Presentation Material for 13th Fiscal Period(ended May 31, 2022)
Takara Leben Infrastructure Fund, Inc
Securities code: 9281
https://tif9281.co.jp/

Asset Manager

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

1

Table of Contents
I.

II.

Performance Overview for 13th Fiscal Period
Overview of Financial Results

P4

Factors Determining Dividends

P5

Portfolio Performance

P6

Individual Power Plant Performance

P7

Major Topics
Overview of 5th Public Offering (December 2021) 1/5

P15

Overview of 5th Public Offering (December 2021) 2/5

P16

Overview of 5th Public Offering (December 2021) 3/5

P17

Overview of 5th Public Offering (December 2021) 4/5

P18

Overview of 5th Public Offering (December 2021) 5/5

P19
IV.

III.

Future Investment Strategies
First Listed Infrastructure Fund in Japan

P21

Steady Growth through Asset Acquisition

P22

Dividend Policy

P23

Rent Mechanism

P24

Portfolio Overview

P25

Japan-wide Portfolio

P26

Issuer Credit Rating

P27

Enhanced ESG Strategies 1/4

P28

Enhanced ESG Strategies 2/4

P29

Enhanced ESG Strategies 3/4

P30

Enhanced ESG Strategies 4/4

P31

Solid and Sound Financial Base 1/2

P32

Solid and Sound Financial Base 2/2

P33

External Growth 1/2

P34

External Growth 2/2

P35Internal Growth

P36

Financial Results Forecasts

P37

Dividend Forecasts and Results

P38

Revenue Forecast for 14th Fiscal Period

P39

Appendix
Investors in 13th Fiscal Period

P41

Balance Sheet for 13th Fiscal Period

P42

Income Statement for 13th Fiscal Period

P43

Portfolio Data

P44

Investment Unit Price

P45

History

P46

Asset Manager Profile

P47

2

I. Performance Overview for 13th Fiscal Period

II. Major Topics

III. Future Investment Strategies

IV. Appendix

3

Overview of Financial Results for 13th Fiscal Period (ended May 31, 2022)
Dividends per unit came to ¥3,656 (+¥107 vs. forecast)
Results

Previous

13th Fiscal Period (ended May 31, 2022)(ended November 30, 2021)

Initialforecast (B)A

12th Fiscal Period

Initial forecast
A−B

C

Estimates
14th Fiscal Period

15th Fiscal Period(ending November 30, 2022)(ending May 31, 2023)

Operating revenue¥3,545mn¥3,487mn+¥57mn+1.7%¥2,622mn¥3,469mn¥3,469mn

Operating expenses¥2,375mn¥2,322mn+¥53mn+2.3%¥1,806mn¥2,372mn¥2,346mn

Operating income¥1,169mn¥1,165mn

+¥4mn

+0.4%

¥816mn¥1,097mn¥1,123mn

Net income¥960mn¥939mn+¥21mn+2.3%¥670mn¥874mn¥910mnTotal dividends
per unit¥3,656¥3,549

+¥107

+3.0%

¥3,450¥3,301¥3,325

Of which, ordinary
dividends¥3,221¥3,147

+¥74

+2.4%

¥3,039¥2,931¥3,052

Of which, surplus
earnings distribution

¥435

402円

+¥33

+8.2%

¥411

¥370

¥273

Number of power plants

42

38

Total panel output

171.5MW

131.0MW

103,378MWh

76,620MWh

Total power
generated4Factors Determining Dividends for 13th Fiscal Period (ended May 31, 2022)
Change vs. initial
forecast+3.0%

Surplus earnings
distribution¥402

Changes inoperating expenses
Repairs at power plants thatrefrained from taking out
insurance

Changes inoperating revenue
Higher-than-expected
increases in
performance-linked rent

Changes in nonoperating income andexpenses

Surplus earnings
distribution¥435(includes reserve
distribution amount of ¥33
for temporary differences)

+¥59

+¥194

−¥179

Main factors behind changes in non-operating
income and expenses

Main repairs

Ordinary dividends¥3,147LS Nagasaki
Isahaya−¥50mnLS Mito Takada−¥25mnLS Kirishima
Kokubu−¥20mnMain power plants for which performancelinked rent increased
LS Chiba Katsuura+¥27mnLS Shirahama+¥14mnLS Hiroshima Mihara+¥11mnLS Shioya 2+¥7mn

LS Okayama Tsuyama+¥6mn

Non-operating income frominsurance proceeds+¥12mnInterest expenses and otherbudget variations+¥4mn

Ordinary dividends¥3,22113th Fiscal Period(ended May 31, 2022)
Initial forecast

13th Fiscal Period(ended May 31, 2022)
ActualTotal ¥3,549

Total ¥3,656(+¥107)
5

Portfolio Performance
Forecasted and actual power generation for entire portfolio■ Forecasted power generation ■ Actual power generation(MWh)
25,000
-0.8%

-3.1%
+0.8%
20,00019,277+12.7%

15,00014,854+6.5%
14,571

15,115

21,527

20,09019,432

+7.0%
+5.0%

13,687

13,182-10.0%

21,70820,728-7.3%
13,59812,255
11,362-2.5%+15.2%

11,506
11,213

14,051
13,38012,31815,957
14,911+4.4%

11,797
11,0199,563

10,0005,000

0Jun,2021

Jul,2021

Aug,2021

Sep,2021

Oct,2021

Nov,2021

12th Fiscal Period (ended November 30, 2021)

Dec,2021

Jan,2022

Feb,2022

Mar,2022

Apr,2022

May,2022

13th Fiscal Period (ended May 31, 2022)（Note） The estimated generation is the total of the expected amounts of electricity generation in the 50thpercentile of probability of exceedance calculated by a third party on the basis of the database for hourly
solar radiation for a year and others.

6

Individual Power Plant Performance■ Forecasted Power generation ■ Actual power generation

S-02 LS Chikusei

S-01 LS Shioya
Tochigi

Ibaraki

400,000

150,000

300,000
100,000

200,000

50,000100,000
0
Jun

Jul

S-03 LS Chiba Wakabaku
Chiba

0

Aug Sep Oct Nov Dec Jan Feb Mar Apr May

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

S-04 LS Miho
100,000

Ibaraki

80,000200,000
150,000

60,000100,000

40,00050,00020,0000
Jun

S-05 LS Kirishima Kokubu
Kagoshima

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

S-06 LS Sosa
250,000

Chiba

300,000
250,000

200,000

200,000

150,000

150,000

100,000

100,000

50,00050,0000
Jun

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-07 LS Miyagi Osato
Miyagi0

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

0

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

250,000

S-08 LS Mito Takada（note１）
300,000( Ibaraki

200,000

200,000

150,000

150,000

100,000

100,000

50,00050,000300,000

250,000

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

7

Individual Power Plant Performance■ Forecasted Power generation ■ Actual power generation

S-09 LS Aomori Hiranai
Aomori

S-10 LS Tone Fukawa
300,000

Ibaraki

250,000

300,000

200,000
150,000

200,000

100,000

100,000

50,00000
Jun

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-11 LS Kamisu Hasaki
IbarakiJun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-12 LS Tsukuba Bouchi
200,000

Ibaraki

400,000

150,000

300,000

100,000

200,000

50,000100,000

00
Jun

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-13 LS Hokota
Ibaraki

400,000

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

S-14 LS Nasu Nakagawa
300,000

Tochigi

250,000

2,500,000
2,000,000

200,000

1,500,000

150,000

1,000,000

100,000

500,000

50,00000Jun

S-15 LS Fujioka A
Tochigi

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

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-16 LS Inashiki Aranuma 1（note２）
100,000

Ibaraki

80,000400,000
300,000

60,000200,000
40,000100,000

20,00000
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

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

8

Individual Power Plant Performance■ Forecasted Power generation ■ Actual power generation

S-18 LS Inashiki Aranuma 2（note３）

S-17 LS Fujioka B
Tochigi

400,000

Ibaraki

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-19 LS Sakuragawa Shimoizumi（note 4）
Ibaraki

400,000

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

S-20 LS Fukushima Yamatsuri
Fukushima

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

S-21 LS Shizuoka Omaezaki
Shizuoka

200,000

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

S-22 LS Mie Yokkaichi

200,000Mie

250,000
200,000

150,000

150,000
100,000

100,000

50,00050,00000Jun

S-23 LS Sakuragawa Nakaizumi（note５）
IbarakiJun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

400,000

S-24 LS Shirahama
Wakayama

300,000

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

9

Individual Power Plant Performance■ Forecasted Power generation ■ Actual power generation

S-25 LS Takahagi
Ibaraki

S-26 LS Hanno Misugidai
Saitama

200,000

400,000

150,000

300,000

100,000

200,000

50,000100,000

00

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

S-27 LS Sakuragawa１
IbarakiJun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-28 LS Sakuragawa４
Ibaraki

400,000

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

S-29 LS Chiba Sammu, East/WestChiba

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

S-30 LS Nagasaki Isahaya
Nagasaki

800,000
600,000

300,000
200,000

400,000
100,000
200,000
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-31 LS Shioya ２
Tochigi

S-32 LS Hiroshima Mihara
Hiroshima

1,500,000

2,000,000
1,500,000

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

500,000

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

10

Individual Power Plant Performance■ Forecasted Power generation ■ Actual power generation

S-33 LS Sakuragawa 2&3
Ibaraki

S-34 LS Fukushima Kagamiishi 1（note６）
Fukushima

800,000

100,000
80,000600,000

60,000400,000

40,000200,000

20,00000

Jun

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-35 LS Fukushima Kagamiishi 2
Fukushima

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

S-36 LS Chiba Narita
Chiba

100,000
80,000200,000
150,000

60,000100,000

40,00050,00020,00000
Jun

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-37 LS Iwate Hirono
Iwate

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

S-38 LS Miyagi Matsushima
Miyagi300,000

2,500,000
2,000,000

200,000

1,500,000
1,000,000

100,000

500,000
00
Jun

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

S-40 LS Miyagi Osato２

S-39 LS Kagoshima Kanoya
Kagoshima

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

Miyagi150,000

400,000
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

11

Individual Power Plant Performance■ Forecasted Power generation ■ Actual power generation

S-41 LS Okayama Tsuyama 1, 2 & 3
Okayama

S-42 LS Chiba Katsuura
Chiba

1,000,000

5,000,000

800,000

4,000,000

600,000

3,000,000

400,000

2,000,000

200,000

1,000,000

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） The period covered by the assumed and actual power generation is from June 2021 to May 2022. All units are shown in kWh.
（note 1）S-08 Due to the theft of electric cables and other equipment that occurred in June 2021,power sales at LS Mito Takada was partially suspended from that month until
July 2021.
（note 2）Due to a burnout that occurred in July 2021, power sales at LS Inashiki Aranuma 1 was partially suspended from that month until November of the same year
（note 3）Due to the theft of electric cables and other equipment that occurred in July 2021, power sales at LS Inashiki Aranuma 2 was partially suspended from that month
until October 2021.
（note 4）Due to the earthquake that occurred in March 2022, LS Sakuragawa Shimoizumi has been partially suspending electricity sales since the same month.
（note 5）Due to the theft of electric cables and other equipment that occurred in April 2022, LS Sakuragawa Nakaizumi has been partially suspending slectricity sales since
the same month.
（note 6）Due to PCS failure that occurred in August 2021, power sales at LS Fukushima Kagamiishi 1 was partially suspended from that month until October of the same
year.

12

Individual Power Plant 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
S-39
S-40
S-41
S-42

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
LS Sakuragawa 1
LS Sakuragawa 4
LS Chiba Sammu East and WestLS 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
LS Kagoshima Kanoya
LS Miyagi Osato 2
LS Okayama Tsuyama 1,2&3
LS Chiba Katsuura

Minimum Guaranteed
Rent Income
66,19527,007
14,95027,59844,421
36,69339,60044,646
31,79056,02624,31656,13938,484
396,893
13,66954,052
54,127
24,43456,573
26,764
23,13339,02658,983
149,641
20,641
44,34355,32651,032
100,946
29,691
234,598229,235
108,701
9,562
9,872
22,85044,223210,028
24,31637,194
129,479
660,281

Performance-linked
Rent Expense
Rent Income(of which, depreciation costs)
745
-48
－
55
－
600
321
364
378
-210
1,341
1,730
2,894
2,750
768
4,041
3,185
2,166
1,760
71
1,581
993
949
14,657
864
1,349
2,241
1,943
5,146
401
7,393
11,046
4,610
356
305
620
1,718
3,135
262
1,240
6,739
27,422

NOI(after depreciation)(22,504)(9,012)(4,476)(8,980)(18,538)(15,253)(15,451)(16,306)(12,931)(21,604)(10,744)(21,751)(16,669)(154,869)(4,653)(20,313)(20,472)(11,313)(20,777)(10,723)(9,814)(17,988)(23,148)(62,278)(7,890)(7,501)(22,031)(21,264)(43,048)(16,267)(89,232)(95,406)(45,631)(4,804)(5,113)(10,844)(20,304)(79,215)(11,940)(20,586)(54,984)(240,361)

59,073
23,466
12,42523,811（※）１ 16,012
30,08033,50339,15224,80247,823
19,74430,29832,342
340,908
10,72644,39546,52919,46245,80919,292
19,20029,757
46,567
120,150
16,28533,52542,571
37,12587,974（※）２ -28,966
197,513
185,428
82,762
7,208
7,687
17,801
36,104
165,022
19,941
31,813
110,620
611,361

36,56914,453
7,949
14,830（※）１ -2,526
14, 827
18,051
22,845
11,871
26,2189,000
8,547
15,673
186,038
6,072
24,082
26,056
8,148
25,031
8,568
9,385
11,76823,41857,872
8,394
26,024
20,54015,86044,926（※）２ -45,233
108,281
90,02137,131
2,403
2,574
6,956
15,80085,806
8,001
11,22655,636
370,999

Total
3,427,498
117,9022,095,324 (1,347,010)（※）１ Repair costs for fixing damaged panels totaled ¥20.97mn. （※）２ Repair costs for fixing slope landslips totaled ¥50.0mn.

2,797,116

1,450,105

物件名

30,371
12,505
7,001
12,82846,954
22,466
21,87022,165
20,29829,597
16,65749,32325,705
213,605
8,364
34,011
31,25718,45233,302
18,26815,32928,251
36,513
106,426
13,111
19,68737,027
37,115
61,16575,326
133,710150,260
76,181
7,515
7,604
16,51430,141
127,357
16,57627,21080,582
316,704

NOI(before depreciation)

13

I. Performance Overview for 13th Fiscal Period

II. Major Topics

III. Future Investment Strategies

IV. Appendix

14

Overview of 5th Public Offering (December 2021) 1/5
Total acquisition priceTotal panel output¥18.4bn

40.5MW

S-39

S-40
LS Miyagi Osato 2

LS Kagoshima Kanoya

Acquisition of
third partydeveloped
assetsAcquisition price¥0.39bn

Acquisition price¥0.89bn

Panel output

1.1MW

Panel output

2.2MW

Location

Kanoya-shi,
Kagoshima

Location

Kurokawagun, Miyagi

S-41

S-42
LS Chiba Katsuura

LS Okayama Tsuyama 1, 2 & 3

Acquisition ofsponsordeveloped
assetsAcquisition price¥2.65bn

Acquisition price¥14.46bn

Panel output

6.4MW

Panel output

30.6MW

Location

Tsuyama-shi,
Okayama

Location

Katsuura-shi,
Chiba

Total asset value*

Number of assets

As of end-Nov 2021

After 5th public offering (Dec 2021)

As of end-Nov 2021

After 5th public offering (Dec 2021)¥49.47bn¥67.87bn

38 plants

42 plants

Total panel output

Total expected power output

As of end-Nov 2021

After 5th public offering (Dec 2021)

As of end-Nov 2021

After 5th public offering (Dec 2021)

131.0MW

171.5MW

75,310MWh

101,803MWh

Note: Total asset value is the sum of (1) appraisal values for portfolio assets (not including assets acquired through the 5th public offering in December 2021) and (2) acquisition prices for assets acquired through the 5th
public offering in December 2021. Appraisal value means the median value calculated by the Fund in accordance with Article 36, paragraph 2, item 1 of the Certificate of Incorporation with reference to the appraisal
value ranges for each power plant listed in a valuation report dated November 30, 2021 obtained from PricewaterhouseCoopers Sustainability LLC.

15

Overview of 5th Public Offering (December 2021) 2/5
Acquisition of LS Chiba Katsuura, a flagship plant developed by the sponsor
that coexists with, and contributes to, the local community
Acquisition pricePanel output¥14.46bn

30.6MW

LS Chiba Katsuura

Characteristics of plant and TIF initiatives

1

Sponsor development / philosophy

Expected to contribute to the
local community Sponsordeveloped flagship plant tocoexist with the local
community
Strong demand area

3

Mega solar project, of which
there are very few of thesame size close to Tokyo,
where demand for power isthe strongest in Japan

Operator

Takara Leben
Co., Ltd.

FIT purchaseprice¥36/kWhFIT expiry date

March 30, 2040

O&M provider

Energy O&M

Site area

1,215,529.07m2

Panel output

30.6MW

EPC service
providerDaiwa House
Land title
Industry Co., Ltd.

Ownership,superficies

Power output

25.0MW

2

Regional collaboration

Balancing environmentallyfriendly operations andeconomic revitalization
through partnerships withlocal companies and public
entities
Community contribution

4 Contributing to regional
economic growth by paying
taxes (depreciable assetstax) to local public entities

Panelmanufacturer
Powerconditioner
manufacturer
Expected availability
factor in first year ofoperation

JA Solar
HuaweiTechnologies
Co., Ltd.
14.90%

16

Overview of 5th Public Offering (December 2021) 3/5
Japan’s first paperless global offering targeting individual investors to reduce impacts on
the environment
 The Japanese government is seeking to go paperless with legislation steadily being put in place. As the shift to a paperless environment gradually gains traction, the volume ofprinting paper being produced is also in decline.
 To contribute to reducing our impact on the environment, the prospectus for this offering was provided in digital format only.

Electronic provision of prospectus

Only a digital copy of the prospectus for thisoffering was provided.
Nothing was printed on paper.
Assumed CO2 emissions and logging volume resulting from thedigital provision of a prospectus for an ordinary offering in Japan
CO2 absorption per tree (cedar): 14kg / year
A4 sheets of paper produced from every plantation tree:13,000

Social environment around paperless movement
National strategy of promoting paperless► Act on Electronic Signatures and Certification Business (Apr 2001)► e-document laws (Nov 2004)► Basic policy on electronic management of administrative documents (Mar 2019)– FY2026 target to completely digitize original copies of administrative
documents, including the digital recreation of old archives► 1998 Act on Special Provisions concerning Preservation Methods for Books
and Documents Related to National Tax Prepared by Means of Computers(amended Oct 2020)► Establishment of Digital Agency (Sep 1, 2021)

Source: CO2 based on Kanto Regional Forest Office data; paper volume based on Nippon Paper Group data

Assuming all the cedar trees required to make the paper on which the prospectus
for an ordinary domestic public offering in Japan is printed are not logged...
Assumptions

Number of prospectus copies thought to be required for an ordinary domestic offering: 15,590

Amount of paper needed for one prospectus: 100 A4 sheets

Number of trees saved

CO2 reduced

120

1.6 tons / year

Initiatives to promote paperless in public and private sectors► Ministry of Internal Affairs and Communications– Transition to “smart government” with the use of ICT by 2040
– Digitization of administrative paperwork► Nagano city
– Shifted to paperless meetings by harnessing ICT to conservelabor resources and costs when preparing meeting documents■Paper production volume in Japan (newspaper, printing paper, wrapping paper, sanitary paper, etc.)(‘000 tons)

20,00016,42917,466

19,037 18,901
16,387
15,118 14,830 14,706 14,581

15,00014,008 13,502
11,212

10,0001990年 1995年 2000年 2005年 2010年 2014年 2015年 2016年 2017年 2018年 2019年 2020年
Source: METI’s Current Survey of Production

17

Overview of 5th Public Offering (December 2021) 4/5
First listed investment corporation in Japan to undertake a public offering and comply
with Article 9 of the SFDR, the most stringent of the ESG disclosure requirements
 The Sustainable Finance Disclosure Regulation (SFDR) targeting financial marketing participants, including investment corporations that undertake

marketing activities in the EU, came into effect on March 10, 2021.
 TIF is the first listed investment corporation in Japan to comply with Article 9, the most stringent of the ESG disclosure requirements of the SFDR.
Note: Information current as of November 1, 2021 based on information disclosure of listed investment corporations

Sustainable Finance Disclosure Regulation (SFDR)

Background► To enhance transparency of sustainable investments–

Creating an environment in which investors can make informed
decisions about ESG investing–

Preventing the “greenwashing” of investment products(deceptive claims of environmental friendliness)

Aligns with “clarifying institutional investors' and asset managers'
duties,” one of the actions in the European Commission’s 10-point
Action Plan on Financing Sustainable Growth

Overview

Timeline
Initiatives have been accelerated in the EU since theAction Plan on Financing Sustainable Growth was released in 2018

► Targets financial market participants in the EU► Required disclosures–

Businesses: Policies on sustainability risks

Mar 2018

Action Plan on Financing
Sustainable Growth–

Financial products: Disclosure of information that
demonstrates which sustainability goals or ESG
category requirements are being met

Dec 2019

SFDR adopted

Mar 10, 2021

SFDR took effect

Framework

Stricter ESG disclosure requirements

Article 6

Article 8

Article 9

Other products

Products promoting
environmental or social
attributes

Products that offer sustainable
investment or seek to reduce
CO2 emissions

Other investment corporations have disclosed
their compliance with Article 8 on their websites
18Overview of 5th Public Offering (December 2021) 5/5
ESG-focused validations of the Fund’s assets, debt, and equity
Selected as sector leader in Asia in 2021 GRESB Infrastructure Fund Assessment
 TIF has been awarded a 5-star GRESB rating and nominated as a sector leader in Asia. This result reflects the Fund’s policies and systems foraddressing ESG issues, ESG activity reporting, ESG risk assessment and analysis processes, and the operator’s asset assessment results.

Asia
SectorLeader

5 Stars(out of 5 stars)

5 Stars

アジア地域
Fund assessment

Debt assessments

GRESB Infrastructure Assets Assessment (2021)

Shinsei Green Loan assessment(Shinsei Bank, Limited)

Green finance framework assessment(as of Nov 9, 2021)

Assetsassessment

 TIF’s infrastructure
assets and the ESG
measures, policies,
targets, and disclosureof ESG initiatives ofthe operator Takara
Leben have been
rated highly

4 Stars(out of 5 stars)

JCR: Green 1 (F) (highest rating possible)

New borrowings
Investment
securities

Equity assessments
Green Equity
Green finance framework assessment(as of Nov 9, 2021)

JCR: Green 1 (F) (highest rating possible)
Note 1: The Fund is scheduled to be assessed by GRESB again in the same categories some time after the end of May 2022, but there is no guarantee that the Fund will be awarded the same ratings.
Note 2: Shinsei Bank developed the Shinsei Green Finance Framework in May 2020 in order to further promote investment and financing initiatives for projects that have a positive social impact. Determining whether or not
an investment or loan subject to assessment is in compliance with this framework is based on its alignment with guiding principles of the capital markets, including the Green Bond Principles, the Green Loan Principles,
the Green Bond Guidelines, and the Sustainability Linked Loan Guidelines, as well as a clear demonstration of environmental benefits.

19

I. Performance Overview for 12th Fiscal Period

II. Major Topics

III. Future Investment Strategies

IV. Appendix

20

The first listed
infrastructure fund in JapanI
Sustainable growthstrategy driven bysteady acquisitions

II
Dividends-oriented
returns policy

III
Japan-wide portfolioIV
JCR issuer credit
ratingV
Enhanced ESG
strategies

21

Continuous Growth through Assets Acquisition
Total Asset Value and Panel Output¥68.52bn

New acquisitions
AUM(¥ Bn)

171.5MW

70.00
60.00
50.00
40.00

¥7.36bn¥7.80bn

17.8MW

19.0MW

10.00

7.36

0.4
7.36

0.00

IPO (Listing)

30.00¥49.57bn
131.0MW¥41.69bn

20.00¥19.52bn¥19.86bn

50.0MW

50.8MW

11.7¥27.55bn

69.5MW

71.9MW

106.6MWAim to consistently
expand portfolio

7.9
14.1

0.3

1.8

4.9

1.0

19.53

19.86

21.71

26.6

41.7

49.58

27.56

7.8
The 1st Public Offering

3rd FP acquisition
Jun 2016¥21.70bn
55.8MW¥26.60bn

18.9

Feb 2017

5th FP acquisition

Jun 2017

Oct 2017 and
Nov 2017

8th FP acquisition

The 2nd Public Offering

Expansion of plants
Dec 2017 andFeb 2018

Jun 2018

The 4th Public Offering
The ５th Public Offering

The 3rd Public Offering
Jun 2019

Dec 2019

Dec 2020

Dec 2021(Note) Total asset value is a sum of appraisal value as of May 31, 2022

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

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

Forecast Result Forecast Result Forecast Result Forecast Result
The 8nd FP
Ended Nov 2019

The 9nd FP
Ended May 2020

The 10nd FP
Ended Nov 2020

The 11nd FP
Ended May 2021

Forecast Result Forecast Result
The 12nd FP
Ended Nov 2021

The 13nd FP
Ended Nov 2022

Dividend Policy
 The Fund considers it best to retain a reasonable amount of funds so that it can carry out strategic reinvestments aimed at improving value forshareholders instead of setting targets for surplus earnings distribution (returns on investments). Our strategic reinvestments mainly take theshape of new plant acquisitions. We believe that focusing on such reinvestments and aiming to maximize dividends based on net profit will
ultimately contribute to profit for both the Fund and its investors.

Overview of profit distribution

Profit distribution with an emphasis on dividend growth
Leasing business expenses

Leasing business expenses

Principal repayments
Depreciation

Operating revenue

Retained earnings
Surplus earnings distribution

Net income

Dividends

Strategic reinvestments for enhancing value for investors
Using funds on hand to acquire new plants and finance capacity expansion at existing plants
LS Kamisu Hasaki

LS Inashiki
Aranuma 1(expansion)

LS Chikusei(expansion)

LS Chiba
Wakabaku(expansion)

LS Miho(expansion)

LS Sakuragawa
Shimoizumi

LS Fukushima
Yamatsuri

LS Shizuoka
Omaezaki

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

PicturePrice
Date

Dividend yield breakdown (note1)■Ordinary dividends

High ratio of ordinary dividends■Surplus earnings distribution

5.42%

Total

0.58%

6.01%

Note 1: Dividend forecasts for fiscal periods ending November 30, 2022 and May 31, 2023 were calculated based on July 4, 2022 closing price.
Note 2: Dividend forecasts for the two fiscal periods disclosed as of July 4, 2022 by the five listed funds, excluding TIF, were calculated based on
July 4, 2022 closing prices.

TIF

Listed infrastructure funds(5 funds excluding TIF)

Forecast average for fiscal
periods ending Nov 30, 2022
and May 31, 2023*1

Average of recent forecasts*2

90.30%

61.78%
23

Rent Mechanism
Minimum-guaranteed rent plus upside potential
Monthly power sales based on actual power
generation as reported by lessees
10 plants
acquired at IPO(A)▼(A) Minimum-guaranteed rent

(B)

Exceedance probability (percentile): P50(B) Performance-linked rentMonthly power sales based on actual power
generation as reported by lessees

32 plants
acquired after
IPO

100%
▼
(A) Minimum-guaranteed rent
Exceedance probability (percentile): P50/P75(B) Performance-linked rent

Note 1:
Note 2:

Note 3:

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

100% 110%▼

Minimum-guaranteed rent

(C)

Extra rent to be paid when total power sales exceed 110% of minimumguaranteed rent; calculated as 50% of the amount in excess of 100% of
minimum rent guaranteed
Total rent
The sum of minimum-guaranteed rent (A) and performance-linked rent (B)Minimum-guaranteed rent
Rent guaranteed regardless of actual amount of power generated(A)
P50 projected power output: LS Chiba Narita, LS Iwate Hirono, LS Miyagi
Matsushima
P75 projected power output: 29 plants acquired after IPO
Performance-linked rent
Extra rent to be paid when total power sales exceed 100% of minimum(B)guaranteed rent; calculated as 50% of amount in excess of 100% of
minimum rent guaranteed
Total rent(C)
The sum of minimum-guaranteed rent (A) and performance-linked rent (B)If output is curtailed at LS Nagasaki Isahaya, LS Fukushima Kagamiishi 1, LS Fukushima Kagamiishi 2, LS Miyagi Matsushima, or LS Miyagi Osato 2 where the designation rule applies, the minimum-guaranteed rent is reduced only by the amount adjusted for
uncompensated output curtailment.
If the lessee is an SPC, the minimum-guaranteed rent will be subject to the deduction of amounts equivalent to business tax and residence tax on a per capita basis imposed on an amount equivalent to 100% of estimated power sales calculated on the basis ofa P75 projected power output for the exceedance probability (percentile). If the power sales amount based on actual power generation is greater than an amount equivalent to 100% of the above estimated power sales amount, the performance-linked rent will
be 50% of the amount in excess. However, if the SPC does not have enough power sales income to pay the minimum-guaranteed rent, taxes and other charges, or other expenditures, its payments may fall into arrears because SPCs usually do not haveexcess capital. For assets the Fund plans to acquire that are operated under an SPC structure, Takara Leben will be jointly and severally responsible for the SPC’s minimum-guaranteed rent payment obligations to the Fund and also plans to contribute thenecessary funds to the SPC by investing in an anonymous association or through other means if the SPC does not have enough capital to cover taxes or costs that must be paid to third parties. It should be noted, however, that the projected power output used
to calculated the minimum-guaranteed rent for LS Chiba Narita, LS Iwate Hirono, and LS Miyagi Matsushima shall be P50 exceedance probability (percentile).
For the LS Shizuoka Omaezaki and LS Mie Yokkaichi power plants, the lessee and power producer Takara Leben has entered into a specified wholesale supply agreement with Updater Inc., as has the lessee and power producer Leben Solar Chiba Sammu
with both Katsuura Okitsu Solar and Updater for the LS Chiba Sammu, East/West and LS Chiba Katsuura power plants. Under these agreements, 50% of an agreed premium tariff collected from Updater by the lessee and power producer is added to the sumof minimum-guaranteed rent (A) and performance-linked rent (B) for payment to the Fund.

24

Portfolio Overview
Total owned asset

Total asset value

42¥68.52solar power plants

Total panel output

171.5

billionMW

Kanto Area

S-09

S-01

S-37

S-02

S-03

S-04

S-06

LS Aomori Hiranai

LS Shioya

LS Iwate Hirono

S-34

S-35

LS Fukushima
Kagamiishi 1

LS Fukushima
Kagamiishi 2

LS Chikusei

S-08

S-10

LS Mito Takada

LS Tone Fukawa

S-14

S-15

LS Chiba
Wakabaku

S-11

LS Miho

S-12

LS Sosa

S-13

S-07

S-16

LS Tsukuba
BouchiS-17

LS Hokota

S-18

LS Miyagi Osato

S-20

S-41

LS Kamisu
HasakiS-40
LS Nasu
Nakagawa

LS Fukushima
Yamatsuri

LS Okayama
Tsuyama 1,2&3

S-19

S-23

LS Sakuragawa
Shimoizumi

LS Sakuragawa
Nakaizumi

S-28

S-29

LS Sakuragawa 4

LS Chiba Sammu,
East / West

LS Miyagi Osato 2

S-32

S-38
LS Hiroshima
MiharaLS Miyagi
Matsushima

S-30

LS Nagasaki
Isahaya

S-05

S-39

LS Kirishima
KokubuLS Kagoshima
KanoyaS-24

LS Shirahama

S-22

LS Mie Yokkaichi

S-21

LS Shizuoka
Omaezaki

LS Fujioka A

LS Inashiki
Aranuma 1

S-25

LS Takahagi

S-31

LS Shioya 2

LS Fujioka B

S-26

LS Hanno
Misugidai

LS Inashiki
Aranuma 2

S-27

LS Sakuragawa 1

S-33

S-36

LS Sakuragawa
2&3

LS Chiba Narita

S-42

LS Chiba
Katsuura(Note) As of May 31, 2022

25

Japan-wide Portfolio
Japan-wide portfolio focused on areas characterized by strong demand for electricity■Portfolio distribution by region
As of end-May 2022

Weighting of investments in jurisdictional areasof TEPCO, Chubu EP, and KEPCO

74.0%■Amount of power sold in power company jurisdictions (FY2019)
TIF investment weighting(price basis)

Total asset value¥68.52bn

222,277

TEPCO
Chubu Electric Power117,246

1.6%

Kansai Electric Power Company

112,992

4.1%

Kyushu Electric Power

70,398

2.6%

Tohoku Electric Power67,16712.5%

50,208

Chugoku Electric Power Company■Kanto26

68.3%■Tohoku8

12.5%■Chugoku

2

10.8%■Kansai

1■Kyushu■Chubu

68.3%

10.8%

Hokuriku Electric Power Company

25,0540.0%

Hokkaido Electric Power Company

23,701

0.0%

4.1%

Shikoku Electric Power22,396

0.0%

3

2.6%

Okinawa Electric Power Company

2

1.6%

7,316
0

0.0%

50,000 100,000 150,000 200,000 250,000(GWh)

Source: Compiled by the Asset Manager based on data from Kansai Electric Power Company’s Fact Book 202026

Issuer Credit Rating
Japan Credit Rating Agency (JCR)

Long-term issuer rating: A(stable)(as of Oct 12, 2021)

Rating rationaleCash flow stability
Growth in portfolio assets and diversification
Sponsor’s development and operational capabilities
Good financial soundness sustained through conservative
financial management

27

Enhanced ESG Strategies 1/4
Helping to realize the SDGs through ESG activities in line with our sustainability policy
The Fund and the Asset Manager established a sustainability policy in May 2019 for the purpose of concretely and proactively
addressing ESG issues within the context of their daily operations, based on the thinking that achieving the Fund’s basic policy andrealizing a sustainable society will contribute to improvements in value for investors.
Sustainability Policy

ESG activities of TIF and the Asset Manager

Relevant SDGs

Environmental initiativesInvesting in renewable energy to help
solve climate change issues
Considering impacts on local
ecosystems
Using less resources and energy andreducing waste

Increasing Japan’s ratioof renewable energy

Reducing CO2
emissionsSocial initiatives






Stably supplying energy
Contributing to communities
Engaging executives and employees
Adopting measures in the supply chain

Workplaceenvironment thatprioritizes
employee healthPark cleanup
activities

Making economic
contributions tocommunities

Sponsoring
community
eventsDonating to theJapan Children
Support
Association

Governance initiativesRegulatory compliance
Information disclosure andtransparency
Appropriate business management

Same-boat investments
by the sponsor

Establishment of acorporate governancestructure28

Enhanced ESG Strategies 2/4
Social contribution activities of TIF and the Asset Manager
Activities reflecting our commitment to the future generation
Donation to NPO Katariba
In March 2022, the Fund and the Asset Manager made adonation to Katariba. Katariba is a certified NPO based inTokyo that engages in activities nationwide with the aim ofproviding educational support to children who have missed out
on the opportunity to undertake studies as a result of a natural
disaster, economic disparity, or some other reason. Katariba
runs free after-school programs to create safe places forstudents, and also offers learning and food support.
Loss of education opportunities owing
to disasters or economic disparity

Lifelines throughfood assistance

Learning
environments
Tools needed
for learning

Eliminating educational inequality

Donation to Good Neighbors JapanIn June 2022, the Fund and the Asset Manager made adonation to Good Neighbors Japan (GNJP), an organization
whose vision is to create a society brimming with the smilingfaces of children in which all people can live a life of dignity.
Its mission is to eradicate causes of poverty anddiscrimination, as well as threats from disasters and conflicts
together with its partners in Japan and abroad. While GNJP
provides support to children in Japan and overseas, ourdonation this time went to the Good Gohan project, whichseeks to address the issue of child poverty in Japan by
distributing food to single-parent households.

Emergency
support

Education andawareness
Addressing childpoverty(Good Gohan
project)

29

Enhanced ESG Strategies 3/4
Supporting the recommendations of the TCFD
The Fund, together with Takara Asset Management, have expressed their support for the recommendations of the Task Force on
Climate-related Financial Disclosures (TCFD).
The TCFD was set up by the Financial Stability Board as a global initiative tasked with investigating climate-related information
disclosure and examining what kind of action is being taken by financial institutions. Given that climate change poses a serious risk to
the global economy, the recommendations of the TCFD urge companies and organizations to disclose information about governance,
strategies, risk management, indicators, and targets pertaining to climate change-related risks and opportunities.

Contributions to the local community in regions where our portfolio has a presence
Power plant development in harmony with the community
Half of the land (roughly 26ha) where the LS Chiba Katsuura power plant is located is utilized in harmony with the environment. We take care of theexisting trees and plant new ones in an effort to engage in longer-term forest conservation. We have also developed and laid down a private road toprovide access to the site for work vehicles, which we plan to donate to the city of Katsuura in the future so that it can be used by the community as
an everyday service road.

Sponsoring of Kishu Kuchikumano Marathon
We have supported, as an official sponsor, the Kishu Kuchikumano Marathon held in Kamitonda Town in Wakayama
Prefecture.

Cleanup activities in the neighborhood of the Fund’s solar power plants
On June 30, 2020, executives and employees of the Asset Manager participated in a park cleanup event in the city of
Hanno in Saitama Prefecture. This event was subsequently postponed due to the COVID-19 pandemic, but is scheduled
to be held again in July of this year.
30Enhanced ESG Strategies 4/4
Sustainability initiatives of the Takara Leben Group
Signatory to United Nations Global Compact

CSR strategy of the Takara Leben Group

Takara Leben, the Fund’s sponsor, became a signatory to theUnited Nations Global Compact (UNGC) in August 2020. The
Takara Leben Group supports the 10 principles of the UNGC in
the four areas of human rights, labor, the environment, and anticorruption, and is working to help build a sustainable society inkeeping with the Group vision of “think happiness and make thehappiness.”

The Takara Leben Group not only strives to achieve its corporate
vision of “think happiness and make the happiness,” but alsoseeks to contribute to solving problems in society and meetingthe objectives of the SDGs by undertaking CSR activities throughits business operations, including the supply of housing and therollout of natural energy infrastructure. It aims to gain the trust ofsociety and various stakeholders to deliver perpetual progress.
No.

Key CSR topic

1

Creating
lifestyles withvalue

UN Global Compact — 10 Principles
The UNGC is a voluntary initiative for participating in the creationof a global framework whereby companies and organizations act
as good members of society to realize sustainable growth bydemonstrating responsible and creative leadership.
HumanrightsPrinciple 1

Support and respect theprotection of human rights

Principle 2

Ensure non-complicity inhuman rights abuses

Principle 3

Uphold freedom of
association and the right tocollective bargaining

2

Eliminate forced labor

Principle 5

Effective abolition of childlabor

Principle 8










challenges

Principle 4

Formingcommunities

Precautionary approach

Initiatives onenvironmental
responsibility

Policy

Principle 7 to environmental
Environment

Relevant SDGs

3

Providing
comfortable
spaces ofhigh quality



Development andElimination of discriminationin employment andoccupation

Contribute to regional revitalization by linking urban
centers with regional communities through our
regional city regeneration business
Improve risk responsiveness with thoroughgoingrisk assessment and management
Provide opportunities and environments in which adiverse workforce can work with enthusiasm
Corporate activities that emphasize stakeholder
dialogue to meet societal needs

Improve customer satisfaction with the use of our
proprietary Service Quality Management System(SQMS®)Create well-designed, habitable homes in pursuit ofliving functionality
Improve the value of buildings through periodic
maintenance and renovations to enhance building
comfort, functionality, and safety

Principle 9 diffusion of eco-friendly
technologies



Labor

Principle 6

Offer products and services to address social
issues and meet changing needs
Provide lifestyles that offer harmony between
residents and the local environment with our
LEBEN/NEBEL brandWork against corruption in
AntiPrinciple 10 all its forms, including
corruption
extortion and bribery

Source: Compiled by the Asset Manager based on information from the Global Compact website andmaterials publicly disclosed by the sponsor.
Note: The table above describes the sustainability initiatives of the Takara Leben Group and includes
information not directly related to the Fund or the Asset Manager.

4

Fostering
environments
and cultures

Reduce GHG emissions through our renewableenergy power generation business and by
supplying housing with superior environmental
performance
Provide earthquake-resistant and fire-proof housingthat can withstand natural disasters
Provide stakeholders with opportunities toparticipate in cultural activities

Note: The table above describes the CSR strategy of the Takara Leben Group and includes information
not directly related to the Fund or the Asset Manager.

31

Solid and Sound Financial Base 1/2■The Fund engages in stable and sound financial management primarily by controlling its borrowing capacity and LTV and spreading out loan
repayment terms. We also keep a close eye on interest rate movements and consider essentially fixing variable interest rates by concluding interest
rate swap contracts and the like.

LTV and fixed interest rate ratio

Fixed interest rate ratio

LTV
As of end-November 2021

As of end-May 2022

As of end-November 2021

As of end-May 2022

52.9%

54.1%

50.6%

65.5%

LTV and borrowing capacity

Balance of borrowings(¥ hundred
million)

400
380
360
340
320
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
0

IPO financing
8th FP financing

4th FP financing
9th FP financing
370

5th FP financing
11th FP financing
357

344

6th FP financing
13th FP financing(¥ hundred
million)120.00331
318
305 292

271
237

229

262

279

Remaining Borrowing Spare Capacity (left)
LTV Ratio (right)
54.0
52.9
53.0

54.1

(%)

60.0

100.00

50.0

80.00

40.0

60.00

30.0

266

236
192
175

156 151 152
130
116

40.00

75.50
41 40

20.00

87.30

20.0
100.10

67.30

10.0

0.00

0.0
10th FP-end

11th FP-end

12th FP-end

13th FP-end

32

Solid and Sound Financial Base 2/2
Diversified lender formation
Overview of new borrowings
Category

LenderLong term

Loan syndicate with
Sumitomo Mitsui
Banking Corporationand Shinsei Bank as
lead arrangers

Amount¥12,200mn

Interest rate

0.50% added
to base rate

Drawdown date

MethodFinal repayment

Collateral

December 1, 2021

Borrowings based on individual term loan
commitment line agreements dated
November 24, 2021 with the lenders
shown to the left

Business day
preceding the day
corresponding to 10
years after the
drawdown dateUnsecured
and without
guarantee

Note: To avoid the risk of interest rate fluctuations, a separate interest rate swap contract has been concluded for an estimated principal amount of ¥11,834mn. This essentially fixes the interest rate on
the estimated principal amount of the borrowings at 1.000%.

Breakdown of borrowings (as of end-May 2022)

Total debt
¥37,091mn

Sumitomo Mitsui Banking Corporation

17.0%

Gunma Bank

1.9%

Shinsei Bank

16.2%

Hyakujushi Bank

1.6%

Asahi Shinkin Bank

11.3%

Chugoku Bank

1.3%

San Ju San Bank

7.4%

Tochigi Bank

1.1%

Chiba Bank

6.0%

Johoku Shinkin Bank

0.9%

Mizuho Bank

5.6%

Higashi-Nippon Bank

0.7%

Resona Bank

5.5%

Nishi-Nippon City Bank

0.5%

Hiroshima Bank

5.0%

Bank of Fukuoka

0.5%

Tsukuba Bank

4.2%

Michinoku Bank

0.5%

Ashikaga Bank

3.9%

Kiraboshi Bank

0.5%

Kansai Mirai Bank

2.6%

Chiba Kogyo Bank

0.4%

Iyo Bank

2.6%

Joyo Bank

0.2%

Daishi Hokuetsu Bank

2.5%

33

External Growth 1/2
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

56

LS Aomori Hiranai（1.8MW）
LS Miyagi Osato 2 （2.2MW）
LS Miyagi Osato （2.0MW）
LS Miyagi Matsushima（14.2MW）

LS Iwate Hachimantai （9.8MW）

power plants

Developed by third party and owned by the sponsor（note1)

LS Fukushima Yamatsuri（1.3MW）

LS Fukushima Tamura（1.1MW）
LS Fukushima Kagamiishi 1（0.7MW）
LS Fukushima Kagamiishi 2（0.7MW）

LS Shioya （2.9MW）
LS Shioya 2 （11.4MW）
LS Nasu Nakagawa （19.8MW）
LS Fujioka A （0.6MW）
LS Fujioka B （2.4MW）

LS Okayama Tsuyama 1,2&3（6.4MW）

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

LS Ibaraki Kasumigaura （2.6MW）
LS Chiba Wakabaku （0.7MW）
LS Sosa （1.7MW）

LS Nagasaki Sasebo（3.4MW）
LS Nagasaki Isahaya （2.0MW）

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

LS Kirishima Kokubu （2.0MW）

MW

Under construction by the sponsor （note1）（note 2）

LS Iwate Hirono （2.2MW）

LS Mie Yokkaichi（1.9MW）

235.1

Developed by the sponsor（note1）

LS Miyagi Ohiranuma （1.7MW）

LS Nagano Shiojiri （1.0MW）

Total Panel Output

LS Kirishima Kokubu 2（2.6MW）

LS Shirahama（7.8MW）

LS Chiba Katsuura （30.6MW）

LS Kagoshima Osaki （22.3MW）

LS Miyazaki Miyakonojo（1.2MW）

LS Hanno Misugidai （2.4MW）

LS Kagoshima Tanegashima（1.3MW ）LS Kagoshima Kanoya（1.1MW）

LS Shizuoka Omaezaki（1.0MW）※Dashed line indicates assets which is not
owned by the Fund

LS Sakuragawa Makabe（1.9MW）

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 1（1.2MW）
LS Sakuragawa Nakaizumi（2.6MW）
LS Sakuragawa Shimoizumi（2.5MW）

LS Takahagi （1.1MW）
LS Furukawa Onanuma（0.05MW）
LS Tone （0.1MW）

LS Sakuragawa 1（2.5MW）
LS Sakuragawa 2・3（5.0MW）
LS Sakuragawa 4（2.4MW）（note1）： The image shown here depicts, as of the end of May 2022, assets developed by the sponsor, assets currently being developed by the sponsor, and assets developed by a third party that were acquired by thesponsor. The image includes assets held by the Fund, but other than those shown, there are no power plants already acquired, or scheduled to be acquired, by the Fund as of July 2022 and we make noguarantee that other assets will be acquired in the future.
（note 2）：Panel output figures for the solar energy projects under construction are based on the construction plans as of May 2022 and may differ from actual output once completed and in operation.

34

External Growth 2/2
Asset Manager approved to engage in concurrent business The operator of the Fund, Takara Asset Management, obtained approval to engage in the concurrent business of acquiring renewable energy

power plants and other facilities.
 This means when multiple projects are being considered at the same time, only the power plants that do not satisfy the investment standards ofan investment corporation can be acquired by the asset management company. This generates greater interest for the entity acquiringproperties, which in turn has the potential to bring more properties into an investment portfolio.(note 1)

Tapping new growth opportunities by diversifying acquisition methods
 For acquired assets, the impact of operator insolvency can be minimized to some extent with the use of an SPC structure. It can also facilitatesmooth and flexible financing from lenders and potentially increase external property acquisition opportunities.
 LS Okayama Tsuyama 1, 2 & 3 and LS Chiba Katsuura were acquired under a method using trust beneficiary rights.
 Even for assets other than those scheduled to be acquired, the use of a bridge fund means a property can be acquired in the future at a time thatsuits both the Fund and the vendor. This too has the potential to create more property acquisition opportunities.
Use of trust beneficiary rights(SPC structure)
Electric
utilities
Electricity
retailersOperator

Power
sales
rate

O&M
OP feeTIF

Property acquisition via bridge fundElectric
utilities
Electricity
retailersOperator

O&M
OP fee

Power
sales
rate

Power Connection

sales

Lease

Trust

Lessee
SPC

Trust
bank
Trust
dividends

Power Connection
sales

Use of cash assets(SPC structure)

Rent

TIF
Lease

Sponsor（売主）

Sales
negotiation
Grant ofpreferential
bargaining rights

Property sale
at a time thatsuits thevendorBridge fund

TIF

Third party(vendor)Sales
negotiation
Propertyacquisition ata time thatsuits the Fund

Lessee
SPC

Rent

Note 1: In order to prevent competition for the acquisition of properties between the Fund and the Asset Manager, when commencing this business, the Asset Manager will consider
acquiring only properties that do no meet the investment standards of the Fund, or properties the Fund has decided it is unable to acquire because of problems concerning the timingof financing even if they satisfy the investment standards and the Fund uses warehousing or other financing methods. The Fund will be given priority to consider all property
acquisition opportunities, therefore the commencement of this business by the Asset Manager will not affect the Fund’s property acquisition opportunities. And when the AssetManager invests in a property for this concurrent business, it will not engage in any acts of competition with an investment project of the Fund that may be damaging to the Fund. It
also should be noted that from the perspective of preventing the adverse effects of self-dealing (item 2 of Article 195 of the Act on Investment Trusts and Investment Corporations
and item 1 of Article 42-2 of the Financial Instruments and Exchange Act), properties acquired under this concurrent business will not be sold to the Fund.

35

Internal Growth
Revenue stability from mainly 20 years of minimum-guaranteed rent andupside potential in performance-linked rent
Minimum-guaranteed rent based on
projected power output＋

Performance-linked rent

Note 1: The calculation of minimum-guaranteed rent and performance-linked rent differs depending on the terms and conditions of the lease agreement for each property.
Note 2: Depending on the actual amount of power generated, the lessee may not be required to pay any performance-linked rent.

Planning for repairs and capital expenditure to sustain and improve longerterm asset management revenue
 Outsourcing operation and maintenance (O&M) of solar power plants to contractors that possess
technological know-how
 Formulating repair and capital expenditure plans for each property
 In principle, the lessees bear the costs of day-to-day maintenance, management, and repairs

36Financial Results Forecasts

Operating results

14th Fiscal Period

15th Fiscal Period

16th Fiscal Period(ending November 30, 2022)(ending May 31, 2023)(ending November 30, 2023)

Forecast
as of July 13, 2022

Forecast
as of July 13, 2022

Forecast
as of July 13, 2022

Operating revenue¥3,469mn¥3,469mn¥3,452mn

Operating expenses¥2,372mn¥2,346mn¥2,362mn

Operating income¥1,097mn¥1,123mn¥1,090mn

Ordinary income¥875mn¥911mn¥879mnNet income¥874mn¥910mn¥878mn¥3,301¥3,325¥3,320Of which, ordinary
dividends¥2,931¥3,052¥2,945

Of which, surplus
earnings distribution(refund of capital)

¥370

¥273

¥375

Total dividends per unit
(incl. surplus earnings
distribution)

Note 1: Amounts shown are rounded down to the nearest million yen.
Note 2: The forecasts are based on those disclosed in the summary of financial results dated July 13, 2022 and offer no guarantee of future distribution amounts.
37

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

3,631

3,510

464
3,188

350

3,698
334
3,397

334

463

3,870

3,826

3,771

3,704
286
3,308 143

278

3,656
3,450

278

3,549
435

3,311

402

3,301

411

328
328

3,000

3,540

286

3,307

350

3,512

396

370

411

3,325
273

3,320

375

463

2,000
3,521

3,512

3,307

3,160

3,123

3584

3,492

3,412

3,297
2,979 3069

3369

3262

3426

2912

2900

3039

3147 3221
2931

3052

2945

2,725

1,000

0
Forecast Result

Forecast

ResultForecast Result

Forecast Result

Forecast

ResultForecast Result

Forecast Result

Forecast

4th Fiscal Period（ended Nov 2017）

5th Fiscal Period（ended May 2018）

6th Fiscal Period（ended Nov 2018）

7th Fiscal Period（ended May 2019）

8th Fiscal Period（ended Nov 2019）

9th Fiscal Period（ended May 2020）

10th Fiscal Period（ended Nov 2020）

11th Fiscal Period（ended May 2021）

ResultForecast

Result12th Fiscal Period（ended Nov 2021）

Forecast

Result13th Fiscal Period（ended May 2022）

Forecast

Forecast

Forecast

14th Fiscal Period 15th Fiscal Period 16th Fiscal Period（ending Nov（ending May（ending Nov
2022）
2023）
2023）

38

Revenue Forecast for 14th Fiscal Period（unit：¥ thousands）
No.

Name of Power Plant

Minimum Guaranteed
Rent Income

Performance-linked
Rent Income

Rent Expense(of which, depreciation costs)

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

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

58,513
24,631
15,231
27,06345,01436,88438,683
44,11038,851
54,136
24,90053,27237,422363,820
12,23354,90948,52924,99050,41926,182
23,17542,671
52,883
162,942
20,579

－
－
－
－
－
－
－
－
－
－
663
1,370
963
8,645
306
1,394
1,215
665
1,261
564
637
922
1,342
4,304
534

30,044
12,4836,830
12,80325,22421,921
21,56521,786
19,556
27,724
16,26535,162
25,426
224,825
7,668
33,68330,172
18,207
32,847
17,301
14,844
26,49034,744
105,681
12,834

S-26

LS Hanno Misugidai

41,426

1,019

S-27
S-28
S-29
S-30
S-31
S-32
S-33
S-34
S-35
S-36
S-37
S-38
S-39
S-40
S-41
S-42

LS Sakuragawa 1
LS Sakuragawa 4
LS Chiba Sammu East and WestLS 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
LS Kagoshima Kanoya
LS Miyagi Osato 2
LS Okayama Tsuyama 1,2&3
LS Chiba Katsuura

49,54645,780103,169
32,066207,118
244,846
97,135
10,195
10,42722,25145,164
213,441
24,64843,165140,142699,246

980
881
2,148
570
3,987
3,618
1,949
161
164
－
－
－
510
969
2,472
13,575

3,411,828

57,802Total

NOI (before depreciation)

NOI (after depreciation)(22,462)(9,002)(4,457)(8,988)(18,503)(15,282)(15,396)(16,189)(12,680)(20,231)(10,417)(21,776)(16,536)(151,440)(3,962)(20,070)(19,634)(11,124)(20,625)(10,646)(9,841)(17,987)(21,744)(62,359)(8,048)50,93021,15012,85823,24838,29230,24532,51338,514
31,97546,642
19,71541,25629,495
299,081
8,834
42,691
39,206
18,57239,45820,092
18,81035,091
41,225
123,925
16,32728,46812,147
8,401
14,25919,78914,963
17,11722,324
19,295
26,411
9,297
19,47912,959147,640
4,871
22,621
19,572
7,448
18,833
9,445
8,968
17,103
19,481
61,5658,279

19,486(7,299)30,25822,95836,92336,701
61,05824,198133,346
150,040
76,135
7,571
7,845
16,45530,238128,007
17,79528,77894,419608,704(22,023)(21,071)(43,015)(15,933)(89,232)(95,406)(45,686)(4,753)(5,062)(10,867)(20,312)(79,212)(11,996)(19,469)(55,016)(240,560)

35,62631,031
87,27524,372
166,991
193,831
68,636
7,538
7,809
16,66435,238
164,646
19,36034,826103,211608,704

13,6039,960
44,2598,438
77,75898,42422,949
2,785
2,747
5,796
14,92685,4337,364
15,35748,195368,143

2,049,778(1,336,330)

2,756,181

1,419,851（Note 1） Number less than one thousand has been omitted.
（Note 2） 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-35 , and S-38 to S-42 show 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.

39

I. Performance Overview for 12th Fiscal Period

II. Major Topics

III. Future Investment Strategies

IV. Appendix

40

Investors in 13th Fiscal Period (ended May 31, 2022)
Number of unitholders

Number of investment units

298,357
units■Individuals / others

189,599 (63.5%)■Financial institutions

62,360 (20.9%)
21,903
投資主数
unitholders
7,552人(incl. financial instruments firms)■Other domestic
corporations■Foreign corporations

39,787 (13.3%)
6,611(2.2%)■Individuals / others■Other domestic
corporations■Foreign corporations

21,405 (97.7%)■Financial institutions

67 (0.3%)

345 (1.6%)
86 (0.4%)(incl. financial instruments firms)

Note: Decimals are rounded to the nearest whole number and may not add up to 100%.

Name

Number of investment units held

Percentage of units held*

1

Takara Leben Co., Ltd.

19,686

6.59%

2

The Hachijuni Bank, Ltd.

6,554

2.19%

3

The Bank of Fukuoka, Ltd.

6,285

2.10%

4

The Master Trust Bank of Japan, Ltd. (trust account)

5,091

1.70%

5

The Rokinren Bank

4,422

1.48%

6

Yamato Shinkin Bank, Ltd.

3,557

1.19%

7

Aozora Bank, Ltd.

3,361

1.12%

8

Aichi Bank, Ltd.

2,668

0.89%

9

The Fukuho Bank, Ltd.

2,348

0.78%

10

Individuals

2,037

0.68%

56,00918.77%

21,361

7.16％

Total
Note: Percentage are rounded down to two decimal places.

Reference: Takara Leben Group’s investment in the Fund

41

Balance Sheet for 13th Fiscal Period (ended May 31, 2022)
Assets(¥ thousand)Current assets
Cash and deposits

Other
3,075,253

Cash and deposits in trust

238,841

Operating accounts receivable

802,327

Prepaid expenses

264,955

Consumption tax refund receivable
Other

1,427,428
744

Total current assets
Fixed assets
Property, plant, and equipment
Buildings
Accumulated depreciation
Buildings (net)
Structures

5,809,551

Total investments and other assets
Total fixed assets

62,648,847

Investment unit issuance expenses

40,528

Total deferred assets

40,528

Total assets

68,498,928

32,044−2,86829,175
16,655,242−2,777,709

Liabilities and net assets

Structures (net)13,877,532

Current liabilities
Operating accounts payable

28,135,029

Accumulated depreciation−4,489,281

Current portion of long-term loans payable

Machinery and equipment (net)23,645,748

Accounts payable–otherTools, furniture, and fixtures

546,622

Accrued expenses

Accumulated depreciation−402,494

Income taxes payable

Tools, furniture, and fixtures (net)144,127

Consumption taxes payable

Trust structures

623,178

Deferred assets

Accumulated depreciation
Machinery and equipment

20

5,889,541

Accumulated depreciation−123,680

Trust structures (net)

5,765,861

Deposits received
Total current liabilities
Long-term liabilities
Long-term borrowings

85,226
2,617,647
238,736816
887
35,392
1,205
2,979,911
34,474,018

Trust machinery and equipment

7,866,024

Accumulated depreciation−165,186

Other

Trust machinery and equipment (net)7,700,837

Total long-term liabilities

34,493,012

Trust tools, furniture, and fixtures

64,792−6,479Total liabilities
Net assets
Unitholders’ equity
Unitholders’ capital

37,472,924

Accumulated depreciation
Trust tools, furniture, and fixtures (net)Land
Total property, plant, and equipment
Intangible assets
Leaseholds
Trust leaseholds
SoftwareTotal intangible assets
Investments and other assets
Guarantee money paid
Deferred tax assets
Long-term prepaid expenses

58,3137,502,962
58,724,558
3,116,086
184,724299
3,301,110
21,50013
601,644

Deduction from unitholders’ capital
Unitholders’ capital (net value)
Surplus
Unappropriated retained earnings or loss (−)

18,99430,549,733−484,750
30,064,983

961,020

Total surplus

961,020

Total unitholders’ equity

31,026,004

Total net assets

31,026,004

Total liabilities and net assets

68,498,928

42

Income Statement for 13th Fiscal Period (ended May 31, 2022)(¥ thousand)Operating revenue
Rent revenue from mainly renewable energy power plants etc.

3,545,430

Total operating revenue

3,545,430

Operating expenses
Rent expenses for mainly renewable energy power plants etc.

2,095,324

Asset management fees

202,527

Asset custody and general administrative service fees

14,376

Executive remuneration

2,400

Other operating expenses

61,011

Total operating expenses

2,375,640

Operating income

1,169,789

Non-operating income
Interest income

21

Reversal of dividends payable

632

Insurance proceeds

12,162

Total non-operating income

12,817

Non-operating expenses
Interest expenses

163,443

Financing-related expenses

43,712

Amortization of investment unit issuance expenses

13,685

Total non-operating expenses

220,841

Ordinary income

961,765

Income before taxes

961,765

Income taxes–current

890

Income taxes–deferred
Total income taxes
Net income

0891
960,874Retained earnings brought forward

146

Unappropriated retained earnings

961,020

43

Portfolio Data
S-01

LS Shioya

Shioya-gun, Tochigi

Purchase
price(￥Million)
1,315

1.8%

2,987.25

40

Takara Leben

S-02

LS Chikusei

Chikusei-shi, Ibaraki

540

514

0.8%

1,205.67

40

Takara Leben

S-03

LS Chiba Wakabaku

Chiba-shi, Chiba

271

300

0.4%

705.1040

Takara Leben

S-04

LS MihoInashiki-gun, Ibaraki

498

528

0.8%

1,373.70

36

Takara Leben

S-05

LS Kirishima Kokubu

Kirishima-shi, Kagoshima

937

869

1.3%

2,009.28

40

Takara Leben

S-06

LS Sosa

Sosa-shi, Chiba

666

591

0.9%

1,796.08

36

Takara Leben

S-07

LS Miyagi Osato

Kurokawa-gun, Miyagi

818

773

1.1%

2,040.00

36

Takara Leben

S-08

LS Mito Takada

Mito-shi, Ibaraki

991

961

1.4%

2,128.00

36

Takara Leben

S-09

LS Aomori Hiranai

Higashi-tsugaru-gun, Aomori

705

682

1.0%

1,820.00

36

Takara Leben

S-10

LS Tone Fukawa

Kita-soma-gun, Ibaraki

1,261

1,211

1.8%

2,467.08

36

Takara Leben

S-11

LS Kamisu Hasaki

Kamisu-shi, Ibaraki

470

440

0.6%

1,200.00

36

Takara Leben

S-12

LS Tsukuba Bouchi

Tsukuba-shi, Ibaraki

890

853

1.2%

2,469.60

40

Takara Leben

S-13

LS Hokota

Hokota-shi, Ibaraki

735

651

1.0%

1,913.60

36

Takara Leben

S-14

LS Nasu Nakagawa

Nasu-gun, Tochigi

8,315

7,584

11.1%

19,800.00

36

Takara Leben

S-15

LS Fujioka A

Tochigi-shi, Tochigi

265

257

0.4%

612.0036

Takara Leben

S-16

LS Inashiki Aranuma 1

Inashiki-shi, Ibaraki

925

949

1.4%

2,725.68

36

Takara Leben

S-17

LS Fujioka B

Tochigi-shi, Tochigi

1,091

1,079

1.6%

2,420.80

36

Takara Leben

S-18

LS Inashiki Aranuma 2

Inashiki-shi, Ibaraki

422

421

0.6%

1,200.00

36

Takara Leben

S-19

LS Sakuragawa Shimoizumi

Sakuragawa-shi, Ibaraki

955

948

1.4%

2,535.04

36

Takara Leben

S-20

LS Fukushima Yamatsuri

Higashi-shirakawa-gun, Fukushima

468

464

0.7%

1,327.36

36

Takara Leben

S-21

LS Shizuoka Omaezaki

Omaezaki-shi, Shizuoka

484

434

0.6%

1,098.24

36

Takara Leben

S-22

LS Mie Yokkaichi

Yokkaichi-shi, Mie

740

678

1.0%

1,984.50

40

Takara Leben

S-23

LS Sakuragawa Nakaizumi

Sakuragawa-shi, Ibaraki

980

991

1.4%

2,698.24

36

Takara Leben

S-24

LS Shirahama

Nishimuro-gun, Wakayama

2,810

2,790

4.1%

7,839.76

36

Takara Leben

S-25

LS Takahagi

Takahagi-shi, Ibaraki

400

435

0.6%

1,194.60

32

Takara Leben

S-26

LS Hanno Misugidai

Hanno-shi, Saitama

758

959

1.4%

2,402.40

32

Takara Leben

S-27

LS Sakuragawa 1

Sakuragawa-shi, Ibaraki

870

887

1.3%

2,545.92

36

Takara Leben

S-28

LS Sakuragawa 4

Chikusei-shi, Ibaraki

826

788

1.1%

2,421.12

36

Takara Leben

S-29

LS Chiba Sammu East and West

Sammu-shi, Chiba

2,290

2,246

3.3%

5,059.20

36

Takara Leben

S-30

LS Nagasaki Isahaya

Isahaya-shi, Nagasaki

575

562

0.8%

2,022.46

27

Takara Leben

S-31

LS Shioya 2

Shioya-gun, Tochigi

4,797

4,873

7.1%

11,469.60

36

Takara Leben

S-32

LS Hiroshima Mihara

Mihara-shi, Hiroshima

4,500

4,782

7.0%

11,216.70

36

Takara Leben

S-33

LS Sakuragawa 2&3

Sakuragawa-shi, Ibaraki

1,650

1,655

2.4%

5,091.84

36

Takara Leben

S-34

LS Fukushima Kagamiishi 1

Iwase-gun, Fukushima

178

168

0.2%

712.3227

Takara Leben

S-35

LS Fukushima Kagamiishi 2

Iwase-gun, Fukushima

187

175

0.3%

712.3227

Takara Leben

S-36

LS Chiba Narita

Narita-shi, Chiba

425

402

0.6%

1,296.00

32

Takara Leben

S-37

LS Iwate Hirono

Kunohe-gun, Iwate

843

810

1.2%

2,273.70

36

Takara Leben

S-38

LS Miyagi Matsushima

Miyagi-gun, Miyagi

4,320

4,665

6.8%

14,246.40

24

Takara Leben

S-39

LS Kagoshima Kanoya

Kanoya-shi, Kagoshima

390

366

0.5%

1,172.08

40

Takara Leben

S-40

LS Miyagi Osato 2

Kurokawa-gun, Miyagi

894

861

1.3%

2,231.10

36

Takara Leben

S-41

LS Okayama Tsuyama 1,2&3

Tsuyama-shi, Okayama

2,650

2,634

3.8%

6,477.74

36

Takara Leben

S-42

LS Chiba Katsuura

Katsuura-shi, Chiba

14,46615,08122.0%

30,636.00

36

Takara Leben

68,576

68,526100.0%

171,538.48

Name of Power Plant

Location

Total

Period-end
appraisal value(￥ Million) (Note)
1,200

Ratio
(%)

Panel output(kW)

FIT price(Yen)

Operator-

44

Investment Unit Price (December 1, 2019 to May 31, 2022)(investment unit price: ¥)¥160,000(trading volume: units)
Takara Leben Infrastructure Fund
Investment unit price(LHS)

TSE REIT Index (indexed)(LHS)

Takara Leben Infrastructure Fund
Trading volume(RHS)

14,000¥140,000

12,000¥120,000

10,000¥100,000

8,000¥80,000

6,000¥60,000

4,000¥40,000

2,000¥20,000

045

History
August 3, 2015
August 5, 2015

Notification of incorporation of the Fund by the organizer (Takara Asset Management Co., Ltd.) pursuant to Article 69,
paragraph 1 of the Act on Investment Trusts and Investment Corporations
Registration of incorporation and establishment of the Fund pursuant to Article 166 of the Act on Investment Trusts andInvestment Corporations

August 14, 2015

Application for registration pursuant to Article 188 of the Act on Investment Trusts and Investment Corporations

September 2, 2015

Registration by the Prime Minister pursuant to Article 187 of the Act on Investment Trusts and Investment Corporations(registration number 105, Director-General, Kanto Finance Bureau)

June 2, 2016

Listing on the infrastructure fund market of the Tokyo Stock Exchange (code: 9281)

June 2, 2016

Acquisition of 10 solar power generation plants (acquisition price: ¥7,870mn; panel output: 17,881.63kW)

February 7, 2017

Acquisition of LS Kamisu Hasaki (acquisition price: ¥470mn; panel output: 1,200.00kW)

June 1, 2017

Acquisition of seven solar power generation plants (acquisition price: ¥12,607mn; panel output: 30,942.00kW)

October 2, 2017

Additional acquisition of extra capacity at LS Inashiki Aranuma 1 (acquisition price: ¥36mn; panel output: 199.68kW)

October 12, 2017

Additional acquisition of extra capacity at LS Chikusei (acquisition price: ¥21mn; panel output: 122.43kW)

November 16, 2017

Additional acquisition of extra capacity at LS Chiba Wakabaku (acquisition price: ¥48mn; panel output: 209.88kW)

November 27, 2017

Additional acquisition of extra capacity at LS Miho (acquisition price: ¥67mn; panel output: 318.00kW)

December 1, 2017

Acquisition of two solar power generation plants (acquisition price: ¥1,423mn; panel output: 3,862.40kW)

February 28, 2018

Acquisition of LS Shizuoka Omaezaki (acquisition price: ¥484mn; panel output: 1,098.24kW)

June 1, 2018

Acquisition of four solar power generation plants (acquisition price: ¥4,930mn; panel output: 13,717.10kW)

June 28, 2019

Acquisition of LS Hanno Misugidai (acquisition price: ¥758mn; panel output: 2,402.40kW)

December 2, 2019

Acquisition of six solar power generation plants (acquisition price: ¥13,858mn; panel output: 34,735.00kW)

December 1, 2020

Acquisition of six solar power generation plants (acquisition price: ¥7,603mn; panel output: 24,332.58kW)

December 1, 2021

Acquisition of four solar power generation plants (acquisition price: ¥18,400mn; panel output: 40,516.92kW)
46

Asset Manager Profile
Name

Takara Asset Management Co., Ltd.

Address

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

Established
CapitalRepresentative

October 28, 2013¥250,000,000
Representative Director & President, Mamoru Takahashi

Businesses*Investment management business, type II financial instruments business, investment advisory andconsulting

Stakeholder

100% owned by Takara Leben Co., Ltd. (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 andTourism
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 Minister

Membership

The Investment Trusts Association, Japan
Type II Financial Instruments Firms Association
Japan Investment Advisers Association
The Tokyo Real Estate Public Interest Incorporated Association
National Association For Real Estate Transaction Guaranty
Japan Association of Asset Management
Renewable Energy Association for Sustainable Power Supply
47

Enquiries

TEL：０３-６２６２-６４０２
E-mail：info@takara-am.co.jp

Disclaimer












The information in this document was prepared for the purpose of information provision and is not a solicitation of, or invitation to invest in, a certain product, nor is it arecommendation to engage in a transaction. Investors are requested to use their own judgement and responsibility when making investments.
This document is neither a disclosure document nor a management report based on the Financial Instruments and Exchange Act, the Act on Investment Trusts andInvestment Corporations, or the listing regulations of the Tokyo Stock Exchange.
In addition to information about Takara Leben Infrastructure Fund, Inc. (the “Fund"), this document includes figures, tables, and data prepared by Takara AssetManagement Co., Ltd. (the "Asset Manager") based on data, indices, and other information of third parties. Analyses, judgments and other views of the AssetManager regarding 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, judgments, and othernon-factual views of the Asset Manager represent the 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 information may differ from figures presented in this document due to differences in the rounding of fractions, or otherfactors.
While the Fund takes reasonable care in the preparation of this document, there may be errors. Readers should note that the contents of this document may becorrected or changed without prior notice.
The Fund and the Asset Manager assume no responsibility for the accuracy of data, indices, and other information released by third parties.
This document includes statements regarding future policies of the Fund. However, these statements offer no assurance that said future policies will be implemented
in the future.
For the convenience of preparing graphs, the dates indicated herein may differ from actual business dates.
48