To our valued unitholders.

With the extensive support and understanding of our unitholders, Takara Leben Infrastructure Fund became the first listed infrastructure fund on the Infrastructure Market of the Tokyo Stock Exchange on July 2, 2016.

Our primary investment target, renewable energy facility, contributes to reduce carbon dioxide emissions and increase Japan's energy independence. We strongly believed that continuously invest in renewable energy facility expected to address various issues on energy policy of Japan.

Under these circumstances, we proudly follow our fundamental principle, "creation of sustainable eco-friendly environment" to create value and employment opportunities, develop a social economy, prevent global warming and increase Japan's energy independence through utilizing natural energy.

It is our ultimate duty to maximize returns for our valued unitholders through continuous expansion and investment in renewable energy facilities while maintaining stable cash flows and incomes.

In addition, we are honored to maintain the sponsor support agreement with MIRARTH HOLDINGS,Inc. This partnership allows us to take advantage of the sponsor's extensive experiences on operating renewable energy facility as well as their branding powers on the market. With a combination of strong partnership with the sponsor and our own network on the market, we dedicated to expanding the portfolio and grow the fund.

We are always grateful for the continued support and understanding of all our valued unitholders.