August 23, 2018
For Immediate Release
Infrastructure Fund Issuer
Takara Leben Infrastructure Fund, Inc.
Representative:

Masahide Kikuchi,

Executive Director
Security Code: 9281

Management Company
Takara Asset Management Co., Ltd.
Representative:

Mamoru Takahashi,

President & CEO

Contact:

Masahide Kikuchi,

Vice President & Director of
Infrastructure Fund Division.,
Investment Management Department
TEL: +81-3-6262-6402

Notice of Revision to Forecast of Performancefor Fiscal Period Ending November 30, 2018 (6th Fiscal Period)
Takara Leben Infrastructure Fund, Inc. (hereinafter referred to as “Investment Corporation”) hereby announces that theforecast of performance for the fiscal period ending November 30, 2018 (6th fiscal period), which was announced on May 10,
2018, has today been revised as follows.
1. Revision to the forecasts of operating results (from June 1, 2018 to November 30, 2018)
OperatingOperating

Ordinary

revenueincomeincomeNet income

Distribution per unit
(excl. surplus earningsdistribution)

Surplus earnings
distribution perunit

Distribution perunit (incl. surplus
earnings
distribution)

Previously
announced

1,430

504

438

437

forecast

Million yen

Million yen

Million yen

Million yen

1,467535466465

Million yen

Million yen

Million yen

Million yen

Change37302727(B-A)

Million yen

Million yen

Million yen

Million yen

2.6%

6.0%

6.4%

6.4%

3,160 yen

350 yen

3,510 yen

3,361 yen

350 yen

3,711 yen

201 yen0 yen

201 yen

6.4%

-%

5.7%

(A)
Currently
announced
forecast (B)% Change(Note 1) The forecast performance figures described above are calculated as of the time of this release based on the assumptions stated in the Schedule
hereto, “Assumptions for Forecasts of Operating Results for Fiscal Period Ending November 30, 2018 (6th fiscal period)”. Due to the futureacquisition or disposal of the renewable energy power facilities, etc., a future change in the infrastructure market, interest rate or other conditions
surrounding the Investment Corporation, among other causes, the actual operating revenue, operating income, ordinary income, net income,
distribution per unit (excluding surplus earnings distribution), surplus earnings distribution per unit and distribution per unit (including surplus

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s revision to forecast of performance for fiscal period ending
November 30, 2018 (6th Fiscal Period) and is not intended to solicit investments.

1earnings distribution) may change. The revision to forecasts does not aim to gurantee distribution per unit nor Surplus earnings per unit.
(Note 2) In the event that a predetermined or higher level of deviation from the forecast mentioned above is anticipated, the forecast may be revised.
(Note 3) The figures shown above disregard any fraction portion that is less than their respective units, and the ratios shown above are rounded to thenearest first decimal place.
(Note 4) The number of outstanding investment units at the end of the fiscal period is assumed at 138,574.

2. Grounds for revision to the forecast
This revision has been made given that it was anticipated in the process of calculating the results for the fiscal period
ending November 30, 2018 that there would be a deviation of 5% or more from the forecast distribution per unit for thesaid period (6th fiscal period) announced on May 10, 2018. It is mainly due to that net income is projected to be 27
million yen higher than previously forecast since 25 solar power plants owned by the Investment Corporation
significantly exceeded the estimated power generation.
End.
* Takara Leben Infrastructure Fund’s website: http://tif9281.co.jp/

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s revision to forecast of performance for fiscal period ending
November 30, 2018 (6th Fiscal Period) and is not intended to solicit investments.

2[Schedule]
Assumptions for Forecasts of Operating Results for Fiscal Period Ending November 30, 2018 (6th fiscal period),
Item
Fiscal period

Assumptions
Fiscal period ending November 30, 2018 (6th fiscal period) : June 1, 2018 to November
30, 2018 (183 days)

The assumption is a holding of 25 properties in totalThe assumptions for forecasting the operating results are that there will be nochange to the assets under management (such as the acquisition of new assets andthe disposal of the Portfolio Assets) until the end of the Fiscal Period Ending

Managed assets

November 30, 2018 (6th Fiscal Period)There is a possibility that in reality, there may be a change due to the acquisition ofnew assets the disposal of the Portfolio Assets, among other causes.

The revenues from the lease of 10 properties acquired on June 2, 2016 that areincluded in the Portfolio Assets are calculated based on the minimum rent
guaranteed, which is set forth in the agreement for the lease of the photovoltaic
power facilities, etc. that is in force and in effect as of today’s date, in the amountequivalent to the forecast revenues from sales of electric power for the relevant
month, which is calculated in consideration of the forecast electric power output(probability of exceedance P (percentile) 50) calculated by a third party based on
the database of annual solar radiation by hours and other data. The revenues fromthe lease of 1 property that was acquired on February 7, 2017, 7 properties acquiredon June 1, 2017, 2 properties acquired on December 1, 2017, 1 property acquired
on February 28, 2018, and 4 properties acquired on June 1, 2018 are calculated

Operating revenue

based on the sum of the minimum rent guaranteed, which is set forth in theagreement for the lease of the photovoltaic power facilities, etc. that is in force andeffect as of today’s date, and the variable rent linked to the actual output, which isbased on the assumption that the electric power output is the forecast electric power
output (probability of exceedance P (percentile) 50) calculated by a third party
based on the database of annual solar radiation by hours and other dataThe assumption for the revenue from operating is based on lease operation and that
there will be no disposal of assets.

The assumption for the revenues from the lease is that there will be no default in
the payment of rent or non-payment of rent.

Of the expenses for the lease business that are the main items of the operating
expenses, the items other than depreciation are calculated based on the actuals inthe past, reflecting the variable factors of expenses. The expenses are calculated
based on the actuals in the past and the estimates obtained from the respectivecontractors, among other data, by referring to the information provided by theOperating expenses

current owners, reflecting the variable factors of the expenses.
Fixed assets Tax is estimated at 74 million yen for the fiscal period ending
November 30, 2018 (6th fiscal period).

The fees for maitanance are estimated at 83 million yen and the fee for utilities areestimated at 4 million yen for the fiscal period ending November 30, 2018 (6thNote: This press release is intended to publicize Takara Lebel Infrastructure Fund’s revision to forecast of performance for fiscal period ending
November 30, 2018 (6th Fiscal Period) and is not intended to solicit investments.

3fiscal period)
The fees for operators are estimated at 20 million yen for the fiscal period ending
November 30, 2018 (6th fiscal period)Depreciation expenses are calculated, including incidental expenses, according to
the straight-line method and are estimated at 563 million yen for the fiscal period
ending November 30, 2018 (6th fiscal period).

are estimated at 9 million yen

Non-operating
expenses

The organization expenses and the expenses for the issue of new investment unitsInterest expenses and other borrowing-related expenses are estimated at 61 millionyen.

The balance of loans of the Investment Corporation, is 16,121 million yen as of thedate of this publishment.. The assumptions for the loans are that according to theagreement, the repayment of the loans will be made on November 30, 2018 andthat the amount of the repayment will be 504 million yen.

The ratio of interest-bearing debts to total assets (LTV: loan to value) at the end of
Fiscal period ending November, 2018 (6th fiscal period) is estimated at about

Loans

53.5%.
In the calculation of the ratio of interest-bearing debts to total assets (LTV: loan tovalue), the following calculation formula is used:Ratio of interest-bearing debts to total assets (LTV: loan to value) = total amountof interest-bearing debts / total amount of assets x 100



The total number of investment units issued is assumed to be 138,574 ( as of the date ofthis document published)It is assumed that there will be no change in the number of investment units due tothe issue of new investment units until the end of the fiscal period ending

Investment units

November 30, 2018 (6th fiscal period).
Distribution per unit (excluding surplus earnings distribution), surplus earningsdistribution per unit and distribution per unit (including surplus earnings
distribution) are calculated based on 138,574 units.

Distribution per unit (excluding surplus earnings distribution) is calculated basedon the assumption that all the profits will be distributed according to the policy forthe distribution of money that is set forth in the rules of the Investment Corporation.

There is a possibility that distribution per unit (excluding surplus earnings
distribution) may change due to a change of the lessees, a change in the rent
revenues due to the amendment of the terms and conditions of the lease agreement
or unexpected repair and various other causes.

Surplus earnings distribution per unit is calculated according to the policy for thedistribution of money set forth in the rules of the Investment Corporation and theguidelines for investment, which are the internal rules of Takara Asset ManagementCo., Ltd.

The policy of the Investment Corporation is to generally distribute all the amounts
remaining after reserving such cash and deposits as the Investment Corporationconsiders appropriate to prevent any impact on the long-term repair plan and meetthe demand for funds (such as capital expenditure for the new acquisition of assets
for the investment and maintenance and improvement of the Portfolio Assets,working capital of the Investment Corporation, repayment of debts and payment

Distribution perunit(excl. surplus
earningsdistribution)

Surplus earnings
distribution per unit

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s revision to forecast of performance for fiscal period ending
November 30, 2018 (6th Fiscal Period) and is not intended to solicit investments.

4of distributions) based on the amount of capital expenditure estimated for eachaccounting period under the long-term repair plan, taking into account theconditions of the credit line, etc. The amounts exceeding the amount of profits will
be distributed as the distribution of money beyond profits (refund of contributions).
However, such distribution is limited to an extent that will have no adverse impact
on the financial position of the Investment Corporation and to the amountstipulated in laws (including the regulations established by the Investment Trusts
Association, Japan).
According to the policy described above, the total amounts of expenses that serve
as internal reverses, such as depreciation, amortization of long-term prepaid
expenses, amortization of issuance expenses of new investments units, andamortization of establishment expenses
are divided by numbers of total
investment units of 138,574 and the total surplus earnings distribution is estimatedat 48 million yen.

Distribution of money beyond profits (refund of contributions) may not be paid,
considering the economic environment, the market conditions for the renewableenergy power generation business, the financial position of the Investment
Corporation and other circumstances in a comprehensive manner, including otherpossible uses of funds such as appropriation to repair and capital expenditure, therepayment of loans, funds for the acquisition of new properties and the acquisitionof treasury investment units.

Distribution of money beyond profits (refund of contributions) involves a decreasein funds on hand. Accordingly, there is a possibility of a shortage of funds on handin the event that capital expenditure beyond the estimate of the Investment
Corporation is needed due to any sudden events and other causes. There is also apossibility that such a decrease in funds on hand may limit the funds for the flexible
acquisition of properties. In addition, the amount of distribution of money beyond
profits (refund of contributions) will be deducted from the total amount ofunitholders’ capital or the capital surplus.

The assumption is that there will be no amendments to the laws and regulations,tax systems, accounting standards, listing rules that Tokyo Stock Exchange, Inc.
establishes, rules of the Investment Trusts Association, Japan and other rules that
affect the forecast figures described above.

The assumption is that there will be no unexpected material change in the general
economic trends, the market conditions for the photovoltaic power facilities, thereal-estate market conditions and other circumstances.

OtherNote: This press release is intended to publicize Takara Lebel Infrastructure Fund’s revision to forecast of performance for fiscal period ending
November 30, 2018 (6th Fiscal Period) and is not intended to solicit investments.

5