Presentation Material for 11th Fiscal Period(ended May 31, 2021)
Takara Leben Infrastructure Fund, Inc
Securities code: 9281
https://www.tif9281.co.jp/en

Asset Manager

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

2Table of Contents
I.

Ⅱ.

Ⅲ.

Performance Overview for 11th Fiscal Period
Overview of Financial Result for 11th Fiscal Period(ended May 31, 2021)

P4

Factors Determining Dividends for 11th Fiscal
Period (ended May 31, 2021)

P5

Portfolio Performance

P6

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

P14

Establishment of the Green Finance Framework

P15

Change in Unit Price during COVID-19 Era

P16Future Investment Strategies

IV.

Reinforced ESG strategy

P25

Strong and Solid Financial Base

P29

External Growth

P31

Internal Growth

P32

Performance Forecast for 12th to 14th Fiscal
PeriodP33

Dividends Forecast and Result

P34

Revenue Forecast for 12th Fiscal Period (ending
November 30, 2021)

P35

Appendix
Unitholder Status at the End 11th Fiscal Period(ended May 31 2021)

P37

Balance Sheet for 11th Fiscal Period (ended May
31, 2021)

P38

The First Listed Infrastructure Fund in Japan

P18

Continuous Growth through Assets Acquisition

P19
P20

Statement of Income for 11th Fiscal Period (ended
May 31, 2021)

P39

Dividends Policy
Income Schemes

P21

Portfolio Data

P40

Portfolio Overview

P22

Change in Stock Price

P41

Portfolio Located in High-Demand Area

P23

Profile of Asset Manager

P42

Credit Rating

P24

I.

Performance Overview for
11th Fiscal PeriodII.

Major Topics

III. Future Investment Strategies

IV. Appendix

3

4

Overview of Financial Result for 11th Fiscal Period(ended May 31, 2021)
Dividends per unit increased by ¥164 to ¥3,705, primary due to the increased performance-linked rent revenue

Result(A)

Performance

Previous
Performance

11th Fiscal Period(ended May 31, 2021)

10th Fiscal Period(ended November
30, 2020)

Forecast(B)

Major Contributing Factors

C

Comparison to the forecast

Operating revenue¥2,677 Million¥2,632 Million+¥45 Million+1.7%¥2,198 Million

Operating expense¥1,770 Million¥1,760 Million-¥10 Million-0.8%¥1,477 Million

Operating revenue
Performancelinked rent+¥34 Million

Unlimited
Curtailment-¥4 Million

Operating expense
Operating income¥906 Million¥871 Million+¥35 Million+4.2%¥720 Million

Net income¥755 Million¥719 Million+¥36 Million+5.2%¥652 Million

Total dividends
per unit¥3,704

3,540

+¥164

+4.6%

¥3,512

Ordinary dividends
per unit¥3,426

3,262

+¥164

+5.0%

¥3,369

Excess of retained
earnings per unit

¥278

278

0

-

¥143

Total numbers ofplants38

32

Total panel output

131.0MW

106.6MW

Forecasted power
generation

78,393MWh

59,601MWh

Repair-¥22 Million

Depreciation+¥4 Million

Other+¥9 Million

5

Factors Determining Dividends for 11th Fiscal Period(ended May 31, 2021)
Dividends increased by increased operating revenue rather than changes in excess of retained earnings

Change from theforecast+4.6%
Changes in
Operating Revenue
Increased performancelinked rent

Excess ofretained earnings¥278

Changes in
Operating Expense

Changes in Nonoperating Expenses

Excess of retained
earnings

¥278

+¥5

Restoration works at
power plants

+¥205
-¥46
Major restoration event

Ordinary dividends¥3,262Major plants with recorded increased
performance-linked income

LS Fukushima Yamatsuri
Civil Works-¥13 Million

LS Shioya 2+¥12 Million

LS Nagasaki Isahaya
Replacement of power
conditioning system-¥7 Million

LS Hiroshima Mihara+¥12 Million

LS Sousa
Replacement of power
conditioning system

LS Shirahama+¥12 Million-¥5 Million

Main factors for changes in non-operating
income

利益分配金

Other incomes
Insurance adjustment¥3,422+¥0.8 Million

Ordinary dividends¥3,426

Initial dividends forecast

Actual dividends

Total ¥3,540

Total ¥3,704（+¥164）

6

Portfolio Performance■ Forecasted power generation■ Actual power generation

(MWh)

+9.6%

18,00017,103+1.5%+17.7%

16,00014,55815,599Mar, 2021

Apr, 2021

15,937
14,527+12.5%

14,00013,078+7.3%
12,00014,95014,730-8.8%

11,266-28.0%

12,364

-5.6%

-6.4%

11,12010,501

-9.3%

9,833

10,000

9,203

-1.4%
+4.2%

9,270
8,406

8,001

11,627

10,2809,706

9,153 9,027

8,164
7,832

8,000

6,000

4,000

2,000

0
Jun, 2020

Jul, 2020

Aug, 2020

Sep, 2020

Oct, 2020

Nov, 2020

10th Fiscal Period (ended November 30. 2020)

Dec, 2020

Jan, 2021

Feb, 2021

May, 2021

11th Fiscal Period (ended May 31, 2021)(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

Individual Power Plant Performance■ Forecasted power generation

S-01 LS Shioya
Tochigi

S-02 LS Chikusei(kwh)

Ibaraki

400,000

150,000

200,000

100,000

100,000

50,000
0
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

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

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

Dec

Jan

Feb

Mar

Apr

May

(kwh)
200,000
150,000

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

0

0
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

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
50,0000

0Jun

S-07 LS Miyagi Osato
Miyagi

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

S-08 LS Mito Takada(kwh)

Ibaraki

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

200,000

200,000
100,000

100,000
0

0
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

(Note) Periods for forecasted power generation and actual power generation is from June 2020 to May 2021

7

8

Individual Power Plant Performance■ Forecasted power generation

S-09 LS Aomori Hiranai
Aomori
Ibaraki

S-10 LS Tone Fukawa(kwh)

Ibaraki

300,000■ Actual power generation(kwh)
400,000
300,000

200,000
200,000
100,000

100,000
00
Jun

S-11 LS Kamisu Hasaki
Ibaraki

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Jun

May

Tochigi

200,000

100,000
50,0000JunTochigi

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Nov Dec

Jan

Feb

Mar

Apr

May

Nov

Jan

Feb

Mar

Apr

May

S-12 LS Tsukuba Bouchi (Note1)(kwh)

150,000

S-13 LS Hokota

Jul

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

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

S-14 LS Nasu Nakagawa(kwh)

Ibaraki

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
Jun

S-15 LS Fujioka A
Tochigi

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Jun

May

Jul

Aug Sep

Oct

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

Ibaraki(kwh)
500,000

80,000400,000

60,000300,000

40,000200,000

20,000100,000

0
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

(Note1) S-12 LS Tsukuba Bouchi has stopped some of its power conditioning system due to lightning and restoration measure is currently in progress

0
Jun

Jul

Aug

Sep

Oct

Dec

8

9

Individual Power Plant 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
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

S-19 LS Sakuragawa Shimoizumi(kwh)
Ibaraki■ Actual power generation

400,000

S-20 LS Fukushima Yamatsuri
(kwh)
(Note
1)
Fukushima
200,000

300,000

150,000

200,000

100,000

100,000

50,000

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

Dec

Jan

Feb

Mar

Apr

May

0

0
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

S-21 Shizuoka Omaezaki (Note2)

S-22 LS Mie Yokkaichi(kwh)

ShizuokaMie
200,000(kwh)
300,000

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

50,000
0

0
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

S-23 LS Sakuragawa Nakaizumi
Ibaraki

S-24 LS Shirahama(kwh)
400,000

Wakayama(kwh)
1,200,000
1,000,000

300,000

800,000
600,000

200,000

400,000
100,000

200,000
0

0
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

(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 20209

10

Individual Power Plant Performance■ Forecasted power generation

S-25 LS Takahagi
Ibaraki

S-26 LS Hanno Misugidai(kwh)

Saitama

200,000
150,000
100,000
50,0000
Jun

S-27 LS Sakuragawa 1
Ibaraki

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

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

S-28 LS Sakuragawa 4(kwh)

Ibaraki

400,000

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

Dec

Jan

Feb

Mar

Apr

May

(kwh)
400,000

300,000

300,000

200,000

200,000

100,000

100,000
0

0
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

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
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

S-31 LS Shioya 2
Tochigi

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
Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

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

10

11

Individual Power Plant Performance■ Forecasted power generation

S-34 LS Fukushima Kagamiishi 1

S-33 LS Sakuragawa 2&3
Ibaraki■ Actual power generation(kwh)
800000Fukushima(kwh)
100,000
80,00060000060,00040000040,00020000020,000

0

0
Jun

Jul

Aug Sep

Oct

Nov Dec

Jan

Feb

Mar

Apr

May

Jul

Aug Sep

Oct

Nov Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug Sep

Oct

Nov Dec

Jan

Feb

Mar

Apr

May

Jul

Aug Sep

Oct

Nov DecJan

Feb Mar

S-36 LS Chiba Narita

S-35 LS Fukushima Kagamiishi 2
Fukushima

Jun

(kwh)

Chiba

100,000
80,000(kwh)
200,000
150,000

60,000100,000

40,00050,00020,000
0

0
Jun

Jul

Aug Sep

Oct

Nov Dec

Jan

Feb

Mar

Apr

May

S-37 LS Iwate Hirono
Iwate

S-38 LS Miyagi Matsushima(kwh)
350,000
300,000
250,000
200,000
150,000
100,000
50,0000Miyagi長崎県(kwh)
2,500,000
2,000,000
1,500,000
1,000,000
500,000

Jun

Jul

Aug Sep

Oct

Nov Dec

Jan

Feb

Mar

Apr

(kwh)

(Note) S-33 to S-38 shows figures after December 1, 2020, the acquisition date of the plants

0

May

Jun

(kwh)

Apr May12

Portfolio Performance(Unit：¥ thousands)

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
101,460
27,077
235,790
230,420
109,247
9,608
9,923
22,96744,463
210,725
2,586,308

Performance-linked
Rent Income
449
51
348
10
582
628
1,288
1,331
2,152
8,076
637
4,116
2,689
2,118
2,101
139
1,354
1,292
792
12,346
689
1,499
1,830
1,512
5,322
1,297
12,85912,474
4,742
448
365
414
1,228
4,112
91,310Rent Expense (depreciation)
30,286
12,683
6,714
12,78824,836
26,75424,03122,09019,692
29,405
16,84935,38725,445
192,388
8,139
34,06931,24918,12432,96130,734
15,19726,75936,246106,284
12,582
21,51637,04936,846
61,146
31,463
134,728
150,855
70,135
6,538
7,044
14,67627,126112,916
1,543,750(22,443)(8,974)(4,441)(8,961)(18,412)(14,812)(17,385)(16,353)(12,596)(21,623)(11,000)(21,751)(16,473)(154,742)(4,595)(20,276)(20,439)(11,100)(20,584)(10,650)(9,961)(18,130)(22,955)(62,278)(7,869)(9,582)(21,999)(21,046)(42,966)(16,008)(89,232)(95,406)(45,573)(4,737)(5,046)(10,836)(20,272)(79,213)(1,020,735)

NOI(before depreciation)

NOI(after depreciation)

59,14623,441
12,80524,262
38,23825,52433,15839,772
24,85848,533
19,88044,126
31,862
369,369
10,83244,651
46,297
19,653
46,588
6,957
19,37531,892
46,787
118,745
16,734
34,15042,38937,007
88,615
12,920203,167
187,447
89,427
8,255
8,291
19,542
38,838181,135
2,154,685

36,702
14,467
8,363
15,301
19,825
10,712
15,773
23,41912,261
26,9098,879
22,374
15,389214,627
6,237
24,37525,8588,553
26,003-3,692
9,414
13,762
23,832
56,466
8,864
24,567
20,38915,96145,649-3,088113,935
92,04043,854
3,518
3,244
8,706
18,565
101,922
1,133,949

I.

Performance Overview for
11th Fiscal PeriodII.

Major Topics

III. Future Investment Strategies

IV. Appendix

13

14

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)¥42.71 Billion¥50.74 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 May 31, 2021

15

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

16

Change in Unit Price during COVID-19 Era
Relatively stable performance compared to TSE REIT Index
140

130

Our Unit Price
TSE REIT INDEX
Nikkei 225

120

110

100

90

80

70

60

50

(Note) Closing price at November 29, 2019 indexed to 100

I.

Performance Overview for
11th Fiscal PeriodII.

Major Topics

III. Future Investment Strategies

IV. Appendix

17

The First Listed Infrastructure Fund in JapanI
Sustainable
Growth Strategy

II
Profit-based
Dividends

III
Portfolio located in
High-Demand AreaIV
JCR Credit Rating

V
Reinforced ESG
Strategies
18

19Continuous Growth through Assets Acquisition
Total Asset Value and Panel Output■ Owned assets ■ New acquisition（¥ billion）

60 . 0¥ 4 2 . 7 1 bn
1 0 6 . 6 MW

50.0
40.0
30.0
2 0 . 0 Total Price
Total Panel

10.00

output¥ 7 . 6 2 bn
1 7 . 8 MW

¥ 8 . 0 7 bn
1 9 . 0 MW

¥ 2 0 . 1 2 bn
5 0 . 0 MW
12.05

¥ 2 0 . 4 7 bn
5 0 . 8 MW
0.34

¥ 2 2 . 3 7 bn
5 5 . 8 MW
1.90
20.47

20.12

¥ 2 7 . 3 9 bn
6 9 . 5 MW

¥ 2 8 . 3 4 bn
7 1 . 9 MW

8.02

Aim to maintaincontinuous growth

14.37

0.95

5.01

¥ 5 0 . 7 4 bn
1 3 1 . 0 MW

42.71
28.34

27.39
22.37

7.62

0.45
7.62

8.07

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 May 31, 2021

Actual Results of Dividends: Increased Dividend through Asset Acquisitions, etc.
■ Ordinary Dividends (Result) ■ Ordinary Dividends (Forecast)■ Excess of retained earnings

（¥）
4,000

3,000

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

+4.6%

3,870
3,698 286

3,512
3,308

3,704
3,540

2,979

143

286

328

278

278

396

3,069

3,492
3,297

+4.6%

3,584
3,412

3,369
2,912

3,436
3,262

2,725

1,000

0
Forecast Result

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 2020

The 11nd FP
Ended May 2021

20

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 excess of retained earnings, 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
excess of retained earnings

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 ■ Excess of retained earnings

4.97%(Note) As of July 9, 2021

0.60%

Total

5.64%

The Fund

Listed Infrastructure funds

Forecast for Fiscal Period
ending November 30, 2021

Average87.6 %

62.9%

21

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)22

Portfolio Overview
Total owned asset

38

Total panel output

Total asset valuesolar power plants
S-09¥50.74131.0

billion

Kanto Area

LS Aomori Hiranai

S-37

S-01

LS Shioya

LS Iwate Hirono

S-32

LS Hiroshima
Mihara(Note) As of June 1, 2021

LS Chiba
Wakabaku

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

LS Miyagi
Matsushima

LS Fukushima
Yamatsuri

LS Nagasaki
Isahaya

LS Kirishima
KokubuLS Chikusei

S-03

S-35

S-30

S-05

S-02

S-34

S-20

S-24

LS Shirahama

S-22

LS Mie Yokkaichi

MW

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

23

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 June 2021

72.0%
■ Electric Energy Sold in 2019
Total Asset Value

Investment Ratio(Based on acquisition price)¥50.74billion

222,277 64.1%

TEPCO■Kanto Area

25 plants

64.1%■Tohoku Area

7 plants

15.5%■Chugoku Area

1 plant

9.7%■Kansai Area

1 plant

5.6%■Kyusyu Area

2 plants

2.8%■Chubu Area

2 plants

2.3%

Chubu Electric Power117,246

2.3%

Kansai Electric Power Company

112,992

5.6%

Kyushu Electric Power

70,398

2.8%

Tohoku Electric Power67,16715.5%
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 Kansai Electric Power Company

24

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

Stable25

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

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

Related SDGs goal

26

Reinforced ESG strategy
Our contributions to social factors
Commitments for Future Generation
Participation and donation to Japan Children Support
Association

Donation to “WeSupport”

TIF and the Asset Manager established a sustainability
policy on 23 May 2019, aiming to take more proactive andspecific measures to address ESG issues within the context
of our daily operations.
On August 2020, TIF and the Asset Manager decided toparticipate and donate into Japan Children support, whose
mission is to permanently terminate “violence and poverty
against children” by offering support to foster parents andnew parents in order to provide a safe home environment
for the children.

TIF made a donation to WeSupport, a platform jointly
operated by General Incorporated Association RCF, Oisix radaichi, and Coconet (Seino Holdings Group) for the
purpose of delivering support in the form of food products
free of charge to healthcare workers battling the COVID-19
pandemic.
TIF believes that these activities aid the survival of thehealthcare system that is currently confronted with a crisis
situation

Increaseawarenessand education

Support for
Foster Parents
Support for
New Parents

support to frontline healthcare workers
through food and diet

RelievementalstressNutrition
support27

Reinforced ESG strategy
Our contributions to social factors
Other Commitments

Donation to Miyagi Prefecture to recover forests
TIF and the Asset Manager have madedonation to the project to recover disasterprevention forests in Miyagi Prefecture throughhometown taxation programs for Companies

Cleaning activity on LS Hanno-Misugi nearby park
Members of the Asset Manager voluntary
conducted cleaning activity on park in Hannocity, Saitama

Achievement on GRESB

Sponsored “Kishu Kuchikumano Marathon”
The Fund serves as the official sponsor
partner of the “Kishu Kuchikumano Marathon”
which is held annually in Kamitonda Town,
Wakayama Prefecture

Donation to NPO Katariba
The Fund and the Asset Manager madedonation to NPO Katariba, that committed toprovide educational support to children in
Japan who have lost learning opportunities
owing to disaster, poverty, or other causes

Participated GRESB Infrastructure Assessment and 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.

28

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.

29

Strong and Solid Financial Base
■ TIF maintains a strong financial base through its strategic debt management policy, by controlling debt capacity, distributed debt
maturities, etc. TIF 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

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%

54.0%

39.8%

50.4%

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

53.0

54.0

7
2.1

2.0

1.9

1.8

1.5 1.5 1.5

60

50

6

40

5

1.3
1.1

4

10
3
0.4 0.4

6.70
5.51

6.73

7.55

30
20

5.15

2
0.0

0
End 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 7thFP

End of 8thFP

End of 9th End of 10th End of 11th
FP
FP
FP

30

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, TIF 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 June 1, 2021)

Total Debt
¥27,150 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%

31

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

57
LS Aomori Hiranai (1.8MW)
LS Miyagi Osato 2 (13.9MW)

power plants

LS Iwate Hachimantai（9.8MW）

LS Miyagi Ohiramura（1.7MW）

LS Iwate Hirono (2.2MW)

LS Fukushima Yamatsuri (1.3MW)

LS Fukushima Tamura（1.1MW）

LS Mie Yokkaichi (1.9MW)

LS Fukushima Kagamiishi 1 (0.7MW)
LS Fukushima Kagamiishi 2 (0.7MW)
LS Shioya 2 (11.4MW)
LS Nasu Nakagawa (19.8MW)
LS Fujioka A (0.6MW)
LS Fujioka B (2.4MW)

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

LS Ibaraki Kasumigaura（2.6MW）
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 Nagasaki Isahaya (2.0MW)
LS Shirahama (7.8MW)
LS Kirishima Kokubu (2.0MW)
LS Kirishima Kokubu 2 (2.6MW)
LS Kagoshima Osaki（22.3MW）

MW(note) Dashed line indicates assets which is not owned by the FundLS Shioya (2.9MW)
LS Okayama Tsuyama 1 (2.6MW)
LS Okayama Tsuyama 2 (2.5MW)
LS Okayama Tsuyama 3 (1.3MW)

233.1

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

LS Miyagi Osato (2.0MW)
LS Miyagi Matsushima (14.2MW)

LS Nagano Shiojiri (1.0MW)

Total 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 Chiba Katsuura (30.6MW)

LS Sakuragawa 1 (2.5MW)

LS Miyazaki Miyakonojo1.2MW）

LS Hanno Misugidai (2.4MW)

LS Sakuragawa 2・3 (5.0MW)

LS Kagoshima Kanoya (1.1MW)

LS Shizuoka Omaezaki (1.0MW)

LS Sakuragawa 4 (2.4MW)

LS Kagoshima Tanegashima（1.3MW）(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 and acquired by theSponsor The chart includes the solar energy projects we own and in our anticipated portfolio. As of June 2021 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 June 2021 and may differ from actual output once completed and in operation(Note 3) Power Plant names are subject to change32Internal Growth
Stable and upside potential revenue scheme through combination of 20 years-long minimum guaranteed rent andperformance-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.

33

Performance Forecast for 12th to 14th Fiscal Period

Operational status

12th fiscal period

13th fiscal period

14th fiscal period(ending November 30, 2021)(ending May 31, 2022)(ending November 30, 2022)

Forecast
as of July 15, 2021

Forecast
as of July 15, 2021

Forecast
as of July 15, 2021

Operating revenue¥2,557 Million¥2,619 Million¥2,556 Million

Operating expense¥1,768 Million¥1,779 Million¥1,778 Million

Operating income¥789 Million¥840 Million¥767 Million

Ordinary income¥640 Million¥694 Million¥634 Million

Net income¥639 Million¥693 Million¥633 Million¥3,311¥3,546¥3,231¥2,900¥3,144¥2,820

¥411

¥402

¥411

Total dividends per unit
(including excess of retained
earnings) (yen)Ordinary Dividends per
unit(excluding excess of retained
earnings)

Excess of retained
earnings 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 TIF. Forecasts do not guarantee any dividends amount.

34

Dividends Forecast and Result(¥)■ Ordinary Dividends per unit (Result)■ Ordinary Dividends per unit (Forecast)■ Excess of retained earnings per unit
3,976

4,000

3,871
464

3,586

3,510

464
3,121
2,981
3,000

350

3,631

3,698
334
3,397
3,307

334

3,188 463

350

328

3,021
2,852

3,870

3,826

3,771

3,704

286
3,512

286

3,308 143

3,546

3,496 278
3,311

277

402

3,231

328
396

411

411

463

2,000
3,521

3,512
3,307
2,981

3,121

3,021

2,852

3,160

3,123

3,584

3,492
3,297
2,979 3,069

3,369

3,412

3,426
3,219

3,144

2,912

2,900

2,820

2,725

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

Result10th Fiscal Period(ended Nov 2020)

Forecast

Result11th Fiscal Period(ended May 2021)

Forecast

Forecast

Forecast

12th Fiscal Period(ending Nov 2021)

13th Fiscal Period(ending May 2022)

14th Fiscal Period(ending Nov 2022)

35

Revenue Forecast for 12th Fiscal Period (ending November 30, 2021)(Unit：¥ thousands)(Note 1)
(Note 2)No.

Name of Power Plant

Minimum Guaranteed
Rent Income

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

58,81924,757
15,56826,24745,24737,07538,88344,33939,052
54,41525,02853,54937,615
365,696
12,29656,175
48,77825,11850,67826,31723,29542,89253,155
163,778
20,684
41,64049,80146,016103,698
32,230208,175
246,089
97,636
10,248
10,48022,36545,396
214,084
2,517,330

Performance-linked
Rent Income
666
1,377
968
8,689
307
1,402
1,221
668
1,268
567
640
927
1,349
4,326
537
1,024
985
885
2,159
573
4,007
3,636
1,959
162
165
40,472Rent Expense
30,45913,071
6,908
12,972
25,131
22,18821,575
22,131
19,79029,70817,08935,601
25,903
231,608
8,408
33,984
31,41418,75733,254
17,47915,05026,87836,495
107,293
12,83919,68437,42837,20462,07424,545
135,563
152,558
77,2907,683
7,965
16,71530,763130,330
1,595,805(depreciation)(22,458)(9,419)(4,449)(8,983)(18,071)(15,279)(15,373)(16,167)(12,672)(21,812)(11,012)(21,771)(16,662)(154,925)(4,614)(20,309)(20,446)(11,100)(20,597)(10,605)(9,827)(17,964)(22,975)(62,278)(7,869)(7,299)(21,999)(21,073)(42,966)(15,924)(89,232)(95,406)(45,637)(4,737)(5,046)(10,836)(20,272)(79,212)(1,017,294)

NOI(before depreciation)

NOI(after depreciation)

50,818
21,105
13,10922,25838,18630,16632,68138,37431,93446,51919,61741,09629,342
297,702
8,808
43,90239,032
18,12939,29020,01018,712
34,90540,984
123,088
16,25030,27935,35630,77186,75024,183
165,851
192,574
67,943
7,463
7,728
16,48634,905
162,966
1,979,292

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.

28,36011,685
8,659
13,275
20,115
14,886
17,307
22,207
19,261
24,706
8,605
19,324
12,679142,776
4,194
23,593
18,585
7,028
18,692
9,404
8,885
16,941
18,00960,8108,381
22,98013,357
9,697
43,784
8,258
76,61997,16722,306
2,726
2,681
5,649
14,632
83,753
961,997

I.

Performance Overview for
11th Fiscal PeriodII.

Major Topics

III. Future Investment Strategies

IV. Appendix

37

Unitholder Status at the End 11th Fiscal Period (ended May 31 2021)
Number of investment units

Total
220,605
Units

Number of unitholders■Individuals/others

131,583 (59.6%)■Individuals/others■Financial Institutions

43,156 (19.6%)(incl. financial instruments firms)■Other domestic corporation

Total
投資主数
16,7487,552人
34,204 (15.5%)

16,352(97.6%)■Other domestic corporation274(1.6%)■Foreign films. etc.

63

(0.4%)■Financial Institutions

59(0.4%)(incl. financial instruments firms)■Foreign films. etc.

11,662(5.3%)(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.

19,686

8.92

2

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT

8,136

3.68

3

The Master Trust Bank of Japan, Ltd.

4,650

2.10

4

The Rokinren Bank

3,922

1.77

5

Yamato Shinkin Bank

2,757

1.24

6

THE HACHIJUNI BANK,LTD.

2,636

1.19

7

THE BANK OF FUKUOKA, LTD.

2,546

1.15

8

THE FUKUHO BANK, LTD.

2,348

1.06

9

The Kagawa Bank, Ltd.

2,000

0.90

10

Osaka Shoko Shinkin Bank

1,999

0.90

50,680

22.97

Total

38

Balance Sheet for 11th Fiscal Period (ended May 31, 2021)(¥ thousand)(¥ thousand)Current assets

Current liabilities

Cash and deposits
Operating accounts receivable

Operating accounts payable

3,001,249
388,012Current portion of long-term loans payable

Prepaid expenses

98,614

Accounts payable - otherConsumption tax receivable

655,546

Accrued expenses

Others43,600

Income taxes payable

Total current assets

Deposits received

4,187,022

Non-current assets

Other

Property plant and equipment

181,266
591
923
26,716212

Total current liabilities

2,152,358

Buildings

32,044

Accumulated depreciation-1,705Long-term loans payable

25,250,488

Buildings (net)30,338

Total non-current liabilities

25,250,488

Non-current liabilities

Structures

16,186,104

Total liabilities

Accumulated depreciation-2,017,076

Net assets

Structures (net)

14,169,028

Machinery and equipment

27,445,510

Accumulated depreciation-3,289,279

Machinery and equipment (net)24,156,230

Tools furniture and fixtures

497,183

Accumulated depreciation-295,233

Tools furniture and fixtures (net)

201,950

Land

6,335,080

Total property plant and equipment

44,892,628

Intangible assets
Leasehold right
SoftwareTotal intangible assets

736,291427
736,718

Investments and other assets
Guarantee deposits
Deferred tax asset
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets

11,50015
428,30420
439,839
46,069,186

Deferred assets
Investment unit issuance expenses
Total deferred asset
Total Asset

42,648
1,899,999

27,46527,46550,283,674

27,402,847

Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital (-)
Unitholders’ capital (net value)

22,457,694-332,753
22,124,940

Surplus
Unappropriated retained earnings (undisposed loss) (-)
Total surplus
Total unitholders’ equity

755,886
755,886
22,880,827

Total net assets

22,880,827

Total liabilities and net assets

50,283,674

39Statement of Income for 11th Fiscal Period (ended May 31, 2021)(¥ thousand)Operating revenue
Rent revenue - renewable energy power production facilities etc.

2,677,700

Total operating revenue

2,677,700

Operating expenses
Rent expenses on renewable energy power production facilities etc.

1,543,750

Asset management fee

154,365

Asset custody fee and administrative service fees

14,068

Directors' compensations

2,400

Other operating expenses

56,130Total operating expenses

1,770,716

Operating income

906,984

Non-operating income
Interest income

19

Reversal of dividends payable

613

Miscellaneous income

217

Total non-operating income

850

Non-operating expenses
Interest expenses

111,394

Borrowing-related expenses

30,467

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

27
9,146
151,036

Ordinary income

756,798

Income before income taxes

756,798

Income taxes – current

926

Income taxes - deferred-5

Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss) (-)

920
755,8778
755,886

40

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(Note) Total asset value is a sum of appraisal value as of May 31, 2021

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)

1,245
531
311
547
899
628
794
987
707
1,244
454
892
676
7,787
256
984
1,095
432
977
476
447
705
1,020
2,852
437
951
916
802
2,278
535
4,945
4,898
1,716
171
179
412
833
4,712
50,741

Ratio

Panel output

FIT price

(%)

(kW)

(Yen)

2.5%
1.0%
0.6%
1.1%
1.8%
1.2%
1.6%
1.9%
1.4%
2.5%
0.9%
1.8%
1.3%
15.3%
0.5%
1.9%
2.2%
0.9%
1.9%
0.9%
0.9%
1.4%
2.0%
5.6%
0.9%
1.9%
1.8%
1.6%
4.5%
1.1%
9.7%
9.7%
3.4%
0.3%
0.4%
0.8%
1.6%
9.3%
100.0%

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－

41

Change in Unit Price(June 3, 2019 to July 9, 2021)(Unit)

14,00012,000The fund (Right)

TSE REIT INDEX(Right)Trading Volume (Left)¥160,000¥140,000¥120,000
10,000¥100,000
8,000¥80,000
6,000¥60,000
4,000¥40,000

2,000

0¥20,000¥042Profile 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 Management

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.