Industrial & Infrastructure Fund Investment Corporation announced its decision concerning debt financing related to refinancing, as outlined below. To lengthen the remaining average borrowing period and diversify the maturity ladder, IIF has decided to refinance the existing long-term debt due for repayment on March 28, 2024 and March 29, 2024. Debt1: Lender- MUFG Bank Ltd., Borrowing Period-8 years, amount-JPY 1,000 million, fixed/float-fixed, Scheduled Borrowing Date is March 28, 2024, Maturity Date is March 31, 2032.

Debt2: Lender- Sumitomo Mitsui Banking Corporation, Borrowing Period-6.9 years, amount-JPY 1,500 million, fixed/float-fixed, Scheduled Borrowing Date is March 29, 2024, Maturity Date is February 28, 2031. Debt3: Lender- Development Bank of Japan Inc., Borrowing Period-8 years, amount-JPY 1,000 million, fixed/float-fixed, Scheduled Borrowing Date is March 29, 2024, Maturity Date is March 31, 203. Description of existing loan subject to repayment: Borrowing Period- 3.5 years, amount- JPY 1,000 million, Fixed/Float- Fixed, interest rate- 0.18000%, Lender-MUFG Bank Ltd., Borrowing Date is September 28, 2020, Maturity Date- March 28, 2024.

Borrowing Period- 5 years, amount- JPY 1,500 million, Fixed/Float- Fixed, interest rate- 0.20500%, Lender-Sumitomo Mitsui Banking Corporation, Borrowing Date is March 29, 2019, Maturity Date- March 29, 2024. Borrowing Period- 12 years, amount- JPY 1,000 million, Fixed/Float- Fixed, interest rate- 2.2200%, Lender-Development Bank of Japan Inc., Borrowing Date is March 30, 2012, Maturity Date- March 29, 2024.