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 Borrowing of Funds
Takara Leben Infrastructure Fund, Inc. (hereinafter referred to as the “Investment Corporation”) hereby announces thedecision to borrow funds as follows (hereinafter referred to as the “Borrowings”).
I. Borrowing of funds
1. Details of the Borrowings (Note 1)

Category(Note 2)

LenderLongterm

Syndicate Loan:
Sumitomo
Mitsui Banking
Corporation(Arranger), andShinsei Bank,
Limited(Arranger)

Scheduledamount ofBorrowings(Unit:
million yen)

5,150
(Note 3)

Interest rate

Base rate(Note 4)+0.5%
(Note 5)

Expected
drawdown
date

Borrowing method

Maturity date

Repayment
methodCollateral

December 1,
2020

Borrowings basedon the individual
term loan agreement(commitment type)dated November 25,
2020 with thelenders shown on
the left

Business day
immediately
preceding the10thanniversaryof the date of
execution ofloans

Installment
repaymentin part(Note 6)

Unsecuredandunguaranteed(Note 7)(Note 1) The Borrowings described above are subject to the following conditions: Execution of relevant agreements reasonably satisfied
under the conditions of the financial institutions described in the section of “lender” above; satisfaction of the all preconditions forexecution of loans set forth in said agreements; and final approval of the terms and conditions of the relevant agreements by thegoverning body of said financial institutions.
(Note 2) The “long-term” shall refer to loans payable for a period of more than one (1) year from the date of borrowing to the due date ofpayment.
(Note 3) The final drawdown amount may be changed from the scheduled amount of the Borrowings above depending on the amount ofcash etc. received through the public offering as outlined in the press release “Notice Concerning Issuance of New Investment Units
Note: This press release is intended to disclose to the public the borrowing of funds by Takara Leben Infrastructure Fund, Inc.
(“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States orelsewhere. 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 havenot 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 or otherwise, in the UnitedStates.

1and Secondary Offering of Investment Units as “Green Equity”” announced as of today, and will finally be decided prior to theexecution date of the Borrowings. The details of the change will be separately announced once it is occurred.
(Note 4) The “base rate” shall be the 6 month Japanese Yen TIBOR as of the day two (2) business days prior to the date of execution oflending or each due date of payment of interest that the General Incorporated Association Japanese Bankers Association (JBA)
TIBOR Administration publishes. The applicable base rate will be revised for each interest period. However, if a correspondingbase rate is not available for an interest calculation period, the base rate will be calculated using the method agreed in the relevantloan agreement. If such interest rate falls below 0%, the base rate shall be 0%. The 6 month Japanese Yen TIBOR can be checkedon the website of the General Incorporated Association JBA TIBOR Administration (http://www.jbatibor.or.jp/english/).
(Note 5) In order to avoid the risk of interest rate fluctuation, the Investment Corporation plans to enter into an interest rate swap contracts
for all or part of the new loans to essentially fix the interest rate. Finance related costs paid to the lenders are not included. The
details of the interest rate swap agreement will be separately announced once it is determined.
(Note 6) A part of the principal (the amount obtained by dividing the total sum of the Borrowings by 34) shall be repaid on the last day of
November and May of each year (if the said last day is not a business day, it shall be repaid on the immediately following business
day; and if the said immediately following business day falls within the following month, it shall be repaid on the immediately
preceding business day) with the date of the first installment payment being May 31, 2021. The remainder of the principal shall be
repaid on the maturity date in a lump sum.
(Note 7) The Borrowings include or will include financial restrictions that maintain the Investment Corporation’s debt ratio (D/E ratio) andindex for determining principal and interest payment ability (DSCR) based on each closing date of the Investment Corporation asa condition of borrowing, and in the event of violating this restriction, collateral may be required.

2. Purpose of the Borrowings
To be applied to the funds for acquisition of the infrastructure assets described in the press release “Notice Regarding
Acquisition and Lease of Domestic Infrastructure Projects” announced as of today (hereafter referred to as “Assetsto Be Acquired”) as well as expenses related thereto.
3. Amount, purpose of use and schedule of expenditure of funds to be procured(1) Amount of funds to be procured
5,150,000,000 yen in total(2) Specific purpose of use of funds to be procured
To be applied to the funds for acquisition of the Assets to Be Acquired and expenses related thereto (including
national and local consumption taxes)(3) Schedule of expenditure
December 1, 2020
4. Status of loans, etc. after the Borrowings(Million Yen)
Before execution of loans

After execution of loans

described herein

described herein(as of November 9, 2020)(Note 2)

ChangeShort-term loans (Note 1)

1,597

1,899

302

Long-term loans (Note 1)

22,18526,233

4,048

23,782

28,133

4,351---

Total loans
Investment corporation bondsNote: This press release is intended to disclose to the public the borrowing of funds by Takara Leben Infrastructure Fund, Inc.
(“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States orelsewhere. 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 havenot 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 or otherwise, in the UnitedStates.

2

Total sum of loans and investment
corporation bonds
Other interest-bearing debts
Total interest-bearing debts------

23,782

28,133

4,351(Note 1) Short-term loans shall refer to loans payable for a period of one (1) year or less from the date of borrowing to the due date of payment.
Long-term loans shall refer to loans payable for a period of more than one (1) year from the date of borrowing to the due date ofpayment.
(Note 2) The amounts reflect repayment with cash on hand of loans with due dates falling after November 9, 2020 and before the executionof loans described herein.
(Note 3) The figures indicated above have been rounded down to the nearest million yen.

II. Other matters necessary for investors to appropriately understand and determine the information herein describedWith respect to risks regarding repayment etc. of the Borrowings, there is no change from the content of “Part II Reference Information, II. Supplemental Information to Reference Materials, 3. Investment Risks” in the Securities
Registration Statement submitted today.
End.
Our website: http://www.tif9281.co.jp/en/

Note: This press release is intended to disclose to the public the borrowing of funds by Takara Leben Infrastructure Fund, Inc.
(“TIF”), and is not an offer to sell or a solicitation of any offer to buy the securities of TIF in the United States orelsewhere. 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 havenot 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 or otherwise, in the UnitedStates.

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