Fiscal Period ended May 31, 2019 Presentation Materials
Takara Leben Infrastructure Fund
Securities code: 9281
http://www.tif9281.co.jp/

Asset Manager

http://www.takara-am.co.jp/

I. Overview of the 7th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

1

The Performance of the 7th Fiscal Period
Dividends/unit increased by ¥195 to ¥3,826, due to increased operating revenue
6th Fiscal Period (Ended November 30, 2018)

Forecast

Actual

7th Fiscal Period (Ended May 31, 2019)
Initialforecast

Difference

ActualDifference

Operational status(Million Yen)
Operating revenue

1,430

1,493

+63

1,468

1,517

+49

Operating expense

925

938

+13

940

959

+19

Operating income

504

555

+50

527

557

+29

Ordinary income

438

488

+49

457

484

+27

Net income

437

487

+50

456

483

+27

¥3,510¥3,871+¥361¥3,631¥3,826+¥195

Dividends per unit
(excluding return of capital)¥3,160¥3,521+¥361¥3,297¥3,492+¥195

Return of capital per unit

¥350

¥350

-

¥334

¥334

-

Dividends per unit
(including return of capital)

2Portfolio Performance
Entire Portfolio Performance(MWh)12,000■Forecasted power generation■Actual power generation+24.2%

10,000+17.0%

+5.3%

9,060
8,528

-2.8%

7,289
6,779

+24.2%

-2.6%

+4.7%
-15.8%+1.4%-15.8%-12.1%

+5.8%
5,946

6,000

+20.9%

+4.2%

6,464

+8.8%

+5.3%

+6.5%

8,093

7,935

8,000

+17.0%

6,292

5,442

+10.9%

+6.3%
5,411
5,086

-8.7%

6,098

5,496

7,723 7,832

9,983

+8.9%
8,786
+5.8%
8,062

8,254

+6.3%

6,241
5,485

4,933
4,499

4,000

2,000

0

Jun, 2018

Jul, 2018

Aug, 2018

Sep, 2018

Oct, 2018

Nov, 2018

Dec, 2018

Jan, 2019

Feb, 2019

Mar, 2019

Apr, 2019

May, 2019

Individual Plants Performance
S-01 LS Shioya
Tochigi

S-02 LS Chikusei(kwh)
500,000

Ibaraki

400,000(kwh)
200,000
150,000

300,000

100,000

200,000

50,000100,000
00
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May(Note 1) 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 forhourly solar radiation for a year and others(Note 2) Periods for Estimated Generation and Actual Generation is June 2018 to May 2019.

3

Portfolio Performance■Forecasted power generation ■Actual power generation

S-03 LS Chiba Wakabaku (kwh)Chiba

S-04 LS Miho
Ibaraki

100,000(kwh)

250,000

80,000200,000

60,000150,000

40,000100,000

20,00050,00000

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-05 LS Kirishima Kokubu(kwh)Kagoshima

S-06 LS Sosa
Chiba

250,000
200,000(kwh)

300,000
200,000

150,000
100,000

100,000

50,00000

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-07 LS Miyagi Osato
Miyagi

S-08 LS Mito Takada(kwh)

Ibaraki

400,000(kwh)

400,000

300,000

300,000

200,000

200,000

100,000

100,000
00

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-09 LS Aomori Hiranai
Aomori

S-10 LS Tone Fukawa(kwh)

Ibaraki

400,000
300,000

300,000

200,000

200,000

100,000

100,000
00

2019/7/15(kwh)

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

4

Portfolio Performance■Forecasted power generation ■Actual power generation

S-11 LS Kamisu Hasaki
Ibaraki

S-12 LS Tsukuba Bouchi(kwh)

Ibaraki

250,000
200,000(kwh)

400,000
300,000

150,000

200,000

100,000

100,000

50,00000

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-13 LS Hokota
IbarakiJun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-14 LS Nasu Nakagawa(kwh)

Tochigi

400,000
300,000(kwh)

3,000,000
2,000,000

200,000
1,000,000

100,000

00

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-15 LS Fujioka A
Tochigi

S-16 LS Inashiki Aranuma1(kwh)

Ibaraki

100,000(kwh)

500,000

80,000400,000

60,000300,000

40,000200,000

20,000100,000

00
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-17 LS Fujioka B
Tochigi

S-18 LS Inashiki Aranuma2(kwh)

Ibaraki

400,000(kwh)

200,000

300,000

150,000

200,000

100,000

100,000

50,00000

2019/7/15

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

5

Portfolio Performance■Forecasted power generation ■Actual power generation

S-19 LS Sakuragawa Shimoizumi(kwh)
Ibaraki

400,000

S-20 LS Fukushima Yamatsuri
Fukushima(kwh)

250,000
200,000

300,000

150,000

200,000

100,000

100,000

50,00000

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-21 Shizuoka Omaezaki (kwh)
Shizuoka

S-22 LS Mie Yokkaichi
Mie200,000
150,000(kwh)

300,000
200,000

100,000
100,000

50,00000

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-23 LS Sakuragawa Nakaizumi
Ibaraki(kwh)

S-24 LS Shirahama
Wakayama

400,000
300,000(kwh)

1,500,000
1,000,000

200,000
500,000

100,000

00

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-25 LS Takahagi
Ibaraki

(kwh)

(kwh)

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

2019/7/15

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

6

Portfolio Performance(unit：Thousand yen)S-01

LS Shioya

Minimum
Guaranteed Rent
Income67,229S-02

LS Chikusei

27,422518

12,819 (9,050)

24,173

15,122S-03

LS Chiba Wakabaku

15,17987

7,213 (4,742)

12,796

8,053

S-04

LS Miho

28,020967

13,347 (9,216)

24,857

15,640S-05

LS Kirishima Kokubu

45,112

65

25,065 (17,797)

37,90920,111

S-06

LS Sosa

37,263814

20,535 (13,999)

31,542

17,542S-07

LS Miyagi Osato40,215

1,608

23,395 (17,261)

35,69018,429S-08

LS Mito Takada

45,339964

22,262 (16,353)

40,39624,043S-09

LS Aomori Hiranai

32,282

460

20,235 (12,504)

25,012

12,508S-10LS Tone Fukawa

56,892369

29,150 (21,533)

49,645

28,111

S-11

LS Kamisu Hasaki

24,691

1,198

16,322 (11,000)

20,569

9,568

S-12

LS Tsukuba Bouchi

57,012

2,249

37,682 (23,046)

44,625

21,579S-13

LS Hokota

39,0783,821

24,600 (16,439)

34,73818,299S-14

LS Nasu Nakagawa

403,40221,443

192,013 (154,740)

387,574

232,834

S-15

LS Fujioka A

13,879980

8,625 (4,595)

10,829

6,234

S-16

LS Inashiki Aranuma1

54,8803,485

34,974 (20,276)

43,66723,390S-17

LS Fujioka B

54,9603,843

31,953 (20,439)

47,292

26,853

S-18

LS Inashiki Aranuma2

24,8091,914

18,506 (11,100)

19,319

8,218

S-19

LS Sakuragawa Shimoizumi

57,443

2,929

33,847 (20,584)

47,10926,525

S-20

LS Fukushima Yamatsuri

27,176

1,085

17,963 (10,597)

20,896

10,298

S-21

LS Shizuoka Omaezaki

23,492

1,647

14,033 (10,000)

21,108

11,107

S-22

LS Mie Yokkaichi

39,632

1,509

24,798 (18,132)

34,476

16,343

S-23

LS Sakuragawa Nakaizumi

59,891

1,583

33,816 (22,955)

50,61327,658S-24

LS Shirahama

151,931

12,91099,744 (62,278)

127,376

65,098S-25

LS Takahagi

20,957

1,302

11,563 (7,869)

18,57010,700Total

1,448,197

69,161

813,225 (566,408)

1,270,557

704,149

Plant No.

Plant Name

Performancelinked Rent
Income1,399

Rent Expense(depreciation)

NOI(before depreciation)

NOI(after depreciation)

38,754 (29,890)

59,76529,874

7

I. Overview of the 7th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

8

ESG Initiatives: Social Responsibility
Donation to “Miyagi Disaster Prevention Forests Partnership Promotion Project “

The Investment Corporation and our Asset Manager has decided a donation toproject to recover Disaster Prevention Forests in Miyagi PrefectureIn Miyagi Prefecture where we own a solar power plants, significant scales ofDisaster Prevention Forests has been lost due to the tsunami caused by Great
East Japan Earthquake

As a part of exercising our basic principles of engaging environmental issues
and contributing to local community, the Investment Corporation has decided
to donate for the promotion project.

Official Sponsor Partner of “Kishu Kuchikumano Marathon”
“Kishu Kuchikumano Marathon” is a certified full and half distance marathon
event held annually in Kamitonda Town, Wakayama Prefecture, where oursolar power facility “LS Shirahama” locates. The marathon takes famous
historic Kumano Kodo course and attracts thousands of participants
throughout the nation.



It is our mission to enhance the well-being of the community through utilizationof renewable energy. As our facility locates in Kamitonda Town, we decided to
become an official sponsor partner of the Marathon to serve our community

9

ESG Initiatives: Promotion of Renewable Energy
Execution of new wholesale electricity supply agreement with Minnna Denryoku

Minna Denryoku
Through supply of electricity, Minna Denryoku iscommitited to create new commonsense:
generating” and “consuming” electricity,
promotes regional revitalization, and supports
inter-regional collaboration via electricity.

<Overview>
No

S-21

S-22

Name

LS Shizuoka-Omaezaki

LS Mie-Yokkaichi

Execution Date

January 10, 2019

January 10, 2019

Panel Output

1,098.24kW

1,984.50kW

Operator

Takara Leben

Takara Leben

Wholesale Supplier

Minna Denryoku

Minna Denryoku

10I. Overview of the 7th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

11

Purchase of New Domestic Infrastructure Property
We purchased the 26th solar power generation facilities on June 28, 2019 with the borrowing and own funds
Asset overview
Purchase price758,200,000 Yen

FIT Price

32 Yen per kWh

Panel Output

2,402.40kW

Output Capacity

1,990.00kW

End of FIT

December 9. 2035

Purchasing Electric Utilities Operator

TEPCO Energy Partner, Inc.

Land Right

Ownership

Location

Hanno-shi, Saitama prefecture, Kanto-region

Interest rate swap overview

Borrowing overview
Type

LenderLong- Shinsei Bank,
term Limited

Borrowing(Million Yen)

700

Interest
Rate

Base rate+ 0.5%(Note 1)

Date ofexecution

June 28,
2019

Borrowing method

Borrowing based on
the individual termloan agreement
dated June 28, 2019with the lendershown on the left

Maturitydate

May 31,
2029

Repayment
methodInstallment
repaymentin partCollateral

Unsecured
andunguaranteed

Counterparty

Shinsei Bank, Limited

Notional amount(Million Yen)

700

Interest rate (Note 1)

Fixed: 0.77%
Floating: TIBOR 6 month + 0.5%

Execution dateJune 28, 2019

Commencement dateJune 28, 2019

Termination date

End of May, 2029

(Note 1) Through the execution of the interest rate swap agreement, the interest rate are practically fixed at 0.77%

12

The First Listed Infrastructure Fund in JapanI
Sustainable
Growth Strategy

II
Portfolio located in
High-Demand Area

III
Profit-based Dividends

IV
The only credit rated
Infrastructure Fund in
Japan
13

Stable Growth through Solar Power Plant Acquisition
Total Asset Price and Panel Output■Owned Assets■Newly Acquired Asset

32.21 Billion yen
71.9MW

23.12 Billion yen
50.0MW
8.59 Billion yen
17.8MW
8.59

IPO

9.12 Billion yen
19.0MW
0.52
8.59

14.00
9.12

The 3rd FP
acquisition

1st public offering

23.51 Billion yen
50.8MW

31.45 Billion yen
25.71 Billion yen
69.5MW
55.8MW

0.75

0.39
23.12

2.19
23.51

Panel output
Extension

The 5th FP
acquisition

5.74

31.45

25.71

2nd public offering

The 8th FP
acquisition(Note) Asset price based on combined total amount of PwC evaluation value of all properties except the one acquired on June 28, 2019, and acquisition price for the property acquired onJune 28, 2019

Dividends Forecast and Results: Growing dividends through acquisition of solar power plants■Estimated Dividends per Unit (excl. return of capital) (yen)■Actual Dividends per Unit (excl. return of capital) (yen)■Return of capital per Unit (Estimated and Actual) (yen)Forecast
Actual
2nd Fiscal Period
Nov 2016

Forecast
Actual
3rd Fiscal Period
May 2017

Forecast
Actual
4th Fiscal Period
Nov 2017

Forecast
Actual
5th Fiscal Period
May 2018

Forecast
Actual
6th Fiscal Period
Nov 2018

Forecast
Actual
7th Fiscal Period
May 2019

14

Portfolio Overview
Numbers of asset

Total asset acquired

26solar power facilities 32.21

Billion Yen

Total panel output

71.9

MW

LS Aomori
Hiranai

LS Shioya

LS Sosa

LS Tsukuba
BouchiLS Inashiki
Aranuma1

LS Miyagi
Osato

LS Chikusei

LS Mito Takada

LS Hokota

LS Fujioka

LS Chiba
Wakabaku

LS ToneFukawaLS Nasu
Nakagawa

LS Inashiki
Aranuma2

LS Miho

LS Kamisu
Hasaki

LS Fujioka A

LS Sakuragawa
Shimoizumi

LS Sakuragawa
Nakaizumi

LS Takahagi

LS Hanno
Misugidai

LS Fukushima
Yamatsuri

LS Kirishima
KokubuLS
Shirahama

LS MieYokkaichi

LS Shizuoka
Omaezaki(Note) As of June 28, 201915

Portfolio Breakdown
Significant investment ratio in regions where high power generation demand is anticipated.
■Breakdown of Portfolio by Region
As of July 1, 2019

Investment Ratio for regions under Tokyo, Chubu
and Kansai power company’s jurisdictions：89.7%■ Electric Energy Sold in 2017
Investment Ratio(Based on acquisition price)

Total Asset Size

32.21Billion Yen

Tokyo Electric Power Company

75.5%

Chubu Electric Power

121,400

4.2%

Kansai Electric Power Company

115,244

10.0%

Kyushu Electric Power

76,7753.2%

72,003

7.1%■Kanto Region

19 plants

75.5%

Tohoku Electric Power■Kansai Region

1 plant

10.0%■Tohoku Region

Chugoku Electric Power Company

3 plants

7.1%■Chubu Region

2 plants

4.2%■Kyusyu Region

1 plant

3.2%“Kanto Region” refers to Tokyo, Chiba, Ibaraki, Kanagawa, Gunma, Saitama, and Tochigi“Kansai Region” refer to Osaka, Kyoto, Nara, Hyogo, Shiga , and Wakayama.
“Tohoku Region” refers to Fukushima, Aomori, Akita, Iwate,, Miyagi and Yamagata,“Chubu Region” refers to Aichi, Niigata, Yamanashi, Shizuoka, Nagano and Mie.
“Kyushu Region” refers to Fukuoka, Oita, Kagoshima, Kumamoto, Saga, Nagasaki, andMiyazaki.

240,300

0%55,432

Hokuriku Electric Power Company

28,6630%Shikoku Electric Power25,1200%

Hokkaido Electric Power Company

24,8060%

Okinawa Electric Power Company

0%

7,761
0

50,000100,000

150,000

200,000

250,000

300,000(GWh)
Source, “FACT BOOK 2018” published by Hokuriku Electric Power Company

16

Our Dividends Policy
Maximizing unitholders’ value through profit-driven dividends policy

One of the highest dividends yield based on netprofit among infrastructure funds in Japan
8%

Focus on dividends based on net profit rather than returnof capital

Carefully control amount of return of capital and pursuit
effective reinvestment



Dividends based on net income reaches 5.50% (note)■Dividends based on net profit■Return of capital

7%
6.07%

6%



0.58%

◆Sources of our dividends

5%

Operating Revenue
Expenses related to rent business ,etc

4%Depreciation

9.5%
1

3%

2

3

Remaining

5.50%

2%
90.5%

1%

Reserved for Reserved for Reserved for
repayment of
capitalexternal
borrowings expenditure
growthDividends
based on net profit
Return ofcapital0%
Dividends yield

Breakdown of dividends

Dividends per Unit
(incl. Return of capital)(Note) As of July 1, 201917

The only credit-rated infrastructure Fund in Japan

Long-term Issuer
Rating: A- (stable)(as of May 16, 2018)

Issued by Japan Credit Rating Agency

18

Change in the Balance of Borrowings and LTV Ratio
Transition of borrowings■ IPO Financing ■ PO Financing ■ 5th FP Financing ■ 6th FP Financing ■ 8th FP Financing(Billion yen)

15.6

16

15.1

15.3

14.8

14.2

13.1

14

13.7

11.6

12
10

13.2

12.7

12.1

11.6

11.1

10.6

10.0

9.5

9.0

8.5

8
6

4.2

4.0

End of
2nd FP

End of
3rd FP4
2
0
End of
1st FP

End of
4th FP

End of
5th FP

End of
6th FP

End of
7th FP

End of
8th FP

End of
9th FP

End of End of End of End of End of End of End of End of End of End of End of End of
10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 21st FP

Transition of LTV ratio■ LTV Ratio ■ Remaining Borrowing Spare Capacity

(％)

70
60
50
40

30
20

49.0

46.1

45.3

50.5

53.4

53.5

52.4

53.0

52.2

51.4

10
0
June 2,2016

End of
2nd FP

End of
3nd FP

End of
4nd FP

End of
5nd FP

End of
6th FP

End of
7th FP

End of
8th FP

End of
9th FP

End of10th FP

Debt strategy (LTV ratio)
The interest-bearing debt ratio limits up to 60%
as a principle.
This limit, however, may temporary exceeded
for acquiring properties.
Meanwhile, TIF aimed to conservatively
maintain 50% by considering portfolio scales
during facing.

Borrowing spare capacity
by Amortization
19

External Growth
Acquisition opportunity from the sponsor’s pipeline
As of end of June 2019

Operating solar power facilities

103.9MW

Under consturction

44.5MW

The sponsor expects to operate total of 250MW of power facilities
before the end of March 2021

We hold First Refusal Right for all sponsor‘s owned solar power facilities
and future projects

External acquisitions through asset manager’s network• Asset Management Company holds its own network to collect Information of solar power
facilities transaction from external markets• Diversified renewable energy power generation facilities, including solar power, wind powerand biomass

20

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

Performance-linked rent

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

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

21Performance Forecast

Operational status(Million yen)

8th fiscal period

9th fiscal period

10th fiscal period(ending November 30, 2019)(ending May 31, 2020)(ending November 30, 2020)

Forecast as ofJuly 12, 2019

Forecast as ofJuly 12, 2019

Forecast as ofJuly 12, 2019

Operating revenue

1,459

1,506

1,459

Operating expense

977

983

986

Operating income

481

523

472

Ordinary income

413

455

408

Net income

412

455

408

¥3,307¥3,612¥3,231Dividends per unit
(excluding return of capital)¥2,979¥3,284¥2,945Return of capital per unit

¥328

¥328

¥286

Dividends per unit
(including return of capital)(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 in interest rates and other changes
in circumstances surrounding the Investment Corporation. Forecasts do not guarantee any dividends amount.

22

Dividends Results and Forecast■ Actual dividends per unit
■ Estimated dividends per unit
■ Return of capital(Unit: Yen)

3,976

4,000

464

3,586

464
3,188 463

3,121
3,000

3,871

3,771

2,981

3,510 350

3,826
3,631
334

350

3,271 3,307

3,021
2,852

3,594 3,612

334

336

320

328

328

3,231
286

463

2,000

2,981

3,121
2,852

3,123

3,021

3,307

3,521

3,512
3,160

3,297

3,492

3,274 3,284
2,935 2,979

2,725

2,945

1,000

0
Forecast

Actual

2nd Fiscal Period(ended Nov 2016)

Forecast

Actual

3rd Fiscal Period(ended May 2017)

Forecast

Actual

4th Fiscal Period(ended Nov 2017)

Forecast

Actual

5th Fiscal Period(ended May 2018)

Forecast(May 10,
2018)

Actual

6th Fiscal Period(ended Nov 2018)

ResultForecast Forecast(May 10, (Jul 12,
2018)
2019)

Forecast Forecast(May 10, (Jul 12,
2018)
2019)

Forecast(Jul 12,2019)

7th Fiscal Period(ended May 2019)

8th Fiscal Period(ending Nov 2019)

9th Fiscal Period(ending May 2020)

10th Fiscal Period(ending Nov 2020)

Forecast(May 10,2018)23

Revenue Forecast for 8th Fiscal Period (ending November 2019)(Unit：Thousands yen)

No.
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

Plant Name

Minimum
Guaranteed Rent
IncomePerformance-linked
Rent Income

Rent Expense(depreciation)

NOI(beforedepreciation)

NOI(afterdepreciation)

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

59,431030,861 (22,446)
51,01528,56925,0090
12,890 (9,074)
21,193
12,11817,0480
7,287 (4,756)
14,516
9,760
25,1930
13,410 (9,236)
21,01911,78245,7150
25,081 (17,817)
38,452
20,63437,457
0
21,072 (13,999)
30,384
16,38539,2840
23,717 (17,261)
32,82815,56744,7960
22,753 (16,353)
38,39622,04339,4540
19,590 (12,359)
32,224
19,86454,973
029,924 (21,533)
46,582
25,04825,285517
16,359 (11,000)
20,444
9,443
54,103
1,070
37,458 (23,079)
40,795
17,71538,001752
24,583 (16,439)
30,60914,170369,447
6,753
221,279 (154,740)
309,661
154,920
12,422239
8,359 (4,596)
8,898
4,302
56,747
1,119
34,852 (20,276)
43,291
23,01449,277949
31,961 (20,442)
38,707
18,26425,374519
18,542 (11,100)
18,452
7,351
51,196985
33,648 (20,584)
39,11818,534
26,586440
17,745 (10,597)
19,8799,281
23,732501
15,585 (10,000)
18,648
8,648
43,660726
27,688 (18,152)
34,851
16,69853,6981,048
37,076 (22,955)
40,626
17,671
165,449
3,362
109,954 (62,278)
121,135
58,857
20,894417
13,166 (7,869)
16,014
8,144
35,172865
13,337 (9,562)
32,262
22,7001,439,415
20,269868,191 (568,515)
1,160,009
591,493
Total(Note 1) Number less than one thousand has been omitted.
(Note 2) Revenue for S-01 to S-10 shows minimum guaranteed rent which equals to estimated generation income based on 50th percentile of excess probability mentioned in the thirdparty report. Revenue for S-11 to S-26 shows minimum guaranteed rent which equals to estimated generation income based on 75th percentile of excess and performancelinked rent based on 50th percentile of excess probability mentioned in the third-party report.
24

I. Overview of the 7th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

25

Unitholder Status at the End of the 7th Fiscal Period (May 2019)
Number of investment units

Number ofinvestment units
138,574

Number of unitholders■Individuals/others

84,719 units (61.1%)■Other domestic corporation

25,818 units (18.6%)

Number of■Financial Institutions

21,593 units (15.5%)

unitholders
11,231(incl. financial instruments firms)■ Foreign corporation. etc.

■Individuals/others

6,444 units(4.6%)

10,996(97.9%)■Other domestic corporation

154(1.3%)■ Financial Institutions

40(0.3%)

41(0.3%)(incl. financial instruments firms)■ Foreign corporation. etc.

Name

Number of investment units held
(units)Unitholding ratio
in the total number ofinvestment units issued(%)

1

Takara Leben Co., Ltd.

19,686

14.20

2

The Rokinren Bank

3,113

2.24

3

GOLDMAN SACHS INTERNATIONAL

3,101

2.23

4

The Kagawa Bank, Ltd.

2,386

1.72

5

Yamato Shinkin Bank

2,118

1.52

6

THE BANK OF FUKUOKA , LTD.

1,905

1.37

7

Kagawaken Shinyo Kumiai

1,700

1.22

8

Individual

1,279

0.92

9

Aozora Bank, Ltd

1,150

0.82

10

The Joyo Bank, Ltd.

1,000

0.72

10

Fukoku Mutual Life Insurance Company

1,000

0.72

Total

38,43827.73
26

Balance Sheet for the 7th FP (ended May 2019)（Unit：Thousand Yen）
Assets（Unit：Thousand Yen）
Liabilities

Current assets
Cash and deposits
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets

2,381,047
51,58573,266－
17,2782,523,178

Non-current assets

Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net

Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment

7,286
-640
6,646
8,426,715-808,035
7,618,679
15,617,876-1,368,676
14,249,200
252,073-128,303
123,7693,697,028－
25,695,325

Intangible assets
Leasehold right
SoftwareTotal intangible assets

Operating accounts payable
Current portion of long-term loans payable
Accounts payable - otherAccrued expenses
Interest on long-term borrowings
Income taxes payable
Deposits received

Property, plant and equipment
Buildings

Current liabilities

456,826
608
457,434

Other
Total current liabilities

16,436
1,008,823
106,384259
871
100,342209
291,233,356

Non-current liabilities
Long-term loans payable

Other
Total non-current liabilities
Total liabilities

14,096,991
32
14,097,024
15,330,381

Net assets
Unitholders’ equity
Unitholders’ capital
Deduction from unitholders’ capital
Unitholders’ capital (net value)

13,193,270-157,864
13,035,405

Surplus
Unappropriated retained earnings(undisposed loss) (-)

483,970

Total surplus

483,970

Total unitholders’ equity

13,519,375

Total net assets
Total liabilities and net assets

13,519,375
28,849,756

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

Deferred assets

11,50012
150,84120
162,373
26,315,133

27

Statement of Income for 7th FP (ended May 2019)（Unit：Thousand Yen）
Operating revenue
Rent revenue - renewable energy power production facilities, etc.

1,517,374

Total operating revenue

1,517,374

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

813,225

Asset management fee

89,292

Asset custody fee and administrative service fees

10,682

Directors' compensations

2,400

Other operating expenses

44,198

Total operating expenses

959,798

Operating income

557,575

Non-operating income
Interest income

10

Insurance income

924Interest on refund

89

Miscellaneous income
Total non-operating income-1,025Non-operating expenses
Interest expenses

48,747

Borrowing-related expenses

15,204

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

28
9,794
73,773

Ordinary income

484,826

Income before income taxes

484,826

Income taxes – current
Income taxes - deferred
Total income taxes
Net income
Retained earnings brought forward

Unappropriated retained earnings (undisposed loss) (-)

873
1
874
483,95218
483,97028

Portfolio Data
No.

Property Name

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

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 Aranuma 1
LS Fujioka B
LS Inashiki Aranuma 2
LS Sakuragawa Shimoizumi
LS Fukushima Yamatsuri
LS Shizuoka Omaezaki
LS Mie Yokkaichi
LS Sakuragawa Nakaizumi
LS Shirahama
LS Takahagi
LS Hanno Misugidai

Period-end
Acquisition appraisal
Remaining FIT
pricevalue of Ratio Panel output FIT price
Location
period(Million power plant (%)(kW)(Yen/kWh)(Note 2)yen)(Million yen)
(Note 1)
2,987.25
40
Shioya-gun, Tochigi
1,315
1,403
4.4
14 years 0 month
1,205.67
40
Chikusei-shi, Ibaraki
540
598
1.9
14 years 8 months
705.1040 14 years 8 months
Chiba-shi, Chiba
271
353
1.1
1,373.70
36
Inashiki-gun, Ibaraki
498
620
1.9
15 years 0 month
2,009.28
40 15 years 2 months
Kirishima-shi, Kagoshima
937
1,029
3.2
1,796.08
36 15 years 5 months
Sosa-shi, Chiba
666
723
2.2
2,040.00
36 15 years 8 months
Kurokawa-gun, Miyagi
818
911
2.8
2,128.00
36 15 years 8 months
Mito-shi, Ibaraki
991
1,089
3.4
1,820.00
36
Higashi-tsugaru-gun, Aomori
705
815
2.5
16 years 0 month
2,467.08
36 16 years 5 months
Kita-soma-gun, Ibaraki
1,261
1,366
4.2
1,200.00
36 16 years 8 months
Kamisu-shi, Ibaraki
470
524
1.6
Tsukuba-shi, Ibaraki
2,469.60
40
890
1,036
3.2
15 years 0 month
Hokota-shi, Ibaraki
1,913.60
36 16 years 8 months
735
780
2.4
Nasu-gun, Tochigi
36 16 years 8 months
8,315
9,095
28.2 19,800.00
Tochigi-shi, Tochigi
612.00
36
265
300
0.9
17 years 0 month
Inashiki-shi, Ibaraki
2,725.68
36
925
1,128
3.5
17 years 0 month
Tochigi-shi, Tochigi
2,420.80
36 17 years 3 months
1,091
1,246
3.9
Inashiki-shi, Ibaraki
1,200.00
36 17 years 6 months
422
498
1.5
Sakuragawa-shi, Ibaraki
2,535.04
36 17 years 3 months
955
1,128
3.5
Higashi-shirakawa-gun, Fukushima
1,327.36
36 17 years 4 months
468
547
1.7
Omaezaki-shi, Shizuoka
1,098.24
36 15 years 8 months
484
519
1.6
Yokkaichi-shi, Mie
40 15 years 2 months
740
824
2.6
1,984.50
Sakuragawa-shi, Ibaraki
36 17 years 2 months
980
1,178
3.7
2,698.24
Kamitonda-cho, Wakayama
36 17 years 11 months
2,810
3,236
10
7,839.76
Takahagi-shi, Ibaraki
32 18 years 5 months
400
502
1.6
1,194.60
Hanno-shi, Saitama
32 16 years 5 months
758
758
2.4
2,402.40

Portfolio total (average)

28,71532,212

4.4

71,953.98

36.62

Operator

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

16 years 2 months－(Note 1) Appraisal value for S-01 to S-25 are as of May 31, 2019. S-26 shows its acquisition price.
(Note 2).Remaining FIT period represents the period in months from end of June, 2019 to the expiration date of the procurement period. Any fractional portion of less than one month is disregarded.

29

Change in Stock Price (December 3, 2018 to July 1, 2019)(Yen)¥125,000(Unit)TIF (Right)

TSE REIT INDEX(Right)Trading Volume (Left)

5,000

4,500
¥120,000
4,000¥115,000

3,500

3,000
¥110,000
2,500¥105,000
2,000¥100,000

1,500

1,000
¥95,000500¥90,000

030

Principles and Investment Policy
Value creation through utilization of natural energy
Annual CO2 reduction

Annual power generation

Stable cash flow andprofitSocially
responsible
investment

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

31

Structure of the Investment Corporation
Connecting / Purchasing electric utilities
operators

Electric
power
sales

Assets undermanagement

Electric
powersales priceLessee andoperator

Takara Leben Infrastructure Fund, Inc.
(TIF)
Borrowings

Lenders, etc.

Total AmountSolar power plant¥15.80 billion

Rent

Loans

Repayment ofprincipal andinterest

Operatingfee

SponsorSponsorsupport¥32.21 billion

Unitholders’ equity¥13.03 billion• All loans are
unsecured andunguaranteed

Listed on the Tokyo
Stock Exchange

Investment

Total acquired plants• 20 financial
institutions

Investment

Unitholders• 11,000+ individual investors(61% of total)• 40 financial institutions

Asset Manager(15% total)

Management

Number of plants
Dividends

26 solar power plants• 154 domestic corporations(18% of total)• 41 foreign corporations(4% of total)

Management
entrustment(note) All figures except Unitholders‘ equity and breakdown of unitholders are as of June 28, 2019.
Unitholders‘ equity and breakdown of unitholders are as of May 31, 2019.

32

Business EnvironmentLong-term Energy Demand and Supply Forecast

■2013

■2030

■LNG ■Coal ■Oil, etc.
■Nuclear ■Water power■Geothermal and Renewable energy● Ratio of renewable energy■LNG ■Coal ■Oil, etc.
■Nuclear ■Water power■Geothermal and Renewable energy

22~24

2.2％

1.0％

13.4％
8.8％

8.5％
14.9％

43.2％
22.0％

％

Solar Power accounts

7%

27.0％
26.0％

30.3％

3.0％

Volume ratio of renewable energy newly
introduced after the start of FIT Scheme(For solar power generation, 10kW or larger are included.)Installed solar energy generation facilities (10kW orlarger) its forecast in 2030
(GW)

70

64

60
50
37.2

40
30

24.9
17.4

20
10
■

Solar power generation

92.5%

■

Biomass power generation

3.8%

■

Wind power generation

2.8%

■

Water power generation

0.9%

■

Geothermal power generation

0.1%

Source: Data from the website for announcing the Feed-in Tariff Scheme by
Agency for Natural Resources and Energy of the Ministry of Economy,
Trade and Industry

8.4
1.9

0
June, 2013

June, 2014

June, 2015

June, 2016
TIF Listed

December,
2018

2030
(expected)

Source:i. Data from the website for announcing the Feed-in Tariff Scheme by Agency for Natural Resources and Energy of the Ministry of Economy,
Trade and Industry for the period up to April 2016.
ii. Expected installation in FY2030 based on the data on the document related to the long-term energy supply and demand outlook by the
Ministry of Economy, Trade and Industry (Agency for Natural Resources and Energy, July 2015)33

Contact

TEL: +81-3-6262-6402
E-Mail: info@takara-am.co.jp• 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 "Investment Corporation"), this document includes figures, tables and dataprepared by Takara Asset Management Co., Ltd. (the "Asset Manager") based on data/index and other information released by third parties. Analysis,
judgment and other views 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 Investment Corporation takes reasonable care in the preparation of this document, there may be errors. Readers are also cautioned that thecontents of this document may be corrected or changed without prior notice.

• The Investment Corporation 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 Investment Corporation. 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.