Summary of Financial Results for Fiscal Period Ended May 31, 2022 (Infrastructure Fund)
July 13, 2022
Infrastructure fund issuer:
Securities code:
Representative:

Takara Leben Infrastructure Fund, Inc.
9281
Masahide Kikuchi, Executive Director

Management company:
Representative:
Contact:
Phone:

Takara Asset Management Co., Ltd.
Mamoru Takahashi, President & CEO
Masahide Kikuchi, Vice President+81-3-6262-6402

Stock listing: TSE
URL: https://tif9281.co.jp/

Scheduled date for filing of securities report: August 30, 2022
Scheduled start date of distribution payments: August 22, 2022
Supplementary documents for financial results: Yes
Financial results briefing: Yes(Amounts rounded down to the nearest million yen)

1. Operating results and assets for the fiscal period ended May 31, 2022 (December 1, 2021 to May 31, 2022)(% indicates change from the previous fiscal period)(1) Operating results
Operating revenue

Fiscal period ended
May31, 2022
Fiscal period ended
November 30, 2021

Operating income

Ordinary income

Net income

Million yen%

Million yen%

Million yen%

Million yen

%

3,545

35.2

1,169

43.3

961

43.3

960

43.3

2,622−2.0816−10.0671−11.3670−11.3

Ratio of net income to equity
capital (ROE)

Net income per unit

Fiscal period ended
May31, 2022
Fiscal period ended
November 30, 2021

Ratio of ordinary income to total
assets (ROA)

Ratio of ordinary income tooperating revenue

Yen%%%

3,224

3.6

1.6

27.1

3,039

2.9

1.3

25.6

(2) Distributions

Fiscal period ended
May31, 2022
Fiscal period ended
November 30, 2021

Distribution perunit(excl. surplus
earnings
distribution)

Total distribution(excl. surplus
earnings
distribution)

Surplusearnings
distribution
per unit

Total surplus
earnings
distribution

Distribution
per unit(incl. surplus
earnings
distribution)

Total
distribution(incl. surplus
earnings
distribution)

Yen

Million yen

Yen

Million yen

Yen

Million yen

%%

3,221

961

435

129

3,656

1,090

100.0

3.1

3,039

670

411

90

3,450

761

100.0

2.9

Ratio ofdistributions tonet assets(DOE)

Payoutratio

Note 1 The payout ratio is calculated according to the following formula.
Payout ratio = distributions per unit (excluding distributions in excess of earnings) / profit per unit x 100
Note 2: The payout ratio and the ratio of distributions to net assets are calculated based on figures that do not include surplus earnings distribution.
Note 3: From a Japanese taxation standpoint, total of SCD for the fiscal period ended May 31, 2022 consists of 9 million yen of allowance of temporary difference adjustments
and another distribution which falls under the distributions through the reduction in unit holders’ capital. Similarly from a Japanese taxation standpoint, and the total
SCD for the fiscal period ended Nov. 2021 entirely falls under the distributions through the reduction in unit holders’ capital.
Note 4: The ratio of surplus that decreases on surplus earnings distribution (refund of investments corresponding to distributions on the decrease of capital contributions
undertax laws) is 0.004 for the fiscal period ended November 30, 2021 and 0.004 for the fiscal period ended May 31, 2022. The ratio of surplus that decreases iscalculated in accordance with item 5, paragraph 1 of Article 23 of the Order for the Enforcement of the Corporation Tax Act.

(3) Financial position
Total assets

As of May 31, 2022
As of November 30, 2021

Equity ratio

Net assets

Net assets per unit

Million yen

Million yen%

Yen

68,49849,49331,026
22,73445.3
45.9

103,989
103,053

(4) Cash flows
Cash flows from operating
activities

Cash flows from investing activities Cash flows from financing activities

Cash and cash equivalents at the endof the period

Million yen

Million yen

Million yen

Fiscal period ended
May31, 2022
Fiscal period ended
November 30, 2021

Million yen

23−18,746

18,192

3,314

2,643

−27

−1,7723,844

2. Operating results forecasts for the fiscal periods ending November 30, 2022 (June 1, 2022 to November 30, 2022), May 31, 2023
(December 1, 2022 to May 31, 2023), and November 30, 2023 (June 1, 2023 to November 30, 2023)(% indicates change from the previous fiscal period)
Operatingrevenue
Millionyen

Fiscal period ending
November 30, 2022
Fiscal period ending
May 31, 2023
Fiscal period ending
November 30, 2023

Operatingincome%Millionyen%

Ordinary income

Net income

Millionyen

Millionyen%

Distribution per unit
(excl. surplus earnings
distribution)

Surplus earnings
distribution per unit

Distribution per unit
(incl. surplus
earningsdistribution)

%

Yen

Yen

Yen

3,469 −2.1

1,097 −6.2

875 −9.0

874 −9.0

2,931

370

3,301

3,469

1,123

911

910

4.1

3,052

273

3,325

878 −3.5

2,945

375

3,320

0.0

3,452 −0.5

2.3

1,090 −2.9

4.1

879 −3.5

Reference: Net income per unit forecasts
2,931 yen for the fiscal period ending November 30, 2022
3,052 yen for the fiscal period ending May 31, 2023
2,945 yen for the fiscal period ending November 30, 2023
Estimated total number of issued investment units at the end of the fiscal period: 298,357*Other(1) Changes in accounting policies and changes or restatement of accounting estimates(i) Changes in accounting policies due to amendments of accounting standards, etc.: None(ii) Changes in accounting polices other than changes in (i) above: None(iii) Changes in accounting estimates: None(iv) Restatements: None
(2) Total number of issued investment units(i) Total number of issued investment units at the end of thefiscal period (incl. treasury investment units)

As of May 31,2022

298,357(ii) Number of treasury investment units at the end of thefiscal period

As of May 31,2022–

As ofNovember
30, 2021
As ofNovember
30, 2021

220,605–*Summaries of financial results are not subject to reviews by a certified public accountant or audit firm.
*Explanations about the proper use of operating results forecasts and other remarks
The statements about operating results forecasts and other future situations in this summary are based on information currently available
to the Fund and certain assumptions it considers reasonable. Actual operating results may differ substantially due to various factors. Inaddition, the forecasts offer no guarantee of distribution amounts.