rd Public Offering

The 4th Public Offering

Jun 2016

Feb 2017

Jun 2017

Oct 2017 and
Nov 2017

Dec 2017 andFeb 2018

Jun 2018

Jun 2019

Dec 2019

Dec 2020(Note) Total asset value is a sum of appraisal value as of November 30, 2020, except for assets acquired during the 4th Public Offering on December 2020 and purchase prices for assets acquired during the 4th Public Offering on December
2020

Actual Results of Dividends: Increased Dividend through Asset Acquisitions, etc.
■ Ordinary Dividends (Result) ■ Ordinary Dividends (Forecast)■ Return of Capital

（¥）
4,000

3,000

+ 4.7% + 5.9%
3,121
2,981

3,021
2,852

+12.5%
3,586
3,188463

+5.4%
3,976
3,771
464
464

+10.3%

+5.4%

+2.7%

3,871
3,510 350

3,826
3,631 334

3,397
3,307

334

350

328

463

3,521

3,512

2,000
3,123

3,307

3,160

+6.2%

3,870
3,698 286

3,512
3,308

2,979

143

286

328

396

3,069

3,492
3,297

+2.7%

3,584
3,412

3,369
2,912

2,725

1,000

0
Forecast Result

Forecast Result

Forecast Result

Forecast Result

Forecast Result

Forecast Result

Forecast Result

Forecast Result

Forecast Result

The 2nd FP
Ended Nov 2016

The 3nd FP
Ended May 2017

The 4nd FP
Ended Nov 2017

The 55d FP
Ended May 2018

The 6nd FP
Ended Nov 2018

The 7nd FP
Ended May 2019

The 8nd FP
Ended Nov 2019

The 9nd FP
Ended May 2020

The 10nd FP
Ended Nov 202023

Dividends Policy
 The fund considers that it is best to retain a reasonable amount of funds deemed appropriate for strategic reinvestment rather thansimply to distribute them pursuit to predetermined fixed standard as surplus earnings distribution, in order to use them strategically,such as for new acquisitions, to maximize unitholders value.
Dividend Strategy Dedicated to Improve Profit-driven Dividends

The concept of the use of fundLeasing operation expenses

Leasing operation expenses
Repayment of Borrowings, etc.

Depreciation

Operating revenue

Internal reserves
Surplus earnings distributions

Net income

Dividends

Strategic Reinvestment Strategy for Improving Unitholders Value
Acquisition of new plants and expansion of existing plants with use of internal reserves
LS Kamisu
HasakiLS Inashiki
Aranuma1(Expansion）

LS Chikusei(Expansion）

LS Chiba
Wakabaku(Expansion）

LS Miho(Expansion）

LS Sakuragawa
Shimoizumi

LS Fukushima
Yamatsuri

LS Shizuoka
Omaezaki

LS Hanno
Misugidai¥0.47 Billion
Feb 2017¥0.03 Billion
Oct 2017¥0.02 Billion
Oct 2017¥0.04 Billion
Nov 2017¥0.06 Billion
Nov 2017¥0.95 Billion
Dec 2017¥0.46 Billion
Dec 2017¥0.48 Billion
Feb 2018¥0.75 Billion
Jun 2019

PicturePrice
Date

Breakdown of dividends yield (Note)

High ratio of Ordinary dividends (Note)■ Ordinary Dividends ■ Return of Capital

The Fund

Listed Infrastructure funds

Forecast for FP ending May 31, 2020

Average

92.0 %

63.2%

5.33%

Total

0.60%

5.92%

(Note) As of January 12, 2021
24

Income Schemes
Securing Monthly minimum-guaranteed rent and pursuit of upside potential
Monthly power sales based on actual
power generation reported by lessees
IPO assets(10 solar power
plants)（A）▼

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

Rent guaranteed regardless of actual amount of power generated
Performance-linked rent

100% 110%▼

Minimum-guaranteed rent

（B）(B) Performance-linked rent

Extra rent to be paid when the total power sales exceed 110% of minimum
rent guaranteed; calculated as 50% of the amount in excess of 100% of
minimum rent guaranteed
Total rent（C） The sum of minimum rent guaranteed (A) and variable rent linked to actual
output (B)Minimum-guaranteed rent
Rent guaranteed regardless of actual amount of power generated

Monthly power sales based on actual
power generation reported by lessees（A）

Post-IPO assets(28 solar power
plants)100%▼
Minimum-guaranteed rent (A)[Exceedance probability: P (percentile) 50/75](B) Performance-linked rent

P50: LS Chiba Narita, LS Iwate Hirono and LS Miyagi Matsushima
P75: 25 solar power plants acquired post-IPO
Performance-linked rent
Extra rent to be paid when the total power sales exceed 100% of minimum（B）rent guaranteed; calculated as 50% of the amount in excess of 100% of
minimum rent guaranteed
Total rent（C） The sum of minimum rent guaranteed (A) and variable rent linked to actual
output (B)25

Portfolio Overview
Total panel output

Total owned asset

Total asset value38¥51.47

solar power plants

131.0

billionMW

S-09

Kanto Area

LS Aomori Hiranai

S-37

S-01

LS Shioya

LS Iwate Hirono

S-32

LS Hiroshima
MiharaLS Chiba
Wakabaku

S-35

S-07

S-08

S-10

S-11

LS Fukushima
Kagamiishi 1

LS Fukushima
Kagamiishi 2

LS Miyagi Osato

LS Mito Takada

LS Tone Fukawa

LS Kamisu Hasaki

S-38

S-14

S-15

S-16

S-20

LS Miyagi
Matsushima

LS Fukushima
Yamatsuri

LS Nagasaki
Isahaya

LS Kirishima
KokubuLS Chikusei

S-03

S-34

S-30

S-05

S-02

S-24

LS Shirahama

S-22

LS Mie Yokkaichi

S-21

LS Shizuoka
Omaezaki

LS Nasu Nakagawa

LS Fujioka A

S-19

S-23

LS Sakuragawa
Shimoizumi

LS Sakuragawa
Nakaizumi

S-28

S-29

LS Sakuragawa 4

LS Chiba Sammu,
East/West

LS Inashiki
Aranuma 1

S-25

LS Takahagi

S-31

LS Shioya 2

S-04

LS Miho

S-12

LS Tsukuba
BouchiS-17

LS Fujioka B

S-26

LS Hanno
Misugidai

S-06

LS Sosa

S-13

LS Hokota

S-18

LS Inashiki
Aranuma 2

S-27

LS Sakuragawa 1

S-33

S-36

LS Sakuragawa
2&3

LS Chiba Narita(Note) As of December 1, 202026

Portfolio Located in High-Demand Area
Focusing on Area with High Electricity Demand■Breakdown of Portfolio by Region
Investment Ratio for regions under TEPCO, Chubu andKansai power company’s jurisdictions：

As of December 2020

72.6%
■ Electric Energy Sold in 2019
Total Asset Value

Investment Ratio(Based on acquisition price)¥51.47billion

222,277 64.7%

TEPCO■Kanto Area

25 plants

64.7%■Tohoku Area

7 plants

14.7%■Chugoku Area

1 plant

9.7%■Kansai Area

1 plant

5.6%■Kyusyu Area

2 plants

3.0%■Chubu Area

2 plants

2.3%

Chubu Electric Power117,246

2.3%

Kansai Electric Power Company

112,992

5.6%

Kyushu Electric Power

70,3983.0%

Tohoku Electric Power67,16714.7%
9.7%

50,208

Chugoku Electric Power Company
Hokuriku Electric Power Company

25,0540%

Hokkaido Electric Power Company

23,7010%

Shikoku Electric Power22,396

0%
0%

7,316

Okinawa Electric Power Company

050,000100,000

150,000

200,000

250,000(GWh)

Source, “FACT BOOK 2020” published by Hokuriku Electric Power Company

27

Credit Rating
JCR Credit Rating

Long-term Issuer Rating: A
Outlook: Stable（rating published on September 2, 2020)

Major contributions for the outlook change Enhanced cash flow stability
 financial soundness(1) Long-term Issuer Rating(2) Outlook

Before

After

A-

A

Positive

Stable28

Strong and Solid Financial Base
■ The Fund maintains a strong financial base through its strategic debt management policy, by controlling debt capacity, distributed debt
maturities, etc. The Fund continues to be care about future interest trends and considers whether to execute yield swap witch makes
floating interest fixed actually.

LTV and Ratio of Fixed Interest Rate of the Fund

Ratio of fixed interest rate

LTV
End of November 2020

After the 4th Public Offering (Dec 2020)

End of November 2020

After the 4th Public Offering (Dec 2020)

53.0%

54.8%

39.8%

50.3%

Transition of LTV Ratio

Transition of Borrowings（¥ Billion）
30■ IPO Financing■ 4th FP Financing■ 8th FP Financing ■ 9th FP Financing
2.7
2.3

20

2.2

■ 5th FP Financing ■ 6th FP Financing■ 10th FP Financing
2.6

2.5

2.4

■ Remaining Borrowing Spare Capacity (left)■ LTV Ratio (right)（%）（¥ Billion)
8

52.4
2.3

2.2

52.9

53.9

53.1

6.70

6.73

7
2.1

2.0

1.9

1.8

1.5 1.5 1.5

50

6
5

5.51

1.3
1.1

60

40
5.15
30

4

10
3

20

0.4 0.42
0.0

0End End End End End End End End End End End End End End End End End End End End
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
1st ndt 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

10

1

0

0
End of 7th FP

End of 8th FP

End of 9th FP End of 10th FP

29

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

Lenders

Longterm

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

Amount¥5,150MillionInterest rate

Base rate+0.5%

Drawdown date

Borrowing method

Maturity date

Collateral

December 1,
2020

Borrowings
based ontheindividual term loan agreement(commitment type) dated November
25, 2020 with the lenders shown on
the left

Businessday
immediately
preceding the 10th anniversaryof the date of execution ofloans

Unsecured andunguaranteed(note) In order to minimize the risk of change in the interest rates, the Fund has executed a interest swap agreement for ¥4,995 Million. By executing the swap agreement, interest rate for the borrowing ispractically fixed at 0.920%■Borrowing Breakdown (as of December 1, 2020)

Total Debt
¥28,100 Million

Sumitomo Mitsui Banking Corporation 14.0%

The Chiba Bank, Ltd.

3.1%

Shinsei Bank, Limited

12.8%

The Gunma Bank, Ltd.

2.8%

The Daisan Bank, Ltd.

10.7%

The Hyakujushi Bank, Ltd.

2.3%

Asahi Shinkin Bank

8.9%

The Tochigi Bank, Ltd.

1.6%

Resona Bank, Limited

8.1%

JOHOKU SHINKIN BANK

1.4%

Mizuho Bank, Ltd.

6.4%

The Higashi-Nippon Bank, Limited 1.1%

Tsukuba Bank, Ltd.

6.2%

THE BANK OF FUKUOKA, LTD.

0.8%

The Ashikaga Bank, Ltd.

5.8%

The Michinoku Bank, Ltd.

0.8%

Hiroshima Bank, Ltd.

4.3%

Kiraboshi Bank, Ltd.

0.7%

The Iyo Bank, Ltd.

3.8%

The Chiba Kogyo Bank, Ltd.

0.6%

The Daishi Bank, Ltd.

3.8%

The Joyo Bank, Ltd.

0.2%

30

External Growth
Growth opportunities capitalizing on abundant sponsor pipeline The Fund will focus on increasing asset size by leveraging the Sponsor pipeline as part of its core strategy for external growth.

Pipeline based on abundant sponsor-developed assets and sponsor support

Total

50

LS Aomori Hiranai (1.8MW)
LS Miyagi Osato (2.0MW)

LS Miyagi Sendai A・B (4.4MW)
LS Fukushima Yamatsuri (1.3MW)
LS Nagano Shiojiri (1.0MW)
LS Mie Yokkaichi (1.9MW)
LS Okayama Tsuyama 1 (2.6MW)
LS Okayama Tsuyama 2 (2.5MW)
LS Okayama Tsuyama 3 (1.3MW)

LS Iwate Hirono (2.2MW)
LS Fukushima Kagamiishi 1 (0.7MW)
LS Fukushima Kagamiishi 2 (0.7MW)
LS Shioya (2.9MW)
LS Shioya 2 (11.4MW)
LS Nasu Nakagawa (19.8MW)
LS Fujioka A (0.6MW)
LS Fujioka B (2.4MW)
LS Chiba Wakabaku (0.7MW)
LS Sousa (1.7MW)

LS Nagasaki Sasebo (3.4MW)

LS Chiba Sammu, East/West (5.0MW)
LS Chiba Narita (1.2MW)
LS Chiba Katsuura (30.6MW)

LS Nagasaki Isahaya (2.0MW)
LS Shirahama (7.8MW)
LS Kirishima Kokubu (2.0MW)

LS Kagoshima Kanoya (1.1MW)MW(note) Dashed line indicates assets which is not owned by the Fund

LS Tottori Daisen (13.9MW)
LS Hiroshima Mihara (11.2MW)

206.3

Developed by the sponsor
Under construction by the sponsor
Developed by third party and owned by the sponsor

LS Miyagi Osato (13.9MW)
LS Miyagi Matsushima (14.2MW)

assetsTotal Panel Output

LS Chikusei (1.2MW)
LS Miho (1.3MW)
LS Mito Takada (2.1MW)
LS Tone Fukawa (2.4MW)
LS Kamisu Hasaki (1.2MW)
LS Tsukuba Bouchi (2.4MW)
LS Hokota (1.9MW)
LS Inashiki Aranuma 1 (2.7MW)
LS Inashiki Aranuma 2 (1.2MW)
LS Sakuragawa Nakaizumi (2.6MW)
LS Sakuragawa Shimoizumi (2.5MW)
LS Takahagi (1.1MW)
LS Furukawa Onanuma (0.05MW)
LS Tone A (0.1MW)
LS Sakuragawa 1 (2.5MW)

LS Hanno Misugidai (2.4MW)

LS Sakuragawa 2・3 (5.0MW)

LS Shizuoka Omaezaki (1.0MW)

LS Sakuragawa 4 (2.4MW)(Note 1) The graphic shown here indicates the solar energy projects developed by the Sponsor, the solar energy projects under construction by Sponsor and the solar energy projects which have been developed by third parties andacquired by the Sponsor The chart includes the solar energy projects we own and in our anticipated portfolio. As of December 2020 other than the projects shown here, we do not have power generators that have been acquired
by TIF and we have not been engaged in any specific acquisition plans, and thus there is neither obligation nor guaranteed right to acquire other projects.
(Note 2) Panel output figures for the solar energy projects under construction are based on the construction plans as of November 2020 and may differ from actual output once completed and in operation

31

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

Performance-linked rent

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

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

32Performance Forecast for the 11th to 13th Fiscal Period

Operational status

11th fiscal period

12th fiscal period

13th fiscal period(ending May 31, 2021)(ending November 30, 2021)(ending May 31, 2022)

Forecast
as of Jan 15, 2021

Forecast
as of Jan 15, 2021

Forecast
as of Jan 15, 2021

Operating revenue¥2,632 Million¥2,557 Million¥2,619 Million

Operating expense¥1,760 Million¥1,768 Million¥1,779 Million

Operating income¥871 Million¥789 Million¥840 Million

Ordinary income¥720 Million¥640 Million¥694 Million

Net income¥719 Million¥639 Million¥693 Million¥3,540¥3,311¥3,546¥3,262¥2,900¥3,144

¥278

¥411

¥402

Total dividends perunit(including return of capital) (yen)Ordinary Dividends per
unit(excluding return of capital)

Return of capital per
unit(Note 1) Amounts are rounded down to the nearest million yen.

(Note 2) The above forecasts are subject to change due to acquisition or sale of renewable energy power generation facilities changes in infrastructure markets fluctuation ininterest rates and other changes in circumstances surrounding the Fund. Forecasts do not guarantee any dividends amount.
33

Dividends Forecast and Result(¥)■ Ordinary Dividends per unit (Result)■ Ordinary Dividends per unit (Forecast)■ Return of Capital per unit
3,976

4,000

3,871
464

3,586

3,510

464

3,631

3,698
334

334

3,188 463

3,121

350

3,307

350

328

3,021

2,981
3,000

2,852

3,870

3,826

3,771

3,397

286
3,512

3,540

3,308 143

278

286

3,546
3,311

402

328
396

411

463

2,000

3,521

3,512
2,981

3,121
2,852

3,123

3,021

3,307

3,584

3,492
3,297

3,160

2,979 3,069

3,369

3,412

3,262

2,912

2,725

3,144
2,900

1,000

0
Forecast

Result

2nd Fiscal Period(ended Nov 2016)

Forecast

Result

3rd Fiscal Period(ended May 2017)

Forecast

Result

4th Fiscal Period(ended Nov 2017)

Forecast

Result5th Fiscal Period(ended May 2018)

Forecast

Result

6th Fiscal Period(ended Nov 2018)

Forecast

Result7th Fiscal Period(ended May 2019)

Forecast

Result8th Fiscal Period(ended Nov 2019)

Forecast

Result9th Fiscal Period(ended May 2020)

Forecast
as of Jan15, 2020

ResultForecast
as of Jan 15, 2020

Forecast
Forecast
as of Jan 15, 2020 as of Jan 15, 2020

10th Fiscal Period(ended Nov 2020)

11th Fiscal Period(ended May 2021)

12th Fiscal Period(ended Nov 2021)

13th Fiscal Period(ended May 2021)

34

Revenue Forecast for 11th Fiscal Period (ending May 2021)(Unit：¥ thousands)(Note 1)
(Note 2)No.

Name of Power Plant

S-01
S-02
S-03
S-04
S-05
S-06
S-07
S-08
S-09
S-10
S-11
S-12
S-13
S-14
S-15
S-16
S-17
S-18
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29
S-30
S-31
S-32
S-33
S-34
S-35
S-36
S-37
S-38

LS Shioya
LS Chikusei
LS Chiba Wakabaku
LS Miho
LS Kirishima Kokubu
LS Sosa
LS Miyagi Osato
LS Mito Takada
LS Aomori Hiranai
LS Tone Fukawa
LS Kamisu Hasaki
LS Tsukuba Bouchi
LS Hokota
LS Nasu Nakagawa
LS Fujioka A
LS Inashiki Aranuma1
LS Fujioka B
LS Inashiki Aranuma2
LS Sakuragawa Shimoizumi
LS Fukushima Yamatsuri
LS Shizuoka Omaezaki
LS Mie Yokkaichi
LS Sakuragawa Nakaizumi
LS Shirahama
LS Takahagi
LS Hanno Misugidai
LS Hanno Misugidai
LS Sakuragawa 1
LS Sakuragawa 4
LS Nagasaki Isahaya
LS Shioya 2
LS Hiroshima Mihara
LS Sakuragawa 2&3
LS Fukushima Kagamiishi 1
LS Fukushima Kagamiishi 2
LS Chiba Narita
LS Iwate Hirono
LS Miyagi Matsushima
Total

Minimum Guaranteed
Rent Income
66,53927,14515,026
27,73944,65236,88339,80544,877
31,95456,31424,441
56,43038,682398,934
13,73954,32854,40524,55956,863
26,901
23,25339,22859,286
150,405
20,74644,57255,60951,294
101,563
30,800235,790
230,599
109,306
9,613
9,926
22,98244,452
210,627
2,590,284

Performance-linked
Rent Income
650
1,451
995
9,479
344
1,375
1,362
654
1,422
579
639
848
1,504
3,973
538
1,096
1,100
987
2,115
547
4,539
3,407
2,194
152
156
42,110Rent Expense (depreciation)

NOI(before depreciation)

NOI(after depreciation)

30,260 (22,447)
12,568 (8,987)
6,869 (4,449)
12,916 (8,982)
24,639 (17,819)
20,777 (14,058)
23,530 (17,281)
22,208 (16,373)
19,325 (12,393)
29,377 (21,573)
16,990 (11,012)
35,543 (21,770)
25,576 (16,458)
231,164 (154,921)
8,299 (4,595)
34,187 (20,276)
31,433 (20,439)
18,254 (11,100)
33,183 (20,584)
17,441 (10,597)
14,950 (9,704)
27,020 (18,152)
36,449 (22,955)
107,340 (62,278)
12,925 (7,869)
22,417 (9,990)
37,478 (21,999)
37,259 (21,046)
61,973 (42,966)
24,389 (15,924)
135,924 (89,232)
151,644 (95,406)
72,728 (47,315)
7,472 (5,255)
7,754 (5,599)
16,418 (12,010)
29,131 (21,795)
116,478 (79,287)
1,574,303 (1,024,917)

58,72623,564
12,60623,80537,83230,16433,55739,04325,02248,511
19,113
44,10930,558332,171
10,37841,792
44,77318,05945,686
20,637
18,646
31,20847,296109,316
16,22833,241
41,231
36,06984,671
22,883
193,636
177,768
86,088
7,548
7,928
18,574
37,116
173,437
2,083,009

36,278
14,577
8,157
14,82320,012
16,105
16,27522,66912,62826,937
8,101
22,338
14,100177,249
5,783
21,51624,333
6,959
25,102
10,0398,941
13,05624,34047,037
8,358
23,251
19,231
15,022
41,704
6,959
104,404
82,361
38,772
2,293
2,329
6,564
15,321
94,1491,058,092

Number less than one thousand has been omitted.
Revenue for S-01 to S-10, and S-36 to S-38 show minimum guaranteed rent which equals to estimated generation income based on 50th percentile of excess probability mentioned in the third-party report.
Revenue for S-11 to S-32 shows minimum guaranteed rent which equals to estimated generation income based on 75th percentile of excess and performance-linked rent based on 50th percentile of excess probability mentioned in the third-party report.

35

Ⅰ．Performance Overview for 10th Fiscal Period

Ⅱ．Major Topics

Ⅲ．Future Investment Strategies

Ⅳ．Appendix

36

Unitholder Status at the End of 10th Fiscal Period (ended Nov 2020)
Number of investment units

Total
193,830 Units

Number of unitholders
14,427(97.8%)■Other domestic corporation

233(1.6%)■Foreign films. etc.

52

(0.4%)■Financial Institutions

44(0.3%)■Individuals/others

117,639 units (60.7%)■Individuals/others■Financial Institutions

32,866 units (17.0%)(incl. financial instruments firms)■Other domestic corporation

30,888 units (15.9%)
12,437 units■Foreign films. etc.

(6.4%)

Total
投資主数
14,756
7,552人(incl. financial instruments firms)(Note ) Due to rounding, numbers presented may not add up precisely to 100%
Name

Number of investment units
held(units)

Ratio
(%)

1

Takara Leben Co., Ltd.

18,540

9.56

2

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT

8,086

4.17

3

The Master Trust Bank of Japan, Ltd.

3,402

1.75

4

The Rokinren Bank

3,113

1.60

5

The Kagawa Bank, Ltd.

2,558

1.31

6

Yamato Shinkin Bank

2,488

1.28

7

THE BANK OF FUKUOKA, LTD.

2,400

1.23

8

THE FUKUHO BANK, LTD.

2,348

1.21

9

The Kagawaken Credit Cooperative

1,700

0.87

9

Osaka Shoko Shinkin Bank

1,700

0.87

46,335

23.90

Total

37

Balance Sheet for 10th FP (ended November 30, 2020)(¥ thousand)(¥ thousand)Current assets

Current liabilities

Current assets

Operating accounts payable

3,844,477

Current portion of long-term loans payable

96,147
1,597,058

Cash and deposits

135,914

Operating accounts receivable

105,740

Accounts payable - other

72,228

Accrued expenses

483

Income taxes payable815

Deposits received

41

Prepaid expenses
Total current assets

4,158,360

Non-current assets

Other

Property plant and equipment
Buildings

7,366

Accumulated depreciation-1,126

Buildings (net)

6,240

48

Total current liabilities
Long-term loans payable

13,413,792

Other

Accumulated depreciation-1,643,717

Total non-current liabilities

Structures (net)

11,770,074

Total liabilities

Machinery and equipment

23,012,665

Net assets-2,697,652

Machinery and equipment (net)20,315,012

Unitholders’ equity
Unitholders’ capital

Accumulated depreciation-240,062

Deduction from unitholders’ capital (-)

Tools furniture and fixtures (net)

194,249

Unitholders’ capital (net value)

Total property plant and equipment

SoftwareTotal intangible assets

16,466

Deferred tax asset
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets△305,036
19,308,483

Surplus
Unappropriated retained earnings (undisposed loss) (-)

38,199,474

Total surplus
605,899523
606,422

Investments and other assets
Guarantee deposits

19,613,519

5,897,430

Intangible assets
Leasehold right

21,353,449
23,363,342

434,312Construction in progress -21,353,429
19

Tools furniture and fixturesLand

2,009,892

Non-current liabilities

Structures

Accumulated depreciation

154,996

Total unitholders’ equity

653,022653,022
19,961,506

Total net assets

19,961,506

Total liabilities and net assets

43,324,848

11,50010
323,63320
335,163
39,141,061

Deferred assets
Deferred organization expenses
Investment unit issuance expenses
Total deferred asset
Total Asset

27
25,39825,42643,324,848

38

Statement of Income for 10th FP (ended November 30, 2020)(¥ thousand)Operating revenue
Rent revenue - renewable energy power production facilities etc.
Total operating revenue

2,198,109
2,198,109

Operating expenses
Rent expenses on renewable energy power production facilities etc.
Asset management fee
Asset custody fee and administrative service fees

1,287,207
128,715
9,600

Directors' compensations

2,400

Other operating expenses

49,379Total operating expenses

1,477,302

Operating income

720,807

Non-operating income
Interest income
Reversal of dividends payable

13
62

Insurance income

54,224

Interest on refund

1,260

Miscellaneous income
Total non-operating income

055,561Non-operating expenses
Interest expenses

90,890Borrowing-related expenses

24,256

Amortization of deferred organization expenses
Amortization of investment unit issuance expenses
OthersTotal non-operating expenses

28
7,277
200
122,652

Ordinary income

653,716

Income before income taxes

653,716

Income taxes – current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss) (-)

817
8
825
652,890131
653,02239

Portfolio DataNo.

Name of Power Plant

Location

Purchaseprice(¥ Million)

S-01
S-02
S-03
S-04
S-05
S-06
S-07
S-08
S-09
S-10
S-11
S-12
S-13
S-14
S-15
S-16
S-17
S-18
S-19
S-20
S-21
S-22
S-23
S-24
S-25
S-26
S-27
S-28
S-29
S-30
S-31
S-32
S-33
S-34
S-35
S-36
S-37
S-38

LS Shioya
LS Chikusei
LS Chiba Wakabaku
LS Miho
LS Kirishima Kokubu
LS Sosa
LS Miyagi Osato
LS Mito Takada
LS Aomori Hiranai
LS Tone Fukawa
LS Kamisu Hasaki
LS Tsukuba Bouchi
LS Hokota
LS Nasu Nakagawa
LS Fujioka A
LS Inashiki Aranuma1
LS Fujioka B
LS Inashiki Aranuma2
LS Sakuragawa Shimoizumi
LS Fukushima Yamatsuri
LS Shizuoka Omaezaki
LS Mie Yokkaichi
LS Sakuragawa Nakaizumi
LS Shirahama
LS Takahagi
LS Hanno Misugidai
LS Sakuragawa 1
LS Sakuragawa 4
LS Chiba Sammu, East/West
LS Nagasaki Isahaya
LS Shioya 2
LS Hiroshima Mihara
LS Sakuragawa 2&3
LS Fukushima Kagamiishi 1
LS Fukushima Kagamiishi 2
LS Chiba Narita
LS Iwate Hirono
LS Miyagi Matsushima
Total

Shioya-gun, Tochigi
Chikusei-shi, Ibaraki
Chiba-shi, Chiba
Inashiki-gun, Ibaraki
Kirishima-shi, Kagoshima
Sosa-shi, Chiba
Kurokawa-gun, Miyagi
Mito-shi, Ibaraki
Higashi-tsugaru-gun, Aomori
Kita-soma-gun, Ibaraki
Kamisu-shi, Ibaraki
Tsukuba-shi, Ibaraki
Hokota-shi, Ibaraki
Nasu-gun, Tochigi
Tochigi-shi, Tochigi
Inashiki-shi, Ibaraki
Tochigi-shi, Tochigi
Inashiki-shi, Ibaraki
Sakuragawa-shi, Ibaraki
Higashi-shirakawa-gun, Fukushima
Omaezaki-shi, Shizuoka
Yokkaichi-shi, Mie
Sakuragawa-shi, Ibaraki
Kamitonda-cho, Wakayama
Takahagi-Shi, Ibaraki
Hanno-shi, Saitama
Sakuragawa-shi, Ibaraki
Chikusei-shi, Ibaraki
Sammu-shi, Chiba
Isahaya-shi, Nagasaki
Shioya-gun, Tochigi
Mihara-shi, Hiroshima
Sakuragawa-shi, Ibaraki
Iwase-gun, Fukushima
Iwase-gun, Fukushima
Narita-shi, Chiba
Kunohe-gun, Iwate
Miyagi-gun, Miyagi

1,315
540
271
498
937
666
818
991
705
1,261
470
890
735
8,315
265
925
1,091
422
955
468
484
740
980
2,810
400
758
870
826
2,290
575
4,797
4,500
1,650
178
187
425
843
4,320
50,171

Period-end appraisal
value(¥ Million) (Note)

1,285
546
318
561
926
648
822
1,010
726
1,268
467
920
694
8,043
263
1,006
1,126
444
1,009
490
460
726
1,053
2,899
448
950
942
825
2,328
601
5,064
4,993
1,650
178
187
425
843
4,320
51,471

Ratio

Panel output

FIT price

(%)

(kW)

(Yen)

2.5
1.1
0.6
1.1
1.8
1.3
1.6
2.0
1.4
2.5
0.9
1.8
1.3
15.6
0.5
2.0
2.2
0.9
2.0
1.0
0.9
1.4
2.0
5.6
0.9
1.8
1.8
1.6
4.5
1.2
9.8
9.7
3.2
0.3
0.4
0.8
1.6
8.4

2,987.25
1,205.67
705.101,373.70
2,009.28
1,796.08
2,040.00
2,128.00
1,820.00
2,467.08
1,200.00
2,469.60
1,913.60
19,800.00
612.002,725.68
2,420.80
1,200.00
2,535.04
1,327.36
1,098.24
1,984.50
2,698.24
7,839.76
1,194.60
2,402.40
2,545.92
2,421.12
5,059.20
2,022.46
11,469.60
11,216.70
5,091.84
712.32712.32
1,296.00
2,273.70
14,246.40
131,021.56

Operator
40
40
40
36
40
36
36
36
36
36
36
40
36
36
36
36
36
36
36
36
36
40
36
36
32
32
36
36
36
27
36
36
36
27
27
32
36
24

－

Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben
Takara Leben－(Note 1) Appraisal value for S-01 to S-32 are as of November 30, 2020. S-33 to S-38 shows its purchased price.
40

Change in Stock Price (June 3, 2019 to January 12, 2021)(Unit)¥150,000

The fund (Left)TSE REIT INDEX(Left)

Trading Volume (Right)

15,00014,000¥140,000¥130,000

13,00012,00011,000¥120,000

10,0009,000¥110,000¥100,000

8,000
7,000
6,000

¥90,000

5,000
4,000

¥80,000¥70,000

3,000
2,000
1,000

¥60,000

041

Fundamental Investment Policy

Value Creation through Utilization of Natural Energy
Annual CO2 reduction

Annual power generation

Stable cash flow andprofitSocially
responsible
investment

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

42

Structure of the Investment Corporation
Connecting / Purchasing electric utilities
operators

Electric
power
sales

Assets undermanagement

Electric
powersales priceLessee andoperator

Takara Leben Infrastructure Fund, Inc.
(TIF)
Borrowings

Lenders, etc.

Total AmountSolar power plant¥28.10 billion

Rent

Loans

Repayment ofprincipal andinterest

Operatingfee

SponsorSponsorsupport¥51.47 billion

Unitholders’ equity¥22.80 billion• All loans are
unsecured andunguaranteed

Listed on the Tokyo
Stock Exchange

Investment

Total value• 22 financial
institutions

Investment

Unitholders• 14,000+ individual investors(60% of total)• 44 financial institutions

Asset Manager(17% total)

Management

Number of assets
Dividends

38 solar power plants• 233 domestic firms(16% of total)• 44 foreign firms(6% of total)

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

43

Business Environment
Japan’s Energy Issues

Long-term Energy Demand and Supply Forecast

In order to archive the goals of “the Paris Agreement”, it is criticalto for Japan to reduce Greenhouse gas emissions caused byelectricity generations which accounts 36.7% of total emissions.
The fund considers that installation of renewable energy not only to
reduce emissions, but it also contributes to improve Japan's energy
ratio which is ranked as low among other developed nations

With reference to the long-term energy supply and demand
outlook published in July 2015, and the fifth Strategic Energy
Plan established in July 2018, METI stated its policy tocontinuously promote efforts for the utilization of renewableenergy as the independent and decarbonized major powersource~Breakdown of Greenhouse gas emission and reduction targets in Japan~Long-term Energy Demand and Supply Forecast in Japan~

Breakdown of Greenhouse gas emissions

2013

Reduction targets（in 2030）

2030
Geothermal and new renewable energy
NuclearCoal
Oil, etc.
13.4%
LNG
Water power

2.2%

8.4%
6.4%

1.0%

36.7%

Energy-related CO2
emissions (electricity)
Energy-related CO2
emissions (non-electricity)

FY2018greenhousegas emissions(1.24Bn tons)

48.6%（compare to 2005）

14.9%

26.0%

5

173.9%

United Kingdom

15

France22

Germany

28

Spain

33
34
35

South Korea
Japan
Luxembourg0%

Expand by 1.3 times comparedto March 2020

60

20

36.9%

26.0%

~Installed solar energy generation facilities (10kW or larger) and
its forecast in 2030 ~TargetIf insulation target will be archived

68.2%

15.0

23.3

28.8

33.5

38.4

55.0
43.3

0
Mar 2015

26.7%
16.9%
9.6%
5.3%
100%

3.0%

Source: Compiled by the Asset Manager based on the “Fifth Strategic Energy Plan” dated July 3, 2018
and “Report on Policy Issues and Next Generation Power Networks in the Era of Renewable
Energy” dated December 18, 2017 by the Agency for Natural Resources and Energy of METI.

40

52.8%

200%

300%

400%

800%
500%

Source: Estimated values for 2017 from IEA “World Energy Balances 2018”. Figures for Japan are basedon FY2017 preliminary figures from METI’s “Comprehensive Energy Statistics”

22~24%（solar power accounts7%）（GW）

792.6%

92.6%

United States

11306.0%

27.0%

30.3%

（compare to 2013）~ Primary energy self-sufficiency rate among OECD （2017）~
Country
NorwayAustralia
Canada

22.0%

43.2%

Source: Compiled by TAM based on Japan Center for Climate Change Actions homepage, World
Wide Fund for Nature homepage, and “Japan’s Energy, FY 2018 Edition—10 questions
for understanding the current energy situation” by the Agency for Natural Resources andEnergy of METI

Rank
1
2
3

Ratio of renewableenergy25.4%

Non-energy-related
CO2 emissions
Greenhouse gas
emissions other than CO2

8.8%

8.5%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

2030(Expected)

Source: The installed solar energy capacity figures up to March 2020 have been compiled by the Asset Manager basedon the data published by the Agency for Natural Resources and Energy of METI on its website, “FIT Scheme Information Disclosure Website”. The forecasted installed solar energy capacity figure for fiscal year 2030 has
been compiled by the Asset Manager based on the data published in “Long-term Energy Supply and Demand
Outlook” dated July 2015 and related materials the Agency for Natural Resources and Energy of METI.

4444

Business Environment
Reduction in Costs and FIT Purchase Price for Solar
Energy Generation in Japan
Innovation in technology and market competition between
operators, the Fund believe that, system cost of solar energy
facilities will decline concurrently with purchase price and willcontinue to decline in the future（¥ten thousand/kW）
50
42.2
37.2
40

34.1

32.4

31.5

30
20

40

36

（¥/kWh）
50
Average costs（left）
40
30
28.6 26.6 26.6
30
FIT Price （right）

32

10

20
29

24

21

18

2017

2018

0
2012

2013

2014

Targeted system
costs

2015

2016

12.98 12.57
First
half of2019

Secondhalf of201910
0

In 2020¥14/kWhIn 2025¥7/kWhRising number of films participating in RE100
The number of Japanese films participating RE100, the global
initiative among private companies to commit to sourcing 100% of
their energy from renewable sources, is rising and the Fund
believes that it indicates RE100 is receiving continuous attentions.
The Fund also believes that the increase number of RE100
participants will further increase attention in renewable energy andfacilitate businesses related to renewable energy. Thus it also
contributes to support the sale of electricity after the FIT is expired~Methods to archive RE100 Project~

Source: Compiled by the Asset Manager based on “Opinion on procurement prices from fiscal
year 2019” by Procurement Price Calculation Committee of METI on January 9, 2019 andthe web site of The Agency for Natural Resources and Energy in the METI.

Purchase price cases for Post-FIT

PPS

Other
Industries

Generating in-houserenewable energy~Number of Companies Participating in RE100~

Against the backdrop of FIT periods expiring for residential solar power systems (“postFIT residential solar projects”) as of Nov 2019 various players such as top tier utility
companies, new comer utility companies, and other industrial companies as shown
below are actively trying to acquire these projects In the future, post FIT commercial
renewable energy generators may also become acquisition targets of theaforementioned companies. The Fund believes that possibility of post FIT residential
solar projects and post FIT commercial renewable energy generators to become
incorporated into the business will increase and such projects will contribute to the longterm sustainability of the renewable energy business.

Major
electric
utility

Rely on 100%
renewable energy
sources as a power
supply for all
business activities

Procure renewable energy
from external sources

Tohoku Electric
Power

TEPCO Energy
Partner

Kansai Electric
Power

The Chugoku
Electric Power

Shikoku ElectricPower¥9.0/kWh¥8.5/kWh¥8.0/kWh¥7.15/kWh¥7.0/kWh

SMART TECH

Tokyu Power
SupplyMarubeni Solar
Trading

Botchan Electric
Power

HarimaDenryoku¥10~11.5/kWh¥10.9/kWh7.0~10.6/kWh¥10/kWh¥9/kWhENEOS
Corporation

Sekisui House,

Daiwa House
Industry

Minna-denryoku,

Toyota Tsusho
Corporation¥11.0/kWh¥11.0/kWh10.0/kWh¥10.0/kWh¥9.5/kWh

Source: Compiled by the Asset Manager based on publicly available information

250
200

229

RE100 Participating film（Japanese）
RE100 Participating film （Foreign）

165
129

150
87
100
16

0

16
Mar 2015

58
Mar 2016

17

6
197

58

50

32

87
Mar 2017

123

Mar 2018

148

Mar 2019

Mar 2020

Source: Compiled by the Asset Manager based on information from the Ministry of Environment and areport on RE100 dated August 25, 2020 by Mizuho Information & Research Institute, Inc.

Increase in potential purchasers of renewable energy after
FIT expiry, or purchasers of renewable energy generators
45

Profile of Asset Manager
Name

Takara Asset Management Co., Ltd.

Address

Main Office
Otemachi Nomura Bldg. 16F 2-1-1 Otemachi, Chiyoda-ku, Tokyo, JAPANShin-Otemachi Building BranchShin-Otemachi Bldg. 8F 2-1-1 Otemachi, Chiyoda-ku, Tokyo, JAPAN

Established
CapitalOctober 28, 2013¥250,000,000

Representative

CEO and the President, Mamoru Takahashi

Business Domain

Asset Management, Type II Financial Instruments, Investment Consulting

Stakeholder

100% owned by Takara Leben (securities code: 8897, Tokyo Stock Exchange)

Licenses

Building Lots and Buildings Transaction Business: No. (2) 96550, Governor of Tokyo
Discretionary Transaction Agent: No. 89, Minister of Land, Infrastructure,
Transportation and Tourism
Financial Instruments Business: No. 2851, Director-General, Kanto Finance Bureau(Financial Instruments and Exchange Act)
Permission to engage in a Real Estate Specified Joint Enterprise: No 103, Financial
Services Agency Commissioner and Land, Infrastructure, Transport and Tourism
MinisterParticipation

The Investment Trusts Association, Japan
Type II Financial Instruments Firms Association
Japan Investment Advisers Association
Tokyo Real Estate Association
Japan Housing, Land, and Building Business Society
Japan Association of Asset Management46

Contact

TEL: +81-3-6262-6402
E-Mail: info@takara-am.co.jp• This English Presentation Material is provided for references purpose only and not a definitive translation of the original Japanese Presentation material.
If any discrepancy is identified between this translation and the Japanese original, the Japanese original shall prevail.
• This document has been prepared to provide information, and is not for soliciting and inviting investments in or recommending transaction of certain
products. We request investors to make investments with their own responsibility and judgment.
• This document does not constitute a disclosure document or a management report based on the Financial Instruments and Exchange Act, the Act on
Investment Trusts and Investment Corporations or the listing regulations of the Tokyo Stock Exchange.
• In addition to information on Takara Leben Infrastructure Fund, Inc. (the “Fund"), this document includes figures, tables and data prepared by Takara
Asset Management Co., Ltd. (the "Asset Manager") based on data/index and other information released by third parties. Analysis, judgment and otherviews of the Asset Manager on such information at the time of preparation are also included in this document.
• The information contained in this document is not audited and there is no assurance of the accuracy and certainty of such information. Analysis,
judgment and other non-factual views of the Asset Manager represent views of the Asset Manager at this point in time. Different views may exist or the
Asset Manager may change its views in the future.
• Figures under the same items of other disclosed materials may differ from figures presented in this document due to difference in the rounding of
fractions, etc.
• While the Fund takes reasonable care in the preparation of this document, there may be errors. Readers are also cautioned that the contents of thisdocument may be corrected or changed without prior notice.
• The Fund and the Asset Manager assume no responsibility for the accuracy of data, indexes and other information released by third parties.
• This document includes statements regarding future policies, etc. of the Fund. However, these statements do not guarantee said future policies, etc.
• For the convenience of preparing graphs, the dates indicated herein may differ from actual business dates.