Summary of Accounts for Fiscal Period Ended November 30, 2020 (Infrastructure Fund)
January 15, 2021
Infrastructure Fund Issuer:
Securities Code: 9281
Representative:

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

Exchange for listing: TSE

Management Company:
Representative:
Contact:
TEL: +81-3-6262-6402

Takara Asset Management Co., Ltd.
Mamoru Takahashi, President & CEO
Masahide Kikuchi, Vice President

Scheduled date of submission of securities report: February 25, 2021
Scheduled start date of payment of distributions: February 18, 2021
Availability of supplementary materials for disclosure of financial statements: Available
Holding of financial results briefing: Holding(Rounded down to nearest million yen)
1. Results of operations and assets for the fiscal period ended November 30, 2020 (June 1, 2020 to November 30, 2020)(1) Operating results(The percentages show the rates of change from the previous fiscal period.)
Operating revenue
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal period
ended November
2,198-2.5720-12.4653-6.0652-6.030, 2020
Fiscal period
ended May 31,
2,253
52.6
822
66.1
695
63.3
694
63.4
2020
Net income per unit
Yen
Fiscal period
ended November
30, 2020
Fiscal period
ended May 31,
2020

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

3,368

3.3

1.5

29.7

3,594

4.2

1.9

30.9(2) Results of distributions
Total
Distribution perdistribution
unit (excl.
(excl. surplus
surplus earnings
earnings
distribution)
distribution)
Yen
Million yen

Surplusearnings
distribution
per unit

Distribution
Total
Ratio of
Total surplus per unit (incl. distribution Dividend dividend
earnings
surplus(incl. surplus payout
to netdistribution
earnings
earnings
ratioassets
distribution) distribution)(DOE)
Million yen
Yen Million yen%%

Yen
Fiscal period
ended November
3,369
653
143
27
3,512
680
100
3.3
30, 2020
Fiscal period
ended May 31,
3,584
694
286
55
3,870
750
100
3.62020(Note 1) 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 2) The entire amount of total surplus earnings distribution is a refund of contributions that constitute distribution upon thedecrease of contributions under the tax laws.
(Note 3) 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) for during the fiscal period ended May 31, 2020 is 0.003, and during
the fiscal period ended November 30, 2020 is 0.002. 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.

－1 －(3) Financial position

As of November
30, 2020
As of May 31,2020

Total assets
Million yen

Net assets
Million yen

Capital adequacy ratio%Net assets per unit
Yen

43,324

19,96146.1

102,984

44,10420,05845.5

103,486(4) Results of cash flows

Million yen

Million yen

Million yen

Cash and cash
equivalents at the endof the term
Million yen

2,913-30-1,5803,844

50-14,09914,421

2,541

Cash flows fromoperating activities
Fiscal period
ended November30, 2020
Fiscal period
ended May 31,2020

Cash flows frominvesting activities－Cash flows fromfinancing activities

2 －2. Forecast operating results for the fiscal period ending May 31, 2021 (December 1, 2020 to May 31, 2021), the fiscal period ending
November 30, 2021 (June 1, 2021 to November 30, 2021) and the fiscal period ending May 31, 2022 (December 1, 2021 to May 31,2022)(The percentages show the rates of change from the previous fiscal period.)
Operating revenue

Fiscal period
ending May
31, 2021
Fiscal period
endingNovember30, 2021
Fiscal period
ending May
31, 2022

Operating income

Ordinary income

Distribution per unit
Distribution per unit
Surplus earnings(excl. surplus(incl. surplus
distribution perearnings
earnings
unitdistribution)
distribution)

Net income

Millionyen%

Millionyen%

Millionyen%

Million
yen%

Yen

Yen

Yen

2,632

19.8

871

20.9

720

10.2

719

10.2

3,262

278

3,540

2,557

-2.8

789-9.4

640 -11.1

639 -11.1

2,900

411

3,311

2,619

2.4

840

6.4

6946933,144402

3,546

8.4

8.4

(Reference) Forecast net income per unit (for the fiscal period ending May 31, 2021): 3,261 yen; forecast net income per unit (for thefiscal period ending November 30, 2021): 2,900 yen; forecast net income per unit (for the fiscal period ending May 31,2022): 3,143 yen
Estimated total number of issued investment units at the end of the fiscal period: 220,605 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(i) Total number of issued investment units at the end of thefiscal period (including treasury investment units)(ii) Number of treasury investment units at the end of thefiscal period

As ofNovember30, 2020
As ofNovember
30, 2020

193,830units

As of May31, 2020

193,830units-units

As of May31, 2020

-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”).
* 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 informationthat 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 theamounts of distributions.

－3 －