Mr. Scott White reports

INVESQUE INC. ANNOUNCES APPROVAL OF AMENDMENTS TO THE TERMS OF ITS 6.00 PER CENT 2018 CONVERTIBLE DEBENTURES DUE SEPTEMBER 30, 2023

Holders of Invesque Inc.'s 6.00-per-cent 2018 convertible debentures due Sept. 30, 2023, passed an extraordinary resolution approving certain amendments to the debentures at a meeting of debentureholders held today. The amendments to the debentures will result in:

• Increasing the underlying interest rate from 6.00 per cent to 8.75 per cent, effective Sept. 30, 2023;
• Decreasing the conversion price from $10.70 (U.S.) to $2.75 (U.S.) per share of Invesque;
• Extending the maturity date from Sept. 30, 2023, to Sept. 30, 2026;
• Redeeming, on a pro rata basis, $22-million (U.S.) (representing approximately 46 per cent) of the principal amount of the debentures outstanding, plus accrued and unpaid interest thereon to, but excluding, the date of the redemption, which will occur on Sept. 30, 2023.

The amendments were overwhelmingly approved by approximately 99.9 per cent of the principal amount of the debentures voted (either in person at the meeting or by proxy).

"We are very pleased with the response from debentureholders who voted in favor of the amendments and very much appreciate the continued support of debentureholders, investors and stakeholders throughout this process," said Scott White, Invesque's chairman and chief executive officer. "We have made considerable progress pruning our portfolio over the last 24 months, and believe that we are well equipped to benefit from the increased demand of seniors housing expected in the coming years."

It is anticipated that the effective date of the amendments will be May 23, 2023, being the date that Invesque enters into a supplemental trust indenture with the debenture trustee embodying such amendments. The supplemental trust indenture will be available on Invesque's SEDAR profile.

About Invesque Inc.

The company is a North American health care real estate company with an investment thesis focused on the premise that an aging demographic in North America will continue to utilize health care services in growing proportion to the overall economy. The company currently capitalizes on this opportunity by investing in a portfolio of income-generating predominantly private pay seniors housing communities. The company's portfolio includes investments primarily in independent living, assisted living and memory care, which are operated under long-term leases and joint venture arrangements with industry-leading operating partners. The company's portfolio also includes investments in owner-occupied seniors housing properties in which the company owns the real estate and the licensed operations and provides management services through Commonwealth Senior Living LLC, a Delaware limited liability company.

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