[For Information Purpose Only]
March 4, 2016
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Name of representative:
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower
6-10-1 Roppongi, Minato-ku, Tokyo, Japan(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Masayuki Inagaki,
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Execution of Interest Rate Swap Agreements
Invincible Investment Corporation (INV) has executed interest rate swap agreements withregards to its existing borrowings other than the borrowings corresponding to the expectedconsumption tax refund (note), as set forth below.
(Note) Borrowings corresponding to the expected consumption tax refund mean the borrowings which will be prepaid
in the amount equivalent to the refund of consumption tax, which were paid in relation to the acquisition of thetrust beneficiary interests acquired by the borrowings, in the case where the above-mentioned consumption
tax refunds are received.

1. Reason for Executing Interest Rate Swap Agreements
In order to hedge the risk of interest rate fluctuation2. Details of the Interest Rate Swap Agreements

Counterparty

Notional
Principal(¥ Mn)

Citigroup Global
Markets Japan
Inc.

28,979(Note1)

Citigroup Global
Markets Japan
Inc.

28,979(Note1)

Interest Rate
（upper：fixed rate
payable）(lower: floating ratereceivable)

Agreement
Date

Applicable Period

Interest
Payment Date

March 4,2016

From March 8, 2016
to July 16, 2018

The last Japanesebusiness day of eachmonth and the last dayof the agreement period

March 4,2016

From March 8, 2016
to July 16, 2019

The last Japanesebusiness day of eachmonth and the last dayof the agreement period-0.025％One-month JPY
TIBOR-0.020％One-month JPY
TIBORThis English language notice is a translation of the Japanese-language notice released on March 4, 2016 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

1March 4,
2016

From March 8, 2016
to July 16, 2020

The last Japanesebusiness day of eachmonth and the last dayof the agreement period

March 4,2016

From March 8, 2016
to August 28, 2019

The last Japanesebusiness day of eachmonth and the last dayof the agreement period

March 4,2016

From March 8, 2016
to January 22, 2019

The last Japanesebusiness day of eachmonth and the last dayof the agreement period

March 4,2016

From March 8, 2016
to January 22, 2021

The last Japanesebusiness day of eachmonth and the last dayof the agreement period-0.010％Citigroup Global
Markets Japan
Inc.

28,979(Note1)

Citigroup Global
Markets Japan
Inc.

3,682
(Note2)

NomuraSecurities Co.,
Ltd.

4,250
(Note3)

Citigroup Global
Markets Japan
Inc.

4,250
(Note3)One-month JPY
TIBOR-0.020％One-month JPY
TIBOR-0.057％
One-month JPY
TIBOR
0.000％
One-month JPY
TIBOR(Note1) Corresponding to New Syndicate Loan (E)(Note2) Corresponding to Term Loan (A)(Note3) Corresponding to Term Loan (B)(Note4) Due to the swap agreement, the interest rates of the loans will be fixed, in effect, at 0.375%, 0.480%,0.590%, 0.480%, 0.343%, 0.600%, respectively (from top to bottom shown in the above table). Pleaserefer to the press release “Notice concerning Debt Financing and Prepayment of Existing Borrowings”
dated June 25, 2015, “Notice concerning Debt Financing” dated August 21, 2015 and “Notice concerning
Debt Financing” dated January 20, 2016 for details of the existing borrowings.
(Note5) The initial interest calculation period is from February 29, 2016 (inclusive of the date) to March 31, 2016(one day prior), and the interest calculation period thereafter will be from the immediately preceding
interest payment date (inclusive of the date) to the interest payment date (one day prior).

3. Future outlook
In the “Financial Summary for the 25th Fiscal Period” announced on February 25, 2016,
INV forecasted that the interest expenses for the 26th fiscal period (January 1, 2016 to June30, 2016) and 27th fiscal period (July 1, 2016 to December 31, 2016) would be JPY 309mn
and JPY 315mn, respectively. This was based on the assumption that the one-month JPY
TIBOR would be 0.13%. Due to the execution of the interest rate swap agreements, theforecast of interest expenses for the 26th fiscal period and 27th fiscal period will be
JPY260mn (JPY49mn less than previously forecasted) and JPY240mn (JPY74mn lessthan previously forecasted), respectively. As the savings is not a significant part of theincome, INV is not updating its forecast at this time for the 26th fiscal period and the 27thfiscal period.
4. Other matters necessary for appropriate understanding and decision by investors
The execution of the interest rate swap agreements above will not result in any materialchange to the “Investment Risks” (toshi risuku) in the semi-annual securities report (yukashoken hokokusho) of INV for the fiscal period ended June 2015 (January 1, 2015 – June30, 2015) (available in Japanese only), filed on September 28, 2015.
This English language notice is a translation of the Japanese-language notice released on March 4, 2016 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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