November 6, 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 & CEO
Vice President & Director
ofInfrastructure Fund
Division, Investment
Management Department
TEL: +81-3-6262-6402

Notice Regarding Revision to Forecasts of Operating Results for Fiscal Period Ending May 31, 2020
(9th Fiscal Period) and Fiscal Period Ending November 30, 2020 (10th Fiscal Period) andRegarding Forecasts of Operating Results for Fiscal Period Ending May 31, 2021 (11th Fiscal Period)
Takara Leben Infrastructure Fund, Inc. (hereinafter referred to as the “Investment Corporation”) hereby announces
the revision to the forecasts of the operating results for the fiscal period ending May 31, 2020 (9th fiscal period)(December 1, 2019 to May 31, 2020) and fiscal period ending November 30, 2020 (10th fiscal period) (June 1, 2020 toNovember 30, 2020) that were announced on July 12, 2019, and makes the first announcement of the forecasts of theoperating results for the fiscal period ending May 31, 2021 (11th fiscal period) (December 1, 2020 to May 31, 2021) as
follows. In this regard, no revisions were made to the forecasts of the operating results for the fiscal period ending
November 30, 2019 (8th fiscal period) (June 1, 2019 to November 30, 2019) that were announced on July 12, 2019.
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 May 31, 2020 (9th fiscal
period)Distribution perDistribution
Surplusunit
per unit
OperatingOperating
Ordinary
earnings(excl. surplus
Net income(incl. surplus
revenueincomeincomedistribution
earnings
earnings
per unit
distribution)
distribution)
Previously
announced
forecast(A)

1,506
million yen

523
million yen

455
million yen

455
million yen

3,284 yen

328 yen3,612 yen

Currently
announced
forecast(B)

2,229
million yen

788
million yen

665
million yen

664
million yen

3,412 yen

285 yen3,697 yen

Change(B-A)

722
million yen

265
million yen

209
million yen

209
million yen

128 yen▲43 yen

85 yen% Change

47.9%

50.7%

45.8%

45.9%

3.9%

▲13.1%

2.4%

1

(2) Details of the revision to the forecasts of the operating results for the fiscal period ending November 30, 2020 (10thfiscal period)
Distribution
Distribution per
Surplus
per unit
unit
OperatingOperating
Ordinary
earnings
Net income (excl. surplus(incl. surplus
revenueincomeincomedistribution
earnings
earnings
per unit
distribution)
distribution)
Previously
announced
forecast(A)

1,459
million yen

472
million yen

408
million yen

408
million yen

2,945 yen

286 yen

3,231 yen

Currently
announced
forecast(B)

2,164
million yen

686
million yen

568
million yen

567
million yen

2,914 yen

394 yen3,308 yen

Change(B-A)

704
million yen

214million yen

159
million yen

159
million yen▲31 yen108 yen

77 yen% Change

48.3%

45.3%

38.9%

39.0%

▲1.1%

37.8%

2.4%

(3) Details of the forecasts of the operating results for the fiscal period ending May 31, 2021 (11th fiscal period)
Distribution
Distribution
Surplus
per unit
per unit
OperatingOperating
Ordinary
earnings(excl. surplus
Net income(incl. surplus
revenueincomeincomedistribution
perearnings
earnings
unit
distribution)
distribution)
FiscalperiodendingMay 31,2021 (11thfiscalperiod)2,220
million yen

743
million yen

627
million yen

626
million yen

3,219 yen

276 yen3,495 yen

(Reference)- Fiscal period ending May 31, 2020 (9th fiscal period): the forecast number of investment units issued at the end of the fiscal
period is 194,644 units and the forecast net income per unit is 3,412 yen.
- Fiscal period ending November 30, 2020 (10th fiscal period): the forecast number of investment units issued at the end of the
fiscal period is 194,644 units and the forecast net income per unit is 2,914 yen.
- Fiscal period ending May 31, 2021 (11th fiscal period): the forecast number of investment units issued at the end of the fiscal
period is 194,644 units and the forecast net income per unit is 3,218 yen.
(Notes)1. The forecast figures described above are calculated based on the assumptions stated in the Attachment hereto, “Assumptions
for Forecasts of Operating Results for Fiscal Period Ending May 31, 2020 (9th Fiscal Period), Fiscal Period Ending November
30, 2020 (10th Fiscal Period) and Fiscal Period Ending May 31, 2021 (11th Fiscal Period),” at the present time. Due to the
future acquisition or disposal of the renewable energy power facilities, etc., a future change in the infrastructure market, actual
number of the new investment units and its price, interest rate or other conditions surrounding the Investment Corporation,
among other causes, 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 andsurplus 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 May 31,

22020 (9th fiscal period) and fiscal period ending November 30, 2020 (10th fiscal period). The said difference iscaused by a change in the assumptions for the forecasts of the operating results for the fiscal periods ending May
31, 2020 (9th fiscal period) and November 30, 2020 (10th fiscal period) respectively that were announced on July12, 2019. The change arises from the decision at the meeting of the board of directors of the Investment
Corporation held today to acquire the 6 new projects 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); hereinafter the same to apply) and to issue the new investment units for the purpose ofpartially funding the acquisition of said specified assets as stated in the “Notice Regarding Acquisition and Leaseof Domestic Infrastructure Projects” announced as of today.
In addition, the Investment Corporation makes the first announcement of the forecasts of the operating
results for the fiscal period ending May 31, 2021 (11th fiscal period) based on the same assumptions. For details,
please refer to the Attachment hereto, “Assumptions for Forecasts of Operating Results for Fiscal Period Ending
May 31, 2020 (9th Fiscal Period), Fiscal Period Ending November 30, 2020 (10th Fiscal Period) and Fiscal
Period Ending May 31, 2021(11th Fiscal Period).”End
Our website: http://tif9281.co.jp/en3

[Attachment]
Assumptions for Forecasts of Operating Results for Fiscal Period Ending May 31, 2020 (9th Fiscal Period), Fiscal
Period Ending November 30, 2020 (10th Fiscal Period) and Fiscal Period Ending May 31, 2021 (11th Fiscal Period)
Item

Accounting period

Managed assets

Operating revenue

Assumptions
 Fiscal period ending May 31, 2020 (9th fiscal period) : December 1, 2019 to May
31, 2020 (183 days)
 Fiscal period ending November 30, 2020 (10th fiscal period) : June 1, 2020 toNovember 30, 2020 (183 days)
 Fiscal period ending May 31, 2021 (11th fiscal period) : December 1, 2020 to May
31, 2021 (182 days) The assumption is a holding of 32 projects in total: the breakdown of them is 26
projects held as of today (hereinafter referred to as the “Portfolio Assets”), and 6
projects to be acquired on December 2, 2019 (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 Regarding Acquisition and Lease of Domestic
Infrastructure Projects” 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 May
31, 2021 (11th 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 projects 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, 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 8 projects acquired from February to June 2017 that have beenacquired for more than 2 years 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, 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) with a certain amount of increase based on the power generation
performance during the holding period of the Investment Corporation calculated bya third party based on the database of annual solar radiation by hours and otherdata. The revenues from the lease of the other Portfolio Assets are calculated basedon the sum of 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 effect as oftoday, and the variable rent linked to the actual output, which is based on theassumption that the electric power output is 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 Assets to Be Acquired are calculated based on the sum of theminimum rent guaranteed, which is set forth in the agreement for the lease of thephotovoltaic power facilities, etc. that will be in force and effect as of thescheduled acquisition 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 a third
party based on the database of annual solar radiation by hours and other data.
 The assumption for the operating revenues is based on the revenues from the lease,not on the sale of assets.

4

Operating expenses

Non-operating
expenses

Borrowings

 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, and cancelation of the leaseagreements, and no curtailment.
 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.
Accordingly, the fixed assets and other taxes on the Assets to Be Acquired in 2019are not included in the 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 6 million yen. The fixed assets and other taxes on the
Portfolio Assets and the Assets to Be Acquired are estimated at 145 million yen for
the fiscal period ending May 31, 2020 (9th fiscal period), 186 million yen for the
fiscal period ending November 30, 2020 (10th fiscal period) and 177 million yen
for the fiscal period ending May 31, 2021 (11th fiscal period), respectively. 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, 2020 (9th fiscal period) andare estimated at 41 million yen for the fiscal period ending May 31, 2020 (9th fiscal
period) and 78 million yen for the fiscal periods ending November 30, 2020 (10thfiscal period) and May 31, 2021 (11th fiscal period) respectively.
 Maintenance costs for the photovoltaic power facilities are estimated at 128 million
yen for the fiscal periods ending May 31, 2020 (9th fiscal period), November 30,
2020 (10th fiscal period) and May 31, 2021 (11th fiscal period) respectively. In
addition, utility expenses are estimated at 7 million yen for the fiscal periods ending
May 31, 2020 (9th fiscal period), November 30, 2020 (10th fiscal period) and May
31, 2021 (11th fiscal period) respectively.
 The fees for operators are estimated at 31 million yen for the fiscal period ending
May 31, 2020 (9th fiscal period), 29 million yen for the fiscal period ending
November 30, 2020 (10th fiscal period), and 31 million yen for the fiscal period
ending May 31, 2021 (11th fiscal period).
 Depreciation expenses are calculated, including incidental expenses, according to
the straight-line method and are estimated at 854 million yen for the fiscal period
ending May 31, 2020 (9th fiscal period), 852 million yen for the fiscal period
ending November 30, 2020 (10th fiscal period), and May 31, 2021 (11th fiscal
period) respectively.
 The organization expenses and the expenses for the issue of new investment units
are estimated at 10 million yen for the fiscal period ending May 31, 2020 (9th fiscal
period), 7 million yen for the fiscal periods ending November 30, 2020 (10th fiscal
period) and May 31, 2021 (11th fiscal period) respectively.
 Interest expenses and other borrowing-related expenses are estimated at 23 million
yen for the fiscal periods ending May 31, 2020 (9th fiscal period), November 30,
2020 (10th fiscal period), and May 31, 2021 (11th fiscal period), respectively.
 The balance of loans of the Investment Corporation as of today is 15,805 million
yen. The assumptions for the loans are that according to the relevant loan
agreements, the repayment of the loans in the amount of 524 million yen is
expected to be made on November 29, 2019 and 798 million yen on May 29, 2019respectively.
 The assumption is that the Investment Corporation will obtain loans in the total
amount of 9,300 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) onDecember 2,
2019.

5

 It is assumed that the proceeds of the third-party allotment described in “Investment
Unit” below (2,670 unit at maximum) will be used as repayment of the loan orfunds at hand for the future acquisition of specified assets.
 The ratio of interest-bearing debts to total assets (LTV: loan to value) at the end of
the fiscal period ending May 31, 2020 (9th fiscal period) is estimated at about
53.9%.
 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 amount ofinterest-bearing debts / total amount of assets x 100
 It is assumed that, in addition to the 138,574 investment units issued andoutstanding as of today, the total of 56,070 units, which is the 53,400 units to beissued by public offering and third-party allotment (2,670 unit maximum) as
resolved at the meeting of board of directors of the Investment Corporation held
today, will be fully issued. Please find more details on the "Notice Concerning
Issuance of New Investment Units and Offering of Investment Units" announced asof today.
 Except for the new investment units 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
investment units until the end of the fiscal period ending May 31, 2021 (11th fiscal
period).
 Distribution per unit (excluding surplus earnings distribution), surplus earnings
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 May 31, 2020 (9th fiscal period), the fiscal
period ending November 30, 2020 (10th fiscal period), and the fiscal period ending
May 31, 2021 (11th fiscal period) which is 194,644 units (maximum) that includes
upper limit of 56,070 units which is described above.
 Distribution per unit (excluding surplus earnings distribution) is calculated basedon the assumption that all the profits will be distributed according to the policy forthe distribution of money that is set forth in the Memorandum and Articles ofDistribution perunit (excl. surplus
Association of the Investment Corporation.
earnings
 There is a possibility that distribution per unit (excluding surplus earnings
distribution)
distribution) may change due to a change of the lessees, a change in the rent
revenues due to the amendment of the terms and conditions of the lease agreement
or unexpected repair and various other causes.
 Surplus earnings distribution per unit is calculated according to the policy for the
distribution of money set forth in the Memorandum and Articles of Association of
the Investment Corporation and the guidelines for investment, which are theinternal rules of Takara Asset Management 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 of assets
for the investment and maintenance and improvement of the Portfolio Assets,working capital of the Investment Corporation, repayment of debts and payment ofSurplus earnings
distributions) based on the amount of capital expenditure estimated for each
distribution per unit
accounting period under the long-term repair plan, taking into account theconditions of the credit line, etc. The amounts exceeding the amount of profits will
be distributed as the distribution of money beyond profits (refund of contributions).
However, such distribution is limited to an extent that will have no adverse impact
on the financial position of the Investment Corporation and to the amount stipulated
in laws and regulations (including the regulations established by the Investment
Trusts Association, Japan).
 According to the policy described above, the surplus earnings distrubution per unit
was calcualted by dividing the remainig after reserving the funds as the Investment
Corporation considers necessary for future external growth which is the amount of
deducting expenditure of the repayment of loans from the total amount of the6Otherexpenses with effect of retained profits such as depreciation expenses, amortizationof prepaid expenses, amortization of investment units and amortization oforganization expenses by the forecast number of investment units issued at the endof the fiscal period, which is 194,644 units (maximum) respectively for the fiscal
period ending May 31, 2020 (9th fiscal period), the fiscal period ending November
30, 2020 (10th fiscal period) and the fiscal period ending May 31, 2021 (11th fiscal
period). The total surplus earnings distribution is estimated at 55 million yen for
the fiscal period ending May 31, 2020 (9th fiscal period), 76 million yen for the
fiscal period ending November 30, 2020 (10th fiscal period) and 53 million yen for
the fiscal period ending May 31, 2021 (11th 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 projects and the acquisition oftreasury investment units.
 Distribution of money beyond profits (refund of contributions) involves a decreasein funds on hand. Accordingly, there is a possibility of a shortage of funds on handin the event that capital expenditure beyond the estimate of the Investment
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 the funds for the flexible
acquisition of projects. In addition, the amount of distribution of money beyond
profits (refund of contributions) will be deducted from the total amount ofunitholders’ 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.

7