Summary of Accounts for Fiscal Period Ended May 31, 2019 (Infrastructure Fund)
July 12, 2019
Infrastructure Fund Issuer:
Securities Code: 9281
Representative:

Takara Leben Infrastructure Fund, Inc.
URL: http://www.tif9281.co.jp/en
Masahide Kikuchi, Executive Director

Exchange for listing: TSE

Management Company:
Representative:
Contact:

Takara Asset Management Co., Ltd.
Mamoru Takahashi, President &CEO
Masahide Kikuchi, Vice President & Director of Infrastructure Fund Division
Investment Management Department

TEL: +81-3-6262-6402
Scheduled date of submission of securities report: August 29, 2019Scheduled start date of payment of distributions: August 16, 2019
Availability of supplementary materials for disclosure of financial statements: Available
Holding of financial results briefing: Holding (for institutional investors and analysts)(Rounded down to nearest million yen)
1. Results of operations and assets for the fiscal period ended May 31, 2019 (December 1, 2018 to May 31, 2019)(1) Operating results(The percentages show the rates of change from the previous fiscal period.)
Fiscal period
Operating revenue
Operating income
Ordinary incomeNet income
Million yen%
Million yen%
Million yen%
Million yen%Ended May 31,
2019
1,517
1.6
557
0.4
484-0.8183-0.8Ended November
30, 2018

1,493

Fiscal period

Net income per unit

23.9YenEnded May 31,
2019
Ended November
30, 2018

555

17.2

488

17.7

487

17.8

Ratio of net income to Ratio of ordinary income to Ratio of ordinary income toequity capital (ROE)
total assets (ROA)
operating revenue
%%%

3,492

3.6

1.7

32.0

3,524

3.9

1.8

32.7

(2) Results of distributions
Fiscal period

Ended May 31,
2019

Yen

Totaldistribution(excl. surplusearnings
distribution)
Million yen

3,492

483

Distribution perunit (excl.
surplus earnings
distribution)

Surplusearnings
distribution
per unit
Yen
334

Distribution perTotal
unit (incl.
distribution
surplus(incl. surplus
earnings
earnings
distribution) distribution)
Million yen
Yen Million yen

Total
surplusearnings
distribution

46

3,826

530

Ratio ofDivid
dividend
end
to netpayou
assetst ratio
(DOE)
%%
100.0

3.6

Ended November
3,521
487
350
483,871536 100.0
3.630, 2018(Note 1) Due to an issuance of new investment units during the fiscal period, the dividend payout ratio for the fiscal period ended
November 30, 2018 is calculated according to the following calculation formula.
Dividend payout ratio = total distributions (excluding surplus earnings distribution) / net income × 100(Note 2) The dividend payout ratios and the ratio of dividend to net assets are calculated based on figures that do not include surplus
earnings distribution.
(Note 3) The entire amount of total surplus earnings distribution is a refund of contributions that constitute distribution upon the decreaseof contributions under the tax laws.
(Note 4) The ratio of surplus, etc. that decreases upon surplus earnings distribution (refund of contributions that constitute distribution
upon the decrease of contributions under the tax laws) during the fiscal period ended November 30, 2018 is 0.004 and the fiscal
period ended May 31, 2019 is 0.004
The ratio of decreased surplus, etc. is calculated according to Item 4, Paragraph 1, Article 23 of the Order for Enforcement of
the Corporation Tax Act.

(3) Financial position
Fiscal period
Ended May 31,
2019
Ended November30, 2018

Total assets
Million yen

Net assets
Million yen

Capital adequacy ratio%

Net assets per unit
Yen

28,84913,51946.997,56029,334

13,571

46.3

97,939(4) Results of cash flows
Fiscal period

Ended May 31,
2019
Ended November
30, 2018

Million yen

Million yen

Million yen

Cash and cash
equivalents at the endof the term
Million yen

1,426--1,041

2,381

787

-5,060

4,267

1,995

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Forecast operating results for the fiscal period ending November 30, 2019 (June 1, 2019 to November 30, 2019), the fiscal period
ending May 31, 2020 (December 1, 2019 to May 31, 2020), and the fiscal period ending November 30, 2020 (June 1, 2020 to November30, 2020)(The percentages show the rates of change from the previous fiscal period.)
Distribution per unit
Distribution per unit
Surplus earnings(excl. surplus(incl. surplus
Net income
distribution perFiscal period Operating revenue Operating income Ordinary income
earnings
earnings
unitdistribution)
distribution)
Million yen% Million yen% Million yen% Million yen%YenYenYen
EndingNovember-3.8
481 -13.6
413 -14.7
412 -14.7
2,979
328
3,307
1,45930, 2019
Ending May31, 2020
EndingNovember31, 2020

1,506

3.2

523

8.6

455

10.2

455

10.3

3,284

328

3,612

1,459-3.2

472-9.7

408-10.3

408

-10.3

2,945

286

3,231(Reference) Forecast net income per unit (for the fiscal period ending November 30, 2019): 2,978 yen
Forecast net income per unit (for the fiscal period ending May 31, 2020): 3,284 yen
Forecast net income per unit (for the fiscal period ending November 30, 2020): 2,944 yen,
Estimated total number of issued investment units at the end of the fiscal period: 138,574 units* Others(1) Change of the accounting policy, change in the estimates for the purpose of accounting, and revision and reclassification(i) Change of the accounting policy upon revision to the accounting standards, etc.: none(ii) Change of the accounting policy other than that described in (i) above: none(iii) Change in the estimates for the purpose of accounting: none(iv) Revision and reclassification: none
(2) Total number of issued investment units
As ofAs ofMay 31,
138,574units November
201930, 2018
As ofAs of(ii) Number of treasury investment units at the end of theMay 31,-units November
fiscal period
201930, 2018(Note) For the number of investment units that is the basis for the calculation of net income per unit(i) Total number of issued investment units at the end of thefiscal period (including treasury investment units)

138,574units-units* Indication regarding the state of audit procedures taken
This summary of accounts is not included in the scope of the audit procedures under the Financial Instruments and Exchange Act(Act No. 25 of 1948, including amendments thereto, hereinafter referred to as the “Act”). At the time of the publication of thissummary of accounts, the audit procedures under the Act are not completed.
* Explanations about the appropriate use of the forecasts of the operating results and other special notes
The statements about the outlook for the operating results stated herein and other future situations are based on the information that
the Investment Corporation has obtained and certain assumptions that the Investment Corporation considers reasonable. The actual
operating results may differ substantially from them due to various causes. In addition, those forecasts do not guarantee the amountsof distributions.