[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 17, 2019
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo,
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 (the“Interest Rate Swap Agreements”) today with regards to a portion of the tranches of its new
borrowing (New Syndicate Loan (L)) which was announced in the press release entitled “Noticeconcerning Debt Financing” dated July 1, 2019, as set forth below.
1. Reason for Executing Interest Rate Swap Agreements
In order to hedge the risk of interest rate fluctuation
2. Details of the Interest Rate Swap Agreements

Counterparty

Notional
Principal(JPYmillion)

NomuraSecurities Co.,
Ltd.

4,943
(Note 1)

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

Agreement
Date

Applicable PeriodJuly 17,2019FromJuly 19, 2019
toJuly 16, 2024

July 17,
2019

From
July 19, 2019
toJanuary 16, 2024

July 17,2019

From
July 19, 2019
toJanuary 16, 2023

0.41326%
One-month JPY
TIBOR + 0.50000%
0.52473%

NomuraSecurities Co.,
Ltd.

4,943
(Note 2)

NomuraSecurities Co.,
Ltd.

4,943
(Note 3)One-month JPY
TIBOR + 0.45000%
0.57984%
One-month JPY
TIBOR + 0.35000%

Interest
Payment Date

The last Japanesebusiness day of eachmonth and the last
day of the applicable
period(Note 1) Equivalent to the amount of borrowing by New Syndicate Loan (L) (5-year tranche) to be implemented
on July 19, 2019. By this Interest Rate Swap Agreement, the interest rate of the 5-year tranche will befixed, in effect, at 0.41326%.
This English language notice is a translation of the Japanese-language notice released on July 17, 2019 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

(Note 2) Equivalent to the amount of borrowing by New Syndicate Loan (L) (4.5-year tranche) to be implemented
on July 19, 2019. By this Interest Rate Swap Agreement, the interest rate of the 4.5-year tranche will
be fixed, in effect, at 0.52473%.
(Note 3) Equivalent to the amount of borrowing by New Syndicate Loan (L) (3.5-year tranche) to be implemented
on July 19, 2019. By this Interest Rate Swap Agreement, the interest rate of the 3.5-year tranche will
be fixed, in effect, at 0.57984 %.
(Note 4) The initial interest calculation period is from July 19, 2019 (inclusive of the date) to July 31, 2019 (oneday 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
The impact to the INV’s financial results by the execution of the Interest Rate Swap Agreements
is minimal and therefore no changes are required for the forecasts of financial results for thefiscal period ended June 2019 (from January 1, 2019 to June 30, 2019) and the fiscal period
ending December 2019 (from July 1, 2019 to December 31, 2019).
4. Other matters necessary for investors’ appropriate understanding/judgment of concerned
information
The execution of the Interest Rate Swap Agreements above will not result in any materialchange to the “Investment Risks” in the securities report for the fiscal period ended December
2018 (from July 1, 2018 to December 31, 2018) (available in Japanese only) filed on March 26,
2019 and “Part II Reference Information II Supplemental Information to the Reference
Documents 5. Investment Risks” of the securities registration statement (available in Japaneseonly) filed on July 1, 2019.

This English language notice is a translation of the Japanese-language notice released on July 17, 2019 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.

2