November 28, 2017
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:
Tetsuo Funamoto, President & CEO
Contact:
Mamoru Takahashi, Director&CIO(Phone: 03-6262-6402)

Notice of Purchase and Lease of Domestic Infrastructure Properties
Takara Leben Infrastructure Fund, Inc. hereby announces that Takara Asset Management Co., Ltd., the company that it
commissions to conduct asset management (hereinafter referred to as “the Asset Manager”) has today decided topurchase and lease infrastructure properties (hereinafter referred to as “Properties to be Purchased”) as follows.
The party from which the properties will be purchased and the party to which they will be leased fall under theinterested person or other close affiliate (hereinafter referred to as “Interested Persons”) pursuant to the Act on
Investment Trusts and Investment Corporations (hereinafter referred to as “the Investment Trust Act”) and also fallunder the interested parties and equivalent pursuant to the Asset Manager’s internal Regulations on Transactions with
Interested Parties, etc. The Asset Manager therefore obtained consent from the Executive Board of Takara Leben
Infrastructure Fund at the meeting held on November 28, 2017 in accordance with the Investment Trust Act and theRegulations on Transactions with Interested Parties, etc.
1. Outline of Purchase
Property

Property Name

Location

No.

(Note 1)

(Note 2)

S-19

LS Sakuragawa Shimoizumi

S-20

LS Fukushima Yamatsuri

S-21

LS Shizuoka Omaezaki

Expected purchase
price

Purchase from(MY) (Note 3)

Sakuragawa-shi, Ibaraki

955

Takara Leben Co., Ltd.

468

Takara Leben Co., Ltd.

484

Takara Leben Co., Ltd.

1,907

―

Yamatsuri-machi, HigashiShirakawa-gun, Fukushima
Omaezaki-shi, Shizuoka

Total(Note 1) LS stands for Leben Solar.

(Note 2) The Location is based on the statement in the register concerning the land (or one of the pieces of land if there is more than one) where the solar
power generation facility concerned with the specified Property to be Purchased is installed. However, each location is no more detailed than themunicipality level.
(Note 3) The expected purchase price represents the amount of the transaction specified in the agreement on the transaction of the specific Properties to be
Purchased that excludes the expenses for purchase such as the property purchase commission, fixed asset taxes, urban planning taxes, the amountequivalent to consumption tax, and other fees, and that is rounded down to the nearest million yen.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

1(1) Date of conclusion ofNovember 28, 2017agreement on transaction:(2) Scheduled purchase date:

December 1, 2017 for LS Sakuragawa Shimoizumi and LS Fukushima Yamatsuri
Date to be separately agreed on between the seller and the purchaser (Note 1) for LS
Shizuoka Omaezaki(3) Seller:

See 3. Status of Asset Purchaser and Other Parties below.

(4) Funds for purchase:

Borrowings approved by a resolution of the Executive Board meeting of Takara Leben
Infrastructure Fund held on November 28, 2017 (Note 2) and own funds(5) Payment method:

Payment in full at the time of delivery(Note 1) The scheduled purchase date for LS Shizuoka Omaezaki will be the date agreed on separately between the seller and the purchaser, which is notlater than 15 days from the date when the condition specified in the agreement on the transaction is fulfilled, which specifically means that thebuyer becomes an electricity utility with certification pursuant to paragraph (3) of Article 9 and paragraph (1) of Article 10 of the Act on Special
Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 108 of 2011; including later
amendments thereof; hereinafter referred to as “the Renewable Energy Special Measures Act”) for the entire renewable energy generation businessplan concerning the implementation of the business of generating electricity with the use of the facility to supply electricity to electricity utilities(referring to what is stipulated in paragraph (1) of Article 9 of the Renewable Energy Special Measures Act; and including documents stipulated inparagraph 2 of Article 4 in the Supplementary Provisions to the Act for Partial Revision of the Act on Special Measures Concerning Procurementof Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 59 of 2016; including later amendments thereof), and that it has
taken over the status of the party of the specific agreement and the connection agreement on the electricity generation facility.
(Note 2) For details of the borrowings, refer to the Notice of Borrowing of Funds published today.

2. Grounds for Purchase
The Properties to be Purchased are renewable energy generation facilities and others that comply with the conditions
and policy for asset management prescribed in the certificate of incorporation of Takara Leben Infrastructure Fund. The
purchase of these Properties is aimed at expanding the scale of the assets of Takara Leben Infrastructure Fund and atincreasing the net income per unit by improving the profitability of Takara Leben Infrastructure Fund and by purchasing
them without recourse to fund raising through capital increase. The purchase of these Properties is expected to increase
the distribution per unit, exclusive of surplus earnings distribution, by 366 yen for the fiscal period ending May 31, 2018.
For subsequent periods, the purchase is deemed to be beneficial to the distribution policy pursued by Takara Leben
Infrastructure Fund. It is for these reasons that the decision on the purchase in question has been made.

3. Descriptions of the Properties to be Purchased(1) Outlines of the Properties to be Purchased
The outlines of the individual Properties to be Purchased are as shown in the tables below. The descriptions in thesections in the tables and the terms used therein are as defined below unless otherwise stated. The information without
notes on timing is, in principle, correct as of November 28, 2017.
a. Property Overview
・ Outline of Specific Contract represents the details of the specific contract concerning the solar power
generation facility concerned with the specified Property to be Purchased.
Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

2

・ Electricity Generation Utilities Operator, Purchasing Electric Utilities Operator, FIT Price and Expiration
Date of Supply Period reflect the details of the specific contract that will come into effect on the scheduled
date of purchase of the Property to be Purchased. FIT Price represents the amount after the subtraction of theamount equivalent to consumption tax and local consumption tax. The revenue of the Electricity Generation
Utilities Operator based on the FIT Price under the specific contract does not mean the revenue of Takara
Leben Infrastructure Fund.
・ Location represents the land (or one of the pieces of land if there is more than one) where the solar power
generation facility concerned with the specified Property to be Purchased is installed in accordance with thestatement in the register.
・ Lot number is based on the statement in the register.
・ Use District represents the district specified in item (i) of paragraph (1) of Article 8 in the City Planning Act or
the area classification specified in Article 7 of the same Act. It indicates non-classified city planning area forany land designated as a city planning area and without area classification under Article 7 of the City Planning
Act, and outside the city planning area for any land that is not designated as a city planning area.
・ Area is based on the statement in the register and may not reflect the actual area.
・ Type of Right to the land represents the type of right to be owned by Takara Leben Infrastructure Fund to theland on which the solar power generation facility concerned with the specified Property to be Purchased islocated.
・ Recognition Date represents the date when the solar power generation facility concerned with the specified
Property to be Purchased is recognized.
・ Supply Start Date represents the date when the solar power generation facility concerned with the specified
Property to be Purchased commences its operation, excluding trial operation, and its supply of renewableenergy electricity in accordance with the specific contract at the relevant time.
・ Remaining Procurement Period represents the period in months from the scheduled date of purchase of thesolar power generation facility concerned with the specified Property to be Purchased to the expiration date of
the procurement period. Any fractional portion of less than one month is disregarded.
・ Expiration Date of Procurement Period represents the date when the procurement period regarding the solar
power generation facility concerned with the specified Property to be Purchased expires.
・ Procurement Price represents the procurement price regarding the solar power generation facility concernedwith the specified Property to be Purchased, exclusive of the amount equivalent to consumption tax and local
consumption tax.
・ Panel Type represents power generation elements incorporated into solar cell modules in the solar power
generation facility concerned with the specified Property to be Purchased according to the statement in theTechnical Report prepared by E&E Solutions Inc. and other sources.
・ Panel Output represents the maximum output of solar cell modules in the solar power generation facility
concerned with the specified Property to be Purchased according to the statement in the Technical Report
prepared by E&E Solutions Inc. and other sources.
・ Number of Panels represents the number of solar cell modules used in the solar power generation facility
concerned with the specified Property to be Purchased according to the statement in the Technical Report
prepared by E&E Solutions Inc. and other sources.
・ Panel Manufacturer represents the manufacturer of the solar cell modules adopted in the solar power
generation facility concerned with the specified Property to be Purchased according to the statement in theTechnical Report prepared by E&E Solutions Inc. and other sources.
・ PCS Manufacturer represents the manufacturer of the power conditioner system (PCS) adopted in the solar

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

3

power generation facility concerned with the specified Property to be Purchased according to the statement in
the Technical Report prepared by E&E Solutions Inc. and other sources.
・ EPC Operator represents the contracted operator engaging in the construction of the solar power generation
facility concerned with the specified Property to be Purchased.
・ Electricity Output represents either the solar cell module capacity or the PCS capacity in the solar power
generation facility concerned with the specified Property to be Purchased according to the statement in theTechnical Report prepared by E&E Solutions Inc. and other sources, whichever is the smaller.
・ Estimated Annual Electricity Generation represents the annual electricity generation of the solar power
generation facility concerned with the specified Property to be Purchased mentioned in the Technical Report
prepared by E&E Solutions Inc. as the value in the 50th percentile of excess probability calculated after astatistical analysis of the variation in solar radiation for twenty years at the vicinal meteorological office in thefirst, 10th and 20th years of the operation of the power plant. The value represented is rounded down to thenearest second decimal place. It is to be noted, however, that the 50th percentile of excess probability differsfrom the percentile of excess probability that serves as the basis of the calculation of the guaranteed minimum
rent that Takara Leben Infrastructure Fund receives from the lessee and the operator in accordance with theagreement on the lease of the power generation facility and others concerned with the specified Property to be
Purchased.
・ Estimated Facility Operation Ratio represents the estimated annual operation ratio of the solar power
generation facility concerned with the specified Property to be Purchased mentioned in the Technical Report
prepared by E&E Solutions Inc. as the value in the 50th percentile of excess probability calculated after astatistical analysis of the variation in solar radiation for twenty years at the vicinal meteorological office in thefirst, 10th and 20th years of operation of the power plant. 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 Takara Leben Infrastructure Fund receives from the lessee and the operator
in accordance with the agreement on the lease of the power generation facility and others concerned with thespecified Property to be Purchased.
・ Platform Foundation Structure represents the structure of the foundation for the module platform in the solar
power generation facility concerned with the specified Property to be Purchased according to the statement in
the Technical Report prepared by E&E Solutions Inc. and other sources.
・ Type of Right to the facility represents the type of right to be owned by Takara Leben Infrastructure Fund to thesolar power generation facility concerned with the specified Property to be Purchased.
・ Collateral specifies whether or not there is any asset that Takara Leben Infrastructure Fund will provide as
collateral for the specified Property to be Purchased after the purchase.
・ Operator represents the company that will serve as the operator as of the date of purchase of the specified
Property to be Purchased.
・ O&M Operator represents the operator that will conclude an effective O&M agreement with respect to major
O&M services as of the date of purchase of the specified Property to be Purchased.
・ Notes describe the rights and use of individual properties that are regarded as important as well as other mattersthat are considered significant in view of the impacts on the appraised value, profitability and disposability ofthe specified property, in principle on the basis of information as of November 28, 2017.
b. Property Characteristics
・

Property Characteristics describe the basic features, characteristics and regional peculiarities and otherfactors of the specified Property to be Purchased on the basis of the Technical Report prepared by E&E

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

4Solutions Inc., the Valuation Report by PricewaterhouseCoopers Sustainability LLC, the Real EstateAppraisal Report by CBRE K.K. and partly on the basis of materials obtained by Takara Leben
Infrastructure Fund. These reports and materials merely refer to the judgments and opinions of outside
specialists at one point in time, and do not guarantee the appropriateness and accuracy of their information.
They do not reflect changes in circumstances after their preparations.
c. Electricity Generation in the Past Year・Electricity Generation in the Past Year describes the numerical data and information, which are notprocessed for the accounting audit and other procedures, supplied by the current owner of the specified
Property to be Purchased, in principle as they are without being edited. These data are provided forreference purposes only, and may be incomplete or inaccurate. Electricity Sold represents the total volumeof electricity in the specified month after the per-diem calculation of the electricity measured on the meterreading day of the month for the simple number of days and electricity in the specified month after the perdiem calculation of the electricity measured on the meter reading day of the following month for thesimple number of days on the basis of electricity purchased stated in the notice of electricity purchased
issued by the purchasing electric utilities operator. This value is not an indicator stipulated in the corporate
accounting standards that are generally recognized as fair and appropriate in Japan. It is not necessarily
calculated in the same manner as in the accounting treatment adopted by Takara Leben Infrastructure Fund,and the circumstances surrounding the specified Property to be Purchased serving as a precondition for the
calculation may not be the same as those after the purchase made by Takara Leben Infrastructure Fund. As
a result, the electricity 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.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

5(2) Summary of Specific Properties
S-19

LS Sakuragawa Shimoizumi

Category

Solar power generation facility, etc.

Property Overview
Type of Specific Property

Renewable energy power generation facility and superficies

Scheduled Purchase Date

December 1, 2017

Type of Renewable Energy Power

Solar power generation

Generation Facility

facility

Electricity
Generation Utilities
Estimated Purchase Price

Assessed Value of Power Plant(as-of date)

Takara Leben Co., Ltd.

Operator

955,000,000 yen

950,000,000 yen to

Outline of

1,281,000,000 yen

Specific(September 30, 2017)

Contract

Purchasing Electric

TEPCO Energy Partner,

Utilities Operator

Inc.

FIT Price

36 yen per kWh

Expiration Date ofAppraised Value of Land56,500,000 yen

Supply Receipt(as-of date)(September 30, 2017)

Period (Note)

The day before the firstmeter reading day after
the lapse of 240 days from
October 24, 2016
(including this date)

LocationLand

Maeyashika, Shimoizumi, Sakuragawa-shi, Ibaraki
Lot Number

421-1 and others (17 lots)

Panel TypeCIS

Use District

Urbanization control area

Panel Output

2,535.04 kW

Area

47,193 sq. meters

Number of Panels

14,912Type of Right

Superficies

Panel Manufacturer

Solar Frontier K.K.

PCS Manufacturer

Fuji Electric Co., Ltd.

EPC Operator

Edison Power Co., Ltd.

Electricity Output

1,980.00 kW

EstimatedYear 1

3,167.88 MWh

AnnualYear 10

3,009.48 MWh

Year 20

2,851.09 MWh

EstimatedYear 1

14.27%

Facility

Year 10

13.55%

Year 20

12.84%

Recognition
Date

Supply Start
Date

March 31, 2014

October 24, 2016
Facility

Electricity
Generation

Facility

Remaining
Procurement

18 years and 10 months

Operation

PeriodRatio

Expiration Dateof Procurement

Platform Foundation

October 23, 2036

Structure

PeriodProcurementPrice

36 yen per kWhCollateral

None

Operator

Takara Leben Co., Ltd.

Type of Right

O&M Operator

Screw pile foundation

Property Right

Toyo Bldg. MaintenanceNote: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

6

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

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

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

Notes
- For the land concerned with this property, the superficies have been established and registered with the landowners (multiple
individuals) defined as the grantor of superficies and with Takara Leben Infrastructure Fund as the superficiary. The agreement on
the establishment of superficies after the purchase by Takara Leben Infrastructure Fund is outlined as follows.
(Outline of the agreement on the establishment of superficies)
Grantor of superficies: Multiple individuals
Superficiary: Takara Leben Infrastructure Fund, Inc.
Duration: January 15, 2016 to January 14, 2037
Rent: Not disclosed because approval has not been obtained from the grantor of superficies
Rent Revision: None
Security Deposit: None
Renewal of Agreement: The agreement will be automatically renewed for one year unless either party gives notice to the otherparty not later than six months prior to the expiration of the period; the same will apply thereafter.
Midterm Cancellation: The superficiary may cancel the agreement free of charge after giving one year’s notice in the event that thesuperficiary or the other parties discontinue the solar power generation business due to difficulty installing or constructing a power
plant or operating the business.
Priority Purchase Right: In the event that the grantor of superficies transfers the land, the superficiary may purchase the land in
preference to any third party.
Consent to Transfer: The grantor of superficies has acknowledged that the superficiary will transfer its superficies for the purpose ofoperating the solar power generation business by installing a solar power generation facility.
- A power cable is installed between pieces of land concerned with the property in a manner whereby the cable crosses a road. For
this installation, permission for occupancy of the road has been obtained from the mayor of Sakuragawa.
Note: It is stipulated that in the event that the purchasing electric utilities operator gives prior notice of the date when the value of the electricity meter isrecorded in the recording-type measuring apparatus (hereinafter referred to as “the date of measurement” in this note), the supply period shall end on the
day before the date of measurement.

Property Characteristics■ Property Characteristics<Location>

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

7

This property is located in the city of Sakuragawa in Ibaraki Prefecture. It is around 1.7 km northwest of Yamato Station on the JR
Mito Line. The Sakuragawa-Chikusei Interchange on the Kita-Kanto Expressway is located around 1.9 km east of the property, andthe Sakura River flows in a southerly direction around 1.8 km southeast of the property.

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

<Facility>
Panels made by Solar Frontier K.K. and a power conditioner system made by Fuji Electric Co., Ltd. are utilized.
Electricity Generation in the Past Year
PeriodElectricity Sold

From: November 1, 2016
To: October 31, 2017
November 2016

December 2016

January 2017

February 2017

201,002.63 kWh

219,600.32 kWh

287,325.00 kWh

287,073.05 kWhMarch 2017

April 2017

May 2017

June 2017324,591.59 kWh

359,180.54 kWh

315,799.43 kWh

284,632.90 kWh

July 2017

August 2017

September 2017

October 2017311,112.13 kWh

272,511.16 kWh229,789.54 kWh

184,697.36 kWh

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

8

S-20

LS Fukushima Yamatsuri

Category

Solar power generation facility, etc.

Property Overview
Type of Specific Property

Renewable energy power generation facility and superficies

Scheduled Purchase Date

December 1, 2017

Type of Renewable Energy Power

Solar power generation

Generation Facility

facility

Electricity Generation
Estimated Purchase Price

Assessed Value of Power Plant(as-of date)

Utilities Operator

468,000,000 yen

459,000,000 yen to621,000,000 yen(September 30, 2017)

Outlineof

Takara Leben Co., Ltd.

Purchasing Electric

Tohoku Electric Power

Utilities Operator

Co., Inc.

FIT Price

36 yen per kWhSpecific
The day before the firstContract

meter reading day after
Appraised Value of Land

22,200,000 yen

Expiration Date of

the lapse of 240 days

(as-of date)(September 30, 2017)

Supply Receipt Period

from November 7,2016 (including thisdate)

Location

Land

Sasanotawa, Hozaka, Yamatsuri-machi, Higashi Shirakawa-gun, Fukushima
Lot Number

48-1 and others (30 lots)

Panel TypeCIS

Use District

Outside city planning area

Panel Output

1,327.36 kW

Area

27,026.00 sq. meters

Number of Panels

7,808

Type of Right

Superficies

Panel Manufacturer

Solar Frontier K.K.

PCS Manufacturer

Delta Electronics, Inc.

Recognition Date

Nikaden Co., Ltd. and

September 13, 2013

EPC Operator

Sata Construction Co.,Ltd.

Facility
Supply Start Date

November 7, 2016

Electricity Output

1,220.00 kW

EstimatedYear 1

1,558.99 MWh

AnnualYear 10

1,481.04 MWh

Year 20

1,403.09 MWh

EstimatedYear 1

13.41%

Facility

Year 1012.74%

Year 20

12.07%

Electricity

Facility

Generation

Remaining
Procurement Period

18 years and 11 months

Operation
Ratio

Expiration Date ofProcurement Period
Procurement Price

November 6, 2036
36 yen per kWhCollateral

None

Operator

Takara Leben Co., Ltd.

Platform Foundation

Screw piles (ground

Structurescrew method)Type of Right

Property rightO&M Operator

ORIX Facilities
Corporation

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

9This property is invested in independently by Takara Leben Infrastructure Fund and is notjointly invested. Among the risks specified in the risk control policy, the risk of joint investors

State of Compliance with
Risk Control Policy

does not apply. The other risks, such as the business risk, the risk of market and economic
conditions and demand change, the risk of demand of specific consumers, the credit risk (riskof limited users), the liquidity risk and the risk of institutional changes apply. The property will
be operated in compliance with the control policy specified in the risk control policy in order toproperly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of
the greenhouse gases, at the time of electricity generation to contribute to environmental
improvement and increase Japan’s presence in the international community

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

Notes
- For the land concerned with this property, the superficies have been established and registered with the landowners (multiple
individuals) defined as the grantor of superficies and with Takara Leben Infrastructure Fund as the superficiary. The agreementon the establishment of superficies after the purchase by Takara Leben Infrastructure Fund is outlined as follows.
(Outline of the agreement on the establishment of superficies)
Grantor of superficies: Multiple individuals
Superficiary: Takara Leben Infrastructure Fund, Inc.
Duration: January 29, 2015 to January 28, 2037
Rent: Not disclosed because approval has not been obtained from the grantor of superficies
Rent Revision: None
Security Deposit: None
Renewal of Agreement: The agreement will be automatically renewed for one year unless either party gives notice to the otherparty not later than six months prior to the expiration of the period; the same will apply thereafter.
Midterm Cancellation: The superficiary may cancel the agreement after giving one year’s notice and paying one year’s rent in
the event that the superficiary or other parties discontinue the solar power generation business due to difficulty installing or
constructing a power plant or operating the business.
Priority Purchase Right: In the event that the grantor of superficies transfers the land, the superficiary may purchase the land in
preference to any third party.
Consent to Transfer: The grantor of superficies has acknowledged that the superficiary will transfer its superficies for the
purpose of operating the solar power generation business by installing a solar power generation facility.
- No check of the boundary between this property and the neighboring land was made with any witness or against any document.
However, there had been no conflict with the owner of the neighboring land as of the date of this document.
- A fence on this property crosses the boundary with the adjacent land on the north side. Permission for occupancy of the intruding
part of the land has been obtained from the Yamatsuri-machi Town Government in Higashi Shirakawa-gun.
- A total of seven drain pipes on this property cross the boundary with the road on the north. Permission for occupancy of the
intruding part has been obtained from the Yamatsuri-machi Town Government in Higashi Shirakawa-gun.

Property Characteristics

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

10

■Property Characteristics<Location>
This property is located in Yamatsuri-machi, Higashi Shirakawa-gun in Fukushima. The Higashidate Station on the JR Suigun
Line is located around 4.4 km southeast of the property, and the Kuji River flows in a southern direction around 4.6 km northwestof the property.
<Climate Conditions>
At Higashi Shirakawa, which is the nearest point of meteorological observation, the annual sunshine duration is 1,738.5 hours,
which is shorter than the nationwide average of 1,896.5 hours.
While there is high annual snowfall, the wind is not strong. With the local climate conditions, the snow is considered to hinder
the implementation of solar power generation, but this is not the case with the wind.

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

From: November 1, 2016
To: October 31, 2017
November 2016

December 2016

January 2017

February 2017

55,980.00 kWh (Note)

67,477.88 kWh107,657.12 kWh

128,392.24 kWh

March 2017

April 2017

May 2017

June 2017

143,082.76 kWh

160,767.74 kWh

182,816.74 kWh

166,898.49 kWh

July 2017

August 2017

September 2017

October 2017

145,924.74 kWh

130,532.29 kWh108,750.00 kWh

92,905.00 kWh(Note) Given that the supply start date was November 7, 2016, the number of days of operation is 24.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

11

S-21

LS Shizuoka Omaezaki

Category

Solar power generation facility, etc.

Property Overview
Type of Specific Property

Renewable energy power generation facility and real estate
Not later than 15 businessdays from the date when the

Scheduled Purchase Datepredetermined requirements
under the transaction

Type of Renewable Energy Power

Solar power generation

Generation Facility

facility

agreement are fulfilled
Electricity
Generation
Estimated Purchase Price

Utilities Operator

484,000,000 yen

Purchasing
Electric Utilities
Operator

Assessed Value of Power Plant(as-of date)

427,000,000 yen to

Outline of

589,000,000 yen

Specific(September 30, 2017)

Contract

FIT Price

Takara Leben Co., Ltd.
(Note 1)

Chubu Electric Power
Co., Inc.

36 yen per kWh

The day before theAppraised Value of Land

111,000,000 yen(as-of date)(September 30, 2017)

Expiration Date ofSupply Receipt
Period (Note 2)

first meter reading day
after the lapse of 240
days from March 30,
2015 (including thisdate)

Location

Land

Karakigaya, Hiki, Omaezaki-shi, Shizuoka
Lot Number

3419-2 and others (8 lots)

Panel Type

Polycrystalline silicon

Use District

Outside city planning area

Panel Output

1,098.24 kW

Area

18,992.00 sq. meters

Number of Panels

4,224

Type of Right

Property rightPanel

Shanghai JA Solar

Manufacturer

Technology Co., Ltd

PCS Manufacturer
Recognition Date

February 13, 2014

Facility

Facility
Supply Start Date

Meidensha
Corporation

EPC Operator

NEO Co., Ltd.

Electricity Output

990.00 kW

EstimatYear 1

1,387.87 MWhedYear 10

1,318.48 MWh

Year 20

1,249.09 MWh

AnnualMarch 30, 2015

Electric
ity
Generation

Remaining

17 years and one month

EstimatYear 114.43%

Procurement Period(Note 3)ed

Year 1013.70%

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

12Facility
OperationYear 20

12.98%

Ratio
Expiration Date ofProcurement Period
Procurement Price

Platform
March 29, 2035

Foundation
Structure

36 yen per kWhCollateral

None

Operator

Takara Leben Co., Ltd.

Type of Right

O&M Operator

Screw piles (groundscrew method)
Property right

NEO Co., Ltd.

This property is invested in independently by Takara Leben Infrastructure Fund and is notjointly invested. Among the risks specified in the risk control policy, the risk of joint
State of Compliance with Risk
Control Policy

investors does not apply. The other risks, such as the business risk, the risk of market andeconomic conditions and demand change, the risk of demand of specific consumers, thecredit risk (risk of limited users), the liquidity risk and the risk of institutional changes apply.
The property will be operated in compliance with the control policy specified in the risk
control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, oneof the greenhouse gases, at the time of electricity generation to contribute toenvironmental improvement and enhance Japan’s presence in the international community

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

Notes
- No check of part of the boundary between this property and the neighboring land was made against documents. However, there
had been no conflict with the owner of the neighboring land as of the date of this document.
- A rainwater pipe in the southern part of the property crosses the border with the road on the south side. Permission for occupancyof the intruding part of the road has been obtained from the Omaezaki City Government.
- The boundary of the road on the east side (the land for the road without a lot number and owned by the city government) deviates
towards this property from the official boundary point, and part of the eastern side of the property is used for public purposes. A
memorandum of understanding has been signed with the local residents and others under which the road on the east side should
be managed by the electricity generation utilities operator.
(Note 1) An application for recognition of a change in business plan, which is intended to change the electricity generation utilities operator from Hiroshima
Shouei Co., Ltd. to the owner of the electricity generation facility, was made and is pending as of the date of this document. This document specifies
the electricity generation utilities operator after the change.
(Note 2 It is stipulated that in the event where a recording-type measuring apparatus is used for measurement and where the purchasing electric utilities
operator gives prior notice of the date when the value of the electricity meter is recorded in the recording-type measuring apparatus (hereinafterreferred to as “the date of measurement” in this note), this period shall commence on the date of measurement in the previous month and end on the
day before the date of measurement in the month concerned.
(Note 3) This specifies the period from February 1, 2018 to the date of expiration of the supply receipt period.

Property Characteristics

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

13

■ Property Characteristics<Location>
This property is located in Omaezaki-shi in Shizuoka. Kakegawa Station on the JR Tokaido Shinkansen Line and the TokaidoLine is located around 18 km southeast, the Kikugawa Interchange on the Tomei Expressway is around 12 km northwest, andSuruga Bay is around 3 km east of the property.

<Climate Conditions>
At Omaezaki, which is the nearest point of meteorological observation, the annual sunshine duration is 2,230.6 hours, which islonger than the nationwide average of 1,896.5 hours.
Snowfall is limited, and the wind is not strong. The local climate conditions are considered to have no factor that particularly
hinders the implementation of solar power generation.

<Facility>
Panels made by Shanghai JA Solar Technology Co., Ltd. and a power conditioner system made by Meidensha Corporation are
utilized.
Electricity Generation in the Past Year
PeriodElectricity Sold

From: November 1, 2016
To: October 31, 2017
November 2016

December 2016

January 2017

February 2017

89,404.28 kWh

92,771.20 kWh

140,045.41 kWh

87,085.45 kWhMarch 2017

April 2017

May 2017

June 2017

132,475.47 kWh

143,129.14 kWh

154,589.89 kWh

142,497.51 kWh

July 2017

August 2017

September 2017

October 2017

143,392.88 kWh

142,619.52 kWh

117,484.28 kWh

92,425.63 kWh

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

14(3) Outline of Lease
For each of the Properties to be Purchased, the following describes the details of the agreement on the lease of thepower generation facility and others that will be concluded by Takara Leben Infrastructure Fund after its purchase.
The descriptions include the sections on Lessee, Lease Period, Rent, Security Deposit, Renewal at Time of Expiration,
Rent Revision, Midterm Cancellation, Penalty and Method of Agreement Renewal. These sections reflect the details of
the agreement on the lease of the power generation facility and others that will be effective on the scheduled date ofpurchase of the specified Property to be Purchased. Guaranteed Minimum Rent represents the total of the guaranteed
minimum amount of monthly rent stipulated in the agreement on the lease of the power generation facility and others foreach year from the start date of the lease, except for the first year (Year 1) for which it is the amount for the period fromthe start date of the lease, namely December 1, 2017, to the closing date of the 6th fiscal period (ending November 30,2018) of Takara Leben Infrastructure Fund, namely November 30, 2018. However, the Guaranteed Minimum Rent of
LS Shizuoka Omaezaki for Year 1 represents the guaranteed minimum rent in the period from February 1, 2018 to theclosing date of the 6th fiscal period (ending November 30, 2018) of Takara Leben Infrastructure Fund, namely
November 30, 2018.
S-19 LS Sakuragawa Shimoizumi
LesseeTakara Leben Co., Ltd.

Lease Period

From December 1, 2017 to November 30, 2037
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1.

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

2.

The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shallbe calculated using the formula shown below. Any fraction of less than one yen generated in the calculation
shall be disregarded.
(1)

If the actual power sales amount (x) does not exceed the estimated power sales amount (y)

X=0

Rent

(2)

If the actual power sales amount (x) exceeds the estimated power sales amount (y)X = (x - y) × 0.5
Where X is the monthly performance-linked rent, x is the actual power sales amount for the month concerned
and y is the estimated electricity sales revenue for the month concerned.
3.

As used in 2 above, the actual power sales amount for the month refers to the amount calculated by adding
the following amount 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 thesaid month.
(1)

The amount of compensation for output suppression implemented for the month concerned(2) The insurance benefit received by the lessee (including the amount received by the security interest
holder or the holder of the transferred security interest in connection with the security interest set on theinsurance benefit claim right of the lessee) under the business interruption insurance policy with theNote: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

15

lessee as the insured to cover the lost interest for the month in association with the solar power
generation facility, including the incidental substation facility and other related facilities, and to cover
the expenses for preventing a decrease in revenue
4.

In the event of calculating the performance-linked rent for a period of less than one month in accordance with
2 above, the actual power sales amount for the month calculated in accordance with the objective of 3 above
and the estimated power sales amount for the month calculated on a per diem basis shall be used.

In the event that the operating income stated in the consolidated or non-consolidated statement of income for any
Security
Depositfiscal period during the lease period becomes negative for the first time, the lessee shall provide the lessor under
the agreement on the lease with the amount equivalent to one quarter of the guaranteed minimum rent (rounded
down to the nearest yen) for one calendar year under which the fiscal period falls as a security deposit for the
purpose of offering security for all the liabilities of the lessee to the lessor pursuant to the agreement on the lease.
If the lessor or the lessee intends to extend the agreement on the lease, it shall provide the other party with notice

Renewal atof its intention not later than six months prior to the date of expiration of the lease period. In this event, the lessor

Time ofand the lessee shall enter into consultations in good faith regarding whether or not to extend the agreement andExpiration

regarding its terms and conditions, and shall re-execute the agreement if they reach an agreement to do so as aresult of the consultations.
In the event that inflation occurs, thereby lowering the real value of the rent, the lessee shall consider changing or

Rent Revision

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

Midterm
Cancellation

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

Penalty

None

Method ofAgreement

None

RenewalGuaranteed
Minimum
Rent

Year 1

Year 2

Year 3

Year 4

Year 5

109,189,464 yen

108,640,359 yen

108,091,289 yen

107,542,218 yen

106,993,145 yen

Year 6

Year 7

Year 8Year 9Year 10

106,444,067 yen

105,894,964 yen

105,345,893 yen

104,796,822 yen

104,247,744 yen

Year 11

Year 12

Year 13

Year 14

Year 15

103,698,641 yen

103,149,568 yen

102,600,496 yen

102,051,420 yen

101,502,318 yen

Year 16

Year 17

Year 18

Year 19

Year 20

100,953,245 yen

100,404,171 yen

99,855,096 yen

94,591,453 yen

27,432,471 yen

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

16

S-20 LS Fukushima Yamatsuri
LesseeTakara Leben Co., Ltd.

Lease Period

From December 1, 2017 to November 30, 2037
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1.

The guaranteed minimum monthly rent shall be identical to the estimated revenue of electricity sales for eachmonth, exclusive of consumption tax and local consumption tax. The guaranteed minimum rent for any periodof 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
estimated electricity generation shall be the standard percentile on the basis of which the guaranteed minimum
rent is calculated.

2.

The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shallbe calculated using the formula shown below. Any fraction of less than one yen generated in the calculation
shall be disregarded.
(1)

If the actual power sales amount (x) does not exceed the estimated power sales amount (y)

X=0
(2)

If the actual power sales amount (x) exceeds the estimated power sales amount (y)X = (x - y) × 0.5
Where X is the monthly performance-linked rent, x is the actual power sales amount for the month concerned

Rent

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

As used in 2 above, the actual power sales amount for the month refers to the amount calculated by adding thefollowing amount to the charge based on the total of the electricity volume for the month calculated on a perdiem 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 thesaid month.
(1)

The amount of compensation for output suppression implemented for the month concerned(2) The insurance benefit received by the lessee (including the amount received by the security interest
holder or the holder of the transferred security interest in connection with the security interest set on theinsurance benefit claim right of the lessee) under the business interruption insurance policy with thelessee as the insured to cover the lost interest for the month in association with the solar power generation
facility, including the incidental substation facility and other related facilities, and to cover the expenses
for preventing a decrease in revenue
4.

In the event of calculating the performance-linked rent for a period of less than one month in accordance with
2 above, the actual power sales amount for the month calculated in accordance with the objective of 3 above
and the estimated power sales amount for the month calculated on a per diem basis shall be used.

In the event that the operating income stated in the consolidated or non-consolidated statement of income for any
Security
Depositfiscal period during the lease period becomes negative for the first time, the lessee shall provide the lessor under
the agreement on the lease with the amount equivalent to one quarter of the guaranteed minimum rent (rounded
down to the nearest yen) for one calendar year under which the fiscal period falls as a security deposit for the
purpose of offering security for all the liabilities of the lessee to the lessor pursuant to the agreement on the lease.

Renewal at
Time of
Expiration

If the lessor or the lessee intends to extend the agreement on the lease, it shall provide the other party with notice of
its intention not later than six months prior to the date of expiration of the lease period. In this event, the lessor andthe lessee shall enter into consultations in good faith regarding whether or not to extend the agreement andregarding its terms and conditions, and shall re-execute the agreement if they reach an agreement to do so as aNote: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

17

result of the consultations.
In the event that inflation occurs, thereby lowering the real value of the rent, the lessee shall consider changing or
Rent Revision

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

Midterm
Cancellation

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

Penalty

None

Method ofAgreement

None

RenewalGuaranteed
Minimum
Rent

Year 1

Year 2

Year 3

Year 4

Year 554,034,160 yen

53,762,542 yen

53,490,921 yen

53,219,304 yen

52,947,719 yen

Year 6

Year 7

Year 8Year 9Year 1052,676,096 yen

52,404,477 yen

52,132,857 yen

51,861,238 yen

51,589,654 yen

Year 11

Year 12

Year 13

Year 14

Year 15

51,318,032 yen

51,046,411 yen

50,774,794 yen

50,503,176 yen

50,231,589 yen

Year 16

Year 17

Year 18

Year 19

Year 20

49,959,969 yen

49,688,349 yen

49,416,728 yen

49,145,112 yen

13,575,973 yen

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

18

S-21 LS Shizuoka Omaezaki
LesseeTakara Leben Co., Ltd.

Lease Period

Twenty years from the date of purchase
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1.

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

2.

The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shallbe calculated using the formula shown below. Any fraction of less than one yen generated in the calculation
shall be disregarded.
(1)

If the actual power sales amount (x) does not exceed the estimated power sales amount (y)

X=0
(2)

If the actual power sales amount (x) exceeds the estimated power sales amount (y)X = (x - y) × 0.5
Where X is the monthly performance-linked rent, x is the actual power sales amount for the month concerned

Rent

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

As used in 2 above, the actual power sales amount for the month refers to the amount calculated by adding
the following amount 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 thesaid month.
(1)

The amount of compensation for output suppression implemented for the month concerned(2) The insurance benefit received by the lessee (including the amount received by the security interest
holder or the holder of the transferred security interest in connection with the security interest set on theinsurance benefit claim right of the lessee) under the business interruption insurance policy with thelessee as the insured to cover the lost interest for the month in association with the solar power
generation facility, including the incidental substation facility and other related facilities, and to cover
the expenses for preventing a decrease in revenue
4.

In the event of calculating the performance-linked rent for a period of less than one month in accordance with
2 above, the actual power sales amount for the month calculated in accordance with the objective of 3 above
and the estimated power sales amount for the month calculated on a per diem basis shall be used.

In the event that the operating income stated in the consolidated or non-consolidated statement of income for any
Security
Depositfiscal period during the lease period becomes negative for the first time, the lessee shall provide the lessor under
the agreement on the lease with the amount equivalent to one quarter of the guaranteed minimum rent (rounded
down to the nearest yen) for one calendar year under which the fiscal period falls as a security deposit for the
purpose of offering security for all the liabilities of the lessee to the lessor pursuant to the agreement on the lease.

Renewal at
Time of
Expiration

If the lessor or the lessee intends to extend the agreement on the lease, it shall provide the other party with noticeof its intention not later than six months prior to the date of expiration of the lease period. In this event, the lessor
and the lessee shall enter into consultations in good faith regarding whether or not to extend the agreement andregarding its terms and conditions, and shall re-execute the agreement if they reach agreement to do so as a result

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

19

of the consultations.
In the event that inflation occurs, thereby lowering the real value of the rent, the lessee shall consider changing or
Rent Revision

increasing the electricity selling destinations upon request from the lessor. If the selling destinations are changed
as a result of consideration, the lessee shall enter into consultations in good faith with the lessor regarding theselling prices applicable to the new selling destinations.
1. The lessor or the lessee may request the cancellation of the agreement on the lease on the date before the daythat is ten years and one month after the start date of the lease period by giving written notice to the otherparty; provided, however, that the notice of cancellation shall reach the other party on the day before the daythat is nine years and seven months after the start date of the lease period (or, if this date is a non-business

Midterm

day of the lessor or the Asset Manager, on the previous business day) or earlier, and a notice failing to reach

Cancellation

the other party on the said date or earlier shall have no effect for cancellation.
2. After the date until which cancellation is possible as specified in 1 above, the lessor and the lessee shall enter
into consultations in good faith regarding whether or not it is necessary to establish a provision for themidterm cancellation of the agreement on the lease during the subsequent lease period and, if it is determined
to be necessary, regarding its details.

Penalty

None

Method ofAgreement

None

RenewalGuaranteed
Minimum
Rent

Year 1

Year 2

Year 3

Year 4

Year 540,794,589 yen

47,028,234 yen

46,788,546 yen

46,548,858 yen

46,309,199 yen

Year 6

Year 7

Year 8Year 9Year 1046,069,518 yen

45,829,830 yen

45,590,143 yen

45,350,453 yen

45,110,796 yen

Year 11

Year 12

Year 13

Year 14

Year 15

44,871,115 yen

44,631,426 yen

44,391,738 yen

44,152,050 yen

43,912,390 yen

Year 16

Year 17

Year 18

Year 19

Year 20

43,672,710 yen

43,433,022 yen

21,444,140 yen

11,931,571 yen

11,864,995 yen(4) Outline of Valuation Reports
Thefollowing

outlinesthevaluation

reportsthat

TakaraLeben

Infrastructure

Fundcommissioned

PricewaterhouseCoopers Sustainability LLC to prepare by valuing the individual Properties to be Purchased inaccordance with 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 Takara
Leben Infrastructure Fund. Non-Taxation Period refers to the period during which the distributions may be posted as
deductible expenses given that Takara Leben Infrastructure Fund fulfills the pay-through requirements of the Act on
Special Measures Concerning Taxation, whereas Taxation Period refers to the period during which Takara Leben
Infrastructure Fund is unable to fulfill the pay-through requirements of the said Act. The Taxation Period commences onJune 1, 2036.
Each of the valuations merely reflects the judgment and opinion of the valuer at a certain time, and does not guarantee
its appropriateness, accuracy or possibility of transaction at the price equivalent to the assessed value.
There are no special relationships of interest between PricewaterhouseCoopers Sustainability LLC, which carried out
the valuations, and Takara Leben Infrastructure Fund or the Asset Manager.
The position and the responsibility of the valuer are as follows.
Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

20(i) The valuation service provided by the valuer does not fall under the guarantee operations. The valuer provides noguarantee whatsoever in respect of the assessed value.
(ii) The assessed value is disclosed to investors at the responsibility of Takara Leben Infrastructure Fund inaccordance with the Valuation Report obtained from the valuer. The valuer assumes no obligation or liability toinvestors.
(iii) The information and materials on the basis of which the valuation is made are supplied by the Asset Manager.
The valuer is not under any obligation to verify their credibility, accuracy or completeness.
S-19 LS Sakuragawa Shimoizumi
Assessed Value

950,000,000 yen to 1,281,000,000 yen

ValuerPricewaterhouseCoopers Sustainability LLC

As-of Date

September 30, 2017
Item
Non-Taxation

Discount Rate
(WACC)

PeriodResults

Descriptions
The values represent the average of the capital cost and the

2.0%

liability cost estimated from the data of the TOPIX beta valuesof brands that make up the Tokyo Stock Exchange REIT, used

Taxation Period

as the peer company, from October 2012 to September 2017

1.8%

weighted for the period of the valuation.
The value is calculated using the discounted cash flow (DCF)
Assessed value

method among different valuation methods of the income

1,281,000,000 yen

approach, according to which the future free cash flow is
discounted to the present value.
The values are obtained by assuming the rate of 7% as the real

Non-Taxation
PeriodIRR in recent cases, which is estimated to be close to the

6.0%

median based on the number of cases in terms of the internalrate of return (IRR) of facilities with outputs of 1,000 kW andmore put into operation in the October-December 2014 period

Discount Rateas stated in Reference 10: IRR Level of Facilities Commencing(IRR)

Operation in Opinions on FY2015 Purchase Price and Period
Taxation Period

6.0%

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

Assessed value

method among different valuation methods of the income

950,000,000 yen

approach, according to which the future free cash flow is
discounted to the present value.

Other Matters to which the Valuer Paid Special Attention for－

Valuation Purposes

S-20 LS Fukushima Yamatsuri
Assessed value
Valuer459,000,000 yen to 621,000,000 yen
PricewaterhouseCoopers Sustainability LLC

As-of Date

September 30, 2017

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

21

Item
Non-Taxation
Discount Rate
(WACC)

PeriodTaxation
PeriodResults
2.0%

Descriptions
The values represent the average of the capital cost and the liability
cost estimated from the data of the TOPIX beta values of brands
that make up the Tokyo Stock Exchange REIT, used as the peer

1.8%

company, from October 2012 to September 2017 weighted for theperiod of the valuation.
The value is calculated using the discounted cash flow (DCF)

Assessed value

621,000,000 yen

method among different valuation methods of the income
approach, according to which the future free cash flow is
discounted to the present value.
The values are obtained by assuming the rate of 7% as the real IRR

Non-Taxation
Period

6.0%

in recent cases, which is estimated to be close to the median basedon the number of cases in terms of the internal rate of return (IRR)
of facilities with outputs of 1,000 kW and more put into operationin the October-December 2014 period as stated in Reference 10:

Discount Rate

IRR Level of Facilities Commencing Operation in Opinions on(IRR)
Taxation
PeriodFY2015 Purchase Price and Period and by adjusting it by 1
6.0%

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

Assessed value

459,000,000 yen

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

Other Matters to which the Valuer Paid Special Attention for－

Valuation Purposes

S-21 LS Shizuoka Omaezaki
Assessed value

427,000,000 yen to 589,000,000 yen

ValuerPricewaterhouseCoopers Sustainability LLC

As-of Date

September 30, 2017
Item
Non-Taxation

Discount Rate
(WACC)

PeriodResults

Descriptions
The values represent the average of the capital cost and the

2.0%

liability cost estimated from the data of the TOPIX beta valuesof brands that make up the Tokyo Stock Exchange REIT, used

Taxation Period

as the peer company, from October 2012 to September 2017

1.8%

weighted for the period of the valuation.
The value is calculated using the discounted cash flow (DCF)
Assessed value

method among different valuation methods of the income

589,000,000 yen

approach, according to which the future free cash flow is
discounted to the present value.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

22

The values are obtained by assuming the rate of 7% as the real
Non-Taxation

IRR in recent cases, which is estimated to be close to the

6.0%

Periodmedian based on the number of cases in terms of the internalrate of return (IRR) of facilities with outputs of 1,000 kW andmore put into operation in the October-December 2014 period

Discount Rateas stated in Reference 10: IRR Level of Facilities Commencing(IRR)

Operation in Opinions on FY2015 Purchase Price and Period
Taxation Period

6.0%

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

Assessed value

method among different valuation methods of the income

427,000,000 yen

approach, according to which the future free cash flow is
discounted to the present value.

Other Matters to which the Valuer Paid Special Attention for－

Valuation Purposes(5) Outline of Real Estate Appraisal Reports
The following outlines the real estate appraisal reports that Takara Leben Infrastructure Fund commissioned CBRE
K.K. to prepare by appraising the land in the individual Properties to be Purchased in accordance with the Act on Real
Estate Appraisal and with the Real Estate Appraisal Standards and the Matters to Note on Implementation of the Real
Estate Appraisal Standards stipulated by the Ministry of Land, Infrastructure, Transport and Tourism. Each of the realestate appraisals merely reflects the judgment and opinion of the appraiser at a certain time and does not guarantee its
appropriateness, accuracy or possibility of transaction at the price equivalent to the appraised value.
There are no special relationships of interest between CBRE K.K., which carried out the real estate appraisals, andTakara Leben Infrastructure Fund or the Asset Manager.
S-19 LS Sakuragwa Shimoizumi
Appraised Value (Land)56,500,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date

September 30, 2017
Item

Value by DCF Method(Facility and Land)

Results

Descriptions

1,080,000,000 yen－
Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, the expected discount rate

Discount Rate

4.1%

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

Terminal Capitalization Rate
Indicated Value Using Cost
Approach-－－

658,000,000 yen

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

23

(Facility and Land)
Land to Value Ratio

－

5.23%

Other Matters to Which the Appraiser Paid Special Attention－

for Appraisal Purposes

S-20 LS Fukushima Yamatsuri
Appraised Value (Land)

22,200,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date

September 30, 2017
Item

Value by DCF Method(Facility and Land)

Results

Descriptions

518,000,000 yen－
Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, the expected discount rate

Discount Rate

4.1%

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

Terminal Capitalization Rate-－

Indicated Value Using Cost
Approach

340,000,000 yen

－

4.28%

－

(Facility and Land)
Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention－

for Appraisal Purposes

S-21 LS Shizuoka Omaezaki
Appraised Value (Land)

111,000,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date

September 30, 2017
Item

Value by DCF Method(Facility and Land)

Results

Descriptions

502,000,000 yen－
Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, the expected discount rate

Discount Rate

4.1%

based on interviews with investors, the location, age, and stateof operation of the solar power generation facility, contractual
conditions and others
Appraised in consideration of the discount rate, physicalTerminal Capitalization Rate

7.3%

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

Indicated Value Using Cost
Approach－

389,000,000 yen

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

24

(Facility and Land)
Land to Value Ratio－

22.12%

Other Matters to Which the Appraiser Paid Special Attention－

for Appraisal Purposes(6) Outline of the Opinion Report on the Profitability of Infrastructure Investment Properties and the Opinion Report on
the Continuity of the Profitability of Infrastructure Investment Properties
The opinion reports mentioned in the title above have not been obtained with respect to the Properties to be Purchased,
given that they meet the criteria for exemption of the acquisition of these opinions in accordance with the Securities
Listing Regulations and their Enforcement Rules of Tokyo Stock Exchange, Inc.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

25

(7) Outline of the Seismic Risk Assessment Report
Seismic Risk Assessment Report
Property
No.

Property Name

PML
(%)

Survey Operator

S-19

LS Sakuragawa Shimoizumi Tokio Marine & Nichido Risk Consulting Co., Ltd.

S-20

LS Fukushima Yamatsuri

Tokio Marine & Nichido Risk Consulting Co., Ltd.

Less than 0.1

LS Shizuoka Omaezaki

Tokio Marine & Nichido Risk Consulting Co., Ltd.

1.5

S-21

0.1

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

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

Takara Leben Co., Ltd.

Location

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

Representative and Title

Kazuichi Shimada, President and Representative Director, CEOBusiness

It engages in sales of newly built condominium units, mainly in the Tokyo region. It embarked on
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 33 solar power plants with a total output of 82 MW as of the end of
September 2017.
As of the date of this document, there are nine 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 September 30, 2017)

Date of Establishment

September 21, 1972

Net Asset

37,453 million yen (as of September 30, 2017)

Total Asset

155,791 million yen (as of September 30, 2017)

Major Shareholders and1. Yoshio Murayama: 25,633,000 shares (20.67%)

Equity Positions

2. Takara Leben Co., Ltd. 15,803,000 shares (12.74%)(as of September 30, 2017)

3. The Master Trust Bank of Japan, Ltd. (Trust Account) 3,201,000 shares (2.58%)

Relationship between Takara Leben Investment Fund and the Asset Manager and the Company Concerned
The company concerned holds 14.2% of the outstanding investment units in Takara Leben
Capital RelationshipInfrastructure Fund as of the date of this document. The company is the wholly owning parent
company of the Asset Manager and falls under the Interested Persons pursuant to the Investment
Trust Act.

Personnel Relationship

Business Relationship

The Asset Manager has 12 personnel on loan from the company concerned. One director and one
auditor of the Asset Manager hold dual posts.
The company concerned invests in Takara Leben Infrastructure Fund and in the Asset Manager. It
has executed an agreement on the lease of power generation facilities and others in association with

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

26

the Properties to be Purchased with Takara Leben Infrastructure Fund. It has also concluded asponsor support agreement and a trademark license agreement with Takara Leben Infrastructure
Fund and with the Asset Manager.
Whether or not it falls
under affiliated parties

The company concerned falls under the category of affiliated parties. As mentioned above, itcorresponds to an Interested Person for the Asset Manager as stipulated in the Investment TrustAct.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

27

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

Takara Leben Co., Ltd.

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

Relationshipwith the party ina special

It is a major shareholder of the Asset Manager.

relationship ofinterest―

Background of

Purchased for the purpose of the development ofPurchase

renewable energy power generation facilities

Purchase Price― (Note 1)―

Date of Purchase

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

② LS Fukushima Yamatsuri
Preceding Owner (Preceding Leaseholder)Company Name

Takara Leben Co., Ltd.

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

Relationshipwith the party ina special

It is a major shareholder of the Asset Manager.

relationship ofinterest―

Background of

Purchased for the purpose of the development ofPurchase

renewable energy power generation facilities

Purchase Price― (Note 1)―

Date of Purchase

January 2015 (superficies established)―(Note 2)

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

③ LS Shizuoka OmaezakiPreceding Owner
Company Name
Relationshipwith the party in

Second Preceding Owner

Takara Leben Co., Ltd.

A party not in a special relationship of interest

It is a major shareholder of the Asset Manager.

―

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

28

a special
relationship ofinterest―

Background of

Purchased for the purpose of operating renewable energy

Purchase

power generation facilities

Purchase Price― (Note)―Date of Purchase

August 2017―

(Note) The disclosure of the purchase prices of the land and the power generation facility is omitted given that approval to do so has not been obtained from thesecond preceding owner. The preceding owner owned the property for less than one year. The purchase price paid by Takara Leben Infrastructure Fund
determined in consideration of the appraised value calculated by a third-party organization is considered appropriate in comparison with the purchase pricepaid by the preceding owner.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

29

5. Outline of Brokerage
There are no relevant matters.
6. Matters Concerning Forward Commitment(1) Grounds for Making Forward Commitment
The agreement on the transaction of the solar power generation facility and others concerning LS Shizuoka
Omaezaki among the Properties to be Purchased (hereinafter referred to as “the Transaction Agreement) falls
under a forward commitment (Note) by an investment corporation stipulated in the Comprehensive Guidelines forSupervision of Financial Instruments Business Operators, etc. established by the Financial Services Agency.
At the time of the conclusion of the Transaction Agreement, the party from whom the properties were to bepurchased was not an electricity utility with certification for the business plan and had not taken over the status ofa party to the specified agreement and to the connection agreement. However, as mentioned in (2) and (3) below, it
is ensured that it will be an electricity utility with certification and that it will have taken over the status of a party
to these agreements at the time of delivery. Takara Leben Infrastructure Fund is not presumed to bear the risk of
having to purchase LS Shizuoka Omaezaki under the circumstances under which these statuses are not ensured.
Meanwhile, an agreement with a forward commitment will be concluded given that this conclusion and theresulting purchase of LS Shizuoka Omaezaki is considered to have an effect of contributing to the external growthof Takara Leben Infrastructure Fund. With respect to making the forward commitment, appropriate actions aretaken in accordance with the Asset Manager’s rules on forward commitments.
(Note) It refers to a transaction agreement for the payment and delivery of property on a date that is not earlier than one month after the date of
execution of the agreement or any other similar agreement.

(2) Conditions for Cancellation of Forward Commitment
The transaction agreement between the party from whom the property is to be purchased and Takara Leben
Infrastructure Fund prescribes that it may be cancelled with a written notice to the party from whom the property is
to be purchased in the event that it fails to be an electricity utility with certification, to have taken over the status ofa party to the specified agreement and to the connection agreement concerning the power generation facility(hereinafter referred to as “the Conditions”) or to meet any of the other predetermined requirements specified in
the transaction agreement on the date of delivery and payment.
In addition, it is prescribed that either the party from whom the property is to be purchased or Takara Leben
Infrastructure Fund may cancel the transaction agreement by mutually providing written notice to the other party if
the Conditions are not fulfilled by the end of February 2018.

(3) Impact of Failure to Implement Forward Commitment on Financial Position of Takara Leben Infrastructure Fund
The transaction agreement prescribes that in the case of its cancellation for any reason attributable to Takara Leben
Infrastructure Fund, it shall promptly pay to the party from whom the property is to be purchased a penalty
equivalent to 20% of the amount calculated by subtracting consumption tax and local consumption tax from thetransaction price. However, it is stipulated that both parties may cancel the transaction agreement by providing
written notice to the other party in the case mentioned in (2), and that neither of them may claim any damages
incurred as a result of the cancellation.
Takara Leben Infrastructure Fund is set to purchase the Property to be Purchased after the Conditions are met on
the part of the party from whom the property is to be purchased. Should the Conditions not be met, the transaction
agreement may be cancelled without bearing any liability for the penalty as mentioned above, and it is notpresumed that Takara Leben Infrastructure Fund would bear the risk of having to purchase LS Shizuoka Omaezaki
Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

30

in the state in which the Conditions are not met by the party from whom the property is to be purchased.
For these reasons, Takara Leben Infrastructure Fund considers that the nonfulfillment of the forward commitment
is unlikely to have any direct significant adverse impacts on its financial position or on distributions.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

31

7. Future Outlook
For the forecasts on asset management for the fiscal period ending May 31, 2018 (5th Fiscal Period) (fromDecember 1, 2017 to May 31, 2018), for the fiscal period ending November 30, 2018 (6th Fiscal Period) (fromJune 1, 2018 to November 30, 2018) and for the fiscal period ending May 31, 2019 (7th Fiscal Period) (fromDecember 1, 2018 to May 31, 2019), please refer to Notice Regarding Revision to Forecasts of Operating Resultsfor Fiscal Period Ending May 31, 2018 (5th Fiscal Period) and Regarding Forecasts of Operating Results for Fiscal
Period Ending November 30, 2018 (6th Fiscal Period) and Fiscal Period Ending May 31, 2019 (7th Fiscal Period)
published today.

* Takara Leben Infrastructure Fund’s website: http://tif9281.co.jp/

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

32

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

Property Name

No.

Location

Shioya-machi, Shioya-gun,

S-01

LS Shioya

S-02

LS Chikusei

S-03

LS Chiba Wakaba-ku

S-04

LS MihoS-05

LS Kirishima Kokubu

Kirishima-shi, Kagoshima

S-06

LS Sosa

Sosa-shi, Chiba

S-07

LS Miyagi Osato

S-08

LS Mito Takada

S-09

LS Aomori Hiranai

S-10

LS Tone Fukawa

S-11

LS Kamisu Hasaki

S-12

Price

Ratio

(MY)

(%)

(Note 1)

(Note 2)

(Scheduled) Date of Purchase

1,418

5.9

Chikusei-shi, Ibaraki

601

2.5

Chiba-shi, Chiba

347

1.4

613

2.5

1,015

4.2

June 2, 2016

736

3.1

June 2, 2016

890

3.7

June 2, 2016

1,079

4.5

June 2, 2016

773

3.2

June 2, 2016

1,368

5.7

June 2, 2016

Kamisu-shi, Ibaraki

509

2.1

February 7, 2017

LS Tsukuba Bochi

Tsukuba-shi, Ibaraki

890

3.7

June 1, 2017

S-13

LS Hokota

Hokota-shi, Ibaraki

735

3.1

June 1, 2017

S-14

LS Nasu Nakagawa

8,315

34.5

June 1, 2017

S-15

LS Fujioka A

Tochigi-shi, Tochigi

265

1.1

June 1, 2017

S-16

LS Inashiki Aranuma 1

Inashiki-shi, Ibaraki

1,108

4.6

S-17

LS Fujioka B

Tochigi-shi, Tochigi

1,091

4.5

June 1, 2017

S-18

LS Inashiki Aranuma 2

Inashiki-shi, Ibaraki

422

1.8

June 1, 2017

Sakuragawa-shi, Ibaraki

955

4.0

December 1, 2017

468

1.9

December 1, 2017

S-19

S-20

LS

TochigiMIho-mura, Inashiki-gun,IbarakiOsato-cho, Kurokawa-gun,
Miyagi
Mito-shi, Ibaraki
Hiranai-machi, Higashitsugaru-gun, Aomori
Tone-machi, Kita-soma-gun,IbarakiNakagawa-machi, Nasu-gun,Tochigi

Sakuragawa

Shimoizumi
LS Fukushima Yamatsuri

Yamatsuri-machi, Higashishirakawa-gun, FukushimaJune 2, 2016
June 2, 2016
Extension: October 12, 2017
June 2, 2016
Extension: November 16, 2017
June 2, 2016
Extension: November 27, 2017

June 1, 2017
Extension: October 2, 2017

Within 15 business days from the day
S-21

LS Shizuoka Omaezaki

Omaezaki-shi, Shizuoka

484

2.0

when the conditions predetermined in
the transaction agreement are met

Total

24,084100.0―

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

33

(Note 1) The price for each of the eight properties, namely those purchased on June 2, 2016 and on February 7, 2017 which exclude LS Chikusei, LS Chiba
Wakaba-ku and LS Miho, represents the central value calculated in accordance with item 1 of paragraph 2 of Article 38 in the certificate of incorporationof Takara Leben Infrastructure Fund within the range of the assessed value of the power plant as of May 31, 2017 specified in the valuation reportobtained from PricewaterhouseCoopers Sustainability LLC. The price for each of the properties purchased on June 1, 2017, except LS Inashiki Aranuma
1, represents the purchase price. The price for each of the four properties for which the extension was additionally purchased, namely LS Chikusei, LS
Chiba Wakaba-ku, LS Miho and LS Inashiki Aranuma 1, represents the central value calculated in accordance with item 1 of paragraph 2 of Article 38 in
the certificate of incorporation of Takara Leben Infrastructure Fund within the range of the assessed value of the power plant after extension as of May
31, 2017 specified in the valuation report obtained from PricewaterhouseCoopers Sustainability LLC.
(Note 2)The ratio represents the ratio of the price of the specific property to the total prices of the owned properties and the Properties to be Purchased, rounded
to the first decimal place. For this reason, the total of the ratios of individual properties may not be identical to the total ratio of the portfolio.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s purchase and lease of domestic
infrastructure properties, and is not intended to solicit investments.

34