September 26, 2012
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
6-6-1 Ginza, Chuo-ku, Tokyo, Japan(Securities code: 8963)
URL: http: //www.invincible-inv.co.jp/eng/
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Shibatsuji, CEOContact: Michiko Ishibachi,Manager in charge of Investor Relations(Tel. +81-3-5411-2731)

Notice concerning Debt Financing, Repayment of Borrowings, and Fund
Procurement through Debt Financing Backed by Trust Assets
Invincible Investment Corporation (INV) announced that it today decided to conduct new debt
financing (hereinafter, “the Borrowing”) and repayment of existing borrowings as well as fundprocurement through debt financing backed by trust assets (hereinafter, “the Trust Asset-Backed
Borrowing”). Details are as follows.
Furthermore, although INV expects that the Trust Asset-Backed Borrowing will be realized, subject
to certain conditions, as it received a commitment letter dated today from the lender, the loan
agreement covering the Trust Asset-Backed Borrowing or related agreements have not beenconcluded to date. In addition, the Trust Asset-Backed Borrowing is subject to the conditions
described in “5. Preconditions for implementing the Trust Asset-Backed Borrowing” below.
1. Reason for the Borrowing, repayment of existing borrowings and the Trust Asset-Backed Borrowing
INV plans to acquire assets (real estate beneficial interest in trust for 24 properties in Japan)(hereinafter, “24 Properties”) as of September 28, 2012 (Note). To fund the acquisition and part of thevarious expenses associated with the acquisition, INV intends to conduct refinancing (“theRefinancing”) of the Term Loan (hereinafter, Syndicate A) (hereinafter, “the Syndicate Loan A”), whichaccompanies an increase in the amount of borrowing and fund procurement through the Trust
Asset-Backed Borrowing.

Although the Borrowing has almost the same principal repayment date as the Syndicate Loan A,
as indicated below, it allows INV to obtain an increase in the borrowing at the interest rate of thesame level as the latter without being required to provide additional collaterals. INV believes thatthe acquisition of the 24 Properties will serve to increase value to its unitholders, and that the1

Borrowing and the Refinancing are beneficial for the acquisition of the 24 Properties even after
considering the loan-related expenses and other various costs accompanying the acquisition,such as lump-sum payment of loan-related fees in association with the repayment of theSyndicate Loan A before maturity.
(Note) For details of the acquisition of the 24 Properties, please refer to the press release “Noticeconcerning Acquisition of Assets (Trust Beneficiary Interest in Domestic Real Estate)” dated today.

2. Details of the Borrowing
Term Loan (Syndicate B) (hereinafter, the “Syndicate Loan B”)(1) Lenders: MetLife Alico Life Insurance K.K.
The Bank of New York Mellon Trust (Japan), Ltd. (Note 1)
Citibank Japan Ltd.
Shinsei Bank, Limited(2) Borrowing amount: JPY 13,400 million(3) Interest rate, etc.
: Three-month JPY LIBOR (Two-month JPY LIBOR for theperiod through the first interest payment date) + spread(2.10%)
Variable interest rate
Specific interest rate will be disclosed as soon as it isdetermined.
(4) Borrowing method: Borrowing based on the term loan agreement dated
September 26, 2012
Mortgage (Note 2) / non guarantee(5) Agreement date
: September 26, 2012
(6) Borrowing date (planned): September 28, 2012(7) Interest payment date
: Last business day of every February, May, August andNovember from the borrowing date through the principal
maturity date, with November 30, 2012 set as the firstinterest payment date, and the principal repayment date
(8) Principal repayment method : Part of the principal (JPY 37.5 million) will be repaid on thesame day as the interest payment date (every threemonths), and the rest will be repaid in full on the principal
repayment date.
(9) Principal maturity date
: July 31, 2014(10) Partial repayment date of:Same day as the above (7) Interest payment dateprincipal(11) Other
The following cases, among others, will constitute an eventof default concerning the Borrowings: when the amountafter deducting the early repayment amount of the Term
Loan (Shinsei Trust Loan A) and the Term Loan (Shinsei
Trust Loan B) was made by using the total amount ofproceeds (all proceeds including interest and dividends) tobe paid by INV and Consonant Investment Management2

Co., Ltd. (“the Asset Manager”) to Calliope Godo Kaisha(“Calliope”), which is a parent company of the AssetManager, and its related parties (Note 3), ,and related
interests, etc. surpasses the certain amount designated in
the above-mentioned term loan agreement, or when theholding ratios of Calliope and its related parties in thestocks issued and outstanding of the Asset Manager falls
below two thirds of the entire stocks outstanding without
prior consent by the lender.
(Note 1) The Bank of New York Mellon Trust (Japan), Ltd. is the trustee in the form of a specified money
trust and Platinum CRE Loan Investment Limited Partnership holds beneficiary interests for such
trust.
(Note 2) The first pledges have been established on trust beneficiary interests in real estate for 19
properties (City House Tokyo Shinbashi, Winbell Kagurazaka, Nishiwaseda Cresent Mansion,
Lexington Square Akebonobashi, Casa Eremitaggio, Towa City Coop Shinotsuka II, Bichsel
Musashiseki, Lexel Mansion Ueno Matsugaya, Towa City Coop Sengencho, Royal Park Omachi,
Lexington Square Haginomachi, Visconti Kakuozan, Lexington Square Daitabashi, Lexington
Square Honjo Azumabashi, AMS TOWER Minami 6-Jo, Cross Square NAKANO, Ohki Aoba
Building, Lexington Plaza Hachiman and AEON TOWN Sukagawa), and the first mortgages havebeen established on 2 properties (Shinjuku Island and Stop Parking Kanda-Sudacho). In addition,
the first pledge has been established on trust beneficiary interests in the trust assets for the loan
backed by trust assets granted by Prudential Mortgage Asset Holdings 1 Japan Investment
Business Limited Partnership (hereinafter, “Prudential LPS”), on the condition that full repaymentof the credit in the loan backed by trust assets or prior consent by Prudential LPS is required forthe execution of the pledges based on the term loan agreement as of July 27, 2011. Furthermore,no additional collateral will be provided in association with the Refinance.
(Note 3) The related parties above represent either the fund administered by an affiliate of Fortress
Investment Group LLC (“FIG”) or a subsidiary FIG owns directly or indirectly.

3. Overview of the fund procurement through the Trust Asset-Backed Borrowing
Mitsubishi UFJ Trust and Banking Corporation (hereinafter, “Mitsubishi UFJ Trust”), the trustee ofthe 24 Properties held in trust (hereinafter, the “Trust”), will borrow JPY 9,960 million fromPrudential LPS, which is a part of the Prudential Financial Inc. Group, as of September 28, 2012,
as described below. INV will receive the borrowed funds (after deducting reserves and otherproceeds) from Mitsubishi UFJ Trust as payment of the trust principal of the Trust on the sameday. INV will use the funds for the acquisition of the 24 Properties.
In addition, Mitsubishi UFJ Trust will open bank accounts for respective trust accounts describedin “4. Details of the Trust Asset-Backed Borrowing (planned)” below (hereinafter, “Trust
Accounts”), and rents arising from respective subject properties will be paid to the Trust Accounts.
As a rule, the proceeds paid to the Trust Accounts will first be used to pay for various expenses
based on the trust agreement as well as for the payment of principal and interest of the Trust

3

Asset-Backed Borrowing, etc. and then the remaining amount will be paid to INV as trust
dividends. (However, when a standard as agreed to be a certain financial indicator showing therepayment capacity under the Trust Asset-Backed Borrowing is not satisfied even inconsideration of the cash flow and other income from the trust assets, the payment of the trust
dividends will be suspended for the relevant period.) Furthermore, the various expenses basedon the trust agreement shall be borne by the trust assets and, if the trust assets are not sufficientby INV, which is the beneficiary.
As for the mechanisms of the fund procurement through the Trust Asset-Backed Borrowing,
please refer to the Scheme Diagram of the Trust Asset-Backed Borrowing (common to the First
lending through Fourth lending) in the Attachment.
4. Details of the Trust Asset-Backed Borrowing (planned)
Debt financing backed by trust assets (Prudential LPS-B) (hereinafter, “Prudential LPS Loan B”)(1) First lending(1) Borrower: Mitsubishi UFJ Trust and Banking Corporation(2) Lender: Prudential Mortgage Asset Holdings 1 Japan Investment
Business Limited Partnership(3) Borrowing amount: JPY 2,700 million(4) Interest rate, etc.
: 1.9% (from September 28, 2012 to March 31, 2018)
Fixed interest rate(5) Borrowing method: Borrowing based on the term loan agreement (firstlending) scheduled for execution as of September 28,
2012
Mortgage (Note) / non guarantee(6) Agreement date
: September 28, 2012
(7) Borrowing date (planned): September 28, 2012(8) Interest payment date
: The 25th day of January, April, July and October each year
from borrowing date through principal maturity date (or thebusiness day immediately preceding if the date is not abusiness day), with the first interest payment date set on
January 25, 2013.
(9) Method of principal: To be repaid in full on the principal maturity date
repayment(10) Principal maturity date
: March 31, 2018 (approximately 5.5 years)(Note)For the first lending, the following properties will be set as the trust assets, and the firstmortgages will be established on them.

1.

Neo Prominence(Owned property for trust account 1)

2.

Salvo Sala

(Owned property for trust account 2)

3.

Luna Court Edobori(Owned property for trust account 3)

4.

Winntage Kobe Motomachi(Owned property for trust account 4)

5.

Revest Meieki Minami(Owned property for trust account 5)

4

(2) Second lending(1) Borrower(2) Lender(3) Borrowing amount(4) Interest rate, etc.
(5) Borrowing method(6) Agreement date(7) Borrowing date (planned)(8) Interest payment date(9) Method of principal
repayment(10) Principal maturity date(11) Partial repayment date ofprincipal: Mitsubishi UFJ Trust and Banking Corporation: Prudential Mortgage Asset Holdings 1 Japan Investment
Business Limited Partnership: JPY 2,860 million: 1.9% (from September 28, 2012 to March 31, 2019)
Fixed interest rate
: Borrowing based on the term loan agreement (second
lending) scheduled for execution as of September 28,
2012
Mortgage (Note) / non guarantee: September 28, 2012
: September 28, 2012
The 25th day of January, April, July and October each year
from borrowing date through principal maturity date (or thebusiness day immediately preceding if the date is not abusiness day), with the first interest payment date set on
January 25, 2013
: On each principal and interest payment date (the 25th day
of January, April, July and October each year or thebusiness day immediately preceding if the date is not abusiness day) after five years have passed since theborrowing date, INV will pay the amount calculated on theassumption that the remaining principal as of the date isrepaid in equal installments of the principal and the interest
over 30 years (120 times in total).
The balance after the above payments are completed will
be repaid fully on the principal maturity date.
: March 31, 2019 (approximately 6.5 years): On each principal and interest payment date (the 25th day
of January, April, July and October each year or thebusiness day immediately preceding if the date is not abusiness day) after five years have passed since theborrowing date (or the business day immediately
preceding if the date is not a business day).

(Note) For the second lending, the following properties will be set as the trust assets, and the firstmortgages will be established on them.
1.

Sun Terrace Minami Ikebukuro(Owned property for trust account 6)

2.

Excellente Kagurazaka(Owned property for trust account 7)

3.

HERMITAGE NANBA WEST

(Owned property for trust account 8)

4.

Little River Honmachibashi(Owned property for trust account 9)5.

Invoice Shin-Kobe Residence(Owned property for trust account 10)

6.

Cosmo Court Motomachi(Owned property for trust account 11)5

(3) Third lending(1) Borrower(2) Lender(3) Borrowing amount(4) Interest rate, etc.
(5) Borrowing method(6) Agreement date(7) Borrowing date (planned)(8) Interest payment date(9) Method of principal
repayment(10) Principal maturity date(11) Partial repayment date ofprincipal: Mitsubishi UFJ Trust and Banking Corporation: Prudential Mortgage Asset Holdings 1 Japan Investment
Business Limited Partnership: JPY 1,830 million: 1.9% (from September 28, 2012 to March 31, 2020)
Fixed interest rate
: Borrowing based on the term loan agreement (third
lending) scheduled for execution as of September 28,
2012
Mortgage (Note) / non guarantee: September 28, 2012
: September 28, 2012
: The 25th day of January, April, July and October each year
from borrowing date through principal maturity date (or thebusiness day immediately preceding if the date is not abusiness day), with the first interest payment date set on
January 25, 2013
: On each principal and interest payment date (the 25th day
of January, April, July and October each year or thebusiness day immediately preceding if the date is not abusiness day) after five years have passed since theborrowing date, INV will pay the amount calculated on theassumption that the remaining principal as of the date isrepaid in equal installments of the principal and the interest
over 30 years (120 times in total).
The balance after the above payments are completed will
be repaid fully on the principal maturity date.
: March 31, 2020 (approximately 7.5 years): On each principal and interest payment date (the 25th day
of January, April, July and October each year or thebusiness day immediately preceding if the date is not abusiness day) after five years have passed since theborrowing date.

(Note) For the third lending, the following properties will be set as the trust assets, and the firstmortgages will be established on them.
1.

Queen’s Court Fukuzumi(Owned property for trust account 12)2.

Prime Life Sannomiya Isogami Koen

(Owned property for trust account 13)

3.

Revest Honjin(Owned property for trust account 14)

4.

Revest Matsubara(Owned property for trust account 15)

5.

Corp Higashinotoin(Owned property for trust account 16)6

(4) Fourth lending(1) Borrower(2) Lender(3) Borrowing amount(4) Interest rate, etc.
(5) Borrowing method(6) Agreement date(7) Borrowing date (planned)(8) Interest payment date(9) Method of principal
repayment(10) Principal maturity date(11) Partial repayment date ofprincipal: Mitsubishi UFJ Trust and Banking Corporation: Prudential Mortgage Asset Holdings 1 Japan Investment
Business Limited Partnership: JPY 2,570 million: 1.9% (from September 28, 2012 to March 31, 2019)
Fixed interest rate
: Borrowing based on the term loan agreement (fourth
lending) scheduled for execution as of September 28,
2012
Mortgage (Note) / non guarantee: September 28, 2012
: September 28, 2012
: The 25th day of January, April, July and October each year
from borrowing date through principal maturity date (or thebusiness day immediately preceding if the date is not abusiness day), with the first interest payment date set on
January 25, 2013.
: On each principal and interest payment date (the 25th day
of January, April, July and October each year or thebusiness day immediately preceding if the date is not abusiness day) after three years have passed since theborrowing date, INV will pay the amount calculated on theassumption that the remaining principal as of the date isrepaid in equal installments of the principal and the interest
over 27 years (108 times in total).
The balance after the above payments are completed will
be repaid fully on the principal maturity date.
: March 31, 2019 (approximately 6.5 years): On each principal and interest payment date (the 25th day
of January, April, July and October each year or thebusiness day immediately preceding if the date is not abusiness day ) after three years have passed since theborrowing date.

(Note) For the fourth lending, the following properties will be set as the trust assets, and the firstmortgages will be established on them.
1.

West Avenue(Owned property for trust account 17)

2

Belair Oimachi(Owned property for trust account 18)

3

Siete Minami-Tsukaguchi(Owned property for trust account 19)

4

Prime Life Mikage(Owned property for trust account 20)

5

Alba Noritake Shinmachi(Owned property for trust account 21)

6.

Revest Heian(Owned property for trust account 22)

7.

Century Park Shinkawa 1-bankan(Owned property for trust account 23)

8.

Vendir Hamaotsu Ekimae(Owned property for trust account 24)

7

5. Preconditions for implementing the Trust Asset-Backed Borrowing
Preconditions for implementing the Trust Asset-Backed Borrowing include that full repayment of
the Syndicate Loan A (JPY 10,850 million) will be conducted through the implementation of theSyndicate Loan B (JPY 13,400 million), as well as the loan conditions described in thecommitment letter mentioned above being fulfilled.
6. Details of repayment of borrowings
Syndicate Loan A(1) Lenders: Shinsei Bank, Limited
Citibank Japan Ltd.
Sumitomo Mitsui Trust Bank, Limited
The Bank of New York Mellon Trust (Japan), Ltd.
Resona Bank, Limited: JPY 10,850 million(2) Borrowing amount outstanding before repayment(Initial loan amount): (JPY 10,100 million)(3) Repayment amount: JPY 10,850 million(4) Borrowing amount: JPY 0outstanding after repayment(5) Source of repayment: The Syndicate Loan A will be repaid by using part (JPY
10,850 million) of JPY 13,400 million in borrowings
described in “2. Details of the Borrowing.”(6) Interest rate
: Three-month JPY LIBOR + spread (2.1%) (Note 1)
Variable interest rate(7) Borrowing method: Borrowing based on the term loan agreement as of July 27,
2011 (as amended)
Mortgage / non guarantee(8) Borrowing date
: July 29, 2011 (Note 2)(9) Principal maturity date
: July 29, 2014
(Note 1) The interest rate applicable for the period from July 31, 2012 to September 28, 2012 is2.42833%.
(Note 2) Additional debt financing on Syndicate Loan A was conducted as of October 31, 2011.
For details, please refer to the press release “Notice concerning Additional Debt Financing andRepayment of Borrowing and Determination of Interest Rate” dated October 27, 2011.

7. Future outlook
For the forecasted results and distribution of the fiscal period ending December 2012 (July 1,
2012 to December 31, 2012) and of the fiscal period ending June 2013 (January 1, 2013 to June30, 2013) in consideration of the Borrowing, repayment of borrowings and the Trust Asset-Backed
Borrowing, please refer to the press release titled “Notice concerning Revision of Forecast of
Financial Results and Distribution per Unit for the 19th Fiscal Period Ending December 2012 andconcerning Forecast of Financial Results and Distribution per Unit for the 20th Fiscal PeriodEnding June 2013” dated today.

88. Others: for appropriate understanding of investors
Regarding the risk relating to the implementation of the Borrowing, repayment of borrowings andthe Trust Asset-Backed Borrowing, there will be no change that may give material impact on thedescription of “Investment risks” in the securities report for the fiscal period ended June 2012
(January 1, 2012 to June 30, 2012) which INV submitted on September 21, 2012.

Note: This English language notice is a translation of the Japanese language notice released on
September 26, 2012 and was prepared solely for the convenience of, and reference by, non-Japanese
investors. No warranties or assurances are given for the accuracy or completeness of this English
translation.

9

[For reference]
Borrowing amount outstanding(Units: mn JPY, figures rounded to the nearest mn JPY)
As of September 27,
As of September 28,
Balance2012
2012
31,53844,04812,510Long-term debt
Total debt
Loan-to-value (LTV) (%)(Note 1) (Note 2)

31,53844,04812,510

49.3

57.6

8.3

(Note 1) LTV is calculated by using the following formula:
LTV = Interest-bearing debt / (interest-bearing debt + unitholders’ capital + retained earnings on unitholders’capital) x 100(Note 2) LTV figures are rounded to the first decimal place.

<Status of borrowings before the Borrowing, repayment of borrowings and the Trust Asset-Backed Borrowing>(as of September 27, 2012)
Borrowing
date

Outstanding
borrowing

Loan nameLenderSyndicate
Loan A

Citibank Japan Ltd.
Shinsei Bank, Limited.
Sumitomo Mitsui Trust Bank,
LimitedThe Bank of New York Mellon
Trust (Japan), Ltd.
Resona Bank, Limited

July 29,2011

JPY 10,850
million

Shinsei Trust & Banking Co.,Ltd.

July 29,2011

JPY 7,100
million

Shinsei Trust & Banking Co.,Ltd.

July 29,2011

JPY 2,588
million

Shinsei
Trust Loan A(Note 4)
Shinsei
Trust Loan B(Note 4)

Prudential
LPS Loan(Note 3)

Secondlending(Note 3)Third
lending(Note 3)

Method ofborrowing

July 29,
2014

Mortgage /nonguarantee

8.50000%
Fixed interest
rate

January
30, 2015

Mortgage /nonguarantee

9.50000%
Fixed interest
rate

January
30, 2015

Mortgage /nonguarantee(Note 2)

Variableinterest rate
(Three-month
JPY TIBOR +2.1%)

JPY 20,538
million1)

Prudential
Mortgage Asset
Holdings 1 Japan
Investment
Business Limited
Partnership

Maturitydate

2.42833%

Subtotal of long-term debt (NoteFirst
lending

Interest rate
(per annum)

July 29,2011

JPY 3,750
million2.50000%
Fixed interest
rate

January
25, 2017

Mortgage /nonguarantee

July 29,2011

JPY 3,620
million2.50000%
Fixed interest
rate

January
25, 2018

Mortgage /nonguarantee

July 29,2011

JPY 3,630
million2.50000%
Fixed interest
rate

January
25, 2019

Mortgage /nonguarantee

Subtotal of long-term debt intrust

JPY 11,000
millionTotal debt

JPY 31,538
million10

(Note 1) Current portion of long-term debts of Syndicate Loan A and Shinsei Trust Loan B are included in Subtotal of
long-term debt.
Furthermore, partial repayment of the principals are made by JPY 150 million a year for Syndicate Loan A(JPY 37.5 million every three months) and by JPY 112 million for Shinsei Trust Loan B (JPY 28 million every
three months) in the form of scheduled repayments, respectively.
(Note 2) The interest rate is applicable for the period from July 31, 2012 through September 28, 2012.
(Note 3) For each of the first, second and third lending of the Prudential LPS Loan, on each principal and interest
payment date (every three months) after three years have passed since the borrowing date, INV will conduct
partial repayment of the principal in a manner in which the remaining principal as of the date is repaid in equal
installments of the principal and the interest over 20 years (80 times in total).

(Note 4) Calliope, an affiliated company of FIG, had indirectly received part of the financial gains from the loans,
Shinsei Trust Loan A and Shinsei Trust Loan B, granted on July 29, 2011 to INV by Shinsei Trust & Banking
Co., Ltd. The same applies below.

(Note 5) Outstanding borrowing is rounded down to the indicated unit. The same applies below.
<Status of borrowings after the Borrowing, repayment of borrowings and the Trust Asset-Backed Borrowing(planned)>(as of September 28, 2012)
Borrowing
date

Outstanding
borrowing

Loan
name

LenderSyndicate
Loan B

MetLife Alico Life Insurance K.K.
The Bank of New York Mellon
Trust (Japan), Ltd.
Citibank Japan Ltd.
Shinsei Bank, Limited.

September
28, 2012

JPY 13,400
million

Shinsei Trust & Banking Co., Ltd.

July 29,2011

JPY 7,100
million

Shinsei Trust & Banking Co., Ltd.

July 29,2011

JPY 2,588
million

Shinsei
Trust LoanA
Shinsei
Trust LoanB

Prudential
LPS LoanB

Prudential Mortgage
Asset Holdings 1 Japan
Investment Business
Limited Partnership

Prudential Mortgage
Asset Holdings 1 Japan
Investment Business
Limited Partnership

Maturity
date

Method ofborrowing

July 31,2014

Mortgage /nonguarantee

8.50000%
Fixed interest
rate

January
30, 2015

Mortgage /nonguarantee

9.50000%
Fixed interest
rate

January
30, 2015

Mortgage /nonguarantee

Variableinterest rate
(Note 2)(Three-month
JPR LIBOR +2.10000%)

JPY 23,088
millionSubtotal of long-term debt (Note 1)

Prudential
LPS LoanInterest rate
(per annum)Firstlending

July 29,2011

JPY 3,750
million2.50000%
Fixed interest
rate

January
25, 2017

Mortgage /nonguarantee

Secondlending

July 29,2011

JPY 3,620
million2.50000%
Fixed interest
rate

January
25, 2018

Mortgage /nonguarantee

Third
lending

July 29,2011

JPY 3,630
million2.50000%
Fixed interest
rate

January
25, 2019

Mortgage /nonguarantee

First
lending

September
28, 2012

JPY 2,700
million

1.9%
Fixed interest
rate

March
31, 2018

Mortgage /nonguarantee

September
28, 2012

JPY 2,860
million

1.9%
Fixed interest
rate

March
31, 2019

Mortgage /nonguarantee

Secondlending(Note 3)11

Thirdlending(Note 3)

Fourthlending(Note 4)September
28, 2012

JPY 1,830
million

1.9%
Fixed interest
rate

March
31, 2020

Mortgage /nonguarantee

September
28, 2012

JPY 2,570
million

1.9%
Fixed interest
rate

March
31, 2019

Mortgage /nonguarantee

Subtotal of long-term debt in trust

JPY 20,960
millionTotal debt

JPY 44,048
million(Note 1) Current portion of long-term debts of Syndicate Loan B and Shinsei Trust Loan B are included in Subtotal of
long-term debt.
Furthermore, partial repayment of the principals is made by JPY 150 million a year for Syndicate Loan B (JPY37.5 million every three months) and by JPY 112 million for Shinsei Trust Loan B (JPY 28 million every threemonths) in the form of scheduled repayments, respectively.
(Note 2) Specific interest rate will be disclosed as soon as it is determined.
(Note 3) For each of the second and third lending of the Prudential LPS Loan B, on each principal and interest
payment date (every three months) after five years have passed since the borrowing date, INV will conduct
partial repayment of the principal in a manner in which the remaining principal as of the date is repaid in equal
installments of the principal and the interest over 30 years (120 times in total).
(Note 4) For the fourth lending of the Prudential LPS Loan B, on each principal and interest payment date (every threemonths) after three years have passed since the borrowing date, INV will conduct partial repayment of theprincipal in a manner in which the remaining principal as of the date is repaid in equal installments of theprincipal and the interest over 27 years (108 times in total).

12

[Attachment]<Scheme Diagram of the Trust Asset-Backed Borrowing (common to the First lending throughFourth lending)>(Beneficiary)

AM agreement(Agent for beneficiary)

INV

The Asset Manager
Provision of proceeds(payment of trust
principal)
Trust dividends

Instruction(Trustee/ borrower)

Real estate trust
agreement

Mitsubishi UFJ Trust

Borrowings

Real estate

Loan agreement(Lender)

Prudential LPS
Trust
principal

Rent(Tenants)

Lease

13

Principal andinterest repayment