November 20, 2019
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 & CEOVice President & Director of
Infrastructure Fund
Division, Investment
Management Department
TEL: +81-3-6262-6402

Notice regarding the Determination of Price and Other Item of the Issuance of New Investment Units andSecondary Offering of Investment Units
Takara Leben Infrastructure Fund, Inc. (hereinafter referred to as the “Investment Corporation”) hereby announcesthat the Investment Corporation’s Board of Directors meeting held today has determined issue price, offer price andother necessary conditions of new investment units and secondary offering of investment units which were resolved at
the Board of Directors meeting held on November 6, 2019.
1. Issue of New Investment Units(1)
Total number of investment
units to be offered:

53,400 units
Domestic public offering: 36,546 units
Overseas offering: 16,854 units(2)

Paid-in amount

116,191 yen per unit

(issue amount)(3)

Total paid-in amount

6,204,599,400 yen(issue amount)(4)

Issue price (offer price)

122,063 yen per unit

(5)

Total amount of issue value 6,518,164,200 yen(offer price)(6)

Subscription period

From November 21, 2019 (Thursday) to November 22, 2019 (Friday)(Domestic public offering)(7)

Payment date

December 2, 2019 (Monday)(8)

Delivery date

December 3, 2019 (Tuesday）(Note) The underwriters will purchase investment units for the amount to be paid in (issue price) and conduct public offering at
the issue price (offer price).

Note: This press release is prepared for the public offering disclosure of determination of price and other item of the issuanceof new investment units and secondary offering of investment units of Investment Corporation, and is not an offer to sellor a solicitation of any offer to buy the securities of Investment Corporation in the United States or elsewhere.
Investment units may not be offered or sold in the United States without registration or an exemption from registration
under the United States Securities Act of 1933, as amended (the “Securities Act”). Any public offering of investment
units to be made in the United States will be made by means of an English -language prospectus prepared in accordancewith the Securities Act that may be obtained from the Investment Corporation and that will contain detailed information
about the Investment Corporation and its management, as well as the Investment Corporation ’s financial statements.
However, the Investment Corporation will not undertake any offering or sale in the United States, public or otherwise,of investment units, which have not been and will not be registered under the Securities Act.

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2. Secondary Offering of Investment Units (Over-Allotment)(1)
Total number of investment 2,670 units
units to be offered(2)Selling price

122,063 yen per unit

(3)

Total selling price:

325,908,210 yen(4)

Subscription period

From November 21, 2019 (Thursday) to November 22, 2019 (Friday)(5)

Delivery date

December 3, 2019 (Tuesday）

3. Issuance of New Investment Units through Third Party Allotment(1)
Paid-in amount
116,191 yen per unit
(Issue amount)(2)

Total paid-in amount(Maximum total issueamount)

310,229,970 yen(3)

Subscription period

December 24, 2019 (Tuesday)（Subscription deadline）(4)

Payment date

December 25, 2019 (Wednesday)(Note) The issuance of such investment units shall be cancelled if there are no subscriptions for investment units during thesubscription period noted in above (3).

<Reference>
1. Calculations of issue price and offer price(1)

Reference dateNovember 20, 2019 (Wednesday)

128,500 yen

of calculation and price(2)

Discount rate

2.50 %(Note) Above figures are calculated by the closing price of the investment units of the Investment Corporation at the Tokyo Stock
Exchange, Inc. minus forecasted distribution per unit (excluding surplus earning distribution) of 2,979 yen and forecasted surplus
earning distribution per unit of 328 yen for the period ending November 30, 2019 (8th Fiscal Period).

2. Syndicate cover transaction period
From November 23, 2019 (Saturday) to December 20, 2019 (Friday)
3. Specific purpose of funds to be procured
The proceeds amount of 4,246,316,286 yen from the domestic public offering and the proceeds amount of
1,958,283,114 yen from the the overseas offering will be allocated to partial financing for acquisition of the specified
assets which is described in the press release “Notice Regarding Acquisition and Lease of Domestic Infrastructure
Projects” dated November 6, 2019. The maximum proceed amount of 310,229,970 yen from the issuance of new
investment units through third party allotment as resolved at the same date of the domestic public offering will be used
for repayment for the loan to acquire the planned properties or deposited as fund on hand with which to acquire
specified assets in future.
(Note) Procured funds are planned to be deposited in financial institutions until its payment for intended use.

EndNote: This press release is prepared for the public offering disclosure of determination of price and other item of the issuanceof new investment units and secondary offering of investment units of Investment Corporation, and is not an offer to sellor a solicitation of any offer to buy the securities of Investment Corporation in the United States or elsewhere.
Investment units may not be offered or sold in the United States without registration or an exemption from registration
under the United States Securities Act of 1933, as amended (the “Securities Act”). Any public offering of investment
units to be made in the United States will be made by means of an English -language prospectus prepared in accordancewith the Securities Act that may be obtained from the Investment Corporation and that will contain detailed information
about the Investment Corporation and its management, as well as the Investment Corporation ’s financial statements.
However, the Investment Corporation will not undertake any offering or sale in the United States, public or otherwise,of investment units, which have not been and will not be registered under the Securities Act.

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Our website：http://tif9281.co.jp/en/

Note: This press release is prepared for the public offering disclosure of determination of price and other item of the issuanceof new investment units and secondary offering of investment units of Investment Corporation, and is not an offer to sellor a solicitation of any offer to buy the securities of Investment Corporation in the United States or elsewhere.
Investment units may not be offered or sold in the United States without registration or an exemption from registration
under the United States Securities Act of 1933, as amended (the “Securities Act”). Any public offering of investment
units to be made in the United States will be made by means of an English -language prospectus prepared in accordancewith the Securities Act that may be obtained from the Investment Corporation and that will contain detailed information
about the Investment Corporation and its management, as well as the Investment Corporation ’s financial statements.
However, the Investment Corporation will not undertake any offering or sale in the United States, public or otherwise,of investment units, which have not been and will not be registered under the Securities Act.

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