Summary of Financial Results for Fiscal Period Ended November 30, 2021 (Infrastructure Fund)
January 14, 2022
Infrastructure fund issuer:
Securities code:
Representative:

Takara Leben Infrastructure Fund, Inc.
9281
Masahide Kikuchi, Executive Director

Management company:
Representative:
Contact:
Phone:

Takara Asset Management Co., Ltd.
Mamoru Takahashi, President & CEO
Masahide Kikuchi, Vice President+81-3-6262-6402

Stock listing: TSE
URL: https://tif9281.co.jp/

Scheduled date for filing of securities report: February 25, 2022
Scheduled start date of distribution payments: February 17, 2022
Supplementary documents for financial results: Yes
Financial results briefing: Yes(Amounts rounded down to the nearest million yen)

1. Operating results and assets for the fiscal period ended November 30, 2021 (June 1, 2021 to November 30, 2021)(% indicates change from the previous fiscal period)(1) Operating results
Operating revenue

Fiscal period ended
November 30, 2021
Fiscal period ended May31, 2021

Operating income

Ordinary income

Net income

Million yen%

Million yen%

Million yen%

Million yen%

2,622

−2.0816−10.0671−11.3670

−11.3

2,677

21.8

906

25.8

756

15.8755

15.8

Ratio of net income to equity
capital (ROE)

Net income per unit

Fiscal period ended
November 30, 2021
Fiscal period ended May
31, 2021

Ratio of ordinary income to total
assets (ROA)

Ratio of ordinary income tooperating revenue

Yen%%%

3,039

2.9

1.3

25.6

3,428

3.5

1.6

28.3

(2) Distributions

Fiscal period ended
November 30, 2021
Fiscal period ended May
31, 2021

Distribution perunit(excl. surplus
earnings
distribution)

Total distribution(excl. surplus
earnings
distribution)

Surplusearnings
distribution
per unit

Total surplus
earnings
distribution

Distribution
per unit(incl. surplus
earningsdistribution)

Totaldistribution(incl. surplus
earnings
distribution)

Yen

Million yen

Yen

Million yen

Yen

Million yen

%

%

3,039

670

411

90

3,450

761

100.0

2.9

3,426

755

278

61

3,704

817

100.0

3.3

Ratio ofdistributions tonet assets(DOE)

Payoutratio

Note 1: The payout ratio and the ratio of distributions to net assets are calculated based on figures that do not include surplus earnings distribution.
Note 2: Total surplus earnings distribution is a refund of investments corresponding to distributions on the decrease of capital contributions under tax laws.
Note 3: The ratio of surplus that decreases on surplus earnings distribution (refund of investments corresponding to distributions on the decrease of capital contributions undertax laws) is 0.003 for the fiscal period ended May 31, 2021 and 0.004 for the fiscal period ended November 30, 2021. The ratio of surplus that decreases is calculated
in accordance with item 5, paragraph 1 of Article 23 of the Order for the Enforcement of the Corporation Tax Act.

(3) Financial position
Total assets

As of November 30, 2021
As of May 31, 2021

Equity ratio

Net assets

Net assets per unit

Million yen

Million yen%

Yen

49,49350,28322,73422,88045.9
45.5

103,053
103,718

Cash flows from investing activities Cash flows from financing activities

Cash and cash equivalents at the endof the period(4) Cash flows
Cash flows from operating
activities

Fiscal period ended
November 30, 2021
Fiscal period ended May31, 2021

Million yen

Million yen

Million yenMillion yen

2,643

−27

−1,772

3,844

647−7,843

6,353

3,001

2. Operating results forecasts for the fiscal periods ending May 31, 2022 (December 1, 2021 to May 31, 2022), November 30, 2022
(June 1, 2022 to November 30, 2022), and May 31, 2023 (December 1, 2022 to May 31, 2023)(% indicates change from the previous fiscal period)
Operatingrevenue
Millionyen

Fiscal period ending
May 31, 2022
Fiscal period ending
November 30, 2022
Fiscal period ending
May 31, 2023

Operatingincome%

Millionyen%

Ordinary income

Net income

Millionyen

Millionyen%

Distribution per unit
(excl. surplus earningsdistribution)

Surplus earnings
distribution per unit

Distribution per unit
(incl. surplusearningsdistribution)

%

Yen

Yen

Yen

3,487 33.0

1,165 42.7

939 40.0

939 40.1

3,147

402

3,549

3,469 −0.5

1,097 −5.8

875 −6.9

874 −6.9

2,931

370

3,301

3,469

1,123

911

910

3,052

273

3,325

0.0

2.3

4.1

4.1

Reference: Net income per unit forecasts
3,147 yen for the fiscal period ending May 31, 2022
2,931 yen for the fiscal period ending November 30, 2022
3,052 yen for the fiscal period ending May 31, 2023
Estimated total number of issued investment units at the end of the fiscal period: 298,357*Other(1) Changes in accounting policies and changes or restatement of accounting estimates(i) Changes in accounting policies due to amendments of accounting standards, etc.: Yes(ii) Changes in accounting polices other than changes in (i) above: None(iii) Changes in accounting estimates: None(iv) Restatements: None
(2) Total number of issued investment units(i) Total number of issued investment units at the end of thefiscal period (incl. treasury investment units)(ii) Number of treasury investment units at the end of thefiscal period

As of November
30, 2021
As of November
30, 2021

220,605–

As of May31, 2021
As of May31, 2021

220,605–*Summaries of financial results are not subject to reviews by a certified public accountant or audit firm.
*Explanations about the proper use of operating results forecasts and other remarks
The statements about operating results forecasts and other future situations in this summary are based on information currently available
to the Fund and certain assumptions it considers reasonable. Actual operating results may differ substantially due to various factors. In
addition, the forecasts offer no guarantee of distribution amounts.