[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
May 31, 2024
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, President & CEO
Contact: 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 existing borrowings, asset forth below. Due to the Interest Rate Swap Agreements covering a total notional amountof JPY 32,965.5 million, the fixed interest rate ratio of INV's overall interest-bearing debt (JPY271,154 million) will increase from 49.0% to 61.2%.
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)

Interest Rate
（upper：fixed ratepayable）(lower: floating ratereceivable)Agreement
Date

Applicable Period

0.8650%
SMBC Nikko
Securities Inc.

5,308
(Note 1)Three-month JPY
TIBOR

May 31,2024

FromJune 4, 2024
toMarch 14,2028

May 31,2024

From
June 4, 2024
toMarch 14, 2028

0.8650%
SMBC Nikko
Securities Inc.

5,025
(Note 2)Three-month JPY
TIBOR

Interest
Payment Date
The last Japanesebusiness day ofMarch, June,
September andDecember and thelast day of theapplicable period
The last Japanesebusiness day ofMarch, June,
September andDecember and thelast day of theapplicable period

This English language notice is a translation of the Japanese-language notice released on May 31, 2024 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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The last Japanesebusiness day of
From
March, June,
SMBC Nikko
3,774.5
May 31,
June 4, 2024,
September andSecurities Inc. (Note 3)2024
toThree-month JPY
December and theJuly 14, 2028
TIBOR
last day of theapplicable period
The last Japanese
0.8950%business day of
From
March, June,
18,858
May 31,
June 4, 2024,
SMBC Nikko
September and2024
toSecurities Inc. (Note 4)
Three-month JPY
December and theJuly14,2028
TIBOR
last day of theapplicable period(Note 1) Equivalent to the amount of borrowing by New Syndicate Loan (012) (4-year tranche) implemented onJanuary 16, 2024. By the Interest Rate Swap Agreements, the interest rate of the 4-year tranche afterreflecting the spread of the borrowing will be fixed, in effect, at 1.2650%. For details of New Syndicate
Loan (012), please refer to the press release “Notice concerning Debt Financing (Refinance with Green
Loan and Others)” dated January 12, 2024. The same shall apply hereinafter.
(Note 2) Equivalent to the amount of borrowing by New Syndicate Loan (012) (4-year tranche) implemented on
January 16, 2024. By the Interest Rate Swap Agreements, the interest rate of the 4-year tranche afterreflecting the spread of the borrowing will be fixed, in effect, at 1.2650%.
(Note 3) Equivalent to the amount of borrowing by New Syndicate Loan (009) (5-year tranche) implemented on
July 14, 2023. By the Interest Rate Swap Agreements, the interest rate of the 5-year tranche afterreflecting the spread of the borrowing will be fixed, in effect, at 1.3950%. For details of New Syndicate
Loan (009), please refer to the press release “Notice concerning Debt Financing (Refinance)” dated July12, 2023. The same shall apply hereinafter.
(Note 4) Equivalent to the amount of borrowing by New Syndicate Loan (009) (5-year tranche) implemented on
July 19, 2023. By the Interest Rate Swap Agreements, the interest rate of the 5-year tranche afterreflecting the spread of the borrowing will be fixed, in effect, at 1.3950%.

0.8950%3. Future outlook
The impact to INV’s financial results by the execution of the Interest Rate Swap Agreements isminor and therefore no changes are required for the forecasts of financial results for the fiscal
period ending June 2024 (from January 1, 2024 to June 30, 2024) and the fiscal period ending
December 2024 (from July 1, 2024 to December 31, 2024).
4. Other matters necessary for investors’ appropriate understanding and judgment ofconcerned 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 December2023 (from July 1, 2023 to December 31, 2023) (available in Japanese only) filed on March 27,2024.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on May 31, 2024 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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