Summary of Financial Results for Fiscal Period Ended November 30, 2022 (Infrastructure Fund)
January 13, 2023
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: Undecided
Scheduled start date of distribution payments: －Supplementary documents for financial results: None
Financial results briefing: None
(Amounts rounded down to the nearest million yen)

1. Operating results and assets for the fiscal period ended November 30, 2022 (May 1, 2022 to November 30, 2022)(% indicates change from the previous fiscal period)(1) Operating results
Operating revenue

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

Operating income

Ordinary income

Net income

Million yen%

Million yen%

Million yen%

Million yen%

3,533

−0.3

997

−14.7

438

−54.4

289

−69.8

3,54535.2

1,169

43.3

961

43.3

960

43.3

Ratio of net income to equity
capital (ROE)

Net income per unit

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

Ratio of ordinary income to total
assets (ROA)

Ratio of ordinary income tooperating revenue

Yen%%%

971

0.9

0.6

12.4

3,224

3.6

1.6

27.1

(2) Distributions

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

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

%%

0000

0000

3,221

961

435

129

3,656

1,090

100.0

3.1

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: Of the total distributions in excess of earnings for the fiscal year ending May 31, 2022, distributions related to the reserve for temporary differences amounted to 9
million yen, and distributions for the refund of capital contributions that fall under other distributions for the reduction of capital contributions, etc. under the tax law
amounted to 119 million yen.
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 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.
Note 5: As the tender offer for the Investment Corporation's investment units by Green Energy G.K. has been completed, no distributions will be made for the fiscal period
ending November 2022.

(3) Financial position
Total assets

As of November 30 2022
As of May 31 2022

Equity ratio

Net assets

Net assets per unit

Million yen

Million yen%

Yen

66,99568,49830,22531,02645.1
45.3

101,305
103,989

(4) Cash flows
Cash flows from operatingactivities

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
November 30, 2022
Fiscal period ended
May 31, 2022

Million yen

4,266

−1

−2,398

5,180

23−18,746

18,1923,314

2. Operating results forecast
As the Investment Corporation's investment units are scheduled to be delisted after the prescribed procedures, the operating forecast
is not stated.
*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)(ii) Number of treasury investment units at the end of thefiscal period

As of November
30, 2022
As of November
30, 2022

298,357–

As of May31, 2022
As of May31, 2022

298,357–*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 Investment Corporation's investment units are scheduled to be delisted after the prescribed procedures. The investment units ofMHR are scheduled to be delisted after undergoing the prescribed procedures, and therefore, no forecast of business results isprovided.
The scheduled date of submission of the securities report is undetermined, as the Company plans to submit an application forexemption of the securities report.
The date of submission of the annual securities report is undecided.