12th Fiscal Period (ended Nov 30, 2021)

Dividends per Unit (excluding Surplus Earing Distribution)	Surplus Earning Distribution per Unit	Total Dividends per Unit
3,039 Yen	411 Yen	3,450 Yen

• The asset management period is from June 1, 2021 to November 30, 2021 (6 months)
• Dividends are scheduled to be paid on February 17, 2022

13th Fiscal Period (ending May 31, 2022)

Dividends per Unit (excluding Surplus Earing Distribution)	Surplus Earning Distribution per Unit	Total Dividends per Unit
3,147 Yen	402 Yen	3,549 Yen

• Actual amounts of dividents may vary and not guarantee the amount of the above forecasted dividends
• The asset management period is from December 1, 2021 to May 31, 2022 (6 months)
• Record date is end of May, 2022
• Dividends are scheduled to be decleard on mid-July, 2022
• Dividends are scheduled to be paid on mid-August, 2022

14th Fiscal Period (ending November 30, 2022)

Dividends per Unit (excluding Surplus Earing Distribution)	Surplus Earning Distribution per Unit	Total Dividends per Unit
2,931 Yen	370 Yen	3,301 Yen

• Actual amounts of dividents may vary and not guarantee the amount of the above forecasted dividends
• The asset management period is from June 1, 2022 to November 30, 2022 (6 months)
• Record date is end of November, 2021
• Dividends are scheduled to be decleard on mid-January, 2023
• Dividends are scheduled to be paid on mid-Feburary, 2023

15th Fiscal Period (ending May 31, 2023)

Dividends per Unit (excluding Surplus Earing Distribution)	Surplus Earning Distribution per Unit	Total Dividends per Unit
3,052 Yen	273 Yen	3,325 Yen

• Actual amounts of dividents may vary and not guarantee the amount of the above forecasted dividends
• The asset management period is from December 1, 2022 to May 31, 2023 (6 months)
• Record date is end of May, 2023
• Dividends are scheduled to be decleard on mid-July, 2023
• Dividends are scheduled to be paid on mid-August, 2023

	4th FS (ended Nov. 2017)	5th FS (ended May. 2018)	6th FS (ended Nov. 2018)	7th FS (ended May. 2019)	8th FS (ended Nov. 2019)	9th FS (ended May. 2020)	10th FS (ended Nov. 2020)	11th FS (ended May. 2021)	12th FS (ending Nov. 2021)	13th FS (ending May. 2022)	14th FS (ending Nov. 2022)	15th FS (ending May. 2023)
Dividends per Unit	3,123	3,512	3,521	3,492	3,068	3,584	3,369	3,426	3,039	(3,147)	(2,931)	(3,052)
Surplus Earning Distribution per Unit	463	464	350	334	328	286	143	278	411	(402)	(370)	(273)
Total Dividends per Unit	3,586	3,976	3,871	3,826	3,397	3,870	3,512	3,704	3,450	(3,549)	(3,301)	(3,325)

values in parentheses are forecast

Dividends is distributed by regular cash and payable within three months on each fiscal period to registered unitholders recorded in the registry of unitholders at the last trading date of each fiscal period (End of May and November in each year)

TIF determines the amount that exceeds 90% (or other value if there are amendments in relevant legislatures) of the TIF's distributable profit as stated to Paragraph 1 of the Act on Special Measures Concerning Taxation

Surplus Earnings Distribution (Return of Capital) and Acquisition of Treasury Investment Units

TIF's primary investment target, solar energy facilities, tends to record higher ratio of deputation compared to ordinal J-REIT while Capex and repair/maintenance costs for solar energy facility tend to be lower Therefore as a general policy, TIF distributes Surplus Earnings Distribution (SED, aka Return of capital) within the limits and relevant legislatures to the extent that it does not negatively impact TIF's financial status and long-term repair and Capex expenses as well as various factors.

TIF will be exempted from its obligation to pay dividends to unitholders after three full years have passed from the date of initial payment of dividends.
No interest will accumulate on any unclaimed dividends .