[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
January 12, 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 Debt Financing (Refinance with Green Loan and Others)
Invincible Investment Corporation (“INV”) has determined today to obtain new debt financing to refinanceexisting debt.

Details are as follows.

1. Reason for borrowing
INV has decided and executed JPY 33,743 million of new loan agreements in total (the "New Borrowing")
today in order to repay the existing borrowings totaling JPY 34,603 million.

A portion of the New

Borrowing will be executed as a green loan based on the Green Finance Framework (Note 1) establishedin August 2023.

Furthermore, INV plans to allocate funds procured from the issuance of the Invincible

Investment Corporation 10th series unsecured bonds (with pari passu conditions among specified
investment corporation bonds) (green bonds) (Note 2) dated December 14, 2023 for the repayment of a partof the existing borrowing aforementioned.
(Note 1) For the details of the green finance framework, please refer to the INV’s website below.
https://www.invincible-inv.co.jp/en/upd/framework_202308_ENG.pdf(Note 2) For the details of the Invincible Investment Corporation 10th series unsecured bonds (with pari passu conditions among
specified investment corporation bonds) (green bonds), please refer to the press release “Notice concerning Issuance ofInvestment Corporation Bonds (Green Bonds)” dated December 8, 2023.

2. Details of the New Borrowing (anticipated)< New Syndicate Loan (012) > (green loan)
6-Year Loan
(1) Lenders:

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Development Bank of Japan, Inc.
San ju San Bank, Ltd.
The Nomura Trust and Banking Co., Ltd.

This English language notice is a translation of the Japanese-language notice released on January 12, 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

1(2) Borrowing amount:JPY 8,970 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.600%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated
January 12, 2024
Unsecured / with no guarantee
January 12, 2024

(6) Anticipated borrowing date:

January 16, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2030

(1) Lenders:

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Development Bank of Japan, Inc.
The Nomura Trust and Banking Co., Ltd.

(2) Borrowing amount:

JPY 5,406 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.500%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated
January 12, 2024
Unsecured / with no guarantee
January 12, 2024

(6) Anticipated borrowing date:

January 16, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2029

(1) Lenders:

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited(2) Borrowing amount:

JPY 5,025 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.500%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated
January 12, 2024
Unsecured / with no guarantee
January 12, 2024

(6) Anticipated borrowing date:

January 24, 2024

5-Year Loan

5-Year Loan

This English language notice is a translation of the Japanese-language notice released on January 12, 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

2(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2029

(1) Lenders:

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, LimitedAozora Bank, Ltd.
The Nomura Trust and Banking Co., Ltd.

(2) Borrowing amount:

JPY 5,308 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.400%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated
January 12, 2024
Unsecured / with no guarantee
January 12, 2024

(6) Anticipated borrowing date:

January 16, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2028

(1) Lenders:

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited(2) Borrowing amount:

JPY 5,025 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.400%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated
January 12, 2024
Unsecured / with no guarantee
January 12, 2024

(6) Anticipated borrowing date:

January 24, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2028

(1) Lender:

SBI Shinsei Bank, Limited(2) Borrowing amount:JPY 369 million

4-Year Loan

4-Year Loan

3-Year Loan

This English language notice is a translation of the Japanese-language notice released on January 12, 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

3(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.300%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated
January 12, 2024
Unsecured / with no guarantee
January 12, 2024

(6) Anticipated borrowing date:

January 16, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2027

(1) Lender:

Resona Bank, Limited(2) Borrowing amount:JPY 1,200 million(3) Interest rate, etc.

:

1-month JPY TIBOR (Base Rate) + spread (0.200%)
Floating interest rate (Note 2)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated
January 12, 2024
Unsecured / with no guarantee
January 12, 2024

(6) Anticipated borrowing date:

January 16, 2024

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with January 31, 2024, and (ii)the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 16, 2025

(1) Lender:

The Tokyo Star Bank, Limited(2) Borrowing amount:JPY 2,440 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.500%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated
January 12, 2024
Unsecured / with no guarantee
January 12, 2024

(6) Anticipated borrowing date:

January 16, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2029

1-Year Loan

< Term Loan (019) >5-Year Loan

This English language notice is a translation of the Japanese-language notice released on January 12, 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

4

(Note 1) Base rate applicable to each interest calculation period for the interests to be paid on the relevant interest payment
date shall be the 3-month JPY TIBOR announced by Japanese Bankers Association two Japanese business days
prior to the immediately preceding interest payment date (in case of the initial interest calculation period, twoJapanese business days prior to the borrowing date).
(Note 2) Base rate applicable to each interest calculation period for the interests to be paid on the relevant interest payment
date shall be the 1-month JPY TIBOR announced by Japanese Bankers Association two Japanese business days
prior to the immediately preceding interest payment date (in case of the initial interest calculation period, twoJapanese business days prior to the borrowing date).
(Note 3) JPY TIBOR announced by the Japanese Bankers Association is available at its website(https://www.jbatibor.or.jp/english/).
(Note 4) Details of our debt financing is available at the “Borrowings & Investment Corporation Bonds” page of INV’s website(https://www.invincible-inv.co.jp/en/finance/loan.html).

3. Loan proceeds, use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 33,743 million(2) Use of proceeds
The proceeds will be used for the repayment of a portion of the New Syndicate Loan (M) and the
New Syndicate Loan (L) , as well as the New Syndicate Loan (N), the New Syndicate Loan (006),
the Term Loan (010), the Term Loan (011) and the Term Loan (012).
Of the loan proceeds, the 6-Year Loan tranche of the New Syndicate Loan (012) will be procured
as a green loan which will be used to repay the borrowing for the acquisition of Hotel MyStays
Fuji Onsen Resort (rated four stars “★★★★”in BELS certification) and the borrowings(including the refinance executed onwards) for the acquisition of Royal Parks Momozaka(acquired Rank A in Certification for CASBEE for Real Estate), both green buildings which satisfy
the eligible criteria of the Green Finance Framework.
(3) Scheduled timing of disbursement
January 16, 2024 for the repayment of the New Syndicate Loan (M), the New Syndicate Loan
(L), the New Syndicate Loan (N) and the New Syndicate Loan (006)January 24, 2024 for the repayment of the Term Loan (010), the Term Loan (011) and the Term
Loan (012)
4. Details of loans to be repaid
New Syndicate Loan (M)Lenders

BorrowingDate

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
SBI Shinsei Bank,
Limited
Citibank, N.A., Tokyo
BranchResona Bank, Limited

Jul. 16,2019

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

5,796

－

5,796

InterestRate(annual)0.49859%(Note 1)Maturity
Date

Borrowing
MethodJan. 16,
2024

Unsecured/nonguaranteed

This English language notice is a translation of the Japanese-language notice released on January 12, 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

5

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
SBI Shinsei Bank,
Limited
Citibank, N.A., Tokyo
BranchMizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
SBI Shinsei Bank,
Limited
Total

5,796

－

5,796

5,796

－

5,796

5,795

－

5,795

23,183

5,796

17,387

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

4,805

－

0.56310%(Note 1)0.61545%(Note 2)0.76545%(Note 2)

Jul. 16,2024

Jan. 16,2025

Jul. 16,2025

New Syndicate Loan (L)Lenders
Mizuho Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited
Citibank, N.A., Tokyo
BranchDevelopment Bank ofJapan, Inc.
AEON Bank, Ltd.
Aozora Bank, Ltd.
The Nomura Trust andBanking Co., Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan, Inc.
AEON Bank, Ltd.
Aozora Bank, Ltd.

Borrowing
Date

4,805

(Note 3)

4,943

－

4,943

InterestRate(annual)0.52473%(Note 1)0.57984%(Note 1)Maturity
Date

Borrowing
MethodJan. 16,2024

Jul. 16,
2024

Unsecured/nonguaranteed

Jul. 19,
2019
4,943

－

4,943

4,942

－

4,942

19,633

4,805

14,8280.61545%(Note 2)0.76545%(Note 2)

Jan. 16,2025

Jul. 16,2025

The Nomura Trust andBanking Co., Ltd.
Total

This English language notice is a translation of the Japanese-language notice released on January 12, 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

6New Syndicate Loan (N)Lenders

BorrowingDate

Mizuho Bank, Ltd.
San ju San Bank, Ltd.

Aug. 28,
2019

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

3,544

Balanceafter
Repayment(JPY million)

3,544

－

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

InterestRate(annual)0.46219%(Note 1)Maturity
Date

Borrowing
MethodJan. 16,
2024

Unsecured/ nonguaranteed

Maturity
Date

Borrowing
MethodJan. 16,
2024

Unsecured/ nonguaranteed

Maturity
Date

Borrowing
MethodJan. 24
2024

Unsecured/ nonguaranteed

New Syndicate Loan (006)
Lenders

BorrowingDate

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
Citibank, N.A., Tokyo
BranchSBI Shinsei Bank,
LimitedDevelopment Bank ofJapan, Inc.
Resona Bank, Limited
The Nomura Trust andBanking Co., Ltd.

Jan. 16,2023

10,408

10,408－

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

InterestRate(annual)0.31545%(Note 2)

Term Loan (010)
LenderBorrowing
Date

Sumitomo Mitsui Trust
Bank, Limited

Jan. 6,
2023

1,550

1,550

－

InterestRate(annual)0.31545%(Note 2)This English language notice is a translation of the Japanese-language notice released on January 12, 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

7Term Loan (011)
Lender

MUFG Bank, Ltd.

Borrowing
Date

Jan. 24,
2023

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

1,700

Balanceafter
Repayment(JPY million)

1,700

－

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

InterestRate(annual)0.31545%(Note 2)

Maturity
Date

Borrowing
MethodJan. 24
2024

Unsecured/ nonguaranteed

Maturity
Date

Borrowing
MethodJan. 24
2024

Unsecured/ nonguaranteed

Term Loan (012)
LenderBorrowing
Date

Sumitomo Mitsui Trust
Bank, Limited

Jan. 24,
2023

6,800

6,800

－

InterestRate(annual)0.31545%(Note 2)

(Note 1) These are borrowings with floating interest rates, but the interest rates are fixed through interest rate swap agreements.
Therefore, the effective fixed rate is shown. For details of the interest swap agreements, please refer to the followingpress releases: “Notice concerning Debt Financing (Refinance) and Execution of Interest Rate Swap Agreement” dated
July 11, 2019 for the New Syndicate Loan (M); “Notice concerning Execution of Interest Rate Swap Agreements” as wellas “(Correction) Notice concerning Execution of Interest Rate Swap Agreements” dated July 17, 2019 for the New
Syndicate Loan (L); “Notice concerning Debt Financing (Refinance) and Execution of Interest Rate Swap Agreement”
dated August 26, 2019 for the New Syndicate Loan (N).
(Note 2) The interest rate applicable as of January 12, 2024 is shown(Note 3) INV plans to allocate JPY 1,800 million from the funds procured from the issuance of the Invincible Investment
Corporation 10th series unsecured bonds (with pari passu conditions among specified investment corporation bonds)(green bonds) in addition to the JPY 33,743 million from the borrowings. The remainder will be kept as cash on hand.

5. Future outlook
The impact of the New Borrowing on financial results is minimal.
6. Other matters necessary for investors’ appropriate understanding/judgment of concerned information
With respect to the risks associated with the New Borrowing, please refer to the content of “Investment
Risks” stated in the securities report for the fiscal period ended June 2023 (from January 1, 2023 to June30, 2023) (available in Japanese only) filed on September 26, 2023.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on January 12, 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

8[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)

Total loans
Total investment
corporation bonds
Total interest-bearing liabilities
Total appraisal value of assets
owned by INV (Note 1)
LTV (based on appraisal value)(Note 2) (%)

Before the New Borrowing(As of January 12, 2024)
254,200

After the New Borrowing(As of January 24, 2023)
253,340

Increase(Decrease)-860－

14,90014,900269,100

268,240-860

618,350

618,350

－

43.0

42.9

-0.1

(Note 1) Based on the 134 properties owned by INV as of today (including preferred equity interest in the TMK which holds Sheraton
Grande Tokyo Bay Hotel and the overseas real estate assets (“The Westin Grand Cayman Seven Mile Beach Resort & Spa”
and “Sunshine Suites Resort”)). The appraisal values for the 127 properties (excluding preferred equity interest in the TMK)
held as of June 30, 2023 are based on figures stated in the appraisal reports on the valuation date of June 30, 2023.
Appraisal value for the six properties acquired on August 1, 2023 are based on figures stated in the appraisal reports on thevaluation date of June 1, 2023. For the preferred equity interest in the TMK which holds Sheraton Grande Tokyo Bay Hotelas an underlying asset, the acquisition price (INV’s investment amount) of such preferred equity interest, JPY 17,845 million,
is deemed as the appraisal value. For the appraisal value of overseas real estate assets, the exchange rate of 1 USD =110.45 JPY is used under the foreign exchange forward entered into on July 26, 2018 and executed on September 26, 2018.
(Note 2) “LTV (based on appraisal value)” in the above table is calculated according to the following formula:
LTV (based on appraisal value) ＝ Total interest-bearing liabilities (excluding short-term consumption tax loan) ÷
Total appraisal value of assets owned by INV × 100“Total interest-bearing liabilities” does not include the interest-bearing liabilities of the TMK which holds Sheraton GrandeTokyo Bay Hotel as an underlying asset.
(Note 3) The amounts are rounded down to the nearest million yen. The percentages are rounded to the nearest one decimal place.

■ Lender formation after the New Borrowing (anticipated)(Total)JPY

268,240
millionMizuho Bank

21.9%

Citibank

0.6%

MUFG

16.8%

Fukuoka Bank

0.6%

SMBC

16.6%

Ogaki Kyoritsu Bank

0.4%

SMTB

14.5%

The Chiba Bank

0.4%

SBI Shinsei Bank

4.7%

Kiraboshi Bank

0.4%

DBJ

4.3%

Momiji Bank

0.4%

Tokyo Star Bank

3.9%

Yamaguchi Bank

0.4%

Aozora Bank

2.0%

The Chukyo Bank

0.4%

Resona Bank

1.9%

Aeon Bank

0.3%

San ju San Bank

1.3%

Kagawa Bank

0.2%

Nomura TB

1.0%

Tochigi Bank

0.2%

Shizuoka Bank

0.9%

Kiyo Bank

0.2%

Nishi-Nippon City Bank

0.7%

REIT Bond

5.6%

This English language notice is a translation of the Japanese-language notice released on January 12, 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

9