November 9, 2020
For Immediate Release
Infrastructure Fund Issuer
Takara Leben Infrastructure Fund, Inc.
Representative: Masahide Kikuchi,
Management Company
Takara Asset Management Co., Ltd.
Representative: Mamoru Takahashi,Contact:
Masahide Kikuchi,

Executive Director
Securities Code: 9281

President & CEO
Vice President
TEL: +81-3-6262-6402

Notice Regarding Revision to Forecasts of Operating Results for Fiscal Period Ending May 31, 2021
(11th Fiscal Period) and Fiscal Period Ending November 30, 2021 (12th Fiscal Period) andRegarding Forecasts of Operating Results for Fiscal Period Ending May 31, 2022 (13th Fiscal Period)
Takara Leben Infrastructure Fund, Inc. (hereinafter referred to as the “Investment Corporation”) hereby announces therevision to the forecasts of the operating results for the fiscal period ending May 31, 2021 (11th fiscal period) (December
1, 2020 to May 31, 2021) and fiscal period ending November 30, 2021 (12th fiscal period) (June 1, 2021 to November 30,2021) that were announced on July 15, 2020, and makes the first announcement of the forecasts of the operating results
for the fiscal period ending May 31, 2022 (13th fiscal period) (December 1, 2021 to May 31, 2022) as follows. In thisregard, no revisions were made to the forecasts of the operating results for the fiscal period ending November 30, 2020
(10th fiscal period) (June 1, 2020 to November 30, 2020) that were announced on October 5, 2020.
1. Revision to the forecasts of the operating results(1) Details of the revision to the forecasts of the operating results for the fiscal period Ending May 31, 2021 (11th fiscal
period)Distribution perDistribution
Surplusunit
per unit
OperatingOperating
Ordinary
earnings(excl. surplus
Net income(incl. surplus
revenueincomeincomedistribution
earnings
earnings
per unit
distribution)
distribution)
Previously
announced
forecast(A)

2,220
million yen

744
million yen

624
million yen

623
million yen

3,219 yen

277 yen3,496 yen

Currently
announced
forecast(B)

2,632
million yen

873
million yen

720
million yen

719
million yen

3,262 yen

278 yen

3,540 yen

Change (BA)411
million yen

128million yen

95
million yen

95
million yen

43 yen1 yen

44 yen% Change

18.5%

17.3%

15.3%

15.3%

1.3%

0.4%

1.3%

Note: This press release is an announcement of revisions to the forecasts for investment results at Takara Leben Infrastructure Fund, Inc.
(“TIF”) in the fiscal period ending May 31, 2021and forecasts for investment results at TIF in the fiscal period ending November
30, 2021, and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States or elsewhere. Any
investment decision should be made based upon your own judgement. This press release does not constitute an offer of securities
in the United States of America. The investment units have not been, and will not be, registered under the United States Securities
Act of 1933 (the “Securities Act”). The investment units may not be offered or sold in the United States absent registration or an
exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly orotherwise, in the United States.
1(2) Details of the revision to the forecasts of the operating results for the fiscal period ending November 30, 2021 (12thfiscal period)
Distribution
Distribution per
Surplus
per unit
unit
OperatingOperating
Ordinary
earnings
Net income (excl. surplus(incl. surplus
revenueincomeincomedistribution
earnings
earnings
per unit
distribution)
distribution)
Previously
announced
forecast(A)

2,153
million yen

679
million yen

560
million yen

560
million yen

2,890 yen

372 yen3,262 yen

Currently
announced
forecast(B)

2,557
million yen

791
million yen

640
million yen

639
million yen

2,900 yen

411 yen3,311 yen

Change(B-A)

404
million yen

112
million yen

79
million yen

79
million yen

10 yen39 yen49 yen% Change

18.8%

16.5%

14.2%

14.2%

0.3%

10.5%

1.5%

(3) Details of the forecasts of the operating results for the fiscal period ending May 31, 2022 (13th fiscal period)
Distribution
Distribution
Surplus
per unit
per unit
OperatingOperating
Ordinary
earnings(excl. surplus
Net income(incl. surplus
revenueincomeincomedistribution
perearnings
earnings
unit
distribution)
distribution)
FiscalperiodendingMay 31,2022 (13thfiscalperiod)2,619
million yen

841
million yen

694
million yen

693
million yen

3,144 yen

401 yen3,545 yen

(Reference)- Fiscal period ending May 31, 2021 (11th fiscal period): the forecast number of investment units issued at the end of the fiscal
period is 220,605 units and the forecast net income per unit is 3,261 yen.
- Fiscal period ending November 30, 2021 (12th fiscal period): the forecast number of investment units issued at the end of the
fiscal period is 220,605 units and the forecast net income per unit is 2,900 yen.
- Fiscal period ending May 31, 2022 (13th fiscal period): the forecast number of investment units issued at the end of the fiscal
period is 220,605 units and the forecast net income per unit is 3,144 yen.
(Notes)1. The forecast figures described above are calculated based on the assumptions stated in the Attachment hereto, “Assumptions for
Forecasts of Operating Results for Fiscal Period Ending May 31, 2021 (11th Fiscal Period), Fiscal Period Ending November 30,
2021 (12th Fiscal Period) and Fiscal Period Ending May 31, 2022 (13th Fiscal Period),” at the present time. Due to the futureacquisition or disposal of the renewable energy power facilities, etc., a future change in the infrastructure market, actual numberof the new investment units and its price, a fluctuation of 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 earnings
distribution) may change. In addition, the forecasts announced herein do not guarantee the amount of distributions and surplus
earnings distribution.
2. If any difference from the forecasts announced above beyond a certain degree is forecast, the forecasts may be revised.
3. Figures of less than one unit are rounded down. Percentages stated are rounded off to one decimal place. The same applies
hereinafter.

Note: This press release is an announcement of revisions to the forecasts for investment results at Takara Leben Infrastructure Fund, Inc.
(“TIF”) in the fiscal period ending May 31, 2021and forecasts for investment results at TIF in the fiscal period ending November
30, 2021, and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States or elsewhere. Any
investment decision should be made based upon your own judgement. This press release does not constitute an offer of securities
in the United States of America. The investment units have not been, and will not be, registered under the United States Securities
Act of 1933 (the “Securities Act”). The investment units may not be offered or sold in the United States absent registration or an
exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly orotherwise, in the United States.
22. Reasons for revision to the forecasts of the operating results and announcement thereof
The Investment Corporation revised the forecasts of the operating results for the fiscal period ending May 31, 2021
(11th fiscal period) and fiscal period ending November 30, 2021 (12th fiscal period). The said difference is caused by achange in the assumptions for the forecasts of the operating results for the fiscal periods ending May 31, 2021 (11thfiscal period) and November 30, 2021 (12th fiscal period) respectively that were announced on July 15, 2020, resulting
in deviations of 10% or more in operating revenue. The change arises from the decision at the meeting of the board of
directors of the Investment Corporation held today to acquire the 6 new projects that fall under the specified assets (asset forth in Paragraph 1, Article 2 of the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951,
including amendments thereto); hereinafter the same to apply) and to issue the new investment units for the purpose ofpartially funding the acquisition of said specified assets as stated in the “Notice Regarding Acquisition and Lease ofDomestic Infrastructure Projects” announced as of today.
In addition, the Investment Corporation makes the first announcement of the forecasts of the operating results forthe fiscal period ending May 31, 2022 (13th fiscal period) based on the same assumptions. For details, please refer to the
Attachment hereto, “Assumptions for Forecasts of Operating Results for Fiscal Period Ending May 31, 2021 (11th Fiscal
Period), Fiscal Period Ending November 30, 2021 (12th Fiscal Period) and Fiscal Period Ending May 31, 2022 (13thFiscal Period).”End
Our website: http://tif9281.co.jp/en

Note: This press release is an announcement of revisions to the forecasts for investment results at Takara Leben Infrastructure Fund, Inc.
(“TIF”) in the fiscal period ending May 31, 2021and forecasts for investment results at TIF in the fiscal period ending November
30, 2021, and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States or elsewhere. Any
investment decision should be made based upon your own judgement. This press release does not constitute an offer of securities
in the United States of America. The investment units have not been, and will not be, registered under the United States Securities
Act of 1933 (the “Securities Act”). The investment units may not be offered or sold in the United States absent registration or an
exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly orotherwise, in the United States.
3

[Attachment]
Assumptions for Forecasts of Operating Results for Fiscal Period Ending May 31, 2021 (11th Fiscal Period), Fiscal
Period Ending November 30, 2021 (12th Fiscal Period) and Fiscal Period Ending May 31, 2022 (13th Fiscal Period)
Item

Accounting period

Managed assets

Operating revenue

Assumptions
 Fiscal period ending May 31, 2021 (11th fiscal period) : December 1, 2020 to May
31, 2021 (182 days)
 Fiscal period ending November 30, 2021 (12th fiscal period) : June 1, 2021 toNovember 30, 2021 (183 days)
 Fiscal period ending May 31, 2022 (13th fiscal period) : December 1, 2021 to May
31, 2022 (182 days) The assumption is a holding of 38 projects in total: the breakdown of them is 32
projects held as of today (hereinafter referred to as the “Portfolio Assets”), and 6
projects to be acquired on December 1, 2020 (hereinafter referred to as the “Assets
to Be Acquired”). For the details of the acquisition of the Assets to Be Acquired,please refer to the “Notice Regarding Acquisition and Lease of Domestic
Infrastructure Projects” announced as of today’s date.
 The assumptions for forecasting the operating results are that the Assets to Be
Acquired will be acquired on the dates described above and that there will be nochange to the assets under management (such as the acquisition of new assets and thedisposal of the Portfolio Assets) until the end of the fiscal period ending May 31,
2022 (13th fiscal period).
 There is a possibility that in reality, there may be a change due to the acquisition of
new assets other than the Assets to Be Acquired or the disposal of the Portfolio
Assets, among other causes.
 The revenues from the lease of 10 projects acquired on June 2, 2016 that are includedin the Portfolio Assets are calculated based on the minimum rent guaranteed, which
is set forth in the agreement for the lease of the solar power generation facilities, etc.
that is in force and in effect as of today, in the amount equivalent to the forecast
revenues from sales of electric power for the relevant month, which is calculated inconsideration 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 from the lease of 15 projects acquired
from February 2017 to June 2018, 2 years or more after the acquisition are calculated
based on the minimum rent guaranteed, which is set forth in the agreement for thelease of the solar power generation facilities, etc. that is in force and in effect as oftoday, and the variable rent linked to the actual output, which is based on theassumption that the electric power output is the forecast electric power output(probability of exceedance P (percentile) 50) with a certain amount of increase basedon the power generation performance during the holding period of the Investment
Corporation calculated by a third party based on the database of annual solar
radiation by hours and other data. The revenues from the lease of the other Portfolio
Assets are calculated based on the sum of the minimum rent guaranteed, which is set
forth in the agreement for the lease of the solar power generation facilities, etc. thatis in force and effect as of today, and the variable rent linked to the actual output,
which is based 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 revenues
from the lease of LS Sakuragawa 2 & 3, LS Fukushima Kagamiishi 1 and LS
Fukushima Kagamiishi 2 among the Assets to Be Acquired are calculated based on
the sum of the minimum rent guaranteed, which is set forth in the agreement for thelease of the solar power generation facilities, etc. that will be in force and effect asof the scheduled acquisition date, and the variable rent linked to the actual output,
which is based 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

Note: This press release is an announcement of revisions to the forecasts for investment results at Takara Leben Infrastructure Fund, Inc.
(“TIF”) in the fiscal period ending May 31, 2021and forecasts for investment results at TIF in the fiscal period ending November
30, 2021, and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States or elsewhere. Any
investment decision should be made based upon your own judgement. This press release does not constitute an offer of securities
in the United States of America. The investment units have not been, and will not be, registered under the United States Securities
Act of 1933 (the “Securities Act”). The investment units may not be offered or sold in the United States absent registration or an
exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly orotherwise, in the United States.
4Operating expenses

Non-operating
expenses

based on the database of annual solar radiation by hours and other data. The revenues
from the lease of LS Chiba Narita, LS Iwate Hirono and LS Miyagi Matsushimaamong the Assets to Be Acquired are calculated based on the minimum rent
guaranteed, which is set forth in the agreement for the lease of the solar power
generation facilities, etc. that is in force and in effect as of the scheduled acquisitiondate, in the amount equivalent 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 assumption for the operating revenues is based on the revenues from the lease,not on the sale of assets.
 The assumption for the revenues from the lease is that there will be no default in thepayment of rent or non-payment of rent, and cancelation of the lease agreements, andno curtailment.
 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 for thepast, reflecting the variable factors of expenses. In addition, the expenses for the
Assets to Be Acquired are calculated based on the actuals for the past and theestimates obtained from the respective contractors, among other data, by referring to
the information provided by the current owners of the respective Assets to Be
Acquired, reflecting the variable factors of the expenses.
 In the acquisition of the solar power generation facilities, etc., the Investment
Corporation plans to settle the fixed assets and other taxes with the current ownerproportionately in accordance with the period of ownership. The amount of the said
settlement will be included in the acquisition cost for the fiscal year of acquisition.
Accordingly, the fixed assets and other taxes on the Assets to Be Acquired in 2020are not included in the expenses. In addition, the total amount of settlement of the
fixed assets and other taxes to be included in the acquisition costs for the Assets to
Be Acquired is estimated at 7 million yen. The fixed assets and other taxes on the
Portfolio Assets and the Assets to Be Acquired are estimated at 203 million yen for
the fiscal period ending May 31, 2021 (11th fiscal period), 220 million yen for the
fiscal period ending November 30, 2021 (12th fiscal period) and 226 million yen for
the fiscal period ending May 31, 2022 (13th fiscal period), respectively. The fixed
assets and other taxes on the Assets to Be Acquired will be posted under expenses
for and after the fiscal period ending May 31, 2021 (11th fiscal period) and are
estimated at 25 million yen for the fiscal period ending May 31, 2021 (11th fiscal
period), 51 million yen for the fiscal period ending November 30, 2021 (12th fiscal
period) and 49 million yen for the fiscal period ending May 31, 2022 (13th fiscal
period) respectively.
 Maintenance costs for the solar power generation facilities are estimated at 152
million yen for the fiscal periods ending May 31, 2021 (11th fiscal period),
November 30, 2021 (12th fiscal period) and May 31, 2022 (13th fiscal period)
respectively. In addition, utility expenses are estimated at 9 million yen for the fiscal
period ending May 31, 2021 (11th fiscal period), November 30, 2021 (12th fiscal
period) and May 31, 2022 (13th fiscal period) respectively.
 The fees for operators are estimated at 33 million yen for the fiscal period ending
May 31, 2021 (11th fiscal period), 32 million yen for the fiscal period ending
November 30, 2021 (12th fiscal period), and 33 million yen for the fiscal period
ending May 31, 2022 (13th fiscal period).
 Depreciation expenses are calculated, including incidental expenses, according to
the straight-line method and are estimated at 1,023 million yen for the fiscal period
ending May 31, 2021 (11th fiscal period), 1,019 million yen for the fiscal period
ending November 30, 2021 (12th fiscal period), and May 31, 2022 (13th fiscal
period) respectively.
 The organization expenses and the expenses for the issue of new investment units are
estimated at 8 million yen for the fiscal period ending May 31, 2021 (11th fiscal
period), 7 million yen for the fiscal period ending November 30, 2021 (12th fiscal

Note: This press release is an announcement of revisions to the forecasts for investment results at Takara Leben Infrastructure Fund, Inc.
(“TIF”) in the fiscal period ending May 31, 2021and forecasts for investment results at TIF in the fiscal period ending November
30, 2021, and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States or elsewhere. Any
investment decision should be made based upon your own judgement. This press release does not constitute an offer of securities
in the United States of America. The investment units have not been, and will not be, registered under the United States Securities
Act of 1933 (the “Securities Act”). The investment units may not be offered or sold in the United States absent registration or an
exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly orotherwise, in the United States.
5

Borrowings

Investment units

Distribution perunit (excl. surplus
earnings
distribution)

Surplus earnings
distribution per unit

period) and May 31, 2022 (13th fiscal period) respectively.
 Interest expenses and other borrowing-related expenses are estimated at 144 million
yen for the fiscal periods ending May 31, 2021 (11th fiscal period), 143 million yen
for the fiscal period ending November 30, 2021 (12th fiscal period), and 139 million
yen for the fiscal period ending May 31, 2022 (13th fiscal period).
 The balance of loans of the Investment Corporation as of today is 23,782 million
yen. The assumptions for the loans are that according to the relevant loan
agreements, the repayment of the loans in the amount of 798 million yen is expected
to be made on the end of November 2020, on the end of May 2021 and on the endof November 2021 respectively.
 The assumption is that the Investment Corporation will obtain loans in the total
amount of 5,150 million yen from the qualified institutional investors specified in
Item 1, Paragraph 3, Article 2 of the Financial Instruments and Exchange Act (limited
only to the institutional investors set forth in Item 1 b. (2), Paragraph 1, Article 6715 of the Act on Special Measures Concerning Taxation) on December 1, 2020.
 It is assumed that the proceeds of the third-party allotment described in “Investment
Unit” below (1,275 unit at maximum) will be used as repayment of the loan or funds
at hand for the future acquisition of specified assets.
 The ratio of interest-bearing debts to total assets (LTV: loan to value) at the end of
the fiscal period ending May 31, 2021 (11th fiscal period) is estimated at about
54.0%.
 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 amount ofinterest-bearing debts / total amount of assets x 100
 It is assumed that, in addition to the 193,830 investment units issued andoutstanding as of today, the total of 26,775 units, which is the 25,500 units to beissued by public offering and third-party allotment (1,275 unit maximum) as
resolved at the meeting of board of directors of the Investment Corporation held
today, will be fully issued. Please find more details in the “Notice Concerning
Issuance of New Investment Units and Secondary Offering of Investment Units as“Green Equity”” announced as of today.
 Except for the new investment units described above, the assumption is that there
will be no change in the number of investment units due to the issue of new
investment units until the end of the fiscal period ending May 31, 2022 (13th fiscal
period).
 Distribution per unit (excluding surplus earnings distribution), surplus earnings
distribution per unit and distribution per unit (including surplus earnings distribution)
are calculated based on the forecast number of investment units issued at the end of
the fiscal period ending May 31, 2021 (11th fiscal period), the fiscal period ending
November 30, 2021 (12th fiscal period), and the fiscal period ending May 31, 2022
(13th fiscal period), which is 220,605 units (maximum), the forecast number of units
outstanding, including 26,775 units, the maximum number of new investment units
to be issued.
 Distribution per unit (excluding surplus earnings distribution) is calculated based on
the assumption that all the profits will be distributed according to the policy for the
distribution of money that is set forth in the Memorandum and Articles of
Association 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 cash distribution
policy set forth in the Memorandum and Articles of Association of the Investment
Corporation and the guidelines for investment, which are the internal rules of Takara
Asset Management Co., Ltd.

Note: This press release is an announcement of revisions to the forecasts for investment results at Takara Leben Infrastructure Fund, Inc.
(“TIF”) in the fiscal period ending May 31, 2021and forecasts for investment results at TIF in the fiscal period ending November
30, 2021, and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States or elsewhere. Any
investment decision should be made based upon your own judgement. This press release does not constitute an offer of securities
in the United States of America. The investment units have not been, and will not be, registered under the United States Securities
Act of 1933 (the “Securities Act”). The investment units may not be offered or sold in the United States absent registration or an
exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly orotherwise, in the United States.
6Other 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 of
distributions) based on the amount of capital expenditure estimated for eachaccounting period under the long-term repair plan, taking into account the conditionsof the credit line, etc. The amounts exceeding the amount of profits will be distributed
as the distribution in excess of profits (return of capital). However, such distribution
is limited to an extent that will have no adverse impact on the financial position of
the Investment Corporation and in an amount stipulated in laws and regulations(including the regulations established by the Investment Trusts Association, Japan).
 According to the policy described above, the surplus earnings distrubution per unit
was calculated as follows: Sum of depreciation expenses, amortization of prepaid
expenses, amortization of investment units and amortization of organization
expenses, which contribute to retained earnings, less expenditure for loan
repayments, less any funds reserved as necessary for future exeternal growth, divided
by the forecast number of investment units issued at the end of the fiscal period,
which is 220,605 units (maximum) respectively for the fiscal period ending May 31,
2021 (11th fiscal period), the fiscal period ending November 30, 2021 (12th fiscal
period) and the fiscal period ending May 31, 2022 (13th fiscal period). The total
surplus earnings distribution is estimated at 61 million yen for the fiscal period
ending May 31, 2021 (11th fiscal period), 90 million yen for the fiscal period ending
November 30, 2021 (12th fiscal period) and 88 million yen for the fiscal period
ending May 31, 2022 (13th fiscal period).
 Distribution in excess of 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 projects and the acquisition oftreasury investment units.
 Distribution in excess of profits (return of capital) involves a decrease in funds on
hand. Accordingly, there is a possibility of a shortage of funds on hand in the eventthat capital expenditure beyond the estimate of the Investment Corporation is needed
due to any sudden events and other causes. There is also a possibility that such a
decrease in funds on hand may limit the funds for the flexible acquisition of projects.
In addition, the amount of distribution in excess of profits (return of capital) will be
deducted from the total amount of unitholders’ 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 solar power generation facilities, thereal-estate market conditions and other circumstances.

Note: This press release is an announcement of revisions to the forecasts for investment results at Takara Leben Infrastructure Fund, Inc.
(“TIF”) in the fiscal period ending May 31, 2021and forecasts for investment results at TIF in the fiscal period ending November
30, 2021, and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States or elsewhere. Any
investment decision should be made based upon your own judgement. This press release does not constitute an offer of securities
in the United States of America. The investment units have not been, and will not be, registered under the United States Securities
Act of 1933 (the “Securities Act”). The investment units may not be offered or sold in the United States absent registration or an
exemption from registration under the Securities Act. The investment units referred to above will not be offered, publicly orotherwise, in the United States.
7