Presentation Material for 10Th Fiscal Period (Ended November 30, 2020) Takara Leben Infrastructure Fund, Inc Securities Code: 9281

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

Asset Manager

https://takara-am.co.jp/en Securities code (Tokyo Stock Exchange) 9281

Listed date June 2, 2016

Investment target Renewable energy generation facilities Takara Leben CO., LTD. Sponsor (listed on Tokyo Stock Exchange) Fiscal period End of May and November Latest stock price ¥115,700 (As of January 12, 2021) Latest total dividends ¥3,512 (Forecast as of Jul 15, 2020: ¥3,308) (Fiscal Period ended November 30, 2020) (Revised forecast as of Oct 5, 2020: ¥3,458) Forecast total dividends ¥3,540 (Ordinary Dividend: ¥3,262) (Fiscal Period ending May 31, 2021)

2 Table of Contents

I. Performance Overview for 10th Fiscal Period Strong and Solid Financial Base P29 Overview of Financial Result for 10th Fiscal Period P5 External Growth P31 (ended November 30, 2020) Internal Growth P32 Explanations for Increased Dividends P6 Performance Forecast for the 11th to 13th Fiscal P33 Portfolio Performance P7 Period Dividends Forecast and Result P34 Ⅱ. Major Topics Revenue Forecast for 11th Fiscal Period (ending P35 Overview of the 4th Public Offering (December P14 May 2021) 2020)

Relative Stability of Listed Infrastructure Funds P15 IV. Appendix During COVID-19 Period Unitholder Status at the End of 10th Fiscal Period P37 Reinforced ESG strategy P16 (ended Nov 2020) Establishment of the Green Finance Framework P20 Balance Sheet for 10th FP (ended November 30, P38 2020) Statement of Income for 10th FP (ended P39 Ⅲ. Future Investment Strategies November 30, 2020) The First Listed Infrastructure Fund in Japan P22 Portfolio Data P40 Continuous Growth through Assets Acquisition P23 Change in Stock Price (June 3, 2019 to January P41 Dividends Policy P24 12, 2021) Income Schemes P25 Fundamental Investment Policy P42 Portfolio Overview P26 Structure of the Investment Corporation P43 Portfolio Located in High-Demand Area P27 Business Environment P44 Credit Rating P28 Profile of Asset Manager P47

3 Ⅰ．Performance Overview for 10th Fiscal Period

Ⅱ．Major Topics

Ⅲ．Future Investment Strategies

Ⅳ．Appendix

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

Previous Major Contributing Factors Performance Performance

Fiscal Period ended Fiscal Period ended November 30, 2020 Operating revenue May 31, 2019 （10th FP） (9th FP) Performance- +¥34 Million Comparison to the forecast linked rent A B C on July 15, 2020 Operating revenue ¥2,198 Million ¥2,164 Million +¥34 Million +1.6% ¥2,253 Million Operating expense

Operating expense ¥1,477 Million ¥1,476 Million -¥1 Million -0.1% ¥1,430 Million Insurance -¥6 Million

Operating income ¥720 Million ¥687 Million +¥33 Million +4.8% ¥822 Million Repair -¥2 Million

Net income ¥652 Million ¥564 Million +¥88 Million +15.6% ¥694 Million Other +¥8 Million

Total dividends ¥3,512 ¥3,308 +¥204 +6.2% ¥3,870 Other per unit Gain on Insurance Ordinary dividends Claim for +¥54 Million ¥3,369 ¥2,912 +¥457 +15.7% ¥3,584 per unit restoration works Return of capital ¥143 ¥396 -¥253 -63.9% ¥286 per unit

Total numbers of 32 32 plants

Total panel output 106.6MW 106.6MW

Forecasted power 59,601MWh 61,873MWh generation 5 Explanations for Increased Dividends

In addition to increased performance-linked income, gain on insurance claim on restoration works for typhoon damages were also utilized as a source of increasing dividends TOTAL Total Dividends +¥207 ¥3,512 Breakdown for Sources of Increased Dividends TOTAL Surplus earnings distribution ¥143 ¥3,308

Source to dividends Gain on ¥279 -¥253 insurance claim ¥54 Million Ordinary dividends Surplus earnings +¥457 distributions ¥54 Million (Approx.¥279 per unit） ¥175 ¥396 Other ¥3

Performance- Source to dividends linked income ¥34 Million ¥34 Million (Approx.¥175 per unit）（Result） Ordinary dividends Ordinary dividends ¥3,369 ¥2,912

Total dividends for 10th FP Initial dividends forecast

6 Portfolio Performance

Entire Portfolio Performance ■ Forecasted power generation ■ Actual power generation

+17.7%

(MWh) +6.0% +2.2% 14,558

14,000 -0.8% 13,339 13,090 12,810 12,579 +7.3% 11,913 12,364 12,000 11,815 -28.0% 11,266 +4.3% 11,120 -6.4% 10,501 9,910 9,833 -9.3% 10,000 -12.4% 9,500 9,270 +4.2% -16.4% 9,203 8,419 8,406 8,001 8,164 7,581 7,832 8,000 7,375

6,342 6,000

4,000

2,000

0 Dec, 2019 Jan, 2020 Feb, 2020 Mar, 2020 Apr, 2020 May, 2020 Jun, 2020 Jul, 2020 Aug, 2020 Sep, 2020 Oct, 2020 Nov, 2020

9th Fiscal Period (ended May 31, 2020) 10th Fiscal Period (ended November 30. 2020)

(Note) The estimated generation is the total of the expected amounts of electricity generation in the 50th percentile of probability of exceedance calculated by a third party on the basis of the database for hourly solar radiation for a year and others 7 Portfolio Performance

Individual Plants Performance ■ Forecasted power generation ■ Actual power generation S-01 LS Shioya S-02 LS Chikusei (kwh) (kwh) Tochigi 400,000 Ibaraki 200,000

300,000 150,000

200,000 100,000

100,000 50,000

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-03 LS Chiba Wakabaku (kwh) S-04 LS Miho (kwh) Chiba 100,000 Ibaraki 200,000

80,000 150,000 60,000 100,000 40,000 50,000 20,000

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-05 LS Kirishima Kokubu(kwh) S-06 LS Sosa (kwh)

Kagoshima 300,000 Chiba 300,000 250,000 200,000 200,000 150,000 100,000 100,000 50,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-07 LS Miyagi Osato S-08 LS Mito Takada (kwh) (kwh) Miyagi 300,000 Ibaraki 400,000

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

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

(Note) Periods for forecasted power generation and actual power generation is from December 2019 to November 2020 8 Portfolio Performance

■ Forecasted power generation ■ Actual power generation S-09 LS Aomori Hiranai S-10 LS Tone Fukawa (kwh) (kwh) Aomori 300,000 Ibaraki 400,000

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

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-11 LS Kamisu Hasaki S-12 LS Tsukuba Bouchi (kwh) (kwh) Ibaraki 200,000 Ibaraki 400,000 350,000 150,000 300,000 250,000 100,000 200,000 150,000 50,000 100,000 50,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-13 LS Hokota S-14 LS Nasu Nakagawa (kwh) (kwh) Ibaraki Tochigi 300,000 3,000,000 2,500,000 200,000 2,000,000 1,500,000 100,000 1,000,000 500,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-15 LS Fujioka A S-16 LS Inashiki Aranuma 1 (kwh) (kwh) Tochigi栃木県 100,000 茨城県Ibaraki 500,000

80,000 400,000

60,000 300,000

40,000 200,000

20,000 100,000

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 9 Portfolio Performance

■ Forecasted power generation ■ Actual power generation S-17 LS Fujioka B S-18 LS Inashiki Aranuma 2 (kwh) (kwh) Tochigi 400,000 Ibaraki 200,000

300,000 150,000

200,000 100,000

100,000 50,000

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-19 LS Sakuragawa Shimoizumi S-20 LS Fukushima Yamatsuri (Note 1) Ibaraki (kwh) Fukushima (kwh) 400,000 200,000

300,000 150,000

200,000 100,000

100,000 50,000

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-21 Shizuoka Omaezaki (Note2) S-22 LS Mie Yokkaichi (kwh) (kwh) Shizuoka Mie 200,000 300,000

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

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-23 LS Sakuragawa Nakaizumi S-24 LS Shirahama

Ibaraki (kwh) Wakayama (kwh) 400,000 1,200,000 1,000,000 300,000 800,000 200,000 600,000 400,000 100,000 200,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov (Note1) Due to landslide occurred on October 2019, S-20 LS Fukushima Yamatsuri were under restoration work between November 2019 to June 2020 (Note2) Due to theft of power cables and equipment occurred on March 2020, S-21 LS Shizuoka Omaezaki has stopped power generation from March 2020 to June 2020 10 Portfolio Performance

■ Forecasted power generation ■ Actual power generation S-25 LS Takahagi S-26 LS Hanno Misugidai (kwh) (kwh) Ibaraki 200,000 Saitama 350,000 300,000 150,000 250,000 200,000 100,000 150,000 50,000 100,000 50,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-27 LS Sakuragawa 1 S-28 LS Sakuragawa 4 (kwh) (kwh) Ibaraki Ibaraki 400,000 400,000

300,000 300,000

200,000 200,000

100,000 100,000

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-29 LS Chiba Sammu, East/West S-30 LS Nagasaki Isahaya (Note 3) (kwh) (kwh) Chiba 800,000 Nagasaki 300,000 250,000 600,000 200,000 400,000 150,000 100,000 200,000 50,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

S-31 LS Shioya 2 S-32 LS Hiroshima Mihara (kwh) (kwh) Tochigi 2,000,000 Hiroshima 2,000,000

1,500,000 1,500,000

1,000,000 1,000,000

500,000 500,000

0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

((Note3) Due to lightning damages occurred on July 2020, S-30 LS Nagasaki Isahaya underwent restoration work from July 2020 to October 2020. 11 Portfolio Performance

(¥ thousand) Minimum Guaranteed Performance-linked NOI NOI No. Name of Power Plant Rent Expense (depreciation) Rent Income Rent Income (before depreciation) (after depreciation) S-01 LS Shioya 59,125 81 30,358 (22,443) 51,291 28,848 S-02 LS Chikusei 24,883 511 12,521 (8,974) 21,849 12,874 S-03 LS Chiba Wakabaku 15,644 － 6,829 (4,441) 13,257 8,815 S-04 LS Miho 26,376 200 12,834 (8,961) 22,704 13,743 S-05 LS Kirishima Kokubu 45,481 188 24,291 (17,869) 39,249 21,379 S-06 LS Sosa 37,266 － 21,720 (13,999) 29,545 15,545 S-07 LS Miyagi Osato 39,084 513 23,317 (17,285) 33,565 16,280 S-08 LS Mito Takada 44,568 － 22,301 (16,353) 38,622 22,269 S-09 LS Aomori Hiranai 39,253 87 19,627 (12,504) 32,218 19,714 S-10 LS Tone Fukawa 54,694 － 29,479 (21,533) 46,748 25,214 S-11 LS Kamisu Hasaki 25,156 822 16,990 (11,000) 19,989 8,988 S-12 LS Tsukuba Bouchi 53,826 1,396 35,542 (21,751) 41,432 19,681 S-13 LS Hokota 37,808 1,703 25,572 (16,439) 30,378 13,939 S-14 LS Nasu Nakagawa 367,571 14,283 191,546 (154,742) 345,052 190,310 S-15 LS Fujioka A 12,359 467 8,660 (4,595) 8,762 4,166 S-16 LS Inashiki Aranuma1 56,461 2,393 34,278 (20,276) 44,852 24,576 S-17 LS Fujioka B 49,028 2,569 31,393 (20,439) 40,645 20,206 S-18 LS Inashiki Aranuma2 25,246 1,235 18,288 (11,100) 19,293 8,192 S-19 LS Sakuragawa Shimoizumi 50,937 2,044 34,070 (20,584) 39,496 18,911 S-20 LS Fukushima Yamatsuri 26,451 － 17,345 (10,597) 19,704 9,106 S-21 LS Shizuoka Omaezaki 23,415 867 15,500 (10,233) 19,018 8,784 S-22 LS Mie Yokkaichi 43,113 1,186 26,938 (18,132) 35,495 17,362 S-23 LS Sakuragawa Nakaizumi 53,427 1,726 36,433 (22,955) 41,674 18,719 S-24 LS Shirahama 164,613 7,826 107,262 (62,278) 127,455 65,177 S-25 LS Takahagi 20,789 321 12,685 (7,869) 16,300 8,430 S-26 LS Hanno Misugidai 41,853 525 21,931 (9,493) 29,946 20,453 S-27 LS Sakuragawa 1 50,055 2,179 38,229 (21,999) 36,004 14,005 S-28 LS Sakuragawa 4 46,251 2,412 37,032 (21,046) 32,678 11,631 S-29 LS Chiba Sammu, East/West 104,340 1,398 61,772 (42,966) 86,941 43,974 S-30 LS Nagasaki Isahaya 32,101 203 24,571 (15,924) 23,657 7,732 S-31 LS Shioya 2 209,231 11,459 135,671 (89,232) 174,252 85,020 S-32 LS Hiroshima Mihara 247,255 11,798 152,208 (95,406) 202,252 106,845 Total 2,127,675 70,405 1,287,207 (853,434) 1,764,337 910,902

12 Ⅰ．Performance Overview for 10th Fiscal Period

Ⅱ．Major Topics

Ⅲ．Future Investment Strategies

Ⅳ．Appendix

13 Overview of the 4th Public Offering (December 2020)

Total Purchase Price ¥7.6 Billion Total Panel Output 24.3MW

LS Sakuragawa （2）2,627.52kW LS Fukushima S-33 Panel Output S-34 Panel Output 712.32kW 2&3 （3）2,464.32kW Kagamiishi 1 （2）1,990.00kW Output Capacity 500.00kW Output Capacity （3）1,990.00kW FIT Price ¥36/kWh FIT Price ¥27/kWh （2）March 27, 2036 End of FIT End of FIT March 23, 2037 （3）February 14, 2036 Land Right Leasehold of surface rights Land Right Surface rights

LS Fukushima S-35 Panel Output 712.32kW S-36 LS Chiba Narita Panel Output 1,296.00kW Kagamiishi 2 Output Capacity 500.00kW Output Capacity 1,000.00kW

FIT Price ¥27/kWh FIT Price ¥32/kWh

End of FIT March 23, 2037 End of FIT March 30, 2037

Land Right Surface rights Land Right Surface rights

LS Miyagi S-37 LS Iwate Hirono Panel Output 2,273.70kW S-38 Panel Output 14,246.40kW Matsushima Output Capacity 1,990.00kW Output Capacity 12,000.00kW

FIT Price ¥36/kWh FIT Price ¥24/kWh

End of FIT March 28, 2037 End of FIT March 30, 2040 Ownership, Surface rights, lease of Land Right Land Right Surface rights, lease of real project real project Total Asset Value Numbers of Owned Power Plants

End of November 2020 After the 4th Public Offering (December 2020) End of November 2020 After the 4th Public Offering (December 2020) ¥43.76 Billion ¥51.47 Billion 32 Plants 38 Plants Total Panel Output Expected Power Generation

End of November 2020 After the 4th Public Offering (December 2020) End of November 2020 After the 4th Public Offering (December 2020) 106.6MW 131.0MW 60,921MWh 77,328MWh

(Note) Total Asset Value is a sum of appraisal value as of November 30, 2020, except for assets acquired during the 4th Public Offering on December 2020 and purchase prices for assets acquired during the 4th Public Offering on December 2020 14 Relative Stability of Listed Infrastructure Funds During COVID-19 Period

 Growing concerns over the economic impact of the COVID-19 caused financial markets to spiral downwards in March 2020. However, the rate of decline for unit price of listed infrastructure funds was 12.0% (maximum rate of decline 18.2% from February 20 2020 (IPO date of Japan Infrastructure Fund Investment Corporation) to March 31 2020. Compared to other investment products, the rate of decline for listed infrastructure funds was limited. Also, unit price fluctuation of listed infrastructure funds before and after the COVID-19 was relatively smaller compared to that of J-REITs and Japanese stocks. Hence, the Fund believes that unit price of listed infrastructure funds is relatively more stable than other securities  In this business environment affected by COVID-19 the cash flow from J-REIT assets that are generally strongly linked to demand for basic necessities (i.e. residence, logistics, and healthcare) is relatively more stable than that of J-REIT assets that generally have a weaker link to demand for basic necessities (i.e. hotel and retail). In the case of listed infrastructure funds, the cash flow of power generators backed by the FIT scheme is less susceptible to economic fluctuations given that electricity is a vital resource for society. Hence, the Fund believes that the cash flow from power generators are relatively stable. Cash flow stability of power plants, which is considered to Stock prices of listed infrastructure funds during the COVID-19 stock market to be essential during COVID-19 period ~Compression of stock price decline rate （From February 20, 2020 to March 31, 2020）~ Relatively low Listed Residential Logistic Office TSE REIT Commercial Hotel Our Fund infrastructure TOPIX REITs REITs REITs Index REITs REITs funds Essentiality Hotel 0% for daily life -11.4% -12.0% -15.4% -16.2% -16.3% -28.9% -29.1% -20% -40.1% Commercial -51.3% -18.4% -18.2% -40% -26.2% -39.1% -40.9% Office -60% Decline rate -47.8% -49.1% Maximum decline rate -54.5% -61.4% Residents -80% Source: Compiled by the Asset Manager based on publicly available information Logistic ~Stock price fluctuation during COVID-19 period~ Power Average rate of stock price changes (absolute value) compared to previous day plants Healthcare Spread of COVID-19 From December 2, 2019 to From March 2, 2020 to April From May 1, 2020 to February 28, 2020 30, 2020 September 30, 2020 Our Fund 0.51% 1.45% 0.40% Relatively Weighted Average for listed 0.60% 1.54% 0.44% high Infrastructure funds TSE REIT Index 0.57% 3.57% 0.99% Relatively Stability of Cash Flow Relatively TOPIX 0.73% 1.86% 0.88% Stable unstable

Source: Compiled by the Asset Manager based on publicly available information 15 Reinforced ESG strategy Our dedications to archive SDGs target goals based on suitability policy

The Fund and the Asset Manager established a sustainability policy on May 2019, aiming to take more proactive and specific measures to address ESG issues within the context of their daily operations.

Sustainability Policy ESG Commitment Related SDGs goal

Policies for environment  Investment on renewable energy conducive to resolution of climate change issues Increase renewable Reduce greenhouse gas  Consideration for the surrounding energy ratio in Japan emissions ecosystem  Resource/energy conservation and waste reduction Policies for social

Create a workplace  Stable energy supply environment where Cleaning activity at Sponsorship for  employee health is a local park community events Contribution to local community top priority  Engagement in executives and employees Contribute to Active participation community to Japan Children  Engagement in supply chain economical growth Support Association

Policies for governance

 Regulatory compliance Equity co-investments by the Governance structure  Disclosure with transparency sponsor  Appropriate business operation

16 Reinforced ESG strategy Our contributions to social factors

Commitments for Future Generation

Participation and donation to Japan Children Support Donation to NPO Katariba Association The Fund and the Asset Manager established a On October 2020, the Fund and the Asset Manager made sustainability policy on 23 May 2019, aiming to take more donation to NPO Katariba. Approved by Tokyo Metropolitan proactive and specific measures to address ESG issues Government., NPO Katariba is committed to provide within the context of our daily operations. educational support to children in Japan who have lost On August 2020, the Fund and the Asset Manager decided learning opportunities owing to disaster, poverty, or other to participate and donate into Japan Children support, causes. Specific activities include creating a space where whose mission is to permanently terminate “violence and children can study after school for free, and providing poverty against children” by offering support to foster support for learning and meals. parents and new parents in order to provide a safe home Loss of educational opportunities due to environment for the children. disaster, economic difficulties, etc.

Securing lifelines Providing Providing Increase Support for through learning learning awareness Foster Parents meal opportunities equipment's and education support Support for New Parents Eliminate education inequality

17 Reinforced ESG strategy Our contributions to social factors

Community Activities for Regions with the Fund’s Power Generation Facilities Locate

Donation to Miyagi Prefecture through Hometown Taxation Programs for Companies The Fund and the Asset Manager have made donation to project to recover Disaster Prevention Forests in Miyagi Prefecture

Official Sponsor Partner of “Kishu Kuchikumano Marathon”

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

Cleaning activity on LS Hanno-Misugi nearby park

On June 30, 2020, members of the Asset Manager voluntary conducted cleaning activity on park in Hanno- city, Saitama

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

About GRESB Infrastructure Assessment Major outstanding factors The GRESB Infrastructure Assessment, which was released in ・Disclosure 2016, is the ESG benchmark divided into a Fund Assessment ・Evaluation of risks for infrastructure funds and an Asset Assessment for ・Engagement with stakeholders infrastructure assets or operating companies.

18 Reinforced ESG strategy The Takara Leben Group’s commitments to suitability

Signing to the United Nations Global Compact CSR strategies by the Takara Leben Group

Our sponsor, Takara Leben Co. Ltds, signed the United Nations The Takara Leben Group will achieve its corporate vision of Global Compact promoted by the United Nations in August 2020. “THINK HAPPINESS AND MAKE THE HAPPINESS” while Takara Leben Group supports the Ten Principles of the Global working to earn the trust of stakeholders and society, contribute Compact, which comprises four areas—human rights, labor, to solutions to social issues and archive the SDGs by environment, and anti-corruption —while promoting its Group undertaking CSR initiatives through our business including Vision of “THINK HAPPINESS AND MAKE THE HAPPINESS” to supplying housing and natural energy as we strive for continuous carry out the Global Compact and achieve a sustainable society. growth.

No. CSR Themes Related SDGs Policies

 Provide products and services that respond to Creating changing social issues and needs 1 Lifestyles with  Provide lifestyles that harmonize residents and Value surrounding environments, such as the LEBEN or ～The Ten Principles of the UN Global Compact～ NEBEL brands. Businesses should support and respect the protection of  Contributing to the revitalization of regional areas Principle 1 through our regional city revitalization business, internationally proclaimed human rights; and Human Rights which connects urban and regional areas. make sure that they are not complicit in human rights Principle 2  Improve our ability to respond to risk through abuses. Forming thorough risk assessment and management. 2 Businesses should uphold the freedom of association Communities  Provide opportunities and environments where a Principle 3 and the effective recognition of the right to collective diverse range of people can work energetically.  Corporate activities that can respond to social bargaining; needs with an emphasis on dialogues with our the elimination of all forms of forced and compulsory Principle 4 stakeholders. labour; Labour  Improve customer satisfaction through the use of Principle 5 the effective abolition of child labour; and our proprietary Service Quality Management Providing System (SQMS®). the elimination of discrimination in respect of Comfortable  Create housing that combines both design and Principle 6 3 employment and occupation. Spaces of High habitability, pursuing the performance of housing. Quality  Improve building value through regular repairs and Businesses should support a precautionary approach to Principle 7 renovations to improve building comfort, environmental challenges; functionality, and safety. undertake initiatives to promote greater environmental  Reduce greenhouse gas emissions through Environment Principle 8 responsibility; and supplying housing with high environmental performance and our renewable energy power encourage the development and diffusion of Developing Principle 9 generation business. environmentally friendly technologies. 4 Environments  Provide seismic and fire resistant housing that can Anti- Businesses should work against corruption in all its and Cultures Principle 10 withstand natural disasters. Corruption forms, including extortion and bribery.  Provide opportunities for cultural activities to our stakeholders. Source: Prepared by the Asset Manager based on the United Nations Global Compact website and public materials Note: The above table shows Takara Leben Group’s CSR strategies and may not have any direct relation with disclosed by the Sponsor. Note: The above table shows Note: The above table shows Takara Leben Group’s initiatives towards achieving a the Fund’s nor the Asset Managers initiatives. sustainable society. Certain items may not have any direct relevance with the Fund nor the Asset Manager 19 Establishment of the Green Finance Framework

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

Overview of Green Finance for the Public Offering in December 2020

GRESB Asset Assessment (2020） Portfolio Borrowing Assessment for Debt

Green loan assessment by Latest Shinsei Bank, Limited 3 Stars borrowing （Out of 5 Stars） Green Finance Framework Evaluation (as of November 9) JCR Highest rank “Green1（F）” Equity

GRESB Fund Assessment (2020） Assessment for Equity Green Equity 4 Stars Green Finance Framework Evaluation (as of November 9) JCR （） Out of 5 Stars Highest rank “Green1（F）”

20 Ⅰ．Performance Overview for 10th Fiscal Period

Ⅱ．Major Topics

Ⅲ．Future Investment Strategies

Ⅳ．Appendix

21 The First Listed Infrastructure Fund in Japan I Sustainable Growth Strategy

II Profit-based Dividends

III Portfolio located in High-Demand Area

IV JCR Credit Rating

22 Continuous Growth through Assets Acquisition

Total Asset Value and Panel Output

■ Owned assets ■New acquisition （¥ billion） ¥51.47bn 60 . 0 131.0MW ¥43.86bn 7.60 5 0 . 0 106.6MW Aim to maintain 40. 0 14.75 ¥28.16bn ¥29.11bn continuous growth ¥23.03bn ¥21.07bn MW 71.9 MW 30. 0 ¥20.72bn 69.5 55.8 MW 0 . 9 5 4 3 . 8 6 50.0 MW 50.8 MW 5 . 1 2 1 . 9 5 2 9 . 1 1 20. 0 ¥8.29bn 0 . 3 5 2 8 . 1 6 Total Price ¥7.83bn 1 2 . 4 2 2 3 . 0 3 Total Panel 2 1 . 0 7 19.0 MW 2 0 . 7 2 output 17.8 MW 10. 0 0 . 4 6 8 . 2 9 7 . 8 3 7 . 8 3 0 IPO (Listing) 3rd FP acquisition The 1st Public Offering Expansion of plants 5th FP acquisition The 2nd Public Offering 8th FP acquisition The 3rd Public Offering The 4th Public Offering Jun 2016 Feb 2017 Jun 2017 Oct 2017 and Dec 2017 and Jun 2018 Jun 2019 Dec 2019 Dec 2020 Nov 2017 Feb 2018 (Note) Total asset value is a sum of appraisal value as of November 30, 2020, except for assets acquired during the 4th Public Offering on December 2020 and purchase prices for assets acquired during the 4th Public Offering on December 2020 Actual Results of Dividends: Increased Dividend through Asset Acquisitions, etc.

■ Ordinary Dividends (Result) ■ Ordinary Dividends (Forecast) ■ Return of Capital + 5 . 4 % + 1 0 . 3 % + 2 . 7 % + 6 .2% + 1 2 . 5 % + 5 . 4 % + 2 . 7 % （¥） + 4 . 7 % + 5 . 9 % 3 , 9 7 6 3 , 8 7 1 3,870 4 , 0 0 0 3 , 5 8 6 3,771 3 , 8 26 3,512 464 3 , 5 1 0 3,631 3,397 3,698 350 334 286 3,308 3,121 3 , 0 2 1 3 , 1 8 8 464 3,307 143 2,981 463 350 334 286 2 , 8 5 2 328 328 3 , 0 0 0 463 396

3,369 2 , 0 0 0 3,512 3,521 3,492 3,069 3,584 3,307 2,979 2 , 912 3,123 3,160 3,297 3,412 2,725

1 , 0 0 0

0 Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result The 2nd FP The 3nd FP The 4nd FP The 55d FP The 6nd FP The 7nd FP The 8nd FP The 9nd FP The 10nd FP Ended Nov 2016 Ended May 2017 Ended Nov 2017 Ended May 2018 Ended Nov 2018 Ended May 2019 Ended Nov 2019 Ended May 2020 Ended Nov 2020

23 Dividends Policy

 The fund considers that it is best to retain a reasonable amount of funds deemed appropriate for strategic reinvestment rather than simply to distribute them pursuit to predetermined fixed standard as surplus earnings distribution, in order to use them strategically, such as for new acquisitions, to maximize unitholders value.

The concept of the use of fund Dividend Strategy Dedicated to Improve Profit-driven Dividends

Leasing operation expenses Leasing operation expenses

Repayment of Borrowings, etc. Depreciation Internal reserves Operating revenue Surplus earnings distributions

Net income Dividends

Strategic Reinvestment Strategy for Improving Unitholders Value Acquisition of new plants and expansion of existing plants with use of internal reserves LS Inashiki LS Chiba LS Kamisu LS Chikusei LS Miho LS Sakuragawa LS Fukushima LS Shizuoka LS Hanno Aranuma1 Wakabaku Hasaki (Expansion） (Expansion） Shimoizumi Yamatsuri Omaezaki Misugidai (Expansion） (Expansion）

Picture

Price ¥0.47 Billion ¥0.03 Billion ¥0.02 Billion ¥0.04 Billion ¥0.06 Billion ¥0.95 Billion ¥0.46 Billion ¥0.48 Billion ¥0.75 Billion Date Feb 2017 Oct 2017 Oct 2017 Nov 2017 Nov 2017 Dec 2017 Dec 2017 Feb 2018 Jun 2019

Breakdown of dividends yield (Note) High ratio of Ordinary dividends (Note)

■ Ordinary Dividends ■ Return of Capital The Fund Listed Infrastructure funds Total Forecast for FP ending May 31, 2020 Average 5.33% 0.60% 5.92% 92.0 % 63.2%

(Note) As of January 12, 2021 24 Income Schemes

Securing Monthly minimum-guaranteed rent and pursuit of upside potential

Monthly power sales based on actual Minimum-guaranteed rent （A） power generation reported by lessees Rent guaranteed regardless of actual amount of power generated IPO assets 100% 110% Performance-linked rent ▼ ▼ (10 solar power Extra rent to be paid when the total power sales exceed 110% of minimum （B） plants) Minimum-guaranteed rent (A) rent guaranteed; calculated as 50% of the amount in excess of 100% of [Exceedance probability: P (percentile) 50] minimum rent guaranteed (B) Performance-linked rent Total rent （C） The sum of minimum rent guaranteed (A) and variable rent linked to actual output (B)

Monthly power sales based on actual Minimum-guaranteed rent power generation reported by lessees Rent guaranteed regardless of actual amount of power generated （A） 100% P50: LS Chiba Narita, LS Iwate Hirono and LS Miyagi Matsushima Post-IPO assets ▼ P75: 25 solar power plants acquired post-IPO (28 solar power Minimum-guaranteed rent (A) Performance-linked rent plants) [Exceedance probability: P (percentile) 50/75] Extra rent to be paid when the total power sales exceed 100% of minimum （B） (B) Performance-linked rent rent guaranteed; calculated as 50% of the amount in excess of 100% of minimum rent guaranteed Total rent （C） The sum of minimum rent guaranteed (A) and variable rent linked to actual output (B)

25 Portfolio Overview

Total owned asset Total asset value Total panel output

38solar power plants ¥51.47billion 131.0MW

S-09

LS Aomori Hiranai Kanto Area

S-37 S-01 S-02 S-03 S-04 S-06

LS Chiba LS Iwate Hirono LS Shioya LS Chikusei LS Miho LS Sosa Wakabaku

S-34 S-35 S-07 S-08 S-10 S-11 S-12 S-13

LS Fukushima LS Fukushima LS Tsukuba LS Miyagi Osato LS Mito Takada LS Tone Fukawa LS Kamisu Hasaki LS Hokota Kagamiishi 1 Kagamiishi 2 Bouchi

S-32 S-20 S-38 S-14 S-15 S-16 S-17 S-18

LS Hiroshima LS Fukushima LS Miyagi LS Inashiki LS Inashiki LS Nasu Nakagawa LS Fujioka A LS Fujioka B Mihara Yamatsuri Matsushima Aranuma 1 Aranuma 2

S-30 S-19 S-23 S-25 S-26 S-27

LS Nagasaki LS Sakuragawa LS Sakuragawa LS Hanno LS Takahagi LS Sakuragawa 1 Isahaya Shimoizumi Nakaizumi Misugidai

S-05 S-24 S-22 S-21 S-28 S-29 S-31 S-33 S-36

LS Kirishima LS Shizuoka LS Chiba Sammu, LS Sakuragawa LS Shirahama LS Mie Yokkaichi LS Sakuragawa 4 LS Shioya 2 LS Chiba Narita Kokubu Omaezaki East/West 2&3 (Note) As of December 1, 2020 26 Portfolio Located in High-Demand Area

Focusing on Area with High Electricity Demand

■Breakdown of Portfolio by Region Investment Ratio for regions under TEPCO, Chubu and As of December 2020 Kansai power company’s jurisdictions： 72.6%

■ Electric Energy Sold in 2019 Total Asset Value Investment Ratio (Based on acquisition price) ¥51.47billion TEPCO 222,277 64.7% Chubu Electric Power 117,246 2.3% Kansai Electric Power Company 112,992 5.6% Kyushu Electric Power 70,398 3.0% Tohoku Electric Power 67,167 14.7% ■Kanto Area 25 plants 64.7% Chugoku Electric Power Company 50,208 9.7% ■Tohoku Area 7 plants 14.7% Hokuriku Electric Power Company 25,054 0% ■Chugoku Area 1 plant 9.7% Hokkaido Electric Power Company 23,701 0% ■Kansai Area 1 plant 5.6% Shikoku Electric Power 22,396 0% ■Kyusyu Area 2 plants 3.0% Okinawa Electric Power Company 7,316 0% ■Chubu Area 2 plants 2.3% 0 50,000 100,000 150,000 200,000 250,000 (GWh) Source, “FACT BOOK 2020” published by Hokuriku Electric Power Company

27 Credit Rating

JCR Credit Rating

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

Major contributions for the outlook change

 Enhanced cash flow stability  financial soundness

Before After

(1) Long-term Issuer Rating A- A

(2) Outlook Positive Stable

28 Strong and Solid Financial Base

■ The Fund maintains a strong financial base through its strategic debt management policy, by controlling debt capacity, distributed debt maturities, etc. The Fund continues to be care about future interest trends and considers whether to execute yield swap witch makes floating interest fixed actually. LTV and Ratio of Fixed Interest Rate of the Fund LTV Ratio of fixed interest rate

End of November 2020 After the 4th Public Offering (Dec 2020) End of November 2020 After the 4th Public Offering (Dec 2020) 53.0% 54.8% 39.8% 50.3%

Transition of Borrowings Transition of LTV Ratio

th th th ■ Remaining Borrowing Spare Capacity (left) （¥ Billion） ■ IPO Financing ■ 4 FP Financing ■ 5 FP Financing ■ 6 FP Financing th th th （¥ Billion) ■ LTV Ratio (right) （%） 30 ■ 8 FP Financing ■ 9 FP Financing ■ 10 FP Financing 2.7 8 60 2.6 53.9 2.5 52.4 52.9 53.1 2.4 2.3 2.3 7 2.2 2.2 2.1 50 2.0 1.9 6.70 6.73 20 1.8 6 1.5 40 1.5 1.5 5 5.51 1.3 5.15 1.1 4 30 10 3 0.4 0.4 20 2 0.0 10 0 1 End End End End End End End End End End End End End End End End End End End End of of of of of of of of of of of of of of of of of of of of 1st ndt 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 0 0 FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP End of 7th FP End of 8th FP End of 9th FP End of 10th FP

29 Strong and Solid Financial Base

Diversified Lender Formation ■ Overview of the latest borrowing

Category Lenders Amount Interest rate Drawdown date Borrowing method Maturity date Collateral

Borrowings based on the Syndicate Loan: Sumitomo Business day immediately individual term loan agreement Long- Mitsui Banking Corporation ¥5,150 Base rate December 1, preceding the 10th anniversary Unsecured and (commitment type) dated November term (Arranger), and Shinsei Million +0.5% 2020 of the date of execution of unguaranteed 25, 2020 with the lenders shown on Bank, Limited (Arranger) loans the left

(note) In order to minimize the risk of change in the interest rates, the Fund has executed a interest swap agreement for ¥4,995 Million. By executing the swap agreement, interest rate for the borrowing is practically fixed at 0.920%

■Borrowing Breakdown (as of December 1, 2020)

Sumitomo Mitsui Banking Corporation 14.0% The Chiba Bank, Ltd. 3.1% Shinsei Bank, Limited 12.8% The Gunma Bank, Ltd. 2.8% The Daisan Bank, Ltd. 10.7% The Hyakujushi Bank, Ltd. 2.3% Asahi Shinkin Bank 8.9% The Tochigi Bank, Ltd. 1.6% Resona Bank, Limited 8.1% JOHOKU SHINKIN BANK 1.4% Total Debt Mizuho Bank, Ltd. 6.4% The Higashi-Nippon Bank, Limited 1.1% ¥28,100 Million Tsukuba Bank, Ltd. 6.2% THE BANK OF FUKUOKA, LTD. 0.8% The Ashikaga Bank, Ltd. 5.8% The Michinoku Bank, Ltd. 0.8% Hiroshima Bank, Ltd. 4.3% Kiraboshi Bank, Ltd. 0.7% The Iyo Bank, Ltd. 3.8% The Chiba Kogyo Bank, Ltd. 0.6% The Daishi Bank, Ltd. 3.8% The Joyo Bank, Ltd. 0.2%

30 External Growth

Growth opportunities capitalizing on abundant sponsor pipeline

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

Pipeline based on abundant sponsor-developed assets and sponsor support Total Total Panel Output

LS Aomori Hiranai (1.8MW) 50 assets 206.3 MW LS Miyagi Osato (2.0MW) Developed by the sponsor LS Miyagi Osato (13.9MW) Under construction by the sponsor Developed by third party and owned by the sponsor LS Miyagi Matsushima (14.2MW) (note) Dashed line indicates assets which is not owned by the Fund

LS Miyagi Sendai A・B (4.4MW) LS Iwate Hirono (2.2MW) LS Fukushima Yamatsuri (1.3MW) LS Fukushima Kagamiishi 1 (0.7MW) LS Fukushima Kagamiishi 2 (0.7MW) LS Chikusei (1.2MW) LS Nagano Shiojiri (1.0MW) LS Miho (1.3MW) LS Shioya (2.9MW) LS Mie Yokkaichi (1.9MW) LS Mito Takada (2.1MW) LS Shioya 2 (11.4MW) LS Tone Fukawa (2.4MW) LS Okayama Tsuyama 1 (2.6MW) LS Nasu Nakagawa (19.8MW) LS Kamisu Hasaki (1.2MW) LS Okayama Tsuyama 2 (2.5MW) LS Fujioka A (0.6MW) LS Tsukuba Bouchi (2.4MW) LS Okayama Tsuyama 3 (1.3MW) LS Fujioka B (2.4MW) LS Hokota (1.9MW) LS Tottori Daisen (13.9MW) LS Inashiki Aranuma 1 (2.7MW) LS Chiba Wakabaku (0.7MW) LS Inashiki Aranuma 2 (1.2MW) LS Hiroshima Mihara (11.2MW) LS Sousa (1.7MW) LS Sakuragawa Nakaizumi (2.6MW) LS Nagasaki Sasebo (3.4MW) LS Chiba Sammu, East/West (5.0MW) LS Sakuragawa Shimoizumi (2.5MW) LS Takahagi (1.1MW) LS Chiba Narita (1.2MW) LS Furukawa Onanuma (0.05MW) LS Tone A (0.1MW) LS Nagasaki Isahaya (2.0MW) LS Chiba Katsuura (30.6MW) LS Shirahama (7.8MW) LS Sakuragawa 1 (2.5MW) LS Hanno Misugidai (2.4MW) LS Kirishima Kokubu (2.0MW) LS Sakuragawa 2・3 (5.0MW) LS Kagoshima Kanoya (1.1MW) LS Shizuoka Omaezaki (1.0MW) LS Sakuragawa 4 (2.4MW)

(Note 1) The graphic shown here indicates the solar energy projects developed by the Sponsor, the solar energy projects under construction by Sponsor and the solar energy projects which have been developed by third parties and acquired by the Sponsor The chart includes the solar energy projects we own and in our anticipated portfolio. As of December 2020 other than the projects shown here, we do not have power generators that have been acquired by TIF and we have not been engaged in any specific acquisition plans, and thus there is neither obligation nor guaranteed right to acquire other projects. (Note 2) Panel output figures for the solar energy projects under construction are based on the construction plans as of November 2020 and may differ from actual output once completed and in operation 31 Internal Growth

Stable and upside potential revenue scheme through combination of 20 years-long minimum guaranteed rent and performance-linked rent

Minimum guaranteed rent based on projected amount of ＋ Performance-linked rent electricity generation

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

Well-planned capex (including maintenance) to maintain and improve medium- to long-term revenue

 Outsourcing O&M (Note) of solar energy generation facilities to highly skilled third-party O&M service firms (Note) stands for Operation & Maintenance

 Developing capex (inclusive of maintenance) plans for each property.

 Lessees basically bear expenses for regular maintenance, management, repair, etc.

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

11th fiscal period 12th fiscal period 13th fiscal period (ending May 31, 2021) (ending November 30, 2021) (ending May 31, 2022)

Forecast Forecast Forecast Operational status as of Jan 15, 2021 as of Jan 15, 2021 as of Jan 15, 2021

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

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

Operating income ¥871 Million ¥789 Million ¥840 Million

Ordinary income ¥720 Million ¥640 Million ¥694 Million

Net income ¥719 Million ¥639 Million ¥693 Million Total dividends per unit ¥3,540 ¥3,311 ¥3,546 (including return of capital) (yen) Ordinary Dividends per unit ¥3,262 ¥2,900 ¥3,144 (excluding return of capital) Return of capital per unit ¥278 ¥411 ¥402

(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 Fund. Forecasts do not guarantee any dividends amount.

33 Dividends Forecast and Result

■ Ordinary Dividends per unit (Result) ■ Ordinary Dividends per unit (Forecast) ■ Return of Capital per unit (¥) 3,976 4,000 3,871 3,826 3,870 3,771 3,698 3,631 3,586 464 350 286 3,510 334 3,512 3,540 3,546 464 286 334 3,397 3,307 3,308 143 278 3,311 3,188 463 350 402 3,121 328 2,981 3,021 328 396 411 3,000 2,852 463

2,000

3,512 3,521 3,492 3,584 3,369 3,307 3,297 3,412 3,262 3,121 3,123 3,160 3,144 2,981 3,021 2,979 3,069 2,852 2,912 2,900 2,725

1,000

0 Forecast Forecast Forecast Forecast Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result Forecast Result as of Jan Result as of Jan 15, 2020 as of Jan 15, 2020 as of Jan 15, 2020 15, 2020

2nd Fiscal Period 3rd Fiscal Period 4th Fiscal Period 5th Fiscal Period 6th Fiscal Period 7th Fiscal Period 8th Fiscal Period 9th Fiscal Period 10th Fiscal Period 11th Fiscal Period 12th Fiscal Period 13th Fiscal Period (ended Nov 2016) (ended May 2017) (ended Nov 2017) (ended May 2018) (ended Nov 2018) (ended May 2019) (ended Nov 2019) (ended May 2020) (ended Nov 2020) (ended May 2021) (ended Nov 2021) (ended May 2021)

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

(Unit：¥ thousands) Minimum Guaranteed Performance-linked NOI NOI No. Name of Power Plant Rent Expense (depreciation) Rent Income Rent Income (before depreciation) (after depreciation) S-01 LS Shioya 66,539 - 30,260 (22,447) 58,726 36,278 S-02 LS Chikusei 27,145 - 12,568 (8,987) 23,564 14,577 S-03 LS Chiba Wakabaku 15,026 - 6,869 (4,449) 12,606 8,157 S-04 LS Miho 27,739 - 12,916 (8,982) 23,805 14,823 S-05 LS Kirishima Kokubu 44,652 - 24,639 (17,819) 37,832 20,012 S-06 LS Sosa 36,883 - 20,777 (14,058) 30,164 16,105 S-07 LS Miyagi Osato 39,805 - 23,530 (17,281) 33,557 16,275 S-08 LS Mito Takada 44,877 - 22,208 (16,373) 39,043 22,669 S-09 LS Aomori Hiranai 31,954 - 19,325 (12,393) 25,022 12,628 S-10 LS Tone Fukawa 56,314 - 29,377 (21,573) 48,511 26,937 S-11 LS Kamisu Hasaki 24,441 650 16,990 (11,012) 19,113 8,101 S-12 LS Tsukuba Bouchi 56,430 1,451 35,543 (21,770) 44,109 22,338 S-13 LS Hokota 38,682 995 25,576 (16,458) 30,558 14,100 S-14 LS Nasu Nakagawa 398,934 9,479 231,164 (154,921) 332,171 177,249 S-15 LS Fujioka A 13,739 344 8,299 (4,595) 10,378 5,783 S-16 LS Inashiki Aranuma1 54,328 1,375 34,187 (20,276) 41,792 21,516 S-17 LS Fujioka B 54,405 1,362 31,433 (20,439) 44,773 24,333 S-18 LS Inashiki Aranuma2 24,559 654 18,254 (11,100) 18,059 6,959 S-19 LS Sakuragawa Shimoizumi 56,863 1,422 33,183 (20,584) 45,686 25,102 S-20 LS Fukushima Yamatsuri 26,901 579 17,441 (10,597) 20,637 10,039 S-21 LS Shizuoka Omaezaki 23,253 639 14,950 (9,704) 18,646 8,941 S-22 LS Mie Yokkaichi 39,228 848 27,020 (18,152) 31,208 13,056 S-23 LS Sakuragawa Nakaizumi 59,286 1,504 36,449 (22,955) 47,296 24,340 S-24 LS Shirahama 150,405 3,973 107,340 (62,278) 109,316 47,037 S-25 LS Takahagi 20,746 538 12,925 (7,869) 16,228 8,358 S-26 LS Hanno Misugidai 44,572 1,096 22,417 (9,990) 33,241 23,251 S-27 LS Hanno Misugidai 55,609 1,100 37,478 (21,999) 41,231 19,231 S-28 LS Sakuragawa 1 51,294 987 37,259 (21,046) 36,069 15,022 S-29 LS Sakuragawa 4 101,563 2,115 61,973 (42,966) 84,671 41,704 S-30 LS Nagasaki Isahaya 30,800 547 24,389 (15,924) 22,883 6,959 S-31 LS Shioya 2 235,790 4,539 135,924 (89,232) 193,636 104,404 S-32 LS Hiroshima Mihara 230,599 3,407 151,644 (95,406) 177,768 82,361 S-33 LS Sakuragawa 2&3 109,306 2,194 72,728 (47,315) 86,088 38,772 S-34 LS Fukushima Kagamiishi 1 9,613 152 7,472 (5,255) 7,548 2,293 S-35 LS Fukushima Kagamiishi 2 9,926 156 7,754 (5,599) 7,928 2,329 S-36 LS Chiba Narita 22,982 - 16,418 (12,010) 18,574 6,564 S-37 LS Iwate Hirono 44,452 - 29,131 (21,795) 37,116 15,321 S-38 LS Miyagi Matsushima 210,627 - 116,478 (79,287) 173,437 94,149 Total 2,590,284 42,110 1,574,303 (1,024,917) 2,083,009 1,058,092 (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-32 shows minimum guaranteed rent which equals to estimated generation income based on 75th percentile of excess and performance-linked rent based on 50th percentile of excess probability mentioned in the third-party report. 35 Ⅰ．Performance Overview for 10th Fiscal Period

Ⅱ．Major Topics

Ⅲ．Future Investment Strategies

Ⅳ．Appendix

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

Number of investment units Number of unitholders

■Individuals/others 117,639 units (60.7%) ■Individuals/others 14,427 (97.8%)

■Financial Institutions 32,866 units (17.0%) ■Other domestic corporation 233 (1.6%) Total (incl. financial instruments firms) 投資主数Total ■Foreign films. etc. 52 (0.4%) 193,830 Units 714,756,552人 ■Other domestic corporation 30,888 units (15.9%) ■Financial Institutions 44 (0.3%)

(incl. financial instruments firms) ■Foreign films. etc. 12,437 units (6.4%)

(Note ) Due to rounding, numbers presented may not add up precisely to 100% Number of investment units Ratio Name held (%) (units) 1 Takara Leben Co., Ltd. 18,540 9.56 2 UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT 8,086 4.17 3 The Master Trust Bank of Japan, Ltd. 3,402 1.75 4 The Rokinren Bank 3,113 1.60 5 The Kagawa Bank, Ltd. 2,558 1.31 6 Yamato Shinkin Bank 2,488 1.28 7 THE BANK OF FUKUOKA, LTD. 2,400 1.23 8 THE FUKUHO BANK, LTD. 2,348 1.21 9 The Kagawaken Credit Cooperative 1,700 0.87 9 Osaka Shoko Shinkin Bank 1,700 0.87 Total 46,335 23.90

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

(¥ thousand) (¥ thousand)

Current assets Current liabilities

Current assets 3,844,477 Operating accounts payable 96,147 Current portion of long-term loans payable 1,597,058 Cash and deposits 135,914 Operating accounts receivable 105,740 Accounts payable - other 154,996 Prepaid expenses 72,228 Accrued expenses 483 Total current assets 4,158,360 Income taxes payable 815 Non-current assets Deposits received 41 Property plant and equipment Other 48 Buildings 7,366 Total current liabilities 2,009,892 Accumulated depreciation -1,126 Non-current liabilities Buildings (net) 6,240 Long-term loans payable 21,353,429 Structures 13,413,792 Other 19 Accumulated depreciation -1,643,717 Total non-current liabilities 21,353,449 Structures (net) 11,770,074 Total liabilities 23,363,342 Machinery and equipment 23,012,665 Net assets Accumulated depreciation -2,697,652 Unitholders’ equity Machinery and equipment (net) 20,315,012 Unitholders’ capital 19,613,519 Tools furniture and fixtures 434,312 Accumulated depreciation -240,062 Deduction from unitholders’ capital (-) △305,036 Tools furniture and fixtures (net) 194,249 Unitholders’ capital (net value) 19,308,483 Land 5,897,430 Construction in progress - 16,466 Surplus Total property plant and equipment 38,199,474 Unappropriated retained earnings (undisposed loss) (-) 653,022

Intangible assets Total surplus 653,022 Leasehold right 605,899 Total unitholders’ equity 19,961,506 Software 523 Total net assets 19,961,506 Total intangible assets 606,422 Total liabilities and net assets 43,324,848 Investments and other assets Guarantee deposits 11,500 Deferred tax asset 10 Long-term prepaid expenses 323,633 Other 20 Total investments and other assets 335,163 Total non-current assets 39,141,061 Deferred assets Deferred organization expenses 27 Investment unit issuance expenses 25,398 Total deferred asset 25,426 Total Asset 43,324,848

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

(¥ thousand)

Operating revenue Rent revenue - renewable energy power production facilities etc. 2,198,109 Total operating revenue 2,198,109 Operating expenses Rent expenses on renewable energy power production facilities etc. 1,287,207 Asset management fee 128,715 Asset custody fee and administrative service fees 9,600 Directors' compensations 2,400 Other operating expenses 49,379 Total operating expenses 1,477,302 Operating income 720,807 Non-operating income Interest income 13 Reversal of dividends payable 62 Insurance income 54,224 Interest on refund 1,260 Miscellaneous income 0 Total non-operating income 55,561 Non-operating expenses Interest expenses 90,890 Borrowing-related expenses 24,256 Amortization of deferred organization expenses 28 Amortization of investment unit issuance expenses 7,277 Others 200 Total non-operating expenses 122,652 Ordinary income 653,716 Income before income taxes 653,716 Income taxes – current 817 Income taxes - deferred 8 Total income taxes 825 Net income 652,890 Retained earnings brought forward 131 Unappropriated retained earnings (undisposed loss) (-) 653,022

39 Portfolio Data

Purchase Period-end appraisal No. Name of Power Plant Location value Ratio Panel output FIT price Operator price (%) (kW) (Yen) (¥ Million) (¥ Million) (Note) S-01 LS Shioya Shioya-gun, Tochigi 1,315 1,285 2.5 2,987.25 40 Takara Leben S-02 LS Chikusei Chikusei-shi, Ibaraki 540 546 1.1 1,205.67 40 Takara Leben S-03 LS Chiba Wakabaku Chiba-shi, Chiba 271 318 0.6 705.10 40 Takara Leben S-04 LS Miho Inashiki-gun, Ibaraki 498 561 1.1 1,373.70 36 Takara Leben S-05 LS Kirishima Kokubu Kirishima-shi, Kagoshima 937 926 1.8 2,009.28 40 Takara Leben S-06 LS Sosa Sosa-shi, Chiba 666 648 1.3 1,796.08 36 Takara Leben S-07 LS Miyagi Osato Kurokawa-gun, Miyagi 818 822 1.6 2,040.00 36 Takara Leben S-08 LS Mito Takada Mito-shi, Ibaraki 991 1,010 2.0 2,128.00 36 Takara Leben S-09 LS Aomori Hiranai Higashi-tsugaru-gun, Aomori 705 726 1.4 1,820.00 36 Takara Leben S-10 LS Tone Fukawa Kita-soma-gun, Ibaraki 1,261 1,268 2.5 2,467.08 36 Takara Leben S-11 LS Kamisu Hasaki Kamisu-shi, Ibaraki 470 467 0.9 1,200.00 36 Takara Leben S-12 LS Tsukuba Bouchi Tsukuba-shi, Ibaraki 890 920 1.8 2,469.60 40 Takara Leben S-13 LS Hokota Hokota-shi, Ibaraki 735 694 1.3 1,913.60 36 Takara Leben S-14 LS Nasu Nakagawa Nasu-gun, Tochigi 8,315 8,043 15.6 19,800.00 36 Takara Leben S-15 LS Fujioka A Tochigi-shi, Tochigi 265 263 0.5 612.00 36 Takara Leben S-16 LS Inashiki Aranuma1 Inashiki-shi, Ibaraki 925 1,006 2.0 2,725.68 36 Takara Leben S-17 LS Fujioka B Tochigi-shi, Tochigi 1,091 1,126 2.2 2,420.80 36 Takara Leben S-18 LS Inashiki Aranuma2 Inashiki-shi, Ibaraki 422 444 0.9 1,200.00 36 Takara Leben S-19 LS Sakuragawa Shimoizumi Sakuragawa-shi, Ibaraki 955 1,009 2.0 2,535.04 36 Takara Leben S-20 LS Fukushima Yamatsuri Higashi-shirakawa-gun, Fukushima 468 490 1.0 1,327.36 36 Takara Leben S-21 LS Shizuoka Omaezaki Omaezaki-shi, Shizuoka 484 460 0.9 1,098.24 36 Takara Leben S-22 LS Mie Yokkaichi Yokkaichi-shi, Mie 740 726 1.4 1,984.50 40 Takara Leben S-23 LS Sakuragawa Nakaizumi Sakuragawa-shi, Ibaraki 980 1,053 2.0 2,698.24 36 Takara Leben S-24 LS Shirahama Kamitonda-cho, Wakayama 2,810 2,899 5.6 7,839.76 36 Takara Leben S-25 LS Takahagi Takahagi-Shi, Ibaraki 400 448 0.9 1,194.60 32 Takara Leben S-26 LS Hanno Misugidai Hanno-shi, Saitama 758 950 1.8 2,402.40 32 Takara Leben S-27 LS Sakuragawa 1 Sakuragawa-shi, Ibaraki 870 942 1.8 2,545.92 36 Takara Leben S-28 LS Sakuragawa 4 Chikusei-shi, Ibaraki 826 825 1.6 2,421.12 36 Takara Leben S-29 LS Chiba Sammu, East/West Sammu-shi, Chiba 2,290 2,328 4.5 5,059.20 36 Takara Leben S-30 LS Nagasaki Isahaya Isahaya-shi, Nagasaki 575 601 1.2 2,022.46 27 Takara Leben S-31 LS Shioya 2 Shioya-gun, Tochigi 4,797 5,064 9.8 11,469.60 36 Takara Leben S-32 LS Hiroshima Mihara Mihara-shi, Hiroshima 4,500 4,993 9.7 11,216.70 36 Takara Leben S-33 LS Sakuragawa 2&3 Sakuragawa-shi, Ibaraki 1,650 1,650 3.2 5,091.84 36 Takara Leben S-34 LS Fukushima Kagamiishi 1 Iwase-gun, Fukushima 178 178 0.3 712.32 27 Takara Leben S-35 LS Fukushima Kagamiishi 2 Iwase-gun, Fukushima 187 187 0.4 712.32 27 Takara Leben S-36 LS Chiba Narita Narita-shi, Chiba 425 425 0.8 1,296.00 32 Takara Leben S-37 LS Iwate Hirono Kunohe-gun, Iwate 843 843 1.6 2,273.70 36 Takara Leben S-38 LS Miyagi Matsushima Miyagi-gun, Miyagi 4,320 4,320 8.4 14,246.40 24 Takara Leben Total 50,171 51,471 131,021.56 －－

(Note 1) Appraisal value for S-01 to S-32 are as of November 30, 2020. S-33 to S-38 shows its purchased price. 40 Change in Stock Price (June 3, 2019 to January 12, 2021)

(Unit)

¥150,000 TSE REIT INDEX 15,000 The fund (Left) Trading Volume (Right) (Left) 14,000 ¥140,000 13,000

12,000 ¥130,000 11,000

¥120,000 10,000

9,000 ¥110,000 8,000

7,000 ¥100,000 6,000

¥90,000 5,000

4,000 ¥80,000 3,000

2,000 ¥70,000 1,000

¥60,000 0

41 Fundamental Investment Policy

Value Creation through Utilization of Natural Energy

Annual CO2 reduction Annual power generation

Socially Stable cash flow and responsible profit investment Maximization of Unitholders Value

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

42 Structure of the Investment Corporation

Connecting / Purchasing electric utilities operators Takara Leben Infrastructure Fund, Inc. (TIF)

Assets under Borrowings Electric management Electric power power sales price sales Total Amount Lenders, etc. Solar power plant Lessee and Loans • 22 financial operator Rent ¥28.10 billion institutions • All loans are unsecured and Repayment of Operating principal and unguaranteed fee interest

Sponsor Investment Listed on the Tokyo Sponsor Stock Exchange support Total value Unitholders’ equity Unitholders Investment ¥51.47 billion billion • 14,000+ individual investors ¥22.80 (60% of total) • 44 financial institutions Asset Manager (17% total) Number of assets Management • 233 domestic firms Dividends (16% of total) 38 solar power plants • 44 foreign firms (6% of total) Management entrustment

(note) All figures except Unitholders‘ equity and breakdown of unitholders are as of end of December 2019. Unitholders‘ equity and breakdown of unitholders are as of end of November 2019. 43 Business Environment

Japan’s Energy Issues Long-term Energy Demand and Supply Forecast In order to archive the goals of “the Paris Agreement”, it is critical With reference to the long-term energy supply and demand to for Japan to reduce Greenhouse gas emissions caused by outlook published in July 2015, and the fifth Strategic Energy electricity generations which accounts 36.7% of total emissions. Plan established in July 2018, METI stated its policy to The fund considers that installation of renewable energy not only to continuously promote efforts for the utilization of renewable reduce emissions, but it also contributes to improve Japan's energy energy as the independent and decarbonized major power ratio which is ranked as low among other developed nations source ~Breakdown of Greenhouse gas emission and reduction targets in Japan ~Long-term Energy Demand and Supply Forecast in Japan~

Reduction targets 2013 2030 Breakdown of Greenhouse gas emissions （in 2030） Geothermal and new renewable energy 2.2% Nuclear Coal Oil, etc. 13.4% 8.4% 1.0% 36.7% LNG Water power 6.4% Energy-related CO2 8.5% 8.8% emissions (electricity) Ratio of renewable 25.4% energy Energy-related CO2 FY2018 14.9% emissions (non-electricity) （compare to 2005） 22.0% greenhouse 43.2% 27.0% gas emissions Non-energy-related 22~24% CO2 emissions 26.0% (1.24Bn tons) 30.3% （solar power accounts7%）（compare to 2013） 3.0% Greenhouse gas 26.0% emissions other than CO2 48.6%

Source: Compiled by TAM based on Japan Center for Climate Change Actions homepage, World Source: Compiled by the Asset Manager based on the “Fifth Strategic Energy Plan” dated July 3, 2018 Wide Fund for Nature homepage, and “Japan’s Energy, FY 2018 Edition—10 questions and “Report on Policy Issues and Next Generation Power Networks in the Era of Renewable for understanding the current energy situation” by the Agency for Natural Resources and Energy” dated December 18, 2017 by the Agency for Natural Resources and Energy of METI. Energy of METI ~Installed solar energy generation facilities (10kW or larger) and ~ Primary energy self-sufficiency rate among OECD （2017）~ its forecast in 2030 ~ Target Rank Country If insulation target will be archived 1 Norway （GW） Expand by 1.3 times compared 2 Australia 306.0% 792.6% 55.0 3 Canada 173.9% 60 to March 2020 43.3 38.4 5 United States 92.6% 33.5 40 28.8 11 United Kingdom 68.2% 23.3 15.0 15 France 52.8% 20 22 Germany 36.9% 0 2030 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 28 Spain 26.7% (Expected) 33 South Korea 16.9% Source: The installed solar energy capacity figures up to March 2020 have been compiled by the Asset Manager based 34 Japan 9.6% on the data published by the Agency for Natural Resources and Energy of METI on its website, “FIT Scheme - 35 Luxembourg 5.3% Information Disclosure Website”. The forecasted installed solar energy capacity figure for fiscal year 2030 has 0% 100% 200% 300% 400% 500%800% been compiled by the Asset Manager based on the data published in “Long-term Energy Supply and Demand Outlook” dated July 2015 and related materials the Agency for Natural Resources and Energy of METI. Source: Estimated values for 2017 from IEA “World Energy Balances 2018”. Figures for Japan are based 4444 on FY2017 preliminary figures from METI’s “Comprehensive Energy Statistics” Business Environment

Reduction in Costs and FIT Purchase Price for Solar Rising number of films participating in RE100 Energy Generation in Japan Innovation in technology and market competition between The number of Japanese films participating RE100, the global operators, the Fund believe that, system cost of solar energy initiative among private companies to commit to sourcing 100% of facilities will decline concurrently with purchase price and will their energy from renewable sources, is rising and the Fund continue to decline in the future believes that it indicates RE100 is receiving continuous attentions. （¥ten thousand/kW） FIT Price （right）（¥/kWh） 50 42.2 50 Targeted system The Fund also believes that the increase number of RE100 37.2 Average costs（left） 34.1 costs participants will further increase attention in renewable energy and 40 32.4 31.5 30 40 28.6 26.6 26.6 facilitate businesses related to renewable energy. Thus it also 30 30 In 2020 contributes to support the sale of electricity after the FIT is expired 20 40 20 ¥14/kWh 36 32 29 24 10 21 18 10 ~Methods to archive RE100 Project~ 12.98 12.57 In 2025 0 0 First Second ¥7/kWh Rely on 100% 2012 2013 2014 2015 2016 2017 2018 half of half of Procure renewable energy 2019 2019 from external sources renewable energy Source: Compiled by the Asset Manager based on “Opinion on procurement prices from fiscal sources as a power year 2019” by Procurement Price Calculation Committee of METI on January 9, 2019 and Generating in-house the web site of The Agency for Natural Resources and Energy in the METI. supply for all renewable energy business activities

Purchase price cases for Post-FIT ~Number of Companies Participating in RE100~ Against the backdrop of FIT periods expiring for residential solar power systems (“post FIT residential solar projects”) as of Nov 2019 various players such as top tier utility 250 RE100 Participating film（Japanese） 229 companies, new comer utility companies, and other industrial companies as shown RE100 Participating film （Foreign） 32 below are actively trying to acquire these projects In the future, post FIT commercial 200 165 renewable energy generators may also become acquisition targets of the 129 17 aforementioned companies. The Fund believes that possibility of post FIT residential 150 87 6 solar projects and post FIT commercial renewable energy generators to become 100 58 197 incorporated into the business will increase and such projects will contribute to the long 148 term sustainability of the renewable energy business. 123 50 16 87 58 0 16 Major Tohoku Electric TEPCO Energy Kansai Electric The Chugoku Shikoku Electric Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 electric Power Partner Power Electric Power Power utility Source: Compiled by the Asset Manager based on information from the Ministry of Environment and a ¥9.0/kWh ¥8.5/kWh ¥8.0/kWh ¥7.15/kWh ¥7.0/kWh report on RE100 dated August 25, 2020 by Mizuho Information & Research Institute, Inc. Tokyu Power Marubeni Solar Botchan Electric Harima SMART TECH PPS Supply Trading Power Denryoku ¥10~11.5/kWh ¥10.9/kWh 7.0~10.6/kWh ¥10/kWh ¥9/kWh ENEOS Daiwa House Toyota Tsusho Sekisui House, Minna-denryoku, Other Corporation Industry Corporation Industries Increase in potential purchasers of renewable energy after ¥11.0/kWh ¥11.0/kWh 10.0/kWh ¥10.0/kWh ¥9.5/kWh FIT expiry, or purchasers of renewable energy generators

Source: Compiled by the Asset Manager based on publicly available information 45 Profile of Asset Manager

Name Takara Asset Management Co., Ltd. Main Office Otemachi Nomura Bldg. 16F 2-1-1 Otemachi, Chiyoda-ku, Tokyo, JAPAN Address Shin-Otemachi Building Branch Shin-Otemachi Bldg. 8F 2-1-1 Otemachi, Chiyoda-ku, Tokyo, JAPAN Established October 28, 2013 Capital ¥250,000,000 Representative CEO and the President, Mamoru Takahashi Business Domain Asset Management, Type II Financial Instruments, Investment Consulting Stakeholder 100% owned by Takara Leben (securities code: 8897, Tokyo Stock Exchange) Building Lots and Buildings Transaction Business: No. (2) 96550, Governor of Tokyo Discretionary Transaction Agent: No. 89, Minister of Land, Infrastructure, Transportation and Tourism Financial Instruments Business: No. 2851, Director-General, Kanto Finance Bureau Licenses (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 The Investment Trusts Association, Japan Type II Financial Instruments Firms Association Japan Investment Advisers Association Participation Tokyo Real Estate Association Japan Housing, Land, and Building Business Society Japan Association of Asset Management 46 Contact

TEL: +81-3-6262-6402 E-Mail: [email protected]

• This English Presentation Material is provided for references purpose only and not a definitive translation of the original Japanese Presentation material. If any discrepancy is identified between this translation and the Japanese original, the Japanese original shall prevail. • This document has been prepared to provide information, and is not for soliciting and inviting investments in or recommending transaction of certain products. We request investors to make investments with their own responsibility and judgment. • This document does not constitute a disclosure document or a management report based on the Financial Instruments and Exchange Act, the Act on Investment Trusts and Investment Corporations or the listing regulations of the Tokyo Stock Exchange. • In addition to information on Takara Leben Infrastructure Fund, Inc. (the “Fund"), this document includes figures, tables and data prepared by Takara Asset Management Co., Ltd. (the "Asset Manager") based on data/index and other information released by third parties. Analysis, judgment and 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 Fund takes reasonable care in the preparation of this document, there may be errors. Readers are also cautioned that the contents of this document may be corrected or changed without prior notice. • The Fund and the Asset Manager assume no responsibility for the accuracy of data, indexes and other information released by third parties. • This document includes statements regarding future policies, etc. of the Fund. However, these statements do not guarantee said future policies, etc. • For the convenience of preparing graphs, the dates indicated herein may differ from actual business dates.