May 10, 2018
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
Security Code: 9281

President & CEO
Vice President &Director of
Infrastructure Fund Division
TEL: 03-6262-6402

Notice Regarding Revision to Forecasts of Operating Results for Fiscal Period Ending November 30, 2018
(6th fiscal period) and Fiscal Period Ending May 31, 2019 (7th Fiscal Period) and Regarding Forecasts ofOperating Results for Fiscal Period Ending November 30, 2019 (8th 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 November 30, 2018 (6th fiscal period) andFiscal Period Ending May 31, 2019 (7th Fiscal Period) that were announced on January 12, 2018, and makes the firstannouncement of the forecasts of the operating results for the Fiscal Period Ending November 30, 2019 (8th Fiscal Period)
as follows. In this regard, the forecasts of the operating results for the fiscal period ended May 31, 2018 (5th fiscal period)(December 1, 2017 to May 31, 2018) that were announced on January 12, 2018 have not been revised.

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 November 30, 2018
(6th fiscal period)
Distribution
per unit

Surplusearnings
distribution
per unit

Distribution
per unit

Operatingrevenue

OperatingincomeOrdinary
incomeNet income

Previously
announced
forecast(A)

1,139
million yen

394
million yen

337
million yen

336
million yen

2,855 yen

331 yen3,186 yen

Currently
announced
forecast(B)

1,430
million yen

504
million yen

438
million yen

437
million yen

3,160 yen

350 yen

3,510 yen

Change(B-A)

291
million yen

110
million yen

101
million yen

101
million yen

305 yen

19 yen324 yen% Change

25.5%

27.9%

30.0%

30.1%

10.7%

5.7%

10.2%

(excl. surplus
earnings
distribution)(incl. surplus
earnings
distribution)

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s Revision to Forecasts, and is not intended
to solicit investments. Investors are asked to refer to the prospectus for notification of the issuance of new investment
units as well as amendments thereto prepared by the TIF before undertaking investments and investments be made at theirown discretion and responsibility.
1(2) Details of the revision to the forecasts of the operating results for the Fiscal Period Ending May 31, 2019 (7thFiscal Period)
Distribution
per unit

Surplusearnings
distribution
per unit

Distribution perunit

Operatingrevenue

OperatingincomeOrdinary
incomeNet income

Previously
announced
forecast(A)

1,190
million yen

440
million yen

384
million yen

383
million yen

3,251 yen

317 yen3,568 yen

Currently
announced
forecast(B)

1,468
million yen

527
million yen

457
million yen

456
million yen

3,297 yen

334 yen

3,631 yen

Change(B-A)

278
million yen

87million yen

73
million yen

73
million yen

46 yen17 yen63 yen% Change

23.4%

19.8%

19.0%

19.1%

1.4%

5.4%

1.8%

(excl. surplus
earnings
distribution)(incl. surplus
earnings
distribution)(3) Details of the forecasts of the operating results for the Fiscal Period Ending November 30, 2019 (8th Fiscal Period)

Fiscal period
endingNovember30, 2019(8th Fiscal
Period)Distribution
per unit

Operatingrevenue

OperatingincomeOrdinary
incomeNet income

1.423
million yen

472
million yen

407
million yen

406
million yen(excl. surplus
earnings
distribution)

Distribution per
Surplusunit
earnings(incl. surplus
distribution perearnings
unit
distribution)

2.935 yen

336 yen

3.271 yen

(Reference)-Fiscal period ending November 30, 2018 (6th fiscal period): the forecast number of investment units issued at the end of the
fiscal period is 138,574 units and the forecast net income per unit is 3,160 yen.
-Fiscal period ending May 31, 2019 (7th Fiscal Period): the forecast number of investment units issued at the end of the fiscal
period is 138,574 units and the forecast net income per unit is 3,296 yen.
-Fiscal period ending November 30, 2019 (8th Fiscal Period): the forecast number of investment units issued at the end of the
fiscal period is 138,574 units and the forecast net income per unit is 2,934 yen.
(Notes)1. The forecast figures described above are calculated 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) and Fiscal Period Ending May
31, 2019 (7th Fiscal Period) and Regarding Forecasts of Operating Results for Fiscal Period Ending November 30, 2019 (8thFiscal Period),” at the present time. Due to the future acquisition or disposal of the renewable energy power facilities, etc., afuture change in the infrastructure market, interest rate or other conditions surrounding the Investment Corporation, among othercauses, 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.

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 November
30, 2018 (6th fiscal period) and fiscal Period Ending May 31, 2019 (7th Fiscal Period) The said difference is caused
Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s Revision to Forecasts, and is not intended
to solicit investments. Investors are asked to refer to the prospectus for notification of the issuance of new investment
units as well as amendments thereto prepared by the TIF before undertaking investments and investments be made at theirown discretion and responsibility.
2

by a change in the assumptions for the forecasts of the operating results for the fiscal period ending May 31, 2018
(5th fiscal period) that were announced on August 23, 2017. The change arises from the decision at the meeting of
the board of directors of the Investment Corporation held today to acquire the four new properties as stated in the
Notice Regarding Acquisition and Loan of Infrastructure Assets in Japan announced as of today’s date that fall under
the specified assets (as set forth in Paragraph 1, Article 2 of the Act on Investment Trusts and Investment Corporations(Act No. 198 of 1951, including amendments thereto) and issuance of the new investment units
In addition, the Investment Corporation makes the first announcement of the forecasts of the operating results forthe fiscal period ending November 30, 2019 (8th fiscal period) based on the same assumptions. For details, pleaserefer to the Schedule hereto, Assumptions for Forecasts of Operating Results for Fiscal Period Ending November 30,
2018 (6th fiscal period), Fiscal Period Ending May 31, 2019 (7th Fiscal Period) and Fiscal Period Ending November
30, 2019 (8th Fiscal Period)End
TIF Website: http://tif9281.co.jp/en/

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s Revision to Forecasts, and is not intended
to solicit investments. Investors are asked to refer to the prospectus for notification of the issuance of new investment
units as well as amendments thereto prepared by the TIF before undertaking investments and investments be made at theirown discretion and responsibility.
3

[Schedule]
Assumptions for Forecasts of Operating Results for Fiscal Period Ending November 30, 2018 (6th fiscal period), Fiscal
Period Ending May 31, 2019 (7th Fiscal Period) and Fiscal Period Ending November 30, 2019 (8th Fiscal Period)

Item

Assumptions


Accounting periodManaged assetsOperating revenueOperating expenses


Fiscal period ending November 30, 2018 (6th fiscal period) : June 1, 2018 toNovember 30, 2018 (183 days)
Fiscal Period Ending May 31, 2019 (7th Fiscal Period): December 1, 2018 to May
31, 2019 (182 days)
Fiscal Period Ending November 30, 2019 (8th Fiscal Period): June 1, 2019 toNovember 30, 2019 (183 days)
The assumption is a holding of 25 properties in total: the breakdown of them is 21
properties held as of today’s date (hereinafter referred to as the “Portfolio Assets”),
four properties to be acquired on June 1, 2018 (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 of Purchase and Lease of Domestic Infrastructure
Properties 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 andthe disposal of the Portfolio Assets) until the end of the Fiscal Period Ending
November 30, 2019 (8th 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 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 the LS Kamisu Hasaki power plant that was acquired on February 7,
2017, the 7 properties acquired on June 1, 2017, the LS Sakuragawa Shimoizumi
and the LS Fukushima Yamatsuri which are acquired on December 1, 2017 andthe LS Shizuoka Omaezaki that was acquired on February 28, 2018 are calculated
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
and effect as of today’s 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 athird party based on the database of annual solar radiation by hours and otherdata.
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 forthe past, 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 referringto 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 photovoltaic power 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.

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s Revision to Forecasts, and is not intended
to solicit investments. Investors are asked to refer to the prospectus for notification of the issuance of new investment
units as well as amendments thereto prepared by the TIF before undertaking investments and investments be made at theirown discretion and responsibility.
4Non-operating
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 39
million yen. The fixed assets and other taxes on the Portfolio Assets and the Assets
to Be Acquired are estimated 74 million yen for the fiscal period ending November
30, 2018 (6th fiscal period), 87 million yen for the fiscal period ending May 31,
2019 (7th fiscal period), and 109 million yen for the fiscal period ending November
30, 2019 (8th fiscal period). 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, 2019 (7th fiscal period) and are estimated at 16 million yen, 32 million yen for
the fiscal period ending November 30, 2019 (8th fiscal period).
 The fees for operators are estimated at 20 million yen for the fiscal period ending
November 30, 2018, 21 million yen for the fiscal period ending May 31, 2019 (7thfiscal period), and 20 million yen for the fiscal period ending November 30, 2019.
 Depreciation expenses are calculated, including incidental expenses, according to
the straight-line method and are estimated at 562 million yen for the fiscal period
ending November 30, 2018, 562 million yen for the fiscal period ending May 31,
2019 (7th fiscal period), and 554 million yen for the fiscal period ending November
30, 2019.
 The organization expenses and the expenses for the issue of new investment units,
approved at the board director’s meeting at April 4, 2016, expenses for the issue of
new investment units, approved at the board director’s meeting at May 10, 2017
and expenses for the issue of new investment units, approved at the board director’s
meeting at May 10, 2018 are estimated at 9 million yen respectively fiscal period
ending November 30, 2018 (6th fiscal period) and fiscal period ending May 31, and4 million yen for the fiscal period ending November 30, 2019 (8th Fiscal Period).
Interest expenses and other borrowing-related expenses are estimated at 61 million
yen respectively for the fiscal period ending November 30, 2018 (6th fiscal period),
59 million yen for the fiscal period ending May 31, 2019 (7th fiscal period), and 59
million yen respectively for the fiscal period ending November 30, 2019.
 The balance of loans of the Investment Corporation as of this day is 13,513 million
yen. The assumptions for the loans are that according to the agreement, therepayment of the loans will be made on May 31, 2018, November 30, 2018, andMay 2019, and that the amount of the repayment will be 415 million yen for May
2018, 504 million yen for November 2018 and May 2019.
 The assumption is that the Investment Corporation will obtain loans in the total
amount of 3,040 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 67-15 of the Act on Special Measures Concerning Taxation) on June 1,
2018.
 It is assumed that the third-party allotment described in “Investment Unit” below(980 unit at maximum) will be used as repayment of the loan and preparation for
future properties.
The ratio of interest-bearing debts to total assets (LTV: loan to value) at the end of the
fiscal period ending Fiscal period ending November 30, 2018 (6th fiscal period) is
estimated at about 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
Investment units

It is assumed that, in addition the 117,976 investment units issued and outstanding
as of today, the 19,618 units to be issued by public offering and third -party
allotment (980 unit maximum) as resolved at the meeting of board of directors held
today, will be fully issued. Please find more details on the press release dated today.
Except the new investment unit 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 November 30, 2019 (8th fiscal period).
Distribution per unit (excluding surplus earnings distribution), surplus earnings

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s Revision to Forecasts, and is not intended
to solicit investments. Investors are asked to refer to the prospectus for notification of the issuance of new investment
units as well as amendments thereto prepared by the TIF before undertaking investments and investments be made at theirown discretion and responsibility.
5

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 November 30, 2018 (6th fiscal period), fiscal
period ending May 31, 2019 (7th Fiscal Period), and the fiscal period ending
November 30, 2019 (8th Fiscal Period) which is 138,574 units that includes upper
limit of 20,598 units which is described above.

Distribution perunit(excl. surplus
earnings
distribution)

Distribution per unit (excluding surplus earnings distribution) is calculated basedon the assumption that all the profits will be distributed according to the policy
for the 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 theamendment of the terms and conditions of the lease agreement or unexpected repair andvarious other causes.
Surplus earnings distribution per unit is calculated according to the policy for the
distribution of money set forth in the rules of the Investment Corporation and theguidelines for investment, which are the internal rules of Takara AssetManagement Co., 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 ofassets for the investment and maintenance and improvement of the Portfolio
Assets, working capital of the Investment Corporation, repayment of debts andpayment of distributions) based on the amount of capital expenditure estimatedfor each accounting period under the long-term repair plan, taking into accountthe conditions of the credit line, etc. The amounts exceeding the amount of profits
will be distributed as the distribution of money beyond profits (refund ofcontributions). However, such distribution is limited to an extent that will have noadverse impact on the financial position of the Investment Corporation and to theamount stipulated in laws (including the regulations established by the Investment
Trusts Association, Japan).



According to the policy described above, the amounts exceeding the amount of
profits remaining after reserving such cash and deposits as the Investment
Corporation considers appropriate are divided by the forecast number ofinvestment units issued at the end of the fiscal period, which is 138,574 units
respectively for the fiscal period ending November 30, 2018 (6th fiscal period),
the fiscal Period Ending May 31, 2019 (7th fiscal period) and the fiscal periodEnding November 30, 2019 (8th fiscal period) to determine the surplus earnings
distribution per unit. The total surplus earnings distribution is estimated at 48
million yen for the fiscal period ending November 30, 2018 (6th fiscal period), 46
million yen for the fiscal period ending May 31, 2019 (7th fiscal period) and 46
million yen for the fiscal period ending November 30, 2019 (8th fiscal period).

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 acquisition

Surplus earnings
distribution per unit

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s Revision to Forecasts, and is not intended
to solicit investments. Investors are asked to refer to the prospectus for notification of the issuance of new investment
units as well as amendments thereto prepared by the TIF before undertaking investments and investments be made at theirown discretion and responsibility.
6

of treasury investment units.
Distribution of money beyond profits (refund of contributions) involves adecrease in funds on hand. Accordingly, there is a possibility of a shortage offunds on hand in the event that capital expenditure beyond the estimate of theInvestment 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 thefunds for the flexible acquisition of properties. In addition, the amount of
distribution of money beyond profits (refund of contributions) will be deductedfrom 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 photovoltaic power facilities, thereal-estate market conditions and other circumstances.

Other

Note: This press release is intended to publicize Takara Lebel Infrastructure Fund’s Revision to Forecasts, and is not intended
to solicit investments. Investors are asked to refer to the prospectus for notification of the issuance of new investment
units as well as amendments thereto prepared by the TIF before undertaking investments and investments be made at theirown discretion and responsibility.
7