For Translation Purposes Only

Summary of Accounts for Fiscal Period Ended November 30, 2019 (Infrastructure Fund)
January 15, 2020
Infrastructure Fund Issuer:
Securities Code: 9281
Representative:

Takara Leben Infrastructure Fund, Inc. Exchange for listing: TSE
URL: http://tif9281.co.jp/en
KIKUCHI Masahide: Executive Director

Management Company:
Representative:
Contact:

Takara Asset Management Co., Ltd.
TAKAHASHI Mamoru: President &CEO
KIKUCHI Masahide: Vice President & Director of Infrastructure Fund Division
Investment Management Department
TEL: +81-3-6262-6402

Scheduled date of submission of securities report: February 27, 2020
Scheduled start date of payment of distributions: February 18, 2020
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 November 30, 2019 (June 1, 2019 to November 30, 2019)(1) Operating results(The percentages show the rates of change from the previous fiscal period.)
Fiscal period
Operating revenue
Operating incomeOrdinary incomeNet income
Million yen%
Million yen%
Million yen%
Million yen%Ended November
1,476-2.7
495-11.2
426-12.1
425-12.1
30, 2019
Ended May 31,
1,517
1.6
557
0.4
484-0.8483-0.8
2019
Fiscal period

Net income per unit
Yen

Ended November
30, 2019
Ended May 31,
2019

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

3,068

3.2

1.5

28.9

3,492

3.6

1.7

32.0(2) Results of distributions

Fiscal periodTotal
Distribution per
distribution
unit (excl. surplus(excl. surplus
earnings
earningsdistribution)
distribution)
Yen

Million yen

Surplusearnings
distribution
per unit
Yen

Total
Distribution per
Ratio ofdistribution Dividenunit (incl.
dividend(incl.
dsurplus
to netsurplus
payoutearnings
assetsearnings
ratiodistribution)(DOE)
distribution)
MillionMillion yen
Yen%%
yen

Total
surplusearnings
distribution

Ended
November 30,
3,069
425
328
45
3,397
470
100.0
3.2
2019
Ended May 31,
3,492
483
334
46
3,826
530
100.0
3.62019(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 May 31, 2019 is 0.004 and the fiscalperiod ended November 30, 2019 is 0.003
The ratio of decreased surplus, etc. is calculated according to Item 4, Paragraph 1, Article 23 of the Order for Enforcement ofthe Corporation Tax Act.

(3) Financial positionFiscal period
Ended November
30, 2019
Ended May 31,
2019

Total assets
Million yen

Net assets
Million yen

Capital adequacy ratio%

Net assets per unit
Yen

28,903

13,41446.4

96,803

28,84913,51946.997,560(4) Results of cash flows
Fiscal period
Ended November
30, 2019
Ended May 31,
2019

Million yen

Million yen

Million yen

Cash and cash
equivalents at the endof the term
Million yen

949

-799

-361

2,169

1,426

--1,041

2,381

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

For Translation Purposes Only
2. Forecast operating results for the fiscal period ending May 31, 2020 (December 1, 2019 to May 31, 2020), the fiscal period ending
November 30, 2020 (June 1, 2020 to November 30, 2020), and the fiscal period ending May 31, 2021 (December 1, 2020 to May 31,2021)(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 incomeearningsearnings
unitdistribution)
distribution)
Million yen% Million yen% Million yen% Million yen
%Yen
Yen
Yen
Ending May
31, 2020

2,229

51

790

59.5

662

55.4

661

55.5

3,412

286

3,698

EndingNovember
31, 2020

2,164-2.9

687

-13.0

565

-14.6

564

-14.6

2,912

396

3,308

Ending May
31, 2021

2,220

2.6

744

8.3

624

10.5

623

10.5

3,219

277

3,496(Reference) Forecast net income per unit (for the fiscal period ending May 31, 2020): 3,411 yen
Forecast net income per unit (for the fiscal period ending November 30, 2020): 2,912 yen,
Forecast net income per unit (for the fiscal period ending May 31, 2020): 3,218 yen
Estimated total number of issued investment units at the end of the fiscal period: 193,830 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 ofNovember
138,574units May 31,30, 20192019
As ofAs of(ii) Number of treasury investment units at the end of theNovember-units May 31,
fiscal period
30, 2019
2019(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 the
fiscal 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 thatthe 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.