Takara Leben Infrastructure Fund Presentation Material 6Th Fiscal Period Ending November 30, 2018 Securities Code: 9281

Takara Leben Infrastructure Fund Presentation Material 6th Fiscal Period ending November 30, 2018 Securities code: 9281 http://www.tif9281.co.jp/

Asset Manager

http://www.takara-am.co.jp/ I. Overview of the 6th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

1 Overview the 6th Fiscal Period Results (Ended Nov 2018)

Dividends/unit increased by ¥361 (+10.3%) to ¥3,871, due to improved operating revenue

5th Fiscal Period (Ended May 2018) 6th Fiscal Period (Ended Nov 2018)

Forecast Initial Forecast Actual Difference as of Aug Actual Difference forecast 23, 2018 Operational status (Million Yen) Operating revenue 1,189 1,205 +15 1,430 1,467 1,493 +63

Operating expense 742 731 -10 925 932 938 +13

Operating income 447 473 +25 504 535 555 +50

Ordinary income 391 415 +23 438 466 488 +49

Net income 390 414 +24 437 465 487 +50 Dividends per unit (including surplus earnings ¥3,771 ¥3,976 ¥+205 ¥3,510 ¥3,711 ¥3,871 ¥+361 distribution) Dividends per unit (excluding ¥3,307 ¥3,512 ¥+205 ¥3,160 ¥3,361 ¥3,521 ¥+361 surplus earnings distribution) Surplus earnings distribution ¥464 ¥464 ¥±0 ¥350 ¥350 ¥350 ¥±0 per unit (Return of capital)

Major Factors Operating revenue : +63 Performance-linked rent Operating expense : +3 IR-related expenses, +4 Depreciation and amortization, +4 Secretary-related commissions 2 Portfolio Performance

Entire Portfolio Performance

(MWh) ■Forecasted power generation +24.2% 10,000 +17.0% +24.2% +5.3% ■Actual power generation +17.0% 9,060 +5.3% 9,000 8,528 +6.5% +6.5% 7,935 8,093 8,000 +4.7% +4.2% -15.8% +5.8% +4.7% +4.2% 7,137 7,289 -15.8% +5.8% 6,721 6,698 6,779 7,000 -2.8% 6,575 6,449 6,464 +6.3% -2.8% 6,275 6,292 +6.3% -2.6% 5,946 6,000 -2.6% +8.8% 5,442 5,411 +8.8% 5,073 4,927 5,086 5,000 4,255 4,409 4,291 3,908 4,000

3,000

2,000

1,000

0 Dec, 2017 Jan, 2018 Feb, 2018 Mar, 2018 Apr, 2018 May, 2018 Jun, 2018 Jul, 2018 Aug, 2018 Sep, 2018 Oct, 2018 Nov, 2018

Individual Plants Performance

S-01 LS Shioya S-02 LS Chikusei （kwh）（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 （note 1) Forecasted power generation is based on the expected amounts of electricity generation in the 50th percentile of probability of exceedance calculated by a third party. （note 2) Performance period is from December 2017 to November 2018 3 Portfolio Performance

■Forecasted power generation ■Actual power generation S-03 LS Chiba Wakabaku S-04 LS Miho （kwh）（kwh） 100,000 200,000 80,000 150,000 60,000 100,000 40,000 20,000 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-05 LS Kirishima Kokubu S-06 LS Sosa （kwh）（kwh） 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-07 LS Miyagi Osato S-08 LS Mito Takada （kwh）（kwh） 300,000 400,000 300,000 200,000 200,000 100,000 100,000 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-09 LS Aomori Hiranai S-10 LS Tone Fukawa （kwh）（kwh） 300,000 400,000 300,000 200,000 200,000 100,000 100,000 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

4 Portfolio Performance

■Forecasted power generation ■Actual power generation S-11 LS Kamisu Hasaki S-12 LS Tsukuba Bouchi （kwh）（kwh） 250,000 400,000 200,000 300,000 150,000 200,000 100,000 50,000 100,000 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-13 LS Hokota S-14 LS Nasu Nakagawa （kwh）（kwh） 300,000 3,000,000

200,000 2,000,000

100,000 1,000,000

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 Aranuma1 （kwh）（kwh） 500,000 100,000 400,000 80,000 300,000 60,000 200,000 40,000 100,000 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-17 LS Fujioka B S-18 LS Inashiki Aranuma2 （kwh）（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 5 Portfolio Performance

■Forecasted power generation ■Actual power generation S-19 LS Sakuragawa Shimoizumi S-20 LS Fukushima Yamatsuri （kwh）（kwh） 200,000 400,000 150,000 300,000 100,000 200,000 50,000 100,000 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-21 LS Shizuoka Omaezaki (note) S-22 LS Mie Yokkaichi （kwh）（kwh） 200,000 300,000 150,000 200,000 100,000 50,000 100,000

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-23 LS Sakuragawa Nakaizumi S-24 LS Shirahama （kwh）（kwh） 400,000 1,500,000 300,000 1,000,000 200,000 500,000 100,000 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-25 LS Takahagi （kwh） 200,000 150,000 100,000 50,000 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov (note) Acquisition date of LS Shizuoka Omezaki is February 28, 2018 6 Portfolio Performance

（unit：Thousand Yen） Minimum Performance-linked NOI NOI No. Plant Name Guaranteed Rent Rent Expense（depreciation） Rent Income (after depreciation) (before depreciation) Income S-01 LS Shioya 59,737 2,022 39,216 (29,981) 52,525 22,543 S-02 LS Chikusei 25,135 771 12,935 (9,050) 22,023 12,972 S-03 LS Chiba Wakabaku 15,803 0 7,272 (4,742) 13,272 8,530 S-04 LS Miho 26,643 1,065 13,470 (9,216) 23,456 14,239 S-05 LS Kirishima Kokubu 45,949 415 25,306 (17,797) 38,855 21,058 S-06 LS Sosa 37,648 1,580 22,632 (13,999) 30,595 16,596 S-07 LS Miyagi Osato 39,484 1,074 23,053 (17,261) 34,766 17,505 S-08 LS Mito Takada 45,025 758 21,813 (16,353) 40,325 23,972 S-09 LS Aomori Hiranai 39,656 437 19,595 (12,504) 33,001 20,497 S-10 LS Tone Fukawa 55,252 1,251 28,468 (21,533) 49,569 28,035 S-11 LS Kamisu Hasaki 25,413 1,965 16,444 (11,000) 21,935 10,934 S-12 LS Tsukuba Bouchi 54,381 2,674 37,906 (23,046) 42,195 19,149 S-13 LS Hokota 38,194 3,603 24,934 (16,439) 33,303 16,864 S-14 LS Nasu Nakagawa 371,322 30,244 190,704 (154,740) 365,604 210,864 S-15 LS Fujioka A 12,485 1,121 9,015 (4,595) 9,186 4,591 S-16 LS Inashiki Aranuma1 57,033 3,556 35,282 (20,276) 45,584 25,308 S-17 LS Fujioka B 49,526 4,420 32,046 (20,439) 42,342 21,903 S-18 LS Inashiki Aranuma2 25,502 1,918 18,670 (11,100) 19,850 8,750 S-19 LS Sakuragawa Shimoizumi 51,455 3,879 34,058 (20,584) 41,861 21,277 S-20 LS Fukushima Yamatsuri 26,720 1,353 18,299 (10,597) 20,371 9,773 S-21 LS Shizuoka Omaezaki 23,656 1,098 12,602 (10,000) 22,154 12,153 S-22 LS Mie Yokkaichi 43,556 1,911 22,485 (18,132) 41,115 22,982 S-23 LS Sakuragawa Nakaizumi 53,970 2,959 30,490 (22,955) 49,395 26,439 S-24 LS Shirahama 166,284 11,879 91,645 (62,278) 148,796 86,518 S-25 LS Takahagi 20,999 914 10,331 (7,869) 19,455 11,586

Total 1,410,840 82,879 798,684 (566,499) 1,261,547 695,048

7 I. Overview of the 6th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

8 Solar Power Plants Acquisition on June 1, 2018

Acquired 4 plants with total panel output of 13.71MW for 4.93 Billion Yen through the second public offering. S-22 LS Mie Yokkaichi S-24 LS Shirahama Panel Output 1,984.50kW Panel Output 7,839.76kW Operator Takara Leben Operator Takara Leben Output Capacity 1,500.00kW Output Capacity 6,400.00kW FIT 40 yen/kWh FIT 36 yen/kWh End of FIT September 18, 2034 End of FIT May 31, 2037 Land Rights Superficies Land Rights Superficies S-23 LS Sakuragawa Nakaizumi S-25 LS Takahagi Panel Output 2,698.24kW Panel Output 1,194.60kW Operator Takara Leben Operator Takara Leben Output Capacity 1, 980.00kW Output Capacity 750.00kW FIT 36 yen/kWh FIT 33 yen/kWh End of FIT September 22, 2036 End of FIT December 25, 2037 Land Rights Superficies Land Rights Ownership Offering Overview Borrowing Overview

Offering form Undocumented Offering Interest rate(Note) Base interest rate +0.5%

Issue resolution date May 10, 2018 Drawdown date June 1, 2018 Condition Determination Date May 22, 2018 Final repayment date May 31, 2028 Issue Price ¥ 113,384/ unit Investment Units (PO) 19,618 units Repayment method Install repayment in part Investment Units(third-party allotment) 980 units Collateral Unsecured and unguaranteed Issued investment units 137,594 units

Proceeds (incl. third-party allotment ) ¥ 2,230,083,666 Borrowing ¥ 3,024 million

9 Recent New Coverages on Price Change of Feed-in Tariff Policy

Overview of FIT policy ■FIT policy requires electric power companies to purchase electricity generated from renewable energy sources on a fixed-period contract at a fixed price.

■Purchase price under the FIT system is annually revised based on procurement price

■Purchase price for each solar power generation facilities is final and will not be amended (note 1) (note 1) Except under circumstances where a commodity price or any other economic condition, such as hyperinflation, deflation and/or stagflation, has substantially changed or is likely to substantially change, and when the Minister of Economy, Trade and Industry finds it especially necessary, the minister may revise a purchase price and period for existing facilities. ■TIF believes that recent news coverage regarding possible price drop on FIT policy only applies to future approved solar power generation facilities and not apply to purchase prices for existing approved facilities.

＜Change in Purchase Price (note 2) ＞

Fiscal year (April 1 to March 31） Purchase price per 1kWh before tax Purchase period 2012 40 yen 20 years 2013 36 yen 20 years 2014 32 yen 20 years 2015 （April 1 to June 30） 29 yen 20 years 2015 （July 1 to March 31） 27 yen 20 years 2016 24 yen 20 years 2017 21 yen 20 years 2018 18 yen 20 years

(note 2) After 2017, purchase price for non-residential solar power generation facilities over 2MW were determined through successful bid at renewable energy auctions 10 Recent New Coverages on Price Change of Feed-in Tariff Policy

FIT price Remaining No Name Overview of TIF (Yen/kWh) FIT period (note 1) ■Among 25 solar power plants owned by TIF, 6 plants were approved S-01 LS Shioya 40 14 years 7 months S-02 LS Chikusei 40 15 years 3 months with purchase price of 40 yen per kWh, 18 plants approved with S-03 LS Chiba Wakabaku 40 15 years 3 months purchase price of 36 JPY per kWh and 1 plant approved with purchase S-04 LS Miho 36 15 years 7 months price of 32 yen per kWh. S-05 LS Kirishima Kokubu 40 15 years 9 months S-06 LS Sosa 36 16 years S-07 LS Miyagi Osato 36 16 years 3 months ■Above purchase prices for all of 25 solar power plants are honored S-08 LS Mito Takada 36 16 years 3 months S-09 LS Aomori Hiranai 36 16 years 7 months 20 years from the day of grid connection. S-10 LS Tone Fukawa 36 17 years S-11 LS Kamisu Hasaki 36 17 years 3 months ■Same rules and principles applies to solar power generation facility S-12 LS Tsukuba Bouchi 40 15 years 7 months S-13 LS Hokota 36 17 years 3 months projects owned by our Sponsor, Takara Leben Co., Ltd. S-14 LS Nasu Nakagawa 36 17 years 3 months S-15 LS Fujioka A 36 17 years 7 months Impacts on operation performance of TIF in the event of S-16 LS Inashiki Aranuma1 36 17 years 7 months FIT policy changes S-17 LS Fujioka B 36 17 years 10 months S-18 LS Inashiki Aranuma2 36 18 years 1 months Electric power companies are required to purchase power generated S-19 LS Sakuragawa Shimoizumi 36 17 years 10 months from solar power generation facilities owned by both TIF and the S-20 LS Fukushima Yamatsuri 36 17 years 11 months Sponsor for 20 years from the day of grid connection. Therefore TIF S-21 LS Shizuoka Omaezaki 36 16 years 3 months believes that there is no impact expected for FIT policy changes as S-22 LS Mie Yokkaichi 40 15 years 9 months announced by various news sources. S-23 LS Sakuragawa Nakaizumi 36 17 years 9 months S-24 LS Shirahama 36 18 years 5 months TIF discloses forecast performance based on above S-25 LS Takahagi 32 19 years assumptions (note 1) As of December 1, 2018

11 Curtailment Orders Against Solar Power Plants In Kyusyu Area

Curtailment Orders against our solar power plants

Two curtailment orders were enforced against our solar power plants LS Kirishima Kokubu (S-05)

Overview of Curtailment Ratio of loss of power generation to Impact for forecast of performance total estimated power generation of Suspended Date for 6th Fiscal Period (ended the entire portfolio for the fiscal November 30, 2018) period ending November 30, 2018 October 21, 2018 (Sunday) 0.02% (note) No Impact

November 11, 2018 (Sunday) 0.03% (note) No Impact

(note) The ratio is rounded off to third decimal place Impact for forecast of performance

 All power plants are leased to Takara Leben and we receive rent revenue.

 Minimum guaranteed rents Takara Leben is paying are fixed for entire lease term regardless enforcement of curtailment orders

 Performance-linked rent income of LS Kirishima Kokubu is not expected for forecasted performance for the fiscal period ending November 30, 2018.

12 ESG Participation

Donation to “Miyagi Disaster Prevention Forests Partnership Promotion Project “ through Hometown Taxation Program for Companies

Takara Leben Infrastructure Fund, Inc. Takara Asset Management Co., Ltd. (Asset Manager)

 On December 21, 2018, we and our Asset Manager has decided a donation to project to recover Disaster Prevention Forests in Miyagi Prefecture

 In Miyagi Prefecture where we own a solar power plants, significant scales of Disaster Prevention Forests has been lost due to the tsunami caused by Great East Japan Earthquake

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

13 Promotion of Renewable Energy

Execution of New wholesale Electricity Supply Agreement with Minnna Denryoku

Minna Denryoku

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

No S-21 S-22

Name LS Shizuoka-Omaezaki LS Mie-Yokkaichi

Execution Date January 10, 2019 January 10, 2019

Panel Output 1,098.24kW 1,984.50kW

Operator Takara Leben Takara Leben

Wholesale Supplier Minna Denryoku Minna Denryoku

14 Promotion of Renewable Energy (2)

Grounds of Execution

Contribute to promote renewable energy  Improving energy independence rate by promoting decarbonization, and eco-friendly energy through supplying electricity to environment-friendly consumers

Maintaining regional connection through electricity supply  Through supplying electricity to Minna Denryoku, undertaking interregional cooperation via electricity, it will challenge new commonsense that focus on “generating” and “consuming” electricity, promotes revitalization of regional communities.

Maximization of unitholders value through our assets  With amendment of Lease agreement with Takara Leben, Premium Bill paid by Minna Denryoku will be equally shared with us and Takara Leben.

Overview of Execution

 Takara Leben, the lesser and the operator of the solar power plants, aims to contribute society through promoting decarbonization and renewable energy and supplying electricity through Minna Denryoku to consumers and firms that prefer environment-friendly energy

 We believe that this movement matches the our basic principles; “create value through utilization of natural energy resource, provide regional employment opportunities and develop a social economy, and limit the global warming and improve domestic energy dependence”, we fully collaborate and corporate with these movements.

15 I. Features of Takara Leben Infrastructure Fund, Inc.

II. Recent Topics

III. Future Management Strategy

IV. Appendix

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

II Portfolio located in High-Demand Area

III

Profit-based Dividends

IV The only credit rated Infrastructure Fund in Japan

17 Stable Growth through Solar Power Plant Acquisition

Total Asset Price and Panel Output

■Owned Assets ■Newly Acquired Asset 30.24 Billion Yen 69.5MW 24.63 Billion Yen 22.51Billion Yen 22.14 Billion Yen 55.8MW 50.0MW 50.8MW 8.16 Billion Yen 8.65 Billion Yen 17.8MW 19.0MW

3rd FP Panel 5th FP 2nd PO IPO 1st PO Acquisition Expansion Acquisition Acquisition

* Total Asset Price is based on appraisal value as of November 30, 2018 Dividends Forecast and Results: Growing dividends through acquisition of solar power plants ■Estimated Dividends per Unit (excl. surplus earnings distribution) (Yen) ■Actual Dividends per Unit (excl. surplus earnings distribution) (Yen) ■Surplus earnings distribution per Unit (Estimated and Actual) (Yen)

Forecast Actual Forecast Actual Forecast Actual Forecast Actual Forecast Actual 2nd Fiscal Period 3rd Fiscal Period 4th Fiscal Period 5th Fiscal Period 6th Fiscal Period Nov 2016 May 2017 Nov 2017 May 2018 Nov 2018 18 Portfolio Overview

Numbers of Asset Total Asset Acquired Total Pannel Output

25solar power plants 30.24Billion Yen 69.5MW

LS Aomori LS Tsukuba LS Inashiki LS Shioya LS Sosa Hiranai Bouchi Aranuma1

LS Miyagi LS Chikusei LS Mito Takada LS Hokota LS Fujioka Osato

LS Fukushima LS Chiba LS Tone LS Nasu LS Inashiki Yamatsuri Wakabaku Fukawa Nakagawa Aranuma2

LS Kirishima LS Kamisu LS Miho LS Fujioka A LS Sakuragawa Kokubu Hasaki Shimoizumi

LS Mie LS Shizuoka LS Shirahama LS Sakuragawa LS Takahagi Yokkaichi Omaezaki Nakaizumi

19 Portfolio Breakdown

Significant investment ratio in regions where high power generation demand is anticipated.

■Breakdown of Portfolio by Region Investment Ratio for regions under Tokyo, Chubu As of November 30, 2018 and Kansai power company’s jurisdictions： 89.6%

■ Electric Energy Sold in 2016 Investment Ratio Total Asset Size (Based on acquisition price)

30.24Billion Yen Tokyo Electric Power Company 241,520 75.0% Chubu Electric Power 121,821 4.2%

Kansai Electric Power Company 121,500 10.4% 3.2% Kyushu Electric Power 78,619 6.9% ■Kanto Region 75.0% Tohoku Electric Power 74,258 0% ■Kansai Region 10.4% Chugoku Electric Power Company 57,254 0% ■ Hokuriku Electric Power Company 28,104 Tohoku Region 6.9% 0% ■Chubu Region 4.2% Hokkaido Electric Power Company 26,806 0% ■Kyusyu Region 3.2% Shikoku Electric Power 25,697 0%

“Kanto Region” refers to Tokyo, Chiba, Ibaraki, Kanagawa, Gunma, Saitama, and Tochigi Okinawa Electric Power Company 7,813 0% “Kansai Region” refer to Osaka, Kyoto, Nara, Hyogo, Shiga , and Wakayama. “Tohoku Region” refers to Fukushima, Aomori, Akita, Iwate,, Miyagi and Yamagata, 0 50,000 100,000 150,000 200,000 250,000 300,000 “Chubu Region” refers to Aichi, Niigata, Yamanashi, Shizuoka, Nagano and Mie. (GWh) “Kyushu Region” refers to Fukuoka, Oita, Kagoshima, Kumamoto, Saga, Nagasaki, and Miyazaki. Source, “FACT BOOK 2018” published by Hokuriku Electric Power Company

20 Our Dividends Policy

Strengths of our dividends policy

■Dividends(excluding surplus dividends) ■Surplus dividends 0% 1% 2% 3% 4% 5% 6% 7% 8%

Takara Leben Infrastructure Fund 6.02% 0.65% 6.67%

Infrastructure Fund A 5.65% 1.98% 7.63%

Infrastructure Fund B 4.15% 2.52% 6.67%

Infrastructure Fund C 2.44% 3.88% 6.32%

Average J-REIT 4.54%(incl. SPE)

TOPIX Forecast 2.48%

 TIF’s EPS is 6.02%; Highest rate among infrastructure AA Rating Corporate Bond 9 to 10Y 0.44% funds.  Pursuit profit-based returning; maintain low SED AA Rating Corporate Bond 4 to 5Y 0.15% compare to other infrastructure funds.  Secure higher yield than other products such as Japanese Government Bond 10Y 0.13% corporate bond and J-REIT.

Source: Data from each funds and companies, as of January 4 , 2019

21 The only credit-rated infrastructure Fund in Japan

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

Issued by Japan Credit Rating Agency

22 Change in the Balance of Borrowings and LTV Ratio

Transition of borrowings

th th (Billion Yen) ■ IPO Financing ■ PO Financing ■ 5 FP Financing ■ 6 FP Financing 15.6 16 15.1 14.6 14.1 13.6 14 13.1 13.1 12.6 12.1 11.6 11.6 12 11.1 10.6 10.1 9.6 10 9.1 8.6 8.1 8

6 4.2 4.0 4

0 1st FP 2nd FP 3rd FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 21st FP Transition of LTV ratio （％） ■ LTV Ratio ■ Remaining Borrowing Spare Capacity Debt strategy (LTV ratio) 70 The interest-bearing debt ratio limits up to 60% 60 as a principle. This limit, however, may temporary exceeded 50 for acquiring properties. 40 Meanwhile, TIF aimed to conservatively maintain 50% by considering portfolio scales 30 53.4 53.2 52.7 52.0 51.2 during facing. 49.0 46.1 50.5 50.4 20 45.3

10 Borrowing spare capacity 0 by Amortization June 2, End of End of End of End of End of End of End of End of End of 2016 2nd FP 3nd FP 4nd FP 5nd FP 6th FP 7th FP 8th FP 9th FP 10th FP 23 External Growth

Acquisition Opportunity from the Sponsor’s Solar Power Plants

As of end of November 2018 Completed by Takara Leben 33 plants 92.7MW Currently Developing by 2 plants 41.8MW Takara Leben

Takara Leben aim to operate total of 250MW before the end of March 2021

TIF holds First Refusal Right for all sponsor‘s completed and future projects

Third Party Acquisitions through Asset Manager’s network

• Asset Management Company holds own network to collect Information of solar power plants transaction from secondary markets (Completed properties/properties under development)

• Diversified renewable energy power generation facilities, including solar power, wind power and biomass

24 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.

25 Stabilized Income Scheme

Guaranteed minimum rent and stabilization of income Post-IPO acquisition IPO solar power plants of solar power plants (10 plants) (15 plants)

110% Performance-linked rent 100%

100% Actual power sales amount Guaranteed Set to P50Setに設定 to P50 minimum rent P75に設定P75

*Excess probability (P=percentile) : Estimated electricity generation that would be achieved with a probability of 50% or 75%

Under the Feed-in Tariff (FIT) policy, electric power companies are required to purchase electricity generated from renewable energy at a fixed priced on fixed-period contract

Lease of solar energy generation Electric power Electric power sales Lessees facilities, etc. TIF companies Electricity generation utilities operators

Electric power sales price Rent of solar energy generation facilities, etc.

26 Performance Forecast

Performance forecast for the 7th, 8th, and 9th fiscal periods

7th fiscal period 8th fiscal period 9th fiscal period (ending May, 2019) (ending Nov, 2019) (ending May, 2020)

Operational status Forecast as of Forecast as of Forecast as of (Unit: Million Yen) May 10, 2018 May 10, 2018 May 10, 2018

Operating revenue 1,468 1,423 1,460

Operating expense 940 951 942

Operating income 527 472 517

Ordinary income 457 407 454

Net income 456 406 453

Dividends per unit (including surplus earnings distribution) ¥3,631 ¥3,271 ¥3,594

Dividends per unit (excluding surplus earnings distribution) ¥3,297 ¥2,935 ¥3,274

Surplus earnings distribution per unit (return of capital) ¥334 ¥336 ¥320

(Note 1) Amounts are rounded down to the nearest million yen. (Note 2) The above forecasts are subject to change due to acquisition or sale of renewable energy power generation facilities changes in infrastructure markets fluctuation in interest rates and other changes in circumstances surrounding the Investment Corporation. Forecasts do not guarantee any dividends amount.

27 Dividends Results and Forecast

■Estimated dividends per unit ■Actual dividends per unit ■Surplus earnings distribution (return of capital) (Unit: Yen)

4,000 3,976 3,871 3,771 3,711 3,586 464 3,631 3,594 3,510 350 464 350 334 3,271 320 3,188 463 350 3,121 2,981 3,021 336 3,000 2,852 463

2,000 3,512 3,521 3,307 3,361 3,297 3,274 3,121 3,123 3,160 2,981 3,021 2,935 2,852 2,725

1,000

0 Forecast Forecast Forecast Forecast Forecast Forecast Actual Forecast Actual Forecast Actual Forecast Actual (May 10, (Aug 23, Actual (May 10, (May 10, (Jan 15, 2018) 2018) 2018) 2018) 2019)

2nd Fiscal Period 3rd Fiscal Period 4th Fiscal Period 5th Fiscal Period 6th Fiscal Period 7th Fiscal Period 8th Fiscal Period 9th Fiscal Period (ended Nov 2016) (ended May 2017) (ended Nov 2017) (ended May 2018) (ended Nov 2018) (ended May 2019) (ended May 2019) (ended May 2019)

28 Revenue Forecast for 7th Fiscal Period (ending May 2019)

Revenue Forecast of Portfolio （Unit：Thousands yen） Minimum NOI NOI Performance-linked No. Plant Name Guaranteed Rent Rent Expense（depreciation） (after (before Rent Income Income depreciation) depreciation) S-01 LS Shioya 67,229 - 39,163 (29,930) 57,996 28,066 S-02 LS Chikusei 27,422 - 13,010 (9,062) 23,474 14,411 S-03 LS Chiba Wakabaku 15,179 - 7,304 (4,749) 12,624 7,875 S-04 LS Miho 28,020 - 13,498 (9,216) 23,739 14,522 S-05 LS Kirishima Kokubu 45,112 - 25,254 (17,797) 37,655 19,857 S-06 LS Sosa 37,263 - 21,226 (13,999) 30,036 16,036 S-07 LS Miyagi Osato 40,215 - 22,190 (17,261) 35,285 18,024 S-08 LS Mito Takada 45,339 - 22,612 (16,353) 39,080 22,727 S-09 LS Aomori Hiranai 32,282 - 18,922 (12,504) 25,863 13,359 S-10 LS Tone Fukawa 56,892 - 29,200 (21,533) 49,226 27,692 S-11 LS Kamisu Hasaki 24,691 505 18,152 (11,000) 18,045 7,045 S-12 LS Tsukuba Bouchi 57,012 1,127 35,222 (23,046) 45,964 22,917 S-13 LS Hokota 39,078 773 24,727 (16,439) 31,563 15,124 S-14 LS Nasu Nakagawa 403,404 7,373 191,149 (154,396) 374,025 219,629 S-15 LS Fujioka A 13,879 267 8,681 (4,578) 10,044 5,465 S-16 LS Inashiki Aranuma1 54,880 1,091 35,041 (20,276) 41,207 20,930 S-17 LS Fujioka B 54,960 1,058 32,573 (20,441) 43,887 23,445 S-18 LS Inashiki Aranuma2 24,809 508 18,697 (11,100) 17,721 6,620 S-19 LS Sakuragawa Shimoizumi 57,443 1,105 32,683 (19,544) 45,410 25,866 S-20 LS Fukushima Yamatsuri 27,176 450 17,271 (10,002) 20,357 10,355 S-21 LS Shizuoka Omaezaki 23,492 496 14,001 (8,356) 18,344 9,988 S-22 LS Mie Yokkaichi 39,632 659 24,910 (17,946) 33,327 15,381 S-23 LS Sakuragawa Nakaizumi 59,891 1,169 33,917 (22,914) 50,058 27,143 S-24 LS Shirahama 151,931 3,087 99,520 (61,769) 117,268 55,498 S-25 LS Takahagi 20,957 418 11,825 (7,797) 17,347 9,550 Total 1,448,199 20,095 810,758 (562,018) 1,219,555 657,536

（Note 1）Number less than one thousand has been omitted. （Note 2）Revenue for S-01 to S-10 shows minimum guaranteed rent which equals to estimated generation income based on 50th percentile of excess probability mentioned in the third- party report. Revenue for S-11 to S-25 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.

29 I. Overview of the 6th Fiscal Period

II. Recent Topics

III. Future Management Strategy

IV. Appendix

30 Unitholder Status at the End of the 6th Fiscal Period (ended November 2018)

Number of investment units Number of unitholders

■Individuals/others 85,577 (61.75％) ■Individuals/others 10,742 (97.93%)

Number of ■ Other domestic corporation 25,022 (18.05％) Number of ■Financial Institutions 43 (0.39%)

investment units ■Financial Institutions 23,336 (16.84％) unitholders （incl. financial instruments firms）

138,574 （incl. financial instruments firms） 10,968 ■ Other domestic corporation 148 (1.34%)

■ Foreign corporation. etc. 4,639 (3.34％) ■ Foreign corporation. etc. 35 (0.31%)

Unitholding ratio Number of investment units held in the total number of Name (units) investment units issued (%) 1 Takara Leben Co., Ltd. 19,686 14.2 2 The Rokinren Bank 3,133 2.24 3 GOLDMAN SACHS INTERNATIONAL 2,974 2.14 4 Yamato Shinkin Bank 2,118 1.52 5 THE BANK OF FUKUOKA , LTD. 1,905 1.37 6 Aozora Bank, Ltd 1,710 1.23 7 Kagawaken Shinyo Kumiai 1,700 1.22 8 Individual 1,619 1.16 9 The Kagawa Bank, Ltd. 1,011 0.72 10 The Joyo Bank, Ltd. 1,000 0.72 10 Fukoku Mutual Life Insurance Company 1,000 0.72 Total 37,856 27.31

31 Balance Sheet for 6th FP (ended November 2018)

（Unit：Thousand Yen）（Unit：Thousand Yen）

32 Statement of Income for 6th FP (ended November 2018)

（Unit：Thousand Yen）

33 Portfolio Data

Period-end Acquisition appraisal Ratio Panel output FIT price Remaining FIT No. Property Name Location price value of Operator (%) (kW) (Yen/kWh) period (MY) power plant (MY) (Note) S-01 LS Shioya Shioya-gun, Tochigi 1,315 1,356 4.5 2,987.25 40 14 years 7 months Takara Leben S-02 LS Chikusei Chikusei-shi, Ibaraki 540 575 1.9 1,205.67 40 15 years 3 months Takara Leben S-03 LS Chiba Wakabaku Chiba-shi, Chiba 271 337 1.1 705.10 40 15 years 3 months Takara Leben S-04 LS Miho Inashiki-gun, Ibaraki 498 592 2.0 1,373.70 36 15 years 7 months Takara Leben S-05 LS Kirishima Kokubu Kirishima-shi, Kagoshima 937 972 3.2 2,009.28 40 15 years 9 months Takara Leben S-06 LS Sosa Sosa-shi, Chiba 666 693 2.3 1,796.08 36 16 years Takara Leben S-07 LS Miyagi Osato Kurokawa-gun, Miyagi 818 850 2.8 2,040.00 36 16 years 3 months Takara Leben S-08 LS Mito Takada Mito-shi, Ibaraki 991 1,037 3.4 2,128.00 36 16 years 3 months Takara Leben S-09 LS Aomori Hiranai Higashi-tsugaru-gun, Aomori 705 734 2.4 1,820.00 36 16 years 7 months Takara Leben S-10 LS Tone Fukawa Kita-soma-gun, Ibaraki 1,261 1,315 4.3 2,467.08 36 17 years Takara Leben S-11 LS Kamisu Hasaki Kamisu-shi, Ibaraki 470 491 1.6 1,200.00 36 17 years 3 months Takara Leben S-12 LS Tsukuba Bouchi Tsukuba-shi, Ibaraki 890 1,013 3.3 2,469.60 40 15 years 7 months Takara Leben S-13 LS Hokota Hokota-shi, Ibaraki 735 760 2.5 1,913.60 36 17 years 3 months Takara Leben S-14 LS Nasu Nakagawa Nasu-gun, Tochigi 8,315 8,782 29.0 19,800.00 36 17 years 3 months Takara Leben S-15 LS Fujioka A Tochigi-shi, Tochigi 265 271 0.9 612.00 36 17 years 7 months Takara Leben S-16 LS Inashiki Aranuma1 Inashiki-shi, Ibaraki 925 1,061 3.5 2,725.68 36 17 years 7 months Takara Leben S-17 LS Fujioka B Tochigi-shi, Tochigi 1,091 1,189 3.9 2,420.80 36 17 years 10 months Takara Leben S-18 LS Inashiki Aranuma2 Inashiki-shi, Ibaraki 422 483 1.6 1,200.00 36 18 years 1 months Takara Leben S-19 LS Sakuragawa Shimoizumi Sakuragawa-shi, Ibaraki 955 1,098 3.6 2,535.04 36 17 years 10 months Takara Leben S-20 LS Fukushima Yamatsuri Higashi-shirakawa-gun, Fukushima 468 532 1.8 1,327.36 36 17 years 11 months Takara Leben S-21 LS Shizuoka Omaezaki Omaezaki-shi, Shizuoka 484 493 1.6 1,098.24 36 16 years 3 months Takara Leben S-22 LS Mie Yokkaichi Yokkaichi-shi, Mie 740 805 2.7 1,984.50 40 15 years 9 months Takara Leben S-23 LS Sakuragawa Nakaizumi Sakuragawa-shi, Ibaraki 980 1,165 3.9 2,698.24 36 17 years 9 months Takara Leben S-24 LS Shirahama Kamitonda-cho, Wakayama 2,810 3,146 10.4 7,839.76 36 18 years 5 months Takara Leben S-25 LS Takahagi Takahagi-Shi, Ibaraki 400 485 1.6 1,194.60 32 19 years Takara Leben

Portfolio total 27,957 30,242 100 69,551.58 －－－

(Note 1) Appraisal value based on November 30, 2018 34 Change in Stock Price (July 2, 2016 to November 30, 2018)

(Yen) (Unit) TSE REIT INDEX 140,000 TIF (Right) Trading Volume (Left) （Right） 14,000 135,000

12,000 130,000

125,000 10,000

120,000

8,000 115,000

6,000 110,000

105,000 4,000

100,000

2,000 95,000

0 90,000

35 Principles and 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 unitholder value

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

36 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 • 19 financial operator Rent ¥15.61 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 acquired plants Unitholders’ equity Unitholders Investment ¥30.24 billion billion • 10,000+ individual investors ¥13.19 (64% of total) • 43 financial institutions Asset Manager (16% total) Number of plants Management • 148 domestic corporations Dividends (18% of total) 25 solar power plants • 35 foreign corporations (2% of total) Management (Note) Figures as of the end of May, 2018 entrustment

(note) All figures are as of November 30, 2018 37 Business Environment

Long-term Energy Demand and Supply Forecast ■2013 ■2030 ■LNG ■Coal ■Oil, etc. ■LNG ■Coal ■Oil, etc. ● Ratio of renewable energy ■Nuclear ■Water power ■Nuclear ■Water power ■Geothermal and Renewable energy ■Geothermal and Renewable energy ％ 2.2％ 22~24 1.0％

8.5％ 13.4％ Solar Power accounts 8.8％ 14.9％ 27.0％ 43.2％ 7%

22.0％ 26.0％ 30.3％

3.0％

Volume ratio of renewable energy newly Installed solar energy generation facilities (10kW or introduced after the start of FIT Scheme larger) its forecast in 2030 (For solar power generation, 10kW or larger are included.) (GW) 70 64 60

40 31.7 30 24.9

20 17.4 8.4 10 1.9 █ Solar power generation 94.4% 0 █ Biomass power generation 2.7% June, 2013 June, 2014 June, 2015 June, 2016 September, 2030 2017 (expected) █ Wind power generation 2.1% TIF Listed Source: █ Water power generation 0.8% i. Data from the website for announcing the Feed-in Tariff Scheme by Agency for Natural Resources and Energy of the Ministry of Economy, Geothermal power generation0.0% Trade and Industry for the period up to April 2016. ii.Expected installation in FY2030 based on the data on the document related to the long-term energy supply and demand outlook by the Source: Data from the website for announcing the Feed-in Tariff Scheme by Ministry of Economy, Trade and Industry (Agency for Natural Resources and Energy, July 2015) Agency for Natural Resources and Energy of the Ministry of Economy, Trade and Industry 38 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 JPY Representative CEO, 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. (1) 96550, Governor of Tokyo Discretionary Transaction Agent: No. 89, Minister of Land, Infrastructure, Licenses Transportation and Tourism Financial Instruments Business: No. 2851, Director-General, Kanto Finance Bureau (Financial Instruments and Exchange Act) 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

39 Contact

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

• This document has been prepared to provide information, and is not for soliciting and inviting investments in or recommending transaction of certain products. We request investors to make investments with their own responsibility and judgment. • This document does not constitute a disclosure document or a management report based on the Financial Instruments and Exchange Act, the Act on Investment Trusts and Investment Corporations or the listing regulations of the Tokyo Stock Exchange. • In addition to information on Takara Leben Infrastructure Fund, Inc. (the "Investment Corporation"), this document includes figures, tables and 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 Investment Corporation 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 Investment Corporation and the Asset Manager assume no responsibility for the accuracy of data, indexes and other information released by third parties. • This document includes statements regarding future policies, etc. of the Investment Corporation. However, these statements do not guarantee said future policies, etc. • For the convenience of preparing graphs, the dates indicated herein may differ from actual business dates.