Notice Concerning New Debt Financing and Refinancing Associated with Early Repayment

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1 Industrial & Infrastructure Fund Investment Corporation (Tokyo Stock Exchange Company Code:3249) News Release January 24, Notice Concerning New Financing and Refinancing Associated with Early Industrial & Infrastructure Fund Investment Corporation ( IIF ) announced today its decision with respect to debt financing, new debt financing and refinancing associated with early repayment (collectively, the Financing ), as outlined below. 1. Overview As announced in IIF to Acquire and Lease Eleven Properties in Japan released as of today, IIF is planning to acquire ten properties and the remaining 49% co-ownership interest in IIF Osaka Konohana Logistics Center, of which we currently own a 51% co-ownership interest, (the Anticipated Acquisitions ) on or after February 20, for approximately 33,832 million yen (excluding tax and acquisition costs). The proceeds from the new debt financing of 13.0 billion yen will be allocated to a portion of the acquisition costs for the Anticipated Acquisitions. In addition, IIF aims to secure longer-term and fixed-rate debt by borrowing new long-term debt of 10.7 billion yen on March 31, and repaying 10.7 billion yen, an equivalent amount, of short-term debt prior to its maturity date. <Outline of the Measure> Rationale of the Financing Establish ALM(Asset Liability Management)Strategy: IIF aims to establish a stable balance sheet by adopting ALM strategies with financing long-term and fixed-rate borrowings in line with long-term stable revenue-generating assets Diversification of lenders through new borrowing from The Norinchukin Bank Total to be borrowed: 23.7 billion yen Average period (Note3) : 9.3 years Fixed Interest Rate (Note4) (estimate): 0.59% (Note 1) 1. s to be borrowed Long-term:13.0 billion yen <Breakdown of the Financing> (Note 2) 2. Refinancing Associated with Early Long-term:10.7 billion yen Average period: 9.2 years Average period: 9.3 years (Note 2) 2. s to be repaid prior to maturity Short-term:10.7 billion yen 1

2 (Note 1) For details, please refer to 2. below. (Note 2) For details, please refer to 3. below. (Note 3) Weighted average based on the borrowing amounts. The same shall apply hereinafter. (Note 4) The applicable interest rate is not yet determined as of the date of this press release. Individual interest rates are calculated by adding the spread set forth in each loan agreement to the rate calculated based on the offered rate, etc. of the fixed interest rate (Reuters Page 9154) published at 10:00 a.m. on December 28, 2016 (Tokyo Time), by taking into account the loan agreements executed associated with this new borrowing on January 24,. Since the applicable interest rate is determined before each borrowing is completed based on the loan agreements executed on January 24,, the estimated interest rate above may differ from the actual applicable interest rates. The actual applicable interest rates may deviate significantly from the numerical value above when the trend of interest rates changes drastically due to factors such as rapid changes in the economic environment, among other factors. The same shall apply hereinafter. 2

3 2. Financing, New Financing (i) Overview of New Financing Fixed / (Note 5) Interest Rate Lender Contract (planned) Remarks, Method 1 12 years 1,000 Fixed To be determined (Note 6) Development Bank of Japan Inc. Mar. 16, years 1,000 Fixed To be determined (Note 6) Mizuho Bank, 3 10 years 1,000 Fixed To be determined (Note 6) Fukuoka, 4 10 years 1,000 Fixed To be determined (Note 6) Mizuho Trust & Banking Co., years 1,000 Fixed To be determined (Note 6) THE NISHI-NIPPON CITY BANK, LTD. 9 years 1,000 Fixed To be determined (Note 6) Tokyo-Mitsubishi UFJ, (Note 6) 8.5 years 2,900 Fixed To be determined Tokyo-Mitsubishi UFJ, ; Banking Corporation; Sumitomo Mitsui Trust Bank, Limited 8.5 years 1,600 Fixed To be determined (Note 6) Tokyo-Mitsubishi UFJ, Jan. 24, Feb. 17, 2026 Sep. 17, Aug. 15, Unsecured and non-guaran -teed, lump sum repayment 9 8 years 1,500 Fixed To be determined (Note 6) Corporation Sumitomo Mitsui Banking 10 New Lender 8 years 1,000 Fixed To be determined (Note 6) The Norinchukin Bank (Note 3) Average Total 9.2 years 13,000 million yen (Note 5) For 1, 3, and 11, interest payments will start on the last day of June, followed by the last days of June, and December until the maturity date (if any corresponding date falls in a non-business day, the preceding business day), and the maturity date. For 2, 4, 5, 9, 10, 12, 14, and 16, interest payments will start on the last day of June, followed by the last days of March, June, September and December until the maturity date (if any corresponding date falls in a non-business day, the preceding business day), and the maturity date. Furthermore, for 6 through 8, 13 and 15, interest payments will start on the last day of June, followed by the last days of March, June, September and December until the maturity date (if any corresponding date falls on a non-business day, the immediately following business day; and, if the next business day falls on the next calendar month, the immediately preceding day), and the maturity date. The same shall apply hereinafter. (Note 6) The interest rate will be determined on or before the anticipated borrowing date based on the loan agreements dated January 24,. The announcement of the interest rate will be made at the time of determination. The same shall apply hereafter. (ii) Reasons for New Financing Please refer to 1. on page 1. 3

4 3. Financing (Refinancing Associated with Early ) (i) Overview of s Subject to Early Fixed/ 1 year 1,300 1 year 1,200 1 year 1,000 1 year 1,000 1 year 5,000 1 year 1,200 Interest rate TIBOR) % TIBOR) % TIBOR) % TIBOR) % TIBOR) % TIBOR) % Lender Development Bank of Japan Inc. Mizuho Bank, Banking Corporation Shinsei Bank, Limited. Tokyo-Mitsubishi UFJ, ; Banking Corporation; Sumitomo Mitsui Trust Bank, Limited Sumitomo Mitsui Banking Corporation Maturity Aug. 31, Jun. 30, Scheduled Early Scheduled Allocation of Funded from refinanced borrowing as stated in 3.(ii) below (ii) Overview of Refinancing Associated with Early Fixed/ Interest rate (Note 5) Lender Contract Execution Scheduled Maturity Remarks, Method years 1,300 Fixed To be determined (Note 6) Development Bank of Japan Inc. Mar. 30, years 1,200 Fixed To be determined (Note 6) Mizuho Bank, years 1,000 Fixed To be determined (Note 6) and Banking Mitsubishi UFJ Trust Corporation 10 years 1,000 Fixed To be determined (Note 6) Shinsei Bank, Limited. (Note 6) 8.5 years 5,600 Fixed To be determined Tokyo-Mitsubishi UFJ, ; Mitsubishi UFJ Trust and Banking Corporation; Sumitomo Mitsui Trust Bank, Limited Jan. 24, Sep. 30, Unsecured and non-guaran -teed, lump sum repayment 16 8 years 600 Fixed To be determined (Note 6) Sumitomo Mitsui Banking Corporation (note 3) Average Total 9.3 years 10,700 million yen (iii) Reason for Refinancing Associated with Early The refinancing is intended to improve the stability of our financial foundation by repaying the outstanding borrowing and financing with longer borrowing periods. 4

5 4. IIF s after the Financing (after March 31, ) s of Before Financing After Financing Change Short-term s 10, ,700 Long-term s 97, , ,700 Total s 108, , ,000 Investment Corporation Bonds 10,000 10,000 0 Interest-bearing in Total 118, , ,000 (Note) The amount of long-term borrowings includes the current portion of long-term borrowings. 5. Others For the risks associated with the Financing, please refer to Investment Risk stated in the Securities Registration Statement filed on January 24,. Reference: Other press releases announced today: IIF to Issue New Investment Units and Conduct Secondary Offering of Investment Units IIF to Acquire and Lease Eleven Properties in Japan Notice Concerning Forecasts of Operating Results and Distributions for the July (20th) and January 2018 (21st) Fiscal s About IIF: Industrial and Infrastructure Fund Investment Corporation ( IIF ) is the first J-REIT to focus on acquiring and operating both industrial and infrastructure properties in Japan-properties that play a vital role in the Japanese economy, and for which IIF expects to see stable demand in the mid to long term. With respect to industrial properties, IIF intends to invest in a diverse portfolio of properties, including manufacturing and research and development facilities. Please refer to our website at Contact: For further information relating to this news release as well as IIF and its Asset Manager, please feel free to contact Mr. Toshiaki Fukai (Telephone Number: ), Head of Industrial Division at Mitsubishi Corp. -UBS Realty, Inc., Asset Manager for Industrial & Infrastructure Fund Investment Corporation. Investor Relations: Telephone Number: iif-3249.ir@mc-ubs.com This English language release is for informational purposes only, and the Japanese language release should be referred to as the original. 5